LENDLEASE GROUP — Capital/Financing Update 2009

Aug 16, 2009

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Stock Exchange Announcement

Actus Lend Lease reaches financial close on Phase One of Lodging program

17 August 2009

Lend Lease Corporation Limited (”Lend Lease”) today announced that Actus Lend Lease and the US Army have reached financial close on Phase One of the Privatisation of Army Lodging (“PAL”) Group A program.

The PAL program, which is being delivered over three groups (A, B and C), is part of the US Army’s initiative to privatise lodging facilities at US Army installations. The program will provide superior hospitality services and facilities for soldiers, their families and government travelers.

Group A involves the refurbishment and management of 62 lodging facilities across 10 US Army installations. The first phase will invest approximately US$125 million (A$151million) in the 3,200 room portfolio. Upon completion of the revitalization program the portfolio will operate branded hotels under select IHG brand flags.

The program operates along similar lines as the Military Housing Privatization Initiative program, with Actus Lend Lease providing masterplanning, development, construction and asset management services. IHG, the hotel operator, will immediately begin implementing its award winning guest service and loyalty programs.

The PAL program builds on Actus Lend Lease’s existing market leading position in the US military housing privatization sector. With more than 40,000 residential units in its portfolio, Actus Lend Lease has created fully master-planned, mixed-use communities in twelve states throughout the U.S. for military Service Members and their families.

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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