LENDLEASE GROUP — Interim / Quarterly Report 2020

Feb 19, 2020

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20 February 2020
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Lendlease Group 2020 Half Year Major Urbanisation Projects Summary

Lendlease Group today announced its results for the half year ended 31 December 2019. Attached is the HY20 Major Urbanisation Projects Summary.

ENDS

For further information, please contact:

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

Authorised for lodgement by the Lendlease Group Disclosure Committee

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

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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

2020

Lendlease Major Urbanisation Projects 20 February 2020

Artist’s impression: Salesforce Tower, Sydney Place

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Lendlease Major Urbanisation Projects / 2

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Placemaking.
The core of
our vision
and
urbanisation
strategy
Placemaking is the
collaborative process of making
physical spaces respond to
people’s needs and resonate
with their aspirations more
powerfully, such that they are
more meaningful, appealing
and enduring to them.
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Our core capability is placemaking

We design precincts that are vibrant and authentic. They are crafted and thoughtfully curated to help people feel safe, belong and thrive.

Placemaking creates value for all stakeholders

• Source of competitive advantage and a commercial imperative as a partner of choice:

• −Key to origination success

• −Employer of choice

• −Engagement with local communities

• −Attracts capital partners

• It is our legacy, showcase, brand promise and responsibility

Better Places Index* - our measurement and benchmarking tool for placemaking

• Objective assessor model which brings together “design” and “living” metrics

• Applicable across Lendlease’s global footprint

• Identifies priorities and informs investment decisions

• Explicit, actionable and easy to use

• Informs continuous improvement driving excellence and best practice

Better Places Index completed on eight Lendlease urbanisation projects to date

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Worked
example
PLACE
PERFORMANCE
(nner rings)
Highest PLACE
PRIORITIES
(outer ring)
High
Developed in conjunction with:
Medium
Lowest Low
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Lendlease Major Urbanisation Projects / 3

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Major
urbanisation
projects
summary
1. Includes forecast commencement dates,
subject to change in delivery program.
2. Based on expected completion date of
underlying buildings, subject to change in
delivery program.
3. Floor space measured as Net Lettable Area.
4. Remaining estimated development end value,
subject to approval and contractual
conditions.
5. Formerly Circular Quay Tower.
6. Commercial in confidence.
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Region	Project Project secured Delivery commenced1 Completion date2 Residential backlog units Commercial backlog sqm ‘0003 Remaining end value ($b)4 Land payment model
Australia	Barangaroo South, Sydney FY09 FY12 FY26 849 1 4.0 Staged payment
	Melbourne Quarter FY13 FY16 FY26 1,488 124 2.3 Land management
	Brisbane Showgrounds FY09 FY11 FY33 2,276 67 2.2 Land management
	Victoria Harbour, Melbourne FY01 FY04 FY27 2,048 - 2.1 Land management
	Sydney Place5 FY12 FY17 FY22 - 59 1.9 Upfront payment
	Waterbank, Perth FY13 FY20 FY29 1,308 12 1.4 Land management
	Victoria Cross Over Station Development, Sydney FY19 FY20 FY25 - 58 1.2 Staged payment
Asia	The Exchange TRX, Kuala Lumpur FY14 FY17 FY27 2,326 122 3.3 Staged payment
Europe	Thamesmead Waterfront, London FY20 FY25 FY40+ 11,500 82 14.8 Land management
	Euston Station, London FY18 FY26 FY40+ 2,000 400 10.7 Land management
	Silvertown Quays, London FY18 FY21 FY32 3,000 440 6.5 Land management
	Milano Santa Giulia, Milan FY18 FY20 FY35 2,558 266 4.0 Land management
	Milan Innovation District FY19 FY21 FY31 946 387 3.6 Staged payment
	International Quarter London FY10 FY14 FY30 - 173 2.6 Land management
	Elephant Park, London FY10 FY12 FY25 1,794 50 2.5 Staged payment
	High Road West, London FY18 FY22 FY30 2,501 14 2.1 Land management
	The Timberyard, Deptford, London FY14 FY16 FY25 1,453 10 1.5 Upfront payment
Americas	San Francisco Bay Area project FY20 FY22 FY37 15,000 n/a6 21.5 Land management
	Southbank, Chicago FY15 FY16 FY27 1,545 25 2.2 Upfront payment
	Lakeshore East, Chicago FY19 FY20 FY26 1,197 2 2.2 Staged payment
	30 Van Ness, San Francisco FY17 FY21 FY25 348 25 1.6 Upfront payment
Other urbanisation projects 2,678 85 3.7
Total urbanisation 56,815 2,402 97.9

Artist’s impression: Victoria Cross Over Station Development, Sydney

Australia Seven Major urbanisation projects $15.1 billion Remaining estimated end value 7,969 Residential backlog units

321,000sqm Commercial backlog

Lendlease Major Urbanisation Projects / 5

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Barangaroo
South
Sydney
1. Financial year.
2. Subject to change in delivery program.
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Project details

$9.8 billion total estimated development end value

• Secured 2009[1] , expected completion 2026[1,2]

• 59% complete by estimated development end value

• $4.0 billion remaining estimated development end value

Project Structure

• Project Development Agreement with Infrastructure NSW (INSW)

• Staged payment – agreed land value, paid in instalments

Project Scheme

• Mixed use regeneration scheme, comprising:

• 284,000sqm office space

• 1,008 residential units (c. 5% affordable)

• 18,000sqm retail

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Lendlease Major Urbanisation Projects / 6

Current masterplan

Delivered to date

• 284,000sqm office space

• 17,000sqm retail

• 159 residential units

• Sale of development rights – Crown Integrated Resort

In delivery

• One Sydney Harbour Tower 1 – 317 residential units for sale

Remaining stages[1]

• 532 residential units

• 1,000sqm retail[2]

In delivery by Lendlease Construction

• Crown Integrated Resort[3]

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Office Office
Resi
One
Sydney
Harbour
International Towers Sydney
Tower 1 - Office
- Resi
Resi
Retail
Crown
Resi / Retail
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1. Subject to planning.

