LENDLEASE GROUP — Investor Presentation 2021

Oct 17, 2021

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18 October 2021
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Lendlease Stakeholder Engagement Presentation

Attached is a presentation to be referred to during engagement meetings in October and November 2021 between Lendlease Chairman, Michael Ullmer AO, Lendlease Chairman of the People & Culture Committee, Elizabeth Proust AO, and key stakeholders.

FOR FURTHER INFORMATION, PLEASE CONTACT: Investors: Media: Justin McCarthy Stephen Ellaway Mob: +61 422 800 321 Mob: +61 417 851 287

Authorised for lodgement by Lendlease Group’s Disclosure Committee

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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

Level 14, Tower Three, International Towers Sydney Exchange Place, 300 Barangaroo Avenue Barangaroo NSW 2000 Australia

Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 lendlease.com

Sydney: Artist’s impression of One Sydney Harbour – on Gadigal Country

Stakeholder Engagement Michael Ullmer, AO Chairman, Lendlease Group Elizabeth Proust, AO Chairman, People & Culture Committee October & November 2021

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Stakeholder Engagement 2

Board Focus Areas in FY21

CEO succession, leadership changes and Group strategy

• Orderly three month transition to the new Chief Executive Officer, Tony Lombardo who officially commenced on 1 June 2021

• Internal and External appointments:

• External: Chief Financial Officer, Simon Dixon (from 1 October 2021); Chief People Officer, Deborah Yates (from 1 July 2021)

• Internal: Chief Operating Officer and Chief Executive Officer Americas, Denis Hickey; Chief Risk Officer, Frank Krile; Chief Executive Officer Australia, Dale Connor; Chief Executive Officer Asia, Justin Gabbani and appointment of Chief Product Officer roles for Development, Investments and Construction

• Continuity of main components of strategy outlined in August 2020, reaffirmed in the market update on 30 August 2021:

• Focus on core Development projects and grow Investments platform

• Reviewing components of Group portfolio

• Pathways for delivering $8b+ production target by FY24

• Targeting FUM > $70b by FY26

• Renewed focus on culture and customer

• Business review of organisational structure to support efficient resource allocation and execution of strategy, and simplification opportunities post divestments

• Target annual savings of > $160m

Operations during COVID-19

• Prioritised health and safety of employees and all who interact with the Group

• From March 2020, the Board transitioned to enabling virtual attendance at Board and Committee meetings in response to the COVID-19 restrictions

• Due to travel restrictions, the Board transitioned to holding virtual site visits with our local and regional offices

• Sites visited in FY21 either virtually or in person included One Sydney Harbour, Sydney Martin Place Metro and Sydney Place in Australia, TRX and the Ardor Gardens Senior Living project in Asia, and the MIND project in Europe (Asia and Europe – virtual tours). The most recent virtual site visit attended by the Board was the San Francisco Bay Area (Google) project (August 2021)

• Site visits allow the Board to observe a project's delivery in a strategic context, and assess the Lendlease culture through engagement with project staff

Stakeholder EngagementStakeholder Engagement 3

Health and Safety

Our highest priority

• Improving our performance and eliminating incident and injury has been at the forefront of our strategy and operating philosophy.

• A strong safety culture has always been embedded within the organisation. However, a transformational decision was taken in 2008 to take an uncompromising leadership position on health and safety. This led to the introduction of initiatives including our Global Minimum Requirements (GMRs). We experienced 8 fatalities (including 1 Lendlease employee) between FY11-FY20 compared to 69 fatalities across our operations from FY01-FY10 (including 3 Lendlease employees).

• We go beyond reporting requirements and report all fatalities on our sites as we do not treat the lives of subcontractors and community members any differently to our employees.

We are deeply saddened to report that two fatalities occurred in FY21:

Curtin University, Australia

• The Board was satisfied based on material from internal and external sources made available at the time, that Lendlease had met the standards set out in its GMRs, which are generally set at an equivalent or higher standard than those of local regulators.

Setia Mall, Malaysia

• The findings from the external investigation conducted by the Malaysian authorities confirmed that Lendlease is not a party of interest

In FY22 there has also been a fatal incident involving a subcontractor on a project in New York. An independent investigation is in progress.

We strive for excellence in the underlying drivers of safety outcomes

Global Minimum Requirements

• Our GMRs define the Lendlease way for managing health and safety.

• The 2021 update of the GMRs support our people and supply chain partners to apply these standards across all phases of the real estate and construction lifecycle.

• Include a renewed focus on providing the best possible working conditions.

