LENDLEASE GROUP — Capital/Financing Update 2010

Jan 19, 2010

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ASX Announcement

Lend Lease preferred for Alkimos development

20 January 2010

Lend Lease today announced it has been selected by the Western Australian Government as preferred proponent for the first stage of the 710 hectare Alkimos Community development. A Development Agreement between LandCorp and Lend Lease is expected to be finalised within approximately three months.

Alkimos is located in the rapidly growing northwest metropolitan corridor 40 kilometres north of the Perth CBD. Alkimos will be one of the largest coastal developments ever undertaken in Perth.

The total Alkimos community will comprise up to 10,000 dwellings upon completion. Development of the initial 224 hectare stage is expected to commence in 2011 and will include approximately 2,500 dwellings. The first stage has an expected end development value of over A$400 million and will be delivered over seven years, with the whole 710 hectare community having a circa 20 year project delivery timeframe.

The project will operate under a land management agreement with Lend Lease expecting to make a capital investment of circa A$20 million to establish the project.

The Alkimos community will be developed in partnership between Lend Lease’s subsidiary, Delfin Lend Lease and LandCorp, the Western Australian Government’s land development agency.

Lend Lease Chief Executive Officer and Managing Director, Mr Steve McCann said the company is delighted to have been selected as preferred proponent for this major residential project.

“Lend Lease brings an enviable track record for partnering with governments and landowners to deliver master planned communities that lead the way in community creation,” said Mr McCann.

Mr McCann said the new Alkimos community would set benchmarks in sustainable community development through a range of initiatives including environmentally sensitive design, recycled water use, education partnership models and local job creation initiatives.

ENDS

For further information please contact:

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

Media enquiries: Rachel Mornington-West Corporate Affairs Manager Ph: +61 2 9277 2525

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

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Level 4, 30 The Bond Telephone: +61 2 9236 6111 30 Hickson Road Facsimile: +61 2 9252 2192 Millers Point NSW 2000 www.lendlease.com Australia