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21 February 2018
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Lendlease Group Half Year 2018 Results Announcement, Presentation and Appendix

Lendlease Group today announced its results for the half year ended 31 December 2017. Attached is the HY18 Results Announcement, Presentation and Appendix.

ENDS

FOR FURTHER INFORMATION, PLEASE CONTACT:

Investors: Justin McCarthy Mob: +61 422 800 321

Media: Stephen Ellaway Mob: +61 417 851 287

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

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

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Level 14, Tower Three, International Towers Sydney Exchange Place, 300 Barangaroo Avenue Barangaroo NSW 2000 Australia

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21 February 2018
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Lendlease delivers resilient earnings, announces on-market buyback

For the half year ended 31 December 2017[1] :

Profit after Tax of $425.6 million, up 8 per cent and earnings per stapled security of 72.9 cents, up 8 per cent
Return on Equity of 13.8 per cent[2] , upper end of 10-14 per cent target range
Net operating and investing cash flow of $825.2 million
Strong balance sheet with gearing of 1.9 per cent[3] and available liquidity of $3.9 billion
On-market buyback up to $500 million
Strong residential completions in apartments and land lots
Secured two major urbanisation projects in Europe (estimated end value of $5.4 billion)
Introduced capital partner for 25 per cent of the Retirement Living business at premium to book value
Two new asset classes added to the funds management platform
Interim distribution of 34 cents per stapled security, up 3 per cent

Group Chief Executive Officer and Managing Director, Steve McCann, said Lendlease delivered resilient earnings for the period with a strong performance from the Development and Investments segments outweighing the underperformance in the Construction segment.

“The strong performance of our Development segment was underpinned by the residential sector, with a 48 per cent increase in residential development completions and the launch of a residential for rent investment partnership with CPPIB[4] in London.”

“Recurring earnings and growth in underlying asset values drove a strong result in our Investments segment.”

The Group also made substantial progress implementing its strategic agenda, securing two new major urbanisation projects, converting opportunities in the infrastructure space and creating future growth potential for the funds platform.

1 Comparative period, the half year ended 31 December 2016 (the prior corresponding period).

2 Return on equity is calculated on an annualised basis, using the half year profit after tax, divided by the arithmetic average of beginning and half year end securityholders' equity.

3 Net debt to total tangible assets less cash.

4 Canada Pension Plan Investment Board.

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Level 14, Tower Three, International Towers Sydney Exchange Place, 300 Barangaroo Avenue Barangaroo NSW 2000 Australia

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

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21 February 2018
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Mr McCann said: “The addition of High Road West in Tottenham in London and Milano Santa Giulia in Milan brings our global urbanisation portfolio of major projects to 16 and delivers on our stated objective of diversifying to targeted international gateway cities.”

Future growth in Funds Under Management will be supported by two new asset classes for Lendlease; UK residential for rent and US telecommunications infrastructure.

Mr McCann said: “While we saw underperformance in our Construction segment, this was confined to a small number of engineering projects. We have continued to invest in our capability and have been selective and disciplined in our recent origination. We have positive momentum behind the business and continue to make progress, securing $3 billion of transport infrastructure projects in Australia.”

Group Financials

Group Chief Financial Officer, Tarun Gupta, said: “Lendlease delivered a robust financial result with solid profit growth, strong cash generation, and a resilient balance sheet.”

“This result, building on already solid foundations, has provided the capacity to undertake capital management, with the Board approving an on-market buyback of up to $500 million.”

The on-market buyback is subject to the ongoing assessment of the Group’s surplus capital position, market conditions and growth opportunities.

Return on equity was 13.8 per cent for the half driven by strong returns in the Development and Investments segments. This was achieved using little financial leverage with gearing ending the period at 1.9 per cent.

EBITDA rose by 13 per cent on the prior corresponding period with growth in Development and Investments more than offsetting a weaker period for Construction.

Net operating and investing cash flows were $825.2 million for the half year, almost double that of Profit after Tax.

“The Group made further progress in reallocating capital to our international operations following the part sale of the Retirement Living business, the growth in our international urbanisation pipeline and the launch of a telco infrastructure JV with Softbank Group in the US,” said Mr Gupta.

Outlook

Mr McCann said: “We continue to be well placed for the future and remain committed to our strategy. We have made progress in growing the development pipeline in our gateway cities and have strong earnings visibility for the coming years.”

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Level 14, Tower Three, International Towers Sydney Exchange Place, 300 Barangaroo Avenue Barangaroo NSW 2000 Australia

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

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21 February 2018
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Lendlease has an extensive development pipeline of $56.7 billion[5] , with $40.3 billion of urbanisation projects and $16.3 billion of Communities and Retirement projects.

Construction backlog revenue stands at $22.4 billion with an additional c.$12 billion of preferred work at 31 December 2017.

The Investments segment is in a solid position to deliver recurring earnings derived from the $3.0 billion of invested capital, $28.3 billion in funds under management and approximately $4 billion of secured future FUM.

“Our diversification by segment, sector and geography ensures our business model is resilient to market cycles and operational challenges and our strong financial position provides the flexibility to pursue future opportunities as they arise,” said Mr McCann.

Further information regarding Lendlease’s results is set out in the Group’s financial results presentation for the half year ended 31 December 2017 and is available on www.lendlease.com.

ENDS

FOR FURTHER INFORMATION, PLEASE CONTACT:

Investors: Media: Justin McCarthy Stephen Ellaway Mob: +61 422 800 321 Mob: +61 417 851 287

2018 Key Dates for Investors
Interim distribution declared	21 February
Securities quoted ex-dividend on the Australian Securities Exchange	27 February
Interim distribution record date	28 February
Anticipated commencement of on-market buyback	13 March
Interim distribution payable	22 March
FY18 results released to market/final distribution declared	22 August
Annual General Meetings	16 November

5 Includes $0.1 billion of infrastructure development.

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

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Level 14, Tower Three, International Towers Sydney Exchange Place, 300 Barangaroo Avenue Barangaroo NSW 2000 Australia

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2018 Half Year Results 21 February 2018

Image: ICC Sydney & Sofitel, Darling Harbour, Sydney

LENDLEASE – HY18 FINANCIAL RESULTS 2

Indigenous engagement and reconciliation

Lendlease’s vision for Reconciliation is one in which all our employees acknowledge and celebrate the proud heritage of Australia’s First Peoples and promote opportunities for career development, sustainable business growth and economic participation of Aboriginal and Torres Strait Islander Australians within our sector

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Group Performance and Highlights Steve McCann, Group Chief Executive Officer and Managing Director

LENDLEASE – HY18 FINANCIAL RESULTS 4

Safety

Lendlease is saddened to report one fatality occurred on our operations during HY18.

We express our sincere condolences to the family, friends and colleagues impacted by this tragic incident.

We remain committed to the safety of our people and continuously strive to do our best so that every person who visits a Lendlease operation returns home safely.

Safety metrics HY18

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One fatality occurred on our operations
Group Lost Time Injury Frequency Rate[1]
1.6 (1.6 in HY17)
Percentage of operations without a critical incident in the last 6 months
95% (92% in HY17)
Calculated using 12 month rolling frequency rate

LENDLEASE – HY18 FINANCIAL RESULTS 5

Vision: to create the best places

Strategic framework

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Competitive advantage

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Business model

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Pillars of value

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LENDLEASE – HY18 FINANCIAL RESULTS 6

Lendlease delivers resilient earnings

Securityholder returns[1]

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Profit after Tax of $425.6 million, up 8%, and earnings per stapled security of 72.9 cents, up 8%
Half year distribution of 34 cents per security, representing a dividend payout ratio of 47%
Return on equity of 13.8%[2] , the upper end of our 10% – 14% target range
Capital management: on-market buyback of up to $500 million

Performance drivers[1 ]

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Total residential completions of 3,009 units, up 48%
Commenced residential for rent investment partnership in the UK – two buildings at Elephant Park in delivery
Construction EBITDA adversely impacted by a small number of underperforming Engineering projects
Introduced capital partner for 25% of the Retirement Living business at premium to book value
Growth in Funds Under Management (FUM) of 15% to $28.3 billion
Operating and Investing cash flow of $825.2 million
Gearing of 1.9%[3] and liquidity of $3.9 billion, including cash and cash equivalents of $1.5 billion
Comparative period the half year ended 31 December 2016 (the prior corresponding period)
Return on equity is calculated using an annualised operating Profit after Tax divided by the arithmetic average of beginning and half year end securityholders’ equity
Net debt to total tangible assets, less cash

LENDLEASE – HY18 FINANCIAL RESULTS 7

HY18 Achievements

Executing on our strategy

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New urbanisation projects in gateway cities: High Road West, London ($1.9 billion[1] ); Milano Santa Giulia, Milan ($3.5 billion[1] )
Construction new work secured of $8.8 billion: including $3 billion of transport infrastructure
Retirement Living: introduction of APG[2] as 25% capital partner
New asset classes for Investment platform secured:
UK Residential for Rent – Investment partnership with CPPIB[3] with initial target of GBP1.5 billion
US Telco Infrastructure – Joint Venture with Softbank targeting USD5 billion in assets over the medium term

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High Road West, London[4]

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Annesley Bowral Retirement Village, NSW

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Milano Santa Giulia, Milan[4]

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Elephant Park, London[4]

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Melbourne Metro, VIC[4]

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Telecommunications tower, Florida

Estimated end development value
APG Asset Management N.V.
Canada Pension Plan Investment Board
Artist’s impression

LENDLEASE – HY18 FINANCIAL RESULTS 8

Construction segment: Engineering

Near term focus

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Small number of underperforming projects:
HY18 EBITDA includes the reversal of previously booked margin and recognition of expected losses
These projects are all at least 50% complete
Margin impact until completion
Issues are project specific:
Primarily logistics and geotechnical

Engineering backlog ($b)

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20%
$5.0b 2
80%
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Underperforming
Remaining
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Strategic rationale

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Target / Market opportunity

Market opportunity compelling
Benefits for integrated model:
Delivery of urbanisation projects
Origination opportunities to/from other businesses
Continued investment in delivery capability
Targeting portfolio scale and diversification
Financial targets:
$4 billion per annum in revenue[1]
EBITDA margin > 5%[1]

ADDRESSABLE MARKET

$35 billion

PROSPECTS

~70% of addressable market

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PURSUITS
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~50% of prospects
WINS
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Target hit rate 1:3
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Medium term targets (3-5 years)
As at 31 December 2017

Financials

Tarun Gupta, Group Chief Financial Officer

LENDLEASE – HY18 FINANCIAL RESULTS 10

Financial performance

$ million	Dec-16	Dec-17	Change
Development	260.2	443.0	70%
Construction	170.2	(26.1)	(115%)
Investments	288.4	383.1	33%
Operating EBITDA	718.8	800.0	11%
Corporate costs	(79.2)	(79.4)	0%
Group EBITDA	639.6	720.6	13%
Depreciation and amortisation	(47.8)	(50.4)	5%
EBIT	591.8	670.2	13%
Net finance costs	(49.6)	(46.0)	(7%)
PBT	542.2	624.2	15%
Income tax expense	(147.7)	(198.5)	34%
External non controlling interests	0.3	(0.1)	(133%)
NPAT	394.8	425.6	8%
Weighted avg. securities	582.7	583.8	0%
EPS cents	67.8	72.9	8%

H1 skew: residential for rent and apartments for sale
Underperformance in Engineering business
Uplift in recurring earnings, leasing success, appreciating asset values
HY18 Group Services costs of $68.9 million[1 ] flat on HY17[2]
Reflective of higher technology related costs
Decrease in finance costs due to lower average net debt
Effective tax rate of 31.8%, up 4.6 ppts[2]
Comparative period the half year ended 31 December 2016 (the prior corresponding period)
Remaining HY18 corporate costs represent Group Treasury of $10.5 million

LENDLEASE – HY18 FINANCIAL RESULTS 11

Cash flow movements ($b)[1]

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Denotes major movements
Barangaroo Commercial $0.2b
Victoria Harbour and Darling Square $0.9b
Other Urbanisation $0.4b
Communities $0.4b
Repayment of S$275m Bond ($0.3b)
Net repayment of GBP Club Revolving
Retirement Living transaction $0.8b
Credit Facility ($0.1b)
(1.8)
2.1
(0.4)
0.9
(0.5)
APPF Commercial ($0.1b)
Urbanisation - Australia ($1.0b) Clippership ($0.1b)
Urbanisation - Europe ($0.2b) Americas Telecommunication Towers ($0.1b) 1.5
1.2 Communities ($0.5b)
FY17 closing cash Operating inflow Operating outflow Investing inflow Investing outflow Net financing and HY18 closing cash
other adjustments²
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Represents an indicative analysis of operating cash inflows and outflows. Operating cash inflows and outflows relating to Construction have been included as a net position in the above chart
Includes the impact of foreign exchange movements on opening cash

