LENDLEASE GROUP — Investor Presentation 2011

May 24, 2011

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ASX Announcement

Lend Lease Investor Day presentations

25 May 2011

Attached are the presentations to be given today by Lend Lease senior executives at its Investor Day.

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

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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

Lend Lease Investor Day 25 May 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.

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Agenda

9.00 Strategy and business overview 9.45 Financial overview 10.15 Morning tea 10.45 Infrastructure update 12.00 Americas update 12.30 Australia update 1.15 Lunch 2.15 Major projects update 3.00 Closing comments

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Steve McCann Group Chief Executive Officer & Managing Director Strategy and Business Overview

Agenda

1. Update on safety 2. External business environment 3. Key priorities for the Group 4. Pipeline of opportunities 5. Strategy update 6. Continued focus on key trends 7. Progress on strategy to date 8. Key strategic deliverables 2011 9. Operational update Asia 10. Operational update Europe

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Good progress on safety

Total Lost Time Injuries per Region 1

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800
600
400
200
0
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
As at
AUSTRALIA ASIA AMERICAS EMEA May
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Total Fatalities per Region 1

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10
9
8
7
6
5
4
3
2
1
0
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
As at
AUSTRALIA ASIA AMERICAS EMEA May
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Gold Coast University Hospital, Queensland

1. Excludes infrastructure business (Valemus)

6

External environment favourable

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• Region Outlook Opportunity/ Impact for Lend Lease  Favourable economic conditions present attractive opportunities across most sectors, particularly infrastructure

• Short term impact from weak consumer sentiment

• Australia  Concerns of two speed economy and potential impact from interest rate rises

• Focus on delivery of secured pipeline of opportunities through existing platform and integration of Valemus

• Strong fundamentals across most markets

• Focused on delivery of retail projects in Singapore

• Asia  Project management & construction – develop market leading positions in pharmaceutical and life sciences

• Signs of recovery across key sectors

• Americas Opportunity to leverage into market recovery and establish positions in new sectors eg. healthcare development

• Early stages of recovery in residential and construction

• Europe Focus on delivery of major projects and position project management & construction business into market recovery

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Key priorities for the Group

• Integrate Valemus infrastructure business and deliver on earnings accretion

• Integration of business on track

• Strong infrastructure backlog driven by Abigroup

• Progress major projects

• Focus on portfolio management

• Position offshore businesses for market recovery

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Mangoola Coal Rail Bottom Loop, NSW

8

Significant pipeline of opportunities

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	Dec 2010
Funds under management (A$b)	10.7
End development value of urban regeneration projects (A$b)	25.0
Construction backlog revenue (A$b) (including Valemus)	11.9
Retail assets under management (A$b)	9.4
Backlog of residential units	89,216

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Strategy update

Our strategic direction

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Our Strategic
Direction:
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To be the Leading International Property and
Infrastructure Group
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Leading
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International
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Sectors
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Segments
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Be in the top 3 industry leaders within our chosen market segments and sectors		Focus on 4 core regions with defined geographies		Property and Infrastructure are our core sectors. We will participate in defined sub-sectors where we have core capabilities		Development Construction Investment Management Services Ownership

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Our segment position

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Development
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Construction
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 Strong capabilities in  project A leading management, development design and management, construction and design & delivery new acquired capabilities capability in engineering and construction

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Target risk
adjusted capital
35-45%
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Target risk
adjusted capital
30-40%
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Investment
Management
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 A leading investment management platform

 Strong access to capital

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Target risk
adjusted capital
5-15%
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Services
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Ownership
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 Focused predominately on co-investments

• Property, asset and facilities management expertise

 Use capital to support fund growth

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Target risk
adjusted capital
< 5%
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Target risk
adjusted capital
10-20%
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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 32 aged care facilities

Infrastructure

• Australia - significant opportunities from both public and private projects

 Valemus acquisition provides significant capability in the Australian engineering and infrastructure market

Sustainability

 Continued focus on commercialising sustainability

Fund Growth Platform

 Continue to service our wholesale investor base

 Targeted opportunities which meet investor appetite

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Our strategic pathway

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			LEAD
		BUILD Disciplined Expansion	Outperformance
RESTORE Right Structure RESTORE A Focused Core Business		Reshape portfolio	World class property and infrastructure solutions
			company
Right structure		Growth platforms	Strong integrated offering
Cost out		Operational excellence
Drive efficiency			Trusted investment manager
Capital management		Invest in people

 Divestment of non core  Continue to focus on assets business transformation   Valemus integration Capital management  Talent management

 Portfolio of successful projects  Best in class execution

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Key strategic deliverables – 12 to 24 months

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BUILD

Major Development Projects		 Successful delivery and execution of secured projects
Infrastructure		 Successful integration of the business  Establish appropriate risk framework  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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
Reshape portfolio

