LENDLEASE GROUP — Capital/Financing Update 2011

Oct 18, 2011

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ASX Announcement

Lend Lease launches NZ$197 million private equity fund seeded by the sale of New Zealand assets

19 October 2011

Lend Lease today announced that it has launched the Lend Lease Real Estate Partners New Zealand Fund (“LLREPNZ” or “The Fund”) to acquire a portfolio of four shopping centres in New Zealand. The Fund is a wholesale investment vehicle that has equity commitments of NZ$115 million (circa A$90 million) from a small group of global institutional investors including a number of new institutional investors to the Group’s Investment Management platform. Lend Lease will have a 5.3% co-investment in the Fund.

The Fund has signed conditional contracts with Lend Lease to acquire the four shopping centres that were purchased by Lend Lease in October 2010, as part of the consortium purchase of the assets of the ING Retail Property Fund, for a consideration of approximately NZ$197 million (circa A$153 million).

The portfolio comprises three Dress-Smart outlet centres located in Auckland, Christchurch and Wellington, and Meridian Mall, the largest prime CBD shopping centre in Dunedin. The sale is subject to offshore investment approval and a number of other conditions and is expected to complete in November 2011.

Lend Lease Group Chief Executive Officer and Managing Director, Steve McCann, welcomed the transaction stating it was consistent with the Group’s strategy to recycle capital as well as grow its funds under management.

“The launch of a new fund demonstrates Lend Lease’s strong capacity to facilitate investment solutions through its wholesale Investment Management platform and direct access to institutional capital,” said Mr McCann.

“In addition, the transaction allows investors to gain exposure to a well established portfolio of retail assets in New Zealand.”

ENDS

For further information, please contact:

Investor Relations: Sally Cameron Group Executive - Investor Relations Tel:02 9236 6464

Corporate Affairs: Iwona Polski Group Media & External Communications Manager Tel: 02 9237 5034

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

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