Lend Lease Creating sustainable landscapes 2009 Annual Shareholder Review IMPORTANT DATES Performance IN 2010 at a glance for 2009

Operating profit after tax1 Full year dividend3 $307.5M 41¢

February* Announcement of Half Year Results Statutory loss after tax Gearing4 March* Share price quoted ex dividend March* Interim dividend record date ($653.6M) 2.9% March* Interim dividend payable August* Announcement of Full Year Results August* Share price quoted ex dividend Earnings per share2 Credit rating August* Final dividend record date September* Final dividend payable 72.5¢ BBB-/Baa3 November* Annual General Meeting Standard & Poor’s/Moody’s

* Exact dates will be confirmed on the Lend Lease website Investor Relations section at www..com in due course. 1. Operating profit after tax excludes 3. Dividends include interim dividend non operating adjustments. of 25 cents franked to 60% and final 2. Calculated based on operating profit dividend of 16 cents franked to 100%. after tax and total weighted average 4. Calculated as net debt including other number of shares on issue including non current financial liabilities, divided treasury shares. by total tangible assets, less cash.

Lend Lease Corporation Limited ABN 32 000 226 228

Lend Lease is a member of the Dow Jones Sustainability World Index which is used by DJSI All financial amounts in this report are in licensed asset managers to manage investments Lend Lease Australian Dollars unless otherwise stated worth close to US$8 billion each year. with strong development We primarily operate in About management, investment , Asia, the UK, Europe, Lend Lease management, project and the Middle East and the US, construction management and have built up a long and Lend Lease and asset and property successful track record in is one of management capabilities. these countries, creating many Our philosophy iconic and admired precincts, the world’s Founded in Sydney in 1958 spaces and buildings. leading fully by Dutch immigrant and Sustainability has been an innovator Dick Dusseldorp, integral part of our culture, integrated the group was born out of as we believe every action property a vision to create a company adds up. Through design that could successfully and investment in new solutions combine four disciplines; technologies, we are property, financing, committed to delivering the providers, development and investment. next generation of sustainable Lend Lease’s vision is to property solutions. We are be the leading international committed to being Incident property company. & Injury Free wherever we have We are committed to creating a presence. This philosophy and building innovative and reaches every part of our sustainable solutions, forging operations and extends to partnerships and delivering employees, partners, clients, strong investment returns. suppliers and subcontractors.

Introducing our people Meet some Through the efforts of our outstanding people, of our people Lend Lease takes a leadership role in supporting on pages 16–25. innovation and inspiring change so our industry www.lendlease.com/sustainability/pdf/ can contribute to economic growth, ecological From_Aspirations_to_Actions.pdf balance and social progress. Operational primarily due to the Highlights construction backlog acquisition of the Five-year gross profit margin Lend Lease Primelife performance • Global construction management rights. backlog gross profit margin development pipeline as at 30 June 2009 was • Lend Lease continues to $690.1 million, which have a strong development provides a solid earnings pipeline, securing base for FY2010. preferred bidder status funds under management on the $2.5 billion RNA • Funds under management Showgrounds project in increased to $9.9 billion, Brisbane during the year.

Dividends per share1 Contribution to operating profit after tax from business units* 41¢ 7% Investment Management 14% Retail ¢

34¢ 21% Communities ¢ ¢ 42 ¢ 31 29

16 18% Public Private Partnerships ¢ ¢ ¢ ¢ ¢ ¢ 40% Project Management and Construction 35 28 30 35 43 25 05 06 07 08 09

Interim Final * Before corporate and non operating adjustments.

7% Investment Management

14% Retail

21% Communities

18% Public Private Partnerships

40% Project Management and Construction financial balance sheet strength Continued strong • As at 30 June 2009, our net performance debt to total tangible assets, • Earnings per share of less cash was 2.9% and 72.5 cents, down 33% our weighted average debt in line with lower Net maturity on drawn debt Operating Profit after Tax. was eight years, with the • Dividend per share of earliest maturity date being 41 cents, representing November 2010. a payout ratio of 61% • Interest cover was 5.2 times, of operating profit after tax. in line with management target of 5 times.

Operating profit after tax2 Dividend payout ratio2 Earnings per share3 $307.5M 61% 72.5¢ M M M M M ¢ ¢ ¢ ¢ ¢ % % % % % 80 69 69 71 61 $285.7 $354.2 $445.9 $435.9 $307.5 71.6 88.7 111.4 108.7 72.5 05 06 07 08 09 05 06 07 08 09 05 06 07 08 09

2. Operating profit after tax excludes unrealised property investment revaluations, inventory to future accrual. These are referred to as carrying value adjustments, goodwill ‘non operating adjustments’. 1. 2009 dividends include interim dividend of impairments, other carrying value adjustments, 3. Calculated based on operating profit after tax and 25 cents franked to 60% and final dividend savings implementation costs and a net gain total weighted average number of shares on issue of 16 cents franked to 100%. on closure of the Bovis UK pension scheme including treasury shares. Our value The Lend Lease value proposition is very proposition simple – we see more value in property. Our integrated property model and strategy allow us to see more value opportunities in each property project, which means we should be able to achieve higher returns on capital for our shareholders, our partners and our clients.

1. Mission Health System – Dogwood Our approach Core competency Knowledge and experience Surgical and ICU Tower, Asheville, North Generating multiple Unique asset creation Global and local property Carolina, USA 2. Signature Place, Tampa, Florida, USA 3. New York-Presbyterian earnings opportunities: capabilities: Lend Lease’s expertise: Lend Lease’s ability Hospital – Vivian and Seymour Milstein Lend Lease’s integrated fully integrated capabilities to attract the best people, Family Heart Center, New York, USA end-to-end property solutions, span the property value combined with its deep 4. One Rincon, San Francisco, California, USA 5. Dock 5, Victoria Harbour, combined with its approach chain, creating sustainable market knowledge, underpins Melbourne, Australia 6. The Gauge, Victoria to partnering and diverse property solutions. long-term earnings potential. Harbour, Melbourne, Australia 7. Lonza project pipeline, maximise Plant 1, Singapore 8. 201 Bishopsgate Agility and flexibility Innovation returns on capital for and Broadgate Tower, London, UK 9. 200 Maximising opportunities Optimising value over Aldersgate, London, UK 10. The Curve, shareholders and partners. Leicester, UK through market cycles: the long term: Lend Lease Lend Lease’s model is is committed to providing flexible and agile, allowing leadership in innovation the Group to respond quickly and sustainable and strategically at each property solutions. stage of the property cycle.

