LENDLEASE GROUP — AGM Information 2009

Nov 11, 2009

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Stock Exchange Announcement

2009 Annual General Meeting – Chairman and Managing Director addresses

12 November 2009

Attached are the addresses and accompanying slide presentation to be given by Lend Lease Corporation’s Chairman and Managing Director at the Annual General Meeting to be held today at 10.00am.

ENDS

For more information contact:

Sally Cameron

Lend Lease Corporation Tel: 02 9236 6464

Lend Lease Corporation Limited ABN 32 000 226 228 Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone +612 9236 6111 Facsimile +612 9252 21921 www.lendlease.com

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2009 Annual General Meeting Speech by David Crawford

Chairman

MR DAVID CRAWFORD:

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2009 Annual
General Meeting
David Crawford, AO
Chairman
Disclaimer
Important information
This presentation has been prepared in good faith, but no representation or warranty, express or
implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or
other information contained in the presentation (any of which may change without notice). To the
maximum extent permitted by law, Lend Lease Corporation Limited, its directors, officers, employees
and agents disclaim all liability and responsibility (including without limitation any liability arising from
fault or negligence) for any direct or indirect loss or damage which may be suffered through use or
reliance on anything contained in or omitted from this presentation. Investors should consult with
their own legal, tax, business and/or financial advisors in connection with any investment decision.
Prospective financial information has been based on current expectations about future events and is,
however, subject to risks, uncertainties and assumptions that could cause actual results to differ
materially from the expectations described in such prospective financial information.
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Good morning ladies and gentlemen, welcome to Lend Lease Corporation’s 2009 Annual General Meeting. Welcome also to those shareholders who have chosen to join us via the webcast of these proceedings. My name is David Crawford and I am Chairman of the Lend Lease Board of Directors.

The other members of the Board here with me today and starting from my far left are - Peter Goldmark, Chairman of the Nomination Committee; Gordon Edington; David Ryan, Chairman of our Risk Management and Audit Committee and William Hara, our Company Secretary; on my right are Steve McCann, the Group’s Managing Director and CEO; Phillip Colebatch, Chairman of our Personnel & Organisation Committee; Julie Hill, Chairman of our Sustainability Committee; and Mark Selway..

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Seated in the front rows of the auditorium are members of the executive management team including Brad Soller - CFO, Tony Lombardo – Global Head of Strategy and M&A, David Hutton – COO of Lend Lease APAC, Murray Coleman – Global CEO Bovis Lend Lease, Rod Leaver – CEO Lend Lease APAC, Dan Labbad – CEO, Lend Lease Europe, Neil Martin – Head of Safety and Risk and Tony Brennan – Head of Corporate Operations.

Also in attendance are the Group’s auditors, KPMG, who will be able to assist with answers to any questions you may have relating to the Group’s financial statements and their audit.

I will commence proceedings with an overview of the key events and achievements for the 2009 Financial Year. Steve McCann our MD and CEO will then present his operations report before we move on to the formal business of the meeting and resolutions. We will provide an opportunity for discussion and any questions you might have when we deal with each of the formal agenda items.

Those of you who have attended other company annual meetings this year will no doubt have heard how hard the Global Financial Crisis has hit corporate earnings and balance sheets. The Group’s 2009 earnings were clearly impacted by this turmoil. However, Directors and management are pleased to stand before you today to report that disciplined financial governance during the good times, enabled Lend Lease to come through the downturn in strong shape and well positioned, relative to our peers, to take advantage of opportunities as and when the market cycle turns.

Unlike many, Lend Lease has not had to reduce excessive debt or to refinance debt at the insistence of lenders. While we raised a modest amount of equity during the year, it was done for a strategic advantage, not because we had to carry out urgent and highly dilutive repairs to the balance sheet. We have been able to keep our high quality development pipeline intact and have never been in danger of being a forced seller of assets.

So my first message to shareholders today is that Lend Lease has weathered the significant upheaval in equity and debt markets and remains in a strong financial position.

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With that context, l will now review the Company’s results for the 2009 financial year.

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Track Record
EPS [1] Dividend
cents cents
12010080604020 28.143.571.6 46.841.988.7 103.370.532.8 [2] 46.562.2108.7 [3] 26.446.172.5 80604020 292857 313061 423577 344377 162541
0 2005 2006 2007 2008 2009 0 2005 2006 2007 2008 2009
1st Half 2nd Half Interim Final
123 including treasury sharesCalculated based on net operating profit after tax and total weighted average shares on issue, 2007 EPS excluding ATO interest of A$32.2m after tax2008 has been adjusted to reflect the impact of adopting retrospectively AASB Interpretation 12 ‘Service Concession Arrangements’.
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This five-year track record clearly highlights the impact of the financial crisis on operating earnings and dividends.

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Result Summary
Profit After Tax  Net Operating Profit after Tax of A$307.5m despite a difficult market environmentSlightly above market guidance given on 11 May 2009 of circa A$300mStatutory Loss after Tax of A$653.6m reflecting asset writedowns and charges
Dividend Policy  Final dividend of 16 cents per share, franked to 100%Payout ratio of 61% of Net Operating Profit After Tax for the full yearFrom interim 2010 dividend, payout ratio to be amended to between 40% and 60%
Financial StrengthFinancial Strength  A$1.1b of cash / gearing of 2.9% and interest coverage of 5.2xAmple headroom under financial covenantsNo near term debt maturities
Growth Opportunities  Selected as preferred bidder for A$2.5b RNA Showgrounds project in BrisbaneWell progressed in establishing a PPP origination platform in AustraliaSuccess in winning schools stimulus work through Bovis Lend Lease Australia
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The Net Operating Profit after Tax of $307 million was slightly ahead of market guidance and the major features of the Statutory Loss after Tax of A$653.6 million were the net write downs and charges taken in the face of dramatic falls in real estate values around the world.

As at 30 June, Lend Lease had gearing of just 2.9 per cent and a very comfortable interest coverage ratio of more than 5 times. Most of the Group’s debt has a long dated maturity and is also fixed at rates that will give us a cost of funds advantage as lending rates rise through the cycle. Lend Lease is not under pressure on any of its financial covenants.

While the current business plan sees gearing increasing to the lower end of our target gearing range over the next three years, we intend to maintain a disciplined approach to capital management. Part of that discipline involves a revision of the dividend payout to a range of between 40 and 60 per cent of net operating profit.

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In addition, the group has continued to secure valuable additions to the pipeline during the year including the redevelopment of the RNA showgrounds in Brisbane, the establishment of a Public Private Partnerships business here in Australia and also securing a number of Government stimulus construction projects.

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Financial Strength
Key Liquidity Metrics 30 June 2009 30 June 2008
Credit Rating – S&P / Moody’s BBB- / Baa3 BBB- / Baa3
Weighted average debt maturity [1 ] 8 years 10 years
Fixed / floating debt [1 ] 76% / 24% 85% / 15%
Cash (A$m) 1,120.8 842.8
Undrawn bank facilities (A$m) 612.0 808.6
Net debt [2] 195.8 287.3
Gearing [3] 2.9% 4.1%
Weighted average cost of debt [1] 5.0% 6.1%
Interest coverage [4] 5.2x 7.7x
1 The table above includes other non current financial liabilities and amount drawn on £350m syndicated bank facility assuming drawings will be rolled to maturity in November 20102 Net debt is borrowings including other non current financial liabilities, less cash3 Gearing is calculated as net debt, divided by total tangible assets, less cash4 Calculated as operating EBITDA plus interest revenue divided by gross finance costs, including capitalised finance costs
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I have touched on one or two of the key measures of financial strength already, however this slide completes the picture. At 30 June, Lend Lease had in excess of $1.1 billion in cash and undrawn bank facilities of a further $600 million.

You can also see the Group’s very comfortable position in terms of the duration of the debt maturity profile and a weighted average cost of debt at just 5% at June 2009.

Now turning to the key highlights for the year, starting with the appointment of our new Managing Director and CEO Steve McCann who was previously the Group’s Finance Director and Global Head of Investment Management.

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Senior Management Team
Steve McCann CHIEF EXECUTIVE OFFICER Corporate Leaders
Lend Lease Regional Businesses Project Mgt. CFO Brad SollerBradSoller
Global Disciplines CEOAPAC Rod Leaver CEO EMEA Dan Labbad CEOAmericas Gary Buechler Head of PPP, PM &Construction Mark Menhinnitt Head ofStrategy& MA TonyLombardoTonyLombardo
of Development Mark MenhinnittDavid HuttonRod Leaver of PPPHead of IM Head Head DevelopmentManagementInvestment Lend LeaseVenturesPPP DevelopmentManagementInvestment PPP DevelopmentManagementInvestment PPP Global CEOBLL Murray Coleman Head ofSustain-abilityLegalCounselHead ofSafety & RiskHead of CorpOperations Maria AtkinsonWilliamHaraMariaAtkinsonNeilMartinTonyBrennanWilliamHara
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You will have your first opportunity to hear from Steve shortly, however I want to make a few comments on management by way of introduction. I am pleased to say that the transition from the previous Managing Director, Greg Clarke, to Steve has been smooth. Steve has worked closely with the Board to ensure the Group dealt successfully with the challenges of the global financial crisis, while also undertaking a thorough review and

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refinement of the business strategy and our path forward.

In the 11 months since his appointment the Group has:

• completed an equity raising to maximise financial flexibility;

• undertaken a thorough strategic review of all of our businesses;

• restructured the organisation and materially reduced our cost base in line with current market conditions;

• positioned Lend Lease as the leading fund and asset manager in the retirement living sector;

• launched the proposal to acquire Lend Lease Primelife; and

• proposed to create a stapled security structure for Lend Lease, on which you will be voting today.

The Directors are very satisfied that Lend Lease is being well led by Steve and his senior management team. The chart before you is worthy of noting because it highlights the great depth of experience that we have secured within the senior team.

The three heads of our global disciplines bring many years of valuable property experience to bear in their roles. Head of Development, David Hutton has a twenty plus year career within the Group. The Head of Public Private Partnerships, Mark Menhinnitt and the Global CEO of Bovis Lend Lease, Murray Coleman are also long-term Lend Lease employees. Rod Leaver, Head of Investment Management joined Lend Lease in 2007 and is widely recognised as one of the leading real estate investment management executives in Australia.

The CEOs of our UK/ Europe and US regional businesses are also long-term property industry executives and Lend Lease employees.

The Board recently confirmed Brad Soller as Chief Financial Officer for the Corporation. Brad joined Lend Lease in 2001 and has held various senior management roles within Lend Lease. He was deputy CFO to Steve McCann before being appointed acting CFO earlier this year. Prior to joining Lend Lease Brad had over 20 years experience in senior positions in the UK.

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Growth Opportunities
Trend LL Capability
Urbanisation  50% of the world’s population urbanised by 2008 and to increase to 70% by 2050 Fully integrated mixed use expertise
Continued growth alternative fundsin super &  Australian Superannuation FUM is forecast to triple in size to $2.8 trillion by 2020 Sovereign Wealth Funds are forecast to triple in investment outstanding to US$10 trillion by 2015 management expertiseStrong investment
Ageing Population  Over the next forty years circa. 27% of the world’s population will be older than 65 We are number 1 player in the Australian market
Climate Change  Mandatory carbon trading schemes are being implemented from 2011 Global leader in sustainability
Infrastructure PPP Projects  Numerous governments have announced infrastructure spend to drive economic stimulus Superior delivery partner
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The strategy review conducted during the year confirmed Lend Lease is well positioned to capitalise on the key long term trends in the property sector world wide.

