LENDLEASE GROUP — Capital/Financing Update 2010

Mar 14, 2010

Not for distribution in the United States or to US Persons

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ASX Announcement

Lend Lease completes initial allotment under its A$806 million equity raising

15 March 2010

Lend Lease confirms that it has completed the initial allotment of new securities under the equity raising announced on 25 February 2010.

Lend Lease has allotted 58,987,734 new securities under the Institutional Entitlement Offer and 2,369,736 new securities pursuant to early applications received under the Retail Entitlement Offer. Due to reconciliations that took place post 1 March 2010, the actual takeup of entitlements by eligible institutional securityholders under the Institutional Entitlement Offer is 90% (versus the 87% take-up number announced by Lend Lease on 1 March 2010).

Trading of the new securities allotted will commence today and holding statements will be dispatched on 17 March 2010.

The Retail Entitlement Offer closes at 5pm (AEDT) on Wednesday, 24 March 2010.

Securityholders who have questions regarding the Entitlement Offer should phone the Lend Lease Entitlement Offer Information Line on 1300 159 378 (within Australia) or +61 3 9415 4239 (outside Australia) any time between 8.30am and 5pm (AEDT), Monday to Friday during the Entitlement Offer Period, or go to the Lend Lease website at www.lendlease.com.au.

ENDS

For further information lease contact:

Investor enquiries: Sally Cameron Group Executive Investor Relations Ph: +61 2 9236 6464

Media enquiries:

Rachel Mornington-West Media & Communications Manager Ph: +61 2 9277 2525

Important Notice

This release does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act of 1933 ("U.S. Securities Act”)) (“U.S. Persons”). The securities to be issued in the equity raising have not been and will not be registered under the U.S. Securities Act. Securities may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, unless the securities have been registered under the U.S. Securities Act, or in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act.

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

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

Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia