LENDLEASE GROUP — Earnings Release 2011

Aug 25, 2011

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ASX Announcement

Full Year Results – June 2011

26 August 2011

Further to Lend Lease Group’s earlier announcement today, attached are the following documents:

• Stock Exchange and Media Announcement

• Presentation to be made to media and analysts

For further information, please contact:

Investor Relations: Sally Cameron Group Executive - Investor Relations Tel:02 9236 6464

Corporate Affairs: Iwona Polski Media & External Communications Manager Tel: 02 9237 5034

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

1

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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ASX Announcement

Lend Lease delivers strong profit growth of 50%

26 August 2011

• Operating profit after tax of A$485.3 million for the year, 50% above prior year

• Operating profit includes the revaluation resulting from the sale of the Group’s 50% stake in King of Prussia which contributed a profit after tax of A$101.7 million

• Statutory profit after tax of A$492.8 million for the year, including property investment revaluations of A$7.5 million after tax

• Final distribution of 15 cents per security, unfranked

• Continued progress on strategy and major projects

• Finalised acquisition of the infrastructure business in Australia and integration well progressed

• Strong balance sheet which enables continued investment in its pipeline of opportunities

Profit after Tax

Lend Lease delivered an operating profit after tax for the year ended 30 June 2011 of A$485.3 million. This represents a 50% increase on the prior year. Profit growth was achieved across all regions, even though challenging economic conditions continued in offshore markets.

The Group’s statutory profit after tax for the year of A$492.8 million includes net property investment revaluation gains of A$7.5 million after tax.

	June 2011	June 2010
	A$m	A$m
Operating profit after tax	485.3	323.6
Property investment revaluations	7.5	22.0
Statutory profit after tax	492.8	345.6
Final distribution per security1	15.0 cps	12.0 cps
Earnings per security on operating profit after tax2	85.6 cps	65.1 cps

1 The final distribution for the current year will be unfranked, the prior year was 100% franked.

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

Lend Lease declared a final distribution of 15.0 cents per security, unfranked. This results in a full year distribution of 35.0 cents per security, a payout ratio of 41% of operating profit after tax excluding net property investment revaluation gains.

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

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

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

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The Distribution Reinvestment Plan remains active but the rules have been changed to remove the discount of 2.5 per cent. This will apply to the final distribution payable on 30 September 2011.

Trading Update

Lend Lease had a successful year implementing its strategy through key acquisitions in Australia and the United States, recycling mature assets and achieving key trading milestones on a number of its development projects in Australia, Asia and Europe.

Australia

• Operating profit after tax increased by A$34.5 million to A$281.4 million;

• In December 2010, Lend Lease announced it had entered into an agreement with Bilfinger Berger SE to acquire 100% of Valemus Australia, the parent company of Abigroup, Baulderstone and Conneq, that together form the Group’s infrastructure business in Australia. The acquisition was completed on 10 March 2011 and added capability in the infrastructure sector and diversified Lend Lease’s position in the construction market;

• Projects secured in the infrastructure and project management and construction businesses include the circa A$900 million contract for Queensland Children’s Hospital in Brisbane, rail and road projects with a value in excess of A$200 million and a A$122 million tertiary education project for the University of New South Wales;

• The New South Wales (NSW) Government approved the Barangaroo South Concept Plan amendment, along with approval for the first commercial building and basement and bulk excavation works on the site. The favourable conclusion of a NSW Government Review will allow the A$6 billion project to proceed on schedule;

• All conditions precedent were met for the project agreement for the Royal National Agricultural and Industrial Association of Queensland’s urban regeneration project in Brisbane and construction on the project has commenced; and

• Completed the 58,000 sqm Darling Quarter mixed use development in Sydney.

Asia

• Operating profit after tax increased by A$12.9 million to A$46.1 million;

• In Singapore, the purchase of the Jurong Gateway mixed-use site in conjunction with the Lend Lease managed Asian Retail Investment Fund was finalised; and

• The Group sold its 25% interest in the PoMo retail centre.

Europe

• Operating profit after tax increased by A$18.8 million to A$137.4 million;

• The Lend Lease managed UK Infrastructure Fund was launched, raising £220 million of capital. The Fund purchased a number of established healthcare, education and accommodation assets from Lend Lease;

• Construction contracts secured include the £160 million commercial construction management contract for British Land and a £78 million contract to build the Scottish National Arena;

• The Group sold its interest in the Lend Lease Overgate Partnership for a consideration of A$71.5 million; and

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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• Continued to progress major projects, signing a conditional agreement with the London Borough of Southwark for the regeneration of Elephant & Castle and meeting all conditions on the Framework Agreement for the second stage of the development of The International Quarter, Stratford City London.

