LENDLEASE GROUP — Board/Management Information 2013

Aug 21, 2013

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ASX Announcement

Reappointment of CEO and Managing Director

22 August 2013

Lend Lease today announced it had entered into new employment arrangements with its Group Chief Executive Officer and Managing Director, Mr Steve McCann.

In relation to the new arrangements, Lend Lease Chairman Mr David Crawford said, “Over the last five years under Steve’s leadership, Lend Lease has made significant progress in delivering on our strategy to become a leading international property and infrastructure group and building an enviable pipeline of integrated project opportunities.”

“The Board is very pleased that Mr McCann will continue in his current role at Lend Lease” said Mr Crawford.

Mr McCann’s remuneration package has been restructured to increase the emphasis on long term incentives, with a related reduction in short term incentives. The attached appendix contains an overview of the key details of Mr McCann’s contract and remuneration package going forward.

ENDS

Investor Relations: Suzanne Evans Head of Investor Relations Tel: 02 9236 6464

Media: Vivienne Bower Group Head of Corporate Affairs Tel: 0431 487 025

Lend Lease Corporation Limited ABN 32 000 226 228 and Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595

Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 www.lendlease.com

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Appendix: Summary of the key terms and conditions of new employment arrangements effective 1 September 2013

Term

The appointment as Chief Executive Officer is ongoing with no fixed term.

Remuneration

Total Fixed Remuneration

The new arrangements provide for fixed remuneration of $2,034,000 (Total Package Value or TPV) which includes superannuation and any salary sacrifice items. This is unchanged from the previous fixed remuneration other than the inclusion of previous fringe benefits in the amount of $134,000 into the new TPV.

Short Term Incentive

Mr McCann is eligible for a Short Term Incentive (STI) allocation each year. The target STI award has been reduced from the current target of $3,237,000 to $1,750,000 for the year ending 30 June 2014. The actual STI outcome will depend upon Group and CEO performance during the year. The minimum possible STI outcome is zero and the maximum possible STI award is $2,625,000, compared to a maximum possible STI award previously of $4,855,500. For the CEO to earn his maximum STI, outstanding individual performance must be coupled with above target financial performance by the Group.

Part of each STI will be delivered in cash and the balance deferred to vest over one or more years in the same manner and percentage as for other members of Lend Lease’s Global Leadership Team. The deferred awards may be settled in Lend Lease securities or in cash as determined by the Board

The Board will review Mr McCann’s STI target annually.

Long Term Incentive

Mr McCann is eligible for a Long Term Incentive (LTI) award in accordance with the Lend Lease Long Term Incentive Plan rules. Subject to securityholder approval at the 2013 AGM, Mr McCann will be granted an LTI award of $1,750,000 for the year to 30 June 2014, in the form of performance securities with the number of those securities determined with reference to the fair value of a security. This compares to the LTI grant for the 2013 financial year of $938,000, determined with reference to the fair value of a security.

The Board will review and set Mr McCann’s LTI award annually.

Lend Lease Corporation Limited ABN 32 000 226 228 and

Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595

Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 www.lendlease.com

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Termination

In line with the existing arrangements, Mr McCann may resign by giving Lend Lease six months’ notice and Lend Lease may terminate Mr McCann’s contract at any time by giving him twelve months’ notice.

On termination, any fixed remuneration and the cash value of statutory entitlements and benefits accrued will be paid. Where the CEO is not employed for the full period of notice, a payment in lieu of notice may be made which includes pro rata fixed remuneration. Mr McCann may also receive an STI award for the latest financial year based on the Board’s assessment of his performance and contribution for the year or part year of termination.

As under the previous arrangements, Mr McCann will forfeit any unvested entitlement to STI and/or LTI if his employment is terminated summarily. Further, if Mr McCann resigns, the Board has the discretion to reduce or forfeit any such unvested entitlements if Mr McCann breaches his non-compete obligations or where mutually agreed termination arrangements cannot be reached. Otherwise, on cessation of Mr McCann’s employment, he will continue to receive previously deferred STI awards and any unvested LTI awards, subject to achievement of the relevant performance and/or other conditions, in accordance with the original vesting schedule.

Lend Lease Corporation Limited ABN 32 000 226 228 and Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595

Level 4, 30 The Bond Telephone +61 2 9236 6111 30 Hickson Road Facsimile +61 2 9252 2192 Millers Point NSW 2000 www.lendlease.com Australia