Lendlease Group 2020 Notice of Meetings

192221 AugustOctober 20192018 2020

Attached are copies of the Chairman’s Letter to Securityholders, sample Proxy Form and Notice of Meetings for the 2020 Annual General Meeting of shareholders of Lendlease Corporation Limited and General Meeting of unitholders of Lendlease Trust (together Lendlease Group).

The meetings will be held virtually on Friday 20 November 2020 commencing at 10:00am (AEDT).

These documents are available on the Lendlease website at www.lendlease.com.au.

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 How to Access the Notice of Meetings, Vote and Participate in the meetings: To access the Notice of Meetings and other relevant documentation, lodge a proxy and participate in the meetings, visit our online AGM site at: edocumentview.com.au/LLC2020

LLC

MR SAM SAMPLE Control Number: 999999 FLAT 123 123 SAMPLE STREET SRN/HIN: I9999999999 THE SAMPLE HILL SAMPLE ESTATE SAMPLEVILLE VIC 3030 YOUR VOTE IS IMPORTANT For your proxy appointment to be effective it must be received by 10:00am (AEDT) on

*L000001* Wednesday 18 November 2020. For Intermediary Online subscribers only (custodians) www.intermediaryonline.com

For all enquiries call: 21 October 2020 1300 850 505 (within Australia) +61 3 9415 4000 (outside Australia) Dear Securityholder

It is my pleasure to invite you to attend the 2020 Annual General Meeting of Lendlease Corporation Limited (the Company) and Meeting of Unitholders of Lendlease Trust (AGM). This year, due to the ongoing risks of the COVID-19 pandemic, and in light of the social distancing requirements of the Federal and State governments currently in place, the Board has determined that in the interests of the health and safety of securityholders an online (virtual) meeting will be held. Securityholders will not be able to physically attend the AGM.

The AGM will commence at 10:00am (AEDT) on Friday 20 November 2020 as a virtual meeting. Details of where you can access the Notice of Meetings and other meeting documents, lodge a proxy and participate in the AGM are set out in this letter.

The Notice of Meetings contains details of the items of business, as well as voting procedures and explanatory notes. The items of business at this year’s AGM include:

• Consideration of the Financial Reports, which is a non voting item; • The election of Non Executive Director Robert Welanetz who joined the Board earlier this year; • The re-election of Non Executive Directors Philip Coffey and Jane Hemstritch who are retiring by rotation in accordance with the Company’s Constitution and are offering themselves for re-election; • The adoption of the Remuneration Report as set out in pages 106 to 136 of the 2020 Annual Report; and • The allocation of Performance Rights to Steve McCann, Managing Director and Group Chief Executive Officer.

The Board considers that all resolutions to be voted on at the AGM are in the best interests of Lendlease securityholders and recommends that you vote in favour of all items.

The AGM is the primary opportunity for the Board to interact with securityholders and is an important part of our approach to governance. The virtual meeting will provide you with an opportunity to attend the meeting regardless of your location. Our Group Chief Executive Officer Steve McCann and I will speak at the AGM and provide an update to securityholders on the Group’s performance during this unprecedented year. Securityholders will be able to ask questions and vote on important matters during the meeting so I encourage you to attend online. For those securityholders who are not able to attend the meeting online, I encourage you to vote ahead of the meeting and submit questions in advance through www.investorvote.com.au. While time may not permit me to address all of the questions submitted, I will try to address the more frequently raised securityholder questions during the course of the meeting. You can also view an archive of the webcast on the Lendlease website which will be available after the meeting.

Samples/000001/000001 Finally, I acknowledge the outstanding contributions of Non Executive Director Colin Carter, who will be retiring from the Board at the conclusion of the AGM. Colin has served on the Board for more than eight years and his depth of experience in strategy, sustainability and governance helped to shape Lendlease’s position in these critical areas. Thank you Colin for your unwavering support.

Yours sincerely

Michael Ullmer, AO Chairman Lendlease Group

How to participate live online

Login Voting online Securityholders can watch and participate in the AGM virtually Once polls are open, via the online platform by visiting https://web.lumiagm.com or through securityholders and proxyholders can the Lumi AGM app. vote by clicking on the bar chart icon. Please refer to the user guide available at Ask a question online www.computershare.com.au/virtualmeetingguide Click this icon for the submission of written questions. To login to the AGM online you will need Questions may be moderated or • The meeting ID for the AGM: 302-048-635 amalgamated if there are multiple • Your SRN/HIN questions on the same topic. • Your postcode registered on your holding if you are an Australian securityholder. Overseas securityholders should refer to the user guide. Proxyholders will need to contact Computershare, on +61 3 9415 4024 to obtain their login details to participate live online. Participating at the meeting online, enables securityholders to view the AGM live, ask questions and cast direct votes at the appropriate times during the meeting.

How to participate by teleconference

Securityholders can also dial in via teleconference and will be able to listen to the meeting live and ask questions on the phone. Details of the teleconference line will be available through the Lumi AGM platform. Lodge your vote: edocumentview.com.au/LLC2020 Control Number: 999999

SRN/HIN: I9999999999 PIN: 99999

By Mail: Computershare Investor Services Pty Limited LLC GPO Box 242 Melbourne Victoria 3001 Australia MR SAM SAMPLE FLAT 123 123 SAMPLE STREET By Fax THE SAMPLE HILL 1800 783 447 (within Australia) SAMPLE ESTATE +61 3 9473 2555 (outside Australia) SAMPLEVILLE VIC 3030 For Intermediary Online subscribers only (custodians) www.intermediaryonline.com *M00000112Q02*

For all enquiries call: 1300 850 505 (within Australia) +61 3 9415 4000 (outside Australia) Proxy Form

For your vote to be effective it must be received by 10:00am (AEDT) on Wednesday 18 November 2020

How to Vote on Items of Business If you appoint the Chairman of the Meetings as your proxy or the Chairman of the Meetings is appointed as your proxy by default, and All your securities will be voted in accordance with your directions. you do not mark a voting box for items 3 and 4 then by completing and submitting this form you will be expressly authorising the Appointing a proxy: If you wish to appoint the Chairman of the Chairman of the Meetings to exercise the proxy in respect of the Meetings as your proxy, mark the box in Step 1. If the person you relevant item even though the item is connected with the wish to appoint as your proxy is someone other than the Chairman of remuneration of the KMP. The Chairman of the Meetings intends to the Meetings please write the name of that person in Step 1. If you vote all available proxies in favour of each item of business. leave this section blank, or your named proxy does not attend the

