LENDLEASE GROUP — AGM Information 2011

Nov 8, 2011

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ASX Announcement

2011Annual General Meetings – Chairman and Managing Director addresses

9 November 2011

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 Chief Executive Officer and Managing Director at the Annual General Meeting and Unit Holder meeting to be held today at 10.00am.

ENDS

For more information contact:

Investor Relations:

Sally Cameron Group Executive - Investor Relations 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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2011 Annual General Meeting

Speech by David Crawford AO, Chairman

MR DAVID CRAWFORD:

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Good morning everyone.

My name is David Crawford and I am Chairman of the Lend Lease Board of Directors.

I acknowledge the traditional owners of the land we meet on today, the Wurundjeri people of the Kulin Nation, and pay my respect to them and their elders past and present.

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

In the event of an emergency requiring the venue to be evacuated, the alert signal will be sounded to which the Wardens will respond. Take no action unless requested by a Warden. On

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the sounding of the Evacuation tone, listen for instructions from the Chief Warden and evacuate the floor via the nearest fire stair exit.

Continue to listen for messages on the Public Address system and when clear of the building, proceed to the assembly area as directed.

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I will now introduce the rest of the Board of Directors – on my right is David Ryan, Chairman of our Risk Management and Audit Committee; Jane Hemstritch who joined the Board in September; Phillip Colebatch, Chairman of our Personnel & Organisation Committee; Steve McCann, the Group’s CEO and Managing Director; and on my left is Gordon Edington; Peter Goldmark, Chairman of the Nomination Committee and Julie Hill, Chairperson of our Sustainability Committee who unfortunately cannot be with us today. 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.

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I will commence proceedings with an overview of the key events and achievements for the 2011 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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Lend Lease is committed to operating Incident & Injury Free wherever the Group has a presence. This is central to our business approach and is embedded in all our decision making. Tragically one fatality occurred in the Australian infrastructure business during the year. Our thoughts are with the family, friends and colleagues of the deceased.

To assist us in achieving our vision we have developed a set of operating disciplines and specific environmental, health and safety leadership behaviours, all of which are aimed at ensuring those who work with us, and for us, operate in a manner which means we never compromise on our vision.

This year we made significant progress in our efforts to further develop our people in the area of safety. Our Uncompromising Leadership program is about setting an example, and taking a strong stance when faced with any situation that compromises the safety of employees and contractors.

Over the past five years, we have achieved a material improvement in our incident frequency rates, and have significantly reduced our fall from heights by 80 per cent.

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During the 2011 year, the Group significantly progressed its strategy, with the acquisition of the infrastructure business and the achievement of key milestones on a number of major projects. In line with the Group’s focus on portfolio management we have continued to recycle a number of assets.

Since announcing the Group’s full year result in August we have continued to see momentum in project wins. The Infrastructure business has a backlog of A$6.3 billion, including secured and pending work, and is preferred bidder on a further A$1.2 billion of work. We launched a new retail fund in New Zealand, sold additional assets to the UK Infrastructure Fund and won additional work with the US military under the lodgings program.

While there is further work to be done, the Group is well placed to deliver growth over the medium term in our chosen market sectors and segments, despite the current uncertainty in global markets. In 2012 we will see the benefit of earnings from the infrastructure business and also the emergence of profits from our major projects, particularly Barangaroo South.

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For the year ended 30 June 2011 the Group delivered an Operating Profit after Tax of $485.3 million, a 50 per cent increase on the prior year.

Earnings growth was achieved across all regions, in the face of challenging economic conditions in the UK, Europe and the Americas and a negative impact of the high Australian dollar.

Statutory Profit after Tax for the year was $492.8 million, including net property revaluation gains of $7.5 million.

Finally, return on equity moved closer to our target of 15% and remains a strong focus for the Group.

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Lend Lease has built a solid platform for growth over the past few years and, despite continuing uncertainty and volatility in global markets, we are tracking well against our financial targets. We aim to achieve a return on equity greater than 15% per annum and we were just below this target for the full year.

Our debt metrics remain strong with gearing just below 9%. During 2011 15% of EBITDA came from annuity income and the Group will continue to target around 15% of EBITDA from a broad range of annuity income streams

The dividend payout ratio of 41% of Operating profit for the full year, resulted in a total cash distribution for the year of 35 cents. This was up 3 cents per security or 9% on the prior year.

