ASX Announcement

Lend Lease Investor Day presentations

16 May 2012

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

For further information, please contact:

Investor Relations: Corporate Affairs:

Sally Cameron Iwona Polski Tel:02 9236 6464 Tel: 02 9237 5034

Group Executive - Investor Relations Media & External Communications Manager

Level 4, 30 The Bond Telephone +61 2 9236 6111 30 Hickson Road Facsimile +61 2 9252 2192

Important notice

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.

Agenda

8.30 Strategy overview and operational update
9.00 Financial overview and portfolio update
9.30 Panel Q&A
10.00 Australian construction update
10.30 Panel Q&A Australian construction business
11.00 Coffee break
11.30 Major project update
12.00 Barangaroo South update
12.15 General Q&A
12.30 Closing comments

Strategy overview and operational update

Steve McCann Group Chief Executive Officer & Managing Director

Agenda

1. Safety commitment
1. Vision and values
1. New York investigation
1. Senior management bench strength
1. Strategy update
1. How do we measure success?
1. Pathway to achieving ROE target
1. Operational update
1. External environment and key priorities

6

Safety commitment – to be Incident & Injury Free

So far this year items of note include:

81% of our operations did not record a Flash, HiPo, Critical or Lost Time Incident
Our Critical incident frequency rate is trending down when compared with the same period in FY11
Revised EH&S system and GMRs rolled out in April - all Lend Lease operations will monitor compliance against our GMRs
New E-Learning Safety Passport to train our people on the revised EH&S system and GMRs to be launched by August

Our vision

Our core values

New York investigation

Investigation now concluded
Related to past billing practices and use of minority business enterprises which occurred in the New York branch of the Bovis construction business and they were stopped in 2009
Payments provided for in amounts previously disclosed at Lend Lease 1st half result
US senior management team replaced
New processes have been put in place
We are satisfied the investigation is now concluded and look forward to continuing our commitment to projects in New York City

Senior management bench strength

Recent appointments include:

Peter Brecht Managing Director, Construction, Australia
David Saxelby Chief Operating Officer, Australia
Ross Rolfe Managing Director, Resources Infrastructure, Australia
Hazel Chew, Chief Financial Officer, Asia
Craig van der Laan, Chief Strategy Officer
Denis Hickey Managing Director, Development, Australia
Peter Wilding Managing Director, Project Management & Construction, Asia
David Nieh Head of China
Michael Connolly Chief Operating Officer, Asia
Michael Larkin Group Treasurer

Strategy update

Our strategic direction

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

Our segment position

Development	Construction	Investment Management	Services	Ownership

 Leading development management, design & delivery capabilities	 Strong capabilities in project management, design and construction and acquired capability in engineering construction	 A leading investment management platform  Strong access to capital	 Property, asset and facilities management expertise	 Focused predominately on co-investments  Use capital to support fund growth
Target risk adjusted capital 35-45%	Target risk adjusted capital 30-40%	Target risk adjusted capital 5-15%	Target risk adjusted capital < 5%	Target risk adjusted capital 10-20%

Continued focus on key trends

Urban Regeneration	 Leading urban regeneration portfolio in Australia and UK  Focus on delivery and execution
Ageing Population	 Number one senior living platform in Australia  70 retirement villages
Infrastructure	 Australia - significant opportunities from both public and private projects  Scale infrastructure platform in Australia
Sustainability	 Market leader in sustainability innovation and delivery - first 6 Star v3 building in the market  Delivered our first zero carbon home and largest solar installed community in the Americas region, and implementing green utilities in Australia
Fund Growth Platform	 Awarded Victorian Funds Management Corporation 2012 Investment Stewardship Award  Continued focus on driving third party capital solutions and sourcing product to match capital demand

