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Stock Exchange Announcement

2010 Annual General Meetings – Chairman and Managing Director addresses

11 November 2010

In accordance with ASX Listing Rule 3.13, attached are the addresses and accompanying slide presentation to be given by Lend Lease Group’s Chairman and Managing Director at the Annual General Meeting and Unit Holder meeting to be held today at 10.00am.

ENDS

For more information contact:

Sally Cameron

Lend Lease Group Tel: 02 9236 6464

Lend Lease Corporation Limited ABN 32 000 226 228 and Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595

Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 www.lendlease.com

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2010 Annual General Meeting Speech by David Crawford AO, Chairman

MR DAVID CRAWFORD:

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Lend Lease
Annual General Meeting 2010
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Good morning everyone.

My name is David Crawford and I am Chairman of the Lend Lease Board of Directors. Before I officially commence proceedings this morning, I want to say a few words about the protestors you will have noticed as you arrived at this venue.

This group is protesting about the proposed development at Barangaroo. Lend Lease is - as you know - developing the southern third of the Barangaroo site. Barangaroo is a very important project for Sydney and we are very proud to have a significant role in delivering this project.

It is really important for the people of Sydney to have robust discussion about Barangaroo and what it means to all of us and our city. So far, around 20,000 people have taken the opportunity to view the plans, online or in person, and to engage with this project over the past ten months.

We will continue to listen and talk to Sydney-siders for the duration of the project.

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Our CEO, Steve McCann, will provide an update on Barangaroo during the meeting.

And of course if you have any questions about the project, please ask us during question time.

I will now start the meeting by acknowledging the Gadigal peoples of the Eora nation who are the traditional custodians of the land that we are meeting on today.

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Disclaimer
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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.

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Emergency Evacuation Procedures
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In the event of an emergency situation requiring the hotel to be evacuated hotel guests will be: 1. Alerted by an audible signal and 2. A public address announcement to evacuate the premises
Please proceed calmly and in an orderly fashion to the nearest emergency exit. After exiting the hotel guests are to assemble with hotel staff at Lang Park which is located at Harrington Street and Grosvenor Street
Emergency exits are located at the south end of the common area by the lift landing as well as the Harrington Street entrance

Before I commence my address I ask that everyone please turn off their mobile phones.

In the event of an emergency requiring the hotel to be evacuated, you will be alerted by an audible signal and a public address announcement to evacuate the premises. Members of the hotel and security will direct you.

Please proceed calmly and in an orderly fashion to one of the nearest emergency exits which are located at the south end of the common area by the lift landing as well as the Harrington Street entrance.

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After exiting the hotel please assemble with hotel staff at Lang Park which is located at the corner of Harrington Street and Grosvenor Street.

As today is Remembrance Day, I will call for a minutes silence in honour of those who have served their country at 11AM.

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Presentation outline
1 Board
2 Chairman’s Address
3 CEO Address
4 Resolutions
MidCity, Sydney
4
Board of Directors
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I will now introduce the rest of the Board of Directors - Peter Goldmark, Chairman of the Nomination Committee; David Ryan, Chairman of our Risk Management and Audit Committee; Steve McCann, the Group’s CEO and Managing Director; Phillip Colebatch, Chairman of our Personnel & Organisation Committee; Gordon Edington; and Julie Hill, Chairman of our Sustainability Committee. The Company Secretary, William Hara is also sitting with us on stage.

Seated in the front rows of the auditorium are members of the executive management team. 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.

LLC_Chairman and CEO Speech Slides_2010 AGM_11nov10.doc 11/11/2010

I will commence proceedings with an overview of the key events and achievements for the 2010 Financial Year. Steve McCann will then present his operations report before we move 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.

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Board of Directors – David Crawford, AO
1
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Board of Directors – Peter Goldmark
7
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Board of Directors – David Ryan, AO
8
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Board of Directors – Steve McCann
9
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Board of Directors – Phillip Colebatch
10
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Board of Directors – Gordon Edington, CBE
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Board of Directors – Julie Hill
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Chairman’s Address
David Crawford, AO
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Incident & Injury Free
 Level 1 bullet
 Level 1 bullet
 Level 1 bullet
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LLC_Chairman and CEO Speech Slides_2010 AGM_11nov10.doc 11/11/2010

Firstly, touching on an area which is the number one priority for Lend Lease, the Board and senior management - Safety. Our safety vision is to operate Incident & Injury Free wherever we have a presence. This means that every person who comes to work has the right to go home safely to their family and loved ones at the end of the day. This applies whether they work on one of our projects, retail centres or in one of our offices. It covers all our sites, all our employees and all our contractors.

Being Incident & Injury Free is about people, actions and business relationships, not just numbers. Over the past year we have focused on embedding our Global Minimum Requirements for safety. This has been supported by extensive training and engagement programs, along with compliance oversight across all sites and assets.

We continue to invest in safety and are confident that we are on the right track. Lagging and leading indicators show that we are making progress and we are determined to move closer to our goal of becoming a truly Incident & Injury Free organisation.