Meetings, the Chairman of the Meetings will be your proxy. If your Signing Instructions for Postal Forms named proxy attends the Meetings but does not vote on a poll on an Where the holding is in one name, the securityholder item of business in accordance with your voting directions, the Individual: must sign. Chairman of the Meetings will become your proxy in respect of that item. Joint Holding: Where the holding is in more than one name, all of the securityholders should sign. Voting 100% of your holding: Direct your proxy how to vote by marking one of the boxes opposite each item of business. If you do If this form is signed under Power of Attorney not mark a box your proxy may vote or abstain as they choose (to the Power of Attorney: and you have not already lodged the Power of Attorney with the extent permitted by law). If you mark more than one box on an item registry, please attach a certified photocopy of the Power of your vote will be invalid on that item. Attorney to this form when you return it. Voting a portion of your holding: Indicate a portion of your voting Where the company has a Sole Director who is also rights by inserting the percentage or number of securities you wish to Companies: the Sole Company Secretary, this form must be signed by that vote in the For, Against or Abstain box or boxes. The sum of the person. If the company (pursuant to section 204A of the votes cast must not exceed your voting entitlement or 100%. Corporations Act 2001) does not have a Company Secretary, a Sole Director can sign alone. Otherwise this form must be signed by a Appointing a second proxy: You are entitled to appoint up to two Director jointly with either another Director or a Company Secretary. proxies to attend the Meetings and vote on a poll. If you appoint two Please sign in the appropriate place to indicate the office held. proxies you must specify the percentage of votes or number of Delete titles as applicable. Your securities will be voted in securities for each proxy, otherwise each proxy may exercise half of the votes. When appointing a second proxy write both names and the accordance with your directions. percentage of votes or number of securities for each in Step 1 overleaf. Corporate Representatives If a representative of a corporate securityholder or proxy is to A proxy need not be a securityholder of Lendlease Group. attend the Meetings, you will need to provide the appropriate “Certificate of Appointment of Corporate Representative” prior to Voting restrictions applying to key management personnel: If online registration. A form of the certificate may be obtained from you appoint a member of the key management personnel of Computershare or online at www.investorcentre.com under the Lendlease Corporation Limited (which includes each of the Directors) help tab, "Printable Forms". (KMP) or one of their closely related parties as your proxy, the KMP will not be able to cast your votes on items 3 and 4 unless you direct GO ONLINE TO LODGE YOUR FORM, them how to vote or the Chairman of the Meetings is your proxy. or turn over to complete the form Samples/000001/000002/i12 MR SAM SAMPLE FLAT 123 Change of address. 123 SAMPLE STREET If incorrect, mark this box THE SAMPLE HILL and make the correction in the  SAMPLE ESTATE space to the left. Securityholders SAMPLEVILLE VIC 3030 sponsored by a broker (reference number commences with ‘X’) should advise your broker of any I 9999999999 I ND changes.

XX Proxy Form Please mark  to indicate your directions Appoint a Proxy to Vote on Your Behalf STEP 1 I/we being a member/s of Lendlease Group hereby appoint PLEASE NOTE: Leave this box blank if The Chairman OR you have selected the Chairman of the of the Meetings Meetings. Do not insert your own name(s).

or failing the individual or body corporate named, or if no individual or body corporate is named, the Chairman of the Meetings, as my/our proxy to act generally at the Meetings on my/our behalf and to vote in accordance with the following directions (or if no directions have been given, and to the extent permitted by law, as the proxy sees fit) at the Annual General Meeting of Lendlease Corporation Limited (the Company) and General Meeting of Lendlease Trust (Meetings) to be held virtually on Friday 20 November 2020 at 10:00am (AEDT) and at any adjournment or postponement of the Meetings. Chairman authorised to exercise undirected proxies on remuneration related resolutions: Where I/we have appointed the Chairman of the Meetings as my/our proxy (or the Chairman of the Meetings becomes my/ our proxy by default), by completing and submitting this form, I/we expressly authorise the Chairman of the Meetings to exercise my/our proxy on items 3 and 4 (except where I/we have indicated a different voting intention below) even though the relevant item is connected directly or indirectly with the remuneration of the key management personnel, which includes the Chairman of the Meetings. Important Note: If the Chairman of the Meetings is (or becomes) your proxy you can direct the Chairman of the Meetings to vote for or against or to abstain from voting on an item by marking the appropriate box in step 2 below. STEP 2 Items of Business PLEASE NOTE: If you mark the Abstain box for an item, you are directing your proxy not to vote on your behalf on a poll and your votes will not be counted in computing the required majority.

ORDINARY BUSINESS FOR AGAINST ABSTAIN

2 a) Election of Robert Welanetz as a Director of the Company

2 b) Re-election of Philip Coffey as a Director of the Company

2 c) Re-election of Jane Hemstritch as a Director of the Company

3 Adoption of Remuneration Report

4 Approval of Allocation of Performance Rights to Managing Director

The Chairman of the Meetings intends to vote undirected proxies in favour of each item of business. In exceptional circumstances, the Chairman of the Meetings may change his/her voting intention on any resolution, in which case an ASX announcement will be made.

SIGN Signature of Securityholder(s) This section must be completed.

Individual or Securityholder 1 Securityholder 2 Securityholder 3

Sole Director and Sole Company Secretary Director Director/Company Secretary Daytime / / Contact Telephone Date

L L C 2 6 9 2 6 2 A Creating together

Annual General Meeting of Lendlease Corporation Limited and Meeting of Unitholders of Lendlease Trust

Friday 20 November 2020 at 10:00am (AEDT) 2

Annual General Meeting of Lendlease Corporation Limited and Meeting of Unitholders of Lendlease Trust (‘AGM’ or ‘meeting’) Due to the ongoing risks of the COVID-19 pandemic, and in light of the social distancing requirements of the Federal and State governments in place at the date of this Notice of Meetings, the Board has determined that in the interests of the health and safety of securityholders an online (virtual) meeting will be held. Securityholders will not be able to physically attend the AGM. The Annual General Meeting of shareholders of Lendlease Corporation Limited (the Company) will be held in conjunction with a general meeting of unitholders of Lendlease Trust (the Trust) (together, Lendlease Group or Lendlease) commencing at 10:00am (AEDT) on Friday 20 November 2020 as a virtual meeting.