Commercialising sustainability

Strategy first introduced May 2009

Key strategic achievements 2012

Barangaroo South and Showgrounds Hill (RNA) commenced construction
Infrastructure backlog revenue of A\$6.8b as at 31 December 2011. Reports into Australian region from 1 February 2012
Higher profitability in the UK construction business
Asset sales in UK to release capital for urban regeneration projects
Americas integration of the DASCO business and further wins in infrastructure development business
Proceeds from asset sales of over A\$780m (including King of Prussia sale) used to fund development pipeline and repay debt
Reduction in number of overseas countries and reweighting to Australian region
Progress on process, technology and people initiatives
2010 corporate structure, business performance management framework implemented, move to one global brand
2011 embed regional structure, set right cost base
Senior management appointments
Introduced new performance management framework

BUILD

Reshape portfolio
Growth platforms
Operational excellence
Invest in people

How do we measure success?

Metric	Target
Return on Equity1	 Greater than 15% per annum
Credit Rating	 Committed to investment grade credit rating
Gearing2	 <20%
Interest Coverage Ratio	 >5x
Annuity Income	 >15% of operating EBITDA
Distribution Payout Ratio	 40% to 60% of Operating Profit after Tax
Safety	 To operate Incident & Injury Free
Sustainability	 To create positive legacies for now and future generations
Diversity	 Respecting all the ways in which we differ

Return on equity is calculated as statutory profit after tax divided by the weighted average equity for the period.
Gearing is calculated as net debt, divided by total tangible assets less cash .

Pathway to achieving return on equity target

Grow platforms	 Growth to be driven by development, investment management and infrastructure  Capital invested into key growth platforms across the Lend Lease segments and sectors – circa A\$1.0b-1.5b over next three years
Reshape portfolio	 Realign non-core assets and businesses to the Group's allocated portfolio targets  Execute the Group's capital recycling strategy to divest ~A\$1.0b – 1.5b across the next two to three years  Examples include the sale of public private partnerships equity, non core assets, 313@Somerset, Bluewater  Monitor market cycles and time strategic disposals

Pathway to achieving ROE target

Operational excellence / cost focus	 Drive operational efficiencies through the Group transformation project  Continue to focus on margin improvement  Finance, HR and IT transformation projects  Strategy sourcing program  Continued focus on Performance Management Framework
Pipeline execution	 Commencing construction on Barangaroo South and Showground Hill (RNA) projects  Monitoring bid costs and win rates  Focus on reducing development conversion times  Strong risk management processes

Operational update

Earnings split – reweighting portfolio in line with strategy

Based on operating profit after tax from operating businesses
The construction segment for 31 December 2010 has been restated to reflect the transfer of the construction activities of the infrastructure development business in the Americas to the construction segment from 1 July 2011

Australia business update

Opportunities/

outlook

Increasing density of urban boundaries supports growth in large mixed used development projects

Strong growth outlook in infrastructure sector
Resource sector stimulating strong demand for supporting infrastructure
Solid demand for office space in key cities
Commercial construction market remains challenging however strong internal pipeline
Retail sales flat across all categories
Residential market conditions remain weak

Key Metrics	Dec 2011	Dec 2010
Operating Profit after tax (A\$m)	207.1	136.7
Construction new work secured (A\$m)	5,057.2	750.3
	Dec 2011	June 2011
Construction backlog revenue (A\$m)	9,923.1	8,615.0
Funds under management (A\$b)	8.5	7.7
Retail assets under management (A\$b)	5.1	4.8
Backlog – residential units	72,735	73,580

Operating profit after tax for the six month period ended 31 Dec 2011

Australia business update (continued)

Deliver key development projects Barangaroo South, Showground Hill, Victoria Harbour
Grow construction backlog in traditional markets
Leverage infrastructure growth in rail and marine sectors and expand presence in resource sector
Optimise retirement portfolio through ongoing asset management
Maintain market leading investment management platform

