LENDLEASE GROUP — Annual Report 2009

Aug 19, 2009

20 August 2009

The Manager The Manager Companies Section Companies Section ASX Limited New Zealand Stock Exchange Limited

Pages: Forty Two (42) Pages

Full Year Results – June 2009

Further to Lend Lease Corporation’s earlier announcement today, attached are the following documents:

• Stock Exchange and Media Announcement

• Presentation to be made to media and analysts.

ENDS

For further information please contact:

Sally Cameron Lend Lease Corporation Tel: 02 9236 6464

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Stock Exchange Announcement

20 August 2009

FY2009 Results in line with Guidance

• Net Operating Profit after Tax of A$307.5 million for the year

• Statutory Loss after Tax of A$653.6 million for the year

• Final dividend of 16 cents per share, franked to 100%

• Full year Dividend Payout Ratio of 61% of Net Operating Profit after Tax

• Change to future Dividend Policy amending payout ratio to between 40% and 60% of Net Operating Profit after Tax

• Gearing at June 2009 of 2.9% (net debt to total tangible assets, less cash)

Lend Lease Corporation Limited (“Lend Lease”) delivered a Net Operating Profit after Tax for the financial year ended 30 June 2009 of A$307.5 million, despite difficult market conditions. The result is slightly above market guidance given in early May. This is a decline of 29% from the corresponding prior year, primarily due to a lower contribution from capital recycling and subdued trading conditions in the Australian and UK residential markets.

The Group’s Statutory Loss after Tax for the year was A$653.6 million. This amount comprises the write-downs and charges announced in the first half, together with a further A$179.3 million during the second half. The second half charge comprises further writedowns in the carrying value of assets together with expenses related to the Group’s cost reduction program. The asset write-downs were principally due to an increase in capitalisation rates, the likelihood of which was previously advised to the market.

	June 2009	June 2008
	A$m	A$m1
Net Operating Profit after Tax	307.5	435.9
Inventory carrying value adjustments	(188.3)	(121.5)
Goodwill impairments	(252.9)
Other carrying value adjustments	(204.7)
Property investment revaluations	(263.0)	(60.2)
Savings implementation costs	(83.9)
Net gain on Bovis UK pension scheme	31.7
curtailment
Statutory (Loss) / Profit after Tax	(653.6)	254.2
Final Dividend2	16 cps	34 cps
Earnings Per Share (EPS) on Net Operating	72.5 cps	108.7cps
Profit after Tax3

1 June 2008 has been adjusted to reflect the impact of retrospectively adopting AASB Interpretation 12 ‘Service Concession Arrangements’

2 The final dividend is 100% franked; the interim dividend for the period ended 31 December 2008 was 60% franked

• 3 EPS is calculated based on Operating Profit after Tax and the weighted average number of shares on issue including treasury shares.

Lend Lease Corporation Limited Telephone +612 9236 6111 ABN 32 000 226 228 Facsimile +612 9252 2192 Level 4, 30 The Bond www.lendlease.com 30 Hickson Road Millers Point NSW 2000 Australia

1

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Lend Lease declared a final dividend of 16 cents per share, franked to 100%. This represents a payout ratio of 61% of Net Operating Profit after Tax for the full year. Lend Lease has amended its Dividend Reinvestment Plan to allow shares to be offered at a 2.5% discount. The discount will be applicable for the final dividend payable on 25 September 2009.

In order to increase the Group’s investment capacity, the dividend policy is to be changed with effect from the FY10 interim dividend. The dividend payout ratio is to be amended from between 60% and 80% of Net Operating Profit after Tax to between 40% and 60% of Net Operating Profit after Tax. Lend Lease will frank the dividend to the maximum extent possible on a sustainable basis.

Outlook

Commenting on the outlook for Lend Lease, Group CEO, Steve McCann said:

”Lend Lease has performed well, despite the very challenging market conditions and while we remain cautious, we are confident about the Group’s outlook. A key impact on the business over the last 12 months was a lack of transaction activity, which hindered our asset recycling ambitions. However, Lend Lease is not a distressed seller of assets and we will only sell assets where we believe it will optimise longer term shareholder value.

“We materially reduced the cost base. The Group has very strong liquidity and is well capitalised. This sets Lend Lease up well to take advantage of its leading market positions as the cycle begins to turn.

“Finally, our business model and reputation for partnering enables Lend Lease to maintain a strong and diverse project pipeline, underpinning long-term earnings potential,” Mr McCann said.

