Lendlease Strategy Update

31 August 2020

Attached is the presentation to be given today by Steve McCann, Group Chief Executive Officer and Managing Director, Lendlease and Tarun Gupta, Group Chief Financial Officer, Lendlease.

The presentation will be webcast live at 10:30am (AEST) via www.lendlease.com

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

Sydney: Barangaroo South Looking ahead

Lendlease Strategy Update 31 August 2020 Lendlease Market Briefing Strategy 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 Market Briefing Strategy 3 Strategy Update

Steve McCann Group Chief Executive Officer and Managing Director

Kuala Lumpur: The Exchange, TRX (Artist’s impression) Lendlease Market Briefing Strategy 4 Strategy highlights

Leverage Increased Accelerate Scale competitive edge focus development investments

Global placemaking Prioritise capital and people $8+ billion of production p.a. $50+ billion FUM opportunity from resources to Development uplift >80% on historical rates secured development pipeline End to end capability and Investments focus areas c.90% of production for New products and external Proven track record next 5 years planning opportunities approved Higher capital allocation

Improve earnings quality Higher annuity earnings | Programmatic investment partnerships | Operating profit focus Lendlease Market Briefing Strategy 5

Transformational A decade of shift June June transformation 2009 2020 Geographic 40+ 17 focus Countries gateway cities

Major urbanisation 2 21 projects1

Urbanisation $11 $99 pipeline billion billion2

Total $30 $113 development 2 pipeline billion billion

Construction $12 $14 backlog billion billion

Funds under $10 $36 management billion billion Singapore: Paya Lebar Quarter

1. Projects with an estimated development end value greater than $1 billion. 2. Remaining estimated development end value. Lendlease Market Briefing Strategy 6

London

• Our global Thamesmead Waterfront • Euston Station • Silvertown Quays • International Quarter London Chicago • Elephant Park • High Road West footprint • Southbank • Deptford Landings • Lakeshore East Milan

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

Kuala Lumpur

• The Exchange TRX Singapore

Development Construction Funds under Assets under Brisbane • pipeline backlog revenue management management Brisbane Showgrounds $113 billion1 $14 billion $36 billion $29 billion Perth Sydney

• Waterbank • Barangaroo South • Sydney Place Melbourne • Victoria Cross over station development • Melbourne Quarter • Victoria Harbour

Map illustrates 1 7 targeted gateway cities and highlights major urbanisation projects with an estimated development end value greater than $1 billion. 1. Remaining estimated development end value. Lendlease Market Briefing Strategy 7

Our business model is designed to Strategy withstand real estate cycles, while resilient to an being agile to adapt to market changes. evolving market environment This resilience is underpinned by our: • Placemaking, urbanisation depth and mixed use capabilities providing a competitive edge – a proven track record of success • Capital efficient land funding and delivery model • Ability and flexibility as a product creator, to adapt as well as define products as markets and customer preferences evolve COVID-19 stress testing of strategy • Depth and breadth of investment management skills confirms resilience of business model • Access to quality investment partners • Scenario planning undertaken to enhance decision making during COVID-19 uncertainty Resilience demonstrated in current environment: • Fundamental assumptions that underpin the • CPP Investments New buildings launched strategy and strategic shifts tested • Aware Super within existing partnerships • Increased focus on areas where competitive • PSP Investments San Francisco: New partnerships formed edge strongest reinforced 30 Van Ness • Mitsubishi Estate (Artist’s impression) Lendlease Market Briefing Strategy 8

Strategy Industry Expected • Fundamental drivers of urbanisation to remain resilient to an real estate • Market dislocation anticipated to trends provide opportunities evolving market • Digital disruption likely to accelerate • Capital allocations to real estate environment anticipated to rise over time Sectors Residential: • Strong growth in build to rent sector • Structural undersupply to drive longer term performance • Quality and amenity key Office: • Workplace design and innovation key to corporate culture • Potential hub and spoke adoption supports urbanisation footprint • Repositioning opportunities Retail: • Sydney: Structural headwinds for retail – Darling Square mixed use conversion opportunities Lendlease Market Briefing Strategy 9

Our purpose Together we create value through places where communities thrive

The Lendlease purpose statement represents our organisational why. It acknowledges our rich history and our future direction. Lendlease Market Briefing Strategy 10

Our strategy | the next decade

Employ our placemaking expertise Busin ted ess M gra o te de and integrated business model in global In l D ts e n v e e l o m t p gateway cities to deliver urbanisation s m e

e v

Thriving n

n I projects and investments that generate communities t social, environmental and economic value C onstruction P d rov or en Track Rec

Strategic priorities

Leverage Best practice Accelerate Scale Leadership in competitive construction development investments sustainability edge delivery Secured 2009

Sydney: Barangaroo Lendlease Market Briefing Strategy 11 Leverage competitive edge

Secured 2009 Secured 2010

Sydney: Darling Harbour precinct London: Elephant Park Proven track record

Secured 2001

Melbourne: Victoria Harbour

Secured 2010 Secured 2015

London: International Quarter London Boston: Clippership Wharf

Secured 2015 Secured 2015

Singapore: Paya Lebar Quarter Chicago: Southbank Lendlease Market Briefing Strategy 12 Leverage competitive edge Placemaking is in our DNA

Place is not a product; it is an emotional attachment to a Brisbane: Yarrabilba location. The places we create are meaningful, vibrant and enduring. We are Place creation requires a combination of global placemakers competence with authentic local engagement. and value It means having the skill to not only define the creators best of all possibilities but the discipline to deliver that vision sustainably and in partnership with the community. Our investment in digital capabilities will enable us to enhance our customer experience. We see value others overlook.

