GPT GROUP — Regulatory Filings 2004

May 23, 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

24 May 2004

The Manager Companies Section Australian Stock Exchange Limited

Pages: thirty eight (38) pages

Dear Sir

STOCK EXCHANGE ANNOUNCEMENT

The Manager

Companies Section

New Zealand Exchange Limited

LEND LEASE PROPOSES MERGER WITH GPT TO CREATE PROPERTY POWERHOUSE

With reference to the announcement made today by Lend Lease Corporation Limited ("Lease Lease") in relation to a proposal to merge with the Lend Lease managed, listed property trust, General Property Trust ("GPT"), attached is the presentation for the briefing for media and analysts.

A trading halt will remain in place until 10.00am (AEST) Tuesday 25 May 2004.

Yours faithfully LEND LEASE CORPORATION LIMITED

S J SHARPE Company Secretary

Proposal to marge Lend Lease and GPT May 2004

Charman's overview

Merge Lend Lease Corporation (LLC) with General Property Trust (GPT) to form a single stapled entity - Lend Lease Group

• $\triangleright$ Entity to be owned around :
• $-59\%$ by GPT unimolders
• $-41\%$ by Lend Lease shareholders

• 2^nd franche Lend Lease buyback to proceed

Cartunaris overview

$\triangleright$ Merger leverages both Lend Lease's and GPT's strengths to build an integrated asset creation and ownership business

• Majority earnings from Trust activity boosted by specialised development, construction and wholesale funds management

• $\geq$ Offers Lend Lease and GPT investors stability of earnings and a far stronger outlook for growth
• E START AND DESCRIPTION OF A STATE OF A STATE OF A STATE OF A STATE OF A STATE OF Developer/Contractor sectors
• $\geq$ Secures GPT growth in Australia and provides international OOOONIHIN

Cartunaris overview

$\blacktriangleright$ LLC shares and CPT units stapled in ratio of 3.8 GPT units for every one LLC share

• Equates to a GPT unit price of \$3.30
• $\geq$ 47 epu special distribution to GPT unitholders on implementation

• Proposal subject to approval by both LLC shareholders and GPT Unitate

• $\geq$ Full details of proposal to be provided in an information Mentoranothe

Proposal to marge Lend Lease and GPT May 2004

Stategic rationale Les a monts

Greg Clarke joined Lend Lease as CEO in Dec 2002

• Mandale to full Lend Lease around

Example 19

• BART AND START
• AS88M (pre-tax) p.a. reduction in costs
• Rebuild management team an an

• Operational focus and return to earnings growth

• $\geq$ A strategy for the Group was committed to the Board by May ZOOZ

Sifategic process

$\triangleright$ Worked with new management team and Board over the last 6 months

• Zanal Dieselonions:
• Alektro
• Status quo with in-fill acquisitions
• Major restructuring

Orteria for success

• Best shareholder value outcome

• Appropriate level of business risk

• Builds on existing skills and market positions
• $\triangleright$ -Harversits syntagiets

• Focused business model

• $\geq$ Capable of implementation
• $\triangleright$ Competitive advantage

Perspectives on Lend Lease

• $\geq 1$ ine past

$\geq$ Sirengins today:

• Albitrici Delfin Lend Lease; Lend Lease Development; GPT; APPETBOVS ROLLESSE
• E Biklahore Urban development; retail; PFIs; Bovis Lend Lease
• SANTA CONTRACTOR

Sang Andre Stadt

Masterplanned military base communities; Bovis Lend Lease Realt Boys Lend Lease

Perspectives on Lend Lease

• $\triangleright$ Opportunities from here:

• A KERING KIYEK HIGO OKOBE WENDER ATSTELLE

• Focused international growth in retail and urban communities

Meloen benefits for GPT unitroloers

• $\triangleright$ Attractive premium to market price

• Attractive premium to net tangible asset backing

• $\blacktriangleright$ Higher distributions per equivalent unit expected for future
• $\ge$ Enables access to high quality corporate and development CENTRAL