Growth platforms

Operational excellence

Invest in people
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Operational update

Earnings split

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Sector Earnings Split [1]
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June 2010 Proforma[2]

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Investment
Management
22%
Project
Management
& Construction
37%
Infrastructure
Development
11%
Development
30%
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June 2010 Actual

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Project
Management Investment
& Construction Management
20% 28%
Infrastructure
Development
Development 14%
38%
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Geographical Earnings Split [1]
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June 2010 Proforma[2]

June 2010 Actual

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Americas
6%
Europe
22%
Australia
Asia 66%
6%
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Americas
7%
Europe
28%
Australia
57%
Asia
8%
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1. Based on Operating Profit after Tax from operating businesses

2. Based on Valemus CY09 Pro Forma Operating Profit after Tax and Lend Lease’s FY10 Operating Profit after Tax

17

Asia business update

• Additional mixed use development sites coming to market in Singapore

• Global client strategy in pharma and life sciences sectors

Opportunities

• Opportunities in China and Japan

• Focus on global capital relationships

• Signed government tenancy for Jurong Gateway commercial and progressing retail leasing

Outlook

• Increasing competition for retail spend in Singapore

• Strong investor demand for regional assets

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		Dec	Dec
	Key Metrics	2010	2009
	Operating Profit after tax (A$m) Construction new work secured (A$m)	15.8 412.0	21.5 156.8
		Dec 2010	June 2010
	Construction backlog revenue (A$m) Funds under management (A$b)	546.1 2.0	289.9 1.6
	Retail assets under management (A$b)	1.8	1.8

Operating profit after tax for the six month period ended 31 Dec 2010

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Investment
Management
34%
Project
Management
&
Construction
66%
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Europe business overview

• Focus on large projects (Greenwich Peninsula, Elephant & Castle, Stratford International Quarter)

• Rationalise CEMEA operations

• Appointment of new Head of project management & construction - Michael Dyke

Opportunities

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		Dec	Dec
	Key Metrics	2010	2009
	Profit after tax (million) Construction new work secured(m)	94.6 764.5 Dec	64.0 540.0 June
		2010	2010
	Construction backlog revenue (A$m)	1,381.7	1,473.9
	Number of residential units	15,196	12,425
	PPP equity invested(A$m)	78.3	147.3

• Athletes’ Village project on track

• Infrastructure Fund has undrawn capacity

Operating profit after tax for the six month period ended 31 Dec 2010

• Focus on capital recycling opportunities

Outlook

• Residential in early stages of recovery – fits well with timing of major projects

• Construction market conditions remain subdued but activity levels improving

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Project Development
Management 5%
&
Construction
5%
Investment
Management
29% Infrastructure
Development
61%
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Brad Soller Group Chief Financial Officer Financial Overview

Agenda

1. Capital allocation 2. Future capital allocation 3. Sources of capital 4. Key debt metrics 5. Debt maturity profile 6. Pipeline 7. Key financial targets

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Capital allocation

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TARGET
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Australia
>~60%
All other regions
No more than ~20% each
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Region
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Development
~35 – 45%
Construction
~30 – 40%
Investment Management
~5 – 15%
Services
~<5%
Ownership
~10 – 20%
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Segment
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Risk Adjusted Capital [1]
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Europe
19%
Amercias
14%
Asia Australia
5% 62%
Services
5%
Development
38%
Ownership
23%
Investment
Management Project
1% Management
&
Construction
33%
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1.Risk adjusted capital is an internal calculation used as a proxy for Lend Lease equity. The risk adjusted capital is based on a December 2010 pro forma balance sheet which includes the Lend Lease infrastructure business.

Future capital allocation

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Investment pipeline of between A$1-1.5b over next 3 years [1]
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Region	Sector
Australia	Major development projects
	Lend Lease communities
	Co-investment in funds
	PPP equity positions
Americas	Lend Lease DASCO healthcare pipeline
Asia	Retail development
	Co-investment in funds
Europe	Major projects such as Stratford International Quarter
	and Elephant & Castle

1. Net cash outflows

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Sources of capital

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Source of Capital

Expected position

• Retained earnings Current dividend payout ratio of between 40% to 60% of net operating profit after tax

• DRP to remain active

• Portfolio Management Have sold circa A$2.3b of assets since 2006

• Number of mature assets to be sold down over next three years

• Debt Capacity from increasing Group gearing  Off balance sheet funding of major projects

• Third party equity Significant access to third party capital through Lend Lease managed funds

