LENDLEASE GROUP — Annual Report 2012

Aug 29, 2012

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ASX Announcement

Full Year Results – June 2012

30 August 2012

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

• Stock Exchange and Media Announcement

• Results presentation

For further information, please contact:

Investor Relations: Sally Cameron Group Executive - Investor Relations Tel:02 9236 6464

Corporate Affairs:

Iwona Polski Media & External Communications Manager Tel: 02 9237 5034

Lend Lease Corporation Limited ABN 32 000 226 228 and Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595

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Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 www.lendlease.com

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ASX Announcement

Lend Lease continues to deliver profit growth and achieves progress on strategy

30 August 2012

• Statutory profit after tax of A$501.4 million for the full year

• Operating profit after tax of A$507.2 million for the full year, 4.5% increase on prior year

• Final distribution of 22 cents per security, unfranked

• Return on equity of 13.4%

• Full year result includes benefit of twelve months of earnings from infrastructure acquisition

• Strong balance sheet with A$2.2 billion of available liquidity

• Continued progress on strategy and delivery of major projects

• Continued capital recycling

Profit after Tax

The Group’s statutory profit after tax for the full year of A$501.4 million includes negative property investment revaluations of A$5.8 million after tax. Lend Lease delivered an operating profit after tax for the full year ended 30 June 2012 of A$507.2 million.

Lend Lease declared a final distribution of 22 cents per security, unfranked. This represents a payout ratio of 43% of operating profit after tax for the full year. The Group’s Distribution Reinvestment Plan will apply to the final distribution payable on 28 September 2012.

	June 2012	June 2011
	A$m	A$m
Operating profit after tax1	507.2	485.3
Propertyinvestment revaluations	(5.8)	7.5
Statutory profit after tax	501.4	492.8
Final distribution2	22 cps	15 cps
Earningsper security (EPS)on operating profit after tax1,3	88.7 cps	85.6 cps

1 The Group’s Statutory results are prepared in accordance with International Financial Reporting Standards (IFRS) and are presented in the audited consolidated financial statements. The Operating results are non-IFRS measures which are used by the Group to measure and assess performance, and make decisions on the allocation of resources. The operating results exclude certain unrealised property investment revaluation gains and losses which are identified in the audited consolidated financial statements. 2 The final distribution for the year will be unfranked, the prior year was also unfranked.

3 Based on operating profit after tax and weighted average number of securities on issue, including treasury securities.

Lend Lease Corporation Limited ABN 32 000 226 228 and

Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595

Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 www.lendlease.com

Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

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Group Chief Executive Officer and Managing Director, Steve McCann, said Lend Lease delivered operating profit growth above market consensus earnings which reflects the continued success of the Group from focused execution of the Group strategy and successful integration of the infrastructure business.

“Financial year 2012 has been a very successful year for Lend Lease. The Group has made significant progress on executing its strategy, in particular focusing on the delivery and conversion of its significant global development pipeline. Lend Lease has repositioned the portfolio to generate 64 per cent of earnings from the Australian region, achieved some significant milestones in our A$20 billion urban regeneration development pipeline, secured a A$15.3 billion construction workbook and grown funds under management to A$12.3 billion.

“We also made progress in putting in place the people, systems and processes to successfully execute our projects. In addition, the Group realised cash of over A$950 million from recycling major assets that will be reinvested in the Group’s significant pipeline of opportunities”, said Mr McCann.

Safety

Underpinning Lend Lease’s strategy is a commitment to safety, sustainability and diversity. During 2012, the Group’s critical incident frequency rate trended down compared with the prior year. However, tragically one person lost their life on a Lend Lease controlled worksite during the year. The Group will continue to take an uncompromising approach to safety.

Trading Update

Profit after Tax	June 2012 A$m	June 2011 A$m	% change
Australia	429.9	281.4	52.8
Asia	106.2	46.1	130.4
Europe	101.9	137.4	(25.8)
Americas	36.0	156.6	(77.0)
Total Operating Businesses	674.0	621.5	8.4
Group Services	(90.0)	(86.9)	3.6
GroupTreasury	(76.8)	(49.3)	55.8
Total Corporate	(166.8)	(136.2)	22.5
Total Operating Profit after Tax1	507.2	485.3	4.5
PropertyInvestment Revaluations	(5.8)	7.5	(177.3)
Total Statutory Profit after Tax	501.4	492.8	1.7

1 The Group’s Statutory results are prepared in accordance with International Financial Reporting Standards (IFRS) and are presented in the audited consolidated financial statements. The Operating results are non-IFRS measures which are used by the Group to measure and assess performance, and make decisions on the allocation of resources. The operating results exclude certain unrealised property investment revaluation gains and losses which are identified in the audited consolidated financial statements.

Lend Lease Corporation Limited ABN 32 000 226 228 and

Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595

Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 www.lendlease.com

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Australia

• Operating profit in Australia increased primarily due to higher profit from the Construction business that includes the results of the infrastructure business that was acquired on 10 March 2011 and the recognition of tax deductions associated with the retirement living and aged care business;

• The infrastructure business is delivering results which exceed the expectations determined by the Group during the acquisition process;

• Together the infrastructure and project management and construction businesses in Australia had backlog revenue of A$9.3 billion as at 30 June 2012. Subsequent to the end of the financial year, the Group announced that it had been selected as part of a consortium to deliver the A$2.0 billion Sunshine Coast University Hospital;

• The Group continued to progress the A$6.0 billion Barangaroo South development securing tenants for 71% of the first two commercial towers;

• Westpac Banking Corporation has entered into an agreement for lease to take approximately 70% of the commercial floor space in the first tower to be commenced at Barangaroo South. KPMG has entered into an agreement for lease in the second tower. Lend Lease is also committed to move its own offices to the second tower. Together these leases represent 75% of the commercial floor space of the second tower;

• In July 2012, Lend Lease announced the launch of a new commercial trust raising A$2.0 billion of equity commitments, including A$500.0 million from Lend Lease, for the funding and development of the first two commercial towers at Barangaroo South;

• In the residential land business, market conditions continue to be impacted by weak consumer sentiment resulting in lower enquiry levels, longer conversion times and lower trading volumes that have negatively impacted inventory values on certain projects by A$27.7 million after tax in the second half of the financial year;

• The apartments business had strong settlements during the year with four buildings reaching practical completion;

• Funds under management grew by 14% to A$8.8 billion following strong growth in existing funds and the launch of the Lend Lease Real Estate Partners New Zealand Fund and the Lend Lease Retail Partners – Australia Fund, a fund that will invest in quality sub-regional retail centres;

• The result of the Australian business includes profit from the sale of the New Zealand Retail Portfolio to the Lend Lease Real Estate Partners New Zealand Fund; and

• The result also includes the sale of the Group’s equity interest in the South Australia New Schools PPP project.

