LENDLEASE GROUP — Investor Presentation 2021

Jun 7, 2021

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8 June 2021
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Lendlease Chairman Investor Engagement Presentation

Attached is a presentation to be referred to during engagement meetings in June 2021 between Lendlease Chairman, Michael Ullmer AO and key investors.

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

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

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

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

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

Investor Engagement Michael Ullmer, AO Chairman, Lendlease Group June 2021

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Investor Engagement 2

Board commitment to securityholders

Respect for securityholders

Stewardship

Transparency

• The Board governs the Group for the long term interests of securityholders

  • Committed to open communication

  • Board program structured to facilitate comprehensive insight into operations and collaboration with management

• Long term outcomes achieved by a focus on areas of value creation:

• Health & Safety

• Strive for transparency in decision making that fosters trust and integrity

• Financial

• Customers

• People

• Sustainability

Board Charter as it relates to securityholders

• Approval of:

• Business strategy and vision in line with focus on securityholder value creation

• Business plans, assuring that sufficient resources are available to implement strategy

Engagement

• Value open engagement with market participants

• Welcome regular interaction with the investment community

• Feedback incorporated into Board deliberations

The Board is committed to exceptional corporate governance policies and practices which we see as fundamental to the long term success and prosperity of the Group.

• Major investments or divestments and strategic commitments

• Financial reporting

• Determination of capital structure and distribution policy

• Oversight of risk management, internal control and compliance systems

• Oversight of securityholder reporting and communications; benchmarking the delivery of value to customers

To view the full Lendlease Board Charter, please visit: www.lendlease.com/au/-/media/llcom/investor-relations/governance/the-board/board-charter-2019.pdf

Investor Engagement

3

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

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

• Other Senior Leadership appointments – Chief Risk Officer, Frank Krile; Chief Executive Officer Asia, Justin Gabbani

• Continuity of main components of strategy outlined in August 2020:

• Focus on urbanisation projects and Investments platform

• Reviewing other components of Group portfolio

• Pathways for delivering $8b+ production target

• Renewed focus on culture and customer

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

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)

• 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

Investor Engagement

4

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Together we create value
through places where
communities thrive
Our strategy
Employ our placemaking expertise and integrated
business model in global gateway cities to deliver
urbanisation projects and investments that generate social,
environmental and economic value.
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Investor Engagement 5
Strategy highlights1
Leverage Increased Accelerate Scale
competitive edge focus development Investments
Global placemaking Prioritise capital and people $8+ billion of production p.a. $50+ billion FUM opportunity from
uplift >80% onhistorical rates
resources to Development secured development pipeline
End to end capability and Investments focus areas
c.90% of production for next 5
New products and external
years planning approved
Proven track record opportunities
Higher capital allocation
Improve earnings quality
Higher annuity earnings | Programmatic investment partnerships | Operating profit focus
1. Slide from Lendlease Strategy Update August 31, 2020. $8b+ p.a. production is a target.
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Investor Engagement

6

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People and
Culture
Committee
The role of this Committee is to
support the Board in fulfilling its
governance and oversight
responsibilities related to people
management and remuneration
policies.
The Committee sets people
management policies and practices
that enable the Group to attract and
foster exceptional talent, equitably
and responsibly reward employees
and keep human capital
considerations central to the
Group's strategy and business
plans.
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Responsibilities

People & Culture Strategy

• Oversight of the alignment of the people strategies with Group strategy

• Review results of and actions arising from the employee engagement survey

Talent Management & Succession

• Review the Group’s:

• −Succession planning for the Global Leadership Team (GLT) and Group CEO

• −Talent management and succession strategy including the talent pipeline for the roles required to deliver the Group’s strategy

Diversity & Inclusion

• Assessment, review and monitoring of the Group’s:

• −Diversity & Inclusion strategy

• −Policies supporting Diversity & Inclusion

• −Agreeing Diversity & Inclusion related objective and targets

Remuneration

• Assessment, review and monitoring of the Group’s:

• −Executive Reward Strategy

• −Contractual arrangements and remuneration for the CEO

• −Goals, performance and remuneration for the GLT

• −Bonus pool and employee incentive schemes

• −Annual Report remuneration disclosures

• −Non Executive Director fees

Meetings and composition

The Committee

• Meets quarterly prior to Board meetings and at additional times as required

• Is supported by the Chief People Officer and their team who supplies the committee with relevant information (except when their own remuneration and performance evaluation is discussed)

• EY appointed as Board’s remuneration advisor in July 2020

Current Committee members

• Elizabeth Proust (Chair)

• Michael Ullmer

• Phil Coffey

• David Craig

• Jane Hemstritch

• Robert Welanetz

In attendance at each meeting by invitation:

