Multiplex Limited (ABN 96 008 687 063)

1 Kent Street, Sydney NSW 2000 Telephone: 02 9256 5000 Facsimilie: 02 9256 5001 www.multiplex.biz GPO Box 172, Sydney NSW 2001

07 April 2005 The Manager Company Announcements Office Australian Stock Exchange Limited 20 Bridge Street SYDNEY NSW 2000 Dear Madam Multiplex Group – Investor Update Presentation Please find attached for release to the market an investor update presentation to be given to institutional investors today. Yours faithfully Mark Wilson Company Secretary Multiplex Limited

Multiplex Group (MXG) Investor Update

APRIL 2005

Slide 2

Contents

43

41

36

24

15

12

3

Key Deliverables

Property Funds Management

Development Update

Construction Update

Financial Update

Board Governance & Communication

Overview

Section 7

Section 6

Section 5

Section 4

Section 3

Section 2

Section 1

Slide 3

Section 1 - Overview

Slide 3

Slide 4

Key Operating Metrics

Fully integrated property model well diversified earnings profile (sector, geography, business stream)Quality Trust investment portfolioStrong growth in Funds Management businessOverall margins on construction portfolio maintained (4 to 5% before overheads)Excellent development opportunities (Australia & UK)Strong prospects for Facilities and Infrastructure Management For FY’05 EBIT mix will change with Trust increasing its contribution

…..for FY’05 60% recurrent earnings through the Trust and Property Funds Management

Construction27%

Trust41%

Property FundsManagement4% FM &

Infrastructure2%

Property Development27%

Business Unit Composition – Group EBIT Actual 31 Dec 2004

Slide 5

Key Business Drivers: Multiplex Property Trust

50% of net income subject to fixed reviews in CY’05 (average increase 4.1%)Minimal lease expiry, <20% pre June 2008Portfolio long lease duration 7.3 yrsTop 20 tenants equate to 60% of net income and average lease term of 8.6 yrsStrong lease covenant – high % of government and major corporatesRelatively low % of non-development capital expenditurePrime and proven portfolio consistently high level of occupancy (portfolio occupancy currently 94% excluding or 98% including income support)Benefits from deal flow from Multiplex Developments Longer term and lower cost debt facilities through access to capital markets

Slide 6

Key Business Drivers:Property Development Division

$17.2bn of development projects under control in Australia, New Zealand and the UKLong dated projects with capacity to drive profit for many yearsOutstanding immediate opportunities in the UK through Duelguide

High Wycombe, North of London (GDV $222.5m)White City, London (GDV $510.3m)Union Square, Aberdeen (GDV $108.8m)

Currently UK Developments makes no contribution -conversion of projects such as those listed above or Gibraltar (GDV $2.25 bn) can be material to earnings. S.106 signed for Stratford – planning now in place (MXG share GDV $2.56 bn)Highly diversified (by sector / geography)Expanded team incorporating Stannifer / Chelsfieldresources in the UK

Retail14%

Mixed Use5%

Multi-Residential24%

MPC / Land5%

Commercial / Industrial

3%

NSW, 14%

QLD, 6%

VIC/SA, 4%

WA, 7%

NZ, 1%UK, 67%

Total Development Value by Region

Total Development Value by Sector

Slide 7

Key Business Drivers:Construction Division

Strengthened senior management team in the UK $6.9bn work in hand as at 31 Dec 2004Strong and profitable forward pipelineProcurement profile – emphasis toward negotiated and internally originated e.g. Burj Residences, High WycombeLeverage off UK / Australian development portfolioFocus on margin improvement rather than Work In Hand growth PFI/PPP in selected geographic regions

Slide 8

Key Business Drivers:Property Funds Management

Strong organic growth of existing productMultiplex Acumen Property Fund (Listed)AMP NZ Office Trust (Listed)Multiplex Development & Opportunity Fund (Unlisted) Multiplex NZ Property Fund (Unlisted)

New initiativesBroaden existing investment offer (Unlisted / Listed) Domestic / International

Slide 9

Key Business Drivers:Facilities & Infrastructure Management

Expansion into UK marketPPP / PFI e.g. Melbourne Showgrounds, Peterborough Hospital

