Lendlease Group · ASX:LLC
Lendlease — Non-Deal Roadshow (July 2004)
126 slides from Lendlease's roadshow presentation, Jul 13, 2004
Slide 1: Stock Exchange Announcement: UK Investor Roadshow
13 July 2004 The Manager The Manager Companies Section Companies Section Australian Stock Exchange Limited New Zealand Exchange Limited Pages: one hundred and twenty six (126) pages Dear Sir STOCK EXCHANGE ANNOUNCEMENT LEND LEASE CORPORATION LIMITED IK INVESTOR ROADSHOW — 12 & 13 JULY 2004 With refe
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Slide 10: UK Urban Communities
Lend Lease UK Urban Communities ~ Monday 12th July 2004 i}
Slide 11: Content
Content la Lend Lease = Market and Business Model = Greenwich Peninsula = Pipeline and Summary
Slide 12: Market and Business Model
Lend Lease Market and Business Model Keith Perry, CEO Urban Communities
Slide 13: Urban Communities Team
Urban Communities Team Lend Lease . “00 Bert Martin DEVELOPMENT "BUSINESSGENERATION. Richard Powell
Slide 14: Scale of the UK Property Market
—. Scale of the UK Property Market Lend Lease Total non-financial assets Total ownership of commercial (£5,000b) 9% 41% and industrial sector (£565b) Total Non-Financial Assets in the UK National Accounts @ Civil Engineering works : Financial corporations ¢ Non-marketable tenancy rights Commercial,
Slide 15: Key Features of the UK Market
Key Features of the UK Market Lend Lease = Private owner occupier dominates « New Buy to Let investor market c£6bn? * Minimal institutional investment <£1bn « Affordable/Key Worker Housing by Not for Profit organisations with some government support = Housebuilders (listed) develop, sell to consumer
Slide 16: Demand Supply Equilibrium
ee. Demand Supply Equilibrium Lend Lease Demand Growth = Constant, strong demand growth supported by - Population growth - Decreasing household size — Immigration - Annualised demand c. 170,000 units Supply Growth = Little supply growth in South East (if any) Price Growth = High price volatility in
Slide 17: Population Profile by Region
ee. Population Profile by Region _ Lend Lease = Best demand led opportunities in South-East and London = Some urban renewal opportunities exist in North Population by Region s wort Engisnd annual Papulaton | Annus! Poouiston ‘Weonange ‘ori eo ia omwin 2000 000 fe 2044 2000 mit 2 om 25000 1.95 anutn
Slide 18: Government Response to Lack of Supply
Government. Response to Lack of Seal Demand Supply Equilibrium 1 Lend Lease « Increased supply: Feb 2003 Sustainable Communities Plan, 200,000 new homes by 2016 in four growth areas in South East " Increased planning consent size in the South East giving rise to “Mega-sites” such as Greenwich Penins
Slide 19: Lend Lease Business Model
Lend Lease Business Model —. “Lend Lease Exploits a Market Gap Demand _—> Government need: “Increase supply “Key worker accommodation “Sustainable communities “Higher density development “Brownfield land development “Institutional investment Gap co Lend Lease model: “Accelerate large scale developme
Slide 20: Lend Lease Market Focus in Response
Lend Lease Market Focus In Lend loca Response 1. Private residential market in areas with strong economic support creating new Urban Communities 2. Affordable/Key Worker Housing — future market opportunity combining with Bovis Lend Lease supply chain strengths 3. Northern Urban Renewal opportunities
Slide 21: Lend Lease is Strongly Positioned to Fill Gap
Lend Lease | is Strongly Positioned \ apy etl to Fill Gap : Lend Lease = Established reputation and relationships = Team in place to realise additional opportunities = Leverage off UK Retail and international residential capability 11
Slide 22: Urban Communities Business Plan: Vision and Mission
Page 1 of usar Communities Business Plan - _Lend Lease Vision: Mission: Make the Lend Lease name synonymous with the creation of truly sustainable communities, where generations to come will choose to live, work and play Lend Lease Urban Communities create, invest in and manage large scale, mixed us
