Lendlease Group · ASX:LLC

Lendlease — Investor Day (May 2010)

92 slides from Lendlease's investor day presentation, May 27, 2010

1. Slide 1: Lend Lease Strategy Day – Presentations

   27 May 2010 For personal use only The Manager The Manager Companies Section Companies Section ASX Limited New Zealand Exchange Limited Pages: Ninety two (92) pages Dear Sir Lend Lease Strategy Day – Presentations With reference to the Strategy Day being held today by Lend Lease to provide an update

2. Slide 2: Strategy and Business Update

   Strategy Day - May 2010 For personal use only Strategy and Business Update Steve McCann CEO and Managing Director

3. Slide 3: Highlights

   Highlights For personal use only  Signed project development agreement with Barangaroo Delivery Authority Strong Deal  Signed framework agreement to develop Stage 2 of Stratford Momentum since 1st half result  Australian Prime Property Retail Fund raised A$500 million of equity  Settled ING tran

4. Slide 4: Lend Lease – integrated business model

   Lend Lease – integrated business model For personal use only We find We buy We fund We design We build We manage Sourcing the best Structuring the Providing the right Creating innovative Building and Continually property right deal investment and sustainable project managing enhancing the value oppo

5. Slide 5: Significant progress on our strategy

   Significant progress on our strategy For personal use only Set the Industry Disciplined Standards A Focused Core Business Expansion LEAD BUILD  World Class Property Solutions Company RESTORE  Reshape Portfolio  Growth Platforms  Strong Integrated Offering  Right Structure  Cost Out  Operation

6. Slide 6: Well advanced on the “Restore” phase of our journey

   Well advanced on the “Restore” phase of our journey For personal use only Achieved to Date  Merger of Development and IM regionally RESTORE  Created new group roles for key sectors being PPP, Investment Management, Development and Project Management, Design and Construction  Regional Structure ef

7. Slide 7: Achieved progress on the “Build” phase

   Achieved progress on the “Build” phase For personal use only Achieved to Date BUILD  Appointed Scott Charlton – Director of Operations  Appointed Bob McNamara – CEO Americas  Key internal and external appointments  Invest in People  Reshape Portfolio Secured significant urban regeneration pipe

8. Slide 8: Current areas of focus

   Current areas of focus For personal use only Urban regeneration Asia Residential Commercialising Retirement Scale Up New sustainability  PPP Existing Growth Solar  Investment Management Platforms Initiatives Rationalise country Optimising the Fix and Rationalise footprint in CEMEA organisa

9. Slide 9: Lend Lease senior management

   Lend Lease senior management Effective 1 July 2010 For personal use only Chief Executive Officer and Managing Director Steve McCann Chief Executive Group Head of Group Head of Strategy Director of Operations Officer Australia Centres of Excellence and M&A Scott Charlton Rod Leaver David Hutton Tony

10. Slide 10: Our track record on the major property trends

    Our track record on the major property trends For personal use only Achieved to Date Key Focus Urban  Secured RNA, Barangaroo and Elephant & Castle Execution and delivery Regeneration Fund Growth  ING transaction secured A$1.4b in retail assets Grow platform to support Platform  Launched REP3 fun

11. Slide 11: Urban regeneration

    Urban regeneration For personal use only  The world is undergoing a global shift  By 2030, more than 60% of the world’s population will live in urban areas 1  Increasing pressure on existing infrastructure and driving higher densities  Plays to Lend Lease’s core competencies  Lend Lease has an

12. Slide 12: Retirement

    Retirement For personal use only  Australian population expected to grow by 20% over the next 15 years  65+ population expected to grow by 69%1  Lend Lease is the largest player in the sector in Australia  Opportunities to leverage skill base into Asia The Pines Retirement Village – Ellenbrook,

13. Slide 13: Public Private Partnerships

    Public Private Partnerships For personal use only  PPP model has been embraced by governments in developed economies  Urbanisation trend forcing governments to deliver extensive infrastructure  Lend Lease operates in the social infrastructure market – availability based US Defence Housing, Hawaii

14. Slide 14: Asia

    Asia For personal use only  Singapore  Opportunities in mixed use development  Malaysia  Well established market for Bovis Lend Lease Nokia, Expo  Opportunities in retail and residential 313@somerset, Singapore  ARIF mandate extends to Malaysia  China  Bovis Lend Lease has operated in China

15. Slide 15: Green refurbishment

    Green refurbishment For personal use only  Growth sector driven by statutory and regulatory changes  Incentive based (eg. Singapore gross floor area bonus for green buildings) and new building disclosure requirements  Occupier demand for green buildings and significant cost and productivity advan

