17 August 2020

Lendlease Group 2020 Full Year Results Announcement, Presentation and Appendix

Lendlease Group today announced its results for the year ended 30 June 2020. Attached is the FY20 Results Announcement, Presentation and Appendix.

A summary of Lendlease's Major Urbanisation Projects can be found on the Lendlease website, or by clicking on the link here.

ENDS

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 the Lendlease Group 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

Level 14, Tower Three, International Towers Sydney Telephone +61 2 9236 6111 Exchange Place, 300 Barangaroo Avenue Facsimile +61 2 9252 2192 Barangaroo NSW 2000 Australia lendlease.com

192217 August 201920182020

Strategic initiatives progressed despite COVID-19 impacts

For the full year ended 30 June 20201: • Statutory Loss after Tax of $310 million • Full year distributions of 33.3 cents per stapled security: o Interim distribution 30 cents; o Final distribution 3.3 cents from Trust, no dividend from Corporation Core business: • Profit after Tax of $96 million, Return on Equity of 1.5 per cent2 • $212 million after tax loss in H2FY20, significantly impacted by COVID-19 • Development pipeline of $113 billion, up 48 per cent Strategic progress: • Secured two major urbanisation projects, estimated end development value of $37 billion • Three3 new investment partnerships across c.$7 billion of development value • Completed development of Paya Lebar Quarter, Singapore – $3.3 billion of FUM • Listed the Lendlease Global Commercial REIT in Singapore • Launched new sustainability targets including net zero carbon by 2025 and absolute zero carbon by 2040 Non Core business: • Loss after Tax of $406 million, including $368 million in exit costs • Sale of the Engineering business anticipated to be completed shortly, subject to satisfaction of the final conditions

FY20 Result Group Chief Executive Officer and Managing Director, Steve McCann, said Lendlease experienced a disappointing financial result in FY20 as the Group brought to account costs for the exit of the Engineering business, while the Core business was impacted by COVID-19 in the second half.

“The Group responded swiftly to the onset of COVID-19 with the health and safety of our people and customers paramount, along with measures to strengthen our financial position,” said Mr McCann.

A range of mitigating actions were implemented including cost reductions and a review of project expenditure. In addition, the balance sheet was strengthened significantly through issuing new

1. Comparative period, the year ended 30 June 2019. 2. Return on Equity is calculated using the Profit after Tax divided by the arithmetic average of beginning, half and year end securityholders’ equity. 3 One partnership was formed post balance date. 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 Telephone +61 2 9236 6111 Exchange Place, 300 Barangaroo Avenue Facsimile +61 2 9252 2192 Barangaroo NSW 2000 Australia lendlease.com

192217 August 201920182020

equity and arranging additional debt facilities to enable the Group to manage through a potential sustained downturn and to take advantage of development and investment opportunities as they emerge.

“Notwithstanding the challenging environment, the Group advanced its strategic agenda in FY20. Significant progress was made on growing and converting the development pipeline, including securing additional major urbanisation projects, achieving important planning milestones and creating new investment partnerships to support projects moving into delivery. The Group has made good progress in finalising the sale of the Engineering business.”

Core business Following a solid first half, a significant deterioration in operating conditions as a result of the impacts of COVID-19 led to a loss in the second half of the year.

Delays were experienced in converting development opportunities across our urbanisation pipeline and the Communities business experienced weak trading conditions.

In Construction, the impact was greater in our international regions, particularly in cities where mandated shutdowns were implemented. This included lower productivity, projects being put on hold and delays in the commencement or securing of new projects.

The Group’s investment portfolio was impacted by declining real estate values as a result of deteriorating market conditions.

While the financial performance was curtailed, substantial growth in the development pipeline along with the establishment of new investment partnerships and the extension of existing partnerships provide the foundations for future growth.

“Our ability to deliver transformational urban precincts with a focus on financial, environmental and social outcomes is being recognised globally. Continued origination success during the year resulted in the development pipeline more than doubling over the last five years to above $100 billion,” said Mr McCann.

The Group added two new major urbanisation projects to its portfolio – Thamesmead Waterfront in London and a partnership with Google in the San Francisco Bay Area. These residential led projects have a combined estimated development end value of approximately $37 billion.

The retail and residential components of Singapore’s newest lifestyle precinct completed in the period. This marks the culmination of the four-year development of Paya Lebar Quarter with the precinct now contributing $3.3 billion in funds and assets under management.

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 Telephone +61 2 9236 6111 Exchange Place, 300 Barangaroo Avenue Facsimile +61 2 9252 2192 Barangaroo NSW 2000 Australia lendlease.com

192217 August 201920182020

A new partnership was formed with PSP Investments, one of Canada’s largest pension funds to develop the $4 billion Milano Santa Giulia project. The 58,000 sqm Victoria Cross over station development in Sydney will be delivered in partnership with the Australian Prime Property Fund Commercial.

Post year end, the Group established an investment partnership with Mitsubishi Estate to deliver the first residential tower at One Sydney Harbour, Barangaroo South, which we expect to contribute approximately $100 million to after tax profit in FY21.

Strong presales have been achieved at TRX Residences in Kuala Lumpur and One Sydney Harbour, Barangaroo South. There are more than 1,600 apartments for rent in delivery, with four additional buildings entering delivery across projects in London and Chicago.

“The ongoing conversion of our pipeline provides access to development opportunities and high quality assets for our investment partners. This integrated approach, along with our placemaking skills, provides a point of difference we believe few can match,” Mr McCann said.

The design and delivery capabilities of the Construction segment are critical to the success of integrated projects. In addition, the business is well placed to secure Government sponsored projects as part of potential stimulus measures across a range of sectors.

Today we announce the launch of our new ambitious environmental and social sustainability targets. Lendlease is committed to being a 1.5ºC aligned company, with market leading carbon targets of net zero carbon scope 1 and 2 by 2025 and absolute zero carbon, which extends to our supply chain, by 2040. In addition, through our interaction with the communities we are part of, we aim to create $250 million of social value by 2025.

Non-core business The sale of the Engineering business is anticipated to complete shortly, subject to the satisfaction of the final conditions. The sale price is $160 million, payable in instalments in FY21 including completion adjustments.

The Group will retain three projects. The completion of NorthConnex is anticipated in the coming months and Kingsford Smith Drive is scheduled to complete by the end of CY20. As previously advised, the Cross Yarra Partnership consortium for the Melbourne Metro Tunnel Project is continuing to work with the Victorian Government on a confidential basis to resolve issues in relation to the scope and costs on the project.

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 Telephone +61 2 9236 6111 Exchange Place, 300 Barangaroo Avenue Facsimile +61 2 9252 2192 Barangaroo NSW 2000 Australia lendlease.com

192217 August 201920182020

Lendlease has previously disclosed a cost estimate to exit the Engineering and Services businesses of $450 - $550 million4 on a pre-tax basis. Lendlease now expects these costs to be approximately $550 million pre tax, with $525 million pre tax ($368 million after tax) accounted for in FY205.

The sale process for the Services business has been paused as a result of current market conditions. While the business has been performing well, it is non core and is expected to be divested in future periods.

Financials The Group’s Statutory Loss after Tax of $310 million for the year ended 30 June 2020 included Engineering exit costs of $368 million after tax, along with $19m of goodwill impairment in anticipation of the completion of the sale of Engineering, and COVID-19 related impacts on the Core business.

The Core business generated profit after tax of $96 million for the full year. A solid first half with net profit after tax of $308 million was largely offset by the sharp deterioration in operating conditions following the onset of the pandemic, resulting in a loss after tax of $212 million in the second half.

A range of measures were undertaken to strengthen the financial position of the Group. $1.2 billion of equity was raised through an Institutional Placement and Share Purchase Plan and $1.3 billion of additional debt facilities were arranged. In addition, overhead and employee costs were reduced and project expenditure was reviewed.

The Group entered the new financial year in a strong financial position with gearing of 5.7 per cent6 and $5.86 billion of liquidity.

Group Chief Financial Officer, Tarun Gupta said: “We remain focused on setting ourselves up for the future to deliver our growing pipeline of urbanisation projects and pursue investment opportunities. A robust balance sheet and available liquidity are paramount for this investment phase.”

Cash generation was strong with underlying operating cash flow of $762 million. This included apartment settlements across our development projects and the cash realisation of profit recognised on development projects in prior periods. In addition, PLLACes7 on Barangaroo apartment pre sales generated cash of $588 million. Adjusting for the $525 million of Engineering exit costs, cash conversion of underlying operating cash flow to EBITDA for the last five years, was 102 per cent.

4 This cost estimate included implementation and selling costs, indemnities included in any sale agreements and potential costs to cover concluding projects retained by the Group. 5 $15m accounted for in FY19 with a further $10m expected in FY21. 6 FY20 includes $451m of cash and cash equivalents which have been classified as Disposal Group assets held for sale. 7 Presold Lendlease Apartment Cash flows.

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 Telephone +61 2 9236 6111 Exchange Place, 300 Barangaroo Avenue Facsimile +61 2 9252 2192 Barangaroo NSW 2000 Australia lendlease.com

192217 August 201920182020

The completion of the Engineering sale will result in a cash flow impact comprising a transfer of the working capital cash balance to the buyer, less sale proceeds in FY21. As at 30 June 2020 the working capital balance was approximately $450 million. The cash outflow from the exit costs of $525 million accounted for in FY20 is expected to be incurred over the period FY21 – FY25.

Outlook Since the onset of COVID-19 our priorities have been to keep our people safe and protect our balance sheet. While the duration of the impacts of the pandemic is uncertain, near term effects from COVID-19 are continuing and we expect current conditions to suppress first half earnings.

The Group entered FY21 in a strong financial position and is well positioned to execute delivery of the global development pipeline and take advantage of new investment opportunities as market conditions improve.

The Group’s ability to partner with public and private sector clients to secure long dated projects provides substantial earnings visibility over the medium to long term.

“Our core business is at an exciting point with a development pipeline of $113 billion and a growing number of major urbanisation projects in our international gateway cities across the US and Europe in particular,” Mr McCann said.

Construction backlog revenue for the core business is $14 billion. Beyond the current backlog, there is approximately $8 billion of work for which the Group is in a preferred position, across both external and integrated projects.

“Our urbanisation pipeline is expected to create more than $50 billion of institutional grade assets for our investment partners and the Group’s investments platform. We are well placed to double our current $36 billion funds under management as this pipeline is delivered,” Mr McCann said.

The Investments segment is in a solid position to continue to deliver recurring earnings derived from the $4 billion of investments, $36 billion in funds under management and $29 billion of assets under management.

Further information regarding Lendlease’s results is set out in the Group’s financial results presentation for the full year ended 30 June 2020 and is available on www.lendlease.com.

ENDS

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 Telephone +61 2 9236 6111 Exchange Place, 300 Barangaroo Avenue Facsimile +61 2 9252 2192 Barangaroo NSW 2000 Australia lendlease.com

192217 August 201920182020

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

2020 Key Dates for Investors

Securities quoted ex-distribution on the Australian Securities Exchange 21 August

Distribution record date 24 August

Strategy Market Briefing 31 August

Distribution payable 15 September

Annual General Meetings 20 November

Authorised for lodgement by the Lendlease Group 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

Level 14, Tower Three, International Towers Sydney Telephone +61 2 9236 6111 Exchange Place, 300 Barangaroo Avenue Facsimile +61 2 9252 2192 Barangaroo NSW 2000 Australia lendlease.com

Singapore: Singapore: Paya Lebar Quarter Results Full Year 2020 17 August 2020

DRAFT – SUBJECT TO VERIFICATION Lendlease FY20 Financial Results 2

Acknowledgement of Country As a developer, builder and manager of assets on land across Australia, we pay our respects to the traditional owners, especially their elders past and present, and value their custodianship of these lands. Lendlease FY20 Financial Results 3

Group

Performance Steve McCann Group Chief Executive Officer and Managing Director

Chicago: Cooper at Southbank Lendlease FY20 Financial Results 4 Our approach End to end capabilities across all aspects of real estate – from concept planning, to design and delivery, through to funding and investment management – generate superior economic, social and environmental outcomes. Lendlease FY20 Financial Results 5

2020 significantly impacted by onset of COVID-19

COVID-19 • Significant deterioration in operating conditions in the second half as a result of the pandemic • Financial impact to Core business: − Solid H1 FY20 with a net profit after tax of $308m − H2 FY20 loss after tax of $212m

Swift response following the onset of the pandemic • Health and safety paramount: − Range of measures to protect our people, customers and the communities in which we operate − Early introduction of travel bans and workplace changes to prevent the spread of the virus − Initiatives across the commercial assets, retirement villages and residential communities we manage

• Actions to mitigate the impact on the Group: − Overhead and employee cost reductions − Review of project expenditure − Balance sheet strengthened by $1.2b equity raising and $1.3b in additional debt facilities

Well placed to navigate ongoing uncertainty

• Despite a challenging year, substantial progress made on the Group’s strategic agenda • The strengthening of the balance sheet positions the Group to: − Manage through a potential sustained downturn − Accelerate delivery of development pipeline and take advantage of new investment opportunities Lendlease FY20 Financial Results 6

Value creation: non financial focus areas

Health and Safety Our People Our Customers Sustainability

Health and Safety is our number one Our people are the greatest Designing and delivering innovative, We pride ourselves on reaching priority. We remain committed to the contributors to our success and enable customer driven solutions allows us to industry firsts – not because they’re health and safety of our people, our us to fulfil our vision to create the best win the projects we want to win and milestones, it’s a signal we’re pushing subcontractors, and all of those who places. ultimately deliver the best places. ourselves for better outcomes for interact with a Lendlease place. people and the planet.

