A	B	C
DISTRIBUTION	PERIOD ENDING	PAYMENT DATE	LENDLEASE CORPORATION DIVIDEND	LENDLEASE TRUST DISTRIBUTION	TOTAL DISTRIBUTION PER SECURITY(1)	DRP PRICE	SEP PRICE	SPP PRICE
Interim	31-Dec-20	17-Mar-21	$0.11160653	$0.03839347	$0.15000000	$13.5507	suspended	suspended
Final	30-Jun-20	15-Sep-20	$0.0000000	$0.03256263	$0.03256263	$11.2316	suspended	suspended
Interim	31-Dec-19	17-Mar-20	$0.22084552	$0.07915448	$0.30000000	$17.5957	suspended	suspended
Final	30-Jun-19	16-Sep-19	$0.09504143	$0.20495857	$0.30000000	$16.8545	suspended	suspended
Interim	31-Dec-18	20-Mar-19	$0.00000000	$0.12000000	$0.12000000	$13.0846	suspended	suspended
Final	30-Jun-18	21-Sep-18	$0.30327100	$0.04672900	$0.35000000	$19.7183	suspended	suspended
Interim	31-Dec-17	22-Mar-18	$0.29432230	$0.04567770	$0.34000000	$17.7651	suspended	suspended
Final	30 Jun 2017	20 Sep 2017	$0.28419521	$0.04580479	$0.33000000	$16.6231	suspended	suspended
Interim	31 Dec 2016	24 Mar 2017	$0.29762322	$0.03237678	$0.33000000	$15.1399	suspended	suspended
Final	30 Jun 2016	14 Sep 2016	$0.27475110	$0.02524890	$0.30000000	$13.8994	suspended	suspended
Interim	31 Dec 2015	15 Mar 2016	$0.21350462	$0.08649538	$0.30000000	$13.2604	suspended	suspended
Final	30 June 2015	18 Sep 2015	$0.22870839	$0.04129161	$0.27000000	$13.4442	suspended	suspended
Interim	31 Dec 2014	18 Mar 2015	$0.23972895	$0.03027105	$0.27000000	$16.8660	suspended	suspended
Final	30 Jun 2014	22 Sep 2014	$0.41953477	$0.07046523	$0.49000000	$14.0832	suspended	suspended
Interim	31 Dec 2013	21 Mar 2014	$0.17500105	$0.04499895	$0.22000000	$11.4734	suspended	suspended
Final	30 Jun 2013	27 Sep 2013	$0.19009245	$0.00990755	$0.20000000	$9.9458	suspended	suspended
Interim	31 Dec 2012	27 Mar 2013	$0.21845565	$0.00154435	$0.22000000	$10.1968	suspended	suspended
Final	30 Jun 2012	30 Sep 2012	$0.22000000	N/A	$0.22000000	$7.7882	suspended	suspended
Interim	31 Dec 2011	30 Mar 2012	$0.16000000	N/A	$0.16000000	$7.4943	suspended	suspended
Final	30 Jun 2011	30 Sep 2011	$0.15000000	N/A	$0.15000000	$7.2820	suspended	suspended
Interim	31 Dec 2010	30 Mar 2011	$0.20000000	N/A	$0.20000000	$8.4298	suspended	suspended
Final	30 Jun 2010	24 Sep 2010	$0.12000000	N/A	$0.12000000	suspended	suspended	suspended
Interim	31 Dec 2009	31 Mar 2010	$0.20000000	N/A	$0.20000000	suspended	suspended	suspended
In specie	N/A	20 Nov 2009	$0.00100000	N/A	$0.00100000	N/A	suspended	suspended
* The shares of Lendlease Corporation and the units in Lendlease Trust were combined as stapled securities on 12 November 2009
Final	N/A	25 Sept 2009	$0.16000000	N/A	$0.16000000	$9.4997	suspended	suspended
Interim	N/A	01 Apr 2009	$0.25000000	N/A	$0.25000000	$5.292	suspended	suspended
Final	N/A	26 Sept 2008	$0.34000000	N/A	$0.34000000	$9.264	suspended	suspended
Interim	N/A	26 Mar 2008	$0.43000000	N/A	$0.43000000	suspended	suspended	suspended
Final	N/A	12 Sept 2007	$0.42000000	N/A	$0.42000000	suspended	suspended	suspended
Interim	N/A	27 Mar 2007	$0.35000000	N/A	$0.35000000	suspended	suspended	suspended
Final	N/A	13 Sept 2006	$0.31000000	N/A	$0.31000000	suspended	$15.50	suspended
Interim	N/A	14 Mar 2006	$0.30000000	N/A	$0.30000000	suspended	$13.32	suspended
Final	N/A	14 Sep 2005	$0.29000000	N/A	$0.29000000	suspended	$13.14	suspended
Interim	N/A	08 Mar 2005	$0.28000000	N/A	$0.28000000	suspended	suspended	suspended
Final	N/A	15 Sep 2004	$0.26000000	N/A	$0.26000000	suspended	suspended	suspended
Interim	N/A	17 Mar 2004	$0.18000000	N/A	$0.18000000	suspended	suspended	suspended