2. Relates to One Sydney Harbour. 3. Developed by Crown.

Lendlease Major Urbanisation Projects / 7

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Barangaroo South, Sydney
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Sustainability targets and outcomes

Regarded as one of Australia’s most sustainable precincts, Barangaroo South has been created with sustainability in mind from the ground up; from its basement featuring a recycled water treatment plant, to its commercial towers boasting the highest possible 6 Star Green Star[1] ratings in Australia.

Since its inception, partnering with the community has been key in creating an inclusive destination. The Barangaroo Skills Exchange was established during the construction of the International Towers Sydney to provide much needed training to over 8,900 site workers, providing a social return on investment of $11.76 for every dollar spent.

The precinct has a long list of achievements including:

• Australia’s first large scale carbon neutral precinct

• 6 Star Green Star Community Rating[1] Delivery of over 50 social programs Over 80 awards including Australian Development of the Year (International House Sydney) 2019[2]

barangaroosouth.com.au

1. Certified by the Green Building Council of Australia (GBCA).

2. Property Council of Australia 2019 Innovation & Excellence Awards.

Lendlease Major Urbanisation Projects / 8

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Melbourne
Quarter
1. Financial year.
2. Subject to change in delivery program.
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Project details

$3.0 billion total estimated development end value

• Secured 2013[1] , expected completion 2026[1,2]

• 23% complete by estimated development end value

• $2.3 billion remaining estimated development end value

Project Structure

• Project Development Agreement with Development Victoria

• Land management – land paid for in instalments, linked to development progress

Project Scheme

• Mixed use regeneration scheme, comprising:

• 145,000sqm office space

• 1,488 residential units

• 5,000sqm retail

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Lendlease Major Urbanisation Projects / 9

Current masterplan

Delivered to date

• 25,000sqm office space

• 1,000sqm retail

In delivery

• Two Melbourne Quarter - 51,000sqm office and retail

• East Tower - 719 residential units for sale

Remaining stages[1]

• 70,000sqm office space

• 3,000sqm retail

• 769 residential units

1. Subject to planning.

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Lendlease Major Urbanisation Projects / 10

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Melbourne Quarter, Melbourne
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Sustainability targets and outcomes

Melbourne Quarter is set to become one of Melbourne’s newest active commercial, residential and retail destinations.

Awarded Australia’s highest 6 Star Green Star Community rating[1] by the Green Building Council of Australia, it continues to target leading sustainability certifications for design and energy efficiency.

The recently opened Sky Park aims to provide inclusive space for the community in the heart of Melbourne’s CBD. Across the precinct, approximately 1,000sqm of community facilities will be delivered.

Leading sustainability credentials include: • WELL Platinum certification[2] for One Melbourne Quarter, an internationally recognised rating for building and community health and wellness • More than 50% of Melbourne Quarter will be dedicated to public open space • Walk score[3] of 98/100, showcasing its connectedness to the wider Melbourne CBD

melbournequarter.com

1. Certified by the Green Building Council of Australia (GBCA).

2. Certified by the International WELL Building Institute.

3. An assessment of walkability by Walk Score.

Lendlease Major Urbanisation Projects / 11

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Brisbane
Showgrounds
1. Financial year.
2. Subject to change in delivery program.
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Project details

$2.8 billion total estimated development end value

• Secured 2009[1] , expected completion 2033[1,2]

• 21% complete by estimated development end value

• $2.2 billion remaining estimated development end value

Project Structure

• Project Development Agreement with the Royal National Agricultural and Industrial Association of Queensland (RNA)

• Land management – land paid for in instalments, linked to development progress

Project Scheme

• Mixed use regeneration scheme comprising:

• 90,000sqm office space

• 2,963 residential units

• 10,000sqm retail

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Lendlease Major Urbanisation Projects / 12

Current masterplan

Delivered to date

• 30,000sqm office space

• 687 residential units

• 3,000sqm retail

Remaining stages[1]

• 60,000sqm office space

• 2,276 residential units[2]

• 7,000sqm retail

1. Subject to planning.

2. Includes unsold units on completed buildings.

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Lendlease Major Urbanisation Projects / 13

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Artist’s impression: Brisbane Showgrounds, Brisbane
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Sustainability targets and outcomes

Located 1.6km from Brisbane CBD, Brisbane Showgrounds is one of Brisbane’s most connected mixed-use developments.

Awarded Australia’s highest 6 Star Green Star Community rating[1] , the development combines strong Green Build certifications across a number of buildings to date.

Innovation in construction techniques has been a vital part of the precinct’s creation and has seen the delivery of one of Brisbane’s first Cross Laminated Timber buildings. The construction technique using preassembled engineered wood boasts a number of sustainability benefits.