Safety Developing talent at all levels Customer Focus Leadership

• Despite a significant improvement • 39 senior leaders participated in our • Attracted significant new investment • 1.5°C aligned company targeting: in performance across our safety Urbanisation Project Director and partners to the Group − Net zero carbon scope 1 & 2 by metrics, it is with much sadness we Construction Director programs – a • #1 ranked infrastructure contractor 2025 report a fatality in FY20 further 47 senior leaders have for Australian Department of − Absolute zero carbon by 2040 completed the programs Defence • Improved metrics following further • Target $250m social value created • 26.9% of leadership positions held enhancements to safety standards: • #1 ranked multi-family residential by 2025 by women, up from 26.1%3 contractor in the US – 20th − Record low Group Lost Time • Barangaroo South: Australia’s first 1,2 • 404 graduates accepted into our consecutive year Injury Frequency Rate 1.5, carbon neutral precinct 3 global graduate program down from 1.8 • Customer satisfaction and loyalty • GRESB5 leadership − Operations without a Critical ratings positive across our three Incident4 91%, up from 90%3 segments following a survey of − #1 ranked fund globally 25,000 customers − Four funds in global top 10

1. Calculated on a rolling 12 month basis. 2. Calculated to provide a rate of instances per 1,000,000 hours worked. 3. Comparative period the year ended 30 June 2019. 4. A Critical Incident is an event that caused, or had the potential to cause, death or permanent disability. This is an indicator unique to Lendlease. 5. Global Real Estate Sustainability Benchmark (2019). Lendlease FY20 Financial Results 7

Securityholder returns1

FY20 • Group Statutory Loss after Tax of $310m: result − Core Profit after Tax of $96m, earnings per stapled security of 15.9 cents, Return on Equity of 1.5%2 − Non core Loss after Tax of $406m, including $368m after tax in exit costs

• Full year distributions of 33.3 cents per security − Interim distribution of 30 cents per security − Final distribution of 3.3 cents per security from Trust earnings, no dividend from Corporation

Performance

• Financial performance of the Core business significantly impacted by COVID-19: − Delay in conversion of opportunities across urbanisation projects − Mandatory site shutdowns, lower productivity and delays in new work in Construction − Valuation declines in the Group’s c.$4b investment portfolio

1. Comparative period the year ended 30 June 2019. • Mitigating actions implemented in response to the pandemic: 2. Return on Equity is calculated using the Profit after Tax divided by the − Balance sheet strengthened by equity raising and additional debt facilities arithmetic average of beginning, half and year end securityholders’ − Initiatives to reduce overheads and review project expenditure equity. 3. Net debt to total tangible assets, less • Despite a challenging year, substantial progress made on strategic agenda: cash. 4. FY20 includes $451m of cash and − Development pipeline up 48% to $113b with two additional major urbanisation projects secured cash equivalents which have been classified as Disposal Group assets − New investment partnerships formed held for sale. • Strong financial position: gearing of 5.7%3,4, and liquidity of $5.8b4 providing capacity to: − Accelerate development production activity as economy recovers − Take advantage of new investment opportunities Lendlease FY20 Financial Results 8

Sale of Engineering business to Acciona

Progress on • Sale of Engineering business to Acciona anticipated to complete shortly, subject to satisfaction of the final conditions: exit of − Third party consents being secured Non core − Sale price of $160m, payable in instalments in FY21 including completion adjustments Update on retained contracts and Services business segment • Three retained engineering projects: − NorthConnex: completion anticipated in the coming months − Kingsford Smith Drive: completion expected by end of CY20 − Melbourne Metro Tunnel Project: o Consortium working with Government on a confidential basis to resolve issues in relation to scope and costs

• Services business: − Sale paused until market conditions normalise − Underlying performance maintained with new work secured of $1.4b, up from $1.0b1 − c.$10m pre tax of costs incurred in FY20 relating to the wind down of the Energy and Technology unit

1. Comparative period the year ended 30 June 2019. 2. Previously disclosed range of $450m Financial impact - $550m pre tax. 3. $15m accounted for in FY19 with a • Costs to exit Engineering and Services business expected to be approximately $550m2 pre tax further $10m expected in FY21. 4. Final working capital amount and − $525m pre tax exit costs accounted for in FY203 - cash outflow expected to be incurred over FY21-25 associated cash to be determined at completion. • Goodwill impairment of $19m related to Engineering sale • On completion of the sale, a working capital cash balance will transfer to the buyer. As at 30 June 2020 the balance was c.$450m4 Lendlease FY20 Financial Results 9

Strategic initiatives progressed, Development pipeline $113b

Executing on our strategy

• Investment partner initiatives: − New investment partnerships extending to $7b1 in development value: o Milano Santa Giulia: entire precinct o Victoria Cross over station development, Sydney o Barangaroo South: One Sydney Harbour Tower 12

− Progress on existing investment partnerships: o Elephant Park: further two residential for rent buildings in delivery o Lakeshore East and Southbank: additional three residential buildings in delivery Milan: Milano Santa Giulia4 Sydney: Victoria Cross4,5 o Completed Paya Lebar Quarter, Singapore: $3.3b FUM

− Launched Lendlease Global Commercial REIT in Singapore

− New c.$2b multi sector investment mandate secured in Australia3

• Development pipeline $113b up from $76.1b3

• c.$37b of urbanisation projects secured: − Thamesmead Waterfront, London: $15.1b1 − San Francisco Bay Area project: $21.8b1

London: Elephant Park4 Chicago: Lakeshore East4

1. Total estimated development end value. 2. Secured post balance date. 3. Comparative period the year ended 30 June 2019. 4. Artist’s impression (image subject to change and further design development and planning approval). 5. Victoria Cross over station development. Lendlease FY20 Financial Results 10

Financial

Performance Tarun Gupta Group Chief Financial Officer

Sydney: Sydney Place Artist’s impression Lendlease FY20 Financial Results 11 Financial performance

$m FY19 FY20 Change Core Development 793 322 (59%) • PLQ completion; Victoria Cross over station development and MSG Development JVs; apartment settlements

Construction 211 101 (52%) • EBITDA margin 1.3%

Investments 489 140 (71%) • Modest growth in base fees from higher average FUM; PLQ performance fee

Operating EBITDA 1,493 563 (62%) H1FY20 H2FY20 H2 performance impacted by COVID-19 1 Corporate costs (165) (158) 4% Development 272 50 Delays in transactions across urbanisation projects Group EBITDA 1,328 405 (70%) Construction 101 - Site shutdowns, lower productivity, project delays Depreciation and amortisation (94) (160) (70%) Investments 255 (115) Total investment devaluations of $211m in H2 EBIT 1,234 245 (80%) Operating EBITDA 628 (65) Net finance costs (125) (153) (22%) PBT 1,109 92 (92%) • Depreciation and amortisation and Net finance costs increased due to implementation of AASB16 Leases4 Income tax (expense)/benefit (305) 4 na2 PAT 804 96 (88%) Non core EBITDA (461) (495) (7%) • Operating result of $30m (including $19m goodwill impairment), $525m of exit costs PAT (337) (406) (20%) Total PAT 467 (310) na2 Weighted avg. securities3 (#m) 588 603 3% Earnings per Stapled Security3 (cents) 79.4 (51.4) na2

1. Corporate costs of $158m comprise Group services costs of $129m and Group Treasury costs of $29m. 2. Figures are non meaningful. 3. FY19 Total Earnings per Security and Weighted avg Securities have been updated to reflect the share issue in FY20 (previously reported as 82.4 cents and 567 #(m) respectively). 4. The net impact to the Income statement on adoption of AASB16 is an $11m pre tax increase in expense in FY20. Lendlease FY20 Financial Results 12

Cash flow movements FY20 ($m)

Cash flow Strong underlying operating cash flows: • Development receipts, including cash realisation from profit 762 (184) Disposal Group cash recognised in previous periods (810) • $588m inflow from PLLACes1 transaction 504 1,562 2 1,290 • Cash conversion of 175% after adjusting for Engineering exit costs 451 Underlying investing cash flow:

• Development expenditure across a range of projects and partnerships FY20 cash conversion 175% 6 1,111 • Investment in Lendlease Global Commercial REIT $0.3b adj for exit costs Financing cash flows: 1. Presold Lendlease Apartment Cash flows. • Raised $1.2b in equity via Institutional Placement and SPP FY19 closing Underlying Interest and Underlying Net financing FY20 closing 5 2. $525m added back to EBITDA cash operating cash tax paid investing cash and other cash 3 3 4 3. Reconciliation on appendix slides flow flow adjustments 12 and 13. 4. Includes the impact of foreign Underlying operating cash flow FY16 – FY20 ($m) exchange movements on opening cash. 5. $451m of cash and cash Underlying operating cash flow of $4.9b from FY16 to FY20: 6 FY16 – FY20 cash conversion 115% equivalents has been classified as Disposal Group assets held for sale • Statutory operating cash flow of $1,269m: at FY20. 6. Underlying operating cash flow − $0.9b has been paid in interest and tax 1,228 4,904 relative to EBITDA. 4,279 − $1.5b of the Group’s operating cash flow has been reinvested 7. Movement in development 1,547 properties inventory, less into development inventories movement in deferred land payments. − $1.2b cash realisation from the sell down of deconsolidated 860 8. Reallocation reflects cash proceeds development entities and gains on sale of assets 1,269 from sell down of development entities and realised gains on sale • Cash conversion of 115% FY16 – FY20: of assets not reflected in operating 2 cash flow. − Conversion 102% adjusted for exit costs in FY20 Operating Interest and Net Adjustment Underlying EBITDA cash flow tax paid investment from investing operating − Longer term average anticipated to be below 100% given into cash flow 8 cash flow revaluations in Investments segment included in EBITDA development inventory 7 Lendlease FY20 Financial Results 13

Financial strength Invested capital: Development

Financial Capital structure • Gearing 5.7%1,2, down from 9.9% at FY19; net debt $0.8b2, position down from $1.4b at FY19: $4.8b Unchanged4 − Strong underlying operating cash flow offset by underlying Development investing cash outflow − c.$1.2b equity raising • Invested capital up $0.4b to $8.2b 21 17 • Investment grade credit ratings (no change in period): Major Communities Other urbanisation − Moody’s: Baa3 negative outlook projects projects − Fitch: BBB- stable • Discontinued operations: 1. Target range 10 – 20%. Invested capital: Investments 2. FY20 includes $451m of cash and − $0.8b assets, $0.7b liabilities held for sale cash equivalents which have been classified as Disposal Group assets Debt metrics held for sale. 3. EBITDA plus interest income, • Interest cover3 of 2.8 times divided by interest finance costs, including capitalised finance costs. • Average cost of debt 3.4%, maturity 4.2 years 4 EBITDA has been adjusted to $3.7b Up $0.1b5 exclude one off items related to the Investments Engineering business pre tax exit Funding and liquidity costs (FY20: $525m). 4. The sum of the underlying • Total liquidity of $5.8b2 provides capacity to increase investment positions does not tie to invested capital due to other non- development and investment activity investment related items in the 2 $2.0b $1.4b $0.6b segment. − $1.6b cash, $4.2b undrawn facilities 5. Comparative period the year ended Co-investments Retirement Other 30 June 2019. • Balanced debt maturity profile investments Lendlease FY20 Financial Results 14 Portfolio Management Framework

EBITDA mix Invested capital

By segment By region

25% 19%

44% 42% $563m¹ $8.5b² $8.1b² 57% 56% 22% 18%

17%

Development Construction Investments Development Investments Australia Asia Europe Americas (40 - 50%) (10 - 20%) (35 - 45%) (40 - 60%) (40 - 60%) (50 - 70%) (5 - 20%) (5 - 20%) (5 - 20%)

Returns

Development – ROIC3,4 Construction – EBITDA margin5 Investments – ROIC3,4

11.6% 10.8% Target 10 - 13% Target 2 - 3% Target 8 - 11% 4.7% 2.2% 2.8% 1.3%

FY19 FY20 FY19 FY20 FY19 FY20

1. Core operating EBITDA. 2. Total invested capital at 30 June 2020 was $8.2b. Development and Investments totalled $8.5b, Construction and Non core ($0.4b) and Corporate $0.1b. 3. Return on Invested Capital (ROIC) is calculated using the Profit after Tax divided by the arithmetic average of beginning, half and year end invested capital. 4. Through-cycle target based on rolling three to five year timeline. 5. Core business only. Lendlease FY20 Financial Results 15 Core financial returns

• Average Return on Equity FY16 – FY20: 10.8%1 Target 10 – 14%

Development segment ($m) Construction segment ($m) Investments segment ($m) Average ROIC: FY16 – FY20 Average EBITDA margin: FY16 – FY20 Average ROIC: FY16 – FY20

10.4% 2.4% 10.2% Target2 Target Target2 10-13% 2-3% 8-11%

13.7% 13.4% 15.5% 3.1% 11.7% 11.6% 2.6% 2.4% 2.2% 11.2% 11.7% 10.8% 1.3% 793 669 673 4.7% 288 296 2.8% 552 271 495 489 500 211 458 322 140 101

3 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20 1H EBITDA 2H EBITDA ROIC 1H EBITDA 2H EBITDA EBITDA Margin 1H EBITDA 2H EBITDA ROIC

. 1. Group average ROE FY16 – FY20 7.9%, including Non core segment. 2. Through-cycle target based on rolling three to five year timeline. 3. Includes Engineering and Services businesses. Lendlease FY20 Financial Results 16