How to participate live online

How to participate by teleconference

Notice of Meetings

Items of Business However, a vote will not be disregarded if it is cast as proxy for a person entitled to vote on item 3: Financial Reports • in accordance with a direction on the Proxy Form; or 1. To consider and receive the Financial Statements, the • by the Chairman of the meeting in accordance with an Directors’ Report, and the Independent Auditor’s Report express authorisation to exercise the proxy even though item within the Lendlease Group Annual Report for the year 3 is connected with the remuneration of the Company’s KMP. ended 30 June 2020. Item 4 – Approval of Allocation of Performance Rights to the No resolution is required for this item of business. Managing Director The Company and Trust will disregard any votes on item 4: Election and Re-election of Directors 2. To consider and, if thought fi t, pass the following resolutions a) cast in favour of the resolution by or on behalf of Mr Stephen as separate ordinary resolutions of the Company: McCann (being the only director eligible to participate in any of the Group’s employee incentive schemes) or any of his a) That Mr Robert Welanetz being a Director of the associates, regardless of the capacity in which the votes are Company who retires in accordance with Rule 6.1(e) cast; and of the Constitution of the Company, being eligible, is elected as a Director of the Company. b) cast as a proxy by a member of the KMP at the date of the meeting or their closely related parties. b) That Mr Philip Coff ey being a Director of the Company who retires in accordance with Rule 6.1(f) of the However, a vote will not be disregarded if it is cast: Constitution of the Company, being eligible, is • as proxy or attorney for a person entitled to vote in re-elected as a Director of the Company. accordance with a direction given to the proxy or attorney to c) That Ms Jane Hemstritch being a Director of the vote in that way; Company who retires in accordance with Rule 6.1(f) of • by the Chairman of the meeting as proxy for a person the Constitution of the Company, being eligible, is entitled to vote in accordance with an express authorisation re-elected as a Director of the Company. to exercise the proxy as the Chairman decides; or • by a holder acting solely in a nominee, trustee, custodial or Remuneration Report other fi duciary capacity on behalf of a benefi ciary provided 3. To consider and, if thought fi t, pass the following resolution the following conditions are met: as an ordinary resolution of the Company: • the benefi ciary provides written confi rmation to the That the Company’s Remuneration Report for the year holder that the benefi ciary is not excluded from voting, ended 30 June 2020 be adopted. and is not an associate of a person excluded from voting, on the resolution; and In accordance with section 250R of the Corporations Act 2001 (Cth) (Corporations Act) the vote on resolution 3 will be advisory only. • the holder votes on the resolution in accordance with the directions given by the benefi ciary to the holder to vote in that way. Approval of Allocation of Performance Rights to the Managing Director Other information 4. To consider and, if thought fi t, pass the following resolution The proposed items of business should be read in conjunction as an ordinary resolution of each of the Company and Trust: with the voting information and explanatory notes on pages 6 to That approval is given to issue Performance Rights to 12, which form part of this notice of meeting. the Managing Director of Lendlease Group, Mr Stephen All items of business will be determined by poll. McCann, on the terms and conditions described in the Explanatory Notes accompanying this Notice of Meetings. By order of the Boards of Lendlease Corporation Limited and Lendlease Responsible Entity Limited as responsible entity of Lendlease Trust. VOTING EXCLUSION STATEMENTS Item 3 – Remuneration Report resolution Wendy Lee The Company will disregard any votes cast on item 3: Company Secretary a) in any capacity by or on behalf of a member of the key 21 October 2020 management personnel named in the Remuneration Report for the year ended 30 June 2020 (KMP) or their closely related parties (such as close family members and any companies the person controls); and b) as a proxy by a member of the KMP at the date of the meeting or their closely related parties. 4

Notice of Meetings continued

HOW TO ATTEND THE MEETING ONLINE Instructions on how to vote using the Lumi AGM platform: Due to the ongoing risks of the COVID-19 pandemic, and in • Open the Lumi AGM app or website and enter the light of the social distancing requirements of the Federal and Meeting ID 302-048-635. State governments in place at the date of this Notice, the • Enter your username (your SRN/HIN) and password (your Board has determined that in the interests of the health and postcode as recorded on the register). safety of securityholders an online (virtual) meeting will be held. Securityholders will not be able to physically attend the AGM. • From the Home screen, you can view Company documents and vote. By participating online, securityholders will be able to hear and view the Chairman and CEO addresses, submit questions and comments • Once the poll is open, the voting icon will appear at the whilst the meeting is in progress and vote during the meeting. bottom of your screen – to vote, click on the icon and select your desired option ("for", "against" or "abstain"). Registration will commence at 9:00am on Friday, 20 November 2020 (AEDT). • To change your vote, select another option (you can cancel your vote by pressing the ‘cancel’ button). To participate in the online AGM, you will need to: An illustrative guide on how to use the Lumi AGM app is • visit web.lumiagm.com on your smartphone, tablet available at www.computershare.com.au/virtualmeetingguide. or computer Your computer, mobile phone or device must have access to • The meeting ID for the AGM is: 302-048-635 the internet during the meeting in order to use the Lumi AGM platform (using either the internet site https://web.lumiagm.com • enter your SRN/HIN or the Lumi AGM app). • enter your postcode or country code (country codes are located in the online meeting user guide) Proxies When registering, securityholders should allow suffi cient time If you are unable to attend the meeting, you are encouraged to to contact Computershare in the event you experience any appoint a proxy to attend and vote on your behalf. diffi culties on +61 3 9415 4024. You may appoint a person (either an individual or body corporate) Further information regarding participating in the meeting online, to act as your proxy at the meeting by completing the Proxy Form including browser requirements, how to vote and how to ask or by submitting your proxy appointment online. questions, is detailed in the Lumi Online Meeting Guide which is available at www.computershare.com.au/virtualmeetingguide. A securityholder entitled to attend and cast at least two votes may appoint not more than two proxies. Where two proxies The AGM will be webcast and securityholders will be able to are appointed, each proxy may be appointed to represent a view the proceedings of the AGM via the Lumi AGM platform. specifi ed proportion of the securityholder’s voting rights. If no proportion is specifi ed, each proxy may exercise half of the VOTING INFORMATION securityholder’s voting rights. A proxy need not be a securityholder of Lendlease Group. Eligibility to Vote A securityholder may direct the proxy how to vote in respect For the purposes of determining entitlement to vote at the of each resolution. Any directions given to proxies must be meeting, Lendlease securities will be taken to be held by followed. You are encouraged to direct your proxy how to vote those registered as holders at 7.00pm on Wednesday, on each resolution. 18 November 2020 (AEDT). Transactions registered after that time will be disregarded in determining securityholders’ entitlements to attend and vote at the meeting. Proxy Voting by Members of the KMP With the exception of the Chairman, the KMP (which includes each of the Directors) and their closely related parties will not Voting at the Meeting be able to vote your proxy on item 3 (Remuneration Report) All resolutions will be by poll. You may vote: and item 4 (Approval of Allocation of Performance Rights to the Managing Director) unless you direct them how to vote. • By lodging a proxy in advance of the meeting at www.investorvote.com.au by 10.00am Wednesday, If you intend to appoint a member of the KMP (such as one of the 18 November 2020 (AEDT); or Directors), or one of their closely related parties, as your proxy, please ensure that you direct them how to vote on items 3 and 4 • In real-time at the meeting, by using the Lumi AGM platform by marking the boxes for the relevant items (for example to vote at https://web.lumiagm.com or by using the Lumi AGM app “for”, “against” or to “abstain” from voting). (see the instructions below). If you appoint the Chairman of the meeting as your proxy, or the The Lumi AGM platform can be accessed using your computer, Chairman of the meeting is appointed as your proxy by default, mobile phone or device using the latest version of a compatible and you do not mark a box for items 3 and 4, then by submitting browser such as Chrome, Safari, Internet Explorer 11, Edge or the Proxy Form you will be expressly authorising the Chairman Firefox and visiting https://web.lumiagm.com. The Lumi AGM of the meeting to exercise the proxy in respect of items 3 and 4 app is available for devices running Android and iOS operating even though these items are connected with the remuneration of systems only and can be downloaded from the Google Play™ Store the KMP. Market or the Apple® App Store in advance of the Meeting. Lendlease Notice of Meetings 2020 5