The New Royal Children's Hospital, Melbourne

Asia business update

 Strong fundamentals in Asia	Key Metrics	2011	2010
 Pursuing additional mixed use	Operating Profit after tax (A\$m)	28.8	15.8
	Construction new work secured (A\$m)	312.6	412.0
		Dec 2011	June 2011
telecommunications	Construction backlog revenue (A\$m)	684.9	746.9
	Funds under management (A\$b)	2.1	2.0
 Successful delivery of JEMTM and	Retail assets under management (A\$b)	1.7	1.6
 Focus on capital recycling opportunities – retail Singapore
 Develop market leading project management & construction position in life sciences (pharmaceutical), education and telecoms sectors	Investment Management 46%	13% Construction 41%
	opportunities in Singapore and Asia  Robust outlook for Asian pharmaceuticals and Setia projects		Operating profit after tax for the six month period ended 31 Dec 2011 Development

Europe business update

	 Residential in early stages of recovery	Key Metrics	Dec 2011	Dec 2010
	with London expected to outperform	Profit after tax (A\$m)	43.0	94.6
	 Fits well with timing of major projects	Construction new work secured (A\$m)	411.6	764.5
	 Foreign investment in London property		Dec 2011	June 2011
Opportunities/ outlook	and infrastructure sectors remains strong	Construction backlog revenue (A\$m)	1,283.9	1,454.6
	 Macroeconomic pressures in Europe	Number of residential units	15,435	14,992
	continue	PPP equity invested (A\$m)	105.9	118.7
	 Property and social infrastructure	Funds under management (A\$b)	1.2	1.2
	construction growth in UK remains flat	Retail assets under management (A\$b)	3.1	3.1
Key priorities	 De-risk major projects and determine capital solutions  Focus on large regeneration projects including Elephant & Castle and the International Quarter, Stratford  Focus on capital recycling opportunities  Grow UK construction business	Operating profit after tax for the six month period ended 31 Dec 2011 Development -4% Development 45%	Construction 16% Investment Management 43%

Americas business update

	 Increased activity in key markets	Key Metrics	Dec 2011	Dec 2010
	including New York and Chicago	Profit after tax (A\$m)	18.1	28.9
	 Social infrastructure public private	Construction new work secured (A\$m)	899.0	1,244.2
Opportunities/	partnerships		Dec 2011	June 2011
outlook	 Healthcare development in the Americas	Construction backlog revenue (A\$m)	4,266.7	4,501.1
	 Sustainable buildings initiatives	Number of projects	26	26
	gaining momentum	PPP equity invested (A\$m)	49.3	50.8
Key priorities	 Maximise opportunities in military housing space  Grow Americas healthcare development business and build pipeline  Leverage project management & construction into market recovery  Assess project management & construction and social infrastructure opportunities in Brazil	Operating profit after tax for the six month period ended 31 Dec 2011 Development -3% Infrastructure Development 47%		Construction -7% Investment Management 63%

External environment and key priorities

External outlook – continued volatility

Australia

Strong growth outlook in infrastructure sector
Commercial construction market remains challenging however strong internal development pipeline to support backlog
Residential market conditions remain weak

Asia

Strong fundamentals
GDP remains strong with opportunities in education, pharmaceutical and telecommunications

Americas

Increased activity in key markets including New York and Chicago

EMEA

Residential in early stages of recovery with London expected to outperform
Macroeconomic pressures in Europe continue

Jacksons Landing, Sydney

Athletes' Village, London

Key priorities for the Group FY12-FY14

Achieve a balanced and diversified portfolio
Recycle capital toward higher yielding assets / businesses
Drive operational efficiencies through the Group transformation project
Maximise productivity through people initiatives
Deliver execution excellence

Peninsula Link, VIC

Financial overview and portfolio update

Tony Lombardo Group Chief Financial Officer

Agenda

1. Portfolio management approach
1. Capital allocation
Source of funds
Use of funds
Future capital allocation
1. Financial position

Portfolio management approach

Lend Lease portfolio management approach

Understanding and measuring our capital

Our capital is invested in both operating and capital intensive business units

Risk adjusted capital

	Risk adjusted capital application in Lend Lease
	Rationale for risk adjusted capital	Methodology
 	Tool to allocate risk capital between businesses and geographies Analytical method of measuring our exposure across the business segments in the Group	 The risk adjusted capital required for each individual business unit / major asset is calculated  Calculation is specific to the type of
	Ensure the Group has sufficient capital to run its business	business segment i.e.  Development, construction, investment management, services and ownership
 	Better understand the risk in our business Measure how we are being rewarded for risk across the Group	 The resulting 'risk adjusted' return on equity calculated for each business unit based on the risk adjusted capital

Strategic capital allocation achieved

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 2011 balance sheet.