Operational

Update Steve McCann Group Chief Executive Officer and Managing Director

London: International Quarter London Artist’s impression Lendlease FY20 Financial Results 17 Growth in platform across target gateway cities

Development Construction Funds Under Pipeline ($b) backlog revenue ($b) Management ($b) Investments ($b)

113 4.0 35 36 16 16 3.7 15 15 3.3 3.4 14 30 3.0 76 71 26 24 49 49

FY16 FY20 FY16 FY20 FY16 FY20 FY16 FY20 Lendlease FY20 Financial Results 18

Development Performance Apartment settlements and completions • Significant COVID-19 impact For sale For rent Target 1,000 – 2,000 units p.a. − H1 EBITDA $272m and H2 $50m 2,533 Apartments 2,236 2,075 • 2,236 residential settlements and completions: 452 870 − 870 residential for rent apartment completions in Boston and Chicago 1,314 1,203 • Strong apartment presales at two projects: − Sydney: Barangaroo South, One Sydney Harbour: 1,623 1,366 o 317 for sale apartments, c.75% presold o Investment partnership with Mitsubishi Estate1 − Kuala Lumpur: TRX Residences: 443 apartments, >50% presold FY16 FY17 FY18 FY19 FY20

• UK Residential Investment Partnership progressing next two buildings at Apartment pipeline Elephant Park: 241 apartments for rent • Two residential led major projects secured: For sale − Thamesmead Waterfront, London: more than 11,500 units For rent − San Francisco Bay Area project: more than 15,000 units Outlook • Total pipeline of approximately 56,000 units across 12 gateway cities: 34% − c.19,000 residential for rent 56,225 • Apartments for sale: units 1. Post balance date. − 1,418 apartment presales in delivery2 66% 2. Major buildings only. • Apartments for rent: − 1,624 units in delivery − Potential for c.4,000 units to convert FY21 - FY25 Lendlease FY20 Financial Results 19

Development Commercial Commercial building commencements Performance By sqm ‘000 Target 2 – 3 commencements p.a. 8 • Partnership formed to develop the Milano Santa Giulia project: 5 4 3 − $41 billion major urbanisation project 0 288 − First two office buildings forward sold 249 o Tenant secured for >85% of 46,000 sqm NLA

• Investment partnership formed to deliver Victoria Cross over station 114 104 development, Sydney: − $1.2b major urbanisation project, 58,000 sqm office tower

• Major commercial developments completed, 66,000 sqm, $1.9b: FY16 FY17 FY18 FY19 FY20 − Retail mall, Paya Lebar Quarter, Singapore: 29,000 sqm 1H 2H No. of buildings − Building 3, International Quarter London: 26,000 sqm Indicative conversion timing2 − Daramu House, Barangaroo South, Sydney: 11,000 sqm • Major commercial buildings in delivery $5.8b1 Project # Buildings / sqm ‘000 FY21 FY22 FY23 Outlook Melbourne Quarter 1 73 The Exchange TRX, KL 2 47 • Potential conversion FY21 – FY232: International Quarter London 1 34 − 26 buildings, c.493,000 sqm 30 Van Ness, San Francisco 1 25 • Near term opportunities: Brisbane Showgrounds 1 32 Waterbank, Perth 1 11 − Melbourne Quarter: Milan Innovation District 6 100 1. Total estimated development end o Planning approved, tenant and capital partner marketing value. Silvertown Quays, London 2 24 2. Subject to planning approvals and − International Quarter London: Milano Santa Giulia 8 103 market conditions. o Planning approved Southbank, Chicago 1 21 − 30 Van Ness, San Francisco: Silvertown Quays, London 2 23 Total 26 493 o Planning approved Lendlease FY20 Financial Results 20

Development Communities Communities settlements Performance and outlook 1H 2H Target 3,000 – 4,000 lots p.a. Communities • 1,898 lots settled, impacted by lower demand, tighter credit markets and 3,912 COVID-19 3,402 3,060 • 1,347 lot sales, down 14% on FY19 2,523 • Presales of 1,725 lots, $0.5b 1,898 • Settlement target of 3,000 – 4,000 lots unlikely to be met in FY21 • Signs of recovery in Australia: − Enquiry levels have returned to pre-COVID-19 levels with Government stimulus measures supporting increased demand FY16 FY17 FY18 FY19 FY20 • Pipeline of approximately 47,000 lots

Telecommunications Infrastructure • 125 towers completed Lendlease FY20 Financial Results 21

Construction Performance and outlook1 Backlog revenue ($b) • Global EBITDA margin 1.3%, down from 2.2% • Revenue of $7.6b, down 21% 7.5 (7.6) • Significant COVID-19 impact 15.6 (1.6) − Solid H1 with EBITDA of $101m 13.9 − Break even result for EBITDA in H2 • Impact greater in international regions − Site shutdowns − Lower productivity FY19 New work Revenue FX and FY20 − Projects on hold secured realised Other 2 − Delays in commencement of new projects • New work secured $7.5b, down from $9.9b: FY203 backlog by sector and client − Australian business only marginally lower at $4.3b – mix of commercial, Commercial Lendlease social infrastructure and defence Defence Corporate − Lower activity in the Americas – high rise residential market softening Residential Government Social Infrastructure • Backlog revenue of $14b: Transport − Projects, apart from a small number, are operational Hotel/Entertainment Other 1. Comparative period the year ended − Revised health and safety measures remain in place with some continuing 30 June 2019. impacts on productivity 6% 2. Includes internal revenue of ($0.9b). 8% 26% 24% 3. Includes all Construction projects − Strong franchises with external clients in key target sector and markets 1% with backlog greater than $100m, 11% which represents 81% ($11.2b) of − Urbanisation pipeline to provide significant opportunities for future backlog 44% secured backlog. and value add to the integrated model

• Preferred on c.$8b of work across external and integrated projects 23% 25% 32% Lendlease FY20 Financial Results 22

Investments Operating earnings Operating EBITDA ($m) Performance and outlook1 1H 2H • EBITDA of $198m, up from $144m 198 − Modest growth in base fees in line with higher average funds under management 144 − Significant performance fee post completion of Paya Lebar Quarter, 133 116 Singapore 108 • Funds Under Management of $36b: − 2% growth: o Retail: Paya Lebar Quarter, Singapore

o Residential FUM $1.7b, 70% increase FY16 FY17 FY18 FY19 FY20 o Lendlease Global Commercial REIT Investments platform ($b) o $1.4b impact from devaluations AUM − >$50b of institutional grade investment product in c.$100b urbanisation FUM pipeline: Office Retail Resi Industrial Other o Secured future FUM of $3.3b2 representing twelve buildings in delivery 3% 2% o Opportunity to double FUM as urbanisation pipeline is delivered 5% 11% − c.$2b multi sector mandate secured to manage TCorp portfolio in Australia

1. Comparative period the year ended from 1 July 2020 48% 36% $36b 54% $29b 30 June 2019. • Assets Under Management of $29b: 2. Secured future FUM from funds or 41% mandates with development − Recurring asset and property management fees projects. − Commercial assets $15.1b − Residential assets $14.2b Lendlease FY20 Financial Results 23

Investments Ownership earnings Ownership EBITDA ($m) Performance and outlook1 1H 2H • EBITDA loss of $58m, down from $345m: 536

− Significant reduction in valuations due to the impacts of COVID-19 379 350 345 o $188m in devaluations across the Group’s investment portfolio ($23m revaluations in H1, $211m devaluations in H2) • Invested Capital $3.7b Co-investments: − $2.0b of investments: (58) o Asset devaluations of c.5% across the portfolio − Lower investment income from prior year FY16 FY17 FY18 FY19 FY20 o Divestments across Australian portfolio Investments by product ($b) o Impact of trading performance on assets in COVID-19 environment Retirement Living: − $1.4b investment, 12,858 units across 72 villages − Devaluations offset resilient operating performance o c.6% valuation decline from portfolio pricing adjustment and development carrying values 2 1. Comparative period the year ended o Resales up 3.8% across the portfolio, modest price declines 30 June 2019. 2. The underlying investment position o Development activity delayed, reflecting softer market conditions does not tie to invested capital due to other non-investment related Other: items in the segment. − Income derived from: o Invested equity in US military housing o Telecommunications tower portfolio Lendlease FY20 Financial Results 24

Outlook

Steve McCann Group Chief Executive Officer and Managing Director

Boston: Clippership Wharf Lendlease FY20 Financial Results 25 Outlook Positioned for long term growth • Group well placed to navigate the uncertainty of COVID-19: − Near term impact of pandemic expected to continue − Strong financial position − Capacity to accelerate delivery of global development pipeline and take advantage of new investment opportunities

• Total development pipeline of $113b: − Urbanisation capabilities increasingly being recognised as world leading − 21 major urbanisation projects across nine gateway cities

• Construction backlog revenue of $14b: − Design and delivery capability for integrated model − External backlog diversified by client, sector and geography

• Investments segment with $4b of investments, $36b in FUM and $29 in AUM: − Funding and investment capability for integrated model − Strong capital partner relationships, fund and asset management platforms

• Non core segment: − Engineering sale agreement executed – anticipated completion shortly, subject to satisfaction of the final conditions − Sale process for Services paused

• Focus on leveraging the Group’s competitive advantage via the urbanisation and investment platforms: − Unwavering commitment to health and safety − Disciplined approach to origination and managing individual project and property cycle risk Questions

Sydney: Daramu House, Barangaroo South Singapore: Paya Lebar Quarter 2020 Full Year Results Appendix

17 August 2020 Overview

Sydney: One Sydney Harbour, Barangaroo South Artist's impression Image subject to change and further design development and planning approval Lendlease FY20 Financial Results 3 Our operating segments

London: International Quarter London Artist’s impression Image subject to change and further design development and planning approval

Our business model is how Development Construction Investments we generate earnings Development of inner city mixed use Project management, design and A leading investment management developments, apartments, construction services, predominantly platform and the Group’s ownership The model is integrated communities, retirement, retail, in the defence, mixed use, interests in co-investments, commercial assets and social and commercial and residential sectors Retirement and other investments when more than one economic infrastructure segment is engaged on a Core financial returns Core financial returns Core financial returns single project • Construction margin1 • Fund and asset management fees • Development margin • Project management and • Yield and capital growth on • Development management fees construction management fees ownership interests • Origination fees 1. From external clients. Lendlease FY20 Financial Results 4 Global presence, London • Thamesmead Waterfront • Euston Station 1 • Silvertown Quays local knowledge • International Quarter London • Elephant Park • High Road West Chicago • Deptford Landings2

• Lakeshore East • Southbank Milan Boston • Milano Santa Giulia Rome San Francisco New York • Milan Innovation District Beijing • San Francisco Bay Area project Los Angeles Tokyo • 30 Van Ness Shanghai

Kuala Lumpur Our urbanisation led strategy focuses on 17 global • The Exchange TRX Singapore gateway cities where we believe our local expertise Brisbane delivers the most value. • Brisbane Showgrounds

Development Construction Funds under Investments Assets under Perth Sydney 3 pipeline backlog revenue management management • Waterbank • Barangaroo South • Sydney Place $113 billion $14 billion $36 billion $4 billion $29 billion Melbourne • Victoria Cross over station development • Melbourne Quarter • Victoria Harbour

1. Map references major urbanisation projects only. 2. Formerly The Timberyard, Deptford. 3. Remaining estimated development end value. Lendlease FY20 Financial Results 5 Value creation

Sydney: Barangaroo South

We measure our Health and Safety Financial Our Customers Our People Sustainability success by the value we create in these Everyone has the right to go A strong balance sheet and Our customers love the Our people are the greatest Sustainability is core to our five focus areas. home safely. We remain access to third party capital places we create when we contributors to our success planning and clear in our committed to the health and enables us to fund the partner effectively, and enable us to fulfil our outcomes. We have a safety of our people, our execution of our pipeline and collaborate and innovate. vision to create the best proud history of giving subcontractors, and all of deliver quality earnings for Only through these actions places. emphasis to those who interact with a our securityholders. can we respond to a environmental, social and Lendlease place. changing world. economic impacts. Lendlease FY20 Financial Results 6

We focus on Return on Equity Portfolio Management and Earnings per Security Financial Framework1 as measures of return for Maximising long term securityholders. securityholder value 1. Capital allocation Focused on gateway cities Australia 50-70% International regions 5-20%2 The Portfolio Management Framework1 2. Business model provides the structure and financial Integrated model synergies discipline across the operating segments Target EBITDA mix: of Development, Construction and Development 40-50% Investments. Construction 10-20% When these segments combine to leverage Investments 35-45% the competitive advantage of our integrated 3. Target returns model, value will be enhanced for our securityholders, partners and the Group ROE 10-14% community. Development ROIC 10-13%3 A strong balance sheet and accessto third Construction EBITDA margin 2-3% party capital enables Lendlease to fund the Investments ROIC 8-11%3 execution of its pipeline. 4. Capital structure Investment grade credit rating Optimised Weighted Average Cost of Capital Target gearing4 10-20% 5. Distribution policy 1. The Group is currently reviewing the framework in conjunction with the strategy review. The revised Payout of earnings 40-60% framework will be provided in FY21. Capital management discipline 2. Per region. San Francisco: 30 Van Ness 3. Through-cycle target based on rolling three to five Artist’s impression year timeline. Image subject to change and further design development and planning approval 4. Net debt to total tangible assets, less cash. Lendlease FY20 Financial Results 7

SustainabilitySustainability

UN Global Compact Provides voluntary, consistent climate-related Independent provider of research-driven insights Voluntary initiative based on CEO financial risk disclosures for use by companies and tools for institutional investors commitments to implement In 1983, Lendlease Founder, Dick in providing information to investors, lenders, universal sustainability principles Dusseldorp, and the then Managing insurers and other stakeholders Lendlease leadership and to take steps to support UN goals Director, Stuart Hornery, set up the • Lendlease continues to achieve highest AAA Lendlease Foundation with a long term Lendlease leadership Lendlease leadership ESG rating, placing in the top 7% of MSCI ACWI vision to create a function that would • In FY20 we progressed our disclosure under Index constituents for Real Estate Development • Signatory since April 2014 nurture and support its social the recommendations of the TCFD and Diversified Activities responsibility both internally to employees as well as to the community.

