17 February 2011

The Manager The Manager

Companies Section Companies Section ASX Limited New Zealand Stock Exchange Limited

Pages: Seventy Seven (77) Pages

Results for announcement to the market Preliminary Half Year Report

Lend Lease Group today announces its results for the half year ended 31 December 2010.

Attached are the following documents:

Preliminary Half Year Report (Appendix 4D)
Half Year Consolidated Financial Report
− Management Discussion & Analysis of Financial Condition and Results of Operations
− Portfolio Report
− Five Year Profile
− Directors' Report
− Consolidated Financial Statements
− Independent Auditor's Review Report

ENDS

For further information please contact:

Sally Cameron Lend Lease Group Tel: 02 9236 6464

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

Lend Lease Group

Appendix 4D

Lend Lease Group ('the Group') comprises Lend Lease Corporation Limited ('the Company') ABN 32 000 226 228 and Lend Lease Trust ('LLT') ARSN 128 052 595 the responsible entity of which is Lend Lease Responsible Entity Limited ABN 72 122 883 185

Preliminary Half Year Report for the period ended 31 December 2010 (previous corresponding period being the period ended 31 December 2009)

Results for Announcement to the Market

Profit After Tax

	6 months December 2010 A\$m	6 months December 2009 A\$m	% Change
Revenue	4,318.7	5,557.3	(22.3)
Profit after tax attributable to security holders	226.5	204.9	10.5

Stapling of the Company shares and LLT units

Following Company shareholder approval on 12 November 2009, the shares of the Company and the units in LLT were combined as stapled securities. From 13 November 2009 the shares in the Company and units in the Trust have been traded as one security under the name of Lend Lease Group on the Australian Securities Exchange ('ASX') and the New Zealand Stock Exchange ('NZX'). LLT was 100% owned by the Company prior to approval of the stapling proposal. Units in LLT were subsequently distributed to Lend Lease Corporation Limited shareholders as an 'in specie' dividend. The Company is deemed to control LLT for accounting purposes and therefore LLT is consolidated into the Group's financial report. The issued units of LLT, however, are not owned by the Company and are therefore presented as non controlling interests in the consolidated entity statement of financial position within equity, notwithstanding that the unit holders of LLT are also the shareholders of the Company.

Distributions

	Amount per security	Franked amount per security
Interim distribution – payable 30 March 2011	20.0 cents	10.0 cents

The record date for determining entitlement to the interim distribution is 10 March 2011 ('Record Date') and the distribution is payable on 30 March 2011. There were no distributions declared or paid by Lend Lease Trust in the period ended 31 December 2010.

The Group's Distribution Reinvestment Plan (DRP) was reactivated in February 2011. The last date for receipt of an election notice for participation in the DRP is 9 March 2011. The issue price is the arithmetic average of the daily volume weighted average price of Lend Lease stapled securities traded (on the Australian Securities Exchange) for the period of 10 consecutive business days immediately following the Record Date, less a discount of 2.5%. If that price is less than 50 cents, the issue price will be 50 cents. Stapled securities issued under the DRP rank equally with all other stapled securities on issue.

Additional Information

	December	June
	2010	2010
Net tangible assets per security	\$5.03	\$4.71

The remainder of the information requiring disclosure to comply with listing rule 4.2A.3 is contained in the attached December 2010 Management Discussion and Analysis and December 2010 Half Year Consolidated Financial Report.

Overview 1
Introduction 1
Results Summary 1
Shareholder Returns 3
Distributions 3
Group Funding 3
Cash Flow 4
Investments 4
Property Investment Revaluations 5
Australia 6
Key Financial Results 6
Development 6
Project Management and Construction 8
Investment Management 9
Infrastructure Development 9

Asia 10
Key Financial Results 10
Development 10
Project Management and Construction 10
Investment Management 11
Europe 12
Key Financial Results 12
Development 12
Project Management and Construction 13
Investment Management 13
Infrastructure Development 14
Americas 15
Key Financial Results 15
Development 15
Project Management and Construction 15
Investment Management 16
Infrastructure Development 16

Corporate 17
Key Financial Results 17
Group Services 17
Group Treasury 17
Appendix 1 – Operating Results by Region Detail 18
Appendix 2 – Operating Results by Line of Business Detail 19
Appendix 3 – Operating Results by Region Detail in Local Currency 20
Appendix 4 – Change in Reporting Structure – December 2009 and June 2010 Comparatives 21

The following management discussion and analysis is based on the Lend Lease Group (the Group) Consolidated Financial Statements for the half year ended 31 December 2010 and should be read in conjunction with those financial statements. All currency amounts in the MD&A are expressed in Australian dollars unless otherwise specified.

Overview

Introduction

The Development business operates in all four major geographic regions and is involved in the development of master-planned urban communities, inner-city mixed-use developments, apartments, retail and the senior living sector;
The Project Management and Construction business operates in all four major geographic regions and provides project management and construction services;
The Investment Management business operates in all four major geographic regions and provides real estate investment management, retail property management and asset management services. This business includes the Group's ownership interests in property investments held directly or indirectly through investments in the Group managed funds;
The Infrastructure Development business operates in Australia, Europe and the Americas and manages and invests in large public private partnership (PPP) projects.

Results Summary		Revenue		EBITDA	Profit/(Loss) After Tax1,2
	December	December	December	December	December	December
	2010	2009	2010	2009	2010	2009
	A\$m	A\$m	A\$m	A\$m	A\$m	A\$m
Australia	2,223.8	1,698.9	186.6	170.7	136.7	116.2
Asia	166.1	251.2	21.7	24.8	15.8	21.5
Europe	851.7	1,431.2	97.2	94.8	94.6	64.0
Americas	1,088.0	2,185.7	44.8	23.4	28.9	19.0
Total Operating Businesses	4,329.6	5,567.0	350.3	313.7	276.0	220.7

Group Services	6.3	7.5	(44.4)	(31.9)	(36.0)	(24.6)
Group Treasury	30.8	18.8	(2.8)	2.0	(18.3)	(5.9)
Group Amortisation					(1.5)	(2.3)
Total Corporate	37.1	26.3	(47.2)	(29.9)	(55.8)	(32.8)
Total Operating	4,366.7	5,593.3	303.1	283.8	220.2	187.9

Property investment revaluations			8.8	26.1	6.3	17.0
Total Statutory	4,366.7	5,593.3	311.9	309.9	226.5	204.9

1 Profit after tax is after adjusting for the profit after tax attributable to minority interests of A\$0.9 million (December 2009: A\$1.6 million).

2 The foreign exchange rates applied are A\$1 = £0.60 (December 2009: A\$1 = £0.54), A\$1 = US\$0.96 (December 2009: A\$1 = US\$0.89) and A\$1 = S\$1.25 (December 2009: A\$1 = S\$1.25).

The Group's statutory profit after tax for the half year ended 31 December 2010 was A\$226.5 million (December 2009: A\$204.9 million).

The Group's operating profit after tax increased by 17% to A\$220.2 million. Operating profit after tax was negatively impacted by foreign exchange movements of A\$10.9 million due to a strengthening of the Australian dollar compared with the prior period.

The Group recognised net property investment revaluations of A\$6.3 million after tax (December 2009: A\$17.0 million after tax).

Overview

Results Summary

The Group had a successful half year having achieved a number of key trading milestones and progressing its pipeline of development opportunities in Australia, Asia and Europe.

Australia

The Australian business operating profit after tax increased by A\$20.5 million to A\$136.7 million principally due to higher profit from the development business, reflecting the Group's 100% ownership interest in Lend Lease Primelife for the full period and a profit on the sale of the Group's interest in the Hyatt Coolum development on the Queensland Sunshine Coast. The Australian business continued to progress its development pipeline and achieved a number of milestones during the period:

Approval was received from the New South Wales (NSW) Government for the Barangaroo South Concept Plan amendment. In addition, a Project Application has been lodged for the first commercial building and approval was received to commence basement and bulk excavation works on the site;
All conditions precedent were met for the project development agreement with the Royal National Agricultural and Industrial Association of Queensland (RNA) for the A\$2.5 billion redevelopment of Queensland's premier showground in Brisbane;
A development agreement with LandCorp in Western Australia was signed for the A\$400 million first stage of the 710 hectare Alkimos Community development;
Other development highlights include an agreement with Sekisui House Australia Holdings Pty Limited (Sekisui House) involving a number of master planned community projects and apartment developments in Australia. This includes the sale of Hyatt Coolum on the Sunshine Coast, along with 50% of the Group's interest in the adjoining Hyatt Coolum Resort to Sekisui House noted above;
Subsequent to period end, approval was received for the Concept Plan for the Calderwood master-planned urban community project located in the Illawarra region of NSW. This project will include 4,800 homes, retail, education and community facilities and will be developed over the next 20 years with sales and construction expected to commence during 2011.

Asia

In Asia, profit after tax declined by A\$5.7 million to A\$15.8 million with lower profit from the Project Management and Construction and Investment Management businesses. During the period the Group finalised the purchase of the Jurong Gateway site, a large mixed use suburban development in Singapore. This was a joint bid between the Group and one of its managed funds, the Asian Retail Investment Fund 3 (ARIF 3).

Europe

The increase in Europe's profit after tax of A\$30.6 million to A\$94.6 million is primarily due to the sale of the Group's interest in UK PPP assets to the Lend Lease UK Infrastructure Fund (the UKIF). During the period the UKIF was launched with more than £220 million in committed capital available to invest in social infrastructure assets over the next five years. The UKIF purchased established healthcare, education and accommodation PPP assets from the Group and has committed capital to fund the acquisition of future assets currently being delivered by the Group. The Group has a 10% co-investment in the UKIF. The Group also sold its interest in the Pier Walk office building at Greenwich Peninsula and its stake in the Lend Lease Overgate Partnership in the period.

A Conditional Regeneration Agreement was signed with the London Borough of Southwark for the £1.5 billion regeneration of Elephant & Castle. Also, subsequent to period end, all conditions were met in relation to the Conditional Framework Agreement for the second stage of the Stratford City development, which comprises 382,000 square metres (sqm) of commercial development and 300 residential units following the London 2012 Olympic and Paralympic Games. Work on stage one of the project, the Athletes' Village for the Games, has continued to progress well in the period.

Americas

In the America's, profit after tax increased by A\$9.9 million in the period to A\$28.9 million. While trading conditions in the Project Management and Construction business remain difficult there was a significant improvement in the period, with a reduction in the reported loss in this business to A\$3.2 million compared with a A\$19.9 million loss in the prior period. The business also substantially reduced its exposure in relation to the World Trade Center litigation following the James Zadroga 9/11 Health and Compensation Act (Zadroga Act) being passed by the United States Congress and signed into law by the US President on 2 January 2011. Importantly, Title II of the Zadroga Act establishes substantial limitations on the liability of certain entities that

participated in the rescue, recovery and debris removal following the 11 September 2001 attacks on the World Trade Center. For the Group, liabilities, if any, arising out of the debris removal effort are now limited to available insurance.

The volume of construction projects secured in the period increased reflecting some positive signs that market conditions are stabilising. The Infrastructure Development business was successful in reaching financial close with the US Department of the Army on North Haven Communities in Alaska and being appointed to implement the second phase of the US Department of the Army Privatisation of Army Lodging (PAL) program.

Overview

Results Summary

Corporate

Group Services costs after tax increased by A\$11.4 million. These include costs associated with the agreement to acquire Valemus Australia (Valemus) and costs associated with the re-design of the organisation structure and business processes as part of the move to a regional structure from 1 July 2010.

Group Treasury costs increased principally due to the consolidation of Lend Lease Primelife and its associated debt, partly offset by increased interest income on the Group's cash balances.

Other

On 21 December 2010, the Group entered into an agreement with Bilfinger Berger SE to acquire 100% of Valemus, the parent company of Abigroup, Baulderstone and Conneq. The Valemus businesses are leading providers of services in the engineering, construction, and engineering services markets in Australia. The acquisition of Valemus will increase the Group's capabilities and activities in the engineering and construction market and diversify the Group's position in this sector. The acquisition is expected to be completed in the first quarter of the 2011 calendar year.

Shareholder Returns

		December 2010	December 2009
Earnings per security (EPS) on statutory profit after tax1	cents	40.0	43.7
EPS on operating profit after tax1	cents	38.9	40.1
Return on equity (ROE) on statutory profit after tax2	%	6.7	8.2

1 EPS is calculated using the weighted average number of securities on issue, including treasury securities. December 2009 has been adjusted by a factor of 1.02 in respect of new securities issued during March and April 2010 via a 5 for 22 single book build accelerated renounceable entitlement offer at A\$7.70 per new security.

2 ROE is calculated as the half year statutory profit after tax divided by the weighted average equity for the period.

Distributions

An interim 50% franked distribution of 20 cents per security will be paid on 30 March 2011 (December 2009: 20 cents per security 100% franked). This represents a payout ratio of 51% of operating profit after tax for the half year ended 31 December 2010.

Group Funding

		December 2010	June 2010
Net debt/(cash)1	A\$m	29.5	(19.7)
Gross borrowings to total tangible assets2	%	14.9	15.1
Net debt to total tangible assets, less cash3	%	0.4	Note 3
Interest coverage4	times	6.5	6.7

1 Borrowings, including certain other financial liabilities, less cash.

2 Borrowings, including certain other financial liabilities, divided by total tangible assets.

3 Net debt divided by total tangible assets, less cash. This ratio was not relevant in the prior period as the Group was in a net cash position.

4 Operating EBITDA plus interest income divided by interest finance costs, including capitalised finance costs.

The Group had a net debt position as at 31 December 2010 of A\$29.5 million, including certain other financial liabilities of A\$146.8 million.

Interest coverage for the half year to 31 December 2010 is 6.5 times compared to 6.7 times in the prior period. At 31 December 2010 the Group is in compliance with its banking covenant thresholds.

The Group is in a strong liquidity position with cash and cash equivalents of A\$1,439.4 million at 31 December 2010. In addition, the Group had undrawn committed bank facilities of A\$571.5 million.

The average maturity of the Group's drawn debt at 31 December 2010 is 4.8 years, with the earliest maturity date being December 2011. As at 31 December 2010, the mix of borrowings, adjusted for interest rate swaps and including other financial liabilities, is 63% at fixed rates and 37% at floating rates.

Overview

Cash Flow

	December 2010 A\$m	December 2009 A\$m
Net cash (used in)/provided by operating activities	(137.5)	107.3
Net cash provided by/(used in) investing activities	69.0	(263.7)
Net cash (used in)/provided by financing activities	(70.8)	81.2
Effect of foreign exchange rate movements on cash and cash equivalents	(57.2)	(78.1)
Net decrease in cash and cash equivalents	(196.5)	(153.3)

Operating cash outflows of A\$137.5 million represent the underlying cash flows from the Group's operating businesses net of continued investment in property developments. Operating cash flows have been impacted by lower revenue and the timing of cash receipts and payments on construction contracts in Australia, the UK and the Americas.

Investing cash flows of A\$69.0 million includes inflows of A\$301.4 million from the sale of investments, including the Group's interest in UK PPP assets and the Lend Lease Overgate Partnership in the UK. This is partly offset by A\$176.8 million of investment, including the Jurong Gateway project in Singapore and investment in PPP assets in Australia and the UK, including the Group's 10% co-investment in the UKIF.

Financing cash outflows of A\$70.8 million primarily relate to distribution payments in the period.

Investments

	Lend Lease Share of Income1 December 2010 A\$m	Lend Lease Share of Income1 December 2009 A\$m	Market Value2 December 2010 A\$m	Market Value2 June 2010 A\$m
Australia	10.0	5.8	326.0	328.0
Asia	7.3	6.3	323.7	253.1
Europe	23.3	26.4	808.4	972.1
Americas	16.6	14.3	354.8	410.0
Total	57.2	52.8	1,812.9	1,963.2

1 Represents the Group's share of income before tax from investments, net of direct expenses and allocated overhead. The Group's share of income includes gains on the disposal or redemption of available for sale financial assets and associates accounted for using the equity method and excludes property investment revaluations.

2 Market value is based on independent valuations and is net of project specific debt.

The Group held property investments, directly or indirectly, with a market value of A\$1.8 billion as at 31 December 2010. The market value of property investments has been impacted by negative foreign exchange movements of A\$209.0 million compared to the prior period.

The increase in value of the Asia investments is primarily due to the Group acquiring an interest in the Jurong Gateway project in Singapore.

The decrease in the Europe assets is primarily due to the sale of the Group's 30.7% interest in the Lend Lease Overgate Partnership and the negative impact of exchange rate movements of A\$130.6 million.

The value of 100% of Bluewater at 31 December 2010 increased by 3% to £1,480.4 million (A\$2,277.5 million). The value of the Group's 30% direct interest in Australian dollars, however, decreased from A\$771.4 million to A\$683.3 million, due to negative foreign exchange movements. As Bluewater is held as inventory, the asset is recorded at cost in the financial statements, which at 31 December 2010 was A\$389.4 million (June 2010: A\$451.9 million).

The value of the Group's 50% interest in King of Prussia at 31 December 2010 was slightly higher than the prior period at US\$354.8 million (June 2010: US\$348.5 million) due to the Group's share of partnership income, while the Australian dollar equivalent value decreased by 13% to A\$354.8 million due to a negative foreign exchange movement.

Overview

Property Investment Revaluations

	Unrealised	Unrealised	Unrealised	Unrealised
	Revaluation	Revaluation	Revaluation	Revaluation
	Gain/(Loss)	Gain/(Loss)	Gain/(Loss)	Gain/(Loss)
	Before Tax	Before Tax	After Tax	After Tax
	December	December	December	December
	2010	2009	2010	2009
	A\$m	A\$m	A\$m	A\$m
Australia	0.1	(5.1)	0.1	(4.8)
Asia	7.9	40.3	5.5	28.2
Europe	0.8	(0.7)	0.7	(1.5)
Americas		(8.4)		(4.9)
Total Property Investment Revaluations	8.8	26.1	6.3	17.0

Australia

Key Financial Results

The key financial results for the Australia region are summarised below.

	Revenue			EBITDA	Profit/(Loss) After Tax
	December December December December			December	December
	2010 A\$m	2009 A\$m	2010 A\$m	2009 A\$m	2010 A\$m	2009 A\$m
Development	428.3	270.7	102.9	64.1	79.8	44.0
Project Management and Construction	1,749.5	1,387.3	64.1	89.3	43.5	61.2
Investment Management	45.6	33.6	24.9	18.2	17.2	11.9
Infrastructure Development	0.4	7.3	(5.3)	(0.9)	(3.8)	(0.9)
Total Australia	2,223.8	1,698.9	186.6	170.7	136.7	116.2

Profit after tax for the half year ended 31 December 2010 was A\$136.7 million, an increase of A\$20.5 million on the prior period. The current period results include the Group's 100% ownership interest of Lend Lease Primelife for the full period, profit from the sale of land and 50% of the Group's interest in the Hyatt Coolum Resort on the Queensland Sunshine Coast, and income from the ING Retail Property Fund assets acquired in April 2010.

Development

Residential and Commercial

Residential and Commercial includes residential land lots; residential built-form (including houses, terraces and apartments); and commercial (including retail, office, hotels, light industrial and social infrastructure). The key financial results by product line are detailed below.

	Residential Land Lots Residential Built-Form		3 Commercial		Total
	December	December	December	December	December	December	December	December
	2010	2009	2010	2009	2010	2009	2010	2009
Settlements1
Number of units	1,116	1,175	138	162			1,254	1,337
Gross sales value (A\$m)	249.5	222.2	182.6	111.0	152.1	44.2	584.2	377.4
Pre-sales1,2 Number of units Gross sales value (A\$m)	1,413 308.3	1,180 239.1	457 441.5	209 216.8	52.8	28.2	1,870 802.6	1,389 484.1

1 Includes 100% of joint venture projects and therefore will not necessarily correlate with the Group's profit after tax.

2 Pre-sales represents contracts entered into prior to 31 December 2010 that have not settled and therefore do not form part of profit after tax in the current period. These sales are expected to settle in future periods.

3 The number of units settled and pre-sales number of units are not relevant measures for Commercial.

	December 2010	June 2010
Number of projects	34	32
Backlog residential (number of units)1
 Zoned	46,795	38,595
 Unzoned	23,365	33,035
Backlog – Residential (units)	70,160	71,630
Backlog – Commercial (sqm/000s)	3,901.8	3,500.5

1 Backlog residential includes the total number of units in both Company-owned and joint venture projects. The actual number of units for any particular project can vary as planning applications are approved.

Australia

Development

Senior Living

Senior Living includes the development, management and ownership of retirement villages and aged care facilities. The key financial results of the business are detailed below.

	December	December
	2010	2009
Number of primary retirement units settled1,2	92	99
Gross sales value of primary retirement units settled (A\$m)1,2	38.7	38.6
Number of resale retirement units settled1,2	365	430
Gross sales value of resale retirement units (A\$m)1,2	114.4	130.4
	December	June
	2010	2010
Number of retirement villages2	70	70
Number of retirement units2	12,416	12,357
Number of aged care facilities2	32	32
Number of aged care beds2	2,372	2,370
Aged care occupancy (%)2	94.4	94.5
	December	June
	2010	2010
Development backlog2
 Retirement village units (with planning approval)	1,255	1,310
 Aged care beds (with licences)	179	179

1 The December 2009 comparative has been adjusted to include 100% of Lend Lease Primelife.

2 Includes 100% of managed and joint venture properties and therefore will not necessarily correlate with the Group's profit after tax.

Summary of trading of the Development business in the period:

The total number of residential land lots settled decreased by 5% to 1,116 units due to lower settlements in South Australia and Queensland caused by a number of projects approaching completion, partly offset by increases in NSW and the Australian Capital Territory (ACT) including the impact of Springbank Rise and Jordan Springs which commenced trading in the period;
The average sales price per residential land lot increased by 18% from A\$189,100 to A\$223,600, reflecting strong price growth across all regions and an increased proportion of sales from the higher value NSW and ACT regions;
Residential built-form unit settlements declined due to the timing of project completion. The prior period included settlements on Rouse Hill and The Merchant building at Victoria Harbour. The current period includes settlements of Sugar Dock at Jacksons Landing;
The average sales price per residential built-form unit increased from A\$685,200 to A\$1,323,200, reflecting the significant proportion of high value apartments at Jacksons Landing sold in the current period. The prior period included a large proportion of mid-market value apartments at Rouse Hill and The Merchant in Victoria Harbour;
The gross sales value of commercial projects of A\$152.1 million includes the sale of Hyatt Coolum on the Sunshine Coast, along with 50% of the Group's interest in the adjoining Hyatt Coolum Resort to Sekisui House;
The number of residential pre-sales increased by 35% on the prior period to 1,870 units. Pre-sales at 31 December 2010 included units at Silk and Antias at Jacksons Landing, and Convesso and Serrata at Victoria Harbour. These projects were under construction as at 31 December 2010;
Senior Living achieved resales of 365 units across its owned and managed retirement village portfolio. As at 31 December 2010, Senior Living held contracts for 63 resales, which will be recognised in the second half of the financial year;
Primary retirement unit and resale unit settlements have declined from the prior period primarily due to changes in program delivery;
The aged care operations were 94.4% occupied at 31 December 2010 (June 2010: 94.5%).

