LENDLEASE GROUP — Capital/Financing Update 2011

Mar 14, 2011

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ASX Announcement

Lend Lease sells PoMo mixed use asset in Singapore

15 March 2011

Lend Lease today announced that it has exchanged contracts for the sale of the PoMo mixeduse asset located near Orchard Road in Singapore for gross consideration of S$255 million, with completion due in April. Lend Lease owns 25 per cent of the asset and will realise proceeds net of debt repayments of circa A$24 million.

Since buying PoMo in 2007, Lend Lease has used its specialist retail skills to refurbish and enhance the asset. The Group’s sustainability initiatives were recognised when PoMo won the 2010 Green Mark Platinum Award from Singapore’s Building & Construction Authority.

The Group’s focus in Singapore is primarily on retail developments, including the major suburban shopping centre Parkway Parade and 313@somerset on Orchard Road that opened in December 2009. In addition, Lend Lease has recently broken ground on the mixed use development Jurong Gateway which has secured the Ministry of National Development (MND) as anchor tenant for the commercial tower.

Lend Lease Group Chief Executive Officer and Managing Director, Steve McCann, said the divestment is in line with the Group’s strategy to recycle capital and takes advantage of the strong market for retail and office assets in Singapore.

“In Asia, we have attractive retail and mixed-use developments which place us in a strong market position,” said Mr McCann.

“We will continue to look at additional opportunities to use our integrated retail skills and recycle our capital.”

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

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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