16. Slide 16: Regional business update - Australia

    Regional business update - Australia For personal use only  Investment Management platform well funded  Bovis Lend Lease - Strong base of Government & internal work Trading  Residential market remains solid but could be impacted conditions by higher interest rates  PPP – shortlisted on 2 project

17. Slide 17: Regional business update - Asia

    Regional business update - Asia For personal use only  Bovis Lend Lease – Pipeline of pharmaceutical work in Singapore Trading  Retail – 313@somerset in Singapore opened fully conditions let on time and budget  Investment Management - emerging appetite for new equity  Retail development focus to

18. Slide 18: Regional business update - Europe

    Regional business update - Europe For personal use only  Residential - trading conditions have stabilised and we are on track to sell completed Crosby units Trading  Retail - valuations of prime retail stabilising conditions  Bovis Lend Lease – weak conditions expected to continue  PPP – shortli

19. Slide 19: Regional business update - Americas

    Regional business update - Americas For personal use only  Actus – while market is mature, deal flow still remains in Air Force and lodgings Trading  PPP Canada – shortlisted on 2 projects conditions  Bovis Lend Lease – environment remains challenging  Retail - valuations of prime retail stabili

20. Slide 20: Lend Lease is a leader in sustainability

    Lend Lease is a leader in sustainability For personal use only Sustainable Buildings & Climate Initiative 19

21. Slide 21: Financial Overview

    Strategy Day - May 2010 For personal use only Financial Overview Brad Soller Chief Financial Officer

22. Slide 22: Highlights

    Highlights For personal use only  Significant success in securing key projects  Capital investment weighted to Australia Capital Allocation  Right point in the cycle to be investing  Identified investment opportunities of A$1.6b  Funding secured for these opportunities  Gearing expected to rem

23. Slide 23: Capital allocation

    Capital allocation For personal use only As at 31 December 2008 2013 Sectors/Business Units Sectors/Business Units PPP Retail PPP Retail 14% 20% 8% 18% IM IM Communities 8% Communities 9% 32% 45% BLL BLL 26% 20% Geography Geography APAC UK/Europe APAC UK/Europe 38% 36% 38% 36% Americas Americas 26%

24. Slide 24: Investment opportunities

    Investment opportunities For personal use only Investment pipeline Targeted Capital Investment Region Secured development Focus on Australia projects ~A$0.8b Option value in the UK Focus on Canada/ PPP opportunities ~A$0.5b Australia/ UK Targeted new ~A$0.3b Australia developments ~A$1.6b 23

25. Slide 25: Example of a mixed use project

    Example of a mixed use project For personal use only Masterplanning Individual Development Manage Development Source Development Site Construction investment Process Opportunity Packaging Drawdown or sell  Lend Lease will  Secure equity  Land drawn down  BLL fees and  Settlement of incur costs

26. Slide 26: Example of a PPP project

    Example of a PPP project For personal use only Manage The PPP Process Bidding Financial Close Site Drawdown investment or sell  External & internal bid  GMP contract finalised  BLL Fees recognised on  Equity returns costs incurred an emerging basis  Debt financing secured  Profit on sale of eq

27. Slide 27: Key liquidity metrics

    Key liquidity metrics For personal use only Key Liquidity Metrics 31 December 2009 Current Position Credit Rating BBB- / Baa3 BBB- / Baa3 (Negative Credit Watch) (Stable) Weighted average debt maturity 6 years No significant change Weighted average cost of debt 5.2% No significant change Fixed / flo

28. Slide 28: Portfolio metrics

    Portfolio metrics For personal use only Business Unit Outlook Metric December 2009 March 2010 Investment Management Funds Under Management A$8.4b Bovis Lend Lease Backlog GPM A$545.5m Communities Australian Settlements 1,373 units PPP Value of PPP Projects Shortlisted A$5.0b Mixed Use Developments P

29. Slide 29: Key accounting issues impacting on reported earnings

    Key accounting issues impacting on reported earnings For personal use only Sector Key Accounting Issues  Requirement to revalue investment properties under Assets under development development  Profit recognised over life of development  Held as inventory at the lower of cost or net realisable va

30. Slide 30: Director of Operations Update

    Strategy Day - May 2010 For personal use only Director of Operations Update Scott Charlton Director of Operations