Boston: Clippership Wharf London: Elephant Park Lendlease Market Briefing Strategy 13 Leverage competitive edge End to end capability

Development Construction Investments • Placemaking in urban environments • Delivery capability supports integrated model • Access to institutional grade investment product from pipeline • Capital efficient business model • Specialist expertise and relationships in target sectors • Strong relationships with institutional capital partners • Long term investment partnerships • Deep project management skills and experience • Differentiated real estate skills to add value at asset level • Scale across gateway cities • Trusted fiduciary and governance structures

Competitive edge to underpin substantial growth in strategic focus areas

Large scale mixed use urbanisation projects Investments platform Leadership position as the partner of choice Global scale in real estate investment management Diversification across gateway cities and product type Development pipeline to provide significant growth opportunity Proven track record to unlock future opportunities Launch new products and pursue market growth opportunities alongside investment partners

Prioritise capital and people resources to Development and Investments focus areas Lendlease Market Briefing Strategy 14 Accelerate development Material uplift in production as projects enter delivery

Annual Development production rate ($b)1

$8b+ Targeting $8b+ of production p.a., >80% increase on historical rates >80% $4.3b Uplift supported by: • Pipeline planning certainty • Market size and absorption • Investment partner appetite FY16-20 ave. New Target

Planning milestones Market absorption Investment partner appetite

• More than 60% of $113b development pipeline • Large market size of each city supports • c.150 institutional investment partners secured in the last 3 years production outlook • Top 20 relationships account for two thirds of equity • Origination to planning approval typically 2-3 years • Pipeline of development projects across in platform • Recent planning achievements and progress: 12 gateway cities: • Heavily weighted towards investors from: – – Milano Santa Giulia, South – approved Sydney, Melbourne, Brisbane, Perth – Asia Pacific, Middle East and Canada – – Milan Innovation District – approved Kuala Lumpur, Shanghai • Scope to attract additional US and European capital – London, Milan – 30 Van Ness – approved • Utilise larger programmatic investment partnerships – – Silvertown Quays – phase 1 approved San Francisco, Chicago, Boston, New York as production accelerates – San Francisco Bay Area project – phase 1 lodged2

1. Represents project value delivered during a financial year (on a revenue recognition basis, representing 100% of project value). 2. To be lodged 31 August 2020. Lendlease Market Briefing Strategy 15 Accelerate development Global capability to execute

Enterprise wide mindset to improve decision making and Enhanced production at scale Digital leadership in real estate operating Global platform foundation in place to support growth and • Creating digital capabilities that support structure accelerate delivery of development pipeline key strategic objectives Development, Construction and Investments with regional • Significant cost reduction potential Global execution capabilities from digitisation of development and operating construction, and supply chain automation Global framework ensures consistency in approach and model adoption of best practice • Digital Twin design underway on major urbanisation projects Project Directors are empowered and supported by the • Technology enhancements and data Project global platform analytics to improve customer experience, teams Urbanisation and Construction Director programs – safety and sustainability outcomes c.90 leaders participated to date • Autonomous Building Summit to be hosted by Lendlease in collaboration with global Significant investment in global systems support governance industry leaders and consistency Global systems Global platforms implemented in Project Management, Asset Management, Finance, Safety, Human Resources and Sustainability Lendlease Market Briefing Strategy 16 Scale investments Strong foundation to scale Investments platform globally

Overview of Investments platform Funds Under Management ($b)

• Five decades of experience: Historical growth FY20 FUM by Region – Launched Australia’s first listed REIT 4% 3% • Expertise spans multiple real estate sectors across both $36b unlisted and listed funds and mandates CAGR of 14% AustraliaAustralia • Deep relationships with c.150 institutional investment partners $21b AsiaAsia 24% $36b 69% • Key competitive strengths: Europe $10b Europe Americas – Access to high quality and sustainable institutional Americas investment grade product from urbanisation pipeline – Ability to add value at the asset level given deep global FY10 FY15 FY20 capability in development, repositioning, and delivery across asset classes / sectors – Investment management track record of managing products across sectors 19 funds and mandates – Trusted fiduciary and governance structures Global leader in responsible property investments (GRESB)1 c.$19b new equity raised since 20102 c.150 institutional investment partners

1. APPF Commercial ranked first of 964 global participants, three other Lendlease managed funds achieved top 10 global rankings in the 2019 GRESB. 2. Across managed funds and mandates. Lendlease Market Briefing Strategy 17 Scale investments Top 100 global real estate investors1 Expand strategic Canada Europe investment Real estate FUM US$177b Real estate FUM US$580b Relationships with 9 of 10 Relationships with 15 of 39 partnerships globally United States Middle East Real estate FUM US$356b Real estate FUM US$78b Relationships with 5 of 27 Relationships with 2 of 2

Asia Real estate FUM US$189b Relationships with 10 of 12 • Existing scale investment partnerships with some Strong relationships of the world’s largest investors – CPP Investments, Mitsubishi Estate, ADIA, Aware Super, GIC, in Australia, Canada, Future Fund, HKMA, QIA, NPS, APG, Host Plus Asia and Middle East Australia • Expect real estate allocations from the Real estate FUM US$57b c.US$20 trillion of funds controlled by the world’s Opportunity to Relationships with 10 of 10 largest investors to rise over the coming decade grow European and • Established relationships with 51 of top 100 existing US relationships investors across global platform

1. Source: IPE Real Assets, survey based on unlisted real estate exposures. Lendlease Market Briefing Strategy 18 Scale Investments Growth of Investments platform globally

Scale global platform Key sources of growth

• Continue to monetise secured development pipeline: • Internal development pipeline: – More than $50b of institutional investment grade assets anticipated to be created from secured pipeline1 – Greater use of larger programmatic investment partnerships – Target of $8b+ p.a. of development production activity to support ongoing strong FUM growth – Residential for rent and commercial focus • Investments growth to be supplemented through new products and external market opportunities • New products underpinned by competitive edge: • Leverage strong existing relationships with global investors and broaden investor base – Establish Core and Value add products in Europe and Americas – • Expand product offering into select markets and sectors that leverage competitive edge Value add strategies in Australia and Asia • External market acquisitions alongside investment partners • Increased global co-ordination: capital raising, product development, and strategy • Opportunities arising from COVID-19 market related dislocation Development pipeline to drive strong FUM growth Investments strategy

Development pipeline ($b) FUM ($b) Region Current state Future State External opportunities Other growth Australia Core Core / Core plus / Value add >$50b1 institutional >$50b opportunity from 21% c.$20b Resi-for-Sale investment grade assets Development pipeline Asia Core Core / Core plus / Value add c.$30b Resi-for-Rent 52% $113b2 $36b Resi-for-Sale Europe Core Core / Core plus / Value add Commercial Resi-for-Rent $10b 27% Americas Value add Core / Core plus / Value add Commercial FY10 FY20 Growth opportunity Mature Establishing

1. Across FY16-20, c.80% of institutional investment grade product delivered has converted to FUM. 2. Remaining estimated development end value. Lendlease Market Briefing Strategy 19 Best practice construction delivery Delivery capability drives value

Differentiated capabilities Stable historical returns

• Rich heritage with more than six decades of experience: Construction EBITDA margin – Global scale combined with local capability • Project management capabilities critical for origination and delivery of urbanisation projects: Target range 2-3% – Fully integrated client proposition – Flexibility to adjust masterplan and delivery 3.1% COVID-19 Impact 2.6% • 2.4%1 Project management, design and construction excellence across a range of sectors 2.2% 2.3% • Leading risk, safety, and sustainability processes and credentials 1.3% Strategic focus FY16 FY17 FY18 FY19 HY20 FY20

