LENDLEASE GROUP — Investor Presentation 2011

May 4, 2011

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ASX Announcement

Lend Lease presentation at Macquarie Australia Conference in Sydney

5 May 2011

Attached is the presentation given by Lend Lease Group Chief Executive Officer and Managing Director, Mr Steve McCann at today’s Macquarie Australia Conference being held in Sydney.

For further information, please contact:

Investor Relations: Corporate Affairs: Sally Cameron Iwona Polski Group Executive - Investor Relations Media & External Communications Manager Tel:02 9236 6464 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

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Macquarie Australia Conference May 2011

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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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Integrated business model

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Project Management
Development Investment Management Infrastructure Development
and Construction
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Development of master-planned urban communities, inner-city mixed-use developments, apartments, retail and the senior living sector

Provides real estate investment management, retail property management and asset management services.

Provides project management and construction services, as well as infrastructure and engineering services

Manages and invests in large public private partnership (PPP) projects

We find	We buy	We fund	We design	We build	We manage
Sourcing the best	Structuring the	Providing the right	Creating innovative	Building and	Continually
property	right deal	investment	and sustainable	project managing	enhancing the
opportunities		solutions	property solutions	using our global	value of property
				construction reach	over time

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Continued focus on key growth 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

• Number of new PPP projects impacted by slowdown in government programs in the UK

• Valemus acquisition gives the Group 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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Progress since half year result

• 1[st] half operating profit after tax of A$220.2m positions the Group well for the full year

• Continued success in capital recycling and pipeline wins since first half result

• Valemus integration on track

• Progress on major projects

• Positive long term outlook

• Short term market conditions:

• Impact from stronger Australian dollar

• Weaker consumer sentiment

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Barangaroo South, Sydney

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Positive performance across portfolio

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	Dec 2010	June 2010
	A$m	A$m
Funds under management (A$b)	10.7	10.1
Investments (A$b)	1.8	2.0
Residential units - zoned	63,068	54,615
Residential units - unzoned	26,148	33,295
Construction backlog revenue (A$m) excluding Valemus backlogand internal developmentpipeline	6,556.1	7,152.7
Number of PPP projects	41	40

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Earnings split

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

June 2010 Actual

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Investment Project
Management Management Investment
22% & Construction Management
Project 20% 28%
Management
& Construction
37%
Infrastructure
Development
11%
Infrastructure
Development
Development 14%
Development 38%
30%
Geographical Earnings Split [1]
June 2010 Proforma [2] June 2010 Actual
Americas Americas
6% 7%
Europe
22%
Europe
28%
Australia
Asia 57%
6%
Australia
66%
Asia
8%
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1. Based on Operating Profit after Tax from operating businesses.

2. Based on Valemus CY 2009 Pro Forma Operating Profit after Tax and Lend Lease’s FY 2010 Operating Profit after Tax.

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Acquisition of Valemus 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 where previously there was limited capability

• Order book in excess of A$5.3b as at December 2010

Performance

• Significant visibility on future pipeline (in excess A$1.85b of work pending)

Strong earnings accretion

• The transaction is expected to provide ~15% EPS accretion on a full year basis in the financial year ending 30 June 2012

• Minimal contribution to FY2011 earnings

• Retained financial flexibility to fund its development pipeline

Balance sheet

• Rating agencies have confirmed investment grade credit rating with a stable outlook

• Midway through a 90 day post acquisition integration process

Integration

• New Managing Director of Conneq - David Marchant previously CEO of Australian Rail and Track Corporation

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Australia business update

• Long term fundamentals of residential market remain solid, short term impacted by market uncertainty and consumer sentiment

• NSW/ ACT remain strong, Victoria is solid but SA and South East Queensland subdued

• Senior living – reflects 100% ownership

• Focus on rezoning and replenishing backlog

• Major projects progressing well

Development

• Lower profit in first half versus prior period

• A number of major projects were < 50% complete

Project Management & Construction

• Backlog revenue of A$3.2b

• Profit up due to income from ING retail assets

Investment Management

• FUM increased by 7% to A$7.6b

• Small loss due to costs of bidding on projects

Infrastructure Development

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

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Operating Profit	Dec 2010	Dec 2009
after Tax	A$m	A$m
Development	79.8	44.0
PM & C	43.5	61.2
Investment Management	17.2	11.9
Infrastructure Development	(3.8)	(0.9)
Total	136.7	116.2

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Gold Coast University Hospital, Queensland

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Barangaroo South, Sydney

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

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Asia business update

• Finalised purchase of Jurong Gateway mixeduse site with Asian Retail Investment Fund

Development

• New work secured up 163% as at December 2010 - including major project in Taiwan

Project Management & Construction

• Profitability ratio maintained at 56% at December 2010

• FUM increased to A$2b due to Asian Retail Fund being fully invested

• Lower profit in first half as previous period included final distribution from APIC I

Investment Management

• Interest in PoMo Shopping Centre sold in March 2011

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Operating Profit	Dec 2010	Dec 2009
after Tax	A$m	A$m
Development	(0.2)	0.5
PM & C	10.7	12.5
Investment Management	5.3	8.5
Total	15.8	21.5

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Nokia Beijing Campus, China

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Europe business update

 Approvals for major projects on track  Pier Walk building sold  New work secured up 42% - includes Regents Place and Scottish National Arena projects  Market conditions remain tough but activity levels showing signs of improvement  Launch of £220 million Infrastructure Fund  Extension of Retail Partnership for 7 years  Sale of Group’s interest in Overgate shopping centre  Reached financial close in March 2011 on £70m Wandsworth Schools program redevelopment

Development Project Management & Construction Investment Management

Infrastructure Development

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Operating Profit	Dec 2010	Dec 2009
after Tax	A$m	A$m
Development	4.8	24.5
PM & C	4.4	2.1
Investment Management	27.1	14.2
Infrastructure Development	58.3	23.2
Total	94.6	64.0

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Greenwich Peninsula, UK

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Americas business update

• Completed acquisition of healthcare developer Dasco

Development

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

Project Management & Construction

• Business made small loss after tax in first half

• Increase in activity levels – healthcare opportunities

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Operating Profit	Dec 2010	Dec 2009
after Tax	A$m	A$m
Development	(0.5)	0.1
PM & C	(3.2)	(19.9)
Investment Management	12.4	11.6
Infrastructure Development	20.2	27.2
Total	28.9	19.0

• Backlog Revenue up 24%

Investment Management

Infrastructure Development

• Valuation of King of Prussia firmer

• Secured US$350m second phase (Group B) of Privatization of Army Lodgings program

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

• Includes costs incurred in bidding for opportunities in Canada

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Privatization of Army Lodgings program

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Capacity to fund pipeline

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	Dec 2010	June 2010	Dec 2009
Credit Rating - S&P/Moody’s	BBB- / Baa3	BBB- / Baa3	BBB- / Baa3
	(Stable)	(Stable)	(Stable)
Net (cash) / debt1(A$m)	29.5	(19.7)	749.9
Gearing excluding Valemus 2	0.4%	Net cash position	9.2%
Pro forma gearing including Valemus	6.7%
Undrawn facilities (A$m)	571.5	688.6	536.8
Weighted average debt maturity3	4.8 years	5.5 years	6 years
Weighted average cost of debt	6.4%	6.3%	5.2%
Fixed / floating debt	63% / 37%	65% / 35%	60% / 40%
Interest coverage4	6.5x	6.7x	10.2x

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

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

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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

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Macquarie Australia Conference May 2011

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