Over the next 40 years it is estimated that another 20% of the world’s population will live and work in urbanised environments. Lend Lease is already recognised as one of few companies in the world with expertise and capabilities in the development of fully integrated, mixed use communities e.g. Victoria Harbour in Melbourne, Stratford and Greenwich peninsula in the UK and our extensive military community housing operations in the US.

Our highly successful institutional property funds management business is a real estate fund manager of choice, as major investment funds and sovereign wealth funds seek to deploy the trillions of dollars that will flow into superannuation and government owned investment funds around the world.

We are building our retirement living expertise and operational scale to be a leading player in the undoubted trend towards an older world population.

I have already mentioned the recent establishment of our public private partnerships business in Australia. As we read in the papers every day in Australia, and it is no different in the US or Europe or indeed many Asian countries, Governments face the huge task of refurbishing and replacing old, and building new, essential infrastructure. This is not just about big ticket items like ports and power stations but also social infrastructure such as schools, hospitals, community housing and the like. Lend Lease, through its uniquely integrated design, development, construction and investment management capabilities is positioning itself as an ideal delivery partner for governments in the social infrastructure sector.

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So despite the short term impact on earnings resulting from the financial crisis, Lend Lease is very well placed to leverage the growing real estate capital flows being generated by the key global trends driving the sector over the longer term.

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Diversified Earnings Base
Retail Communities Public Private Project Investment
Partnerships Management & Construction Management
Core Activities Asset ownership, development, property and asset management Masterplanned urban communities, inner city apartments and senior living Military housing, healthcare, education and waste Project management and construction Asset ownership, real estate investment management services
Operating Revenue A$125.8m A$586.4m A$1,507.0m A$12,422.0m A$69.1m
EBITDA A$86.0m A$70.0m A$66.7m A$251.6m A$35.3m
Proportion of Profit After
Tax from Operating Businesses [(1)] 14% 21% 18% 40% 7%
Development Pipeline / Backlog GPM / FUM A$4.7b 102,040 units A$558.6m A$690.1m A$9.9b
Regional Business Operations Australia, Singapore, UK, US UK, Australia, US UK, US UK, Europe, Middle East, Americas, Asia Pacific Australia, Singapore, UK, US
(1) Before corporate and non operating adjustments
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This snap shot of the Group’s earnings as at June 30 this year shows how we have built a strongly diversified earnings base across the five core businesses and the geographies in which we operate.

You can see the benefit of this diversification in the contributions during the 2009 year from the public private partnerships and construction businesses, which delivered strong earnings, while the retail and communities businesses were softer in the face of rapidly declining economies around the world.

Another important feature of the Group’s earnings is the mix of active and passive earnings, passive earnings being those that we derive from lower risk activities, such as real estate funds management and asset ownership.

These passive earnings are important to Lend Lease because they are low risk and deliver predictable, annuity style earnings that underpin our investment grade credit rating. In 2009 they accounted for about 30%.

As the Group focuses on the five global real estate trends that I outlined earlier, we will be very careful to ensure we maintain a healthy diversification of earnings so that we are not too heavily reliant on any one project, real estate sector, or geography.

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Sustainability
Office waste recycling Solar panels
Green building
office design
Roof gardens
Youth skills training
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Turning now to a subject of ever increasing importance to Directors, senior management and indeed all Lend Lease employees. That is the quest to make Lend Lease a truly sustainable organisation.

Sustainability has been an integral part of the Group’s culture over the 50 years since it was established. Lend Lease was a first mover on employee benefits such as profit participation, superannuation and the concept of partnership between labour and capital, all of which have become the foundations of modern corporations.

Our focus today is on all aspects of sustainable practice - from managing our environmental impact; to the way we attract, retain, develop and protect our human capital; to the way Lend Lease works with its clients and partners in different cultures around the world.

It is a sign of progress that our focus in the area of environmental impact has extended from monitoring and improving our own behaviour and practices, to how we can develop commercial opportunities for sustainability services and products in the property sector. The Group has been at the forefront of innovations such as chilled beam air-conditioning, green building office design and solar panel communities.

In an increasingly carbon constrained world economy, Lend Lease is seeking to become a leader in the commercialisation of sustainability and services for the property industry. To give you some idea of the scale of that opportunity, it is estimated that buildings are responsible for more than 40% of global energy use and one third of greenhouse gas emissions.

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I believe it is a credit to our efforts that Lend Lease is the only Australian company to be listed on all three international sustainability indices. The sustainability report for the group is included at page 18 of the Annual report and I encourage you to read further about the Group’s achievements.

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Incident & Injury Free
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While directors are very pleased with the Group’s sustainability program, in the interests of transparency and balance, I have to report to you that despite an enormous effort world wide to achieve an incident and injury free work-place, we are still seeing tragic accidents which in 2009 claimed the lives of 8 people on construction sites managed by the Group.

Despite the 228 million man-hours worked during the year, no death or serious injury can be regarded as acceptable. We continue to work hard to embed our global safety standards and practices on all work-sites and in all our activities, despite widely different cultures and regulatory systems around the world. The Group’s safety performance and program is also discussed in some detail in the annual report.

