LENDLEASE GROUP — Annual Report 2015

Aug 23, 2015

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24 August 2015
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2015 Full Year Results Portfolio Report

Further to Lend Lease Group’s earlier announcement today, attached is the Portfolio Report.

ENDS

For further information, please contact:

Investors:

Suzanne Evans Tel: 02 9236 6464 Mob: 0407 165 254

Media:

Nadeena Whitby Tel: 02 9236 6865 Mob: 0467 773 032

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 lendlease.com

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

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PORTFOLIO REPORT 2015

Portfolio Report

Table of Contents

Key Portfolio Metrics	1
Property Development	1
Infrastructure Development	2
Construction	3
Investment Management	4
Group Assets	4
Australia	5
Property Development	5
Infrastructure Development	7
Construction	8
Investment Management	11
Asia	13
Property Development	13
Construction	13
Investment Management	13
Europe	15
Property Development	15
Infrastructure Development	15
Construction	16
Investment Management	17
Americas	18
Property Development	18
Infrastructure Development	19
Construction	20

The Portfolio Report is based on the Lend Lease Group (the Group) Consolidated Financial Statements for the year ended 30 June 2015 and should be read in conjunction with those financial statements. All currency amounts in the Portfolio Report are expressed in Australian dollars unless otherwise specified.

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ANNUAL CONSOLIDATED FINANCIAL REPORT 2015

Key Portfolio Metrics

Property Development

	AUSTRALIA June 2015 June 2014	ASIA June 2015 June 2014	EUROPE June 2015 June 2014	AMERICAS June 2015 June 2014	TOTAL
					June 2015 June 2014
Residential, Commercial and Healthcare Number of development projects1 no.	30 35	2	20 30	7 7	59 72
Backlog Units and SQM2 Residential – Land units zoned no.	51,080 53,750			3,860 3,860	54,940 57,610
Residential – Built-form units zoned/ unzoned3 no.	14,890 13,810	2,225	5,315 5,299	3,530	25,960 19,109
Total residential units no.	65,970 67,560	2,225	5,315 5,299	7,390 **3,860 **	80,900 76,719
Residential land4 sqm/000s			44 63		44 63
Commercial zoned sqm/000s4 sqm/000s	5,182 5,466	368	311 402	423 442	6,284 6,310
Retirement Living Villages – owned no.	74 66				74 66
Villages – managed/leased/other no.	4 4				4 4
Number of villages no.	78 70				78 70
Units – owned no.	12,981 11,612				12,981 11,612
Units – managed/leased/other no.	1,212 1,212				1,212 1,212
Number of units5 no.	14,193 12,824				14,193 12,824
Backlog units – zoned6 no.	666 945				666 945

1 Where a project has multiple stages these have been combined in line with the planning process. Does not include the Mt Gilead project in Australia as the acquisition is subject to a number of conditions including planning. Includes projects where the Group is the preferred bidder.

2 Backlog includes Group owned, joint venture and managed projects. The actual number of units for any particular project can vary as planning approvals are obtained.

3 Includes 22,041 zoned and 3,919 unzoned units at June 2015 (June 2014: 19,030 zoned and 79 unzoned units).

4 Represents net developable land in relation to master-planned urban communities, and net developable floor space for other developments. The actual land area and floor space for any particular project can vary as planning approvals are obtained.

5 Includes 100% of Group owned and managed properties. Only includes completed units.

6 Backlog units include Group owned and managed sites. The actual number of units for any particular village can vary as planning approvals are obtained.

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Key Portfolio Metrics continued

Infrastructure Development

	AUSTRALIA June 2015 June 2014	ASIA June 2015 June 2014	EUROPE June 2015 June 2014	AMERICAS June 2015 June 2014	TOTAL
					June 2015 June 2014
Number of Projects1 Operational Under construction Preferred bidder	1 1 4 4		1 22 1 2 1 1	17 18 1 1	19 41 5 6 2 2
Total number of projects	5 5		32 25	18 19	26 49
Invested Equity A$m3 Operational Under construction Preferred bidder	15.2 15.0 185.7 64.3		6.1 7.3 4.2 4.2	109.2 95.2	130.5 117.5 189.9 68.5
Total invested equity A$m	200.9 79.3		10.3 11.5	109.2 95.2	320.4 186.0
Committed Equity A$m4 Operational Under construction Preferred bidder	70.0 191.4		1.6 5.6 12.5 13.6	6.5 5.4	6.5 5.4 71.6 197.0 12.5 13.6
Total committed equity A$m	70.0 191.4		14.1 19.2	6.5 5.4	90.6 216.0
Backlog revenue A$m			84.72 2,442.9	467.3 415.7	552.0 2,858.6

1 Number of projects includes projects where the Group is preferred bidder. Where a project has multiple phases, these have been combined on completion for the purposes of presentation. Excludes origination fee for service projects with no equity commitment or ongoing management responsibilities for the Group. The Australian Infrastructure Development projects are managed by the Capella Capital business.

2 The UK Facilities Management business, in addition to the Global Renewables project in Lancashire, were divested during the year.

3 Invested equity refers to the contributed equity for each project, with the exception of the Global Renewables project which represents the written down value of the asset at June 2014.

4 Committed equity refers to equity the Group has a future commitment to invest.

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ANNUAL CONSOLIDATED FINANCIAL REPORT 2015

