LENDLEASE GROUP — Interim / Quarterly Report 2012

Mar 29, 2012

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ASX Announcement

30 March 2012

Letter to securityholders on 2012 interim distribution

On 20 February 2012 Lend Lease announced an interim unfranked distribution of 16 cents per security, payable on 30 March 2012.

In accordance with Listing Rule 3.17, enclosed is the letter sent to securityholders together with details of the 2012 interim distribution paid.

ENDS

For further information, please contact:

Investor Relations: Sally Cameron Group Executive - Investor Relations Manager Tel: 02 9236 6464

Corporate Affairs: Iwona Polski Group Media & External Communications 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

Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 www.lendlease.com

Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

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30 March 2012

Dear Securityholder

Interim distribution for the half year ended 31 December 2011

Lend Lease delivered an operating profit after tax of A$220.8 million for the half year ended 31 December 2011, which represents a 0.3% increase on the corresponding period in the prior year. Statutory profit after tax for the half year was A$217.8 million, which includes negative property investment revaluations of A$3.0 million after tax.

Your Directors are pleased to advise that they declared an interim unfranked distribution of 16 cents per security. The half year distribution represents a payout ratio of 41% of operating profit, consistent with the payout ratio for the full year ended 30 June 2011.

Financial position

The Group continues to have a strong balance sheet with significant available liquidity. Gearing remains low at 3.4% and this level is expected to increase as the Group continues to invest in its strong pipeline.

Lend Lease maintains its investment grade credit rating with both Standard & Poors (BBB-) and Moody’s (Baa3) with a stable outlook from both agencies.

Progress on strategy

Lend Lease has built a solid platform for growth over the past few years and during the half year has secured new opportunities and invested in its existing pipeline of projects. Highlights of the progress made on strategy during the period are:

• The recently acquired infrastructure business in Australia is delivering earnings accretion for the Group that are in line with expectations;

• The New South Wales Government released the Barangaroo South review which confirmed that Barangaroo South has planning consent and the findings increase certainty that the A$6.0 billion project can proceed on schedule. Planning approvals for the basement and first commercial tower were granted and construction work on the shared basement for the three commercial towers commenced;

• The Group was selected as the preferred proponent for the A$1billion Waterbank mixed-use redevelopment site in Perth, Western Australia;

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

Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 www.lendlease.com

Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

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• Funds under management in the Australian investment management business grew by 10% to A$8.5 billion driven largely by the launch of the Lend Lease Real Estate Partners New Zealand Fund;

• In Asia, the Jem™ mixed-use development in Singapore is progressing well and is expected to be a key contributor to earnings in the region;

• The Group made further progress on its major urban regeneration projects including securing planning approval for the masterplan of The International Quarter, Stratford City; and

• In the Americas, the Group completed the sale of its 50% ownership interest in the King of Prussia retail centre.

The Group has clear priorities and is focussed on the delivery of its major projects, integrating the infrastructure business into the Australian region, optimising its portfolio mix and positioning the Group’s offshore businesses for market recovery.

Outlook

Lend Lease remains cautious about the medium term outlook given the uncertainty in global markets resulting from the continuing Eurozone issues. However, the Group’s diverse portfolio assists in delivering solid performance in these uncertain markets.

In Australia, the engineering construction market remains attractive and Lend Lease has a strong pipeline of work in this market, as well as a significant backlog of urban regeneration projects. However, consumer sentiment continues to negatively impact the residential development business in Australia. The Asian region has strong fundamentals and a positive outlook in the region’s project management and construction business. In the Americas, there are some signs that the US economy is starting to improve but conditions are uneven. The UK business remains well placed with its major urban regeneration projects expected to contribute to future earnings as the market recovers.

The Board continues to focus on optimising returns for Lend Lease’s securityholders. The Group’s significant backlog, development pipeline and access to capital provide a strong platform for future earnings.

Yours faithfully

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David Crawford AO Chairman

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

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