We have assigned safety roles and responsibilities for our frontline construction employees and have completed safety leadership workshops for senior management in our business.

Tragically, three subcontractors died this financial year on our projects and although this is the lowest number of reported fatalities since Lend Lease commenced global safety reporting a decade ago, any loss of life is simply unacceptable. We will continue in our efforts in driving for an Incident & Injury Free working environment.

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Results Highlights
 Operating profit after tax of A$323.6
million is 5.2% above the prior year
 Well progressed on our strategic
path
 Significant pipeline of projects with
major project wins secured
 Strong balance sheet with capacity
to invest
Alkimos, Western Australia
15
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LLC_Chairman and CEO Speech Slides_2010 AGM_11nov10.doc 11/11/2010

Lend Lease enjoyed its most successful year for some time in 2010, winning several major projects.

We now have an enviable global pipeline of opportunities which will allow the group to deliver growth over the medium term. This includes the major urban regeneration opportunities in Australia and the UK as well as a highly sought after /mixed use opportunity in Singapore. Steve will update you on other projects including Barangaroo.

As a development led business, the key to long term success is securing projects at the right time in the cycle and then executing well. Successful delivery also requires a strong balance sheet which was enhanced through our equity raising. This financial strength and access to third party capital through our investment management business gives us great flexibility to extract maximum value from our developments. The focus will now move to delivering successfully on the execution of our development pipeline.

It has been an important and successful year in terms of setting up the longer term outlook for Lend Lease.

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Key financial metrics
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	June 2010	December 2009
Credit Rating - S&P/Moody’s	BBB- / Baa3	BBB- / Baa3
	(Stable)	(Negative Credit Watch)
Net (cash)/ debt1(A$m)	(19.7)	749.9
Gearing2	Net cash position	9.2%
Cash (A$m)	1,635.9	967.5
Undrawn facilities (A$m)	688.6	536.8
Weighted average debt maturity3	5.5 years	6 years
Weighted average cost of debt	6.3%	5.2%

1 Net(cash)/ debt is borrowings including other financial liabilities, less cash 2 Gearing is calculated as net debt, divided by total tangible assets, less cash 3 Weighted average maturity relates to drawn debt

Prudent capital management has placed Lend Lease in a strong financial position, with significant capacity to fund growth opportunities. During the year the Group put in place $1.2 billion of new and refinanced debt facilities and raised $800 million of equity. The Group has an investment grade credit rating with a stable outlook and Lend Lease continues to access third party capital through its managed funds platform.

LLC_Chairman and CEO Speech Slides_2010 AGM_11nov10.doc 11/11/2010

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Significant progress on our strategy
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Set the Industry
Standards
A Focused Core Business Disciplined Expansion LEAD
BUILD
 World Class Property
RESTORE  Reshape Portfolio Solutions Company
 Right Structure  Growth Platforms  Strong Integrated Offering
 Cost Out  Operational Excellence
 Drive EfficiencyCapital Management  Invest in People  Trusted Investment Manager
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17
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Last year we committed to a three stage journey of Restore, Build and Lead. Our Strategy has been devised to put us in a very strong position to face current market realities and challenges whilst building a business platform to ensure we can generate strong future growth.

We are well advanced on the Restore phase of this strategic pathway. We have also commenced the Build phase and have significantly invested in our management bench strength and maintained a strong focus on our growth priorities.

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Lend Lease is focused on key property growth trends
Urban Regeneration  Leading urban renewal projects in Australia, UK and SingaporeLong term pipeline
Ageing Population  No. 1 senior living platform in Australia70 retirement villages and 33 aged care facilities
Public Private Partnerships/  Capability in US, Canada, Australia, UK and Europe
Infrastructure  Focused on building capability across the value chain
Sustainability  Strong capabilities across the GroupDelivered 100+ new green buildings in the last 12 months
Fund Growth Platform  Funds under management of A$10.1b20% increase in underlying FUM growth in the year
18
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Lend Lease is well positioned to capitalise on the major property trends of urban regeneration, the ageing population, public private partnerships and infrastructure investment, sustainability, and growth in superannuation and sovereign wealth funds. We expect these trends to underpin our business internationally and our strategic plan has a strong focus on establishing leading positions in our core markets. We are well advanced in that regard.

Our pipeline of major urban renewal projects extend beyond 10 years and these will be a significant contributor to future earnings.

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Through Lend Lease Primelife we are the number 1 senior living platform in Australia with 70 retirement villages and 33 aged care facilities.

We expect to see continued government investment in infrastructure projects, both directly and under the Public Private Partnership model. Globally, Lend Lease has 39 operational PPP projects and is currently shortlisted on another 8 projects. We are focussed on building our capabilities in this area.

Lend Lease is a leader in sustainability and is actively focused on developing and investing in sustainable solutions through green refurbishment, green buildings, green utilities and integrated sustainable development solutions. In the last 12 months Lend Lease has delivered over 100 new green buildings.