Construction

	AUSTRALIA	ASIA June 2015 A$m June 2014 A$m	EUROPE June 2015 A$m June 2014 A$m	AMERICAS June 2015 A$m June 2014 A$m	TOTAL
	June 2015 A$m June 2014 A$m				June 2015 A$m June 2014 A$m
New work secured revenue1 Building Engineering Services	3,894.5 3,796.5 1,735.3 1,583.3 920.7 1,179.8	424.3 59.4 57.0 100.0	1,566.3 673.0 5.3	3,206.3 2,751.0	9,091.4 7,279.9 1,792.3 1,688.6 920.7 1,179.8
Total new work secured revenue	6,550.5 6,559.6	481.3 159.4	1,566.3 678.3	3,206.3 2,751.0	11,804.4 10,148.3
Backlog Revenue2 Building Engineering Services	6,269.9 6,515.1 2,342.5 2,022.2 1,258.8 1,017.9	375.2 128.9 21.5 44.4	1,463.4 1,071.1 2.0	5,524.9 5,363.1	13,633.4 13,078.2 2,364.0 2,068.6 1,258.8 1,017.9
Total backlog revenue	9,871.2 9,555.2	396.7 173.3	1,463.4 1,073.1	5,524.9 5,363.1	17,256.2 16,164.7
	AUSTRALIA	ASIA June 2015 % June 2014 %	EUROPE June 2015 % June 2014 %	AMERICAS June 2015 % June 2014 %	TOTAL
	June 2015 % June 2014 %				June 2015 % June 2014 %
Backlog Realisation Year ending June 2016 Year ending June 2017 Post June 2017	49 54 24 29 27 17	69 82 26 18 5	66 88 25 8 9 4	53 50 25 24 22 26	52 55 25 26 23 19
Total	100 100	100 100	100 100	100 100	100 100
		BUILDING June 2015 % June 2014 %	ENGINEERING June 2015 % June 2014 %	SERVICES June 2015 % June 2014 %	TOTAL
					June 2015 % June 2014 %
Backlog Realisation Year ending June 2016 Year ending June 2017 Post June 2017		55 55 24 31 21 14	42 55 28 25 30 20	38 46 24 19 38 35	52 55 25 26 23 19
Total		100 100	100 100	100 100	100 100

1 New work secured revenue is the total revenue to be earned from projects secured during the year.

2 Current year backlog revenue is the total revenue to be earned from projects in future financial years, based on projects secured as at 30 June 2015. Although backlog revenue is realised over several years, the average foreign exchange rate for the current year has been applied to the closing backlog revenue balance in its entirety, as the average rates for later years cannot be predicted.

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Key Portfolio Metrics continued

Investment Management

	AUSTRALIA June 2015 June 2014	ASIA June 2015 June 2014	EUROPE June 2015 June 2014	AMERICAS June 2015 June 2014	TOTAL
					June 2015 June 2014
Investments Investments1(A$m) Investment income2(A$m)	814.0 821.1 40.5 38.3	520.2 255.3 12.3 8.8	76.1 84.0 2.6 41.5		1,410.3 1,160.4 55.4 88.6
Funds Under Management (FUM)1 FUM at the beginning of the period Foreign exchange movement Additions Reductions Net revaluations	10.9 10.3 3.0 0.7 (0.8) (0.4) 0.7 0.3	3.6 3.3 0.6 0.2 1.2 0.1 (0.1) (0.1) 0.1	1.8 1.4 0.3 0.2 0.1 0.2		16.3 15.0 0.9 0.4 4.2 0.8 (0.9) (0.5) 0.8 0.6
FUM (A$b)	13.8 10.9	5.3 3.6	2.2 1.8		21.3 16.3
Assets Under Management (AUM) Number of centres AUM1(A$m) GLA under management (sqm/000s)3	16 16 6,112.8 5,974.0 740.9 753.1	4 4 4,288.8 3,819.9 294.8 294.8	2 2 1,009.8 869.4 141.7 141.7		22 22 11,411.4 10,663.3 1,177.4 1,189.6

1 Represents the Group’s assessment of the market value.

2 Represents the Group’s share of income before tax, excluding revaluations (after tax for equity accounted investments), net of direct expenses.

3 Represents the gross lettable area of the centres, with the exception of Asia which represents the net lettable area of the centres.

Group Assets[1]

	AUSTRALIA June 2015 June 2014	ASIA June 2015 June 2014	EUROPE June 2015 June 2014	AMERICAS June 2015 June 2014	TOTAL
					June 2015 June 2014
Property Development Infrastructure Development Construction Investment Management	10,974.7 7,796.6 386.7 302.3 2,138.0 2,331.5 932.7 945.2	24.8 (3.3) 208.4 252.0 570.3 351.3	1,033.8 612.6 (1.4) 58.9 730.8 621.1 117.4 80.1	198.5 91.2 178.1 157.4 1,354.4 983.4	12,231.8 8,497.1 563.4 518.6 4,431.6 4,188.0 1,620.4 1,376.6
Total segment	14,432.1 11,375.6	803.5 600.0	1,880.6 1,372.7	1,731.0 1,232.0	18,847.2 14,580.3
Corporate activities					112.0 1,171.5
Total assets	14,432.1 11,375.6	803.5 600.0	1,880.6 1,372.7	1,731.0 1,232.0	18,959.2 15,751.8

1 The foreign exchange rates applied to the Statement of Financial Position as at 30 June 2015 are A$1 = £0.49 (June 2014: A$1 = £0.55), A$1 = US$0.77 (June 2014: A$1 = US$0.93) and A$1 = S$1.04 (June 2014: A$1 = S$1.17).

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ANNUAL CONSOLIDATED FINANCIAL REPORT 2015

Australia

Property Development

Residential and Commercial Project Listing

Project Sector Location1 Ownership Interest Estimated Completion Date2	RESIDENTIAL Backlog Land Units3,4 Backlog Built-Form Units3’4	COMMERCIAL
		Estimated Backlog sqm/000s5
Zoned Projects Springbank Rise Communities ACT Owned (50% interest) 2016	50
Bingara Gorge Communities NSW Land management 2026	625	39
Calderwood Valley (formerly River Oaks) Communities NSW Land management 2040	5,125	87
St Marys – Jordan Springs (including other precincts)6 Communities NSW Owned (100% interest) 2023	1,875 295	668
St Marys – Ropes Crossing7 Communities NSW Service agreement 2016	35
The New Rouse Hill Communities NSW Land management 2017	175 440
Darling Harbour Live Urban Regeneration NSW Staged payments 2021	1,525	69
Barangaroo South Urban Regeneration NSW Staged payments (100% interest) 2023	775	291
Fernbrooke Ridge Communities Qld Land management 2018	515
Rocky Springs Communities Qld Land management 2054	9,895	1,093
Springfeld Lakes Communities Qld Land management 2028	4,655 440	88
Stoneleigh Reserve Communities Qld Owned (100% interest) 2016	45
Woodlands7 Communities Qld Service agreement 2016	45
Yarrabilba Communities Qld Staged acquisition (100% interest) 2043	13,550 2,470	1,887
Brisbane Showgrounds Urban Regeneration Qld Land management 2025	2,815	100
Subtotal zoned (carried forward)	36,590 8,760	4,322

1 Locations are Australian Capital Territory (ACT), New South Wales (NSW) and Queensland (Qld).

2 Estimated completion date represents the expected financial year in which the last unit will be settled for master-planned communities, and the construction completion date for apartments and non-residential projects.

