LENDLEASE GROUP — Capital/Financing Update 2010

Dec 9, 2010

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ASX Announcement

Lend Lease launches a £220 million Infrastructure fund seeded by the sale of equity held in UK PPP projects

10 December 2010

Lend Lease today announced it has signed documents to launch the Lend Lease UK Infrastructure Fund (“the Fund”) with PGGM Vermogensbeheer B.V. (“PGGM”) committing over £220 million (circa A$355 million) in capital to the Fund to invest in social infrastructure assets. The documents are expected to be exchanged and the transaction legally binding and complete Friday (tomorrow) UK time.

The Fund, a Limited Partnership with an anticipated life of 28 years, will invest in established healthcare, education and accommodation projects in the UK, which are currently owned by Lend Lease and commit capital to fund the acquisition of future projects delivered by Lend Lease.

On completion of the transaction, Lend Lease will realise approximately £75 million (circa A$121 million) from the sale of these initial assets into the Fund, with a further deferred consideration of approximately £30 million (circa A$48 million) due on transfer of assets still in construction and commissioning. The remaining commitments to the Fund are expected to be invested over the next five years in additional Lend Lease PFI/PPP projects. The Fund’s seed portfolio of assets has been created by the Lend Lease Group over the last decade.

Lend Lease has a 10% co–investment in the Fund which it will manage while continuing to provide asset and facility management services for these assets.

Lend Lease Group CEO and Managing Director, Steve McCann said the Fund provides a unique investment opportunity that will leverage off the specialist PFI/PPP and investment management skills within the Group.

“The Fund will gain exposure to Lend Lease’s portfolio of core social infrastructure assets and is in line with the Group’s strategy to invest alongside third party capital,” said Mr McCann.

“The Fund will benefit from our integrated model including our established asset management and facilities management capabilities and there is the ability to grow the investment with similar assets from our pipeline. The transaction also completes our targeted capital recycling of PPP equity positions in the UK and delivers an attractive return on that equity. It is very pleasing to see the UK business continue to deliver on its strategic milestones.”

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

Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

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

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