LENDLEASE – HY18 FINANCIAL RESULTS 12

Financial position

$ million	Dec-16	Jun-17	Dec-17
Assets
Cash and cash equivalents	1,020.8	1,249.2	1,545.2
Inventories	4,963.6	5,127.4	4,884.7
Equity accounted investments1	744.0	834.6	2,268.0
Investment properties1	6,439.5	6,967.4	557.4
Other assets (including financial)	5,738.6	6,675.6	6,536.7
Total assets	18,906.5	20,854.2	15,792.0
Liabilities
Borrowings and financial arrangements	1,844.9	2,152.4	1,792.5
Other liabilities (including financial)1	11,114.4	12,535.3	7,570.4
Total liabilities	12,959.3	14,687.7	9,362.9
Net assets	5,947.2	6,166.5	6,429.1
Gearing3	5.1%	5.0%	1.9%

Key areas of capital employed

Development inventories of $3.9 billion
Investments of $3.1 billion including:
Co-investments of $1.6 billion
Retirement Living interest of $1.2 billion
Infrastructure of $0.3 billion

Funding and liquidity

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$1.5 billion of cash and $2.3 billion in undrawn debt facilities[2]
Interest coverage of 12.5 times
Prudent debt maturity profile, no material concentrations
As at 31 December 2016 and 30 June 2017 Investment properties included Retirement Living assets and Retirement Living obligations. As at 31 December 2017 the net assets for Retirement Living were reported through equity accounted investments
Total liquidity of $3.9 billion, components do not sum due to rounding
Net debt to total tangible assets less cash

LENDLEASE – HY18 FINANCIAL RESULTS 13

Portfolio Management Framework

Invested capital

EBITDA mix

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By segment
48% 45%
$800m¹ 55% $6.6b²
55%
(3%)
Construction Investments Development Investments
(20 - 30%) (30 - 40%) (40 - 60%) (40 - 60%)
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Target Development Construction Investments
weighting (35 - 45%) (20 - 30%) (30 - 40%)
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By region
13%
14%
$6.6b³
61%
12%
Australia Asia Europe Americas
(50 - 70%) (5 - 20%) (5 - 20%) (5 - 20%)
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Returns

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Development – ROIC[4]

Investments – ROIC[4]

Construction – EBITDA margin

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18.8%
16.5% Target 3 - 4%
13.4% 2.7%
Target 9 - 12% [5]
Target 8 - 11% [5]
12.7% (0.4%)
HY17 HY18 HY17 HY18
HY17 HY18
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Operating EBITDA
Invested capital for Development and Investments
Total Lendlease invested capital at 31 December 2017 was $6.6 billion. Development and Investments totalled $6.6 billion, with remaining invested capital nil across both Construction and Corporate
Return on Invested Capital (ROIC) is calculated using the annualised operating Profit after Tax divided by the arithmetic average of beginning and half year end invested capital 5. Target segment returns are through-cycle returns based on a rolling 3-5 year timeline

LENDLEASE – HY18 FINANCIAL RESULTS 14

Portfolio Management Framework

Return on equity (ROE)[1]

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2
18.2%
13.6% 13.8%
13.0% 12.9%
12.4%
FY13 FY14 FY15 FY16 FY17 HY18
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Distributions

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cents
Interim distribution (LHS) Final distribution (LHS)
80 Payout ratio (RHS) 70%
60%
60
50%
2 33
49 30
40 27 40%
20
30%
20
27 30 33 34 20%
22 22
- 10%
FY13 FY14 FY15 FY16 FY17 HY18
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Gearing

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Gearing target revised to 10-20%

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Previous target gearing range
10.5% of 10-15% adjusted to 10-20%
6.5%
5.4% 5.7%
5.0%
1.9%
FY13 FY14 FY15 FY16 FY17 HY18
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The Retirement Living business has historically been accounted for on a gross basis
Going forward, the Group’s interest in Retirement Living will be accounted for on a net basis as an Equity Accounted Investment
This change impacts gearing, but will not change the debt risk profile
The proforma impact on gearing is ~5%, assuming net debt at midpoint of previous 10 – 15% target range
Upper end of gearing range lifted by 5 ppts (new range 10 – 20%)
Equivalent Net Debt / Invested Capital target ratio remains unchanged at 20 – 30%
FY ROE is the annual statutory Profit after Tax attributable to securityholders divided by the arithmetic average of beginning, half year and year end securityholders’ equity. HY ROE is an annualised return based off the arithmetic average of beginning and half year end securityholders’ equity
FY14 includes Bluewater sale

LENDLEASE – HY18 FINANCIAL RESULTS 15

Capital structure and capital management

Portfolio Management Framework: Optimising our capital structure

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1 Maintain investment grade credit rating
KEY CAPITAL STRUCTURE
2 Optimise Weighted Average Cost of Capital (WACC)
OBJECTIVES
3 Sufficient buffer to manage operational and cyclical risks
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Capital Management – returning excess capital

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Maintaining an optimal capital structure is a core element of the Portfolio Management Framework
Focus on maximising long term securityholder value and maintaining capital discipline
Board has approved an on-market buyback of up to $500 million, subject to the Group’s ongoing assessment of the surplus capital position, market conditions and growth opportunities
Financial capacity to fund our share of development pipeline and growth opportunities maintained
Prudent capital management remains an ongoing focus

Operational Update Steve McCann, Group Chief Executive Officer and Managing Director

LENDLEASE – HY18 FINANCIAL RESULTS 17

Development

Performance highlights[1]

Residential presales ($b) Residential for rent ($b)

ROIC of 18.8%, well above target range
Residential completions of 3,009 units, up 48%:
Apartments for sale 1,189 units[2]
Communities 1,780 units
Launch of residential for rent UK partnership – Phase one 663 units across two buildings
Residential presales:
Apartments 3,295 units ($3.1b)

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Apartments for Sale Apartments for Rent 3
Communities
4.8
4.0
3.9
3.1
1.2
0.9 0.9 0.5
FY17 HY18 FY17 HY18
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Communities 3,842 lots ($0.9b)

Commercial building completion profile[4] ($b)

Residential for rent in delivery: 1,513 units ($1.2b[3] )

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By estimated total end value
The Lifestyle Quarter at Tun
Paya Lebar Quarter Commercial Razak Exchange, Kuala Lumpur
and Retail, Singapore, and University of Melbourne
Brisbane Showgrounds, Innovation Precinct
Melbourne Quarter, and
Victoria Harbour, Melbourne
Circular Quay
Tower, Sydney
International
International
Quarter
3.5
Quarter
London
London
1.7 1.7
0.6 0.4
H2 FY18 FY19 FY20 FY21 FY22
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Barangaroo – T1 leasing (c.18,000 sqm), 94% let
Major commercial buildings in delivery c.$7.9 billion[3]
74,000 sqm commercial pre-leasing – underpinning potential future forward sales
Financial close on Melbourne Metro Tunnel Project
US Telecommunications Infrastructure: Joint Venture established
Comparative period the half year ended 31 December 2016 (the prior corresponding period)
Pre sold units on buildings completed during the period, and units sold in the period on buildings completed in prior periods 3. Total estimated development end value
Based on expected completion date of buildings, subject to change. Not indicative of cash or profit recognition

LENDLEASE – HY18 FINANCIAL RESULTS 18

Construction

Performance highlights[1]

Global EBITDA margin (0.4%)
Australian margin impacted by a small number of underperforming engineering projects
HY18 EBITDA includes the reversal of previously booked margin and recognition of expected losses
Projects all at least 50% complete
Margin impact until completion
Solid Building performance in Australia
Americas margin lower compared with performance upside in HY17
New work secured of $8.8 billion:
Building $5.4 billion (including c.$1 billion Defence)
Engineering $3.0 billion (Transport infrastructure)
Services $0.4 billion
Backlog revenue of $22.4 billion, up 9%
Preferred bidder status of c.$12 billion

EBITDA ($m)

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HY17 HY18
170.2
97.9
69.8
29.2
(66.1) (1.4) 0.5 3.9 10.3 (26.1)
Australia Asia Europe Americas Total
EBITDA Margin (%)
HY17 3.0% (0.5%) 0.6% 3.2% 2.7%
HY18 (1.9%) 0.2% 3.0% 1.2% (0.4%)
Backlog ($b)
8.8 (6.4) (0.6)
22.4
20.5 20.6
HY17 FY17 New work Revenue Other HY18
secured realised
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Comparative period the year ended 31 December 2016 (the prior corresponding period)

LENDLEASE – HY18 FINANCIAL RESULTS 19

Investments

Performance highlights[1]

Investments EBITDA by activity ($m)

ROIC of 16.5%, well above target range

HY17 HY18

Ownership earnings derived from investments increased by 41% to $319 million
25% sale of Retirement Living business at c.7% premium to book value and uplift in carrying value of remaining 75% investment
Higher investment income from lease up and full period benefit of office at Barangaroo South
Asset value appreciation:
Co-investment revaluations
External valuation of the US military housing portfolio
Uplift in operating earnings of 3% to $64 million
Future FUM from new asset classes: Residential for Rent in the UK and Telecommunications Infrastructure in the US
FUM of $28.3 billion, up 15%

`o` c.$4 billion[2] of additional secured future FUM

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319
226
62 64
Ownership interest Operating earnings
FUM ($b)
1.3
1.0 (0.1)
28.3
26.1
24.7
HY17 FY17 Additions Divestments Revaluations 3 HY18
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Comparative period the half year ended 31 December 2016 (the prior corresponding period)
Represents secured future FUM from funds with development projects in delivery
Includes foreign exchange

Artist’s impression: Elephant Park, London

Outlook

Steve McCann, Group Chief Executive Officer and Managing Director

LENDLEASE – HY18 FINANCIAL RESULTS 21

Outlook

Laying the foundations for future growth

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Well positioned for future success:
Earnings visibility from extensive pipeline across our business segments
Financial strength, capital discipline, resilient and diversified business model
Development pipeline of $56.7 billion:
Two major urbanisation projects secured: High Road West, London, and Milano Santa Giulia, Milan
Preferred bidder on Haringey Development Vehicle, London and Arexpo, Milan
International operations expected to provide a key source of growth
Construction backlog revenue of $22.4 billion:
Diversified by client, sector and geography
Management focus on underperforming Engineering projects
Investments segment with $3.1 billion of investments and $28.3 billion in FUM:
Integrated model key source of product with c.$4 billion[1] of additional secured future FUM
Two additional asset classes for investment platform: UK Residential for Rent and US Telecommunications Infrastructure
Focused on execution excellence through strong risk management and governance frameworks:
Unwavering commitment to health and safety
Disciplined approach to origination and managing individual project and property cycle risk
Diversification across segment, sector and geography provides resilience
Represents secured future FUM from funds with development projects in delivery

LENDLEASE – HY18 FINANCIAL RESULTS 22

Earnings visibility from strong pipeline across all segments

Development pipeline of Construction backlog revenue of $56.7 billion $22.4 billion

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FUM of
$28.3 billion
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Development pipeline Construction backlog revenue Funds under management
($b) 25 ($b) 30 ($b)
60
25
20
50
20
40 15
15
30
10
10
20
5
5
10
- - -
FY13 FY14 FY15 FY16 FY17 HY18 FY13 FY14 FY15 FY16 FY17 HY18 FY13 FY14 FY15 FY16 FY17 HY18
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Questions

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2018 Half Year Results Appendix

Artist’s impression: Melbourne Quarter, Melbourne

Lendlease Overview

LENDLEASE – HY18 FINANCIAL RESULTS 3

Our business model

Our business model is how we generate earnings. The model is integrated when more than one segment is engaged on a single project

DEVELOPMENT

Core Financial Returns:

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The Development segment is involved in the development of communities, inner city mixed use developments, apartments, retirement, retail, commercial assets, and social and economic infrastructure

Development margins
Development management fees received from external co-investors
Origination fees for infrastructure PPPs

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CONSTRUCTION

Core Financial Returns:

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The Construction segment provides project management, design and construction services, predominantly in the infrastructure, defence, mixed use, commercial and residential sectors

Project management and construction management fees
Construction margin

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INVESTMENTS

The Investments segment includes a leading wholesale investment management platform and also includes the Group’s ownership interests in property and infrastructure coinvestments, Retirement and US Military Housing