Timber buildings tend to be 30-50% lighter and 30% quicker to construct, compared to concrete buildings. Research also indicates health benefits for those working in timber buildings, including decreased blood pressure and general improvements in wellbeing.

kingstreetbrisbane.com

1. Certified by the Green Building Council of Australia (GBCA).

Lendlease Major Urbanisation Projects / 14

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Victoria
Harbour
Melbourne
1. Financial year.
2. Subject to change in delivery program.
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Project details

$6.6 billion total estimated development end value

• Secured 2001[1] , expected completion 2027[1,2]

• 68% complete by estimated development end value

• $2.1 billion remaining estimated development end value

Project Structure

• Project Development Agreement with Development Victoria

• Land management – land paid for in instalments, linked to development progress

Project Scheme

• Mixed use regeneration scheme, comprising:

• 260,000sqm office space

• 5,106 residential units

• 22,000sqm retail

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Lendlease Major Urbanisation Projects / 15

Current masterplan

Delivered to date

• 260,000sqm office space

• 3,058 residential units

• 22,000sqm retail

Remaining stages[1]

• 2,048 residential units[2]

1. Subject to planning.

2. Includes unsold units on completed residential buildings.

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Lendlease Major Urbanisation Projects / 16

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Victoria Harbour, Melbourne
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Sustainability targets and outcomes

Over the past 15 years, Victoria Harbour has been transformed into a desirable destination with a rich mix of residential, commercial and community space.

A key part of this has been creating public spaces within the waterfront precinct; of the 30 hectares that make up the development, 30% is dedicated to open public space.

Victoria Harbour is home to one of Australia’s first Cross Laminated Timber building, Library at the Dock with the sustainable wood alternative providing environmental benefits.

Awarded Australia’s highest 6 Star Green Star Community rating[1] , the development provides the community with a variety of amenities such as walking, jogging and cycle paths, and will continue to target sustainable outcomes as the remaining residential buildings are delivered.

The project is also focused on social outcomes with initiatives such as a community hub and The Exchange at Knowledge Market creative hub.

victoriaharbour.com.au

1. Certified by the Green Building Council of Australia (GBCA).

Lendlease Major Urbanisation Projects / 17

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Sydney
Place [1]
1. Formerly Circular Quay Tower.
2. Financial year.
3. Subject to change in delivery program.
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Project details

$1.9 billion total estimated development end value

• Secured 2012[2] , expected completion 2022[2,3]

• Delivery commenced 2017[2]

Project Structure

• Development Joint Venture formed in December 2016, comprising 50% Ping An Real Estate, 30% Mitsubishi Estates and 20% Lendlease

• Upfront payment – site originally owned by Lendlease Development prior to formation of Joint Venture

Project Scheme

• Commercial office scheme, including retail spaces, public plaza, business innovation space, a community building and public bike hub, comprising:

• 57,000sqm office space

• 2,000sqm retail

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Lendlease Major Urbanisation Projects / 18

Current masterplan

In delivery

• 57,000sqm office space

• • 2,000sqm retail

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Lendlease Major Urbanisation Projects / 19

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Artist’s impression: Salesforce Tower, Sydney Place
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Sustainability targets and outcomes

Sydney Place has been designed as a world class precinct characterised by a network of pedestrian laneways, cafes, shops and restaurants.

Currently in its early stages of construction, the development is targeting leading Green Star certifications[1] and has already had success achieving WELL Platinum Core and Shell PreCertification[2] for Salesforce Tower.

Earning this certification highlights Lendlease’s commitment to partnering with tenants in creating a healthy environment for their employees.

The project will also see significant investment in the community including:

• Three-storey community building and major public artwork

• Three-storey Business Innovation Space within commercial tower

• Increase in the amount of public space for the community of over 33%

• 450 bike spaces within a public cycle facility and commercial end of trip facility

sydneyplace.com

1. Certified by Green Building Council of Australia (GBCA).

2. Certified by the International WELL Building Institute.

Lendlease Major Urbanisation Projects / 20

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Waterbank
Perth
1. Financial year.
2. Subject to change in delivery program.
3. Subject to planning.
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Project details

$1.4 billion total estimated development end value

• Secured 2013[1] , expected completion 2029[1,2]

• Infrastructure and enabling works commenced in 2017[1]

Project Structure

• Project Development Agreement with Metropolitan Redevelopment Authority (administered by DevelopmentWA)

• Land management – land payments funded from project development proceeds

Project Scheme[3]

• Mixed use regeneration scheme:

• 10,000sqm office space

• 1,308 residential units

• 2,000sqm retail

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Lendlease Major Urbanisation Projects / 21

Current masterplan

Remaining stages[1]

• 10,000sqm office space

• 1,308 residential units

• 2,000sqm retail

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1. Subject to planning.

Lendlease Major Urbanisation Projects / 22

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Artist’s impression: Waterbank, Perth
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Sustainability targets and outcomes

Across a six hectare site on the banks of the Swan River, Waterbank will include a mix of residential, commercial, retail and approximately four hectares of public realm.

Awarded Australia’s highest 6 Star Green Star Community rating[1] which assesses the planning, design and construction of large scale development projects, the river side precinct will transform a key part of Perth city.

Both the commercial and residential buildings will target high Green Star Design and/or As Built ratings[1] , a holistic sustainability rating tool for new builds.

waterbankperth.com.au

1. Certified by the Green Building Council of Australia (GBCA).

Lendlease Major Urbanisation Projects / 23

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Victoria Cross
Over Station
Development
Sydney
1. Financial year.
2. Subject to change in delivery program.
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Project details

$1.2 billion total estimated development end value

• Secured 2019[1] , expected completion 2025[1,2]

Project Structure

• Project Development Agreement with Sydney Metro

• Development joint venture formed in 2020[1] with the Lendlease managed Australian Prime Property Fund Commercial (25% interest)

• Staged payment – land paid for in instalments

Project Scheme

• Over station development comprising:

• 56,000sqm office space

• 2,000sqm retail

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Lendlease Major Urbanisation Projects / 24

Current masterplan

In delivery

• 58,000sqm office and retail

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Lendlease Major Urbanisation Projects / 25

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Artist’s impression: Victoria Cross Over Station Development, Sydney
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Sustainability targets and outcomes

As part of the wider Sydney Metro Project, the Victoria Cross Over Station Development will provide new employment and retail opportunities, improved pedestrian connections and high-quality outdoor spaces that will add to a growing commercial and residential precinct.