Chairman’s Voting Intention Technical diffi culties The Chairman of the meeting intends to vote undirected proxies Technical diffi culties may arise during the AGM. The Chairman has in favour of all items. discretion as to whether and how the meeting should proceed if a technical diffi culty arises. In exercising their discretion, the Submitting your Proxy Form Chairman will have regard to the number of securityholders impacted and the extent to which participation in the business To be valid, Proxy Forms must be received by Lendlease Group’s of the meeting is aff ected. Where considered appropriate, share registry, Computershare Investor Services Pty Limited, by the Chairman may continue to hold the meeting and transact 10.00am (AEDT) on Wednesday, 18 November 2020. business, including conducting a poll and voting in accordance Proxy Forms may be submitted in one of the following ways: with valid proxy instructions. For this reason, securityholders are encouraged to lodge a directed proxy prior to the meeting, even • Online at www.investorvote.com.au; or if they plan to attend the meeting online. • Online at www.intermediaryonline.com for intermediary In the event of a technological failure that prevents online subscribers (custodians) only; or securityholders from having a reasonable opportunity to • By mail to Computershare Investor Services Pty Limited, participate in the meeting, Lendlease will provide an update on its GPO Box 242 Melbourne, Victoria 3001 Australia; or website and the ASX platform to communicate the details of any postponement or adjournment of the meeting to securityholders. • By facsimile to Computershare Investor Services Pty Limited If it becomes necessary to make further alternative arrangements on 1800 783 447 (within Australia) or +61 3 9473 2555 for holding the meeting, we will give securityholders as much (outside Australia). notice as practicable with further information being made Appointed proxies will need to contact Computershare Investor available on Lendlease’s website at www.lendlease.com. Services on +61 3 9415 4024 during the online registration period which will open 1 hour before the start of the meeting. Securityholder Questions Lendlease encourages all securityholders, in particular those who Corporate Securityholders or Proxies are not able to attend the meeting, to ask questions in advance of A corporate securityholder or proxy wishing to appoint a person the meeting. Please take advantage of the opportunity to submit to act as its representative at the meeting must provide that questions on-line through www.investorvote.com.au. person with an authority executed in accordance with the company’s constitution and the Corporations Act, authorising Questions submitted on-line through www.investorvote.com.au him or her to act as the company’s representative. The authority must be received by Friday, 13 November 2020. If you do not must be sent to the Share Registry, Computershare Investor submit questions prior to the meeting, you can submit your Services Pty Limited and received by 10.00am (AEDT) on question during the online meeting via the Lumi AGM platform Wednesday, 18 November 2020. or via the teleconference line. The authority may be submitted in one of the following ways: Questions should relate to matters that are relevant to the business of the meeting, as outlined in the Notice of Meetings • By mail to Computershare Investor Services Pty Limited, and the attached Explanatory Notes or, if directed to the Auditor, GPO Box 242 Melbourne, Victoria 3001 Australia; or must relate to the content of the Auditor's reports or the conduct • By facsimile to Computershare Investor Services Pty Limited of the audit of the Financial Reports for the year ended 30 June on 1800 783 447 (within Australia) or +61 3 9473 2555 2020. A list of qualifying questions to the Auditor will be made (outside Australia). available to securityholders attending the meeting. If questions are received that are of a similar nature, they may Voting by Attorney be collated, and during the meeting the Chairman will seek to address as many of the more frequently raised topics as possible Where a securityholder appoints an attorney to act on his or her having regard to available time. behalf at the meeting, the appointment must be made by a duly executed power of attorney. Please note that answers will not be sent to enquirers on an individual basis. A securityholder entitled to attend and cast at least two votes may appoint not more than two attorneys. A securityholder may, in the power of attorney appointing an attorney, direct the attorney how to vote in respect of each resolution. Any directions given in this manner must be followed. The powers of attorney appointing an attorney, or a certifi ed copy of the powers of attorney, must be sent to the Share Registry, Computershare Investor Services Pty Limited and received by 10.00am (AEDT) on Wednesday, 18 November 2020. The document may be submitted in one of the following ways: • By mail to Computershare Investor Services Pty Limited, GPO Box 242 Melbourne, Victoria 3001 Australia; or • By facsimile to Computershare Investor Services Pty Limited on 1800 783 447 (within Australia) or +61 3 9473 2555 (outside Australia). 6

Notice of Meetings continued

EXPLANATORY NOTES TO THE NOTICE OF MEETINGS The information below is an explanation of the business to be considered at the 2020 meeting.

