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17 November 2003

Lend Lease makes strategic appointment for the Americas region
New York - Lend Lease is pleased to announce that it has appointed Ronald W. Oakley as Chief Executive of the Americas business encompassing Bovis Lend Lease, Actus Lend Lease, Capital and Real Estate Services and the remaining Real Estate Investments business.

The appointment has been made following a full review of the Company’s operations for the region conducted earlier in the year by Greg Clarke, the Chief Executive of Lend Lease Corporation, and the Lend Lease Board of Directors. As a result of this review, it was decided in June that a search would commence for a new Chief Executive Officer.

The appointment of Ron Oakley was made following a search amongst both internal and external candidates. Age 53, Ron has extensive business management experience in Strategic Operations, Construction, Safety, Engineering, Information Technology and Real Estate Services. Ron has worked at Fluor Corporation since 1979. A twenty-four year veteran of Fluor Corporation, his most recent position was as Group Executive of Government where he was responsible for all Federal Services Units including Department of Energy, Department of Defense, Department of State and other Federal Agencies. He had oversight of over 7,000 employees and projects exceeding several billions of dollars in value. Previously, Ron has had a range of experience, from managing design-build projects for commercial, industrial and pharmaceutical facilities, to global sales and marketing, to global and UK infrastructure and telecommunications operations. Ron holds a Bachelor of Science degree in Building Construction from Clemson University. He will be relocating to the Lend Lease Americas headquarters in New York from South Carolina.

Commenting on the appointment, Greg Clarke, Chief Executive of Lend Lease Corporation, said:

“We are delighted to welcome Ron to Lend Lease and look forward to working alongside him to drive the Group’s growth in this important region.”

Ron Oakley added:

“I am extremely excited about the opportunity to lead the Lend Lease Americas region into the future and I look forward to working closely with Greg Clarke and the Executive Management Team, as well as the leadership and the many talented employees in the Americas."

For further information, please contact:

Mary Costello
Lend Lease
Tel: 212 592 6946

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