3 Backlog includes the total number of units in Group owned, joint venture and managed projects. The actual number of units for any particular project can vary as planning approvals are obtained.

4 Backlog units do not include the Mt Gilead project in Sydney’s South West as the acquisition is subject to a number of conditions including planning.

5 Represents net developable land in relation to master-planned urban communities and net developable floor space for other developments. The actual land area and floor space for any particular project can vary as planning approvals are obtained.

6 Where a project has multiple stages these have been combined in line with the planning process.

7 Projects managed on behalf of the Lend Lease Communities Fund 1. The Group holds a 20.8% co-investment position in the fund.

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continued Portfolio Report

Australia continued

Property Development continued

Residential and Commercial Project Listing continued

Project Sector Location1 Ownership Interest Estimated Completion Date2	RESIDENTIAL Backlog Land Units3,4 Backlog Built-Form Units3’4	COMMERCIAL
		Estimated Backlog sqm/000s5
Subtotal zoned projects (brought forward) Blakes Crossing Communities SA Staged acquisition (100% interest) 2019	36,590 8,760 680	4,322 7
Springwood Communities SA Staged acquisition 2016	40
Richmond Apartments Vic Owned (100% interest) 2019	365
Toorak Park (formerly Armadale) Apartments Vic Owned (100% interest) 2018	465
Atherstone Communities Vic Land management 2034	4,075	80
Aurora Communities Vic Owned (100% interest) 2026	3,120	180
Edgewater Communities Vic Owned (100% interest) 2016	20
Harpley Communities Vic Land management 2026	3,870	313
Laurimar Communities Vic Owned (100% interest) 2016	95 5
Mayfeld Communities Vic Owned (100% interest) 2017	280
Melton East Communities Vic Staged acquisition 2021	770	48
Melbourne Quarter (formerly Batman’s Hill) Urban Regeneration Vic Land management 2021	930	120
Victoria Harbour Urban Regeneration Vic Land management 2021	3,175	35
Alkimos Communities WA Land management 2022	1,540	55
Waterbank Urban Regeneration WA Land management 2023	1,190	22
Total zoned	51,080 14,890	5,182

1 Locations are South Australia (SA), Victoria (Vic) and Western Australia (WA).

2 Estimated completion date represents the expected financial year in which the last unit will be settled for master-planned communities, and the construction completion date for apartments and non residential projects.

3 Backlog includes the total number of units in Group owned, joint venture and managed projects. The actual number of units for any particular project can vary as planning approvals are obtained.

4 Backlog units do not include the Mt Gilead project in Sydney’s South West as the acquisition is subject to a number of conditions including planning.

5 Represents net developable land in relation to master-planned urban communities and net developable floor space for other developments. The actual land area and floor space for any particular project can vary as planning approvals are obtained.

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ANNUAL CONSOLIDATED FINANCIAL REPORT 2015

Retirement Living Portfolio Summary

Location1	OWNED Number of Villages Units2	MANAGED/LEASED/OTHER Number of Villages Units2	TOTAL
			Number of Villages Units2 Backlog Units3
Qld	12 2,906	3 1,137	15 4,043
NSW	17 3,109		17 3,109 335
Vic	25 3,923	1 75	26 3,998 70
SA	3 386		3 386
WA	10 1,596		10 1,596 43
ACT	2 65		2 65 218
NZ	5 996		5 996
Total retirement villages	74 12,981	4 1,212	78 14,193 666

1 Locations are Queensland (Qld), New South Wales (NSW), Victoria (Vic), South Australia (SA), Western Australia (WA), Australian Capital Territory (ACT), and New Zealand (NZ).

2 Includes 100% of Group owned and managed properties. Only includes completed units.

3 Backlog units include Group owned and managed sites. The actual number of units for any particular village can vary as planning approvals are obtained.

Infrastructure Development

Project Listing

					Estimated
			Actual		Capital	Invested	Committed
			Financial	Operational	Spend1	Equity2	Equity3
Project	Location	Status	Close Date	Term Years	A$m	A$m	A$m
Healthcare
Queen Elizabeth II
Medical Centre Car Park	WA	Operational	Jul 11	26	140	15.2
Sunshine Coast
University Hospital4	Qld	Under construction	Jul 12	25	1,480	64.8	19.1
New Bendigo Hospital	Vic	Under construction	May 13	25	630	31.6
Justice
Eastern Goldfelds
Regional Prison	WA	Under construction	Dec 12	25	250	20.4
Ravenhall Prison5	Vic	Closed - Origination Fee	Sep 14
Mixed-Use
Darling Harbour Live	NSW	Under construction	Dec 13	25	1,600	68.9	50.9
Rail
Sydney Light Rail5	NSW	Closed - Origination Fee	Mar 15
Total					4,100	200.9	70.0

1 Represents total estimated capital spend over the contract duration.

2 Invested equity refers to the contributed equity for each project.

3 Committed equity represents future contributions the Group has a commitment to invest.

• 4 Excludes client provisional funding.

• 5 No equity commitment or ongoing management responsibilities for the Group.

8

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ANNUAL CONSOLIDATED FINANCIAL REPORT 2015

PORTFOLIO REPORT CONTINUED

Australia continued

Construction

Major Projects – Building[1,2]

