LENDLEASE GROUP — Capital/Financing Update 2010

Jun 24, 2010

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ASX Announcement

Lend Lease is the highest bidder for new Singapore development site

25 June 2010

Lend Lease today announced that a joint bid by Lend Lease and one of its managed funds, the Asian Retail Investment Fund (“ARIF”) was the highest bidder for the Jurong Gateway Road site, a large scale mixed use suburban development in Singapore. The asset will be owned 75% by ARIF and Lend Lease will have a 25% direct interest.

Lend Lease and ARIF will pay S$748.9 million (approximately A$618 million) for the site, which compared to the underbidder at S$728.8 million (A$601 million). The site has capacity for circa 108,000 sqm of development, including a regional suburban shopping centre and commercial tower. The site is well serviced by transport, sitting directly opposite the Jurong East Mass Rapid Transit station.

The development will be funded by a combination of non-recourse project based debt and equity. Project debt of over S$800 million has already been secured.

The bid is subject to final approval and notification by the vendor, the Urban Redevelopment Authority of Singapore.

The development is in line with the Group’s strategy and represents a significant opportunity for Lend Lease to grow its retail platform in Singapore through the Group’s integrated capabilities. Lend Lease will provide development, design, project management, construction, retail property management and funds management services.

Lend Lease CEO and Managing Director Steve McCann said, “This is an important strategic transaction for our Asian business as we continue to grow our presence in the highly sought after Singapore retail market. This opportunity will significantly enhance Lend Lease’s retail and investment management platforms in Singapore leveraging off the highly successful 313@somerset development.

“We are also pleased to be able to deliver a further outstanding asset for our investors. ARIF was launched in 2006 with 313@somerset its seed investment and this project will see it fully invested.” Mr McCann said.

ENDS

For further information please contact:

Sally Cameron

Lend Lease Tel: 02 9236 6464

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

Lend Lease Corporation Limited ABN 32 000 226 228 and

1

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