Asia

• Operating profit after tax in Asia increased primarily due to an increase in development earnings from projects in Singapore and Malaysia, increased construction earnings and profit from the partial sell-down of the Group’s co-investment in the Asia Pacific Investment Company No. 2 Limited fund;

• The Jem™ mixed-use development in Singapore is progressing well with 100% of the commercial and 88% of the retail area leased (based on net lettable area); and

• Profit after tax in the construction business increased by 61% with key contributors including telecommunications rollouts across Japan, the Jem™ project and Stamford

Lend Lease Corporation Limited ABN 32 000 226 228 and

Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595

Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 www.lendlease.com

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American International School in Singapore and Corning Display Technologies in Taiwan.

Europe

• Operating profit after tax in Europe decreased as the prior year included the sale of 11 Public Private Partnership (PPP) assets to the Lend Lease UK Infrastructure Fund (UKIF) and the sale of the Group’s interest in the Lend Lease Overgate Partnership;

• Operating profit for the current year includes the sale of equity in a further five PPP assets to UKIF and the sale of the Group’s interest in the Chelmsford Meadows retail centre;

• We achieved practical completion on the Athletes’ Village project in January 2012;

• The construction business reported higher earnings reflecting improved profitability despite continuing difficult market conditions;

• The Group made further progress on its major urban regeneration projects at Elephant & Castle and The International Quarter, Stratford City; and

• In June 2012, Lend Lease announced a conditional sale of its interest in Greenwich Peninsula to Quintain Estates and Development PLC (Quintain). The sale was approved by Quintain shareholders and completed in July 2012.

Americas

• Profit after tax in the Americas decreased as the prior year included profit from the sale of the Group’s 50% ownership interest in the King of Prussia retail centre;

• In the construction business, conditions remain difficult. Earnings in the construction business were lower than the prior year due to the A$21.0 million after tax cost to settle the investigation by the US Attorney for the Eastern District of New York into past billing practices and the use of minority owned enterprises; and

• The infrastructure development business reached financial close on the second phase of the US Department of the Army’s Privatization of Army Lodgings program, was appointed to implement the third and final US$400.0 million phase and received approval for a US$168.0 million modification to the development scope at its Island Palm Communities project in Hawaii.

Group Financials

The Group is in a strong liquidity position with cash reserves of A$957.9 million and undrawn committed bank facilities of A$1,242.5 million. The average maturity of the Group’s drawn debt facilities is 4.7 years and the Group’s interest coverage of 6.0 times (operating EBITDA plus interest income divided by interest costs, including capitalised finance costs) exceeds the Group’s targets. Subsequent to year end, Lend Lease issued S$275.0 million of Singapore dollar denominated senior unsecured notes, maturing in July 2017.

Group Chief Financial Officer, Tony Lombardo, stated that the Group remains in a position of financial strength with over A$2.2 billion of available liquidity, gearing of 6.5% (net debt to total tangible assets, less cash) and an investment grade credit rating with both Standard & Poors (BBB-) and Moody’s (Baa3) with a stable outlook from both agencies.

Lend Lease Corporation Limited ABN 32 000 226 228 and

Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595

Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 www.lendlease.com

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“During 2012 Lend Lease continued to invest in its strong pipeline of opportunities. The Group has a disciplined approach to capital allocation and portfolio decisions in line with our strategy to drive long term security holder value, said Mr Lombardo.

“Lend Lease has access to a variety of capital sources that gives the Group considerable flexibility to fund its pipeline over the next few years. Gearing levels will begin to rise as the Group invests in its development pipeline and the Group will continue to focus on operational excellence to drive returns from both controlling costs and improving margins”, said Mr Lombardo.

Progress on Strategy

Commenting on strategy Mr McCann said that Lend Lease is committed to its strategic journey of ‘Restore, Build and Lead’.

“Our strategy is to be in the top three in our chosen markets and be diversified through our sector, segment and international footprint and operate a high performing culture,” said Mr McCann.

“We have made significant progress on executing the strategy over recent years including restructuring the Group, building a significant urban regeneration development pipeline and reshaping our overall portfolio. We have moved to a regional structure and operate as one company with over 18,000 people.

“Over recent years we have consolidated our international footprint from over 30 countries down to 14 and over the next few years you will see the Group only focus on the countries where we can work safely and operate leveraging our integrated model.

“Capital recycling remains a key part of the Group’s strategy and we will continue to focus on optimising the portfolio to improve security holder returns.”

Mr McCann outlined the Group’s key priorities over the next two years.

“We are focused on building a strong, long-term future as industry leaders with a world class portfolio of property and infrastructure projects. Successfully executing and delivering our extensive pipeline will be a key driver of earnings in the medium term,” said Mr McCann.

Lend Lease Corporation Limited ABN 32 000 226 228 and

Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595

Level 4, 30 The Bond Telephone +61 2 9236 6111 30 Hickson Road Facsimile +61 2 9252 2192 Millers Point NSW 2000 www.lendlease.com Australia

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Outlook

Commenting on the outlook for Lend Lease Mr McCann said the Group was well placed to deliver earnings growth in the 2013 financial year supported by continued growth in the construction business, recognition of development profit on the first two commercial towers at Barangaroo South and profit from the sale of Greenwich Peninsula to Quintain Estates.