31. Slide 31: Outsiders view – Two months observations

    Outsiders view – Two months observations For personal use only  Passionate and talented people  Financial capacity to invest  High standard of ethics and social responsibility  Breadth of business platforms  Development pipeline and targeted opportunities 420 George Street / Mid City, Sydney Si

32. Slide 32: Priorities

    Priorities For personal use only  Maintain the momentum around improving safety culture  Restructure functions to achieve operational excellence  Re-engineer business processes to enhance decision making, risk/reward management and client interaction Macarthur Square, Sydney  Transition remunera

33. Slide 33: Incident & Injury Free

    Incident & Injury Free For personal use only Indicators LTIFR declining by Region and BLL Global (per 200,000 man hours)  All construction projects audited by 2 independent peer team 1.8 >1,000 audits carried out on 1.6 construction sites globally in 1.4 1.2 FY09 1  Downward trend in Lost Time Inj

34. Slide 34: Incident & Injury Free

    Incident & Injury Free For personal use only Initiatives  Safety roles & responsibilities set for key construction and asset management functions  ‘Uncompromising Leadership’ commitment workshops conducted across all Bovis Lend Lease regions  CEOs meet quarterly to review safety performance and t

35. Slide 35: Development Update

    Strategy Day - May 2010 For personal use only Development Update David Hutton Group Head of Development

36. Slide 36: Lend Lease approach to development

    Lend Lease approach to development For personal use only  Chosen Sectors  Disciplines and geographies  Scale, expertise, brand, capability, market leadership/returns  Leveraging integrated model across the Group to optimise returns (investment/development/delivery)  Preferred capital model for

37. Slide 37: Major project update

    Major project update For personal use only  Barangaroo  RNA EkkA Showgrounds Major Projects  Alkimos  Victoria Harbour 36

38. Slide 38: Barangaroo pre and post-redevelopment

    Barangaroo pre and post-redevelopment For personal use only BARANGAROO PRE-REDEVELOPMENT BARANGAROO POST-REDEVELOPMENT 37

39. Slide 39: Barangaroo snapshot

    Barangaroo snapshot For personal use only  Estimated $A6b end value  Development period 10 to 15 years  Stage 1 - 7.5 hectare site area  Up to 490,000 sqm total GFA  Commercial, Residential & Retail  Part of the Sydney CBD  New global sustainability benchmarks  LL integrated approach 38

40. Slide 40: An extension of the Sydney CBD

    An extension of the Sydney CBD For personal use only Circular Quay  23,000 daytime workers  Est. 25 million visitors p.a.  2km of renewed waterfront Grosvenor  Up to 350,000sqm office Governor Phillip  30,000sqm retail / food & beverage  Approx 650 apartments Chifley Square Wynyard  250 (appr

41. Slide 41: Next generation office

    Next generation office For personal use only  Sydney CBD maturing, limiting supply of new prime commercial  Unique site – proximity, scale, master plan, integrated uses  New build/large floor plate CBD opportunity (including trading floors)  World leading design, technology and sustainability ou

42. Slide 42: Barangaroo fly-through video

    Barangaroo fly-through video For personal use only 41

43. Slide 43: RNA relationship to Brisbane CBD – preferred position

    RNA relationship to Brisbane CBD – preferred position For personal use only Bowen Hills Station Royal Brisbane Hospital QUT Herston Valley Metro Station 2.5 kms Brisbane CBD Southbank 42

44. Slide 44: RNA snapshot

    RNA snapshot For personal use only  22 hectare site  Renewal of RNA Facilities  Major upgrades to infrastructure and public realm  5.5 hectares of land for Private Development  Development period 15 years  Commercial, Residential and Retail  340,000 sqm total GFA  Circa $2.5b end value 43

45. Slide 45: RNA redevelopment summary

    RNA redevelopment summary For personal use only  90,000sqm general commercial office space  4,000sqm fresh food market  18,000sqm retail space including supermarket  200 room hotel  60,000sqm new & refurbished RNA facilities  50,000sqm medical related office space  1,870 residential apartment

46. Slide 46: Victoria Harbour

    Victoria Harbour For personal use only The Gauge Ericsson House nab @ Docklands The Mosaic The Montage Dock 5 Myer The Merchant ANZ 833 Bourke Street Merchant Street Retail Children’s Hub 45

47. Slide 47: Completed office developments

    Completed office developments For personal use only  Largest single-tenanted office building in Australia  6,500 ANZ employees  6 star Green star office design V2 certified  Series of 2,000sqm floor plates interconnected  maximum distance from natural light source 12 metres  10 storey high atr

