21 May 2007

The Manager Companies Section Australian Stock Exchange Limited The Manager Companies Section New Zealand Stock Exchange Limited

Pages: Two (2) pages

Dear Sir

Stock Exchange Announcement

Senior executive team restructure to tighten coordination of Group strategy

Lend Lease Corporation Limited ("Lend Lease") has created an Executive Office comprising the Group's three most senior executives to enhance coordination of the Group's strategy across its three core businesses.

The new Executive Office comprises Lend Lease Managing Director and CEO, Greg Clarke: Ross Taylor who takes on a new role as Global Chief Operating Officer, and Steve McCann who continues in his role as Group Finance Director and Global CEO Investment Management.

The senior operational management structure remains unchanged. Global CEO for Bovis Lend Lease, Mark Menhinnitt and each regional Retail & Communities CEO will report to Ross Taylor, while Group Finance and Investment Management will continue reporting to Steve McCann.

Further details are included in the attached media statement.

Yours faithfully LEND LEASE CORPORATION LIMITED

S. Shanpe

SJ SHARPE Company Secretary

Lend Lease Corporation Limited ABN 32 000 226 228 Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone +612 9236 6111 Facsimile +612 9252 2192 www.fendlease.com

Media Release

Senior executive team restructure to tighten coordination of Group strategy

21 May 2007

Lend Lease Corporation Limited ("Lend Lease") has created an Executive Office comprising the Group's three most senior executives to enhance coordination of the Group's strategy across its three core businesses.

The new Executive Office comprises Lend Lease Managing Director and CEO, Greg Clarke; Ross Taylor who takes on a new role as Global Chief Operating Officer, and Steve McCann who continues in his role as Group Finance Director and Global CEO Investment Management.

Mr Clarke said creation of the Executive Office would further streamline senior management's ability to coordinate implementation of the Group's strategy and allocation of capital for growth across the Group's three core businesses around the world.

"We have begun to deliver a promising level of revenue synergies by focusing on market sectors and projects where we can maximise the integration of our Retail & Communities; Project & Construction Management and Investment Management businesses," Mr Clarke said.

"Through the new Executive Office, we will have the three most senior executives responsible for allocation and recycling of the Group's capital working even more closely together on integration and business expansion opportunities than in the past.

"As Global COO. Ross Taylor will have better oversight of how the Group can best coordinate the asset pipeline identification, creation and delivery aspects of the overall business, while also working more closely with Steve McCann on capital and asset ownership strategies, "Mr Clarke said.

The senior operational management structure remains unchanged. Global CEO for Bovis Lend Lease. Mark Menhinnitt and each regional Retail & Communities CEO will report to Ross Taylor, while Group Finance and Investment Management will continue reporting to Steve McCann.

ENDS

Further information:

Ron Cutler Lend Lease Corporation Tel: 02 9277 2242

John Frey Cosway Australia Tel: 0411 361 361

Lend Lease Corporation Limited 4RN 32 000 228 228 Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone +612 9236 6111 Eaccimile +612 9252 2192 www.fendlease.com