Culture

Holistic culture of care

• 90% agreement from our people to each of the following statements:

• Health & Safety is a key priority

• We are motivated to look after our safety

• Lendlease creates a culture of working safely

• • Working safely is appreciated by leaders in the organisation

Compliance

• Significant EH&S focus during investment, design and procurement

• Shift from compliance checks to forward focused risk management

• Over 1 million safety observations recorded by our people and supply chain in the past 5 years.

• Project metrics, such as schedule and scope changes, are treated as leading indicators of safety risk

Reporting

• 94% operations without a critical incident in FY21

• Lost time injury rate reduced from 6.6 in FY03 to 1.8 in FY21

• Critical injury frequency rate reduced from 2.57 in FY12 to 0.66 in FY21

• 1,500 employees trained in the Mental Health First Aid program

• All metrics inclusive of employees, consultants and supply chain

To view the Lendlease Global Minimum Requirements, please visit: https://www.lendlease.com/au/-/media/llcom/investor-relations/governance/gmrs-2021-english.pdf

Stakeholder Engagement

4

FY21 Business Performance and Review

Financial performance: reflects COVID-19 impacts across the Group and additional provisioning in the Non core segment

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$377m $222m Strong
Core operating [1] Profit after Tax Statutory Profit after Tax Financial position
54.8c 5.4% [2]
($181)m 5.0% [4]
Earnings per Return
Non core segment Loss Gearing
stapled security on Equity
27 [3] cps 49% $26m $1.7b
Distributions Payout ratio Investments segment property revaluations Cash and cash equivalents
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COVID Impacts[6]

– Development pipeline delays, impact on Build to Rent, pricing differentials on capital solutions

Construction – productivity impact from social distancing

Investments – co-investment income impacted with activity disrupted across underlying assets, $40m in rental assistance provided to tenants across LL managed asset portfolio, reduced occupancy in US Build to Rent portfolio

No participation in Australian JobKeeper program

Operating performance: solid growth in Pipeline and FUM despite COVID-19 impacts on Development and Investments activity

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Development Construction Investments
$14.5b $6.4b $39.6b
Work In Progress Revenue Funds Under Management
$3.8b $8.8b [5] $28.5b
Production (Completions) New work secured Assets Under Management
$113.6b $14.9b [5] $3.5b
Pipeline Backlog revenue Investments
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1. Refer page 59 of Annual Report for further detail

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Stakeholder Engagement 5
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Our Strategy and Priorities | Reaffirmed
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Employ our placemaking expertise and integrated
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business model in global gateway cities to deliver
urbanisation projects and investments that generate
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Leverage Accelerate competitive edge development

Scale Best practice Leadership in investments construction sustainability delivery

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Stakeholder Engagement

6

People and Culture

Key Areas of Focus for the Board and the Committee during FY21

Wellbeing

Hardship & Wellbeing Fund established in response to COVID-19:

• More than 340[1] short term grants

• Payments to more than 2,800 frontline workers, recognising challenges in performing their roles during COVID19

• More than $4.5m distributed to support our employees

• Foundation sponsored programs to support morale and engagement

Human Capital Management

Development of an updated human capital strategy to support the execution of the broader organisational strategy

Mission critical capabilities identified along with the shifts required to source, retain and reward the capabilities that drive behaviours needed to outperform

Talent and Succession

Selection of an internal successor for the Group CEO role demonstrates bench strength

Regular review of the performance and potential of our leaders:

• Aids in understanding the diversity and breadth of the talent pipeline

• Informs decisions about talent development and succession, to provide growth opportunities for internal talent

Diversity and Inclusion

Driving gender participation through cultural change and educating all employees about Everyday Sexism

Leading the construction industry in Australia for LGBTI+ inclusion through research and advocacy in partnership with University of New South Wales

Endorsed a detailed action plan to eliminate workplace sexual harassment

Actions taken in response to votes against the FY20 Remuneration Report[2]

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Reflected on the feedback Established a Board led working Reviewed proxy advisor reports received from securityholders group from FY18-FY20 as part of pre-AGM engagement Conducted an online survey to Developed a Remuneration seek feedback from our Top Met with key stakeholders Fact Base 100 securityholders

In an unprecedented and challenging year our People have continued to deliver for our customers and

supported the execution of our strategy

1. Grants approved to 30 June 2021

2. At the November 2020 AGM, Lendlease received 47.34% votes against the resolution to adopt the Remuneration Report and 18.61% of votes against the resolution to approve the allocation of performance rights to the Managing Director.