“In Australia, the infrastructure sector remains attractive and our focus will be on growth in key areas of specialisation including ports, rail, road and energy transmission. The commercial construction market remains difficult, however Lend Lease has a strong internal development pipeline which will help offset the low levels of activity in the non-residential building sector.

“Weak consumer sentiment continues to drive challenging residential trading conditions. The Group’s focus remains on execution of its secured pipeline and maintaining margins through continued focus on our cost base.

“In Asia, there is a positive construction market outlook in education, telecommunications and pharmaceutical sectors that will underpin profit growth. We will continue to recycle capital to pursue higher yielding development opportunities and our focus is on securing and delivering mixed use integrated projects.

“In EMEA, market conditions in construction are expected to remain challenging. London residential is in the early stages of recovery which sits well with the timing of our major urban regeneration projects.

“In the Americas, difficult trading conditions are expected to continue, however activity levels in capital cities such as New York and Chicago are improving.

“The Group’s continued earnings growth during 2012, which was and currently remains a challenging environment, demonstrates that we are pursuing the right strategy and highlights the benefits of a diversified portfolio. The strength of the Group’s construction backlog combined with the depth of the Group’s significant urban regeneration pipeline and strong base of funds under management gives us strong visibility of earnings over the medium term, provided we continue to execute well. We have a significant project pipeline and clear priorities on where we will allocate our capital and are well on the way to delivering our 15 per cent return on equity target over the medium term”, said Mr McCann.

*Further information regarding Lend Lease’s results, including an explanation of statutory and non-statutory financial information, is set out in the Group’s financial results announcement for the full year ended 30 June 2012 and is available on www.lendlease.com.

ENDS

Lend Lease Corporation Limited ABN 32 000 226 228 and

Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595

Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 www.lendlease.com

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For further information, please contact:

Investor Relations:

Sally Cameron Group Executive - Investor Relations Manager Tel: 02 9236 6464

Corporate Affairs: Iwona Polski Group Media & External Communications Tel: 02 9237 5034

Lend Lease Corporation Limited ABN 32 000 226 228 and

Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595

Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 www.lendlease.com

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LEND LEASE FULL YEAR RESULTS 30 August 2012

Important notice

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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 related entities and their respective 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.

Each recipient should consult with, and rely solely upon, their own legal, tax, business and/or financial advisors in connection with any decision made in relation to the information contained in this presentation.

Lend Lease Corporation Limited does not undertake any obligation to provide recipients with further information to update this presentation or to correct any inaccuracies.

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.

The Group’s statutory results are prepared in accordance with International Financial Reporting Standards (IFRS). This presentation also includes certain non-IFRS measures in presenting the Group’s operating results. The operating results are non-IFRS measures which are used by the Group to measure and assess performance and make decisions on the allocation of resources and include EBITDA and Operating Profit After Tax. Non-IFRS measures have not been subject to audit or review.

A reference to 2012 refers to the 2012 financial year unless otherwise stated.

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Presentation outline

1. Performance and results highlights

2. Operational update

3. Financial overview

4. Strategy and outlook

5. Appendices

Image: Victoria Harbour, Melbourne, Victoria

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Safety vision – to be Incident & Injury Free

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• Progress made during the period includes:

• 74% of our operations did not record a Flash, High Potential (HiPo) or Critical Incident in FY12

• Critical incident frequency rate trended down compared to FY11

• Revised set of Global Minimum Requirements (GMRs) introduced

• New online EH&S risk and compliance reporting IT platform (ENABLON) introduced in July 2012

• Tragically, one fatality occurred on a Lend Lease controlled worksite during the period

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Critical Incident Frequency Rate FY11 vs. FY12
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0.82
0.8
0.78
0.76
0.74
0.81
0.72
0.7
0.72
0.68
0.66
FY2011 FY2012
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Performance and results highlights

Steve McCann Group Chief Executive Officer & Managing Director

Continued profit growth in difficult market environment

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June 2012 A$m June 2011 A$m % change	June 2012 A$m June 2011 A$m % change
Revenue 11,609.7 9,014.1 28.8
EBITDA from operating businesses2	809.5 837.2 (3.3)
EBITDA margin of operating businesses(%) 7.0 9.3 (24.7)
Statutory profit after tax1 501.4 492.8 1.8
Operating profit after tax2 507.2 485.3 4.5
Earnings per security3(cents) 88.7 85.6 3.6
Distribution per security4(cents) 38.0 35.0 8.5
Return on equity5 (%) 13.4 14.2 (5.6)

1. Statutory profit after tax calculated in accordance with Australian Accounting Standards, which also complies with IFRS

2. Refer to slide 50 in the Appendices for a reconciliation between operating profit after tax and statutory profit after tax. Operating profit after tax excludes property investment revaluations of A$5.8m loss after tax (30 June 2011: $7.5m gain after tax).

3. Based on operating profit after tax and weighted average number of securities on issue, including treasury securities

4. The interim and final distributions are unfranked and represent a payout ratio of 43% of operating profit after tax for the year ended 30 June 2012

5. Return on equity is calculated as the statutory profit after tax divided by the weighted average equity for the year

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Operating earnings impacted by nonrecurring items

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Operating Earnings A$m	EBITDA 2012	EBITDA 2012	Operating Profit after tax
	809.5		507.2
Key non-recurring items A$m		Pre-tax	Post- tax
Settlement of NY investigation		21.0	21.0
Inventory impairment		39.5	27.7
FX impact		8.5	5.3

 A$21m after tax impact of the settlement of the NY investigation by the Attorney for the Eastern District of New York into billing practices and the use of minority owned business enterprises. This investigation has now concluded;

• Community inventory impairment of A$27.7m after tax on certain projects in the second half of the financial year in Queensland and NSW due to market conditions; and

• the impact of foreign exchange on

• operating profit after tax

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Benchmarking statutory return on equity (ROE) - Comparison to median ASX100 returns

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16.0%
14.2%
13.4%
14.0%
12.6%
12.0%
10.0% 9.9%
9.6%
10.0% 9.3%
8.3%
8.0% 7.4%
6.0%
4.0%
2.0%
0.0%
FY2012 FY2011 FY2010
Lend Lease ASX 100 median ASX 100 (median ex resources)
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• Lend Lease measures return on equity as statutory profit after tax divided by average shareholder’s equity for the period

• Lend Lease’s return on equity has consistently outperformed the broader ASX100 over the last 3 years

• Lend Lease is focused on delivering our 15 per cent return on equity target on a sustainable basis

S&P/ASX100 and S&P/ASX100 (ex-resources) include constituents that reported comparable full or half year results for the period ending 30-Jun-2012 and the prior corresponding period. ROE calculated as last twelve months’ statutory profit attributable to ordinary security holders / average ordinary equity over the period. Source CapitalIQ, company filings (as at 24-Aug-2012).