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Construction
Project Location [3] Client Contract Type [4] ValueA$m [5] Secured Date [6] [Completion ] Date [7] Sector Description
Commercial Design and construction of the basement, infrastructure works, commercial office and
Barangaroo South NSW Lend Lease/Barangaroo Development Authority LS 2,780 2012 2017 & Residential residential buildings
Sunshine Coast University Hospital [8] Qld Queensland Health LS 1,564 2013 2017 Healthcare Design and construction of a new 738 bed hospital
Darling Harbour Live Partnership/Infrastructure NSW/ Entertainment/ Design and construction PPP contract for the redevelopment of the Sydney Convention,
ICC Sydney (Formerly Darling Harbour Live) NSW Sydney Harbour Foreshore Authority LS 1,135 2014 2017 Recreation Exhibition and Entertainment Precinct
Crown Sydney Hotel Resort [9] NSW Crown Resorts Limited 1,000 2015 2019 Hotel Delivery of the Crown Sydney Hotel Resort at Barangaroo South
Facilities Requirements for the New Air Combat Capability – Managing contractor for the design and delivery of the facilities required to support the
RAAF Williamtown NSW Commonwealth Department of Defence MC 950 [10] 2015 2019 Defence Joint Strike Fighter aircrafts at RAAF Williamtown New South Wales
Residential/
Hotel/ Design and construction of 539 apartments, a hotel, infrastructure and public realm as
Darling Square and ICC Sydney Hotel NSW Lend Lease Haymarket LS/MC 671 2015 2019 Infrastructure part of the Darling Harbour redevelopment
New Bendigo Hospital Vic Victorian Government/Bendigo Health LS 630 2013 2017 Healthcare Design and construction of a new 372 bed hospital in Bendigo
Design and construction of new buildings, alterations and refurbishment of existing
Cairns Base Hospital Qld Queensland Health MC 330 2011 2016 Healthcare hospital
Managing contractor of a new 52,000 square metre hospital facility and refurbishment
Box Hill Hospital Redevelopment Vic Department of Health, Victoria MC 324 2012 2016 Healthcare of the existing hospital
Department of Planning, Transport and Infrastructure, South
Adelaide Convention Centre Redevelopment SA Australia MC 304 2011 2017 Commercial Construct only of the redevelopment and extension of the existing convention centre
Australian Prime Property Fund and another institutional
Lakeside Joondalup WA investment partner GMP 255 2010 2016 Retail Design and construction of the redevelopment of Lakeside Joondalup Shopping Centre
Monash Children’s Hospital Vic Department of Health MC 182 2014 2017 Healthcare Managing contractor of a new 230 bed hospital
888 Collins Street Vic Lend Lease Development CM 178 2015 2017 Residential Construction of a residential development
Design and construction of a new University health science facility for teaching and
Adelaide Medical & Nursing Schools SA The University of Adelaide MC 170 2014 2017 Healthcare research
889 Collins Street Vic Lend Lease Development CM 170 2015 2018 Residential Construction of a residential development
Air Warfare Destroyer & Landing Helicopter Dock, Ship Managing contractor of maintenance and training facilities to support future navy war
Sustainment Facilities NSW Commonwealth Department of Defence MC 159 2013 2016 Defence ships at Randwick, Watsons Bay and Garden Island in New South Wales
Concavo, Victoria Harbour Vic Lend Lease Development MC 139 2011 2016 Residential Design and construction of new waterfront apartments along Victoria Harbour
Managing contractor of new facilities, refurbished facilities and infrastructure at
Defence Logistics Transformation Program Qld Commonwealth Department of Defence MC 135 2013 2016 Defence Laverack Barracks
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• 1 Disclosure of major projects is subject to client approval. This could impact the projects available for disclosure.

• 2 Backlog revenue as at 30 June 2015 for the projects listed on pages 8 and 9 totals $5,931 million, representing 95% of the total backlog revenue for the region in relation to Building projects.

• 3 Locations are New South Wales (NSW), Queensland (Qld), Victoria (Vic), South Australia (SA) and Western Australia (WA).

• 4 Contract types are Lump Sum (LS), Managing Contractor (MC), Guaranteed Maximum Price (GMP) and Construction Management (CM).

• 5 Construction value represents the Group’s share of the total construction value of the project.

• 6 Secured date represents the financial year in which the project was secured.

• 7 Completion date represents the financial year in which the project is expected to be completed.

• 8 Includes client provisional funding.

• 9 The Crown Sydney Hotel Resort project was secured in the late stages of the financial year and the final contract details including contract value are in the process of being finalised.

• 10 Contract value relates to client budget.

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Australia continued

Construction continued

Major Projects – Engineering[1,2]

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Construction
Project Location [3] Client Contract Type [4] ValueA$m [5] Secured Date [6] [Completion ] Date [7] Sector Description
North Connex M1 / NSW Transurban D&C 1,279 2015 2019 Roads Design and construct of the
M2 Tunnel [8] and 9km twin motorway tunnels
Highways
Tintenbar to NSW NSW Roads D&C 625 2012 2016 Roads Construction of a new 16.3
Ewingsdale, and Maritime and kilometre section of the
Pacific Highway, Services Highways highway, several bridges and a
Northern NSW 400 metre tunnel
Oxley Highway to NSW NSW Roads D&C 582 2014 2017 Roads Design and construction of 23
Kundabung, and Maritime and kilometres of upgrade works to
Pacific Highway Services Highways the highway, including major
bridge crossings across the
Hastings and Wilson Rivers
Nambucca to NSW NSW Roads D&C 556 2013 2016 Roads Design and construction of 22
Urunga, and Maritime and kilometres of dual carriageway
Pacific Highway, Services Highway and bridges
Mid-North Coast
Headland Park and NSW Barangaroo D&C 203 2012 2016 Marine Design and construction of the
Barangaroo North Delivery and Ports headland park, including a new
Project Works Authority harbour cove
Epping to NSW Transport for ALL 147 2013 2017 Rail Construction of a third rail
Thornleigh New South track between Epping and
Third Track [8] Wales Thornleigh
CBD Alliance NSW NSW Roads ALL 108 2014 2016 Roads Construction of cycleways and
& Maritime and bus relocation works in the
Services Highways Sydney City Centre,
construction of a pedestrian
bridge over Anzac Parade, and
installation and modification of
lifts in the Sydney Harbour
Bridge
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1 Disclosure of major projects is subject to client approval. This could impact the projects available for disclosure.

2 Backlog revenue as at 30 June 15 for the projects listed totals A$2,062 million, representing 88% of the total backlog revenue for the region in relation to Engineering projects.

