LENDLEASE GROUP — Capital/Financing Update 2009

Dec 20, 2009

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ASX Announcement

Lend Lease Selected Developer for Barangaroo

21 December 2009

Lend Lease today announced it has been selected by the Barangaroo Delivery Authority (“the Authority”) on behalf of the NSW Government as Developer for Stage 1 of Barangaroo, the largest CBD development in the history of Sydney. With an end value of approximately A$6 billion, the project is expected to be completed over the next 10 to 15 years.

Lend Lease has executed a conditional contract with the Authority and expects to satisfy all outstanding conditions by early next year. In order to secure the development rights Lend Lease has agreed to the following:

• A series of payments totaling several hundred million dollars to the State over eight years, phased so as to coincide with the proposed development timetable, including approximately A$100 million in the first 18 months;

• The delivery of public domain, infrastructure and water front amenities on the site; and

• • An additional payment to the State based on a share of the project’s financial success.

“Barangaroo is one of the most valuable city waterfront opportunities anywhere in the world. We are honoured to be working in partnership with the Authority, the NSW Government and the people of Sydney to realise the full potential of this unique site,” said Steve McCann, Chief Executive Officer and Managing Director of Lend Lease.

Working in partnership with the Authority, Lend Lease will develop the 7.5 hectare Stage 1 site of the project. Stage 1 will provide in excess of 430,000 square metres of new build floor area and 2.6 hectares of public realm and open spaces. Nearly one kilometre of Sydney Harbour foreshore will be returned to the people of Sydney. The project will include a mix of commercial, retail, food and beverage, residential, cultural, hotel and conferencing, civic facilities and improved transport infrastructure.

“Barangaroo is aiming to be a climate positive development and is targeting carbon neutral, water positive and zero waste outcomes. By creating entire sustainable precincts we can deliver the next generation of green buildings, which can then operate with a net zero increase in greenhouse emissions. When completed Barangaroo will be one of the world’s greenest global business centres,” said Mr McCann.

Construction is expected to commence in late 2010.

Lend Lease Corporation Limited ABN 32 000 226 228 Lend Lease Trust ARSN 128 052 595

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Level 4, 30 The Bond Telephone: +61 2 9236 6111 30 Hickson Road Facsimile: +61 2 9252 2192 Millers Point NSW 2000 www.lendlease.com Australia

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Lend Lease will deliver Barangaroo using the full spectrum of its integrated property capabilities including the introduction of third party capital via Lend Lease’s proven investment management platform.

Lend Lease will be responsible for all key facets of the project including development management, project and construction management and ongoing asset and property management.

“We are ready to start work and have strong interest from quality tenants and capital partners. We have assembled an international design team comprising some of the most talented people in the industry. We are proud and excited to be working on this project and look forward to delivering a great outcome,” said Mr McCann.

ENDS

For further information please contact:

Investor enquiries: Brad Soller CFO Ph: +61 2 9277 2096

Media enquiries: Rachel Mornington-West Corporate Affairs Manager Ph: +61 2 9277 2525

Lend Lease Corporation Limited ABN 32 000 226 228 Lend Lease Trust ARSN 128 052 595

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Level 4, 30 The Bond Telephone: +61 2 9236 6111 30 Hickson Road Facsimile: +61 2 9252 2192 Millers Point NSW 2000 www.lendlease.com Australia