Current Lendlease Foundation program Reconciliation Action Plan (RAP) and engagement opportunities include: Framework for organisations to realise their vision for ® • Springboard reconciliation. RAPs are endorsed and monitored World’s leading proponent of Investor driven organisation assessing the by Reconciliation Australia, an independent, national, responsible investment working to sustainability performance of real asset sector • Great Barrier Reef Foundation not-for-profit organisation promoting reconciliation by understand the investment portfolios and assets • Australian Business Community building relationships, respect and trust between the implications of environmental, social Network wider Australian community and First Nations and governance (ESG) factors Lendlease leadership Peoples • MATES In Construction • Beating 964 participants, APPF Commercial rated • Red Cross Lendlease’s Elevate RAP outlines our Lendlease leadership 1 worlds best by GRESB in 2019 . It is the fifth time • OzHarvest commitment to recognition of Country and • Signatory since FY08 in the past six years that APPF Commercial has • Chicago Cook Workforce Partnership support for the self-determination of First attained the prestigious number one global ranking Nations Peoples through the planning, • A+ rated for both Strategy & • Loneliness Lab delivery and operation of our projects and Governance and Property modules • Four Lendlease managed funds achieved top 10 assets (2019) GRESB global ranking

1. Lendlease managed Australian Prime Property Fund Commercial ranked first out of 964 respondents in the 2019 Global Real Estate Sustainability Benchmark. Group

London: Deptford Landings (formerly The Timberyard Deptford) Artist’s impression Image subject to change and further design development and planning approval Lendlease FY20 Financial Results 9

$m FY191,2 FY20 Income Revenue from contracts with customers 14,889 11,671 Other revenue 152 163 Statement Cost of sales (13,929) (11,361) Gross profit 1,112 473 Share of profit of equity accounted investments 338 (13) Other income 293 352 Other expenses (863) (1,195) Results from operating activities from continuing operations 880 (383) Finance revenue 17 12 Finance costs (142) (165) Net finance costs (125) (153) Profit/(Loss) before tax from continuing operations 755 (536) Income tax (expense)/benefit (198) 194 Profit/(Loss) after tax from continuing operations 557 (342) (Loss)/Profit after tax from discontinued operations (90) 32 Profit/(Loss) after tax 467 (310) Profit/(Loss) after tax attributable to: 1. FY19 balances have been restated for Members of Lendlease Corporation Limited 313 (342) discontinued operations during the year. Unitholders of Lendlease Trust 154 32 2. FY19 Earnings per Stapled Security has been updated to reflect the share Profit/(Loss) after tax attributable to securityholders 467 (310) issue in FY20 (was 98.2 cents External non controlling interests - - continuing operations and 82.4 cents total). Profit/(Loss) after tax 467 (310) Earnings per Stapled Security from continuing operations cents 94.7 (56.7) Earnings per Stapled Security cents 79.4 (51.4) Lendlease FY20 Financial Results 10

$m FY19 FY20 $m FY19 FY20 Statement of Current Assets Current Liabilities Cash and cash equivalents 1,290 1,111 Trade and other payables 5,724 4,496 Financial Loans and receivables 2,050 1,667 Provisions 332 343 Inventories 2,238 2,256 Borrowings and financing arrangements 225 134 Other financial assets 97 16 Other financial liabilities 6 10 Position Current tax assets 11 27 Disposal Group liabilities held for sale - 670 Other assets 70 59 Total current liabilities 6,287 5,653 Disposal Group assets held for sale - 841 Total current assets 5,756 5,977 Non Current Liabilities Trade and other payables 1,401 2,405 Non Current Assets Provisions 45 62 Loans and receivables 688 744 Borrowings and financing arrangements 2,490 2,261 Inventories 3,345 3,113 Other financial liabilities 1 1 Equity accounted investments 3,452 3,671 Deferred tax liabilities 597 434 Investment properties 501 658 Total non current liabilities 4,534 5,163 Other financial assets 1,103 1,076 Total liabilities 10,821 10,816 Deferred tax assets 101 141 Net assets 6,357 6,932 Property, plant and equipment 548 693 Intangible assets 1,457 1,457 Equity Defined benefit plan asset 140 156 Issued capital 1,300 1,889 Other assets 87 62 Treasury securities (68) (68) Total non current assets 11,422 11,771 Reserves 105 65 Total assets 17,178 17,748 Retained earnings 3,815 3,265 Total equity attributable to members of Lendlease Corporation Limited 5,152 5,151 Total equity attributable to unitholders of Lendlease Trust 1,182 1,756 Total equity attributable to securityholders 6,334 6,907 External non controlling interests 23 25 Total equity 6,357 6,932 Lendlease FY20 Financial Results 11

$m FY19 FY20 Statement of Cash Flows from Operating Activities Cash receipts in the course of operations 17,026 13,488 1 Cash payments in the course of operations (16,902) (13,313) Cash Flows Interest received 13 16 Interest paid in relation to other corporations (152) (164) Interest in relation to lease liabilities2 - (25) Dividends/distributions received 105 146 Income tax paid in respect of operations (30) (11) Net cash provided by operating activities 60 137

Cash Flows from Investing Activities Sale/redemption of investments 571 448 Acquisition of investments (378) (709) Acquisition of/capital expenditure on investment properties (53) (57) Net loan drawdowns from associates and joint ventures (22) (9) Disposal of consolidated entities (net of cash disposed and transaction costs) 266 136 Disposal of property, plant and equipment 14 11 Acquisition of property, plant and equipment (165) (112) Acquisition of intangible assets (66) (77) 1. Balances include cash flows relating to Net cash provided by/(used in) investing activities 167 (369) both continuing and discontinued operations. Cash Flows from Financing Activities 2. FY19 comparatives are $nil as Interest Net proceeds from share issue - 1,193 in relation to lease liabilities and Repayment of lease liabilities were not Proceeds from borrowings 4,640 4,658 recognised under AASB117 Leases. Repayment of borrowings (4,347) (4,970) Operating lease expenses were Dividends/distributions paid (258) (327) recorded as Cash payments in the Payments for on market buyback of stapled securities (174) - course of operations. 3. $451m million of cash and cash Payments for on market buyback of stapled securities - Dividend Reinvestment Plan (11) - equivalents has been classified as Increase in capital of non controlling interest 22 2 Disposal Group assets held for sale at Repayment of lease liabilities2 - (61) FY20. Net cash (used in)/provided by financing activities (128) 495

Other Cash Flow Items Effect of foreign exchange rate movements on cash and cash equivalents 14 9 Net increase in cash and cash equivalents 113 272 Cash and cash equivalents at beginning of financial year 1,177 1,290 Cash and cash equivalents at end of financial year3 1,290 1,562 Lendlease FY20 Financial Results 12

Cash conversion (FY16 – FY20) ($m)

Underlying • Underlying operating cash flow has been included to Total conversion against EBITDA of 115% provide a more accurate cash comparator against Cash Group EBITDA 157% 104% 73% 36% n/a2 operating cash Conversion 1 • This represents 115% of Group EBITDA over the period flow • If the $525m Engineering exit costs are excluded, cash 1,202 1,245 conversion in FY20 is 175% and since FY16 would have Group 1,055 been 102% EBITDA 867 1,659 1,254 Underlying 913 762 operating cash flow 316 (90) FY16 FY17 FY18 FY19 FY20

Reconciliation3 (FY16 – FY20) ($m)

• Lendlease has delivered underlying operating cash 115% conversion 1. Balances include cash flows relating to flow of $4.9b from FY16 to FY20 against EBITDA both continuing and discontinued • $0.9b has been paid in interest and tax operations. 1,228 4,904 2. Cash conversion is nonmeaningful in • Since FY16, $1.5b (32%) of the Group’s underlying 4,279 FY20 due to the Group statutory loss. operating cash flow has been reinvested into development 1,547 3. Refer to Financial and Operational inventories4 Metrics data file for full reconciliation. 4. Movement in development properties • $1.2b has been generated from the sell down of 860 inventory, less movement in deferred deconsolidated development entities and realised net gain 1,269 land payments. 5. Reallocation reflects cash proceeds on sales of assets (classified as statutory investing cash 5 from sell down of development entities flow) and realised gains on sale of assets not Operating Interest and Net Adjustment Underlying EBITDA reflected in operating cash flow. cash flow tax paid investment from investing operating into cash flow cash flow development inventory Lendlease FY20 Financial Results 13

In FY20 Lendlease delivered underlying operating cash flow of $762m Overview FY20 $m Statutory Adjustments Underlying • Underlying operating cash flow is Cash Flows from Operating Activities derived by adjusting statutory cash flows to underlying better reflect operating cash generated by Cash receipts in the course of operations 13,488 - 13,488 the Group from its operating model prior to: operating cash Cash payments in the course of operations (13,313) 1741 (13,139) – Payment of interest and tax Dividends/distributions received 146 - 146 – Reinvestment in the Group’s pipeline 1 2 flow Deconsolidation of development entities - 136 136 Realised gains on sale of assets - 1313 131 Interest received 16 (16) - Interest paid in relation to other corporations (164) 164 - Summary of adjustments Interest in relation to lease liabilities (25) 25 - Income tax paid in respect of operations (11) 11 - 1. Net increase in development inventory Net cash provided by operating activities 137 625 762 During the period there was an increase in development inventories, net of deferred land payments, which has been reclassified Cash Flows from Investing Activities as an investing activity Sale/redemption of investments 448 (131)3 317 2. Cash proceeds from sell down of development entities Acquisition of investments (709) - (709) The proceeds on sale of deconsolidated Acquisition of/capital expenditure on investment (57) - (57) development entities is reclassified as an properties operating activity, to align with the treatment Net loan drawdowns from associates and joint (9) - (9) of cash flows prior to deconsolidation ventures Disposal of consolidated entities (net of cash 3. Realised gains on sale of assets 136 (136)2 - 1. Balances include cash flows relating to disposed and transaction costs) Lendlease is an active investment manager, both continuing and discontinued Disposal of property, plant and equipment 11 - 11 with revaluations included in EBITDA. operations. Accordingly, gains on disposal (including Acquisition of property, plant and equipment (112) - (112) crystallised revaluations) are reclassified as Acquisition of intangible assets (77) - (77) an operating activity Net increase in development inventory - (174)1 (174) Net cash used in investing activities (369) (441) (810) Lendlease FY20 Financial Results 14 Segment Operating Profit after Tax ($m) Operating EBITDA ($m) FY19 FY20 FY19 FY20 financial 793 554 metrics 489 368 322 233 211 141 140 104 101 42

Development Investments Construction Development Investments Construction

ROIC1 (Development and Investments), Invested capital EBITDA margin (Construction) (Development and Investments) ($b)

FY19 FY20 FY19 FY20

11.6% 10.4% 10.8% 10.2% 4.8 4.8 5 year average 5 year average 3.6 3.7

1. Return on Invested Capital (ROIC) is calculated using the annual Profit after 4.7% Tax divided by the arithmetic average 2.8% 2.4% of beginning, half and year end 2.2% 5 year average2 invested capital. 2. FY16 inputs include the Engineering 1.3% and Services businesses. Development ROIC Investments ROIC Construction Development Investments EBITDA margin Lendlease FY20 Financial Results 15

By segment Segment Revenue ($m) EBITDA ($m) Profit after Tax ($m) Invested capital ($b) FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 financial Development 3,355 2,344 793 322 554 233 4.8 4.8 Investments 348 390 489 140 368 104 3.6 3.7 metrics Construction 9,680 7,627 211 101 141 42 Corporate1 31 44 (165) (158) (259) (283) Total Core Segments 13,414 10,405 1,328 405 804 96 Non Core 3,141 2,884 (461) (495) (337) (406) Total Group 16,555 13,289 867 (90) 467 (310)

1. Comprises Group Services and Group Treasury costs. FY20 EBITDA: Group Services ($129m) and Group Treasury ($29m). FY19 EBITDA: Group Services ($140m) and Group Treasury ($25m). Lendlease FY20 Financial Results 16

$m Revenue EBITDA Operating EBITDA by segment ($m) Revenue / FY19 FY20 FY19 FY20 FY19 FY20 Development EBITDA by Australia 2,712 1,198 556 174 Asia 18 13 121 34 793 Europe 544 969 37 116 segment Americas 81 164 79 (2) 489 Total Development 3,355 2,344 793 322 322 211 101 140 Construction (461) (495) Australia 4,052 3,217 126 97 Asia 401 255 (1) (11) Europe 941 782 40 (9) Americas 4,286 3,373 46 24 Core Construction 9,680 7,627 211 101 Development Construction Investments Non Core Non Core 3,141 2,884 (461) (495) Total Construction 12,821 10,511 (250) (394) Operating EBITDA by region ($m)

