1. Bob McNamara Chief Executive Officer, Americas Business Update - Americas

2. Agenda 1.Overview of business environment 2.Lend Lease in the Americas 3.Project Management & Construction 4.Infrastructure development 5.Development – Lend Lease DASCO 6.Key priorities

3. Overview of business environment 3 SectorOutlookOpportunity/ Impact for Lend Lease General economic conditions  GDP growth of 2.9% in FY2012 Construction sector  New work secured greater than backlog burn Infrastructure development  Military program coming to an end but long tail of work  Secured second phase (Group B) of Privatization of Army Lodgings program Residential development  Limited exposure – one project in Denver is on hold Healthcare  Acquisition of Lend Lease DASCO gives exposure to growing medical office development market Investment Management/Retail  Strategy to capitalise on demand for prime retail assets – recycle capital in King of Prussia Clear signs of recovery

4. Lend Lease in the Americas Key Areas of Focus Canada United States Brazil Argentina Mexico 4  Project Management & Construction  Ranked 1st in multifamily, 5th in healthcare  260 projects  Profit coming off low base / resized cost base  Infrastructure Development  22 military bases – market share of 18.2%  Strong relationships with all branches of the military  Long tail of earnings  Investment Management  King of Prussia – one of top US malls  Development  Lend Lease DASCO – gives capability in healthcare development  Growing market and pipeline  Opportunity to reinvest capital

5. Project Management & Construction National September 11 Memorial and Museum, New York, NY Operational update  Settlement reached with NY City DOI – restores standing to win NYC agency work  WTC – liabilities, if any, are now limited to available insurance  Business made small loss after tax in first half of the year  Efficiency and overhead reductions underway Opportunities  Emerging opportunities in healthcare, multi- family residential and multi-sites Outlook  Activity levels have picked up  Recent project wins – Delta Air Lines’ Terminal 4 Headhouse Expansion/Renovation Project in NY and Construction services provider for over 500 7-Eleven stores in the US and Canada  Leverage business as market recovers 5 Key Metrics Dec 2010 Dec 2009 Operating profit after tax (A$m) (3.2)(19.9) Construction new work secured (A$m) 938.8256.3 Construction backlog revenue (A$m) 1,468.51,183.7

6. Project Management & Construction project experience 6 Chase Bank Rebranding, Various Locations, US One Museum Park East, Chicago, Illinois El Aleph, Buenos Aires, Argentina

7. Infrastructure development Fort Campbell Zero Energy Housing Fort Campbell, Kentucky 7 Operational Update  Secured US$350m second phase (Group B) of Privatization of Army Lodgings program  Reached financial close on US$377m Wainwright Greely project in Alaska Opportunities  Canada – shortlisted on Pan American Games  Long tail of ongoing work in military housing program  New work in privatization of army lodgings, green retrofits and renewable energies Outlook  Military housing projects coming to an end  Further phases to be awarded in lodgings program Key Metrics Dec 2010 Dec 2009 Operating profit after tax (A$m) 20.227.2 Number of projects2220 Number of units under management 49,28544,050 Backlog gross profit margin (A$m) 342.9364.5 Invested equity (A$m)61.3

8. Infrastructure development project experience 8 Camp Lejeune, Camp Lejeune, North Carolina Army Hawaii Family Housing, Oahu, HawaiiFort Drum Mountain Community Homes, Fort Drum, New York

9. Development – acquisition of Lend Lease DASCO Parker Adventist Hospital, Parker, Colorado 9 What they do  National leader in the development, financing, leasing and management of medical facilities  Acquisition price of US$10m and an earn out over a 4 year period  Existing development pipeline consisting of 10 projects Strategic Rationale  Growing industry driven by increased healthcare spend  Changing medical technologies and insurance models shifting delivery of care out of hospitals  Integrated property delivery model  Provide facilities on established hospital campuses Opportunities  Provides opportunities for other parts of Lend Lease, including construction, fund and asset management Methodist North at Allen Road, Peoria, Illinois

10. Healthcare project experience 10 St. Joseph's Hospital, North Lutz, Florida New York-Presbyterian Hospital - Vivian and Seymour Milstein Family Heart Center, New York, NY HCA Sky Ridge Medical Center, Lone Tree, Colorado

11. Key priorities for the Americas  Develop US healthcare strategy – strong pipeline of opportunities  Leverage project management & construction into market recovery  Continue growth focus in Latin America with concentration of activity in Argentina and Mexico, and some client led opportunities in Brazil Trump Tower, Chicago, IL 11