3 Locations are New South Wales (NSW).

4 Contract types are Design and Construct (D&C) and Alliance (ALL).

5 Construction value represents the Group’s share of the total construction value of the project.

6 Secured date represents the financial year in which the project was secured.

7 Completion date represents the financial year in which the project is expected to be completed.

8 Represents the Group’s interest in the project joint venture.

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ANNUAL CONSOLIDATED FINANCIAL REPORT 2015

Investment Management

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Investments
Lend Lease Market Value [1 ] Market Value [1 ]
Interest June 2015 June 2014
Region % A$m A$m
Lend Lease One International Towers Sydney Trust [2] Australia 37.5 191.3
Lend Lease International Towers Sydney Trust Australia 15.0 181.5 80.9
Australian Prime Property Fund – Commercial [3] Australia 10.4 178.9 233.3
Craigieburn Central Australia 25.0 81.2 87.8
Australian Prime Property Fund – Industrial [4] Australia 11.2 76.1 244.0
Australian Prime Property Fund – Retail Australia 1.1 43.5 42.2
Lend Lease Sub Regional Retail Fund [5] Australia 10.0 36.7
Lend Lease Core Plus Fund Australia 13.3 11.4 33.7
Lend Lease Real Estate Partners New Zealand Fund New Zealand 5.3 7.0 6.7
Lend Lease Communities Fund 1 Australia 20.8 4.1 8.5
Lend Lease Retail Partners – Australia Fund Australia 2.6 2.3 2.1
Lend Lease Real Estate Partners Fund 3 [5] Australia 81.9
Total Investments 814.0 821.1
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• 1 Represents the Group’s assessment of the market value.

• 2 During the year the Group made an investment of A$191.3 million in Lend Lease One International Towers Sydney Trust resulting in 37.5% ownership of the fund.

• 3 During the year the Group made a net divestment of A$62.6 million of equity in Australian Prime Property Fund - Commercial of reducing the investment held from 19.1% to 10.4% of the fund.

• 4 During the year the Group divested A$180.0 million of equity in Australian Prime Property Fund - Industrial reducing the investment held from 38.4% to 11.2% of the fund.

5 During the year the Group restructured Lend Lease Real Estate Partners Fund 3 into an open-ended vehicle, Lend Lease Sub Regional Retail Fund. The Group reduced its holding in the vehicle from 25% to 10%.

Funds Under Management

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Market Value [1 ] Market Value [1 ]
June 2015 June 2014
Fund Fund Type Asset Class A$b A$b
Australian Prime Property Fund – Retail Core Retail 4.6 4.4
Australian Prime Property Fund – Commercial Core Commercial 2.5 1.7
Lend Lease International Towers Sydney Trust Core Commercial 2.3 1.3
Managed Investment Mandates Core Various 1.7 1.6
Lend Lease One International Towers Sydney Trust Core Commercial 0.9
Australian Prime Property Fund – Industrial Core Industrial 0.8 0.6
Lend Lease Sub Regional Retail Fund [2] Core Retail 0.6
Lend Lease Real Estate Partners New Zealand Fund Enhanced Retail 0.2 0.2
Lend Lease Core Plus Fund Core Plus Various 0.1 0.4
Lend Lease Retail Partners – Australia Fund Core Plus Retail 0.1 0.1
Lend Lease Real Estate Partners Fund 3 [2] Enhanced Retail 0.5
Lend Lease Communities Fund 1 [3] Value Add Residential 0.1
Total FUM 13.8 10.9
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1 Represents the Group’s assessment of the market value.

• 2 During the year the Group restructured Lend Lease Real Estate Partners Fund 3 into an open-ended vehicle, Lend Lease Sub Regional Retail Fund. 3 Lend Lease Communities Fund FUM is A$45m which rounds down to 0.

12

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continued Portfolio Report

Australia continued

Investment Management continued

Assets Under Management

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Market Value [2 ] Market Value [2 ]
GLA June 2015 June 2014
Shopping centres Managed on behalf of sqm/000s [1] A$m A$m
Cairns Central, Qld APPF Retail 52.8
Caneland Central, Qld APPF Retail 65.6
Sunshine Plaza, Qld APPF Retail/Other joint owners 75.9
Erina Fair, NSW APPF Retail/Other joint owners 114.2
Macarthur Square, NSW APPF Retail/Other joint owners 94.6
Mid City (retail), NSW APPF Retail/Other joint owners 9.1
Lakeside Joondalup, WA APPF Retail/Other joint owners 93.1
Craigieburn Central, Vic APPF Retail/Lend Lease 62.7 6,112.8 5,974.0
Caroline Springs Square, Vic APPF Retail/Lend Lease Core Plus Fund 21.0
Menai Marketplace, NSW Lend Lease Sub Regional Retail Fund [3] 16.5
Settlement City, NSW Lend Lease Sub Regional Retail Fund [3] 19.4
Southlands Boulevarde, WA Lend Lease Sub Regional Retail Fund [3] 21.4
Armadale Shopping City, WA Lend Lease Sub Regional Retail Fund [3] 31.0
Northgate, WA Lend Lease Sub Regional Retail Fund [3] 15.9
Stud Park, Vic Lend Lease Retail Partners – Australia Fund 26.9
Watertown, WA Other owner 20.8
Total 740.9 6,112.8 5,974.0
----- End of picture text -----

1 GLA represents the gross lettable area of the centres.

2 Represents the Group’s assessment of the market value.

• 3 During the year the Group restructured Lend Lease Real Estate Partners Fund 3 into an open-ended vehicle, Lend Lease Sub Regional Retail Fund.

13

ANNUAL CONSOLIDATED FINANCIAL REPORT 2015

Asia

Property Development

Property Development
						Estimated
			Ownership	Estimated	Backlog	Commercial
			Interest	Completion	Built-Form	Backlog
Project	Sector	Location	%	Date1	Units2	sqm/000s3
Zoned Projects
Paya Lebar Central	Urban Regeneration	Singapore	30	2018	425	135
The Lifestyle Quarter at Tun Razak Exchange	Urban Regeneration	Malaysia	60	2024	1,800	233
Total zoned					2,225	368

1 Estimated completion represents the expected financial year in which the last unit will be settled for master-planned communities, and the construction completion date for apartments and non residential projects.

• 2 Backlog includes the total number of units in Group owned, joint venture and managed projects. The actual number of units for any particular project can vary as planning approvals are obtained.

• 3 Commercial space has been disclosed based on GFA. GFA in Asia refers to the total area of the covered floor space measured between the centre line of party walls, including the thickness of external walls but excluding voids. The actual land area and floor space for any particular project can vary as planning approvals are obtained.