• Group CEO (except for decisions relating to their performance and remuneration)

To view the full Lendlease People and Culture Committee Charter, please visit: www.lendlease.com/au/-/media/llcom/investorrelations/governance/committees/2019/people-and-culturecommittee-charter-2019.pdf

Investor Engagement

7

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:

• 281[1] short term grants to support our people

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

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 inspiring career 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 Meet with key stakeholders Fact Base 100 securityholders IN PROGRESS

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 April 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

8

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Changes to CEO remuneration 76% of Total Maximum Remuneration is performance based59% of Total Maximum Remuneration is delivered in equity
10,000 9,550
8,000
7,100 9,000 21% reduction
7,000 24% 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 Group CEO 2 Former Group CEO 1 Group CEO 2
Fixed Rem RSA STA (cash) STA (deferred) LTA Fixed Rem RSA STA (cash) STA (deferred) LTA
Addresses key
Key changes Comments
issues / concerns The LTA
Overall quantum is lower compared to former CEO ✓ • The Board reset the Group CEO remuneration on transition continues to
reflect the long
Removal of the Restricted Securities Award ✓ • Increases proportion of remuneration subject to performance dated nature of
our business
Short Term Award has been increased to reflect the
removal of the Restricted Securities Award • Increases proportion of ‘at risk’ remuneration from current arrangements with vested
awards delivered
• Provides further alignment with the securityholder experience
• Equity (both Short Term Award and Long Term Award) now vesting more in four equal
50% of Short Term Award deferred over 2 years ✓ tranches at the
progressively (1-6 years after grant, compared to 3-6 years after grant in
end of Y3, Y4,
the current Executive Reward Scheme)
Y5 and Y6
Simplified Long Term Award vesting schedules ✓ • Straight line vesting between threshold and maximum simplifies approach
Target
Maximum
($A'000)
Total Maximum Remuneration
Total Target Remuneration (A$000)
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Investor Engagement

9

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Sustainability
Committee
The role of this Committee includes
oversight of the Group’s aspiration
of being a sustainable organisation.
The Committee remit encompasses
workplace safety; corporate social
responsibility; environmentally
sustainable solutions; modern
slavery; indigenous engagement
and the Lendlease Foundation
activities.
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Responsibilities

Health, Safety and Wellbeing

• Assessment, review and monitoring of the Group’s:

• Health and Safety framework

• Health & Safety strategy

• Policies and initiatives relating to safety and wellbeing

• Safety information

• Board recommendations to improve safety performance and reporting

Sustainability and Corporate Social Responsibility

• Oversight, review and monitoring of the Group’s:

• Sustainability framework

• Sustainability strategy and its implementation

• Policies and initiatives to achieve best practice environmentally sustainable solutions

• Publicly disclosed sustainability targets

• External reporting on major corporate social responsibility and sustainability policies principles and initiatives

• Lendlease Foundation

• Board recommendations in relation to sustainability disclosures including TCFD (Task Force on Climate Related Financial Disclosure) and Modern Slavery

Indigenous Engagement

• Oversight and monitoring of the Group’s:

• Reconciliation Action Plan framework

• Activities to achieve a leadership position in advancing reconciliation

Meetings and composition

The Committee

• Meets quarterly prior to Board meetings and at additional times when requested by members

• Is supported by the Group Heads of Sustainability and Safety, Executive Lead – First Nations Engagement, and Head of Supply Chain Risk who supply the committee with relevant information

Current Committee members

• Nicola Wakefield-Evans (Chair)

• Michael Ullmer

• Elizabeth Proust

• Robert Welanetz

In attendance at each meeting by invitation:

• Group CEO

To view the full Lendlease Sustainability Committee Charter, please visit: www.lendlease.com/au/-/media/llcom/investorrelations/governance/committees/2019/sustainability-committeecharter-2019.pdf

Investor Engagement

10

Health and Safety

Our No.1 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).

Sadly, we have experienced two fatal incidents to subcontractors working on our operations in the past year. One from a partial roof failure at Curtin University in Western Australia, and a second event occurred in Malaysia during an elevator fit out.

Our Global Minimum Requirements (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. They include a renewed focus on providing industry-leading mental health programmes and support with a focus on providing the best possible working conditions.

Every day, tens of thousands of people around the world come to a Lendlease place. Their health and safety, and that of everyone who interacts with us, is our highest priority.