Item 1 – Financial Reports As required by section 317 of the Corporations Act, the Annual Financial Report, including the Directors’ Report, Independent a) Mr Robert Welanetz Auditor’s Report and the Financial Statements for the year ended (Independent Non Executive Director) 30 June 2020, will be laid before the meeting. There is no requirement for a formal resolution on this item. Mr Welanetz joined the Board in March 2020. He is a member of the Nomination, People & Culture, Risk and Securityholders will be given a reasonable amount of time to Sustainability Committees. ask questions about or make comments on the Annual Financial Report and on the management of the Company. Securityholders Skills, Experience and Qualifi cations will also be given an opportunity to ask a representative of Mr Welanetz is based in the US and has signifi cant executive, Lendlease Group’s auditor, KPMG, questions relevant to the advisory, strategic and operational experience in the property, conduct of the audit, the preparation and content of the auditor’s investment, development and construction sectors, gained over report, the accounting policies adopted by Lendlease Group an international career spanning over 40 years. Mr Welanetz has in relation to the preparation of the fi nancial reports and the direct project experience in 47 countries over the course of his independence of the auditor in relation to the conduct of the audit. executive career. Securityholders who elected to receive a hard copy of the In his most recent role, Mr Welanetz served as Chief Executive Lendlease Group Annual Report for the year ended 30 June Offi cer in the property division of Majid Al Futtaim (MAF), based 2020 were provided with a copy of the accounts with that report. in Dubai, where he had overall responsibility for managing MAF’s A copy of the Annual Report is also available on the Lendlease operating property portfolio and development pipeline. website at www.lendlease.com. Mr Welanetz retired from that position in 2018. Prior to joining MAF, Mr Welanetz spent over seven years in a global role including four years based in Shanghai in Blackstone’s Real Estate Item 2 – Election and Re-election of Directors Group evaluating and identifying acquisition opportunities in retail Non Executive Director Mr Robert Welanetz joined the Board in real estate and providing strategic guidance for Blackstone’s March 2020 and is retiring in accordance with the Lendlease portfolio of retail assets and retail operating companies. Group Constitution and standing for election. Mr Welanetz also served as Chief Executive Offi cer of Mr Philip Coff ey and Ms Jane Hemstritch were last re-elected by Shanghai Kinghill Ltd, a real estate subsidiary of the Thai based securityholders at the 2017 AGM. Mr Coff ey and Ms Hemstritch international conglomerate CP Group with responsibility for the are retiring in accordance with the Lendlease Group Constitution operations and delivery of retail and development projects in and standing for re-election at the meeting. mainland China. Prior to this, Mr Welanetz was President and The Board in conjunction with the Nominations Committee Chief Executive Offi cer, Retail with JLL Americas during which he reviewed the skills, experience and diversity represented on served as their Global Chair for Retail Real Estate. the Board. On the basis of these reviews, the Board considers Mr Welanetz holds a Bachelor of Science degree from Colorado that all Non Executive Directors seeking election or re-election State University. He is a former Chairman of the International continue to make valuable contributions to the Board and that Council of Shopping Centres and served on the board of the the Board as a whole has an appropriate mix of skills, experience Galileo Property Trust, an Australian shopping centre investor. and diversity to govern Lendlease Group in the best interests of our stakeholders. Other Current Appointments The Board considers Mr Welanetz, Mr Coff ey and • Non Executive Director of AHC (the private holding Ms Hemstritch to be independent and free from any business company of AWJ Real Estate) or other relationship that could materially interfere with, or • Non Executive Director of Stone Mountain Industrial Property could reasonably be perceived to materially interfere with, the independent exercise of their judgement. Prior to submitting himself for election, Mr Welanetz confi rmed that he would continue to have suffi cient time to properly fulfi l his director duties for Lendlease Group. Appropriate background checks were undertaken prior to Mr Welanetz’s appointment as a director. Board Statement in Support of Mr Robert Welanetz The Board unanimously supports the election of Mr Welanetz. Mr Welanetz has deep industry experience in Lendlease’s core segments of Development and Investments and has worked with a diverse range of clients in the US, Australia, Asia, Europe and the Middle East. Robert’s insights and experience have been of great benefi t to Board deliberations and as a Board member, he will continue to support Lendlease in the delivery of the record global development pipeline, a signifi cant proportion of which is outside of Australia. Lendlease Notice of Meetings 2020 7

Statement from Mr Robert Welanetz Board Statement in Support of Mr Philip Coff ey “I was honoured to join the Lendlease Board just prior to The Board unanimously supports the re-election of Mr Coff ey. the global pandemic and since my appointment I have been Mr Coff ey brings to the Board broad commercial, fi nancial, risk working closely with my fellow Board members to lend my and strategic expertise with experience gained in three of the experience and perspectives in our eff orts to plan and guide four regions that Lendlease operates in including Australia, the Lendlease global platform through unprecedented times. the United Kingdom and Asia. He has signifi cant experience My multidimensional career provides an important business in Investments, which is one of the core competencies of background which is well aligned with core responsibilities of Lendlease’s business. Mr Coff ey has had a pivotal role in chairing risk adjusted capital investment, strategic planning and business the Risk Committee which was formed in 2019 following a review operation which are core to Lendlease.” of the Board’s governance processes. Recommendation Statement from Mr Philip Coff ey The Board (with Mr Welanetz abstaining) recommends that "Lendlease is an international property and investments group securityholders vote in favour of Mr Welanetz’s election. with a signifi cant development pipeline. I have over 30 years background in fi nancial markets, funds management, strategy The Chairman of the meeting intends to vote all available proxies and risk management gained across the core Lendlease in favour of this item. geographies. This positions me well to contribute to Board decisions that optimise opportunities for Lendlease and create long term value for our securityholders." Recommendation The Board (with Mr Coff ey abstaining) recommends that securityholders vote in favour of Mr Coff ey’s re-election. The Chairman of the meeting intends to vote all available proxies in favour of this item. b) Mr Philip Coff ey (Independent Non Executive Director) Mr Coff ey joined the Board in January 2017. He became Chairman of the Risk Committee when it was formed in March 2019 and is a member of the Audit, Nomination and People & Culture Committees. Skills, Experience and Qualifi cations Mr Coff ey served as the Deputy Chief Executive Offi cer (CEO) c) Ms Jane Hemstritch of Westpac Banking Corporation from April 2014 until his (Independent Non Executive Director) retirement in May 2017. As the Deputy CEO, Mr Coff ey had Ms Hemstritch joined the Board in September 2011. She is a the responsibility of overseeing and supporting relationships member of the Audit, Nomination, People & Culture and Risk with key stakeholders of Westpac including industry groups, Committees. Following the retirement of Colin Carter, it is planned regulators, customers and government. He was also responsible that Ms Hemstritch will chair the Nominations Committee. for the Group’s Mergers & Acquisitions function. Prior to this role, Mr Coff ey held a number of executive positions at Skills, Experience and Qualifi cations Westpac including Chief Financial Offi cer and Group Executive, Ms Hemstritch has extensive senior executive experience in Westpac Institutional Bank. He has successfully led operations information technology, communications, change management based in Australia, New Zealand, the United States, the United and accounting. She also has broad experience across the Kingdom and Asia and has extensive experience in fi nancial fi nancial services, telecommunications, government, energy and markets, funds management, balance sheet management and manufacturing sectors and in business expansion in Asia. During risk management. He began his career at the Reserve Bank of a 25 year career with Accenture and Andersen Consulting, Ms Australia and has also held executive positions at Citibank. Hemstritch worked with clients across Australia, Asia and the US. Mr Coff ey holds a Bachelor of Economics (Hons) from the Ms Hemstritch was Managing Director Asia Pacifi c for Accenture University of Adelaide and has completed the Executive Program from 2004 until her retirement in 2007. She was a member of at Stanford University Business School. He is a graduate member Accenture’s global Executive Leadership Team and oversaw the of the Australian Institute of Company Directors and Senior management of Accenture’s business in the Asia Pacifi c region, Fellow of the Financial Services Institute of Australasia. which spanned 12 countries and included 30,000 personnel. Listed Company Appointments (held in last 3 years) Ms Hemstritch has a Bachelor of Science in Biochemistry and Physiology from the University of London and is a Fellow of the • Non Executive Director of Macquarie Group Limited Institutes of Chartered Accountants in Australia and New Zealand, (appointed August 2018) and in England and Wales. She is a Member of Chief Executive Other Current Appointments Women. • Director of the Clean Energy Finance Corporation Board Listed Company Appointments (held in last 3 years) Prior to submitting himself for re-election, Mr Coff ey confi rmed • Non Executive Director of Telstra Corporation Limited that he would continue to have suffi cient time to properly fulfi l (appointed August 2016, retired January 2019) his director duties for Lendlease Group. • Non Executive Director of Tabcorp Holdings Ltd (appointed November 2008, retired October 2017) 8

