LENDLEASE GROUP — Capital/Financing Update 2010

Jul 1, 2010

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2 July 2010

Prime Trust – Update on Call Option

The Board of Australian Property Custodian Holdings Ltd (“APCH”), the Responsible Entity (“RE”) of the Prime Retirement and Aged Care Property Trust (“Prime Trust” or the “Trust”) today announced that the Trust has agreed with Lend Lease Primelife Limited (“LLP”) an extension of the Call Option to enable it to acquire the operational management rights for the Trust’s Retirement Villages (“RV Management Rights”). The Call Option entitles the Trust or its nominee to acquire the RV Management Rights from LLP under a purchase agreement which must be settled within one month of the exercise of the Call Option.

The original expiry date for the Call Option was 30 June 2010, but that expiry date has been extended by agreement with LLP to 9 July 2010. This extension has been granted to enable the Trust to complete its due diligence in relation to the acquisition of the RV Management Rights, to progress negotiations with a third party financier and to complete other preparatory steps. If the Trust exercises the Call Option prior to 9 July 2010, the purchase price for the RV Management Rights will be $47.5m.

If a further extension to the expiry date for the Call Option is required and agreed with LLP, the Trust will make a further announcement at that time.

Contact: Justin Kirkwood O2 9231 5600

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