Final	N/A	18 Sep 2003	$0.20000000	N/A	$0.20000000	$10.64	suspended	suspended
Interim	N/A	19 Mar 2003	$0.10000000	N/A	$0.10000000	$8.71	$8.71	$8.71
Final	N/A	19 Sep 2002	$0.09000000	N/A	$0.09000000	$11.02	$11.02	$11.02
Interim	N/A	20 Mar 2002	$0.09000000	N/A	$0.09000000	$11.79	$11.79	$11.79
Final	N/A	13 Sep 2001	$0.08000000	N/A	$0.08000000	$10.97	suspended	$10.97
Interim	N/A	14 Mar 2001	$0.13000000	N/A	$0.13000000	$14.85	suspended	$14.85
Final	N/A	14 Sep 2000	$0.32000000	N/A	$0.32000000	$19.82	$19.82	suspended
Interim	N/A	15 Mar 2000	$0.32000000	N/A	$0.32000000	$20.34	$20.34	$20.34
Final	N/A	16 Sep 1999	$0.31000000	N/A	$0.31000000	$19.66	$19.66	$19.66
Interim	N/A	17 Mar 1999	$0.29000000	N/A	$0.29000000	$21.46	$21.46	$21.46
Final	N/A	17 Sep 1998	$0.54000000	N/A	$0.54000000	$34.12	$34.12	$34.12
Interim	N/A	18 Mar 1998	$0.53000000	N/A	$0.53000000	$35.06	$35.06	$35.06
Final	N/A	18 Sep 1997	$0.50000000	N/A	$0.50000000	$30.48	$30.48	$30.48
Interim	N/A	19 Mar 1997	$0.48000000	N/A	$0.48000000	$23.41	$23.41	$23.41
Final	N/A	01 Nov 1996	$0.47000000	N/A	$0.47000000	$20.71	$20.71	$20.71
*Share Purchase Plan introduced
Interim	N/A	29 Mar 1996	$0.43000000	N/A	$0.43000000	$17.47	$17.47	N/A
Final	N/A	03 Nov 1995	$0.38000000	N/A	$0.38000000	$16.89	$16.89	N/A
2nd Interim	N/A	28 Jun 1995	$0.11000000	N/A	$0.11000000	$16.84	$16.84	N/A
Interim	N/A	31 Mar 1995	$0.36000000	N/A	$0.36000000	$15.08	$15.08	N/A
Final	N/A	28 Oct 1994	$0.36000000	N/A	$0.36000000	$15.18	$15.18	N/A
2nd Interim	N/A	27 Jun 1994	$0.10000000	N/A	$0.10000000	$15.10	$15.10	N/A
Interim	N/A	13 Apr 1994	$0.34000000	N/A	$0.34000000	$16.10	$16.10	N/A
Final	N/A	22 Oct 1993	$0.33000000	N/A	$0.33000000	suspended	suspended	N/A
Special	N/A	15 Jul 1993	$0.10000000	N/A	$0.10000000	$12.79	$12.79	N/A
Interim	N/A	29 Mar 1993	$0.33000000	N/A	$0.33000000	suspended	suspended	N/A
Final	N/A	23 Oct 1992	$0.33000000	N/A	$0.33000000	suspended	suspended	N/A
Special	N/A	16 Jul 1992	$0.08000000	N/A	$0.08000000	$14.16	$14.16	suspended
Interim	N/A	30 Mar 1992	$0.32000000	N/A	$0.32000000	suspended	suspended	N/A
Final	N/A	23 Oct 1991	$0.32000000	N/A	$0.32000000	$14.24	$14.24	N/A
Special	N/A	26 Jun 1991	$0.08000000	N/A	$0.08000000	$14.42	$14.42	N/A
Interim	N/A	03 Apr 1991	$0.31000000	N/A	$0.31000000	$12.72	$12.72	N/A
Final	N/A	19 Oct 1990	$0.31000000	N/A	$0.31000000	$11.04	$11.04	N/A
Special	N/A	27 Jun 1990	$0.10000000	N/A	$0.10000000	$11.90	$11.57	N/A
Interim	N/A	30 Mar 1990	$0.29000000	N/A	$0.29000000	$11.47	$11.15	N/A
Final	N/A	27 Oct 1989	$0.27000000	N/A	$0.27000000	$10.92	$10.62	N/A
Special	N/A	26 Jun 1989	$0.15000000	N/A	$0.15000000	$7.50	$7.50	N/A
Interim	N/A	31 Mar 1989	$0.27000000	N/A	$0.27000000	$8.45	$8.21	N/A
Bonus	N/A	28 Oct 1988	$0.50000000	N/A	$0.50000000	$10.10	$9.82	N/A
Final	N/A	28 Oct 1988	$0.27000000	N/A	$0.27000000	$10.10	$9.82	N/A
Interim	N/A	25 Mar 1988	0.23000000	N/A	0.23000000	$10.79	$10.49	N/A
*Share Election Plan introduced
Final	N/A	14 Oct 1987	$0.23000000	N/A	$0.23000000	$16.33	N/A	N/A
Interim	N/A	27 Mar 1987	$0.22000000	N/A	$0.22000000	$11.65	N/A	N/A
Final	N/A	31 Oct 1986	$0.20000000	N/A	$0.20000000	$7.59	N/A	N/A
Interim	N/A	27 Mar 1986	$0.16000000	N/A	$0.16000000	$7.49	N/A	N/A
Final	N/A	21 Oct 1985	$0.16000000	N/A	$0.16000000	$5.62	N/A	N/A
(1 ) The total Lendlease Group distribution is comprised of the Lendlease Corporation dividend and the Lendlease Trust distribution (A + B = C).

