LENDLEASE GROUP — Board/Management Information 2008

Dec 15, 2008

Stock Exchange Announcement

16 December 2008

Lend Lease Appoints New Chief Executive Officer

Lend Lease Corporation Limited (“Lend Lease”) today announced the appointment of its current Finance Director, Steve McCann, as Chief Executive Officer. The appointment follows a global search process, announced in August this year, which included assessment of a number of high quality external and internal candidates.

Mr McCann will formally take over as Group Managing Director from Greg Clarke, early in 2009 following a transition period to ensure a smooth handover of responsibilities.

Mr McCann has more than 15 years’ experience in property, first in his capacity as an investment banker advising a number of large Australian property companies including Lend Lease and more recently in his three years as a senior group executive with Lend Lease. He joined Lend Lease in September 2005 as Global CEO of the Investment Management business before moving into the group Finance Director role in March 2007.

Lend Lease Chairman, Mr Crawford said: “We are delighted to confirm Steve McCann’s appointment.”

“Steve’s strategic focus and management strength became clear as he guided the repositioning of the Group’s Investment Management business to become widely regarded as a leading wholesale fund manager in the property investment market.

“As a member of the senior executive team, Steve has been a key driver of the Company’s integrated business model. In his role as Finance Director, he has worked closely with the Board to enhance the Group’s risk management processes and has been instrumental in ensuring the company’s capital structure has remained one of the strongest in the industry.

“Steve has already made a significant contribution to Lend Lease. His financial and earlier legal experience together with his in depth knowledge of the Lend Lease Group, make him well prepared for the CEO role. The search process confirmed that he is the best person to lead the Company through the turbulent market conditions at present and on to its next phase of growth,” Mr Crawford said.

Mr Crawford also paid tribute to Mr Clarke’s contribution over six years at the helm of Lend Lease.

“Greg leaves Lend Lease in a sound financial position and with a significant backlog of attractive development positions in its key markets and sectors. He drove the revitalisation of the business including the creation of its integrated business model,” Mr Crawford said.

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 21921 www.lendlease.com

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“Greg recruited Steve McCann three years ago as a potential successor and has actively participated with the Board in the recent search and benchmarking process.

“The Board extends our sincere thanks to Greg for his achievements as CEO and his willingness to remain at Lend Lease to assist our new CEO with a smooth transition process,” he said.

Brad Soller, Deputy Chief Financial Officer, has been appointed interim CFO while an extensive search and benchmarking process is conducted both internally and externally to ensure the CFO role is also filled by the best possible candidate.

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For more information contact:

Mark Gell Lend Lease Corporation Tel: 02 9237 5447 / 0419 440 533

Steve McCann Employment history

Finance Director, Lend Lease Group: March 2007 to December 2008 Global CEO, Lend Lease Investment Management: September 2005 to March 2007 Investment Banker, September 1993 to September 2005, including Managing Director and Head of Equity Capital Markets, ABN AMRO Australia, January 2002 to August 2005 and Managing Director and Head of Industrial Mergers & Acquisitions, April 1999 to December 2001.

Mergers & Acquisitions Lawyer, Freehills, February 1990 to September 1993

Telephone +612 9236 6111 Facsimile +612 9252 21922 www.lendlease.com

Lend Lease Corporation Limited ABN 32 000 226 228 Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

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