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Stapling Proposal
 Lend Lease proposal to staple shares in Lend Lease Corporation to Lend Lease
Trust
 There is no change to Lend Lease’s strategy or business model
 Lend Lease has no ambitions to become a REIT
 The stapled structure will provide flexibility in how Lend Lease holds future passive assets
 Earnings from Trust will be distributed to shareholders on a pre-tax basis
 If approved, Lend Lease Group will commence trading as a stapled on 27 November 2009
 Existing company assets cannot be transferred to the trust, including Primelife
 Directors unanimously recommend shareholders to vote in favour of proposal
 Benefits to shareholders includes more predictable distributions on income generated from
passive assets and yield enhancement
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The last item I will address before handing over to Steve is the Stapling Proposal that we will consider later this morning. While there will be a separate discussion on this resolution, I want to make some overview comments now.

The proposal is an outcome of the strategic review that I have already mentioned. While the Board has no desire to turn Lend

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Lease into a real estate trust, or increase the target weighting to passive earnings, our business activities do require us to take certain assets onto the balance sheet from time to time.

The creation of a trust with its units stapled to the company’s shares provides a yield enhancement opportunity that we believe should be secured for shareholders. We believe it is in shareholders’ best interests to approve this change and look forward to discussing it further with you later this morning.

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2009 Annual
General Meeting
David Crawford
Chairman
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Ladies and gentlemen, I know that no one at this table and I am fairly confident that no one in the audience relishes any prospect of facing another year like the 2009 financial year.

With a good degree of caution, I can say that we are beginning to see some signs of the market cycle turning in some of our key sectors such as residential. However in the medium term we will continue to be impacted as the construction cycle, which is a lag indicator to the development cycle, follows the downturn in global economies and accordingly, we expect it to take longer for our businesses in those global markets to recover.

Nonetheless the group remains in a strong financial position and we have a clear view of where the opportunities lie – both in the short and longer term. We have a very experienced executive team who are capable and motivated to deliver on those opportunities for shareholders; and we have the financial resources and flexibility to move as and when the right opportunities present themselves.

I extend thanks to my board colleagues and the senior management team for their untiring commitment and insights that have ensured that Lend Lease has achieved the enviable, competitive position that it enjoys today.

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2009 Annual General Meeting David Crawford, AO Chairman

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Important information

This presentation has been prepared in good faith, but no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in the presentation (any of which may change without notice). To the maximum extent permitted by law, Lend Lease Corporation Limited, its directors, officers, employees and agents disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may be suffered through use or reliance on anything contained in or omitted from this presentation. Investors should consult with their own legal, tax, business and/or financial advisors in connection with any investment decision. Prospective financial information has been based on current expectations about future events and is, however, subject to risks, uncertainties and assumptions that could cause actual results to differ materially from the expectations described in such prospective financial information.

EPS[1]

Dividend

cents

cents

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108.7 [3]
120 103.3 [2] 77 77
88.7 80
100
61
71.6 46.5 72.5 57
80
60 34
42
70.5 41
46.8
60 28.1 26.4 31
29
40
40 16
62.2
43
20 43.5 41.9 46.1 20 35
32.8 28 30 25
0
0
2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
Interim Final
1st Half 2nd Half
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• 1 Calculated based on net operating profit after tax and total weighted average shares on issue, including treasury shares

• 2 2007 EPS excluding ATO interest of A$32.2m after tax

• 3 2008 has been adjusted to reflect the impact of adopting retrospectively AASB Interpretation 12

• ‘Service Concession Arrangements’.

Profit After Tax

 Net Operating Profit after Tax of A$307.5m despite a difficult market environment  Slightly above market guidance given on 11 May 2009 of circa A$300m  Statutory Loss after Tax of A$653.6m reflecting asset writedowns and charges

• Final dividend of 16 cents per share, franked to 100%

Dividend Policy

Financial Strength Financial Strength

Growth Opportunities

• Payout ratio of 61% of Net Operating Profit After Tax for the full year

• From interim 2010 dividend, payout ratio to be amended to between 40% and 60%

• A$1.1b of cash / gearing of 2.9% and interest coverage of 5.2x

• Ample headroom under financial covenants

• No near term debt maturities

 Selected as preferred bidder for A$2.5b RNA Showgrounds project in Brisbane

• Well progressed in establishing a PPP origination platform in Australia

• Success in winning schools stimulus work through Bovis Lend Lease Australia

Key Liquidity Metrics 30 June 2009 30 June 2008	Key Liquidity Metrics 30 June 2009 30 June 2008	Key Liquidity Metrics 30 June 2009 30 June 2008
Credit Rating – S&P / Moody’s Weighted average debt maturity1 Fixed / floating debt1 Cash (A$m) Undrawn bank facilities (A$m) Net debt2 Gearing3 Weighted average cost of debt1 Interest coverage4	BBB- / Baa3	BBB- / Baa3
	8 years	10 years
	76% / 24%	85% / 15%
	1,120.8	842.8
	612.0	808.6
	195.8	287.3
	2.9%	4.1%
	5.0%	6.1%
	5.2x	7.7x

1 The table above includes other non current financial liabilities and amount drawn on £350m syndicated bank facility assuming drawings will be rolled to maturity in November 2010 2 Net debt is borrowings including other non current financial liabilities, less cash

3 Gearing is calculated as net debt, divided by total tangible assets, less cash

4 Calculated as operating EBITDA plus interest revenue divided by gross finance costs, including capitalised finance costs