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Core Financial Returns:

Fund, asset and property management fees
• Investment yields and capital growth on coinvestments, and returns from the Group’s Retirement investment and US Military Housing business

LENDLEASE – HY18 FINANCIAL RESULTS 4

Globally diverse pipeline

Our globally diverse pipeline provides long term earnings visibility[1]

$56.7b $22.4b $28.3b Development Construction FUM pipeline backlog revenue

$3.1b Investments

Americas

$5.8b Development pipeline $6.5b Construction backlog revenue $0.3b Investments

San Francisco Chicago Boston Los Angeles New York

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London
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Rome
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Milan

Europe $13.2b Development pipeline $1.5b Construction backlog revenue $1.4b FUM

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Beijing
Tokyo
Shanghai
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Asia

$6.2b Development pipeline $0.6b Construction backlog revenue $5.7b FUM

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Kuala Lumpur
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Singapore
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$0.3b Investments

Australia

Brisbane Perth Sydney Melbourne

$31.5b Development pipeline $13.8b Construction backlog revenue $21.2b FUM

$2.5b Investments

All data as at 31 December 2017

LENDLEASE – HY18 FINANCIAL RESULTS 5

Global trends influencing our strategy

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Urbanisation

By 2016, 54% of the world’s population were estimated to live in urban areas; this will reach 60% by 2030[1]

Lendlease leadership

$40.3b[2] Urbanisation pipeline
16 major urbanisation projects[3] across 10 gateway cities

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Infrastructure

On average, worldwide infrastructure spend of c.$3.3 trillion a year will be required to support expected rates of population growth between 2016 and 2030[4]

A leading tier 1 Engineering business in Australia
$10b+ PPPs secured[5]

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Global assets under management are Funds growth forecast to rise from c.US$85 trillion in 2016 to c.US$145 trillion by 2025[6]

15.2% annual growth in Funds Under Management since FY13

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Cities occupy 2% of the world’s land mass, Sustainability but are responsible for up to 70% of harmful greenhouse gases[7]

Recognised by GRESB as an international leader[8]
Development pipeline achieved or targeting 98% green certification

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Ageing population

Internationally, people aged 60+ is expected to more than double by 2050, rising from 962 million in 2017 to 2.1 billion in 2050[9]

A market leader in retirement living sector in Australia
Actively seeking to transfer skills offshore

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Technology

Global investment in real estate technology start-ups has grown from $0.2 billion in 2012 to $2.7 billion in 2016[10]

A pioneer of new delivery technologies e.g. Cross Laminated Timber, pre-fab and modular; a leader in new safety initiatives
World Urbanization Prospects: The 2014 Revision, United Nations
As at 31 December 2017
Urbanisation development projects with end value >$1b
Bridging Global Infrastructure Gaps: McKinsey 2016
Cumulative data from FY12 – HY18
Asset & Wealth Management Revolution: Embracing Exponential Change, PwC 2017
UN-HABITAT’s Global Report on Human Settlements 2011
Global Real Estate Sustainability Benchmark (GRESB) 2017 survey; 5 funds achieved no.1 ranking in respective global or regional category
World Population Prospects: The 2017 Revision, United Nations 10. CB Insights Research Brief 2017

LENDLEASE – HY18 FINANCIAL RESULTS 6

Portfolio Management Framework summary

Business model

Integrated model synergies
Target EBITDA mix:
35-45% Development
30-40% Investments
20-30% Construction

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Capital allocation 2 Target returns
•
Group ROE 10-14%
•
Focused on gateway cities
•
• 1 Maximising 3 Development ROIC 9-12% [1]
50-70% capital in Australia
long term • Investments ROIC 8-11% [1]
•
20% max per International region
securityholder •
Construction EBITDA margin 3-4%
value
5 4
Distribution policy Capital structure
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Investment grade credit rating
• Payout 40-60% of earnings • Optimised WACC
• Capital management discipline • Gearing[2] 10-20%
Target segment returns are through-cycle returns based on a rolling 3 to 5 year timeline 2. Net debt to total tangible assets, less cash

LENDLEASE – HY18 FINANCIAL RESULTS 7

Pillars of value – non-financial

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Safety Our Customers [2]
Group Lost Time Injury c.280 MILLION MILITARY HOUSING FOR
Percentage of operations Frequency Rate [1] RETAIL VISITORS c.125,000
without a critical incident in HY17 1.6 ANNUALLY RESIDENTS IN THE US
the last 6 months is 95%
(92% in HY17) c.150 c.16,000
HY18 1.6
GLOBAL RETIREMENT
INSTITUTIONAL PARTNERS LIVING RESIDENTS
Our People Sustainability
Total development pipeline
For the sixth year running,
Executive positions held achieved or targeting green #1 RANKED
we have been recognised as
by women [3] certification
a top employer in the REAL ESTATE FUND
FY16 19.0% Australian Workplace HY17 98% (APPFC)
Equality Index for Lesbian, IN 2017
Gay, Bi-sexual, Transgender GRESB SURVEY [4]
FY17 20.6% and Intersex (LGBTI) HY18 98%
inclusion
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Calculated using 12 month rolling frequency rate
Internal data capture, as at 30 June 2017
Employees who hold a position at Executive level according to the Lendlease Career Job Framework
Global Real Estate Sustainability Benchmark (GRESB) 2017 survey; 5 funds achieved no.1 ranking in respective global or regional category

LENDLEASE – HY18 FINANCIAL RESULTS 8

Sustainability

Progress against environmental targets

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Targeting 20% reduction in Energy, Water Use and Waste to Landfill by 2020 (against FY14 baseline)

Lendlease’s FY17 performance shown below demonstrates meaningful progress against our 2020 target[1]

FY17 FY17 FY17 21.5% 8.9% 7.7% Water reduction Waste reduction

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Energy reduction

Operational excellence

Member of the Dow Jones Sustainability Index for 16 years and included in RebcoSAM’s 2018 Sustainability Yearbook as one of the most sustainable companies in the industry

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United Nations: Active participant since April 2014 Global Compact

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Achieved highest AAA ESG rating again, putting Lendlease in the top 8% within the industry[2] Lendlease managed fund ranked 1[st] of 850 respondents for 2017 in the Global Real Estate Sustainability Benchmark (GRESB)

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Signatory since FY08, with an A+ rating achieved in Strategy & Governance and Property modules Lendlease’s 2[nd] Reconciliation Action Plan (RAP) achieved ‘Elevate’ status from Reconciliation Australia. One of 20 corporations in Australia to achieve this leadership level

Performance as at June 2017 and is a cumulative measure
As at September 2016

Group

LENDLEASE – HY18 FINANCIAL RESULTS 10

Income Statement

Income Statement ($m)	Dec-16	Dec-17
Revenue 7,945.3 8,691.2
Cost of sales (7,077.3) (7,778.0)
Gross profit 868.0 913.2
Share of profit of equity accounted investments 43.7 7.0 Other income 139.0 378.0 Other expenses (458.9) (628.0)
Results from operating activities 591.8 670.2
Finance revenue 5.5 6.1 Finance costs (55.1) (52.1)
Net finance costs (49.6) (46.0)
Profit before Tax 542.2 624.2
Income tax expense (147.7) (198.5)
Profit after Tax 394.5 425.7
Profit after Tax attributable to: Members of Lendlease Corporation Limited 338.6 314.4 Unitholders of Lendlease Trust 56.2 111.2
Profit after Tax attributable to securityholders 394.8 425.6
External non controlling interests (0.3) 0.1
Profit after Tax 394.5 425.7
Basic/Diluted Earnings per Lendlease Group Stapled Security (cents) 67.8 72.9

LENDLEASE – HY18 FINANCIAL RESULTS 11

Statement of Financial Position

Statement of Financial Position ($m)	Dec-16	Jun-17	Dec-17
Current Assets
Cash and cash equivalents 1,020.8 1,249.2 1,545.2 Loans and receivables 2,057.4 2,749.2 2,127.0 Inventories 2,488.2 2,152.0 1,713.4 Other financial assets 65.0 33.0 2.4 Other assets 94.0 77.9 105.2
Total current assets 5,725.4 6,261.3 5,493.2

Non Current Assets
Loans and receivables 259.4 507.7 742.4 Inventories 2,475.4 2,975.4 3,171.3 Equity accounted investments 744.0 834.6 2,268.0 Investment properties 6,439.5 6,967.4 557.4 Other financial assets 1,230.4 1,203.3 1,430.8 Deferred tax assets 116.2 129.4 148.9 Property, plant and equipment 413.1 425.8 424.7 Intangible assets 1,433.7 1,415.1 1,407.2 Defined benefit plan asset 6.5 64.3 80.8 Other assets 62.9 69.9 67.3
Total non current assets 13,181.1 14,592.9 10,298.8
Total assets 18,906.5 20,854.2 15,792.0

Statement of Financial Position ($m)	Dec-16	Jun-17	Dec-17
Current Liabilities
Trade and other payables 4,353.5 5,578.8 4,719.6 Resident liabilities 4,444.1 4,573.0 - Provisions 321.8 285.6 421.9 Borrowings and financing arrangements 297.8 291.9 249.6 Current tax liabilities 38.5 6.4 9.8 Other financial liabilities 23.5 22.0 8.8
Total current liabilities 9,479.2 10,757.7 5,409.7

Non Current Liabilities
Trade and other payables 1,702.9 1,772.1 1,915.3 Provisions 49.2 58.4 55.2 Borrowings and financing arrangements 1,547.1 1,860.5 1,542.9 Defined benefit plan liability 9.7 - - Other financial liabilities 1.7 0.8 0.6 Deferred tax liabilities 169.5 238.2 439.2
Total non current liabilities 3,480.1 3,930.0 3,953.2
Total liabilities 12,959.3 14,687.7 9,362.9
Net assets 5,947.2 6,166.5 6,429.1

Equity
Issued capital 1,283.9 1,289.8 1,296.8 Treasury shares (43.7) (24.7) (44.1) Reserves 53.7 (15.5) (14.1) Retained earnings 3,564.5 3,696.8 3,857.5
Total equity attributable to equity holders of Lendlease Corporation Limited 4,858.4 4,946.4 5,096.1 Total equityattributable to unitholders of LLT 1 1,087.4 1,117.0 1,203.1
Total equity attributable to securityholders 5,945.8 6,063.4 6,299.2 External non controllinginterests 1.4 103.1 129.9
Total equity 5,947.2 6,166.5 6,429.1

Lendlease Trust

LENDLEASE – HY18 FINANCIAL RESULTS 12

Statement of Cash Flows

Statement of Cash Flows ($m)	Dec-16	Dec-17
Cash Flows from Operating Activities
Cash receipts in the course of operations 8,561.0 9,272.3 Cash payments in the course of operations (8,515.1) (8,879.1) Interest received 4.8 6.6 Interest paid (77.2) (79.0) Dividends/distributions received 33.5 36.3 Income tax paid in respect of operations (77.4) (16.7)
Net cash provided by/(used in) operating activities (70.4) 340.4

Cash Flows from Investing Activities
Sale/redemption of investments 67.4 63.9 Acquisition of investments (155.7) (191.5) Acquisition of/capital expenditure on investment properties (58.9) (149.5) Net loans from associates and joint ventures 6.0 381.3 Disposal of consolidated entities (net of cash disposed and transaction costs) 521.0 430.4 Disposal of property, plant and equipment 3.6 4.8 Acquisition of property, plant and equipment (66.4) (39.7) Net acquisition/disposal of intangible assets (3.6) (14.9)
Net cash provided by investing activities 313.4 484.8

Cash Flows from Financing Activities
Proceeds from borrowings 1,624.3 711.7 Repayment of borrowings (1,802.7) (1,074.9) Dividends/distributions paid (157.7) (183.9) Proceeds from the sale of treasury securities 106.5 - Increase in capital of non controlling interest - 21.6 Other financing activities (9.9) (7.4)
Net cash used in financing activities (239.5) (532.9)

Other Cash Flow Items
Effect of foreign exchange rate movements on cash and cash equivalents 8.9 3.7
Net increase in cash and cash equivalents 12.4 296.0
Cash and cash equivalents at beginning of financial period 1,008.4 1,249.2
Cash and cash equivalents at end of financial period 1,020.8 1,545.2

LENDLEASE – HY18 FINANCIAL RESULTS 13

Segment financial metrics

Operating Profit after Tax ($m)

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HY17 HY18
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312.8
258.5
215.4
181.5
107.2
(36.0)
Development Investments Construction
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EBITDA ($m)