4/5 Contribution to Americas Asia Pacific Europe operating profit after tax BY 30% 55% 15% GEOGRAPHY from business units

4

8

5

9

2

3 6

1 10

7 The year ended June 2009 Steve ran the Group’s global Chairman’s Investment Management business Against the unprecedented market from September 2005 and was conditions, the Group delivered report appointed Finance Director from operating profit after tax of March 2007 before being appointed $307.5 million, slightly above guidance CEO in December 2008. Prior to joining given on 11 May 2009 of operating Lend Lease he had been a long-term profit after tax of circa $300 million financial adviser to Lend Lease. He has for the year. The earnings decline a deep understanding of our business. compared to the prior year was primarily due to a lower contribution Lend Lease is well placed to deliver from capital recycling and subdued improving value for shareholders as conditions in the Australian and UK we work towards that objective and residential markets. conditions improve. The Company has significant headroom under its Lend Lease reported a statutory banking covenants and its capital loss after tax for the year of position was enhanced by the $653.6 million, reflecting net $302.5 million of equity issued earlier write‑downs and charges. in the year. As a result, Lend Lease Directors declared a final dividend has the capacity today to fund all of of 16 cents, franked to 100%, its committed development pipeline representing a payout ratio of 61% over the next three years, with cash of operating profit after tax for the and cash equivalents of over $1 billion full year ended 30 June 2009. and strong underlying cash flows. Looking ahead That capacity is enhanced by the Group’s partnership model and Following a smooth transition, from reputation as a leading property former Managing Director and CEO, investment manager, providing access Greg Clarke, to Steve McCann, to third party capital. This enables we have made some important Lend Lease to pursue the best refinements to our fully integrated opportunities available at each stage property group strategy and of the property cycle and deliver a business model. higher return on Lend Lease’s capital. Underpinning this development earnings potential is a solid base of recurring earnings from investment management income from fees and co-investments. The construction and PPP businesses Outlook and dividend policy Disciplined capital have performed well this year and, Given the ongoing uncertain conditions, while we expect it to remain difficult management and Lend Lease is not providing specific to source new construction projects conservative borrowing short-term earnings guidance. from the private sector for at least the Directors and management continue during the good times meant next year, both these businesses are to be positive about the Group’s that Lend Lease was able to now accessing significant opportunities operating outlook and remain focused navigate the global financial from government stimulus packages. on optimising total shareholder returns crisis to perform well, on Sustainability has been an integral part from all the Group’s activities. a relative basis, over the of the Group’s culture for 50 years. Long-term shareholder returns will We not only believe the principle, year to June 2009 and not be sacrificed to meet short-term we also know it is the smart thing to remain in a strong financial earnings targets through sub-optimal do. Lend Lease is proudly recognised condition. Conditions remain asset sales or other capital measures. as a leader in sustainability in the At this point in the cycle, you should uncertain but the efforts property industry. of governments around the expect to see Lend Lease taking Lend Lease continues to intensify advantage of its very low leverage world appear to be helping its commitment to operating Incident and investing capital to secure the to stabilise the situation. & Injury Free. The scale of that best positions and develop the most We remain cautious but also vision is brought into focus with appropriate projects in the pipeline confident that Lend Lease eight sub-contractor employee as conditions improve. fatalities globally this year, despite is well placed to take With effect from the interim dividend good reductions in the overall rate 2010, Lend Lease is changing its advantage of opportunities of incidents and injuries. Our aim dividend policy. Lend Lease will change ahead of many competitors. continues to be to operate Incident its dividend payout ratio from the range & Injury Free. 60% to 80% of operating profit after tax to 40% to 60% of operating profit after tax. Lend Lease will frank the dividend to the maximum extent possible on a sustainable basis.

David Crawford AO Chairman The 2009 financial year was impacted Realising shareholder Chief Executive by one of the toughest and broadest value from our advantages downturns the property markets have Officer’s report yet seen. Fortunately, we entered the While having a strong balance sheet downturn in excellent financial shape. and multiple growth options are big While we have been primarily focused advantages at this stage of the cycle, on protecting that position through they will not automatically translate into prudent capital management and improving shareholder value. cost reductions, we have also been The tactical actions to secure that value positioning the business to capture in the short term are largely complete. the best opportunities likely to arise The cost base has been right-sized from the next market growth cycle. to adjust for the downturn in volumes We are strategically positioned to across most of our businesses. Capital leverage off a number of major trends is being preserved by reprioritising in the property market globally, developments in line with market particularly urbanisation, ageing of conditions and targeting key, strategic populations, government stimulus projects that build backlog for all spending and commercialisation Group businesses. We are maintaining of sustainability. active management of capital already invested in the business and all • In 40 years time, 27% of the world’s businesses are focused on optimising population is expected to be over the cash flows. age of 65 compared to approximately 15% today. Lend Lease’s position To maximise longer-term potential as a premier manager of retirement shareholder value from the Group’s properties in Australia means we are strong position, I have worked with well placed to capitalise on this trend. the senior executive team and Board of Directors to develop a clear set • Many governments have ambitions of objectives and operating principles to reduce carbon emissions and for the Group. to deliver sustainable communities. This also plays well to our strengths. • Our superior delivery capability and strong reputation for collaboration make us an ideal partnership candidate for government projects being rolled out under stimulus 8/9 packages in various countries. Performance targets Capital recycling It is a great privilege to We are focused primarily on Lend Lease is not a distressed seller be chosen to lead the shareholder return as measured of assets and we will not sell assets to Lend Lease team in the by Return on Equity and Return on hit short-term profit targets. Instead, we year that the Company Capital. Earnings per share growth will recycle capital only when it delivers celebrated 50 years of remains an important measure but acceptable shareholder returns and is not the key driver of decisions. to fund future growth opportunities. property industry leadership. Key Performance Indicators for Lend Lease has a proud employees, even in the short term, Collaboration to history and I will work hard have regard to progress towards maximise earnings with my senior management delivering the appropriate longer‑term All Lend Lease companies will team to drive shareholder return on capital and other key increase their focus on the benefits value and contribute metrics for the relevant business. of our fully integrated business model. Other performance measurements We have taken significant steps positively to the Group’s include strategic initiatives, people in this regard, including the merger culture and legacy. management and operational of our development and investment We have not fundamentally excellence targets. Embedded in management teams in all regions. all of our businesses is our culture changed our strategy or of safety first and we will continue to Lend Lease is well placed to deliver business model but have work tirelessly to achieve an Incident attractive growth in shareholder value made important refinements & Injury Free workplace. over the long term. We will measure to performance our progress against how well we Portfolio management perform against the initiatives and management, portfolio We measure and monitor our capital priorities I have set out in this report. management, capital allocation rigorously. In the short term I am confident that we will deliver recycling and collaboration we plan to rebalance our portfolio against those measures. As we do across our businesses. toward Australia to reinforce our so, shareholders should see Lend leadership position in our home Lease re-positioned as a recognised market. Diversifying the Group’s leader internationally in the provision of earnings will remain an important world‑class property solutions, with all goal – but only where we can achieve of the attendant growth opportunities scale operating platforms in our that such recognition will bring. chosen sectors and geographies over a realistic time frame and where we can work safely. Steve McCann Chief Executive Officer and Managing Director Development Our With capabilities management capabilities that span the entire Lend Lease has a proven track record in creating property value chain, and managing complex from the origination of mixed-use property developments incorporating opportunities through large scale commercial, residential, retail, master to the delivery of great planned communities property outcomes, we and senior living. can offer investors and clients one element or an end-to-end solution.

