LENDLEASE GROUP — Capital/Financing Update 2008

Mar 17, 2008

18 March 2008

The Manager Companies Section Australian Stock Exchange Limited Pages: Three (3) pages

The Manager Companies Section New Zealand Stock Exchange Limited

Dear Sir

Stock Exchange Announcement

Lend Lease acquires Craigieburn Town Centre in Melbourne

Lend Lease Corporation Limited (“Lend Lease”) today announced it has acquired a share in Craigieburn town centre, a 65-hectare greenfield development site designated as a regional town centre, located 25 km north of Melbourne. The acquisition of the site is a co-investment between Lend Lease Shopping Centre Development Pty Limited, Australian Prime Property Fund Retail and Delfin Craigieburn Pty Limited. The site was acquired 100% from Valad Property Group for A$73.5 million.

The property is located in a rapidly growing area as identified under the State Government’s planning strategy “Melbourne 2030”. The acquisition represents an opportunity to purchase a substantial greenfield development site in an area of strong population growth, with the potential to create a sustainable town centre adjacent to the existing Delfin Lend Lease Craigieburn project.

The Craigieburn site has potential for a shopping centre and bulk retail development of approximately 50,000 sqm and approximately 400 new residential lots. The end value of the mixed use town centre is estimated at approximately A$400 million. Work on the site is anticipated to commence in 2009, with completion of Stage 1 anticipated in the 2011 financial year.

Further details are included in the attached media statement.

Yours faithfully LEND LEASE CORPORATION LIMITED

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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

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Media Statement

Lend Lease acquires Craigieburn Town Centre in Melbourne

18 March 2008

Lend Lease and the Lend Lease managed Australian Prime Property Fund Retail (“APPF Retail”) today announced they have purchased a major development site designated as a regional town centre with residential opportunity. The end value of the mixed use town centre is estimated at approximately A$400 million. The site was acquired 100% from Valad Property Group for A$73.5 million.

The 65-hectare site is located 25 km north of the Melbourne Central Business District in a rapidly growing area, as identified under the State Government’s planning strategy “Melbourne 2030”, and will attract extensive trade from the surrounding rural and suburban areas. Craigieburn town centre will be directly accessible via the M31 arterial.

The acquisition represents a substantial opportunity for a new sustainable development through the creation of a vibrant mixed use town centre. The site has potential for a shopping centre and associated mixed use development of approximately 50,000 sqm and approximately 400 new residential homes.

Lend Lease Retail & Communities CEO, David Hutton said: “This is a unique opportunity to create a quality vibrant new town centre at Craigieburn, working closely with Hume City Council.

“When complete, the town centre will provide an integrated offering for the community with the combination of major retail, commercial, residential and community facilities. Delfin Lend Lease has been active in Craigieburn since 1999 and has developed 3,000 residential lots to date. The Craigieburn town centre will provide us with the opportunity to continue our strong working relationship with the community and Hume City Council,” he said.

Tarun Gupta, CEO Lend Lease Investment Management Australia, said: “Quality regional retail assets with the capacity to be expanded are rare. We are pleased to be able to offer our wholesale investors exposure to this retail development opportunity.

“To be part of a unique and vibrant town centre will provide APPF investors with an asset that will meet the market’s expanding needs and allow for the capture of strong market growth, thereby enhancing long term investor returns.

“This transaction demonstrates the benefits of Lend Lease’s end-to-end integrated property model” Mr Gupta added.

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

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The Craigieburn town centre will be a great opportunity for the Lend Lease Group to showcase its integrated skills, providing residential, retail, investment management and design and construction expertise. Lend Lease will also undertake the property and development management of the project.

ENDS

Further information:

Tarun Gupta David Hutton CEO – Lend Lease Investment Management CEO – Lend Lease Retail & Communities Australia Asia Pacific Tel: 02 9237 5623 Tel: 02 9236 6777

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

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Facsimile +612 9252 2192 www.lendlease.com