In addition, Lend Lease’s investment management business gives the Group access to third party capital.

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Sustainability
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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.

Lend Lease continues to work towards sustainability leadership and is actively focused on developing and investing in sustainable solutions including clean technology and environmentally friendly buildings and green utilities.

Sustainability has been a part of the Lend Lease culture for more than 50 years. Making a difference in our communities, improving health and safety standards, and reducing our environmental impacts are core to our business.

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Our expertise and working in partnership with government, business and other key stakeholders enables us to tackle the significant social and environmental challenges that face all of us.

Lend Lease is one of the few companies able to calculate the energy and emissions intensity of the construction projects and assets we manage, as well as for the offices we occupy.

During the year, Lend Lease was listed for the third consecutive year on the 2009 Goldman Sachs JBWere Climate Leadership Index. We also maintained our position on external reporting indices, including the Dow Jones Sustainability World Index.

Over the past 12 months Lend Lease received over 70 awards recognising leadership in sustainability and environmental performance.

Lend Lease is a founding member of Green Building Councils in the United States, United Kingdom, United Arab Emirates, Singapore, Spain and Australia.

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Strong competitive position
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Lend Lease is in a strong competitive position
The integrated model is a strong source of competitive advantage  Supported by new Group regional structure  Continued focus on operational excellence
Strong project pipeline with funding flexibility
Significant project wins
Capital raised will be invested over the medium term and supported by third party equity
Return on equity will remain a key focus moving forward
Lend Lease is very well positioned to capitalise on the key property trends

The Group is in a strong competitive position underpinned by the projects the Group secured this year.

Our integrated capabilities are a source of competitive advantage and this combined with our regional focus and focus on key property trends differentiates us from our peers.

We will continue to focus on operational excellence and aligning our cost base. We have a significant pipeline of opportunities and clear plans of where we will spend our capital and line of sight of funding for these opportunities.

LLC_Chairman and CEO Speech Slides_2010 AGM_11nov10.doc 11/11/2010

Return on equity remains a key focus and we expect to reach our target of 15% as we deliver on our pipeline over the medium term.

Lend Lease is well positioned to capitalise on the key growth trends we have identified and we are well advanced on establishing leading positions to capitalise on these trends in our core markets.

Finally, I extend thanks to my board colleagues, senior management and Lend Lease employees around the world for their passion, hard work and commitment.

I will now hand over to Steve to take us through an operational update.

LLC_Chairman and CEO Speech Slides_2010 AGM_11nov10.doc 11/11/2010

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2010 Annual General Meeting Speech by Steve McCann

Group Chief Executive Officer and Managing Director

MR STEVE McCANN:

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Group CEO & MD Address
Steve McCann
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Thanks David.

2010 was a very successful year for Lend Lease. We have worked hard to position Lend Lease for long term growth. During the year the Group demonstrated the strength of its integrated model and secured a number of outstanding urban regeneration projects in our key markets. Our focus in the 2011 financial year will be to ensure we execute well and deliver the optimal return on these projects.

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Financial highlights
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	June 2010	June 2009
	A$m	A$m
Revenue	10,570.0	14,785.0
EBITDA from Operating Businesses	585.1	509.6
EBITDA Margin (%)	5.5	3.4
Operating Profit after Tax	323.6	307.5
Statutory Profit/ (Loss) after Tax	345.6	(653.6)
Earnings per security1(cents)	65.1	71.1
Distribution per security2 (cents)	32.1	41.0
Return on equity3 (%)	12.6	(24.4)
1 Based on Operating Profit after Tax and average number of securities on issue of 497.2 million (including Treasury Shares) (June 2009: 432.6 million). June 2009 has been adjusted by a factor of 1.02 in respect of new securities issued during March and April 2010 via a 5 for 22 single book build accelerated renounceable entitlement offer at A$7.70 per new security.
2 Distributions include interim and final distributions. June 2010 also includes dividend ‘in specie’ of Lend Lease Trust units of 0.1 cents per security.

3 Return on equity is calculated based on Statutory Profit/ (Loss) after Tax and weighted average equity.

Lend Lease delivered an operating profit after tax of A$323.6 million, 5.2% above 2009. This was in line with the earnings guidance that we gave earlier in the year and despite a A$30m negative foreign exchange impact. Adjusting for the currency

LLC_Chairman and CEO Speech Slides_2010 AGM_11nov10.doc 11/11/2010 12

impact, the increase would have been nearly 15%. The strong Australian dollar is likely to again have an impact on the current financial year.

The Group’s Statutory Profit after Tax for the year of A$345.6 million includes net property investment revaluation gains of A$22 million after tax.

We have worked very hard to restructure our organisation in response to declining volumes and it is especially pleasing to see this reflected in a significant increase in EBITDA margin, a tremendous effort in an environment where revenues were down almost 30%.

Earnings per security were down from last year reflecting the equity raising that we undertook earlier in the year.

