LENDLEASE GROUP — Capital/Financing Update 2007

Nov 21, 2007

22 November 2007

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

Pages: One (1) page

Dear Sir

Stock Exchange Announcement

Lend Lease reaches financial close on US$304m Marine Corps Communities development project

Lend Lease Corporation Limited (“Lend Lease”) today announced that Actus Lend Lease and the Department of the Navy have reached financial close on Phase Three of the development of family housing at three key Marine Corps installations in North Carolina and Massachusetts.

Phase Three of the Atlantic Marine Corps Communities (“AMCC”) project consists of Marine Corps Base Camp Lejeune and Marine Corps Air Station Cherry Point in North Carolina, and Westover Joint Air Reserve Base in Massachusetts.

The project includes the development, construction, renovation and management of more than 2,000 homes across the three installations over 50 years. It has an initial development spend of US$304 million (approximately A$345 million) over the first five years.

Actus Lend Lease is currently managing Phases One and Two of the AMCC project at Cherry Point, Camp Lejeune and in the Orange County, New York enclave of Stewart Terrace.

Actus Lend Lease has ten operational projects across the United States worth approximately US$5.6 billion in development value.

Yours faithfully LEND LEASE CORPORATION LIMITED

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S J SHARPE Company Secretary

Lend Lease Corporation Limited Telephone +612 9236 6111 ABN 32 000 226 228 Facsimile +612 9252 2192 Level 4, 30 The Bond www.lendlease.com 30 Hickson Road Millers Point NSW 2000 Australia