Investor Engagement Stakeholder Engagement

7

7

FY21 Remuneration Snapshot

FY21 reward outcomes reflect our performance and environment

Nil STA awarded to former Group CEO

30%

Nil LTA

of Maximum STA awarded to new Global CEO

award vested[1] Long Term performance targets (relative TSR and ROE) failed to meet challenging thresholds

20% reduction in Chairman’s fees for FY22

(KMP STA outcomes ranged from 17% to 40% of Maximum STA opportunity)

The Board conducted an extensive program of work to listen to security holder feedback and to test the effectiveness of our Executive Reward Strategy

FY22 Executive Reward Strategy amended

76%

50% of future STAs to be deferred into equity

of new Global CEO Total Maximum Remuneration is performance based

to balance stakeholder views and continue to support strategic priorities

LTA continues to reflect the long dated nature of our business

Total Maximum Remuneration opportunity reduced

Removed the RSA increasing the proportion of performance based reward

Anthony Lombardo and Stephen McCann effected a successful transition of leadership

33%

21%

reduction reduction in unhurdled in maximum remuneration remuneration opportunity

(for the new Global CEO compared to former Group CEO)

All outstanding equity awards remain subject to original performance conditions Termination arrangements for former Group CEO in line with contract

6

Key appointments to the Global Leadership Team

1. 2018 LTI (tranche 2) and 2019 LTA. Excludes the Restricted Securities Award (RSA – previously referred to as the LTA Minimum)

Stakeholder Engagement

8

Changes to CEO remuneration & Strike Response

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76% of Total Maximum Remuneration is performance based
59% of Total Maximum Remuneration is delivered in equity
10,000 9,550
8,000
7,000 7,100 24% reduction 9,000 21% reduction
8,000 7,500
6,000 5,400 7,000 5,050
3,200
5,000 6,000 3,200
1,800
5,000
4,000
3,000 1,200 900 4,000 1,800 1,250
500 3,000
2,000 900 500 1,250
2,000
1,000 2,200 1,800 1,000 2,200 1,800
0 0
Former Group CEO 1 Global CEO 2 Former Group CEO 1 Global CEO 2
Fixed Rem RSA STA (cash) STA (deferred) LTA Fixed Rem RSA STA (cash) STA (deferred) LTA
Key changes (effective for GLT from 1 July 2021) Addresses issues Comments
The LTA
Overall quantum is lower compared to former CEO ü • The Board reset the Group CEO remuneration on transition continues to
Removal of the Restricted Securities Award ü • Increases proportion of remuneration subject to performance reflect the long
Short Term Award has been increased to reflect the removal of dated nature of
ü • Increases proportion of ‘at risk’ remuneration from current arrangements
the Restricted Securities Award our business
Improved Short Term Award Target Disclosures ü • The Board reviewed its approach to remuneration decision making and refined the process to include with vested
more detailed disclosures in relation to STA outcomes. awards
• Provides further alignment with the securityholder experience delivered in
50% of Short Term Award deferred over 2 years ü • Equity (both Short Term Award and Long Term Award) now vesting more progressively (1-6 years four equal
after grant, compared to 3-6 years after grant in the previous Executive Reward Scheme) tranches at the
• Straight line vesting between threshold and maximum simplifies approach end of Y3, Y4,
Simplified Long Term Award vesting schedules and Grant Long ü • Granting at maximum or face value is aligned with market practice and increases transparency in Y5 and Y6
Term Award at maximum
disclosures
For FY22 Short Term Award, reduced the number of KPIs and ü • All KPIs measurable, and tied to Strategy and Operating Plan
reweighted to 65% Financial, 35% Non-financial • Specific weighting assigned to each KPI, with pre-determined Threshold/Target/Maximum range
Maximum
($A'000)
Total Maximum Remuneration
Total Target Remuneration (A$000)
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Stakeholder Engagement

9

FY21 Remuneration Outcomes

FY21 reward outcomes reflect our performance and environment

The Board’s initial assessment of FY21 CEO STA scorecard performance has been adjusted as follows:

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LTI / LTA outcomes and securityholder experience

The following chart shows LTI / LTA outcomes for the former CEO (Steve McCann) relative to 3 year TSR and 3 year average ROE over time:

• Over the period from Sep-05 to Sep-18, 41 per cent of the aggregate value of LTI / LTA awards vested (outcomes range from 0 per cent to 99 per cent)

• 4 of the 14 LTI / LTA awards were worth more than the grant value due to security price growth (Sep-10, Sep-11, Sep-12 and Sep-13)

• 5 of the 14 LTI / LTA awards were worth nothing when they were tested (Sep-05, Sep-06, Sep07, Sep-17 and Sep-18).

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Stakeholder Engagement 10

Board and Committee Membership

Board structure and governance in FY21

• The Board is currently 87.5% independent while all committees are 100% independent.