Americas

• Operating profit after tax increased by A$125.9 million to A$156.6 million;

• • Agreement to sell the 50% interest in the King of Prussia shopping centre which contributed a profit after tax of A$101.7 million;

• The infrastructure development business continued to add to its pipeline in the US military housing privatisation and lodgings sectors;

• Acquisition of Lend Lease DASCO, a developer of medical office buildings and outpatient care facilities with a strong development pipeline that will position Lend Lease in the rapidly growing healthcare sector; and

• Despite challenging construction market conditions, Lend Lease secured a number of projects including the US$186 million contract for Delta Air Lines at JFK airport in New York.

Integration of infrastructure business

The integration of the infrastructure business in Australia is progressing well and the Group is focused on delivering on the earnings accretion announced at the time of the acquisition. As at 31 July 2011, the infrastructure business had backlog revenue of A$6.0 billion with another A$0.8 billion of work pending with significant visibility on future pipeline.

Group Financials

The Group is in a strong liquidity position with cash reserves of over A$1 billion and undrawn committed bank facilities of A$815.7 million. The average maturity of the Group’s drawn debt facilities is five years and the Group’s interest coverage of 6.7 times comfortably exceeds the Group’s banking covenant and management target.

Group Chief Financial Officer, Brad Soller, stated that despite continuing uncertainty and volatility in the global markets, the Group raised A$1.2 billion of new debt facilities and refinanced the infrastructure business bonding lines with a new A$0.7 billion syndicated bonding facility. This demonstrates the confidence of lenders in the financial strength of the Group.

The Group remains in a strong financial position and will continue to invest in its development pipeline.

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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Outlook

Commenting on the outlook, Group CEO and Managing Director, Steve McCann said Lend Lease is in very good shape and well placed to deliver growth for securityholders, despite the uncertainty in global markets.

“In 2011, Lend Lease continued to make significant progress on strategy, completing the acquisition of the infrastructure business in Australia, progressing major projects and focusing on portfolio management, “said Mr McCann.

“We have clear priorities over the next 12 to 24 months to achieve our strategic aim of becoming the leading international property and infrastructure group and deliver on our exceptional development pipeline.

“In Australia, most of our sectors are presenting attractive opportunities, particularly infrastructure. Despite some short term impact from weak consumer sentiment, the outlook across our businesses in Australia is positive.

“In Asia there are strong market fundamentals, however the economic outlook in the US and Europe remains uncertain.

“In Lend Lease’s business in the Americas we continue to see some signs of a market recovery, however conditions remain patchy. In the United Kingdom Lend Lease is well placed with our major urban regeneration projects that will be developed as the market recovers.

“We are positive about the Group’s operating outlook and remain focused on optimising securityholder returns. We are well on our way to delivering on our ROE target of 15% over the medium term,” added Mr McCann.

ENDS

For further information, please contact:

Investor Relations:

Sally Cameron Group Executive - Investor Relations Manager Tel: 02 9236 6464

Corporate Affairs: Iwona Polski Group Media & External Communications Tel: 02 9237 5034

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

Full Year Results 26 August 2011

Presentation outline

1. Results highlights 2. Operational update 3. Financial overview 4. Strategy & Outlook

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Safety commitment

• Vision is to operate Incident & Injury Free

• Significant progress made in the year:

• Uncompromising Leadership demonstrated not just on high risk construction projects but across the group

• Lost time injury frequency rates trending down over a year period

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

• Embedding our global minimum safety requirements across all regions

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

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3

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

4

Strong performance and strategic progress

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

• Includes profit from agreement to sell King of Prussia

 Progress on strategy

• Infrastructure acquisition

  • Integration of business progressing

  • On track to deliver earnings accretion

• Milestones reached on major projects

• Capital recycling

• Secured positions will deliver growth over medium term

• Accretion from infrastructure acquisition

• Profits from major development projects

• Barangaroo South – planning confirmed

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Darling Quarter, Sydney

5

Operational update

Earnings split by geography[1]

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June 2011[2]

