LENDLEASE GROUP — Capital/Financing Update 2010

Sep 28, 2010

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ASX Announcement

Lend Lease reaches financial close on US$377 million Army Family Housing Projects in Alaska

29 September 2010

Lend Lease today announced that Actus Lend Lease and the US Department of the Army have reached financial close on North Haven Communities in Alaska. North Haven Communities involves the development of family housing at two Army installations, Fort Wainwright and Fort Greely. The project includes the development, construction, renovation and management of 1,815 homes over 50 years.

The project has an initial development budget of US$377 million (approximately A$389 million) over the first seven years of the project. During the initial development period Actus Lend Lease will provide 414 new homes and 169 renovations at Fort Wainwright and Fort Greely.

The homes at North Haven Communities are designed to be energy efficient and sustainable. All new homes will be built to EnergyStar® requirements, meet LEED® Silver standards, utilise energy efficient compact fluorescent lighting and have insulation values that exceed building and energy code requirements.

“We are excited to achieve financial close of North Haven Communities which further underpins the outlook for our military housing business,” said Steve McCann, Group Chief Executive Officer and Managing Director for Lend Lease. “We look forward to continuing to work closely with our partner, the Department of Defense, to bring quality homes and neighbourhoods to service members and their families stationed at Fort Wainwright and Fort Greely.”

ENDS

For further information, please contact:

Sally Cameron Lend Lease Tel: +61 2 9236 6464

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 30 Hickson Road Millers Point NSW 2000 Australia

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