10/11 2009 Annual Shareholder Review Lend Lease Corporation Investment Project management Asset & property management & construction management Lend Lease has 50 years Lend Lease’s global Our asset and property experience in property project management management capabilities investment management. and construction business, cover leasing, marketing, Today, our global investment Bovis Lend Lease, is one centre management and management platform of the world’s leading facilities management, spans Asia, Australia, construction companies. enhancing the value of the UK and the US. Bovis Lend Lease offers property and optimising Our investment management a range of services income and total returns team is committed to spanning the design and for the asset’s investors. delivering global real estate construction delivery products and investment process across a range solutions tailored to the of sectors including needs of institutional commercial, retail, investors. residential, industrial, pharmaceutical, mixed-use, health, education, transport and defence. Development Management Investment Management

Our capabilities

retail residential Project Management & Construction Asset & Property Management

Commercial infrastructure retirement Our strategy

Lead Build • W o r l d class property • Reshape solutions Restore portfolio company • Operational • Right structure • Strong excellence integrated • Cost out • Grow offering • Drive efficiency platforms • Trusted • Capital • Invest investment management in people manager Our strategic path forward Phase 1 Phase 2 Phase 3

14/15 Our segment summary

Public Project Private Management Investment Retail Communities Partnerships and Construction Management

Core Activities Asset ownership, Masterplanned Military housing, Project Asset ownership, development, urban communities, healthcare, management real estate property and asset inner city apartments education and construction investment management and senior living and waste management services

Operating Revenue $125.8m $586.4m $1,507.0 m $12,422.0m $69.1m

Proportion of Profit After Tax from Operating Businesses1 1. Before corporate and non operating adjustments. 14% 21% 18% 40% 7%

Regional Business Operations Australia, UK, Australia, UK, US UK, Europe, Middle Australia, Singapore,Retail USCommunities Public Private East,Project Americas, Singapore,Investment UK, US Partnerships AsiaManagemen Pacific t UK,Management US and Construction

Lend Lease We see more value in property • Lend Lease holds an Retail ownership interest in report 10 centres. • The market value of for the year ended 30 June 2009 Lend Lease’s interests in these centres declined to $1.5 billion, down from $2.0 billion in 2008. This was primarily due to weakening of capitalisation rates, principally in the UK. • Operating profit after tax has remained robust, Operating Result $m 09 08 primarily due to comparatively stable income from the Operating profit after tax 60.3 66.1 Bluewater and King of Property management (8.4) (14.2) Prussia shopping centres. Investment income 68.7 80.3 Operating profit after tax by geography Asia Pacific 8.9 1.7 Europe 24.0 42.3 Americas 27.4 22.1

Construction of 313@somerset, Singapore

Joseph Goh Project MANAGER 16/17 2009 Annual Shareholder Review Lend Lease Corporation Bovis Lend Lease Case study: The leasing team at 313@somerset has The centre’s Some key highlights of 313@somerset’s 313@somerset, Singapore secured international fashion retailer vision is to sustainability journey to date include: Zara, which is launching a three-level be one of the • greater than 30% reduction in energy Exciting Singapore flagship store in the new mall. Brand leading retail consumption compared to code retail opening names also supporting the fashion destinations compliant building through design mix include a four level Forever 21 in mid to In August 2006, Lend Lease secured and equipment selection; and well known UK brand New Look. upper-mid the highly coveted Somerset site from These retailers will be joined by market fashion, food the Urban Redevelopment Authority • generation of renewable energy brands Esprit, Mango, Lacoste and and lifestyle. of Singapore for S$617.2 million to via photovoltaic arrays; Levi. 313@somerset was awarded build a new regional shopping mall – • detailed carbon footprint analysis the highest sustainability recognition 313@somerset. and reduction strategy; in Singapore from the Building & Lend Lease is working on all phases Construction Authority – Green Mark • retailer sustainability initiatives of the project, from development, Platinum award in 2008. and commitments; leasing, project management and 313@somerset has the first Registered construction to asset and property • thermal energy storage to increase Training Organisation for its retailers, management services on completion. energy conservation; offering free accredited training Lend Lease and the Lend Lease Asian courses. This is a first for Lend Lease • co-generation of heat and electricity Retail Investment Fund are the owners globally and a first for a retail mall in via bio-fuel for use within the centre; of 313@somerset. Singapore. It is expected that over • sustainability education strategies 313@somerset is scheduled for opening 1,000 retailer employees will be trained for our community, retailers and in December 2009 and will showcase in this facility in the next 12 months. customers; and eight levels of retail, targeting mid level food and fashion in an exciting dynamic • the centre is the first retail environment. The centre’s vision is to development in Singapore to be one of the leading retail destinations introduce Green Lease Agreement. in mid to upper-mid fashion, food and lifestyle and will open 100% leased.