• Its membership represents an appropriate balance between Directors with experience and knowledge of the Company and Directors with an external or fresh perspective; and the size of the Board is conducive to effective discussion and efficient decision-making.

• The Board is focused on diversity beyond gender, looking at skills, talent, background and experience. The Board currently has 37.5% female representation on the Board. Our target is 40%.

Director	Role	Date of Appointment	Independence	People & Culture Committee	Audit Committee	Risk Committee	Nomination Committee	Sustainability Committee
Michael Ullmer	Non-Executive Chairman	01/12/2011	Independent	Member	Member	Member	Member	Member
Jane Hemstritch	Non-Executive Director	01/09/2011	Independent	Member	Member	Member	Chair	-
Nicola Wakefield-Evans	Non-Executive Director	01/09/2013	Independent	-	Member	Member	Member	Chair
David Craig	Non-Executive Director	01/03/2016	Independent	Member	Chair	Member	Member	-
Philip Coffey	Non-Executive Director	01/01/2017	Independent	Member	Member	Chair	Member	-
Elizabeth Proust	Non-Executive Director	01/02/2018	Independent	Chair	-	Member	Member	Member
Robert Welanetz	Non-Executive Director	01/03/2020	Independent	Member	-	Member	Member	Member
Anthony Lombardo1	Global Chief Executive Officer and MD	03/09/2021	Not Independent	-	-	-	-	-
Other Key Board Appointments
Margaret Ford	Board Advisor	19/8/2020	Margaret Ford, who is currently an independent advisor to the Board based in the UK, has flagged a willingness to re-join the Board once COVID-19 related restrictions have significantly subsided, if this remains appropriate
Nicholas Collishaw	Non-Executive Director	1/12/2021	Nicholas Collishaw will join the Board in December 2021. His appointment continues the focus on Board renewal and in particular, identifying candidates with deep skills in our core operating segments of Development and Investments

1. Anthony Lombardo commenced as Global CEO on 1 June 2021. He joined the Board as Managing Director on 3 September 2021

Stakeholder Engagement

11

Board Skills Matrix

High calibre membership with an appropriate mix and diversity of skills and experience

• The Directors have a mix of local and international experience and expertise, as well as specialised skills to assist with decision making to effectively govern and direct the organisation for the benefit of securityholders. The skills matrix assists the Board with succession planning and professional development initiatives for Directors.

• The table below is a subset of the skills and experience considered by the Board to be important for its Directors to have collectively. The Board considers that Governance, Strategy, People & Culture, Financial Acumen, Risk Management are core skills which 100 per cent (all) Directors have self-assessed as being within their core competencies.

Skills / Experience	Comments	Michael Ullmer	Jane Hemstritch	Nicola Wakefield Evans	David Craig	Phil Coffey	Elizabeth Proust	Robert Welanetz (based in US)	Anthony Lombardo	Nicholas Collishaw 1	Margaret Ford 2 (based in UK)	Total
Industry Experience	Experience in one or more of LL’s operating segments ofProperty, Construction and Investments	ü Investments	-	ü Investments	ü Property & Investments	ü Investments	ü Investments	ü Property Investments Construction	ü Property Investments Construction	ü Property Investments Construction	ü Property Investments Construction	9 of 10
International Operations	Experience working in or managing key clients/teams inLL offshore regions(other than AU)	ü Asia, Europe, US	ü Asia, Europe	ü Asia, US	ü Asia, US	ü Asia, Europe, US	ü Europe	ü Asia, Europe, US	ü Asia, Europe, US	ü Europe, US	ü Europe	10 of 10
Executive Leadership	Performed a senior executive role for a considerable time –last executive role shown	ü Deputy CEO	ü Managing Director	ü Managing Partner	ü CFO	ü Deputy CEO	ü Managing Director	ü CEO	ü CEO (current)	ü CEO	ü Managing Director	10 of 10
ESG	Experience in assessment strategy and performance against environmental, social and governance criteria	ü	-	ü	-	ü	-	ü	ü	ü	-	6 of 10
Legal	Identifying and resolving legal and regulatory issues, and advising the Board on these matters	-	-	ü	-	-	ü	-	-	-	-	2 of 10
Technology	Experience via direct line accountability for managing significant technology functions or major project implementations	-	ü	ü	ü	ü	-	-	ü	-	ü	6 of 10

1. Nicholas Collishaw will join the Board from 1 December 2021

2. Margaret Ford is an independent advisor to the Board and has flagged a willingness to re-join the Board once COVID-19 restrictions have subsided