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HY17 HY18
443.0
383.1
288.4
260.2
170.2
(26.1)
Development Investments Construction
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ROIC[1] (Development and Investments), EBITDA margin (Construction)

Invested capital[2] (Development and Investments) ($b)

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ROIC HY17 HY18 EBITDA margin
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HY17 HY18

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18.8%
3.6
16.5% 3.2
3.0
2.8
13.4%
12.7%
2.7%
(0.4%)
Development Investments Construction Development Investments
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Return on Invested Capital (ROIC) is calculated using an annualised operating Profit after Tax divided by the arithmetic average of beginning and half year end invested capital 2. Total Lendlease invested capital at 31 December 2017 was $6.6 billion. Development and Investments totalled $6.6 billion, with remaining invested capital nil across both Construction and Corporate

LENDLEASE – HY18 FINANCIAL RESULTS 14

Segment and regional financial metrics

By segment

	Revenue ($m)	Revenue ($m)	EBITDA ($m)	EBITDA ($m)	Profit after Tax ($m)	Profit after Tax ($m)	Invested Capital ($b)	Invested Capital ($b)	Invested Capital ($b)
	HY17	HY18	HY17	HY18	HY17	HY18	HY17	FY17	HY18
Development 1,330.8 2,028.8 260.2 443.0 181.5 312.8 Investments 304.8 218.5 288.4 383.1 215.4 258.5 Construction 6,305.9 6,433.3 170.2 (26.1) 107.2 (36.0) Corporate1 9.3 16.7 (79.2) (79.4) (109.3) (109.7) Group 7,950.8 8,697.3 639.6 720.6 394.8 425.6							2.8 3.0 3.6 3.2 3.3 3.0

By region

	Revenue ($m)	Revenue ($m)	EBITDA ($m)	EBITDA ($m)	Profit after Tax ($m)	Profit after Tax ($m)	Invested Capital ($b)	Invested Capital ($b)	Invested Capital ($b)
	HY17	HY18	HY17	HY18	HY17	HY18	HY17	FY17	HY18
Australia 4,795.9 5,407.6 632.2 585.3 451.0 386.2 Asia 296.0 254.2 8.3 26.9 5.5 16.0 Europe 660.3 483.6 11.4 70.0 5.8 53.9 Americas 2,189.3 2,535.2 66.9 117.8 41.8 79.2 Corporate1 9.3 16.7 (79.2) (79.4) (109.3) (109.7) Group 7,950.8 8,697.3 639.6 720.6 394.8 425.6							4.9 4.7 4.1 0.5 0.7 0.8 0.6 0.8 0.9 0.4 0.5 0.8

Comprises Group Services and Group Treasury costs. HY18 EBITDA: Group Services ($68.9m) and Group Treasury ($10.5m). HY17 EBITDA: Group Services ($69.1m) and Group Treasury ($10.1m)

LENDLEASE – HY18 FINANCIAL RESULTS 15

Revenue and EBITDA by segment and region

	Revenue ($m)	Revenue ($m)	EBITDA ($m)	EBITDA ($m)	EBITDA by segment($m)	EBITDA by segment($m)	EBITDA by segment($m)	EBITDA by segment($m)	EBITDA by segment($m)
	HY17	HY18	HY17	HY18				HY17		HY18
Development					800
Australia	1,277.9	1,844.4	290.1	384.0	700
Asia	7.2	4.5	(7.2)	7.7	600
Europe	44.9	132.7	6.3	59.8	500
Americas Total Development	0.8 1,330.8	47.2 2,028.8	(29.0) 260.2	(8.5) 443.0	200 300 400
Construction					- 100
Australia	3,271.7	3,398.2	97.9	(66.1)	(100)
Asia	265.3	228.7	(1.4)	0.5		Development Construction				Investments		Total Operating
Europe	612.2	343.1	3.9	10.3
Americas	2,156.7	2,463.3	69.8	29.2
Total Construction	6,305.9	6,433.3	170.2	(26.1)	EBITDA by region($m)

Investments								HY17		HY18
Australia	246.3	165.0	244.2	267.4
Asia	23.5	21.0	16.9	18.7	800
Europe	3.2	7.8	1.2	(0.1)	700
Americas	31.8	24.7	26.1	97.1	600
Total Investments	304.8	218.5	288.4	383.1	500
					400
Total Operating					300
Australia Asia	4,795.9 296.0	5,407.6 254.2	632.2 8.3	585.3 26.9	- 100 200
Europe Americas Group Total Operating	660.3 2,189.3 7,941.5	483.6 2,535.2 8,680.6	11.4 66.9 718.8	70.0 117.8 800.0		Australia	Asia		Europe		Americas		Total Operating

LENDLEASE – HY18 FINANCIAL RESULTS 16

Revenue and EBITDA by segment and region, local currency

Asia

Local currency	Revenue	Revenue	EBITDA	EBITDA
	HY17	HY18	HY17	HY18
Asia (SGDm1)
Development 7.5 4.8 (7.5) 8.2 Construction 275.9 242.4 (1.5) 0.5 Investments 24.4 22.3 17.6 19.8
Total Operating 307.8 269.5 8.6 28.5

EBITDA, local currency (m)

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HY17 HY18
30
20
10
-
(10)
Development Construction Investments Total
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Europe

Europe
Local currency	Revenue			EBITDA				HY17	HY18
	HY17		HY18	HY17	HY18	50
Europe (GBPm) Development	26.5		78.3	3.7	35.3	20 30 40
Construction	361.2		202.4	2.3	6.1	10
Investments	1.9		4.6	0.7	(0.1)	-
Total Operating	389.6		285.3	6.7	41.3		Development Construction		Investments	Total
Americas
Local currency	Revenue			EBITDA				HY17	HY18
	HY17		HY18	HY17	HY18	80 100
Americas (USDm) Development Construction Investments	0.6 1,617.5 23.9	36.8 1,921.4 19.3		(21.8) 52.4 19.6	(6.6) 22.8 75.7	(40) (20) - 20 40 60
Total Operating	1,642.0	1,977.5		50.2	91.9		Development Construction		Investments	Total


Local currency	Revenue		EBITDA
	HY17	HY18	HY17	HY18
Americas (USDm)
Development 0.6 36.8 (21.8) (6.6) Construction 1,617.5 1,921.4 52.4 22.8 Investments 23.9 19.3 19.6 75.7
Total Operating 1,642.0 1,977.5 50.2 91.9

Represents major currency in region

LENDLEASE – HY18 FINANCIAL RESULTS 17

Exchange rates

Income Statement	Income Statement	Income Statement	Income Statement	Income Statement
Local	Foreign	HY171	FY172	HY183
AUD USD 0.75 0.76 0.78
AUD GBP 0.59 0.60 0.59
AUD SGD 1.04 1.05 1.06

Statement of Financial Position	Statement of Financial Position	Statement of Financial Position	Statement of Financial Position	Statement of Financial Position
Local	Foreign	HY174	FY175	HY186
AUD USD 0.72 0.77 0.78
AUD GBP 0.58 0.59 0.58
AUD SGD 1.04 1.06 1.04

Average foreign exchange rate for the half year 2017
Average foreign exchange rate for the full year 2017
Average foreign exchange rate for the half year 2018
Spot foreign exchange rate at 31 December 2016
Spot foreign exchange rate at 30 June 2017
Spot foreign exchange rate at 31 December 2017

LENDLEASE – HY18 FINANCIAL RESULTS 18

Regional EBITDA to PAT reconciliation

HY18 EBITDA to PAT Reconciliation ($m)

Region	EBITDA	PAT
Australia Development Construction Investments	384.0 0.1 (1.0) 383.1 (114.6) - (66.1) 0.4 (13.8) (79.5) 24.9 - 267.4 (0.1) (3.1) 264.2 (91.9) -
		268.5
		(54.6)
		172.3
Total Australia	585.3 0.4 (17.9) 567.8 (181.6) -	386.2
Asia Development Construction Investments	7.7 - (0.3) 7.4 (4.6) - 0.5 0.2 (0.4) 0.3 (2.1) - 18.7 - - 18.7 (3.7) -
		2.8
		(1.8)
		15.0
Total Asia	26.9 0.2 (0.7) 26.4 (10.4) -	16.0
Europe Development Construction Investments	59.8 - (1.5) 58.3 (11.3) - 10.3 (0.4) (0.3) 9.6 (2.1) - (0.1) - (0.1) (0.2) (0.4) -
		47.0
		7.5
		(0.6)
Total Europe	70.0 (0.4) (1.9) 67.7 (13.8) -	53.9
Americas Development Construction Investments	(8.5) (0.1) (0.3) (8.9) 3.4 - (5.5) 29.2 (0.3) (1.4) 27.5 (14.5) (0.1) 12.9 97.1 (0.1) (0.6) 96.4 (24.6) - 71.8
		(5.5)
		71.8
Total Americas	117.8 (0.5) (2.3) 115.0 (35.7) (0.1) 79.2
Corporate Group Services GroupTreasury	(68.9) (0.1) (27.6) (96.6) 27.2 - (10.5) (45.6) - (56.1) 15.8 -
		(69.4)
		(40.3)
Total Corporate	(79.4) (45.7) (27.6) (152.7) 43.0 -	(109.7)
Total Group	720.6 (46.0) (50.4) 624.2 (198.5) (0.1) 425.6

Depreciation and Amortisation
External Non Controlling Interests

LENDLEASE – HY18 FINANCIAL RESULTS 19

Debt metrics

		Dec-16	Jun-17	Dec-17
Net debt $m 843.7 912.8 249.7
Borrowings to total equity plus borrowings % 23.7 25.9 21.8
Net debt to total tangible assets, less cash % 5.1 5.0 1.9
Interest coverage1 times 10.8 10.3 12.5
Average cost of debt includingmargins % 4.8 4.9 4.8
Average debt duration years 4.9 5.1 5.4
Average debt mix fixed: floating2 ratio 84:16 86:14 88:12
Undrawn facilities $m 2,313.3 2,225.2 2,313.2

EBITDA plus interest income, divided by interest finance costs, including capitalised finance costs
Methodology for ratio has been updated to represent a daily average calculation (Dec-16 and Jun-17 comparatives have been updated to reflect this change in methodology)

LENDLEASE – HY18 FINANCIAL RESULTS 20

Debt facilities and maturity profile

Debt facilities ($m)[1]

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Drawn Facility
1,500
690
514 514 508 508 476 476
287 287
- -
Syndicated UK Club US $ Reg. Singapore Australian
Multi Option Bond Revolving S notes Bond medium term
Facility Issue Credit Facility S$300m notes
Debt maturity profile ($m) [2]
Syndicated Multi Option Facility Australian medium term notes UK Bond Issue Club Revolving Credit Facility
US $ Reg. S notes Singapore Bond S$300m Undrawn
225
690
250
900
600
517 513
289
FY19 FY20 FY21 FY22 FY26 FY27
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Values are shown at amortised cost
Values are shown at gross facility value

LENDLEASE – HY18 FINANCIAL RESULTS 21

Key dates for investors

	Date
HY18 results released to market / interim distribution declared 21 February 2018
Securities quoted ex-dividend on the Australian Securities Exchange 27 February 2018
Interim distribution record date 28 February 2018
Anticipated commencement of on-market buyback 13 March 2018
Interim distribution payable 22 March 2018
FY18 results released to market / final distribution declared 22 August 2018
Annual General Meetings 16 November 2018

Development

LENDLEASE – HY18 FINANCIAL RESULTS 23

Development HY18

Overview

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Involved in the development of communities, inner city mixed-use development, apartments, retirement, retail, commercial assets and social and economic infrastructure
Financial returns are generated via development margins, development management fees from external co-investors and origination fees for the facilitation of infrastructure PPP transactions

Drivers[1]

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Residential completions of 3,009 units, up 48%:
Apartments for sale completions[2] of 1,189, up 89%
Communities completions of 1,780 units, up 33%
Launch of residential for rent UK partnership
Phase one 663 units across two buildings at Elephant Park
Profit from additional c.18,000 sqm of leasing at Tower One at Barangaroo South, bringing the building to 94% let
Profit contribution from Darling Square completions
Financial close on the Melbourne Metro Rail Tunnel Project
Development Management fees on Paya Lebar Quarter and The Lifestyle Quarter at Tun Razak Exchange
Completed 38 US telecommunication towers
Investment in Americas urbanisation platform

Performance

	HY17	HY18
% OperatingEBITDA 36 55
ROIC (%) 12.7 18.8
Invested capital ($b) 2.8 3.6