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Other Current Appointments FY20 remuneration outcomes • President of the Board of The Walter and Eliza Hall Institute For executives, the Board determined that no cash STA would be of Medical Research awarded in FY20 and it was more appropriate to issue an FY20 Prior to submitting herself for re-election, Ms Hemstritch Deferred Equity Award, albeit at a reduced quantum. Half of the confi rmed that she would continue to have suffi cient time to award is scheduled to vest in September 2021 and the balance properly fulfi l her director duties for Lendlease Group. in September 2022. Board Statement in Support of Ms Jane Hemstritch The value of the FY20 Deferred Equity Award for the Group CEO is equivalent to 35% of his STA target (23% of his STA maximum) The Board unanimously supports the re-election of Ms Hemstritch. and the value of the FY20 Deferred Equity Award for senior Ms Hemstritch has strong business management, strategic, executives is equivalent to between 25% to 40% of STA targets information technology and change management skills gained (between 17% to 27% of STA maximums). across diverse sectors and industries. She has deep international experience, particularly in Asia, one of the core geographies of The Board determined in August 2020 that the FY20 Deferred Lendlease and the Board has benefi ted greatly from her broad Equity Award was the right approach given that it: experience, and strategic and business expertise. • Recognised the achievement of non fi nancial performance Statement from Ms Jane Hemstritch outcomes that support long term value creation; "As a Non Executive Director of this tremendous company, • Considered the balance between motivating, recognising I have had the privilege of visiting a number of Lendlease’s and rewarding executives with securityholder interests; operations and projects, seeing fi rst hand the execution of the Group’s integrated business model in targeted gateway cities. • Considered that securityholders received distributions of I have also met with many of our talented workforce across all over $191 million relating to FY20 through the payment of our geographies. I am passionate about the development of an interim distribution in March 2020 and a distribution from leadership capability within the company and I will carry this Lendlease Trust in September 2020; forward as Chair of the Nominations Committee focusing on • Provides the Board with additional review points prior to Board renewal." vesting; and Recommendation • Provides a retention element given that executives will be The Board (with Ms Hemstritch abstaining) recommends that required to wait up to two years for the award to vest. The securityholders vote in favour of Ms Hemstritch’s re-election. Board is very mindful that the retention of highly capable The Chairman of the meeting intends to vote all available proxies executives is critical to our ability to deliver the pipeline into in favour of this item. the future. Securityholders will be given a reasonable opportunity to ask Item 3 – Remuneration Report questions about or make comments on the Remuneration Report at the meetings. The Company’s Remuneration Report for the fi nancial year ended 30 June 2020 is set out on pages 106 to 136 of the Recommendation 2020 Annual Report and can also be found on the Company’s website at www.lendlease.com. The Remuneration Report The Board recommends that securityholders vote in favour of explains how performance has been linked to reward outcomes this Resolution. for key management personnel (KMP) at Lendlease this year. The Chairman intends to vote all available proxies in favour of this item. Linking remuneration decisions and performance In applying our Executive Reward Strategy (ERS) in this Item 4 – Approval of Allocation of Performance Rights to challenging year, a number of fi nancial and non fi nancial the Managing Director factors have been considered by the Board when determining Securityholder approval is being sought to allocate Performance remuneration outcomes for KMP in FY20. Key points are Rights to the Managing Director and Group CEO (MD) of highlighted below. Lendlease, Mr Stephen McCann, under Lendlease’s ERS, as a grant of Performance Rights under the Long Term Award (LTA). Financial outcomes Lendlease uses Performance Rights to create alignment While the business performed well during the fi rst nine months between the MD and securityholders and to provide the MD with of the year, the dual impacts of COVID-19 and accounting for the the full benefi ts of share ownership (such as distributions and costs associated with exiting the Engineering business led to an voting rights) only when Performance Rights vest. outcome where the Board determined that no Short Term Award (STA) be made to the Group CEO or senior executives in relation Why is securityholder approval being sought? to fi nancial performance. ASX Listing Rule 10.14 requires that securityholders approve awards of securities issued to Directors. As the Managing Non fi nancial outcomes Director, Mr McCann is covered by ASX Listing Rule 10.14.1. Based on the achievement of non fi nancial metrics that support Securityholder approval is required only if new securities are long term value creation as set out in full in the Remuneration issued to a Director and not if securities are required to be Report, the Board recognised the eff orts of KMP via a Deferred purchased on market. The intention of Listing Rule 10.14 is to Equity Award vesting over two tranches. Given the key protect securityholders from dilution in the value of securities contributions made during the year that position the Group that may occur as a result of securities issued under employee for success in FY21 and beyond, the Board considered that incentive plans. No such dilution occurs if securities are the recognition, in part, of the achievement of non fi nancial purchased on market. performance was fair and appropriate. Lendlease Notice of Meetings 2020 9

