Lend Lease Annual General Meeting 2010 Disclaimer

Important information

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 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. Investors should consult with their own legal, tax, business and/or financial advisors in connection with any investment decision.

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. Emergency Evacuation Procedures

 In the event of an emergency situation requiring the hotel to be evacuated hotel guests will be: 1. Alerted by an audible signal and 2. A public address announcement to evacuate the premises

 Please proceed calmly and in an orderly fashion to the nearest emergency exit. After exiting the hotel guests are to assemble with hotel staff at Lang Park which is located at Harrington Street and Grosvenor Street

 Emergency exits are located at the south end of the common area by the lift landing as well as the Harrington Street entrance Presentation outline

1 Board

2 Chairman’s Address

3 CEO Address

4 Resolutions

MidCity,

4 Board of Directors Board of Directors – David Crawford, AO

6 Board of Directors – Peter Goldmark

7 Board of Directors – David Ryan, AO

8 Board of Directors – Steve McCann

9 Board of Directors – Phillip Colebatch

10 Board of Directors – Gordon Edington, CBE

11 Board of Directors – Julie Hill

12 Chairman’s Address David Crawford, AO Incident & Injury Free

 Level 1 bullet  Level 1 bullet  Level 1 bullet

14 Results Highlights

. Operating profit after tax of A$323.6 million is 5.2% above the prior year

. Well progressed on our strategic path

. Significant pipeline of projects with major project wins secured

. Strong balance sheet with capacity to invest

Alkimos, Western

15 Key financial metrics

June 2010 December 2009 Credit Rating - S&P/Moody’s BBB- / Baa3 BBB- / Baa3 (Stable) (Negative Credit Watch) Net (cash)/ debt1 (A$m) (19.7) 749.9 Gearing2 Net cash position 9.2% Cash (A$m) 1,635.9 967.5 Undrawn facilities (A$m) 688.6 536.8 Weighted average debt maturity 3 5.5 years 6 years Weighted average cost of debt 6.3% 5.2%

1 Net(cash)/ debt is borrowings including other financial liabilities, less cash 2 Gearing is calculated as net debt, divided by total tangible assets, less cash 3 Weighted average maturity relates to drawn debt

16 Significant progress on our strategy

Set the Industry Standards Disciplined A Focused Expansion LEAD Core Business

BUILD . World Class Property RESTORE Solutions Company . Reshape Portfolio

. Right Structure . Growth Platforms . Strong Integrated Offering . Cost Out . Operational Excellence . Drive Efficiency . Trusted Investment Manager . Invest in People . Capital Management

17 Lend Lease is focused on key property growth trends

. Leading urban renewal projects in Australia, UK and Singapore Urban Regeneration . Long term pipeline

. No. 1 senior living platform in Australia Ageing Population . 70 retirement villages and 33 aged care facilities

Public Private Partnerships/ . Capability in US, Canada, Australia, UK and Europe Infrastructure . Focused on building capability across the value chain

. Strong capabilities across the Group Sustainability . Delivered 100+ new green buildings in the last 12 months

. Funds under management of A$10.1b Fund Growth Platform . 20% increase in underlying FUM growth in the year

18 Sustainability Strong competitive position

 Lend Lease is in a strong competitive position

 The integrated model is a strong source of competitive advantage  Supported by new Group regional structure  Continued focus on operational excellence

 Strong project pipeline with funding flexibility  Significant project wins  Capital raised will be invested over the medium term and supported by third party equity

 Return on equity will remain a key focus moving forward

 Lend Lease is very well positioned to capitalise on the key property trends

20 Group CEO & MD Address Steve McCann Financial highlights

June 2010 June 2009 A$m A$m Revenue 10,570.0 14,785.0

EBITDA from Operating Businesses 585.1 509.6

EBITDA Margin (%) 5.5 3.4

Operating Profit after Tax 323.6 307.5

Statutory Profit/ (Loss) after Tax 345.6 (653.6)

Earnings per security1 (cents) 65.1 71.1

Distribution per security2 (cents) 32.1 41.0

Return on equity3 (%) 12.6 (24.4)

1 Based on Operating Profit after Tax and average number of securities on issue of 497.2 million (including Treasury Shares) (June 2009: 432.6 million). June 2009 has been adjusted by a factor of 1.02 in respect of new securities issued during March and April 2010 via a 5 for 22 single book build accelerated renounceable entitlement offer at A$7.70 per new security. 2 Distributions include interim and final distributions. June 2010 also includes dividend ‘in specie’ of Lend Lease Trust units of 0.1 cents per security. 3 Return on equity is calculated based on Statutory Profit/ (Loss) after Tax and weighted average equity. 22 Business Update