Group Financials

Lend Lease maintains a strong financial position and as at 30 June 2009 had cash reserves of over A$1 billion and low gearing of 2.9% (net debt including other non-current financial liabilities to total tangible assets, less cash).

The Group’s investment grade credit rating is unchanged and Lend Lease remains comfortably within its bank covenants. These financial covenants vary, with the most onerous being a net interest coverage ratio of 2.5 times (based on EBITDA), and a gearing ratio of less than 50% (net debt to total tangible assets, less cash). The earliest maturity date for a material Group debt facility is November 2010 for an amount of £350 million.

Annuity style earnings from property assets and funds under management represented 33% of EBITDA, well above the target of 20%. This provides support to the Group’s investment grade credit rating.

ENDS

For further information please contact:

Sally Cameron

Lend Lease Corporation Tel: 02 9236 6464

Lend Lease Corporation Limited Telephone +612 9236 6111 ABN 32 000 226 228 Facsimile +612 9252 2192 Level 4, 30 The Bond www.lendlease.com 30 Hickson Road Millers Point NSW 2000 Australia

2

Full Year Results August 2009 Cautious but Confident

Profit After Tax

• Net Operating Profit after Tax of A$307.5m despite a difficult market environment

• � Slightly above market guidance given on 11 May 2009 of circa A$300m

• � Statutory Loss after Tax of A$653.6m reflecting asset writedowns and charges

• Final dividend of 16 cents per share, franked to 100%

Dividend Policy

Financial Strength Financial Strength

Growth Opportunities

• Payout ratio of 61% of Net Operating Profit After Tax for the full year

• From interim 2010 dividend, payout ratio to be amended to between 40% and 60%

• A$1.1b of cash / gearing of 2.9% and interest coverage of 5.2x

• Ample headroom under financial covenants

• � No near term debt maturities

• Selected as preferred bidder for A$2.5b RNA Showgrounds project in Brisbane

• � Well progressed in establishing a PPP origination platform in Australia

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Group Net Operating Profit After Tax –
year ended 30 June 2009
435.91 (5.8) (12.0) 15.4 18.9 (108.4)
450
400
(36.5)
350
307.5
300
250
200
150
100
50
0
1 June 2008 has been adjusted to reflect the impact of adopting
retrospectively AASB Interpretation 12 “Service Concession Arrangements” 3
NPAT June 2008 Retail Communities PPP ConstructionInvestment Management NPAT June 2009
Group Services & Treasury
A$m
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Statutory Loss After Tax
	June 2009
	(A$m)
Net Operating Profit after Tax	307.5
Inventory carrying value adjustments	(188.3)
Goodwill impairments	(252.9)
Other carrying value adjustments	(204.7)
Property investment revaluations	(263.0)
Savings implementation costs	(83.9)
Net gain on Bovis UK pension scheme curtailment	31.7
Statutory Loss after Tax	4 (653.6)

Operating Business – Summary	Operating Business – Summary
	�Retail sales slowing in all regions but prime assets relatively defensive
Retail	�No significant capex required over next 12 to 18 months
	�Cap rates – continued weakening cap rates, particularly UK
	�Weak trading conditions in UK and NSW
Communities	�Preferred bidder on A$2.5b RNA Showgrounds project in Brisbane
	�Well positioned to invest capital at attractive returns
Public Private Partnerships	�Strong government support for PPP framework �Stimulus from government work in all markets which play to our strengths �Looking to establish PPP origination business in Australia and Canada
	�Strong profit contribution, particularly from the Australian business
Project Management &	�Backlog GPM of A$690m at June 2009 – underpins FY2010 earnings
Construction	�48% of Backlog GPM weighted to large infrastructure projects (e.g. healthcare, education
	and government work)
Investment Management	�Continuing strong performance of funds/ focus on capital solutions �Awarded Investment Stewardship Award for Funds Management �All debt maturities for APPF Commercial and APPF Retail greater than 3 years	5

Asia Pacific

• NOI growth of 4.4% across Asia Pacific portfolio

• Valuation impact to LLC limited

• Somerset project in Singapore remains on budget and timetable and is expected to open fully leased in December 2009