• Target earnings contribution reduced in 2019 Lower contribution going forward • Design and delivery capability: Construction EBITDA mix targets – Strategy to deliver internal development pipeline and maintain steady backlog position – Focus on sector expertise, strong market positions and client relationships 30-40% – Backlog position diversified by client, sector, geography and contract type 20-30% • Delivery model flexibility for internal development pipeline across gateway cities: 10-20% – Key construction management capability to be controlled inhouse – Use of third party general contractors in selective international gateway cities • Embed digital capability across delivery platform to drive productivity FY10-16 FY17-18 FY19+ (current)

1. Includes Engineering and Services businesses. Lendlease Market Briefing Strategy 20 Leadership in sustainability Global leadership in environmental sustainability

Our business decisions will 2000-2006 2011-2014 2019 be aligned to a world warmed Australia’s first 5 Star Green Star Australia’s first 6 Star v2 Green First globally in GRESB1, three other Lendlease by no more than 1.5ºC building: 30 The Bond Star building: Darling Quarter managed funds ranked in global top 10 First Australian property Library at the Dock, first Public 100% of total development pipeline achieved company to be listed in the Dow CLT building in Australia or targeting green ratings Jones Sustainability World Index First property company to join Net zero Absolute ResponsibleSteel Partnership carbon by zero carbon Lendlease Building Australia achieves 2025 by 2040 net zero carbon neutrality

2007-2010 2017-2018 2020 To be responsible for Secured Barangaroo South: APPF Commercial first 6 Star Green Star Australia’s first carbon creating $250m of measured targeting Australia’s first carbon performance portfolio neutral precinct: neutral precinct First Singapore project to be awarded Barangaroo South social value First property company as BCA Green Mark Platinum v2015: Developed and published signatory to the UNPRI Paya Lebar Quarter four climate scenarios in 2 World’s first WELL Core and Shell Platinum line with TCFD project: International Towers Sydney

1. Global Real Estate Sustainability Benchmark. 2. Task Force on Climate Related Financial Disclosures. Lendlease Market Briefing Strategy 21 Financial Strategy

Tarun Gupta Group Chief Financial Officer

Chicago: Lakeshore East (Artist’s impression) Lendlease Market Briefing Strategy 22 Our Financial approach Accelerate • Greater operational leverage – larger programmatic investment partnerships strategy to development • Capital efficient land management models activity $8b+ p.a. • Flexible funding models for delivery We pursue an integrated business We pursue an integrated business We pursue an integrated business We pursue an integrated business modelenhance – where two or more model – where two or more model – where two or more model – where two or more of the operating segments of of the operating segments of of the operating segments of of the operating segments of strategicDevelopment, Construction and Development, Construction and Development, Construction and Development, Construction and Investments engage on the same Investments engage on the same Investments engage on the same Investments engage on the same directionproject – to create major precincts, Strongproject growth – to create major precincts, • Increaseproject capital – to create allocation major to precincts, Investments project >50% – to create major precincts, new communities and important acrossnew communities Investments and important • Increasenew communities co-investment and positions important new communities and important civic and social infrastructure. civic and social infrastructure. civic and social infrastructure. civic and social infrastructure. platform globally • Enhanced product offering We pursue an integrated business We pursue an integrated business We pursue an integrated business We pursue an integrated business model – where two or more model – where two or more model – where two or more model – where two or more of the operating segments of of the operating segments of of the operating segments of of the operating segments of Development, Construction and Development, Construction and Development, Construction and Development, Construction and Investments engage on the same Investments engage on the same Investments engage on the same Investments engage on the same project – to create major precincts, project – to create major precincts, • Increaseproject Investments – to create majorearnings precincts, contribution project from c.30%– to create towards major 40% precincts, new communities and important Enhancenew communities annuity and important new communities and important new communities and important • civic and social infrastructure. incomecivic and and social quality infrastructure. Shiftcivic to andOperating social infrastructure.profit as key earnings metriccivic and social infrastructure. of earnings • Redirect >$1b of capital to focus areas of urbanisation and investments Lendlease Market Briefing Strategy 23

Development production to accelerate

Conversion of development pipeline to drive >80% increase in production activity Production target of $8b+ p.a.

• c.2.5x growth in development pipeline since FY15 Development pipeline ($b) FY16-20 ave. New target1 • Production has averaged $4.3b in recent years2 Historical production Forward looking production • 2 c.1.1 x invested capital > 1.4x invested capital Targeting >80% increase on historical rates $113b • c.90% of five year production has planning approval3 $8.0b+ • Acceleration to drive returns and support growth in FUM platform c.2.5x $5-6b • Significant improvement in operating leverage expected: $45b – Production multiple on invested capital: $4.0b $4.3b – Historical average c.1.1 x – Target average >1.4x • Increased production to be supported by larger FY15 FY20 Invested Development Invested Development programmatic investment partnerships capital production capital production

Strategic priority

1. Development production represents project value delivered during a financial year (on a revenue recognition basis, representing 100% of project value). 2. Across FY16-20. 3. Represents target production with masterplanning approval from secured pipeline. Lendlease Market Briefing Strategy 24

Capital efficient business model

$1.7b of invested capital in land and infrastructure controls $113b development pipeline Land management model

• Pricing at drawdown or completion of individual plots FY20 development invested capital FY20 development pipeline – land payment structure • Revenue share based on projected revenue • Staged infrastructure contributions to manage capital 9% Land at risk Landmanagement management >90% Production 36% • Downside protection: StagedStaged payment capital efficient $4.8b 20% $113b – Land and payment Residual land value flexes infrastructure Upfront payment Land and 64% – Share in upside value creation Infrastructure Upfront • payment 71% Land owner shares value capture of ‘placemaking’ Master plan flexibility

• Stage by stage drawdown of land • Pause development in uneconomic or weak market conditions • Ability to remix master plan in partnership with land owner • Milestones and sunsets structured to provide flexibility • Ability to enhance master plan yield in partnership with land owner over time Lendlease Market Briefing Strategy 25

Group capital to fund strategy

Indicative growth of invested capital base of c.$3-4b (next 5 years): Illustrative only

c.$1.5b c.$12b c.$2b $8.5b <50%

56% c.$3b incremental capital Development to Investments segment >50% Investments 44%

FY20 segment capital Retained earnings1 Additional debt capacity2 Implied invested capital profile

