Brad Soller Group Chief Financial Officer Financial Overview

Agenda 1.Capital allocation 2.Future capital allocation 3.Sources of capital 4.Key debt metrics 5.Debt maturity profile 6.Pipeline 7.Key financial targets

Capital allocation Segment 3 Region Australia >~60% All other regions No more than ~20% each Development ~35 – 45% Construction ~30 – 40% Investment Management ~5 – 15% Services ~<5% Ownership ~10 – 20% TARGETRisk Adjusted Capital 1 1.Risk adjusted capital is an internal calculation used as a proxy for Lend Lease equity. The risk adjusted capital is based on a December 2010 pro forma balance sheet which includes the Lend Lease infrastructure business.

Future capital allocation Investment pipeline of between A$1-1.5b over next 3 years 1 4 RegionSector Australia  Major development projects  Lend Lease communities  Co-investment in funds  PPP equity positions Americas  Lend Lease DASCO healthcare pipeline Asia  Retail development  Co-investment in funds Europe  Major projects such as Stratford International Quarter and Elephant & Castle 1. Net cash outflows

Sources of capital Source of CapitalExpected position Retained earnings  Current dividend payout ratio of between 40% to 60% of net operating profit after tax  DRP to remain active Portfolio Management  Have sold circa A$2.3b of assets since 2006  Number of mature assets to be sold down over next three years Debt  Capacity from increasing Group gearing  Off balance sheet funding of major projects Third party equity  Significant access to third party capital through Lend Lease managed funds  Lend Lease to sell down equity in major projects pre commencement 5

Key debt metrics 1. Net (cash) / debt is borrowings including certain other financial liabilities, less cash 2.Gearing is calculated as Gearing is calculated as net debt, divided by total tangible assets, less cash 3.Weighted average maturity relates to drawn debt 4.Calculated as operating EBITDA plus interest income divided by interest finance costs, including capitalised finance costs Dec 2010June 2010 Credit Rating - S&P/Moody’sBBB- / Baa3 (Stable) BBB- / Baa3 (Stable) Net (cash) / debt 1 (A$m)29.5(19.7) Gearing excluding Valemus 2 0.4%Net cash position Pro forma gearing including Valemus6.7% Undrawn facilities (A$m) Weighted average debt maturity years5.5 years Weighted average cost of debt6.4%6.3% Fixed / floating debt63% / 37%65% / 35% Interest coverage 4 6.5x6.7x 6

Debt maturity profile 7

Pipeline delivers certainty of future earnings FY2011FY2012FY2013FY2014FY2015FY2016 Barangaroo South RNA Elephant & Castle Stratford International Quarter Australian residential Lend Lease DASCO Jurong 8

Key financial targets – tracking well MetricTarget31 Dec 2010 Return on Equity  Greater than 15% per annum13.4% 1 Credit Rating  Committed to investment grade credit rating BBB- / Baa3 (Stable) Gearing 2  <20%6.7% 3 Interest Coverage Ratio  >5x6.5x Annuity Income  20% of EBITDA23% Dividend Payout Ratio  40% to 60% of Operating Profit after Tax 51% 1. Return on equity is calculated as the half year statutory profit after tax divided by the weighted average equity for period multiplied by two. This was done to approximate an annual return on equity 2. Gearing is calculated as net debt, divided by total tangible assets, less cash 3. Gearing including the proforma impact of the Valemus acquisition 9