Investments FY19 FY20 Australia 210 172 330 35 1,012 Asia 63 134 50 67 Europe 13 16 9 (10) Americas 62 68 100 48 Total Investments 348 390 489 140 306 170 225 90 86 97 70 Total Operating (461) (495) Australia 6,974 4,587 1,012 306 Asia 482 402 170 90 Europe 1,498 1,767 86 97 Americas 4,429 3,605 225 70 Core Operating 13,383 10,361 1,493 563 Australia Asia Europe Americas Non Core Non Core 3,141 2,884 (461) (495) Lendlease FY20 Financial Results 17

Asia Operating EBITDA, local currency (m) Revenue / SGDm¹ Revenue EBITDA FY19 FY20 EBITDA by FY19 FY20 FY19 FY20 165 Development 17 12 117 32 117 Construction 390 237 (1) (10) 84 49 62 segment, local Investments 61 125 49 62 32 (1) (10) currency Total Operating 468 374 165 84 Development Construction Investments Total Operating Europe 1 Revenue EBITDA £m FY19 FY20 FY19 FY20 FY19 FY20 61 Development 299 515 20 61 47 51 Construction 518 414 22 (5) 20 22 Investments 7 8 5 (5) (5) 5 (5) Total Operating 824 937 47 51 Development Construction Investments Total Operating Americas US$m Revenue EBITDA FY19 FY20 FY19 FY20 FY19 FY20 160 Development 58 110 56 (1) Construction 3,043 2,259 33 16 71 56 47 Investments 44 46 71 32 33 32 16 1. Major currency in region. Total Operating 3,145 2,415 160 47 (1) Development Construction Investments Total Operating Lendlease FY20 Financial Results 18

Income Statement Statement of Financial Position Exchange Local Foreign FY191 FY202 Local Foreign FY193 FY204 AUD USD 0.71 0.67 AUD USD 0.70 0.69 rates AUD GBP 0.55 0.53 AUD GBP 0.55 0.56 AUD EUR 0.63 0.61 AUD EUR 0.62 0.61 AUD SGD 0.97 0.93 AUD SGD 0.95 0.96

FX sensitivity USD GBP EUR SGD FY20 Core Business Profit +10% average FX rate (strengthening AUD) 0.74 0.58 0.67 1.02 Change as % of Core Business Profit % (5.21%) - (3.13%) (4.17%) -10% average FX rate (weakening AUD) 0.60 0.48 0.55 0.84 Change as % of Core Business Profit % 4.17% - 4.17% 6.25%

FY20 Statement of Financial Position +10% spot FX rate (strengthening AUD) 0.76 0.62 0.67 1.06 Change as % of Group Net Assets % (1.38%) (1.50%) (0.40%) (0.85%) 1. Average foreign exchange rate for the -10% spot FX rate (weakening AUD) 0.62 0.50 0.55 0.86 full year 2019. 2. Average foreign exchange rate for the Change as % of Group Net Assets % 1.69% 1.83% 0.48% 1.04% full year 2020. 3. Spot foreign exchange rate at 30 June 2019. 4. Spot foreign exchange rate at 30 June 2020. Lendlease FY20 Financial Results 19

$m EBITDA Net interest D&A1 PBT Tax PAT FY20 regional Australia Development 174 (3) (7) 164 (46) 118 EBITDA to PAT Construction 97 - (8) 89 (27) 62 Investments 35 - (5) 30 - 30 reconciliation Total Australia 306 (3) (20) 283 (73) 210 Asia Development 34 - (2) 32 (14) 18 Construction (11) (1) (3) (15) 1 (14) Investments 67 - (2) 65 (3) 62 Total Asia 90 (1) (7) 82 (16) 66 Europe Development 116 4 (8) 112 (19) 93 Construction (9) (1) (3) (13) 2 (11) Investments (10) - (1) (11) 2 (9) Total Europe 97 3 (12) 88 (15) 73 Americas Development (2) - (6) (8) 12 4 Construction 24 (4) (14) 6 (1) 5 Investments 48 (6) (9) 33 (12) 21 Total Americas 70 (10) (29) 31 (1) 30 Corporate Group Services (129) (15) (92) (236) 69 (167) Group Treasury (29) (127) - (156) 40 (116) Total Corporate (158) (142) (92) (392) 109 (283) 1. Depreciation and amortisation. Total Core Business 405 (153) (160) 92 4 96 Non Core (495) 5 (84) (574) 168 (406) Total Group (90) (148) (244) (482) 172 (310) Lendlease FY20 Financial Results 20

FY19 FY20 Debt metrics Net debt1 $m 1,425 833 Borrowings to total equity plus borrowings % 29.9 25.7 Net debt to total tangible assets, less cash1 % 9.9 5.7 Interest cover2 times 8.8 2.8 Average cost of debt % 4.0 3.4 Average debt maturity years 4.8 4.2 Average debt mix fixed: floating ratio 52:48 56:44 Undrawn facilities $m 2,631 4,226

1. FY20 includes $451m million of cash and cash equivalents which have been classified as Disposal Group assets held for sale. 2. EBITDA plus interest income, divided by interest finance costs, including capitalised finance costs. EBITDA has been adjusted to exclude one off items related to the Engineering business (FY19: $500m; FY20: $525m). Lendlease FY20 Financial Results 21 Debt facilities Debt facilities1 ($m) Drawn Facility and maturity 1,800 profile 960 800 714 725 536 535 535 575 575 311 311 134 179 - - - 29 79 79

Euro CP UK Bond Syndicated Syndicated Club Asia Loan CNY871 US$ Reg. S S$ Reg. S A$ medium programme Issue cash advance loan facility Revolving Facility million bank notes notes term notes facility Credit Facility facility

Debt maturity profile2 ($m)

Euro CP programme UK Bond Issue Syndicated cash advance facility Syndicated loan facility Club Revolving Credit Facility Asia Loan Facility CNY871 million bank facility US$ Reg. S notes S$ Reg. S notes A$ medium term notes Undrawn

800

714 900 1. Values are shown at amortised cost. 2. Values are shown at gross facility 960 900 179 value. 536 536 580 313 80 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 Lendlease FY20 Financial Results 22

Date Key dates for FY20 results released to market / final distribution declared 17 August 2020 Securities quoted ex distribution on the Australian Securities Exchange 21 August 2020 investors Final distribution record date 24 August 2020 Strategy Market Briefing 31 August 2020 Final distribution payable 15 September 2020 Annual General Meetings 20 November 2020 Development Segment

San Francisco Bay Area project Artist's impression Image subject to change and further design development and planning approval Lendlease FY20 Financial Results 24 Earnings drivers - Development ROIC target 10-13%; Invested capital $4.8b; Pipeline1 $113.0b

Urbanisation Communities Telco Infrastructure Military Infrastructure Development Housing 21 major projects in 17 projects 9 gateway cities

Australian US Military Apartments Commercial Communities US Telco Towers Infrastructure Housing

Development Portfolio Business

Target2 Target2 Target 1,000 - 2,000 2 - 3 buildings 3,000 - 4,000 Development Origination fees Development fees settlements commenced settlements margin

Returns per annum per annum per annum and metrics and

Additional scope on existing 56,225 units 2,415,000 sqm 47,372 lots Periodic bids for 354 tower pipeline projects and $69.0b1 $29.8b1 $13.9b1 PPP projects

periodic bids for Pipeline new projects

1. Remaining estimated development end value. Total includes $0.3b of Infrastructure pipeline. 2. Targets under review. Lendlease FY20 Financial Results 25

Overview Performance FY19 FY20 Development • Development of inner city mixed use developments, apartments, Core business EBITDA mix % 53 57 communities, retirement, retail, commercial assets, and social and ROIC % 11.6 4.7 economic infrastructure FY20 Invested capital $b 4.8 4.8 • Financial returns are generated via development margin, development management fees and origination fees

Drivers1 Outlook

• Delay in transactions across urbanisation projects impacted results • Two new major urbanisation projects secured: • Apartments for sale settlements: 1,366 units, down from 1,623 units ̶ Thamesmead Waterfront, London: $15.1b3 ̶ Elephant Park and Deptford Landings2, London; Clippership ̶ San Francisco Bay Area project: $21.8b3 Wharf, Boston; Paya Lebar Quarter, Singapore; and Victoria • Preferred bidder on Birmingham Smithfield: $2.8b3 Harbour and Melbourne Quarter, Melbourne • $113b development pipeline4 • Apartments for rent completions: 870 units, up from 452 units ̶ 13 major apartment buildings in delivery across six gateway ̶ Clippership Wharf, Boston; 845 West Madison, Chicago cities • Strong presales: o One Sydney Harbour, Tower 1 development joint venture ̶ One Sydney Harbour Tower 1, Barangaroo South, Sydney: formed post balance date 317 total units; c.75% presold o 1,418 units presold in delivery: $2.3b ̶ TRX Residences Building 1, Kuala Lumpur: 443 total units; o 1,624 units for rent in delivery: $1.7b3 c.53% presold 1. Comparative period the year ended 30 ̶ 1,725 communities lots presold: $0.5b • Development joint venture: June 2019. ̶ c.376,000 sqm of commercial space in delivery across seven 2. Formerly The Timberyard, Deptford. 3 ̶ Victoria Cross over station development, Sydney: $1.2b 3 3. Total estimated development end major buildings: $5.8b 3 value. ̶ Milano Santa Giulia, Milan: $4.0b . First two buildings sold into ̶ Remaining secured pipeline not yet in delivery 4. Remaining estimated development end Joint Venture value. o 53,183 apartment units: c.$66b • Next two residential for rent buildings at Elephant Park forward sold o c.2,039,000 sqm of commercial space: c.$25b • Completion of Paya Lebar Quarter, Singapore o 32 buildings in various stages of planning and • Communities: conversion ̶ Settlements 1,898 lots, down 25% o Additional 25+ buildings in pipeline ̶ Sales 1,347 lots, down 14% • US telecommunication towers: 125 completions Lendlease FY20 Financial Results 26 Development EBITDA by region ($m) Pipeline1 by region ($b) FY19 FY20 FY19 FY20 113.0 earnings / 793 pipeline 556 76.1

50.1 322 34.1 29.3 28.9 29.8 174 121 116 79 37 5.0 7.7 34 (2) 4.2

Australia Asia Europe Americas Total Australia Asia Europe Americas Total

FY20 urbanisation pipeline1 by region Pipeline1 ($b)

Australia Asia Europe Americas Urbanisation Communities²

113.0³ 1. Remaining estimated development end value. 15% 13.9 2. FY18 onwards excludes Australian 30% Retirement pipeline which is now 4% 71.1³ 76.1³ included in the Investments segment 14.7 following the Retirement Living 48.8 49.3 15.1 transaction. From FY20, Retirement 98.8 product in Asia has been included $98.8b 11.5 14.7 within Urbanisation. 55.9 61.2 3. FY18, FY19 and FY20 include $0.1b, 37.3 34.6 $0.2b and $0.3b of Infrastructure pipeline respectively. 51% FY16 FY17 FY18 FY19 FY20 Lendlease FY20 Financial Results 27

Communities settlements FY20 apartment settlements Residential FY19 FY20 Units $m Lots $m Lots $m Apartments for sale development QLD 530 117 549 123 Australia NSW 449 109 255 122 Melbourne Quarter - East Tower 302 183 Victoria Harbour - Collins Wharf 1 62 54 VIC 1,216 301 940 252 Other 5 4 SA 98 15 96 15 Total Australia 369 241 WA 84 19 58 14 Asia Total Australia 2,377 561 1,898 526 Paya Lebar Quarter - Residential (3 Buildings) 429 609 Total Americas 146 5 - - Total Asia 429 609 Total 2,523 566 1,898 526 Europe Elephant Park - West Grove (Building 2) 201 269 Communities sales Deptford Landings1 - Cedarwood Square 153 127 FY19 FY20 Other 117 81 Lots $m Lots $m Total Europe 471 477 QLD 574 125 532 124 Total Americas 97 168 Total apartment for sale settlements 1,366 1,495 NSW 161 82 341 131 VIC 528 139 283 77 Apartments for rent2 SA 114 18 60 8 Americas WA 45 9 131 30 1. Formerly The Timberyard, Deptford. Clippership Wharf - Buildings 1 and 2 284 307 2. Completions on residential for rent Total Australia 1,422 373 1,347 370 845 West Madison 586 485 apartments are aligned with practical completion and are not necessarily Total Americas 146 5 - - Total apartment for rent completions 870 792 indicative of profit recognition. Total 1,568 378 1,347 370 Total apartment settlements/completions 2,236 2,287 Lendlease FY20 Financial Results 28

City Project Building Sector Capital model End value1 ($b) sqm ‘000 Non residential Commercial commencements Victoria Cross over station Victoria Cross over station Sydney Office Joint venture 1.2 58 development development development Milan Milano Santa Giulia Spark One Office Fund through 0.2 28 commence- Milan Milano Santa Giulia Spark Two Office Fund through 0.1 18 ments and Commercial completions completions Sydney Barangaroo South Daramu House Office Fund through 0.3 11 Singapore Paya Lebar Quarter Retail Retail Joint venture 1.1 29 London International Quarter London Building 3 Office / Retail Fund through 0.5 26

Location Completed (no.) End value ($m) Telecommunications completions Americas 125 118.1

1. Total estimated development end value. Lendlease FY20 Financial Results 29

Movement in presales – Apartments for sale Residential By units By value ($m) 1 Australia Asia Europe Americas Australia Asia Europe Americas apartments 1,995 (1,495)