• Lend Lease to sell down equity in major projects pre

• commencement

24

Key debt metrics

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	Dec 2010	June 2010
Credit Rating - S&P/Moody’s	BBB- / Baa3	BBB- / Baa3
	(Stable)	(Stable)
Net (cash) / debt1(A$m)	29.5	(19.7)
Gearing excluding Valemus 2	0.4%	Net cash position
Pro forma gearing including Valemus	6.7%
Undrawn facilities (A$m)	571.5	688.6
Weighted average debt maturity3	4.8 years	5.5 years
Weighted average cost of debt	6.4%	6.3%
Fixed / floating debt	63% / 37%	65% / 35%
Interest coverage4	6.5x	6.7x

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

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

3. 3 .Weighted average maturity relates to drawn debt

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

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Debt maturity profile

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Debt Facilities Maturity Profile - Post Proposed A$ Club Refinance

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A$m
800
700
Bluewater
600
500
400
USPP
300
A$ Club UK RCF
New A$ UK Bond
200
New A$
100 A$ Term
USPP
USPP
0
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY22
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Pipeline delivers certainty of future earnings

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	FY2011	FY2012	FY2013	FY2014	FY2015	FY2016
Barangaroo South
RNA
Elephant & Castle
Stratford International Quarter
Australian residential
Lend Lease DASCO
Jurong

27

Key financial targets – tracking well

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Metric	Target	31 Dec 2010
Return on Equity Greater than 15% per annum		13.4%1
Credit Rating Committed to investment grade credit rating		BBB- / Baa3 (Stable)
Gearing2 <20%		6.7%3
Interest Coverage Ratio >5x		6.5x
Annuity Income 20% of EBITDA		23%
Dividend Payout Ratio 40% to 60% of Operating Profit after Tax		51%

1. Return on equity is calculated as the half year statutory profit after tax divided by the weighted average equity for period multiplied by two. This was done to approximate an annual return on equity

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

3. Gearing including the proforma impact of the Valemus acquisition

28

Scott Charlton - Group Director of Operations Peter Brecht - Managing Director, Infrastructure Infrastructure Update

Agenda

1. Strategic rationale 2. Market dynamics 3. Integration review 4. Synergies 5. Capabilities and markets 6. Safety 7. Trading update 8. Major projects 9. Risk approach 10. Backlog/revenue split

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Acquisition in line with strategy

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Strategic rationale

• In line with strategy to capitalise on key growth trend of infrastructure

• Ability to self perform internal Lend Lease infrastructure work

Market position

• Large platform in the growing engineering and construction sector with significant scale benefits

• Presence in road, rail, social infrastructure, commercial and industrial buildin sectors rovidin further diversification g p g

• Order book in excess of A$5.3b as at 31 March 2011

Work in hand

• Significant visibility on future pipeline (with A$1.6b of work pending)

• Strong pipeline of opportunities, particularly in Abigroup

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

• Minimal contribution to FY2011 earnings

• No synergies assumed in base numbers

31

Market dynamics

Market Outlook

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Sources: ABS & BIS Shrapnel

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Key Insights

• Market outlook for engineering / civil construction more robust than identified in the due diligence process

• Strong growth predictions over medium to long term:

• Asia’s resource demand likely to influence resource sector growth in both major development and related transport infrastructure

• Strong social infrastructure opportunities in the medium term, particularly health

• Continued outsourcing of construction and maintenance by the public and private sectors likely

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Integration review

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• Infrastructure business reporting into the Group

Infrastructure reporting

• Limits of Authority arrangements and matrix implemented

 Probity arrangement and procedures established

 No new material project issues identified

Strategic review

 Underway to identify best operating model for business going forward

 Anticipate a level of specialisation around parts of the business to utilise overheads efficientl and review com etitive overla in strate ic rowth areas y p p g g

90 day integration review

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

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

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Synergies

• Quick win cost synergies have been identified to date in corporate spend areas

• Potential revenue synergies identified

• Marine and utilities infrastructure on Barangaroo South

• Infrastructure delivery on communities/residential projects

• Infrastructure services on internal development projects - Victoria Harbour, RNA

• Longer-term cost synergies

• Integrating systems, processes and procedures

• Supply chain and procurement benefits

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Inner West Bus way along Victoria Road, Sydney, NSW

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Capabilities and markets

Capabilities

• Civil infrastructure

• Building

• Specialist engineering and asset management services

Market sectors

• Roads, bridges, tunnels, water, rail, marine

• Oil & gas, power, telecommunications, mining

• Social and correctional facilities, commercial and industrial building and residential building

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Hunter Expressway, NSW

35

Safety

• Leveraging best practice between Lend Lease and infrastructure businesses

• Continued year on year reduction in Lost Time Injury Frequencies

• Safety goal of zero harm – this aligns with Lend Lease goal of Incident & Injury Free

• All companies are focusing on lead indicators however are still required to report the lag indicators

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Queensland Children’s Hospital, QLD