Europe

• Difficult trading conditions negatively impacted NOI

• � Development opportunities require limited capex in short/medium term

• Expansion in cap rates over the year impacted values

• Americas

• King of Prussia valuation down 14% in US$ due to cap rate expansion

Outlook/ Management Actions

• Retail sales have slowed across all markets

• Focus on overhead reduction

• Focus on driving performance from existing centres

• Minimal new capex required for projects

• Attractive opportunities for re-investment

• LLC not a distressed seller of assets

Operating Result (A$m)	June 09	June 08
Operating Profit after Tax	60.3	66.1
�Property management	(8.4)	(14.2)
�Investment income	68.7	80.3
Operating Profit after Tax by geography
�Asia Pacific	8.9	1.7
�Europe	24.0	42.3
�Americas	27.4	22.1

Portfolio Summary	June 09	June 08
No. of centres managed	16	16
Assets under management (A$b)	8.7	10.8
Market Value of investments (A$b)	1.5	2.0
�Asia Pacific	0.1	0.1
�Europe	1.0	1.5
�Americas	0.4	0.4

Asia Pacific

• Completed acquisition of 43.2% stake in LLP and related management rights

• Sold 7 retirement villages to LLP

• Selected as preferred bidder on RNA – value of A$2.5b

• Land settlements down 22% due to weaker market conditions

• Inventory writedown and write-off of goodwill

Europe

• Loss due to slowdown in UK

• Inventory writedown and write-off of Crosby goodwill

• Well progressed clearing Crosby inventory

• Fee deal on Stratford/ extension of Elephant & Castle development agreement

Americas

• Horizon project on hold until market conditions recover

Outlook/ Management Actions

• Businesses have been re-sized for current market conditions

• Minimal capital for projects

• Well positioned for recovery in all markets

Operating Result (A$m)	June 09	June 08
Operating Profit after Tax	88.3	100.3
�Asia Pacific	99.9	82.7
�Europe	(10.4)	21.1
�Americas	(1.2)	(3.5)
Gross value of pre-sales
�Asia Pacific	339.3	589.4
�Europe	28.5	41.6
Portfolio Summary	June 09	June 08
Backlog (residential lots & apartments)	102,040	116,925
�Asia Pacific	84,795	85,330
�Europe	13,390	14,470
�Americas	3,855	17,125

Europe – PPP

• Financial close on Birmingham Schools program expected pre December

• Reached financial close on Lancashire Schools

• Operational handover of 3 schools under Lancashire Schools program

Americas – Actus Lend Lease

• No projects reached financial close during the year

• Asset management Gross Profit Margin (GPM) and construction GPM remain in line with program

• Market conditions have affected timing of financial close for Wainwright / Greely and PAL projects

Outlook/ Management Actions

• Focus on closing projects at preferred bidder stage

• Still strong government support for PPP framework

• Establishing origination and management platform in Australia and Canada

• Continue to bid projects in UK in key sectors

	Operating Result (A$m)	June 09	June 08
	Operating Profit after Tax	74.4	59.0
	�Europe1	6.2	(13.2)
	�Americas	68.2	72.2
	Project wins during period
	�Europe
	�Preferred bidder	1	-
	�Financial close	1	1
	�Americas
	�Preferred bidder	-	1
	�Financial close	-	6

	Portfolio Summary	June 09	June 08
	Americas
	�Units under management	44,050	44,750
	�Estimated capital spend (US$b)	5.5	5.9
	Europe
	�No. of projects	19	19
	�Facilities management revenue backlog (£m)	410	366
	�Invested equity (£m)	80	71

Asia Pacific

• Profit � 37%/ Backlog GPM � 15%

• Continued strong market conditions, particularly for social infrastructure – secured circa $1b of education work under Government stimulus packages

• Key contributions to profit included ANZ building, Top Ryde shopping centre and 313@Somerset

• Europe

• UK continued return to profit

• Key contributions to profit included the Athletes’ Village, Media City and BP Global Alliance

Americas

• Profit impacted by costs relating to fire at 130 Liberty Street

Outlook/ Management Actions

• Backlog GPM related to Infrastructure (Education, Government and Healthcare) 48% (June 2008:23%)

• Backlog GPM of A$690m underpins FY10 earnings

• � Business overheads reduced in light of declining volumes

• Continued focus on margin improvement

• Business focussed on achieving operational excellence and growth

• Focus on stimulus packages and commercialisation of

Operating Result (A$m)	June 09	June 08
Operating Profit after Tax	168.9	150.0
�Asia Pacific	94.7	69.0
�Europe1	39.0	21.3
�Americas	35.2	59.7
Profitability ratio (EBITDA / Realised GPM)	39%	34%
�Asia Pacific	61%	50%
�Europe	30%	19%
�Americas	25%	34%
Gross margin (Realised GPM / Revenue)	5.2%	4.7%