June 2010

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

Americas
7%
Americas
25%
Europe
27%
Australia
46%
Australia
58%
Europe
22% Asia
8%
Asia
7%
----- End of picture text -----

1. Based on Operating Profit after Tax from operating businesses 2. Includes infrastructure business from date of acquisition in March 2011 net of acquisition costs

7

Earnings split by business unit[1]

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June 2011[2]

June 2010

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

Development
38%
Development Investment
25% Management
Investment 28%
Management
35%
Construction Infrastructure
20% Development
14%
Infrastructure
Construction
Development 20%
20%
----- End of picture text -----

1. Based on Operating Profit after Tax from operating businesses

2. Includes infrastructure business from date of acquisition in March 2011 net of acquisition costs

8

Australia business update

• Profit after tax of A$101.9m including A$11.8m from the acquired infrastructure business[2]

• Backlog revenue of A$8.6b

Construction[1][. ]

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

• Retirement Living and Aged Care reflects 100% ownership for a full year

• Residential pre-sales up 29% - strong carry forward into FY12

Development

• Residential land settlements decline offset by increase in average lot prices

• FUM increased by 8% to A$7.7b

• Continued strong fund performance

Investment Management

• Integration of ING Retail assets completed

• Retail sales environment weaker

• Financial close achieved post year end on Queen Elizabeth II Medical Centre Car Park project in Perth

Infrastructure Development

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	June	June
Operating Profit	2011	2010
after Tax	A$m	A$m
Construction1	101.9	87.1
Development	159.0	122.9
Investment Management	30.0	43.3
Infrastructure Development	(9.5)	(6.4)
Total	281.4	246.9

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The new Royal Children’s Hospital, Melbourne

1. Includes Lend Lease infrastructure business from date of acquisition on 10 March 2011

9

1. Contribution from infrastructure is net of acquisition costs

Infrastructure – trading update

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• Backlog revenue of A$6.0b at 31 July 2011 with A$0.8b of work pending

• Recent project wins – Abigroup has secured over A$1.1b of new work since acquisition

• Market outlook for engineering/civil construction robust

• Expect to secure in excess of A$1.5b of additional preferred work in the short term

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

10

Infrastructure - integration and earnings accretion on track

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• Sharing of policies, procedures and operating disciplines is underway to ensure best practice

Integration

• Move to specialisation around capabilities of individual companies and focus on key growth sectors

• Identify and capture short, medium and long-term synergies

• No synergies have been factored into expected earnings accretion

Strong earnings accretion

• Transaction remains in line with expectations to provide ~15% EPS accretion on a full year basis in the financial year ending 30 June 2012[1]

• A$11.8m profit after tax contribution to FY11 earnings (net of costs associated with the transaction and pre funding costs)

• Broadly breakeven after funding costs in FY11

1. Earnings accretion as at time of announcement of acquisition in December 2010

11

Australia business update

• Profit after tax of A$101.9m including A$11.8m from the acquired infrastructure business[2]

• Backlog revenue of A$8.6b

Construction[1][. ]

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

• Retirement Living and Aged Care reflects 100% ownership for a full year

• Residential pre-sales up 29% - strong carry forward into FY12

Development

• Residential land settlements decline offset by increase in average lot prices

• FUM increased by 8% to A$7.7b

• Continued strong fund performance

Investment Management

• Integration of ING Retail assets completed

• Retail sales environment weaker

• Financial close achieved post year end on Queen Elizabeth II Medical Centre Car Park project in Perth

Infrastructure Development

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	Operating Profit	June 2011	June 2010
	after Tax	A$m	A$m
	Construction1	101.9	87.1
	Development Investment Management	159.0 30.0	122.9 43.3
	Infrastructure Development	(9.5)	(6.4)
	Total	281.4	246.9

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The new Royal Children's Hospital, Melbourne

1.Includes Lend Lease infrastructure business from date of acquisition on 10 March 2011

2.Contribution from infrastructure is net of acquisition costs

12

Darling Quarter, Sydney

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• Partnership between Sydney Harbour Foreshore Authority and Lend Lease

• Owner Australian Prime Property Fund Commercial, in joint venture with Lend Lease investment mandate client

• 6 Star Green Star - Office Design V2 rating

• Tenant is Commonwealth Bank of Australia

• Consists of two campus-style commercial office buildings with 58,000sqm of office space, car parking, leisure and retail facilities

