Lendlease : HY21 - Appendix 4D and 2021 Half Year Consolidated Financial Report

22 February 2021

Lendlease Group Appendix 4D and 2021 Half Year Consolidated Financial Report

Lendlease Group today announced its results for the half year ended 31 December 2020. Attached is the Appendix 4D and Half Year Consolidated Financial Report.

ENDS

For further information, please contact:

Investors:	Media:
Justin McCarthy	Stephen Ellaway
Mob: [phone]	Mob: [phone]

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 [phone]
Exchange Place, 300 Barangaroo Avenue	Facsimile [phone]
Barangaroo NSW 2000 Australia	lendlease.com

Lendlease Group

Appendix 4D

Lendlease Group (the Group) comprises Lendlease Corporation Limited (the Company) ABN 32 000 226 228 and Lendlease Trust (LLT) ARSN 128 052 595 the responsible entity of which is Lendlease Responsible Entity Limited ABN 72 122 883 185

Preliminary Half Year Report for the period ended 31 December 2020

(previous corresponding period being the period ended 31 December 2019)

Results for Announcement to the Market

Profit After Tax

6 months	6 months
December 2020	December 2019	%
$m	$m	Change
Revenue1	5,213	7,403	(29.6%)
Profit after tax attributable to securityholders1	196	313	(37.4%)

1. Includes continuing and discontinued operations.

Stapling of the Company Shares and LLT Units

Shares in the Company and units in LLT are traded as one security under the name of Lendlease Group on the Australian Securities Exchange (ASX). The Company is deemed to control LLT for accounting purposes and therefore LLT is consolidated into the Group's financial report. The issued units of LLT, however, are not owned by the Company and are therefore presented separately in the consolidated entity Statement of Financial Position within equity, notwithstanding that the unitholders of LLT are also the shareholders of the Company.

Dividends/Distributions

Interim dividend/distribution - payable 17 March 2021

Amount	Franked amount
per security	per security
15.0 cents	5.6 cents

The interim dividend/distribution is comprised of a dividend component franked to 50% of 11.2 cents per share payable by the Company and a trust distribution of 3.8 cents per unit payable by LLT. The unfranked portion of the Company dividend is sourced from the Conduit Foreign Income (CFI) account.

The record date for determining entitlement to the final distribution is 1 March 2021 (Record Date) and the distribution is payable on 17 March 2021.

The Group's Distribution Reinvestment Plan (DRP) was reactivated in February 2011. The last date for receipt of an election notice for participation in the DRP is 2 March 2021. Subject to the rules of the DRP, the issue price is the arithmetic average of the daily volume weighted average price of Lendlease stapled securities traded on the Australian Securities Exchange for the period of five consecutive business days immediately following the Record Date, commencing on 2 March 2021. Stapled securities issued under the DRP rank equally with all other stapled securities on issue.

Additional Information

December 2020

June 2020

Net tangible assets per security

$8.05

$7.95

The remainder of the information requiring disclosure to comply with listing rule 4.2A.3 is contained in the Performance & Outlook section of the December 2020 Directors' Report and the December 2020 Half Year Consolidated Financial Report.

Lendlease Group

Appendix 4D 31 December 2020

Lendlease Half Year Consolidated Financial Report December 2020 2

Front cover: Sydney

One Sydney Harbour, Barangaroo South on Gadigal Country Artist's impression

This page:

Milan

Milano Santa Giulia Artist's impression

Contents

Directors' Report 3

Lead Auditor's Independence Declaration under Section 307C of the Corporations Act 2001

1.	Directors	3
2.	Dividends/Distributions	3
3.	Events subsequent to Balance Date	3
4.	Lead Auditor's Independence Declaration	3
5.	Rounding off	3
6.	Performance and Outlook	3
18
19

Financial Statements