LENDLEASE GROUP — Capital/Financing Update 2010

Sep 21, 2010

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ASX Announcement

Actus Lend Lease to implement US$600 million of Army Lodging Program

22 September 2010

Lend Lease today announced that Actus Lend Lease has been appointed to implement the second phase (Group B) of the US Army Privatization of Army Lodging (“PAL”) program which has a project value of US$350 million (A$370 million). Actus Lend Lease is to also undertake additional work on the previously awarded, first phase program, Group A, which has a project value of US$250 million (A$264 million).

The PAL program, which is being delivered over three phases (A, B and C), is part of the US Army’s initiative to privatize lodging facilities at US Army installations. The program will provide superior hospitality services and facilities for Army and other government travelers through the private sector.

In August 2009, Actus Lend Lease reached financial close of the PAL Group A program, which included the refurbishment and management of 62 lodging facilities across 10 US Army installations with approximately 4,000 rooms. The Group B program requires the renovation, development and management of approximately 5,000 hotel rooms across 11 US Army installations. The transaction is expected to reach financial close in the second half of 2011.

The PAL program operates along similar lines as the Military Housing Privatization Initiative program, with Actus Lend Lease providing master-planning, development, construction, and asset management services. Upon completion of the revitalization and development program, the portfolio will operate branded hotels under select IHG brand flags, Holiday Inn Express®, Candlewood Suites® and Staybridge Suites®.

“We are pleased to continue leading this public-private venture,” said Steve McCann, Group Chief Executive Officer and Managing Director for Lend Lease. “The outstanding performance and delivery of the initial PAL phase in today’s capital market is a testament to the success and strength of the project. We look forward to continued success through the first two phases.”

ENDS

For further information, please contact:

Sally Cameron Lend Lease Tel: 02 9236 6464

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

Lend Lease Corporation Limited ABN 32 000 226 228 and

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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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