With strong pipeline– Australia – Health/Justice – UK – Health/Education

Procure additional contracts with external clientsIncrease in opportunities due to the growth of Multiplex Capital

Slide 10

Resources - Senior management

DevelopmentFacilities &

InfrastructureManagement

Construction FundsManagementFinance

CEO

Andrew Roberts

Ross McDiven Peter O’ConnellNoel Henderson Ian O’TooleJohn Corcoran

- Mark Wilson- George Kostas- Cathy Thomson- Vincent Chin- Tim Nathan (UK)

- Simon Gray- Jim McGreevy- Martin Tidd (UK)- Martyn Shepherd (UK)- Graeme Robson (UAE)

- Tim Roberts- Dennis O’Regan- Lester Hampson (UK)- Mike McGuiness (UK)

- Jon McCormick- Charlie Reilly- Rob Newton (UK)

- Peter Murphy- Chris Judd- Rob Rayner

Multiplex Group Board

… successful long-standing management team

Slide 11

Human Resources and Management Team

Senior management team has an average of nearly 14 years service with MultiplexFunds Management team has an average of over 10 years experience in the industryExcellent track record of recruiting and retaining high quality staffVery strong staff loyaltyLong-standing graduate cadet programmeRemuneration rewards based on profit and contribution to Multiplex culture

… performance based and motivated workforce

United Arab Emirates

New Zealand

United Kingdom

Australia

Region

250

113

327

1,352

2,042

Full time staff March 2005

Slide 12

Section 2 – Board Governance & Communication

Slide 13

Corporate Governance

Additional independent Director to be appointed (preference for UK appointment)Review of Board composition underway Multiplex to adopt best practice disclosure based on Ernst & Young guidance of best practice for listed construction industry To become a member of Australasian Investor Relations Association AIRACommission independent benchmarking investor / analyst perceptions of MXG.

Slide 14

Enhanced Risk Controls & Communication

Risk ControlsProject Administration Manual compliance reviewMajor Construction Project Review instituted bi-annuallyExtended internal and external audit process for Construction division

CommunicationsPeter Murphy – Institutional / RetailMathew Chandler – MediaPortfolio Update (February & August)

– Construction project completion timing– Property Development project timing

Slide 15

Section 3 – Financial Update

Slide 16

Financial Results

H1’05 Result impacted by UK Construction write backs (Wembley and West India Quay) H1’05 Result is after allowing for:

$1.95m in bid costs associated with the Lensworth portfolioUnrealised FX loss of $8.5m on loan to Sapphire in UKNo Duelguide impact on H1’05

FY’05 Result - Impact of the Duelguide acquisition is subject to:The accounting treatment of revenues from non-core asset sales post date of control passing to BidCo. Sales of non-core assets are exceeding pre-acquisition book values, however, the application of the fair value accounting rules may eliminate profits against goodwillThe timing to conclude the asset split between Westfield and the Multiplex-Aldersgate JV. The Westfield asset split will substantially reduce debt otherwise being accounted for as a BidCo expense.The date of return of a Completion Retention held by CGI (£220m) due to Multiplex and Reuben Brothers / Aldersgate for White City. These funds will be allocated towards immediate debt reduction.

Slide 17

What are Stapled Eliminations?

Represent dealings between the Company and the Trusts, common for all stapled securitiesReflect the benefits of the fully integrated property modelOver time these eliminations will convert to asset revaluation reserves

(2,317)Property management fees on Trust assets(24,038)Construction profits on Trust assets2

(6,875)Rental guarantee provisions released on amounts provided at the time of the IPO3

36,973Net stapled profit after tax

(529)Amounts paid in accordance with lease support obligations on IPO assets(21,255)Interest charged on funds advanced by Trust to the Company1

Less: stapled eliminations91,987Aggregated profit after tax

SIX MONTHS TO 31 DEC 2004

$’000’s

1. The Trust is the lowest cost borrower

2. Relates to the Ernst & Young Centre, Southern Cross and Pittwater Place

3. Made possible because leasing commitments exceeded forecasts

… profits distributed from the two legal entities before stapled eliminations

Slide 18

Is the business cash flow positive?

