LENDLEASE GROUP — Capital/Financing Update 2009

May 13, 2009

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Stock Exchange Announcement

Lend Lease to continue as development manager of Athletes Village

14 May 2009

Lend Lease Corporation Limited (“Lend Lease”) has today been advised by the Olympic Delivery Authority (“ODA”) that the UK government will fund development of the Athletes Village, Stratford City, London without sourcing private funding.

Lend Lease will continue to design, develop and build the Village, under an existing Development Management Agreement which was signed in August 2008.

Under the terms of the Development Management Agreement, Lend Lease receives a fee for service, net of costs. Profits will start to be realised in FY10 and emerge progressively over the lifecycle of the development.

Mr Steve McCann, Chief Executive Officer , Lend Lease said:

“Lend Lease offered to invest equity of £150 million in the project but the UK government and the ODA have decided that the overall risk return criteria for this type of project in the current market environment is not conducive to private funding.

Regardless of the decision in relation to funding, Lend Lease will deliver a development of high architectural and design quality, both as a home for athletes in 2012 and as an iconic sustainable community beyond.

The project is ahead of schedule and we can now focus on delivery under an attractive fee deal without equity risk. In this economic environment we will benefit from freeing up this amount of liquidity and have a number of attractive opportunities where the capital can be redeployed.”

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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