The project is targeting the highest green building certification and will include:

Sustainable, high-quality commercial and retail hub in the heart of North Sydney Enhancement of pedestrian infrastructure around the Sydney Metro station Improvements to the public domain

Providing opportunities for the wider community is also a priority. The project’s workforce currently consists of 12% women in non-traditional trades and 10% young people, exceeding project targets.

Artist’s impression: The Exchange TRX, Kuala Lumpur

Asia

One Major urbanisation project $3.3 billion Remaining estimated end value 2,326 Residential backlog units

122,000sqm Commercial backlog

Lendlease Major Urbanisation Projects / 27

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The
Exchange
TRX [1]
Kuala
Lumpur
1. Formerly The Lifestyle Quarter.
2. Financial year.
3. Subject to change in delivery program.
4. Wholly owned subsidiary of the Malaysian
Ministry of Finance.
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Project details

• $3.3 billion total estimated development end value

• Secured 2014[2] , expected completion 2027[2,3]

• Construction of retail component has commenced

Project Structure

• Lendlease 60% / TRX City 40%[4]

• Staged payment – time and milestone based

Project Scheme

• Lendlease involvement relates to The Exchange TRX of the broader 28 hectare TRX development project

• Mixed use 7 hectare regeneration scheme, comprising:

• 2,326 residential units

• 122,000sqm retail and hotel

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Lendlease Major Urbanisation Projects / 28

Current masterplan

In delivery

• 122,000sqm retail and hotel

Remaining stages[1]

• 2,326 residential units

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1. Subject to planning.
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Residential
Hotel
The Exchange TRX
Retail
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Lendlease Major Urbanisation Projects / 29

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Artist’s impression: The Exchange TRX, Kuala Lumpur
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Sustainability targets and outcomes

The Exchange TRX is an experiential lifestyle destination at the heart of the city defining Tun Razak Exchange (TRX).

The development is conceived as a thriving world class sustainable precinct with the largest concentration of high performing LEED[1] & GBI Gold-rated[2] buildings in Kuala Lumpur. It will also be home to a 4 hectare city park.

The Exchange TRX targets:

• Climate resilient development design and community adaptation plan aligned to Lendlease’s TCFD climate change

scenarios

• Sustainable infrastructure including districtwide wastewater treatment plant and rooftop solar system for residential apartments

• Two kilometres of walk, run and recreational space with over 180 native plant species throughout the park

• Projek Komuniti Kita – a multi-stakeholder partnership to uplift the social wellbeing of children from low-income community

groups

• Safety Supervisor Apprenticeship Program to train 150 safety apprentices

theexchange.my

Leadership in Energy and Environmental Design. Certified by the Green Building Index.

1.

2.

Artist’s impression: Milan Innovation District, Milan

Europe Nine Major urbanisation projects $48.3 billion Remaining estimated end value 25,752 Residential backlog units

1,822,000sqm Commercial backlog

Lendlease Major Urbanisation Projects / 31

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Thamesmead
Waterfront
London
1. Financial year.
2. Subject to change in delivery program.
3. Indicative and excludes affordable housing
component.
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Project details

$14.8 billion total estimated development end value

• Secured 2020[1] , expected completion 2040+[1,2]

• Project to commence in 2025[1,2]

Project Structure

• Joint Venture partnership with Peabody

• Land management – phased drawdown in line with development progress

• The deal will be conditional on significant transport upgrades to the area

Project Scheme

• Mixed use regeneration scheme, comprising:

• 82,000sqm commercial space

• 11,500 residential units (c. 25% residential for rent[3] )

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Lendlease Major Urbanisation Projects / 32

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Thamesmead Waterfront, London
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Sustainability targets and outcomes

Our vision transforms Thamesmead into a new London neighbourhood, centred on natural living. The project will look to create an exceptional, affordable place with a diverse and thriving community.

Lendlease and Peabody, in their newly formed partnership, will achieve this vision by working collaboratively with the community and stakeholders to create a lasting and enduring neighbourhood.

The scale and riverside location with an abundance of green space provides the opportunity to create a vibrant location for people to live, work and visit.

The development will strive to:

• Enhance the site’s unique landscape with additional biodiversity and wildlife facilities Create a learning environment that fosters individual empowerment, social cohesion and economic prosperity

• Transform local connections to recalibrate behaviour and the environment from a reliance on cars

• Maximise the benefits of transport nodes for sustainable regeneration

• Reduce residents’ carbon footprint and fuel poverty by maximising energy efficiency standards

Lendlease Major Urbanisation Projects / 33

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Euston
Station
London
1. Financial year.
2. Subject to change in delivery program.
3. Indicative and excludes affordable housing
component.
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Project details

$10.7 billion total estimated development end value

• Secured 2018[1] , expected completion 2040+[1,2]

• Project to commence in 2026[1] , subject to outline planning consent

Project Structure

• Lendlease is Master Development Partner

• Development Agreement with Secretary of State for Transport

• Land management – variable land price calculated and paid on phased draw down, subject to pre-conditions

Project Scheme

• Phased program subject to HS2 and Network Rail station delivery

• Sustainable mixed use district to be delivered in multiple phases including the following indicative uses:

• 400,000sqm of commercial space

• 2,000 residential units (c.30% residential for rent[3] )

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Lendlease Major Urbanisation Projects / 34

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Euston Station, London
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Sustainability targets and outcomes

Lendlease has an aspiration for Euston to be an industry-leading sustainable development. This means aspiring to deliver a development which is aligned to the UK government legislation to be net zero carbon by 2050.