22.61Adjusted cash flow per security2 (cents)

128.2Operating cash flow excluding development capex

15.81Interim distribution per security3 (cents)

234.4Amounts relating to development project expenditures1

83.4Amounts relating to development site acquisitionsAdd back:

(189.6)Net cash (outflow) / inflow from operations

SIX MONTHS TO 31 DEC 2004

$’m

1. Only relating to projects in the investment phase

2. This is based on 568 million securities, being the number of securities eligible for the distribution. On a weighted average number of securities (615 million), cash flow per securities equates to 20.8 cps

3. This is based on 568 million securities, being the number of securities eligible for the distribution

…..cash flows reflect increased expenditure on development assets

Slide 19

What is expected peak gearing?

32.6%$2,322.5

36.9%$2,632.7$7,132.8$3,440.9

POST FULL DEBT CAPACITY

UTILISATION4

27.5%$1,822.5

32.2%$2,132.7$6,632.8$3,440.9

FORECAST DEBT3

21.9%30.9%Net debt to total assets$1,353.0$1,911.3Net Debt (less cash)

26.9%36.9%Debt to total assets$1,663.2$2,283.2Interest bearing liabilities$6,163.3$6,180.0mTotal Assets

$3,440.9m$2,837.7mNTA

HYBRIDREPAYS CPS2

AS AT31 DEC 20041

1. Includes $620m of CPS issued to finance acquisition of Duelguide interest. These notes were issued on a proportionate basis between the Company and Trust and structured as a debt security.

2. SITES - $450m (19.01.05), Dec 04 DRP - $89.8m (28.02.05), June-05 DRP - $80.2m (Aug 05)3. Includes net debt requirements to:

• Complete Southern Cross construction• Net capex required on development assets to achieve current forecast peak activity• Net capex to be invested into JV assets (predominantly UK assets). On this basis forecast peak gearing is 32.9%

or 27.5% as a net cash basis4. Forecast extrapolation assuming debt lines are fully drawn and CMBS issued, on this basis gearing increases to 36.9% or

32.6% on net cash basis.

Slide 20

When does the cost of debt reduce?

Multiplex announced (Ronin Bid presentation) intention to restructure its debt facilities to:

match debt terms and profile to post acquisition balance sheetincrease tenorsignificantly improve weighted average cost of debt

Phase 1 (Warehouse facility)Completed the first stage of this strategy through the refinance of most Trust debt into a single A$1.6 billion revolving line of credit (March 2005)Decreased average margin by 55bpsSignificant reduction in compliance costs and substantial improvement in terms

Slide 21

When does the cost of debt reduce? cont’d

Phase 2 (CMBS)Substantially progressed (currently documenting new facilities) towards new funding structure within Trust

– CMBS programme target date (before end June 2005)– $500m revolving credit facility (June 2005) – Existing construction facility for Southern Cross to be replaced by single

facility (to be refinanced by a further CMBS issue on project completion) Once completed, the new Trust debt structure will deliver:

– Additional interest margin savings– Average tenor in excess of 3 years– Average hedging in excess of 75% over life of debt– Further improvement in compliance costs, financial terms and conditions– Crystallising $500m of additional debt capacity

Slide 22

When does the cost of debt reduce? cont’d

Phase 3 (Development MOF)Replacement of individual project financing facilities within Property Development division in Australia across wholly owned projects with a single multi-option, revolving line of creditFacility substantially progressed (before end of June 2005)Once complete will provide the Company with:

– 3 year evergreen facility – Substantial reduction in interest margins– Substantial reduction in facility establishment costs– Improved flexibility and reduction in compliance costs– Structure maintains limited recourse to project assets.

….. Multiplex has maintained all major banking relationships

Slide 23

Hedge Profile

Weighted average Tenor – 7.8 yrsWeighted Average Rate – 5.69%

Slide 24

Section 4 – Construction Update

Slide 25

Construction Portfolio Summary

Australia / New Zealand 44%

UK / UAE 56%

Total Portfolio Value by Region Total Portfolio Value by ContractCommercial 23%

Entertainment 17%

Hotel 1%

Residential 37%

Retail 22%

6,922.3TotalUK / UAEAustralia / New ZealandREGION

3,901.63,020.7

TOTAL CONTRACT VALUE ($M)

