GPT GROUP — Regulatory Filings 2004

Aug 16, 2004

Lend Lease Corporation Limited

ABN 32 000 226 228

Level 4 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone $(612)$ 9236 6111

Facsimile (612) 9252 2192

www.fendlease.com

17 August 2004

The Manager Companies Section Australian Stock Exchange Limited

Pages: Three (3) pages

Dear Sir

STOCK EXCHANGE ANNOUNCEMENT

The Manager

Companies Section

New Zealand Stock Exchange Limited

NEW EXECUTIVE MANAGEMENT STRUCTURE TO DRIVE GROWTH STRATEGY

- Agreed with GPT Independent Directors -

Lend Lease Corporation Limited ("Lend Lease") today announced a new executive management structure to drive the Group's future growth strategy.

The Company also announced the resignation of Finance Director, Jo Curin, who has decided for personal reasons not to relocate to Sydney as had been previously planned. She will remain with the Company until a successor is appointed.

Further details are included in the attached media statement.

Yours faithfully LEND LEASE CORPORATION LIMITED

S J SHARPE Company Secretary

MEDIA RELEASE

17 AUGUST 2004

NEW EXECUTIVE MANAGEMENT STRUCTURE TO DRIVE GROWTH STRATEGY

- Agreed with GPT Independent Directors -

Lend Lease Corporation Limited ("Lend Lease") today announced a new executive management structure to drive the Group's future growth strategy.

The Company also announced the resignation of Finance Director, Jo Curin, who has decided for personal reasons not to relocate to Sydney as had been previously planned. She will remain with the Company until a successor is appointed.

The new executive management roles and a revised organisational structure reflect the Company's growth strategy which is focused on asset ownership and management, wholesale property investment management in Australia, Asia and the UK; urban community development in Australia, UK and the US; and Bovis Lend Lease's international construction management operations.

Under the new structure, Lend Lease Managing Director and CEO, Greg Clarke, will have three operational chief executive reports:

Adrian Chamberlain, Chief Executive - Development and Construction - Europe, Middle East & Africa, Global Markets & IT Nic Lyons, Chief Executive - Investment Management and Retail Ross Taylor, Chief Executive – Development and Construction, Asia Pacific and US.

Mr Clarke said the new roles and structure were agreed with General Property Trust's Independent Directors as part of the terms for the proposed merger with GPT.

"It is appropriate to implement the non-investment management changes now, as they will help drive Lend Lease's growth and cost reduction strategy, irrespective of the outcome of the merger proposal." Mr Clarke said.

"In the meantime, Nic Lyons will remain focused on assisting the GPT Independent Directors and representing GPT unitholders in the merger implementation process.

"We are consolidating the Asia Pacific and US operations under a single chief executive as part of the group's planned cost reductions.

"Ross Taylor has been given chief executive responsibility for all urban community development and construction businesses in Asia Pacific and the US. Ron Oakley, who has headed the Group's US operations, will transition his responsibilities to Ross.

"Adrian Chamberlain will remain responsible for urban community development and construction in Europe, Middle East and Africa, and take on responsibility for Global Markets and IT, which will transition over the next three months from Rob Fisher.

"As ownership of retail assets is a key part of our growth strategy, it makes sense that our retail asset creation, management and ownership operations all come under responsibility of one chief executive. Nic Lyons, after the merger with GPT is implemented." Mr Clarke said.

"This will streamline our operations to ensure all listed and wholesale investment management as well as retail operations internationally, come under the one chief executive.

"The new structure will ensure the appropriate level of focus and resourcing for a merged Lend Lease Group, which will make the majority of its earnings from property investment management.

Mr Clarke said local knowledge and accountability at the individual group company level in each country will be unaffected by the new executive management structure.

Lend Lease Chairman, David Crawford, said Finance Director, Jo Curin, had joined Lend Lease in September last year, ahead of the decision that the CEO should be located in Sydney.

"We accept Jo's personal reasons for not wishing to relocate to Sydney, but regard it as essential that the CEO and the CFO reside and work in the same city.

"Since joining Lend Lease, Jo has been closely involved in the review of strategic alternatives for the Group and development of the GPT merger proposal.

"We are disappointed that she cannot continue with the Group to see these important initiatives through.

"Jo will remain as Finance Director until we appoint a successor," Mr Crawford said.

Lend Lease and GPT are planning to conduct a joint market briefing on the strategy and operational policy of the proposed merged group mid September, following Lend Lease's 2004 financial results.

ENDS

For further information please call:

Roger Burrows Lend Lease Corporation Tel: 02 9236 6116