Whilst the project is still in its early stages of planning, it will align with Lendlease’s climate risk scenarios, established through the Taskforce for Climate-related Financial Disclosures (TCFD).

Social programs which support the local community will also form a key part of the agenda.

Lendlease Major Urbanisation Projects / 35

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Silvertown
Quays
London
1. Financial year.
2. Subject to change in delivery program.
3. Indicative and excludes affordable housing
component.
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Project details

$6.5 billion total estimated development end value

• Secured 2018[1] , expected completion 2032[1,2]

• Project to commence in 2021[1] , subject to pre-completion conditions

Project Structure

• Delivery Agreement with the Greater London Authority

• Lendlease and Starwood Capital jointly acquired the Silvertown Partnership on a 50% co-investment basis

• Land management – variable land price calculated and paid on phased draw down, subject to pre-conditions

Project Scheme

• 20 hectare mixed use regeneration scheme, current master plan comprises of:

• 417,000sqm office space

• 3,000 residential units (c.15% residential for rent[3] )

• 23,000sqm retail

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Lendlease Major Urbanisation Projects / 36

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Artist’s impression: Silvertown Quays, London
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Sustainability targets and outcomes

Silvertown aims to create a place that is innovative and environmentally sustainable and will provide tangible benefits for the local community for the long-term.

Although still in its early stages, it aims to achieve:

• BREEAM certification for non-residential properties[1] , a sustainability assessment for the built environment

• All residential buildings to achieve 3-Star Home Quality Mark[2]

Silvertown will look to create value for existing local residents and for the communities it creates by targeting:

• 25% of the workforce to be Newham residents during construction phase Employment opportunities for Newham residents in 60% of vacancies generated by the project post-construction

silvertown.co.uk

1. Building Research Establishment Environmental Assessment Method.

2. Certified by BRE.

Lendlease Major Urbanisation Projects / 37

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Milano
Santa Giulia
1. South Area (estimated development end value of
$0.4b) is a 50% joint venture with Milano Santa
Giulia SpA, part of Risanamento SpA Group.
2. Financial year.
3. Subject to change in delivery program.
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Project details

$4.0[1] billion total estimated development end value

• Secured 2018[2] , expected completion 2035[2,3]

• South Area expected completion 2022[2,3]

• Project to commence in 2020[2,3]

Project Structure

• 100% Lendlease[1] – North Area

• Land management – variable land price calculated and paid based on development proceeds

Project Scheme

• Mixed use scheme to be delivered in multiple phases

• including:

  • 173,000sqm office space

  • 2,558 residential units

  • 93,000sqm retail, leisure and arena

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Lendlease Major Urbanisation Projects / 38

Current masterplan

Remaining stages[1]

• 173,000sqm office space

• 2,558 residential units

• 93,000sqm retail, leisure and arena

1. Subject to planning.

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Commercial
Residential
Arena
Retail & Leisure
ResidentialResidential
ParklandsParklands
ResidentialResidential
Commercial
Sky HQ CommercialCommercial
Commercial
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Lendlease Major Urbanisation Projects / 39

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Artist’s impression: Milano Santa Giulia, Milan
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Sustainability targets and outcomes

Milano Santa Giulia aims to create a sustainable combination of residential areas, green spaces, offices, commercial areas and venues of cultural interest.

The project is the first urban district in Italy to be registered to the LEED Neighbourhood Development Protocol[1,2] , a benchmark for sustainability.

As a precinct, Milano Santa Giulia is focused on smart mobility, green spaces and biodiversity, energy efficiency, water consumption, sustainability of materials and recycling. To demonstrate this, buildings Spark One and Two are targeting the achievement of LEED Platinum rating[1] .

Buildings Spark One and Spark Two are also being designed to achieve WELL certification[3] for their support for health and wellbeing.

milanosantagiulia.com

1. Leadership in Energy and Environmental Design. 2. Milano Santa Giulia North development. 3. Certified by the International WELL Building Institute.

Lendlease Major Urbanisation Projects / 40

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Milan
Innovation
District
(MIND)
Milan
1. Financial year.
2. Subject to change in delivery program.
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Project details

$3.6 billion total estimated development end value

• Secured 2019[1] , expected completion 2031[1,2]

• Project expected to commence in 2021[1] , subject to planning approval

Project Structure

• Concession Agreement with Arexpo SpA Group

• Staged payment – land paid for in instalments

Project Scheme

• 100 hectare mixed use redevelopment including:

• 355,000sqm office space

• 946 residential units (100% residential for rent)

• 32,000sqm retail

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Lendlease Major Urbanisation Projects / 41

Current masterplan

Remaining stages[1]

• 355,000sqm office space

• 946 residential units

• 32,000sqm retail

Outside Lendlease concession agreement

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HOSPITAL HUMAN UNIVERSITY
TECHNOPOLE
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1. Subject to planning.

Lendlease Major Urbanisation Projects / 42

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Artist’s impression: Milan Innovation District (MIND), Milan
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Sustainability targets and outcomes

Innovation, science and technology are at the heart of the Milano Innovation District, and this includes its approach to sustainability.

All buildings within this new precinct will be designed to achieve the internationally recognised green building certification LEED[1] , striving for either Gold or Platinum status.

The district also aims to achieve LEED Neighbourhood Development certification[1] . This will ensure the entire project considers factors such as energy efficiency, the use of water resources, the impact of new buildings on the existing surroundings, the efficiency of technological instruments and the presence of green spaces and pedestrian areas.