48. Slide 48: Future residential developments

    Future residential developments For personal use only  Value A$255m  23,521sqm residential and 1,500sqm retail  220 apartments, with gym, pool, sauna and spa facilities  Targeting 4 star Green star rating for multi-unit residential  Construction due to commence July 2010, with completion Decemb

49. Slide 49: Alkimos – preferred position

    Alkimos – preferred position For personal use only  End development value - A$400m for Stage 1  Timeframe - 7 years for Phase 1, 20 years for the whole project  Initial LLC Capital Commitment - A$20m  Location: 40km north of Perth CBD  Construction commencement 2011  Stage 1 - 2,500 dwellings,

50. Slide 50: Market conditions and portfolio update

    Market conditions and portfolio update For personal use only  Delfin Lend Lease Market Conditions and Portfolio Update  Vivas Lend Lease  Lend Lease Retail 49

51. Slide 51: Delfin Lend Lease trading update

    Delfin Lend Lease trading update For personal use only Trading conditions  Underlying demand remains strong driven by population growth and household formation  Consumer confidence holding up despite rising interest rates  Focus on converting unzoned projects  6 months trading to December 2009 1

52. Slide 52: Vivas Lend Lease trading update

    Vivas Lend Lease trading update For personal use only Trading conditions  78 exchanges for 6 months to December 2009  Strong sales momentum – Silk  Limited available for sale stock across portfolio Backlog  Focussed on building backlog  Added to Sydney, Melbourne and Brisbane with recent projec

53. Slide 53: Retail update

    Retail update For personal use only Trading conditions  Retail sales growth of 1.7% pa to December 2009  Cap rates of prime centres stabilising  Vacancies low - 99.7% occupancy at December 2009 Backlog  158,400sqm retail development backlog at December 2009  Assets under management of A$5.3b (p

54. Slide 54: Summary

    Summary For personal use only  Clear strategy in chosen sectors/geographies with proven capability  Strong win rate, and significantly increased backlog at low point of cycle  Disciplined capital model and portfolio approach  Positioned for growth  Focussed on integrated model to optimise retur

55. Slide 55: Senior Living Strategy

    Strategy Day - May 2010 For personal use only Senior Living Strategy Paul Walsh Chief Executive Officer Lend Lease Primelife

56. Slide 56: Senior Living is a growth sector

    Senior Living is a growth sector For personal use only  The senior living sector plays to Lend Lease’s core property skills  The senior living sector is expected to grow significantly  Australian population expected to grow by 20% over the next 15 years  65+ population expected to grow by 69%1 

57. Slide 57: Retirement fundamentals

    Retirement fundamentals For personal use only Ageing Population Potential for increased penetration Age Range Projected Australian Population Growth Rates: 2010 to 2025 Penetration Rate 14% 85+ 12% Lend Lease 10% 75-84 Primelife’s target 8% markets 6% 65-74 4% 2% Average of 0-64 remaining 0% populat

58. Slide 58: Lend Lease no player in retirement sector

    Lend Lease No 1 player in retirement sector For personal use only  Retirement village sector is a highly fragmented market undergoing rapid consolidation Still fragmented  Larger scale players are emerging with strong branding, national operating platforms, access to market capital and financial m

59. Slide 59: Lend Lease’s retirement value chain

    Lend Lease’s retirement value chain For personal use only  Land sourced from Delfin or new sites Development  Develop villages using in-house capabilities  Development margin earned Deferred  Fee for access to ‘Community’ centre and provision of other necessary services  Typically charged c.3%

60. Slide 60: How does a deferred management fee (DMF) work?

    How does a deferred management fee (DMF) work? For personal use only Retirement DMF Cashflow for one Independent Living Retirement Cashflow Drivers Unit assuming price appreciation Year 10 Retirement cashflows are determined by the following key drivers: Resident Entry Age DMF on property Residen

61. Slide 61: Retirement village portfolio

    Retirement village portfolio For personal use only Key Metrics December 2009 Queensland Average age of resident 79.8 years • Number of Villages 15 • Total Units 4,046 Valuation turnover rate 11.2 years Valuation Discount rate 13.0% Valuation growth rate 4% Total Units Under Management 12,209 Number

62. Slide 62: Strong focus on developing our backlog

    Strong focus on developing our backlog For personal use only 10 40 240 225 160 125 10 115 95 45 55 165 35 55 110 50 61

