LENDLEASE GROUP — Investor Presentation 2012

Oct 23, 2012

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ASX Announcement

Lend Lease presentation at Citi 2012 Australian Investment Conference in Sydney

24 October 2012

Attached is the presentation given by Lend Lease Group Chief Executive Officer and Managing Director, Mr Steve McCann at today’s Citi 2012 Australian Investment Conference being held in Sydney.

The presentation contains no new material information.

ENDS

For further information, please contact:

Investor Relations: Corporate Affairs: Sally Cameron Vivienne Bower Group Executive - Investor Relations Group Head of Corporate Affairs and Investor Relations Tel: 02 9236 6464 Tel: 02 9277 2174 Mob: 0448 129 022 Mob: 0431 487 025

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

LEND LEASE Citi Australian Investment Conference October 2012

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 relation to 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. Statements of intent in relation to future events should not be taken to be a forecast or prediction that those events will occur. Actual events or results may differ materially from the events or results expressed or implied in any forward looking statement and deviations are both normal and to be expected.

The Group’s statutory results are prepared in accordance with International Financial Reporting Standards (IFRS). This presentation also includes certain non-IFRS measures in presenting the Group’s operating results. The operating results are non-IFRS measures which are used by the Group to measure and assess performance and make decisions on the allocation of resources and include EBITDA and Operating Profit After Tax. Non-IFRS measures have not been subject to audit or review.

A reference to 2012 refers to the 2012 financial year unless otherwise stated and figures quoted for June 2012 are as reported in the FY 12 financial results unless otherwise stated.

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Safety commitment

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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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Segments
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Sectors
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Leading
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International
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
Development Property and

Construction Infrastructure are our Be in the top three
Focus on four core

Investment core sectors. We will industry leaders within
regions with defined
Management participate in defined our chosen market
geographies

Services sub-sectors where we segments and sectors

Ownership have core capabilities
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The integrated model – property Athletes’ Village, London

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• Athletes’ Village for the London 2012 Olympic and Paralympic Games for the Olympic Development Authority

• Continuing involvement and fee streams for Lend Lease:

• Operating the village, leading up to the Games

• Supporting venue preparation leading up to the Games

• Retrofit of the Village to residential post Games

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Fee streams to
Lend Lease
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Construction
services
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Retrofitting
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The integrated model – infrastructure Sunshine Coast University Hospital

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
Lend Lease consortium selected in
July to deliver A$2b hospital on
Sunshine Coast

738 bed tertiary level hospital, with
stage one scheduled for completion in
late 2016 and further stages planned
for commissioning in mid 2018 and mid
2021

Integrated project for Lend Lease

Construction to commence 2nd half
calendar 2012
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Fee streams to
Lend Lease
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Development
fees
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Returns on
50% co-
investment
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Continued profit growth in difficult market environment

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June 2012 A$m June 2011 A$m % change	June 2012 A$m June 2011 A$m % change
Revenue 11,609.7 9,014.1 28.8
EBITDA from operating businesses2	809.5 837.2 (3.3)
EBITDA margin of operating businesses(%) 7.0 9.3 (24.7)
Statutory profit after tax1 501.4 492.8 1.8
Operating profit after tax2 507.2 485.3 4.5
Earnings per security3(cents) 88.7 85.6 3.6
Distribution per security4(cents) 38.0 35.0 8.5
Return on equity5 (%) 13.4 14.2 (5.6)

1. Statutory profit after tax calculated in accordance with Australian Accounting Standards, which also complies with IFRS

2. Refer to slide 50 in the Appendices to the FY12 full year results presentation for a reconciliation between operating profit after tax and statutory profit after tax. Operating profit after tax excludes property investment revaluations of A$5.8m loss after tax (30 June 2011: $7.5m gain after tax).