Slide 26

Construction Portfolio Update

Work In Hand – total contract sum A$6.9b, with over $300m in gross margins2.3yrs remaining duration, based on $3bn turnover per anumOverall margins before overheads on construction portfolio maintained (4 to 5%)Project % complete

Arithmetic average 59%Weighted average 53%

Portfolio55 projects4 breakeven4 losses 47 profitable

Procurement Criteria Min A$50m5%+ marginIncrease exposure to internally generated opportunities and negotiated, PPP or PFIReduced exposure to tender work

Slide 27

Wembley- Current Status

Wembley National Stadium Limited (WNSL) relationship solidProject on programme, targeting Dec’05 completion well within contract completion dateBreakeven assumes c.41% of total claims are successful (£110m total claims outstanding)Advanced negotiation/litigation, admission of fault by sub-contractors on someCapacity to pay is good, credit support availableRisk Mitigants

Steel frame nearing completion, erection of roof structure underway on the south side. Cranes being progressively removed. Installation of services well advanced. Fitout has commenced. Substantial areas are weather-proofed / covered.Number of workers onsite now approximately 2,00097% sub contracted

Claims update with full year results

Slide 28

White City – Current Status

80% of works have been committed, provisional sum or under offer.Completion is still forecast to be Feb’08Retail eastside progressing well and ahead of programmeWestside services diversions are 3 weeks behind programmereflecting complications in dealing with and statutory approvals from London Underground but the critical item of the railway viaduct construction is on programmeVariations proposed by Westfield are being considered and negotiated.

Slide 29

Key Construction Resources in the UK

Martin Tidd (MD Construction in the UK) BSc (Hons) 1st Class Building / MBAProfessional experience

– 2003 to 2004 Managing Director Private Sector– 2001 – 2003 Executive Director Specialist Business– 2001 to 2004 Wates Group– 2000 Churchfield Interiors Limited – Group Managing Director– 1998 – 1999 Joint Managing Director – Laing Ltd

Board responsibilities included:- Governance of £1.4 billion turnover company

- Interface and management with Group Board Directors– 1994 – 1998 Regional Managing Director – Laing Eastern– 1989 – 1994 Construction Director – Building Division

Portfolio experience– Hospitals - NHS Trust Barnet, PFI Norfolk & Norwich, PFI Newham– MOD - HMS Warrior Nuclear Strike Command Centre, Various MOD RAF Projects – Commercial - Grosvenor Place, Various – Government - Portcullis House, Millennium Dome – Retail - Festival Place – Airports - BAA Framework – Rail - Railtrack Framework Agreement

Slide 30

Key Construction Resources in the UK cont’d

Martyn Shepherd (Commercial Director Construction in the UK)RICS Member (Elected 1988)RICS Wheble prize winnerR.H Wolliams Memorial Surveying 1986Diploma in Quantity Surveying 1986Professional experience

– 2001 – 2004 Group Commercial Director - Wates Group – 1994 – 1998 Divisional Commercial Director – Wates Midland– 1981 - 1999 John Laing Services– 1999 Divisional Commercial Director of Laing Midland– 1998 Commercial Director of Holloway White Allom, London– 1995-1997 Operations Services Director, Group Contractual

Department, London– 1991 – 1995 Commercial Manager Laing Divisional F Acct Unit

Slide 31

Key Construction Resources in the UK cont’d

Tim Bicknell (Claims Manager, Wembley)BSc (Hons) Degree in Quantity Surveying at Aston University (Grade 2.1)ARICS Full MembershipProfessional experience

– 2001 – 2004 Commercial Director (PFI) – Wates Construction Limited– 2000 – 2001 Senior Commercial Manager/Bid Manager - John Laing Construction – 1990 – 2000 Senior Commercial Manager - Laing Limited– 1982 – 1990 Project QS/Senior QS – Laing South East– 1978 – 1982 Site QS at Peterborough Queensgate Centre – Laing Midland

Philip Todd (Rail)Diploma in Company Direction, Institute of DirectorsMBA, Imperial College, University of LondonBsc (Hons) Civil Engineering, Loughborough UniversityProfessional experience

– 2003 – 2004 Director of Capital Projects, Metronet Rail BCV Limited– 1999 – 2003 Head of Technical Capability and PPP Transition Manager –

Infraco Sub-Surface Limited (SSL)– 1994 – 1999 Business Manager, Infrastructure Consultancy Services –

