GPT GROUP — Investor Presentation 2004

Jun 22, 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

23 June 2004

The Manager Companies Section Australian Stock Exchange Limited

Pages: forty seven (47) pages

Dear Sir

STOCK EXCHANGE ANNOUNCEMENT

The Manager

Companies Section

New Zealand Exchange Limited

LEND LEASE CORPORATION LIMITED MARKET BRIEFINGS - RE-SHAPING OUR FUTURE

With reference to the briefing programme held today in relation to the proposal by Lend Lease Corporation Limited ("Lease Lease") to merge with the Lend Lease managed, listed property trust, General Property Trust, attached is the presentation by the EMEA Chief Executive Officer, Adrian Chamberlain.

Yours faithfully LEND LEASE CORPORATION LIMITED

SJ SHARPE Company Secretary

Lend Lease

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Agenda

COVERVIEW

• 2 Market attractiveness
• 6 Competitve position
• Current performance and future outlook 4

Overview $\mathcal{A}$

Key Facis

• Integrated development, construction and REI business based C predominantly in the UK
• Number 1 UK construction business 3
• Leading participant in PFI programme 0
• Developer and manager of UK's premier retail and urban development € Senames
• ENTEWATER
• Greenwich Peninsula
• Balanced earnings mix between asset ownership, development and 0 Constitucion
• Substantial opportunities in retail and urban communities r,

Geographic spread

2003 earnings by activity and geography

2003 Earnings Contribution

Net Profit After Tax (ASm)

Exercemental	ZKNO
.	6033
880.	KACI
Allenov / Connaught bid costs	(CEC)
INGRIS	843

2003 Earnings by Region

BBC Broadcasting House

Citani British Broadcasting Corporation

Developer Land Securities

Contract Kwo siage Design & Effici

Valle AS1.05

Creation of world's largest live news centre

Battersea Power Station

Colem Parkview International

Contract CM for pre-construction

VALLE A\$2.55

Mixed use retail, residential and enterfalment

Heath

Manchester Hospital, UK

Colenc Department of Health

Contracto ĐH

Value ASS29m

Brescia Hospital, Italy

Cient Spedali Civili di Brescia

Ronima --------------------------------------

VANG AS626m

SLAM Prime Contract

Cristi Defence Esigles

Contract Design, Manage & Construct

Value AS125

Prime contractor in MOD Single Living Accommodation SPAW

Bluewater

Value AS250b

UK's premier out-of-town Shopping centre

Asset, fund mgmt and 30% ownership

1.6 million square feet of retail commercial and leisure Space

Greenwich Peninsula

• · Regeneration of 190 acres
• · Four new communities creating 10,000 homes
• CASTSPRING Value development
• · Europe's largest urban regeneration scheme

BP Alliance

• · Commenced in UK in 1996
• · Design, rebuild, new build and maintenance of all BP retail outlets across Europe, US and Mexico.
• 50-180 stations delivered each year in Europe
• · Turnover per annum A\$0.6b

Service offerings

OFIDIE1 Selicine EXTREMENT

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GOISTIGION

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Market attractiveness

UK Construction: growth forecast

OACRYA OMOOR

UK Construction: value and share of large complex projects is increasing

æ

LEAD LEEP

Retail: UK market is large but fragmented

Premier shopping centres owner concentration

Retail: Real estate investment in the UK market is rising

Institutional Allocation spend to Real Estate

Retail: Investment will outstrip asset growth

Investment allocation vs asset growth

Retail ownership patterns are changing

• Collective Investment Vehicles are currently growing rapidly O
• Real Estate Investment Trust legislation is under consideration E3

Urban: housing shortages are creating demand I Linu Lease for large scale urban development

ZENTOONING OCH

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Total residential build D. A. IN SOULD EAST Enclend

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• UK construction expected to grow at 5% p.a. over the medium term 8
• UK macro-economic environment is stable and cautiously optimistic C
• Projects are increasing in scale, customers are demanding an O increased range of services
• Property market is becoming more sophisticated and transparent Ø supported by strong investor demand
• Increasing scale and complexity of projects increases barriers to entry D
• Similar opportunities exist in Continental Europe K.