Australia

Development

Key trading events in the period include:

The Group signed a development agreement with LandCorp in Western Australia for the first stage of the 710 hectare Alkimos Community development with an estimated end value of A\$400 million. Development of the initial 224 hectare stage is expected to commence in 2011;
The Gawler East project in South Australia was rezoned, adding 2,410 lots and 56,000 sqm of commercial to zoned backlog;
The Group acquired the freehold title to the Medina Manor aged care facility (which was previously leased to and managed by the Group);
Development works commenced at the Morpeth retirement village with first sales achieved in December 2010;
The Queensland Government endorsed the Urban Land Development Authority's (ULDA) declaration to include Yarrabilba as one of three South East Queensland 'model cities'. The endorsement included the identification of an 'Early Release Area' involving the zoning of the first 500 lots in Yarrabilba. This allows the initial development to commence while the ULDA continues to prepare the Development Scheme for the entire site over the next 12 months;
The Group was selected by the Melton Shire Council as preferred proponent for the Toolern master-planned urban community project in Melton, Victoria. The project will comprise circa 4,500 dwellings with an estimated end value of approximately A\$1.2 billion;
Sekisui House acquired a 50% interest in the 145 apartment development, Serrata, at Victoria Harbour in Melbourne. The Group has retained the remaining 50% interest and will provide development, project management and construction services to the joint venture;
The NSW Government approved the amended Concept Plan for the A\$6 billion Barangaroo South development. The amendment included an increase in floor area from 430,000 sqm to 490,000 sqm. Basement and bulk excavation works have been approved and a project application has been lodged for the first major commercial building on the site;
The Group signed a conditional project development agreement with the RNA in June 2010 for the A\$2.5 billion redevelopment of Queensland's premier showground. In December 2010, all conditions precedent for the project were satisfied. The 15 year regeneration project includes building new showground facilities and the development of up to 340,000 sqm of residential, commercial and retail on 5.5 hectares of the 22 hectare site;
Subsequent to 31 December 2010 the concept plan for the Calderwood master-planned urban community project was approved by the NSW Government. The Calderwood project is located in the Illawarra region of NSW and the 700 hectare project will feature 4,800 homes with more than 500,000 sqm dedicated to retail, community and education facilities. It will be developed over the next 20 years with sales and construction expected to commence during 2011.

Project Management and Construction

	December	December
	2010	2009
Profit after tax (A\$m)	43.5	61.2
Gross profit margin (A\$m)	97.9	105.1
Profitability ratio (%)	65.5	85.0
New work secured revenue (A\$m)	750.3	637.6
	December	June
	2010	2010
Backlog revenue (A\$m)	3,159.8	4,177.5
Backlog gross profit margin (GPM) (A\$m)	164.3	209.9

Profit after tax decreased by A\$17.7 million compared to the prior period due to the number of major projects at an early stage of construction impacting the recognition of construction profits in the current period versus the prior period. Key contributors to GPM in Australia include the ANZ Head Office building and new Royal Children's Hospital in Melbourne, 420 George Street and the Darling Quarter development in Sydney and the NSW Building the Education Revolution (BER) program;
The profitability ratio (EBITDA/GPM) of 65.5% has been impacted by the timing of profit recognition on projects;
Backlog revenue is the expected revenue to be realised in future financial periods from contracts committed at the end of the period. Australia's backlog revenue includes large government infrastructure projects, such as the Gold Coast University Hospital, Brisbane Supreme Court and District Court, Melbourne's new Royal Children's Hospital, Liverpool Hospital in Sydney, and the government funded schools programs in NSW.

Australia

Investment Management

	December 2010	December 2009
Profit after tax (A\$m)	17.2	11.9
	December 2010	June 2010
Funds under management (FUM)1 (A\$bn)	7.6	7.1
Assets under management (AUM)2 (A\$bn)	4.7	5.3

1 FUM represents the gross market value of real estate and other related assets in managed funds and investment mandates of the Group.

2 AUM is based on the Group's assessment of the market value of retail assets on which the Group provides property and asset management services to third-party owners.

Key trading events in the period include:

Profit after tax increased by A\$5.3 million to A\$17.2 million, primarily due to higher management fees and rental income from the retail assets acquired from the ING Retail Property Fund, partly offset by a decline in investment income following the sale of a proportion of the Group's interest in APPF in June 2010;
APPF Commercial (APPFC) raised A\$200 million of equity in the period. APPFC will use the equity to pay down debt and fund its development pipeline;
Practical completion was reached on the 420 George Street development in Sydney, NSW. APPFC has a 25% interest in the development.

Infrastructure Development

The loss result reflects ongoing investment in the business, including costs associated with bidding on new opportunities;
The Group, as part of the Pinnacle Education Consortium, had completed four schools of the South Australian New Schools PPP project at 31 December 2010. The consortium is contracted to build and maintain six schools in Adelaide. The Group holds a 50% equity interest in the project and provides financial advisory, transaction management and asset management services to the consortium.

Asia

Key Financial Results

The key financial results for the Asia region are summarised below.

		Revenue		EBITDA	Profit/(Loss) After Tax
	December 2010 A\$m	December 2009 A\$m	December 2010 A\$m	December 2009 A\$m	December 2010 A\$m	December 2009 A\$m
Development	2.3	2.8	(0.2)	0.6	(0.2)	0.5
Project Management and Construction	154.7	238.8	17.0	15.3	10.7	12.5
Investment Management	9.1	9.6	4.9	8.9	5.3	8.5
Total Asia	166.1	251.2	21.7	24.8	15.8	21.5

Profit after tax was A\$15.8 million, a decrease of A\$5.7 million on the prior period due to the prior period result including a final distribution from Asia Pacific Investment Company No. 1 Limited and due to reduced profit in the Project Management and Construction business.

Development

	December	June
	2010	2010
Number of development projects	2	2
Backlog – Commercial/Retail (sqm/000s)	144.0	144.0

The Development loss after tax of A\$0.2 million for the period is due to costs associated with the Jurong Gateway project in Singapore and Setia City Mall project in Malaysia, which are in the early stages of development. During the period the Group finalised the purchase of the Jurong Gateway site, a large mixed-use suburban development in Singapore. This was a joint bid between the Group and one of its managed funds, the Asian Retail Investment Fund 3 (ARIF 3).

Project Management and Construction

	December 2010	December 2009
Profit after tax (A\$m) Gross profit margin (A\$m) Profitability ratio (%) New work secured revenue (A\$m)	10.7 30.1 56.5 412.0	12.5 26.6 57.5 156.8
	December 2010	June 2010
Backlog revenue (A\$m)1 Backlog GPM (A\$m)1	546.1 31.4	289.9 34.9

1 Although backlog revenue and GPM are realised over several years, the average foreign exchange rate for the current period has been applied to the closing backlog revenue and GPM balances in their entirety as the average rates for later years cannot be predicted.

Profit after tax of A\$10.7 million decreased by A\$1.8 million compared with the prior period. Key contributions to GPM in Asia included telecommunications rollouts across Japan, REC solar panel plant and Alcon ophthalmic pharmaceutical plant in Singapore and Corning Display Technologies Taiwan;
The increase in new work secured revenue included securing the Corning Display Technologies LCD glass manufacturing facility project in Taiwan;
Backlog revenue at 31 December 2010 includes telecommunications rollout projects in Japan, Stamford American International School in Singapore, Corning Display Technologies in Taiwan, and KL Eco City and Setia City Mall in Malaysia.

Asia

Investment Management

	December 2010	December 2009
Profit after tax (A\$m)	5.3	8.5
	December	June
	2010	2010
Funds under management (FUM)1 (A\$bn)	2.0	1.6
Assets under management (AUM)2 (A\$bn)	1.8	1.8

1 FUM represents the gross market value of real estate and other related assets managed on behalf of investors.

2 Assets under management represent the Group's assessment of the value of the underlying assets.

Key events in the period include:

Profit after tax decreased from A\$8.5 million at December 2009 to A\$5.3 million at December 2010, primarily due to the prior period result including a final distribution from Asia Pacific Investment Company No. 1 Limited;

Asia FUM increased by A\$0.4 billion, primarily as a result of the launch of ARIF 3 following the securing of the Jurong Gateway project in Singapore.

Europe

Key Financial Results

The key financial results for the Europe region are summarised below.

	Revenue			EBITDA	Profit/(Loss) After Tax
	December 2010	December 2009	December 2010	December 2009	December 2010	December 2009
	A\$m	A\$m	A\$m	A\$m	A\$m	A\$m
Development	12.7	97.1	5.6	36.1	4.8	24.5
Project Management and Construction	747.8	1,243.2	11.2	15.8	4.4	2.1
Investment Management	34.3	34.9	26.3	24.8	27.1	14.2
Infrastructure Development	56.9	56.0	54.1	18.1	58.3	23.2
Total Europe	851.7	1,431.2	97.2	94.8	94.6	64.0

Profit after tax was A\$94.6 million, an increase of A\$30.6 million on the prior period. Profit after tax for the period was negatively impacted by foreign exchange movements of A\$8.9 million. The increase in profit is primarily due to sale of the Group's interest in UK PPP assets to the Lend Lease UK Infrastructure Fund (the UKIF).

Development

	December	December
	2010	2009
Profit after tax	4.8	24.5
Number of units settled1	53	469
Gross sales value of units settled (A\$m)1,2	10.0	83.9
Number of pre-sales1	228	264
Gross sales value of pre-sales (A\$m) 1,3	10.8	17.0
	December	June
	2010	2010
Number of projects	22	24
Backlog (number of units)4
 Zoned (with planning approval)	12,413	12,165
 Unzoned (awaiting planning approvals)	2,783	260
Backlog – Residential (units)	15,196	12,425
Backlog – Commercial (sqm/000s)	777.8	384.0

1 Includes 100% of joint venture projects and therefore will not necessarily correlate with the Group's profit after tax.

2 Gross sales value of units settled reflects residential and non-residential revenue from projects.

3 Pre-sales represent contracts entered into prior to 31 December 2010 that have not settled and therefore do not form part of profit after tax in the current period. These sales are expected to settle in future periods.

4 Backlog includes the total number of units in both Company-owned and joint venture projects. The actual number of units for any particular project can vary as planning approvals are obtained.

Profit after tax decreased to A\$4.8 million in this period. The December 2009 result included the profit on sale of the Group's investment in Meridian Delta Dome Limited and higher profits from Crosby Lend Lease;
Settlements relate to the sale of remaining inventory in Crosby Lend Lease. The Group has 21 completed units left to sell;
The Group signed a Conditional Regeneration Agreement with the London Borough of Southwark for the regeneration of Elephant and Castle comprising more than 300,000 sqm of new build, mixed-use development together with major infrastructure improvements and a range of enhanced community facilities;
The Group sold its ownership interest in the Pier Walk office building at Greenwich Peninsula;
A Conditional Framework Agreement was signed between the Group and London Continental Railways for the second stage of the Stratford City development, comprising four million square feet of commercial development and 300 residential units. All conditions were met subsequent to period end in January 2011.

Europe

Project Management and Construction

	December	December
	2010	2009
	4.4	2.1
Profit after tax (A\$m)
Gross profit margin (A\$m)	54.2	84.5
Profitability ratio (%)	20.7	18.7
New work secured revenue (A\$m)	764.5	540.0
	December	June
	2010	2010
Backlog revenue (A\$m)1	1,381.7	1,473.9
Backlog GPM (A\$m)1	120.0	126.8

Key trading events in the period include:

Trading conditions remained challenging across both the UK and Continental Europe. Key contributions to gross profit margin included the Athletes' Village project for the 2012 Olympic and Paralympic Games in London, the new BBC broadcasting centre, UK Ministry of defence projects and the BP Global Alliance project across Europe;
New work secured revenue increased to A\$764.5 million and includes Regent's Place North East Quadrant in London and the Scottish National Arena in Glasgow;
The profitability ratio (EBITDA/GPM) improved by 2.0% to 20.7% in the period, reflecting a reduction in the cost base of the business in response to declining volumes.

Investment Management

	December 2010	December 2009
Profit after tax (A\$m)	27.1	14.2
	December	June
	2010	2010
Funds under management (FUM)1 (A\$bn)	1.1	1.4
Assets under management (AUM)2 (A\$bn)	2.9	3.5

1 FUM represents the gross market value of real estate and other related assets managed on behalf of investors.

2 Assets under management represent the Group's assessment of the value of the underlying assets.

Profit after tax increased by A\$12.9 million to A\$27.1 million and includes a profit on sale of the Group's interest in the Lend Lease Overgate Partnership. The Lend Lease Overgate Partnership was sold in December 2010, with the Group realising £42.9 million for its 30.7% stake in the partnership;
The Group launched the UKIF with more than £220 million in committed capital available to invest in social infrastructure assets over the next five years. The UKIF, a Limited Partnership with an anticipated life of 28 years, purchased established healthcare, education and accommodation PPP assets from the Group for £75.6 million, with a further deferred consideration of approximately £30.0 million due on transfer of further Group PPP assets still under construction and commissioning. The Group has a 10% co-investment in the UKIF;
The Lend Lease Retail Partnership (LLRP) was extended for seven years until November 2017. LLRP is a close-ended unlisted wholesale limited Partnership in the UK that owns 25% of Bluewater in Kent and 100% of Touchwood shopping centre in Solihull. In addition to extending the life of LLRP, LLRP now has the potential to undertake selective acquisitions over the coming 18 months. The Group provides development and asset and property management services to LLRP.

Europe

Infrastructure Development

	December 2010	December 2009
Profit after tax (A\$m)	58.3	23.2
Gross profit margin (A\$m)1	3.5	6.6
Equity returns (A\$m)2	108.4	33.3
	December	June
	2010	2010
Number of projects3	18	19
Invested equity (A\$m)	78.3	147.3
Committed equity (A\$m)	45.5	52.1
Backlog revenue (A\$m)4	775.0	755.0
Backlog GPM (A\$m)4	67.7	68.8

1 Gross profit margin relates to asset and facilities management services provided.

2 Including loan stock interest and the profit before tax from the sale of the Group's interest in PPP assets to the UKIF and the sale of the Group's interest in the Queen Mary's Hospital, Roehampton. December 2009 included the profit after tax on the sale of the Group's interest in the Queen's Hospital, Romford.

3 Number of projects includes projects where the Group is preferred bidder and combines extensions of existing projects.

4 Backlog revenue and GPM disclosed includes a maximum of 10 years backlog from facilities management even though PPP contracts run for periods of up to 40 years.

Key trading events in the period include:

Sale of the Group's interest in operational healthcare, education and accommodation PPP assets in the UK to the UKIF for a consideration of £75.6 million, with deferred consideration of approximately £30.0 million due on transfer of further PPP assets still under construction and commissioning;

Sale of the Group's 50% interest in Queen Mary's Hospital, Roehampton.

Americas

Key Financial Results

The key financial results for the Americas region are summarised below.

		Revenue		EBITDA	Profit/(Loss) After Tax
	December	December	December December		December	December
	2010 A\$m	2009 A\$m	2010 A\$m	2009 A\$m	2010 A\$m	2009 A\$m
Development			(0.9)	0.3	(0.5)	0.1
Project Management and Construction	750.4	1,659.7	(3.7)	(29.8)	(3.2)	(19.9)
Investment Management	0.3		15.9	15.0	12.4	11.6
Infrastructure Development	337.3	526.0	33.5	37.9	20.2	27.2
Total Americas	1,088.0	2,185.7	44.8	23.4	28.9	19.0

Profit after tax was A\$28.9 million, an increase of A\$9.9 million on the prior period. Profit after tax for the period was negatively impacted by foreign exchange movements of A\$2.0 million.

Development

The Development business focuses on large scale urban greenfield development and regeneration opportunities. The business has one project, Horizon Uptown in Denver, Colorado. The project will be launched when market conditions allow. The business incurred a loss after tax of A\$0.5 million in the period.

The key financial results for are detailed below.

	December	June
	2010	2010
Backlog – Zoned residential (number of units)1	3,860	3,855
Backlog – Commercial (sqm/000s)1	371.4	841.3

1 The actual number of backlog units for any particular project can vary as planning approvals are obtained.

Project Management and Construction

	December	December
	2010	2009
Loss after tax (A\$m) Gross profit margin (A\$m) Profitability ratio (%) New work secured revenue (A\$m)	(3.2) 36.2 (10.2) 938.8	(19.9) 46.3 (64.4) 256.3
	December 2010	June 2010
Backlog revenue (A\$m)1 Backlog GPM (A\$m)1	1,468.5 66.0	1,183.7 60.5

1 Although Backlog revenue and GPM are realised over several years, the average foreign exchange rate for the current period has been applied to the closing Backlog revenue and GPM balances in their entirety as the average rates for later years cannot be predicted.

While trading conditions in the Project Management and Construction business remain difficult there was a significant improvement in the period with a reduction in the reported loss to A\$3.2 million compared to a A\$19.9 million loss in the prior period;
The loss after tax includes a charge of US\$5.0 million before tax in relation to the settlement with the New York City Department of Investigation in relation to its investigation into billing practices in New York;
The volume of construction projects secured in the period increased, reflecting some positive signs that market conditions are stabilising;
The business also substantially reduced its exposure in relation to the World Trade Center litigation following the James Zadroga 9/11 Health and Compensation Act (Zadroga Act) being passed by the United States Congress and signed into law by the US President on 2 January 2011. Importantly, Title II of the Zadroga Act establishes substantial limitations on the liability of certain entities that participated in the rescue, recovery and debris removal following the 11 September 2001 attacks on the World Trade Center. For Bovis Lend Lease, any liabilities arising out of the debris removal effort are now limited to available insurance.

Americas

Investment Management

The business has a 50% ownership interest in the partnership that owns the King of Prussia Mall in Pennsylvania. The Group's share of operating income in US dollar terms increased from US\$12.9 million to US\$15.9 million in the current period to 31 December 2010. Profit after tax in Australian dollars was impacted by a negative foreign exchange movement in the current period.

Infrastructure Development

The key financial results for Infrastructure Development are detailed below.

	December	December
	2010	2009
Profit after tax (A\$m)	20.2	27.2
Gross profit margin (A\$m)1	47.6	48.7
Equity returns (A\$m)	2.0	1.5
New work secured revenue (A\$m)	317.7	73.0
	December	June
	2010	2010
Number of projects2	22	20
Invested equity (A\$m)	61.3	61.3
Committed equity (A\$m)	52.5	50.5
Backlog revenue3	2,071.5	2,210.1
Backlog GPM3	342.9	364.5
Backlog (number of units under management)
 Operational (secured)	43,935	41,700
 Preferred bidder (awarded)	5,350	2,350
Total Backlog	49,285	44,050

1 Gross profit margin relates to development, construction and asset management services provided.

2 Number of projects includes extensions of existing projects and projects where the Group is the preferred bidder.

3 Backlog disclosed includes 10 years backlog from facilities management, even though the contracts run for up to 50 years. Although backlog is realised over several years, the average foreign exchange rate for the current period has been applied to the closing backlog balance in its entirety as the average rates for later years cannot be predicted. In local currency the backlog revenue is US\$1,988.6 million (June 2010: US\$1,989.1 million) and the backlog GPM is US\$329.2 million (June 2010: US\$328.0 million).

Reaching financial close with the US Department of the Army on North Haven Communities in Alaska. North Haven involves the development of family housing at two Army installations, Fort Wainwright and Fort Greely. The project has an initial development budget of US\$377 million over the first seven years of the project;
Being appointed to implement the second phase (Group B) of the US Department of the Army Privatisation of Army Lodging (PAL) program, which has a project value of US\$350 million. The Group is to also undertake additional work on the previously awarded, first phase program, Group A, which has a project value of US\$250 million;
Profit after tax for the period includes costs incurred in bidding for Infrastructure Development opportunities in Canada.

Corporate

Key Financial Results

The key financial results for Corporate are summarised below.

	Revenue			Profit/(Loss) After Tax
December	December	December	December	December	December
2010	2009	2010	2009	2010	2009
A\$m	A\$m	A\$m	A\$m	A\$m	A\$m
6.3	7.5	(44.4)	(31.9)	(36.0)	(24.6)
30.8	18.8	(2.8)	2.0	(18.3)	(5.9)
				(1.5)	(2.3)
37.1	26.3	(47.2)	(29.9)	(55.8)	(32.8)
				EBITDA

Group Services

Group Services costs after tax increased by A\$11.4 million and include costs associated with the agreement to acquire Valemus Australia and costs associated with the re-design of the organisation structure and business processes as part of the move to a regional management structure from 1 July 2010.

Group Treasury

Group Treasury manages the Group's liquidity, foreign exchange exposures, interest rate risk and debt. The result for the period is detailed in the table below.

	Profit/(Loss) Before Tax			Profit/(Loss) After Tax
	December December		December	December
	2010	2009	2010	2009
	A\$m	A\$m	A\$m	A\$m
Interest revenue	30.8	18.8	22.2	12.9
Interest expense and borrowing costs	(56.7)	(31.5)	(37.8)	(20.2)
Net hedge benefit/(cost)	(2.8)	2.0	(2.7)	1.4
Total Group Treasury	(28.7)	(10.7)	(18.3)	(5.9)

Interest Revenue and Expenses

Interest revenue before tax increased by A\$12.0 million this period due to a combination of higher average cash balances and higher average interest rates on invested cash. The interest rate on invested cash averaged 4.4% per annum for the period (December 2009: 2.2%);
Interest expense and borrowing costs before tax increased by A\$25.2 million compared with the prior period due to the consolidation of Lend Lease Primelife and its associated debt.

Hedging and Foreign Exchange Exposure

The Group hedges material foreign currency cash flows. Any foreign exchange gains or losses arising on the underlying cash flow or the hedging of business unit cash flows are allocated to the business unit's operating profit;
The Group uses natural hedging, where possible, to minimise its exposure to movement in foreign currency denominated net assets. The impact of foreign exchange movements on the Group's net assets is accounted for in the Foreign Currency Translation Reserve (FCTR). In the period, the FCTR decreased by A\$109.2 million, primarily due to a strengthening of the Australian dollar.

Group Liquidity

At 31 December 2010, the Group was in a strong liquidity position, with cash and cash equivalents of A\$1,439.4 million and undrawn committed bank facilities of A\$571.5 million. The Group's net debt position as at 31 December 2010 was A\$29.5 million, including certain other financial liabilities of A\$146.8 million.

Appendix 1

Operating Results by Region Detail

		Revenue		EBITDA	Profit/(Loss) Before Tax1		Profit/(Loss) After Tax2
	December	December	December	December	December	December	December	December
	2010	2009	2010	2009	2010	2009	2010	2009
	A\$m	A\$m	A\$m	A\$m	A\$m	A\$m	A\$m	A\$m
Australia
Development	428.3	270.7	102.9	64.1	98.0	64.1	79.8	44.0
Project Management and Construction	1,749.5	1,387.3	64.1	89.3	62.5	88.1	43.5	61.2
Investment Management	45.6	33.6	24.9	18.2	24.4	17.4	17.2	11.9
Infrastructure Development	0.4	7.3	(5.3)	(0.9)	(5.4)	(1.0)	(3.8)	(0.9)
Total Australia	2,223.8	1,698.9	186.6	170.7	179.5	168.6	136.7	116.2
Asia
Development	2.3	2.8	(0.2)	0.6	(0.2)	0.6	(0.2)	0.5
Project Management and Construction	154.7	238.8	17.0	15.3	16.9	15.2	10.7	12.5
Investment Management	9.1	9.6	4.9	8.9	4.9	8.9	5.3	8.5
Total Asia	166.1	251.2	21.7	24.8	21.6	24.7	15.8	21.5
Europe
Development	12.7	97.1	5.6	36.1	4.3	34.0	4.8	24.5
Project Management and Construction	747.8	1,243.2	11.2	15.8	8.4	12.8	4.4	2.1
Investment Management	34.3	34.9	26.3	24.8	26.3	23.3	27.1	14.2
Infrastructure Development	56.9	56.0	54.1	18.1	61.9	23.9	58.3	23.2
Total Europe	851.7	1,431.2	97.2	94.8	100.9	94.0	94.6	64.0

Americas
Development Project Management and Construction	750.4	1,659.7	(0.9) (3.7)	0.3 (29.8)	(0.9) (5.0)	0.2 (31.5)	(0.5) (3.2)	0.1 (19.9)
Investment Management	0.3		15.9	15.0	15.9	15.0	12.4	11.6
Infrastructure Development	337.3	526.0	33.5	37.9	34.4	38.7	20.2	27.2
Total Americas	1,088.0	2,185.7	44.8	23.4	44.4	22.4	28.9	19.0
Total operating businesses	4,329.6	5,567.0	350.3	313.7	346.4	309.7	276.0	220.7
Corporate
Group Services	6.3	7.5	(44.4)	(31.9)	(46.2)	(33.5)	(36.0)	(24.6)
Group Treasury	30.8	18.8	(2.8)	2.0	(28.7)	(10.7)	(18.3)	(5.9)
Group Amortisation					(1.5)	(2.3)	(1.5)	(2.3)
Total Corporate	37.1	26.3	(47.2)	(29.9)	(76.4)	(46.5)	(55.8)	(32.8)
Total Operating	4,366.7	5,593.3	303.1	283.8	270.0	263.2	220.2	187.9
Property investment revaluations			8.8	26.1	8.8	26.1	6.3	17.0
Total Statutory	4,366.7	5,593.3	311.9	309.9	278.8	289.3	226.5	204.9

1 Profit before tax is before adjusting for the amount attributable to minority interests.

2 Profit after tax is after adjusting for the profit after tax attributable to minority interests of A\$0.9 million (December 2009: A\$1.6 million).