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Highlights and strategic progress

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• Delivered earnings above market consensus

• Achieved milestones on Barangaroo South - secured tenants and capital partners

• Infrastructure business in Australia exceeded target earnings accretion[1]

• Global construction backlog of A$15.3b

• Continued focus on operational excellence

• Continued contract wins post year end

• Equity funding deal on Barangaroo South

• A$2b Sunshine Coast University Hospital PPP

 Continued progress on strategy

• Recycled over A$950m in capital

• Invested circa A$600m in pipeline

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Barangaroo South, Sydney, Australia

1. As determined at the time of the announcement of the infrastructure acquisition in December 2010

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Continued momentum in second half and post year end

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Announcements in second half

• A$187m Broadway Building at UTS, Sydney

• c.A$210 million contract for bulk earthworks for BHP Caval Ridge Mine in Queensland (Abigroup)

• Abigroup in alliance for Regional Rail Link Victoria

• A$315 million upgrade to Sydney’s M5 Motorway

• Financial close on Group B of US PAL program

• Launched two new wholesale investment vehicles

• Commercial tenants for Barangaroo South

• Conditional sale of stake in Greenwich to Quintain

Announcements post financial year end

• 2012 earnings update

• Equity funding deal on Barangaroo South

• S$275m issue of senior unsecured notes

• A$2b Sunshine Coast University Hospital PPP

• Exclusivity agreement with Crown for Barangaroo South hotel

• Settlement of Quintain sale

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The Green, Showground Hill, Queensland

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Core profitability drivers continue to rise

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	Post year	June	June
	end	2012	2011
Construction backlog revenue (A$b)1	17.31	15.3	15.3
Funds under management (A$b)	14.32	12.3	10.9
Retail assets under management (A$b)		10.3	9.5
Backlog of residential units (zoned and unzoned, land and built-form)		89,598	92,432
Development value of urban regeneration projects (A$b)3, 4		20.2	25.0
Infrastructure development (units under management – operational and preferred)		56,140	49,715
1. Adjusted for major projects secured/ to be secured in FY13 (2nd commercial tower at Barangaroo South, Sunshine Coast University Hospital)
2. Includes Barangaroo South A$2b wholesale property trust managed by Lend Lease
3. Reflects 100% of the project end development value
4. During the year the Group entered into a conditional agreement to sell its interest in Greenwich Peninsula Regeneration project. The sale was completed		subsequent to 30 June 2012

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Operational update

The integrated model – in delivery

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Development
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Construction
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Investment
Management
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Services
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Ownership
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					
	Secured Project		New mandate
Property: Barangaroo South	Development Agreement with BDA DM/ developing commercial	Basement works and construction of first two commercial towers secured (PM&C)	client CPPIB APPF Commercial 25% equity interest in first two commercial	Asset and property management Green utilities design	Lend Lease 25% equity interest in first two commercial towers
	towers		towers
					
Infrastructure: Sunshine Coast Hospital	Infrastructure Development, Capella Capital, financial advisor and development	Design and construction (PM&C)	Siemens investment partner in project		Lend Lease 50% equity interest in project vehicle
	manager to
	consortium

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Operational performance at a glance – 12 months ended 30 June 2012

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12 months ended 30 June 2012

Division overview FY12 Revenue A$m FY12 EBITDA A$m Earnings split1 Revenue by geography	Division overview FY12 Revenue A$m FY12 EBITDA A$m Earnings split1 Revenue by geography
Development  Operates in all four major geographic regions  Involved in the development of master-planned urban communities, inner-city mixed-use developments, commercial, apartments, retail and the retirement living and aged care sector 563.0 74.9 25% 94% 2% 3% 1%
Infrastructure Development  Operates in Australia, EMEA and the Americas  Manages and invests in Public Private Partnership (PPP) projects 190.4 67.7 7% 0% 72% 21% 10%
Construction  Operates in all four major geographic regions  Provides project management, engineering and construction services 10,475.8 475.7 63% 7% 11% 19% 42%
Investment Management  Operates in Australia, Asia and EMEA²  Provides real estate investment management, retail property management and asset management services  Includes the Group’s ownership interests in property investments held directly or indirectly through investments in the Group managed funds 336.6 191.2 23%	75% 6% 19% 0%

1. Based on operating profit after tax from operating businesses

2. Remaining assets in the ‘Americas’ investment management business sold in August 2011

Australia Asia

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EMEA Americas

Australian business update

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Construction.		 Backlog revenue of A$9.3b, up 7.5% on FY111  Infrastructure business result above expectation		Operating Profit after Tax June 2012 A$m June 2011 A$m Construction 223.5 101.9 Development 158.4 159.0 Investment Management 43.3 30.0 Infrastructure Development 4.7 (9.5) Total 429.9 281.4
Development		 Milestones achieved on major projects  Residential land settlements down 10% reflecting continued challenging trading conditions  A$27.7m after tax impairment to communities inventory in the second half  Significant increase in built-form settlements  Improved operational performance and efficiency in retirement living and aged care  Successful delivery of Caneland Central expansion
		 Continued strong performance of existing funds  FUM increased by 14% to A$8.8b:  Launch of Lend Lease Retail Partners – Australia Fund / Lend Lease Real Estate Partners NZ Fund  APPF increased its interest in Cairns Central to 100%  A$2b of equity commitments for Barangaroo South
Investment Management
		 Sold SA New Schools PPP equity  Financial close on QEII Car Park project in Perth
Infrastructure Development
				Cairns Central, Queensland