63. Slide 63: Aged care portfolio

    Aged care portfolio For personal use only Key Metrics December 2009 Total Beds 2,370 Staff Costs as a % of Revenue 66.4% Number of Facilities 32 Queensland Occupancy (as at) 93.4% • Number of Facilities 2 • Total Beds 138 New South Wales • Number of Facilities 13 • Total Beds 1,083 South Australia •

64. Slide 64: Lend Lease Primelife – strategic objectives

    Lend Lease Primelife – strategic objectives For personal use only Pillar Strategy Objective  A single operating platform Simplification  Drive operational efficiency  Clear brand positioning  Partner of choice  High quality earnings Value Creation  Grow development pipeline  Ability to levera

65. Slide 65: Access to Third Party Capital

    Strategy Day - May 2010 For personal use only Access to Third Party Capital Tarun Gupta Group Head of Investment Management

66. Slide 66: Strategy

    Strategy For personal use only  Strong relationship with capital providers 11 Funds managed globally  Provide Integrated Solutions for Lend Lease pipeline  Consistent framework of dealing with capital providers 144  Trusted investment partner Institutional clients  Strong corporate governance 

67. Slide 67: Global product spectrum

    Global product spectrum For personal use only 8-10% 11-12% 13-15% 16-17% 18%+ CORE CORE PLUS ENHANCED VALUE-ADD OPPORTUNISTIC RISK / RETURN AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA • – Australian Prime – Lend Lease – Lend Lease – Lend Lease • Separate mandate Property Funds Core Plus Fund Real Estate

68. Slide 68: Performance highlights

    Performance highlights For personal use only LLIM – Historical Wholesale FUM (A$b)  21% growth in FUM in past year CAGR of 11%1  $2.1b in new equity raised and $3.3b in debt secured in past 18 months  24 new investors introduced to the platform in past 18 months  Secured $1.4b ING Retail Fund po

69. Slide 69: Raising 3rd party capital for Lend Lease over the last months

    Raising 3rd party capital for Lend Lease over the last 18 months For personal use only Equity Debt Commitments Investor Type Sector/Fund Fund/Project Debt Secured Secured* Retail Sovereign Wealth Funds $500m APPF $1,760m Mandate Australian Capital Partners Retail $70m LL Communities Fund 1 $130m Com

70. Slide 70: Case Study: Acquisition of $1.4b ING Retail Property Fund

    Case Study: Acquisition of $1.4b ING Retail Property Fund For personal use only  Integrated Capital Solutions approach  $1.2b growth in FUM  Launched LLREP3  Introduced Future Fund to platform as mandate client  Growth in APPF Retail  Scaled Lend Lease Retail, increasing assets under managemen

71. Slide 71: 3rd party capital investor trends and focus

    3rd party capital investor trends and focus For personal use only Investor Market Trend Lend Lease Position  Have emerging appetite $500m raised for APPF Retail Australian Super  Most are at or underweight real estate $300m raising commenced for APPF Funds  Seeking quality core product with quali

72. Slide 72: Current growth initiatives

    Current growth initiatives For personal use only Separate  Funding for Barangaroo first stage, Victoria Mandates & Harbour, RNA and development pipeline Joint Ventures  Further investment in Retail and Residential sectors  Further capital raisings in APPF Funds – Retail, Existing Fund Commercial

73. Slide 73: Project Management, Design and Construction Update

    For personal use only Strategy Day - May 2010 Project Management, Design and Construction Update Murray Coleman Group Head of Project Management, Design and Construction

74. Slide 74: Market trends

    Market trends For personal use only  Competition in all markets has increased  Increased competition putting pressure on pricing and margins  Difficult conditions continue in offshore markets  PPP model continues to be well supported  Infrastructure spend continues in Australia  Government wor

75. Slide 75: Regional update - Australia

    Regional update - Australia For personal use only Strong base of government work continues:  Circa A$1b worth of BER education work - agreed Managing Contractor role  Circa A$3b Healthcare projects underway including New Royal Children’s and Gold Coast University hospital Current projects include:

76. Slide 76: Regional update - Australia

    Regional update - Australia For personal use only  Continued focus on diversified sector strategy  Opportunity to move into new sectors  Rail  Solar  National Broadband Network  Pipeline includes: The new Royal Children’s Hospital, Australia  Royal Adelaide Hospital  Parkville Comprehensive

77. Slide 77: Regional update - Asia

    Regional update - Asia For personal use only  Focus geographies:  Singapore  China  Japan  Malaysia  Current projects include  Renewable Energy Corporation Plant Nokia Beijing Campus  Lonza Biologics  Alcon Singapore  Pharmaceutical pipeline remains solid in Singapore  Consolidating stren