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Senior Management Team
Steve McCann
CHIEF EXECUTIVE Corporate Leaders
OFFICER
Brad
CFO Brad
Lend Lease Regional Businesses Project Mgt. SollerSoller
CEO CEO CEO Head of
APAC EMEA Americas PPP, PM &
Construction Head of
TonyTony
Strategy
LombardoLombardo
Global Disciplines Rod Leaver Dan Labbad Gary Buechler Mark Menhinnitt & MA
Global CEO
Head
of Development Development Development Development BLL Head ofSustain- Maria Maria
David Hutton
ability AtkinsonAtkinson
Murray Coleman
Head Investment Investment Investment
of IM
Rod Leaver Management Management Management Legal WilliamWilliam
Counsel HaraHara
Head
of PPP PPP PPP PPP
Mark Menhinnitt Head of
Neil
Safety
Martin
& Risk
Lend Lease
Ventures
Head of
Tony
Corp
Brennan
Operations
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Growth Opportunities	Growth Opportunities
	Trend		LL Capability
Urbanisation	50% of the world’s population urbanised by 2008 and to increase to 70% by 2050		Fully integrated mixed use expertise
Continued growth in super & alternative funds	Australian Superannuation FUM is forecast to triple in size to $2.8 trillion by 2020 Sovereign Wealth Funds are forecast to triple in investment outstanding to US$10 trillion by 2015		Strong investment management expertise
Ageing Population	Over the next forty years circa. 27% of the world’s population will be older than 65		We are number 1 player in the Australian market
Climate Change	Mandatory carbon trading schemes are being implemented from 2011		Global leader in sustainability
Infrastructure PPP Projects	Numerous governments have announced infrastructure spend to drive economic stimulus		Superior delivery partner

	Retail	Communities	Public Private	Project	Investment
			Partnerships	Management &	Management
				Construction
Core Activities	Asset ownership,	Masterplanned	Military housing,	Project management	Asset ownership, real
	development,	urban communities,	healthcare,	and construction	estate investment
	property and asset	inner city apartments	education and waste		management services
	management	and senior living
Operating Revenue	A$125.8m	A$586.4m	A$1,507.0m	A$12,422.0m	A$69.1m
EBITDA	A$86.0m	A$70.0m	A$66.7m	A$251.6m	A$35.3m
Proportion of Profit After
Tax from Operating
Businesses(1)	14%	21%	18%	40%	7%
Development Pipeline / Backlog GPM / FUM	A$4.7b	102,040 units	A$558.6m	A$690.1m	A$9.9b
Regional Business	Australia,	UK, Australia, US	UK, US	UK, Europe, Middle	Australia, Singapore,
Operations	Singapore, UK, US			East, Americas, Asia	UK, US
				Pacific

(1) Before corporate and non operating adjustments

Office waste recycling

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Solar panels

Green building office design

Roof gardens

Youth skills training

Incident & Injury Free

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 Lend Lease proposal to staple shares in Lend Lease Corporation to Lend Lease Trust

• There is no change to Lend Lease’s strategy or business model

 Lend Lease has no ambitions to become a REIT

 The stapled structure will provide flexibility in how Lend Lease holds future passive assets

 Earnings from Trust will be distributed to shareholders on a pre-tax basis

 If approved, Lend Lease Group will commence trading as a stapled on 27 November 2009

 Existing company assets cannot be transferred to the trust, including Primelife

 Directors unanimously recommend shareholders to vote in favour of proposal

• Benefits to shareholders includes more predictable distributions on income generated from passive assets and yield enhancement

2009 Annual General Meeting David Crawford Chairman

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2009 Annual General Meeting

Speech by Steve McCann

Managing Director and Chief Executive Officer

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2009 Annual
General Meeting
Steve McCann
Group CEO
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Important information
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This presentation has been prepared in good faith, but no representation or warranty, express or
implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or
other information contained in the presentation (any of which may change without notice). To the
maximum extent permitted by law, Lend Lease Corporation Limited, its directors, officers, employees
and agents disclaim all liability and responsibility (including without limitation any liability arising from
fault or negligence) for any direct or indirect loss or damage which may be suffered through use or
reliance on anything contained in or omitted from this presentation. Investors should consult with
their own legal, tax, business and/or financial advisors in connection with any investment decision.
Prospective financial information has been based on current expectations about future events and is,
however, subject to risks, uncertainties and assumptions that could cause actual results to differ
materially from the expectations described in such prospective financial information.
----- End of picture text -----

Thanks David. I would like to add my welcome to all attending today.

I am honoured to be addressing you for the first time, as Managing Director and Chief Executive Officer of this great company. While I have been your employee for only a few years, I have been an adviser to Lend Lease and observed the Company with great admiration for many years.

During the turmoil of 2009, Lend Lease was one of very few global real estate companies to retain a strong balance sheet and see continued deal flow. Thawing capital markets have also provided the opportunity to recommence recycling of capital with the sale of the Group’s holding in the London Dome.

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Continued Momentum since 30 June 2009
 Project wins since year end A$250 million Catholic Schools Education contract for Bovis Lend Lease
 Sale of the DomeAcquisition of retirement / aged care assets from Prime Trust for A$77 millionReaching financial close on US$125 million Phase 1 of the PAL Group A programLaunch of Capella Capital – PPP origination capability in AustraliaFinancial close on £180 million 1 [st] Phase of Birmingham Schools’ program
a retirement village owned and managed by Lend Lease PrimelifeKnoxfield - Waterford Park, Melbourne
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Lend Lease has remained very focused on identifying and securing opportunities that best fit the Group’s strategy and which provide a broad range of earnings streams across our integrated construction, development, investment management and financing capabilities.

Significant wins in the first six months of the calendar year include the $2.5 billion Brisbane RNA show grounds project and the circa $1billion of schools projects that David mentioned in his address.

That momentum has continued since balance date with wins such as reaching financial close on a 180 million pound UK schools program and the US$125 million on the first phase of the US Lodgings project.

We invested further in the Group’s position in Australia as the leading retirement living developer and manager with the acquisition of a number of assets from Prime Trust.

Next month, security holders in Lend Lease Primelife will vote on our proposal to acquire the 57 per cent of the vehicle that we do not already own.

Currently, Lend Lease is one of two short listed consortia for the landmark Barangaroo redevelopment here in Sydney. A decision on the award of this project is expected early in the New Year.