The final dividend was unfranked reflecting lower tax payments in Australia. Going forward our franking capacity will vary depending upon a number of things including the quantum of timing differences, particularly in the Retirement Business and potential changes in tax consolidation legislation.

The rules of the DRP have been changed and we have removed the discount of 2.5 per cent. This was applied to the final distribution paid in September.

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For some time we have talked about the key growth trends that will impact and shape our business. These include urban regeneration, the ageing population, infrastructure, sustainability and growth in sovereign wealth funds and pension funds.

One of the most significant achievements for 2011 was advancing our position in the infrastructure sector by acquiring Valemus Australia, the parent company of Abigroup, Baulderstone and Conneq. The acquisition materially increased the Group’s capabilities and activities in the engineering and construction market in Australia.

Integration of the new business is progressing well and is on track to be a significant driver of earnings for Lend Lease from financial year 2012 onwards.

In the 2011 Dow Jones Sustainability World Index we achieved a score of 80% - a 2% improvement from the prior year and well ahead of the average industry score of 45%.

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In summary, the Group’s financial strength, focus on capital recycling and access to third party capital gives Lend Lease the financial flexibility to continue to invest in its development pipeline and other opportunities.

We have continued to deliver on our strategy of investing in key growth areas through our development pipeline …. and the acquisition of the infrastructure business that will provide earnings accretion this year.

We are positive about the Group’s operating outlook and remain focused on optimizing securityholder returns. Lend Lease is in good shape and well placed to deliver growth over the medium term.

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 update on the business.

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2011 Annual General Meeting Speech by Steve McCann

Group Chief Executive Officer and Managing Director

MR STEVE McCANN:

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Thanks David.

Having focused on building a solid platform over the past few years, Lend Lease is in a very good position. While uncertainty remains in global markets, we have a prudent strategy for growth in all our regions. Our financial result this year clearly demonstrates that we are pursuing the right strategy.

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The Australian region had a strong result in 2011 with profit up 14%. This included a full 12 month contribution from the Retirement Living and Aged Care business and a small contribution from the acquired infrastructure business. Lend Lease continued to add to its significant development pipeline and progress key projects. In Australia, the New South Wales Government approved the Concept Plan amendment for the $6 billion redevelopment of Barangaroo South in Sydney and construction has now commenced on site.

The combined project management and construction and infrastructure business has a robust backlog of government work, particularly healthcare and transport, and our backlog would be even higher if we included our internal development pipeline that has not been contracted to date.

The long term fundamentals of the residential sector remain strong, driven by the robustness of the Australian economy, low levels of unemployment, population growth and a growing housing stock deficiency in most states. However, as we previously flagged, we have seen reduced trading levels in the financial year to date, impacted by consumer confidence as buyers remain cautious and take longer to make purchase

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decisions. Last week’s interest rate cut is welcome but we remain cautious about the residential outlook.

In Asia, there are strong fundamentals across most markets and profit for the year was up nearly 40%. Our development of the Jurong Gateway mixed-use site, renamed Jem™, in conjunction with the Lend Lease managed Asian Retail Investment Fund, is progressing well with 100% of the commercial space leased as well as the majority of the retail anchor tenant space.

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In Europe, market conditions remain tough and this has slowed the volume of construction work. During the 2011 year we launched the Lend Lease managed UK Infrastructure Fund raising £220 million of capital. Subsequent to year end the Fund acquired three additional PPP assets realising £30 million of capital. We also continued to progress major projects, signing a conditional regeneration agreement with the London Borough of Southwark for the £1.5 billion regeneration of Elephant & Castle and meeting all conditions on the Framework Agreement for the £1.3 billion second stage of The International Quarter, Stratford City, London. We have achieved this with very little capital invested.

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The Americas region had a strong year in 2011 principally due to the sale of King of Prussia which released over US$500 million of capital. The market remains very challenging and construction revenue reduced although the volume of construction projects secured in the year did increase.

We have also added to our pipeline in the US military housing privatisation and lodgings sectors, and during 2011 we acquired DASCO, a developer of medical office buildings and outpatient care facilities with a strong development pipeline that will position Lend Lease in a rapidly growing sector.

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The acquisition of the infrastructure business continues to track in line with our expectations.