Appendix 2

Operating Results by Line of Business Detail

		Revenue		EBITDA		Profit/(Loss) Before Tax1	Profit/(Loss) After Tax2
	December	December	December	December	December	December	December	December
	2010	2009	2010	2009	2010	2009	2010	2009
	A\$m	A\$m	A\$m	A\$m	A\$m	A\$m	A\$m	A\$m
Development
Australia	428.3	270.7	102.9	64.1	98.0	64.1	79.8	44.0
Asia	2.3	2.8	(0.2)	0.6	(0.2)	0.6	(0.2)	0.5
Europe	12.7	97.1	5.6	36.1	4.3	34.0	4.8	24.5
Americas			(0.9)	0.3	(0.9)	0.2	(0.5)	0.1
Total Development	443.3	370.6	107.4	101.1	101.2	98.9	83.9	69.1
Project Management and Construction
Australia	1,749.5	1,387.3	64.1	89.3	62.5	88.1	43.5	61.2
Asia	154.7	238.8	17.0	15.3	16.9	15.2	10.7	12.5
Europe	747.8	1,243.2	11.2	15.8	8.4	12.8	4.4	2.1
Americas	750.4	1,659.7	(3.7)	(29.8)	(5.0)	(31.5)	(3.2)	(19.9)
Total Project Management and Construction	3,402.4	4,529.0	88.6	90.6	82.8	84.6	55.4	55.9
Investment Management
Australia	45.6	33.6	24.9	18.2	24.4	17.4	17.2	11.9
Asia	9.1	9.6	4.9	8.9	4.9	8.9	5.3	8.5
Europe	34.3	34.9	26.3	24.8	26.3	23.3	27.1	14.2
Americas	0.3		15.9	15.0	15.9	15.0	12.4	11.6
Total Investment Management	89.3	78.1	72.0	66.9	71.5	64.6	62.0	46.2
Infrastructure Development
Australia	0.4	7.3	(5.3)	(0.9)	(5.4)	(1.0)	(3.8)	(0.9)
Europe	56.9	56.0	54.1	18.1	61.9	23.9	58.3	23.2
Americas	337.3	526.0	33.5	37.9	34.4	38.7	20.2	27.2
Total Infrastructure Development	394.6	589.3	82.3	55.1	90.9	61.6	74.7	49.5
Total Operating Businesses	4,329.6	5,567.0	350.3	313.7	346.4	309.7	276.0	220.7
Corporate
Group Services	6.3	7.5	(44.4)	(31.9)	(46.2)	(33.5)	(36.0)	(24.6)
Group Treasury	30.8	18.8	(2.8)	2.0	(28.7)	(10.7)	(18.3)	(5.9)
Group Amortisation					(1.5)	(2.3)	(1.5)	(2.3)
Total Corporate	37.1	26.3	(47.2)	(29.9)	(76.4)	(46.5)	(55.8)	(32.8)
Total Operating	4,366.7	5,593.3	303.1	283.8	270.0	263.2	220.2	187.9
Property investment revaluations			8.8	26.1	8.8	26.1	6.3	17.0
Total Group	4,366.7	5,593.3	311.9	309.9	278.8	289.3	226.5	204.9

1 Profit before tax is before adjusting for the amount attributable to minority interests.

2 Profit after tax is after adjusting for the profit after tax attributable to minority interests of A\$0.9 million (December 2009: A\$1.6 million).

Appendix 3

Operating Results by Region Detail in Local Currency1

		Revenue		EBITDA		Profit/(Loss) Before Tax2	Profit/(Loss) After Tax3
	December	December	December	December	December	December	December	December
	2010	2009	2010	2009	2010	2009	2010	2009
	A\$m	A\$m	A\$m	A\$m	A\$m	A\$m	A\$m	A\$m
Australia
Development	428.3	270.7	102.9	64.1	98.0	64.1	79.8	44.0
Project Management and Construction	1,749.5	1,387.3	64.1	89.3	62.5	88.1	43.5	61.2
Investment Management	45.6	33.6	24.9	18.2	24.4	17.4	17.2	11.9
Infrastructure Development	0.4	7.3	(5.3)	(0.9)	(5.4)	(1.0)	(3.8)	(0.9)
Group Services and Amortisation	6.3	7.5	(44.4)	(31.9)	(47.7)	(35.8)	(37.5)	(26.9)
Group Treasury	27.6	15.5	(2.5)	1.8		16.3	0.7	12.2
Total Australia	2,257.7	1,721.9	139.7	140.6	131.8	149.1	99.9	101.5
		Revenue		EBITDA		Profit/(Loss) Before Tax2 Profit/(Loss) After Tax3
	December	December	December	December	December	December	December	December
	2010	2009	2010	2009	2010	2009	2010	2009
	A\$m	A\$m	A\$m	A\$m	A\$m	A\$m	A\$m	A\$m
Asia
Development	2.3	2.8	(0.2)	0.6	(0.2)	0.6	(0.2)	0.5
Project Management and Construction	154.7	238.8	17.0	15.3	16.9	15.2	10.7	12.5
Investment Management	9.1	9.6	4.9	8.9	4.9	8.9	5.3	8.5
Group Treasury	0.2	0.3			0.2	0.3	0.1	0.3
Total Asia	166.3	251.5	21.7	24.8	21.8	25.0	15.9	21.8
		Revenue		EBITDA		Profit/(Loss) Before Tax2	Profit/(Loss) After Tax3
	December	December	December	December	December	December	December	December
	2010	2009	2010	2009	2010	2009	2010	2009
	£m	£m	£m	£m	£m	£m	£m	£m
Europe
Development	7.6	52.4	3.4	19.5	2.6	18.3	2.9	13.1
Project Management and Construction	448.7	671.3	6.7	8.5	5.0	6.9	2.6	1.1
Investment Management	20.6	18.8	15.8	13.4	15.8	12.6	16.3	7.7
Infrastructure Development	34.1	30.2	32.5	9.8	37.1	12.9	35.0	12.5
Group Treasury	0.1	0.5	(0.4)	0.1	(13.6)	(10.8)	(9.9)	(7.5)
Total Great British Pounds	511.1	773.2	58.0	51.3	46.9	39.9	46.9	26.9
Total Australian Dollars4	851.9	1,431.9	96.7	95.0	78.1	73.9	78.2	49.8
		Revenue		EBITDA		Profit/(Loss) Before Tax2	Profit/(Loss) After Tax3
	December	December	December	December	December	December	December	December
	2010 US\$m	2009 US\$m	2010 US\$m	2009 US\$m	2010 US\$m	2009 US\$m	2010 US\$m	2009 US\$m
Americas
Development			(0.9)	0.3	(0.9)	0.2	(0.5)	0.1
Project Management and Construction	720.4	1,477.1	(3.6)	(26.5)	(4.8)	(28.0)	(3.1)	(17.7)
Investment Management	0.3		15.3	13.3	15.3	13.4	11.9	10.3
Infrastructure Development	323.8	468.1	32.2	33.7	33.0	34.4	19.4	24.2
Group Treasury	2.7	2.1	0.2		(5.8)	(6.5)	(2.5)	(3.7)
Total US Dollars	1,047.2	1,947.3	43.2	20.8	36.8	13.5	25.2	13.2
Total Australian Dollars4	1,090.8	2,188.0	45.0	23.4	38.3	15.2	26.2	14.8

1 Local currency results exclude foreign exchange movements other than Great British Pounds and US Dollars.

2 Profit before tax is before adjusting for the amount attributable to minority interests.

3 Profit after tax is after adjusting for the profit after tax attributable to minority interests of A\$0.9 million (December 2009: A\$1.6 million profit). 4 The foreign exchange rates applied are A\$1 = £0.60 (December 2009: A\$1 = £0.54, A\$1 = US\$0.96 (December 2009: A\$1 = US\$0.89) and A\$1 = S\$1.25 (December 2009: A\$1 = S\$1.25).

Appendix 4

Change in Reporting Structure – December 2009 Comparatives

		Rev enu e			EB ITD A			2 fit/( s) Pro Los Bef Ta ore x			3 fit/( s) Pro Los Aft er T ax
		Pub lish ed		Rev ised	Pub lish ed		Rev ised	Pub lish ed		Rev ised	Pub lish ed		Rev ised
		Dec ber em		Dec ber em	Dec ber em		Dec ber em	Dec ber em		Dec ber em	Dec ber em		Dec ber em
	Foo tno te	200 9 A\$ m	Rea lloc atio n A\$ m	200 9 A\$ m	200 9 A\$ m	Rea lloc atio n A\$ m	200 9 A\$ m	200 9 A\$ m	Rea lloc atio n A\$ m	200 9 A\$ m	200 9 A\$ m	Rea lloc atio n A\$ m	200 9 A\$ m
1 Au l ia str a
4 De lop nt ve me	5,6	2 6 7. 2	3. 5	27 0. 7	6 3. 2	0. 9	6 4. 1	6 3. 2	0. 9	6 4. 1	4 3. 3	0. 7	4 4. 0
Pro j Ma d Co ion t t a nst t ec na g em en n ruc		1, 3 8 7. 3		1, 3 8 7. 3	8 9. 3		8 9. 3	8 8. 1		8 8. 1	6 1. 2		6 1. 2
Inv Ma est nt t me na g em en	7	2 2.5	1 1. 1	3 3. 6	3 1 1.	6. 9	8. 2 1	0. 1 7	6. 7	17 4	3 7.	6 4.	9 1 1.
Re i l ta	6,7	1 4. 6	( 1 4. 6 )		7. 8	( 7. 8 )		7. 6	( 7. 6 )		5. 3	( 5. 3 )
4 In fra De lop str tur nt uc e ve me		3 7.		3 7.	( 0. 9 )		( 0. 9 )	( 1. 0 )		( 1. 0 )	( 0. 9 )		( 0. 9 )
To l Au l ia ta str a		1, 6 9 8. 9	-	1, 6 9 8. 9	17 0. 7	-	17 0. 7	1 6 8. 6	-	1 6 8. 6	1 1 6. 2	-	1 1 6. 2
1 As ia
4 De lop nt ve me	6		2. 8	2. 8		0. 6	0. 6		0. 6	0. 6		0. 5	0. 5
Co Pro j t Ma t a d nst t ion ec na g em en n ruc		2 3 8. 8		2 3 8. 8	15 3		15 3	15 2		15 2	1 2.5		1 2.5
Inv Ma est nt t me na g em en	7	3. 3	6. 3	9. 6	6. 0	2. 9	8. 9	6. 0	2. 9	8. 9	5. 9	2. 6	8. 5
Re i l ta	6,7	9. 1	( 9. ) 1		3. 5	( 3. ) 5		3. 5	( 3. ) 5		3. 1	( 3. ) 1
To l As ia ta		25 1. 2	-	25 1. 2	2 4. 8	-	2 4. 8	2 4.7	-	2 4.7	2 1.5	-	2 1.5
Eu rop e
4 De lop nt ve me	6	9 6. 2	0. 9	9 7. 1	4 0. 8	( ) 4.7	3 6. 1	3 9. 5	( ) 5. 5	3 4. 0	2 8. 0	( ) 3. 5	2 4.5
Pro j Ma d Co ion t t a nst t ec na g em en n ruc		1, 2 4 3. 2	`	1, 2 4 3. 2	15 8		15 8	1 2. 8		1 2. 8	2. 1		2. 1
Inv est nt Ma t me na g em en	7	2. 1	3 2. 8	3 4. 9	0. 3	2 4.5	2 4. 8	( ) 0. 5	2 3. 8	2 3. 3	( ) 1. 4	15 6	1 4. 2
Re i l ta	6,7	3 3. 7	( 3 3. 7 )		1 9. 8	( 1 9. 8 )		1 8. 3	( 1 8. 3 )		1 2. 1	( 1 2. 1 )
4 In fra De lop str tur nt uc e ve me		5 6. 0		5 6. 0	1 8. 1		1 8. 1	2 3. 9		2 3. 9	2 3. 2		2 3. 2
To l Eu ta rop e		1, 4 3 1. 2	-	1, 4 3 1. 2	9 4. 8	-	9 4. 8	9 4. 0	-	9 4. 0	6 4. 0	-	6 4. 0
Am ica er s
4 De lop nt ve me					0. 3		0. 3	0. 2		0. 2	0. 1		0. 1
Pro j Ma d Co ion t t a nst t ec na g em en n ruc		1, 6 9. 5 7		1, 6 9. 5 7	( 2 9. 8 )		( 2 9. 8 )	( 3 1.5 )		( 3 1.5 )	( 1 9. 9 )		( 1 9. 9 )
Inv est nt Ma t me na g em en	7				0. 9	1 4. 1	15 0	0. 9	1 4. 1	15 0	0. 6	1 1. 0	1 1. 6
Re i l ta 4	7				1 4. 1	( 1 4. 1 )		1 4. 1	( 1 4. 1 )		1 1. 0	( 1 1. 0 )
In fra De lop str tur nt uc e ve me		5 2 6. 0		5 2 6. 0	3 7. 9		3 7. 9	3 8. 7		3 8. 7	27 2		27 2
To l Am ica ta er s		2, 8 1 5. 7	-	2, 8 1 5. 7	2 3. 4	-	2 3. 4	2 2. 4	-	2 2. 4	9. 0 1	-	9. 0 1
To l Op ing Bu ine ta t era s sse s		5, 5 6 7. 0	-	5, 5 6 7. 0	3 1 3. 7	-	3 1 3. 7	3 0 9. 7	-	3 0 9. 7	2 2 0. 7	-	2 2 0. 7
To l Co ta te rp ora		2 6. 3	-	2 6. 3	( ) 2 9. 9	-	( ) 2 9. 9	( ) 4 6. 5	-	( ) 4 6. 5	( ) 3 2. 8	-	( ) 3 2. 8
To l Op ing ta t era		9 3. 3 5, 5	-	9 3. 3 5, 5	2 8 3. 8	-	2 8 3. 8	2 6 3. 2	-	2 6 3. 2	8 9 1 7.	-	8 9 1 7.
Pro Inv Re lua ion ert est nt t p y me va s	8				2 6. 1		2 6. 1	2 6. 1		2 6. 1	17 0		17 0
Sta To l ta tut ory		5, 5 9 3. 3	-	5, 5 9 3. 3	3 0 9. 9	-	3 0 9. 9	2 8 9. 3	-	2 8 9. 3	2 0 4. 9	-	2 0 4. 9

Note: Footnote references included on page 23.

Appendix 4

Change in Reporting Structure – June 2010 Comparatives

			Rev enu e			EB ITD A		Pro	fit/( Los s) Bef Ta ore	2 x	Pro	fit/( Los s) Aft er T	3 ax
		Pub lish ed		Rev ised	Pub lish ed		Rev ised	Pub lish ed		Rev ised	Pub lish ed		Rev ised
		Jun e		Jun e	Jun e		Jun e	Jun e		Jun e	Jun e		Jun e
	Foo tno te	201 0	Rea lloc atio n	201 0	201 0	Rea lloc atio n	201 0	201 0	Rea lloc atio n	201 0	201 0	Rea lloc atio n	201 0
		A\$ m	A\$ m	A\$ m	A\$ m	A\$ m	A\$ m	A\$ m	A\$ m	A\$ m	A\$ m	A\$ m	A\$ m
1 Au l ia str a
4 De lop nt ve me	5,6	6 1 0. 3	7. 1	6 17 4	1 3 2.7	1. 2	1 3 3. 9	1 2 1. 1	1. 2	1 2 2. 3	1 2 2. 1	0. 8	1 2 2. 9
Pro j Ma d Co ion t t a nst t ec na g em en n ruc		3, 0 3 3. 1		3, 0 3 3. 1	1 3 6. 4		1 3 6. 4	1 3 3. 7		1 3 3. 7	8 7. 1		8 7. 1
Inv est nt Ma t me na g em en	7	4 8. 1	2 4. 4	7 2.5	5 1. 3	1 1. 2	6 2.5	5 0. 2	1 1. 0	6 1. 2	3 5. 5	7. 8	4 3. 3
Re i l ta	6,7	3 1.5	( 3 1.5 )		1 2. 4	( 1 2. 4 )		1 2. 2	( 1 2. 2 )		8. 6	( 8. 6 )
4 In fra De lop str tur nt uc e ve me		3 7.		3 7.	( 9. ) 1		( 9. ) 1	( 9. ) 1		( 9. ) 1	( 6. ) 4		( 6. ) 4
To l Au l ia ta str a		3, 3 0. 3 7	-	3, 3 0. 3 7	3 2 3. 7	-	3 2 3. 7	3 0 8. 1	-	3 0 8. 1	2 6. 9 4	-	2 6. 9 4
1 As ia
4 De lop nt ve me	6		2.7	2.7		( 0. 4 )	( 0. 4 )		( 0. 4 )	( 0. 4 )		( 0. 4 )	( 0. 4 )
Co Pro j t Ma t a d nst t ion ec na g em en n ruc		4 0 3. 4		4 0 3. 4	25 2		25 2	25 0		25 0	1 8. 3		1 8. 3
Inv Ma est nt t me na g em en	7	8. 6	9. 2	17 8	1 0. 7	5. 5	1 6. 2	1 0. 7	5. 5	1 6. 2	1 0. 2	5. 1	15 3
Re i l ta	6,7	1 1. 9	( ) 1 1. 9		5. 1	( ) 5. 1		5. 1	( ) 5. 1		4.7	( ) 4.7
To l As ia ta		4 2 3. 9	-	4 2 3. 9	4 1. 0	-	4 1. 0	4 0. 8	-	4 0. 8	3 3. 2	-	3 3. 2
Eu rop e
4 De lop nt ve me	6	1 2 3. 6	0. 9	1 2 4.5	47 9	( 4. 0 )	4 3. 9	4 6. 2	( 4.7 )	4 1.5	4 2.5	( 1. 0 )	4 1.5
Pro j Ma d Co ion t t a nst t ec na g em en n ruc		2, 6 2 1 7.		2, 6 2 1 7.	0. 5 4		0. 5 4	6 4 4.		6 4 4.	25 8		25 8
Inv est nt Ma t me na g em en	7	1 6. 4	6 3. 2	7 9. 6	1 3. 3	5 8. 3	7 1. 6	1 2. 6	5 7. 6	7 0. 2	4.7	3 6. 4	4 1. 1
Re i l ta	6,7	6 4. 1	( 6 4. 1 )		5 4. 3	( 5 4. 3 )		5 2. 9	( 5 2. 9 )		3 5. 4	( 3 5. 4 )
4 In fra De lop str tur nt uc e ve me		1 2 6. 7		1 2 6. 7	1. 0		1. 0	1 3. 9		1 3. 9	1 0. 2		1 0. 2
To l Eu ta rop e		2, 4 9 8. 0	-	2, 4 9 8. 0	1 6 6. 9	-	1 6 6. 9	17 0. 2	-	17 0. 2	1 1 8. 6	-	1 1 8. 6
Am ica er s
4 De lop nt ve me					0. 2		0. 2	0. 1		0. 1	0. 1		0. 1
Pro j Ma d Co ion t t a nst t ec na g em en n ruc		2, 9 27 1		2, 9 27 1	( 6 6. ) 7		( 6 6. ) 7	( 0 ) 7 1.		( 0 ) 7 1.	( 0 ) 45		( 0 ) 45
Inv Ma est nt t me na g em en	7	0. 1		0. 1	2. 9	27 2	3 0. 1	3. 0	27 2	3 0. 2	2.7	17 6	2 0. 3
Re i l ta	7				27 2	( 27 2 )		27 2	( 27 2 )		17 6	( 17 6 )
4 In fra str tur De lop nt uc e ve me		9 3 5. 0		9 3 5. 0	8 9. 9		8 9. 9	9 2. 8		9 2. 8	5 5. 3		5 5. 3
To ta l Am ica er s		3, 8 6 2. 2	-	3, 8 6 2. 2	5 3. 5	-	5 3. 5	5 2. 1	-	5 2. 1	3 0. 7	-	3 0. 7
To l Op ing Bu ine ta t era s sse s		1 0, 5 1 4. 4	-	1 0, 5 1 4. 4	5 8 5. 1	-	5 8 5. 1	5 7 1. 2	-	5 7 1. 2	4 2 9. 4	-	4 2 9. 4
Co To ta l te rp ora		5 5. 6	-	5 5. 6	( ) 1 0 2. 6	-	( ) 1 0 2. 6	( ) 15 4. 1	-	( ) 15 4. 1	( ) 1 0 5. 8	-	( ) 1 0 5. 8
Op To ta l t ing era		1 0, 5 7 0. 0	-	1 0, 5 7 0. 0	4 8 2.5	-	4 8 2.5	4 17 1	-	4 17 1	3 2 3. 6	-	3 2 3. 6
Pro Inv Re lua ion ert est nt t p me va s y	8				3 3. 7		3 3. 7	3 3. 7		3 3. 7	2 2. 0		2 2. 0
To l Sta ta tut ory		1 0, 5 7 0. 0	-	1 0, 5 7 0. 0	5 1 6. 2	-	5 1 6. 2	45 0. 8	-	45 0. 8	3 45 6	-	3 45 6

Note: Footnote references included on page 23.