Magen cenetistor e a minioleks

• $\geq$ Improves cost of capital and hence ability to compete for quality assets

• internalises management completely aligning interests of Leno Lesseno de L

• $\triangleright$ Removes fee leakage and delivers cost savings and SILLE

• Links Funds, Operating, Development delivery skills with Investment portollos

• $\ge$ Lend Lease brings quality overseas assets and the platform for itture incherional orovunctic exoansion

Magen och en isstemacine arskessisk telenologis

• $\ge$ Rebalances corporate earnings with strong annuity streams > Enhanced credit quality
• $\ge$ Expected increase in earnings and distributions per BOUVERBITISHERS
• $\geq$ Improves costrol eaglial for asser ownership/consolidation

• Provides scale and capital structure necessary to compete in retail and urban community sectors effectively

Makoj dojneni salom kenomice ske sneke nololeks

• $\triangleright$ Enhances wholesale funds management business growth to u from a
• Allows Lend Lease to take maximum advantage of its present Giornico
• $\geq$ Cost savings and synergies in the order of A\$60M after tax
• SERISTIC RICHTIGES VICE (GSS VILLE SOVIS ES) IG REGIST

Maged Group's profile BESTED

Mexied Group's profile Gewinoporiuniits Austricht Reich

• $\geq 2$ ^nd energia owner/manager > Manage 4xoftoo toregatives in AUSTRIB
• > Crown from ASTB development iologiine
• $>$ Significant SVICO GSAVIII BOVIS LEATE LEASES

ING NGC 25

MANIE 20 2002 2004 200 BANDA 2003 TER MARK SERIES \$48M a marka ka yawan mata wa 1970.
A mai 2012 a 12 mareji a 1970 \$106M Malamara ang 323510 Macamm Square sann* --------------------------------------\$130M* Rouse Hill Regional Centre \$300M* Charlestown Square Gillaric Carti Wallongone Central Siisiika ka \$20M Planned Complete Underway Approximate value & liming

EXCIBIVE CENTRIBY OPPINED SPOEDICE

Meiged Group's profile Growth opportunities Australia – Urban Communities

	Matorialawara	Estinated Baoklog
$\geq$ Leading urban community business		En l	Units	NG NO	Korei
> Positioned in strong growth	Menoral Marie Co	Article 19	MONDE	Hill	SANCTORY
Mairie (1915)	Stocken	8140	pote		82400
Business would benefit	MINGG	18250	OHOO		24600
iron greater seale and	AUSTRALIN	MOLL	81.01		ICZSKI
Tower cost of capital	TATA CERTAIN C	Wine			Wine
Significant future synergies With Boyts Lend Lease	Multiplex		GRANDI		Executed

Merged Group's profile Crown opportunities Austrilia - Office, Hotels and Industrial

EXAMPLIFIEDEN

• $-$ 2^nd largest and highest quality office portfolio
• Well positioned in a strengthening Sydney market.
• NAB Docklands project just completed
• Darling Park 3 commenced with Marsh Mercer anchoring 60%
• Strong forward lease expiry position
• Example 19
• Strongly positioned existing portfolio
• $-$ Potential to double portfolio through landholdings
• Server
• Experimes growth in 2008 of 4.4% in spite of market volatility and SARS
• Improving outlook for inbound tourism

Merged Group's profile Offshore - Retail growth focus on UK

THORGETHICS Value of centres managed Share of regional market

II.