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

4. The interim and final distributions are unfranked and represent a payout ratio of 43% of operating profit after tax for the year ended 30 June 2012

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

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Operational performance at a glance – 12 months ended 30 June 2012

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12 months ended 30 June 2012

Division overview FY12 Revenue A$m FY12 EBITDA A$m Earnings split1 Revenue by geography	Division overview FY12 Revenue A$m FY12 EBITDA A$m Earnings split1 Revenue by geography
Development  Operates in all four major geographic regions  Involved in the development of master-planned urban communities, inner-city mixed-use developments, commercial, apartments, retail and the retirement living and aged care sector 563.0 74.9 25% 94% 2% 3% 1%
Infrastructure Development  Operates in Australia, EMEA and the Americas  Manages and invests in Public Private Partnership (PPP) projects 190.4 67.7 7% 0% 72% 21% 10%
Construction  Operates in all four major geographic regions  Provides project management, engineering and construction services 10,475.8 475.7 63% 7% 11% 19% 42%
Investment Management  Operates in Australia, Asia and EMEA²  Provides real estate investment management, retail property management and asset management services  Includes the Group’s ownership interests in property investments held directly or indirectly through investments in the Group managed funds 336.6 191.2 23%	75% 6% 19% 0%

1. Based on operating profit after tax from operating businesses

Australia Asia

1. Remaining assets in the ‘Americas’ investment management business sold in August 2011

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EMEA Americas

Portfolio update - market position

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As at 30 June 2012	Backlog	Key Market Drivers	Market Position
Development	End value of major urban regeneration projects in excess of A$20b Residential land end value A$13.0b	Residential land – 68,006 units Built-form – 21,592 units Retirement – 1,270 under development Aged care – 563 beds Commercial – 7.1m square metres	Leading portfolio of urban regeneration projects in Australia and UK Number one senior living platform in Australia Strong player in communities/built-form, retail and commercial in Australia
Construction	Backlog revenue A$15.3b	Over 500 projects globally	Strong player in Australia in core markets of healthcare, commercial, retail, social infrastructure and infrastructure construction
Investment Management	Funds under management A$12.3b	A number of individual managed investment mandates 24 retail centres under management	Leading wholesale investment management in Australia
Services	Facilities management revenue backlog £592m Retail assets under management A$10.3b	52 projects globally Units under management (US only) – 56,140 (includes both secured and preferred)	Strong player in military housing sector in US and PPP healthcare and education sectors in UK Large retail portfolio under management
Ownership	Investments of A$1.3b	Bluewater – A$777m Somerset/JemTM – A$235m Other investments – circa A$300m	Lend Lease holds co-investments in funds to align Lend Lease’s interest with those of its investors

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Global pipeline of large urban regeneration projects

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Elephant & Castle, London
Americas Europe, Middle
East and Africa
The International Quarter, Stratford, London
Jem [TM] , Singapore
Asia
Showground Hill, Brisbane
Australia
Waterbank, Perth
Victoria Harbour, Melbourne Barangaroo South, Sydney
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Business update - Australia

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Barangaroo South, Sydney

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• Estimated $A6b end value

• Agreements with tenants for 71% of floor space of first two commercial buildings:

• Secured A$2 billion of equity commitments for the first two commercial buildings

• Construction well underway

• Exclusivity agreement for hotel with Crown Limited announced August 2012

• Launch of first two residential buildings expected in 2013

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Profit on sale
transfer of
rights to land
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Leasing and
asset
management
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Returns on co-
investment
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Offshore regions

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Scottish National Arena, Glasgow

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External outlook

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Australia

• Infrastructure sector - focus on growth in key areas of specialisation

• Non-residential building activity remains low but Lend Lease has strong internal development pipeline

• Weak consumer sentiment continues to drive challenging residential trading conditions

Asia

• Strong market fundamentals

• Focus on securing and delivery of mixed use and integrated projects

• Develop market leading positions in pharmaceutical and telecommunications construction

Americas

• Early signs of recovery

EMEA

• Focus on delivery of major projects in UK

• Position construction business into market recovery

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Caneland Central, Queensland

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Elephant & Castle, London, UK

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Key priorities for the Group

• Safety

• Continue to grow a balanced and diversified portfolio

• Recycle capital toward higher yielding assets / businesses

• Continue to drive operational efficiencies

• Maximise productivity through people initiatives

• Deliver execution excellence

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LEND LEASE Citi Australian Investment Conference October 2012