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1 ASX Announcement Lend Lease Investor Site Tour Day presentations 3 April 2014 Attached are the presentations to be given today by Lend Lease senior executives at its Investor Site Tour Day. ENDS For further information, please contact: Investors: Suzanne Evans Head of Investor Relations Media: Natalie Causley External Communications Manager Tel: Tel: Mobile: Mobile: Lend Lease Corporation Limited ABN and Lend Lease Responsible Entity Limited ABN AFS Licence as responsible entity for Lend Lease Trust ABN ARSN Level 4, 30 The Bond Telephone Hickson Road Facsimile Millers Point NSW Australia

2 Sydney Investor 2014 Site Tour Day 3 April 2014 Image: Barangaroo South

3 Important Notice This presentation has been prepared in good faith, but no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in the presentation (any of which may change without notice). To the maximum extent permitted by law, Lend Lease Corporation Limited, its related entities 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 through use or reliance on anything contained in or omitted from 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 connection with the information contained in this presentation. Lend Lease Corporation Limited does not undertake any obligation to provide recipients with further information to update this presentation or to correct any inaccuracies. Prospective financial information has been based on current expectations about future events and is, however, subject to risks, uncertainties and assumptions that could cause actual results to differ materially from the expectations described in such prospective financial information. 2

4 Agenda 8.45 Welcome 9.00 Barangaroo South presentation plus Q&A 9.50 Darling Harbour Live presentation plus Q&A 10:45 Headland Park presentation 10:55 Morning tea plus PPE kit up and induction Headland Park site tour Barangaroo South site tour Lunch at Shelley Street offices Barangaroo South model and display apartments End of day and closing comments

5 Delivering precincts globally 4

6 Changing the face of Sydney s Western CBD 1. Headland Park 2. Crown Sydney Hotel Resort 3. International Towers Sydney 4. Barangaroo Residential Apartments 5. Darling Quarter 6-9. Darling Harbour Live project 10. University of Technology Sydney Development 5

7 1 BARANGAROO SOUTH Andrew Wilson Managing Director, Barangaroo South Tom MacKellar Executive Director Finance & Operations, Barangaroo South Image: Barangaroo South Anadara and Alexander Apartments

8 ITS HOME TO THE MODERN ECONOMY

9 GLOBAL DESTINATIONS SYDNEY SINGAPORE HONG KONG LONDON International Towers Sydney 270,000sqm 100+ floors Marina Bay Financial Centre 281,000sqm 130 floors International Commerce Centre 275,000sqm 100 floors Canary Wharf 281,000sqm 130+ floors 8

10 SHIFTING SYDNEY S EPICENTER 9

11 BARANGAROO MASTERPLAN Artist impression only. Subject to planning approval 10

12 HEADLAND PARK Artist impression only. Subject to planning approval 11

13 BARANGAROO CENTRAL Artist impression only. Subject to planning approval 12

14 BARANGAROO SOUTH Artist impression only. Subject to planning approval 13

15 WYNYARD WALK Source: Transport for NSW 14

16 THE RETAIL OFFER 15

17 A VIBRANT WORKPLACE Higher Ceilings at 2900mm 100% fresh air Façade to column distance 4.15m Automated energy monitoring and reporting options High Occupational Densities 150mm access floor for fit-out flexibility and greater connectivity Large open floor plates of approx. 2,300m² 16

18 CONTIGUOUS and flexible SPACE 17

19 FLEXIBLE SPACES 18

20 DELIVERY CERTAINTY Artist impression only. Subject to planning approval 19 Artist impression only. Subject to planning approval

21 RESIDENTIAL SUCCESS Artist impression only. 20

22 SYDNEY S VISION Artist impression only. Subject to planning approval 21

23 1 Q&A Andrew Wilson Managing Director, Barangaroo South Tom MacKellar Executive Director Finance & Operations, Barangaroo South Image: Barangaroo South, waterfront residential

24 2 DARLING HARBOUR LIVE Malcolm Macintyre Director, Capella Capital Rob Deck Executive Project Director, Darling Harbour Live Image: Aerial view of the site on completion, looking towards the CBD

25 Darling Harbour Live Background History of the Project Darling Harbour - urban renewal Anchored by a major PPP & complimented by a significant mixed use commercial development State s requirements Private sector expertise & innovation to drive the best possible whole of precinct outcome State s Requirements - High Level Output Specification Exhibition Space Convention Plenary Meeting Space Banquet Facilities Entertainment 40,000 sqm 4,250 pax ~8,000 sqm 2,000 pax 8,000 pax Hotel Public Realm & Urban Design 4+ Star / 300+ keys 24

