LENDLEASE GROUP — Capital/Financing Update 2010

Sep 9, 2010

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ASX Announcement

Lend Lease enters into Implementation Agreement with Sekisui House Australia

10 September 2010

Lend Lease today announced that it has entered into an Implementation Agreement with Sekisui House Australia Holdings Pty Ltd (“Sekisui House”) involving a number of master planned community projects and apartment developments in Australia.

Sekisui House is one of Japan’s largest house builders which is expanding into Australia following its acquisition of an Australian house builder earlier this year.

Under the Implementation Agreement, the parties will enter into agreements whereby:

• Sekisui House will acquire a 50% interest in Lend Lease’s 144 apartment development, Serrata at Victoria Harbour in Melbourne. This agreement is subject to satisfying a number of conditions. Lend Lease will retain the remaining 50% interest and provide development, project management and construction services to the joint venture; and

• Sekisui House will purchase a land interest from Lend Lease at Hyatt Coolum on the Sunshine Coast, Queensland on which Sekisui House intends to construct up to 450 new homes. Lend Lease will provide development management services to the project. Sekisui House will also acquire a 50% interest from Lend Lease in the adjoining Hyatt Coolum resort.

Lend Lease is also in final negotiations to provide development management services to Sekisui House at its apartment project at Wentworth Point, near Homebush in Western Sydney (circa 1,900 apartments) and to jointly develop part of the project (approximately 1,200 apartments) in a 50:50 joint venture with Sekisui House. Investment by Lend Lease in this project will be subject to feasibility analysis regarding expected project returns and other preconditions.

Lend Lease will also investigate the potential to participate alongside Sekisui House in two Sekisui House residential land projects in Western Sydney and South East Queensland.

Lend Lease and Sekisui House will work together to identify further opportunities for Sekisui House to develop homes on Delfin Lend Lease community projects and to identify other joint residential development opportunities.

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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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

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