36

Trading update

• Good start to the calendar year with A$756m of

• new work

• Non residential building slow but opportunities in health and defence

• Shortlisted on A$1b Victorian Comprehensive Cancer Centre

• Shortlisted on a number of defence contracts

 Engineering/infrastructure opportunities

• Shortlisted on packages C & E of Regional Fast Rail

• Shortlisted on A$700m Abbott Point marine project

 Services

• Opportunities for power and telecommunications

 Strong combined backlog

• A$5.3b of secured work at 31st March and A$1.6b of work pending

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Hunter Treatment Alliance, NSW

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New secured and pending projects – 2011

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Project	Total *Project	Type of Contract	Location
	Value
	A$m
Adelaide Convention Centre	350	Managing contractor	SA
Holbrook Bypass	168	Schedule of rates	NSW
City Central Tower 8	164	Design and construct	SA
Reid Alexander Interchange	48	Design and construct	WA
Atherton Gardens	39	Design and construct	VIC
BAC International Apron and Taxiway	28	Construct only	QLD
9 other smaller projects including NBN	90	Various	Qld, NSW, VIC, TAS
Pending projects	1,7481
*Not all of the amount may relate to construction work
1. May 2011

38

Risk approach

• Solid risk management discipline

• Comprehensive limits of authority and probity arrangements have been put in place

• Largest fixed price contract size circa A$1b

• No new material project issues identified

• Alignment and best practice sharing of risk management and safety cultures

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Adelaide Convention Centre, SA

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Backlog/ revenue split – 31 December 2010

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Backlog by market

Revenue by market

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Services
12%
Building
23%
Engineering
construction
65%
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Services
17%
Engineering
construction
48%
Building
35%
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Backlog by contract type

Revenue by contract type

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Services
12%
Fixed price
contract
Other
43%
construction
contracts
45%
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Services
17%
Fixed price
contract
40%
Other
construction
contracts
43%
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• Definition of other construction contracts includes managing contractor roles, schedule of rates, alliance contracts and other contracts

40

David Jurd – Managing Director, Abigroup Ian Luck – Managing Director, Baulderstone David Marchant – Managing Director, Conneq Core Competencies and Growth Markets

Agenda

• Abigroup core competency Peninsula Link update Abigroup growth markets Baulderstone core competency – Building/ defence Baulderstone growth markets Conneq core competencies

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Abigroup core competency - roads

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Market position

• One of the leading players in road sector

• Large earthmoving fleet and self performing culture key competitive advantages in tendering for road projects

Current Major Projects

• A$1.95b Ipswich Motorway Upgrade Alliance (Qld) - alliance

• A$1.65b Hunter Expressway (NSW)

• A$759m Peninsula Link (VIC)

Opportunities

• A$275m M5 Widening (NSW)

• A$3b M5 East Duplication (NSW)

• A$400m Southern Expressway Duplication (SA)

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Peninsula Link, Melbourne
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Peninsula Link, VIC

43

Peninsula Link update

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 Project on time and budget

• Awarded February 2010, completion December 2012

• Design 95% complete

• Peak monthly expenditure of A$25m achieved

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Peninsula Link - Independent Certified Progress
$700
$650
$600
$550
$500
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
Mill Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4
2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012
Actual IC Period Actual IC - Cum to date Fcast IC Progress Baseline IC - Cum to date
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Abigroup growth market - rail

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Competitive advantages

• Ownership of plant and equipment

• Self performing culture

• Specialist skills

• Current projects

• Lawson alliance (NSW)

• Pacific National (QLD)

Significant opportunities

• Regional rail link (VIC)  Package B – A$500m (40% JV)

• Package C – A$1b (40% JV)

• Package E – A$800m (50% JV)

• A$100m – Pacific National, Greta (NSW)

• A$150m – Auburn stabling yard (NSW)

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Mangoola Coal Rail Balloon Loop
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Mangoola Coal Rail Bottom Loop, NSW
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45

Baulderstone core competencies – building/ defence

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Building

• Significant opportunities remain in areas of strength - health, education (universities) and corrections, hospitality and commercial

• Actively working to foster long-term relationships with blue-chip clients – both public and private

Defence

• Demonstrated track record of delivery for the Defence Services Group

• Continues to be a strong market sector with consistent annual expenditure of A$1.3b - A$1.4b

• Currently delivering in excess of A$700m of Defence contracts

• Over A$4b of identified opportunities

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Crown Metropol Hotel, Victoria

46

Baulderstone growth market - marine

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Marine

• Fastest growing infrastructure sector in Australia

• Key to boosting Australia’s mining exports

• Opportunity to leverage off innovative design solution at Port Botany

• Excellent relationship with dredging company Jan De Nul

• Proven capacity to design and source specialist plant

• All critical path elements self-performed

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Port Botany Container Terminal Expansion Project, Sydney