. Significant deal flow – Barangaroo, RNA, ING Retail assets, Sekisui House . Residential business performing well, particularly inner urban . Interest rates and affordability are issues to watch Australia . Strong base of construction work from government and internal projects . Completed 100% acquisition of Lend Lease Hyatt Coolum, Primelife . Investment Management – strong FUM growth . Secured significant retail opportunity in Singapore – Jurong Road . Invested remainder of Asian Retail Investment Asia Fund capital . Bovis Lend Lease – pharmaceutical work in

Singapore and telecommunications work in Australian Pavilion, Shanghai World Expo Japan 23 Business Update

. Secured Stratford Stage 2 and Elephant & Castle . Closed Phase 1 Birmingham Schools project EMEA and preferred on Wandsworth Schools . Continue to progress major project approvals . No significant capital requirements in the short term Greenwich Peninsula, London

. Construction markets challenging although some signs of activity beginning to emerge . Secured US$350m second phase (Group B) Americas of army lodgings program . Reached financial close on US$377m Wainwright Greely project in Alaska

US Army Lodging Program

24 Barangaroo, Sydney – current site

. Extension of the Sydney CBD . Estimated $A6b end value . Development period 10 to 15 years . Stage 1 - 7.5 hectare site area . Up to 490,000 sqm total GFA Barangaroo Central . Commercial, Residential & Retail . Demonstration of HeadlandLend Lease’s Park integrated, world classNorthern property Cove capability

25 Barangaroo, Sydney – a new Western gateway to Sydney

Barangaroo Central

Headland Park Northern Cove

26 Barangaroo South – a great opportunity for Sydney

Regeneration of 22 hectares of industrial wasteland into public use  Economic boost for Sydney and NSW  Jobs – 3,000 jobs during construction  50% of site is open public space  Zero cost to taxpayers

Hotel and Southern Cove City Walk

27 Barangaroo South – significant benefits for Sydney

 Transport – ferry wharfs, improved pedestrian connection to rail and bus at Wynyard, major cycling hub, new light rail service  Adds to Sydney’s diversity/ public realm with a new waterfront meeting place and cultural facilities  Sustainability ambitions for Barangaroo South – carbon neutral, water positive and zero waste

Cultural Centre Ferry terminal

28 RNA showgrounds project,

 Level 1 bullet  Level 1 bullet  Level 1 bullet .. 22Estimated hectare $A6bsite end value .. RenewalDevelopment of RNA period Facilities 10 to 15 years . Stage 1 - 7.5 hectare site area . 5.5 hectares of land for Private . DevelopmentUp to 490,000 sqm total GFA . Commercial, Residential & Retail . Development period 15 years . Part of the Sydney CBD . Commercial, Residential and Retail . New global sustainability . 340,000benchmarks sqm total GFA .. CircaLL integrated $2.5b end approach value

29 Jurong Road, Singapore

 Level 1 bullet  Level 1 bullet  Level 1 bullet

. Large scale mixed use suburban development – 108,000 sqm . Regional shopping centre and commercial . 25% owned by Lend Lease, 75% by Asian Retail Investment Fund

30 Elephant & Castle, London

 Level 1 bullet  Level 1 bullet  Level 1 bullet . £1.5 billion residential led, mixed use urban regeneration scheme over 15 years . c2,500 new homes . Lend Lease is Development and . Up to 500,000sqm of retail, Construction Manager for the restaurant and leisure space Athletes’ Village . Heads of Terms signed December . Client is the Olympic Delivery 2009 Authority . Project continues to progress well, . Conditional Regeneration within cost plan and on schedule Agreement signed during 2010

31 Actus Lend Lease defence force housing, US

. Actus Lend Lease is a leader in planning, designing, building, and managing residential communities for the US military . Have secured a number of phases under Privatization of Army Lodgings program . Manages 40,000 residential units and 3,700 Army lodging rooms

32 Outlook

. Significant development pipeline will deliver growth over medium term

. Clear strategy to execute our pipeline

. Strong balance sheet with capacity to invest

. Near term opportunities in Australia and Asia and longer term in the UK and US Gold Coast University Hospital

33 Lend Lease Annual General Meeting 2010