Outlook

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Two urbanisation projects secured in Europe:
- High Road West, Tottenham, London (estimated end development value $1.9 billion)
- Milano Santa Giulia, Milan, Italy (estimated end development value $3.5 billion)
30 Van Ness – upscale to major project post revised scheme
21 major apartment buildings in delivery across seven gateway cities
- 3,552 units for sale (76% presold, $2.8 billion)
- 1,513 units for rent, $1.2 billion total estimated end value
3,842 communities lots presold
501,000 sqm of commercial in delivery across 12 major buildings
- RFP with capital partners for International Quarter London[3] AFLs[4] (20,000 sqm, 77%[5] )
- University of Melbourne Innovation Precinct[6] HoTs[7] (23,000 sqm, 85%[5] )
Comparative period the half year ended 31 December 2016 (the prior corresponding period)
Pre sold units on buildings completed during the period, and units sold in the period on buildings completed in prior periods
Building in delivery
Agreement for Lease
Percentage pre let
Project in delivery, financial close expected H2 FY18
Heads of Terms
Cross Laminated Timber
Preleasing on upcoming commercial buildings:
Two Melbourne Quarter, HoTs[7] (21,000 sqm, 42%[5] )
Barangaroo South CLT[8] HoTs[7] (10,000 sqm, 94%[5] )
Secured pipeline not yet in delivery:
22,418 residential units and 788,000 sqm of commercial
Investments in US telecommunications infrastructure platform – 110 towers under development

LENDLEASE – HY18 FINANCIAL RESULTS 24

Development earnings / pipeline

EBITDA by region ($m)

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Development pipeline by region ($b)

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

HY17 HY18
HY17 HY18
443.0
56.7
384.0 49.0
290.1
260.2
30.9 31.5
13.2
59.8 8.7
5.7 6.2 5.8
3.7
(7.2) 7.7 6.3 (29.0) (8.5)
Australia Asia Europe Americas Total Australia Asia Europe Americas Total
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Urbanisation pipeline by region ($b)

Historical development pipeline ($b)

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Urbanisation pipeline Communities pipeline
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Urbanisation pipeline Communities pipeline
56.7²
5.4
48.8 49.3
44.9
16.3
Australia
15.7 37.4 37.7 11.5 14.7
Asia 12.1
$40.3b¹ Europe 14.3 12.7
13.0
Americas 40.3
32.8 37.3 34.6
23.1 25.0
6.2
FY13 FY14 FY15 FY16 FY17 HY18
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As at 31 December 2017
Includes $0.1 billion of Infrastructure pipeline

LENDLEASE – HY18 FINANCIAL RESULTS 25

Residential development

Communities and Retirement completions

	HY17	HY17	HY18	HY18
	Units	$m	Units	$m
Communities
QLD NSW1 VIC SA WA	589 114 717 145 202 68 379 149 407 83 587 127 75 10 49 6 65 17 48 11
Retirement2
Australia	71 34 40 19
Total	1,409 326 1,820 457
Communities and Retirement sales
	HY17		HY18
	Units	$m	Units	$m
Communities
QLD NSW1 VIC SA WA	820 166 557 119 249 96 260 102 744 159 773 189 38 6 47 8 44 12 89 22
Retirement2
Australia	71 34 40 19
Total	1,966 473 1,766 459

HY18 Apartment completions[3,4]

	Units	$m
Australia
Brisbane Showgrounds - South Yard 186 101 Darling Square - Darling House 334 402 Toorak Park - Terrace Homes 15 38 Victoria Harbour - 883 Collins 513 358 Other 3 4
Total 1,051 903

Europe
Elephant Park – South Gardens 137 121 Other 1 1
Total 138 122

Total completions5 1,189 1,025

New South Wales includes the Australian Capital Territory
Retirement completions exclude resales, development activity only
91% settled to date. Profit on presold apartments recognised on practical completion
Presold units on buildings completed during the period, and units sold in the period on buildings completed in prior periods
100% of completion revenue has been recognised through the P&L during the period

LENDLEASE – HY18 FINANCIAL RESULTS 26

Development commencements and completions

City	Project	Building	Sector	Sector	Deal type	Est end value1 ($b)	Est end value1 ($b)	sqm (‘000)
Commercial completions
Sydney Darling Square		Commercial Office Fund through 0.3 26 HY18
		Hotel Hotel Fund through 0.3 37 HY18
London International Quarter London		Building 1 Office Fund through 0.4 26 HY18
Commercial commencements
Melbourne University of Melbourne Innovation Precinct		Innovation Precinct Office BOOT3 0.3 27 FY21
London International Quarter London		Building 3 Office Joint Venture 0.4 26 FY20

City	Project	Building	Ownership (%)		Total Units	Est end value1 ($b)		Completion date2
Residential for rent commencements
London Elephant Park		2 Buildings 20 663 0.7 FY22

Location		Completed		Est end value1 ($m)			Deal type
Telecommunication completions
Americas		38 19.3 Balance Sheet

Total estimated end value, subject to market conditions and other movements
Estimate for non complete projects
Build, Own, Operate, Transfer

LENDLEASE – HY18 FINANCIAL RESULTS 27

Residential presales and apartments for rent[1]

Movement in presales - Apartments for Sale

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By value ($m)

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By units By value ($m)
Australia Asia Europe Americas Australia Asia Europe Americas
5,513 4,829
1,542 4,167 (1,189) 1,148 3,902 (1,025)
42
40 317 3,295 850 209 12 3,098
1,124 88 228 113
210 865
1,228
226
3,971 210 3,681
2,782
2,793
1,894
1,769
HY17 FY17 Completions Sales HY18 HY17 FY17 Completions Sales FX HY18
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Residential for Rent in Delivery

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By value[2] ($m)

By units

Europe Americas

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Europe Americas
(10) 1,241
502
739
-
739
519 512
HY17 FY17 Pipeline Commence- FX HY18
realised ments
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1,513
663
850
-
850
736 663
HY17 FY17 Pipeline Commencements HY18
realised
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Excludes retirement and includes 100% of revenue from Joint Venture projects 2. Total estimated development end value

LENDLEASE – HY18 FINANCIAL RESULTS 28

Residential presales[1]

Movement in presales – Communities[2]

By lots

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By value ($m)

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

(438) 440
(1,780) 1,726
947 949
3,896 3,842 844
3,351
HY17 FY17 Completions Sales HY18 HY17 FY17 Completions Sales HY18
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Excludes retirement and includes 100% of revenue from Joint Venture projects 2. Australia only

LENDLEASE – HY18 FINANCIAL RESULTS 29

Apartment presales – by location and customer[1]

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Run-off profile by location [2] By customer
FY19 FY20
46%
15%
Local
China
23%
62% Other offshore
21%
20%
21%
12%
9%
8%
3%
1% 1%
Sydney Melbourne Singapore London Boston New York
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Based on expected completion date of underlying buildings, subject to change in delivery program. The above does not reflect expected settlement timing
Apartment projects in delivery only reflecting total presales of $2.8 billion, including 100% of revenue from Joint Venture projects

LENDLEASE – HY18 FINANCIAL RESULTS 30

Development pipeline provides long term earnings visibility[1] Record secured pipeline of $56.7b controlled by invested capital of $3.6b

Apartments

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Target Annual turnover[6]

21 major apartment buildings in delivery, across 2,702 presold units and 1,513 units for rent, estimated completion H2 FY18 – FY22

2,702 Units 1,513 Units presold[1,2] for rent 22,418 Units remaining 26,633 Units c.1,000 - 2,000 completions $2.8b $1.0b $22.2b remaining $26.0b presold[1,2] for rent³

Commercial

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12 major buildings in delivery, estimated completion H2 FY18 – FY22

501,000 sqm in delivery 788,000 sqm remaining 1,289,000 sqm c.2 – 3 buildings commenced $7.0b in delivery⁴ $7.3b remaining $14.3b Communities[[5]] 3,842 Lots 52,291 Lots remaining 56,133 Lots presold c.3,500 - 4,500 completions $0.9b presold $15.4b remaining $16.3b

Communities[[5]]

All data as at 31 December 2017
Represents presales balance on buildings in delivery only
Total estimated end value of c.$1.2 billion, with c.$0.2 billion realised

$56.7 billion[7]

Total pipeline end value

Total estimated end value of c.$7.9 billion, with c.$0.9 billion realised
Includes retirement units and built form units to be sold with land lots
Subject to market conditions
Including $0.1 billion Infrastructure, development pipeline totals to $56.7 billion

LENDLEASE – HY18 FINANCIAL RESULTS 31

Major urbanisation project summary

Project	Project secured1	Delivery commenced1	Expected completion date1,2	Residential backlog (units)	Commercial backlog sqm (‘000)3	Total remaining end value ($b)4
Milano Santa Giulia, Milan 2018 - 2034 2,558 253 3.5
Barangaroo South, Sydney 2009 2012 2023 775 16 3.4
Paya Lebar Quarter, Singapore 2015 2016 2019 429 113 3.2
Elephant Park, London 2010 2012 2024 2,127 18 3.1
The Lifestyle Quarter at Tun Razak Exchange, Kuala Lumpur 2014 2017 2025 2,326 154 2.9
International Quarter, London 2010 2014 2024 - 249 2.8
Victoria Harbour, Melbourne 2001 2004 2025 2,352 61 2.5
Melbourne Quarter, Melbourne 2013 2016 2024 1,680 136 2.5
Riverline, Chicago 2015 2016 2026 3,162 - 2.4
Brisbane Showgrounds, Brisbane 2009 2011 2029 2,186 84 2.2
High Road West, London 2018 - 2026 2,501 14 1.9
Circular Quay Tower, Sydney 2017 2017 2022 - 55 1.7
Darling Square, Sydney 2013 2013 2019 967 7 1.4
Waterbank, Perth 2013 - 2028 1,305 12 1.3
30 Van Ness, San Francisco 2017 - 2023 389 23 1.2
The Wharves, Deptford, London 2014 2016 2024 1,132 7 1.1
Other urbanisationprojects 2,744 87 3.2
Total urbanisation 26,633 1,289 40.3

Financial year
Subject to change in delivery program
Net lettable area and subject to change
Reflects the remaining estimated total project end development value. Values for any project can vary and are subject to change

LENDLEASE – HY18 FINANCIAL RESULTS 32

Apartment projects in delivery – completion profile

Project1	City	Building	Ownership (%)	Total Units	Presold (%)	Units Presold1	Presales Revenue1 ($m)	Completion Date2
Apartments for sale
Darling Square Sydney		Darling North, Harbour Place and Trinity House 100 577 100 577 808 FY19
		Darling Rise, Barker House and Arena 100 390 100 390 493 FY19
Melbourne Quarter Melbourne		East Tower 50 719 73 522 336 FY20
Victoria Harbour Melbourne		Collins Wharf 1 100 321 87 280 258 FY19
Paya Lebar Quarter Singapore		Residential 30 429 49 210 226 FY19
Wandsworth London		Victoria Drive 50 110 37 41 44 FY19
Elephant Park London		West Grove (Buildings 1 and 2) 100 593 82 485 467 FY20
Deptford London		Cedarwood Square 100 203 54 109 94 FY20
Fifth Avenue New York		277 Fifth Avenue 40 130 -4 -4 -4 FY19
Clippership Wharf Boston		Building 3 100 80 100 80 82 FY19

Project	City	Building	Ownership (%)	Total Units	Est end value3 ($m)	Completion Date2
Apartments for rent
Clippership Wharf Boston Buildings 1, 2 and 4 100 398 256 FY20
Riverline Chicago Building D 79 452 246 FY19
Elephant Park London 2 Buildings 20 663 739 FY22

Closing presales balance as at 31 December 2017 on apartments in delivery only. Excludes completions recognised in HY18
Expected completion date, subject to change in delivery program
Total development end value
Project information subject to Joint Venture confidentiality

LENDLEASE – HY18 FINANCIAL RESULTS 33

Major commercial development pipeline

Commercial building completion profile[1]

City	Capital model	sqm ('000)
London International Quarter London	Fund through2	47 Commercial building H2 FY18
	Joint venture	26 Commercial building FY20
Singapore Paya Lebar Quarter	Joint venture	84 Commercial(3 buildings) FY19
		29 Retail FY19
Kuala Lumpur The Lifestyle Quarter at Tun Razak Exchange	Joint venture	154 Retail FY21
Melbourne Universityof Melbourne Innovation Precinct3	BOOT4	27 Innovation Precinct FY21
Melbourne Melbourne Quarter	Fund through2	26 One Melbourne Quarter FY19
Melbourne Victoria Harbour	Fund through2	38 839 Collins Street FY19
Sydney Circular QuayTower	Joint venture	55 Commercial FY22
Brisbane Brisbane Showgrounds	Fund through2	15 25 King FY19
Total		501

Indicative conversion timing of secured commercial pipeline to FY22

City	Project	# Buildings	Sector	sqm ('000)	H2 FY18	FY19	FY20	FY21	FY22
Melbourne Melbourne Quarter 3 Office 110 Brisbane Brisbane Showgrounds 2 Office 33 Sydney Barangaroo South 1 Office 11 London International Quarter London 5 Office 176 Milan Milano Santa Giulia 3 Office 145 San Francisco 30 Van Ness 1 Office 23 Total 15 498 Targeting 2-3 building commencements p.a.