Appendix 4

Change in Reporting Structure – Footnote References

1 The consolidated results of the Asia Pacific region have been reclassified to the Australia and Asia regional segments as follows:

	Rev	enu e		ITD A	2 Pro fit/( Los s) Bef Ta ore x		3 Pro fit/( Los s) Aft er T ax
	Pub lish ed Dec ber 20 09 em	Pub lish ed Jun e 201 0	Pub lish ed Dec ber 20 09 em	Pub lish ed Jun e 201 0	Pub lish ed Dec ber 20 09 em	Pub lish ed Jun e 201 0	Pub lish ed Dec ber 20 09 em	Pub lish ed Jun e 201 0
	A\$ m	A\$ m	A\$ m	A\$ m	A\$ m	A\$ m	A\$ m	A\$ m
As ia Pa i f ic c
4 De lop nt ve me	2 6 7. 2	6 1 0. 3	6 3. 2	1 3 2.7	6 3. 2	1 2 1. 1	4 3. 3	1 2 2. 1
Pro j Ma d Co ion t t a nst t ec na g em en n ruc	1, 6 2 6. 1	3, 4 3 6. 5	1 0 4. 6	1 6 1. 6	1 0 3. 3	15 8. 7	7 3. 7	1 0 5. 4
Inv Ma est nt t me na g em en	25 8	5 6. 7	17 3	6 2. 0	1 6. 7	6 0. 9	1 3. 2	45 .7
Re i l ta	2 3. 7	3. 4 4	3 1 1.	17 .5	1 1. 1	3 17	8. 4	3. 3 1
4 In fra str tur De lop nt uc e ve me	7. 3	7. 3	( ) 0. 9	( ) 9. 1	( ) 1. 0	( ) 9. 1	( ) 0. 9	( ) 6. 4
To l As ia Pa i f ic ta c	1, 9 0. 1 5	4, 15 4. 2	1 9 5. 5	3 6 4.7	1 9 3. 3	3 4 8. 9	1 3 7.7	2 8 0. 1
Au str l ia a
4 De lop nt ve me	2 6 2 7.	6 1 0. 3	6 3. 2	1 3 2.7	6 3. 2	1 2 1. 1	4 3. 3	1 2 2. 1
Pro j Ma d Co ion t t a nst t ec na g em en n ruc	1, 3 8 7. 3	3, 0 3 3. 1	8 9. 3	1 3 6. 4	8 8. 1	1 3 3. 7	6 1. 2	8 7. 1
Inv Ma est nt t me na g em en	2 2.5	4 8. 1	1 1. 3	5 1. 3	1 0. 7	5 0. 2	7. 3	3 5. 5
Re i l ta	1 4. 6	3 1.5	7. 8	1 2. 4	7. 6	1 2. 2	5. 3	8. 6
4 In fra De lop str tur nt uc e ve me	7. 3	7. 3	( ) 0. 9	( ) 9. 1	( ) 1. 0	( ) 9. 1	( ) 0. 9	( ) 6. 4
To ta l Au str l ia a	1, 6 9 8. 9	3, 7 3 0. 3	17 0. 7	3 2 3. 7	1 6 8. 6	3 0 8. 1	1 1 6. 2	2 4 6. 9
As ia
Co Pro j t Ma t a d nst t ion ec na g em en n ruc	2 3 8. 8	4 0 3. 4	15 3	25 2	15 2	25 0	1 2.5	1 8. 3
Inv Ma est nt t me na g em en	3. 3	8. 6	6. 0	1 0. 7	6. 0	1 0. 7	5. 9	1 0. 2
Re i l ta	9. 1	1 1. 9	3. 5	5. 1	3. 5	5. 1	3. 1	4.7
To l As ia ta	25 1. 2	4 2 3. 9	2 4. 8	4 1. 0	2 4.7	4 0. 8	2 1.5	3 3. 2
To l As ia Pa i f ic ta c	1, 9 5 0. 1	4, 15 4. 2	1 9 5. 5	3 6 4.7	1 9 3. 3	3 4 8. 9	1 3 7.7	2 8 0. 1

2Profit/(loss) before tax is before adjusting for the amount attributable to minority interests.

3Profit/(loss) after tax is after adjusting for the profit after tax attributable to minority interests of A\$1.6 million at December 2009 and A\$2.6 million at June 2010.

4The Communities business is now referred to as the Development business and the Public Private Partnerships business is now referred to as the Infrastructure Development business.

5In Australia, the Development business includes the results of the Senior Living business.

6The results of retail development projects have been reclassified from the Retail business to the Development business.

7The results of the remaining Retail business have been reclassified to the Investment Management business.

8Represents the unrealised valuation increases/(decreases) on property investments that are consolidated or accounted for using the equity method in the financial statements.

Au l ia . 1 str a De lop nt 1 ve me Pro j Ma d Co ion 6 t t a nst t ec na g em en n ruc Inv Ma est nt t 7 me na g em en In fra De lop 9 str tur nt uc e ve me
As ia . 1 0 De lop 0 nt 1 ve me Co Pro j t Ma t a d nst t ion 1 0 ec na g em en n ruc Inv Ma 1 1 est nt t me na g em en
Eu 1 3 rop e De lop nt 1 3 ve me Pro j Ma d Co ion 1 4 t t a nst t ec na g em en n ruc Inv Ma est nt t 15 me na g em en In fra De lop 1 8 str tur nt uc e ve me
Am ica 2 0 er s . De lop 2 0 nt ve me Co Pro j t Ma t a d nst t ion 2 0 ec na g em en n ruc Inv Ma 2 1 est nt t me na g em en In fra De lop 2 str tur nt 1 uc e ve me
Ke Po fo l io Me ics by L ine f Bu ine 2 3 rt tr y o s ss De lop 2 3 nt ve me Pro j Ma d Co ion 2 4 t t a nst t ec na g em en n ruc Inv est nt Ma t 25 me na g em en In fra De lop 2 6 str tur nt uc e ve me

Australia

Development – Overview

	Dec ber em 201 0	Jun e 201 0
Nu be f de lop j nt ts m r o ve me p ro ec	3 4	3 2
1 Nu be f re t ire nt i l lag m r o me v es	7 0	7 0
1 Nu be f a d c fac i l it ies m r o g e are	3 2	3 2
2 Ba k log c
Re i de nt ia l – La d u its s n n
Zo d ne 	3 8, 17 0	3 1, 9 6 0
Un d zo ne 	2 2, 3 3 5	27 0 8 0 ,
Su bto l Re i de ia l – La d u its ta nt s n n	6 0, 5 0 5	5 9, 0 4 0
Re i de ia l – Bu i lt- for its nt s m un
Zo d ne 	8, 6 25	6, 6 3 5
Un d zo ne 	1, 0 3 0	5, 9 5 5
Su bto ta l Re i de nt ia l – Bu i lt- for its s m un	9, 6 5 5	1 2, 5 9 0
To ta l Re i de nt ia l Un its s	7 0, 1 6 0	7 1, 6 3 0
3 Co ia l ( / 0 0 0s ) mm erc sq m
Zo d ne 	2, 8 2 0. 4	2, 4 25 .5
Un d zo ne 	1, 0 8 1. 4	1, 0 75 0
To l Co ia l ta mm erc	3, 9 0 1. 8	3, 5 0 0. 5
Re t ire nt V i l lag Un its me e	1, 25 5	1, 3 1 0

1The number of retirement villages and aged care facilities includes owned and managed properties.

2Backlog includes Company-owned, joint venture and managed projects.

3Represents net developable land in relation to master-planned urban communities and net developable floor space for other developments.

Australia

Development – Residential and Commercial Project Listing

			Est ima ted Co letio mp n	Bac klo g Lan d	Bac klo g Bui lt-F orm	Est ima ted Co ial mm erc Bac klo g
Pro jec t	1 Loc atio n	Ow shi Inte t ner p res	2 Da te	3 Un its	3 Un its	4 /00 0s sqm
Zo d Pro j ts ne ec
5 Wo d lan ds o	Q l d	La d m t n an ag em en	2 0 1 3	5 45	9 5
Fo Ga de t res r ns	Q l d	% / La d m 5 0 t n an ag em en	2 0 1 2	1 3 0		2. 4
Va ity La kes rs	Q l d	La d m t n an ag em en	2 0 1 2	15	2 0	2 1.5
Sp ing f ie l d La kes r	Q l d	La d m t n an ag em en	2 0 2 0	5, 7 45	1, 1 1 0	2 0 7. 6
R N A S ho ds wg rou n	Q l d	La d m t n an ag em en	2 0 2 4		8 0 1, 7	0 1 45
Ro ky Sp ing c r s	Q l d	La d m t n an ag em en	2 0 4 2	1 1, 7 3 5	4 2 0	3 7 2. 9
6 Ya b i l ba rra	Q l d	Sta d a is it ion g e cq u	2 0 1 4	5 0 0
B ing Go ara rg e	N S W	La d m t n an ag em en	2 0 2 2	1, 0 3 5		8 9 7.
St Ma Ro Cr ing 5 ry s – p es os s	N S W	La d m t n an ag em en	2 0 15	1, 1 4 0	5 0
St Sp Ma Jo da ing ry s – r n r s	S N W	1 0 0 %	2 0 2 1	2, 4 0 0		1 15 9
St Ma Ot he Pre inc ts s – c ry r	N S W	1 0 0 %	2 0 2 1	1, 2 4 0		1. 4 5 7
Ne lso R i dg ns e	N S W	La d m t n an ag em en	2 0 15	1 45	3 25
Ja kso La d ing c ns n	S N W	% 5 0	2 0 1 2		1 6 0	15 .7
Ro H i l l us e	N S W	5 0 % / La d m t n an ag em en	2 0 1 8	3 15	8 8 5	1 4 8. 5
St Pa ic ks tr	N S W	0 % / La d m 5 t n an ag em en	2 0 1 2		45
Da l ing Wa l k r	S N W	De lop nt t ve me ma na g em en	2 0 1 1			6 4. 0
7 Ba ran g aro o	N S W	Sta d p nts g e ay me	2 0 2 3			4 9 0. 0
Fo de r	A C T	25 %	2 0 1 2	2 9 0	8 0
Sp ing ba k R ise r n	A C T	% 5 0	2 0 15	75 0	2 6 5	3. 2
E dg ate ew r	V ic	1 0 0 %	2 0 1 2		8 0
Su bto ta l zo d ne				25 9 8 5 ,	5, 4 0 5	2, 2 4 6. 0

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

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

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

4Represents net developable land in relation to master-planned urban communities and net developable floor space for other developments.

5Projects managed on behalf of the Lend Lease Communities Fund 1. The Group holds a 20.8% co-investment position in the fund.

6An initial 500 lots of the Yarrabilba project have been approved for early release allowing development applications to be lodged. A further 17,535 lots awaiting planning approval are disclosed as unzoned.

7 The Barangaroo development rights are secured via a series of payments over eight years phased so as to coincide with the proposed development timetable, in addition to a value share arrangement over the life of the project.

Australia

Development – Residential and Commercial Project Listing continued

Pro jec t	1 Loc atio n	Ow shi Inte t ner p res	Est ima ted Co letio mp n 2 Dat e	Bac klo g Lan d 3 Un its	Bac klo g Bui lt-F orm 3 Un its	Est ima ted Co ial mm erc Bac klo g 4 /00 0s sqm
Su bto ta l Zo d Pro j ts ne ec				25 9 8 5 ,	5, 4 0 5	2, 2 4 6. 0
Cr ig ie bu To Ce ntr a rn wn e	V ic	1 0 0 %	2 0 1 3	1 8 0	1 3 5
Pa ke ha Va l ley n m	V ic	La d m t n an ag em en	2 0 1 2	2 9 0		3 9. 3
Ca Sp l ine ing ro r s	V ic	% / 5 0 La d m t n an ag em en	2 0 1 1	1 9 0	1 4 0	1 0. 3
La ima ur r	V ic	1 0 0 %	2 0 1 3	8 1 0	2 0
5 To ler o n	V ic	La d m t n an ag em en	2 0 2 4	0 0 4, 5		6 6. 6 1
V icto ia Ha bo r r ur
Co nve sso 	V ic	5 0 %	2 0 1 3		2 2 0	1. 6
Se ta rra 	V ic	0 % 5	2 0 1 2		1 45	0. 2
Me ha Str Re i l nt t ta rc ee 	V ic	% 1 0 0	2 0 1 1			4. 0
Un itte d co mm 	V ic	La d m t n an ag em en	Va iou r s		1, 9 9 0	1 1 6. 3
Me lto Ea st n	V ic	Sta d a is it ion g e cq u	2 0 17	8 1 0		2 6. 0
B la ke Cr ing s os s	S A	Sta d a is it ion g e cq u	2 0 15	0 2 0 1,	0 1 5	8 5 5.
Ma La ke ws on s	S A	% / 5 0 La d m t n an ag em en	2 0 1 1	3 0	9 0	2 8. 3
Ga ler Ea st w	S A	1 0 0 %	2 0 2 0	2, 4 1 0	2 0	5 6. 0
A l k imo s	W A	La d Ma t n na g em en	2 0 1 8	1, 9 45	3 5 5	0. 0 7
To l zo d ta ne				3 8, 17 0	8, 6 25	2, 8 2 0. 4
Un d Pro j ts zo ne ec
Ya b i l ba rra	Q l d	Sta d a is it ion g e cq u		17 5 3 5 ,		5 8 1. 4
6 Ca l de d rw oo	N S W	La d m t n an ag em en		4, 8 0 0		5 0 0. 0
R ic hm d on	V ic	0 0 % 1			0 5 4
Ar da le ma	V ic	% 5 0			4 9 0
To ta l u d nzo ne				2 2, 3 3 5	1, 0 3 0	1, 0 8 1. 4
To l ta				6 0, 5 0 5	9, 6 5 5	3, 9 0 1. 8

1Locations are Victoria (Vic); South Australia (SA); Western Australia (WA); Queensland (Qld); and New South Wales (NSW).

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

4Represents net developable land in relation to master-planned urban communities and net developable floor space for other developments.

5The Group has been selected as the preferred proponent for Toolern pending finalisation of the development management agreement.

6Subsequent to period end, the concept plan for Calderwood was approved by the NSW Government and the project received zoning approval on 14 January 2011.

Australia

Development - Senior Living Project Listing

			Est ima ted
			letio com p n	Bac klo g
Dev elo ent pm	Ow shi Inte t ner p res	1 Loc atio n	2 dat e	3 Un its
Re ire V i l lag Un its Un de De lop t nt nt me e r ve me
T he Te rra ce s	1 0 0 %	Q l d	2 0 1 1	5
T he La ke s	% 1 0 0	Q l d	2 0 1 2	3 0
Co l Wa ast ter a s	1 0 0 %	N S W	2 0 1 6	2 2 0
C los bo Mo h t et e urn e a rp	1 0 0 %	N S W	2 0 1 6	2 25
Ne lso 's Gr n ov e	% 1 0 0	N S W	2 0 1 4	9 0
Ro h for d P lac c e	1 0 0 %	N S W	2 0 1 3	9 5
Ca ia Ga de es r ns	1 0 0 %	V ic	2 0 1 3	1 0 0
Ev ly R i dg e n e	% 1 0 0	V ic	2 0 1 4	8 5
Wa ter for d Pa k r	1 0 0 %	V ic	2 0 1 2	5 5
Wo d lan ds Pa k o r	1 0 0 %	V ic	2 0 15	15 5
E l l iot Ga de r ns	0 0 % 1	S A	2 0 1 1	5
Gr Tr in ity ee n	% 1 0 0	S A	2 0 1 2	5 0
Pa k lan d E l len bro k r o	1 0 0 %	W A	2 0 1 4	1 25
4 A be le rva	Ma d na g e	V ic	2 0 1 1	5
Ma ha 's Po int rt	% 5 0	V ic	2 0 1 1	1 0
To l re ire i l lag its de de lop ta t nt nt me v e u n un r ve me				1, 25 5

1Locations are Queensland (Qld); New South Wales (NSW); Victoria (Vic); South Australia (SA); and Western Australia (WA).

2Estimated completion date represents the financial year in which the construction is expected to be completed.

3Backlog includes the total number of units in Company-owned and managed villages. The actual number of units for any particular village can vary as planning approvals are obtained.

4Managed on behalf of the Lend Lease Core Plus Fund.

Australia

Development - Senior Living Portfolio Summary

		Ow	ned	ed/ Ma Lea nag	/Ot sed her	Tot	al
Pro jec t	1 Loc atio n	f S Nu mb ites er o	its/ Un Bed s	f S Nu mb ites er o	its/ Un Bed s	f S Nu mb ites er o	2 Un its/ Bed s
Re ire V i l lag Un de Ma t nt me es r na g	t em en
	Q l d	4	7 2 9	1 1	3, 2 8 3	15	4, 0 1 2
	N S W	1 1	1, 7 47	2	6 6 1	1 3	2, 4 0 8
	V ic	1 4	1, 25 7	1 0	1, 4 3 5	2 4	3, 1 6 0
	S A	4	4 2 6			4	4 2 6
	W A	9	1, 4 1 1			9	1, 4 1 1
	N Z	5	9 9 9			5	9 9 9
To l re ire i l lag de ta t nt me es un r m an v	t ag em en	47	7, 0 3 7	2 3	5, 3 7 9	7 0	1 2, 4 1 6

Ag d Ca e re
	Q l d	1	8 9	1	4 9	2	1 3 8
	S N W	1 3	1, 0 8 5			1 3	1, 0 8 5
	V ic	1 4	9 5 9	2	1 2 8	1 6	1, 0 8 7
	S A	1	6 2			1	6 2
To l ag d c ta e are		2 9	2, 1 9 5	3	17 7	3 2	2, 3 2 7

1Locations are Queensland (Qld); New South Wales (NSW); Victoria (Vic); South Australia (SA); Western Australia (WA); and New Zealand (NZ).

2Total units/beds only includes completed retirement village units under management.

Australia

Project Management and Construction - Major Projects¹

			Co ntra ct	Co nst tion ruc Val ue	Co letio mp n
Pro jec t	2 Loc atio n	Clie nt	3 Typ e	A\$ m	Dat e	Sec tor	Des crip tion
Go l d Co Un ive ity Ho ita l ast rs sp	Q l d	Qu lan d De f He lt h art nt ee ns p me o a	G M P	1, 2 6 4	2 0 1 3	He lt hc a are	De ig d c ion f a str t s n a n on uc o ne w ho ita l sp
Ro l C h i l dre 's Ho ita l a n sp y	V ic	C h i l dre 's Ho ita l Pa h ip rtn n sp ers	G M P	1, 0 7 6	2 0 15	He lt hc a are	De ig d c ion f a str t s n a n on uc o ne w h i l dre 's ho ita l in Me l bo c n sp urn e
Bu i l d ing E du ion Re lut ion ( B E R ) t ca vo Hu / Ce l Co d No he nte ntr ast rt r a an rn Sy dn Re ion ey g	N S W	N S W De f Co art nt p me o mm erc e	M C	6 5 1	2 0 1 1	E du ion t ca	De ig d c ion f n str t s n a n on uc o ew fac i l it ies d r fur b is hm ts an e en ac ros s 3 8 0 p ima ho ls r ry sc o
Br is ba Su Co urt ne p rem e	Q l d	Qu lan d Go t ee ns ve rnm en	G M P	1 9 5	2 0 1 2	Go t ve rnm en	De ig d c ion f n str t s n a n on uc o ew Su Co d D istr ict urt bu i l d ing p rem e a n s
Co lt h Ne Bu i l d mm on we a w	C A T	Go Fe de l t ra ve rnm en	C M	5 1 1	2 0 1 2	Go t ve rnm en	De ig d c str t ion f a 4 0, 0 0 0 s n a n on uc o ia l o f f ice bu i l d ing sq m co mm erc
C ha les Sq Re de lop tow nt r n ua re ve me	N S W	T he G P T Gr ou p	G M P	3 8 1	2 0 1 1	Re i l ta	Re de lop f s ho ing nt ntr ve me o p p ce e
L ive l Ho ita l rp oo sp	N S W	N S W Go t ve rnm en	M C	3 0 7	2 0 1 2	He lt hc a are	P ha 1 o f ho ita l re de lop nt se sp ve me
Da l ing Wa l k r	N S W	Le d Le De lop / Sy dn nt n as e ve me ey Ha bo Fo ho Au ho ity t r ur res re r	G M P	3 6 7	2 0 1 1	Co ia l mm erc	De ig d c ion f a str t s n a n on uc o ne w 6 4, 0 0 0s ia l o f f ice q m co mm erc bu i l d ing
Me l bo Ma ket urn e r s	V ic	V icto ian Go t r ve rnm en	G M P	2 9 9	2 0 1 2	Go t ve rnm en	Ne 1 2 0, 0 0 0s ho les le w q m w a ket / d istr i bu ion fac i l ity t ma r
Mu lwa la Am it ion Fa cto mu n ry	N S W	Au l ian De f De fen str art nt a p me o ce	G M P	27 6	2 0 1 2	Go t ve rnm en	Re de lop f p l lan nt t ve me o rop e fac tur ing fac i l ity ma nu
Ca Sc t ho l ic ho ls B E R p o rog ram	S N W	Ca O t ho l ic E du t ion f f ice ca - Arc h d ioc f Sy dn es e o ey	C M	27 0	2 0 1 1	E du t ion ca	Pro j t a d c str t ion ec n on uc f t he B E R p for t o ma na g em en rog ram Ca 1 1 0 t ho l ic s ho ls c o
Ca lan d Ce l S ho ing Ce ntr ntr ne a p p e	Q l d	Au l ian Pr ime Pro Fu d str ert a p n y	G M P	1 4 8	2 0 1 2	Re i l ta	De ig d c ion f a str t s n a n on uc o n ion to t he ist ing ho ing ex p an s ex s p p ntr ce e
Co nve sso	V ic	Le d Le De lop nt n as e ve me	G M P	1 4 4	2 0 1 2	Re i de ia l nt s	De ig d c ion f str t 2 2 0 s n a n on uc o art nts ap me

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

2Locations are Queensland (Qld); Victoria (Vic); New South Wales (NSW); and Australian Capital Territory (ACT).

3Contract types are Guaranteed Maximum Price (GMP); and Managing Contractor (MC).

Australia

Investment Management - Funds Under Management (FUM)¹

		Dec ber em 201 0	Jun e 201 0
Fun d	Fun d T ype	A\$ b	A\$ b
Au l ian Pr im Pro Fu ds str ert a e p n y	Co re	5. 5	5. 2
Le d Le Co P lus Fu d n as e re n	Co P lus re	0. 5	0. 5
Le d Le Co it ies Fu d 1 n as e mm un n	Va lue A d d	0. 2	0. 2
Re l Es Pa h ip Fu ds tat rtn a e ers n	En ha d nc e	0. 4	0. 4
Ma d Inv Ma da est nt tes na g e me n	Co / Va lue A d d re	1. 0	0. 8
To l F U M ta		7. 6	7. 1
1 FU M r th ark alu f re al e nts et v sta te a epr ese e g ros s m e o	nd oth rela ted s in d f und nd inv and set est nt m ate er as m ana ge s a me s.
		Dec ber em	Jun e
		201 0 A\$ b	201 0 A\$ b
F U M he be inn ing f t he f ina ia l p io d at t g o nc er		1 7.	6 5.
A d d it ion s		0. 5	1. 8
Re du ion ct s		( 0. 1 )	( 0. 2 )
Ne lua ion t re t va s		0. 1	( 0. 1 )
F U M he d o f t he f ina ia l p io d at t en nc er		7. 6	7. 1

Investment Management - Investments

	Reg ion	Len d L eas e Inte t res %	1 Ma rke t Va lue Dec ber 20 10 em A\$ m	1 Ma rke t Va lue Jun e 2 010 A\$ m
Pa ke ha P lac n m e	Au l ia str a	25 0	1 0. 8	1 0. 7
Cr ig ie bu a rn	Au l ia str a	25 0	1 0. 9	1 0. 0
Au str l ian Pr im Pro ert Fu ds a e p y n	Au str l ia a	2 Va iou r s	47 4	4 6. 9
Re l Es Pa h ip Fu ds tat rtn a e ers n	Au l ia str a	2 Va iou r s	5 5. 8	5 6. 1
Le d Le Co P lus Fu d n as e re n	Au l ia str a	1 0. 9	4 3. 5	4 3. 5
Le d Le Co it ies Fu d 1 n as e mm un n	Au l ia str a	2 0. 8	1 1. 2	1 1. 8
3 Ne Ze lan d Re i l Po fo l io ta rt w a	Ne Ze lan d w a	1 0 0. 0	1 4 6. 4	1 4 9. 0
To ta l Inv est nts me			3 2 6. 0	3 2 8. 0

1Market value represents the Group's assessment of the value of the underlying assets.

2The Group holds varying proportional interests in the Australian Prime Property Funds (APPF) and Real Estate Partnership Funds (REP).

3The New Zealand Retail Portfolio is held as inventory and carried at cost. The movement from prior period relates to the negative impact of foreign exchange movements.

