LENDLEASE GROUP — Capital/Financing Update 2008

Jun 11, 2008

Stock Exchange Announcement

Lend Lease reaches financial close on US$183 million US Army project

12 June 2008

Lend Lease Corporation Limited (“Lend Lease”) today announced that its military housing subsidiary, Actus Lend Lease, and the US Army have reached financial close on the development of additional housing at Fort Drum, New York.

The project involves the development, construction and management of 554 homes over a period of approximately 50 years, and has an initial development spend of approximately US$183 million (approximately A$193 million) over two years.

The additional homes are an extension of the Military Housing Privatization Initiative community development at Fort Drum, with Actus Lend Lease managing the privatisation of the initial 3,115 homes. This initial US$300 million phase will be completed during fiscal year 2009. Additionally, Lend Lease is scheduled to complete the 192-unit Unaccompanied Soldier Quarters during fiscal year 2009, with an initial development spend of approximately US$30 million.

The additional single-family and duplex-styled homes aim to meet the national energy efficiency (ENERGY STAR) certification requirements, reducing energy consumption by approximately 30 percent more than conventionally built homes, supporting Actus Lend Lease’s commitment to develop sustainable communities. The accommodation will provide lower ranking soldiers with high quality, energy efficient homes and is a critical component in creating a better quality of life for US soldiers and their families.

Actus Lend Lease now has ten operational installations across the United States, worth approximately US$5.8 billion in development value and is preferred bidder on a further two projects with a combined initial development budget of over US$825 million.

ENDS

Further information, please contact:

Sally Cameron Mark Gell Lend Lease Corporation Lend Lease Corporation Tel: 02 9236 6464 Tel: 02 9237 5447 Mobile: 0419 482 523 Mobile: 0419 440 533

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