The final dividend of 12 cents per share franked to 100 per cent takes the full year dividend to 32.1 cents per share. This represents a payout ratio of 50% of operating profit after tax for the full year and sits in the middle of our dividend payout range of between 40-60% of operating profit after tax.

The Group’s return on equity for the year was 12.6%. Return on equity is a key focus for the Group moving forward. We aim to drive this over 15% in the medium term.

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Business Update
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 Significant deal flow – Barangaroo, RNA, ING
Retail assets, Sekisui House
 Residential market conditions remain firm
 Strong base of construction work from
Australia government and internal projects
 Completed 100% acquisition of Lend Lease
Primelife
 Investment Management – strong FUM growth Hyatt Coolum, Queensland
 Secured significant retail opportunity in
Singapore – Jurong Road
 Invested remainder of Asian Retail Investment
Asia Fund capital
 Bovis Lend Lease – pharmaceutical work in
Singapore and telecommunications work in
Japan
Australian Pavilion, Shanghai World Expo
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As I have said 2010, was an important year for the Group in terms of adding to our development pipeline.

In Australia, we secured the $6 billion first stage of Barangaroo in Sydney, the $400 million first stage of the Alkimos masterplanned community in Western Australia, two significant apartment development sites in Richmond and Orrong Road in

LLC_Chairman and CEO Speech Slides_2010 AGM_11nov10.doc 11/11/2010 13

Melbourne and led a consortium which acquired the $1.4 billion ING Retail Property Fund assets. In addition, we signed a conditional project development agreement for the $2.5 billion RNA Showgrounds development in Brisbane and consolidated our position in the retirement sector with the acquisition of the remaining 56.8% interest in Lend Lease Primelife.

Since the close of the 2010 financial year, Lend Lease’s deal momentum has continued. In September, we announced an implementation agreement with Sekisui House, Japan’s largest house builder involving a number of master planned community projects and apartment developments in Australia.

The residential business is performing well, particularly in the higher density inner urban market, but interest rates and affordability are clearly issues to watch.

Lend Lease’s project management, design and construction business in Australia remains well placed with a strong base of work from both internal projects and government.

In Singapore, Lend Lease, along with one of its managed funds, our Asian Retail Investment Fund was awarded Jurong Gateway, a large mixed-use development opportunity. ARIF is now fully invested.

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Business Update
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 Secured Stratford Stage 2 and Elephant &
Castle
 Closed Phase 1 Birmingham Schools project
EMEA and preferred on Wandsworth Schools
 Continue to progress major project approvals
 No significant capital requirements in the
short term
Greenwich Peninsula, London
 Construction markets challenging although
some signs of activity beginning to emerge
Americas  Secured US$350m second phase (Group B) of army lodgings program
 Reached financial close on US$377m
Wainwright Greely project in Alaska
US Army Lodging Program
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In the UK, we have progressed two major urban regeneration opportunities, the £1.3 billion second stage of Stratford City and the £1.5 billion regeneration of Elephant & Castle.

In the US, our military housing business has had significant success in winning projects in recent months securing stage B of the Privatised Army Lodgings program and the US$377 million Wainwright Greely project in Alaska under the family housing

LLC_Chairman and CEO Speech Slides_2010 AGM_11nov10.doc 11/11/2010

program.

Offshore however, construction markets continue to remain challenging. In the US, the business continues to be impacted by the ongoing legal investigation in New York, however there are some encouraging signs of activity beginning to emerge.

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Barangaroo, Sydney – current site
 Extension of the Sydney CBD
 Estimated $A6b end value
 Development period 10 to 15
years
 Stage 1 - 7.5 hectare site area
 Up to 490,000 sqm total GFA
 Commercial, Residential & Retail Barangaroo Central
 Demonstration of Lend Lease’s Headland Park
integrated, world class property Northern Cove
capability
25
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Earlier as you walked into the meeting, you may have seen the DVD that was playing which highlighted major projects that Lend Lease has delivered and some of the exciting new projects that Lend Lease has secured over the last year - including Barangaroo.

Barangaroo has been long in the making. The decision to redevelop this former container port on the western edge of Sydney's Central Business District, which you can see in the slide I have put up, was first taken back in 2003. The New South Wales Government of the time determined that it was a State significant project, and its planning assessment comes under State rather than local planning jurisdiction. This is not a matter for Lend Lease to comment on, we are simply working within the legal planning system applicable to the land.

The designs for Barangaroo commenced in 2005 with an urban design and ideas competition. Then followed many thousands of hours of design evolution, leading to an approved concept plan being announced by the NSW Government in 2007 and later amended in 2009.

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In 2008, the Government called for Expressions of Interest for what is now known as “Barangaroo South”, followed by a Request for Detailed Proposal from three shortlisted bidders.

In December 2009, Lend Lease was selected as the preferred developer for Barangaroo South by the Barangaroo Delivery Authority on behalf of the New South Wales Government.