47

Conneq core competencies

Power

• Design and construction of generation and transmission assets

• Asset management of generation, transmission and distribution assets

Infrastructure

• Design and construction of gas transmission and broadband

• Asset management of water, gas, telco, roads and social infrastructure

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Uranquinty Power Station, NSW

48

Conneq core competencies

Resource

• Materials handling and coal seam gas collection and processing

• Asset management of mining and mineral processing and oil and gas assets

Industrial

• Design and construction of chemical plants, fuel terminals and piping

• Asset management of process plants, industrial assets and ports and terminals

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BHP Mount Whaleback (Newman) mine electrical & mechanical services contract, WA

49

Bob McNamara Chief Executive Officer, Americas Business Update - Americas

Agenda

1. Overview of business environment 2. Lend Lease in the Americas 3. Project Management & Construction 4. Infrastructure development 5. Development – Lend Lease DASCO 6. Key priorities

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Overview of business environment

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Sector	Outlook	Opportunity/ Impact for Lend Lease
General economic conditions		GDP growth of 2.9% in FY2012
Construction sector		New work secured greater than backlog burn
		Military program coming to an end but long tail of
Infrastructure development		work Secured second phase (Group B) of Privatization of
		Army Lodgings program
Residential development		Limited exposure – one project in Denver is on hold
Healthcare		Acquisition of Lend Lease DASCO gives exposure to growing medical office development market
Investment Management/Retail		Strategy to capitalise on demand for prime retail assets – recycle capital in King of Prussia
	Clear signs of recovery

52

Lend Lease in the Americas

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Key Areas of Focus
Canada
United States
Mexico
Brazil
Argentina
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• Project Management & Construction  Ranked 1st in multifamily, 5th in healthcare

• 260 projects

• Profit coming off low base / resized cost base

Infrastructure Development



• 22 military bases – market share of 18.2%

• Strong relationships with all branches of the military

• Long tail of earnings

• Investment Management

• King of Prussia – one of top US malls

• Development

• Lend Lease DASCO – gives capability in healthcare development

• Growing market and pipeline

• Opportunity to reinvest capital

53

Project Management & Construction

• Settlement reached with NY City DOI – restores standing to win NYC agency work

• WTC – liabilities, if any, are now limited to available insurance

• Business made small loss after tax in first half of the year

Operational update

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	Dec	Dec
Key Metrics	2010	2009
Operating profit after tax (A$m)	(3.2)	(19.9)
Construction new work secured (A$m)	938.8	256.3
Construction backlog revenue (A$m)	1,468.5	1,183.7

• Efficiency and overhead reductions underway

Opportunities

Outlook

• Emerging opportunities in healthcare, multifamily residential and multi-sites

• Activity levels have picked up

• Recent project wins – Delta Air Lines’ Terminal 4 Headhouse Expansion/Renovation Project in NY and Construction services provider for over 500 7-Eleven stores in the US and Canada

• Leverage business as market recovers

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National September 11 Memorial and Museum, New York, NY

54

Project Management & Construction project experience

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~~Chase Bank Rebranding, Various Locations, US~~

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One Museum Park East, Chicago, Illinois

El Aleph, Buenos Aires, Argentina

55

Infrastructure development

Operational Update Opportunities Outlook

 Secured US$350m second phase (Group B) of Privatization of Army Lodgings program  Reached financial close on US$377m Wainwright Greely project in Alaska  Canada – shortlisted on Pan American Games  Long tail of ongoing work in military housing program  New work in privatization of army lodgings, green retrofits and renewable energies  Military housing projects coming to an end  Further phases to be awarded in lodgings program

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	Dec	Dec
Key Metrics	2010	2009
Operating profit after tax (A$m)	20.2	27.2
Number of projects	22	20
Number of units under management	49,285	44,050
Backlog gross profit margin(A$m)	342.9	364.5
Invested equity (A$m)	61.3	61.3

Fort Campbell Zero Energy Housing Fort Campbell, Kentucky

56

Infrastructure development project experience

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~~Camp Lejeune, Camp Lejeune, North Carolina~~

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Army Hawaii Family Housing, Oahu, Hawaii

Fort Drum Mountain Community Homes, Fort Drum, New York

57

Development – acquisition of Lend Lease DASCO

• National leader in the development, financing, leasing and management of medical facilities

• Acquisition price of US$10m and an earn out over a 4 year period

What they do

• Existing development pipeline consisting of 10 projects

• Growing industry driven by increased healthcare spend

• Changing medical technologies and insurance models shifting delivery of care out of hospitals

Strategic Rationale

• Integrated property delivery model

• Provide facilities on established hospital campuses

• Provides opportunities for other parts of Lend Lease, including construction, fund and asset management

Opportunities

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Methodist North at Allen Road, Peoria, Illinois