Slide 23: Business Model
_ Lend Lease Spy runiot Rivlised by Utilising Business Model = Land Management model and Master Developer = Ke jmerentiator is funding planning and infrastructure (hard and soft = Proceeds from land sales to secondary developers recover costs, base land component paid to the landowner and balance (p
Slide 24: Illustrative Returns for Land Management Model - per unit
llustrative Returns for Land Lend Lease Management Model - per unit Residential - Development Land Component typical private unit (25% of GDV) _ a ~ 85% * Infrastructure * $106 * Operational Costs Development Costs 50% 20-40% 14 GDV = Gross Development Value
Slide 25: Greenwich Peninsula
Lend Lease Greenwich Peninsula Bert Martin, COO Urban Communities 15
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Slide 27: The Story So Far
The Story So Far Lend Lease December 2001: May 2002: December 2002: April 2003: June 2003: July 2003: February 2004: Selected as English Partnerships’ preferred partner Contracts signed with English Partnerships Submission of planning application Resolution to grant planning consent Approval from th
Slide 28: Minister quote on masterplan
Lend Lease Keith Hill, Minister for Housing & Planning and Minister for London: “Meridian Delta Limited has drawn up a marvellous masterplan for the Peninsula....it will deliver the high quality environment and services that are essential to the creation of communities that are sustainable, both soc
Slide 29: Greenwich Peninsula
————e. “ Lend Lease Greenwich Peninsula = $106 Negotiations: February 2004 = Unconditionality: June 2004 « First Revenues: June 2006 = Arena Opens: Early 2007 19
Slide 30: Greenwich Peninsula - Location
——. Lend Lease Greenwich Peninsula - Location
Slide 31: Greenwich Peninsula - Historical Use: Industrial
Ase. etl _Lend Lease Greenwich Peninsula - Historical Use : Industrial
Slide 32: Greenwich Peninsula Today
Greenwich Peninsula _ | Sein aS) Today Lend Lease 22
Slide 33: Concept & Masterplan
Concept & Masterplan 23
Slide 34: Masterplan Overview
——. Greenwich Peninsula _Lend Lease i Masterplan Overview = Anew community for Greenwich and London which maximises urban density — 20,000 residents — 24,000 workers — 26,000 visitors = Mixed-use but emphasis on residential with substantial affordable housing — Around 10,000 homes — Around 3.5 m sq
Slide 35: Masterplan Overview: Dome and Arena
————e. Greenwich Peninsula Lend Lease Masterplan Overview = Integrates with a successful Dome solution — 26,000 capacity Arena — Around 62,000 m? entertainment and leisure space 25
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to tsgesy a
Slide 37: Greenwich Peninsula - Millennium Dome
Greenwich Peninsula - | furan : “Lend Lease Millennium Dome :
Slide 38: Greenwich Peninsula
Greenwich Peninsula Lend Lease 28
Slide 39: Differentiation
— Greenwich Peninsula Lend Lease Differentiation « Long-term view and involvement — confidence in our vision " Scale — Community creation — Local environment, public realm, amenities = Understanding of consumers — Satisfy consumer needs — Engage new market segments 29
Slide 40: Research Led Approach
Lend Lease Greenwich Peninsula = Research Led Approach — Consumer segmentation based on values, beliefs, lifestyles and lifestages — Similar to the consumer focus and research led approach that underpinned Bluewater’s success i ehister groups. County Classics. Young Fashignables Chub Exauutlyas Spor
Slide 41: Parties
pee. Greenwich Peninsula Lend Lease Parties « English Partnerships (EP - Landowner) = Quintain (QED - Landowner) " Meridian Delta Limited (LLC/Quintain - MDL) = Anschutz Entertainment Group (Arena Operator) 31
Slide 42: Lend Lease Derives Profit From