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Barangaroo, Sydney – a new Western gateway to Sydney
Barangaroo Central
Headland Park
Northern Cove
26
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The winning proposal was created by Lend Lease working with a team of Australian and international architects. In February this year, the Authority placed the Barangaroo master plan, including Lend Lease proposed designs for Barangaroo South, on public display.

In all, the whole design process has been a seven year evolution that has led to the Concept Plan Amendment that was lodged with the NSW Department of Planning on 30 July.

The Department is now conducting its review prior to making a recommendation to the NSW Minister for Planning who is the Consent Authority. A decision by the Minister is expected before the end of the year. This week the Minister gave approval for the bulk excavation and basement work.

Every step of this process has been conducted under robust public scrutiny and has been externally assessed to ensure its probity and integrity.

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As you can see on the screen... Barangaroo is divided into three areas – the northernmost third, comprising a restored headland and cove, the central area – which will include a major waterfront park and the southern precinct for which Lend Lease is now responsible for. This precinct will feature residential apartments, office buildings, cultural facilities, shops, a hotel and a vibrant new waterfront promenade and public realm.

Over the past several months, more than 20,000 people have taken the time to engage in the Barangaroo consultation process through public displays, online information, community forums and meetings with local residents.

Overall, the response has been extremely positive. People of Sydney see the value in the creation of Barangaroo as a thriving, sustainable extension to our city and a publicly accessible harbour waterfront.

The feedback we have been receiving is echoed by recent research of 2,200 Sydneysiders undertaken by the Barangaroo Delivery Authority. After seeing information and images of Barangaroo South, nearly 70% of people researched viewed the plans positively, with only 15% being negative.

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Barangaroo South – a great opportunity for Sydney
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Regeneration of 22 hectares of industrial wasteland into public use
 Economic boost for Sydney and NSW
 Jobs – 3,000 jobs during construction
 50% of site is open public space
 Zero cost to taxpayers
Hotel and Southern Cove City Walk
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27
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Lend Lease is immensely proud to be involved in a regeneration project that delivers so much for Sydney and Sydneysiders, including:

A $6 billion transformation of this former port;
A major economic boost for Sydney, with over 3,000 new
construction jobs, including some 600 apprenticeships; and
2.2 kilometres of prime waterfront which will be returned to the people of Sydney and will complete an uninterrupted 14

LLC_Chairman and CEO Speech Slides_2010 AGM_11nov10.doc 11/11/2010

kilometre walk from Woolloomooloo all the way to the Anzac Bridge and open space which will comprise more than 50% of the site and will restore the foreshore to its original state, bringing the harbour back to the city.

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Barangaroo South – significant benefits for Sydney
 Transport – ferry wharfs, improved pedestrian connection to rail and bus at Wynyard, major cycling
hub, new light rail service
 Adds to Sydney’s diversity/ public realm with a new waterfront meeting place and cultural facilities
 Sustainability ambitions for Barangaroo South – carbon neutral, water positive and zero waste
Cultural Centre Ferry terminal
28
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Barangaroo South will be a catalyst for transport improvements to and from the city, including new ferry terminals, light rail, buses, cycleways and pedestrian connections. It will create a new park, waterfront promenades, and civic squares all creating a great new place for Sydneysiders to visit and enjoy.

It will be one of the world's most sustainable urban renewals, setting new global benchmarks for future generations and delivering large flexible office space with leading architectural and technology features.

Barangaroo South will position Sydney on the global business stage. The project will strengthen Sydney’s reputation as an innovative financial services hub for South East Asia, and attract leading professional and financial services organisations from both within Australia and internationally.

It will support Sydney’s growth needs, supplying 40% of the forecast demand for prime Sydney office space over the next 10 years.

It is a demonstration of Lend Lease’s integrated property expertise including development, design, construction, ongoing investment and capital and asset management.

Sydneysiders should be proud of our city’s beautiful open spaces and harbour and Lend Lease will use all of its skills to deliver an

LLC_Chairman and CEO Speech Slides_2010 AGM_11nov10.doc 11/11/2010

outcome at Barangaroo South which Sydneysiders will be proud of for many years to come.

Turning now to some of the other exciting projects that Lend Lease secured during the 2010 year around the world.

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RNA showgrounds project, Brisbane
 Level 1 bullet
 Level 1 bullet
 Level 1 bullet
 Estimated $A6b end value
 Development period 10 to 15 years
 Stage 1 - 7.5 hectare site area
 Up to 490,000 sqm total GFA
 Commercial, Residential & Retail
 Part of the Sydney CBD
 New global sustainability
benchmarks
 LL integrated approach
29
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Lend Lease was selected by the Royal National Agricultural and Industrial Association of Queensland (“RNA”) as preferred respondent to develop the EkkA Showgrounds in May 2009. The project is to be staged over the next 15 years and has a projected value of approximately A$2.5 billion. Working with the RNA, Lend Lease will rebuild the amenities into exhibition and showground facilities for the Brisbane EkkA, Queensland’s largest annual event, while also developing part of the 22 hectares for an inner-city mixed-use development. The development is one of Australia’s largest urban renewal projects and will include a mix of residential, commercial, retail, and cultural facilities. Again it will demonstrate the strength of Lend Lease’s integrated property capabilities.