The project will also work in partnership to enable the inclusion on the project of individuals who have previously been imprisoned through training and job opportunities as part of the Program 2121 in partnership with the Italian Department for Justice.

mindmilano.it

1. Leadership in Energy and Environmental Design.

Lendlease Major Urbanisation Projects / 43

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International
Quarter
London
1. Financial year.
2. Subject to change in delivery program.
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Project details

$4.5 billion total estimated development end value

• Secured 2010[1] , expected completion 2030[1,2]

• 42% complete by estimated development end value

• $2.6 billion remaining estimated development end value

Project Structure

• Joint venture between Lendlease and LCR

• Land management – land paid as plots drawn down

Project Scheme

• 9 hectare office led mixed use scheme to be delivered in multiple phases, comprising:

• 267,000sqm office space

• 333 residential units

• 5,000sqm retail

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Lendlease Major Urbanisation Projects / 44

Current masterplan

Delivered to date

• 97,000sqm office space

• 333 residential units (Glasshouse Gardens)

• 2,000sqm retail

Remaining stages[1]

• 170,000sqm office space

• 3,000sqm retail

• Potential for future residential

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1. Subject to planning.
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----- Start of picture text -----

International Quarter London, London
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Sustainability targets and outcomes

At International Quarter London, buildings and communal spaces are designed to maximise the health and wellbeing of residents, visitors and employees.

All new commercial buildings aim to achieve a minimum Gold WELL Building certification[1] which recognises buildings focused on supporting health and wellbeing.

The project has already achieved the highest level of BREEAM certification[2] for plot S9, the third commercial building, post-construction, a world leading sustainability assessment for the built environment.

Collaborating with residents and engaging and empowering the local community has also formed a key part of the project.

So far International Quarter London has provided jobs for 1,329 local residents from the London Borough of Newham and 301 apprenticeships.

internationalquarter.london

1. Certified by theInternational WELL Building Institute.

• Building Research Establishment Environmental Assessment Method.

2.

Lendlease Major Urbanisation Projects / 46

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Elephant
Park
London
1. Financial year.
2. Subject to change in delivery program.
3. Indicative and excludes affordable housing
component.
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Project details

$4.6 billion total estimated development end value

• Secured 2010[1] , expected completion 2025[1,2]

• 46% complete by estimated development end value

• $2.5 billion remaining estimated development end value

Project Structure

• Partnership with London Borough of Southwark

• Provided assets for establishment of residential for rent platform

• Staged payment – land paid for in instalments

Project Scheme

• Residential led mixed use regeneration scheme across three sites, comprising:

• 55,000sqm commercial, retail and other uses

• 3,208 residential units (c.30% residential for rent[3] )

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Lendlease Major Urbanisation Projects / 47

Current masterplan

Delivered to date

• 1,414 residential units

• 5,000sqm retail

In delivery

• Park Central North– 445 residential units:

• 354 residential for rent and 91 affordable

• East Grove– 384 residential units: 309 residential for rent and 75 affordable

Remaining stages[1]

• 50,000sqm commercial, retail and other uses

• 965 residential units[2]

1. Subject to planning.

2. Includes unsold units on completed buildings.

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Lendlease Major Urbanisation Projects / 48

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Artist’s impression: Elephant Park, London
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Sustainability targets and outcomes

Our aim at Elephant Park is to create one of the world’s most sustainable inner-city projects, including becoming the first Climate Positive development in the UK.

Located in central London, the area has a rich history to be preserved whilst transforming the space into an exciting place to live, work and visit. With a 10,000 sqm public park at the centre of this precinct, the whole public realm covers 55,000 sqm.

Partnering with the community has been key; the project facilitated 198 apprenticeships, including 127 local Southwark residents[1] , and 1,501 jobs have been provided for local residents since 2013.

Other achievements include:

• Lendlease recognised for supporting Southwark council's drive to make Elephant Park the first Living Wage Zone in the country. All 1,400 workers involved in the construction of Elephant Part are paid the real Living Wage

• 2,780 NVQ Courses in conjunction with Southwark Construction Skills Centre[1]

elephantpark.co.uk

1. Achieved from 2016 to September 2019.

Lendlease Major Urbanisation Projects / 49

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High Road
West
London
1. Financial year.
2. Subject to change in delivery program.
3. Indicative and excludes affordable housing
component.
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Project details

$2.1 billion total estimated development end value

• Secured 2018[1] , expected completion 2030[1,2]

• Project to commence in 2022[1] , subject to planning

Project Structure

• Development Partner for London Borough Haringey

• Land management – variable land price calculated and paid on phased draw down, subject to pre-conditions

Project Scheme

• Residential led scheme to be delivered in multiple phases, comprising:

• 2,501 residential units (c.25% residential for rent[3] )

• 14,000sqm retail

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Lendlease Major Urbanisation Projects / 50

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Artist’s impression: High Road West, London
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Sustainability targets and outcomes

The vision for High Road West is to create a sustainable neighbourhood and new leisure destination in North London.​

Lendlease and the London Borough of Haringey have an inspiring ambition to create a positive social legacy for North Tottenham, providing socio-economic equality, prosperity and delivering an exemplar sustainability strategy. ​

This includes providing opportunities for the community to develop skills for long-term employment.