As at 30 September 2011, backlog revenue was A$6.3 billion. The integration process is progressing as planned.

We remain on track to deliver the earnings accretion announced at the time of the acquisition and finally have significant visibility of new work with circa A$1.2 billion of work at preferred bidder stage.

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We announced yesterday a number of organisational structure changes as part of the integration of the infrastructure business. Most importantly, effective 1 February next year the infrastructure business will report into the Australian region. Our infrastructure businesses, Abigroup, Bauderstone and Conneq which has been rebranded Lend Lease infrastructure services, together with our project management and construction business will all report to Peter Brecht, who has been appointed Managing Director, Construction Australia. Peter will report into the regional CEO, Mark Menhinnitt.

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At Barangaroo South in Sydney construction work officially commenced on October 25th launched by the NSW Premier The Honourable Barry O’Farrell.

Lend Lease is well advanced in discussions with major tenants and third party investors and, as previously advised, we will provide an update on tenants and capital partners by the end of the calendar year. Importantly, we remain on track for the project to begin contributing earnings in the second half of this financial year.

The Barangaroo Review initiated by the NSW Government was completed in August and provides enhanced certainty for

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Barangaroo. The Review acknowledged the quality of the project and its importance to Sydney, as well as the integrity of the processes Lend Lease has undertaken for Barangaroo South.

Lend Lease is also working co-operatively with the NSW Government to explore alternative locations for the hotel at Barangaroo. The discussions take into account design excellence, our commercial position and the timing of the project.

Current construction work includes building the retaining wall for the shared basement under Barangaroo South’s three commercial office towers with construction work on the first commercial tower expected to begin before the end of the calendar year.

Finally, work is underway on plans for the Wynyard Walk, a new pedestrian link from the Wynyard bus and rail transport hub to Barangaroo.

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Lend Lease has a clear Restore-Build-Lead strategy to realise the long term growth potential of the Group. The ability to operate Incident & Injury Free is fundamental to our success, and we are working hard to achieve this goal.

The first stage of the Group strategy, Restore, is coming to completion, with our businesses now restructured and realigned across four core regions. We are well into the next phase of our strategy, Build, where we have also achieved some significant milestones, including the acquisition of Valemus, which now forms our Australian infrastructure business. We are now focused on extracting the maximum value from the unique combination of businesses across the Group.

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Over the next two years you will see the Group continue to focus on delivery and execution of our development pipeline, successful integration of the infrastructure business in Australia, active portfolio management and positioning our offshore businesses in preparation for a market recovery.

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The market environment in Australia remains relatively stable. The outlook across most of our key sectors is positive, particularly the infrastructure sector, however we remain cautious of potential factors that may impact this.

Consumer sentiment, as has been widely flagged, is impacting the residential market in the short term. However the Australian economy is performing well relative to other economies, driven by the strength of resources demand from China, low levels of unemployment and strong growth in the infrastructure sector. We remain confident about the long term outlook for Lend Lease in Australia.

We continue to see strong fundamentals across most markets in Asia and there is continued investor demand for quality assets. In the Americas, economic conditions remain uncertain and market conditions are patchy. We are establishing positions in sectors such as healthcare development through the acquisition of the Dasco business.

In the UK, we are seeing some signs of a pick-up in both the construction market and in the residential market, however market conditions do remain tough. We are confident of our ability to leverage the market recovery with our strong pipeline of urban regeneration projects.

So overall the outlook for our business and sector mix is positive. Lend Lease is well placed to deliver growth for securityholders. The integration of the infrastructure business, delivery of our exceptional development pipeline, particularly Barangaroo South, and continued recycling of capital will drive the Group’s growth over the coming years.

I would also like to take the opportunity to say thank you to Brad Soller, Group Chief Financial Officer who has chosen to leave the Group and will finish at the end of January. Thank you Brad for your hard work and contributions and it has been a pleasure working with you.

As always, our commitment to safety and sustainability will underpin all our activities, and with the ongoing hard work and dedication of our people, we look forward to progressing on our

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path to becoming the leading international property and infrastructure group.

I will now hand back to the Chairman.

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Annual General Meeting 2011

Important notice

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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 related entities and their respective 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.

Each recipient should consult with, and rely solely upon, their own legal, tax, business and/or financial advisors in connection with any decision made in connection with the information contained in this presentation.

