LENDLEASE GROUP — Capital/Financing Update 2007

Sep 19, 2007

20 September 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$321m Air Force Project

Lend Lease Corporation Limited (“Lend Lease”) today announced that Actus Lend Lease and the US Air Force have reached financial close on the development of family housing at three key Air Force installations in California and Colorado.

The Tri-Group Family Housing project, also known as Tierra Vista Communities, consists of family housing at the Los Angeles Air Force Base in California, and the Peterson and Schriever Air Force Bases in Colorado. The project includes the development, construction, renovation and management of approximately 1,500 homes over 50 years.

The project has an initial development budget of US$321 million (approximately A$375 million) for the first six years of the project. During the initial development period Actus Lend Lease will provide 242 new homes at Schriever, as well as 597 new homes and 613 renovations at both Peterson and Los Angeles Air Force Bases.

The Tierra Vista Communities homes are designed to be energy efficient and sustainable and will include a number of innovative programs such as tankless water heaters for all homes saving more than US$200,000 annually; solid waste recycling, and water saving devices reducing water consumption by approximately 30%.

Actus Lend Lease now has ten operational projects across the United States worth approximately US$5.3 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