The project reached a significant milestone on Thursday 21 October 2010, with the Urban Land Development Authority resolving to approve Lend Lease’s Masterplan for the project.

LLC_Chairman and CEO Speech Slides_2010 AGM_11nov10.doc 11/11/2010

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Jurong Road, Singapore
 Level 1 bullet
 Level 1 bullet
 Level 1 bullet
30
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Another opportunity which we secured during the period which demonstrates the group’s integrated capabilities was the Jurong Gateway Road site in Singapore. As I have already mentioned, in late June 2010, Lend Lease and one of its managed funds, the Asian Retail Investment Fund (“ARIF”) was the successful bidder for the Jurong site, a large scale mixed use suburban development in Singapore. The asset will be owned 75% by ARIF and Lend Lease will have a 25% direct interest. The site has capacity for circa 108,000 sqm of development, including a regional suburban shopping centre and commercial tower. Lend Lease will provide development, design, project management, construction, retail property management and funds management services across the full property value chain. This opportunity builds upon Lend Lease’s strong existing retail capability in Singapore as well as the group’s urban regeneration capabilities.

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Elephant & Castle, London
 Level 1 bullet
 Level 1 bullet
 Level 1 bullet
31
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Turning now to London, Elephant & Castle lies within the London Borough of Southwark and is one of the most significant regeneration schemes in Europe. This £1.5 billion urban regeneration will provide approximately 2,500 new homes, and up to 500,000 square feet of retail restaurant and leisure space. The Heads of Terms agreement between Southwark Council and

LLC_Chairman and CEO Speech Slides_2010 AGM_11nov10.doc 11/11/2010

Lend Lease was approved in November 2009, with both parties now working towards a detailed Regeneration Agreement.

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Actus Lend Lease defence force housing, US
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 Actus Lend Lease is a leader in
planning, designing, building, and
managing residential communities
for the US military
 Have secured a number of phases
under Privatization of Army
Lodgings program
 Manages 40,000 residential units
and 3,700 Army lodging rooms
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32
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In the US, Actus Lend Lease remains one of our best performing businesses. During the year we were successful in securing Phase B of the Privatisation of Army Lodging (“PAL”) program and additional work under Phase A. In total, these projects have a value of over US$700 million. In addition, we reached financial close on the US$377 million Wainwright Greely project in Alaska under the Military Housing Privatization Initiative. We will continue to bid for projects under both programs and will look to leverage our Actus Lend Lease skills in the Canadian market.

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Outlook
 Significant development pipeline will
deliver growth over medium term
 Clear strategy to execute our
pipeline
 Strong balance sheet with capacity
to invest
 Near term opportunities in Australia
and Asia and longer term in the UK
and US Gold Coast University Hospital
33
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Turning now to the Group’s outlook. Lend Lease had an exceptional year having secured a number of outstanding development opportunities. The outlook for Lend Lease is very positive provided we execute well on the delivery of this pipeline.

The Group has a clear understanding of what we need to achieve to execute on our strong pipeline and this remains our highest priority.

LLC_Chairman and CEO Speech Slides_2010 AGM_11nov10.doc 11/11/2010

As David mentioned earlier, the strength of the Group’s balance sheet and access to third party capital gives Lend Lease great flexibility to extract maximum value from our developments as well as significant capacity to fund growth opportunities.

In Australia, the economy is strong and across the Board our businesses are performing well. In Asia, we are progressing some attractive retail developments and our market position is strengthening.

In the UK, Lend Lease has secured leading urban regeneration positions in London and is in a strong position to invest capital as the market strengthens. In the US, certain construction sectors are showing signs of recovery and opportunities for the Group to invest capital will emerge over time. The US business continues to have a strong base of stable earnings in the military housing business.

The combination of Lend Lease’s integrated model, strong competitive position, balance sheet strength, talented people and its exceptional project pipeline means that the Group is very well placed for growth over the medium term.

Thank you and I will now hand to the Chairman.

LLC_Chairman and CEO Speech Slides_2010 AGM_11nov10.doc 11/11/2010

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Lend Lease Annual General Meeting 2010

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Disclaimer
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Important information

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Emergency Evacuation Procedures
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In the event of an emergency situation requiring the hotel to be evacuated hotel guests will be:
Alerted by an audible signal and 2. A public address announcement to evacuate the premises
Please proceed calmly and in an orderly fashion to the nearest emergency exit. After exiting the hotel guests are to assemble with hotel staff at Lang Park which is located at Harrington Street and Grosvenor Street
Emergency exits are located at the south end of the common area by the lift landing as well as the Harrington Street entrance

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Presentation outline
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1	Board
2	Chairman’s Address
3	CEO Address
4	Resolutions