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Parker Adventist Hospital, Parker, Colorado

58

Healthcare project experience

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HCA Sky Ridge Medical Center, Lone Tree, Colorado

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St. Joseph's Hospital, North Lutz, Florida

New York-Presbyterian Hospital - Vivian and Seymour Milstein Family Heart Center, New York, NY

59

Key priorities for the Americas

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• Develop US healthcare strategy – strong pipeline of opportunities

• Leverage project management & construction into market recovery

• Continue growth focus in Latin America with concentration of activity in Argentina and Mexico, and some client led opportunities in Brazil

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Trump Tower, Chicago, IL

60

Mark Menhinnitt Chief Executive Officer, Australia Business Update - Australia

Agenda

1. Overview of business environment 2. Lend Lease in Australia 3. Project Management & Construction 4. Infrastructure Development 5. Development – Mixed Use 6. Development – Communities 7. Overview of communities market 8. Communities portfolio strategy update 9. Senior Living 10. Investment Management 11. Key priorities

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Overview of business environment

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Sector	Outlook1	Opportunity/ Impact for Lend Lease
General economic conditions		Some short term weakness from natural disasters and interest rate environment
Construction		Expected to grow at 4% per annum for next 5 years, main contributor being engineering construction
Infrastructure		Large backlog of infrastructure projects to be delivered Government focus on balance sheet repair to increase need for private funding
		Long term fundamentals remain solid. Consumer sentiment and affordability
Communities		impacting short term
		Solid employment outlook expected to support sector term
Apartments		Fundamentals of inner city and high density residential market remain solid. Low vacancy supporting investor appetite
Senior Living		Ageing population and undersupply of product creates strong demand Penetration rates in Australia remain below overseas markets
Retail		Consumer sentiment impacted by higher living costs, petrol prices and interest rates. Higher AUD supporting retailer profitability
Investment Management		Global investors beginning to refocus on Australia due to strength of economy and link to Asia

1. Over the medium term

63

Lend Lease in Australia

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 Project Management & Construction

Operating profit after tax as at 31 December 2010*

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Investment
Management
12%
Project
Management
Development
57% &
Construction
31%
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• Leading player in commercial and healthcare

• Strong internal pipeline and healthcare opportunities

• Infrastructure Development

• Significant pipeline of private and public spend infrastructure

 Development

• Residential – leader in master planned urban communities/ well placed going into FY2012

• Large urban regeneration pipeline – will provide significant earnings from 2[nd] half FY2012

 Senior Living

• Leading player in senior living market – focus on enhancing operational performance

 Investment Management

• [Infrastructure Development not reflected in profit split as generated a small loss in ] 1st half FY2011 due to start up phase. Senior living contribution reported in Development.

• Leading wholesale property platform in Australia

• Access to capital partners to fund development pipeline

64

Project Management & Construction

Operational Update		 Profit weighted to second half of financial year  Government activity including stimulus spend has supported recent business growth  BER schools program winding down  Continued strong activity in multi-sites sector
Opportunities		 Expand sector and geographic coverage – WA  Strong healthcare pipeline
Outlook		 Competition in traditional markets remains strong  Large internal development pipeline – circa A$3b of construction work on Barangaroo South alone

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		Dec	Dec
	Key Metrics	2010	2009
	Operating profit after tax (A$m) New work secured revenue (A$m)	43.5 750.3	61.2 637.6
		Dec	June
		2010	2010
	Construction backlog revenue (A$b)	3.2	4.2

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BER schools program

65

Infrastructure Development

• Small loss in the first half of the financial year due to costs of bidding on projects

Operational Update

• 1 of 3 shortlisted on Victoria Comprehensive Cancer Centre in Melbourne

• Shortlisted on a further 5 projects

• Pipeline of opportunities including Sunshine Coast Hospital, Sydney Convention Centre, prisons, schools and rail projects

Opportunities

• Large backlog of infrastructure projects to be delivered eg. road, rail and social infrastructure

• Significant infrastructure requirements on back of large resource projects

Outlook

• Establishment of Infrastructure NSW

• Significant commitments to infrastructure made by Federal Government

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	Dec	Dec
Key Metrics	2010	2009
Operating profit after tax(A$m)	(3.8)	(0.9)
Number of projects	1	1
Invested equity (A$m)	13.4	-

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South Australian Schools

66

Development - Mixed Use

• Concept Plan amendment approved

• Site clearing completed

Barangaroo South

• Planning approval received for first office tower

• Basement due to commence in July

• In advanced discussions with tenants and capital partners

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	Dec	June
Key Metrics	2010	2010
Number of zoned built-form units	8,625	6,635
Number of unzoned built-form units	1,030	5,955
Commercial (sqm/ 000s)	3,901.8	3,500.5