1. Does not include Sunshine Coast University Hospital PPP or second commercial tower on Barangaroo South

15

Australian construction business update

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Result for construction segment Outlook	 Strong performance from infrastructure business with FY12 earnings accretion exceeding expectation1  Strong EBITDA margin - adjusted for share of revenue from joint ventures, FY12 margin is 4.8% (FY11: 3.5%)  Backlog revenue of A$9.3b includes:  Project Management & Construction: A$2.6b which does not include recently secured 2nd commercial building at Barangaroo South and Sunshine Coast University Hospital	Construction Key Metrics (A$m) June 2012 A$m June 20112 A$m
		Operating Profit after Tax 223.5 101.9
		EBITDA 358.3 164.0
		Gross Profit Margin 563.5 308.4
		Revenue 6,616.8 4,278.8
		EBITDA Margin % 5.4% 3.8%
		New Work Secured Revenue 8,152.9 3,365.1
		Backlog Revenue 9,264.5 8,615.0
	 Solid growth outlook in infrastructure sector  Focus on development of new engineering markets in ports, energy transmission and rail  Commercial construction market remains challenging however strong internal development pipeline to support backlog

The New Royal Children’s Hospital, Victoria

1. As at the time of the announcement of the infrastructure acquisition in December 2010 2. Includes contribution from infrastructure business from 10 March 2011 of A$11.8m profit after tax

16

Australian Construction backlog / new work secured revenue split

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

Backlog revenue June 2012 Backlog revenue June 2011
Services
Services
6%
6%
Engineering
37%
Engineering
37% Building
57%
Building
57%
----- End of picture text -----

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

New work secured revenue June 2012 New work secured revenue June 2011
Services Services
8% 7%
Engineering
19%
Engineering
37%
Building
Building
55%
74%
----- End of picture text -----

1. Social infrastructure eg. Hospitals included in Building segment

17

Major projects in delivery[1]

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Project	Construction Value A$m	Contract type	Sector	Secured date	Completion date
Gold Coast UniversityHospital	1,218	GMP2	Healthcare	2010	2013
The New Royal Children’s Hospital	1,082	Lump sum	Healthcare	2008	2015
Barangaroo South (primarily tower 1 and basement)	1,015	GMP	Commercial	2012	2015
Queensland Children’s Hospital	885	GMP	Healthcare	2010	2014
Origin Alliance	782	Alliance	Roads	2008	2013
Peninsula Link	655	D&C2	Roads	2010	2013
Commonwealth New Build	556	Managing contractor	Government	2008	2013
Tintenbar To Ewingsdale, Pacific Highway, Northern NSW	531	D&C	Roads	2012	2015
Brisbane Supreme Court	523	GMP	Government	2009	2013
Hunter Expressway	498	D&C	Roads	2011	2014

Notes

1. Total backlog revenue for these projects is A$2.7b as at 30 June 2012, represents circa 30% of total backlog revenue for the Australian construction business 2. GMP = Guaranteed maximum price, D&C = Design and construct

18

Australian development business update

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Communities Apartments and Commercial Retirement Living and Aged Care Retail	 Settlements down 10% due to weak consumer sentiment, projects in start-up phase or nearing completion and planning delays  Five new projects launched FY12  Nearly 100% of residential land backlog zoned  Impairment impact of A$27.7m after tax in the second half  Prior year result includes sale of Hyatt land/hotel
	 Strong settlements with 4 buildings reaching practical completion  Sale of commercial development at 850 Collins Street,Melbourne
	 Strong Aged Care operational performance  Retirement Living:  Contract standardisation process progressing well  Strong resales and development pipeline  Result includes recognition of tax deductions associated with the retirement and aged care living business
	 Completed Caneland Central expansion  Commenced A$330m Craigieburn Central redevelopment

Australian development business outlook

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Communities Apartments Retirement Living and Aged Care Retail	 Strong pipeline in affordable growth corridors  Strong carry forward pre-sales into FY13  Average prices may soften due to product mix and sales location  Difficult trading conditions likely to continue  Three new residential land projects expected to commence trading in the next six months  First settlements on the five new projects launched during the year expected in FY13	The Green, Showground Hill, Brisbane, Queensland Forest Lake Retirement community, Queensland
	 Settlements expected to be lower in FY13 however higher pre-sales expected as new projects commence trading
	 Continued focus on operational efficiencies including roll out of contract standardisation
	 Continued focus on development pipeline

20

Forté, Victoria Harbour, Melbourne

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• Forté will be the world's tallest timber residential building built with Cross Laminated Timber (CLT)

• CLT has the equivalent structural integrity to concrete and can be built 30 per cent faster than traditional concrete delivery

• Forté is expected to be the first residential building to achieve a 5 Star Green Star As-built rating from the Green Building Council of Australia

21

Barangaroo South progress – International Towers launched

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• Agreements with tenants for 71% of floor space of first two commercial buildings:

• First tower: Westpac 70% gross lettable area (GLA )

• 2nd tower: KPMG and Lend Lease 75% GLA

• Secured A$2 billion of equity commitments for the first two commercial buildings:

• Canada Pension Plan Investment Board A$1b

• Combined A$500m from Lend Lease managed Australian Prime Property Fund Commercial (APPFC) and existing APPFC investors: First State Super / Telstra Super

• Lend Lease will invest up to A$500m

 Construction progress:

• Perimeter basement retention wall complete

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Barangaroo South, Sydney

22

Barangaroo South - development summary

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Commercial

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• Three high-rise office towers

320,000sqm

 Five other commercial offices

Residential

• Three high-rise residential

• One mid rise residential 100,000sqm

• Four low-rise residential

Amenity

• 80-100 retail outlets

30,000sqm

• International premium room hotel 33,000sqm

 Cultural facility c. 10,000sqm Barangaroo South, Sydney

c. 493,000sqm

23

Three commercial towers

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

Tower 1
----- End of picture text -----

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

Tower 3
----- End of picture text -----

Height: 209m (49 storeys) GLA: 105,605m[2] commercial 7,021m[2] retail 1,677m[2] child care