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MidCity, Sydney

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Board of Directors

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Board of Directors – David Crawford, AO
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Board of Directors – Peter Goldmark
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Board of Directors – David Ryan, AO
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Board of Directors – Steve McCann
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Board of Directors – Phillip Colebatch
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Board of Directors – Gordon Edington, CBE
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Board of Directors – Julie Hill
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Chairman’s Address David Crawford, AO

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Incident & Injury Free
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Level 1 bullet
Level 1 bullet
Level 1 bullet

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Results Highlights
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Operating profit after tax of A$323.6 million is 5.2% above the prior year
Well progressed on our strategic path
Significant pipeline of projects with major project wins secured
Strong balance sheet with capacity to invest

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Alkimos, Western Australia

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Key financial metrics
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	June 2010	December 2009
Credit Rating - S&P/Moody’s	BBB- / Baa3	BBB- / Baa3
	(Stable)	(Negative Credit Watch)
Net (cash)/ debt1(A$m)	(19.7)	749.9
Gearing2	Net cash position	9.2%
Cash (A$m)	1,635.9	967.5
Undrawn facilities (A$m)	688.6	536.8
Weighted average debt maturity3	5.5 years	6 years
Weighted average cost of debt	6.3%	5.2%

1 Net(cash)/ debt is borrowings including other financial liabilities, less cash

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

3 Weighted average maturity relates to drawn debt

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Significant progress on our strategy
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Disciplined
Expansion
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LEAD

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
World Class Property
Solutions Company

Strong Integrated Offering

Trusted Investment Manager
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BUILD

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
Reshape Portfolio

Growth Platforms

Operational Excellence

Invest in People
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RESTORE

Right Structure
Cost Out
Drive Efficiency
Capital Management

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Lend Lease is focused on key property growth trends
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Urban Regeneration		Leading urban renewal projects in Australia, UK and Singapore Long term pipeline
Ageing Population		No. 1 senior living platform in Australia 70 retirement villages and 33 aged care facilities
Public Private Partnerships/ Infrastructure		Capability in US, Canada, Australia, UK and Europe Focused on building capability across the value chain
Sustainability		Strong capabilities across the Group Delivered 100+ new green buildings in the last 12 months
Fund Growth Platform		Funds under management of A$10.1b 20% increase in underlying FUM growth in the year

Sustainability

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Strong competitive position
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Lend Lease is in a strong competitive position
The integrated model is a strong source of competitive advantage

 Supported by new Group regional structure  Continued focus on operational excellence

Strong project pipeline with funding flexibility

 Significant project wins

Capital raised will be invested over the medium term and supported by third party equity
Return on equity will remain a key focus moving forward
Lend Lease is very well positioned to capitalise on the key property trends

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Group CEO & MD Address Steve McCann

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Financial highlights
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	June 2010	June 2009
	A$m	A$m
Revenue	10,570.0	14,785.0
EBITDA from Operating Businesses	585.1	509.6
EBITDA Margin (%)	5.5	3.4
Operating Profit after Tax	323.6	307.5
Statutory Profit/ (Loss) after Tax	345.6	(653.6)
Earnings per security1(cents)	65.1	71.1
Distribution per security2 (cents)	32.1	41.0
Return on equity3 (%)	12.6	(24.4)

1 Based on Operating Profit after Tax and average number of securities on issue of 497.2 million (including Treasury Shares) (June 2009: 432.6 million). June 2009 has been adjusted by a factor of 1.02 in respect of new securities issued during March and April 2010 via a 5 for 22 single book build accelerated renounceable entitlement offer at A$7.70 per new security.

2 Distributions include interim and final distributions. June 2010 also includes dividend ‘in specie’ of Lend Lease Trust units of 0.1 cents per security.

3 Return on equity is calculated based on Statutory Profit/ (Loss) after Tax and weighted average equity.

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Business Update
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Australia

Asia

Significant deal flow – Barangaroo, RNA, ING Retail assets, Sekisui House
Residential business performing well, particularly inner urban
Interest rates and affordability are issues to watch
Strong base of construction work from government and internal projects
Completed 100% acquisition of Lend Lease Primelife
Investment Management – strong FUM rowth
g
Secured significant retail opportunity in Singapore – Jurong Road
Invested remainder of Asian Retail Investment Fund capital
Bovis Lend Lease – pharmaceutical work in Singapore and telecommunications work in Japan

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Hyatt Coolum, Queensland

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Australian Pavilion, Shanghai World Expo

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Business Update
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EMEA

Secured Stratford Stage 2 and Elephant & Castle
Closed Phase 1 Birmingham Schools project and preferred on Wandsworth Schools
Continue to progress major project approvals
No significant capital requirements in the short term

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Greenwich Peninsula, London

Americas

Construction markets challenging although some signs of activity beginning to emerge
Secured US$350m second phase (Group B) of army lodgings program
Reached financial close on US$377m Wainwright Greely project in Alaska

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US Army Lodging Program

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Barangaroo, Sydney – current site
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Extension of the Sydney CBD
Estimated $A6b end value
Development period 10 to 15 years
Stage 1 - 7.5 hectare site area
Up to 490,000 sqm total GFA
Commercial, Residential & Retail