Australia

Investment Management - Assets Under Management

		GL A	2 Ma rke t Va lue Dec ber em	2 Ma rke t Va lue
Sho Ce ing ntre pp s	Ma ed Beh alf of nag on	1 /00 0s sqm	201 0 A\$ m	Jun e 2 010 A\$ m
Ca irn Ce l, Q l d ntr s a	A P P F Re i l / Ot he Jo int Ow ta r ne rs	5 2. 8
Ca lan d Ce l, Q l d ntr ne a	A P P F Re i l ta	3 9. 3
Su h ine P laz Q l d ns a,	A P P F Re i l / Ot he Jo int Ow ta r ne rs	7 3. 3
Er ina Fa ir, N S W	A P P F Re i l / Ot he Jo int Ow ta r ne rs	1 1 2. 3
Ma hu Sq N S W rt ca r ua re,	A P P F Re i l / Ot he Jo int Ow ta r ne rs	9 3. 5
M i d C ity ( i l ), N S W ret a	A P P F Re i l / Ot he Jo int Ow ta r ne rs	9. 1
Gr bo h P laz V ic ee ns rou g a,	A P P F Re ta i l	5 8. 2
Ca l ine Sp ing Sq V ic ro r s ua re,	A P P F Re i l / Le d Le Co P lus Fu d ta n as e re n	2 1. 0	4, 7 1 3. 6	5, 3 4 3. 3
Pa ke ha P lac V ic n m e,	A P P F Re i l / Le d Le Co ion ta t n as e rp ora	15 8
La ke i de Jo da lup W A s on ,	/ Ot Ow A P P F Re ta i l he Jo int r ne rs	7 1. 1
Me i Ma ket lac N S W na r p e,	R E P 3	1 6. 8
Se lem C ity, N S W tt t en	R E P 3	1 9. 2
So h lan ds Bo lev de W A ut u ar ,	R E P 3	2 0. 9
S C Ar da le ho ing ity, W A ma p p	R E P 3	3 1. 0
Stu d Pa k, V ic r	Ot he Ow r ne r	2 6. 8
To l ta		6 6 1. 1	4, 7 1 3. 6	3 5, 3 4 3. 3

1GLA represents the gross lettable area of the centres.

2Market value represents the Group's assessment of the value of the underlying assets.

3Market value at June 2010 included the Indooroopilly retail centre which is no longer managed by the Group.

4The potential gross estimated development cost on the Australia portfolio is approximately A\$1.2 billion with an estimated GLA of 185,000sqm.

Australia

Infrastructure Development

Pro jec t	Loc atio n	Sta tus	Act ual/ Exp ed ect Fin ial C los anc e Dat e	Op tion al era Te rm Ye ars	Est ima ted Co nst tion ruc 1 Val ue A\$ m	Per tag f cen e o Co tion nst ruc Co lete mp %	Fac ilitie s Ma ent nag em Rev enu e Bac klo g A\$ m	Inve d ste Equ ity A\$ m	Co itte d mm 2 Equ ity A\$ m
E du ion t ca
So h Au l ian Ne Sc ho ls ut str a w o	A de la i de	Un de ion str t r c on uc	Ju l– 0 9	3 0	2 15	8 7		3. 1 4
To l ta					2 15		-	1 3. 4	-

1Represents total construction value over the contract duration.

2Committed equity refers to equity contributions the Group has a future commitment to invest.

Asia

Development – Project Listing

				Est ima ted Co ial / Re tail mm erc
Pro jec t	Loc atio n	Ow shi Inte t ner p res	Est ima ted Co letio mp n Da te	Bac klo g /00 0s sqm
Ju Ga tew ron g ay	S ing ap ore	25 % D ire 6 % In d irec ct, 7. t	2 0 1 4	9. 0 7
Se C t ia ity Ma l l	Ma lay ia s	% 5. 1 In d irec t	2 0 1 2	6 5. 0
To l ta				1 4 4. 0

Project Management and Construction - Major Projects¹

Pro jec t	Loc atio n	Clie nt	Co ntra ct 2 Typ e	Co nst tion ruc Val ue A\$ m	Co letio mp n Dat e	Sec tor	Des crip tion
Sta for d Am ica Int ion l at m er n ern a Sc ho l o	S ing ap ore	Sta for d Am ica Int ion l at m er n ern a Sc ho l o	G M P	8 8	2 0 2 1	E du ion t ca	De ig d c ion f n str t s n a n on uc o ew int at ion l sc ho l ern a o
Me k Ne Ma fac ing Ba tur rc w nu se	C h ina	Me k S ha & Do hm rc rp e	E P C M	Co f i de ia l nt n	2 0 2 1	In du ia l str	Gr f ie l d p ha ica l p kag ing t ee n rm ac eu ac fac i l ity d in fra str tur an uc e
Se ia C ity Ma l l t	Ma lay ia s	Gr h i l l Re ee n so urc es	C M	2 0 1	2 0 2 1	Re i l ta	Co ion f 6 0 0 0s i l nst t 5, ret ruc o q m a ho ing ntr s p p ce e
K L Ec C ity o	Ma lay ia s	K L Ec C ity o ( bs i d iary f S P Se ia B h d ) t su o	P M	Co f i de ia l nt n	2 0 2 0	M ixe d-u se	Pro j f m ixe d-u t m t o ec an ag em en se de lop it h t ina l nt, ort te ve me ran sp rm w
Lo B io log ics Ex ion P ha 4 nza p an s se d Ce l l T he Pro j t an rap ec y	S ing ap ore	S Lo B io log ics ing nza ap ore	C E P M	2 4 3	2 0 1 1	P ha t ica l rm ac eu	Pro j t a d c str t ion ec n on uc for Lo Ce l l T he t ma na g em en nza rap y Ma fac ing Su ites tur nu
Co ing Ta ic hu P ha 5 rn ng se	Ta iwa n	Co ing D isp lay Te hn log ies rn c o Ta iwa Co Lt d. n, .,	C M	Co f i de ia l nt n	2 0 1 2	In du ia l str	L C D g las fac ing fac i l ity tur s m an u

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

2Contract types are Guaranteed Maximum Price (GMP); Engineering, Procurement and Construction Management (EPCM); Construction Management (CM); and Project Management (PM).

Asia

Investment Management - Funds Under Management (FUM)¹

		Dec ber em	Jun e	Dec ber em	Jun e
		201 0	201 0	201 0	201 0
Fun d	Fun d T ype	S\$ b	S\$ b	A\$ b	A\$ b
Co As ia Pa i f ic Inv est nt No 2 L im ite d c me mp an y	Co P lus re	1. 2	1. 1	0. 9	0. 9
Le d Le As ian Re i l Inv Fu d ta est nt n as e me n	Co / Va lue A d d re	1. 4	0. 9	1. 1	0. 7
To l F U M ta		2. 6	2. 0	2. 0	1. 6

1FUM represents the gross market value of real estate and other related assets managed on behalf of investors.

	Dec ber em 201 0 S\$ b	Jun e 201 0 S\$ b	Dec ber em 201 0 A\$ b	Jun e 201 0 A\$ b
F U M he be inn ing f t he f ina ia l p io d at t g o nc er	2. 0	1.7	1. 6	1. 4
1 Fo ig ha t re n e xc ng e m ov em en			( 0. ) 1	( 0. ) 1
A d d it ion s	0. 6		0. 5
Re du ct ion s
Ne t re lua t ion va s		0. 3		0. 3
F U M he d o f t he f ina ia l p io d at t en nc er	2. 6	2. 0	2. 0	1. 6

1Foreign exchange movement arising from translating opening FUM in local currency between June 2010 and December 2010.

Asia

Investment Management - Investments

	Len d L eas e Inte t res %	1 Ma rke t Va lue Dec ber em 201 0 S\$ m	1 Ma rke t Va lue Jun e 201 0 S\$ m	1 Ma rke t Va lue Dec ber em 201 0 A\$ m	1 Ma rke t Va lue Jun e 201 0 A\$ m
Po Mo	25 0	1 0. 0	9. 2	7. 8	7.5
As ia Pa i f ic Inv Co No 2 L im ite d est nt c me mp an y	2 1. 1	2. 3 15	3. 1 4 4	9. 0 1 1	6. 6 1 1
@s 2 3 1 3 et om ers	25 0	1 2 4. 2	1 2 0. 9	9 7. 0	9 8. 3
4 Ju Ga tew ron g ay	25 0	6 9. 6		5 4. 4
Le d Le As ian Re i l Inv Fu d ta est nt n as e me n
2 A R I F So 1 t me rse -	1 0. 1	3 5. 7	3 4.7	27 9	2 8. 2
3 Se A R I F 2 ia t -	1 0. 1	1. 3	0. 9	1. 0	0. 7
4 A R I F 3 Ju Ga tew ron g ay -	1 0. 1	2 1. 2	2. 2	1 6. 6	1. 8
To l Inv ta est nts me		4 1 4. 3	3 1 1. 3	3 2 3. 7	25 3. 1

1Market value represents the Group's assessment of the value of the underlying assets.

2The Group owns 25% of the 313@somerset retail centre directly, with the remaining 75% held by ARIF 1, in which the Group holds a 10.1% interest.

3The Group owns 10.1% of ARIF 2, which holds a 50% in the Setia City Mall development.

4The Group owns 25% of the Jurong Gateway site in Singapore, with the remaining 75% held by ARIF 3, in which the Group holds a 10.1% interest.

Investment Management - Assets Under Management

Sho ing Ce ntre pp s	Ma ed Beh alf of nag on	1 GL A /00 0s sqm	2 Ma rke t Va lue Dec ber 20 10 em S\$ m	2 Ma rke t Va lue Jun e 201 0 S\$ m	2 Ma rke t Va lue Dec ber em 201 0 A\$ m	2 Ma rke t Va lue Jun e 201 0 A\$ m
Pa kw Pa de S ing r ay ra ap ore ,	As ia Pa i f ic Inv Co No L im ite d est nt 2 c me mp an y	5 2.5	9 7 4. 2	9 3 1. 0	7 6 1. 1	75 6. 9
@s S 3 1 3 et, ing om ers ap ore	/ Co A R I F Le d Le t ion n as e rp ora	27 1	1, 15 0. 0	1, 15 0. 0	8 9 8. 4	9 3 5. 0
Po Mo S ing ap ore ,	Le d Le Co ion / Ot he Jo int Ow t n as e rp ora r ne rs	1 6. 9	15 8. 0	15 8. 0	1 2 3. 4	1 2 8. 4
To l ta		9 6. 5	2, 2 8 2. 2	2, 2 3 9. 0	1, 7 8 2. 9	1, 8 2 0. 3

1GLA represents the gross lettable area of the centres.

2Market value represents the Group's assessment of the value of the underlying assets.

3The potential gross estimated development cost on the Asia portfolio is approximately A\$1.0 billion with an estimated additional GLA of 108,168sqm.

Europe

Development – Project Listing

Pro jec t Zo d Pro j ts ne ec	Loc atio n	Ow shi Inte t ner p res	Est ima ted Co letio mp n 1 Da te	Bac klo g Lan d 2 Un its	Bac klo g Bui lt-F orm 2 Un its	Est ima ted Co ial mm erc Ba ckl og /00 0s sqm
Cr by Pro j ts os ec	U K	Va iou r s	Va iou r s		2, 1 1 3	1 1. 1
Gr ic h Pe ins la ee nw n u	U K	5 1 %	2 0 3 0	5, 0 0 0	5, 0 0 0	3 45 4
Str for d C ity Bu ine D istr ict at s ss	U K	1 0 0 %	2 0 2 6		3 0 0	3 8 2. 0
To l zo d ta ne				5, 0 0 0	7, 4 1 3	7 3 8. 5
Un d Pro j ts zo ne ec
Cr by Pro j ts os ec	U K	% 1 0 0	Va iou r s		25 7
E lep ha d Ca le nt st an	U K	1 0 0 %	2 0 25		2, 5 2 6	3 9. 3
To l u d ta nzo ne				–	2, 7 8 3	3 9. 3
3 To l De lop ta nt ve me				0 0 0 5,	1 0, 1 9 6	8 77 7.

1Estimated completion date for apartments represents the financial year in which the project construction is expected to be completed.

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

3 Projects in the UK include Crosby developments, Stratford Athletes Village, Stratford City Business District, Greenwich Peninsula and Elephant and Castle. Stratford Athletes Village is progressing on a fee based arrangement and therefore is excluded from the backlog metrics.

Europe

Project Management and Construction - Major Projects¹

				Co nst tion ruc
			Co ntra ct 2	Val ue 3	Co letio mp n
Pro jec t	Loc atio n	Clie nt	Typ e	£m	Dat e	Sec tor	Des crip tion
B P Re ta i l	Pa Eu n- rop e	B P	P M	9 2 1	2 0 1 4	Re ta i l	Re l o f t he fra k ne wa me wo r int in B P s ice nt to ag ree me ma a erv ion Eu sta t s a cro ss rop e
At h lete ' V i l lag s e	Lo do n n	Le d Le De lop nt n as e ve me	C M	6 8 6	2 0 1 2	Re i de ia l nt s	M ixe d de lop At h lete ' nt. ve me s V i l lag for O ly ics he 2 0 1 2 t e mp n , ion O ly ics t- co nve rs p os mp
Pe l Me d ia C ity e	Ma he ste nc r	T he Pe l Gr e ou p	M C	2 0 5	2 0 1 1	Co ia l mm erc	M ixe d-u de lop ist ing nt se ve me co ns f c ia l o f f ice d ios stu o om me rc s, , i de ia l an d r i l bu i l d ing nt eta res s
M O D S L A M P ha 2 se –	U K	De fen Es tat ce es	G M P	4 2 8	2 0 1 3	Go t ve rnm en	Ne d u de d s ing le l iv ing an p g ra w da t ion for t he i l ita ac co mm o m ry
Ma he ste Jo int Ho ita l nc r sp	Ma he ste nc r	Ca ta ly st He lt hc a are	S L	4 0 6	2 0 1 1	He lt hc a are	Ne ho ita l an d r fur b is hm t o f w sp e en ist ing ho ita l s ite ex sp
So h We Pr im Co ut st ntr t e ac	So h We ut st En lan d g	De fen Es tat ce es	G M P	2 9 4	2 0 1 2	Go t ve rnm en	Pro is ion f e sta te t o ma na g em en v ice d p j t m t se rv s a n ro ec an ag em en f c ita l co ion nst t o ap ruc p rog ram
On Ne C ha e w ng e	Lo do n n	La d Se it ies Gr lc n cu r ou p p	C M	25 2	2 0 1 1	Co ial mm erc	Ne i l an d c ia l ret w a om me rc ion nst t co ruc
B B C Bro dc ing Ho P ha 2 ast a us e se	Lo do n n	La d Se it ies Gr lc n cu r ou p p	L S	2 6 4	2 0 1 1	Co ica tio mm un ns	De l it ion d r ion f str t mo an ec on uc o B B C he dq rte a ua rs
Re t 's P lac No rt h Ea st g en e – Qu dra nt a	Lo do n n	Br it is h La d p lc n	C M	1 6 0	2 0 1 3	Mix ed -us e	Co nst t ion f 5 0, 0 0 0s f ruc o q m o f f ice i l an d r i de ia l ta nt o , re es bu i l d ing s
Sc is h Na ion l Are ott t a na	G las g ow	Sc is h Ex h i b it ion Ce Lt d ott ntr e	L S	3 7	2 0 1 3	Co ia l mm erc	Co ion f e h i b it ion d nst t ruc o an x fer ntr co n en ce ce e

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

2Contract types are Project Management (PM); Construction Management (CM); Managing Contractor (MC); Guaranteed Maximum Price (GMP); and Lump Sum (LS).

3Construction value in PM assignments is the gross construction value and may not correlate to revenue recorded on the project.

Europe

Investment Management - Funds Under Management (FUM)¹

		Dec ber em	Jun e	Dec ber em	Jun e
		201 0	201 0	201 0	201 0
Fun d	Fun d T ype	£b	£b	A\$ b	A\$ b
Le d Le Re i l Pa h ip ta rtn n as e ers	Co re	0. 6	0. 6	0. 9	1. 1
2 Le d Le Ov Pa h ip ate rtn n as e erg ers	Co re		0. 1		0. 2
3 Le d Le U K In fra Fu d str tur n as e uc e n	Co re	0. 1		0. 1
C he lms for d Me do L im ite d Pa h ip rtn a ws ers	Va lue A d d	0. 1	0. 1	0. 1	0. 1
To l F U M ta		0. 8	0. 8	1. 1	1. 4

1FUM represents the gross market value of real estate and other related assets managed on behalf of investors.

2During the period, the Group sold its 30.7% interest in the Lend Lease Overgate Partnership.

3During the period, the Lend Lease UK Infrastructure Fund was launched. The Group holds a 10% co-investment in the Fund.

	Dec ber em 201 0 £b	Jun e 201 0 £b	Dec ber em 201 0 A\$ b	Jun e 201 0 A\$ b
F U M he be inn ing f t he f ina ia l p io d at t g o nc er	0. 8	0. 7	1. 4	1. 4
1 Fo ig ha t re n e xc ng e m ov em en			( ) 0. 2	( ) 0. 2
A d d it ion s	0. 1		0. 1
Re du ion ct s	( 0. ) 1		( 0. 2 )
Ne t re lua t ion va s		0. 1		0. 2
F U M he d o f t he f ina ia l p io d at t en nc er	0. 8	0. 8	1. 1	1. 4

1Foreign exchange movement arising from translating opening FUM in local currency between June 2010 and December 2010.

Europe

Investment Management - Investments

	Len d L eas e Inte t res %	1 Ma rke t Va lue Dec ber 20 10 em £m	1 Ma rke t Va lue Jun e 2 010 £m	1 Ma rke t Va lue Dec ber 20 10 em A\$ m	1 Ma rke t Va lue Jun e 2 010 A\$ m
2 B lue ter wa	3 0. 0	4 4 4. 1	4 3 2. 0	6 8 3. 3	1. 4 77
3 Wa ing Re i l L im ite d Pa h ip ton ta rtn rr ers	5 0. 0
C 4 he lms for d Me do Un it Tru st a ws	75 0	4 2. 1	4 2. 1	6 4. 8	75 1
5 C lar Do k en ce c	1 0 0. 0	1. 9	2. 6	2. 9	4.7
Le d Le Re i l Pa h ip ta rtn n as e ers	4. 1	25 4	2 3. 4	3 9. 0	8 4 1.
5 Ov Le d Le ate Pa rtn h ip n as e erg ers			3 8. 3		6 8. 4
Le d Le U K In fra Fu d ( he U K I F ) str tur t n as e uc e n	1 0. 0	6. 0		9. 2
Le d Le G lo ba l Pro ies S I C A F ert n as e p ,	2 4. 8	0. 2	1. 1	0. 4	1. 9
Co Ste S C he & I A V n ers ,	7.7	5. 7	4. 9	8. 8	8. 8
To l ta		5 25 4	5 4 4. 4	8 0 8. 4	9 7 2. 1

1Market value represents the Group's assessment of the value of the underlying assets.

2 The market value at 31st December 2010 of 100% of Bluewater was £1,480.4 million (A\$2,277.5 million). Bluewater is treated as inventory in the financial statements and is therefore reflected at cost, which at 31 December 2010 was A\$389.4 million.

3The market value of the Warrington Retail Limited Partnership net assets was below zero at 31 December 2010 and, as a result, the Group's investment has been written down to nil.

4 The Chelmsford Meadows Unit Trust is consolidated in the financial statements, with 100% of the underlying property asset being recognised as an investment property at a value of A\$86.4 million versus the 75% interest shown here.

5During the period, the Group sold its 30.7% interest in the Lend Lease Overgate Partnership.

Europe

Investment Management - Assets Under Management

Sho ing Ce ntre pp s	Ma ed Beh alf of nag on	1 GL A /00 0s sqm	2 Ma rke t Va lue Dec ber 20 10 em £m	2 Ma rke t Va lue Jun e 2 010 £m	2 Ma rke t Va lue Dec ber 20 10 em A\$ m	2 Ma rke t Va lue Jun e 2 010 A\$ m
B lue ter Ke nt wa ,	/ Co Le d Le Re ta i l Pa rtn h ip Le d Le t ion n as e ers n as e rp ora	15 8. 5	1, 4 8 0. 4	1, 4 4 0. 0	2, 27 7.5	2, 5 7 1. 4
3 Ov Du de ate erg n e ,	Le d Le Ov Pa h ip ate rtn n as e erg ers			1 25 9		2 2 4. 8
To hw d, So l i hu l l uc oo	Le d Le Re i l Pa h ip ta rtn n as e ers	6 0. 4	2 3 6. 6	2 2 6. 7	3 6 4. 0	4 0 4. 8
Go Sq l de Wa ing ton n ua re, rr	Wa ing ton Re ta i l Un it Tru st rr	6 8. 9	1 3 2. 9	1 3 2.7	2 0 4.5	2 3 7. 0
C lar Do k, Le ds en ce c e	Se Le d Le Re l Es Inv ice tat est nt n as e a e me rv s	9. 3	1. 9	2. 6	2. 9	4.7
T he Me do C he lms for d a ws ,	C he lms for d Me do Un it Tru st a ws	1 4.5	5 6. 2	5 6. 1	8 6. 4	1 0 0. 1
4 To l ta		3 1 1. 6	1, 9 0 8. 0	1, 9 8 4. 0	2, 9 3 5. 3	3, 5 4 2. 8

1GLA represents the gross lettable area of the centres.

2Market value represents the Group's assessment of the value of the underlying assets.

3During the period, the Group sold its 30.7% interest in the Lend Lease Overgate Partnership.

4The potential gross estimated development cost on the UK portfolio is approximately A\$0.9 billion with an estimated additional GLA of 145,000sqm.

Europe

Infrastructure Development – Project Listing

			Act ual/ Exp ed ect Fin ial	Op tion al era Te	Est ima ted Co tion nst ruc 1 Val ue	Per f tag cen e o Co nst tion ruc Co lete	Fac ilitie s Ma ent nag em Rev enu e 2 Bac klo	Inve d ste	Co itte d mm 3 Equ ity
Pro jec t	Loc atio n	Sta tus	anc Clo Dat se e	rm Yea rs	£m	mp %	g £m	Equ ity £m	£m
He lt hc a are
4 Ca l de da le Ho ita l r sp	U K	Op ion l t era a	Ju l– 9 8	3 3	8 7	1 0 0	4 2
4 Wo Ho ita l ste rce sp r	U K	Op ion l t era a	Ma 9 9 r–	3 3	8 2	1 0 0	5 5
4 He ha Ho ita l – P ha d 1 a 2 x m sp se s n	U K	Op ion l t era a	Ap 0 1 r–	3 2	2 9	1 0 0	1 4
4 Bu ley Ho ita l rn sp	U K	Op t ion l era a	Oc t– 0 3	3 0	27	1 0 0	15
4 Le ds Ho ita l e sp	U K	Op ion l t era a	Oc 0 4 t–	3 3	17 5	1 0 0	4 1
4 He ha Ho ita l – P ha 3 x m sp se	U K	Op ion l t era a	Ju l– 0 6	27	2 4	0 0 1	2
Ma he ste Ho ita l nc r sp	U K	Op t ion l era a	De 0 4 c–	3 8	3 9 3	1 0 0	3 7	1 1. 3
Ma j da ho da Ho ita l a n sp	Sp in a	Op ion l t era a	Ap 0 5 r–	3 0	1 8 7	1 0 0	5	6. 9
Bre ia 2 sc	Ita ly	Un de Co ion nst t r ruc	De 1 0 c–	3 3	9 2	1	15 4	0. 5	3. 0
Su bto l ta					1, 0 9 6		3 6 5	1 8. 7	3. 0

1Represents total construction value over the contract duration.

2Facilities management revenue backlog disclosed is for a maximum of 10 years, although Public Private Partnership (PPP) contracts typically operate for a period of up to 40 years.

3Committed equity refers to equity and loan stock contributions that the Group has a future commitment to invest.

4The Group sold its equity interest in these assets to the UKIF during the period. The Group has a 10% interest in the UKIF.