• Planning approval received November 2010

RNA

Outlook/ Opportunities

• Work started on the Industrial Pavilion

• Targeting to commence development of the first residential building in FY2012

• Jacksons Landing project almost complete

• Victoria Harbour circa 2,000 units remaining

• Richmond/ Armadale – Victoria > 1,000 units in planning

• Fundamentals of inner city and high density residential market remain solid

• Opportunity to enter Perth market

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Convesso, Victoria Harbour, Melbourne

67

Development - Communities

Operational Update		 NSW/ ACT remain strong, Victoria is solid while South Australia and South East Queensland are subdued  Flood impacting sentiment in Queensland  Targeting zoning on current unzoned project backlog in FY2012
Opportunities		 New projects secured – Alkimos, Toolern, Werribee, Fernbrooke  Zoning progressed – Calderwood, Yarrabilba  Continue to target affordable projects and replenish pipeline  Maintain balanced portfolio
Outlook		 Long term fundamentals of residential market remain solid, short term impacted by market uncertainty and consumer sentiment  Going into FY2012 – strong carry forward of contracts / commence trading on a number of new projects

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	Dec	June
Key Metrics	2010	2010
Number of zoned residential land lots	38,170	31,960
Number of unzoned residential land lots	22,335	27,080
Total backlog lots	60,505	59,040

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Varsity Lakes, Gold Coast, QLD

68

Overview of communities market

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Consumer Sentiment Index

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Monthly observations ending April 2011
130
120
110
100
90
80
70
CSI LR Average (101.4)
60
Apr-82 Mar-85 Feb-88 Jan-91 Nov-93 Oct-96 Sep-99 Aug-02 Jul-05 Jun-08
Index (100=netural)
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• Quality of enquiry at Lend Lease projects improving, however conversion time has increased on back of decline in sentiment

• Affordability pressures continue to be driven by interest rate rises and higher living costs

• Tightening bank lending criteria resulting in lower Loan to Value Ratios

Source: Westpac-Melbourne Institute, RBA and Lend Lease Research

Stock Deficiency

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300,000
Stock Deficiency Supply Demand
250,000
200,000
150,000
100,000
50,000
0
-50,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
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• Lend Lease product mix focused on affordable end of the market

• Pricing and margins across Lend Lease portfolio remain resilient

• Long term fundamentals are positive with strong underlying demand and ongoing stock shortfall and supported by solid employment outlook

Source: BIS Shrapnel

69

Communities portfolio strategy update

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• Capital model to match size and nature of project – land management, joint ventures or direct ownership

• New project acquisitions focused on replenishing existing portfolio in affordable growth corridors

• Recent entry into WA market

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Mawson Lakes, SA

• Focus on product innovation and builder partnerships to deliver sales volume

• Strong reputation in place, creation and delivery of key infrastructure to drive value and competitive advantage

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Lakeside Pakenham, VIC

Flexible business model and diverse geographic spread of projects

70

Senior Living

• FY2011 reflects first full year of 100% ownership of Primelife

Operational Update

• Aged Care – has increased EBITDA per bed by >35% since acquisition

• Recycle capital and introduce capital partners

• Increase development pipeline

Opportunities

• Standardise retirement contracts across the portfolio for simplification and efficiency benefits

• Long term dynamics of senior living sector remain positive – supported by an ageing population, undersupply of stock and government focus on senior housing

Outlook

• Penetration in Australia remains low relative to overseas markets

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	Dec	June
Key Metrics	2010	2010
Number of retirement villages	70	70
Number of retirement units	12,416	12,357
Number of aged care facilities	32	32
Number of aged care beds	2,372	2,370
Aged care occupancy (%)	94.4	94.5
Development pipeline – number of retirement units	1,255	1,310

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Woodlands Park, Berwick VIC

71

Investment Management

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Operational Update Opportunities Outlook

Operational Update Opportunities Outlook

 FUM growth of over 15% per annum over last 5 years – strong growth expected to continue  Continued strong performance across key funds  Integration of ING Retail Fund assets complete  Internal development pipeline to support strong growth outlook  Focus on capital recycling opportunities across the Group  Diversify investor base and scale up retail platform  Grow separate mandates business  Investors seeking alignment with asset creators and best in breed managers  Lend Lease seen as attractive partner with strong track record, governance framework and end to end property skills  Retail sales environment remains flat

	Key Metrics Operating profit after Tax (A$m)	Dec 2010 17.2 Dec	Dec 2009 11.9 June
		2010	2010
		A$	A$
	Funds under management (A$b) Market value of investments (A$b)	7.6 0.3	7.1 0.3
	Retails assets under management	15	15