Construction

Major Projects[1,2]

				Construction
			Contract	Value4	Secured	Completion
Project	Location	Client	Type3	A$m	Date5	Date6	Sector	Description
SoftBank	Japan	SoftBank	MC	142	2011	2017	Telecommunica-	Design and supply
Fast Pole		Mobile					tions	of concrete
								telecommunications
								poles
Paya Lebar	Singapore	Roma Central	GMP	94	2015	2016	Mixed Use	Early works
Central-		Pte. Ltd.						component of a
Early Works								design, construct and
								project manage a
								mixed use residential,
								retail and ofce
								development at Paya
								Lebar Central

• 1 Disclosure of major projects is subject to client approval. This could impact the projects available for disclosure. 2 Backlog revenue as at 30 June 2015 for the projects listed totals A$103.3million, representing 26% of the total Construction backlog revenue for the region. 3 Contract type is Managing Contractor (MC) and Guaranteed Maximum Price (GMP).

• 4 Construction value represents the Group’s share of the total construction value of the project.

• 5 Secured date represents the financial year in which the project was secured.

• 6 Completion date represents the financial year in which the project is expected to be completed.

Investment Management

Investments
	Lend Lease Market Value1 Market Value1 Market Value1 Market Value1
	Interest	June 2015 June 2014 June 2015 June 2014
	%	S$m S$m A$m	A$m
Lend Lease Asian Retail Investment Fund (ARIF)
ARIF 1 (313@somerset)2	10.1	35.0 38.8 33.7	33.2
ARIF 2 (Setia City Mall)3	35.9	29.8 27.2 28.7	23.3
ARIF 3 (Jem)4	20.1	160.9 70.9 154.7	60.6
313@somerset2	25.0	114.6 127.2 110.2	108.7
Paya Lebar Central Joint Venture	30.0	165.1 158.7
Parkway Parade Partnership Limited	4.9	35.6 34.5 34.2	29.5
Total Investments		541.0 298.6 520.2	255.3

• 1 Represents the Group’s assessment of the market value.

• 2 The Group owns 25% of the 313@somerset retail centre through its investment in CDR JV Ltd, with the remaining 75% held by ARIF 1, in which the Group holds a 10.1% interest.

• 3 The Group directly owns 35.9% of ARIF 2, which has a 50% ownership interest in Setia City Mall.

• 4 During the year, the Group made an additional investment of A$68.7 million in ARIF 3 increasing its investment from 10.1%. The Group directly owns 20.1% of ARIF 3, which has a 75% ownership interest in Jem.

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Asia continued

Investment Management continued

Funds Under Management

Funds Under Management
Fund	Fund type	Asset class	Market Value1 June 2015 S$b Market Value1 June 2014 S$b Market Value1 June 2015 A$b	Market Value1 June 2014 A$b
Lend Lease	Core/	Retail and
Asian Retail Investment Fund (ARIF)	Value Add	Commercial	2.5 2.5 2.4	2.2
Managed Investment Mandate	Value Add	Retail and Commercial	1.3 1.3
Parkway Parade Partnership Limited	Core Plus	Retail and Commercial	1.2 1.2 1.2	1.0
Lend Lease		Retail and
Jem Partners Fund Limited	Core	Commercial	0.5 0.5 0.4	0.4
Total FUM			5.5 4.2 5.3	3.6

1 Represents the Group’s assessment of the market value.

Assets Under Management

==> picture [497 x 144] intentionally omitted <==

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

Market Value [2 ] Market Value [2 ] Market Value [2 ] Market Value [2 ]
GLA [1 ] June 2015 June 2014 June 2015 June 2014
Shopping centres Managed on behalf of sqm/000s S$m S$m A$m A$m
ARIF/Lend Lease Jem Partners
Jem, Singapore Fund Limited 108.2 1,880.0 1,864.0 1,807.7 1,593.2
Parkway Parade, Parkway Parade Partnership
Singapore Limited 52.5 1,196.0 1,176.0 1,150.0 1,005.1
313@somerset,
Singapore ARIF/Lend Lease 27.1 1,100.0 1,150.0 1,057.7 982.9
Setia City Mall,
Malaysia ARIF/Lend Lease 107.0 284.3 279.3 273.4 238.7
Total 294.8 4,460.3 4,469.3 4,288.8 3,819.9
----- End of picture text -----

1 Represents the net lettable area of the centres.

2 Represents the Group’s assessment of the market value.

15

ANNUAL CONSOLIDATED FINANCIAL REPORT 2015

Europe

Property Development

Project Listing

							Estimated
			Ownership	Estimated	Backlog	Residential	Commercial
			Interest	Completion	Built-Form	Land	Backlog
Project	Sector	Location	%	Date1	Units2	sqm/000s3	sqm/000s3
Zoned Projects
Elephant & Castle	Communities	London, UK	100	Various	2,760		19
Deptford	Communities	London, UK	100	Various	905		10
The International Quarter	Communities	London, UK	50	Various	333		277
Wandsworth	Communities	London, UK	100	Various	149
Chiswick	Communities	London, UK	100	2017	64
UK residential projects	Communities	Various	Various	Various	585	44	4
Total zoned					4,796	44	310
Unzoned Projects
Deptford	Communities	London, UK	100	Various	217
Chiswick	Communities	London, UK	100	2017	73		1
Hungate	Communities	Regions	50	Various	229
Total unzoned					519		1
Total Development					5,315	44	311

• 1 Estimated completion date for built-form units represents the financial year in which the project construction is expected to be completed.

• 2 Backlog includes the total number of units in Group owned and joint venture projects. The actual number of units for any particular project can vary as planning approvals are obtained.

• 3 Represents net developable land in relation to master-planned urban communities and net developable floor space for other developments. The actual land area and floor space for any particular project can vary as planning approvals are obtained.

Infrastructure Development

					Estimated	Percentage	Facilities
			Actual	Operat-	Constr-	of	Management
			Financial	ional	uction	Construction	Revenue	Invested	Committed
			Close	Term	Value2	Complete	Backlog3	Equity4	Equity5
Project1	Location	Status	Date	Years	£m	%	£m	£m	£m
Healthcare Majadahonda Hospital Spain Brescia 2 Italy Treviso Hospital Italy		Operational Under construction Preferred bidder	Apr 05 Mar 11 Aug 15	30 33 21	168 89 99	100 80	44.9	3.0 2.0	0.8 6.1
Total					356		44.9	5.0	6.9

• 1 The UK Facilities Management business, in addition to the Global Renewables project in Lancashire, were divested during the period.

• 2 Represents total construction value over the contract duration.