DIVIDEND	PAYMENT DATE	DIVIDEND PER SHARE DATE	FRANKING PERCENTAGE	COMPANY TAX RATE	CFI PERCENTAGE1
Interim	17-Mar-21	$0.11160653	50%	30%	100%
Note: Going forward it is not expected that Lendlease distributions will include franked dividends in the medium term. To the extent that the dividend is unfranked, the conduit foreign income amount may be less than the whole amount of the unfranked dividend.
Final	15-Sep-20	$0.00000000	N/A	N/A	N/A
Interim	17-Mar-20	$0.22084552	N/A	30%	60%
Final	16-Sept-19	$0.09504143	Nil	30%	100%
Interim	20-Mar-19	$0.00000000	N/A	N/A	N/A
Final	21-Sep-18	$0.30327100	Nil	30%	60%
Interim	22-Mar-18	$0.29432230	Nil	30%	100%
Final	20-Sep-17	$0.28419521	Nil	30%	100%
Interim	24-Mar-17	$0.29762322	Nil	30%	100%
Final	14-Sep-16	$0.27475110	Nil	30%	100%
Interim	15-Mar-16	$0.21350462	Nil	30%	100%
Final	18-Sep-15	$0.22870839	25%	30%	100%
Interim	18-Mar-15	$0.23972895	Nil	30%	100%
Final	22-Sep-14	$0.41953477	Nil	30%	100%
Interim	21-Mar-14	$0.17500105	Nil	30%	100%
Final	27-Sep-13	$0.19009245	Nil	30%	100%
Interim	27-Mar-13	$0.21845565	Nil	30%	100%
Final	30-Sep-12	$0.22000000	Nil	30%	100%
Interim	30-Mar-12	$0.16000000	Nil	30%	100%
Final	30-Sep-11	$0.15000000	Nil	30%	100%
Interim	30-Mar-11	$0.20000000	50%	30%	100%
Final	24-Sep-10	$0.12000000	100%	30%	N/A
Interim	31-Mar-10	$0.20000000	100%	30%	N/A
* The shares of Lendlease Corporation and the units in Lendlease Trust were combined as stapled securities on 12 November 2009
In specie	20-Nov-09	$0.00100000	100%	30%	N/A
Final	25-Sep-09	$0.16000000	100%	30%	N/A
Interim	1-Apr-09	$0.25000000	60%	30%	100%
Final	26-Sep-08	$0.34000000	45%	30%	100%
Interim	26-Mar-08	$0.43000000	40%	30%	100%
Final	12-Sep-07	$0.42000000	50%	30%	100%
Interim	27-Mar-07	$0.35000000	500%	30%	100%
Final	13-Sep-06	$0.31000000	100%	30%	N/A
Interim	14-Mar-06	$0.30000000	100%	30%	N/A
Final	14-Sep-05	$0.29000000	100%	30%	N/A
Interim	8-Mar-05	$0.28000000	Nil	N/A	100%
Final	15-Sep-04	$0.26000000	Nil	N/A	100%
Interim	17-Mar-04	$0.18000000	Nil	N/A	100%
Final	18-Sep-03	$0.20000000	Nil	N/A	100%
Interim	19-Mar-03	$0.10000000	100%	30%	N/A
Final	19-Sep-02	$0.09000000	100%	30%	N/A
Interim	20-Mar-02	$0.09000000	100%	30%	N/A
Final	13-Sep-01	$0..08000000	100%	30%	N/A
Interim	14-Mar-01	$0.13000000	Nil	N/A	N/A