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The Principles of our Business Model
Playing the right components of the property value chain to maximise returns
Life cycle of a property to maturity
Business units DEVELOPMENT CONSTRUCTION INVESTMENT MGMT
Multiple revenue streams ProfitDev Dev Fee ECPM, D&CCM, PM, FM AM Mgr FeesFund
Multiple sources of capital Debt Equity JV’s Funds
High Revenue Low Capital High Return on Capital
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Before going into further detail on our operations and business outlook, I want to spend a few minutes on the strategic review that we completed during the year.

This slide shows the strong underlying mathematics of our business model. It captures the simplicity of our integrated property model and shows that once we have identified the best use of a parcel of land we are capable of extracting the maximum value from that real estate because we operate across the entire property value chain through our construction, design, development, asset and investment management businesses.

Lend Lease is pretty unique in this regard, not just domestically but also internationally. This enables us to maximise the returns that are available from property and we do this best when we collaborate across all of our businesses. This approach is best suited to large scale inner urban regeneration and major public, private partnership projects which are two of our key growth opportunities.

The other aspect of this model is that where we utilise third party capital and invest alongside our clients, we are by definition also using a lower amount of our own capital than most of our competitors.

So provided we execute well, it follows that we must deliver the highest return on capital in our sector. This is the key focus of management going forward.

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Refining our Strategy
Lend Lease business review
Refining our focus from…. To…
Growth in EPS Total Shareholder return
Expanding further internationally Leader in home market
Diversifying into new sectors Scale platforms
Recycling capital to achieve profit Recycling capital to fund growth
Providing a broad range of property services Maximise integrated solutions
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As David said, we’ve taken a detailed look at the Group’s strategy. We have refined it and focused it more tightly on extracting the best out of our business model.

First, in relation to performance metrics, we have done a lot of work on establishing the right metrics in each of our business

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units. We are focused on behaviours that will drive long term shareholder value creation. Short term earnings per share growth is no longer the key focus of management, We have introduced a balanced scorecard approach, with short term incentive based remuneration based on a combination of financial, strategic and operational management and people issues.

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Secondly, we are becoming more focused on our home market. We’ve got an enviable international platform. We’ve invested a lot in that over the years, but we should not lose sight of the importance of being a leader in Australia. Recent wins like the RNA project in Brisbane and the establishment of a PPP origination unit in Australia are evidence of that focus.

We are not looking for further diversification. We will consolidate our market leading positions in urban regeneration, residential subdivision, commercial delivery and retirement, and we’ll seek to achieve a scale platform in all our key sectors.

We will recycle capital but we will be doing that to maximise shareholder value and enable investment to fund future growth, not to meet short-term profit goals.

A lot of our peers are forced sellers of assets and it is clearly the wrong point in the cycle to be selling valuable assets. We are well capitalised and therefore not a distressed seller of assets. And we will increase our focus on pursuing the integrated business model, which means better collaboration across our businesses and targeting of urban regeneration and sustainability projects which play to our combined strengths.

So with those strategy refinements, we then clarified our shortterm and our long-term priorities.

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Strategic Path Forward
LEAD
BUILD
 World Class Property
RESTORE  Reshape Portfolio Solutions Company
 Right Structure   Grow Platforms  Strong Integrated Offering
 Cost OutDrive EfficiencyCapital Management   Operational ExcellenceInvest in People  Trusted Investment Manager
Phase 1 Phase 2 Phase 3
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Over the long term we’re aiming for Lend Lease to be an unquestioned leader in the property space internationally….in providing world-class property solutions.

To get to that position, we need to provide a strongly integrated offering in the major regions in which we operate and we need to be recognised as a trusted and specialist investment manager. These are the cornerstones of our integrated model.

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Over the medium term we will reshape our portfolio, establish and support the right growth initiatives and invest in the best people. We will be, as I said, focusing very strongly on operational excellence and execution.

The first step in that journey is largely complete. We now have the right structure and we have the right cost base to deal with the current market realities. During the year, we right-sized the cost base of the group. We restructured the non-Bovis business into three distinct regions, Asia Pacific, CEMEA and Americas each under one CEO. Of course, that’s led to some significant cost reductions.

We have also reduced the Group’s cost base through an overall head count reduction. This reduction was mainly project related staff that was not replaced as projects ended.

We have clear priorities for our project pipeline. We are targeting key strategic deals which play to our strengths across the property value chain. The highest priorities are those deals that provide backlog across all of our businesses over the longer term. Examples are Elephant & Castle and Greenwich in the UK, the RNA site and Barangaroo in Australia as well as government stimulus construction programs.

We remain very focused on liquidity and the relatively modest equity raising that we completed in February has given us a clear line of sight for funding our pipeline of projects over the next three years.

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Opportunities and Funding
Pipeline of
Existing Total spend to be $1bn–$2bn up to June 2012
Projects
Sources of Capital Debt / Available liquidity Operating Cashflow Asset Sales
Key Projects PPP Equity Stakes Communities Projects investmentsIM Co- OpportunitiesMixed Use
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Over the period to June 2012 we have an identified project pipeline requiring a capital commitment of between $1 billion and $2 billion. We will only commit capital to each project as and when the time and risk profile is right for that project.

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You can see on the slide the investment opportunities are in line with the growth options that David outlined earlier ... and the capital to fund these opportunities includes debt, underlying cashflow and existing cash.

As capital markets free up, we will recycle our capital though asset sales, with proceeds from those sales reinvested in the pipeline to generate earnings growth. In addition to this funding we also have the benefit of third party capital through our investment funds, clients and increasingly sovereign wealth funds who partner with Lend Lease.