pe. Greenwich Peninsula Lend Lease Lend Lease derives profit from: — Land Management Deal — Vertical Development — Bovis Lend Lease involvement — Control of £5bn pipeline Other Potential Profit Sources: — Estate Management — Capital Raising 32
Slide 43: Land Management Structure
Greenwich Peninsula Lend Lease Land Management Agreement for 25 years Ownership Funding — Profit Cue 51% 50% 53% LL RES (UK) 49% 50% 47% Development Services Agreement DL |; 999 year Sub-Leases MDL Minimum Development Obligation 0.33m sq ft every 5 years MDL Development Group 3 Party Developers ee 7
Slide 44: Typical Private Residential Unit
— | Lend Lease Typical Private Residential Unit Development -——> L and Component (assumed avg £340k per unit) P 100% 100% —> Value Range £300- Developer Profit £500 psf (12-15% of GDV) ¢+— 285% 71% EP Profit Development Cost £190-£230 psf Development +Infrastructure Costs $106 «MDL Operational Costs
Slide 45: Typical Commercial Development
—. Typical Commercial Development Lend Lease i Development > Land Component (assumed avg £395 psf) Value Range £27-35 Developer Profit 100% | 100% > psf (12-15% of GDV) t— 85% Yield 6.5%-7.5% EP Profit 77% ‘Infrastructure Development Cost Development *S106 £210-£240 psf Costs *MDL Operational Costs
Slide 46: Indicative Delivery
Greenwich Peninsula 7000 6000 Unit #'s /'000 sqft Indicative Delivery (Completion) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Time —e.. Lend Lease ima Private Residential Commercial —— Retail 36
Slide 47: Lend Lease Commitment
Greenwich Peninsula Lend Lease Commitment: - Costs to Date — Initial Infrastructure — Total Forecast Infrastructure First Revenues ROCE (pre-tax) Cash Positive _Lend Lease £7.5m £20m £125m June 2006 Rising to >20% in 6-7 years 2010/11 37
Slide 48: Dome Lease Arrangements
— Greenwich Peninsula _Lend Lease = English Partnerships/Govt grant 999 year lease to Meridian Delta Dome Limited (MDDL) for Dome = Anschutz Entertainment Group (AEG) take a 55 year lease from MDDL = AEG pay rent at 3% of ticket sales - base £750k pa maximum £1.5m pa =" AEG/MDDL develop outer ring t
Slide 49: Pipeline and Summary
Lend Lease Pipeline and Summary Richard Powell, Director Urban Communities 39
Slide 50: Creation of a Pipeline of Opportunities
“Creation of a Pipeline of ail Opportunities Lend Lease ™ Sources of Opportunities: — Local Authority partnerships — Government agencies — Private landowners ™ Types of Transactions: — Inner Urban brownfield mixed use | Urban Communities in South — Outer Urban masterplanned ast (Primary Focus) commu
Slide 51: South East England Government Growth Areas
South East England Government Fein aati | | AAG _Lend Lease Growth Areas = | South Eax Region “Population growth of 1m in South East by 2011 ‘Historic low new home supply in UK but recent growth in South East a
Slide 52: Characteristics of Urban Communities
Characteristics of Lend Lease —_— Urban Communities _Lend Lease = Involvement Pre-planning = 2,000 + homes with associated public infrastructure and employment use = Land management / Master Developer = Minimal initial investment : resource development : share of proceeds of sale " Target IRR 20% +
Slide 53: Profile of Urban Communities Business
Profile of Urban Communities — Lend Lease Business” ™ Timing and Risk Profile — National Policy : Sustainable Communities Plan — Regional Planning Policy : land use planning - Local Planning : Outline Planning Consent — Hard & Soft Infrastructure — Phased Land Sales — Vertical development ™ Growth P
Slide 54: Project Pipeline
Lend Lease a Ie Under Negotiation 700 acres 6 Project King (Outer Urban) South Midlands:Milton Keynes 1 Project Parmesan (Outer Urban) London-Stansted-Cambridge 2007-9 6,000 homes 3,500 initially, increasing to Project Diamond (Affordable Under Negotiation |15,000 per 2 Housing) London 2005 + annum
Slide 55: Return Metrics for Typical Urban Community Project