With support of the retail team, Joseph has carried out an ambitious project to build a green retail centre in Singapore, Our people earning 313@somerset a Green Mark Platinum Award in 2008. • Global Communities • During the year, Lend Lease Communities operating profit after tax completed the acquisition of a declined 12% to $88.3 million, 43.2% interest in Lend Lease report from $100.3 million in 2008. Primelife (previously Babcock for the year ended 30 June 2009 This was due to a significant & Brown Communities) and the decline in residential sales associated management rights. and settlements as a result • In Asia Pacific Communities, of weak trading conditions profit after tax included the in both the UK and Australia. profit from the sale of its • In light of the difficult market interest in seven retirement conditions in the UK and villages and an aged care Australian residential markets, facility to Lend Lease Primelife. the Communities business • In the UK, conditions for the has reduced the carrying Operating Result $m 09 08 Communities business remain value of its inventory and very challenging. Despite other assets and has written Operating profit after tax 88.3 100.3 this, we remain well placed off the goodwill in relation with three of the major urban Asia Pacific 99.9 82.7 to the Crosby Lend Lease regeneration projects in business in the UK and the Europe (10.4) 21.1 London: Greenwich, Elephant & Australian Communities Castle and the Athletes Village. Americas (1.2) (3.5) businesses. • The Communities business Gross value of pre-sales • The Communities business in the US involves one project, has a residential backlog Asia Pacific 339.3 589.4 Horizon Uptown, which is in of 102,040 units and a total the planning/approval stages Europe 28.5 41.6 commercial backlog of and which Lend Lease will 4.7 million square metres. only commence when market conditions recover.

Val Lowman Managing Director 18/19 2009 Annual Shareholder Review Lend Lease Corporation BeOnsite Case study: phase One The Village will be designed and Stratford, will deliver: built in a way that requires lower energy demand, using materials and • 2,819 homes United Kingdom construction processes that have (with 1,004 The Athletes Village low embodied energy. The Village of these will also seek to minimise waste and The Athletes Village is one of the affordable) increase recycled content in design most significant urban developments targeting and construction. Water savings in the United Kingdom and is part of Level 4 of are a key focus, with water efficient the broader masterplan for a new piece the Code for measures being applied during of city in east London. Sustainable construction of the Village and water Homes (UK In the short term, the Athletes Village efficient fixtures and fittings to be green building will provide thousands of beds for used throughout to reduce overall certification). athletes and officials during the London water demand. Site wide water 2012 Olympic and Paralympic Games. • Over 10 use will be complementary to the After 2012, it will transform into a lively hectares of ecology and design of the landscape. residential community featuring an open space. Design, planning and construction Education Academy, community and have made significant progress healthcare facilities, and numerous parks • An Academy Aerial view of construction at Stratford, since work began on the permanent and open spaces, all located within a Education United Kingdom foundations of the Village in June short train journey to central London. campus catering for 2008. Construction of all 11 The Athletes Village development is 1,800 students. residential plots is now underway. publicly owned with investment from the Olympic Delivery Authority’s (ODA’s) • Transport budget. The ODA is overseeing the facilities delivery of the Athletes Village, with and global Lend Lease appointed as development connections manager and Bovis Lend Lease as the to international construction manager. stations.

val has been committed to delivering local employment and skills since 1995 within bovis lend lease uk. val was awarded an obe for Our people her work in construction skills training and beonsite this year. • In the US, Lend Lease’s Public Quick Facts: Public Private Private Partnerships (PPP) Client: business, Actus Lend Lease, Lancashire County Partnerships delivered a profit after tax Council (LCC) of $68.2 million, down from Project company: report $72.2 million in 2008, as no Catalyst Education projects reached financial for the year ended 30 June 2009 Lancashire Ltd close during the year. Construction value: • Actus Lend Lease currently €310 million/£220 million has 19 projects. Total project funding: • In the UK, Lend Lease’s PPP €352 million/£250 million Operating Result $m 09 08 business delivered a profit Construction: after tax of $6.2 million, after Aug 2006 – Sept 2010 a loss of $13.2 million in 2008. Operating profit after tax 74.4 59.0 Concession period: June 2008 operating loss after 25 years Europe 6.2 (13.2) tax of $13.2 million has been Americas 68.2 72.2 adjusted from an operating Building contractor: profit after tax of $0.8 million to Bovis Lend Lease Projects secured/closed during period reflect the impact of adopting Facilities management: Europe accounting standard AASB Vita Lend Lease Interpretation 12 Service Preferred bidder – secured 1 – Concession Arrangements. Financial close 1 1 Americas Preferred bidder – secured – 1 Financial close – 6

Cate Collins Head of Sustainability – Asia Pacific 20/21 2009 Annual Shareholder Review Lend Lease Corporation Lend Lease Case study: Building Schools for the Future (BSF) All the a further three schools. In addition, Lancashire, is the largest single schools capital schools will be the LEP will upgrade Accrington investment program in the UK for over equipped with Academy and the Academy for United Kingdom 50 years. Catalyst Lend Lease has carbon neutral North Preston. Building Schools for formed a Local Education Partnership biomass Sustainability is a key factor in (LEP) with Lancashire County boilers and the Future program the new schools, both in regards Council to deliver the BSF program energy saving to environmental credentials and in East Lancashire. measures. through the creation of a local skills The first ‘wave’ of this program legacy, led by Catalyst Lend Lease involves the provision of 14 schools and the BSF supply chain. and two academies, spread over three All the schools will be equipped phases. It represents the largest single with carbon neutral biomass boilers investment ever made in secondary and energy saving measures such education in this area of the county. as wind turbines, solar collectors The first phase, seven schools on three and photovoltaic cells, together sites – Shuttleworth College, Burnley with rainwater harvesting to reduce Campus and Pendle Vale – opened in water consumption. September 2008. The skills legacy plan has been Two schools from the second phase, extremely successful, with over Sir John Thursby Community College £40 million of contracts being and Ridgewood Community High awarded to Lancashire businesses School, have opened successfully. and over 40 new jobs created for The remaining five phase one schools local school leavers with companies will all open in 2010, together with working in the supply chain. Accrington Academy. In June 2009 Catalyst Lend Lease reached financial close with the County Council for the Pendle Vale College and Community High third phase of the program, involving School entrance, part of the first phase of the BSF program in East Lancashire