Group capital sufficient to fund business plan

• c.$12b of invested capital sufficient to fund Group strategy: Development Investments – Accelerate delivery of development • $5-6b of Development capital: • $6-7b of Investments capital, – Higher investments allocation – Supports $8b+ p.a. in production c.$3b increase • • Invested capital growth underpinned by retained earnings – Production >1.4x invested capital, higher Scale Investments platform globally via and additional debt capacity operating leverage (c.1.1x in recent years3) capital reweighting towards >50% • Redirection of >$1b of capital to focus areas: – – Investment partners to support Co-investment stakes to increase from – Exit US Telecommunications (sale agreement signed) acceleration current c.5% of FUM – Down weight Retirement – Exit Services – Other recycling initiatives

1. Analysis is illustrative only. Assumes delivery of Operating ROE at mid-point of target range (i.e. 9.5%, refer slide 32) applied to Securityholder equity base, with distributions at mid-point of target range (i.e. 50%). 2. Reflects c.$1.2b equity raise completed in FY20, assumes completion of Engineering divestment, and application of mid-point of target gearing range (i.e. 15%). 3. Across FY16-20. Lendlease Market Briefing Strategy 26

Partnering approach evolving to accelerate delivery

Investment partner execution models

• Historically investment partners introduced on a Strategic priority - utilise mix of all models ‘single asset’ basis • To support accelerated pace of development production Historical approach Greater future utilisation and FUM growth, strategic priority to result in greater use of programmatic and partnership execution models Model Single asset basis Programmatic Partnership • Key features of these capital execution models include: Investment partner – Investment partner Capital raising efficiency through pre-agreement of terms secured for initial phase Investment partner Structure secured as individual – with key terms agreed for secured for whole project Security and predictability of future capital buildings are de-risked future phases – Visibility and certainty of future annuity income and FUM growth Negotiation basis Repeated by building Entire project at start Entire project at start – Aligns with larger capital appetite of potential investment Victoria Harbour partners across global strategic relationships Example projects Milano Santa Giulia Paya Lebar Quarter (Commercial)

Scale benefits

Velocity

Partner appetite

Certainty Lendlease Market Briefing Strategy 27

Investment partner funding model – example

Example assumes Lendlease retains 25% stake during Development phase Case study: International Towers Sydney,

lanning eelent nestent Barangaroo South (Towers 2 & 3)

eeet aageet ee ee • Secured in 2009 to regenerate large mixed use precinct • ee Concept plan approved 2010 FUM • Tenant pre-commitment of c.70% across two towers Performance fees

AL Dev. • c.$2b Lendlease International Towers Sydney Trust pro t on

AP (LLITST) created to forward fund the towers in 2012: Potential Project retained C Dev. pro t + capital stake revaluation Investment – Investment partners 75% partner capital – Lendlease 25% co-investment Enter delivery • Profit streams through the lifecycle of project: Lendlease co-investment eeae ata – Upfront sell-down profit – Development management fees Overview – Performance fees – FUM fees for managing LLITST • Introduce investment partner prior to entering delivery: • Typically small Lendlease co-investment • Investment partners received attractive returns: – Profit upfront on sell-down and potential post-completion and earn FUM fees revaluation of retained stake under single asset • Structure adopted on: – Value from additional leasing and programmatic models – International Towers Sydney, Barangaroo – Above market rents through placemaking – Typically no or limited profit upfront under (commercial): Single asset model – Cap rate compression on completion of towers partnership model approach where Lendlease – International Quarter London • 2020 – 10 years after securing the project: and partner originate the deal together (commercial): Single asset model – All development profit converted to cash • Under all models, potential for Lendlease to – Milano Santa Giulia: Programmatic model – earn development management fee and FUM fees Co-investment 3.9% (c.$150m) – Paya Lebar Quarter: Partnership model during delivery – FUM of $4.8b Lendlease Market Briefing Strategy 28

Earnings quality to improve

Operating profit – key earnings metric Group Operating EBITDA (FY16-20 ave.) EBITDA mix (FY16-20 ave.)

• Group to report Operating profit as primary earnings metric Impact of going forward: $1.3b 1 $1.2b revaluations – Statutory profit excluding Investments segment revaluations1 31% • Continue to report revaluations in the Development segment, 36% converts to cash over time 19% 20% • Clearer measure of profitability: 45% 49% – Improves quality of reported earnings – Supports focus on underlying operating cash conversion Statutory profit Operating profit Statutory profit Operating profit

– Comparable to key real estate groups Development Construction Investments • Drives management behaviour: – Decision making focused on underlying fundamentals Investments ROIC (FY16-20 ave.) Group ROE (FY16-20 ave.)2 – More controllable and transparent – Employee incentives aligned to value creation 10.8% 10.2% 9.4% 7.7%

Statutory profit Operating profit Statutory profit Operating profit

1. Refer appendix for detailed definition and reconciliation. 2. Analysis excludes Non-core segment in FY17-20 (Engineering and Services businesses). Lendlease Market Briefing Strategy 29 Portfolio Management Framework 2 Business model – EBITDA mix Previous New Statutory Operating Revised Development 40-50% 40-50% Construction 10-20% 10-20% No change Investments 35-45% 35-45% targets Change

Contribution 2 1 Capital allocation to rise c.10% 3 Target returns Previous New Shift from lower Previous New to upper end1 Development 40-60% 40-60% (<50%) Development ROIC 10-13% 10-13% Investments 40-60% 40-60% (>50%) Maximising Investments ROIC 8-11% 6-9%3 Construction Margin 2-3% 2-3% Australia 50-70% 40-60% long term Group ROE 10-14% 8-11%3 International (per Region) 5-20% 10-25% securityholder value 5 Distribution policy 4 Capital structure Previous New Previous New Statutory Operating Gearing 10-20% 10-20% Payout ratio 40-60% 40-60%3 Investment grade credit rating

1. Investments segment capital mix c.44% as at FY20. 2. Investments EBITDA mix average of c.31% (Operating profit basis) across FY16-20. 3. Operating profit based measure. Lendlease Market Briefing Strategy 30 Portfolio Management Framework Capital allocation

Reweight to Investments and International

Capital allocation – Segment (target range) Capital allocation – Segment (medium term target) Capital allocation – Regional (target range) 1 FY20 Target Previous New FY20 Previous New New reweighting Australia 50-70% 40-60% 42% Development 40-60% 40-60% 56% Development 40-60% <50% Asia 5-20% 10-25% 17% Investments 40-60% 40-60% 44% Investments 40-60% >50% Europe 5-20% 10-25% 22% Americas 5-20% 10-25% 19%

