Jill Ker Conway Appointed Chair Elect of Lend Lease Corporation.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 19, 2000

Lend Lease Corporation Limited (ASX: LLC), an international real estate and financial services group, today announced the appointment of Jill Ker Conway as Chair Elect. Ms. Conway is a Visiting Professor at the Massachusetts Institute of Technology and was President of Smith College. She will be based in Boston.

The Lend Lease Group, which operates in North and South America, Australia, the Pacific, Asia, and Europe has two core areas of activity:

-- Real Estate - Real Estate Investments, Property Development,

Project Management and Construction; and

-- Financial Services - Funds Management, Life Insurance, Wealth and

Income Protection.

Ms. Conway, 65, will assume the role of Chair on the retirement of Chairman Stuart Hornery at the Annual General Meeting to be held on November 2, 2000. Conway has been a Director since 1992 and was appointed Deputy Chair in August 1998. She also chairs the Global Real Estate Business Board.

In addition, Richard Longes has been appointed Deputy Chair and Chair of the Finance Committee. Longes has been a Lend Lease Board Director since 1986. He also chairs Lend Lease subsidiary, MLC Limited, and is Chair of the Lend Lease Financial Services Business Board. He will be based in Sydney.

Established in 1958, the Australian-based Lend Lease Group has approximately 10,500 employees, over 52,000 shareholders worldwide, and, as of September 30, 1999, had a market capitalization of approximately US$6 billion. Funds under management and administration exceed US$56 billion and with US$38 billion in property assets under management on five continents, the Lend Lease Group's global real estate investment management business ranks as one of the largest in the world.

In the U.S., Lend Lease Real Estate Investments, Inc. is a leading real estate advisor to pension funds. The Company has US$31 billion in real estate and commercial mortgages under management for more than 500 institutional and private clients in the U.S.

Lend Lease recently acquired the Bovis Group, one of the world's leading construction services and project management companies. With 5,600 employees, it operates in 38 countries and has a strong presence in Europe and the US, as well as interests in the Asia Pacific region, including Australia. The acquisition, now called Bovis Lend Lease, significantly extends Lend Lease's real estate project management, design and construction capabilities globally.

EDITOR'S NOTES

BIOGRAPHICAL DETAILS

Jill Ker Conway

Jill Ker Conway, 65, was appointed to the Board in 1992 and appointed Deputy Chair in August 1998. She chairs the Personnel & Organization Committee and the Global Real Estate Business Board and is a Member of the Board Committee. Her qualifications are BA (Hons) Sydney University, University Medal in History in 1958 and PhD Harvard University 1969 and she also holds numerous Honorary Doctorates from North American and Canadian Universities. Jill is a Director of Merrill Lynch & Co, Colgate-Palmolive Company Inc and Nike Inc. She is also a former Trustee of Teachers Insurance and Annuity Association College Retirement Equities Fund and a former Member of the Harvard University Board of Overseers and numerous other university and charitable boards. Jill was President and Sophia Smith Professor of History at Smith College from 1975-1985 and now teaches as a Visiting Professor in the Science, Technology and Society Program of the Massachusetts Institute of Technology.

Richard Longes

Richard Longes, 54, was appointed to the Board in 1986 and is a Member of the Finance, Personnel & Organization and Board Committees. He is also Chair of the Lend Lease Financial Services Business Board and Chair or a Director of a number of Lend Lease associated companies including General Property Trust. Richard, whose qualifications are BA, LLB, and MBA, was formerly a partner of the legal firm Freehill, Hollingdale & Page. He is a Principal of the corporate advisory firm, Wentworth Associates Pty Limited.