Capital allocation

Sources of capital – medium term FY12-FY14

Source of Capital	Expected position
Retained earnings	 Current distribution payout ratio of between 40% to 60% of operating profit after tax  Distribution reinvestment plan to remain active
Portfolio Management	A\$3.0b of capital recycling since 2006  Number of mature assets to be sold down over next three years including A\$1.0 -1.5b of property and non-core businesses
Debt	 Undrawn debt capacity of circa A\$1.2b plus cash  Off balance sheet funding of major projects
Third party equity	 Significant access to third party capital through Lend Lease managed funds  Key source of competitive advantage for Lend Lease

Use of funds

Investment pipeline of between A\$1.0 -1.5b over next three years1

Region	Sector
Australia	 Major development projects  Co-investment in funds  Public private partnership equity positions
Americas	 Lend Lease healthcare developments opportunities
Asia	 Retail development  Co-investment in funds
Europe	 Major projects such as The International Quarter, Stratford and Elephant & Castle

Target returns

Business units targets	Development	Construction	Investment management	Property ownership
Gross margin/yield	c. 15-25%	c. 6-10%	c. 40%	c. 5-7%
Risk adjusted equity return	>17%	>20%	>20%	>10%

Type of development project	Hurdle Rates for new projects (Ungeared IRR, pre-tax)
Land (master planned communities)
Apartments	17 – 30%
Commercial
Retail
Retirement	17 - 24%
Public Private Partnerships (PPP)	12 - 18%

Integrated property model example

Key assumptions	Lend Lease owned
End development value	A\$1b
Construction value	A\$500m
Gross development margin	15-20% end development value
Development management fee	3-6% end development value
Gross profit margin - construction	5-7% of construction value
Funds management fee	c. 40-60bp per annum
Lend Lease equity (up front)	A\$150m (25% of total equity)
Lend Lease managed fund	A\$450m
Lend Lease co-investment in fund	10% or A\$45m

Potential pre-tax profit (pre overhead) available if Lend Lease takes 25% equity
Development profit = A\$49-65m
Development management fees = A\$20-40m
Construction margin = A\$17-24m
Total profit for Lend Lease = A\$86-129m
Ongoing investment management fees = A\$3-4.5m per annum
Ultimately Lend Lease will maintain a coinvestment in the fund of up to 10%

Development Process Source

Development

Secured work

As at 31 December 2011	Backlog	Backlog	Profit and timing	Capital model
Development	 End value of major urban regeneration projects in excess of A\$20b  Residential land end value A\$13.5b	 Residential land – 68,182 units  Built-form – 23,848 units  Retirement – 1,277 under development  Commercial – 7.4m square metres  Retail – 369,000 square metres	 Profits to be released over project life – usually between 1 to 10 years  Profit non-recurring in nature	 Lend Lease to contribute between 25% to 100% of equity capital to investments  Source capital partners for key projects
Construction	 Backlog revenue A\$16.2b	 Over 500 projects globally	 Profits to be recognised over length of project – usually between 1 to 3 years  Profit non-recurring in nature	 Minimal capital required  Business has capability and capacity to win further work