Strategic priority

• Targeting Investments capital allocation reweighting • Medium term target supports growth across • Higher target allocation to International regions to upper end for higher annuity earnings Investments platform globally • Provides flexibility in delivery of • Investments growth through external market development pipeline1 opportunities in addition to monetisation of • Development pipeline c.75% international development pipeline

1. Since PMF establishment, the international composition of the Group’s development pipeline has grown from c.40% in FY16 to c.75% in FY20. Lendlease Market Briefing Strategy 31 Portfolio Management Framework EBITDA mix

Higher weighting to Investments and annuity earnings

Business model – EBITDA mix 2 Previous New FY16-20 ave. (Statutory profit) (Operating profit) (Operating profit) Development 40-50% 40-50% 49% Construction 10-20% 10-20% 20% Investments 35-45% 35-45% 31%

Strategic priority

Key changes to EBITDA mix Key drivers of Investments growth

• Segment earnings mix targets based on Operating profit going forward • More than $50b in institutional investment grade assets to be created from • Investments effective target range +c.5% under new target mix development pipeline • Co-investment stakes to increase from current c.5% of FUM • Mid point of target range represents c.10% increase in EBITDA contribution1 • Launch of new Core, Core plus and Value add products where competitive • Medium term capital reweighting towards Investments: edge is strongest – Higher Investments earnings mix and annuity earnings • Increased focus on external market opportunities alongside investment partners – Improved earnings quality • Explore potential opportunities that may emerge from current market volatility • Targeting increased FUM in Europe and Americas

1. Compared to FY16-20 average. Lendlease Market Briefing Strategy 32 Portfolio ManagementManagment Framework Target returns

No change to underlying hurdle rates

Target returns – reflects shift to Operating profit and Investments reweighting 3 Previous New FY16-20 ave. (Statutory profit) (Operating profit) (Operating profit) Development ROIC 10-13% 10-13% 10.4% Investments ROIC 8-11% 6-9% 7.7% Construction EBITDA Margin 2-3% 2-3% 2.4% Group ROE 10-14% 8-11% 9.4%1

Target Investments ROIC Reconciliation of change in Group ROE target

Impact of Operating No change to profit reflecting exclusion Impact of target Impact of underlying hurdle 8-11% of revaluations reweighting to the Operating profit Investments segment rates despite decline in Cost of Equity 6-9% 10-14% c.1% c.1-2% 8-11% No change to underlying hurdle rates Previous New Previous Impact from Impact from New (Statutory profit basis) (Operating profit basis) (Statutory profit basis) Operating profit Investments (Operating profit basis) strategic priority

1. Refer appendix for detailed reconciliation. Analysis excludes Non-core segment in FY17-20 (Engineering and Services businesses). Lendlease Market Briefing Strategy 33 Portfolio Management Framework Capital structure and Distribution policy

Capital structure – no change to current target 4 Previous New FY16-20 ave. • Key capital structure objectives: Gearing 10-20% 10-20% 8.5% – Investment grade credit rating – Investment grade credit rating Sufficient buffer to manage cycles and risk – Minimise Weighted Average Cost of Capital • Capital structure to be reassessed over the medium term as the Group re-weights towards Investments

Distribution policy – based on Operating profit 5 Previous New • Distribution policy based on Operating profit going forward (Statutory profit) (Operating profit) • More predictable distributions Payout ratio 40-60% 40-60% • No change to target payout range (40-60%) • Closer alignment to underlying operating cashflow • Increased retained earnings will support future growth Lendlease Market Briefing Strategy 34 Strategy highlights

Leverage Increased Accelerate Scale competitive edge focus development investments

Improve earnings quality Higher annuity earnings | Programmatic investment partnerships | Operating profit focus Appendix

Lendlease Strategy Update 31 August 2020 Chicago: Southbank Lendlease Market Briefing Strategy 2

Residential Commercial Remaining Land Project Delivery Completion backlog backlog end value payment Planning Major 1 2 3 4 9 Region Project secured commenced date units sqm ‘000 ($b) model achieved Australia Barangaroo South, Sydney FY10 FY12 FY26 849 1 4.1 Staged payment Y urbanisation Y Brisbane Showgrounds FY09 FY11 FY33 2,275 67 2.2 Land management

Melbourne Quarter FY13 FY16 FY26 1,186 124 2.0 Land management Y projects Victoria Harbour, Melbourne FY01 FY04 FY27 2,043 - 2.0 Land management Y

Sydney Place5 FY12 FY17 FY22 - 59 1.9 Upfront payment Y summary Waterbank, Perth FY13 FY21 FY29 1,308 12 1.4 Land management Y Victoria Cross over station FY19 FY20 FY25 - 58 1.2 Staged payment Y development, Sydney To view Lendlease’s major Asia The Exchange TRX, Kuala Lumpur FY14 FY17 FY28 2,326 168 3.6 Staged payment Y urbanisation projects Europe Thamesmead Waterfront, London FY20 FY25 FY40+ 11,500 82 15.1 Land management N summary presentation, Euston Station, London FY18 FY26 FY40+ 2,000 400 10.9 Land management N please click here. Silvertown Quays, London FY18 FY21 FY33 3,000 440 6.6 Land management Y Milano Santa Giulia FY18 FY20 FY34 2,558 232 3.8 Land management N8

Milan Innovation District FY19 FY21 FY32 1,125 338 3.7 Staged payment Y

International Quarter London FY10 FY14 FY29 351 212 3.4 Land management Y

Elephant Park, London FY10 FY12 FY26 1,775 50 2.3 Staged payment Y

High Road West, London FY18 FY22 FY30 2,501 14 2.1 Land management N

Deptford Landings6, London FY14 FY16 FY28 1,300 9 1.4 Upfront payment Y 1. Includes forecast commencement dates, subject to change in delivery program. Americas San Francisco Bay Area project FY20 FY22 FY37 15,000 n/a7 21.8 Land management N 2. Based on expected completion date of underlying buildings, subject to change in delivery program. Lakeshore East, Chicago FY19 FY20 FY26 1,197 2 2.2 Staged payment Y 3. Floor space measured as Net Lettable Area. Southbank, Chicago FY15 FY16 FY27 1,526 24 1.9 Upfront payment Y 4. Remaining estimated development end value. 5. Formerly Circular Quay Tower. 30 Van Ness, San Francisco FY17 FY21 FY25 333 25 1.5 Upfront payment Y 6. Formerly The Timberyard, Deptford. 7. Commercial in confidence. Other urbanisation projects 2,072 98 3.7 8. Planning approval obtained for Milano Santa Giulia South. Total urbanisation 56,225 2,415 98.8 9. Refers to masterplanning approval. Lendlease Market Briefing Strategy 3