78. Slide 78: Regional update – sponsorship of Expo 2010 Shanghai

    Regional update – sponsorship of Expo 2010 Shanghai For personal use only  Lend Lease is a gold sponsor of the Australian Pavilion  The Expo theme -‘Better City, Better Life’ – ties in with Lend Lease’s positioning as a leader in the creation of sustainable cities  Bovis Lend Lease was design and

79. Slide 79: Regional update – UK/ Europe

    Regional update – UK/ Europe For personal use only  Continued tough market conditions in UK and Europe  Current projects include:  Athletes’ Village  MediaCityUK  Building Schools for the Future program  BP Retail BBC 25 studio, London  A fragile recovery is underway in the UK although has no

80. Slide 80: Regional update - Americas

    Regional update - Americas For personal use only  Traditional core markets remain very difficult  Further restructuring costs expected in the 2nd half of 2010  Current projects include:  National September 11 Memorial  Mt Sinai School of Medicine  North Shore Long Island Jewish Women’s Bedtowe

81. Slide 81: Safety and Sustainability

    Safety and Sustainability For personal use only Safety  Our Vision  To operate Incident & Injury Free wherever we have a presence  Decreasing LTIFRs trend around the world  ‘Uncompromising Leadership’ commitment workshops conducted across all Bovis Lend Lowy Cancer Research Centre, UNSW Lease re

82. Slide 82: Focus on UK

    Strategy Day - May 2010 For personal use only Focus on UK Dan Labbad Chief Executive Officer EMEA Chief Executive Officer Lend Lease Europe

83. Slide 83: Market outlook - UK

    Market outlook - UK For personal use only  UK has stabilised, but challenges remain for a sustained recovery  Unemployment set to continue to grow in short term UK  Fiscal tightening likely to support low inflation and interest rates  Consumer and business confidence improving  The need for fis

84. Slide 84: Lend Lease’s position in the UK

    Lend Lease’s position in the UK For personal use only  Ownership and management of 5 centres including Bluewater Retail  Valuations of prime retail is stabilising Profit After Tax  Development on hold except for Bluewater Events Venue  Continue to deliver the Athletes’ Village Residential  Focu

85. Slide 85: Athletes’ Village

    Athletes’ Village For personal use only  Lend Lease is Development and Construction Manager for the Athletes’ Village  Client is the Olympic Delivery Authority  Project continues to progress well, within cost plan and on schedule  420 structural floors completed 4 months ahead of schedule  Thre

86. Slide 86: Greenwich Peninsula

    Greenwich Peninsula For personal use only  A £5b large scale mixed use urban regeneration scheme over 20 years  O2 Arena sold to Trinity College, Cambridge – 1st half 2010  14 Pier Walk, occupied by Transport for London  6 Mitre Passage is complete and designs are Greenwich Peninsula progressing

87. Slide 87: Elephant & Castle

    Elephant & Castle For personal use only  £1.5 billion residential led, mixed use urban regeneration scheme over 15 years  c2,500 new homes  up to 500,000sft of retail, restaurant and leisure space.  One of 16 founding projects of the Climate Positive Development Program  Heads of Terms signed D

88. Slide 88: Bluewater Events Venue

    Bluewater Events Venue For personal use only  £60 million development of a 5,200sqm events and exhibition venue  A focal point for retail and leisure led events, shows and exhibitions  The Event’s Venue will be centred around a 3,000sqm plaza including an additional 4,000sqm of catering/restauran

89. Slide 89: Stratford Stage

    Stratford Stage 2 For personal use only  Signed £1.3b Conditional Framework Agreement with London & Continental Railways  Creation of a major new commercial district with nearly 400,000sqm of office accommodation across 22 acres  Work is expected to start in 2013  Stratford is well positioned –

90. Slide 90: PPP update

    PPP update For personal use only  Capital recycling of equity  Sale of 50% interest in Romford hospital – 1st half 2010  Information memorandum issued for Infrastructure sale  Key Sectors of Focus  Education  Waste  Health Lancashire Marsden Heights School  Accommodation  Projects reaching

91. Slide 91: Final Comments

    Strategy Day - May 2010 For personal use only Final Comments Steve McCann CEO and Managing Director

92. Slide 92: Summary

    Summary For personal use only  Australian economy remains resilient/ residential market momentum positive  Asian opportunities emerging Market View  UK market conditions difficult in the short to medium term  US gaining recovery momentum  Offshore construction markets remain tough  On track to

Lend Lease — Investor Day (May 2010) on 6ix