• Lend Lease proposal to acquire remaining shares in Lend Lease Primelife

• Proposal to acquire remaining 57% of shares at 31 cents per security (cost of circa A$170 million)

• Independent Directors of Lend Lease Primelife unanimously recommend the offer in the absence of a superior offer

• In line with Lend Lease’s strategy to increase exposure to the retirement sector

• Expected to be accretive to future Lend Lease earnings

• Lend Lease will assume or refinance Primelife’s outstanding debt obligations

• Increases LLC’s gearing from c.3% to c.9% (on pro forma basis at 30 June 2009)

• The Independent Expert has concluded that the Lend Lease proposal is fair and reasonable and in the best interests of Primelife security holders

• Subject to vote by LLP shareholders at their AGM to be held on 8[th] December 2009

A major investment in the near term is the proposed acquisition of the securities in Lend Lease Primelife that we do not already own. Whether or not that acquisition proceeds will be determined by a vote of security holders in Primelife at their meeting on December 8. Lend Lease cannot vote on this proposal at that meeting.

We believe this transaction makes sense for all stakeholders. For the non Lend Lease security holders in Primelife it provides certainty of an exit for cash at a slight premium to the net tangible assets of that business as at June 2009. This is at a time when they would otherwise be called on to contribute a minimum of A$300 million of equity which will be highly dilutive to their existing investment and still provide Primelife with no real capacity for growth or a return to paying distributions.

While the Primelife vehicle is capital constrained as a stand alone business, it can do a lot better as a part of the broader Lend Lease Group given our much stronger balance sheet, cost of funds advantage and capacity to add scale. It also fits with our strategic focus on the long term trend toward an ageing population.

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We believe our offer to Primelife is demonstrably fair and reasonable and is in the best interests of the security holders. We are pleased to see that view supported by the Independent Expert who has reviewed our proposal and also that Primelife’s Independent Directors unanimously recommend its acceptance.

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Operating Business – Summary
Retail  Retail sales slowing in all regions but prime assets relatively defensiveNo significant capex required over next 12 to 18 monthsCap rates are showing signs of stabilisation in the UK
Communities  Weak trading conditions in UK and NSW but showing signs of improvementPreferred bidder on A$2.5b RNA Showgrounds project in BrisbaneWell positioned to invest capital at attractive returns
Public Private Partnerships  Strong government support for PPP frameworkStimulus from government work in all markets which play to our strengthsEstablished a PPP origination business in Australia and bidding in Canada
Project Management & Construction  Strong profit contribution, particularly from the Australian businessBacklog GPM of A$690m at June 2009 48% of Backlog GPM weighted to large infrastructure projects (e.g. healthcare, education
and government work)
ManagementInvestment  Continuing strong performance of funds / focus on capital solutionsAwarded Investment Stewardship Award for Funds ManagementAll debt maturities for APPF Commercial and APPF Retail greater than 2 years
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I now want to give a brief review of our operating businesses.

Due to disciplined asset management over many years, the group’s retail assets and those of the funds we manage are in good shape and have weathered the economic downturn relatively well.

Declining market valuations caused us to take a substantial noncash writedown against the value of retail assets on our balance sheet. However assets such as Bluewater and King of Prussia Mall are market leaders which we expect to remain resilient and rerate significantly as markets recover ...

In communities, we maximised sales in subdued conditions by optimising the product mix to suit market demand such as first time home buyers in Australia. It is pleasing to see an improvement in sales activity in recent months in Australia, especially NSW which was the hardest hit last year…albeit at lower price points.

We have already spoken about the retirement sector so I will move on to the PPP business which was a solid contributor during the 2009 financial year and which we expect to be a key part of our growth over the short to medium term given government focus on infrastructure renewal and expansion around the world.

The PPP business delivered a strong performance for the 2009 year. The bulk of that was achieved by Actus Lend Lease in the US but we also continue to build a portfolio of projects in the UK

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and as I said earlier, we are now focussed on Australia. That business is staffed by a group of executives with extensive PPP deal origination success over many years. Their addition to Lend Lease was a high priority for us and I am delighted that we succeeded as it substantially elevates our capacity to make headway in the sector here.

Project Management & Construction was the stand out performer for the year - not only in terms of profit contribution, but in its success at remixing backlog GPM. Government and infrastructure projects grew from 23% of backlog GPM in 2008 to 48% in 2009.

The Investment Management business while impacted by asset valuations, further enhanced its reputation with institutional investors. It was again the stand out property investment manager with key funds like APPF Retail and APPF Industrial being the top two performing funds in the Mercer Unlisted Property Funds Index based on the gross one year return.

So across the Group, I believe our businesses operated creditably during the storm that was the 2009 financial year. In terms of market outlook, while we are seeing signs of improvement in some of our markets, we are yet to see a broad and sustainable recovery. The Australian economy remains resilient but the US and UK markets, which generated 45% of our earnings in 2009, remain difficult and recovery in those markets will be slow. Despite the strong performance of Bovis in 2009, construction markets in all regions have now slowed.

Given the lag time between the recommencement of development activity and when construction contracts are let and then work getting underway, it will be some time before construction revenues return to more normal levels.

In addition, as a large proportion of the Group’s earnings is generated offshore, the rising Australian dollar will impact earnings in the current financial year.

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Lend Lease’s Strong Positioning – Cautious but Confident
Focusedstrategy  Short term focus on cash preservation / cost managementLong term focus on maximising returns and driving earningsInvest available liquidity at attractive returns
Economic Slowdown  LLC has strong base of recurring earnings PPP earnings countercyclical
Government Stimulus Packages  Established platforms / existing skills in US, UK and AustraliaPPP plays to LLC’s integrated capability
Financial Strength –cash & capacity  Low gearing / ability to fund committed pipelineSignificant headroom under banking covenants
Efficient capital model / low holding costs  Disciplined approach to capital allocationCapital light / partnering model
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So in summary, we remain cautious … but confident.