Height: 180m (42 storeys) GLA: 95,571m[2] commercial 2,691m[2] retail Major tenants: Westpac

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

Tower 2
----- End of picture text -----

Height: 168m (39 storeys) GLA: 83,854m[2] commercial 5,315m[2] retail Major tenants: KPMG/ LLC

24

Location of the commercial towers

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

← North Hickson Road
Commercial towers
2
3
1
3
1
2
----- End of picture text -----

25

Barangaroo South outlook

 Commercial

• FY13 earnings will include profit on transfer of rights to land from first two towers

• First tower: ‘core’ to commence November 2012 and 2[nd] tower schedule follows in early calendar 2013

• Completion of first two buildings mid to late 2015

• 3[rd] tower: in discussion with potential tenants

• Exclusivity agreement for hotel with Crown Limited announced August 2012

 Residential

• Detailed planning and design in progress on first two residential buildings

• Launch of first two residential buildings expected in 2013. Completion of first two buildings in line with commercial buildings

 General project update

• Early works for Wynyard Walk commenced

• Baulderstone awarded headland park construction contract for A$163m, due to complete 2015

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Barangaroo South, Sydney

26

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Operational Update Dan Labbad Group Chief Operating Officer

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

Group Chief Operating Officer
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Asia business update

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Construction		Key earnings contributors: Telco rollout work in Japan, Jem™ mixed-use integrated development in Singapore New work secured revenue of A$665.7m including increased Telco work in Japan		Operating Profit after Tax June 2012 A$m June 2011 A$m Construction 25.8 16.0 Development 11.1 (0.3) Investment Management 69.3 30.4 Total 106.2 46.1
Development		Increased retail development fees from Jem™ project and Setia City Mall which completed in May 2012
		313@somerset valuation stable Profit on sell down of equity interest in APIC 2 from 21.1% to 4.9%
Investment Management
		Positive construction market outlook in education, telecommunications and pharmaceutical sectors Pursue new mixed-use / integrated development opportunities as they come to market Recycle capital to pursue higher yielding development opportunities
Outlook
				Setia City Mall, Malaysia 28

28

Setia City Mall, Malaysia

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


End project value A$190m

Mid market suburban retail development of
69,000sqm NLA/ 230 retailers

Integrated project - Lend Lease providing
development management, construction,
investment management and asset/property
management

50% owned by Asian Retail Investment Fund
and Malaysian property developer S P Setia

Opened in June 2012

99% retail space leased on opening
----- End of picture text -----

29

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EMEA business update

Construction		Significant improvement in profit from FY11 Athletes’ Village handed over to ODA New work secured revenue of A$1b
				Operating Profit after Tax June 2012 A$m June 2011 A$m
				Construction 21.2 11.4
				Development 0.2 4.7
Development		Elephant & Castle – planning application for residential scheme lodged Secured planning approval for master plan of The International Quarter, Stratford Post year end sale of interest in Greenwich Peninsula - will contribute A$40m after tax to FY13
				Investment Management 32.6 34.7
				Infrastructure Development 47.9 86.6
				Total 101.9 137.4
Investment Management		Sold interest in Chelmsford Meadows Increased NOI from Bluewater
		Sold equity in a further five PPP assets to the Lend Lease UK Infrastructure Fund
Infrastructure Development
		New regional CEO – Simon Hipperson Robust/strong performance in construction to continue in challenging market conditions Focus on execution of major urban regeneration projects and capital recycling
Outlook
				The International Quarter, Stratford, London 30

30

Athletes’ Village, London - Showcases Lend Lease’s integrated delivery capabilities

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• Athletes’ Village for the London 2012 Olympic and Paralympic Games for the Olympic Delivery Authority (ODA)

• All 63 buildings, on 11 plots, a school and a health centre, handed over to ODA on schedule in January 2012

• Housed 17,000 athletes and support staff during The London 2012 Olympics

• Continuing involvement and fee streams for Lend Lease:

• Operating the village, leading up to and following the Games

• Retrofit of the Village to residential post Games

31

Americas business update

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Construction1		New work secured of circa US$1.8b Investigation by Eastern District of New York concluded, negative impact of A$21m after tax		Operating Profit after Tax June 2012 A$m June 2011 A$m
				Construction1 14.2 21.3
				Development (3.6) (5.7)
		Bon Secours St Francis Watkins Centre completed during the year Preferred developer on four projects with a combined value in excess of US$70m
Development - healthcare
				Investment Management 13.0 123.3
				Infrastructure Development 12.4 17.7
Investment Management		Completion of King of Prussia sale		Total 36.0 156.6
		Financial close on 2nd phase of Privatization of Army Lodgings (PAL) program Project wins - US$400m 3rd phase of PAL program and US$168m additional scope at Island Palm Communities
Infrastructure Development
		Market conditions improving in key sectors Redevelopment opportunities on military housing bases
Outlook
				St Francis Watkins Centre Phase 1&2, Midlothian, Virginia

1. Includes construction component of infrastructure development business

32

Focus on operational excellence/ risk management

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• Drive operational efficiencies through the Group transformation project

• Continue to focus on margin improvement

• Portfolio management – right mix of projects, sector and risk exposure

• Disciplined capital allocation and return framework

• Continued focus on project execution and conversion

• Portfolio management of construction book

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The New Royal Children’s Hospital, Melbourne, Victoria

33

Financial overview

Continued growth in profit

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		June 2012	June 2011
	Income statement	A$m	A$m
	Total Operating Businesses	674.0	621.5
	Group Services	(90.0)	(86.9)
	Group Treasury	(76.8)	(49.3)
	Operating Profit after Tax	507.2	485.3
	Property Investment Revaluations	(5.8)	7.5
	Statutory Profit after Tax	501.4	492.8
	Effective Tax Rate on Operating Profit	3%	22%
	Statement of cash flows
	Operating cash (outflow)	(46.1)	(42.2)

35

Operating performance FY10 – FY12

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

Operating profit after tax
----- End of picture text -----

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

600
500
507
485
400
300
324
200
100
0
FY10 FY11 FY12
EPS on operating profit [1]
100
88.7
85.6
90
80
65.1
70
60
50
40
30
20
10
0
FY10 FY11 FY12
A$m
Cents per share
----- End of picture text -----