Cate was awarded the Australian Financial Review BOSS Magazine’s Young Executive of the Year. Cate has been instrumental in the design, planning and management of sustainability strategies for the Investment Management business globally AND IS NOW RESPONSIBLE FOR MANAGING THE Our people COMMERCIALISATION OF SUSTAINABILITY ACROSS THE ASIA PACIFIC BUSINESSES. • Bovis Lend Lease delivered • In Europe, the UK business Project a strong result due to continues to return to normal a standout performance levels of profit, although Management in Australia. the business continues to be impacted by the work‑out • Global profit after tax was and Construction of UK projects where $168.9 million, up 13% loss provisions were taken on the June 2008 result of report in prior years. $150.0 million. The profitability for the year ended 30 June 2009 ratio increased from 34% to • In the Americas, profit after 39%, principally due to the tax was impacted by costs Operating Result $m 09 08 higher profit contribution relating to a fire at the former in Europe and Asia Pacific. Deutsche Bank building Operating profit after tax 168.9 150.0 in New York. • In Asia Pacific, profit after tax Asia Pacific 94.7 69.0 was up 37% to $94.7 million • Backlog gross profit Europe 39.0 21.3 from $69.0 million in 2008, on margin decreased by the back of continued strong 12% from $788.3 million Americas 35.2 59.7 market conditions, particularly to $690.1 million, with 58% for social infrastructure. expected to be realised Profitability ratio EB( ITDA/realised GPM) Since April 2009, Bovis Lend in the 2010 financial year. 39% 34% Lease has secured circa $1 billion of education work Asia Pacific 61% 50% under government stimulus Europe 30% 19% packages. Americas 25% 34% Gross margin (realised GPM/revenue) 5.2% 4.7%

Kirstin Rich Assistant Director of Property Management, Fort Drum Mountain Community Homes 22/23 2009 Annual Shareholder Review Lend Lease Corporation Actus Lend Lease Case study: ANZ Centre, up to 40 metres into the riverbed ANZ Centre, Australia when to form the support on which the completed, Yarra River Boardwalk will sit. Office accommodation will be the All areas within the building are largest single In 2006, Lend Lease agreed a maximum of 12 metres from tenanted commercial terms with ANZ to develop a natural light source, improving commercial circa 83,500 square metres of office the workplace environment and building in accommodation at its landmark reducing energy consumption. Victoria Harbour development in Australia. Melbourne. Lend Lease was engaged Sustainability features in the building to provide development management include energy generation via an services, with project management, on-site gas-fired tri-generation unit, design and construction services 1,000 square metres of solar cells, provided by Bovis Lend Lease. and roof-mounted wind turbines. A blackwater treatment plant will Site work commenced in late 2006 recycle all waste water for reuses such and is due for completion in late 2009. as toilet flushing and cooling towers. ANZ Centre, when completed, will be the largest single tenanted commercial The project is registered for three Construction of ANZ Centre, Green Star ratings from the Green Melbourne, Australia building in Australia, accommodating up to 6,500 employees. The building Building Council of Australia. is located on the new extension of The project was awarded the Collins Street and is bounded by Excellence in Health & Safety award the Yarra River and Docklands Park. at the Master Builders Association The proximity of the project to the of Victoria’s 2009 Excellence in Yarra River required 1,500 piles, Construction Awards. driven to a depth of 35 metres – the equivalent of a 10-storey building underground. In addition, 97 specially imported steel tube piles were driven

Kirstin, working in partnership with the US Military and affiliated organisations, has developed a number of socially sustainable programs that unify the disparate and diverse set of people who Our people live at Fort Drum, creating a new military lifestyle. • Total operating profit after tax • Lend Lease Investment Investment for Investment Management Management won the declined to $28.9 million third annual Melbourne Management from $137.3 million. This was Financial Services principally due to the prior Symposium Investment report year including a profit after Stewardship Award for Funds for the year ended 30 June 2009 tax of $40.1 million from the Management, recognising sale of a proportion of the long-term achievement. Group’s interest in Australian The award was presented in Prime Property Funds (APPF) Melbourne on 2 March 2009. and in Europe, a tax exempt • Lend Lease Investment dividend of $47.9 million from Management signed the Group’s interest in the a memorandum of advisor company Lend Lease understanding during Operating Result $m 09 08 Global Properties, SICAF in the year with the Clinton relation to incentive fees. Operating profit after tax 28.9 137.3 Climate Initiative to work • Funds under management together on opportunities Funds management 8.4 54.1 increased by $0.6 billion to significantly reduce the Investment income 20.5 83.2 to $9.9 billion, principally environmental impact of due to the acquisition of buildings by accelerating Operating profit after tax by geography the Lend Lease Primelife retrofits to maximise energy Asia Pacific 27.1 71.8 management rights. efficiency and reduce greenhouse gas emissions. Europe 3.1 61.9 Americas (1.3) 3.6

Richard Michaels Vice President, Senior Superintendent, Boston, Massachusetts 24/25 2009 Annual Shareholder Review Lend Lease Corporation bovis lend lease Case study: APPF Commercial was established The Fund’s The strategy established operational APPF Commercial in 1994 and has gross assets of over portfolio targets for energy, waste and water. $1 billion across a portfolio of prime comprises APPF Commercial has also committed Commercial assets commercial properties in Australia. interests in to achieving a minimum 5 Star Green in excess of $1 billion The Fund’s portfolio comprises interests 11 properties, Star certification for all new buildings in 11 properties, with a strategic with a entering the portfolio. weighting to eastern seaboard central strategic The Fund continues to work towards business district office markets. weighting improving environmental performance to eastern APPF Commercial has a sustainability and achieving consumption intensity seaboard strategy which was endorsed in targets through the implementation central 2007 to be recognised as a leading of a range of programs and projects. business environmentally sustainable property district office fund within the Australian marketplace. markets. APPF Commercial views sustainability as not only an opportunity to reduce operating costs, enhance tenant relations and improve the competitiveness and performance of its investments, but also as a social responsibility.

The Gauge, Victoria Harbour, Melbourne, Australia – owned by APPF Commercial

Richard developed a perimeter protection rail climbing system which provided full enclosure to seven working levels on a high-rise concrete building in boston. this system minimises the risk of falls of people and materials. richard was awarded lend lease’s incident & injury free Our people construction leader of the year usa award in 2009. Sustainability Sustainability has been an integral part report of our culture for more than 50 years. Today, our employees insist that making a difference in our communities, improving health and safety standards, and reducing our environmental impacts are central to our business strategy. Thanks to the innovative thinking and professional excellence that define our people, we’ve taken huge strides forward in our aspiration to be a global leader. Our sustainability performance is now regularly updated on a dedicated website, Every Action Adds Up, to ensure we meet our reporting obligations to all our stakeholders.

26/27 lendlease.com/sustainability Lend Lease is the only The Goldman Sachs JBWere How do Australian company to be Climate Leadership Index we measure included in all three globally lists the ‘best in class’ recognised sustainability Australian and New Zealand leadership? reputation indices. respondents to the Carbon Disclosure Project (CDP). The Dow Jones CDP represents 385 global Sustainability Index is the institutional investors with first of the global indices more than US$57 trillion to track the financial in assets under management performance of leading and collects climate sustainability-driven change data from 1,550 companies worldwide and corporations worldwide. is used by asset managers of sustainability portfolios The Global 100 Most worth close to US$8 billion. Sustainable Corporations in the World is unveiled each year at the World Economic Forum in Davos and ranks performance on social, environmental and strategic governance issues through the lens of risk and shareholder value.

