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LENDLEASE GROUP Capital/Financing Update 2011

Sep 29, 2011

65243_rns_2011-09-29_7ffa6870-1dd6-4d47-afb8-a25139056bd7.pdf

Capital/Financing Update

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ASX Announcement

Lend Lease secures A$317m contract for Cairns Base Hospital redevelopment

30 September 2011

Lend Lease today announced that it has reached agreement with Queensland Health on a contract sum of circa $317 million for the redevelopment of Cairns Base Hospital. The contract will be delivered by Abigroup, part of Lend Lease’s Australian infrastructure business, which was selected as preferred managing contractor in October 2010.

The contract involves design and construction of a new clinical services building (Block D) and refurbishment of existing Blocks A, B, C and Mental Health. Stage one involves the construction of Block D, due for completion in October 2013, and doubling the size of the Intensive Care Unit, Special Care Baby Nursery and birthing suites, scheduled to be completed in March 2013. The second stage involves refurbishing existing hospital buildings and expanding the Mental Health Unit, and is due to be completed by March 2015.

Lend Lease Group Chief Executive Officer and Managing Director, Mr Steve McCann, said the contract reinforces the Group’s position in the growing social infrastructure market.

“We are currently delivering major healthcare infrastructure projects across Queensland, NSW and Victoria which clearly demonstrates the Group’s capability in this key sector,” said Mr McCann.

“We look forward to continuing to work with Queensland Health to deliver this significant hospital redevelopment in Cairns.”

ENDS