• 3 Facilities management revenue backlog disclosed is for a maximum of 10 years, although PPP contracts typically operate for a period of up to 40 years. 4 Invested equity refers to the contributed equity for each project.

• 5 Committed equity refers to equity and loan stock contributions that the Group has a future commitment to invest.

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Europe continued

Construction

Major Projects[1,2]

==> picture [497 x 518] intentionally omitted <==

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

Constr- Constr-
uction uction Compl-
Contract Value [4 ] Value Secured etion
Project Location Client Type [3] £m A$m Date [5] Date [6] Sector Description
Ministry of UK Defence GMP 471 889 2003 2016 Defence Construction and upgrade
Defence Single Estates of single living
Living accommodation for the
Accommodation military across a number of
Modernisation locations
Phase 2
Kings Gate London Land LS 175 329 2013 2016 Mixed-use Demolition of existing office
House and Securities block and design and
The Zig Zag plc construction of a 12 storey
Building commercial and retail block
and a 14 storey residential
building
Rathbone London Great LS 198 374 2015 2017 Mixed-use Design and construction of
Square Portland mixed residential,
Estates plc commercial, retail and
public realm in London’s
West End, including 162
residential apartments and
265,000 square feet of
commercial office space.
North Wales Wales Ministry of LS 157 296 2015 2017 Justice Design and construction of
Prison Justice 2010 inmate super prison in
North Wales
Elephant and London Lend Lease LS 115 218 2015 2017 Residential Design and construction of
Castle South Residential approximately 342
Gardens (CG) Plc residential units
Beacon Midlands The GMP 97 184 2013 2016 Defence Design and construction of
Barracks England Secretary single living accommodation
of State for for the military, regimental
Defence headquarters, mess and
catering facilities and
technical workshops, and
the upgrade of the existing
base’s infrastructure
The International London SCBD LS 88 166 2014 2018 Residential Design and construction of
Quarter - Residential two residential towers (30
Glasshouse Ltd storey and 18 storey)
Gardens comprising 333 units.
Elephant and London Lend Lease LS 79 149 2013 2016 Residential Design and construction of
Castle One The Residential 284 apartments in a 37
Elephant (CG) Plc storey tower and a 4 storey
pavilion building plus shared
basement, with ground floor
retail and commercial areas.
Ruskin Square London Stanhope LS 48 90 2015 2017 Commercial Design and construction of a
Building 03 plc Offices new commercial office
building.
----- End of picture text -----

1 Disclosure of major projects is subject to client approval. This could impact the projects available for disclosure.

2 Backlog revenue as at 30 June 2015 for the projects listed totals £623.0 million, representing 80% of the total Construction backlog revenue for the region. 3 Contract types are Guaranteed Maximum Price (GMP) and Lump Sum (LS).

4 Construction value represents the Group’s share of the total construction value of the project.

5 Secured date represents the financial year in which the project was secured.

• 6 Completion date represents the financial year in which the project is expected to be completed.

17

ANNUAL CONSOLIDATED FINANCIAL REPORT 2015

Investment Management

Investments

Investments
Lend Lease Retail Partnership	Lend Lease Interest % Market Value1 June 2015 £m Market Value1 June 2014 £m Market Value1 June 2015 A$m Market Value1 June 2014 A$m 4.3 35.2 34.6 71.8 62.9
Lend Lease PFI/PPP Infrastructure Fund LP (UKIF)2	1.0 2.1 10.9 4.3	19.9
Lend Lease Global Properties, SICAF and
LL Global Real Estate Advisors3	0.7	1.2
Total	37.3 46.2 76.1	84.0

1 Represents the Group’s assessment of the market value.

2 The Group sold 90% of its 10% investment in the Infrastructure Fund on 26 September 2014.

3 These entities were liquidated during the period.

Funds Under Management

Funds Under Management
Fund	Fund type Asset class	Market Value1 June 2015 £b Market Value1 June 2014 £b Market Value1 June 2015 A$b	Market Value1 June 2014 A$b
Lend Lease Retail Partnership	Core Retail	0.8 0.8 1.7	1.4
Lend Lease PFI/PPP
Infrastructure Fund LP (UKIF)	Core Infrastructure	0.2 0.2 0.5	0.4
Total FUM		1.0 1.0 2.2	1.8

1 Represents the Group’s assessment of the market value.

Assets Under Management

==> picture [496 x 94] intentionally omitted <==

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

Market Value [2 ] Market Value [2 ] Market Value [2 ] Market Value [2 ]
GLA [1 ] June 2015 June 2014 June 2015 June 2014
Shopping centres Managed on behalf of sqm/000s £m £m A$m A$m
Touchwood, Lend Lease Retail
Solihull Partnership 60.4 282.8 274.2 577.1 498.5
Queensgate, IREEF Queensgate
Peterborough Peterborough 81.3 212.0 204.0 432.7 370.9
Total 141.7 494.8 478.2 1,009.8 869.4
----- End of picture text -----

1 GLA represents the gross lettable area of the centres.

2 Represents the Group’s assessment of the market value.

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Americas

Property Development

Project1 Sector Location Ownership Interest % Estimated Completion Date2 Backlog Land Units3	Backlog Built-Form Units3 Estimated Commercial Backlog sqm/000s4
Zoned Projects Horizon Uptown Communities Colorado 100 2033 3,860	371
Covington Medical Arts Pavilion Healthcare Louisiana 100 2014	5
Bon Secours DePaul Medical Plaza Healthcare Virginia 100 2015	9
Winston-Salem Veterans Afairs Healthcare Center Healthcare North Carolina Service Agreement5 2016	33
281 Fifth Avenue Apartments New York 40 2019	130 1
Total zoned 3,860	130 419
Unzoned Projects Clippership Wharf Apartments Massachusetts 100 2021	485 3
River South Urban Regeneration Illinois 60 2025	2,915 1
Total unzoned	3,400 4
Total Development 3,860	3,530 423

1 June 14 Portfolio Report included the Providence Little Company of Mary Medical Center (located in California) and Medical Office Building II (located in Arlington, Texas) in the status of preferred bidder. However, during the current year, it was determined by the owner these projects would no longer be pursued.

2 Estimated completion date respresents the estimated financial year in which the last unit will be settled for master planned communities and the financial year in which construction will be completed for apartments and healthcare projects.