Backlog	June 09	June 08
Backlog gross profit margin (A$m)	690.1	788.3
New work secured (A$m)	491.9	715.5
Backlog realisation
�Year 1	58%	57%
�Year 2	27%	29%
�2 Years +	15%	14%

• APPF Retail and APPF Industrial were top two performing funds over last year in their index

• Net FUM increase of A$0.6b including acquisition of LLP management rights

• Won the Melbourne Financial Services Symposium (MFSS) Investment Stewardship Award for Funds Management

• Significant amount of debt facilities across the funds platform renegotiated – A$1.4b of new facilities

• Minimal amount of redemption requests across Australian platform

• No capital recycling during the year

Outlook/ Management Actions

• Continued focus on performance of funds for investors

• APPF Retail well positioned to acquire assets

• Continue to explore opportunities in Asia

Operating Result (A$m)	June 09	June 08
Operating Profit after Tax	28.9	137.3
�Funds management	8.4	54.1
�Investment income	20.5	83.2
Operating Profit after Tax by geography
�Asia Pacific	27.1	71.8
�Europe	3.1	61.9
�Americas	(1.3)	3.6
Portfolio Summary	June 09	June 08
Funds under management (A$b)	9.9	9.3
Market value of investments (A$b)	0.5	0.6
�Asia Pacific	0.4	0.4
�Europe	0.1	0.2

Group Financial Results

Brad Soller Acting Chief Financial Officer

Group Profit/ (Loss) After Tax
	June 2009 (A$m)	June 2008 (A$m)1
Retail	60.3	66.1
Communities	88.3	100.3
Public Private Partnerships	74.4	59.0
Investment Management	28.9	137.3
Project Management & Construction	168.9	150.0
Operating Businesses	420.8	512.7
Group Services & Amortisation	(71.9)	(62.0)
Group Treasury	(41.4)	(14.8)
Net Operating Profit After Tax	307.5	435.9
Statutory (Loss)/Profit After Tax	(653.6)	254.2
Effective Tax Rate on Operating Profit After Tax	18%	13%
Impact of Currency Movements After Tax	17.1	(29.3)
Capital Recycling as a % of Net Operating Profit After Tax 1June 2008 has been adjusted to reflect the impact of adopting retrospectively AASB Interp	21% retation 12 “Service Concession Arrang	12 25% ements”

Earnings Composition by Geography[1]

Earnings Composition by Business Unit[1]

30% 15% Asia Pacific Europe / UK Americas

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7% 14%
40%
55%
21%
18%
Investment Management
Retail
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Communities

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Cashflow
1350
382.2 (473.9)
1200 1,120.8
13.7
356.0
1050
842.8
900
750
600
450
300
150
0
14
Cash at June 08Operating cashflowInvesting cashflowFinancing cashflow FX impact Cash at June 09
A$m
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Key Liquidity Metrics 30 June 2009 30 June 2008	Key Liquidity Metrics 30 June 2009 30 June 2008	Key Liquidity Metrics 30 June 2009 30 June 2008
Credit Rating – S&P/Moody’s Weighted average debt maturity1 Fixed / floating debt1 Cash (A$m) Undrawn bank facilities (A$m) Net debt2 Gearing3 Weighted average cost of debt1 Interest coverage4	BBB- / Baa3	BBB- / Baa3
	8 years	10 years
	76% / 24%	85% / 15%
	1,120.8	842.8
	612.0	808.6
	195.8	287.3
	2.9%	4.1%
	5.0%	6.1%
	5.2x	7.7x

1 The table above includes other non current financial liabilities and amount drawn on £350m syndicated bank facility assuming drawings will be rolled to maturity in November 2010 2 Net debt is borrowings including other non current financial liabilities, less cash

3 Gearing is calculated as net debt, divided by total tangible assets, less cash

4 Calculated as operating EBITDA plus interest revenue divided by gross finance costs, including capitalised finance costs

Key financial covenants under the Group facilities

� Consolidated net borrowings must not exceed 50% of total tangible assets, less cash � Consolidated EBITDA to net finance charges must not be less than 2.5x