The project is targeting:

£10m socio-economic contribution towards programs that support skills, employment, health, wellbeing and education initiatives​ Thousands of construction jobs and hundreds of end-user operational jobs ​ Creation of green spaces and public realm Bringing nature into the urban environment improving people’s pride in their place and increasing health and wellbeing

highroadwest.london

Lendlease Major Urbanisation Projects / 51

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The
Timberyard
Deptford
London
1. Financial year.
2. Subject to change in delivery program.
3. Indicative and excludes affordable housing
component.
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Project details

$1.5 billion total estimated development end value

• Secured 2014[1] , expected completion 2025[1,2]

• Project commenced in 2016[1]

Project Structure

• Upfront payment – land acquisition and assembly costs paid upfront

Project Scheme

• 4.7 hectare residential led mixed use scheme, comprising:

• 7,000sqm office space

• 1,453 residential units (c.30% residential for rent[3] )

• 3,000sqm retail

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Lendlease Major Urbanisation Projects / 52

Current masterplan

In delivery

• Cedarwood Square - 203 residential units, 300sqm retail

• 143 residential for sale 60 affordable

Remaining stages[1]

• 7,000sqm office space

• 1,250 residential units

• 3,000sqm retail

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1. Subject to planning.
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Lendlease Major Urbanisation Projects / 53

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

Artist’s impression: The Timberyard Deptford, London
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Sustainability targets and outcomes

The Timberyard at Deptford aims to increase pedestrian permeability through the creation of new streets, linkages with existing pedestrian areas and increased green landscaped area. It will also see the creation of approximately 19,000sqm of public realm.

Building on the rich history of the neighbourhood, the project hopes to imitate some historical features such as the old canal way in the form of a waterline.

All retail and offices space will also be built to BREEAM standard[1] , a sustainability assessment for the built environment.

When it comes to engaging with the community, the project aims to provide:

• 132 work experience opportunities

• • Support for 200 students to develop their employability skills

homesbylendlease.co.uk/development/thetimberyard

1. Building Research Establishment Environmental Assessment Method.

Artist’s impression: Southbank, Chicago Americas Four Major urbanisation projects $27.5 billion Remaining estimated end value 18,090 Residential backlog units 52,000sqm Commercial backlog

Lendlease Major Urbanisation Projects / 55

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San Francisco
Bay Area
project
1. Financial year.
2. Subject to change in delivery program.
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Project details

$21.5 billion total estimated development end value

• Secured in 2020[1] , expected completion in 2037[1,2]

• Project expected to commence in 2022[1] , subject to planning

Project Structure

• Development Agreement with Google to jointly undertake the master planning, entitlement and development within three major districts: San Jose, Sunnyvale, and Mountain View in California

• Land management – land payments based on residual land value

Project Scheme

• Residential led scheme, comprising:

• c.15,000 residential units

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Lendlease Major Urbanisation Projects / 56

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Artist’s impression: San Francisco Bay Area Project
----- End of picture text -----

Sustainability targets and outcomes

Lendlease in partnership with Google is undertaking an unprecedented series of urban renewal projects across three suburban scale ‘districts’. A series of integrated masterplans, each has a vision of creating places that; foster community participation and civic engagement, provide a diversity of housing choice and affordability, demonstrate best in class environmental stewardship and deliver significant and diverse local employment opportunities.

Such initiatives may include:

• A jobs training and skilling program

• The early provision of community buildings

and places

Application of building materials that support sustainable building practices Designed for recognised benchmark sustainability indicators

Lendlease Major Urbanisation Projects / 57

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Southbank
Chicago
1. Financial year.
2. Subject to change in delivery program.
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Project details

$2.2 billion total estimated development end value

• Secured in 2015[1] , expected completion in 2027[1,2]

• Project commenced in 2016[1]

Project Structure

• The first building, The Cooper at Southbank, comprises residential for rent units that were delivered through a 50% JV with First State Super

• Upfront payment

Project Scheme

• Mixed use regeneration scheme, comprising:

• 23,000sqm office space

• 1,997 residential units (c.65% residential for rent)

• 3,000sqm retail

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Lendlease Major Urbanisation Projects / 58

Current masterplan

Delivered to date

• 452 residential for rent units (The Cooper)

• 1,000sqm retail

Remaining stages[1]

• 23,000sqm office space

• 1,545 residential units

• 2,000sqm retail

1. Subject to planning.

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Lendlease Major Urbanisation Projects / 59

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Southbank, Chicago
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Sustainability targets and outcomes

Promoting resident wellbeing, a sense of community and a resilient transformation of the riverfront, the three hectare development at Southbank is targeting LEED Gold ratings[1] , an internationally recognised standard in green building.

The Cooper, Lendlease’s first residential for rent building, opened to residents at the end of 2018 with a certified LEED Gold[1] rating for its green building credentials. The location also boasts a 95/100 walk score[2] .

The Cooper sits alongside Southbank Park, a new 0.8 hectare green space. The landscaping incorporates on-site stormwater management systems as well as environments that support native flora and fauna, honeybees and both resident and migratory birds.

The park also features six birdhouses created by students from the University of Illinois at Chicago.

southbankchicago.com

1. Leadership in Energy and Environmental Design. 2. An assessment of walkability by Walk Score.

Lendlease Major Urbanisation Projects / 60

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Lakeshore
East
Chicago
1. Financial year.
2. Subject to change in delivery program.
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Project details

• $2.2 billion total estimated development end value

• Secured in 2019[1] , expected completion in 2026[1,2]

• Project commenced in 2020[1]

Project Structure

• First two of three buildings to be delivered through a 50% JV partnership with First State Super

• Staged payment – land paid for in instalments

Project Scheme

• Mixed use scheme, to be delivered in multiple phases comprising:

• 1,197 residential units (c.40% residential for rent)

• 2,000sqm retail

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Lendlease Major Urbanisation Projects / 61

Current masterplan

In delivery

• Cirrus – 350 residential for sale units, 700sqm retail

• Cascade – 503 residential for rent units

Remaining stages[1]

• 344 residential units

• 2,000sqm retail

1. Subject to planning.

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Cirrus Cascade
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Lendlease Major Urbanisation Projects / 62

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

Artist’s impression: Lakeshore East, Chicago
----- End of picture text -----

Sustainability targets and outcomes

Upon completion, the Lakeshore East neighbourhood will be home to three high-rise towers, all targeting LEED Gold ratings[1] for their commitment to sustainability.

