LENDLEASE GROUP — Capital/Financing Update 2010

Feb 24, 2010

==> picture [90 x 34] intentionally omitted <==

Mr Joel Farina Adviser ASX Limited Level 1, Exchange Centre 20 Bridge Street, Sydney NSW 2000 Joel.Farina@asx.com.au

25 February 2010

Notice under sections 708AA(2)(f) and 1012DAA(2)(f) of the Corporations Act (as modified by ASIC Class Order 08/35)

Lend Lease Group (ASX: LLC) ( Lend Lease ) today announced an accelerated renounceable entitlement offer ( Rights Issue ) of 5 fully paid Stapled Securities for every 22 Stapled Security held by eligible securityholders as at 7pm (AEDT) on 2 March 2010 at an issue price of $7.70 per Stapled Security.

Lend Lease consists of:

• Lend Lease Corporation Limited (ACN 000 226 228) ( LLC ) and

• Lend Lease Trust (ARSN 128 052 595) ( LLT ).

The responsible entity of LLT is Lend Lease Responsible Entity Limited (ACN 122 883 185) ( LLREL ).

Each Stapled Security comprises one ordinary share in LLC and one ordinary unit in LLT.

Notification under section 708AA(2)(f)

In accordance with section 708AA(2)(f) of the Corporations Act 2001 (Cth) ( Act ), LLC confirms that:

• (a) the Stapled Securities offered under the Rights Issue will be issued without disclosure under Part 6D.2 of the Act;

• (b) this notice is given by it under section 708AA(2)(f) of the Act as notionally modified by ASIC Class Order 08/35;

• (c) as at the date of this notice, LLC has complied with:

  • (1) the provisions of Chapter 2M of the Act as they apply to LLC; and

  • (2) section 674 of the Act;

• (d) as at the date of this notice, there is no information that is “excluded information” within the meaning of sections 708AA(8) and 708AA(9) of the Act as notionally modified by ASIC Class Order 08/35; and

• (e) as the Rights Issue is a pro-rata issue and no securityholder in Lend Lease has voting power exceeding 7.3% of Lend Lease’s issued Stapled Securities (based on substantial holding notices that have been lodged on or prior to the date of this notice), the issue is not expected to have any material effect or consequence on the control of Lend Lease.

Notification under section 1012DAA(2)(f)

In accordance with section 1012DAA(2)(f) of the Corporations Act 2001 (Cth) ( Act ), LLREL (in its capacity as responsible entity of LLT) confirms that:

• (a) the Stapled Securities offered under the Rights Issue will be issued without a Product Disclosure Statement for the Stapled Securities being prepared;

• (b) this notice is given by it under section 1012DAA(2)(f) of the Act as notionally modified by ASIC Class Order 08/35;

==> picture [90 x 33] intentionally omitted <==

• (c) as a disclosing entity, LLREL, in its capacity as responsible entity of LLT, is subject to regular reporting and disclosure obligations;

• (d) as at the date of this notice, LLREL has complied with:

  • (1) the provisions of Chapter 2M of the Act as they apply to LLT; and

  • (2) section 674 of the Act as it applies to LLT;

• (e) as at the date of this notice, there is no information that is “excluded information” within the meaning of sections 1012DAA(8) and 1012DAA(9) of the Act as notionally modified by ASIC Class Order 08/35; and

• (f) as the Rights Issue is a pro-rata issue and no securityholder in Lend Lease has voting power exceeding 7.3% of Lend Lease’s issued Stapled Securities (based on substantial holding notices that have been lodged on or prior to the date of this notice), the issue is not expected to have any material effect or consequence on the control of Lend Lease.

ENDS

For further information please contact:

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

NOT FOR RELEASE PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE U.S.

This statement does not constitute an offer of any securities for sale. The securities offered will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

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