733 (1,366) 2,223 38 2,449 112 1,911 159 (3) 1,587 343 150 1,013 114 152 585 732 423 236 571 1,795 675 652 458 FY19 Sales Settlements Other FY20 FY19 Sales Settlements FX and FY20 Other

Apartments for rent in delivery

2 By units Europe Americas By value ($b) Europe Americas

961 (870) 0.9 (0.8)

0.1 1.7 1,533 1,624 1.5 0.6 720 0.7 870 1. Includes 100% of revenue from joint 1.1 venture projects. 904 0.8 2. Total estimated development end 663 value. FY19 Commence- Completions FY20 FY19 Commence- Completions FX and FY20 ments ments Other Lendlease FY20 Financial Results 30

Movement in presales1 Residential By lots By value ($m) communities – 1,347 (1,898) 370 (526)

Australia 2,276 625 1,725 469

FY19 Sales Settlements FY20 FY19 Sales Settlements FY20

1. Includes 100% of revenue from joint venture projects. Lendlease FY20 Financial Results 31

1 Record secured pipeline of $113.0b controlled by invested capital of $4.8b Target Pipeline annual Apartments turnover2 provides long 1,418 presold units and 1,624 units for rent across 13 major apartment buildings3 in delivery, expected delivery FY21 to FY25 1,418 units 1,624 units 53,183 units remaining 56,225 units term earnings presold⁴ for rent 1,000 - 2,000 settlements visibility $2.3b $0.9b⁵ $65.8b remaining $69.0b presold⁴ for rent

Commercial 7 major buildings6 in delivery, with expected completion FY21 to FY25

376,000 sqm in delivery 2,039,000 sqm remaining 2,415,000 sqm 1. Remaining estimated development end 2 - 3 value. Includes Infrastructure of $0.3b. 2. Subject to market conditions. Targets buildings under review. commenced 3. Refer to the Apartments Settlement $4.8b⁷ in delivery $25.0b remaining $29.8b Profile on page 33 for a breakdown of the major buildings. 4. Presales balance on major buildings in delivery only. 5. Total estimated development end value Communities of c.$1.7b, with c.$0.8b realised to date. 1,725 lots 6. Refer to the Commercial Buildings 45,647 lots remaining 47,372 lots Completion Profile on page 34 for a presold breakdown of the major buildings. 3,000 - 4,000 7. Total estimated development end value settlements of c.$5.8b, with c.$1.0b realised to $0.5b date. $13.4b remaining $13.9b presold

$113.0 billion Total pipeline1 Lendlease FY20 Financial Results 32

Residential Commercial Remaining Major Project Delivery Completion backlog backlog end value Land payment Region Project secured commenced1 date2 units sqm ‘0003 ($b)4 model urbanisation Australia Barangaroo South, Sydney FY09 FY12 FY26 849 1 4.1 Staged payment Brisbane Showgrounds FY09 FY11 FY33 2,275 67 2.2 Land management project Melbourne Quarter FY13 FY16 FY26 1,186 124 2.0 Land management Victoria Harbour, Melbourne FY01 FY04 FY27 2,043 - 2.0 Land management summary Sydney Place5 FY12 FY17 FY22 - 59 1.9 Upfront payment Waterbank, Perth FY13 FY21 FY29 1,308 12 1.4 Land management Victoria Cross over station FY19 FY20 FY25 - 58 1.2 Staged payment development, Sydney Asia The Exchange TRX, Kuala Lumpur FY14 FY17 FY28 2,326 168 3.6 Staged payment Europe Thamesmead Waterfront, London FY20 FY25 FY40+ 11,500 82 15.1 Land management Euston Station, London FY18 FY26 FY40+ 2,000 400 10.9 Land management Silvertown Quays, London FY18 FY21 FY33 3,000 440 6.6 Land management Milano Santa Giulia FY18 FY20 FY34 2,558 232 3.8 Land management 1. Includes forecast commencement Milan Innovation District FY19 FY21 FY32 1,125 338 3.7 Staged payment dates, subject to change in delivery program. International Quarter London FY10 FY14 FY29 351 212 3.4 Land management 2. Based on expected completion date of underlying buildings, subject to change Elephant Park, London FY10 FY12 FY26 1,775 50 2.3 Staged payment in delivery program. 3. Floor space measured as Net Lettable High Road West, London FY18 FY22 FY30 2,501 14 2.1 Land management Area. Deptford Landings6, London FY14 FY16 FY28 1,300 9 1.4 Upfront payment 4. Remaining estimated development end value. Americas San Francisco Bay Area project FY20 FY22 FY37 15,000 n/a7 21.8 Land management 5. Formerly Circular Quay Tower. 6. Formerly The Timberyard, Deptford. Lakeshore East, Chicago FY19 FY20 FY26 1,197 2 2.2 Staged payment 7. Commercial in confidence. Southbank, Chicago FY15 FY16 FY27 1,526 24 1.9 Upfront payment 30 Van Ness, San Francisco FY17 FY21 FY25 333 25 1.5 Upfront payment Other urbanisation projects 2,072 98 3.7 Total urbanisation 56,225 2,415 98.8 Lendlease FY20 Financial Results 33

Total Units Presales1 Delivery Apartments City Project Building units Ownership Presold presold1 ($b) date2 Residential for sale apartments settlement and Melbourne Melbourne Quarter East Tower 719 50% 100% 417 0.3 FY21 London Elephant Park East Grove and Park Central North3 166 100% 100% 166 0.1 FY21 completion Boston Clippership Wharf Building 4 114 100% 88% 100 0.1 FY21 Manchester Potato Wharf Potato Wharf Block 3 & 4 191 100% 77% 147 0.1 FY22 profile Chicago Lakeshore East Cirrus 350 42.5% -4 -4 -4 FY22 London Elephant Park MP4 - H11A3 104 100% 100% 104 0.1 FY23 Kuala Lumpur The Exchange TRX TRX Residences Building 1 443 60% 53% 236 0.2 FY24 Sydney Barangaroo South One Sydney Harbour Tower 1 317 100%5 74% 235 1.5 FY24

Total Delivery City Project Building units Ownership date6 Residential for rent apartments London Elephant Park East Grove and Park Central North 663 20.0% FY21 1. Closing presales balance as at 30 June Chicago Lakeshore East Cascade 503 42.5% FY22 2020. 2. Subject to change in delivery program. London Elephant Park MP4 - H11A 118 50.0% FY23 3. Affordable housing units presold within Chicago Southbank Building E 217 50.1% FY23 apartment for rent buildings. 4. Project information is commercial in London Elephant Park MP5 - H7 123 50.0% FY25 confidence. 5. Joint venture formed post balance date (Lendlease 75% ownership). 6. Based on expected completion date of underlying buildings, subject to change in delivery program. Not indicative of cash or profit recognition. Lendlease FY20 Financial Results 34

City Project Capital model sqm '0001 Building Completion date2 Commercial Melbourne Melbourne Quarter Fund through3 51 Two Melbourne Quarter FY21 Melbourne Melbourne Connect BOOT4 40 Melbourne Connect FY21 buildings Milan Milano Santa Giulia Fund through3 28 Spark One FY22 Milan Milano Santa Giulia Fund through3 18 Spark Two FY22 completion Sydney Sydney Place5 Joint venture 59 Salesforce Tower FY22 Kuala Lumpur The Exchange TRX Joint venture 122 Retail FY23 profile Victoria Cross over station Victoria Cross over station Sydney Joint venture 58 FY25 development development Total 376

1. Floor space measured as Net Lettable Area. 2. Based on expected completion date of underlying buildings, subject to change in delivery program. Not indicative of cash or profit recognition. 3. A funding model structured through a forward sale to a capital partner resulting in staged payments prior to building completion. 4. Build, Own, Operate, Transfer. 5. Formerly Circular Quay Tower. Lendlease FY20 Financial Results 35

Indicative conversion timing1 of secured residential for rent pipeline to FY25 Conversion of City Project Buildings Sector Units FY21 FY22 FY23 FY24 FY25 London Deptford Landings2 - Stage 1 1 Residential 251 secured Milan Milan Innovation District 1 Residential 273 London Deptford Landings2 - Stage 2 1 Residential 189 pipeline Chicago Southbank - Stage 1 1 Residential 295 London High Road West 1 Residential 412 London Silvertown Quays 2 Residential 399 Chicago Southbank - Stage 2 1 Residential 302 San Francisco San Francisco Bay Area project 7 Residential c.1,800 Bay Area Total 15 3,921

1. Subject to approval and contractual conditions. 2. Formerly The Timberyard, Deptford. Lendlease FY20 Financial Results 36

Indicative conversion timing1 of secured commercial pipeline to FY25 Conversion of City Project Buildings Sector sqm ‘0002 FY21 FY22 FY23 FY24 FY25 Melbourne Melbourne Quarter 1 Office 73 secured Kuala Lumpur The Exchange TRX 2 Hotel / Office 47 pipeline London International Quarter London - Stage 1 1 Office 34 San Francisco 30 Van Ness 1 Office 25 Brisbane Brisbane Showgrounds 1 Office 32 Perth Waterbank 1 Office 11 Milan Milan Innovation District - Stage 1 6 Hotel / Office 100 London Silvertown Quays - Stage 1 2 Office 24 Milan Milano Santa Giulia - Stage 1 8 Office / Retail 103 Chicago Southbank 1 Office 21 London Silvertown Quays - Stage 2 2 Office 23 Milan Milan Innovation District - Stage 2 3 Office 33 London International Quarter London - Stage 2 1 Office 33 Milan Milano Santa Giulia - Stage 2 1 Office 20 London Silvertown Quays - Stage 3 1 Office 12 Total 32 591

1. Subject to approval and contractual conditions, and tenant precommitments. 2. Floor space measured as Net Lettable Area. Lendlease FY20 Financial Results 37

Communities Residential Commercial Land payment Completion backlog land backlog projects Project Location model date1 lots2 sqm ‘0003 Yarrabilba QLD Staged payment FY47 13,960 2,028 Elliot Springs QLD Land management FY62 10,535 1,050 Shoreline QLD Land management FY34 2,950 93 Springfield Lakes QLD Land management FY27 2,720 13 Calderwood Valley NSW Land management FY35 3,055 152 Figtree Hill NSW Staged payment FY35 1,585 243 Bingara Gorge NSW Land management FY27 1,030 50 St Marys - Jordan Springs NSW Upfront payment FY24 835 296 The New Rouse Hill NSW Land management FY22 510 - Kings Central (formerly Werrington) NSW Upfront payment FY24 350 31

1. The expected financial year in which Atherstone VIC Land management FY28 2,475 52 the last land lot will be settled. Based on expected completion of underlying Harpley VIC Land management FY29 2,460 209 land lots, subject to change in delivery Aurora VIC Staged payment FY28 1,860 89 program. 2. Estimated backlog includes the total Blakes Crossing SA Upfront payment FY21 45 8 number of units in Group owned, Joint Venture and managed projects. The Alkimos Beach (formerly Alkimos) WA Land management FY29 1,135 22 actual number of units for any particular project can vary as planning approvals Alkimos Vista WA Land management FY26 505 - are obtained. 3. Net developable land in relation to Horizon Uptown Americas Upfront payment FY36 1,361 747 master-planned urban communities. Other communities 1 1 The actual land area for any particular project can vary as planning approvals Total communities 47,372 5,084 are obtained. Lendlease FY20 Financial Results 38

Urbanisation

Development Communities Apartments for Sale Forward sale Joint venture structure

• Office: Spark One and Two, deal structuring • One Sydney Harbour, Milano Santa Giulia • St Marys - Jordan Springs, Barangaroo South, Sydney1 Project • Clippership Wharf, Boston • Residential for rent: Sydney • Sydney Place (formerly tailored to local examples • Elephant Park, London Elephant Park, London and • Yarrabilba, Brisbane Circular Quay Tower), Building E, Southbank, Sydney market Chicago

• Land ownership • Land ownership via joint Land • Land management • Land management • Land management venture (including project funding2 • Staged payments • Staged payments • Staged payments financing)

Production • Largely 100% on-balance • Capital partner progress or • Funded via joint venture • 100% on-balance sheet funding2 sheet staged payments (including project financing)

• Development profit tied to • Development profit typically equity interests upfront at time of sale • Development profit on sold 1. Joint venture formed post balance date. • Development management 3 • Development management 2. Typical funding models used across • Development profit on sold product at settlement fees, construction margin5 P&L returns fees, construction margin5 segment examples. product at settlement • Construction margin on and investment 3. With the exception of Singapore where and investment settlement4 management fees5 revenue from residential apartments is management fees5 during (including performance recognised on percent complete basis. delivery 4. Based on apartment projects delivered fees) during delivery 100% on-balance sheet. 5. Only where Construction and / or Investments segments are engaged to • Linked to cash equity play a role in the project. Cash returns • Upfront and over life of returns or sell down of (Development • On settlement • On settlement project during delivery investment typically post only) practical completion Lendlease FY20 Financial Results 39 Land payment Overview of land payment / structuring models and implication for timing and risk share 1 models More price certainty to More development risk and land owner value share to land owner

Land payment Upfront payment Staged payment Land management model 1 2 3 4 5 Outright land Discretionary draw Option Fixed payments Residual land value Overage purchase down

When pricing is On draw down At development Upfront Upfront Upfront finalised of each phase completion

Payment / draw On draw down On draw down At development Upfront Staged down timing of each phase of each phase completion