London Underground Limited (LUL)– 1990 – 1993 Project Engineer, British Rail– 1987 – 1990 Civil Engineering Graduate Trainee, London

Underground Limited

Slide 32

Key focus for Construction Business

Australia / New ZealandLesser number of projectsFocus on alignment with Development DivisionObjectives

– Focus on repeat clients with negotiated work– Earlier involvement in Projects through value adding– Strong forward profitable pipeline

United KingdomOn time completion of existing projects Focus on the up-front value-add to the MXG UK Development pipelineStrengthening of the Senior Management TeamAdequate resources for existing and forecast work in handTeams established for upcoming projects

Slide 33

Key focus for Construction Business cont’d

UAEMove towards more negotiated work with repeat clientsProvisional sums to protect against price increasesStrategic alliances with key sub-contractorsContinued managed growth into the future

GeneralTender market provides limited opportunitiesPFI/PPP projects in selected geographic regions is a key focusInvestigation and review of supply chain managementContinued development and training of staff to match growth and ensure controlStrategic relationships with suppliers and subcontractorsFocus on risk management and reporting

Slide 34

Enhanced Risk Management & Mitigation

Construction Division Credit and Risk Committee to manage commitments and exposure (participants include Legal, Financial, Insurance, Safety, and Estimating specialists).Does not usurp normal Group Credit and Risk CommitteeEnforce the use of standard processes and procedures for:

Tendering and Estimating (TEM) process to follow for all bids.Project Administration (PAM) clarifies limits of authority and procedures for subcontracting and purchasing.

Additional audits and Peer ReviewsInternal audit of PAM, TEM and Management SystemsPeer review of all major bidsStronger handover reviewsBi-annual internal audit of all projects over $100m or projects undergoing material swingsRandom checks on live projects (cost / time / quality)Specialist Risk Management Team formed

Cultural shift from an approach to risk management from “trust me” to “show me” within the Division at all levelsDevelopment and introduction of a management matrix

Strategic riskOperational riskFinancial riskCompliance risk

Slide 35

Construction Division Credit and Risk Committee

P.A.M.Project planMonthly project reviews

- H&S / Contract -administration / Financial controls / Time

Monthly reports- Project / Regional / Divisional

Audit programme- H&S / P.A.M. / Management systems / Head contract risk administration / Programme

Peer reviewsMonthly client reportsProject close out planProject profit plan

P.A.FMPXC selection criteriaPipeline reportingClient/Regional due diligence

P.A.F.T.E.M.Design management audits

- Standard detailsBid Review

- Legal / Time / PriceIn house programming skillsRisk profile assessmentBid auditLetting policyDetailed P.P.R. with offerPreferred subcontractor listPre-commitment reviewProject profit plan

Construction Division Credit and Risk Committee

DeliverConvertIdentify

Slide 36

Section 5 – Property Development Update

Slide 37

Property Development Portfolio Summary

S.106 planning approval achieved at Stratford – significant uplift in valuation of the siteAhead of budget in all Australian operating regions

Total Portfolio value by Region

Total Portfolio value by Sector

Residential

17,242Total

4361,766,493Commercial / Industrial

MPC / Land

Multi-Residential

Mixed-use

Retail

SECTOR

15,561

20,886

755,070

DEVELOPMENT POTENTIAL (SQM/

UNITS/ LOTS)

939

4,059

9,374

2,434

GROSS DEVELOPMENT

VALUE ($M)

NSW, 14%

QLD, 6%

VIC/SA, 4%

WA, 7%

NZ, 1%UK, 67%

Retail14%

Mixed Use5%

Multi-Residential24%

MPC / Land5%

Commercial / Industrial 3%

Slide 38

Property Development DivisionOrganisation Chart (Australia / NZ)

Chairman

Ross McDiven

Managing Director

Tim Roberts

Deputy MD / MD of Multi-Residential and MPC / Land

Dennis O’Regan

MD Commercial / Industrial

Jeff Holloway

MD Retail

Cameron Laird

MD NZ and Industial

Johann Schumacher

Divisional Fin. Controller

Michelle Barron

Director

David Sweeney

Director

Sharon Warburton

Director

Daryl Simmons

Slide 39

Australian structure being replicated in the UK (sector focus)