Secured work continued

As at 31 December 2011	Backlog	Backlog	Profit and timing	Capital model
Investment management	 Funds under management A\$11.8b	 8 funds  A number of individual managed investment mandates  22 retail centres under management	 Profits recurring in nature  Co-investments in new funds required to align Lend Lease's interests with investors	 New capital required for growth only – Lend Lease will take a co investment in new funds of between 5- 10%  Asset management - minimal capital
Services	 FM revenue backlog A\$791.5m  Retail assets under management A\$9.9b	 52 projects globally  Units under management (US only) – 44,395	 Long dated FM contracts 30-50 years	 Minimal capital required
Ownership	 Investments of A\$1.3b	 Bluewater - A\$750m Somerset/ JEMTM  – A\$224m  Other investments – circa A\$300m	 Profits recurring in nature  Co-investments in new funds required to align Lend Lease's interests with investors	 Release capital from certain assets over time

Portfolio snapshot – major projects

Project	Key statistics		% complete	Project status			Profit timing	Acquisition of site
	Calendar year secured	End value		Masterplanning approval	Pre-sales & leasing	Production	Financial year
Barangaroo South, Sydney	2009	A\$6b	0%				2012+	Staged land payments
Victoria Harbour, Melbourne	2001	A\$4.5b	c. 50%				Ongoing	Land management
Showground Hill, Brisbane	2010	A\$2.5b	0%				2014+	Land management
Waterbank (preferred), Perth	2011 (PDD yet to be signed)	A\$1b	0%				2016+	Land management
Richmond, Melbourne	2010	A\$400m	0%				2013+	100% owned
JEMTM, Singapore	2010	S\$1.6b	c.50%				2013	25% Direct - ownership/ 10% co-investment in fund
Elephant & Castle, London	2010	₤1.5b	0%				2014+	Land management
The International Quarter, Stratford City, London	2010	₤1.3b	0%				2014+	Land management
Greenwich Peninsula, London	2001	₤5.0b (50% to Lend Lease)	Ongoing				Ongoing	Land management

Development model Lend Lease equity interest – commercial circa 25%/ residential up to 100%

Financial position

Disciplined capital management

Sound financial position

\$2.4b cash and undrawn facilities at 31 December 2011
Balanced domestic and overseas debt providers
Average debt maturity 5.1 years (on total facilities)
Upcoming refinancing:
Oct 2012: US private placement (PP) first tranche of A\$97.1m
July 2013: currently undrawn facility of £360m
Gearing of 3.4%1 at 31 Dec 2011
Investment grade rating with both S&P and Moody's
Opportunity to review debt mix and maturity within gearing cap of 20%

Performance history

Operating profit after tax

FY09 FY10 FY11

1.Return on equity (ROE) is calculated as the statutory profit/(loss) after tax divided by the weighted average equity for the year. Return on equity in FY09 is before a number of non-operating adjustments and restructuring costs of A\$961 million after tax.

Summary

Continued capital allocation and portfolio management in line with strategic targets to drive long term securityholder value
Access to a variety of capital sources to fund pipeline
Expect gearing to increase as we invest in our development pipeline
Will continue to diversify funding sources
Continued focus on cost base and driving margins
Group transformation project

Melbourne Park, Western Precinct upgrade, VIC

Australian construction update

Peter Brecht Managing Director, Construction, Australia

Agenda

1. Key strategic focus areas for Australia's construction business
1. Key growth priorities
1. Construction market size
1. Competitive landscape
1. Major projects in delivery
1. Trading update
1. Risk approach
1. Portfolio market/ contract type
1. Selected major projects

Australian construction business

Project Management and Construction	Baulderstone	Abigroup	Infrastructure Services
Design, project management and construction in sectors including commercial, healthcare, retail, education, residential and telecoms	Multidisciplinary building and engineering construction company. Majority of revenue is from building (60%).	Multidisciplinary building and engineering construction company. Majority of revenue is from engineering (75%)	Asset design, installation and associated operations and maintenance services in roads, water, industrial/mining and power. One division providing engineering & construction capital projects in industrial/power.
Number of projects: 70	Number of projects: 40	Number of projects: 62	Number of sites: 65