Based on expected completion date of buildings, subject to change. Not indicative of cash or profit recognition
A funding model structured through a forward sale to a capital partner resulting in staged payments prior to building completion 3. Subject to financial close
Build, Own, Operate, Transfer

LENDLEASE – HY18 FINANCIAL RESULTS 34

Communities and Retirement projects

Project	Residential Backlog Land Units2	Commercial Backlog sqm (‘000)3
Communities
Calderwood Valley NSW Land management 2034 4,570 152
Gilead NSW Owned 2032 1,535 98
Bingara Gorge NSW Land management 2026 1,160 79
St Marys - Jordan Springs NSW Owned 2020 1,155 291
The New Rouse Hill NSW Land management 2020 445 -
Yarrabilba QLD Staged acquisition 2043 14,220 2,154
Elliot Springs QLD Land management 2059 10,675 1,060
Springfield Lakes QLD Land management 2026 4,015 57
Fernbrooke Ridge QLD Land management 2018 25 -
Blakes Crossing SA Staged acquisition 2020 370 22
Atherstone VIC Land management 2026 3,785 89
Harpley VIC Land management 2025 3,005 373
Aurora VIC Owned 2025 2,465 129
Alkimos WA Land management 2025 1,320 28
Alkimos Vista(formerlyAlkimos Central) WA Land management 2021 580 -
Horizon Uptown Americas Owned 2033 1,626 -
Other Communities 142 2
Subtotal 51,093 4,534
Retirement	5,040	-
Total 56,133 4,534

Estimated completion date represents the expected financial year in which the last unit will be settled, subject to change
Represents estimated backlog (including Retirement units and built form units to be sold with land lots) and includes the total number of units in Group owned, Joint Venture and managed projects. The actual number of units for any particular project can vary as planning approvals are obtained
Represents the net developable land in relation to master-planned urban communities. The actual land area for any particular project can vary as planning approvals are obtained

LENDLEASE – HY18 FINANCIAL RESULTS 35

Development deal structuring tailored to local market

	Communities / Retirement	Urbanisation	Urbanisation	Urbanisation
		Apartments (Australia, Europe)	Commercial Forward Sale	JV Structure / LP-GP1
Project examples	• Jordan Springs, Sydney • Yarrabilba, Brisbane	• Darling Square, Sydney • Elephant Park, London • Barangaroo South (ITS), Sydney • Stage 1 International Quarter, London • Paya Lebar Quarter, Singapore • Riverline, Chicago
Land funding2	• Land ownership • Land management • Staged payments	• Land management • Staged payments • Land management • Staged payments • Land ownership via JV (including project financing)
Production funding2	• 100% on-balance sheet	• Largely 100% on-balance sheet • Capital partner progress or staged payments • Funded via JV (including project financing)
P&L returns	• Development profit on completion • Construction margin on infrastructure delivery	• Development profit on practical completion • Construction margin on practical completion3 • Development profit typically upfront at time of sale • Development management fees, Construction margin4 and Investment Management fees4 during delivery • Development profit tied to equity interests • Development management fees, Construction margin4 and Investment Management fees4 (including performance fees) during delivery
Cash returns (Development only)	• On completion	• On completion • Over life of project during delivery • Linked to cash equity returns or sell down of investment typically post practical completion

Limited Partnership / General Partnership
Reflects typical funding models used across segment examples
Based on apartment projects delivered 100% on-balance sheet
Only where Construction and / or Investments segments are engaged to play a role in the project

LENDLEASE – HY18 FINANCIAL RESULTS 36

New asset classes for Lendlease

	Residential for Rent	US Telecommunication Infrastructure
Strategic rationale	• Integrated model • Aligned with targeted gateway city strategy • Housing affordability / supply	• Integrated model • Aligned with identified trends influencing strategy
Market opportunity	• Mature asset class in the US • Emerging asset class in the UK • Potential asset class in Australia	• Highly concentrated mature market • Significant capex plans from telecommunications operators to cater for demand growth from 5G rollout
Business strategy	• Leverage urbanisation pipeline • Capital partner introduced in the UK, and to be introduced in the US over time • Build operating platform	• Leveraging relationship with Softbank (over 75,000 telecommunication towers and rooftop antenna sites deployed in Japan) • Build development and asset management capability • Differentiated customer offer • Intention to introduce capital partners over time
Current status	• UK – Investment Partnership with CPPIB1 with initial target of GBP1.5 billion 663 units in delivery with estimated total end value of $739 million • US – 850 units in delivery with estimated total end value of $502 million Intention to introduce capital partners in the US over time	• Existing tower portfolio and development pipeline • JV with Softbank with committed equity of USD400 million, targeting USD5 billion of assets over the medium term • c. 8,000 Sprint telecommunication sites providing potential seed assets for JV • Building relationships with other major telecommunication operators
P&L returns	• Development Phase: Development management and development profit (MOC and IRR at project level; returns consistent with Development ROIC target of 9% to 12%) • Investment Phase: Asset Management and Funds Management fees, Investment income from balance sheet investments and co- investment positions (returns consistent with Investments ROIC target of 8% to 11%)

Canada Pension Plan Investment Board

Construction

LENDLEASE – HY18 FINANCIAL RESULTS 38

Construction HY18

Overview

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Provides a project management, design, and construction service, predominantly in the infrastructure, defence, mixed-use, commercial and residential sectors
Financial returns are generated via project management and construction management fees, in addition to construction margin

Drivers[1]

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EBITDA loss of $26.1 million
Revenue up 2% to $6.4 billion

Australia

Revenue up 4% to $3.4 billion, EBITDA loss of $66.1 million
EBITDA impacted by a small number of underperforming engineering projects
HY18 EBITDA includes the reversal of previously booked margin and recognition of expected losses
Solid outcome for Building business

Asia

Revenue down 14% to $0.2 billion, EBITDA margin 0.2%
Focus remains on internal pipeline

Europe

Revenue down 44% to $0.3 billion, EBITDA margin 3.0%

Performance

	HY17	HY18
% OperatingEBITDA 24 (3)
EBITDA margin (%) 2.7 (0.4)
New Work Secured ($b) 6.3 8.8
BacklogRevenue ($b) 20.5 22.4

Outlook

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Target EBITDA margin of 3% to 4% globally, 4% to 5% Australia
Diversity by region, client and sector
New work secured of $8.8 billion, key highlights include:
$3.0 billion in Australian transport infrastructure
$2.8 billion in Australian building
$1.0 billion in Europe and $1.5 billion in Americas
Backlog revenue $22.4 billion, mainly consisting of:
Australia $13.8 billion: Building $7.2 billion, Engineering $5.0 billion, and Services $1.6 billion
Americas $6.5 billion
Preferred bidder status – c.$12 billion including:
Australia: Martin Place Metro (Building), Circular Quay Tower
Asia: The Lifestyle Quarter at Tun Razak Exchange
Europe: Google Headquarters

Americas

Revenue up 14% to $2.5 billion, margin down 200 bps to 1.2%
Prior period result supported by a number of successful project close outs
Comparative period the half year ended 31 December 2016 (the prior corresponding period)

LENDLEASE – HY18 FINANCIAL RESULTS 39

Construction earnings

EBITDA ($m)

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EBITDA margins

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HY17 HY18 HY17 HY18
170.2 3.2%
3.0% 3.0%
2.7%
97.9
69.8 1.2%
0.6%
29.2 0.2%
(66.1) (1.4) 0.5 3.9 10.3 (26.1) (1.9%) (0.5%) (0.4%)
Australia Asia Europe Americas Total Australia Asia Europe Americas Total
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EBITDA Europe (GBPm)

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EBITDA Americas (USDm)

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6.1
2.3
HY17 HY18
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52.4
22.8
HY17 HY18
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LENDLEASE – HY18 FINANCIAL RESULTS 40

Construction backlog

Backlog revenue ($b)

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22.4
20.7 20.6
17.3
16.2 16.2
FY13 FY14 FY15 FY16 FY17 HY18
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Backlog revenue by client[1,2]

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

Lendlease
17%
Government 50%
33%
Corporate
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Backlog revenue by region ($b)[1]

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

Americas
Aus Building
6.5
7.2
$22.4b
1.5
Europe
0.6
1.6 5.0
Asia
Aus Engineering
Aus Services
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Backlog revenue by sector[1,2]

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

Other
16%
Transport
30%
Commercial
12%
12%
Defence
5% 25%
Residential
Hotel /
Entertainment
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As at 31 December 2017
Includes all construction projects greater than $100 million, which represents 81% ($18.1 billion) of secured backlog

LENDLEASE – HY18 FINANCIAL RESULTS 41

Construction new work secured / backlog

New work secured revenue ($b)

	Australia	Australia	Asia	Asia	Europe	Europe	Americas	Americas	Total	Total
	Dec-16	Dec-17	Dec-16	Dec-17	Dec-16	Dec-17	Dec-16	Dec-17	Dec-16	Dec-17
New work secured revenue1 Building 2.4 2.8 0.6 0.1 0.4 1.0 2.5 1.5 5.9 5.4 Engineering 0.3 3.0 - - - - - - 0.3 3.0 Services 0.1 0.4 - - - - - - 0.1 0.4
Total new work secured revenue 2.8 6.2 0.6 0.1 0.4 1.0 2.5 1.5 6.3 8.8

Backlog revenue ($b)

	Australia	Australia	Asia	Asia	Europe	Europe	Americas	Americas	Total	Total
	Dec-16	Dec-17	Dec-16	Dec-17	Dec-16	Dec-17	Dec-16	Dec-17	Dec-16	Dec-17
Backlog revenue2 Building 6.8 7.2 0.9 0.6 1.1 1.5 6.9 6.5 15.7 15.8 Engineering 3.3 5.0 - - - - - - 3.3 5.0 Services 1.5 1.6 - - - - - - 1.5 1.6
Total backlog revenue 11.6 13.8 0.9 0.6 1.1 1.5 6.9 6.5 20.5 22.4
Backlog realisation (%) Second half of year ending June 2018 31 29 38 41 63 20 31 36 31 31 Year ending June 2019 42 38 55 9 26 42 42 34 43 36 Post June 2019 27 33 7 50 11 38 27 30 26 33
Total 100 100 100 100 100 100 100 100 100 100

Total revenue to be earned from projects secured during the half year, rounded to the nearest $100 million
Current period backlog revenue is the total revenue expected to be earned from projects in future financial periods, based on the average foreign exchange rate for that period. Although backlog revenue is realised over several periods, 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 years cannot be predicted

LENDLEASE – HY18 FINANCIAL RESULTS 42

Construction backlog revenue by region

Group ($b)

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Australia ($b)

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

8.8 (6.4) (0.6) (3.4) (0.2)
6.2
Book to bill¹: 1.4
22.4 Book to bill¹: 1.8 13.8
20.5 20.6 11.6 11.2
HY17 FY17 New work Revenue Other HY18 HY17 FY17 New work Revenue Other HY18
secured realised secured realised
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Europe ($b)

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Americas ($b)

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

-
(0.3) 1.5
(2.5)
(0.3)
1.0
Book to bill¹: 0.6
1.5 7.8
6.9 6.5
1.1
0.8 Book to bill¹: 2.9
HY17 FY17 New work Revenue Other HY18 HY17 FY17 New work Revenue Other HY18
secured realised secured realised
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Ratio calculated as new work secured over revenue realised to the nearest million

LENDLEASE – HY18 FINANCIAL RESULTS 43

Market opportunity for Engineering and Services in Australia

Engineering construction[1] c.$75b[2] Major transport construction[1,4] ($b)

Projected composition[1] :

Value of work done, inflation adjusted[5]

Transport

c.$30 billion

c.$15 billion

Resources

c.$25 billion

Utilities

c.$5 billion

Other civil

Sector outlook[1,3] :

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Transport
Resources
Utilities
Other civil

Transport project outlook[1,3,4] :

