LENDLEASE GROUP — Capital/Financing Update 2008

Dec 7, 2008

Stock Exchange Announcement

Bovis Lend Lease to deliver new Gold Coast University Hospital

8 December 2008

Lend Lease Corporation Limited (”Lend Lease”) today announced that its subsidiary, Bovis Lend Lease Pty Limited (“Bovis Lend Lease”), has been engaged by Queensland Health to manage the design and construction of the new Gold Coast University Hospital. The value of the contract managed by Bovis Lend Lease will be approximately A$1.4 billion out of a total project cost of A$1.55 billion.

Bovis Lend Lease has been appointed as Managing Contractor for the project and will work closely with the Major Hospitals Project Office, Queensland Health staff, the hospital’s design team and other key stakeholders, to create an innovative environment for health care, medical research and the training of doctors, nurses and allied health professionals.

The nine-level, 750-bed hospital will be constructed adjacent to the Griffith University Gold Coast campus and will form an integral part of a new hospital and knowledge precinct planned for Southport.

Work on the site will begin in December this year and the hospital is scheduled to open at the end of 2012.

Chief Executive Officer of Bovis Lend Lease Australia, Tony Costantino, said: “The Gold Coast University Hospital project is a significant appointment that consolidates our leading position in the health sector in Australia and is further evidence of the success of our strategic diversification into the sector.”

“It also builds on the strength of our relationship with the Queensland Government, which spans over 30 years and we look forward to working with them once again.”

Bovis Lend Lease has a dedicated health team focused on growing its impressive work portfolio in the health sector, which has resulted in the company securing A$2.7 billion worth of work in the sector in the past year.

The company is currently undertaking the project management, design and construction of the A$1 billion new Royal Children’s Hospital in Melbourne, one of the largest hospital developments in Australia, as part of the Children’s Health Partnership consortium, and is also the Managing Contractor for the major redevelopment of Liverpool Hospital in Sydney.

Bovis Lend Lease has been involved in the Gold Coast University Hospital project since 2007, providing building consultancy services for the project. The new hospital will provide an expanded range and superior level of complex care to its patients, delivering specialist cancer and cardiac services, neurosciences, trauma care and neonatal intensive care. Services in the existing Gold Coast Hospital at Southport will be transferred to the new facility upon completion.

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 Facsimile +612 9252 21921 www.lendlease.com

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In Queensland, Bovis Lend Lease is also currently Managing Contractor for the development of the new Brisbane Supreme Court and District Court Precinct in a contract valued at A$475 million and undertaking the upgrade of Brisbane Airport’s international terminal.

For further information please contact:

Investor enquiries

Media enquiries

Mark Gell Lend Lease Corporation Tel: 02 9237 5447

Michelle Sellars Bovis Lend Lease Tel: 02 9236 6111

Bovis Lend Lease

Bovis Lend Lease is one of the world’s leading project management, design and construction companies operating in more than 30 countries worldwide and employing over 8500 employees. It is a wholly-owned subsidiary of Lend Lease Corporation, which has been in operation since 1958.

In Australia, the business employs almost 1600 people, with headquarters in Sydney. Bovis Lend Lease has a specialist focus on the commercial, retail, healthcare, government and water sectors as well as multi-site account management. We also provide design expertise through our in-house specialists, Lend Lease design, and consulting services for government and infrastructure clients on project management and programme delivery.

Bovis Lend Lease was named the largest commercial construction company in Australia in the 2007/08 HIA-AI Group-Reed Construction Data Construction 100 report, having secured nearly $4.7 billion worth of projects over the year.

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 Facsimile +612 9252 21922 www.lendlease.com

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