Key strategic focus areas for Australia's construction business

Controlled growth in areas of key specialisation
Structured and conservative entry into new market sectors
Continued focus on back office synergies

Key growth priorities

Continue to grow the business particularly in the resource based states of Queensland and Western Australia
Selectively pursue major building and engineering Public Private Partnership projects
Continue penetration into the telecommunications sector on the back of National Broadband Network wins
Focus on development of new engineering markets in ports, energy transmission and rail
Replicate integrated property model into the engineering sector
Continue to deliver Lend Lease's large backlog of development projects Melbourne Park, Western Precinct Upgrade, VIC

Substantial engineering construction work pipeline

Engineering construction is expected to underpin growth with total activity in Australia rising to A\$108.5 billion in 2011/12 driven by mining investments and industrial projects
The fastest growing engineering construction sectors will be those directly linked to the next phase of the minerals and resources boom, namely mining and heavy industry, railways, harbours and pipelines (mostly gas)
The resources sector accounts for 67% of the pipeline
Significant marine and port projects are expected to come to market over the next five years to respond to the resource sector demand for export facilities

Construction market size

Relevant sectors – engineering construction 2011/12

Engineering construction market size - A\$108b

Mining and heavy industry Market size: A\$47.3b	Railways Market size: A\$8.6b		Harbours Market size: A\$5.5b		Water supply and storage Market size: A\$5.0b
Pipelines Market size: A\$2.1b	Telecommunications Market size: A\$4.4b		Roads Market size: A\$16.7b		Electricity GT&S Market size: A\$11.7b
		Other Market size: A\$6.7b

Construction market size continued

		Relevant sectors –	Building 2011/12
		Building market size -	A\$84b
	Non-residential commercial and industrial Market size: A\$17.9b		Non-residential social and institutional Market size: A\$17.7b		Residential Market size: A\$48.5b
Offices Market size: A\$5.5b	Accommodation Market size: A\$1.3b	Education Market size: A\$4.5b	Health Market size: A\$7.3b	New houses Market size: A\$26b	New other dwellings Market size: A\$13.9b
Retail Market size: A\$6.0b	Other Market size: A\$5.1b	Entertainment and recreation Market size: A\$2.5b	Other Market size: A\$3.4b		Alterations and additions Market size: A\$8.6b

Competitive landscape

Building market remains highly competitive with Tier one and Tier two contractors bidding at tight margins
Alliance contracts are a diminishing delivery model replaced by design and construct models
Major competitors in the building market are Brookfield Multiplex, John Holland, Theiss, Laing O'Rourke, Leighton Contractors, Watpac, Grocon and Hansen Yuncken
Engineering construction market remains competitive but margins remain stable
Offshore competitors continuing to pursue major engineering opportunities
Major competitors in the engineering construction market are Leighton Contractors, Laing O'Rourke, Theiss, McConnell Dowell and John Holland

Inner West Busway, NSW

Major projects in delivery

Project	Construction Value A\$m	Contract type	Sector	Secured date	Completion date
Gold Coast University Hospital	1,227	GMP	Healthcare	2010	2013
The New Royal Children's Hospital	1,080	Lump sum	Healthcare	2008	2015
Barangaroo South (tower 1)	985	GMP	Commercial	2012	2015
Origin Alliance	908	Alliance	Roads	2008	2013
Queensland Children's Hospital	885	GMP	Healthcare	2010	2014
Peninsula Link	655	Design and construct	Roads	2010	2013
Commonwealth New Build	541	Managing contractor	Government	2008	2013
Tintenbar To Ewingsdale, Pacific Highway, Northern NSW	531	Design and construct	Roads	2012	2015
Brisbane Supreme Court	527	GMP	Government	2009	2012
Northern Territory Secure Facilities	495	Design and construct	Correctional	2012	2014

GMP = Guaranteed maximum price 58

Abigroup

Key sector focus

Rail
Water storage and supply
Mining and heavy industry / resources
Pipelines (Liquefied Natural Gas)

