1. Scott Charlton - Group Director of Operations Peter Brecht - Managing Director, Infrastructure Infrastructure Update

2. Agenda 1.Capabilities and markets 2.Safety 3.Trading update 4.Major projects 5.Risk approach 6.Backlog/revenue split

3. Capabilities and markets Capabilities  Civil infrastructure  Building  Specialist engineering and asset management services Market sectors  Roads, bridges, tunnels, water, rail, marine  Oil & gas, power, telecommunications, mining  Social and correctional facilities, commercial and industrial building and residential building 3 Hunter Expressway, NSW

4. Safety  Leveraging best practice between Lend Lease and infrastructure businesses  Continued year on year reduction in Lost Time Injury Frequencies  Safety goal of zero harm – this aligns with Lend Lease goal of Incident & Injury Free  All companies are focusing on lead indicators however are still required to report the lag indicators 4 Queensland Children’s Hospital, QLD

5. Trading update 5  Good start to the calendar year with A$756m of new work  Non residential building slow but opportunities in health and defence  Shortlisted on A$1b Victorian Comprehensive Cancer Centre  Shortlisted on a number of defence contracts  Engineering/infrastructure opportunities  Shortlisted on packages C & E of Regional Fast Rail  Shortlisted on A$700m Abbott Point marine project  Services  Opportunities for power and telecommunications  Strong combined backlog  A$5.3b of secured work at 31st March and A$1.6b of work pending Hunter Treatment Alliance, NSW

6. New secured and pending projects – 2011 Project Total *Project Value A$m Type of ContractLocation Adelaide Convention Centre350Managing contractorSA Holbrook Bypass168Schedule of ratesNSW City Central Tower 8164Design and constructSA Reid Alexander Interchange48Design and constructWA Atherton Gardens39Design and constructVIC BAC International Apron and Taxiway28Construct onlyQLD 9 other smaller projects including NBN90VariousQld, NSW, VIC, TAS Pending projects1,748 1 6 *Not all of the amount may relate to construction work 1. May 2011

7. Risk approach  Solid risk management discipline  Comprehensive limits of authority and probity arrangements have been put in place  Largest fixed price contract size circa A$1b  No new material project issues identified  Alignment and best practice sharing of risk management and safety cultures 7 Adelaide Convention Centre, SA

8. Backlog/ revenue split – 31 December 2010 8 * Definition of other construction contracts includes managing contractor roles, schedule of rates, alliance contracts and other contracts