Competitive position $\hat{z}$

BLL: UK market leader

Construction: market dynamics working in Bovis Lend Lease's favour

Market Share

Market rank by work won 2003

UK Market Share - Top Four

Exemployee DIRE Laire O'Rourke Skanska R McAlpine Ballour Beally Elikier

Construction: which Bovis Lend Lease is exploiting

Avelege project size ASH

"2^nd division" - Amec, McAlpine, Bouygues, Mowleto 204 Carillon - A\$1.0b TO N COA

Health: the market is consolidating

(5 projects)

Equion - AS1 7b (4 projects)

Lend Lease - A\$2.5b (8 projects)

Skanska – ASS 75 (5 projects)

Balfour Beatty - AS2 8b (5 projects)

Source: Morgan Stanley / Macquarie Bank / Lend Lease

Leading Owners of UK Shopping Centres >250 000 square feet

Lend Lease shopping centre collective vehicles Commanced Watchmana and

Retail: Lend Lease has a strong position in the UK market

Land Care Romo To

326

Retail Lend Lease has a track record of performance

Total returns vs benchmark three year EVELECE 2001-2008

Development Record AS

27				Development $\texttt{cost} \equiv 0$	Value on completion	Value today
DA.			ENTERFACT	1.82	2.82	4.05
	12.6%	$10.5\%$	Solhull	0.42	0,50	0.55
67.			Overgate	0.32	0.32	0.35
67.			TresAquas	0.12	0.16	0.16
AV 200

RD Benemierk

LEAD LESSE

Urban Communities: an opportunity to exploit a skills cap exists

Demand

Government need:

• Increase supply у.
• Key worker accommodation
• Sustainable communities $\bullet$
• Higher density development эò,
• Brownfield land development
• Institutional investment $\bullet$

• Accelerate large scale developments
• Provide institutionally viable investment opportunities
• Create and implement Design Codes
• Create and manage genuine mixed use sustainable communities
• Provide key worker accommodation

House builders want:

• To control rates of new houses
• Maintain profits from enhanced land value

Investors want:

Satisfactory returns

Commercial developers want:

Minimum residential planning obligations

Government Policy - Growin Areas

Areas identified by Government for housing in UTE SOUTHEAS!

Sumnary

• Lend Lease Europe enjoys a strong competitive position in ◘ TEICELITEIKEK
• Bovis Lend Lease is gaining share and margin, exploiting balance sheet strength and operational expertise
• Philoms of Bluewater and Greenwich Peninsula provide investment and asset management opportunities in fragmented Indikala

Current performance and future outlook A.

Overlieads Profilability % CEM

BLL UK GPM by client

Health: Converting Construction into Self-Sustainable Health Management Business

Mustrative Profit Profile

Raan

• Biltewater 5 year rent review is proceeding well O
• Warrington boosts retail development pipeline I
• Development profits on presenctor Norwich Will be realised in 05 / 06 2
• Strong ploaline of development opportunities going forward D

Urban

• Greenwich project unconditional D
• Initial income expected 05/06
• Strong pipeline of urban development projects being evaluated 8
• Major synergies with construction and retail g

Urban and Refall

Growing assets under management via development or acquisition

Summary financial profile

(A\$m)	2002	2003
NEUPROIL AREA REAL (2)
REIGONIAUTION	40	ZENO)
B) E	ZE 200	GOK
92	PA 6	CEO CONTACT
INGE	66. JO	MA
Tuta assis at yearenti

⁽¹⁾ Before Group overheads, amortisation and treasury

Europe: Benefits of GPT Merger

• Increases resources to exploit investment opportunities in C growing markets with attractive returns
• ENGLETI
• Support
• Expanding neutron de la proper
• Underpins BLL's competitive advantage in bidding and winning IJ Inajor contracts
• DEC

Summary

• EMEA is a balanced portfolio of development, construction and REI 8 EIGINAICS
• Bovis Lend Lease is a dominant and consistent performer
• Development and asset management activities leveraging off:
  • CERTIFORWATCH
  • O CICOMIC DESINSUR
• Potential continental European upside
  • e de
  • Excited
• Attractive future prospects underpinned by market conditions, strong O competitive positioning and a focused strategy
• REI and construction activity are complementary
• Incremental investment opportunities exist to accelerate growth C
• Retail, Urban, PFIs

______________________________________

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