Current major projects

Origin Alliance A\$908m (roads)
Queensland Children's Hospital A\$885m (healthcare)
Peninsula Link A\$655m (roads)
Surat Basin Rail \$600m (rail)
North West Rail Link, A\$6b (roads/bridges)
Olympic Dam Expansion A\$16b (roads, mining and mine infrastructure, rail)
Rio Tinto WA Framework Agreements (mining)
Pacific Highway, A\$3.5b (roads) ⁵⁹

Peninsula Link, VIC

Baulderstone

Key sector focus

Mining and heavy industry
Ports
Healthcare
Education

Current major projects

Tintenbar to Ewingsdale A\$531m (roads)
Adelaide Oval Redevelopment A\$350m (entertainment)
Mackay Base Hospital A\$328m (healthcare)
North West Rail Link, A\$6b
M5 Duplication (roads)
Pacific Highway, A\$3.5b (roads)
Ichthys LNG Pipeline A\$4b (pipelines/engineering)
Olympic Dam Expansion A\$16b (roads, mining and mine infrastructure, rail) ⁶⁰

Adelaide Oval Redevelopment, SA

Project Management and Construction

Key sector focus

Healthcare and education
Continue penetration into the telco sector
Grow the company's WA building business Current major projects
Gold Coast University Hospital A\$1.2b (healthcare)
The New Royal Children's Hospital A\$1.1b (healthcare)
Barangaroo South A\$985m (commercial)
Delivery of Lend Lease development pipeline
Telecommunications
Sunshine Coast University Hospital (healthcare)

The New Royal Children's Hospital, VIC

Infrastructure Services

Key sector focus

Power
Water
Roads maintenance
Mining and heavy industry / resources
Industrial

Current major projects

Loy Yang A Power Station (maintenance)
BHP Newman & Port Headland (maintenance)
Ergon Energy Electrical Network Services
Melbourne Water water & drainage (water)
Transurban M2/LCT (roads maintenance)
Power Station upgrade, WA (power)

Otway Gas Compression Project, VIC

Risk approach

Strict adherence to pursuing only those projects where Lend Lease has a record of competency
Joint venturing select larger projects with financially sound partners who provide complementary construction skills and resources
Structured process in the review of commercial terms, including extensive 'go'/ 'no go' hurdles
Significant senior management review of major tenders incorporating sophisticated risk analysis techniques
Comprehensive management review undertaken of all projects

The Green, Showground Hill, QLD

Backlog / revenue split – 31 December 2011

⁶⁴ * Definition of other construction contracts includes managing contractor roles, schedule of rates, alliance contracts and other contracts

Selected major pipeline of circa A\$10.0b

Project
Internal Lend Lease pipeline (Barangaroo South, Showground Hill)
Surat Basin Rail
Sunshine Coast University Hospital
Sydney International Convention, Exhibition & Entertainment Precinct
Pacific Highway – Oxley Highway to Kundabung
Bendigo Hospital
Arafura Mine Site
Pacific Highway Nambucca Heads to Urunga
Canberra Hospital
Centrex Mine Development
Royal Hobart Hospital
Melbourne Park – West
Melbourne Waterways and Drainage
Qantas Engineering
Roy Hill Transmission Line
Ranger Brine Concentrator Project
Selection of major projects being bid on

Summary

Portfolio diversified by geography, sector and contract type
Project management and construction business has large, long -dated projects from internal development pipeline in addition to secured backlog
Infrastructure business on track to deliver earnings accretion announced at the time of the acquisition in December 2010
Strategy is for growth in areas of core discipline and in areas of specialisation
Backlog revenue of A\$9.9b as at 31 December 2011

Major project update

David Hutton Group Head of Development

Agenda

1. A snapshot of our integrated model
1. Examples of Lend Lease's delivery capabilities
1. Retail development pipeline
1. Major project update

