LENDLEASE GROUP — Capital/Financing Update 2009

Nov 11, 2009

No:

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ASX Circular

Date: 12 November 2009

Key topics

1. Lend Lease Trust

2. ASX Code: LLC

3. Official quotation expected to commence on a deferred settlement basis as a part Group 3 at 10:04:30 a.m. (+/15 seconds) AEDT on Friday, 13 November 2009.

Reading List

Banks Client Advisers Compliance Managers Corporate Advisory DTR Operators Issuers

Institutions ASTC Participants Operations Managers (back office) Share Registries ACH Participants Market Participants

Authorised by

Andrew Black

Contact

Joel Farina

ASX Limited ABN 98 008 624 691 Exchange Centre 20 Bridge Street Sydney NSW 2000 PO Box H224 Australia Square NSW 1215

Internet: http://www.asx.com.au

No responsibility is accepted for any inaccuracies contained in the matter published.

ADMISSION OF LEND LEASE TRUST TO THE OFFICIAL LIST OF ASX LIMITED AND COMMENCEMENT OF OFFICIAL QUOTATION OF STAPLED SECURITIES IN LEND LEASE GROUP

It is expected that Lend Lease Trust (the “Trust”) will be admitted to the official list of ASX Limited (“ASX”) today, 12 November 2009 and for its fully paid ordinary units (“Units”) to be stapled to the already quoted fully paid ordinary shares (“Shares”) in Lend Lease Corporation Limited (the “Company”) (the “Stapling Proposal”).

The Stapling Proposal will be achieved by the Company making a distribution in specie (in the form of a dividend) of all of the Units it holds to its Shareholders. Upon the in specie distribution being made, the Shares and the Units will become stapled to one another, on a one-Unit-for-one-Share basis, forming a single class of stapled securities (the “Stapled Securities”). The stapled entity will be called Lend Lease Group (the “Group”).

Official quotation of the Group’s Stapled Securities is expected to commence on a deferred settlement basis as part of Group 3 at 10:04:30 am (+/- 15 seconds) AEDT on Friday, 13 November 2009.

Quoted Securities:	460,768,608 Stapled Securities
ASX Code:	During the deferred settlement trading period: LLCDA
	It is expected that the Group’s Stapled Securities’ ASX code will
	revert to LLC on 27 November 2009, with the commencement of
	normal(T+3) trading.
Time:	10:04:30AM AEDT
Date:	13November 2009
ITS Abbreviation:	The Lend Lease Group will trade with the ITS abbreviation of LEND
	LEASE
ISIN:	During the deferred settlement trading period: AU0000LLCDA5
	At the commencement of normal (T+3) trading the ISIN will return to:
	AU000000LLC3
HomeBranch:	Sydney
Industry Classification:	Real Estate
Company Secretary:	Mr William Hara
Share Registry:	Computershare Investor Services Pty Limited
	Level 3
	60 Carrington Street
	Sydney NSW 2000
	Phone: +61 2 8234 5000
	Fax:+61 28235 8150

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Registered Office:	Level 430 The Bond30 Hickson RoadMillers Point, NSW 2000Phone: +61 2 9237 5136Fax: +61 2 9383 8154Web address: www.lendlease.com.au
BalanceDate:	30 June
CHESS:	Participating. The Trust will also operate an issuer sponsoredsubregister.
Place of Registration:	TheTrustwasregisteredin NSW
DividendPolicy:	N/A
Activities:	The Group is an international retail and residential propertydevelopment, constructionandmanagement company.
Unquoted Securities:	N/A

The indicative timetable in relation to the Stapling Proposal is as follows:

Indicative Date	Event
10:00 am Thursday, 12 November2009	Company AGM held to approve Stapling Proposal
Thursday,12 November 2009	Last dayfortrading Company Shares separately on ASX
Friday, 13 November 2009	Commencement of trading in Stapled Securities on a deferredsettlement basis (ASXCode: LLCDA)
Thursday,19November 2009	StaplingProposal RecordDate
Friday, 20 November 2009	Implementation Date – distribution in specie of Units (in the form ofa dividend) to shareholders in the CompanyUnits stapled to Shares
Thursday, 26 November 2009	Despatch DateLast day ofdeferred settlement tradinginStapled Securities
Friday,27 November 2009	Normal(T+3) tradinginStapled Securities (ASXCode: LLC)

For further information please see the Company’s Notice of Meeting and Explanatory Memorandum dated 12 October 2009.

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