Lend Lease Corporation Limited does not undertake any obligation to provide recipients with further information to update this presentation or to correct any inaccuracies.

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.

A reference to 2011 refers to the 2011 financial year unless otherwise stated.

Cover Image: Port Botany Container Terminal Expansion, Sydney, Australia. Photo courtesy of Sydney Ports Corporation.

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Emergency Evacuation Procedures

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In the event of a fire, or any other emergency occurring in the building, the following procedures shall apply:

The “Alert” signal (Beep, Beep, Beep) will be sounded to which the Wardens of the building will respond by initially checking their respective floors/areas for an emergency and will then make their way to their assigned Warden Intercommunication Point (WIP)

Personnel are to take no action unless specifically requested by a Warden. On the sounding of the “Evacuate” (whoop, whoop, whoop) signal, all occupants shall:

• Listen for any instructions from the Chief Warden via the PA or Warden Intercom system;

• Lend assistance to any guests on the floor and evacuate the floor via the nearest fire exit stair;

• Continue to listen for messages broadcast via the Public Address system as sudden changes may need to be made to the method of evacuation due to smoke and/or other hazards; and

• When clear of the building, proceed to the assembly area as directed by Chief Warden, at all times assisting your guests to evacuate the area.

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Presentation outline

1. Board of Directors 2. Chairman’s Address 3. CEO’s Address 4. Resolutions

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Board of Directors

Board of Directors – David Ryan, AO

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Board of Directors – Jane Hemstritch

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Board of Directors – Phillip Colebatch

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Board of Directors – Steve McCann

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Board of Directors – David Crawford, AO

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Board of Directors – Gordon Edington, CBE

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Board of Directors – Peter Goldmark

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Board of Directors – Julie Hill

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Chairman’s Address

Safety commitment

• Vision is to operate Incident & Injury Free

• Significant progress made in the year:

• Uncompromising Leadership demonstrated across the group

• Lost time injury frequency rates trending down

• Reduced the number of falls from heights over the last five years by 80%

• Embedded our global minimum safety requirements across all regions

• Tragically, one fatality occurred in 2011 in the Australian infrastructure business

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Strong 2011 result performance

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 Operating profit of A$485.3m, up 50%

 Progress on strategy

• Infrastructure acquisition

• Integration of business progressing

• On track to deliver earnings accretion

• Milestones reached on major projects

• Capital recycling

 Continued momentum

• Infrastructure business has backlog of A$6.3b and preferred on A$1.2b of work

• Sold additional PPP equity to UK Infrastructure Fund

• Secured additional work with US military

• Secured positions will deliver growth over medium term

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Silk, Jacksons Landing, Sydney

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Profit after tax up by 50% on prior year

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June 2011 A$m June 2010 A$m % change	June 2011 A$m June 2010 A$m % change
Revenue 9,014.1 10,570.0 (14.7)
EBITDA from operating businesses	710.7 482.5 47.3
EBITDA margin (%) 7.9 4.6 71.7
Operating profit after tax 485.3 323.6 50.0
Statutory profit after tax 492.8 345.6 42.6
Earnings per security1(cents) 85.6 65.1 31.5
Distribution per security2(cents) 35.0 32.0 9.4
Return on equity3(%) 14.2 12.6 12.7

• 1.Based on operating profit after tax and weighted average number of securities on issue including treasury securities

• 2.The final distribution is unfranked and represents a payout ratio of 41% of Operating Profit after Tax for the year ended 30 June 2011. The prior period final distribution was 100% franked

• 3.Return on equity is calculated as statutory profit after tax divided by the weighted average equity for the year

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Key financial targets – tracking well

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----- Start of picture text -----

Metric Target June 2011

Return on Equity [1] Greater than 15% per annum 14.2%

Committed to investment grade BBB- / Baa3
Credit Rating
credit rating (Stable)

Gearing [2 ] <20% 8.9%

Interest Coverage Ratio >5x 6.7x

Annuity Income [3] >15% of EBITDA 15.5%

40% to 60% of Operating Profit
Dividend Payout Ratio 41%
after Tax
----- End of picture text -----

1. Return on equity is calculated as Statutory Profit after Tax divided by the weighted average equity for the year

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

3. EBITDA includes the acquired infrastructure business from the date of acquisition.

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Continued focus on key trends