Description • Land acquired and • Land price and • Land price agreed • Developer return • Developer earns a fully transferred to timing agreed upfront at either a metrics agreed priority return, above upfront fixed value or upfront which overage is the Developer percentage of end shared with the Land upfront • Transfer of land plots value • Land value Owner 1. Options are not discrete rather are on a may occur upfront, calculated at phase continuum. Combinations of multiple or, be staged to • Draw down of land draw down; referral • May include a fixed options are therefore possible. Where match payment plots at Developer to independent minimum amount agreements are in place with local or schedule discretion within expert if required payable to the Land central government, contributions to longstop dates Owner in advance social infrastructure, affordable housing • Draw down of land or other costs may be provided in plots at Developer addition to or in lieu of direct land discretion within value. sunset dates Construction Segment

South Australia: Osborne South Development Project Lendlease FY20 Financial Results 41 Earnings drivers - Construction EBITDA margin target 2-3%; Backlog $13.9b

Construction Non Core

Australia Asia Europe Americas Australia Region

$3.2b $0.3b $0.8b $3.4b $2.9b

last 12 12 last

months Revenue

FY21 36% FY21 68% FY21 74% FY21 57% FY21 46% FY22 26% FY22 26% FY22 23% FY22 20% FY22 26%

Post FY22 38% Post FY22 6% Post FY22 3% Post FY22 23% Post FY22 28%

Backlog realisation

$7.5b $0.7b $1.3b $4.4b $5.1b Backlog Lendlease FY20 Financial Results 42

Overview Performance FY19 FY20 Construction • Provides project management, design and construction services, Core business EBITDA mix % 14 18 predominantly in the defence, mixed use, commercial and residential EBITDA margin % 2.2 1.3 sectors FY20 New work secured $b 9.9 7.5 • Financial returns are generated via project management and Backlog $b 15.6 13.9 construction management fees, in addition to construction margin1

Drivers2 Outlook2

• Revenue of $7.6b, EBITDA of $101m • Backlog revenue of $13.9b, down from $15.6b • EBITDA margin 1.3%, down from 2.2% ̶ Diversified by sector, client and target market/geography ̶ All profit generated in H1 with the impact of COVID-19 resulting ̶ Major project6 sector exposures: Commercial 26%, Defence in a break even result in H2 25%, Residential 23%, Social Infrastructure 11% ̶ Impact greater in international regions with site shutdowns, lower ̶ Australia $7.5b: Randwick Campus Redevelopment – IASB, productivity, projects on hold and delays in the commencement HMAS Cerberus - Delivery Phase, Sydney Place, Sydney of new projects Metro Martin Place Integrated Station Development ̶ Projects completed during the period included: Wesley Place3, ̶ Americas $4.4b: Jacob K. Javits Convention Center, Rose Hill 4 60 Martin Place, redevelopments at Kambri Precinct at ANU • Backlog realisation: and Rod Laver Arena, residential tower at 220 Central Park 1. From external clients. South ̶ FY21: 48% 2. Comparative period the year ended 30 June 2019. ̶ Significant completions on integrated projects, most margin ̶ FY22: 24% 3. Formerly 130 Lonsdale Street. recognised in Development segment: Paya Lebar Quarter; 845 ̶ Post FY22: 28% 4. Formerly Australian National University Union Court Redevelopment. West Madison, Chicago; Cedarwood Square, Deptford Landings • Preferred bidder status of c.$8b including 5. Formerly 140 Lonsdale Street. • New work secured of $7.5b, down from $9.9b 6. Includes all Construction projects with ̶ Australia: Tweed Valley and Caboolture Hospitals, New backlog greater than $100m, which ̶ Australia $4.3b, down from $4.5b: Key projects secured Performing Arts Venue, Geelong Arts Centre and several represents 81% ($11.2b) of secured included: Victoria Cross over station development, HMAS Defence projects backlog. Watson Redevelopment – Delivery Phase, Australian Federal ̶ Americas: mix of residential and commercial projects Police Melbourne State Office5, Curtin University School of Design and Built Environment ̶ Asia: The Exchange TRX – Hotel, Office and Park ̶ Americas $2.4b, down from $3.7b: lower activity across key ̶ Europe: Richmond House, St John’s Wood Square and Glen cities and slowdown in high rise residential market. Projects Parva secured include 4 Hudson Square and Cirrus, Lakeshore East Lendlease FY20 Financial Results 43 Construction EBITDA ($m) EBITDA margin FY19 FY20 FY19 FY20 4.3% earnings 211 3.1% 3.0% 2.2% 1.1% 1.3% 0.7% 126 (0.2%) (4.3%) (1.2%) 97 101

40 46 24 (1) (11) (9)

Australia Asia Europe Americas Total Australia Asia Europe Americas Total

EBITDA Europe (£m1) EBITDA Americas (US$m)

33

22 16

1. Major currency in region. (5) FY19 FY20 FY19 FY20 Lendlease FY20 Financial Results 44 Construction Backlog ($b) FY20 backlog by region Australia Asia Europe Americas backlog 15.2 15.7 15.2 15.6 13.9

32%

$13.9b 54%

9% 5% FY16 FY17 FY18 FY19 FY20

FY20 backlog by client FY20 backlog by sector

Lendlease Corporate Government Commercial Defence Residential Social Infrastructure Transport Hotel/Entertainment Other 6%1% 8% 24% 26%

11% 44% Major Project1 Major Project1 Backlog Backlog 1. Includes all Construction projects with Revenue Revenue backlog greater than $100m, which represents 81% ($11.2b) of secured 23% backlog. 32% 25% Lendlease FY20 Financial Results 45 Construction Group ($b) Australia ($b) backlog by 7.5 (7.6) 4.3 (3.2) region 15.6 (1.6)² (0.5) 7.5 13.9 6.9

Book to bill¹: 1.0 Book to bill¹: 1.3

FY19 New work Revenue FX and FY20 FY19 New work Revenue Other FY20 secured realised Other secured realised

Europe ($b) Americas ($b)

0.5 (0.8) 2.4 (3.4)

1.7 6.2 (0.1) 1.3 (0.8) 4.4

1. Ratio calculated as new work secured Book to bill¹: 0.6 Book to bill¹: 0.7 over revenue realised to the nearest million. 2. Includes ($0.9b) of internal revenue. FY19 New work Revenue FX and FY20 FY19 New work Revenue FX and FY20 secured realised Other secured realised Other Lendlease FY20 Financial Results 46

Contract Contract Secured Completion Australia: Project Location type3 value4 ($m) date date5 Sector Crown Sydney Hotel Resort NSW MC 1,091.4 FY15 FY21 Hotel/Entertainment Major RAAF Tindal Stage 6 and USFPI Airfield Works NT MC 1,083.2 FY20 FY28 Defence 1,2 Sydney Place NSW D&C 717.8 FY19 FY22 Commercial Projects One Sydney Harbour Tower 1 NSW D&C 709.6 FY20 FY24 Residential AIR 7000 Phase 2B SA MC 485.0 FY16 FY21 Defence Sydney Metro Martin Place Integrated Station Development NSW D&C 481.76 FY19 FY24 Transport Sydney Metro Victoria Cross Integrated Station Development NSW D&C 469.1 FY19 FY24 Transport 1. Disclosure of major projects is subject HMAS Cerberus - Delivery Phase VIC MC 433.1 FY18 FY23 Defence to client approval. This could impact the Victoria Cross over station development NSW D&C 410.0 FY20 FY25 Commercial projects available for disclosure. 2. Backlog revenue as at 30 June 2020 HMAS Watson Redevelopment - Delivery Phase NSW MC 388.6 FY20 FY27 Defence for the projects listed totals $6.1b, representing 81% of total Australia ADF Air Traffic Control Complex Infrastructure Project National MC 378.5 FY16 FY21 Defence backlog revenue. Melbourne Connect VIC D&C 371.5 FY18 FY21 Other 3. Contract types are Managing Contractor (MC), Design and Construct Melbourne Quarter - Two Melbourne Quarter VIC D&C 340.6 FY18 FY21 Commercial (D&C), and Construction Management (CM). Randwick Campus Redevelopment – IASB NSW D&C 340.0 FY18 FY22 Social Infrastructure 4. Contract value for the project as Melbourne Quarter - East Tower VIC D&C 280.8 FY18 FY21 Residential approved by the client for disclosure. Where Lendlease is in a joint venture, it Stage 2 Garden Island Critical Works Delivery Phase NSW MC 268.3 FY19 FY24 Defence is the Lendlease share. Melbourne Park Redevelopment Stage 3 VIC D&C 242.2 FY19 FY21 Social Infrastructure 5. Based on expected completion date of underlying buildings, subject to change Joan Kirner Women's and Children's Hospital Projects VIC MC 239.4 FY16 FY21 Social Infrastructure in delivery program. 6. Excludes new commercial buildings, Australian Bragg Centre SA MC 217.5 FY20 FY24 Social Infrastructure pedestrian connections and retail Stage 1 Garden Island Delivery Phase NSW MC 200.7 FY18 FY21 Defence space as these are commercial in confidence. BaptistCare SAHF NSW D&C 198.9 FY17 FY21 Residential 7. Contract value is subject to commercial in confidence and not available for Gold Coast Airport, Southern Terminal Expansion QLD D&C 196.7 FY19 FY21 Transport disclosure. Goulburn Valley Health Shepparton Redevelopment VIC MC 193.0 FY18 FY22 Social Infrastructure One Sydney Harbour Basement NSW CM 169.8 FY19 FY21 Other Curtin University School of Design and Built Environment WA D&C 102.0 FY20 FY21 Social Infrastructure Silverwater Correctional Facility Expansion NSW D&C n/a7 FY18 FY21 Social Infrastructure Australian Federal Police Melbourne State Office (formerly 140 VIC D&C n/a7 FY20 FY23 Commercial Lonsdale Street) Lendlease FY20 Financial Results 47

Contract Contract Secured Completion Asia and Project Location type3 value4 ($m) date date5 Sector Asia Europe: Major The Exchange TRX - Retail Kuala Lumpur MC 544.8 FY18 FY23 Commercial Projects1,2 Ardor Gardens Shanghai, China CM 196.6 FY19 FY22 Residential Europe Perry Barr Residential Scheme Birmingham MC 569.7 FY19 FY22 Social Infrastructure Elephant Park - Park Central North London D&C 280.9 FY18 FY21 Residential 1 Triton Square London D&C 272.5 FY17 FY21 Commercial Elephant Park - East Grove London D&C 239.3 FY18 FY21 Residential Google UK HQ (formally Google European HQ) London CM 212.3 FY18 FY23 Commercial 1. Disclosure of major projects is subject Elephant Park MP4 - H11A London MC 156.3 FY20 FY23 Residential to client approval. This could impact the projects available for disclosure. Manchester New Square Manchester D&C 152.3 FY18 FY21 Residential 2. Backlog revenue as at 30 June 2020 for the projects listed totals $0.6b (Asia) St John's Manchester Goods Yard Manchester D&C 139.3 FY19 FY21 Commercial and $1.0b (Europe), representing 86% (Asia) and 77% (Europe) of total Oxford House London D&C 105 - 125 FY19 FY21 Commercial backlog revenue for these regions. 3. Contract types are Managing Contractor (MC), Design and Construct (D&C) and Construction Management (CM). 4. Contract value for the project as approved by the client for disclosure. Where Lendlease is in a joint venture, it is the Lendlease share. 5. Based on expected completion date of underlying buildings, subject to change in delivery program. Lendlease FY20 Financial Results 48

Contract Contract Secured Completion Americas: Project Location type3 value4 ($m) date date5 Sector Americas Major Jacob K. Javits Convention Center New York LS 908.4 FY17 FY21 Hotel/Entertainment 1,2 New York Methodist Hospital New York CM 473.9 FY16 FY21 Social Infrastructure Projects Clippership Wharf Boston GMP 325.7 FY16 FY21 Residential Lakeshore East - Cirrus Chicago GMP 321.7 FY20 FY22 Residential Lakeshore East - Cascade Chicago GMP 233.5 FY20 FY22 Residential Rose Hill New York GMP n/a6 FY19 FY21 Residential Central Park Tower New York CM n/a6 FY13 FY22 Residential Brooklyn Point New York CM n/a6 FY16 FY21 Residential 1. Disclosure of major projects is subject 6 to client approval. This could impact the 430 East 58th Street New York GMP n/a FY17 FY23 Residential projects available for disclosure. Ritz Carlton Hotel New York GMP n/a6 FY19 FY21 Hotel/Entertainment 2. Backlog revenue as at 30 June 2020 for the projects listed totals $1.9b, Rahway Formulation, Laboratory and Boston GMP n/a6 FY19 FY22 Commercial representing 43% of total Americas Experimental Center backlog revenue. 3. Contract types are Construction Andover Manufacturing & Development Facility Boston CM n/a6 FY19 FY21 Commercial Management (CM), Lump Sum (LS) 6 and Guaranteed Maximum Price 4 Hudson Square New York GMP n/a FY20 FY21 Commercial (GMP). 6 4. Contract value for the project as PA Vaccine Research and Development Facility Boston GMP n/a FY18 FY21 Commercial approved by the client for disclosure. Taystee Lab Building New York GMP n/a6 FY17 FY21 Social Infrastructure Where Lendlease is in a joint venture, it is the Lendlease share. 5. Based on expected completion date of underlying buildings, subject to change in delivery program. 6. Contract value is subject to commercial in confidence and not available for disclosure. Investments Segment

Singapore: 313@somerset Lendlease FY20 Financial Results 50 Earnings drivers - Investments ROIC target 8-11%1; Invested capital $3.7b

Ownership Earnings Operating Earnings Capital intensive activities Capital light activities

