LENDLEASE GROUP — Capital/Financing Update 2009

Aug 13, 2009

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ASX RELEASE

14 August 2009

RE-POSITIONING OF LEND LEASE PRIMELIFE GAINS PACE

Lend Lease Primelife (LLP) is pleased to announce that significant progress has been made in its repositioning process and simplification of the business.

Acquisition of Properties from Prime Trust by Lend Lease and managed by LLP

Lend Lease Corporation (LLC) and Prime Retirement & Aged Care Property Trust (PTN) have reached agreement for LLC to acquire nine Aged Care properties (Aged Care Properties) and four Retirement Living properties (Retirement Properties), owned by PTN and managed by LLP, for a total consideration of $76.75m, subject to satisfaction of certain conditions precedent. LLP will continue to manage these facilities under the existing arrangements.

LLP has separately agreed with LLC the grant of rights over the Aged Care Properties and Retirement Properties to enable LLP to consolidate the ownership of the properties and the aged care operations. These rights lapse on 30 June 2011.

Rod Fehring, Chief Executive Officer of LLP said that “The effect of these rights is to give LLP enhanced flexibility to deal with its Aged Care portfolio in the future.”

Further details contact:-

John Frey – Cosway Australia Communications - Ph: 0411 361 361

Rod Fehring – LLP – Ph: 0417 118 335

ENDS

Level 4, 111 Cecil Street or PO Box 186 South Melbourne VIC 3205 Australia Telephone +61 3 8699 3300 Facsimile +61 3 8699 3399 www.llprimelife.com

Lend Lease Primelife Group comprising Lend Lease Primelife Limited ACN 010 622 901 Lend Lease Villages Responsible Entity Limited ACN 099 064 141 as responsible entity of the Lend Lease Primelife Trust ARSN 124 896 733