Ann: LL Half Year Results Announcement, Presentation and Appendix, page-5

Lendlease is certainly one stock for the long term investor in my opinion. The mgt think long term and are willing to invest in strategies ahead of the industry particularly in the areas of sustainability and safety.

Steve M is a banker by trade and the culture within the company has changed significantly in the past decade he has been running the shop. Tarun is looking to increase the investment management portfolios to the likes of AMP in the near future and it won't surprise me if they get out of the construction business altogether reducing the risk exposure construction projects bring. With the low-profit margins involved (close to 2%).