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

Forecast
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14.0 11.2

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8.4 5.6 2.8 0.0

FY04 FY06 FY08 FY10 FY12 FY14 FY16 FY18 FY20 FY22 FY24 FY26

Major
Minor

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Lendlease Group Research estimates incorporating Australian Bureau of Statistics historic data
Estimated annual engineering construction activity in real terms, adjusted for imported component of mining 3. Direction of activity versus decade to FY17
Includes major projects > $500 million. Colours represent individual projects
FY16 prices

LENDLEASE – HY18 FINANCIAL RESULTS 44

Australia: Major Projects – Building[1,2]

Project	Location	Contract Type3	Contract Value ($m)	Secured Date4	Completion Date4,5	Sector
Crown SydneyHotel Resort NSW MC 1,060.0 2015 2021 Hotel/Entertainment
New Air Combat Capability- RAAF Williamtown NSW MC 845.7 2015 2019 Defence
New Air Combat Capability- RAAF Tindal NT MC 458.7 2016 2021 Defence
HMAS Cerberus - DeliveryPhase VIC MC 426.8 2018 2026 Defence
Air 7000 Phase 2B SA MC 383.3 2016 2019 Defence
ADF Air Traffic Control Complex Infrastructure Project National MC 349.0 2016 2020 Defence
Sunshine Plaza Redevelopment QLD LS 308.5 2017 2019 Other
Western SydneyStadium NSW LS 281.1 2017 2019 Hotel/Entertainment
130 Lonsdale St VIC D&C 275.0 2018 2020 Commercial
60 Martin Place NSW LS 275.0 2016 2020 Commercial
Darling Square (formerly Darling Harbour Live) North East Residential Plot NSW CM 270.6 2016 2019 Residential
Growler Airbourne Attack FacilityPhase 1 & 2 Project QLD/NT MC 259.0 2016 2020 Defence
Land 121 Stage 2 Unit Sustainment Facilities National MC 258.3 2016 2020 Defence
Australian National University Union Court Redevelopment ACT D&C 230.0 2018 2019 Other
Gosford Hospital Redevelopment NSW LS 222.7 2016 2020 Other
Rod Laver Arena VIC MC 220.7 2016 2019 Hotel/Entertainment
Campbell Barracks Redevelopment Project WA LS 215.5 2016 2019 Defence
Victoria Harbour - 839 Collins VIC LS 210.0 2017 2019 Commercial
Darling Square (formerly Darling Harbour Live) South East Residential Plot NSW CM 194.1 2017 2019 Residential
Western Women's & Children's Hospital VIC MC 191.7 2016 2019 Other
BaptistCare SAHF NSW D&C 183.7 2017 2020 Residential
Melbourne Quarter - Commercial One VIC LS 172.3 2017 2019 Commercial
Palmerston Hospital NT MC 167.2 2016 2018 Other
Goulburn ValleyHospital Redevelopment VIC MC 149.4 2018 2021 Other
Delamere Air Weapons Range Redevelopment Project NT MC 143.7 2017 2019 Defence
Victoria Harbour - Collins Wharf 1 VIC CM 140.6 2017 2019 Residential
South Coast Correctional Centre Nowra NSW LS 120.8 2017 2019 Other

Disclosure of major projects is subject to client approval. This could impact the projects available for disclosure
Backlog revenue as at 31 December 2017 for the projects listed totals $4.9 billion, representing 68% of the total backlog revenue
Contract types are Managing Contractor (MC), Lump Sum (LS), Design & Construct (D&C) and Construction Management (CM) 4. Financial year
Based on expected completion date of buildings, subject to change in delivery program

LENDLEASE – HY18 FINANCIAL RESULTS 45

Australia: Major Projects – Engineering[1,2]

Project	Location	Contract Type3	Contract Value ($m)	Secured Date4	Completion Date4,5	Sector
Melbourne Metro Rail Tunnel VIC D&C 6,000.06 2018 2024 Transport
NorthConnex M1 / M2 Tunnel NSW D&C 1,305.5 2015 2020 Transport
Northern Connector SA D&C 885.0 2016 2019 Transport
Gateway Upgrade North QLD D&C 677.0 2016 2018 Transport
Oxley Highway to Kundabung, Pacific Highway NSW D&C 612.0 2014 2018 Transport
Caulfield to Dandenong VIC ALL 564.0 2016 2019 Transport
Kingsford Smith Drive QLD D&C 499.5 2016 2020 Transport
Northern Road 2 NSW CON 436.0 2017 2020 Transport
CityLink Tulla Widening VIC D&C 319.0 2016 2019 Transport
Ballarat Line Upgrade VIC ALL 220.0 2018 2019 Transport
Woolgoolga to Ballina - Section 10 & 11 NSW CON 207.0 2018 2019 Transport
Northern Road 3 NSW D&C 196.0 2016 2019 Transport
Southern Program Alliance VIC ALL 180.0 2018 2021 Transport
Gateway / Pacific Motorway Merge QLD D&C 152.0 2018 2019 Transport

Disclosure of major projects is subject to client approval. This could impact the projects available for disclosure.
Backlog revenue as at 31 December 2017 for the projects listed totals $4.9 billion, representing 98% of the total backlog revenue
Contract types are Design and Construct (D&C), Alliance (ALL) and Construction Only (CON)
Financial year
Based on expected completion date of infrastructure, subject to change in delivery program
Represents total project value. The Lendlease contract value is subject to client confidentially. Lendlease Engineering is an equal third partner in the Cross Yarra Partnership.

LENDLEASE – HY18 FINANCIAL RESULTS 46

Asia: Major Projects – Building[1,2]

Project	Location	Contract Type3	Contract Value ($m)	Secured Date4	Completion Date4,5	Sector
Paya Lebar Quarter Singapore GMP 792.7 2016 2020 Commercial & Residential

Europe: Major Projects – Building[1,2]

Project	Location	Contract Type3	Contract Value ($m)	Secured Date4	Completion Date4,5	Sector
International Quarter London - Building 1 London D&C 377.6 2016 2018 Commercial
Elephant Park - West Grove London D&C 374.8 2016 2019 Residential
Rathbone Square London D&C 372.8 2015 2018 Commercial & Residential
North Wales Prison Wales D&C 301.6 2015 2018 Other
1 Triton Square London D&C 249.7 2017 2020 Commercial
International Quarter London - Building 2 London D&C 208.3 2016 2018 Commercial
245 Hammersmith Road London D&C 179.4 2017 2019 Commercial
International Quarter London - Building 3 London D&C 145.5 2017 2019 Commercial
The Timberyard Deptford - Plot 2 London D&C 111.0 2017 2020 Residential

Disclosure of major projects is subject to client approval. This could impact the projects available for disclosure
Backlog revenue as at 31 December 2017 for the projects listed totals $428 million (Asia) and $658 million (Europe), representing 70% (Asia) and 44% (Europe) of total backlog revenue for these regions
Contract types are Guaranteed Maximum Price (GMP) and Design & Construct (D&C)
Financial year
Based on expected completion date of buildings, subject to change in delivery program

LENDLEASE – HY18 FINANCIAL RESULTS 47

Americas: Major Projects – Building[1,2]

Project	Location	Contract Type3	Contract Value ($m)	Secured Date4	Completion Date4,5	Sector
432 Park Ave New York CM 935.9 2012 2018 Residential
Jacob K. Javits Convention Center New York LS 777.6 2017 2021 Government
56 Leonard Avenue New York CM 487.6 2012 2018 Residential
252 East 57th Street New York CM 457.4 2014 2018 Residential
520 Park Avenue New York GMP 390.8 2014 2018 Residential
New York Methodist Hospital New York CM 286.9 2016 2019 Healthcare
277 Fifth Avenue New York CM 268.1 2017 2019 Residential
Clippership Wharf Boston GMP 228.3 2016 2020 Residential
Avalon - 1865 Broadway New York CM 221.2 2016 2019 Residential
9 W Walton Chicago GMP 213.7 2015 2018 Residential
Half and N Street Washington, D.C. GMP 143.6 2017 2019 Residential

Disclosure of major projects is subject to client approval. This could impact the projects available for disclosure
Backlog revenue as at 31 December 2017 for the projects listed totals $1.5 billion, representing 23% of total backlog revenue
Contract types are Guaranteed Maximum Price (GMP), Lump Sum (LS) and Construction Management (CM) 4. Financial year
Based on expected completion date of buildings, subject to change in delivery program

Investments

LENDLEASE – HY18 FINANCIAL RESULTS 49

Investments HY18

Overview

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Owns and / or manages investments including a leading wholesale investment management platform and also the Group’s ownership interests in property and infrastructure co-investments, Retirement and US Military Housing
Financial returns include fund and property management fees, yield and capital growth on investment positions, and returns from the Group’s investment in Retirement Living and the US Military Housing business

Performance

	HY17	HY18
% OperatingEBITDA 40 48
ROIC (%) 13.4 16.5
Invested capital ($b) 3.2 3.0
Co-investment revaluations ($m) 35.7 92.4
Co-investment revaluations / OperatingEBITDA(%) 5.0 11.6

Drivers[1]

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Ownership earnings increased by 41% to $319 million
Retirement Living
Sell down of 25% interest in Retirement Living to APG Asset Management N.V.
Uplift in the remaining investment carrying value post 25% sell down
Average unit prices on resales increased 3%
Co-investments:
Higher income and revaluations for Barangaroo Towers
Equity returns on US Military Housing including uplift in the valuations
Telecommunication infrastructure investment returns
Operating earnings increased 3% to $64 million
FUM of $28.3 billion, up 15% on the prior year
Growth in base fees in line with FUM

Outlook

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  - Well positioned to deliver future recurring earnings through: FUM of $28.3 billion, c.150 institutional investors

     - $1.6 billion co-invested in funds

     - $1.2 billion[2] of capital in Retirement Living investment

     - Investment in US Military Housing and US telecommunication infrastructure

     - 53,105 military housing units under management

     - $12.8 billion of retail assets under management

  - Growing FUM and asset management income

     - c.$4 billion[3] of additional secured future FUM across the Group’s development projects in delivery

     - Opportunities from development pipeline yet to enter delivery

     - New assets classes for Lendlease platform:

     - US telecommunication infrastructure

     - Residential for Rent

Operating earnings impacted by investment in operating platforms in Europe and the Americas
Ongoing asset and management fees for military housing
Comparative period the half year ended 31 December 2016 (the prior corresponding period)
Equity Accounted Investment in Retirement Living
Represents secured future FUM from funds with development projects in delivery

LENDLEASE – HY18 FINANCIAL RESULTS 50

Investments earnings / ownership

EBITDA by region ($m)

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HY17 HY18
383.1
288.4
267.4
244.2
97.1
16.9 18.7 26.1
1.2 (0.1)
Australia Asia Europe Americas Total
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EBITDA by activity ($m)

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HY17 HY18

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319
226
62 64
Ownership interests¹ Operating earnings²
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Investments by product ($b)[3]

Investments by region ($b)[3]

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Co-investments Retirement Infrastructure⁴ Australia Asia Europe Americas
3.3 3.3 3.1 3.3 3.3 3.1
3%
4% 5% 10% 10 0% 2% 4% 10%
10% 10%
80 % 10%
51% 51% 39%
60 %
40 % 85% 86% 86% 80% 80%
51%
45% 44% 20 %
0%
HY17 FY17 HY18 HY17 FY17 HY18
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Earnings derived from Co-investments, the Retirement business, equity returns from US Military Housing and telecommunication infrastructure investment
Earnings primarily derived from the Investment management platform and the management of US Military Housing operations 3. Represents the Group’s assessment of market value
Includes the Group’s investments in US Military Housing and telecommunication infrastructure

LENDLEASE – HY18 FINANCIAL RESULTS 51

Funds Under Management (FUM)

Growth in FUM ($b)

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CAGR¹ of 15.2%
28.3
26.1
23.6
21.3
15.0 16.3
FY13 FY14 FY15 FY16 FY17 HY18
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FUM by asset class[2]

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Industrial Other
3% [2%]
48% Retail
$28.3b
Commercial 47%
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FUM by region[2]

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Europe
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5%
5%
Asia
20%
$28.3b
75%
74%Australia
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Compound Annual Growth Rate (CAGR)
As at 31 December 2017

LENDLEASE – HY18 FINANCIAL RESULTS 52

FUM by region

Group ($b)

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Australia ($b)

