LENDLEASE GROUP — Capital/Financing Update 2010

Apr 6, 2010

Appendix 3B New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

LEND LEASE GROUP

ABN

Lend Lease Corporation Limited ABN 32 000 226 228 Lend Lease Trust ARSN 128 052 595

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of+securities issued or to be issued 2 Number of+securities issued or to be issued (if known) or maximum number which may be issued 3 Principal terms of the+securities (eg, if options, exercise price and expiry date; if partly paid+securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)	ORDINARY STAPLED SECURITIES
	104,753,961
	ORDINARY STAPLED SECURITIES

• See chapter 19 for defined terms.

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4 Do the[+] securities rank equally in all YES, EXCEPT THEY WILL NOT BE respects from the date of allotment ENTITLED TO RECEIVE THE INTERIM with an existing[+] class of quoted DISTRIBUTION OF 20 CENTS PER +securities? SECURITY PAID ON 31 MARCH 2010

• If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

• • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

5 Issue price or consideration $7.70 PER SECURITY ISSUED UNDER THE INSTITUTIONAL AND RETAIL ENTITLEMENT OFFER $8.60 PER SECURITY IN RESPECT OF 28,206,762 SECURITIES FOLLOWING THE BOOKBUILD OF SECURITIES RELATING TO RENOUNCED AND INELIGIBLE ENTITLEMENTS 6 Purpose of the issue PURPOSE OF THE ISSUE IS TO PROVIDE (If issued as consideration for the FLEXIBILITY TO INVEST IN acquisition of assets, clearly identify DEVELOPMENT PROJECTS, PPP those assets) PROJECTS AND FUTURE ACQUISITIONS 7 Dates of entering[+] securities into 15 MARCH 2010 FOR SECURITIES ISSUED uncertificated holdings or despatch UNDER THE INSTITUTIONAL of certificates ENTITLEMENT OFFER AND EARLY RETAIL ENTITLEMENT OFFER 7 APRIL 2010 FOR SECURITIES ISSUED UNDER THE RETAIL ENTITLEMENT OFFER AND FOLLOWING THE BOOKBUILD OF SECURITIES RELATING TO RENOUNCED AND INELIGIBLE ENTITLEMENTS

• See chapter 19 for defined terms.

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8 Number and+class of all+securities quoted on ASX (_including_the securities in clause 2 if applicable) 9 Number and+class of all+securities not quoted on ASX (_including_the securities in clause 2 if applicable) 10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)	Number	+Class
	565,558,754	ORDINARY STAPLED SECURITIES
	Number	+Class
	NIL
	NO CHANGE TO DISTRIBUTION POLICY

Part 2 - Bonus issue or pro rata issue

11 Is security holder approval required? 12 Is the issue renounceable or non- renounceable? 13 Ratio in which the+securities will be offered 14 +Class of+securities to which the offer relates 15 +Record date to determine entitlements 16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?	NO
	RENOUNCEABLE. RENOUNCEABLE ENTITLEMENTS THAT ARE NOT TAKEN UP BY ELIGIBLE SECURITYHOLDERS, TOGETHER WITH THE ENTITLEMENTS OF INELIGIBLE SECURITYHOLDERS WILL BE OFFERED FOR SALE TO INSTITUTIONAL INVESTORS THROUGH A BOOK BUILD PROCESS
	5 NEW SECURITIES FOR EVERY 22 SECURITIES HELD ON THE RECORD DATE
	ORDINARY STAPLED SECURITIES
	2 MARCH 2010 NO

• See chapter 19 for defined terms.

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17 Policy for deciding entitlements in relation to fractions 18 Names of countries in which the entity has+security holders who will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7. 19 Closing date for receipt of acceptances or renunciations 20 Names of any underwriters 21 Amount of any underwriting fee or commission 22 Names of any brokers to the issue 23 Fee or commission payable to the broker to the issue 24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of+security holders	WHERE FRACTIONS ARISE IN THE CALCULATION OF A SECURITYHOLDER’S ENTITLEMENT, THEY WILL BE ROUNDED UP TO THE NEXT WHOLE NUMBER OF NEW SECURITIES
	ALL COUNTRIES OTHER THAN AUSTRALIA AND NEW ZEALAND AND ANY OTHER JURISDICTIONS IN WHICH IT IS DECIDED TO MAKE OFFERS
	26 FEBRUARY 2010 (INSTITUTIONAL ENTITLEMENT OFFER CLOSE) 11 MARCH 2010 (FIRST RETAIL ENTITLEMENT OFFER CLOSE) 24 MARCH 2010 (SECOND RETAIL ENTITLEMENT OFFER CLOSE)
	RBS EQUITY CAPITAL MARKETS (AUSTRALIA) LIMITED AND MERRILL LYNCH INTERNATIONAL (AUSTRALIA) LTD HAVE AGREED TO FULLY UNDERWRITE BOTH THE INSTITUTIONAL ENTITLEMENT OFFER AND THE RETAIL ENTITLEMENT OFFER
	AN UNDERWRITING FEE OF 1.5%, MANAGEMENT FEE OF 0.5% AND DISCRETIONARY INCENTIVE FEE OF 0.25%, IN EACH CASE CALCULATED ON THE OFFER AMOUNT FOR EACH OF THE INSTITUTIONAL OFFER AND THE RETAIL OFFER
	N/A
	N/A
	N/A

• See chapter 19 for defined terms.

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25 If the issue is contingent on+security holders’ approval, the date of the meeting 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders 28 Date rights trading will begin (if applicable) 29 Date rights trading will end (if applicable) 30 How do+security holders sell their entitlements_in full_through a broker? 31 How do+security holders sell_part_of their entitlements through a broker and accept for the balance? 32 How do+security holders dispose of their entitlements (except by sale through a broker)? 33 +Despatch date	N/A
	NO PROSPECTUS IS BEING PRODUCED. AN OFFER DOCUMENT AND ENTITLEMENT AND ACCEPTANCE FORM WAS SENT TO ELIGIBLE RETAIL SECURITYHOLDERS ON 4 MARCH 2010
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	REFER TO ITEM 7 OF THIS APPENDIX 3B

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities

( tick one )

• (a) √ Securities described in Part 1

(b)[All other securities ] Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

• See chapter 19 for defined terms.

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Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35[If the ][+][securities are ][+][equity securities, the names of the 20 largest holders of the ] additional[+] securities, and the number and percentage of additional[+] securities held by those holders 36[If the ] +securities setting out the number of holders in the categories[+][securities are ][+][equity securities, a distribution schedule of the additional ] 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over 37[A copy of any trust deed for the additional ][+][securities ]

Entities that have ticked box 34(b)

38 Number of securities for which N/A +quotation is sought 39 Class of +securities for which N/A quotation is sought 40 Do the[+] securities rank equally in all N/A respects from the date of allotment with an existing[+] class of quoted +securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

• See chapter 19 for defined terms.

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41 Reason for request for quotation N/A now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security)

Number +Class 42 Number and[+] class of all[+] securities N/A N/A quoted on ASX ( including the securities in clause 38)

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

• The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those[+] securities should not be granted[+] quotation.

• An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no-one has any right to return any[+] securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the[+] securities be quoted.

• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the[+] securities to be quoted, it has been provided at the time that we request that the[+] securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• See chapter 19 for defined terms.

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• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before[+] quotation of the[+] securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Signed: William Hara Company Secretary

Date: 07/04/2010

== == == == ==

• See chapter 19 for defined terms.

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