Lend Lease has ample headroom under its covenants

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800
Overdraft facility
10.0
700
UK public
Bond
600
UK revolving
credit facility
500
714.3
612.2
400
300
US private
placement
200 Bluewater
lease 216.0
US private
Bilateral placement 167.6
100 bank credit Other financial US private
overdraft facility liability [1] placement
(undrawn) 123.5
24.0 30.9
40.8
0
A$m
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Pipeline of Existing Projects

Sources of Capital

Key Projects

Total spend to be $1bn–$2bn up to June 2012

Debt/Available liquidity Operating Cashflow Asset Sales PPP Equity Communities IM CoMixed Use Stakes Projects investments Opportunities

Outlook & Strategy

Steve McCann Chief Executive Officer

LEAD

BUILD

RESTORE

• Reshape Portfolio

• � Right Structure � Grow Platforms

• �

• Cost Out � Operational Excellence

• � � Drive Efficiency � Invest in People

• � Capital Management �

� World Class Property Solutions Company

• Strong Integrated Offering

• Trusted Investment Manager

Phase 3

Phase 2

Phase 1

Key short term tactical actions
Tactic Strategies Implemented	Achieved
Preservation of capital �Vigorous cashflow management �Minimal capital for new projects. Strict criteria and portfolio fit �Active capital management for current projects	�
Redefine organisation �Closure of non-performing businesses / offices / regions underway �Collapse inefficient structures	�
structure �Remove management layers and merge businesses
Cost reduction �‘Rightsize’ cost base to align to current business volumes �Targeted rather than across the board	�
�Enhance operational performance
Active risk and performance �Transparency in reporting �Continuous monitoring of risks (off balance sheet, JVs, guarantees)	�
management �Realign KPIs to drive transparency and cash flow focus	20

Tactic

Strategies Implemented

On Track

• Identify and retain key talent

• � Enhance senior management ‘bench strength’ �

• Invest in people � Redeploy ‘talent float’ into dedicated teams to investigate new initiatives / up skilling

• � Simplify and clarify business model

• Adapt our current � � Further leverage integrated property model

• business model � Exit markets / geographies which do not meet required hurdle

Adapt our current business model

Invest in Growth Opportunities

• Invest in organic growth opportunities

• � Investigate opportunities to acquire distressed companies and assets �

• � Target scale platforms in the medium term

• � Invest in high growth, high margin businesses (IM, PPP)

Access ‘new’ capital

• Broaden equity base for � LL funds (wholesale and listed)

�

Growth Opportunities	Growth Opportunities
	Trend		LL Capability
Urbanisation	�50% of the world’s population urbanised by 2008 and to increase to 70% by 2050		Fully integrated mixed use expertise
Continued growth in super & alternative funds	�Australian Superannuation FUM is forecast to triple in size to $2.8 trillion by 2020 �Sovereign Wealth Funds are forecast to triple in investment outstanding to US$10 trillion by 2015		Strong investment management expertise
Ageing Population	�Over the next forty years circa. 27% of the world’s population will be older than 65		We are number 1 player in the Australian market
Climate Change	�Mandatory carbon trading schemes are being implemented from 2011		Global leader in sustainability
Infrastructure PPP Projects	�Numerous governments have announced infrastructure spend to drive economic stimulus		22 Superior delivery partner

Lend Lease’s Strong Positioning – Cautious but Confident	Lend Lease’s Strong Positioning – Cautious but Confident
	�Short term focus on cash preservation/ cost management
Focusedstrategy	�Long term focus on maximising returns and driving earnings
	�Invest available liquidity at attractive returns
Economic Slowdown	�LLC has strong base of recurring earnings
	�PPP earnings countercyclical
Government Stimulus	�Established platforms / existing skills in US, UK and Australia
Packages	�PPP plays to LLC’s integrated capability
Financial Strength –	�Low gearing / ability to fund committed pipeline
cash & capacity	�Significant headroom under banking covenants
Efficient capital model/ low holding costs	�Disciplined approach to capital allocation �Capital light / partnering model	23

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Lend Lease Competitive Advantage
We see more value in property…
Integrated end-to-end property solutions Approach
Our unique asset creation capabilities Core Competency
Flexibility in our model for property cycles Agility
Global and local property expertise Knowledge
Leader in sustainable property solutions Innovation
24
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Full Year Results August 2009

Athletes Village Update Dan Labbad CEO, Lend Lease EMEA

Athletes Village – Update

Athletes Village – Update

Athletes Village During Games Time

Full Year Results August 2009

Annexures

EPS[1]

