LENDLEASE GROUP — Capital/Financing Update 2010

Dec 16, 2010

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Stock Exchange Announcement

Lend Lease realises £42.9 million from sale of Overgate shopping centre in the UK

17 December 2010

Lend Lease today announced that the Lend Lease Overgate Partnership (“the Partnership”) which owns the Overgate shopping centre in Dundee, Scotland has sold the shopping centre to Land Securities for £140.5 million, representing an initial yield of 6.75%. Lend Lease provides asset and management services to the Partnership and Lend Lease has a 30.7% coinvestment in the Partnership.

Overgate shopping centre comprises 420,000 sq ft of covered retail accommodation in over 60 retail stores, cafes and restaurants as well as two multi storey car parks and a surface car park.

Lend Lease Group CEO and Managing Director, Steve McCann said with the strong market for retail assets the investors in the Partnership decided to sell the centre to capitalise on market conditions.

“Lend Lease will realise proceeds of £42.9 million (circa A$68 million) from its share of the sale of Overgate shopping centre,” said Mr McCann. “The transaction contributes to Lend Lease’s capital recycling for the year.”

ENDS

For further information, please contact: Investor Relations:

Sally Cameron Group Executive - Investor Relations Tel:02 9236 6464

Corporate Affairs: Iwona Polski

Media & External Communications Manager 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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Level 4, 30 The Bond Telephone +61 2 9236 6111 30 Hickson Road Facsimile +61 2 9252 2192 Millers Point NSW 2000 www.lendlease.com Australia