The Board may determine whether securities awarded will be • The Average Return on Equity (ROE) performance hurdle purchased on market or issued. The Board’s current intention has been updated to align with the Group’s revised Portfolio is to purchase all Lendlease securities required to satisfy Management Framework (PMF), with target long term the vesting of Performance Rights on market as this would Operating Returns on Equity for the Group of between 8% cause no dilution to securityholders’ interests. However, the and 11%. Operating ROE replaces Statutory ROE as it better Board considers it good governance to seek approval from refl ects the impact management have in creating value securityholders for awards made to the MD. Subject to for securityholders. The approach is consistent with prior securityholder approval being obtained, the Board reserves the years but refl ects the shift to the use of Operating profi t and right to issue new securities instead of buying on market. updated target returns; and If securityholder approval for the grant of Performance Rights is • A new Compound Annual Growth Rate (CAGR) in Funds not obtained, the Board will consider alternative arrangements to Under Management (FUM) performance hurdle has appropriately remunerate and incentivise the MD. been introduced. One of our key strategic objectives is to increase our Investments platform globally. This will Background be achieved through our internal development pipeline, creating new products, using value-add strategies and The following updates have been made to our ERS over the through external market acquisitions. The introduction of past year: a third performance hurdle recognises the importance of growth in FUM to achieving our strategy. 1. Repositioning the LTA Minimum as the RSA within The LTA performance hurdles are equally weighted. our ERS For each performance hurdle the values of Performance Rights In FY20, the Board determined that the LTA Minimum is better at grant for threshold, target and maximum performance are described as a Restricted Securities Award (RSA). The RSA is shown in the graph below. Further information about each delivered as Rights with the value fi xed at the time of grant but performance hurdle is shown in the LTA performance hurdles which varies with the security price over the deferral period of section below. up to six years. The RSA is not subject to the same performance hurdles as the LTA and not subject to securityholder vote at Threshold, Target and Maximum outcomes by performance hurdle the 2020 AGM. It is however an important element of the Group’s ERS. 1,800 Maximum The key objectives of the RSA are to: 1,600

• Promote alignment with securityholders as a portion of 1,400 target remuneration is delivered in Lendlease securities; • Support long term value creation; and 1,200 Target • Better align reward to risk management. 1,000 This change was set out in the FY20 Remuneration Report. 800

600 2. Updates to performance hurdles for the LTA Threshold 400 Following the update to the Group’s strategy, the Board has reviewed the LTA performance hurdles to better align senior 200 executive incentives with the Group’s strategic objectives. The outcomes of the Board’s review and performance hurdles for the 0 TSR Average ROE CAGR in FUM LTA are: LTA Performance Hurdles • The relative Total Securityholder Return (TSR) performance hurdle remains as it provides a direct comparison of The performance period remains unchanged at three years with Lendlease’s performance against the companies that vested awards delivered in four equal tranches at the end of comprise the S&P ASX 100 Index, subject to any inclusions years three, four, ﬁ ve and six (see below). or exclusions determined by the Board.

LTA Vesting Schedule 10

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Long Term Award (LTA) LTA Performance Hurdles: 1) Relative TSR: One-third of the Performance Rights will be subject Objectives: to Lendlease’s TSR performance compared to a comparator group of companies comprising the S&P ASX 100 Index, subject to any The MD’s LTA represents an annual grant of Performance Rights. inclusions or exclusions determined by the Board. Performance Rights are rights to receive a variable number of fully paid Lendlease securities (or at the discretion of the Board, The table below shows how the number of Performance Rights cash with an equivalent value) upon vesting. Outcomes against may convert into Lendlease securities upon vesting, based on performance hurdles will determine how many Lendlease securities Lendlease’s relative TSR percentile ranking at the end of the will be received following vesting up to a maximum number. performance period. The key objectives of the LTA are to: Lendlease’s TSR Performance Number of Lendlease • Reward senior executives for delivering Lendlease’s strategy percentile ranking securities subject and for delivering sustained long term securityholder value at the end of the to the relative TSR performance period performance hurdle • Align the interests of senior executives and securityholders that may be received

Below 50th percentile Below Nil Quantum: Threshold The face value of the target LTA is $3,200,000. Subject to securityholder approval, the MD will be granted 280,524 At 50th percentile At Threshold 39,452 securities Performance Rights, at no cost to the MD. At or above the 51st Between Straight line vesting Consistent with the approach taken since the introduction of the percentile but below Threshold between 39,452 ERS, the number of Performance Rights has been determined the 75th percentile and securities and by dividing the face value of the target LTA by the VWAP of Maximum 147,564 securities Lendlease securities traded on the ASX over the twenty trading days prior to the release of the full year results for the year At or above 75th At Maximum 147,564 securities ending 30 June 2020, being $11.4075 and rounded up to the percentile or above nearest whole security. The target Performance Rights are then 1. With the LTA Minimum repositioned as the RSA within the ERS, the face value of divided into 12 equal tranches (for each of the 3 performance the maximum LTA is now $5,050,000 (previously $5,550,000). hurdles a tranche that may vest after year 3, 4, 5 and 6) and each 2) Operating ROE: One-third of the Performance Rights will be tranche is rounded up to the nearest whole Performance Right subject to Lendlease’s Operating ROE performance relative to being 23,377 Performance Rights per tranche and a total the target returns described in the Group’s revised Portfolio of 280,524 Rights (23,377 x 12). Management Framework. The minimum number of Lendlease securities that may be issued The table below shows how the number of Performance Rights in respect of the Performance Rights under the LTA is zero (0), may convert into Lendlease securities upon vesting, based on which will occur if threshold performance is not achieved. Lendlease’s average Operating ROE over the performance period. The maximum number of Lendlease securities that may be issued following vesting of Performance Rights under the LTA is Average Operating Performance Number of Lendlease 442,692, being: ROE over the securities subject to

1 performance period the Average Operating $5,050,000 / 12 / 11.4075 = 12 tranches of 36,891 securities ROE hurdle that may (rounded up to the nearest whole security). be received The table below summarises the number of Performance Rights for below threshold, threshold, target and maximum Below 8% Below Nil performance. Threshold Between 8% and Between Straight line vesting Performance Rights target Operating ROE Threshold between 20% of target set by the Board and Target LTA (18,704 securities) Performance Relative Operating CAGR (%) Total and 100% of target LTA TSR ROE in FUM (93,508 securities) Below 0000 At target set by the At Target 100% of target LTA - Threshold Board 93,508 securities Threshold 39,452 18,704 18,704 76,860