Dividend

cents

cents

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108.7 [3] 77 77
120 103.3 [2]
80
88.7 61
100
57
71.6 46.5 72.5 60 34
80 42
41
70.5
46.8 31
60 28.1 26.4 40 29
16
40
62.2 43
20
20 43.5 41.9 46.1 28 30 35
32.8 25
0 0
2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
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1st Half 2nd Half

Interim Final

1 Calculated based on net operating profit after tax and total weighted average shares on issue, including treasury shares

• 2 2007 EPS excluding ATO interest of A$32.2m after tax

• Undrawn debt facilities A$612.0m as at 30 June 2009

• Cash and cash equivalents A$1,120.8m as at 30 June 2009

• Interest rate profile as at 30 June 2009

• £300m UK public bond @ 6.125%

Facility Mix – 30 June 2009 (Drawn & Undrawn)

Bank facilities A$765.1m

• US$300m private placement @ 5.75% (all in rate)

• £350m syndicated facility @ floating rates

• £82m Bluewater lease @ floating rates

• £12m other financial liability @ 7.25%

Debt capital Other non current markets financial liabilities A$982.6m A$191.6m

Note UK Public bond and US Private Placement are the face value

Diversified Earnings Base	Diversified Earnings Base	Diversified Earnings Base
	Retail	Communities	Public Private	Project	Investment
			Partnerships	Management &	Management
				Construction
Core Activities	Asset ownership,	Masterplanned	Military housing,	Project management	Asset ownership, real
	development,	urban communities,	healthcare,	and construction	estate investment
	property and asset	inner city apartments	education and waste		management services
	management	and senior living
Operating Revenue	A$125.8m	A$586.4m	A$1,507.0m	A$12,422.0m	A$69.1m
EBITDA	A$86.0m	A$70.0m	A$66.7m	A$251.6m	A$35.3m
Proportion of Profit After
Tax from Operating
Businesses(1)	14%	21%	18%	40%	7%
Development Pipeline / Backlog GPM / FUM	A$4.7b	102,040 units	A$558.6m	A$690.1m	A$9.9b
Regional Business	Australia,	UK, Australia, US	UK, US	UK, Europe, Middle	Australia, Singapore,
Operations	Singapore, UK, US			East, Americas, Asia	UK
				Pacific
(1) Before corporate and non oper	ating adjustments				34

New Work Secured

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400
350
300
250
200
150 265 285 196 387 329 283 209
100
Jun 06 Dec 06 Jun 07 Dec 07 Jun 08 Dec 08 Jun 09
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Backlog GPM

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800
700
600
500
400
300
200
100 681 625 717 788 690
0
Jun 05 Jun 06 Jun 07 Jun 08 Jun 09
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A$m

Bovis Lend Lease Backlog	GPM by	region and	sector
As at 30 June 2009	Asia Pacific	Americas	Europe	Total
	GPM %	GPM %	GPM %	GPM %
Commercial/Office	16	8	18	15
Communications			2	1
Education	11	16	17	14
Government/Civic	13	12	11	12
Healthcare	37	20	2	22
Industrial/Technology	6		5	4
Mixed-use	2	3	6	3
Pharmaceutical/R&D	3	4	1	2
Residential/Senior Living	2	24	18	12
Retail	9	4	17	11
Transportation	1	3	2	2
Other		6	1	2
Total	100	100	100	100	36

Payout Ratio on Operating Profit

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85%
80%
75%
70%
Payout
65% ratio
60% range
55%
50%
2005 2006 2007 2008 2009
% of Annuity Income
35%
30%
25%
20%
15% Management target
10%
5%
0%
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Gearing – Gross Borrowings to Total Tangible Assets
45%
40%
35% Gearing range
30%
25%
20%
15%
10%
5%
0%
2005 2006 2007 2008 2009
Interest Coverage (times)
10
8
6
4 Management target
2
0
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0

Ratio of Current Assets to Current Liabilities (times)

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----- Start of picture text -----

1.4
1.2
1
0.8
0.6
0.4
0.2
0
2005 2006 2007 2008 2009
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Operating Cash Flow

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800
600
400
200
0
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Full Time Employees

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12500
11500
10500
9500
8500
7500
2005 2006 2007 2008 2009
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Net Asset Backing per share (A$)

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----- Start of picture text -----

$10
$8
$6
$4
$2
$0
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Full Year Results August 2009