1. Mark Menhinnitt Chief Executive Officer, Australia Business Update - Australia

2. 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

3. Overview of business environment 3 SectorOutlook 1 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 Communities Long term fundamentals remain solid. Consumer sentiment and affordability 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

4. Lend Lease in Australia Project Management & Construction 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 Leading wholesale property platform in Australia Access to capital partners to fund development pipeline 4 Operating profit after tax as at 31 December 2010* * 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.

5. Project Management & Construction 5 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$3b of construction work on Barangaroo South alone BER schools program Key Metrics Dec 2010 Dec 2009 Operating profit after tax (A$m) 43.561.2 New work secured revenue (A$m) 750.3637.6 Dec 2010 June 2010 Construction backlog revenue (A$b) 3.24.2

6. Infrastructure Development South Australian Schools 6 Operational Update Small loss in the first half of the financial year due to costs of bidding on projects 1 of 3 shortlisted on Victoria Comprehensive Cancer Centre in Melbourne Shortlisted on a further 5 projects Opportunities Pipeline of opportunities including Sunshine Coast Hospital, Sydney Convention Centre, prisons, schools and rail projects Outlook Large backlog of infrastructure projects to be delivered eg. road, rail and social infrastructure Significant infrastructure requirements on back of large resource projects Establishment of Infrastructure NSW Significant commitments to infrastructure made by Federal Government Key Metrics Dec 2010 Dec 2009 Operating profit after tax (A$m) (3.8)(0.9) Number of projects11 Invested equity (A$m)13.4-

7. Development - Mixed Use 7 Barangaroo South Concept Plan amendment approved Site clearing completed Planning approval received for first office tower Basement due to commence in July In advanced discussions with tenants and capital partners RNA Planning approval received November 2010 Work started on the Industrial Pavilion Targeting to commence development of the first residential building in FY2012 Outlook/ Opportunities 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 Convesso, Victoria Harbour, Melbourne Key Metrics Dec 2010 June 2010 Number of zoned built-form units 8,6256,635 Number of unzoned built-form units 1,0305,955 Commercial (sqm/ 000s) 3,901.83,500.5

8. Development - Communities 8 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 Varsity Lakes, Gold Coast, QLD Key Metrics Dec 2010 June 2010 Number of zoned residential land lots 38,17031,960 Number of unzoned residential land lots 22,33527,080 Total backlog lots60,50559,040

9. Overview of communities market 9 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 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: Westpac-Melbourne Institute, RBA and Lend Lease Research Source: BIS Shrapnel

10. Communities portfolio strategy update 10 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 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 Flexible business model and diverse geographic spread of projects Mawson Lakes, SA Lakeside Pakenham, VIC

11. Senior Living 11 Operational Update FY2011 reflects first full year of 100% ownership of Primelife Aged Care – has increased EBITDA per bed by >35% since acquisition Opportunities Recycle capital and introduce capital partners Increase development pipeline Standardise retirement contracts across the portfolio for simplification and efficiency benefits Outlook Long term dynamics of senior living sector remain positive – supported by an ageing population, undersupply of stock and government focus on senior housing Penetration in Australia remains low relative to overseas markets Key Metrics Dec 2010 June 2010 Number of retirement villages 70 Number of retirement units12,41612,357 Number of aged care facilities 32 Number of aged care beds2,3722,370 Aged care occupancy (%)94.494.5 Development pipeline – number of retirement units 1,2551,310 Woodlands Park, Berwick VIC

12. Investment Management MidCity Centre, Sydney, NSW 12 Operational Update 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 Opportunities 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 Outlook 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 Dec 2010 Dec 2009 Operating profit after Tax (A$m)17.211.9 Dec 2010 A$ June 2010 A$ Funds under management (A$b) 7.67.1 Market value of investments (A$b) 0.3 Retails assets under management 15

13. 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 13