13

Barangaroo South, Sydney

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 Conclusion of NSW Government review allows project to proceed on  scheduleEstimated A$6b end value  Discussions with t7.5 hectare site ar e nants and a  capital partners progressing wellExtension of Sydney’s CBD  In discussion with Government on Development period 10 to 15 years  hotel locationUp to 490,000 sqm total GFA  Commence work in coming weeks Up to 288,000 sqm NLA office  on construction of basement and 30,000 sqm retail / food and begin first commercial tower before beverage  end of calendar year Approx 775 apartments  250 (approx) room hotel

14

Australia – other major projects

• Revised master plan approved

• Convesso and Serrata residential towers under construction and on program - strong pre-sales levels

Victoria Harbour

• Construction on the C7 commercial office has commenced - major tenant Aurecon

• Concavo residential tower to be launched in October 2011

• Planning approval received Nov 2010

• Work started on the Industrial Pavilion and essential infrastructure

RNA

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Convesso, Victoria Harbour, Melbourne

• Targeting to commence development of the first residential buildin in FY12 g

Other

• development projects

• Richmond - stage one launch targeted for early 2012

• Jacksons Landing - final stages under construction, completion late 2012

Industrial Pavilion, RNA, Brisbane

15

Asia business update

• New work secured revenue of A$0.9b

• Global client strategy across all key sectors

Construction

• Increased telecommunication opportunities in Japan

• Jurong Gateway development progressing well with strong leasing pre-commitment

Development

• 100% of commercial space leased

• Major anchor tenants signed

• Focus on portfolio management opportunities

• Sale of PoMo asset in Singapore

Investment Management

• Strong investor demand for assets

• Investment management-led opportunities in China

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	June	June
Operating Profit	2011	2010
after Tax	A$m	A$m
Construction	16.0	18.3
Development	(0.3)	(0.4)
Investment Management	30.4	15.3
Total	46.1	33.2

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Jurong Gateway, Singapore

16

EMEA business update

• Trading conditions remain challenging

Construction

• New work secured revenue of A$1.4b

• The International Quarter, Stratford City - in planning

• Elephant & Castle – planning anticipated in 2012

Development

• Greenwich Peninsula – sale of Pier Walk and completion of Ravensbourne College

• Launched £220m Infrastructure Fund with undrawn capacity

• Extended Retail Partnership for 7 years

• Sold Group’s interest in Overgate shopping centre

Investment Management

• Bluewater continued performance

• Sold PPP assets to UK Infrastructure Fund

Infrastructure Development

• Reached financial close on €120m phase 2 of Brescia Hospital PPP

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	June	June
Operating Profit	2011	2010
after Tax	A$m	A$m
Construction	11.4	25.8
Development	4.7	41.5
Investment Management	34.7	41.1
Infrastructure Development	86.6	10.2
Total	137.4	118.6

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Scottish National Arena, Glasgow

17

UK – update on major projects

• 10,000 out of 16,500 bed spaces have been delivered

Athletes’ Village

• Project remains on cost and program

• Joint Venture formed with London and Continental Railways for second stage of Stratford

The

International Quarter, Stratford City

• Development comprises 382,000sqm commercial and 300 apartments

• Site available in 2013

• Conditional regeneration agreement with London Borough of Southwark

Elephant & Castle

• Development comprises circa 2,500 new homes and 15,000sqm of retail, restaurant and leisure space

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Athletes’ Village, London

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Stratford International Quarter, London

18

Americas business update

• Increase in activity levels – healthcare, government and multi-sites opportunities

• New work secured revenue over A$3b

Construction

• Project wins – Delta Air Lines and 7- -

• Eleven multi sites rollout

• Acquired DASCO – one of the national leaders in development, financing, leasing and management of medical facilities

Development

• Pipeline of 10 development projects

• Includes revaluation of King of Prussia to reflect agreed sale for consideration of circa US$545m and A$101.7m profit after tax

Investment Management

• Project wins - secured US$350m second phase (Group B) of PAL program

Infrastructure Development

• Reached financial close on US$377m Wainwright Greely project in Alaska

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	June	June
Operating Profit	2011	2010
after Tax	A$m	A$m
Construction	(4.8)	(45.0)
Development	(5.7)	0.1
Investment Management	123.3	20.3
Infrastructure Development	43.8	55.3
Total	156.6	30.7

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National September 11 Memorial and Museum, New York, NY