The project will see the creation of Cascade Park, a public 3,000sqm green space that provides an activated connection to the lakefront and river walk. The park will include lush landscaping, passive wellness features, meandering pathways, outdoor living rooms for recreational use, terrace seating and a public dog park.

The project is also focused on local procurement and supply diversity, having already awarded approximately $3 million in contracts to minority or female-owned businesses for sales center construction, exceeding city requirements.

1. Leadership in Energy and Environmental Design.

Lendlease Major Urbanisation Projects / 63

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30 Van Ness
San
Francisco
1. Financial year.
2. Subject to change in delivery program.
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Project details

$1.6 billion total estimated development end value

• Secured in 2017[1] , expected completion in 2025[1,2]

• Project to commence in 2021[1] , subject to planning

Project Structure

• Sale leaseback with the City of San Francisco during entitlement period

• Upfront payment

Project Scheme

• Mixed use regeneration scheme, comprising:

• 25,000sqm office space

• 348 residential units (c.25% affordable)

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Lendlease Major Urbanisation Projects / 64

Current masterplan

Remaining stages[1]

• 25,000sqm office space

• 348 residential units

1. Subject to planning.

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Lendlease Major Urbanisation Projects / 65

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

Artist’s impression: 30 Van Ness, San Francisco
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Sustainability targets and outcomes

Currently in its early stages, 30 Van Ness will look to promote high levels of sustainability and wellbeing upon completion.

The project will target a gold certification rating from LEED[1] , an internationally recognised standard in green building ratings, as well as additional external ratings to demonstrate the health and wellbeing benefits of the development.

It will target:

Wired certification[2] for internet connectivity Bike parking provided to almost double the amount required by the city

Social engagement is also a priority for the project. Public events and programming in partnership with Civic Center Community Benefit District are underway.

1. Leadership in Energy and Environmental Design. 2. An assessment of internet connectivity by Wired Score.

Paya Lebar Quarter, Singapore

Completed Major Urbanisation Projects

Lendlease Major Urbanisation Projects / 67

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

Paya Lebar
Quarter
Singapore
1. Financial year.
----- End of picture text -----

Project details

• $3.9 billion total estimated development end value

• Secured 2015[1] , completed 2020[1]

Project Structure

• Lendlease 30% / Investment partner 70%

• Upfront payment - land payments based on land value per tender

Project Scheme

• Mixed use regeneration scheme, comprising:

• 83,000sqm office space

• 429 residential units

• 29,000sqm retail

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Lendlease Major Urbanisation Projects / 68

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

Paya Lebar Quarter, Singapore
----- End of picture text -----

The Singapore Government identified Paya Lebar Central as a new commercial hub for Singapore. Having completed in 2020[1] , it includes an integrated commercial node with offices, retail and attractive public spaces flowing with activity.

The project promotes an active, green and engaging environment. The integration of biophilia into the development and the design of the office buildings has been to enhance the wellbeing and productivity of those who work at and visit the precinct.

Notable sustainability achievements include:

Accorded the highest rating for

sustainability by Singapore’s Building and Construction Authority for all seven buildings

First in Singapore to register for WELL Core and Shell Certification[2] for the precinct’s office towers, an indication of the focus on the health and productivity of occupants

• 300% more trees planted than previously on site

• Paya Lebar Quarter Career Fair Partnership bringing jobs to local people

payalebarquarter.com

1. Financial year.

• International WELL Building Institute.

2.

Lendlease Major Urbanisation Projects / 69

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

Darling
Harbour
precinct,
Sydney [1]
1. Includes Darling Square.
2. Financial year.
3. Refers to first stage of precinct, Darling Quarter.
----- End of picture text -----

Project details

$4.7 billion total estimated development end value

• Secured 2009[2,3] , completed 2019[2]

Project Structure

• Precinct comprises three projects with structures including project development agreement and Public Private Partnership (PPP)

Project Scheme

• Mixed use regeneration scheme:

• 84,000sqm commercial space

• 1,506 residential units

• 13,000sqm retail

• 1,300 bed student accommodation

• 590 room luxury hotel (Sofitel)

• ICC: 35,000sqm exhibition, 8,000 seat theatre, convention centre

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Lendlease Major Urbanisation Projects / 70

Darling Harbour is Sydney’s second harbour and a recreational focal point since 1988[1] when it was first transformed from a disused port to a place for people.

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Darling
Square
International Convention Centre
and exhibition facilities
Hotel
Darling
Quarter
----- End of picture text -----

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

Hotel
----- End of picture text -----

Lendlease’s association spans more than a decade with significant contributions across three sites – Darling Quarter (completed in 2011[1] ), the International Convention Centre Sydney (opened in 2016[1] ) and surrounding boulevard amenities, and Darling Square.

Our work had an end development value of $4.7 billion, generated approximately $3 billion in construction revenue, and created $1.4 billion of funds under management.

The new International Convention Centre Sydney, delivered in a Public Private Partnership with the NSW Government, is estimated to generate $5 billion in economic benefits for New South Wales over 25 years.

In 2019[1] , the final piece of Lendlease’s involvement came to fruition: the Darling Square neighbourhood featuring 1,506 apartments,3,000 workers, and beds for 1,300 students. It’s been designed to be one of Sydney’s most ‘walkable’ places.

darlingsq.com

1. Calendar year.

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

Darling Harbour (elements of artist’s impression), Sydney
----- End of picture text -----

Lendlease Major Urbanisation Projects / 71

Important notice

This document 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 non-IFRS 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.

All figures are in AUD unless otherwise stated.