LENDLEASE GROUP — Capital/Financing Update 2010

Feb 28, 2010

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ASX Circular

Date: 1 March 2010

Key topics

1. Lend Lease Group

2. ASX Code: LLC

3. Simultaneous Accelerated Renounceable Entitlement Offer

LEND LEASE GROUP – SIMULTANEOUS ACCELERATED RENOUNCEABLE ENTITLEMENT OFFER TO RAISE APPROXIMATELY $806 MILLION

Participating Organisations are advised that Lend Lease Group (the “Group”) has announced a 5 for 22 accelerated renounceable pro rata entitlement offer (the “Entitlement Offer”), at an offer price of $7.70 per new stapled security (the “Offer Price”) to raise up to approximately $806 million.

The Entitlement Offer has two components:

Reading List

Client Advisers Compliance Managers Corporate Advisory DTR Operators Issuers Institutions ASTC Participants Office Managers Operations Managers (back office) Research Analysts ACH Participants Market Participants

Authorised By

Andrew Black

• An institutional entitlement offer, where offers have been made to eligible institutional securityholders for them to apply for their pro-rata entitlement (the “Institutional Entitlement Offer”).

• A retail entitlement offer, where an offer will be made to eligible retail securityholders for them to apply for their pro-rata entitlement (the “Retail Entitlement Offer”).

The Entitlement Offer is fully underwritten.

The Record Date for the Entitlement Offer is Tuesday, 2 March 2010.

The Retail Entitlement Offer is expected to close on Wednesday, 24 March 2010.

The Shortfall Bookbuild is expected to be conducted on Monday, 29 March 2010.

New stapled securities issued under the Entitlement Offer will rank equally with existing stapled securities on issue, but will not be entitled to the current interim distribution of $0.20 per stapled security.

Contact

Joel Farina

ASX Limited ABN 98 008 624 691 Exchange Centre 20 Bridge Street Sydney NSW 2000 PO Box H224 Australia Square NSW 1215

Internet: http://www.asx.com.au

No responsibility is accepted for any inaccuracies contained in the matter published.

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The indicative timetable in relation to the Entitlement Offer is as follows:

Date	Event
Thursday, 25 February 2010	Trading halt applied – Announcement of Entitlement Offer
	Institutional Entitlement Offer opens
Friday, 26 February 2010	Institutional Entitlement Offer closes
Monday, 1 March 2010	Results of Institutional Entitlement Offer announced
	Trading halt lifted–Trading in stapled securities resumes
Tuesday, 2 March 2010	Record date for the Entitlement Offer
Wednesday, 3 March 2010	Retail Entitlement Offer opens
Thursday, 4 March 2010	Despatch of entitlement and acceptance forms to retail securityholders
Thursday, 11 March 2010	Early Retail Entitlement Offer closing date
Friday, 12 March 2010	Settlement Date – Institutional Entitlement Offer and Early Retail Entitlement Offer
	applications
Monday, 15 March 2010	Allotment Date – Institutional Entitlement Offer and Early Retail Entitlement Offer
	applications (Initial Allotment)
	Trading commences on a normal (T+3) basis in securities issued under the Initial
	Allotment
Wednesday, 24 March 2010	Retail Entitlement Offer closes
Monday, 29 March 2010	Notification to ASX of under subscriptions
	Shortfall Bookbuild conducted
Tuesday, 30 March 2010	Announcement of Shortfall Bookbuild results
Tuesday, 6 April 2010	Settlement Date – Retail Entitlement Offer and Bookbuild
Wednesday, 7 April 2010	Allotment Date – Retail Entitlement Offer and Bookbuild (Final Allotment)
Thursday, 8 April 2010	Trading commences on a normal (T+3) basis in shares issued under the Final
	Allotment
	Despatch of holding statements – Final Allotment

Settlement issues

Despite the fact that securities are trading “ex entitlement” on ITS, CHESS will not recognise for settlement purposes the “ex entitlement” or the “cum entitlement” tag on CHESS messages and CHESS will not maintain cum balances in these securities within the system. As a result any transfer that occurs prior to record date will be effectively transferred on a “cum” basis.

Therefore, Participants must ensure that any transfer, including the priming of Broker Entrepot Accounts, is conducted in accordance with the basis of quote. For example, a transfer in relation to a transaction conducted on an ex-basis should ordinarily only occur post record date.

In addition, CHESS will not perform any automatic diary adjustments to “cum entitlement” settlement obligations outstanding as at the record date.

Trading issues

ASX will not price a “cum” market with respect to trading in the Group’s stapled securities. Persons who acquire the Group’s stapled securities after the commencement of the trading halt on Thursday, 25 February 2010 are not entitled to participate in the Entitlement Offer.

Further information

For further details, please refer to the Group’s announcements, or call the Group’s Entitlement Offer information line on 1300 159 378 (within Australia) or +61 3 9415 4239 (outside Australia).

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