GPT GROUP — Regulatory Filings 2003

Feb 27, 2003

28 February 2003

The Manager Companies Section Australian Stock Exchange Limited (Sydney) The Manager Companies Section New Zealand Stock Exchange

By electronic lodgement

Pages: Two (2) pages

By email: announce@nzse.co.nz

Lend Lease Corporation Limited ABN 32 000 226 228

Level 46 Tower Building Australia Square Sydney NSW 2000 Australia

Telephone 61 2 9236 6111

Facsimile 61 2 9252 2192

DX 10230 SSF

Dear Sir

STOCK EXCHANGE ANNOUNCEMENT

LEND LEASE/GPT JOINT VENTURE NAMED PREFERRED TENDERER ON ROUSE HILL REGIONAL CENTRE PROJECT

Lend Lease Corporation Limited ("Lend Lease") today announced that a Lend Lease and General Property Trust ("GPT") joint venture has been named as the preferred tenderer for a partnering agreement to create a new \$1 billion regional centre at Rouse Hill in Sydney's north-west by the NSW Government.

Further details are included in the attached media statement.

Yours faithfully LEND LEASE CORPORATION LIMITED

S I SHARPE Company Secretary

MEDIA RELEASE

28 FEBRUARY 2003

LEND LEASE/GPT JOINT VENTURE NAMED PREFERRED TENDERER ON ROUSE HILL REGIONAL CENTRE PROJECT

A Lend Lease and General Property Trust ("GPT") joint venture has been named as the preferred tenderer for a partnering agreement to create a new \$1 billion regional centre at Rouse Hill in Sydney's north-west by the NSW Government.

This project, which includes a large scale residential, retail and town centre development. is proposed to be undertaken jointly by Lend Lease's urban communities business and GPT, in partnership with PlanningNSW and Landcom who will retain ownership of the site.

The project includes over 1,500 residential lots, a major regional retail opportunity and other commercial and community facilities to be developed over a 10-year period.

Chief Executive Officer of Lend Lease's Real Estate Solutions business in Australia, Mr Des Marks, said the NSW Government was seeking to raise the bar in the standard of major community development through the Rouse Hill project and Lend Lease, with GPT, was delighted to be their partner in the process.

"Rouse Hill will be a great opportunity for the Lend Lease Group to showcase its integrated real estate skills and we will be working very hard with our partners to achieve a world class development." Mr Marks said.

Located in the strongly growing north-west corridor, the Rouse Hill Development Area has been identified by the Government as the major corridor for Sydney's expansion. Through its partnership with PlanningNSW and Landcom, Lend Lease and GPT envisage the development of this integrated community will act as a new model for sustainable urban communities within Australia.

When complete, the town centre will represent the major retail, commercial and community facilities for the area. Given the strong growth outlook for the region and planned improvements to transport, demand for both the residential product and the retail facilities is anticipated to be high.

ENDS

Contact: Mary Beth Lally Lend Lease Corporation Tel: 02 9236 6883