• The Group has been focused on reshaping its portfolio to generate greater operational earnings

• Operating profit after tax has grown by 25.1% CAGR

• Earnings per security has grown at a CAGR of 16.7% since 2010

• Lend Lease has built a strong pipeline of opportunities that will underpin medium to long term earnings growth

36

1. Calculated using the weighted average number of securities on issue including treasury securities.

Distribution growth

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

Distribution per security
----- End of picture text -----

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

40 38 60%
35
32
35
50%
30
15 22 40%
12
25
20 30%
15
20%
10 20 20
16
10%
5
0 0%
2010 2011 2012
1st half 2nd half Payout ratio
cents
----- End of picture text -----

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 Lend Lease has a distribution payout range of 40% to 60% of net operating profit after tax

 The Group paid out at the lower end of the payout range in 2011 and 2012 reflecting the lack of franking capacity

37

Update on global development pipeline

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Project	Key statistics	Key statistics	Profit timing	Progress since May 2012
	Calendar year secured	End value	Financial year
Barangaroo South, Sydney	2009	A$6.0b	2013+	 Agreements with tenants for 71% of floor space of first two commercial buildings  Secured A$2 billion of equity commitments for the funding and development of the first two commercial towers at Barangaroo South  Perimeter basement retention wall complete
Victoria Harbour, Melbourne	2001	A$4.5b	Ongoing	 Sale of 850 Collins Street during the year and practical completion on Convesso and Serrata residential in June 2012  Pre-sales on Concavo residential continue to progress, now at c.50%, with construction due to commence the second half of 2013 with delivery 2015
Showground Hill, Brisbane	2010	A$2.5b	2014+	 Solid sales relative to competitors in soft market conditions  On track for The Green (first stage residential) to be completed 2014
Waterbank, Perth	2011	A$1.0b	2016+	 In late stages of finalising a Conditional Project Development Deed with the Metropolitan Redevelopment Authority in Perth
Richmond, Melbourne	2010	A$400m	2013+	 Richmond launched in May 2012  Pre-sales progressing well and heritage building/townhouses delivery expected in 2013
JEMTM, Singapore	2010	S$1.6b	2013	 Construction proceeding on time and cost schedule
Elephant & Castle, London	2010	₤1.5b	2014+	 Planning submission lodged for first residential scheme
The International Quarter, Stratford City, London	2010	₤1.3b	2014+	 Pursuing first tenant commitments for office space

38

Integrated property model example

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Key assumptions	Lend Lease owned	 Potential pre-tax profit (pre overhead) available if Lend Lease takes 25% equity  Development profit = A$49-65m  Development management fees = A$20-40m  Construction margin = A$17-24m  Total profit for Lend Lease = A$86-129m  Ongoing investment management fees = A$3-4.5m per annum  Ultimately Lend Lease will maintain a co- investment in the fund of up to 10%
End development value	A$1b
Construction value	A$500m
Gross development margin	15-20% end development value
Development management fee	3-6% end development value
Gross profit margin - construction	5-7% of construction value
Funds management fee	c. 40-60bp per annum
Lend Lease equity (up front)	A$150m (25% of total equity)
Lend Lease managed fund	A$450m
Lend Lease co-investment in fund	10% or A$45m

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

Development Process
----- End of picture text -----

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

Development
packaging
----- End of picture text -----

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

Construction
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39

Sources of capital – medium term FY12-FY14

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	Source of Capital	Expected position	Significant achievements FY12
	Retained	Current distribution payout ratio of between	Distribution payout ratio of 43% at lower
	earnings	40% to 60% of operating profit after tax	end of range due to franking capacity
		Distribution reinvestment plan (DRP) to	DRP active for interim and final distributions
		remain active
	Portfolio	Number of mature assets to be sold down	A$3.2b proceeds from capital recycling
	Management	over next three years including A$1.0 -1.5b	since 2006, including A$0.95b in FY12
		of property and non-core businesses
	Debt and	Maintain strong liquidity	Cash and undrawn facilities providing
	cash	Project finance funding of major projects	liquidity of A$2.2b at 30 June 2012
	Third party	Significant access to third party capital	25% equity in first two Barangaroo South
	equity	through Lend Lease managed funds	commercial buildings sourced from APPF
		Key source of competitive advantage for	Commercial and its investors
		Lend Lease	Raised A$2.7 billion of equity in 2012
			Continued sale of the Group’s equity
			interest in PPP assets in the UK to the UK
			Infrastructure Fund

40

Strong funding position

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

A$m
3,000
2,500
2,000
1,242.5
1,500
(46.1) 505.4 (566.0)
18.4 2,200.4
1,000
500 1,046.2 957.9
0
Opening cash Operating CF Investing CF Financing CF FX impact Closing cash 30 Undrawn Closing cash and
1 July 2012 June 2012 facilities undrawn facilities
30 June 2012
----- End of picture text -----

41

Disciplined capital management – sound financial position

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• A$2.2b cash/undrawn facilities 30 June

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

A$2.2b cash/undrawn facilities 30 June A$m Drawn Debt Maturity Profile - Includes SGD [2]
600

Average debt maturity 4.7 years (on drawn 500
facilities) 400

Due debt: 300 USPP
UK Bond
 200
US private placement (PP) first tranche of
A$975 SGD Note
US$100m in October 2012 100 syndicate A$ Term A$975
USPP Bluewater drawn syndicate
drawn
 0 USPP
July 2013: currently undrawn facility of £360m
FY13 FY14 FY15 FY16 FY17 FY18 FY22

Gearing of 6.5% [1] at 30 June 2012
 A$m Debt Facilities Maturity Profile [2]
S&P BBB- stable and Moody’s Baa3 stable 800
 Balanced domestic and overseas debt 700
Bluewater
lease
providers: 600
500
 Accessed new funding source in Asian debt A$975
400 syndicate
undrawn
markets in July through the issue of 300 UK RCF USPP A$975
undrawn syndicate UK Bond
SGD275m, fixed 4.625% senior unsecured 200 undrawn
A$975
SGD Note
5 year notes 100 USPP syndicate drawn A$ Term syndicate A$975
0 drawn USPP
FY13 FY14 FY15 FY16 FY17 FY18 FY22
----- End of picture text -----

