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Brad Soller Group Chief Financial Officer Financial Overview

Brad Soller Group Chief Financial Officer Financial Overview. Agenda. Capital allocation Future capital allocation Sources of capital Key debt metrics Debt maturity profile Pipeline Key financial targets. Capital allocation. TARGET. Risk Adjusted Capital 1. Australia >~60%. Region.

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Brad Soller Group Chief Financial Officer Financial Overview

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  1. Brad SollerGroup Chief Financial OfficerFinancial Overview

  2. Agenda • Capital allocation • Future capital allocation • Sources of capital • Key debt metrics • Debt maturity profile • Pipeline • Key financial targets

  3. Capital allocation TARGET Risk Adjusted Capital 1 Australia >~60% Region All other regions No more than ~20% each Segment Development ~35 – 45% Construction ~30 – 40% Investment Management ~5 – 15% Services ~<5% Ownership ~10 – 20% 3 • Risk adjusted capital is an internal calculation used as a proxy for Lend Lease equity. The risk adjusted capital is based on a December 2010 pro forma balance sheet which includes the Lend Lease infrastructure business.

  4. Future capital allocation Investment pipeline of between A$1-1.5b over next 3 years1 1. Net cash outflows 4

  5. Sources of capital 5

  6. Key debt metrics 1. Net (cash) / debt is borrowings including certain other financial liabilities, less cash2 .Gearing is calculated as Gearing is calculated as net debt, divided by total tangible assets, less cash3 .Weighted average maturity relates to drawn debt 4 .Calculated as operating EBITDA plus interest income divided by interest finance costs, including capitalised finance costs 6

  7. Debt maturity profile 7

  8. Pipeline delivers certainty of future earnings 8

  9. Key financial targets – tracking well 1. Return on equity is calculated as the half year statutory profit after tax divided by the weighted average equity for period multiplied by two. This was done to approximate an annual return on equity2. Gearing is calculated as net debt, divided by total tangible assets, less cash 3. Gearing including the proforma impact of the Valemus acquisition 9

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