Reconciliation of Operating profit1,2

Reconciliation of Statutory to Operating earnings (FY16-20) ($m) Definition Operating profit adjusts Statutory FY16 FY17 FY18 FY19 FY20 Average earnings for: Statutory EBITDA2 1,246 1,319 1,638 1,493 563 1,252 • Property valuation related movements:

3 Add / (less): Investment properties revaluations 19 4 (10) (37) 26 - – Fair value adjustments on investment Add / (less): Financial assets revaluations3 (16) (54) (259) (106) 16 (84) properties and other financial assets in Add / (less): Equity accounted investments revaluations3 (32) (12) (31) (68) 105 (8) the Investments segment Add / (less): Impairment losses relating to intangibles - - - - 13 3 – Fair value adjustments attributable to Operating EBITDA 1,217 1,257 1,338 1,282 723 1,163 investment properties in associates and Less: Group Services and Treasury (191) (184) (176) (165) (158) (175) JVs after tax in the Investments segment Group Operating EBITDA 1,026 1,073 1,163 1,117 565 988 • Other non-cash adjustments or Group Operating PAT 655 664 708 632 206 573 non‑recurring items Add / (less): Post tax adjustments 43 61 252 172 (110) 84 – Impairment losses relating to Goodwill Group Statutory PAT 698 726 960 804 96 657 and other Intangibles

1. The reconciliation of Operating profit is unaudited and the tax impact of adjustments has been estimated by applying weighted average tax rates. 2. Analysis excludes Non-core segment in FY17-20 (Engineering and Services businesses). 3. Assets in the Investments segment only. Lendlease Market Briefing Strategy 4 Gateway city overview London

• Population of 9 million • Premier global city • Property fundamentals: – c.1,800,000 apartment stock, c.19,000 estimated annual apartment completions over last five years – c.14 million sqm office stock, c.313,000 sqm completed in the last 12 months (Central London) – c.37 million sqm office stock, c. 375,000 sqm completed in the last 12 months (Greater London) • Average transaction volume for all property types over last three years: – Central London c.$US20b p.a., Greater London c.$US30b p.a. Market

• Residential markets in London has been consistently undersupplied. Household growth of c.38,400 p.a. projected over next decade compares to completions of c.20,600 p.a. over the last decade with a maximum in any one year of c.24,000 • Strong residential for rent thematic with an ongoing decline in home ownership rate – 52% from a peak of 60% at the turn of the millennium. The proportion renting privately has risen from 15% to 26% since 2000 • Office take up remained resilient, heavily supported by the business services sector, TMT (technology, media & telecommunications), and co-working operators expanding or entering the market, albeit at a slower rate. Rental growth was stronger in prime markets with the war on talent leading many occupiers to trade-up on the quality of their office space in a consolidation / relocation play Lendlease pipeline

• Seven major urbanisation projects – $41.9b estimated development end value • c.16,600 residential for sale units • c.5,900 residential for rent units • c.1.2m sqm commercial

Source: ONS, PMA, CoStar, Real Capital Analytics www.rcanalytics.com, Lendlease Group Research. Lendlease Market Briefing Strategy 5 Gateway city overview San Francisco

• Population of 4.7 million • High growth market underpinned by technology sector • Property fundamentals: – c.396,000 multi-family and condo stock, c.6,100 annual completions over the last five years – c.27 million sqm office stock, c.172,000 sqm net completions in the last 12 months • Average transaction volume for all property types over last three years: – San Francisco c.$US30b p.a.1 Market

• Property market fundamentals are supported by a strong economy, flowing through to the household sector. In the five years to 2019, employment grew by 2.8% p.a. with earnings growth of 4.2% p.a. augmented by 6% p.a. household income growth • San Francisco is a tight, supply constrained residential market. This has led to affordability challenges with the mortgage affordability ratio at c.40% (median mortgage payment to income) • This has led to a high proportion of renters – 47% share of total households renting vs. 53% owner occupiers across the metro area • Office demand in San Francisco has been buoyant during the past five years with annual net absorption of c.297,000 sqm p.a. (to 2019) while vacancy has averaged 7.4% over the past five years to 2019 Lendlease pipeline

• Two major urbanisation projects – $23.4b remaining estimated development end value • c.4,700 residential for sale units • c.10,700 residential for rent units • c.25k sqm commercial

1. Note: San Franciso data does not include San Jose except for average transaction volume for property. Apartment and office market size includes San Francisco and East Bay markets. Economic, demographic and property market metrics are from different sources and their geographic definitions of the metro areas or markets may differ. Source: US Census Bureau, Bureau of Labor Statistics, IHS, CoStar, Real Capital Analytics www.rcanalytics.com, US Fed Reserve, Zillow, Lendlease Group Research. Lendlease Market Briefing Strategy 6 Gateway city overview Milan

• Population of 3.3 million • Key contributor to Italian economy, underpinned by high value add industries • Property fundamentals: – c.1,300,000 apartment stock – c.12.5 million sqm office stock, c.139,000 sqm completed in the last 12 months • Average transaction volume for all property types over last three years: – Milan c.US$4.7b p.a. Market

• Milan has a larger share of its economy in faster-growing industries than the rest of Italy. These include financial and business services (37%) and transport, storage and ICT services (12%). Milan has seen population growth of 0.5% p.a. for the last 5 years (c.16,600 people p.a.) vs. national falls of 0.2% p.a. • Office vacancy remains high due to the large share of stock functionally obsolete and old. Lower vacancy and higher rents are being achieved in Porta Nuova and the CBD as tenants opt for new, modern and efficient buildings • Moderate mortgage affordability and positive employment growth have supported house prices and residential transaction volumes. The average mortgage repayment accounts for 31% of household incomes, in line with international norms, although deposit constraints remain. The average mortgage rate on new loans is 1.3%, a record low • Milan accounted for over 40% of total Italian institutional property transactions during last 3 years Lendlease pipeline

• Two major urbanisation projects – $7.5b remaining estimated development end value • c.2,600 residential for sale units • c.1,100 residential for rent units • c.570k sqm commercial

Source: IStat, CBRE, Real Capital Analytics www.rcanalytics.com, Oxford Economics, Lendlease Group Research. Lendlease Market Briefing Strategy 7 Gateway city overview Sydney