Barangaroo Central

Demonstration of Lend Lease’s Headland Park integrated, world class property Northern Cove capability

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Barangaroo, Sydney – a new Western gateway to Sydney
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Barangaroo Central

Headland Park Northern Cove

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Barangaroo South – a great opportunity for Sydney
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Regeneration of 22 hectares of industrial wasteland into public use

Economic boost for Sydney and NSW
Jobs – 3,000 jobs during construction
50% of site is open public space

 Zero cost to taxpayers

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Hotel and Southern Cove

City Walk

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Barangaroo South – significant benefits for Sydney
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Transport – ferry wharfs, improved pedestrian connection to rail and bus at Wynyard, major cycling hub, new light rail service
Adds to Sydney’s diversity/ public realm with a new waterfront meeting place and cultural facilities
Sustainability ambitions for Barangaroo South – carbon neutral, water positive and zero waste

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Cultural Centre

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Ferry terminal

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RNA showgrounds project, Brisbane
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 Level 1 bullet

Level 1 bullet
Level 1 bullet
22 hectare siteEstimated $A6b end value
 Development period 10 to 15 years Renewal of RNA Facilities
Stage 1 - 7.5 hectare site area
5.5 hectares of land for Private
Up to 490,000 sqm total GFA Development
Commercial, Residential & Retail
Development period 15 years
Part of the Sydney CBD
Commercial, Residential and Retail
New global sustainability
340,000 sqm total GFAbenchmarks
 LL integrated approach Circa $2.5b end value

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Jurong Road, Singapore
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 Level 1 bullet

Large scale mixed use suburban development – 108,000 sqm
Regional shopping centre and commercial
25% owned by Lend Lease, 75% by Asian Retail Investment Fund

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Elephant & Castle, London
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 Level 1 bullet

 £1.5 billion residential led, mixed use urban regeneration scheme over 15 years

c2,500 new homes
Up to 500,000sqm of retail, restaurant and leisure space
Heads of Terms signed December 2009
Conditional Regeneration Agreement signed during 2010

 Lend Lease is Development and Construction Manager for the Athletes’ Village

Client is the Olympic Delivery Authority
Project continues to progress well, within cost plan and on schedule

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Actus Lend Lease defence force housing, US
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Actus Lend Lease is a leader in planning, designing, building, and managing residential communities for the US military
Have secured a number of phases under Privatization of Army Lodgings program
Manages 40,000 residential units and 3,700 Army lodging rooms

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Outlook
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Significant development pipeline will deliver growth over medium term
Clear strategy to execute our pipeline
Strong balance sheet with capacity to invest
Near term opportunities in Australia and Asia and longer term in the UK and US

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Gold Coast University Hospital

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Lend Lease Annual General Meeting 2010

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AI assistant

LENDLEASE GROUP AGM Information 2010

65243_rns_2010-11-10_494585ff-1223-4ee5-b5fc-e38570f200ac.pdf

Stock Exchange Announcement

2010 Annual General Meetings – Chairman and Managing Director addresses

11 November 2010

Sally Cameron

2010 Annual General Meeting Speech by David Crawford AO, Chairman

MR DAVID CRAWFORD:

Important information

2010 Annual General Meeting Speech by Steve McCann

Group Chief Executive Officer and Managing Director

MR STEVE McCANN:

Thanks David.

Lend Lease Annual General Meeting 2010

Important information

Board of Directors

Chairman’s Address David Crawford, AO

Alkimos, Western Australia

LEAD

RESTORE

Group CEO & MD Address Steve McCann

Australia

Asia

EMEA

Americas

Regeneration of 22 hectares of industrial wasteland into public use

 Zero cost to taxpayers

Ferry terminal

 Level 1 bullet

Lend Lease Annual General Meeting 2010

AI assistant

LENDLEASE GROUP — AGM Information 2010

65243_rns_2010-11-10_494585ff-1223-4ee5-b5fc-e38570f200ac.pdf

Stock Exchange Announcement

2010 Annual General Meetings – Chairman and Managing Director addresses

11 November 2010

Sally Cameron

2010 Annual General Meeting Speech by David Crawford AO, Chairman

MR DAVID CRAWFORD:

Important information

2010 Annual General Meeting Speech by Steve McCann

Group Chief Executive Officer and Managing Director

MR STEVE McCANN:

Thanks David.

Lend Lease Annual General Meeting 2010

Important information

Board of Directors

Chairman’s Address David Crawford, AO

Alkimos, Western Australia

LEAD

RESTORE

Group CEO & MD Address Steve McCann

Australia

Asia

EMEA

Americas

Regeneration of 22 hectares of industrial wasteland into public use

 Zero cost to taxpayers

Ferry terminal

 Level 1 bullet

Lend Lease Annual General Meeting 2010

More from LENDLEASE GROUP

LENDLEASE GROUP AGM Information 2010