LENDLEASE GROUP — Capital/Financing Update 2007

Jul 26, 2007

27 July 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

Actus Lend Lease reaches financial close on US$525m US 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 Phase II of the Hickam Air Force Base project in Hawaii.

The Hickam Phase II project includes the development, construction, renovation and management of 1,118 homes over 50 years. The project has an initial development spend of approximately US$525 million (circa A$600 million) over seven years.

The project will have a strong emphasis on community and environmental programs, with plans to construct a LEED (Leadership in Energy and Environmental Design) certified housing office.

Actus Lend Lease is currently managing Phase I of the project which includes the privatization of 1,356 homes, with an ongoing five-year initial development spend of US$240 million (approximately A$275 million).

Actus Lend Lease now has nine operational installations across the United States worth approximately US$5 billion in development value, and is preferred bidder on three projects with a combined initial development budget of approximately US$1.1 billion (approximately A$1.25 billion).

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