• Population of 5.3 million • Australia’s financial centre • Property fundamentals: – c.980,000 detached house stock, c.17,000 estimated annual completions1 over last five years – c.550,000 apartment stock, c.28,000 estimated annual completions1 over last five years – c.5 million sqm CBD office stock, c.73,000 sqm completed in the last 12 months • Average transaction volume for all property types over last three years: – Sydney c.US$15b p.a. Market

• There is higher density in the Sydney residential market vs. the rest of nation. Apartments accounted for two- thirds (66%) of dwelling approvals in past five years vs. 47% nationwide. This has underpinned c.28,000 apartment completions annually in Sydney over this period • There has been expansion of the CBD Office footprint to the West and through Southern fringe with the technology sector becoming a key occupier (20% of leasing deals in 2019). Coming phases of CBD development to benefit from changes to height restrictions enabling construction of super towers • Significant infrastructure investment (roads, rail & airports) in Sydney – c.$47b over 10 years to 2025 – creates opportunities for new property sector hubs as connectivity increases (e.g. Sydney Airport, North Sydney) Lendlease pipeline

• Three major urbanisation projects – $7.2b remaining estimated development end value • c.850 residential for sale units • c.117k sqm commercial

1. Annual completions are estimated by assuming 2 year lag from apartment approval and 1 year lag from houses approval. Source: ABS, JLL, Knight Frank, Real Capital Analytics www.rcanalytics.com, Lendlease Group Research. Lendlease Market Briefing Strategy 8 Gateway city overview Chicago

• Population of 9.5 million • Scale market at the epicentre of the US mid-west • Property fundamentals: – c.661,000 multi-family and condo stock, c.8,600 annual completions in past five years – c.46.0 million sqm office stock, c.447,000 sqm net completions in the last 12 months • Average transaction volume for all property types over last three years: – Chicago c.US$16.4b p.a. Market

• The revitalisation of the inner city is a key trend in Chicago. There has been a large number of corporations relocating from the suburbs to the inner urban areas, including McDonalds, Kraft Heinz and Motorola Solutions • The multi-family market in downtown Chicago has roughly doubled in size from c.25,000 to c.50,000 units over the past decade, compared to 14% growth for the broader Chicago market. Chicago as a major urban centre supports apartment completions of c.8,600 p.a. Around three quarters of the apartment stock in Chicago are multi-family rentals • Chicago is a more affordable market which underpins housing demand over the longer term. Mortgage affordability is an attractive 14% (median mortgage payment to income). Robust household income growth (3.4% p.a. in 5 years to 2019) provides additional support Lendlease pipeline

• Two major urbanisation projects – $4.1b remaining estimated development end value • c.1,400 residential for sale units • c.1,300 residential for rent units • c.25k sqm commercial

Note: Economic, demographic and property market metrics are from different sources and their geographic definitions of the metro areas or markets may differ. Source: US Census Bureau, IHS, CoStar, Real Capital Analytics www.rcanalytics.com, US Fed Reserve, Zillow, Lendlease Group Research. Lendlease Market Briefing Strategy 9 Gateway city overview Melbourne

• Population of 5.1 million • Fastest population growth in Australia and across Lendlease Gateway Cities • Property fundamentals: – c.1,150,000 detached house stock, c.26,000 estimated annual completions1 over last five years – c.300,000 apartment stock, c.19,000 estimated annual completions1 over last five years – c.5 million sqm CBD office stock, c.159,000 sqm completed in the last 12 months • Average transaction volume for all property types over last three years: – Melbourne c.US$7.8b p.a. Market

• Strong population growth (2.6% p.a. past 5 years) underpins demand for housing, both in the inner city and on the city fringe. Dwelling approvals in Melbourne have increased by 24% over the past 5 years (2015-19 vs. 2010-14) • The Melbourne office market has seen healthy take-up of space, given a backdrop of a strong and growing economy. Over the 5 years to end 2019, net absorption as a proportion of office stock was 2.5% p.a. • Relative affordability is a key positive for Melbourne vs. Sydney in attracting households and businesses to the city. Dwelling prices in Melbourne are 16% cheaper than Sydney, while rents are 13% lower. For CBD office, gross effective Grade A rents are 43% lower compared to Sydney Lendlease pipeline

• Two major urbanisation projects – $4.1b remaining estimated development end value • c.3,200 residential for sale units • c.124k sqm commercial

1. Annual completions are estimated by assuming 2 year lag from apartment approval and 1 year lag from houses approval. Source: ABS, JLL, Real Capital Analytics www.rcanalytics.com, Corelogic, Lendlease Group Research. Lendlease Market Briefing Strategy 10 Gateway city overview Kuala Lumpur

• Population of 8.3 million • Young and growing population with competitive workforce • Property fundamentals: – c.750,000 Condo and Serviced Apartment stock, c.26,000 annual Condo and Serviced Apartments completions in last five years – c.880,000 detached stock, c.6,500 annual detached completions over last five years – c.9.1 million sqm office stock, c.270,000 sqm completed in the last 12 months • Average transaction volume for all property types over last three years: – Kuala Lumpur c.US$2.3b p.a. Market

• The underlying demographics are favourable. 52% of the Malaysian population is aged under 30, while Greater KL as the country’s focal point and capital, has seen its population grow at 1.3% p.a. in the past five years. Household formation in Greater KL has been growing at even faster rate of 2.2% p.a. as nuclearization of households play out • Strong household income growth underpins household spending and housing demand. In Greater KL monthly urban incomes have increased by 5-7% p.a. over the past five years to 2019 • Employment growth was 2.8% p.a. in Greater KL over the 5 years to 2019, along with 9% p.a. retail sales growth across Malaysia in the past five years. These are some of the strongest growth rates in the Asia-Pacific Lendlease pipeline

• The Exchange TRX – $3.6b estimated remaining development end value • c.2,300 residential for sale units • c.168k sqm commercial / retail

Source: ABS, JLL, Real Capital Analytics www.rcanalytics.com, CEIC, NAPIC, Lendlease Group Research. Lendlease Market Briefing Strategy 11 Gateway city overview Brisbane

• Population of 2.5 million • Combination of affordability and strong population growth • Property fundamentals: – c.640,000 house stock, c.2,000 estimated annual completions1 over last five years – c.130,000 apartment stock, c.9,500 estimated annual completions1 over last five years – c.2.3 million sqm CBD office stock, c.56,000 sqm completed in the last 12 months • Average transaction volume for all property types over last three years: – Brisbane c.US$4.6b p.a. Market