1. Excludes finance leases of A$123 million maturing up to 2017

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

42

Strategy and Outlook

Key priorities for the Group

• Continue to grow a balanced and diversified portfolio

• Recycle capital toward higher yielding assets / businesses

• Continue to drive operational efficiencies

• Maximise productivity through people initiatives

• Deliver execution excellence

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Darling Quarter, Sydney

44

External outlook

==> picture [115 x 41] intentionally omitted <==

Australia

• Infrastructure sector attractive and focus on growth in key areas of specialisation

• Non-residential building activity remains low but Lend Lease has strong internal development pipeline

• Weak consumer sentiment continues to drive challenging residential trading conditions

Asia

• Strong market fundamentals

• Focus on securing and delivery of mixed use and integrated projects

• Develop market leading positions in pharmaceutical and telecommunications construction

Americas

• Early signs of recovery

EMEA

• Focus on delivery of major projects in UK

• Position construction business into market recovery

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Caneland Central, Queensland

==> picture [208 x 167] intentionally omitted <==

Elephant & Castle, London, UK

45

Portfolio update - market position

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As at 30 June 2012	Backlog	Key Market Drivers	Market Position
Development	End value of major urban regeneration projects in excess of A$20b Residential land end value A$13.0b	Residential land – 68,006 units Built-form – 21,592 units Retirement – 1,270 under development Aged care – 563 beds Commercial – 7.1m square metres	Leading portfolio of urban regeneration projects in Australia and UK Number one senior living platform in Australia Strong player in communities/built-form, retail and commercial in Australia
Construction	Backlog revenue A$15.3b	Over 500 projects globally	Strong player in Australia in core markets of healthcare, commercial, retail, social infrastructure and infrastructure construction
Investment Management	Funds under management A$12.3b	A number of individual managed investment mandates 24 retail centres under management	Leading wholesale investment management in Australia
Services	Facilities management revenue backlog £592m Retail assets under management A$10.3b	52 projects globally Units under management (US only) – 56,140 (includes both secured and preferred)	Strong player in military housing sector in US and PPP healthcare and education sectors in UK Large retail portfolio under management
Ownership	Investments of A$1.3b	Bluewater – A$777m Somerset/JEMTM – A$235m Other investments – circa A$300m	Lend Lease holds co-investments in funds to align Lend Lease’s interest with those of its investors

46

Operating profit after tax analysis

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Operating Profit after Tax Breakdown

==> picture [350 x 196] intentionally omitted <==

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

120%
100% A$324m 2% A$485m A$507m 2%
21%
80%
21%
21%
60%
30% 98%
40% 98%
79%
20%
0%
2010 2011 2012
Operating earnings after tax LL Developed Asset Sales
Asset sold not developed by Lend Lease
----- End of picture text -----

==> picture [292 x 216] intentionally omitted <==

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

Earnings Split by capability
100%
10%
15%
80% 23%
35%
60%
42%
40% 24%
20%
26% 25%
0%
2011 2012
Development Construction
Investment Management Infrastructure Development
----- End of picture text -----

• Capital will be recycled and reinvested in new opportunities at levels above the Group’s target return on equity

 Earnings contributions:

• FY12 construction contribution > 40% - this is expected to continue

• Development 25% – will increase as a % of earnings as large development projects contribute to earnings and will provide earnings visibility over the next 5 years +

• Lend Lease will continue to have a strong base of earnings from investment management and infrastructure development

47

Summary

• Delivered earnings above market consensus

• Continued to maintain strong financial position with A$2.2b of available capacity

• Progressed development pipeline in line with strategy

• Continued to win pipeline to drive future earnings

• Strong start to FY13 earnings outlook:

• Sale of Greenwich Peninsula project (c. A$40m profit after tax)

• Profit on transfer of land for two commercial buildings at Barangaroo South

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Victoria Harbour, Melbourne, Victoria

48

Appendices

Reconciliation of statutory to operating financial metrics

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		June 2012	June 2011
		A$m	A$m
	Profit after tax
	Statutory profit after tax	501.4	492.8
	Property investment revaluations	5.8	(7.5)
	Operating profit after tax	507.2	485.3
	EBITDA from operating businesses
	Statutory EBITDAfrom operating businesses	804.7	847.9
	Property investment revaluations	4.8	(10.7)
	Operating EBITDA from operating businesses	809.5	837.2

50

Statement of Financial Position

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		June 2012	June 2011
		A$m	A$m
	Assets
	Cash and cash equivalents	958	1,046
	Loans and receivables	2,205	2,054
	Inventories	2,559	2,271
	Equity accounted investments	470	541
	Investment properties	3,415	3,216
	Intangible assets	1,405	1,319
	Other assets	1,432	1,702
	Total assets	12,444	12,149
	Liabilities
	Trade and other payables	4,058	3,889
	Borrowings and financing arrangements	1,357	1,694
	Resident and accommodation bond liabilities	2,423	2,231
	Other liabilities	695	702
	Total liabilities	8,533	8,516
	Net assets	3,911	3,633
	Securities on issue	573m	571m
	Net assets per security	$6.83	$6.36

51

Reconciliation of revenue to operating profit after tax

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		June 2012	June 2011
	Profit after tax	A$m	A$m
	Total revenue	11,609.7	9,014.1
	Operating EBITDA	664.3	710.7
	Depreciation	(69.8)	(39.9)
	Amortisation	(7.6)	(12.2)
	Operating EBIT	586.9	658.6
	Finance costs	(59.6)	(37.8)
	Operating profit before tax	527.3	620.8
	Operating profit after tax:	508.9	485.7
	Operating profit attributable to non-controlling interest	(1.7)	(0.4)
	Operating profit after tax attributable to members	507.2	485.3

52

LEND LEASE FULL YEAR RESULTS 30 August 2012