LENDLEASE GROUP — Board/Management Information 2008

Aug 20, 2008

Stock Exchange Announcement

Lend Lease Board has commenced search for successor to Greg Clarke

Mr Clarke remains Managing Director and CEO

21 August 2008

Lend Lease Corporation Limited (“Lend Lease”) today confirmed that a global search for a successor to CEO and Managing Director, Mr Greg Clarke, was well underway.

The search was initiated following discussions between Mr Clarke and the Board about the identification and selection of the next Chief Executive for the Company. For the avoidance of any doubt, Mr Clarke has not resigned, given notice or been terminated.

Lend Lease Chairman, David Crawford, said: “Mr Clarke had given the Company a commitment of between five to seven years when he was appointed in December 2002.

“Greg has driven a tremendous turnaround in the fortunes of Lend Lease since he joined.

“He has overseen a major change in the Company’s strategic direction, a substantial improvement in its balance sheet strength and creation of a high quality global development pipeline to underpin long term earnings. These achievements have proven to be valuable in the face of current market and economic conditions.

“The search for a successor for Mr Clarke is well advanced and includes both internal and external candidates.

“It is always difficult to predict how long such searches will take, however we are pleased with progress to date,” Mr Crawford said.

Mr Clarke said: “I am proud of the market positioning and financial strength that Lend Lease enjoys today and I am committed to assisting the Board with a smooth transition of the leadership of this great company. Our strategy remains on track. We have a strong, secure pipeline and low borrowings and are well placed to take advantage of opportunities that come our way.”

ENDS

Further information:

Sally Cameron Lend Lease Corporation Tel: 02 9236 6464

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.lendlease.com