Stakeholder Engagement

12

Board Renewal and Succession Planning

Board members seeking re-election at the 2021 Annual General Meeting

Board renewal – succession planning for Board roles is critical

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Michael Ullmer, AO

Mr Ullmer joined the Board in December 2011

Board Committee Memberships:

• Chairman of the Board

• Member of the Audit Committee

• Member of the People & Culture Committee

• Member of the Nominations Committee

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Elizabeth Proust, AO

Ms Proust joined the Board in February 2018

Board Committee Memberships:

• Chairman of the People & Culture Committee

• Member of the Nominations Committee

• Member of the Risk Committee

• Member of the Sustainability Committee

• The Directors have a range of local and international experience and expertise, as well as specialised skills to assist with decision making and leading the Group for the benefit of securityholders

• The process of selecting a new Director involves reviewing the experience of current Directors, identifying any gaps in the Board skills set and using that to identify potential new candidates

Industry experience

Director’s average tenure

The Board views industry The Board considers it has an experience as skills or experience appropriate mix of new, mid and gained in one or more of the core longer tenured Directors. At Lendlease operating segments of September 2021, the average term Development, Construction and/or of the Board is 4 years.[1] Investments.

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100%00%
Of Directors have experience in
Governance, Financial Acumen,
People, Strategy and Risk
Management
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100%00%
1-3 3-6 6-9 9+
years years years years
Of Directors have experience in
Governance, Financial Acumen,
People, Strategy and Risk
2 3 1 2
Management
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• Member of the Risk Committee

• Member of the Sustainability Committee

• Nicholas Collishaw and Margaret Ford are not included in these numbers as they are not members of the Board as at September 2021

Stakeholder Engagement

13

Environmental, Social and Governance

FY21 key achievements

$47.3 million Launched Social value created Mission Zero Raising awareness of 18.9% our carbon targets of $250 million target by FY25

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MIND [2]
To be100%
powered by
renewable
energy
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100%
Construction projects
in Chicago using
renewable electricity
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Net Zero >50% Carbon of Melbourne Quarter precinct is green and US Multifamily publicly accessible portfolio

Published Launched second Modern Slavery Founding signatory to Elevate RAP[1] SteelZero Statement 2020 – 2023 Covering all operations initiative globally Founding member of A+ rankings[5] #1 ranked Strategy and MECLA[3] Office fund in GRESB[4] Governance Decarbonising Awarded by PRI Australia’s building and construction industry

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Four
Funds
ranked in the
GRESB [4]
global top 10
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Australian Building business providing Net Carbon Neutral construction three consecutive years

1. Reconciliation Action Plan.

2. Milan Innovation District.

3. Materials and Embodied Carbon Leaders Alliance.

4. 2021 Global Real Estate Sustainability Benchmark.

5. Awarded to Lendlease Funds Management.

Stakeholder Engagement 14

Progress on Sustainability Targets

New sustainability targets

In August 2020 we launched two bold sustainability targets aligned to our Sustainability Framework, with an environmental and a social focus respectively. They are our call to action and will be our measure of success.

Our ambition is to live in a world warmed by no more than 1.5ºC and to be responsible for creating measured social value on the journey.

The built environment contributes to c.40 per cent of global greenhouse gas emissions. Our industry has a unique responsibility and opportunity to act, which is why our targets are intentionally ambitious; the environmental target sets a global benchmark for real estate.

Industry collaboration is critical in order for our sector to meaningfully reduce its carbon footprint. This means working closely and co-operatively with our partners across the supply chain to reduce the embodied carbon in the materials our sector relies on – namely steel, cement and aluminium.

An update on our progress towards both our environmental and social targets is included in our FY21 Integrated Report.

#Mission Zero

In May 2021, Lendlease launched a global campaign, Mission Zero, to promote our new sustainability targets that support one of the Group’s strategic priorities of leadership in sustainability. The campaign aims to:

• Advocate for industry transformation by demonstrating what is possible through our project execution proof points and what is needed through leadership pieces

• Foster collaboration to enable the innovation and change required, at pace and scale, to limit global warming and achieve our targets.

A community can’t thrive if the world around it doesn’t. At Lendlease, we take our responsibility to the planet and its people seriously.

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company
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We aim to tackle Creating the climate crisis social head on value Net zero carbon Measured by return on scope 1 and 2 by 2025 investment from shared Absolute zero carbon value partnerships by 2040

• To view Lendlease’s sustainability targets, please visit: www.lendlease.com/au/company/sustainability/our targets/ To view Lendlease’s Mission Zero Campaign, please visit: www.lendlease.com/au/missionzero/