Final	14-Sep-00	$0.32000000	100%	34% Class C	N/A
Interim	15-Mar-00	$0.32000000	100%	36% Class C	N/A
Final	16-Sep-99	$0.31000000	100%	36% Class C	N/A
*September 1999 - Residual cash dividend for DRP introduced
Interim	31-Mar-99	$0.29000000	100%	36% Class C	N/A
*December 1998 - One for one bonus share issue
Final	17-Sep-98	$0.54000000	100%	36% Class C	N/A
Interim	18-Mar-98	$0.53000000	100%	36% Class C	N/A
Final	18-Sep-97	$0.50000000	100%	36% Class C	N/A
Interim	19-Mar-97	$0.48000000	100%	36% Class C	N/A
Final	1-Nov-96	$0.47000000	100%	36% Class C	N/A
Interim	29-Mar-96	$0.43000000	100%	36% Class C	N/A
Final	3-Nov-95	$0.38000000	100%	39% Class A	N/A
2nd Interim	28-Jun-95	$0.11000000	100%	39% Class A	N/A
Interim	31-Mar-95	$0.36000000	100%	39% Class A	N/A
Final	28-Oct-94	$0.36000000	100%	39%	N/A
2nd Interim	27-Jun-94	$0.10000000	100%	39%	N/A
Interim	13-Apr-94	$0.34000000	100%	39%	N/A
Final	22-Oct-93	$0.33000000	100%	39%	N/A
Special	15-Jul-93	$0.10000000	Nil	N/A	N/A
Interim	29-Mar-93	$0.33000000	100%	39%	N/A
Final	23-Oct-92	$0.33000000	100%	39%	N/A
Special	16-Jul-92	$0..08000000	Nil	N/A	N/A
Interim	30-Mar-92	$0.32000000	100%	39%	N/A
Final	23-Oct-91	$0.32000000	100%	39%	N/A
Special	26-Jun-91	$0.80000000	100%	39%	N/A
	3-May-91	One for ten new issue at $12.00 per share
Interim	3-Apr-91	$0.31000000	100%	39%	N/A
Final	19-Oct-90	$0.31000000	100%	39%	N/A
Special	27-Jun-90	$0.10000000	100%	39%	N/A
Interim	30-Mar-90	$0.29000000	100%	39%	N/A
Final	27-Oct-89	$0.27000000	100%	39%	N/A
	24-Jul-89	One for ten new issue at $7.50 per share
Special	26-Jun-89	$0.15000000	100%	49%	N/A
Interim	31-Mar-99	$0.27000000	100%	49%	N/A
Bonus	28-Oct-88	$0.50000000	100%	49%	N/A
Final	28-Oct-88	$0.50000000	100%	49%	N/A
	28-Oct-88	One for ten bonus share issue from Share Premium Reserve
Interim	25-Mar-88	$0.23000000	100%	49%	N/A
Final	14-Oct-87	$0.23000000	100%	49%	N/A
*July 1987 - Dividend Imputation System introduced in Australia
Interim	27-Mar-87	$0.22000000	N/A	N/A	N/A
Final	31-Oct-86	$0.20000000	N/A	N/A	N/A
Interim	27-Mar-86	$0.16000000	N/A	N/A	N/A
	29-Oct-85	One for ten new issue at $4.00 per share
Final	21-Oct-85	$0.16000000	N/A	N/A	N/A
1CFI percentage is the amount of the unfranked dividend declared to be conduit foreign income.