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MidCity Centre, Sydney, NSW

72

Key priorities

 Grow construction backlog

• Focus on health pipeline and convert internal opportunities

• Leverage multi-sites/ capital services platform

• Deliver key development projects

• Achieve key planning outcomes, secure tenants and capital partners

• Replenish communities backlog in key affordable markets

• Continue to drive operational excellence across senior living platform

• Simplify operating model in preparation for capital recycling

• Continue to grow funds under management

• Strong performance in existing funds is key

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73

David Hutton Group Head of Development Major projects update

1. Barangaroo South, Sydney 2. RNA Showgrounds, Brisbane 3. Victoria Harbour, Melbourne 4. Jurong Gateway, Singapore 5. Elephant & Castle, London 6. Stratford International Quarter, London

Agenda

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Barangaroo South, Sydney

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 Estimated A$6b end value  7.5 hectare site area  Extension of Sydney’s CBD  Development period 10 to 15 years  Up to 490,000 sqm total GFA  Up to 288,000 sqm NLA office  30,000 sqm retail / food and beverage

 Approx 775 apartments  250 (approx) room hotel

76

Proposed development stages

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R10
R11 C1 C8 C2 C6
R5
C3 C4 C5
R3
C7
R6
R4 R7
R2
R8 R9 R1
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2014/15
2016
2017/18
2020
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77

Premier commercial towers

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• Floor plates of 2,200 – 2,400sqm

• Flexible and adaptable workspaces, with inter floor connectivity

• Fresh air and higher ceilings, abundant natural light, aspect and views

• State of the art technology with a precinct wide ICT infrastructure

• Climate positive design, 6 Star Green Star design As Built (v3) and 5 Star NABERS rating

78

Current Status

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Planning Approvals

• Concept plan approved (490,000sqm including hotel) December 2010

• Basement approved November 2010

• C4 (first commercial tower) approved March 2010

• Planning of next tower (C5) underway for lodgement - June 2011

• 3rd Commercial Tower (C3) will be lodged in Q3 2011

• Residential towers will then follow

Current Status

• Withdrawal of legal challenge – May 2011

• Minister announces ‘short sharp’ review of processes concerning Barangaroo

• In advanced discussions with tenants and capital partners

79

The RNA Showgrounds, Brisbane

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• Estimated A$2.5b end value

• 22 hectare site with 5.5 hectares of land for Private Development

• Development period 15 years

• Commercial, Residential and Retail

• 340,000 sqm total GFA

• Renewal of RNA Facilities

• Industrial Pavilion commenced

80

Victoria Harbour, Melbourne

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• Estimated A$4.5b end value

• 30 hectare site

• Developed in partnership with VicUrban

• Project commencement 2001

• Project completion 2021

• 350,000sm total office GFA, 2,800 apartments, 22,000sqm retail and 20,000sqm of community space

• 45% complete

• Largest concentration of green buildings in Australia

81

Jurong Gateway, Singapore

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• Estimated SG$1.6b end value

• 25% owned by Lend Lease, 75% by Asian Retail Investment Fund

• Heads of Terms for 100% office tower with Singaporean Government Ministry National Development

• Retail tenancy discussions progressing with 30% leased to date

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Jurong
development
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82

Jurong Gateway, Singapore

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• Planning approval Feb 2011, commenced construction April 2011, completion 2014

• 108,000sqm large scale mixed use suburban development - 3[rd] largest suburban centre in Singapore

• Integrated approach

83

Elephant & Castle, London

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

Buckingham
 Palace
Estimated £1.5b end value
 Bakerloo &
Residential led, mixed use urban Northern
regeneration scheme over 15 years Tube
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• c2,500 new homes with 25% affordable housing

• 15,000sqm of retail, restaurant and leisure space

• Conditional Regeneration Agreement July 2010

• Clinton Climate Initiative – Climate+ development

84

Stratford International Quarter, London

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• Signed £1.3b Conditional Framework Agreement with London & Continental Railways

 Creation of a major new commercial district with nearly 400,000sqm of office accommodation across 22 acres

• Work is expected to start in 2013

• Stratford is well positioned – location, price and image

85

Steve McCann Group Chief Executive Officer & Managing Director Closing Comments

Key priorities for the Group

• Integrate Valemus infrastructure business and deliver on earnings accretion

• Focus on execution and delivery of major projects

• Ongoing portfolio management

• Position offshore businesses for market recovery

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Darling Quarter, Sydney, NSW

87

Positive outlook

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Significant backlog, development pipeline and access to capital

• Continued deal momentum

• Capital invested is supported by third party equity

• Focus on capital recycling

• Emphasis on quality and consistency of execution

Strong long term outlook with positive EPS trend

• Expect accretion from Valemus deal

• Strong 1[st] half result positions the Group well for the full year

• Key projects expected to begin to deliver returns from 2[nd] half of financial year 2012

88

Lend Lease Investor Day 25 May 2011

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