Media Release - General Actus Lend Lease Selected For Air Force Privatization Project in Hawaii (Napa, CA), 6 October 2003 - The U.S. Air Force announced on 3 October its intent to award of Actus Lend Lease as the developer for its Hickam Air Force Base (AFB) Housing Privatization Initiative (HPI) project in Hawaii. The development scope of the project will be approximately $197 million during the initial five- year development period and will involve the new construction of 638 units and renovation of 718 units – a total of 1,356 units. The Air Force and Actus will work together over the next several months to complete documentation and plans. Peter Koziol, CEO Actus Lend Lease, was very pleased with the Air Force's decision saying, "Hickam Air Force Base represents a significant milestone for Actus. Although it is not our first privatization project, it is our first Air Force project and we look forward to a long and outstanding relationship with the Air Force, the base, and most importantly, the Air Force service members and their families living in Hawaii." Koziol added, "We have a long and well established reputation for quality work in Hawaii, and fully understand the local business and labor market issues. We will work closely with all stakeholders in this project to ensure we provide the Air Force service members and their families with the high quality homes and communities they deserve and an improved quality of life for the next 50 years." Actus Lend Lease has a long history in Hawaii, having built over 1,200 military family homes on Oahu as part of the Department of Defense's Military Construction (MILCON) program. Currently, Actus Lend Lease has two active MILCON projects in Hawaii, one at Hickam Air Force Base and Bellows Air Force Station, and the other at Ford Island and Radford Terrace. Actus Lend Lease has extensive experience in the Department of Defense's Military Housing Privatization Initiative program with active projects at Fort Hood, Texas (5,912 homes) and Beaufort/Parris Island, South Carolina (1,718 homes); expected financial close at Fort Campbell, Kentucky (4,255 homes) in December 2003; and selection by the Army in August for the Hawaii Residential Communities Initiative (RCI) project (7,668 homes). Lend Lease is a leading global real estate group comprising two businesses: Real Estate Solutions, providing a full range of project management, construction, development, capital structuring and consulting services; and Real Estate Investments, serving clients who invest in real estate equity or debt. Listed on the Australian Stock Exchange, the Lend Lease Group operates in 43 countries on six continents, with a significant presence in Australia, Asia, Europe, and the United States. For more information contact: Mike Goodwin 1801 West End Avenue, Suite 750 Nashville, TN 37203 [email protected] www.actuslendlease.com .