A snapshot of our integrated model

Underpinned by a large and sustainable pipeline to drive earnings growth

Case study of our integrated model: Darling Quarter, Sydney

Owner: Australian Prime Property Fund Commercial (APPFC), in joint venture with Lend Lease investment mandate client
Two campus-style commercial office buildings with 58,000sqm of office space, car parking, leisure and retail facilities
Lend Lease sourced tenant, Commonwealth Bank of Australia
Builder: Lend Lease's construction business
End development value: circa \$A500m
6 Star Green Star Office Design V3 rating

Fee streams: Development management

Design & construct

Funds management

Returns on co-investment

Athletes' Village, London - Showcases Lend Lease's integrated delivery capabilities

Retail development pipeline

Caneland Central, Mackay, Queensland

Owner: APPF Retail 100% Development cost A\$221m Services provided by Lend Lease: Development management Design and construction Funds and asset management Property management

Awarded Myer Best Property Supplier 2011

Ranked #5 in speciality productivity in 2012 Big Guns awards

4 Star Green Star – Retail Centre Design v1 Certified Rating

Key retail development projects

Project	Fund / ownership %	Development cost A\$m	Update
Craigeburn Central, Victoria	APPF Retail (75%) Lend Lease (25%)	A\$333m	 Construction commenced January 2012 with delivery planned for October 2013
Lakeside Joondalup, WA	APPF Retail (50%) / Future Fund (50%)	A\$248m	 Council approved  Expected start date second half 2012
Cairns Central, Queensland	APPF Retail (100%)	A\$170m	 APPF acquired remaining 50% of asset in 2011  Master planning underway for over 16,000sqm of additional space  Preliminary Investment Proposal due mid 2012  Construction expected to commence early 2013

Major project update

Global pipeline of large urban regeneration projects

Victoria Harbour, Melbourne

Barangaroo South, Sydney

Barangaroo South, Sydney

Extension of the Sydney CBD
Development period 10 to 15 years
Planning consent received for all three commercial towers
Construction well underway
Lend Lease in detailed discussions with several tenants and in advanced stages of due diligence with investors

Showground Hill, Brisbane

Victoria Harbour, Melbourne

Projects committed or delivered to date: Commercial: 75% (floor space) Residential: 30% (floor space) Four residential projects under construction Serrata and Convesso on track for practical completion mid year 2012 Exo – under construction and on track for completion mid year 2013 Forte – tallest engineered timber building in Australia Two commercial offices under construction Latest commercial tower (Aurecon Centre) – sourced major tenant, sold 100% to third party capital End development value of six buildings under construction is A\$704m Pre -sales on Concavo progressing well

Victoria Harbour, Melbourne

Waterbank, Perth – preferred position

Jem™, Singapore

End project value SGD\$1.6b
Large scale mixed use suburban development of 108,000 sqm
25% owned by Lend Lease, 75% by ARIF
Construction on schedule:
Retail scheduled to open pre June 2013
Commercial scheduled for completion by December 2013
100% of commercial space leased
85% retail space let (based on NLA)

Setia City Mall, Malaysia

Elephant & Castle, London

The International Quarter, Stratford City, London

£1.3 billion joint venture with London & Continental Railways
Creation of a major new commercial district with nearly 400,000sqm of office space
Masterplan approval in November 2011
Current focus on sourcing tenants and capital solutions
Work expected to start in 2013

Barangaroo South update

Andrew Wilson Managing Director – Barangaroo South

Agenda

1. Barangaroo

Overview
Transport
1. Barangaroo South vision and summary
1. Review of Barangaroo South plans
Commercial
Retail
Residential
1. Construction update

Barangaroo

Barangaroo in context

	From Barangaroo
Wynyard	4 mins walk
Martin Place	6 mins walk
Governor Phillip Tower	8 mins walk

Wynyard walk

"Work will begin on a 110-metre underground pedestrian tunnel and a 100-metre bridge crossing Sussex Street in October 2012. The entire project would cost about \$300 million."

Minister for Transport Gladys Berejiklian