LENDLEASE GROUP — Capital/Financing Update 2012

May 15, 2012

==> picture [96 x 36] intentionally omitted <==

ASX Announcement

Lend Lease strategy to lead in property and infrastructure

16 May 2012

Lend Lease held its annual investor day today, providing an update on the progress of its strategy to become the leading international property and infrastructure group,

Lend Lease Group Chief Executive Officer and Managing Director, Steve McCann, reconfirmed the Group’s strategic path that was initiated in 2009, saying Lend Lease is committed to its strategic journey of ‘Restore, Build and Lead’.

“Our strategy is to be in the top three in our chosen market sectors and segments, be diversified through our sector, segment and international footprint and operate a high performing culture,” said Mr McCann.

“We have achieved a lot since 2009, restructuring the Group, building a significant urban regeneration development pipeline and reshaping our overall portfolio. We have moved to a regional structure and operate as one company with over 17,000 people.

“Over recent years we have consolidated our international footprint from over 30 countries down to 14 and over the next few years you will see the Group only focus on the countries where we can operate leveraging our integrated model.

“We will focus on sectors where the market is attractive and where we can establish a competitive value proposition. We will operate and invest in property and infrastructure subsectors that leverage our core capabilities in retail, office, residential, retirement, apartments, industrial, social infrastructure and engineering construction.

“Capital recycling remains a key part of the Group’s strategy and we will continue to focus on optimising the portfolio.”

On outlook, Mr McCann commented that Lend Lease remains cautious about the medium term outlook given uncertainty in global markets with the macroeconomic pressures in Europe and only early signs of recovery in the US and UK.

“In Australia, the engineering construction market has a strong growth outlook. Lend Lease has a strong internal pipeline of building work which will help offset the low levels of activity in the non-residential building sector. Low consumer sentiment and an increased focus on savings are contributing to weak residential market conditions in Australia.

“In Asia, strong fundamentals continue and we see opportunities in the education, pharmaceutical and telecommunications sectors.

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

==> picture [96 x 36] intentionally omitted <==

“There are some early signs that the US economy is starting to improve but conditions are uneven across sectors. In Chicago and New York, key cities where we have historically performed construction work, are showing early signs of market activity.

“Finally, in EMEA London residential is in the early stages of recovery. This sits well with the UK’s urban regeneration projects that will be significant earnings contributors in the medium term.”

Mr McCann outlined the Group’s key priorities over the next two years.

“We are focused on building a strong, long-term future as industry leaders with a world class portfolio of property and infrastructure projects. Successfully executing and delivering our extensive pipeline will be a key driver of earnings in the medium term,” said Mr McCann.

“Achieving a balanced and diversified portfolio is a priority and we will continue to recycle capital from property assets and non-core businesses to invest in higher yielding opportunities. We will drive further operational excellence and invest in people initiatives to maximise productivity and attract the best people.”

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