LENDLEASE GROUP — Board/Management Information 2020

Aug 16, 2020

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Baroness Margaret Ford OBE resigns from Lendlease Board – accepts independent advisory role to the Group

Lendlease today announced that London-based non-executive director, Baroness Margaret Ford OBE, who joined the Lendlease Board in March 2020, would resign her directorship effective 18 August 2020.

In announcing today’s update, Lendlease Chairman Michael Ullmer cited the disruption caused by the COVID-19 pandemic – including continuing global travel bans, a greatly expanded Board meeting schedule and ongoing timezone challenges – as the major contributors driving Baroness Ford’s decision.

Baroness Ford will continue to assist the Lendlease Board in respect of the Group’s European operations as an independent advisor for the foreseeable future. Fees for the advisory role are expected to be capped at the base non-executive director fee. Further, Baroness Ford has flagged a willingness to re-join the Lendlease Board once COVID-19 related restrictions have significantly subsided, if this remains appropriate.

“Despite Margaret’s relatively short tenure as a Lendlease non-executive director, her extensive commercial knowledge and deep experience within our Development and Construction segments in the UK allowed her to make a major contribution to the Board,” Mr Ullmer said.

“While disappointing that the unprecedented impacts of COVID-19 have led to Margaret resigning her position as a non-executive director, the Lendlease Board and our European business will continue to be the beneficiaries of her skills and experience via an advisory agreement expected to be finalised during the next month.”

Baroness Ford said, “While my decision to resign from the Lendlease Board was very difficult to make, I look forward in particular to assisting where I can to help Lendlease’s European business navigate the challenges of this extraordinary environment.”

FOR FURTHER INFORMATION, PLEASE CONTACT:

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Authorised for lodgement by Lendlease Group’s Disclosure Committee

Lendlease Corporation Limited ABN 32 000 226 228 and Lendlease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lendlease Trust ABN 39 944 184 773 ARSN 128 052 595

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