Bob McNamaraChief Executive Officer, Americas

Business Update - Americas

Agenda

1. Overview of business environment2. Lend Lease in the Americas3. Project Management & Construction4. Infrastructure development5. Development – Lend Lease DASCO6. Key priorities

Overview of business environment

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Sector Outlook Opportunity/ 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

Lend Lease in the Americas

Key Areas of Focus

Canada

United States

Brazil

Argentina

Mexico

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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

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

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Key MetricsDec 2010

Dec 2009

Operating profit after tax (A$m) (3.2) (19.9)

Construction new work secured (A$m) 938.8 256.3

Construction backlog revenue (A$m) 1,468.5 1,183.7

Project Management & Constructionproject experience

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Chase Bank Rebranding, Various Locations, US

One Museum Park East, Chicago, Illinois El Aleph, Buenos Aires, Argentina

Infrastructure development

Fort Campbell Zero Energy Housing Fort Campbell, Kentucky

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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 MetricsDec 2010

Dec 2009

Operating profit after tax (A$m) 20.2 27.2

Number of projects 22 20

Number of units under management 49,285 44,050

Backlog gross profit margin (A$m) 342.9 364.5

Invested equity (A$m) 61.3 61.3

Infrastructure developmentproject experience

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Camp Lejeune, Camp Lejeune, North Carolina

Army Hawaii Family Housing, Oahu, Hawaii Fort Drum Mountain Community Homes, Fort Drum, New York

Development – acquisition of Lend Lease DASCO

Parker Adventist Hospital, Parker, Colorado

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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

Healthcareproject experience

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St. Joseph's Hospital, North Lutz, FloridaNew York-Presbyterian Hospital - Vivian and Seymour Milstein Family Heart Center, New York, NY

HCA Sky Ridge Medical Center, Lone Tree, Colorado

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

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