We strive for excellence in the underlying drivers of safety outcomes

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

• GMRs foundation for 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

• 90% operations without a critical incident in FY20

• Lost time injury rate reduced from 6.6 in FY03 to 1.5 in FY20

• Critical injury frequency rate reduced from 2.57 in FY12 to 0.70 in FY20

• 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

Investor Engagement

11

Sustainability

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 will be provided 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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We are a
1.5ºC
aligned
company
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Create
$250m of
social value
by 2025
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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/

Investor Engagement

12

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Nomination
Committee
Advice and support related to Board
composition.
Objective is to have an appropriate
mix of expertise, skills, experience
and perspectives that foster diligent
oversight and effective corporate
governance.
Oversight of Board, Committee and
individual Non Executive Director
performance.
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Responsibilities

• Board structure:

• −Size and composition

• −Mix of expertise, skills, experience

• −Perspectives desirable to assist the Board in its role

• Identification of:

• −Board competencies not adequately represented

• −Selection process for prospective candidates to meet required competencies

• −Board candidates and recommendations for appointment to the Board

• Director development:

• −Process for induction and education of new Directors

• −Continuing education and development for Non Executive Directors

• −Re-election process with regard to performance

• Evaluation of Board and Committee performance:

• −Assessed against the requirements of the respective Charters

• −Contribution of individuals and overall Board

• −External review on a biennial basis

• −Internal assessment in periods when there is no external assessment

• Succession planning:

• −Review of succession plan for the Board

• −Consideration of skills required for current business operations

• −Consideration of skills and expertise needed on the Board in the future

Meetings and composition

The Committee

• Meets as required but generally at every scheduled Board meeting

Current Committee members

• Jane Hemstritch (Chair)

• Michael Ullmer

• Phil Coffey

• David Craig

• Elizabeth Proust

• Nicola Wakefield-Evans

• Robert Welanetz

In attendance at each meeting by invitation:

• Group CEO

To view the Lendlease Nomination Committee Charter, please visit: www.lendlease.com/au/-/media/llcom/investor-

relations/governance/committees/2019/nomination-committee-charter2019.pdf

Investor Engagement

13

Nominations Committee

Re-elections

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

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Michael Ullmer, AO

Elizabeth Proust, AO

Mr Ullmer joined the Board in December 2011

Ms Proust joined the Board in February 2018

Board Committee Memberships:

Board Committee Memberships:

• Chairman of the Board

• Chairman of the People & Culture Committee

• Member of the Audit Committee

• Member of the People & Culture Committee

• Member of the Nominations Committee

• • Member of the Risk Committee

• Member of the Nominations Committee

• Member of the Sustainability Committee

• Member of the Risk Committee

• Member of the Sustainability Committee

Board Composition and Renewal

Board renewal – succession planning for Board roles considered critical:

• 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 aim is to have a Board comprised of Directors with an appropriate mix and balance of skills, expertise, experience, diversity and independence, both individually and collectively

• 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 experience as skills or experience gained in one or more of the core Lendlease operating segments of Development, Construction and/or Investments.

The Board considers it has an appropriate mix of new, mid and longer tenured Directors. At June 2021, the average term of the Board is 5.9 years.

5 of 7 100% 1-3 3-6 6-9 9+ years years years years Board members Experience in have experience in strategy, one or more of the core segments financial acumengovernance and 1 3 1 2

Investor Engagement

14

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Risk
Committee
Oversight of the Group’s risk
management and internal control
systems, risk policies and practices,
compliance, and approval process
for projects.
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Responsibilities

Risk policy

• Oversee, review and monitor adherence to risk related policies including:

• −Risk strategy and risk appetite statement

• −Macroeconomic, geopolitical, business risk environment

• −Insurance strategy

• −Adequacy of criteria for underperforming projects

• −Appropriateness of delegations and limits of authority

Enterprise & Operational Risk

• Oversight, review and monitoring of the Group’s:

• −Enterprise Risk Management system

• −Internal control environment

• −Lines of defence risk and control assurance

• −Material reputational risks

• −Compliance framework

• −Business integrity and conduct risk

• −Adequacy of insurance and other risk transfer arrangements

• Cyber and data governance risks:

• −Disaster recovery and business contingency planning process

Operational oversight

• Review and recommend major transactions for Board approval

• Portfolio reports on the three operating segments and focus projects

• Review and set the assessment criteria for the assurance report

• Review and monitor the Group’s underperforming projects

Meetings and composition

The Committee

• Meets prior to every Board Meeting

• Is supported by the Group Chief Risk Officer and their team who supplies the committee with relevant information

Current Committee members

• Phil Coffey (Chair)

• David Craig

• Jane Hemstritch

• Elizabeth Proust

• Michael Ullmer

• Nicola Wakefield-Evans

• Robert Welanetz

In attendance at each meeting by invitation

• Group CEO

To view the full Lendlease Risk Committee Charter, please visit: www.lendlease.com/au/-/media/llcom/investorrelations/governance/committees/2019/risk-committee-charter2019.pdf

Investor Engagement

15

Risk Committee

Risk governance and management

• Following the Risk Committee’s approval of the Risk Appetite Framework in August 2020 and its subsequent implementation, the Board’s level of oversight across the business has been enhanced. Moreover, as risk appetite continues to evolve, the risk tolerances and accompanying standards and frameworks are being evolved and refined in order to remain fit-for-purpose.