Target 93,508 93,508 93,508 280,524 Between target set by Between Straight line vesting Maximum 147,564 147,564 147,564 442,692 the Board and 11% Target and between 100% of the Maximum target LTA (93,508 The number of Performance Rights can be reduced in securities) and the circumstances where the Board considers that delivery of all or maximum LTA part of the award would result in a beneﬁ t that is unwarranted or (147,564 securities) inappropriate. At or above 11% At Maximum 147,564 securities or above Lendlease Notice of Meetings 2020 11

The target Operating ROE to be set by the Board cannot be Distributions • Distributions are not paid on the LTA, disclosed as it is commercially sensitive. The targets and unless and until vesting conditions performance outcomes against the targets will be published are met. Where Performance Rights following the end of the performance period. convert into Lendlease securities, the 3) Growth in Funds Under Management: One-third of the MD will also be entitled to the value of Performance Rights will be subject to Lendlease’s CAGR (%) distributions declared on Lendlease in FUM. securities, between the grant date and the relevant vesting date. The The table below shows how the number of Performance Rights Board retains the discretion to settle may convert into Lendlease securities upon vesting, based on this amount as additional Lendlease Lendlease’s average CAGR (%) in FUM over the performance securities or in cash. If the amount period compared to the targets set by the Board. is settled as additional Lendlease securities, the number of additional Lendlease’s CAGR Performance Number of Lendlease Lendlease securities will be the amount (%) FUM target set by securities subject to equal to the value of distributions the Board over the the CAGR (%) in FUM declared between the grant date and performance period performance hurdle relevant vesting date divided by the that may be received closing price of a Lendlease security on the trading day immediately preceding Below CAGR for Below Nil the relevant vesting date (rounded up to threshold vesting. Threshold the nearest whole security) Retesting • There is no retesting of the LTA. If the Between CAGR Between Straight line vesting performance hurdle is not met at the for threshold vesting Threshold between 20% of target time of testing, the awards are forfeited and CAGR for target and Target LTA (18,704 securities) vesting and 100% of target LTA Malus • The Board may adjust the number of (93,508 securities) Performance Rights downwards prior to the date of vesting in the case of a At CAGR for target At Target Target LTA vests - material misstatement of the Group’s vesting 93,508 securities fi nancial accounts Board • In addition the number of Performance Between CAGR for Between Straight line vesting Discretion Rights can be reduced in circumstances target vesting and Target and between 100% of the where the Board considers that delivery CAGR for maximum Maximum target LTA (93,508 of all or part of the award would result vesting. securities) and the in a benefi t that is unwarranted or maximum LTA (147,564 inappropriate securities) vests Termination of • If the executive is terminated for cause, At CAGR for At Maximum Maximum LTA vests Employment the unvested Performance Rights lapse maximum vesting or above (147,564 securities) • If the executive is terminated for poor performance, the Board can adjust CAGR targets are commercially sensitive and will be published unvested Performance Rights prior to following the end of the performance period. the vesting date • For ‘good leavers’, including executives Other key terms: who resign but do not engage in activities that are competitive with the Group, the Term Detail LTA grant may remain on foot subject to Performance • Three years. The performance period the original performance hurdle Period was chosen as the Board believes that Change of • The early vesting of Performance the timeframe appropriately refl ects a Control Rights may be permitted by the Board balance between reward that motivates in other limited circumstances such as executives while refl ecting the ‘long tail’ a change in control of Lendlease. In of profi tability and risk associated with these circumstances the Board will today’s decisions determine the timing and number of any Deferral • Once the award has been determined, Performance Rights that vest awards are retained and released in Loans • There is no loan in relation to the four equal tranches over a further three Performance Rights year period (deferred for up to 6 years in total) 12

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• The ASX Listing Rules require this Notice of Meeting to Calculations • In testing the performance hurdles the state the number and average price of securities received Board has absolute discretion in relation by the MD under the LTA. The table below sets out long to its calculations and may include term incentive awards previously made to Mr McCann or exclude items, including to better under Lendlease’s Long Term Incentive Plan. The number of reﬂ ect management performance or securities that vested is also shown. securityholder expectations.

Amendments • The LTA can be amended by the Board, Awarded No. of Performance Securities that Vested subject to the ASX Listing Rules. during Securities or Performance Rights issued (at no cost)

Additional information provided under ASX Listing FY20 256,960 On foot subject to Rule 10.15 ongoing vesting • The MD’s current total remuneration package is set out below: conditions FY19 177,904 On foot subject to A$000s ongoing vesting Fixed Remuneration 2,200 conditions

Restricted Securities Award (RSA) 500 FY18 200,776 On foot subject to ongoing vesting STA Target 1,200 conditions Short Term Award (STA) STA Maximum 1,800 FY17 244,880 Part of award on foot and subject LTA Target 3,200 to ongoing vesting Long Term Award (LTA) conditions LTA Maximum 5,050 FY16 203,636 77,638 Total Target Remuneration 7,100 FY15 212,256 123,850 Total Maximum Remuneration 9,550 FY14 280,136 261,566 • It is intended that the award of Performance Rights will be made to the MD within 1 month of the meeting, and in any FY13 171,929 163,333 event no later than 12 months after the meeting. FY12 157,029 155,459 • No amount is required to be paid by the MD upon the grant of these Performance Rights or to acquire Lendlease FY11 175,361 161,332 securities at vesting. FY10 249,070 188,048 • No loan will be provided to the MD in relation to the LTA. FY09 180,370 117,848 • Details of any Performance Rights issued under the LTA will be published in the Company’s Annual Report relating to the FY08 59,717 0 period in which they were issued, along with a statement that approval for the issue was obtained under ASX Listing FY07 65,621 0 Rule 10.14. FY06 102,033 0 • Other than the MD, no director (or associate of a director) is currently entitled to participate in the Group’s LTA TOTAL 2,737,678 1,249,074 arrangements. Recommendation • Any additional persons covered by ASX Listing Rule The Board (with Mr McCann abstaining) recommends that 10.14 who become entitled to participate in an issue of securityholders vote in favour of this Resolution. Performance Rights under the LTA after this resolution is approved and who are not named in this Notice of Meeting The Chairman intends to vote all available proxies in favour of will not participate until approval is obtained under that rule. this item. Lendlease Notice of Meetings 2020 13

This page is intentionally blank Level 14, Tower Three International Towers Sydney Exchange Place 300 Barangaroo Avenue Barangaroo NSW 2000 www.lendlease.com @lendlease @lendleasegroup @lendlease