3 The actual number of units for any particular project can vary as planning applications are obtained.

4 Represents expected rentable square meters. The actual floor space for any particular project can vary as planning approvals are obtained.

5 The Group provides construction and development services on a fee basis.

19

ANNUAL CONSOLIDATED FINANCIAL REPORT 2015

Infrastructure Development

Military Housing Project Listing

							Percentage
				Actual	Operat-	Estimated	of			Units
				Financial	ional	Capital	Construction	Invested	Committed	Under
				Close	Term	Spend1	Completed	Equity2	Equity3	Manage-
Project	Location	Service	Status	Date	Years	US$m	%	US$m	US$m	ment4
Air Combat	Arizona/
Command Group II	New Mexico	Air Force	Operational	Jul 07	50	224.2	100	11.0		2,200
	North
Camp Lejeune Phases	Carolina/	Marine
1 and 2	New York	Corps	Operational	Oct 05	50	459.8	100	10.0		4,350
	North
	Carolina/	Marine
Camp Lejeune Phase 3	New York	Corps	Operational	Nov 07	50	268.0	88	4.5		2,120
	South	Marine
Tri-Command	Carolina	Corps	Operational	Feb 03	50	140.0	100	3.3		1,500
Fort Campbell	Kentucky	Army	Operational	Dec 03	50	313.1	100	6.0		4,450
Fort Drum	New York	Army	Operational	May 05	50	504.7	100	5.0		4,025
Fort Hood	Texas	Army	Operational	Oct 01	50	296.0	100	6.0		5,900
Fort Hood Stage 3
(Chafee Village 1)	Texas	Army	Operational	May 14	50	65.0	10
Fort Knox Phase 1	Kentucky	Army	Operational	Feb 07	50	195.5	99		3.0	2,350
Fort Knox Phase 2
(Additional Scoring)	Kentucky	Army	Operational	Oct 10	50	15.6	97			35
Hickam	Hawaii	Air Force	Operational	Feb 05	50	662.9	100	19.2		2,500
Island Palm
Communities	Hawaii	Army	Operational	Apr 05	50	2,166.7	82	8.0		7,750
PAL Groups A & B	Various	Army	Operational	Aug 09	50	213.6	100			7,850
PAL Group C	Various	Army	Operational	May 13	50	367.9	26			3,700
	Colorado/
Tri-Group	California	Air Force	Operational	Sep 07	50	235.1	100	11.0		1,525
Wainwright/Greely
Phase 1	Alaska	Army	Operational	Apr 09	50	52.5	100			1,900
Wainwright/Greely
Phase 2	Alaska	Army	Operational	Sep 10	50	218.3	68		2.0
Total Operational						6,398.9		84.0	5.0	52,155
	Virginia/		Preferred
PAL Lee Benning	Georgia	Army	bidder	Sep 15	50					2,050
Total						6,398.9		84.0	5.0	54,205

1 Changes in estimated capital spend from prior reports reflect adjustments made to contract values, project scope changes, addition of out-year work after the completion of the IDP and (for certain projects) the impact of contractual shared savings realised during the development period. 2 Invested equity refers to the contributed equity for each project.

3 Committed equity represents future contributions the Group has a commitment to invest.

4 Units under management are the expected number of units at the end of the initial project development period

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Americas continued

Construction

Major Projects[1,2]

				Constr-	Constr-
				uction	uction		Comp-
			Contract	Value4	Value4	Secured	letion
Project	Location	Client	Type3	US$m	A$m	Date5	Date6	Sector	Description
432 Park	New York	CIM	GMP	674	813	2012	2016	Mixed-use	Construction manager for a
Avenue		Group							73,000 square metre, 89 storey
									condominium and retail project
56 Leonard	New York	56 Leonard	GMP	380	457	2012	2017	Residential	Construction manager for a
Avenue		LLC							42,000 square metre, 60 storey
									residential building with 146 units
LUMINA	San	Tishman	GMP	364	438	2013	2016	Residential	Construction manager for 655
	Francisco	Speyer							condominium units in two towers
									(37 and 42 storeys, respectively)
									and two nine storey residential
									buildings
252 East	New York	World Wide	GMP	357	430	2014	2016	Mixed-use	Construction manager for a
57th Street		Holdings							55,000 square metre, 57 storey
									apartment, condominium and
									retail project
520 Park	New York	Zeckendorf	GMP	292	352	2014	2018	Residential	Construction manager for a 51
Avenue		Development							storey high rise luxury
		LLC							condominium tower, consisting of
									31 condominium units and 8 staf
									quarters
Riverpoint	Chicago	Riverpoint	GMP	240	289	2015	2017	Ofce	Construction of 125,000 square
		LLC (Hines)							metres, 53 storey ofce tower and
									garage built over an existing
									podium
400 Park	New York	ET 500 PAS	GMP	213	257	2012	2016	Residential	Construction manager for a 43
Avenue South		LLC (JV)							storey residential project, split
									between condominiums and
									apartments
50 UN	New York	Zeckendorf	GMP	203	244	2012	2015	Residential	Construction manager for a 44
Plaza		Development							storey condominium tower with 88
		LLC							units
Biological	Boston	Bristol Myers	GMP	184	222	2014	2016	Pharma-	Construction manager for a
development		Squibb						ceutical	22,300 square metre biological
and clinical									development building and a 12,100
manufacturing									square metre clinical
buildings									manufacturing building
9 W Walton	Chicago	9 West	GMP	135	163	2015	2018	Residential	Construction of 35 storey
		Walton							condominium building
		Condominium
		Developer
		LLC
Brodsky	New York	The Brodsky	CM	134	161	2014	2016	Residential	Construction manager for a 33
City Point		Organization							storey reinforced concrete
Tower 2									residential tower
22 Water	Boston	Wood	GMP	129	156	2014	2016	Residential	Construction manager for a
Street		Partners							50,000 square metre apartment
									development with 392 units

1 Disclosure of major projects is subject to client approval. This could impact the projects available for disclosure.

2 Backlog revenue as at 30 June 2015 for the projects listed totals US$1, 200 million, representing 26% of the total Construction backlog revenue for the region.

3 Contract types are Guaranteed Maximum Price (GMP) and Construction Management (CM).

4 Construction value represents the Group’s share of the total construction value of the project.

5 Secured date represents the financial year in which the project was secured.

6 Completion date represents the financial year in which the project is expected to be completed.