• Of note in the period, the below Policies and Standards were all approved and implemented within the last six months and will allow the Board to increase its oversight of the business:

• Group Standards on Project Environmental and Social Risk Assessment;

• Group Standard on Design Complexity, and

• Group Policy and Standard on Customer Complaints and Feedback

Three lines of defence

First line of defence - responsibilities

Second line of defence – assurance measures

Third line of defence – independent processes

Who: Individual business units

Who: Group functions

Who: Internal and External Audit

• Identify, manage and own risks relevant to the business unit

• Includes corporate risk and insurance, operational assurance and performance, safety, legal, information technology, and finance

• Attends and reports directly to the Board Audit and Risk Committees

• The business units have the tools and interaction with the Group functions to execute business responsibilities

• Act independently from the first and second lines of defence

• Function specific policies outline assurance measures to enable each business to identify and manage risk appropriately

• Private session held with Internal or External Audit without management present in alternating quarters

• Individual business unit CEOs present on business risk each quarter to the Risk Committee

Risk Management is a key focus area of the Lendlease Board.

Lendlease has no tolerance for employees operating outside of the risk appetite without the required approvals.

Investor Engagement

16

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Audit
Committee
Oversight of accounting policies and
practices, tax matters, treasury
reporting, monitoring of internal
financial controls, internal and
external audit functions and
financial reporting.
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Responsibilities

External Audit

• Review the scope, quality and effectiveness of the audit and audit fees

• Independent resolution of issues arising from audit reports

• Approve non-audit assignments in accordance with policy procedures

• Monitor the interaction between internal and external audit and management

Internal Audit

• Review, monitor and approve where appropriate:

• −Scope, budget of the internal audit plan

• −Quality and effectiveness of the audits

• −Management resolution of matters arising from internal audit reports

Financial Reporting

• Review, monitor and assess:

• −Financial statements and audit opinions

• −Significant financial reporting issues

• −Metrics and provisioning in relation to material underperforming projects

• −Appropriateness of accounting policies and methods

• −Reliability and appropriateness of financial reporting disclosure

• Recommendations to Board in relation to:

• −Approval of the financial statements

• −Major changes to accounting policies and procedures

Financial risks and controls

• Review and monitor:

• −Adequacy of internal control processes overseen by finance teams

• −AFSL Compliance plans, Treasury strategy, funding plan and policies

• −Material tax matters and compliance with applicable legislation/regulations

Meetings and composition

The Committee

• Meets quarterly prior to Board meetings and at additional times if required

• Is supported by the Group Chief Financial Officer and their team, Group Head of Internal Audit and the External Auditor who supply the committee with relevant information

Current Committee members

• David Craig (Chair)

• Michael Ullmer

• Phil Coffey

• Jane Hemstritch

• Nicola Wakefield-Evans

In attendance at each meeting by invitation

• Group CEO (except during the private sessions held at alternate meetings with the Internal and External Auditors)

To view the full Lendlease Audit Committee Charter, please visit: www.lendlease.com/au/-/media/llcom/investorrelations/governance/committees/2019/audit-committee-charter2019.pdf

Investor Engagement

17

Audit Committee

Investment partners a key element of the integrated business model

Core strategy of urbanisation has resulted in significant growth in the development pipeline along with investment partner initiatives. Formal committee review process for the accounting of major investment partner transactions.

With a secured pipeline that is anticipated to create more than $50 billion of investment grade assets, combined with investment partner appetite to take more development exposure and the target to accelerate development to a production rate of $8b+ pa, the frequency of investment partner initiatives is expected to rise significantly.

• Reviews conducted in recent periods included: Investment partnership at Milano Santa Giulia; and Development Joint Venture and PLLACes at One Sydney Harbour.

Strong internal controls and transparency are key focus areas to enable the Group to give a true and fair view of its financial position and performance.

Transparency in structure and accounting of transactions and resiliency of Balance Sheet

Profit and loss

Detailed review of relevant accounting issues

Consideration of the components of transactions:

• Development management fees

• Gain on sale

• Revaluations

Balance sheet

The committee reviewed the strength of the Balance Sheet taking into account the disruption of the COVID-19 pandemic, with particular emphasis on:

• Valuation and recoverability of assets,

• Liquidity and funding, and

• Impact of transactions in the period

Non core segment

Review of the accounting treatment associated with the sale of the

Engineering business and adequacy of provisions held

• Transaction costs

• Cash Flows