270000 WE 14

Merged Group's profile Oishor-Recill

SEE UK

• Good existing position/skills
• Stone deal flow
• Fragmented ownership with underdeveloped/underperforming assets

Sheater

• Good existing position/skills
• Just completed Parkway Parade repositioning AS800M approx e gjirët dhe
• Fragmented ownership with underdeveloped/underperforming assets
• Greenfield development opportunities

> USAVE troper

Medium term opportunities

Merged Group's profile Officie - Urban communites

Average housing starts (last 10 years) Estimated # scale projects (>2,000 units) Current projects Current backlog (# units)

11	IV.
ISOROOD	IRSODACIOTO
49)	(A)
	e.
TOROTO	27000

Merged Group's profile Offshore - Urban communities

$\blacktriangleright$ $\blacksquare$ $\blacksquare$

• Tracking well on first large scale project (Greenwich Peninsula)
• UK planning complexity, undersupply of land, growth corridors and need for major urban regeneration provides exciting growth outlook/opportunities for our model and skill-set

START COMMENT

• Well established in Military Housing (25% market share).
• Good in country integrated skills base to build off (Adus Lend Lease)
• Masterplanning/community/large scale project skills
• will differentiate us in certain regions

Merged Group's profile CENTRA ODDILI ITTILESEA VIA OISSA GAITAGS ITTELLE CENTSIN

> Lend Lease has one of the leading wholesale funds platforms

• ASAS ALSIGNE
• $\text{AMB} =$ Singapore
• SANTA BAR

• New Group structure will allow us to provide liquidity to THE SECTION

	AT THE CAULAS
		waxay
OH()		955
e en metape		Maritim

OZZARONIA KONTRACK

Merced Group's profile EWIS Lend Lease camingsfrisk

Mondulor of Boyls Lend Lease camings by JISK

Mereed Group's profile Gonsmedion & project management deliver synergies and new markets

• $\triangleright$ Top 10 global contractor (on the basis of international and total iewente)

• Complements retail and residential/community development

• De-risks development costs

• Low capital risk platform in new markets/geographies

The merger

Forecast annualised FY05 distribution (1) of:

• 25.5 cents per equivalent GPT unit (assuming special distribution is
• reinvested at merger price)
• 82.9 cents per LLC share

BENDY	Friday Mostole THE REAL STREET	Metoei etitori	gradici OKTOR TELEVITION	THE REAL PROPERTY GELGARIES Marw
10. au	Sexeil	n Mariji	wozea	WEIGEA
210	SI MA	vmor	Mi	Na za pr

• W) Assumes distribution equivalent to underlying earnings before amortisation, one-off merger related loosis, deferred lax expense and inter-entity adjustments as it merger occurred on 1.40ly 2004.
• Ø GPT's implied value is based on expected annualised distribution of yield of 7.3% plus the 47 cents REPUBLISHER ARTIFULUATION

Merger financials Immediate uplift in earnings and distributions

• Expected to be earnings accredive for both GPT and Lend Lease holders from outsett
• Excluding goodwill amortisation and transaction costs
• $\triangleright$ Forecast pro forma distributions per equivalent security for FY05

Kein Sol ET TIL T	e Tanisla	Exterior MANA Enniferen	DIGMOUNTOUR en i
e de 19	y y Mg	u, Islandsk	zan
Expressions	100	1. Wa	10101/10

K) Assumes the special distribution is reinvested at the price implicit in merger terms.

Merger financials Antiopated cost savings

$\geq$ Simplified business:

Cost sevings and synergies around AS60M after lax p.a.

Upironicosis rozontove synargies

Merger financials Lend Lease Group pro forma net profit

	KA MARA SEKARA TA SEKARA SEKARA SEKARA SEKARA SEKARA SEKARA SEKARA SEKARA SEKARA SEKARA SEKARA SEKARA SEKARA S
	LK I I
Eron alleratx	ewkow
Elemented on profitailer lax	y io wa
BATH ALL AND ALL AND RELEASE INTO A LAB	TAR)

NME

• Pro forma forecasts assuming transaction occurred on 1 July 2004 8
• (P) Before one-off transaction and restructuring/implementation costs
• Excludes AS58M goodwill amortisation/expense that is expected to arise as a result of the K meren
• n. Based on analyst consensus forecasts, adjusted in GPT's case to 30 June year end.