Incident & Injury Free Safety Dashboard The Safety Our Dashboard Lend Lease has a deep and The Safety Dashboard is a includes widespread commitment to web-based safety reporting system safety compliance, operating Incident & Injury Free that provides a central reference point incident wherever we have a presence – for all key construction safety data reporting and this is an enormous challenge but from across the company. key safety risk one we are determined to progress. Developed by the Lend Lease IT team information for Safety touches every aspect of the over the past 12 months, the Safety all Lend Lease Lend Lease business, from the Dashboard includes compliance, construction buildings we design and construct incident reporting and key safety projects to the way our assets are managed. risk information for all Lend Lease throughout construction projects throughout the world. For more information Providing our people with the right the world. Using a combination of on our health and safety systems and tools to deliver safe R: The Safety lead and lag indicators, the Safety performance, visit outcomes is crucial to achieving Dashboard is a Dashboard provides a holistic powerful management our Incident & Injury Free vision. tool utilised to improve picture of safety performance. safety performance lendlease.com A lot of hard work has been done over the past year to build on our accomplishments to date and set in place a robust and vigorous Lend Lease has global governance system for safety. implemented global We have implemented Global minimum requirements Minimum Requirements for safety for safety to address to address key risks right across the business from our construction key risks right across our sites to the assets we design business from construction and manage. sites to the assets we This has been supported by design and manage. extensive education, training and worker engagement programs. We still have a lot to do to realise our Incident & Injury Free vision – but we are confident that we are on the right track.

28/29 2009 Annual Shareholder Review Lend Lease Corporation The Athletes Village, Stratford work site site logistics planning Lend

The constant movement of people Lease Lost 1. 9 2 1. 8 5 and materials present significant Time Injury 1.46 safety challenges to construction Frequency 1.42 sites globally. Our work on the Athletes Rate Ratio 1.0 5 Village in the UK is elevating safety By Region standards through detailed logistics 0.32 planning. With 1,200 workers and and Global FY07 0.12 800 vehicles currently travelling (per 200,000 through the 49 hectare site on a daily man-hours) basis, leading edge safety logistics It has been planning is critical. encouraging

to see 1. 6 3

Site initiatives include: 1. 4 3

a downward 1. 2 5 • a dedicated delivery holding centre; 1.15 0.91

trend in Lost 0.20 • planning deliveries with the use Time Incident of dedicated logistics software; Frequency • controlled site access delivery Rates across FY08 0.08 procedures; the Group over • fully enclosed pedestrian walkways; the past three years. • clearly demarcated crossing points; • delivery routes; and 1. 3 9

• segregated unloading zones, 1. 2 3 1. 0 0 all contributing to an industry leading 0.99

approach to the delivery of materials 0.58

and the movement of people across 0.19 0.13 this extremely busy site. FY09 Global

US Actus BLL Australia BLL Asia BLL BLL Americas UK BLL CEMEA BLL BLL Developing leadership the development of large scale urban Two Lend Our by working with leaders projects to demonstrate that cities Lease projects can grow in ways that are ‘climate are among environment Over the past year, Lend Lease has positive’. Two Lend Lease projects, the first of committed itself to work in partnership Victoria Harbour in Melbourne and 16 Climate with the Clinton Climate Initiative Elephant & Castle in London, are Positive on opportunities to significantly amongst the first of 16 projects in Development reduce the environmental impact 10 countries across six continents. projects in of buildings through maximising 10 countries energy efficiency and reducing To reduce the net greenhouse gas across six greenhouse gas emissions. emissions of the projects participating continents. in the Climate Positive program In November 2008, Lend Lease to below zero, property developers Investment Management and the and local governments will agree to Clinton Climate Initiative signed a work in partnership on specific areas Memorandum of Understanding of activity. This includes implementing to create a collaborative relationship economically viable innovations focusing on existing building in the buildings, the generation of refurbishment opportunities. clean energy, waste management, In May this year at the C40 Summit water management, transportation, in Korea, the Clinton Climate and outdoor lighting systems. Initiative launched a global program, When the initial 16 projects are developed in collaboration with completed, nearly one million people the U.S. Green Building Council will live and work in Climate Positive (USGBC). Called the Climate Positive communities. Development Program, it will support

clintonfoundation.org/cci

Climate International CUTTING Thinking positive carbon reporting EMISSIONS like a leader calculator standards FASTER Working in partnership We are committed to proactively 183 for a better built implementing strategies that Lend Lease address our impacts and reduce our projects have environment greenhouse gas emissions globally. registered or We do this through partnering with have achieved some of the world’s leading thinkers green building on the built environment, climate certification. change and sustainability.

5 855 383 1054 675 Green skilling The number of green building our people accredited professionals has risen from five to 675 in four years, to deliver green rated offices and assets.

05 06 07 08 09

Legend

CUTTING Green building trained EMISSIONS Green building accredited professional FASTER lendlease.com/sustainability Foundation – looking Our after employee wellbeing people The belief that it is a company’s duty to positively contribute to communities where Lend Lease employees live and work remains core to Lend Lease’s culture and underpins the essence of ‘Foundation’. ‘Foundation’ is an independent business unit within Lend Lease, exclusively focused on employees, their families and community wellbeing. Foundation programs operate year-round, and are accessible to all employees. Employees taking part In today’s in one of Foundation’s Foundation is a constant through Health and Wellbeing climate, all climates. Employees are supported programs Foundation’s and developed when the business role in nurturing is growing, during times of change, and developing and amidst challenging times. employees is In today’s climate, Foundation’s role in more important nurturing and developing employees is than ever. more important than ever. Foundation programs inspire and engage employees, and in doing so, help to keep our teams motivated and positive.

More than Lend Lease’s annual 32/33 Community Day 425, 000 hours Cranes for children A visit to the Royal Children’s Hospital in Melbourne has been made extra special for one group of children thanks to a Bovis Lend Lease initiative. As part of the Children’s Health Partnership consortium, Bovis Lend Lease is responsible for the construction of Victoria’s largest hospital redevelopment. The project has required nine cranes onsite and Bovis Lend Lease crane drivers decided each needed a name – honouring one of the hospital’s courageous young patients. Each of the children recognised in this way were invited to an official crane naming ceremony and presented with a personalised Bovis Lend Lease hard hat and safety jacket.

