Lendlease : HY21 - Lendlease Trust 2021 Half Year Consolidated Financial Report

22 February 2021

Lendlease Trust 2021 Half Year Consolidated Financial Report

Attached is the Lendlease Trust Half Year Consolidated Financial Report for the half year ended 31

December 2020.

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 Trust Half Year Consolidated Financial Report

December 2020

ARSN 128 052 595

Table of Contents

Directors' Report 2

Statement of Comprehensive Income 4

Statement of Financial Position 4

Statement of Changes in Equity 5

Statement of Cash Flows 5

Notes to the Consolidated Financial Statements 6

Notes Index

Section A: Performance 7

1. Distributions 7

2. Earnings per Unit 7

3. Other Income 7

4. Finance Revenue and Finance Costs 7

5. Share of Loss of Equity Accounted Investments 8

6. Events Subsequent to Balance Date 8

Section B: Investment 8

7. Other Financial Assets 8

8. Equity Accounted Investments 9

Section C: Liquidity and Working Capital 11

9.

Issued Capital 11

Section D: Other Notes 12

10. Fair Value Measurement 12

11. Contingent Liabilities 12

12. Consolidated Entities 12

Directors' Declaration 13

Lendlease Responsible Entity Limited ABN 72 122 883 185

AFSL No. 308983 is the responsible entity of the Lendlease Trust ARSN 128 052 595. Lendlease Trust (LLT or the Trust) is domiciled in Australia. The consolidated financial report of LLT for the half year ended 31 December 2020 comprises LLT including its controlled entities (together referred to as the Consolidated Entity). The Consolidated Entity is a for-profit entity. Further information about the Consolidated Entity's primary activities is included in the Directors' Report.

Shares in Lendlease Corporation Limited (the Company) and units in LLT are traded as one security under the name of Lendlease Group on the Australian Securities Exchange (ASX).

The consolidated financial report for the half year ended 31 December 2020 was authorised for issue by the Directors on 22 February 2021.

Directors' Report

The Directors of Lendlease Responsible Entity Limited (ABN 72 122 883 185), the Responsible Entity of Lendlease Trust (the Trust), present their Report together with the Half Year Consolidated Financial Report of the Trust, for the six months ended 31 December 2020 and the Auditor's Report thereon.

The Responsible Entity is a wholly owned subsidiary of Lendlease Corporation Limited (the Company) and forms part of the consolidated Lendlease Group (the Group). The registered office and principal place of business of the Responsible Entity is Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Avenue, Barangaroo NSW 2000.

1. Governance a. Board/Directors

The name of each person who has been a Director of the Responsible Entity between 1 July 2020 and the date of this Report are:

M J Ullmer, AO	Director since 2011 and Chairman since 2018
S B McCann	Group Chief Executive Officer since 2008 & Managing Director since 2009
P M Coffey	Director since 2017
D P Craig	Director since 2016
J S Hemstritch	Director since 2011
E M Proust, AO	Director since 2018
N M Wakefield Evans	Director since 2013
R F Welanetz	Director since March 2020

The names of Directors of the Responsible Entity who retired between 1 July 2020 and the date of this Report are:

C B Carter, AM M A Ford, OBEDirector since 2012 (retired 20 November 2020)

Director since March 2020 (retired 18 August 2020)

2. Review and Results of Operations

For the six months ended 31 December 2020, the Trust reported a profit after tax of $24,782,000 (December 2019: $31,511,000).

Key transactions during the period include:

• • Further investment of $3,200,000 relating to Carlton Connect Initiative.

• • An interim distribution of $26,428,000 (December 2019: $44,681,000) has been approved by the directors and will be paid on 17 March 2021.

3. Events Subsequent to Balance Date

On 10 February 2021, the Group announced that Steve McCann will retire as Group CEO and Managing Director on 31 May 2021. There were no other material events subsequent to the end of the financial period.

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

The Lead Auditor's Independence Declaration is set out at the end of this report and forms part of the Directors' Report for the six months ended 31 December 2020.

5. Rounding Off

Lendlease Trust is a Trust of the kind referred to in the ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191, and in accordance with the Instrument, amounts in the financial statements and Directors' Report have been rounded off to the nearest thousand dollars, or, where the amount is $500 or less, zero, unless specifically stated otherwise.

This report is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors.

M J Ullmer, AO

S B McCann

Chairman

Chief Executive Officer and Managing Director

Sydney, 22 February 2021

Directors' Report continued

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

To the Directors of Lendlease Responsible Entity Limited (the responsible entity of Lendlease Trust)

I declare that, to the best of my knowledge and belief, in relation to the review of Lendlease Trust for the half year ended 31 December 2020 there have been:

• i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and

• ii. no contraventions of any applicable code of professional conduct in relation to the review.

KPM_INI_01

KPMG

D M McLennan

Partner

Sydney

22 February 2021

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