19

Financial overview

Profit after tax up 50%

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	June 2011	June 2010
	A$m	A$m
Total Operating Businesses	621.5	429.4
Group Services	(84.0)	(75.2)
Group Treasury	(49.3)	(26.9)
Group Amortisation	(2.9)	(3.7)
Operating Profit after Tax	485.3	323.6
Property Investment Revaluations	7.5	22.0
Statutory Profit after Tax	492.8	345.6
Effective Tax Rate on Operating Profit	22%	22%
Impact of currency on Operating Profit after Tax	(29.1)	(30.0)

21

Key debt metrics

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	June 2011	June 2010
Credit Rating - S&P/Moody’s	BBB- / Baa3	BBB- / Baa3
	(Stable)	(Stable)
Net debt / (cash)1(A$m)	875.4	(19.7)
Gearing (%)2	8.9%	Net cash position
Cash (A$m)	1,046.2	1,635.9
Undrawn facilities (A$m)	815.7	688.6
Weighted average debt maturity3	5.0 years	5.5 years
Weighted average cost of debt	6.1%	6.3%
Fixed / floating debt	51% / 49%	65% / 35%
Interest coverage4	6.7x	6.7x

1. Net debt / (cash) is borrowings including certain 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

4. Calculated as operating EBITDA plus interest income divided by interest finance costs, including capitalised finance costs

22

Debt maturity profile – increased to 5 years

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

Debt Facilities Maturity Profile
A$m
800
700
Bluewater
600
500
400
USPP
300 Syndicated
UK RCF (US$)
A$ facility
(£)
UK Bond
(£)
200 Syndicated
A$ facility
A$ Term
100 USPP
USPP (US$)
(US$)
0
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY22
----- End of picture text -----

23

Over A$1b of cash at 30 June

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A$m

0 200 400 600 800 1,000 1,200 1,400 1,600 1,800
	1,635.9 1,046.2 (42.2) (687.0) 216.3 (76.8)
	Opening cash June 2010 Operating cash flow Investing cash flow Financing cash flow FX impact Closing cash June 2011

24

Key financial targets – tracking well

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Metric	Target	June 2011
Return on Equity1	Greater than 15% per annum	14.2%
Credit Rating	Committed to investment grade credit rating	BBB- / Baa3 (Stable)
**Gearing2 **	<20%	8.9%
Interest Coverage Ratio	>5x	6.7x
Annuity Income3	>15% of EBITDA	15.5%
Dividend Payout Ratio	40% to 60% of Operating Profit after Tax	41%

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.

25

Strategy & Outlook

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

• Recognised for leadership in sustainability

• Continued focus on commercialising sustainability

Fund Growth Platform

• Leading wholesale property platform in Australia

• Continue to service our wholesale investor base

• Targeted opportunities that meet investor appetite

27

Our strategic pathway

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BUILD  Disciplined Expansion  World class property and RESTORE  Right Structure  Reshape portfolio infrastructure solutions A Focused Core Business RESTORE company   Growth platforms Right structure  Strong integrated offering  Cost out  Operational excellence   Drive efficiency Trusted investment manager   Invest in people Capital management  Divestment of non core   Continue to focus on assets Portfolio of successful  business transformation Infrastructure projects   Capital management integration Best in class execution  Talent management

28

Key strategic deliverables – 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
----- End of picture text -----

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• Successful delivery and execution of secured projects

• Successful integration

• Capture profitable growth

• Extract synergies

• Drive business performance efficiency

• Deliver savings

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

29

External environment favourable in medium term

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Region Opportunity/ Impact for Lend Lease

• Stable economic conditions present attractive opportunities across most sectors, particularly infrastructure

• Strong equity appetite for Australian property and infrastructure

Australia

• Short term impact from weak consumer sentiment but fundamentals remain sound

• Concerns of two speed economy

• Residential – weaker outlook

• Focus on delivery of secured pipeline of opportunities through existing platform and integration of acquired infrastructure business

• Strong fundamentals across most markets

Asia

• Focused on delivery of retail in Singapore

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

• Telecommunication opportunities in Japan

Americas

• Signs of mild recovery across key sectors however recovery remains patchy

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

• Early stages of recovery in residential and construction

Europe

• Focus on delivery of major projects

• Position construction business into market recovery

• Impact from Euro zone debt crisis

30

Positive Outlook

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 from 2[nd] half of financial year 2012

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Peninsula Link, VIC

31

Full Year Results 26 August 2011