Rosie Morgan and her crane crew: Manuel Goncalves, Joe Sedlak, Stewart Kelly and Jose Gasper

encourages all employees around the world to give something Since its inception in 1996, Lend Lease back to the communities in which employees have provided more than they live and work. 425,000 volunteer hours globally. D A Crawford Other Directorships S B McCann Prior to joining Lend Directors’ and Positions Lease, Mr McCann AO Managing Director was at ABN AMRO, Mr Crawford is Non (Executive) profiles Chairman Executive Chairman where his roles included (Non Executive) of Foster’s Group Age 44 Head of Property, Head of Industrial Mergers Age 65 Limited (appointed Mr McCann was & Acquisitions and Director August 2001 appointed Chief Mr Crawford joined the Head of Equity Capital and Chairman 31 Executive Officer in Board in July 2001 and Markets for Australia October 2007) and a December 2008 and was appointed Chairman Non Executive Director and New Zealand. in May 2003. became Managing of BHP Billiton Limited Director in March 2009. Mr McCann also Experience and (appointed May 1994). practised as a mergers Experience and Qualifications He was formerly a Non and acquisitions lawyer Qualifications Previously Mr Crawford Executive Director at Freehills, Melbourne was National Chairman of Westpac Banking Prior to this role, for four years and of the Australian firm Corporation (appointed Mr McCann was worked in a Chartered of KPMG. He has May 2002, resigned Group Finance Accounting firm in extensive accounting 14 December 2007) Director (appointed taxation for four years. in March 2007) and and business experience and National Foods Mr McCann holds a having worked with many Limited (appointed Chief Executive Officer for Lend Lease’s Bachelor of Economics large corporations and November 2001, (Finance major) and a governments. He holds a resigned June 2005). Investment Management business (September Bachelor of Laws from Bachelor of Commerce 2005 to December 2007). Monash University in and Bachelor of Laws Melbourne, Australia. from the University of Mr McCann has Other Directorships Melbourne. He is a more than 15 years and Positions Fellow of the Institute of experience in investment Chartered Accountants. banking, property funds Nil management and capital markets transactions.

34/35 P M Colebatch Executive Board of Swiss G G Edington He is a past President Reinsurance Company, of the British Property (Non Executive) Zurich. He was previously CBE Federation, was the Age 64 on the Executive Board (Non Executive) Chairman of UK property Mr Colebatch joined of Credit Suisse Group, Age 63 company Greycoat the Board in December Zurich, where he was Estates Limited and was Chief Financial Officer, Mr Edington joined the a member of the Bank 2005 and is Chairman Board in 1999 and is of the Personnel and and was subsequently of England Property Chief Executive Officer a member of the Risk Forum. Mr Edington was Organisation Committee Management and Audit and a member of the of Credit Suisse Asset formerly Chairman of the Management. Committee and the Council of Trustees of Risk Management Sustainability Committee. and Audit Committee. Other Directorships the UK children’s charity, and Positions Experience and Action for Children, and Experience and Qualifications was awarded a CBE for Qualifications Mr Colebatch is Qualified as a Chartered ‘services to children’. Mr Colebatch has a a Non Executive Surveyor, Mr Edington Other Directorships Bachelor of Science Director of Insurance brings to the Board and Positions and Bachelor of Australia Group Limited (appointed January 2007) extensive UK and Nil. Engineering from the international experience University of Adelaide, and a Non Executive Director of Mann in the property sector. a Master of Science Mr Edington was a from Massachusetts Group plc (appointed 1 September 2007). Director of BAA plc Institute of Technology and Chairman of BAA and a Doctorate in International. He joined Business Administration BAA plc in 1988, from Harvard University. became a member of He has held senior the Board in 1991 and management positions has been the Chairman in insurance and of six BAA companies. investment banking, and was formerly on the P C Goldmark in New York for 10 years. J A Hill She has a Bachelor of Directors’ Mr Goldmark has held Arts from the University (Non Executive) positions including (Non Executive) of California at Los profiles Age 68 Senior Vice President Age 63 Angeles and a Master Mr Goldmark joined of the Times-Mirror Ms Hill joined the Board of Arts in marketing and the Board in 1999 and Corporation, Executive in May 2006. She is management from the is Chairman of the Director of the Port Chairperson of the University of Georgia. Nomination Committee Authority of New York Sustainability Committee Other Directorships and a member of the and New Jersey, and a member of and Positions Sustainability Committee. and Director of the the Personnel and Ms Hill is a Non Executive Experience and Budget for the State of Organisation Committee. Director of Wellpoint, Inc. Qualifications New York. A writer and Experience and (appointed March 1994). speaker on world affairs, Mr Goldmark is Director, Qualifications She was formerly a Non Mr Goldmark graduated Climate and Air Program Ms Hill has held a Executive Director of with a BA from Harvard at Environmental number of senior Resources Connection, College, Government Defense, a US-based executive positions in Inc. (appointed Department, magna non-profit environmental the land development January 2003, resigned cum laude. He brings advocacy organisation. and housing construction December 2006). to Lend Lease his wide He was the Chairman industry in North Ms Hill also sits on the experience as a Chief and Chief Executive America. She was Board of Directors of Executive Officer and Officer of The formerly the Chairperson, the Lord Abbett family senior executive in International Herald President and Chief of mutual funds, which the private and public Tribune in Paris between Executive Officer of is the trustee of 31 sectors, both in the USA 1998 and 2003. Prior Costain Homes, Inc. mutual funds of publicly and internationally. to this, he was the (US) and Vice President held companies. President and Chief Other Directorships and General Manager, Executive Officer of the and Positions Mobil Land (Georgia) Rockefeller Foundation Nil. Corporation.

