LENDLEASE GROUP — Capital/Financing Update 2008

Jun 19, 2008

Stock Exchange Announcement

Athletes’ Village, Stratford, UK

20 June 2008

In response to media speculation regarding the 2012 Athletes’ Village project in Stratford, United Kingdom, as Preferred Developer for the Athletes’ Village, Lend Lease is working closely with the Olympic Delivery Authority (“ODA”) to finalise contractual arrangements for the project. Both Lend Lease and the ODA remain confident that these will be finalised in the short term.

Given current market conditions, it has taken longer than envisaged to secure project debt. Any debt funding will be project specific and is expected to be in place by the end of the year. Lend Lease’s equity contribution is subject to this funding being in place.

Meanwhile Lend Lease has commenced work on site, including infrastructure works and piling on the first housing blocks, with arrangements in place for cost recovery from the ODA.

ENDS

Further information:

Sally Cameron Lend Lease Corporation Tel: 02 9236 6464

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