GPT GROUP — Regulatory Filings 2005

Jun 1, 2005

Lend Lease Corporation Eimited

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.lendlease.com

1 June 2005

The Manager Companies Section Australian Stock Exchange Limited The Manager Companies Section New Zealand Stock Exchange Limited

Pages: Two (2) pages

Dear Sir

STOCK EXCHANGE ANNOUNCEMENT

GPT TRANSITION AGREEMENT WITH LEND LEASE

Lend Lease Corporation Limited ("Lend Lease") today announced that General Property Trust ("GPT") had signed an Asset Transfer and Facilitation Agreement ("transition agreement") to be implemented if GPT's internalisation package is approved.

Lend Lease CEO and Managing Director, Greg Clarke, said the transition agreement would also be honoured by Lend Lease under its alternate GPT internalisation, should unitholders vote against GPT's proposal at tomorrow's meeting.

Further details are included in the attached media statement.

Yours faithfully LEND LEASE CORPORATION LIMITED

S J SHARPE Company Secretary

MEDIA RELEASE

1 JUNE 2005

GPT TRANSITION AGREEMENT WITH LEND LEASE

Lend Lease Corporation Limited ("Lend Lease") today announced that General Property Trust ("GPT") had signed an Asset Transfer and Facilitation Agreement ("transition agreement") to be implemented if GPT's internalisation package is approved.

Lend Lease CEO and Managing Director, Greg Clarke, said the transition agreement would also be honoured by Lend Lease under its alternate GPT internalisation, should unitholders vote against GPT's proposal at tomorrow's meeting.

Kev elements of the transition agreement include:

• A protocol for the orderly transfer of a number of Lend Lease employees to an internalised GPT. This will principally involve employment offers by an internalised GPT to Lend Lease Retail employees who predominantly work on assets 100% owned by GPT. These offers will be made on the basis of preserving the same employee entitlements they enjoy at Lend Lease.
• Continuity of access and use of Lend Lease IT systems and IP for asset management, funds management and other operations until such time as GPT has established independent systems.
• Delegation of the management of the Split Trust to GPT's new Responsible Entity for the winding-up of the GPT Split Trust.
• Termination of the Property Management Agreements and transfer of the Property Management businesses associated with assets 100% owned by GPT.
• Lend Lease will not exercise its pre-emptive rights on the Rouse Hill and Twin Waters joint ventures with GPT, and GPT will make a further investment to move from 49% to 50% ownership of these projects.
• GPT will make a payment to Lend Lease of \$16.5 million (excluding the increased investment in the Rouse Hill and Twin Waters joint ventures).

Mr Clarke said Lend Lease had always been committed to an orderly transition for an internalised GPT, and the plan now agreed provides for a sensible and fair separation of resources for both GPT and Lend Lease and provides clarity of opportunities for all Lend Lease employees.

"Lend Lease is satisfied that we now have a rational plan for transition that serves the interests of all employees and both Lend Lease and GPT investors.

"Irrespective of the outcome in relation to the GPT meeting on Thursday, Lend Lease is getting on with its business and GPT will be able to do the same," Mr Clarke said.

ENDS

For further information:

Roger Burrows Lend Lease Corporation Tel: 02 9236 6116