LENDLEASE GROUP — Capital/Financing Update 2011

Mar 20, 2011

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ASX Announcement

Lend Lease reaches financial close on London schools project

21 March 2011

Lend Lease today announced that it has reached financial close on the Wandsworth Schools program for Wandsworth Borough Council in south-west London. The project involves the £70 million (approximately A$122 million) redevelopment of two secondary schools, Southfields Community College and Burntwood School.

Following Lend Lease’s appointment as preferred bidder in June 2010, planning permission was secured in December 2010. Work is expected to start next month with Southfields complete by the end of 2013 and Burntwood by early 2014.

Lend Lease Group Chief Executive Officer and Managing Director, Steve McCann, said achieving financial close is an important milestone in the strategic partnership established between Lend Lease and Wandsworth Borough Council.

“We look forward to continuing to work closely with the Council to deliver the schools as they will play an important role in increasing educational opportunities in the local area,” said Mr McCann.

“In addition, these projects add to our infrastructure pipeline in the UK and the partnership has the potential to deliver additional infrastructure schemes over its ten year tenure.”

ENDS

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

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