1. Steve McCann Group Chief Executive Officer & Managing Director Strategy and Business Overview

2. Agenda 1.Update on safety 2.External business environment 3.Key priorities for the Group 4.Pipeline of opportunities 5.Strategy update 6.Continued focus on key trends 7.Progress on strategy to date 8.Key strategic deliverables 2011 9.Operational update Asia 10.Operational update Europe

3. Good progress on safety 3 1. Excludes infrastructure business (Valemus) Gold Coast University Hospital, Queensland

4. External environment favourable 4 RegionOutlookOpportunity/ Impact for Lend Lease Australia  Favourable economic conditions present attractive opportunities across most sectors, particularly infrastructure  Short term impact from weak consumer sentiment  Concerns of two speed economy and potential impact from interest rate rises  Focus on delivery of secured pipeline of opportunities through existing platform and integration of Valemus Asia  Strong fundamentals across most markets  Focused on delivery of retail projects in Singapore  Project management & construction – develop market leading positions in pharmaceutical and life sciences Americas  Signs of recovery across key sectors  Opportunity to leverage into market recovery and establish positions in new sectors eg. healthcare development Europe  Early stages of recovery in residential and construction  Focus on delivery of major projects and position project management & construction business into market recovery

5. Key priorities for the Group  Integrate Valemus infrastructure business and deliver on earnings accretion  Integration of business on track  Strong infrastructure backlog driven by Abigroup  Progress major projects Focus on portfolio management Position offshore businesses for market recovery 5 Mangoola Coal Rail Bottom Loop, NSW

6. Significant pipeline of opportunities Dec 2010 Funds under management (A$b)10.7 End development value of urban regeneration projects (A$b)25.0 Construction backlog revenue (A$b) (including Valemus)11.9 Retail assets under management (A$b)9.4 Backlog of residential units89,216 6

7. Strategy update

8. Our strategic direction Our Strategic Direction: To be the Leading International Property and Infrastructure Group Be in the top 3 industry leaders within our chosen market segments and sectors Leading Focus on 4 core regions with defined geographies International Property and Infrastructure are our core sectors. We will participate in defined sub-sectors where we have core capabilities Sectors Segments  Development  Construction  Investment Management  Services  Ownership 8

9. Our segment position 9  Focused predominately on co-investments  Use capital to support fund growth  A leading development management, design & delivery capabilities Development  Strong capabilities in project management, design and construction and new acquired capability in engineering and construction Construction  A leading investment management platform  Strong access to capital Investment Management  Property, asset and facilities management expertise ServicesOwnership 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%

10. Continued focus on key trends Urban Regeneration  Leading urban renewal projects in Australia, UK and Singapore  Focus on delivery and execution Ageing Population  No. 1 senior living platform in Australia  70 retirement villages and 32 aged care facilities Infrastructure  Australia - significant opportunities from both public and private projects  Valemus acquisition provides significant capability in the Australian engineering and infrastructure market Sustainability  Continued focus on commercialising sustainability Fund Growth Platform  Continue to service our wholesale investor base  Targeted opportunities which meet investor appetite 10

11. Our strategic pathway RESTORE  Right Structure  Right structure  Cost out  Drive efficiency  Capital management  Reshape portfolio  Growth platforms  Operational excellence  Invest in people  World class property and infrastructure solutions company  Strong integrated offering  Trusted investment manager RESTORE A Focused Core Business BUILD Disciplined Expansion LEAD Outperformance 11  Continue to focus on business transformation  Capital management  Divestment of non core assets  Valemus integration  Talent management  Portfolio of successful projects  Best in class execution

12. Key strategic deliverables – 12 to 24 months  Reshape portfolio  Growth platforms  Operational excellence  Invest in people BUILD 12 Major Development Projects  Successful delivery and execution of secured projects Infrastructure  Successful integration of the business  Establish appropriate risk framework  Extract synergies Business Transformation  Drive business performance efficiency  Deliver savings Portfolio Reallocation  Realise capital of A$1–2b from completed assets UK and US market recovery  Position to outperform in recovering markets  Realise intrinsic development value in UK projects and focus on healthcare opportunities in the US

13. Operational update

14. Sector Earnings Split 1 June 2010 Actual Geographical Earnings Split 1 Earnings split June 2010 Actual 1. Based on Operating Profit after Tax from operating businesses 2. Based on Valemus CY09 Pro Forma Operating Profit after Tax and Lend Lease’s FY10 Operating Profit after Tax June 2010 Proforma 2 14

15. Asia business update 15 Key Metrics Dec 2010 Dec 2009 Operating Profit after tax (A$m) 15.821.5 Construction new work secured (A$m) 412.0156.8 Dec 2010 June 2010 Construction backlog revenue (A$m) 546.1289.9 Funds under management (A$b) 2.01.6 Retail assets under management (A$b) 1.8 Opportunities  Additional mixed use development sites coming to market in Singapore  Global client strategy in pharma and life sciences sectors  Opportunities in China and Japan  Focus on global capital relationships Outlook  Signed government tenancy for Jurong Gateway commercial and progressing retail leasing  Increasing competition for retail spend in Singapore  Strong investor demand for regional assets Operating profit after tax for the six month period ended 31 Dec 2010

16. Europe business overview Key Metrics Dec 2010 Dec 2009 Profit after tax (million)94.664.0 Construction new work secured (m)764.5540.0 Dec 2010 June 2010 Construction backlog revenue (A$m) 1,381.71,473.9 Number of residential units15,19612,425 PPP equity invested(A$m)78.3147.3 16 Opportunities  Focus on large projects (Greenwich Peninsula, Elephant & Castle, Stratford International Quarter)  Rationalise CEMEA operations  Appointment of new Head of project management & construction - Michael Dyke  Athletes’ Village project on track  Infrastructure Fund has undrawn capacity  Focus on capital recycling opportunities Outlook  Residential in early stages of recovery – fits well with timing of major projects  Construction market conditions remain subdued but activity levels improving Operating profit after tax for the six month period ended 31 Dec 2010

17. Development - Communities 17 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

18. Overview of communities market 18  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

19. Communities portfolio strategy update 19  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

20. Senior Living 20 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

21. Investment Management MidCity Centre, Sydney, NSW 21 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

22. 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 22

23. Steve McCann Group Chief Executive Officer & Managing Director Closing Comments

24. Key priorities for the Group  Integrate Valemus infrastructure business and deliver on earnings accretion  Focus on execution and delivery of major projects  Ongoing portfolio management Position offshore businesses for market recovery 24 Darling Quarter, Sydney, NSW

25. Positive outlook Significant backlog, development pipeline and access to capital  Continued deal momentum  Capital invested is supported by third party equity  Focus on capital recycling  Emphasis on quality and consistency of execution Strong long term outlook with positive EPS trend  Expect accretion from Valemus deal  Strong 1 st half result positions the Group well for the full year  Key projects expected to begin to deliver returns from 2 nd half of financial year 2012 25