• Strong net interstate migration (c.19k p.a. for Qld) has underpinned Greater Brisbane’s population growth of 2.0% p.a. over the five years to 2019 • Brisbane’s residential market is relatively affordable with median dwelling prices 23% below the capital city average in 2019. Median residential rents were 7% below the capital city average • The Brisbane office market has seen solid take-up of space, underpinned by demand from the public sector. Over the 5 years to end 2019, net absorption as % of office stock was 1.6% p.a. Lendlease pipeline

• Brisbane Showgrounds – $2.2b estimated remaining development end value • c.2,300 residential for sale units • c.67k sqm commercial

• Population of 2.1 million • Resilience of resources sector drives local market • Property fundamentals: – c.570,000 house stock, c.15,000 estimated annual completions1 over last five years – c.60,000 apartment stock, c.4,000 estimated annual completions1 over last five years – c.1.8 million sqm CBD office stock, 0 sqm completed in the last 12 months • Average transaction volume for all property types over last three years: – Perth c.US$1.5b p.a. Market

• Strong economic growth in Western Australia over the past decade (3.6% p.a.), underpinned by resource sector strength, has attracted workers to Perth with population growth of 1.8% p.a. over the 10 years to 2019 • There is a high home ownership rate in Perth – 70% vs. national average of 65.5% (2016) • Household incomes are also 14% higher than the national average, reflecting higher participation and value added jobs • Perth is primarily a detached housing market with detached accounting for 73% of dwelling approvals over the past five years (2015-19) vs. 54% nationwide Lendlease pipeline

• Waterbank – $1.4b estimated remaining development end value • c.1,300 residential for sale units • c.12k sqm commercial

• Population of 19.2 million1 • Global business centre • Property fundamentals: – c.1,600,000 multi-family and condo stock2, c.24,000 annual completions in past five years – c.88 million sqm office stock, c.464,000 sqm net completions in the last 12 months • Average transaction volume for all property types over last three years: – New York c.US$50b p.a. Market

• Scale benefits of New York city market sees significant level of apartment completions (c.24,000 p.a. over past five years), more than double the level seen in other key urban markets, including Chicago, San Francisco and Boston • High income levels (with growth of 3.8% p.a. in 5 years to 2019) but affordability challenges persist in New York with the affordability ratio (mortgage payments to income) at 25% for the metro and much higher in inner urban areas. This underpins strong demand for multi-family rental product • New York condo market challenges have been worst at the high / luxury end, dependent on ultra-wealthy and foreign buyers. Liquidity is better at relatively lower price points Lendlease pipeline

• 100 Claremont avenue – $700m estimated remaining development end value • c.165 residential for sale units

1. Greater New York Metropolitan Area Population; 2. Relates to CoStar’s New York Metro Market size; Note: Co-ops not included in apartment market statistics. Economic, demographic and property market metrics are from different sources and their geographic definitions of the metro areas / markets differ. Source: US Census Bureau, IHS, CoStar, Real Capital Analytics www.rcanalytics.com, US Fed Reserve, Zillow, Lendlease Group Research. Lendlease Market Briefing Strategy 14 Gateway city overview Boston

• Population of 4.9 million • Strong growing city, benefiting from higher education and technology exposure • Property fundamentals: – c.264,000 multi-family and condo stock, c.8,600 annual completions in past five years – c.33.0 million sqm office stock, c.250,000 sqm net completions in the last 12 months • Average transaction volume for all property types over last three years: – Boston c.US$14.7b p.a. Market

• Boston has seen strong economic performance, given impetus from the technology sector and R&D related to nearby Ivy league colleges. This generates above-average employment growth (1.8% p.a. for 5 years to 2019), wages growth (3.4% p.a. for 5 years to 2019) and household income (3.8% p.a. in 5 years to 2019) • Boston has seen solid house price growth of 26% (4.7% p.a.) over the 5 years to Dec-19 • The multi-family rental market has experienced strong growth, increasing in size by 31% in the 10 years to Dec-19 Lendlease pipeline

• Clippership Wharf – $200m estimated remaining development end value • c.110 residential for sale units

• Population of 24.3 million • Landmark Asian city and focal point for Asian regional trade • Property fundamentals: – c.7,700,000 residential stock1, c.200,000 annual completions1 over last five years – c.175,000 senior living units stock2, c.7,000 estimated annual senior living units additions2 • Average transaction volume for all property types over last three years: – Shanghai c.US$42.5b p.a. Market

• Ageing population in Shanghai, with those over the age of 60+ growing at 5.4% p.a. over the last 5 years vs. 0.2% p.a. for total Shanghai population • There are currently c.5.3 million people (registered population) aged over 60 in Shanghai, providing a potentially deep pool for the emerging retirement living sector • Care for the elderly structurally changing towards operator provided care. Traditionally, care is provided for by children, however given the 1 child policy and an increasing number of young workers seeking work outside their home town, care for the elderly has become increasingly difficult and providing a structural backdrop for the continued ascendancy of the sector Lendlease pipeline

• Ardor Gardens – $500m estimated remaining development end value • c.900 residential for sale units

1. Derived from total floor space in square meters and assuming an average unit size of 81 sqm (which includes the common area). 2. Senior living units proxied by non profit beds (actual) + for profit institutions beds (estimated). Source: CEIC, Shanghai Govt, DBS, Real Capital Analytics www.rcanalytics.com, Lendlease Group Research. Lendlease Market Briefing Strategy 16 Communities

50 years’ experience, over 50 communities developed

Strategy

• Deliver market leading offering for our customers, underpinned by a scale national platform Queensland • c.30,150 land units Secure additional sites in key growth corridors • Elliot Springs • • Springfield Lakes Unlock value at various phases – acquisition, rezoning, planning and delivery • Yarrabilba • Shoreline Competitive advantage

• Scale Northern • Track record Territory Western Australia • Exceptional customer insights and service New South Wales • c.1,650 land units Place and product leadership • Alkimos Beach c.7,350 land units • Bingara Gorge • • Alkimos Vista Community partnerships • Calderwood Valley • Figtree Hill • Jordan Springs Key metrics • The New Rouse Hill • Kings Central • $13.6b pipeline South Australia • 16 projects across five states c.50 land units • Blakes Crossing • c.46,000 lot pipeline • Target settlements: 3,000 – 4,000 lots p.a. Victoria c.6,800 lands units Tasmania • Atherstone • Aurora • Harpley Lendlease Market Briefing Strategy 17 Disclaimer

This document has been prepared and is issued by Lendlease Corporation Limited (ACN 000 226 228) (Lendlease) in 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, 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, 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. All figures are in AUD unless otherwise stated.