LENDLEASE GROUP — Capital/Financing Update 2011

Oct 17, 2011

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ASX Announcement

Lend Lease to implement US$600m final phase of US Army lodging privatization program

18 October 2011

Lend Lease today announced that it has been asked to implement the third and final phase of the US Department of the Army’s Privatization of Army Lodging (PAL) program, which has a total project value of approximately US$600M (circa A$590 million).

Lend Lease is the principal developer for the PAL program, part of the US Army’s initiative to privatize hotel facilities on Army installations nationwide.

Subject to the Army and Lend Lease agreeing to terms and closing this final phase, Lend Lease will oversee more than 17,000 hotel rooms on 42 US Military installations.

Lend Lease Group Chief Executive Officer and Managing Director, Mr Steve McCann, said the collaboration with the US Army demonstrates Lend Lease’s long-term commitment to privatized partnerships like PAL.

“Implementing the final phase of the PAL program allows Lend Lease to continue leading the efforts in what is the US military’s only lodging privatization program.”

Lend Lease is a market leader in the US military housing privatization sector. With more than 40,000 homes, 8,200 hotel rooms and 192 apartments, Lend Lease has created masterplanned, mixed-use communities throughout the United States.

ENDS

For further information, please contact:

Investor Relations:

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

Corporate Affairs: Iwona Polski 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

1

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