UK Development division is being restructured as per the successful Australian model with sector heads to be appointedAs part of this process, Stannifer Chief Executive, Mr Ron Barrott and MD, Mr John Shaw, will move to establish their own business, providing 18 months of consulting service to MultiplexThe four sector heads to be appointed in the UK will be Retail, Commercial, Multi-Residential and Master Planned Communities / Urban RegenerationOther key aspects of the work-out with Mr Barrott and Mr Shaw are as follows

All parties to continue to enjoy a strong working relationshipMXG will have first right to participate in any opportunities Mr Barrott and Mr Shaw may source in their new ventureNo Multiplex or Stannifer staff can be employed by the new venture

Slide 40

New Term UK Property Development Opportunities

Spring 2008

March 2008

November 2007

10 years

5-6 years

Approximate Duration

Retail

Retail

Retail

Residential

Mixed-use

Description

White City

Union Square

High-Wycombe Town Centre Extension

Gibraltar

Paddington Basin

Project

Under construction

June 2005

May 2005

March 2006

Ongoing

Indicative Start Date

12.5

25

50

50

25

MXG Interest %

44

204

89

900

63

1,300

MXG SHARE OF GDV £m

UK development currently not contributing to Group profitRefer to Group Portfolio Update for comprehensive list of developments under control

Slide 41

Section 6 – Property Funds Management

Slide 42

Funds Under Management (FuM) Structure

Strong organic growth from all fundsAdditional growth in MNZPF post the AmTrust acquisitionPotential to significantly increase the scale of Sapphire (UK) post completion of UK retail / mixed-use developments Post introduction of UK REIT legislation potential to seed listed funds

MULTIPLEX

Managed Funds ($5.4bn) Fund Investments

Unlisted Funds ($1.2bn) Listed Funds ($4.2bn)

Sapphire Retail Fund (UK) $695m(£277.9) total assets

Multiplex NZ Property Fund$274m total assets

Multiplex Development & Opportunity Fund$143m total equity

Multiplex Property Trust$3.3bn total property assets

Multiplex Acumen Property Fund$198m total assets

Sapphire Retail Fund (UK)

AMP NZ Office Trust (ANZO)

Multiplex NZ Property Fund

AMP NZ Office Trust (ANZO)$700m (NZ$770m) total assets

Multiplex Single Property Funds$128m total assets

Multiplex Acumen Property Fund (MPF)

50%

100%

100%

100%

100%

100%

50%

37.5%

29%

25%

15%

Slide 43

Section 7 – Key Deliverables

Slide 44

Key Deliverables next 12 months

ConstructionComplete Wembley in accordance with contract programmeResolve outstanding claims regarding Wembley (12-24 months)Ensure White City remains on programme and on budgetCommence works on High Wycombe (May 05), Peterborough Hospital (April 06)Continued strong performance from Australia, New Zealand and the UAE

Multiplex Capital Complete asset sales and reinvestment strategy for MPT Lease balance of E&Y Sydney and Southern Cross, MelbourneConvert opportunities to expand the Funds Management business (international FM opportunities and unlisted in Australasia & UK)

Core Debt FinancingNew facilities for Trust and Company (before June 2005)Access capital markets for Trust (before June 2005)

Slide 45

Key Deliverables next 12 months

Duelguide AcquisitionFinalise Duelguide asset split with Westfield (Nov’05 deadline but targeting Jun’05)12-24 months complete sell down of non-core assets (targeting substantial completion by Jun’05)

Governance & DisclosureImplement Board changes (as soon as practicable)Keep the market informed with progress on major projectsProvide early guidance in respect to FY’05 and FY’06 profits (May’05)Guidance about the impact of IFRS (May’05); Quantification of IFR impacts in FY’05 accounts (Aug’05)Guidance impact of Duelguide / Asset split (May’05)

Slide 46

Outlook

Multiplex LimitedConstruction – maintain work in hand levels with increased profitabilityProperty Development – focus on existing markets, regions and sectorsProperty Funds Management – continued pursuit of growth opportunities through external fundsFacilities and Infrastructure Management – targeted PPP/PFI projects

Multiplex Property TrustMinimal expiry risk, contracted growth, high quality modern portfolio