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

Acquisition in line with strategy 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 building sectors providing further diversification Work in hand  Order book in excess of A$5.3b as at 31 March 2011  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 3

Market dynamics 4 Market OutlookKey Insights Sources: ABS & BIS Shrapnel  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

Integration review Infrastructure reporting  Infrastructure business reporting into the Group  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 efficiently and review competitive overlap in strategic growth areas 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 5

Synergies 6  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 Inner West Bus way along Victoria Road, Sydney, NSW