LENDLEASE GROUP — Capital/Financing Update 2012

Jun 19, 2012

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ASX Announcement

Lend Lease launches Asian fund and sells down co-investment stake

20 June 2012

Lend Lease today announced the successful launch of the circa S$1 billion Parkway Parade Partnership Limited (the Fund). The Fund is a recapitalisation and extension of Asia Pacific Investment Company No. 2 Limited (APIC 2). APIC 2 has delivered its shareholders circa 18% per annum return since inception in 2002

Lend Lease has introduced new institutional investors into the Fund, reducing its coinvestment from 21.1% to 4.9%. Lend Lease will receive proceeds of circa S$144 million (A$115 million) from the sale and recapitalisation of the Fund.

The Fund owns the major suburban shopping centre Parkway Parade in Singapore and will have its next review point in 2019. Lend Lease will remain as investment manager of the Fund and property manager of Parkway Parade.

Lend Lease Group Chief Executive Officer and Managing Director, Mr Steve McCann, said the selldown of Lend Lease’s co-investment was in line with the Group strategy of portfolio optimisation and to maintain co-investments in Lend Lease managed funds to align the Group’s interest with its investment partners.

“The successful extension and recapitalisation of the Fund is a vote of confidence in Lend Lease’s investment and asset management business in Asia and the quality of the Parkway Parade asset,” said Mr McCann.

ENDS

For further information, please contact:

Investor Relations: Corporate Affairs: Sally Cameron Iwona Polski Group Executive - Investor Relations Group 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