36/37 D J Ryan AO He has a Bachelor M W Selway Prior to joining the Other Directorships (Non Executive) of Business from the Weir Group in 2001, and Positions University of Technology, DUniv he was a member of Mr Selway is an Age 57 Sydney and is a Fellow (Non Executive) the Supervisory Board Executive Director of Mr Ryan was appointed of CPA Australia and the Age 50 of Schefenacker AG, The Weir Group PLC Australian Institute of and Executive Director a Director in December Mr Selway joined the (appointed June 2001). Company Directors. of Britax International 2004. He is Chairman of Board in June 2008. plc. Having spent much the Risk Management Other Directorships In July 2009, he of his career managing and Audit Committee and Positions became a member of the engineering businesses and a member of Mr Ryan is Non Executive Sustainability Committee in the United States, the the Personnel and Chairman of Transurban and the Personnel and United Kingdom and Organisation Committee. Holdings Limited Organisation Committee. Experience and (appointed Director Australia, Mr Selway Experience and is regarded as a Qualifications April 2003 and Chairman Qualifications February 2007) and specialist in operational Mr Ryan has previously Mr Selway is currently ABC Learning Centres management and held Managing Director Chief Executive of Limited (administrators efficiency. He holds a positions in investment The Weir Group PLC, appointed, receivers and Diploma in Industrial banking and industry, a FTSE 250 engineering managers appointed) Engineering and was as well as being the sector listed company (appointed Director awarded an honorary Chairman or a Non headquartered in June 2003 and Chairman degree of a Doctor of Executive Director of a Scotland. He brings 30 May 2008). He is the University of the West number of listed public more than 30 years’ also the Non Executive of Scotland in July 2009. companies. experience in global Chairman of Tooth & Co Mr Selway was given business development, Limited (appointed this award in recognition integration and Director September 1999 of his outstanding management through and Chairman January contribution to industry in various roles. 2003). Scotland and to honour his distinguished career.

Director and Executive remuneration

Other share Other share short post based short post based Other base term employ- pay- term employ- pay- Long fees fees ment ments1 Total Salary fees ment ments Term Total

$000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 Non Executive Directors Executive Directors D Crawford 550 40 14 110 714 S McCann 1,329 986 43 1,754 16 4,128 P Colebatch 150 109 14 41 314 Executives G Edington 150 103 14 39 306 B Soller 536 326 49 147 9 1,067 P Goldmark 150 112 14 40 316 Other share J Hill 150 118 14 40 322 short post based Other term employ- pay- Long D Ryan 150 97 14 41 302 Salary fees ment ments Term Total $000 $000 $000 $000 $000 $000 M Selway 150 50 14 31 245 1 Comprises entitlements under the Non Executive Directors’ Retirement Benefit Plan. Other Executives in the category of the five highest paid M Bellaman 685 399 9 387 – 1,480 M Coleman 586 644 189 542 8 1,969 W Hara 323 308 14 431 8 1,084 R Leaver 778 356 18 481 12 1,645 T Lombardo 527 357 15 179 7 1,085 N Martin 400 387 147 86 6 1,026 M Menhinnitt 655 360 362 256 10 1,643 E Ooi 571 321 141 640 7 1,680

Online The Lend Lease website keeps Shareholders informed about the Company’s activities and performance. The Annual Report to Shareholders, results announcements, webcasts, presentations and news releases are all readily available on the Investor Information section of our website. www.lendlease.com CORPORATE DIRECTORY environmentally friendly in every way

Directors Secretary Share Registry Paper specifications Printing specifications and Shareholder Queries D A Crawford, W Hara The cover and editorial of this The cover and editorial of this Report Chairman, Stock Principal Register Report are printed on 9Lives 80, an are printed using vegetable based S B McCann, Exchange Computershare Investor environmentally responsible paper, inks and varnish. These inks are Managing Listings Services Pty Limited containing 80 per cent post consumer biodegradable. They do not harm the Director and GPO Box 2975 fibre and 20 per cent totally chlorine- environment. Chief Executive Australia New Zealand Melbourne VIC 3001 free pulp. It is an FSC certified mixed Officer T: 61 (3) 9946 4460 (within Australia) or source paper, ensuring all virgin P M Colebatch Auditors 61 (3) 9473 2500 (outside Australia) pulp is derived from well-managed G G Edington KPMG E: [email protected] forests. It is also manufactured by P C Goldmark 10 Shelley Street W: www.computershare.com.au an ISO 14001 certified mill. J A Hill Sydney UK Register The Forest Stewardship Council (FSC) D J Ryan NSW 2000 B Davis & Co is an international not-for-profit, M W Selway Cert no. SGS-COC-003898 Park House, 158–160 Arthur Road non-government organisation Wimbledon Park, London SW19 8AQ promoting responsible forest T: 44 (20) 8947 3361 management. FSC certification F: 44 (20) 8944 1039 is recognised as a global standard W: www.bdavis.co.uk in forest management practices and the Chain of Custody component USA Agent ensures that the final product can The Bank of New York be traced back to a certified source. Investor Services PO Box 11258 Church Street Station New York NY 10286-1258 T: 1 (212) 815 3700 US Toll Free: 1 888 269 2377 E: [email protected] W: www.adrbny.com Commitment next to the future generation

Victoria Harbour in Lend Lease is actively Melbourne boasts the developing and highest concentration investing in sustainable tHe Merchant of green commercial strategies through: • Key worker residential units buildings in Australia. delivered through a public private The precinct is working partnership model towards Climate Green refurbishment and green buildings – Children’s Hub Positive* certification • An international creating greener buildings best practice which aims to set a new childcare centre global benchmark for operated by gowrie victoria leadership in large scale urban development Green utilities – that will minimise energy, water and environmental impacts. waste solutions

Urban regeneration – Sustainability holistic development in action solutions at Victoria Harbour t ransport † links Details at • Trams, flexi cars and green  lendlease.com/sustainability travel plans

anZ Centre * Climate Positive is a joint initiative between the • Australia’s largest Clinton Climate Initiative and the U.S. Green sustainable office Building Council development group wide ANNUAL COntact ENVIRONMENT GENERAL MEETING details convesso PERFORMANCE † 2009 • victoria’s first green star rated residential building under Total water use¹ The 2009 Annual Lend Lease the green General Meeting of building council Corporation Limited of australia’s Lend Lease Corporation multi–unit <8,000,000L ABN 32 000 226 228 residential Limited will be held at Incorporated in NSW pilot program 10.00am on Thursday, Municipal waste¹ Australia the Gauge 12 November 2009 • First 6 Star Green at City Recital Hall, Star – office As Built commercial building <500,000t Angel Place, Sydney to be owned by Registered Office a property fund NSW 2000. Full details Municipal waste recycled¹ of the Meeting are Level 4, 30 The Bond contained in the 30 Hickson Road 38% Notice of Annual Millers Point General Meeting NSW 2000 Australia sent with this Report. Total project waste Contact nab@ <2,335,000t T: 61 (2) 9236 6111 Docklands • Australia’s first F: 61 (2) 9252 2192 green campus Project waste recycled style commercial W: www.lendlease.com building 72% w a t e r sensitive urban design Greenhouse gas emissions¹ • A variety of water saving strategies implemented across the <285,000t project 1. In offices and assets under management. NB: Environment performance figures have been rounded off. precinct.com.au lendlease.com