LENDLEASE GROUP — Capital/Financing Update 2010

Dec 20, 2010

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ASX Announcement

Lend Lease Retail Partnership extended for seven years

21 December 2010

Lend Lease today announced that the term of Lend Lease Retail Partnership (LLRP) has been extended until November 2017.

LLRP is a close ended unlisted wholesale limited Partnership holding retail properties in the UK, and had been due to terminate in March 2011. LLRP owns 25% of Bluewater in Kent, Europe’s leading retail and leisure destination, and 100% of Touchwood shopping centre in Solihull. Lend Lease provides development, asset and property management services to the fund.

In addition to extending the life of the Partnership, some terms of its mandate have been modernised in response to market changes, including the potential to undertake selective acquisitions over the coming 18 months. The overall strategy of the Partnership will be to remain invested in prime UK shopping centres.

Lend Lease Group Chief Executive Officer and Managing Director, Steve McCann, said the extension was a vote of confidence in the investment and asset management business and the quality of the Bluewater and Touchwood assets.

“In an uncertain market, our clients have selected Lend Lease as a trusted investment partner to continue to deliver performance for them,” said Mr McCann.

“The extension and mandate to buy enables us to proactively seek opportunities in the UK market, enhance the diversity of the Partnership’s portfolio and further leverage the specialist asset management skills within Lend Lease.”

ENDS

For further information, please contact:

Investor Relations: Corporate Affairs: Sally Cameron Iwona Polski Group Executive - Investor Relations Media & External Communications Manager Tel:02 9236 6464 Tel: 02 9237 5034

Lend Lease Corporation Limited ABN 32 000 226 228 and Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595

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Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 www.lendlease.com