LENDLEASE GROUP — Capital/Financing Update 2011

May 23, 2011

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ASX Announcement

Lend Lease sells King of Prussia mall

24 May 2011

Lend Lease today announced it has entered into an agreement to sell its interest in the King of Prussia shopping mall to the Morgan Stanley Prime Property Fund at a gross valuation of US$1.25 billion. Lend Lease has a 50% interest in the asset and will receive net proceeds of circa US$545 million after taking into account the asset level debt. Lend Lease expects to book a profit of circa US$100 million on the sale, net of tax and other costs.

Having regard to current exchange rates, the US$ proceeds will principally be used to repay the Group’s GBP denominated debt and to fund its investment pipeline in the US.

The transaction is subject to customary conditions precedent for a sale of this type of partnership asset and is expected to achieve financial close in August 2011.

King of Prussia is the largest enclosed retail shopping mall on the East Coast of the United States and is located northwest of Philadelphia. Lend Lease acquired its interest in 1996.

Lend Lease Group Chief Executive Officer and Managing Director, Mr Steve McCann, said the Group’s investment in the King of Prussia shopping mall has delivered strong returns. “The price achieved for the sale of the King of Prussia shopping mall is an excellent result for the Group.”

For further information, please contact:

Investor Relations: Corporate Affairs: Sally Cameron Iwona Polski Group Executive - Investor Relations Media & External Communications Manager Tel:02 9236 6464 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

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