LENDLEASE GROUP — Capital/Financing Update 2010

Feb 28, 2010

Not for distribution in the United States or to US Persons

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ASX Announcement

Lend Lease completes institutional part of Raising

1 March 2010

Lend Lease is pleased to announce the successful completion of the institutional component of its fully underwritten A$806 million equity raising to be undertaken through a pro-rata renounceable entitlement offer (“Entitlement Offer”). The equity raising was announced on Thursday, 25 February 2010.

The institutional component of the Entitlement Offer (“Institutional Entitlement Offer”) received strong support from eligible institutional securityholders and raised approximately A$434 million. Eligible institutional securityholders subscribed for over 87% of their entitlements available under the Institutional Entitlement Offer. The new securities associated with the renounced institutional entitlements will be sold as part of the shortfall bookbuild which is discussed below.

Lend Lease Group CEO and Managing Director, Steve McCann said, “The high degree of take-up by our existing institutional investors demonstrates the strong support for the Group’s growth plans. Recent project wins, acquisitions and the capital raising significantly enhance the strategic position of the Group”.

The new securities to be issued as part of the Institutional Entitlement Offer and the early acceptance of applications under the retail component of the Entitlement Offer (“Retail Entitlement Offer”) will be allotted on Monday, 15 March 2010. The new securities will rank equally with existing Lend Lease securities, but will not be entitled to the current interim distribution of 20 cents per security.

Retail Entitlement Offer and Shortfall Bookbuild

The Retail Entitlement Offer, which will raise approximately A$305 million, will open on Wednesday, 3 March 2010 and will close at 5pm (AEDT) on Wednesday, 24 March 2010. Eligible retail securityholders will have the opportunity to participate at the same offer price (A$7.70) and offer ratio (5 new securities for every 22 existing Lend Lease securities) as eligible institutional securityholders under the Institutional Entitlement Offer.

The Record Date for the Retail Entitlement Offer is Tuesday, 2 March 2010 (7pm AEDT).

Renounced and ineligible entitlements from the Institutional Entitlement Offer[1] and the Retail Entitlement Offer will be sold via a shortfall bookbuild, which will be conducted on Monday,

1 The exact number of entitlements renounced by eligible institutional securityholders, and attributable to ineligible institutional securityholders, will be finalised following a reconciliation process between now and institutional allotment on 15 March 2010.

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

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

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Not for distribution in the United States or to US Persons

29 March 2010. Any proceeds in excess of the offer price of A$7.70 per new security will be returned to renouncing and ineligible securityholders.

Eligible retail securityholders wishing to participate in the Retail Entitlement Offer should carefully read the Retail Entitlement Offer Booklet and personalised Entitlement and Acceptance Form which is expected to be mailed to eligible retail securityholders by Thursday, 4 March 2010.

There will not be any rights trading on ASX. Lend Lease securities are expected to resume trading on ASX today.

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