LENDLEASE GROUP — Capital/Financing Update 2007

Jul 25, 2007

26 July 2007

The Manager Companies Section Australian Stock Exchange Limited Pages: One (1) page

The Manager Companies Section New Zealand Stock Exchange Limited

Dear Sir

Stock Exchange Announcement

Lend Lease reaches financial close on US$30m Fort Drum Military Privatization Initiative for single soldiers

Lend Lease Corporation Limited (“Lend Lease”) today announced that Actus Lend Lease and the US Department of the Army have reached financial close on a US$30 million project, The Timbers, as part of the Unaccompanied Officer Quarters and Unaccompanied Senior Enlisted Quarters (“USEQ” / “UOQ”) privatization project at Fort Drum, New York.

The financial closing involves the construction and development of 192 new apartments for single and unaccompanied Fort Drum soldiers. This is the first single soldier housing privatization project for the US Department of Defense.

Actus Lend Lease is currently providing family housing at Fort Drum under the Military Housing Privatization Initiative.

Yours faithfully LEND LEASE CORPORATION LIMITED

==> picture [131 x 34] intentionally omitted <==

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