GPT GROUP — Regulatory Filings 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: twenty eight (28) 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 ("GPT"), attached is the presentation by Neil Tobin on GPT.

Yours faithfully LEND LEASE CORPORATION LIMITED

SJ SHARPE Company Secretary

Lend Lease

Music Andrews

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Lend Lease

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Overview

• High quality assets in each sector 8
• Strong Credit Rating O
• Track record of stable earnings, with growth 8
• Embedded earnings growth 8
• Sirong development pipeline 3

Diverse Exposure to Australian Property

Over 50 properties

• ROCIO
• Oiffee e e
• Hotel/Hottism
• Industrial / Business Park Herrie Stadt Masterplanned Urban Communities

Diversified by Sector and Geography

Total Value: \$7.6 billion

al December 2008

Strong Credit Rating

• Standard & Poolsk O
• Kong Tempa
• Short Term A-7
• Credit watch negative awaiting details of merger proposal
• S&Praincloased upon D
• High quality diversified portfolio
• Stable cash flows:
  • Well-spread lease maturity profile
  • Figh quality tenant mix
  • Moderate dependence on turnover rent
• Conservative financial policies emphasis on long term funding

GPT Underlying Earnings Per Unit 1999-2008

Note: Excludes the impact of a change to the Responsible Entity's fee structure in 2003

Retail Portfolio - \$3.8 billion (50%)

Existing Retail Pontolio

Total Value: \$3.8 billion

Refail Pontoito Penomialate

• Strong sales productivity: Cz
• $-$ Regionals \$8,885 m2 (Mar 04) v's industry average of $\sim$ \$8,300 m2
• Reasonable occupancy costs: O
• Regionals 14.7% (Mar 04) v's industry average of $\sim$ 15.3%
• Low Vacancy and Arrears O
• $-$ Vacancy < 0.5% GLA (Dec 08)
• $-$ Arrears $\leq 0.2\%$ annual billings
• Strong income growth O
• Comparable growth of 4.3% for Dec 2008
• Strong lease renewal program

Retail Development Pipeline

	2002	2008	2004	2005	PANNA	2007	2003
Floreat Forum	\$48M
Erina Fair 50%	\$106M
Melbourne Central		arta trial
Fortitude Valley			사람사
Macarthur Square 50%			\$80M*					Complete
Pennih Plaza				\$130M*
Rouse Hill Regional Centre				\$300M*				Planned
Charlestown Square								* Approximate value A (inite)
Chirnside
Wollongong
Sunshine Plaza 50%	\$20M

Office Portfolio - \$2.9 billion (39%)

Office Portfolio by Value

Total Value: \$2.9 billion

Office Lease Expiry by Area

Office Lease Expiry Profile by Area S1 December 2008

Average lease expiry of 5.5 years

Hotel/Tourism Portfolio - \$530 million (7%)

Existing Hotel Portfolio

IESTO LE ESSE

Ayers Rock Resort

• 905 100115 0
• Strong barriers to entry r,
• "Retail like" characteristics O
• CPT holds a 100% economic 0 interest in the operator

Sheraton Four Points, Sydney

• 681 rooms C
• ZISTERIOTE C
• Strongest CBD market (Sydney) O
• CPT holds a 40% interest in the 23 OOSETOR

December 2003	Avers Rock Resort	Sheraton Four Points. SYCHTS
Society Andrew	6073	YA: YA
AVE ROOM REIG	8209	rtist
National Colemna	WKKONS	ARTIC BOOK

Hotel Income Leveraged to Tourism Growth

Overseas Visitor Anivals To Australia TEST PORA

Industrial Portfolio - \$300 million (4%)

Existing Industrial Portfolio

2

Existing Industrial Portfolio

Property	NLA M 2	Dev-Land MZ	Value \$m	Lease Expiry (Yrs)
Berry St, Granville	23,400	7000	31	2.7
Harvey Rd, Kings Park	30,200	15,000	25	5.3
Quad 1 & 2	10,100		31	5.9
Quad 3	5,391		8
Parkview Dr, Homebush	7,000	10000	16	4.3
Herb Elliott Av, H'bush	3,300	9000	8	6.0
Grand Av, Camellia (St 1&2)	41,900		57	10.2
Grand Av, Camellia (St 3)		000	$\overline{2}$
Citiwest, Altona North	104,300	7,000	62	4.3
Somerton - Bidgs (50%)	28,100		25	8.1
Somerton - Land (50%)		300,000	32
Total	253,596	356,000	298	5.9

Master Planned Urban Communities

• Rouse HII Regional Centre, NSW

• \$1 billion development
• Average capital commitment \$30 million (max. \$40 million)
• 4,500 dwellings/lots over 10 to 15 years
• Induces \$300: million Town Cenire

• Twin Waters, QHD

• Cost \$20.6 million (plus acquisition costs)
• Average capital commitment \$20 million (max. \$30 million)
• 370 dwellings/lots over 7 years

Portfolio Growth Strategies

• Delivery of embedded growth within existing portfolio: 8 Retail - strong renewals program, Homemaker portfolio Office – recovery in the office markets Hotel – capacity to increase occupancy / rate as demand grows
• Successful delivery of accretive development pipeline: 2
• Refail strong development pipeline
• Office Darling Park 3
• Industrial large land bank
• Accretive acquisitions: 3
• Hotel, Industrial, Homemaker portfolios
• Re-mixing portfolios to maximise earnings growth IJ

Summary

• High quality assets in each sector 8
• Track record of stable earnings, with growth 3
• Embedded earnings growth 2
• Sirong development ploeline 0

Appendix 1: Profit & Loss

ETOTIC LOSS		KIDEQV	EXPERITS
		Gior	Gm
REVENUE	Procenty Income	6369	GZS
	Inicices!	85	610
	Proceeds on disposal of units in trust	е	49
	Proceeds on disposal of properties	TEZAS
	Dividents/Share Net Profits/Other		æ
Toal Ravente		BYANA	774K3
ENGREE	Eropeny Outgoines	1239	16822
	Repairs/Audit/Other	1622	its a
	Provision for Doublitt Debis	OG	053
	Borrowing Costs	ZOKE	802
	Responsible Entity/Trustee Fee	6619	256
	Book Value - unils in trust		192
	Book Value - properties sold	1929
INALEWORKS		ZING	SOLE:
NEX Operating Income		Rija I	CPADRA

Appendix 2: Balance Sheet

Balance Sheet	GIDER 02 $\binom{5}{10}$	KIDGAR (Sid)
OFSN Receivables Oliter	ZEXE SENA EEPA	ZE KO 2600 62166
Investment Properties/Other	GISPET	7 590 5
TOELLASSERS Current Liabilities Pavables Interest Bearing Liabilities Provisions	GIGLISTS AGOLS 8560 TOTES	TAGELENE ENTACT 77610 4056
Non-current Liabilities Interest Bearing Liabilities	10050	18520
Tola Labilitäs	TEXTE	PAYETS
November	ENIZERS	EXCLES
NIA SERVINIA	SPAGU	SPA(S)

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