LENDLEASE GROUP — Capital/Financing Update 2007

Mar 12, 2007

13 March 2007

The Manager Companies Section Australian Stock Exchange Limited

Pages: Two (2) pages

The Manager Companies Section New Zealand Stock Exchange Limited

Dear Sir

Stock Exchange Announcement

Actus Lend Lease selected for US\$300 million Tri-Group project by US Air Force

Lend Lease Corporation Limited ("Lend Lease") today announced that Actus Lend Lease has been selected as preferred bidder by the US Air Force for the development of family housing at three key Air Force installations in California and Colorado.

The Tri-Group Family Housing project consists of Los Angeles Air Force Base in California, and Petersen and Schriever Air Force bases in Colorado. The project includes the development, construction, renovation and management of 1.564 homes over 50 years. It has an initial development budget of more than US\$300 million (approximately A\$380 million) over the first five years.

The project is part of the US Military Housing Privatization Initiative to improve the quality of housing for US service members and their families. Actus Lend Lease is estimated to have a 25% share of this market, with nine operational installations and a further four projects now at preferred bidder stage.

Further details are included in the attached media statement.

Yours faithfully LEND LEASE CORPORATION LIMITED

S. Shanpe

SJ SHARPE Company Secretary

Lend Lease Corporation Limited ABN 32 000 226 228 Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone +612 9236 6111 Faccimile +612 9252 2192 www.fendlease.com

Media Release

Actus Lend Lease selected for US\$300 million Tri-Group project by US Air Force

13 March 2007

Lend Lease Corporation Limited ("Lend Lease") today announced that Actus Lend Lease has been selected as preferred bidder for the development of family housing at three key Air Force bases in California and Colorado.

The Tri-Group Family Housing project consists of Los Angeles Air Force Base in California, and Petersen and Schriever Air Force bases in Colorado. The project includes the development, construction, renovation and management of 1,564 homes over 50 years. It has an initial development budget of more than US\$300 million (approximately A\$380 million) over the first five years.

All Tri-Group Family Housing communities will feature pedestrian-friendly neighbourhoods, community centres and innovative, family-focused services and amenities.

"The Tri-Group development adds to our strong pipeline of opportunities in the US and reaffirms Actus Lend Lease's market leading position in delivering sustainable communities through public/private partnerships with the US military," said Ross Taylor, Global CEO, Lend Lease Retail and Communities.

"The cornerstone of our vision for Tri-Group is the development of sustainable, high quality homes and communities that Air Force service members can enjoy and see as a source of great pride," said Jeffrey Simon, President of Actus Lend Lease.

With more than 38,000 homes in its portfolio. Actus Lend Lease has created and built sustainable communities on some of the largest US military bases including Hickam AFB, Hawaii; Parris Island, South Carolina; Fort Hood, Texas: Fort Campbell, Kentucky: Camp Leieune, North Carolina: and Fort Drum, New York.

ENDS

Further information:

Ron Cutler Lend Lease Corporation Tel: 02 9277 2242

Lend Lease Corporation Limited ABN 32 000 226 228 Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone +612 9236 6111 Eaccimile +612 9252 2192 www.fendlease.com