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1.3
1.0 (0.1) 1.3
0.7 (0.1)
28.3
24.7 26.1 19.3 21.2
17.9
HY17 FY17 Additions Divestments Revaluations HY18 HY17 FY17 Additions Divestments Revaluations HY18
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Europe ($b) Asia ($b)
0.3 - -
- - -
5.7
5.4 5.4
1.4 1.4 1.4
HY17 FY17 Additions Divestments Revaluations HY18 HY17 FY17 Additions Divestments Revaluations HY18
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LENDLEASE – HY18 FINANCIAL RESULTS 53

FUM by region

Australia FUM	Fund Type	Asset Class	Market Value1 June 2017 ($b)	Market Value1 December 2017 ($b)
Australian Prime PropertyFund Retail Core Retail 5.2 5.4
Lendlease International Towers SydneyTrust Core Commercial 3.5 3.8
Australian Prime PropertyFund Commercial Core Commercial 3.8 4.5
Managed Investment Mandates Core Various 2.7 3.0
Lendlease One International Towers SydneyTrust Core Commercial 2.0 2.4
Australian Prime PropertyFund Industrial Core Industrial 0.8 0.8
Lendlease Sub Regional Retail Fund Core Retail 0.6 0.6
Lendlease Public Infrastructure Investment Company Core Infrastructure 0.4 0.4
Lendlease Real Estate Partners New Zealand Core Retail 0.3 0.3
Total 19.3 21.2

Asia FUM	Fund Type	Asset Class	Market Value1 June 2017 ($b)	Market Value1 December 2017 ($b)
Lendlease Asian Retail Investment Fund Core Retail & Commercial 2.3 2.3
Managed Investment Mandate Value Add Retail & Commercial 1.4 1.7
ParkwayParade PartnershipLimited Core Plus Retail & Commercial 1.2 1.2
Lendlease Jem Partners Fund Limited Core Retail & Commercial 0.5 0.5
Total 5.4 5.7

Europe FUM	Fund Type	Asset Class	Market Value1 June 2017 ($b)	Market Value1 December 2017 ($b)
Lendlease Retail LP Core Retail 1.4 1.4
Total 1.4 1.4

Represents the Group's assessment of the market value

LENDLEASE – HY18 FINANCIAL RESULTS 54

Major fund summary as at 31 December 2017

Funds Management Platform1	Funds Management Platform1	Funds Management Platform1	Funds Management Platform1	Funds Management Platform1	Funds Management Platform1	Funds Management Platform1	Funds Management Platform1	Funds Management Platform1	Funds Management Platform1
	APPFR2	APPFC3	APPFI4	LLITST5	LLOITST6	ARIF7 1 (Somerset)	ARIF7 3 (Jem)	PPPL8	LLRP9
Total assets ($b) 5.4 4.5 0.8 3.8 2.4 0.8 1.4 1.2 1.4
Gearing(%) 11.5 14.7 6.5 17.8 19.8 66.0 45.5 38.6 2.4
Co-investment(%) 1.7 7.7 10.6 15.0 12.5 10.1 20.1 6.1 -
Co-investment($m) 77.0 285.0 72.4 446.5 230.2 25.7 155.4 37.7 -
Region Aus Aus Aus Aus Aus Asia Asia Asia Eur
Asset class Retail Commercial Industrial Commercial Commercial Retail Retail Retail Retail
Number of assets 11 21 29 4 1 1 1 1 2
Occupancy (%) 98.1 90.1 95.0 83.4 94.0 93.1 99.6 100.0 95.4
Weighted average caprate(%) 5.1 5.3 7.0 4.8 4.8 4.5 4.6 5.2 4.8

The above highlights only selected major funds and does not comprise Lendlease’s complete Funds Management Platform
Australian Prime Property Fund Retail
Australian Prime Property Fund Commercial
Australian Prime Property Fund Industrial
Lendlease International Towers Sydney Trust (Barangaroo South T2 & T3), International House and Towns Place Car Park
Lendlease One International Towers Sydney Trust (Barangaroo South T1)
Asian Retail Investment Fund
Parkway Parade Partnership Limited
Lendlease Retail LP

LENDLEASE – HY18 FINANCIAL RESULTS 55

Investments

Australia Co-investments	Lendlease Interest (%)	Lendlease Interest (%)	Market Value1 June 2017 ($m)	Market Value1 December 2017 ($m)	Market Value1 December 2017 ($m)
Australian Prime PropertyFund Retail 1.7 73.2 77.0
Lendlease International Towers SydneyTrust 15.0 411.5 446.5
Australian Prime PropertyFund Commercial 7.7 211.6 285.0
Lendlease One International Towers SydneyTrust 12.5 202.7 230.2
Australian Prime PropertyFund Industrial 10.6 71.0 72.4
Lendlease Sub Regional Retail Fund 9.9 39.3 40.4
Lendlease Public Infrastructure Investment Company 10.0 40.7 41.0
Lendlease Real Estate Partners New Zealand 5.3 9.5 9.5
Lendlease Communities Fund 1 20.8 1.2 1.2
Craigieburn Central 25.0 79.0 80.1
Total 1,139.7 1,283.3

Asia Co-investments	Lendlease Interest (%)		Market Value1 June 2017 ($m)	Market Value1 December 2017 ($m)
Lendlease Asian Retail Investment Fund (ARIF) ARIF 1 (313@somerset) 10.1 24.9 25.7 ARIF 2 (Setia City Mall) 36.8 23.4 24.6 ARIF 3(Jem) 20.1 151.8 155.4
ParkwayParade PartnershipLimited 6.1 37.2 37.7
313@somerset 25.0 80.1 83.3
Total 317.4 326.7

Americas		June 2017			December 2017
MHPI Portfolio, invested equity1($m) 101.9 187.8
US Telecommunications Infrastructure, invested equity1 ($m) 43.7 104.8
Completed telecommunications towers(number) 135 173

Represents the Group's assessment of the market value

LENDLEASE – HY18 FINANCIAL RESULTS 56

Assets Under Management (AUM) by region

AUM Australia	Asset Class	GLA1 sqm (‘000)	Market Value2 June 2017 ($b)	Market Value2 December 2017 ($b)
Total Retail 748.1 7.2 7.6

AUM Asia	Asset Class	GLA1 sqm (‘000)	Market Value2 June 2017 ($b)	Market Value2 December 2017 ($b)
Total Retail and Commercial 286.9 4.2 4.3

AUM Europe	Asset Class	GLA1 sqm (‘000)	Market Value2 June 2017 ($b)	Market Value2 December 2017 ($b)
Total Retail 141.7 0.8 0.8

AUM Americas	Housing Units	Lodging Units	Total Units	Avg Portfolio Life (years)
Total 40,605 12,500 53,105 38

Gross Lettable Area
Represents the Group's assessment of the market value

LENDLEASE – HY18 FINANCIAL RESULTS 57

Retirement summary

Value drivers[1]

Valuation drivers	HY17	HY18
Long term growth rate 3.6% 3.5%
Discount rate 13.0% 12.3%
Average length of stay – ILUs (years) 11 12
Number of established units 12,433 12,664
Units resold 453 325

Villages / units[1]

Location	Number of villages	Units
QLD 12 2,931
NSW 17 3,301
VIC 26 4,070
SA 4 511
WA 10 1,631
ACT 2 220
Total 71 12,664

Investments ($m)

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1,654 1,711
1,229
HY17 FY17 HY18
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Units by state[1]

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4,070
3,301
2,931
1,631
511
220
VIC NSW QLD WA SA ACT
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Represents 100% of Retirement Living Trust Joint Venture for HY18

LENDLEASE – HY18 FINANCIAL RESULTS 58

Retirement business and transaction

Investment reconciliation ($b)

Lendlease sold 25% of its investment in the Retirement Living business to APG for a price of $0.5b ($2.04b at 100%), representing a c.7% premium to book value
Total cash received was $0.8b, representing a combination of cash received directly from APG and debt proceeds
APG obtained joint control and Lendlease’s 75% investment is recognised as an Equity Accounted Investment on the balance sheet
The sale results in the Retirement Living business moving out of the Lendlease tax consolidated group. Deferred tax balances associated with the business were written off
Total after tax loss on sale is $15.5m. The estimated loss as at 17 October 2017 (noted in the ASX announcement) of $35 million was based on a 31 December 2017 settlement date. The transaction occurred earlier than this anticipated date

Lendlease Investment 30 June Net Investment	2017 to transaction completion 1.7 Retirement Portfolio	2017 to transaction completion 1.7 Retirement Portfolio
Development WIP	0.1	Development Inventory
Total Retirement Living	1.8	As at 30 June 2017
Book value movements post 30 June 2017	0.1	Includes capex and DMF
Total Retirement Living	1.9	As at transaction completion

Joint Venture Investment as at 31 December 2017	Joint Venture Investment as at 31 December 2017
Joint Venture investment value	2.0
Joint Venture debt	(0.4)
Net investment value(100%)	1.6
Net investment value(75%)	1.2

LENDLEASE – HY18 FINANCIAL RESULTS 59

Important notice

This document (including the appendix) has been prepared and is issued by Lendlease Corporation Limited (ACN 000 226 228) ( Lendlease ) in good faith. Neither Lendlease (including any of its controlled entities), nor Lendlease Trust (together referred to as the Lendlease Group ) makes any representation or warranty, express or implied, as to the accuracy, completeness, adequacy or reliability of any statements, estimates, opinions or other information contained in this document (any of which may change without notice). To the maximum extent permitted by law, Lendlease, the Lendlease Group and their respective directors, officers, employees and agents disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may be suffered, howsoever arising, through use or reliance on anything contained in or omitted from this document.

This document has been prepared without regard to the specific investment objectives, financial situation or needs of any recipient of this presentation. Each recipient should consult with, and rely solely upon, their own legal, tax, business and/or financial advisors in connection with any decision made in relation to the information contained in this presentation.

Prospective financial information and forward looking statements, if any, have been based on current expectations about future events and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from the expectations expressed in or implied from such information or statements.

Lendlease Group’s statutory results are prepared in accordance with International Financial Reporting Standards (IFRS). This document also includes material that is not included in Lendlease Group’s statutory results and contains nonIFRS measures. Material that is not included in Lendlease Group’s statutory results has not been subject to audit. Lendlease Group’s auditors, KPMG, performed agreed upon procedures to ensure consistency of this document with Lendlease Group’s statutory results, other publicly disclosed material and management reports.

A reference to HY18 refers to the half year period ended 31 December 2017 unless otherwise stated. All figures are in AUD unless otherwise stated.

AI assistant

LENDLEASE GROUP — Interim / Quarterly Report 2018

65243_rns_2018-02-20_6971c1ae-215f-44bf-acca-5b433dd1604f.pdf

Lendlease Group Half Year 2018 Results Announcement, Presentation and Appendix

ENDS

Lendlease delivers resilient earnings, announces on-market buyback

Group Financials

Outlook

ENDS

FOR FURTHER INFORMATION, PLEASE CONTACT:

Indigenous engagement and reconciliation

Safety

Safety metrics HY18

Vision: to create the best places

Strategic framework

Business model

Lendlease delivers resilient earnings

Securityholder returns[1]

Performance drivers[1 ]

HY18 Achievements

Executing on our strategy

Construction segment: Engineering

Near term focus

Engineering backlog ($b)

Strategic rationale

Target / Market opportunity

ADDRESSABLE MARKET

PROSPECTS

Financials

Financial performance

Cash flow movements ($b)[1]

Financial position

Key areas of capital employed

Funding and liquidity

Portfolio Management Framework

Invested capital

EBITDA mix

Returns

Investments – ROIC[4]

Construction – EBITDA margin

Portfolio Management Framework

Return on equity (ROE)[1]

Distributions

Gearing

Gearing target revised to 10-20%

Capital structure and capital management

Portfolio Management Framework: Optimising our capital structure

Capital Management – returning excess capital

Development

Performance highlights[1]

Residential presales ($b) Residential for rent ($b)

Commercial building completion profile[4] ($b)

Construction

Performance highlights[1]

EBITDA ($m)

Investments

Performance highlights[1]

Investments EBITDA by activity ($m)

o c.$4 billion[2] of additional secured future FUM

Outlook

Outlook

Laying the foundations for future growth

Earnings visibility from strong pipeline across all segments

Lendlease Overview

Our business model

DEVELOPMENT

Core Financial Returns:

CONSTRUCTION

Core Financial Returns:

INVESTMENTS

Core Financial Returns:

Globally diverse pipeline

Global trends influencing our strategy

Lendlease leadership

Infrastructure

Portfolio Management Framework summary

Business model

Pillars of value – non-financial

Sustainability

Progress against environmental targets

LENDLEASE GROUP Interim / Quarterly Report 2018

`o` c.$4 billion[2] of additional secured future FUM