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LL to implement US$600m final phase of US Army lodging

Lend Lease to implement US$600m final phase of US Army lodging privatization program 18 October 2011 Lend Lease today announced that it has been asked to implement the third and final phase of the US Department of the Armys Privatization of Army Lodging (PAL) program, which has a total project value of approximately US$600M (circa A$590 million). Lend Lease is the principal developer for the PAL program, part of the US Armys initiative to privatize hotel facilities on Army installations nationwide. Subject to the Army and Lend Lease agreeing to terms and closing this final phase, Lend Lease will oversee more than 17,000 hotel rooms on 42 US Military installations. Lend Lease Group Chief Executive Officer and Managing Director, Mr Steve McCann, said the collaboration with the US Army demonstrates Lend Leases longterm commitment to privatized partnerships like PAL. Implementing the final phase of the PAL program allows Lend Lease to continue leading the efforts in what is the US militarys only lodging privatization program. Lend Lease is a market leader in the US military housing privatization sector. With more than 40,000 homes, 8,200 hotel rooms and 192 apartments, Lend Lease has created masterplanned, mixeduse communities throughout the United States. ENDS For further information, please contact Investor Relations Corporate Affairs Sally Cameron Iwona Polski Group Executive Investor Relations Media External Communications Manager Tel 02 9236 6464 Tel 02 9237 5034.