We are cautious … because while conditions globally are showing some signs of stabilising … no one can with any great certainty … predict the course … or speed of improvement that may be coming.

In this environment we do not intend to give specific earnings guidance. We are nevertheless confident of the group’s outlook over the long term for a number of reasons.

The group has demonstrated a capacity to perform well in the face of extraordinary global conditions.

Our earnings are well diversified by business geography and mix of active and passive earnings.

We have a clear and well-defined strategy and we have the right cost base for the current conditions...

We have strong liquidity, low gearing, and we are clearly very well capitalised which is both a reward for past discipline during buoyant times and a distinct competitive advantage now.

We are well placed to fund our growth plans and to leverage our competitive advantages as and when the cycle returns to growth.

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2009 Annual General Meeting Steve McCann Group CEO

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Important information

This presentation has been prepared in good faith, but no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in the presentation (any of which may change without notice). To the maximum extent permitted by law, Lend Lease Corporation Limited, its directors, officers, employees and agents disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may be suffered through use or reliance on anything contained in or omitted from this presentation. Investors should consult with their own legal, tax, business and/or financial advisors in connection with any investment decision. Prospective financial information has been based on current expectations about future events and is, however, subject to risks, uncertainties and assumptions that could cause actual results to differ materially from the expectations described in such prospective financial information.

 Project wins since year end

• A$250 million Catholic Schools Education contract for Bovis Lend Lease

• Acquisition of retirement / aged care assets from Prime Trust for A$77 million

• Reaching financial close on US$125 million Phase 1 of the PAL Group A program

• Launch of Capella Capital – PPP origination capability in Australia

• Financial close on £180 million 1[st] Phase of Birmingham Schools’ program

• Sale of the Dome

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Knoxfield - Waterford Park, Melbourne a retirement village owned and managed by Lend Lease Primelife

Playing the right components of the property value chain to maximise returns

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Life cycle of a property to maturity
Business INVESTMENT
DEVELOPMENT CONSTRUCTION
units MGMT
Multiple revenue Dev CM, PM, Fund
Dev Fee FM AM
streams Profit ECPM, D&C Mgr Fees
Multiple sources
Debt Equity JV’s Funds
of capital
High Revenue Low Capital High Return on Capital
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Lend Lease business review

Refining our focus from…. To…

Growth in EPS Total Shareholder return Expanding further internationally Leader in home market Diversifying into new sectors Scale platforms Recycling capital to achieve profit Recycling capital to fund growth Providing a broad range of property Maximise integrated solutions services

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Strategic Path Forward
LEAD
BUILD

World Class Property
RESTORE Solutions Company

Reshape Portfolio
 
  Grow Platforms Strong Integrated Offering
Right Structure
 
Cost Out 
Operational Excellence
   Trusted Investment Manager
Drive Efficiency

Invest in People
 Capital Management 
Phase 1 Phase 2 Phase 3
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Pipeline of Existing Projects

Total spend to be $1bn–$2bn up to June 2012

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Sources of Debt / Available liquidity Operating Cashflow Asset Sales Capital PPP Equity Communities IM CoMixed Use Key Projects Stakes Projects investments Opportunities

• Lend Lease proposal to acquire remaining shares in Lend Lease Primelife

• Proposal to acquire remaining 57% of shares at 31 cents per security (cost of circa A$170 million)

• Independent Directors of Lend Lease Primelife unanimously recommend the offer in the absence of a superior offer

• In line with Lend Lease’s strategy to increase exposure to the retirement sector

• Expected to be accretive to future Lend Lease earnings

• Lend Lease will assume or refinance Primelife’s outstanding debt obligations

• Increases LLC’s gearing from c.3% to c.9% (on pro forma basis at 30 June 2009)

• The Independent Expert has concluded that the Lend Lease proposal is fair and reasonable and in the best interests of Primelife security holders

• Subject to vote by LLP shareholders at their AGM to be held on 8[th] December 2009

• Retail sales slowing in all regions but prime assets relatively defensive

Retail

• No significant capex required over next 12 to 18 months

• Cap rates are showing signs of stabilisation in the UK

• Weak trading conditions in UK and NSW but showing signs of improvement

Communities

• Preferred bidder on A$2.5b RNA Showgrounds project in Brisbane

• Well positioned to invest capital at attractive returns

Public Private Partnerships

• Strong government support for PPP framework

• Stimulus from government work in all markets which play to our strengths

• Established a PPP origination business in Australia and bidding in Canada

• Strong profit contribution, particularly from the Australian business

Project Management & Construction

Investment Management

• Backlog GPM of A$690m at June 2009

• 48% of Backlog GPM weighted to large infrastructure projects (e.g. healthcare, education and government work)

• Continuing strong performance of funds / focus on capital solutions

• Awarded Investment Stewardship Award for Funds Management

• All debt maturities for APPF Commercial and APPF Retail greater than 2 years

Lend Lease’s Strong Positioning – Cautious but Confident	Lend Lease’s Strong Positioning – Cautious but Confident
	Short term focus on cash preservation / cost management
Focusedstrategy	Long term focus on maximising returns and driving earnings Invest available liquidity at attractive returns
Economic Slowdown	LLC has strong base of recurring earnings PPP earnings countercyclical
Government Stimulus	Established platforms / existing skills in US, UK and Australia
Packages	PPP plays to LLC’s integrated capability
Financial Strength –	Low gearing / ability to fund committed pipeline
cash & capacity	Significant headroom under banking covenants
Efficient capital model /	Disciplined approach to capital allocation
low holding costs	Capital light / partnering model

2009 Annual General Meeting Steve McCann Group CEO

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