Co-investment Retirement US Military US Telco Funds Commercial Residential positions in Living Housing Infrastructure Management Asset Asset

managed funds Platform Management Management

AUM

FUM / FUM

capital Invested Invested $2.0b $1.4b $211m $291m $36.0b FUM $15.1b AUM $14.2b AUM

Property and Funds development Asset and property Distributions and Equity investment Equity investment Income and capital management fees management fees management fees, capital growth returns returns growth

and occupancy Returns

Returns % of FUM and metrics and and metrics and % of value driver

High quality assets Occupancy rate, Number of Asset Occupancy rate, driving rental turnover rate, operators per performance, growth rate, income, growth rate, tower, lease term, FUM growth leasing and Rent growth

discount rate and

Value Value drivers drivers occupancy and discount rate and growth rate and development opex asset valuations opex discount rate activity

1. Through-cycle target based on rolling three to five year timeline. Lendlease FY20 Financial Results 51

Overview Performance FY19 FY20 Investments • Owns and/or manages investments including a leading investment Core business EBITDA mix % 33 25 management platform and also includes the Group’s ownership ROIC % 10.8 2.8 interests in co-investments, Retirement and other investments FY20 Invested capital $b 3.6 3.7 • Financial returns include fund and asset management fees, and Co-investment revaluations $m 103 (109) yields and capital growth on ownership interests Co-investment revaluations / Core business % 6.9 n/a1 operating EBITDA

Drivers2 Outlook

• Operating EBITDA $198m • Well positioned to deliver future recurring earnings ̶ FUM growth of 2% resulting in small rise in base fees • Integrated business model key source of growth with >$50b ̶ Significant performance fee post completion of Paya Lebar investment grade assets to be created from development pipeline Quarter project • Operating earnings ̶ APPF Retail redemptions process ongoing ̶ FUM of $36b, c.150 institutional investors ̶ Commercial AUM of $15.1b o Scale platforms in office and retail ̶ Residential AUM of $14.2b across military housing and o Building scale in residential for rent asset class residential for rent assets ̶ c.$3.3b of additional secured future FUM across development • Ownership EBITDA, loss of $58m projects in delivery through funds and mandates ̶ Total devaluations of $188m resulted in a loss for the year ̶ Significant opportunities from the remaining development ̶ Co-investments pipeline o Asset devaluations in the period of c.5% across the portfolio ̶ c.$2b mandate to manage TCorp portfolio from 1 July 2020 o Lower income from Australian portfolio following ̶ $15.1b Commercial AUM divestments ̶ $14.2b Residential AUM o Lower investment income from COVID-19 related disruption • Ownership earnings 1. Nonmeaningful in FY20 due to negative to trading performance contribution to earnings. ̶ $2.0b co-invested in funds, capital partner alignment 2. Comparative period the year ended 30 ̶ Retirement ̶ $1.4b of capital in retirement investment June 2019. o Lower returns - 3.8% increase in resales across the ̶ $0.6b of other income producing assets portfolio offset by price declines and deferred development activity ̶ Equity returns on US Military Housing portfolio ̶ Asset devaluations across other investments ̶ Establishment of Lendlease Global Commercial REIT in Singapore Lendlease FY20 Financial Results 52 Investments EBITDA by region ($m) Investments EBITDA by activity ($m) FY19 FY20 FY19 FY20 earnings / 489 ownership 330 345 198 140 144 100 67 35 50 48 9 (10) (58)

Australia Asia Europe Americas Total Ownership interests¹ Operating earnings²

Investments3 by product ($b) Investments3 by region ($b)

Co-investments Retirement US Military Housing Other Australia Asia Europe Americas

3.7 4.0 3.7 4.0 1. Returns derived from co-investments, 10% the Group’s Retirement investment, US 12% 11% 17% 1% Military Housing equity investment and 6% 5% 2% other investments. 19% 23% 2. Earnings primarily derived from the 38% 34% investment management platform and the management of US Military Housing operations. 3. The Group’s assessment of market 69% 58% value of ownership interests. Total 46% 49% invested capital in the segment of $3.7b in FY20.

FY19 FY20 FY19 FY20 Lendlease FY20 Financial Results 53 Funds Under FUM ($b) CAGR² of 11.1% Management1 35.2 36.0 30.1 (FUM) 26.1 23.6

FY16 FY17 FY18 FY19 FY20

FY20 FUM by asset class FY20 FUM by region

Office Retail Residential Industrial Other Australia Asia Europe Americas 3% 2% 3%

5% 4%

24%

36% $36.0b 54% $36.0b 1. The Group’s assessment of market value. 69% 2. Compound Annual Growth Rate. Lendlease FY20 Financial Results 54 FUM1 by Group ($b) Australia ($b) 3.9 (1.9) region 1.4 (1.2)

(1.4) (0.7) 0.2 36.0 24.8 0.4 24.7 35.2

FY19 Additions Divest- Revaluations FX and FY20 FY19 Additions Divest- Revaluations Other FY20 ments Other ments Asia ($b) Europe ($b)

1.7 (0.7)

(0.3) (0.2) 0.5 - (0.4) 8.7 1.5 - 1.6 8.2

1. The Group's assessment of market value. FY19 Additions Divest- Revaluations FX and FY20 FY19 Additions Divest- Revaluations FX and FY20 ments Other ments Other Lendlease FY20 Financial Results 55

1 Australia FUM Fund type Asset class FY19 ($b) FY20 ($b) FUM by Managed Investment Mandates Core Various 4.4 5.3 Australian Prime Property Fund Commercial Core Office 5.1 5.2 region Lendlease International Towers Sydney Trust Core Office 4.6 4.8 Australian Prime Property Fund Retail Core Retail 5.7 4.4 Lendlease One International Towers Sydney Trust Core Office 2.7 2.7 Australian Prime Property Fund Industrial Core Industrial 1.0 1.1 Lendlease Sub Regional Retail Fund Core Retail 0.6 0.5 Lendlease Public Infrastructure Investment Company Core Social Infrastructure 0.4 0.4 Lendlease Real Estate Partners New Zealand Core Retail 0.3 0.3 Total Australia 24.8 24.7

Asia FUM Fund type Asset class FY19 ($b) FY20 ($b) Paya Lebar Quarter Core Office and Retail 3.3 3.3 Lendlease Asian Retail Investment Fund Core Retail and Office 2.8 1.9 Lendlease Global Commercial REIT Core Retail and Office - 1.5 Parkway Parade Partnership Limited Core Plus Retail 1.5 1.4 Lendlease Jem Partners Fund Limited Core Retail and Office 0.6 0.6 Total Asia 8.2 8.7

Europe FUM Fund type Asset class FY19 ($b) FY20 ($b) Lendlease Retail LP Core Retail 1.2 0.8 Lendlease Residential Investment Partnership Core Residential 0.3 0.6 Lendlease Residential Investment Partnership 2 Core Residential - 0.1 Lendlease MSG 1 Europe Investment Partnership Core Office - 0.1 1. The Group's assessment of market 1.5 1.6 value. Total Europe

Americas FUM Fund type Asset class FY19 ($b) FY20 ($b) Lendlease Americas Residential Partnership Value Add Residential 0.7 1.0 Total Americas 0.7 1.0 Lendlease FY20 Financial Results 56 Major fund summary1

FY20 funds management platform

APPFR2 APPFC3 APPFI4 LLITST5 LLOITST6 PLQ7 ARIF8 3 (Jem) PPPL9 LLGCREIT10 LRAP11 Total assets $b 4.4 5.2 1.1 4.8 2.7 3.3 1.7 1.4 1.5 1.0 Gearing % 29.9 6.3 9.6 16.5 19.1 59.5 42.4 37.1 35.1 45.1 Co-investment % 1.9 8.1 10.5 3.9 2.5 30.0 20.1 10.2 25.3 50.0 Co-investment $m 57 372 101 153 53 361 180 72 261 173 Region Aus Aus Aus Aus Aus Asia Asia Asia Asia Amer Office and Retail and Retail and Asset class Retail Office Industrial Office Office Retail Residential Retail Office Office Number of assets no. 10 19 35 4 1 4 1 1 4 3 Occupancy % 95.7 96.0 96.3 95.1 99.5 90.1 99.2 99.1 99.5 71.2 Weighted avg. cap rate % 5.3 4.7 6.1 4.6 4.6 3.9 4.3 5.0 4.5 4.5

1. Does not comprise Lendlease’s complete Funds Management Platform. 2. Australian Prime Property Fund Retail. 3. Australian Prime Property Fund Commercial. 4. Australian Prime Property Fund Industrial. 5. Lendlease International Towers Sydney Trust (Barangaroo South T2 and T3, International House and Towns Place Car Park). 6. Lendlease One International Towers Sydney Trust (Barangaroo South T1). 7. Paya Lebar Quarter. 8. Lendlease Asian Retail Investment Fund. 9. Parkway Parade Partnership Limited. 10. Lendlease Global Commercial REIT. 11. Lendlease Residential Americas Partnership. Total assets includes six buildings (three buildings are under construction and not yet operational). All other metrics refer to the three operational buildings only. Lendlease FY20 Financial Results 57

1 Australia co-investments FY20 Lendlease interest FY19 ($m) FY20 ($m) Investments Australian Prime Property Fund Commercial 8.1% 369 372 Lendlease International Towers Sydney Trust 3.9% 238 153 Australian Prime Property Fund Industrial 10.5% 96 101 Craigieburn Central 25.0% 82 69 Australian Prime Property Fund Retail 1.9% 74 57 Lendlease One International Towers Sydney Trust 2.5% 54 53 Lendlease Public Infrastructure Investment Company 10.0% 40 40 Lendlease Sub Regional Retail Fund 9.9% 36 25 Lendlease Real Estate Partners New Zealand 5.3% 11 8 Other 1 - Total Australia 1,001 878

Asia co-investments FY20 Lendlease interest FY19 ($m) FY20 ($m) Paya Lebar Quarter 30.0% 284 361 Lendlease Global Commercial REIT 25.3% - 261 Lendlease Asian Retail Investment Fund (ARIF) ARIF 1 (313@somerset)2 - 44 - ARIF 2 (Setia City Mall) 39.4% 30 35 ARIF 3 (Jem) 20.1% 201 180 313@somerset2 - 99 -

1. The Group's assessment of market Parkway Parade Partnership Limited 10.2% 43 72 value of ownership interests. Total Asia 701 909 2. 313@somerset retail centre was sold to the Lendlease Global Commercial REIT during FY20. Americas FY19 FY20 Lendlease Residential Americas Partnership, co-investment $m - 173 US Military Housing, invested equity $m 211 211 Telecommunications assets, invested equity $m 203 291 Telecommunications towers no. 308 433 Lendlease FY20 Financial Results 58

Commercial Assets Under FY20 GLA2 sqm '000 FY19 ($b) FY20 ($b) Management Australia 774.7 7.5 6.1 1 Asia 475.9 7.2 8.5 (AUM) by Europe 141.7 0.7 0.5 region Total 1,392.3 15.4 15.1 Residential Total Military Housing Residential for Rent Avg portfolio life Units Buildings AUM ($b) Housing units Lodging units Total units (years) Americas 14.2 39,358 12,431 51,789 36 736 3

1. The Group's assessment of market value. 2. Gross Lettable Area. Lendlease FY20 Financial Results 59

Value drivers1 FY19 FY20 Investment ($m) Retirement Long term growth rate % 3.5 3.5 Discount rate % 12.3 12.4 1,397 1,354 summary Average length of stay – ILUs years 11 11 Number of established units no. 12,785 12,858 Units resold no. 842 874 Development Pipeline2 no. 3,829 3,077 Pipeline $b 1.8 1.6 Sales/Settlements no. 150 104 Sales/Settlements $m 86.0 56.8 FY19 FY20

FY20 units and villages by state1

Units Villages 26

17 12

10 4,088 3,371 2,932 4 3 1. 100% of Retirement Living business. 1,636 2. Includes aged care beds licences. 531 300 VIC NSW QLD WA SA ACT Lendlease FY20 Financial Results 60

This document (including the appendix) has been prepared and is issued by Lendlease Corporation Limited (ACN 000 226 228) (Lendlease) in Important good faith. Neither Lendlease (including any of its controlled entities), nor Lendlease Trust (together referred to as the Lendlease Group) makes any representation or warranty, express or implied, as to the accuracy, completeness, adequacy or reliability of any statements, estimates, opinions or other information contained in this document (any of which may change without notice). To the maximum extent permitted by law, notice Lendlease, the Lendlease Group and their respective directors, officers, employees and agents disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may be suffered, howsoever arising, through use or reliance on anything contained in or omitted from this document.

This document has been prepared without regard to the specific investment objectives, financial situation or needs of any recipient of this presentation. Each recipient should consult with, and rely solely upon, their own legal, tax, business and/or financial advisors in connection with any decision made in relation to the information contained in this presentation.

Prospective financial information and forward looking statements, if any, have been based on current expectations about future events and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from the expectations expressed in or implied from such information or statements.

Lendlease Group’s statutory results are prepared in accordance with International Financial Reporting Standards (IFRS). This document also includes material that is not included in Lendlease Group’s statutory results and contains non-IFRS measures. Material that is not included in Lendlease Group’s statutory results has not been subject to audit. Lendlease Group’s auditors, KPMG, performed agreed upon procedures to ensure consistency of this document with Lendlease Group’s statutory results, other publicly disclosed material and management reports.

A reference to FY20 refers to the full year period ended 30 June 2020 unless otherwise stated. All figures are in AUD unless otherwise stated.