LENDLEASE GROUP — Capital/Financing Update 2024

May 30, 2024

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31 May 2024

Sale of Communities – updated timing of ACCC review

Lendlease notes the ACCC has today provided an update to the timing of its review of the $1.3 billion[1] sale of 12 Communities projects to Stockland Corporation Limited and its capital partner Supalai Australia Holdings.

The ACCC has announced a revised provisional date for the announcement of its findings on its review of the transaction to 4 July 2024 and note its findings “may be a final decision or release of a Statement of Issues.” The transaction can not complete before the ACCC findings are issued.

On the basis that completion does not occur in FY24, Lendlease’s FY24 Group guidance for Return on Equity is anticipated to be impacted by approximately 2%, calculated on the same basis as the 7% guidance that was previously provided. This equates to approximately $450 million of core Operating Profit After Tax (OPAT) reducing to approximately $305 million[2] of OPAT. The downward impact reflects the delay to anticipated sale profits of $130 to $160 million, now anticipated in 1H FY25, subject to satisfaction of conditions precedent.

The revised earnings guidance is subject to the completion of a number of transactions, including the sale of our Asia Life Sciences interests into a new joint venture, which remains subject to conditions precedent.

Again, on the basis that completion does not occur in FY24, Group gearing for FY24 is expected to be at or around the upper end of the 10-20% target range before the anticipated provision for impairments and charges, announced on 27 May 2024. This compares to prior FY24 gearing guidance (on the same basis) of ‘modestly above the mid-point of the 10-20% target range’.

All cash proceeds are anticipated to be received in FY25, with the majority in 1H FY25.

ENDS

FOR FURTHER INFORMATION, PLEASE CONTACT:

Investors:

Media:

Michael Vercoe Stephen Ellaway Head of Investor Relations Executive General Manager, Corporate Affairs Mob: +61 488 245 205 Mob: +61 417 851 287

Authorised for lodgement by the Lendlease Group Disclosure Committee

1 Transaction value includes the assumed exercise of a $239 million right to acquire certain land parcels. 2 The guidance revision assumes the mid-point of the $130 to 160 million OPAT range for the sale.

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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