——— Return Metrics for Typical Urban lend Leaea Community Project | = Average cost per project £5-10m to reach development commencement — incurred in stages « Development costs pre-planning c£2m pa = Timescales to planning consents 3-5 years « Values for residential units in South East c£400 per sq
Slide 56: Typical Project Profile
ey Typical Project Profile Typical Project say 6,000 units Cumulative Cash Position 1 2 456 9 10 11 12 13 14 15 Year Lend Lease Implications = Cash negative first 5-6 years = Project IRR >20% 46
Slide 57: Benefits of Merged Entity
Lend Lease Benefits of Merged Entity = Rapid growth on efficient capital model = Increased funding options for Urban Communities business = Bigger portfolio of projects creates sustainable business in shorter timescale = Significant growth opportunity = Long term annuity style income stream = ROCE r
Slide 58: Summary
ee. Lend Lease Urban Community business model appropriate to UK and well positioned to succeed Greenwich Peninsula high profile and great relationships with key stakeholders Leverage off UK retail sector skills and international residential expertise Opportunity for greater returns from vertical dev
Slide 59: UK Retail - Significant Value Add Opportunity
Lend Lease UK Retail — Significant Value Add Opportunity Bluewater a 12th July 2004
Slide 60: Lend Lease is a Leading Player
—— Lend Lease ‘Lend Lease is a leading player = 10 years of UK operation « Track record of adding value: — Asset Development — Asset Management = Equal 4th in terms of shopping centre UK AUM and growing " Pipeline of new projects — on existing and new assets = Created the UK’s No 1 ranked centre " S
Slide 61: Management Structure
— Management structure _Lend Lease CEO Keith Perry ‘INVESTMENTS AND | (00 cme ap gu aeecuaes FINANCE TRANSACTIONS | pro heaves e DEVELOPMENT FUND tans aneMeNT F (NEW BUSINESS (Funds) ns |— Craig John — Peter warrineron |e = | __ Peter Matheson Peacock Hopson Peers Allwood NORWICH | Duncan Damien Fin
Slide 62: Keith Perry - CEO Retail
—— Lend Lease Keith Perry - CEO Retail
Slide 63: Content
- Content _ gf i Lend Lease = Market attractiveness = Value-adding UK platform = Performance track record = Investment strategy and pipeline = Financials — how does it work = Summary
Slide 64: Market Attractiveness
—— Lend Lease Market Attractiveness
Slide 65: An Opportunity with Considerable Scale
“An opportunity with considerable Lend ‘pase Total Non Financial Assets in the UK National Accounts Total non-financial assets Total ownership of commercial (£5,000b) % 11% and industrial sector (£565b) « Financial institutions hold est. £26b of UK significant shopping centres. = Large market provid
Slide 66: The UK Shopping Centre Market is Large
— The UK shopping centre market is large Lend Lease Market Breakdown 420 UK shopping centres >250,000 ft? wamber Number: ~ 190 centres oF centres 100 + Market Value ~£26b 80 + so | Typical level of divestments (2004) £4.5b for all centres. 40 + “iis 04 7 Se Sa Ss & & Ss 8 Sg ts Size (sq ft) = Some p
Slide 67: Retail Property Sector is Immature
... despite its scale, the retail property sector ——_qa=— is immature and this provides opportunities Lend Lease The UK shopping centre market is immature in comparison to the USA and Australian markets Characteristics of an immature market Fragmented ownership ' Undercapitalised assets ' Outsourced
Slide 68: The Market is Undershopped
_. the market is undershopped and has considerable development potential Le —— nd Lease The UK has a low level of shopping centre and retail floor space per capita Retail Floor Space per Capita sq m per person a 1 USA Australia Shopping Centres Ml Total Retail UK Source: Jebb Holland Dimasi (2000)
Slide 69: Undercapitalisation Means Skilled Management Will Extract Value