Europe

Infrastructure Development – Project Listing continued

Pro jec t	Loc atio n	Sta tus	Act ual/ Exp ed ect ial C Fin los anc e Dat e	Op tion al era Te rm Ye ars	Est ima ted Co tion nst ruc 1 Val ue £m	Per f tag cen e o Co nst tion ruc Co lete mp %	Fac ilitie s Ma ent nag em Rev enu e 2 Bac klo g £m	Inve d ste Equ ity £m	Co itte d mm 3 Equ ity £m
Su bto ta l He lt hc Pro j ts a are ec					1, 0 9 6		3 6 5	1 8. 7	3. 0
E du ion t ca
4 Ne le Sc ho ls ast wc o	U K	Op ion l t era a	Ma 0 2 r–	27	0 5	1 0 0	17
3 L inc ln Sc ho ls o o	U K	Op ion l t era a	Se 0 1 p–	3 1	2 0	1 0 0	1 0
4 Sc L i l ian Ba l is ho l y o	U K	Op t ion l era a	Fe b– 0 3	27	1 3	1 0 0	7
4 La h ire Sc ho ls P ha 1 nc as o se	U K	Op ion l t era a	De 0 6 c–	25	8 1	1 0 0	2 4
4 La h ire Sc ho ls P ha 2 nc as o se	U K	Op ion l t era a	De 0 7 c–	25	3 4	0 0 1	8
4 Sc La h ire ho ls P ha 2 A nc as o se	U K	Un de str t ion r c on uc	Ju l– 0 8	25	5 9	1 0 0	1 3
La h ire Sc ho ls P ha 3 nc as o se	U K	Un de ion str t r c on uc	Ju 0 9 n–	25	6 9	9 5	1 3	1. 8
4 Co k Ma it im Co l leg r r e e	Ire lan d	Op ion l t era a	Fe b– 0 3	27	3 0	1 0 0	1 0
B irm ing ha B S F P ha 1 m se	U K	Un de ion str t r c on uc	Au 0 9 g–	25	6 9	7 6	2 4	4. 9
Ac da ion t co mm o
4 Tre 1 as ury	U K	Op ion l t era a	Ma 0 0 y–	3 7	1 1 4	1 0 0	3 7
4 Tre 2 as ury	U K	Op ion l t era a	Ja 0 3 n–	3 5	1 4 8	1 0 0	4 6
S he f f ie l d Un ive ity rs	U K	Op t ion l era a	Ma 0 6 y–	4 0	1 6 9	1 0 0	2 9	8. 4
Wa ste
La h ire Wa ste nc as	U K	Un de ion str t r c on uc	Ma 0 7 r–	25	25 2	9 9		17 1	2 6. 6
So ut h Ty d We Wa ste ne an ar	U K	Pre fer d b i d de re r	Ma 1 1 r-	25	17 6
To l ta					2, 3 8 0		6 0 3	5 0. 9	2 9. 6

1Represents total construction value over the contract duration.

2Facilities management revenue backlog disclosed is for a maximum of 10 years, although PPP contracts typically operate for a period of up to 40 years.

3Committed equity refers to equity and loan stock contributions that the Group has a future commitment to invest.

4The Group sold its equity interest in these assets to the UKIF during the period. The Group has a 10% interest in the UKIF.

Americas

Development – Project Listing

To l De lop ta nt ve me				3, 8 6 0	-	3 7 1. 4
Ho izo Up tow r n n	Co lor do a	1 0 0 %	2 0 2 9	3, 8 6 0		3 1. 4 7
Pro jec t	Loc atio n	Ow shi Inte t ner p res	Est ima ted Co letio mp n 1 Da te	Bac klo g Lan d 2 Un its	Bac klo g Bui lt-F orm 2 Un its	Est ima ted Co ial mm erc Ba ckl og /00 0s sqm

1Estimated completion date for master-planned communities represents the estimated financial year the last unit will be settled.

2The actual number of units for any particular project can vary as planning applications are obtained.

Project Management and Construction - Major Projects¹

			Co ntra ct	Co tion nst ruc Val	Co
Pro jec t	Loc atio n	Clie nt	2 Typ e	ue \$m US	letio mp n Dat e	Sec tor	Des crip tion
Na ion l Se Me ia l / t t. 1 1 a p mo r Fo da ion / Po Au ho ity t rt t un r	Ne Yo k w r	Na ion l Se Me ia l an d t t. 1 1 a p mo r Mu he Wo l d Tra de Ce at t ntr se um r e	C M	6 8 3	2 0 1 1	Ot he r	Me ia l an d m mo r us eu m
R ive i de So h Bu i l d ing ut rs	Ne Yo k w r	Ex l l De lop Co te nt ve me	G M P	27 0	2 0 1 1	Re i de ia l nt s	3 8 s i de ia l to it h 2 8 6 tor nt ey res we r w do in ium co n m s
S Sc Mo ina i ho l o f Me d ic ine t un o	Ne Yo k w r	S S Mo ina i Ho ita l & Mo ina i t t un sp un Sc ho l o f Me d ic ine o	C M	2 6 4	2 0 1 2	He lt hc a are	/c 4 3, 0 0 0s h l in ica l fac i l ity q m res ea rc
No h S ho Lo Is lan d Je is h rt re ng w – Wo 's Be d To Ho ita l me n we r sp	Ne Yo k w r	No h S ho Lo Is lan d Je is h rt re ng w – Sy He lt h ste a m	G M P	9 0 1	2 0 1 1	He lt hc a are	2 9, 0 0 0s 's ho ita l q m wo me n sp
U N C Be l l To De lop nt we ve me r	No h Ca l ina rt ro	Un ive ity f No h Ca l ina rt rs o ro	G M P	17 1	2 0 1 2	E du ion t ca	2 2, 8 0 0s Sc ien La b, it h q m ce w k ing p ar g ara g e
On Mu Pa k We st e se um r	I l l ino is	Co En ter ise ies p r mp an	G M P	1 6 8	2 0 1 1	Re i de nt ia l s	5 3 s tor lux h ig h-r ise i de nt ia l ey ury re s bu i l d ing
Mu f A fr ica Art se um o n	Ne Yo k r w	Br ic km an	G M P	1 3 8	2 0 1 1	Ot he r	Mu it h a d d it ion l re i de ia l nt se um a s w lem t e en
Fra k l in Sq n ua re	Ma lan d ry	Me d Sta He lt h r a	G M P	1 3 8	2 0 1 1	He lt hc a are	Re de lop f e ist ing ho ita l nt ve me o x sp
Wa lto he Pa k So h n t ut n o r	I l l ino is	T he En ise Co ies ter p r mp an	G M P	1 1 2	2 0 1 1	Re i de ia l nt s	3 3 s do in ium bu i l d ing tor ey co n m
C C S F C h ina tow n	Ca l i for ia n	C ity Co l leg f Sa Fra isc e o n nc o	G M P	1 0 3	2 0 1 2	E du ion t ca	1 8, 0 0s las bu i l d ing 5 q m c sro om
A dm ira l at he La ke t	I l l ino is	T he A dm ira l at he La ke t	G M P	1 0 1	2 0 1 3	Se ior L iv ing n	3 2 s inu ing ire tor nt ret nt ey co ca re me ity co mm un

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

2Contract types are Construction Management (CM); and Guaranteed Maximum Price (GMP).

Americas continued

Investment Management - Investments

	Len d L eas e Inte t res %	1 Ma rke t Va lue Dec ber 20 10 em \$m US	1 Ma rke t Va lue Jun e 2 010 \$m US	1 Ma rke t Va lue Dec ber 20 10 em A\$ m	1 Ma rke t Va lue Jun e 2 010 A\$ m
K ing f Pru ia o ss	5 0. 0	3 5 4. 8	3 4 8. 5	3 5 4. 8	4 1 0. 0
To l ta		3 8 5 4.	3 8. 4 5	3 8 5 4.	0. 0 4 1

1Market value is based on independent valuations and is net of project-specific debt.

Infrastructure Development – Military Housing – Project Listing

Pro jec t	Loc atio n	Ser vice	Sta tus	Act ual/ Exp ed ect Fin ial anc Clo se Dat e	Est ima ted Ca ital p 1 Sp end \$m US	Per tag cen e of Co tion nst ruc Co lete d mp %	Inve d ste Equ ity \$m US	Co itte d mm 2 Equ ity \$m US	Un its Und er Ma ent nag em
3 Fo Ho d rt o	Te xa s	Ar my	Op ion l t era a	Oc 0 1 t–	2 2 0	1 0 0	6. 0		6, 2 0 0
Co Tr i- d mm an	So Ca ut h l ina ro	Co Ma ine r rp s	Op t ion l era a	Fe b– 0 3	1 4 0	1 0 0	3. 3		1, 7 0 0
Fo Ca be l l rt mp	Ke ky ntu c	Ar my	Op ion l t era a	De 0 3 c–	2 0 0	1 0 0		6. 0	4, 25 0
H ic ka m	Ha i i wa	A ir Fo rce	Op ion l t era a	Fe b– 0 5	2 4 9	9 8	1 6. 5		1, 4 0 0
Ar R C I my	Ha i i wa	Ar my	Op ion l t era a	Ap 0 5 r–	2, 0 1 1	6 1	8. 0		7, 8 0 0
Fo Dru rt m	Ne Yo k w r	Ar my	Op ion l t era a	Ma 0 5 y–	2 25	1 0 0		5. 0	3, 1 0 0
Ca Le j mp eu ne	No h Ca l ina / rt ro Ne Yo k w r	Ma ine Co rp s r	Op ion l t era a	Oc 0 t– 5	3 9 5	9 7	7.5		3, 3 0 0
Ca Le j P ha 2 mp eu ne se	No h Ca l ina / rt ro Ne Yo k w r	Ma ine Co r rp s	Op ion l t era a	No 0 6 v–	1 2 8	5 7	2.5		1, 0 5 0
Fo Kn rt ox	Ke ky ntu c	Ar my	Op ion l t era a	Fe b– 0 7	2 1 2	5 5		3. 0	2, 5 5 0
Fo Ca be l l A d d it ion l Sc ing rt mp a or	Ke ky ntu c	Ar my	Op ion l t era a	Ma 0 7 y–	9 5	9 1			2 0 0
Sta Fo rt Ho d 2 o g e	Te xa s	Ar my	Op t ion l era a	Ma 0 7 y–	7 6	1 0 0			2 0 0
A ir Co ba Co d t m mm an Gr I I ou p	Ar izo / na Ne Me ico w x	A ir Fo rce	Op ion l t era a	Ju l– 0 7	2 2 3	9 4	1 1. 0		1, 8 5 0
Fo Dru Un ie d rt m ac co mp an O f f ice Qu art r ers	Ne Yo k w r	Ar my	Op ion l t era a	Ju l– 0 7	2 0	1 0 0			2 0 0
Su bto l ta					8 4, 15		8 5 4.	0 1 4.	3 3, 8 0 0

1Changes in estimated capital spend are due to adjustments made to contract values during the life of the development period.

2Committed equity represents future contributions that the Group has a future commitment to invest.

3Units under management previously reported was net of approximately 500 units previously expected to be demolished. This demolition has now been delayed until 2018.

Americas continued

Infrastructure Development – Military Housing – Project Listing continued

				Act ual/ Exp ed ect Fin ial anc	Est ima ted Ca ital p	Per tag cen e of Co tion nst ruc	Inve d ste	Co itte d mm	Un its
Pro jec t	Loc atio n	Ser vice	Sta tus	Clo se Dat e	1 Sp end \$m US	Co lete d mp %	Equ ity \$m US	2 Equ ity \$m US	Und er Ma ent nag em
Su bto ta l					4, 15 8		5 4. 8	1 4. 0	3 3, 8 0 0
H ic ka P ha 2 m se	Ha i i wa	A ir Fo rce	Op ion l t era a	Au 0 7 g–	4 2 2	4 4		25 .5	1, 1 0 0
Tr i- Gr ou p	Co lor do / a Ca l i for ia n	A ir Fo rce	Op ion l t era a	Se 0 7 p–	2 3 2	6 7		1 1. 0	1, 45 0
Ca Le j P ha 3 mp eu ne se	No h Ca l ina / rt ro Ne Yo k w r	Ma ine Co r rp s	Op ion l t era a	No 0 7 v–	2 2 8	2 3	4.5		2, 0 0 0
Fo Dru A d d it ion l Sc ing rt m a or	Ne Yo k w r	Ar my	Op ion l t era a	Ju 0 8 n–	15 5	9 8			0 5 5
P A L Gr A P ha 1 ou p se	Va iou r s	Ar my	Op ion l t era a	Au 0 9 g–	5 7	7 1	2. 0		3, 2 0 0
3,4 Wa inw ig ht / Gr ly r ee	A las ka	Ar my	Op ion l t era a	Se 1 0 p-	3 0 9	1 4		2. 0	1, 8 0 0
Fo Kn A d d it ion l Sc ing rt ox a or	Ke ky ntu c	Ar my	Op ion l t era a	Oc 1 0 t-	4 3	0			3 5
3,5 P A L Gr A P ha 2 ou p se	Va iou r s	Ar my	Pre fer d b i d de re r	Se 1 1 p-	25 0				3 0 5
5 Gr P A L B ou p	Ke ntu ky c	Ar my	Pre fer d b i d de re r	Se 1 1 p-	3 5 0				5, 0 0 0
To ta l					6, 2 0 4		6 1. 3	5 2.5	4 9, 2 8 5

1Changes in estimated capital spend are due to adjustments made to contract values during the life of the development period.

2Committed equity represents future contributions that the Group has a future commitment to invest.

3The initial development period is three years for PAL Group A Phase 2, and seven years for Wainwright/Greely.

4Financial close with the execution of the full design/build agreement was completed in September 2010.

5PAL Group A Phase 2 involves the construction of five new hotels and further renovations on existing hotels.

Key Portfolio Metrics by Line of Business

Development

	Au	stra lia	Asi	a		UK	US	A	Tot	al
	Dec ber em 201 0	Jun e 201 0	Dec ber em 201 0	Jun e 201 0	Dec ber em 201 0	Jun e 201 0	Dec ber em 201 0	Jun e 201 0	Dec ber em 201 0	Jun e 201 0
1 Nu be f de lop j nt ts m r o ve me p ro ec	3 4	3 2	2	2	2 2	2 4	1	1	9 5	9 5
2 Nu be f re t ire nt i l lag m r o me v es	7 0	7 0							7 0	7 0
2 Nu be f a d c fac i l it ies m r o g e are	3 2	3 2							3 2	3 2
3 Ba k log c
Re i de ia l – La d u its nt s n n
Zo d ne 	3 8, 17 0	3 1, 9 6 0			5, 0 0 0	5, 0 0 0	3, 8 6 0	3, 8 5 5	47 0 3 0 ,	4 0, 8 15
Un d zo ne 	2 2, 3 3 5	27 0 8 0 ,							2 2, 3 3 5	27 0 8 0 ,
Su bto l Re i de ia l – La d u its ta nt s n n	6 0, 5 0 5	5 9, 0 4 0			5, 0 0 0	5, 0 0 0	3, 8 6 0	3, 8 5 5	6 9, 3 6 5	6 7, 8 9 5
Re i de ia l – Bu i lt- for its nt s m un
Zo d ne 	8, 6 25	6, 6 3 5			7, 4 1 3	7, 1 6 5			1 6, 0 3 8	1 3, 8 0 0
Un d zo ne 	1, 0 3 0	5, 9 5 5			2, 7 8 3	2 6 0			3, 8 1 3	6, 2 15
Su bto ta l Re i de nt ia l – Bu i lt- for its s m un	9, 6 5 5	1 2, 5 9 0			1 0, 1 9 6	7, 4 25			1 9, 8 5 1	2 0, 0 15
To l Re i de ia l Un its ta nt s	7 0, 1 6 0	7 1, 6 3 0	-	-	15 1 9 6 ,	1 2, 4 25	3, 8 6 0	3, 8 5 5	8 9, 2 1 6	8 7, 9 1 0
3 Co ia l ( / 0 0 0s ) mm erc sq m
Zo d ne 	2, 8 2 0. 4	2, 4 25 .5	1 4 4. 0	1 4 4. 0	7 3 8. 5	3 9 3. 4	3 7 1. 4	8 4 1. 3	4, 0 7 4. 3	3, 8 0 4. 2
Un d zo ne 	1, 0 8 1. 4	1, 0 75 0			3 9. 3				1, 1 2 0, 7	1, 0 75 0
4 Co ( / ) ia l 0 0 0s mm erc sq m	3, 9 0 1. 8	3, 5 0 0. 5	1 4 4. 0	1 4 4. 0	77 7. 8	3 9 3. 4	3 7 1. 4	8 4 1. 3	5, 1 9 5. 0	4, 8 7 9. 2
Re ire V i l lag Un its t nt me e	1, 25 5	1, 3 1 0							1, 25 5	1, 3 1 0

1 The number of projects in Europe includes Crosby developments, Stratford Athletes Village, Stratford City Business District, Greenwich Peninsula and Elephant and Castle. Stratford Athletes Village is progressing on a fee based arrangement and therefore is excluded from the backlog metrics.

2The number of retirement villages and aged care facilities includes owned and managed properties.

3Backlog includes Company-owned, joint venture and managed projects.

4Represents net developable land in relation to master-planned urban communities and net developable floor space for other developments.

Key Portfolio Metrics by Line of Business

Project Management and Construction

New Work Secured and Backlog Revenue

	New W ork Sec d R ure eve nue 1 Dec ber em 201 0 A\$ m	New W ork Sec d R ure eve nue 1 Dec ber em 200 9 A\$ m	Bac klo Rev g enu e 2 Dec ber em 201 0 A\$ m	Bac klo Rev g enu e 2 Jun e 201 0 A\$ m
Au l ia str a	0. 3 75	6 3 6 7.	3, 15 9. 8	4, 17 7.5
As ia	2. 0 4 1	6. 8 15	6. 5 4 1	3 6 17
Eu rop e	7 6 4.5	5 4 0. 0	1, 3 8 1.7	1, 47 3. 9
Am ica er s	9 3 8. 8	25 6. 3	1, 4 6 8. 5	1, 1 8 3. 7
Gr To l ta ou p	2, 8 6 5. 6	1, 5 9 0. 7	6, 5 5 6. 1	7, 15 2.7

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

2 Although backlog revenue is realised over several years, the average foreign exchange rate for the current period has been applied to the closing backlog revenue balance in its entirety as the average rates for later periods cannot be predicted. In local currency, the Americas backlog revenue was US\$1,409.8 million (June 2010: US\$1,065.3 million) and the European backlog revenue was £829.0 million (June 2010: £840.1 million).

Backlog Realisation

	Per iod E ndi ng Jun e 2 011 %	Yea r En din g Jun e 2 012 %	Pos t Jun e 2 012 %	Tot al %
Au l ia str a	4 9	4 1	1 0	1 0 0
As ia	3 8	47	15	1 0 0
Eu rop e	4 0	3 8	2 2	1 0 0
Am ica er s	4 1	4 1	8 1	0 0 1
To l Gr ta ou p	4 4	4 1	15	1 0 0

Key Portfolio Metrics by Line of Business

Investment Management

Investments

Re ion g	1 Ma rke t Va lue Dec ber 20 10 em A\$ m	1 Ma rke t Va lue Jun e 2 010 A\$ m
Au l ia str a	3 2 6. 0	3 2 8. 0
As ia	3 2 3. 7	25 3. 1
Eu rop e	8 0 8. 4	9 7 2. 1
Am ica er s	3 5 4. 8	4 1 0. 0
To l Gr ta ou p	1, 8 1 2. 9	1, 9 6 3. 2

1Market value represents the Group's assessment of the value of the underlying assets.

Funds Under Management (FUM)¹

	Dec ber em 201 0	Jun e 201 0
Reg ion	A\$ b	A\$ b
Au l ia str a	7. 6	7. 1
As ia	2. 0	1. 6
Eu rop e	1. 1	1. 4
To l Gr ta ou p	1 0. 7	1 0. 1

1FUM represents the gross market value of real estate and other related assets managed on behalf of investors.

Assets Under Management

			Ass Un der ets	Ma ent nag em	GL A U nde r M ent ana gem
	Nu mb er o	f C ent res		1 A\$ t Va lue m)	(sq	2 m/0 00s )
	Dec ber em	Jun e		Jun e	Dec ber em	Jun e
	201 0	201 0	201 0	201 0	20 10	201 0
Au l ia str a	15	15	4, 1 3. 6 7	3 4 3. 3 5,	6 6 1. 1	25 2 7
As ia	3	3	1, 7 8 2. 9	1, 8 2 0. 3	9 6. 5	9 6. 5
Eu rop e	5	6	2, 9 3 5. 3	3, 5 4 2. 8	3 1 1. 6	3 5 0. 6
Gr To ta l ou p	2 3	2 4	9, 4 3 1. 8	1 0, 7 0 6. 4	1, 0 6 9. 2	1, 17 2. 3

1Market value represents the Group's assessment of the value of the underlying assets.

2GLA represents the gross lettable area of the centres.

Key Portfolio Metrics by Line of Business

Infrastructure Development

Am ica er s	Nu mb er o	1 f P roje cts	2 Est ima ted Ca ital Sp end Co itte d E ity p mm qu \$b \$m US US		3	Un its Und er M ent ana gem
	Dec ber em 201 0	Jun e 20 10	Dec ber em 201 0	Jun e 201 0	Dec ber em 201 0	Jun e 201 0	Dec ber em 201 0	Jun e 201 0
Op ion l ( d ) t era a se cu re	2 0	1 8	5. 6	5. 2	1 1 3. 8	1 1 1. 8	4 3, 9 3 5	4 1, 7 0 0
Pre fer d b i d de ( de d ) re r aw ar	2	2	0. 6	0. 5			3 0 5, 5	2, 3 0 5
To l ta	2 2	2 0	6. 2	5. 7	1 1 3. 8	1 1 1. 8	4 9, 2 8 5	4 4, 0 5 0

1Number of projects includes extensions of existing projects and projects where the Group is the preferred bidder.

2Over the initial development period of the project.

3Includes both invested and committed equity that the Group has a future commitment to invest.

Eu ro p e	Nu mb f P er o	1 roje cts	Inve d E ste £m	ity qu	Co itte mm £m	2 d E ity qu	Fac ilitie s M Re ven ue £m	ent ana gem 3 Bac klo g
	Dec ber em 201 0	Jun e 201 0	Dec ber em 201 0	Jun e 201 0	Dec ber em 201 0	Jun e 201 0	Dec ber em 201 0	Jun e 201 0
Op ion l ( d ) t era a se cu re	17	1 8	0. 9 5	8 2.5	2 9. 6	2 9. 2	6 0 3	45 8
( ) Pre fer d b i d de de d re r aw ar	1	1
To l ta	1 8	1 9	5 0. 9	8 2.5	2 9. 6	2 9. 2	6 0 3	45 8

1Number of projects combines extensions of existing projects.

2Committed equity refers to equity and loan stock contributions that the Group has a future commitment to invest.

3Facilities management revenue backlog disclosed is for a maximum of 10 years, although PPP contracts typically operate for a period of up to 40 years.

Au tra l ia s	Nu mb er o	f P roje cts	Inve ste A\$	Fac ilitie s M 1 Co d E ity itte d E ity Re mm qu qu ven A\$ m m			ue A\$	ent ana gem Bac klo g m
	Dec ber em 201 0	Jun e 201 0	Dec ber em 201 0	Jun e 201 0	Dec ber em 201 0	Jun e 201 0	Dec ber em 201 0	Jun e 201 0
Op ion l ( d ) t era a se cu re	1	1	1 3. 4			1 3. 4
To l ta	1	1	1 3. 4	-	-	1 3. 4	-	-

1Committed equity refers to equity that the Group has a future commitment to invest.