Weigeninandals Host merger distribution policy

Example 12 For Example

• Pre merger distribution/dividend for September quarter to be paid to GPT unitholders and LLC shareholders at completion of merger
• Payout ratio for remainder of year around 100% of earnings
• Additional distribution equivalent to merger costs, amortisation expense and inter-entity eliminations

Exception

• $-$ Distributions expected to be:
• · Partially tax deferred for Trust units
• Partially franked for Company shares
• $-$ Payout ratios around 100% for both Trust and Company earnings.

Merger financials Lend Lease Group - pro forma Balance Sheet

	ETOLOGIA ELECTRONIC ASTIE
ASSIS
ozsi	N. I
ETOBETYE IN CHIEFASSERS	William
Inenciales	ENGLIS
ION MARK INGO THE STATES	Henry
Dédi	(eristin
OTTER LIGITINGS	CANDI
Newcode	Angel

• W Based on December 2003 Balance Sheets adjusted for LLC's buyback, GPT's April 04 placement and the merger transaction.
• H Assumes LLC second tranche buyback is completed (A\$400M)

W

Shareholders' equity would comprise share capital \$6,563M, retained earnings \$1,366M, ENGRIS RESERVES SERVI ING MGA S

Manuel Lease Groupiny assions a findex

• Merged entity market capitalisation approx A\$10B
• $\triangleright$ 16^th largest entity on ASX
• $\triangleright$ The merger will result in greater investor spread

• Increase in ASX/S&P 200 Property Index weighting

ETHE	Bilio STEILS WINE en (* 18 heilche S Y	one ASTATIE MOGY VA	SHEXEXAND LETTING ANG WESHIOL meloter VA	STEILSVAND LP Findex (66S) Westneid mis e ca YM
Estion and a een	n. HNO	ezn M	8 Kan	27 onoj
K)fai	907.Y	en dia 88	Eest EN MANGER NGC 1888	980 7.Wa
Geniones actuales o mangang			Senatan	enerariak Heriotzak

Peer group trading yields - potential for re-rating

Welcher Average on Richard 181 December 2003 (2)

n.

M

EVISTE Che YING Spiece as a 21 MAY 2014

Stille Bible Contensistoreally

b Salining Stonage (Still

Westfield Group yield and distribution growth is sourced from Westfield Group Restructure presentation dated 22 April 2004. Westfield Group yield is based on a weighted yield of all three Westfield entities at the close of trade on 21 May 2004. Centro weighted average cap rate is as at August 2003. Information is not publicly available for the entire Westfield Group

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Approvals and conditionally

$\triangleright$ Stapling will be conditional upon approval of each of:

• Lend Lease shareholders
• GPI Board and Unitrolders
• $\geq$ The stapling proposal is subject to Court and other regulatory Maria Branc
• Explorate the construction of example of the set of the set of the set of the set of the set of the set of th

CONGUSION Effectsal to merge Land Lease and GPT

> FY05 distribution of A\$738M

• 25.5 cents per equivalent GPT unit
• 82.9 cents per equivalent Lend Lease share
• Extra Dunities of Albinore Jowin Delions

• Estimated increase in market capitalisation

• $\geq$ Platform of quality asset base with growth pipeline
• $\geq$ Significant further cost reductions and synergies

• Furiner re-rate potential

Infectant information

In making an investment decision, investors must rely on their own examination of the Lend Lease. Group and GPT, including the merits and asks involved in the proposed stapling fransaction which will be set out in detail in the information Memorandum which will be sent to security holders. Investors should consult with their own legal, tax, business and/or financial advisors in connection with any investment decision.

This presentation has been prepared in good faith, but no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in the presentation (any of which may change without notice). To the maximum extent permitted by law. Lend Lease Corporation Limited, its directors, officers, employees and agents disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may be suffered through use or reliance on anything contained in or omitted from this presentation.

Prospective financial information has been based on current expectations about future events and is, however, subject to risks, uncertainties and assumptions that could cause actual results to differ materially from the expectations described in such prospective financial information. These factors, including the risks and assumptions, will be set out in detail in the Information Memorandum for the proposed stapling transaction. Deviations are both normal and to be Bunga da

This presentation is not a prospectus or an offer of securities for subscription or sale.