Undercapitalisation means skilled §= —-— Lend Leas management will extract value UK shopping centre assets are under capitalised = Average shopping centre age is 20 years but the development market is focused on new build units with only 40% of expenditure on existing assets UK Shopping Centre New D
Slide 70: Best in Class Asset
Best.in class asset Lend Lease Risk and Return by Sector 1980-2002 x 14 rf 2 Beta 0.8 0.7 1.2 1.0 1.0 o > 10 — S a 8 = £6 | 2 4 | 2 EB 2 e Standard Shopping Standard Industrial Parks Ail Property Shops Centres Offices Source — Investment Property Databank investment attributes of UK Shopping Centres
Slide 71: Sophisticated Management Will Generate Higher Returns
_Lend Lease Sophisticated management will generate higher returns Asset management in the UK is less intensive than in mature markets (eg USA, Australia) For Example: UK Market Characteristics Master Planning Master planning a centre’s long term evolution and expansion is not widely practised Commer
Slide 72: Existing Ownerships Can Be Used to Leverage Opportunities
Existing ownerships canbe usedto , , — _Lend Leas leverage Opportunities / TOTAL LL INTEREST Assets: Bluewater £1,621m £486 (30%) Touchwood £225m * Overgate £139m * Chapelfield £250m* £250*(100%) Warrington £237m*** £120***(50%), £2472m £856m Funds: Lend Lease Retail Partnership £630m £25m (3.95%) L
Slide 73: Collective Investment Vehicle Growth
Collective Investment Vehicle growth co will stimulate beneficial change aa " Collective Investment Vehicles growing rapidly = Lend Lease manages the leading UK retail property Collective Investment Vehicle = Institutions moving away from direct ownership of assets and this provides... — Greater tra
Slide 74: UK Government is Progressing REITs
— UK Government is progressing REITs Lend Lease = UK Treasury has published a draft consultation paper = Lend Lease lobbying to maximise benefits of potential legislation = Responses from the market are due by 19 July = Uncertainty about timing, introduction and form. May be influenced by: — Consult
Slide 75: Value Adding UK Platform - Generating Outperformance
—— Lend Lease Value Adding UK Platform - Generating Outperformance Matthew Clements — Portfolio Manager 16
Slide 76: UK Competitors' Position Offers Opportunities
——_ end Lease ‘UK competitors’ position offers ; opportunities « Many owners with diverse asset base — limited specialisation in asset ownership « No dominant player — not exploiting scale = Hands-off management — absence of specialist skills in management = Limited institutional development activit
Slide 77: Fuelling Growth - Assets as Businesses
Lend Lease Fuelling growth ~ Assets as businesses “Investment” » Acquisition/Disposals Management + Capital Raising/Structuring a + Gearing Capital Expenditure decisions Investment Management Owners’ Reporting Masterplanning / Planning Asset Enhancement Valuation Management Rent Review Strategy Asse
Slide 78: We Know Our Customer
—— Lend Lease We know our customer... Development Phase Years 1-3 Now & in the Future Use exit survey Build database data from real of individual customers to customers and build segment by Build Cluster models based on attitudinal and lifestyle surveys knowledge of category, life cluster stage and
Slide 79: And What Drives Them
——— -...And what drives them... "Lend Lease = The full wardrobe « Backlash against sameness = Fountain of youth « Argos to Armani = Searching for an editor = Indulge yourself = Quest for experience = Home comforts = Going and doing = We are all Searching for Authenticity. a 20
Slide 80: Drives Sales Performance
pe ...Drives sales performance Lend Lease Moves away from theoretical models towards insight based on the commercial dynamics of the business = Reduces wastage by concentrating marketing effort on: — Sales value to the business — Those most receptive to the Assets brand “Adorers” « Clear understandi
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