Five Year Profile1

		Half Year December 2010	Half Year December 2009	Half Year December 2008	Half Year December 2007	Half Year December 2006
Profitability
Revenue	A\$m	4,319	5,557	7,772	7,544	6,851
Statutory profit/(loss) before tax	A\$m A\$m	279	289	(682)	307	212
Operating profit before tax2		270	263	215	308	194
Statutory profit/(loss) after tax Operating profit after tax2	A\$m	227 220	205	(606)	246	175
	A\$m		188	176	250	164
Operating EBITDA2	A\$m	303	284	225	318	177
Earnings per security on statutory profit/(loss)3	cents	40.0	43.7	(150.4)	61.4	43.7
Earnings per security on operating profit2,3	cents	38.9	40.1	43.8	62.2	40.9
Statutory profit/(loss) after tax to securityholders'
equity for the period (ROE)4	%	6.7	8.2	(22.1)	7.9	5.7
Distribution per security5	cents	20.0	20.1	25.0	43.0	35.0
Distribution payout ratio on operating profit after
tax2,5	%	51	49	64	69	86
Corporate Strength
Total assets	A\$m	10,499	9,749	9,832	9,276	9,292
Cash	A\$m	1,439	968	1,563	727	459
Borrowings	A\$m	1,322	1,549	1,777	1,023	1,517
Current assets	A\$m	3,401	3,266	5,320	4,559	3,955
Non current assets	A\$m	7,098	6,484	4,512	4,717	5,337
Current liabilities Non current liabilities	A\$m A\$m	5,265 1,751	5,278 1,976	4,952 2,446	3,916 2,079	3,584 2,582
Total equity	A\$m	3,483	2,495	2,435	3,281	3,126
Cash flows provided by operations	A\$m	(138)	107	195	185	183
Net asset backing per security	A\$	6.16	5.41	6.03	8.18	7.81
Ratio of current assets to current liabilities6	times	0.65	0.62	1.07	1.16	1.10
Net debt to total tangible assets, less cash7	%	0.4	9.3	5.3	7.1	16.1
Borrowings to total equity	%	38.0	62.1	73.0	31.2	48.5
Borrowings to total equity plus borrowings	%	27.5	38.3	42.2	23.8	32.7
Gross borrowings to total tangible assets7	%	14.9	19.0	21.3	15.1	20.6
Borrowings to total market capitalisation	%	27.1	32.7	61.1	14.7	20.6
Securities on issue	m	566	461	404	401	400
Number of security holders	no.	55,062	53,532	52,605	50,282	49,387
Number of equivalent full-time employees	no.	10,954	11,680	11,737	11,485	10,199
Securityholders' Returns and Statistics
Proportion of securities on issue to top 20
security holders Security holdings relating to employees8	% %	74.7	73.8	75.9	75.6	76.6
Total distributions declared5	A\$m	6.3	7.5	9.1	9.3	9.5
Security price as at 31 December as quoted on		113	93	114	173	140
the Australian Securities Exchange	A\$	8.63	10.27	7.20	17.30	18.44

1 Comparative information reflects the results in Lend Lease Corporation Limited and its controlled entities prior to stapling of the Lend Lease Trust (LLT) in November 2009. Refer to Note 1 'Significant Accounting Policies' of the Consolidated Financial Statements. December 2009 and December 2008 have been adjusted to reflect the impact of aligning the accounting policies of an associate to those of the Group with respect to prior period adoption of AASB Interpretation 12 'Service Concession Arrangements'.

2 Operating profit excludes unrealised property investment revaluations of A\$8.8 million gain before tax, A\$6.3 million gain after tax (December 2009: A\$26.1 million gain before tax, A\$17.0 million gain after tax).

3 Calculated using the weighted average number of securities on issue including treasury securities. December 2009 has been adjusted by a factor of 1.02 in respect of new securities issued during March and April 2010 via a 5 for 22 single book build accelerated renounceable entitlement offer at \$7.70 per new security.

4 Return of equity (ROE) is calculated as the half year statutory profit/(loss) after tax divided by the weighted average equity for the period.

5 December 2009 distribution includes the 'in specie' dividend of A\$0.5 million following the stapling of LLT units to shares in the company in November 2009.

6 December 2010 and December 2009 ratio includes resident and accommodation bond liabilities recognised following the Primelife acquisition. These are required to be classified as current liabilities as any resident may depart within 12 months.

7 Net debt and gross borrowings include certain other financial liabilities (December 2010: A\$146.8 million).

8 Securities held through employee benefit vehicles.

Directors' Report

The Directors present their Report together with the Half Year Consolidated Financial Report of the consolidated entity, being Lend Lease Corporation Limited ('the Company'') and its controlled entities including Lend Lease Trust (together referred to as the 'consolidated entity' or the 'Group'), for the six months ended 31 December 2010 and the Auditor's Report thereon.

1. Directors

The name of each person who has been a Director of the Company between 1 July 2010 and the date of this Report are:

D A Crawford AO, Chairman	Director since 2001, Chairman since 2003
S B McCann, Managing Director	Managing Director since 2009
P M Colebatch	Director since 2005
G G Edington	Director since 1999
P C Goldmark	Director since 1999
J A Hill	Director since 2006
D J Ryan	Director since 2004

2. Review of Operations and Consolidated Results

A review of operations is included in the Management Discussion and Analysis of Financial Condition and Results of Operations (MD&A) section of the Half Year Consolidated Financial Report.

For the six months ended 31 December 2010, the consolidated entity reported a profit after tax of \$226.5 million attributable to Lend Lease securityholders compared to the profit after tax for the six months ended 31 December 2009 of \$204.9 million.

A 50% franked interim distribution of A\$113.1 million (December 2009: A\$92.2 million, 100% franked) has been approved by the Directors. The interim distribution of 20 cents per security will be paid on 30 March 2011 (December 2009: 20 cents per security paid on 31 March 2010).

3. Events Subsequent to Balance Date

There are no material events subsequent to the end of the financial period.

4. Lead Auditor's Independence Declaration under Section 307C of the Corporations Act 2001

The Lead Auditor's Independence Declaration is set out on page 2 and forms part of the Directors' Report for the six months ended 31 December 2010.

5. Rounding Off

Lend Lease is a company of the kind referred to in the Australian Securities and Investments Commission Class Order 98/100 dated 10 July 1998 and, in accordance with that Class Order, amounts in the Half Year Consolidated Financial Report have been rounded off to the nearest tenth of a million dollars, or, where the amount is A\$50,000 or less, zero, unless specifically stated otherwise.

This report is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors.

Sydney, 17 February 2011

D A Crawford AO S B McCann Chairman Managing Director

Consolidated Financial Statements

	Consolidated Financial Statements
	Income Statement	1
	Statement of Comprehensive Income	2
	Statement of Financial Position	3
	Statement of Changes in Equity	4
	Statement of Cash Flows	6
	Notes to the Consolidated Financial Statements
1.	Significant Accounting Policies	7
2.	Revenue	8
3.	Other Income	8
4.	Operating Expenses	8
5.	Finance Revenue and (Finance Costs)	8
6.	Taxation	9
7.	Distributions	10
8.	Earnings Per Stapled Security/Share	10
9.	Inventories	11
10.	Equity Accounted Investments	11
11.	Investment Properties	13
12.	Borrowings and Financing Arrangements	13
13.	Issued Capital and Treasury Securities	14
14.	Contingent Liabilities	15
15.	Consolidated Entities	16
16.	Segment Reporting	17
17.	Events Subsequent to Balance Date	17
	Directors' Declaration	18

Consolidated Financial Statements

Income Statement

Half Year ended 31 December 2010

	Note	6 months December 2010 A\$m	6 months December 2009 A\$m
Revenue
Cost of sales	2	4,318.7	5,557.3
Gross profit		(3,859.6) 459.1	(5,088.6) 468.7

Other income	3	148.0	108.7
Other expenses		(361.1)	(365.5)
Results from operating activities		246.0	211.9
Finance revenue	5	48.0	36.0
Finance costs	5	(60.2)	(34.7)
Net finance (costs)/revenue		(12.2)	1.3
Profit of equity accounted investments	10	45.0	76.1
Profit before tax		278.8	289.3
Income tax expense	6	(51.4)	(82.8)
Profit after tax		227.4	206.5
Profit after tax attributable to:
Members of Lend Lease Corporation Limited		226.5	204.9
Non controlling interests attributable to unitholders of Lend Lease Trust (LLT)
Profit after tax attributable to securityholders		226.5	204.9
Other non controlling interests		0.9	1.6
Profit after tax		227.4	206.5
Basic/Diluted Earnings Per Lend Lease Corporation Limited Share
Shares excluding treasury shares (cents)	8	42.2	46.8
Shares on issue (cents)	8	40.0	43.7

Statement of Comprehensive Income

Half Year ended 31 December 2010

	6 months December 2010 A\$m	6 months December 2009 A\$m
Profit After Tax	227.4	206.5
Other Comprehensive Income (Net of Tax)
Movements in Fair Value Revaluation Reserve Revaluation gain taken to equity Revaluation gain transferred to the income statement on asset disposal Effect of foreign exchange rate movements Revaluation loss on asset impairment transferred to the income statement	0.2 (0.9)	6.1 (1.0) (0.5) 4.0
Movements in Hedging Reserve Effective cash flow hedges attributable to equity accounted investments Other effective cash flow hedges Transfer of ineffective cash flow movement to the income statement Hedging loss transferred to the income statement on asset disposal Effect of foreign exchange rate/other movements	12.2 (1.5) 35.4 1.5	(17.9) (0.1) 0.1 7.7
Movements in Foreign Currency Translation Reserve Foreign currency translation differences attributable to foreign operations Foreign currency translation differences transferred to the income statement on return of capital	(109.2)	(107.0) 0.3
Movements in Non Controlling Interest Acquisition Reserve
Effect of foreign exchange rate/other movements Other comprehensive income	18.0	16.6
Total comprehensive income after tax	(44.3) 183.1	(91.7) 114.8
Total comprehensive income after tax attributable to: Members of Lend Lease Corporation Limited Non controlling interests attributable to unitholders of LLT	186.0	116.9
Total comprehensive income after tax attributable to securityholders	186.0	116.9
Other non controlling interests	(2.9)	(2.1)
Total comprehensive income after tax	183.1	114.8

Statement of Financial Position

As at 31 December 2010

		December	June
	Note	2010 A\$m	2010 A\$m

Current Assets
Cash and cash equivalents		1,439.4	1,635.9
Loans and receivables Inventories	9	1,228.0 562.9	1,769.7 587.8
Other financial assets		96.4	91.4
Current tax assets		12.7	9.8
Other assets		61.9	76.0
Total current assets		3,401.3	4,170.6
Non Current Assets
Loans and receivables		355.8	365.2
Inventories	9	1,532.3	1,576.0
Equity accounted investments	10	848.5	913.9
Investment properties	11	2,938.8	2,820.9
Other financial assets		275.3	273.7
Deferred tax assets		90.9	95.7
Property, plant and equipment		332.1	352.7
Intangible assets		639.2	694.1
Defined benefit plan asset		29.4	27.3
Other assets		55.7	76.3
Total non current assets		7,098.0	7,195.8
Total assets		10,499.3	11,366.4
Current Liabilities
Trade and other payables		2,440.7	3,295.1
Resident and accommodation bond liabilities		2,037.0	1,995.8
Provisions		194.0	198.8
Borrowings and financing arrangements	12	567.8
Other financial liabilities		25.6	51.5
Total current liabilities		5,265.1	5,541.2
Non Current Liabilities
Trade and other payables		719.7	709.5
Provisions		67.6	84.1
Borrowings and financing arrangements	12	754.3	1,446.6
Other financial liabilities		126.5	146.9
Deferred tax liabilities		69.6	59.6
Defined benefit plan liability		13.2	18.0
Total non current liabilities		1,750.9	2,464.7
Total liabilities		7,016.0	8,005.9
Net assets		3,483.3	3,360.5
Equity
Issued capital	13	2,018.5	2,019.2
Treasury securities	13	(68.8)	(74.4)
Reserves		(70.5)	(29.0)
Retained earnings		1,567.4	1,404.5
Total equity attributable to members of Lend Lease Corporation Limited Non controlling interests attributable to unitholders of LLT		3,446.6 0.6	3,320.3 0.6
Total equity attributable to securityholders		3,447.2	3,320.9
Other non controlling interests		36.1	39.6
Total equity		3,483.3	3,360.5

Statement of Changes in Equity

Half Year ended 31 December 2010

	Note	6 months December 2010 A\$m	6 months December 2009 A\$m
Issued Capital and Treasury Securities
Issued Capital
Opening balance at beginning of financial period		2,019.2	1,195.9
Transactions with owners for the period
Ordinary share issues (net of transaction costs)		(0.7)
Distribution Reinvestment Plan (DRP)			30.4
Closing balance at end of financial period	13	2,018.5	1,226.3
Treasury Securities
Opening balance at beginning of financial period		(74.4)	(63.2)
Transactions with owners for the period Treasury securities acquired		(1.1)
Treasury securities vested		7.5	(1.2) 10.1
Movement on allocated treasury securities recognised directly in retained earnings
and equity compensation reserve		(0.8)	(18.8)
Closing balance at end of financial period	13	(68.8)	(73.1)
Total issued capital and treasury securities		1,949.7	1,153.2
Reserves
Fair Value Revaluation Reserve
Opening balance at beginning of financial period		37.8	44.5
Comprehensive income for the period
Revaluation gain taken to equity (net of tax) Revaluation gain transferred to income statement on asset disposal (net of tax)		0.2	6.1 (1.0)
Effect of foreign exchange rate movements		(0.9)	(0.5)
Revaluation loss on asset impairment transferred to the income statement			4.0
Closing balance at end of financial period		37.1	53.1
Hedging Reserve
Opening balance at beginning of financial period		(88.2)	(58.1)
Comprehensive income for the period
Movements attributable to effective cash flow hedges on equity accounted
investments (net of tax) Movements attributable to other effective cash flow hedges (net of tax)		12.2	(17.9) (0.1)
Transfer of ineffective cash flow hedge movement to income statement		(1.5)	0.1
Hedging loss transferred to income statement on asset disposal (net of tax)		35.4
Effect of foreign exchange rate/other movements (net of tax)		1.5	7.7
Closing balance at end of financial period		(40.6)	(68.3)
Foreign Currency Translation Reserve
Opening balance at beginning of financial period		(80.5)	(25.7)
Comprehensive income for the period Movements attributable to translation of foreign operations (net of tax)		(109.2)	(107.0)
Transfer of foreign currency translation reserve to income statement
on return of capital			0.3
Closing balance at end of financial period		(189.7)	(132.4)
Non Controlling Interest Acquisition Reserve
Opening balance at beginning of financial period		(110.9)	(121.0)
Comprehensive income for the period
Effect of foreign exchange rate/other movements		18.0	16.6
Closing balance at end of financial period		(92.9)	(104.4)

Statement of Changes in Equity continued

Half Year ended 31 December 2010

	6 months December 2010 A\$m	6 months December 2009 A\$m
Other Reserve
Opening balance at beginning of financial period	110.4	104.6
Transaction with owners for the period
Effect of foreign exchange rate/other movements	1.4
Closing balance at end of financial period	111.8	104.6
Equity Compensation Reserve
Opening balance at beginning of financial period	48.0	35.6
Transactions with owners for the period
Movements attributable to allocation and vesting of securities	1.4	3.7
Closing balance at end of financial period	49.4	39.3
Other Compensation Reserve
Closing balance at beginning and end of financial period	54.4	54.4
Total reserves	(70.5)	(53.7)
Retained Earnings
Opening balance at beginning of financial period	1,404.5	1,238.5
Prior year adjustment1		(34.6)
Profit attributable to members of Lend Lease Corporation Limited	226.5	204.9
Transactions with owners for the period Distributions paid	(67.9)	(43.3)
Distributions on treasury securities	3.2	4.5
Distributions under DRP		(30.4)
Movement on allocated treasury securities recognised directly in retained earnings	1.1	14.5
Closing balance at end of financial period	1,567.4	1,354.1
Non Controlling Interests Attributable to Unitholders of LLT
Opening balance at beginning of financial period	0.6
Transactions with owners for the period Movements attributable to the stapling of LLT units to Company shares		0.5
Closing balance at end of financial period	0.6	0.5

Other Non Controlling Interests
Opening balance at beginning of financial period Profit attributable to non controlling interests	39.6 0.9	41.8 1.6
Transactions with owners for the period
Movements attributable to dividends/distributions received	(0.6)	(0.4)
Effect of foreign exchange rate/other movements	(3.8)	(3.7)
Closing balance at end of financial period	36.1	39.3
Total equity	3,483.3	2,493.4
Total Comprehensive Income After Tax for the Financial Period
Attributable to:
Members of Lend Lease Corporation Limited	186.0	116.9
Non controlling interests attributable to unitholders of LLT Total comprehensive income after tax attributable to securityholders	186.0	116.9
Other non controlling interests
Total comprehensive income after tax	(2.9) 183.1	(2.1) 114.8

1 Refer to Note 1.2 'Basis of Preparation' for further details.

Statement of Cash Flows

Half Year ended 31 December 2010

	6 months December 2010 A\$m	6 months December 2009 A\$m
Cash Flows from Operating Activities
Cash receipts in the course of operations	4,593.8	6,051.9
Cash payments in the course of operations	(4,748.3)	(6,014.1)
Property development receipts	260.4	301.2
Property development expenditure	(229.4)	(201.1)
Interest received	45.7	21.8
Interest paid	(63.4)	(46.8)
Dividends/distributions received	33.5	42.4
Income tax paid in respect of operations	(29.8)	(48.0)
Net cash (used in)/provided by operating activities	(137.5)	107.3
Cash Flows from Investing Activities
Sale/redemption of investments	283.2	106.3
Acquisition of investments	(176.8)	(103.9)
Acquisition of/capital expenditure on investment properties	(14.2)	(19.0)
Sale of investment properties	3.1
Net loans to related parties Acquisition of consolidated entities (net of cash acquired)	(9.0)	(5.3) (170.7)
Disposal of consolidated entities (net of cash disposed)	15.1
Disposal of property, plant and equipment	2.6	0.2
Acquisition of property, plant and equipment	(19.6)	(4.9)
Acquisition of intangible assets	(8.9)	(66.4)
Other payments	(6.5)
Net cash provided by/(used in) investing activities	69.0	(263.7)
Cash Flows from Financing Activities
Proceeds from borrowings		565.5
Repayment of borrowings		(445.6)
Distributions paid	(64.7)	(38.3)
Other payments	(6.1)	(0.4)
Net cash (used in)/provided by financing activities	(70.8)	81.2
Other Cash Flow Items
Effect of foreign exchange rate movements on cash and cash equivalents	(57.2)	(78.1)
Net decrease in cash and cash equivalents	(196.5)	(153.3)
Cash and cash equivalents at beginning of financial period	1,635.9	1,120.8
Cash and cash equivalents at end of financial period	1,439.4	967.5

1. Significant Accounting Policies

Lend Lease Corporation Limited ('the Company') is domiciled in Australia. The consolidated financial report of the Company for the half year ended 31 December 2010 comprises the Company and its controlled entities including LLT (together referred to as the 'consolidated entity' or the 'Group').

Following shareholder approval on 12 November 2009, the shares of the Company and the units in LLT were combined as stapled securities. From 13 November 2009, the shares in the Company and units in LLT have been traded as one security under the name of Lend Lease Group on the Australian Securities Exchange ('ASX') and the New Zealand Stock Exchange ('NZX'). LLT was 100% owned by the Company prior to approval of the stapling proposal. Units in LLT were subsequently distributed to Lend Lease Corporation Limited shareholders as an 'in specie' dividend. The Company is deemed to control LLT for accounting purposes and therefore LLT is consolidated into the Group's financial report. The issued units of LLT, however, are not owned by the Company and are therefore presented as non controlling interests in the consolidated statement of financial position within equity, notwithstanding that the unitholders of LLT are also the shareholders of the Company.

The consolidated half year financial report was authorised for issue by the Directors on 17 February 2011.

1.1 Statement of Compliance

The consolidated half year financial report is a general purpose financial report that has been prepared in accordance with AASB 134 'Interim Financial Reporting' and the Corporations Act 2001. The consolidated half year financial report of the Group also complies with the recognition and measurement requirements of International Financial Reporting Standards (IFRS) and Interpretations adopted by the International Accounting Standards Board.

The consolidated half year financial report should be read in conjunction with the 30 June 2010 annual consolidated financial report and any public announcements by the Company and its consolidated entities during the half year in accordance with continuous disclosure obligations arising under the Corporations Act 2001. The consolidated half year financial report does not include all of the information required for a full financial report.

Certain comparative amounts have been reclassified to conform with the current period presentation.

1.2 Basis of Preparation

The consolidated half year financial report is presented in Australian dollars and is prepared under the historical cost basis except for the following assets and liabilities, which are stated at their fair value: derivative financial instruments, fair value through profit or loss investments, available for sale investments, investment property, resident liabilities and liabilities for cash settled share based compensation plans.

The preparation of an interim financial report that complies with AASB 134 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities and income and expenses.

These estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The accounting policies have been consistently applied by all entities in the consolidated entity and are consistent with those applied in the 30 June 2010 annual consolidated financial report.

From 1 July 2010, the Group moved to a regional structure as outlined in Note 16 'Segment Reporting'. Accordingly, the presentation format of the half year income statement has been changed from the prior period. The Group considers the revised presentation to be more appropriate having regard to the change in the segmental financial information reviewed by the Managing Director (the chief operating decision maker). Certain comparative amounts have been reclassified to conform with the current period's income statement presentation. The change in presentation format of the income statement has no impact on the measurement of the Group's financial result.

The opening retained earnings as at 1 July 2009 has been adjusted from \$1,238.5 million to \$1,203.9 million as a result of aligning the accounting policies of an associate to those of the Group with respect to the prior period adoption of AASB Interpretation 12 'Service Concession Arrangements'. There is no significant impact on the consolidated income statement for the prior period as a result of this alignment, however the prior period statement of financial position has been adjusted to decrease loans and receivables by \$4.7 million, increase trade and other payables by \$23.8 million and recognise hedging reserves of \$6.1 million.

Under Australian Accounting Standards, resident and accommodation bond liabilities are required to be classified as current liabilities as residents may depart the accommodation at any time, notwithstanding that history has shown that residents stay for an average period of 11 years in Independent Living Units (ILU), five years in Serviced Apartments (SA) and four years in Aged Care facilities.

