LENDLEASE GROUP — Capital/Financing Update 2013

Jun 16, 2013

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ASX Announcement

Sale of Lend Lease’s stake in Jem[®] Singapore and market update

17 June 2013

Lend Lease today announced the successful launch of the Lend Lease Jem Partners Fund (“LLJP” or “the Fund”). The Fund has been established to acquire Lend Lease’s 25% equity interest in Jem[®] , a suburban retail and office asset in Singapore. Lend Lease’s equity interest in the asset has been sold to the Fund for circa S$227 million (approximately A$189 million), resulting in a profit on sale slightly ahead of plan for this year.

LLJP is a new wholesale investment vehicle with equity commitments from a small group of global institutional investors, including a number of new institutional investors to the Group’s Investment Management platform. Lend Lease is the investment manager of the new fund and will remain as the property manager of Jem[®] . Lend Lease will not be a co-investor in the new fund.

The development site where Jem[®] is located was acquired in June 2010 via a joint venture between Lend Lease (25% ownership) and Lend Lease Asian Retail Investment Fund (“ARIF”) (75% ownership). Over the last three years, Lend Lease has developed the site including the retail component of Jem[®] , which opened 100% leased on 15 June 2013.

Lend Lease CEO and Managing Director, Steve McCann, said, “The Jem[®] development is a tremendous example of our integrated business at work, bringing together an attractive project for our investors with design, delivery, development, leasing and asset management all delivered by Lend Lease.

Jem[®] is the first mixed-use development in Singapore to be awarded Green Mark Platinum version 4 and is one of the recipients of the Building and Construction Authority’s first Universal Design Mark Award. Strong investor interest enabled us to recycle our capital ahead of expectations and grow our funds under management in Asia."

The sale of the direct stake in Jem[®] will lead to another strong result for Lend Lease’s Asian operations in FY13.

The divestment of Lend Lease’s direct stake, and associated utilisation of accumulated tax losses, is expected to result in a lower effective tax rate for FY13 for Lend Lease of approximately 4-8%.

Market Update

The FY13 profit composition mix has changed, with the Asian Development, Australian Infrastructure Development and Australian Property businesses performing better than the prior year. However, the underlying construction markets in Australia and EMEA have softened in the second half of FY13, contributing to reduced earnings from the construction businesses in those regions.

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 Telephone +61 2 9236 6111 30 Hickson Road Facsimile +61 2 9252 2192 Millers Point NSW 2000 www.lendlease.com Australia

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In addition, Lend Lease has separately today announced a restructure of its Australian Construction and Engineering businesses. Certain costs associated with this and other restructuring activities in EMEA will be booked in FY13.

Lend Lease CEO and Managing Director, Steve McCann, said, “In the last six months we have made solid progress on some of our major projects around the world, including Barangaroo in Sydney, Jem[®] in Singapore and healthy pre-sales in Elephant and Castle in London.

“In the last 12 months Lend Lease has announced the addition of the $1 billion Waterbank redevelopment project in Perth, $2 billion Sunshine Coast University Hospital in Queensland, $2.5 billion Sydney International Convention, Exhibition and Entertainment Precinct and most recently the $630 million Bendigo Hospital in Victoria.

“It is pleasing to be on track to deliver a solid result in line with market expectations in a tough market environment.”

ENDS

Investor Relations: Suzanne Evans Head of Investor Relations Tel: 02 9236 6464

Media:

Georgie Morell Head of External Affairs and Media Tel: 0438 008 383

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