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Urban Regeneration

• Leading urban renewal projects in Australia, UK and Singapore

• Focus on delivery and execution

Ageing Population

• No. 1 senior living platform in Australia

• 70 retirement villages and 30 aged care facilities

Infrastructure

• Australia - significant opportunities from both public and private projects

• Infrastructure acquisition provides further capability in the Australian engineering and infrastructure market

Sustainability

• Investment in clean technologies and expansion of our green building practices

• Score of 80% on 2011 Dow Jones Sustainability World Index

Fund Growth Platform

• Leading wholesale property platform in Australia

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Positioned for Growth

Significant backlog, development pipeline and access to capital

• Continued deal momentum

• Capital requirements supported by third party equity

• Focus on portfolio management

• Emphasis on quality and consistency of execution

Secured positions will deliver growth over medium term

• Accretion from infrastructure acquisition

• Key development projects to deliver returns in 2012

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Peninsula Link, VIC

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Group CEO and Managing Director Address

Business update

• Construction backlog revenue of A$8.6b at June 2011

• Construction outlook – focus on health, internal projects and strong pipeline of infrastructure opportunities

• Major projects – focus on tenants and capital partners

Australia[. ]

• Residential – long term fundamentals strong but short term impacted by negative consumer sentiment

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• Achieved zoning on large projects

Asia

• Investment management – strong FUM growth

• Retail sales environment slowing

• JEM[TM] development progressing well with strong leasing pre-commitments

• 100% of commercial space leased

• Major anchor tenants signed

RNA, Brisbane

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JEM[M, ] Singapore

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Business update

• Construction remains challenging

• Continued to progress major project approvals

• No significant capital requirements in the short term

EMEA[. ]

• Bluewater continues to perform

• Launched £220m UK Infrastructure Fund

• Sold PPP assets to UK Infrastructure Fund

• Acquired DASCO – specialising in development, financing, leasing and management of medical facilities

• Sold King of Prussia

Americas

• Project wins in family housing and lodgings program

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Scottish National Arena, Glasgow

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National September 11 Memorial and Museum, New York, NY

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Infrastructure – trading update

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• Backlog revenue of A$6.3b at 30 September 2011 (secured and pending)

• Infrastructure integration is progressing in line with expectations

• On track to deliver EPS accretion announced at the time of the acquisition

• Expect to secure circa A$1.2b of additional preferred work in the short term

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Update on Barangaroo South

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 Official start of construction hosted by NSW Premier on 25 October 2011

 Discussions with tenants and capital  partners well advanced Estimated A$6b end value  In discussion with Government on 7.5 hectare site area  hotel location Extension of Sydney’s CBD  HaDe ve colop m menced work on ent period 10 to 15 years  construction of basement and work on Up to 490,000 sqm total GFA  the first commercial tower expected to Up to 288,000 sqm NLA office  commence by end CY2011 30,000 sqm retail / food and beverage

 Approx 775 apartments  250 (approx) room hotel

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Key strategic objectives – 12 to 24 months

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BUILD

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----- Start of picture text -----


Reshape portfolio

Growth platforms

Operational excellence

Invest in people
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Major Development Projects		 Successful delivery and execution of secured projects
Infrastructure		 Successful integration  Capture profitable growth  Extract synergies
Business Transformation		 Drive business performance efficiency  Deliver savings
Portfolio Reallocation		 Realise capital of A$1–2b from completed assets
UK and US market recovery		 Position to outperform in recovering markets  Realise intrinsic development value in UK projects and focus on healthcare opportunities in the US

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Regional outlook Australia

• Stable economic conditions

• Attractive opportunities across most sectors, particularly infrastructure

• Residential – cautious outlook

• Focus on delivery of secured pipeline and integration of acquired infrastructure business

Asia

• Strong fundamentals

• Focused on delivery of retail in Singapore

• Construction – develop market leading positions in pharmaceutical and life sciences

Americas

• Opportunity to leverage into market recovery / establish positions in new sectors

EMEA

• Focus on delivery of major projects

• Position construction business into market recovery

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Darling Quarter, Sydney

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Port Botany Expansion Project , Sydney Photo courtesy of Sydney Ports Corporation

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Annual General Meeting 2011