26 Darling Harbour Live - Partners 25

27 Image: Aerial view of site on completion

28 Image: Aerial view of site on completion

29 Image: Event Deck 28

30 Image: Aerial view of site on completion

31 Image: ICC Sydney 30

32 Image: ICC Exhibition 31

33 Image: The Theatre 32

34 Image: The Boulevard and Tumbalong Park 33

35 Image: Aerial view of site on completion

36 Image: ICC Hotel 35

37 Image: Aerial view of site on completion

38 Image: Urban Square 37

39 Image: Southern precinct urban square Image: Retail in southern precinct 38

40 Image: Commercial building 39

41 Image: Commercial tenants located on the western fringe of the CBD, Sydney 40

42 Image: Student accommodation building 41

43 Urban Regeneration How do we decide on the right mix for residential / retail / commercial? Understanding local context and existing urban fabric Lots of listening community consultation Getting to know surrounding community needs & aspirations Recognising what works well and what s missing Focusing on creating sustainable commercial, social and environmental outcomes Creating the best places involves more than good architecture Its about getting the detail right in the broad and in the detail Ensuring buildings and their surroundings engage to complement each other It requires a collaborative approach between key stakeholders 42

44 Urban Regeneration Darling Quarter, Sydney Image: Darling Quarter, Sydney 43

45 Urban Regeneration Elephant & Castle, London Image: Elephant & Castle 44

46 Planning process Development at DHL is classed as a State Significant Development (SSD) as it has a value >$10M on land within Darling Harbour. Consent Authority: The Minister for Planning and Infrastructure or his delegate. For DHL, the Minister has delegated the power to determine Development Applications to the Director General and the Executive Director, Department of Planning & Infrastructure (DoPI). Assessment Authority for Development Applications: DoPI In order to receive a Development Consent which enables works to commence, the process for the Southern Precinct is staged and takes approximately 18 months in total. The planning process is set out below and on the following slides Request for Director General Requirements Lodgement and Test of Adequacy Public Exhibition 45

47 Planning process continued Submissions issued to applicant for response Response to submissions report prepared and lodged with DoPI Assessment and determination by DoPI 3 month Judicial Review Period (commences from when advertised in newspaper) 46

48 Planning process continued Stage 1 DA (Master Plan) consented 5 Dec 2013 Advertised in the newspaper 12 Dec 2013 Stage 1 DA 3 month Judicial Review Period Closed 11 Mar 2014 No Objections Lodged Stage 2 DA s Detailed Proposals by Plot Responses to Submissions Lodged between Jan 2014 Feb 2014 for Southern Precinct 47

49 Planning process continued All Southern Precinct Plots are Currently under Assessment and Determination Once Determined, Stage 2 DA s enter 3 Month Judicial Review Period Financial Close 48

50 Darling Harbour Live PPP Structure New South Wales Government Lend Lease HostPlus 50% 50% Equity Project Deed Senior Debt CBA Westpac NAB CIBC Credit Agricole DBS HSBC UOB Construction Contract Facility Management Contract Operator Contract Management Services Agreement Lend Lease Building Spotless AEG Ogden Capella Capital 49

51 Darling Harbour Live PPP Structure PPP Financial Overview Availability payment stream from NSW Government (AAA rated) Construction cost Typical PPP financial structure Underwritten finance is a key aspect of PPP bids State capital contribution - Conditional Debt Pay Down Lend Lease PPP equity investment Equity Investment and Distribution Profile Debt Profile Conditional Debt Pay Down 50

52 Darling Harbour Live Lend Lease has a strong capability to deliver profit through its Integrated model Building Construction Lend Lease Building Infrastructure Development Capella Capital Retail Development Lend Lease Retail PPP Equity Lend Lease Infrastructure Investments Property Development Lend Lease Development Revenue Profile Financial Close/ Start of Construction End of Construction/ Commencement of Operations End of Concession Timing of Profit Recognition Year Lend Lease Building Capella Capital Lend Lease Retail Lend Lease Infrastructure Investments Lend Lease Development (Not PPP) 51

53 Image: Aerial view of the site looking towards the CBD 52

54 3 Barry Murphy Project Director Headland Park Headland Park Project Image: Headland Park

55 Headland Park Vision 54 The Barangaroo Headland Park has a rich indigenous history. The Barangaroo site was part of the territory of the Gadigal people, the traditional owners of the Sydney city region The Design vision of the project is based on returning the headland to its original form including a cove and naturalistic foreshore The concept has been based on early (1820 s) navigational charts and survey of the harbour

56 Project Details Client Barangaroo Delivery Authority Superintendent - Evans & Peck Contract Design & Construct AS Value - $165 million with a further $35 million for Central and Integration Works Contract Award 23 May 2012 Construction commenced in November 2012 Contract Program 35 months Project Completion date May 2015 Peak Staff

57 Scope of Works A built-up headland inspired by the original landforms Placement of 250,000m 3 fill to create the headland A foreshore made from over 6,600 sandstone blocks extracted from site A pedestrian promenade and public areas 320 space underground car park A new Northern Cove open to Sydney Harbour Naturalistic landscape, stairs, pathways, lighting, lookouts and seating Central foreshore promenade connecting to Barangaroo South Temporary lawn are in Barangaroo Central for interim event use Integration of the Millers Point Community into the park 56

58 Sandstone Extraction 57

59 Sandstone Placement 58

60 Marine Works 59

61 Northern Cove 60

62 Civil Works 61

63 Cultural Centre 62

64 Terrace and Landscaping 63

65 Archaeological Dig

66 2014 Sydney Investor Site Tour Day 3 April 2014