	6 months December 2010 A\$m	6 months December 2009 A\$m
2. Revenue
Revenue from the provision of services
Project Management and Construction	3,402.3	4,528.8
Infrastructure Development	384.8	578.6
Development	178.2	55.2
Investment Management	51.0	43.8
Total revenue from the provision of services	4,016.3	5,206.4
Revenue from the sale of development properties
Development Total revenue from the sale of development properties	229.1	280.5 280.5
	229.1
Rental revenue	36.1	30.6
Hotel revenue	25.4	23.9
Other revenue Total operating revenue	11.8 4,318.7	15.9 5,557.3

3. Other Income
Net gain on disposal of equity accounted investments	113.2	41.7
Fair value gain on remeasurement of investment properties	24.7	3.1
Net gain on disposal of controlled entities	4.1
Fair value gain on derivative contracts held for trading Net gain on disposal of other assets and liabilities	3.6	10.4 4.2
Discount on acquisition of controlled entity		48.3
Other	2.4	1.0
Total other income	148.0	108.7
4. Operating Expenses
Profit before income tax includes the following operating expense items:
Impairments/provisions raised	81.9	66.7
Depreciation and amortisation	20.9	21.9
Net defined benefit plan expense	8.0	15.8
Net foreign exchange gain	(5.8)	(3.3)
Fair value loss on remeasurement of investment properties Net loss on sale of property, plant and equipment	0.5	5.6 0.7

5. Finance Revenue and (Finance Costs)
Finance Revenue
Related parties Other corporations	12.4 30.5	20.8 12.6
Total interest finance revenue	42.9	33.4
Interest discounting	5.1	2.6
Total finance revenue	48.0	36.0

Finance Costs
Non interest finance costs	(5.7)	(2.2)
Interest finance costs Related parties		(0.3)
Other corporations	(53.6)	(30.7)
Less: Capitalised interest finance costs	0.5
Total interest finance costs	(53.1)	(31.0)
Interest discounting	(1.4)	(1.5)
Total finance costs	(60.2)	(34.7)
Net finance (costs)/revenue	(12.2)	1.3

	6 months December 2010 A\$m	6 months December 2009 A\$m
6. Taxation
Income Tax Expense
Recognised in the Income Statement
Current Tax Expense
Current period	54.6	83.3
Adjustments for prior periods	(0.6)	(0.2)
Benefits of tax losses recognised	(21.2)	(39.3)
	32.8	43.8
Deferred Tax Expense
Origination and reversal of temporary differences	18.6	39.0
Total income tax expense	51.4	82.8
Reconciliation of Income Tax Expense
Profit before tax	278.8	289.3
Income tax using the domestic corporation tax rate (30%)	83.6	86.8
Non assessable dividends/income	(8.9)	(0.3)
Loss accounted for using the equity method	(4.3)	(3.3)
Non allowable expenses	11.3	5.6
Capital gain on tax consolidation of Lend Lease Primelife Trust		27.7
Recognition of previously unrecognised capital losses	(1.5)	(27.7)
Other net recovery of tax losses	(14.1)	(10.6)
Tax temporary differences not recognised in the period	9.6	1.3
Temporary differences (recognised/recovered)/written off	(3.0)	13.8
Variation in tax rates Non assessable gain on disposal of investments	7.4 (28.3)	3.6 (16.4)
Over provision in prior periods	(0.6)	(0.2)
Other	0.2	2.5
Income tax expense	51.4	82.8
Deferred Tax Recognised Directly in Equity
Relating to:
Equity issue costs	0.7
Fair value revaluation reserve	(0.5)	2.2
Hedging reserve	0.1	(0.4)
Foreign currency translation reserve on equity accounted investment	1.4	(3.1)
Total deferred tax recognised directly in equity	1.7	(1.3)

			Company
	Cents Per Share	Franked Amount Per Share %	6 months December 2010 A\$m	6 months December 2009 A\$m
7. Distributions1,2
Parent Company Interim Dividend December 2010 – declared subsequent to reporting date
(payable 30 March 2011)3	20.0	50	113.1
December 2009 – paid 31 March 2010	20.0	100		92.2
November 2009 – dividend 'in specie' of LLT units4	0.1	100		0.5
			113.1	92.7
			6 months June 2010 A\$m	6 months June 2009 A\$m
Parent Company Final Dividend
June 2010 - paid 24 September 2010	12.0	100	67.9
June 2009 - paid 25 September 2009	16.0	100		73.2
			67.9	73.2

1 No distributions were declared by LLT for the half year ended 31 December 2010 (December 2009: nil).

2 Includes distributions paid on treasury shares.

3 No provision for this distribution has been recognised in the statement of financial position at 31 December 2010 as it was declared after the end of the financial period. 4 Following shareholder approval on 12 November 2009 the shares of the Company and the units in LLT have been combined as stapled securities. From

13 November 2009 the stapled securities have been traded as one security on the Australian Securities Exchange ('ASX') and the New Zealand Stock Exchange ('NZX'). LLT was 100% owned by the Company prior to approval of the stapling proposal. Following shareholder approval, the units in LLT were distributed to Lend Lease Corporation Limited shareholders via an 'in specie' dividend.

		December 2010 Shares		December 2009 Shares
		Excluding Treasury Shares	Shares on Issue	Excluding Treasury Shares	Shares on Issue
8. Earnings Per Stapled Security/Share1
Basic/Diluted Earnings Per Share (EPS) Profit attributable to members of Lend Lease Corporation Limited
used in calculating basic/diluted EPS	A\$m	226.5	226.5	204.9	204.9
Weighted average number of ordinary shares	m	536.1	565.6	437.7	468.4
Basic/diluted EPS2	cents	42.2	40.0	46.8	43.7

1 The earnings per stapled security are equivalent to the earnings per share for the half year ended 31 December 2010 as the earnings attributable to LLT for the same period were nil. (December 2009: nil).

2 December 2009 has been adjusted by a factor of 1.02 in respect of new securities issued during March and April 2010 via a single bookbuild accelerated renounceable entitlement offer at A\$7.70 per new security.

		December	June
	Note	2010 A\$m	2010 A\$m
9. Inventories
Current
Development properties	9a	365.8	369.7
Construction work in progress		197.1	218.1
Total current		562.9	587.8
Non Current
Development properties	9a	1,532.3	1,576.0
Total inventories		2,095.2	2,163.8
a. Development Properties (Completed and Work in Progress)
Australia		1,358.3	1,330.3
Europe		526.8	600.3
Americas		13.0	15.1
Total development properties		1,898.1	1,945.7
10. Equity Accounted Investments
Associates
Investment in associates		354.6	368.8
Less: Impairment		(14.7)	(14.9)
Total associates		339.9	353.9
Joint Ventures
Investment in joint ventures		531.0	580.0
Less: Impairment		(22.4)	(20.0)
Total joint ventures		508.6	560.0
Total equity accounted investments		848.5	913.9

10. Equity Accounted Investments continued

		Share of Profit/(Loss)				Net
	Interest December 2010	June 2010	After Tax December 2010	December 2009	December 2010	Book Value June 2010
	%	%	A\$m	A\$m	A\$m	A\$m
a. Associates
Australia
Lend Lease Primelife Group1	100.0	100.0		3.7
Lend Lease Real Estate Partners 3	25.0	25.0	1.3		51.0	51.4
Lend Lease Communities Fund 1	20.8	20.8	(0.6)	(0.3)	17.4	17.8
Other			2.7	4.9	5.2	5.3
Total Australia			3.4	8.3	73.6	74.5
Asia
Asia Pacific Investment Company No. 2 Limited	21.1	21.1	11.5	8.5	119.0	116.6
CDR JV Ltd (313@somerset)	25.0	25.0	3.4	35.0	95.7	96.8
Triple Eight JV Ltd (Jurong Gateway)	25.0				47.3
Other			0.4	0.2	14.7	7.5
Total Asia			15.3	43.7	276.7	220.9
Europe
Lend Lease Overgate Partnership2		30.7	2.0	5.2		68.4
Other				1.3	3.8	4.5
Total Europe			2.0	6.5	3.8	72.9
Americas
Other			0.6	0.6	0.5	0.5
Total Americas			0.6	0.6	0.5	0.5
Total			21.3	59.1	354.6	368.8
Less: Impairment					(14.7)	(14.9)
Total associates			21.3	59.1	339.9	353.9
b. Joint Ventures
Australia
Caroline Springs Joint Venture	50.0	50.0	6.5	5.2	19.2	23.9
Casey 2 Joint Venture (Springbank)	50.0	50.0	0.8		21.4	20.6
Forde Development (ACT)	50.0	50.0	3.3	1.5	6.4	6.6
McKinnon Road Development	51.0	51.0	1.2		8.6	7.4
Pyrmont Trust (Jacksons Landing) Other	50.0	50.0	5.2 1.3	(0.1) 13.0	15.3 56.0	14.5 42.2
Total Australia			18.3	19.6	126.9	115.2
Europe
Warrington Retail Limited Partnership	50.0	50.0		(6.0)	16.2	18.8
Catalyst Healthcare (Manchester) Holdings Ltd	50.0	50.0	0.9	1.2	6.3	6.6
Majadahonda Hospital	25.0	25.0	1.2	0.5	14.9	11.6
Waste 2 Resources Ltd Liability Partnership	50.0	50.0	(12.0)
Other			(1.9)	(5.0)	9.1	13.5
Total Europe			(11.8)	(9.3)	46.5	50.5
Americas
King of Prussia	50.0	50.0	16.3	6.1	354.8	410.0
Other			0.9	0.6	2.8	4.3
Total Americas			17.2	6.7	357.6	414.3
Total			23.7	17.0	531.0	580.0
Less: Impairment					(22.4)	(20.0)
Total joint venture entities			23.7	17.0	508.6	560.0

In December 2009, the Group acquired the remaining 56.8% interest in Primelife which is now classified as a controlled entity. Refer to Note 15a 'Consolidated

Entities'. Share of Profit represents the period prior to acquisition when the investment was classified as an associate. 2 In December 2010 the Group's interest in the Lend Lease Overgate Partnership was sold.

	December 2010 A\$m	June 2010 A\$m
11. Investment Properties
Senior living properties Retail properties Assets under construction Total investment properties	2,690.0 100.1 148.7 2,938.8	2,579.9 115.5 125.5 2,820.9
12. Borrowings and Financing Arrangements
a. Borrowings
Current Bank credit facilities	567.8
Non Current Commercial notes Bank credit facilities	754.3	879.9 566.7
Total borrowings	1,322.1	1,446.6
b. Finance Facilities The Group has access to the following lines of credit:
Commercial Notes Facility available Amount of facility used	754.3 (754.3)	879.9 (879.9)
Amount of facility unused	–	–
Bank Credit Facilities Facility available Amount of facility used	1,121.6 (567.8)	1,245.3 (566.7)
Amount of facility unused	553.8	678.6
Bank Overdrafts Facility available Amount of facility used	17.7	10.0
Amount of facility unused	17.7	10.0

Commercial notes include £300.0 million (A\$461.5 million) 6.125% annual coupon guaranteed notes due 12 October 2021 that were issued in October 2006 in the UK public bond market and US\$300.0 million (A\$300.0 million) of guaranteed senior notes at 5.75% (all in rate) issued in the US Private Placement debt market maturing in October of 2012, 2015 and 2017.

Bank credit facilities include a committed syndicated bank facility maturing in July 2013 of £360.0 million (A\$553.8 million) in the UK, which was undrawn at 31 December 2010, and a floating rate A\$570.0 million committed club facility maturing in December 2011 which was fully drawn at 31 December 2010.

The bank overdraft facilities may be drawn at any time and are repayable on demand.

Consistent with prior years, the Group has not defaulted on any obligations of principal or interest in relation to its borrowing and financing arrangements.

	Lend Lease Corporation Limited			Lend Lease Trust
	No. of	December 2010	No. of	June 2010	December 2010 No. of		June 2010 No. of
	Shares		Shares		Units		Units
	m	A\$m	m	A\$m	m	A\$m	m	A\$m
13. Issued Capital and Treasury Securities
Issued Capital
Issued capital at beginning of financial period Movements during financial period	565.6	2,019.2	457.6	1,195.9	565.6	0.6
Equity issue net of transaction costs		(0.7)	104.7	792.6			104.7	0.1
Equity issue – other			0.1	0.3			0.1
Distribution Reinvestment Plan			3.2	30.4
Equity issue to effect stapling of the
Company's shares to LLT units							460.8	0.5
Issued capital at end of financial period	565.6	2,018.5	565.6	2,019.2	565.6	0.6	565.6	0.6

Issuance of Securities

As at 31 December 2010 the Group had 565.6 million stapled securities on issue equivalent to the number of Lend Lease Corporation shares and LLT units on issue as at that date. The issued units of LLT are not owned by the Company and are therefore presented as non controlling interests in the consolidated statement of financial position within equity.

Security Accumulation Plans

The Group's Distribution Reinvestment Plan (DRP) was reactivated in February 2011. The last date for receipt of an election notice for participation in the DRP is 9 March 2011. The issue price is the arithmetic average of the daily volume weighted average price of Lend Lease stapled securities traded (on the Australian Securities Exchange) for the period of 10 consecutive business days immediately following the record date for determining entitlements to distribution, less a discount of 2.5%. If that price is less than 50 cents, the issue price will be 50 cents. Stapled securities issued under the DRP rank equally with all other stapled securities on issue.

Terms and Conditions

Issued capital for Lend Lease Corporation Limited comprises ordinary shares fully paid.

A stapled security represents one share in the Company stapled to one unit in LLT.

Stapled securityholders have the right to receive declared dividends from the Company and distributions from LLT and are entitled to one vote per stapled security at securityholders' meetings. Ordinary stapled securityholders rank after all creditors in repayment of capital.

The Group does not have authorised capital or par value in respect of its issued stapled securities.

	Lend Lease Corporation Limited				Lend Lease Trust
	December 2010 No. of Shares		June 2010 No. of Shares		December 2010 No. of Units		June 2010 No. of Units
	m	A\$m	m	A\$m	m	A\$m	m	A\$m
Treasury Securities1
Balance at beginning of financial period	29.9	74.4	30.8	63.2	29.9
Movements during financial period:
Treasury securities acquired	0.2	1.1	0.3	2.6
Treasury securities vested	(0.8)	(7.5)	(1.2)	(11.0)
Movement on allocated treasury securities
recognised directly in retained earnings and
equity compensation reserve		0.8		19.6
Issue of Lend Lease Trust units upon
stapling of the Company shares to Lend
Lease Trust units							29.9
Balance at end of financial period	29.3	68.8	29.9	74.4	29.9	–	29.9	–

1 Represents unallocated Lend Lease stapled securities held by employee benefit vehicles, including employee security plans, which Lend Lease sponsors. The value reflects the original historical cost to the Group. The consolidated balance represents the Company shares which are disclosed in the statement of financial position as treasury securities as a reduction of equity. The LLT balance is disclosed in the statement of financial position within non controlling interests attributable to unitholders of LLT.

14. Contingent Liabilities

The Group has the following contingent liabilities:

There are a number of legal claims and exposures that arise from the normal course of business. There is significant uncertainty as to whether a future liability will arise in respect of these items. The amount of liability, if any, that may arise cannot be measured reliably at this time. The Directors are of the opinion that all known liabilities have been brought to account and that adequate provision has been made for any anticipated losses.

In certain circumstances, the Company guarantees the performance of particular Group entities in respect of their obligations. This includes bonding and bank guarantee facilities used primarily by the Project Management and Construction business as well as performance guarantees for certain Development business commercial built-form developments. These guarantees are provided in respect of activities that occur in the ordinary course of business and any known losses in respect of the relevant contracts have been brought to account.

The Group has, over the years, established a range of employee share ownership vehicles which include the Lend Lease Retirement Benefit Fund (RBF) and the Lend Lease Employee Investment Trust (EIT). In the event of a change of control, the RBF and EIT Trustees may distribute the funds of these Trusts to employees who cease to be employees during the 12 months after a change of control. Any payments made need to be funded by these Trusts and cannot exceed the value of the assets of the Trusts. As RBF and EIT are consolidated by the Company, this potential obligation is disclosed as a contingent liability. Full details are disclosed in the 30 June 2010 annual consolidated financial report.

In September 2004, a class action was filed against a number of parties who responded to the World Trade Center emergency and debris removal following the events of 9/11. The action was brought against more than 50 defendants, including the City of New York and Bovis Lend Lease LMB Inc ('Bovis Lend Lease') (a subsidiary of the Group). Judge Alvin K Hellerstein of the United States Federal Court for the Southern District of New York refused to certify the class action and as such the litigation proceeds as a consolidated action by individual claimants. The number of claimants who have brought proceedings against Bovis Lend Lease is currently approximately 15,916 (comprising 9,471 first named claimants and 6,445 derivative claimants – for example, spouses).

Bovis Lend Lease is one of the beneficiaries of the approximately US\$1.0 billion captive insurance policy (administered by the WTC Captive) established by the US Congress to protect the City of New York and its contractors against liabilities that may arise from the clean-up. Bovis Lend Lease and other defendants have also benefited from certain project-specific insurance.

On 23 June 2010, Judge Hellerstein signed an 'Order Approving Modified and Improved Agreement of Settlement'. The settlement agreement (as amended from the agreement announced on 12 March 2010) between counsel representing the claimants in these proceedings, the WTC Captive and counsel representing the defendants insured by the WTC Captive (including Bovis Lend Lease) requires the WTC Captive to contribute up to a total of US\$712.5 million if certain conditions are met. The agreement does not impose any financial obligations on Bovis Lend Lease. The settlement became fully effective on 5 January 2011 upon the signing by the parties of the Affirmation of Final Settlement recognising that more than 95% of the plaintiffs who have brought claims against the defendants insured by the WTC Captive have accepted the settlement terms and have 'opted in' to the settlement, and all other necessary conditions have been satisfied.

Additionally, on 2 January 2011, President Obama signed the James Zadroga 9/11 Health and Compensation Act of 2010 into law. Among other things, this legislation re-opens the September 11th Victim Compensation Fund, such that current claimants may also now be eligible to seek compensation from the United States government. The Act also limits the liability of the City of New York and various contractors, including Bovis Lend Lease, for claims related to the clean up operations.

Bovis Lend Lease may still need to defend claims made by plaintiffs who do not opt into the settlement, who are ineligible or otherwise decline to participate in the re-opened Victim Compensation Fund, or who bring new claims against Bovis Lend Lease. To establish any liability on the part of Bovis Lend Lease, the claimants must prove that Bovis Lend Lease owed them a duty of care, breached that duty, and that their injuries were caused by the conduct of Bovis Lend Lease. The litigation therefore still needs to proceed through a number of stages before any liability can attach to Bovis Lend Lease. As with all litigation, to the extent that the claimants are able to establish liability against Bovis Lend Lease, it is not possible at this stage to quantify what that liability may or may not be or whether or not that liability will be entirely covered by insurance. The Zadroga Act limits the liability of the contractors, including Bovis Lend Lease to those amounts remaining in the WTC Captive Insurance Company plus any liability insurance coverage that was available and applicable on 11 September 2001 for the particular contractor. Until the regulations are promulgated, it is not possible to ascertain how the limitation of liability in the Zadroga Act will apply to any particular claim against Bovis Lend Lease going forward.

In April 2009, Bovis Lend Lease in New York received notice of investigations being conducted by the US Attorney's Office for the Eastern District of New York and the New York County District Attorney's Office. The investigations relate to allegations regarding, among other things, billing practices for union foremen on construction projects in New York. Bovis Lend Lease is co-operating with the authorities in their investigations. Until the investigations are complete, it is not possible to quantify what the financial consequences associated with this matter will be. The Group has engaged independent advisers to conduct a review of Bovis Lend Lease's practices and has recognised a provision to cover legal costs and make-good payments.

	Ownership Interest Acquired %	Date Acquired
15. Consolidated Entities
a. Acquisitions
December 2010 During the period, there were no acquisitions of consolidated entities.
December 2009 During the period, the Group acquired an interest in the following entities:
Europe Lend Lease Trust (formerly Sheffield Diversified Fund No. 2)1 Lend Lease Trust No. 2 (formerly Sheffield Diversified Fund No. 1)1 Lend Lease Responsible Entity Limited (formerly Sheffield Funds Management Limited)	100 100 100	2 Oct 09 2 Oct 09 2 Oct 09
Australia Lend Lease Primelife Group	56.8	15 Dec 09

1 On 2 October 2009, Lend Lease Corporation Limited acquired 100% of the voting interests in Lend Lease Trust and Lend Lease Trust No. 2. Subsequent to the acquisition of Lend Lease Trust, the units of Lend Lease Trust were stapled to shares in Lend Lease Corporation Limited as set out in Note 1 'Significant Accounting Policies'.

	Ownership Interest Disposed %	Date Disposed	Consideration Received A\$m
b. Disposals
December 2010
Australia LLD (Coolum Western) Pty Limited Coeur de Lion Holdings Pty Limited1	100 50	23 Dec 10 23 Dec 10	13.4 5.0
December 2009

During the period, there were no disposals of consolidated entities.

1 The Group still holds 100% in Coeur de Lion Holdings Pty Limited but due to the agreement in place where the economic outcomes are shared with Sekisui House Australia, this has been deconsolidated and is now classified as an equity accounted investment, refer Note 10 'Equity Accounted Investments'.

16. Segment Reporting

The segment results are discussed and analysed in the Management Discussion and Analysis of Financial Condition and Results of Operations (MD&A) included with this report.

From 1 July 2010, the Group moved to a regional management structure focused on four major geographic regions: Australia, Asia, Europe and the Americas, to support the Group's integrated model and provide a platform to develop regional investment opportunities. The Group has identified these operating segments based on the internal reports that are reviewed and used by the Managing Director (the chief operating decision maker) in assessing performance and in determining the allocation of resources.

The regional business units operate across four lines of business, as follows:

Development

The Development business operates in all four major geographic regions and is involved in the development of masterplanned urban communities, inner-city mixed-use developments, apartments, retail and the senior living sector.

Project Management and Construction

The Project Management and Construction business operates in all four major geographic regions and provides project management and construction services.

Investment Management

The Investment Management business operates in all four major geographic regions and provides real estate investment management, retail property management and asset management services. This business includes the Group's ownership interests in property investments held directly or indirectly through investments in Group managed funds.

Infrastructure Development

The Infrastructure Development business operates in Australia, Europe and the Americas and manages and invests in large public private partnership projects.

Segment performance is based on operating profit after tax. Operating profit after tax is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain reportable segments relative to other entities that operate within these industries. The Group does not consider corporate activities to be an operating segment. Financial information regarding the performance of each reportable segment and a reconciliation of these reportable segments to the financial statements is included below.

		Segment Revenue		Operating Profit/(Loss) After Tax (Excluding Minority Interests)

	6 months December	6 months December	6 months December	6 months December
	2010 A\$m	2009 A\$m	2010 A\$m	2009 A\$m
Australia	2,223.8	1,698.9	136.7	116.2
Asia	166.1	251.2	15.8	21.5
Europe	851.7	1,431.2	94.6	64.0
Americas	1,088.0	2,185.7	28.9	19.0
Total segment	4,329.6	5,567.0	276.0	220.7
Reconciling items
Corporate activities	37.1	26.3	(55.8)	(32.8)
Property investment revaluations			6.3	17.0
Statutory result	4,366.7	5,593.3	226.5	204.9

17. Events Subsequent to Balance Date

There were no material events subsequent to the end of the financial period.

Directors' Declaration

In the opinion of the Directors of Lend Lease Corporation Limited ('the Company'):

1. The financial statements and notes are in accordance with the Corporations Act 2001, including:
a. Giving a true and fair view of the financial position of the Company and its controlled entities as at 31 December 2010 and of their performance for the half year ended on that date; and
b. Complying with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Regulations 2001.
1. There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the Directors:

D A Crawford, AOS B McCann

Sydney, 17 February 2011

Chairman Managing Director

AI assistant

LENDLEASE GROUP — Interim / Quarterly Report 2011

65243_rns_2011-02-16_b3d14503-36f3-4483-8ca9-9526215d6fab.pdf

Results for announcement to the market Preliminary Half Year Report

ENDS

Lend Lease Group

Appendix 4D

Results for Announcement to the Market

Profit After Tax

Stapling of the Company shares and LLT units

Distributions

Additional Information

Overview

Introduction

Overview

Results Summary

Australia

Asia

Europe

Americas

Overview

Results Summary

Corporate

Other

Shareholder Returns

Distributions

Group Funding

Overview

Investments

Overview

Australia

Key Financial Results

Development

Residential and Commercial

Australia

Senior Living

Australia

Development

Project Management and Construction

Australia

Investment Management

Infrastructure Development

Asia

Key Financial Results

Development

Project Management and Construction

Asia

Investment Management

Europe

Key Financial Results

Development

Europe

Project Management and Construction

Investment Management

Europe

Infrastructure Development

Americas

Key Financial Results

Development

Project Management and Construction

Americas

Investment Management

Infrastructure Development

Corporate

Key Financial Results

Group Services

Group Treasury

Interest Revenue and Expenses

Hedging and Foreign Exchange Exposure

Group Liquidity

Appendix 1

Appendix 2

Appendix 3

Operating Results by Region Detail in Local Currency1

Appendix 4

Appendix 4

Appendix 4

Change in Reporting Structure – Footnote References

Australia

Australia

LENDLEASE GROUP Interim / Quarterly Report 2011

Project Management and Construction - Major Projects¹

Investment Management - Funds Under Management (FUM)¹

Project Management and Construction - Major Projects¹

Investment Management - Funds Under Management (FUM)¹

Project Management and Construction - Major Projects¹

Investment Management - Funds Under Management (FUM)¹

Project Management and Construction - Major Projects¹

Funds Under Management (FUM)¹