LENDLEASE GROUP — Capital/Financing Update 2009

Aug 24, 2009

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Stock Exchange Announcement

Catalyst Lend Lease reaches financial close on first phase of Birmingham Schools project

25 August 2009

Lend Lease Corporation Limited (”Lend Lease”) today announced that its UK public private partnerships (“PPP”) business, Catalyst Lend Lease, has achieved financial close with Birmingham City Council on the first phase of the Building Schools for the Future (“BSF”) project worth £180 million (A$353 million).

The Birmingham BSF project is part of a UK Government initiative to provide a new generation of sustainable secondary schools throughout England, and will be delivered via a 15-year public private partnership agreement. The project involves the transformation of many secondary schools and other related community facilities across Birmingham that will accommodate over 150,000 students.

The project is being delivered via Lend Lease’s integrated model led by Catalyst Lend Lease, with Bovis Lend Lease responsible for the construction of all schools across the six phases of the program. Vita Lend Lease will maintain the completed schools on a 25-year contract.

Mr Steve McCann, Chief Executive Officer of Lend Lease said: “The financial close of this significant program reflects Lend Lease’s focus on the public private partnership market and its success in the education sector in the UK. It also marks an important milestone for the project and for the city of Birmingham, creating future learning environments that meet the needs of the community.”

Construction of the first schools is currently underway and design development is also well underway on 14 more schools which are due to open in 2012.

Sustainability is a key element of the program and all schools will be equipped with wood chip burning biomass boilers, solar panel and photovoltaic glazing to reduce energy and carbon emissions. The program is also focused on creating local employment through awarding contracts to local businesses and encouraging these companies to recruit from the city’s school leavers.

This project builds on Catalyst Lend Lease’s strong PPP pipeline in the UK. The Lancashire BSF project is progressing well with seven schools now open, two more schools opening in September and another five under construction by Bovis Lend Lease and which are due to open in 2010. Lend Lease’s UK PPP business currently focuses on the education, health, waste and accommodation sectors with a portfolio of 19 assets.

ENDS

For further information please contact:

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

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