Document date: Tue 27 Aug 2002 Published: Tue 27 Aug 2002...

Document date: Tue 27 Aug 2002 Published: Tue 27 Aug 2002 11:04:14
Document No: 272696 Document part: A
Market Flag: Y
Classification: Other
LEND LEASE CORPORATION LIMITED 2002-08-27 ASX-SIGNAL-G

HOMEX - Sydney

+++++++++++++++++++++++++
Media reports today speculating that a "share buy-back is firmly on
the agenda" are inaccurate. A share buy-back was considered at last
week's Board meeting. However, it was decided not to instigate one at
this time for a combination of reasons:

1. Firstly, the company wishes to preserve maximum financial
flexibility, given the global market and economic uncertainties
prevailing.

2. Secondly, the company does not feel it is timely to do a buy-back
prior to completing the review of ways to improve the returns from
its Real Estate Investments ("REI") business.

As previously stated, a share buy-back will be continually reviewed
by the Board. The company made clear to the market in last week's
announcement of its 2002 full year results that it was looking at a
range of options to improve returns for shareholders from its Real
Estate Investments businesses.

The Board has not reached any decision in relation to the review of
these options. The company will advise the market once the review of
these options has been finalised.


S J Sharpe
COMPANY SECRETARY
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