LENDLEASE GROUP — Capital/Financing Update 2014

Nov 20, 2014

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ASX Announcement

Capital Reallocation

21 November 2014

Lend Lease announces that the Capital Reallocation approved at its Annual General Meeting held 14 November 2014 was implemented today in accordance with the process set out in the explanatory statement sent to securityholders with the Notice of Meetings. The Capital Reallocation was implemented by way of a reduction of capital of Lend Lease Corporation and a compulsory application of the proceeds of that reduction of capital to Lend Lease Trust.

Lend Lease anticipates the Australian Taxation Office will publish a Class Ruling after implementation of the Capital Reallocation, as foreshadowed in the Tax Letter from PricewaterhouseCoopers contained in the explanatory statement. Lend Lease will make this Class Ruling available on its website at www.lendlease.com.

ENDS

Media and Investors:

Vivienne Bower Group Head of Corporate Affairs and Investor Relations Tel: 02 9277 2174

Suzanne Evans Head of Investor Relations Tel: 02 9236 6464

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