LENDLEASE GROUP — M&A Activity 2009

Dec 15, 2009

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ASX Announcement

Lend Lease consortium to acquire ING Retail Fund assets

16 December 2009

Lend Lease is pleased to announce that a consortium including Lend Lease managed funds has been appointed preferred bidder to acquire the 14 assets of the A$1.4 billion ING Retail Property Fund. The acquisition which is subject to further negotiation is expected to be completed over the next six weeks.

The transaction builds upon Lend Lease’s investment management and retail platforms and its model of investing alongside third party capital partners. Lend Lease expects to contribute up to circa 20 percent of the capital required for the transaction.

ENDS

For further information please contact:

Investor enquiries: Steve McCann CEO and Managing Director Ph: +61 2 9277 2551

Media enquiries:

Rachel Mornington-West Corporate Affairs Manager Ph: +61 2 9277 2525

Lend Lease Corporation Limited ABN 32 000 226 228 Lend Lease Trust ARSN 128 052 595

1

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