Following shareholder approval on 12 November 2009 the shares of Lendlease Corporation Limited ("LLC") and the units in Lendlease Trust ("LLT") were combined as stapled securities. From 13 November 2009 the shares in the Company and units in the Trust have been traded as one security under the name of Lendlease Group on the Australian Securities Exchange and the New Zealand Stock Exchange. LLT was 100% owned by the Company prior to approval of the stapling proposal. Units in LLT were distributed on 20 November 2009 to LLC shareholders as fully franked 'in specie' dividend with a value of 0.1 cent each. That value becomes the initial CGT cost base in each LLT unit distributed 'in specie' to effect the stapling.

Further details in relation to the stapling are available in the Explanatory Statement dated 12 October 2009.

LLC has undertaken two capital reallocations, by way of a return of capital on each LLC share that is applied as additional capital on the stapled LLT unit.

Effective Date	Total Capital Rellocated	Cents Per Security
26 November 2012	$500.3m	87.10688
21 November 2014	$400.50	69.099769

Each capital reallocation results in a change in the CGT cost base of each LLC share and LLT unit held at that time, with the reduction in CGT cost base in the LLC share being equal to the increase in CGT cost base for the LLT unit.

Further details in relation to the capital reallocations are available in the Explanatory Statements dated 15 October 2012 and 15 October 2014.

The Australian Taxation Office has published Class Rulings in relation to each capital reallocation. Please refer to the following links for 2012 ATO Class Ruling and 2014 ATO Class Ruling.

If you received LLT units as part of the stapling transaction then the original CGT cost base in those LLT units was 0.1 cent each. Note, that there was no reduction in the CGT cost base in your LLC shares as part of the stapling proposal.

In relation to Lendlease Group stapled securities acquired for $7.70 per new security under the 5 for 22 renounceable entitled offer completed in March 2010, an amount of 0.1 cent was allocated to the LLT unit. Accordingly, the original CGT cost base in those LLT units was 0.1 cent each.

For Lendlease Group stapled securities acquired under the Distribution Reinvestment Plan in March 2011, September 2011, March 2012 or September 2012 the original CGT cost base in those LLT units issued was 0.1 cent each.

Where a Lendlease Group stapled security is disposed of on or after 26 November 2012 the impact of the first Capital Reallocation must be taken into account. If a Lendlease Group stapled security is disposed on or after 21 November 2014 the impact of both the first and second Capital Reallocation mush be taken into account.

LLT units that you held at the time of the first Capital Reallocation on 26 November 2012 will have an increase in CGT cost base of 87.106880 cents per unit and LLT units that you held at the time of the second Capital Reallocation on 21 November 2014 will have an increase in CGT cost base of 69.099769 cents per unit.

For Lendlease Group stapled securities issued to you for $9.80 each under the Placement announced in April 2020 or the Securities Purchase Plan in May 2020 the issue price of $9.80 will need to be apportioned to determine your CGT cost base in the LLC share and LLT unit.   

The Australian Taxation Office has published a Class Ruling confirming the aggregate cost base of $9.80 for stapled securities  acquired  under the capital raising and accepting that a reasonable basis for apportioning the $9.80 as between the LLC share and the LLT unit results from using the relative Net Assets of the individual entities as at 30 June 2020. Please refer to the following links for CR 2020/48.

The CGT cost base in a LLC share you hold is generally the amount you paid to acquire it, plus incidental costs.

LLC shares that you held at the time of the first Capital Reallocation on 26 November 2012 will have a reduction in CGT cost base of 87.106880 cents per share. LLC shares that you held at the time of the second Capital Reallocation on 21 November 2014 will have a reduction in CGT cost base of 69.099769 cents per share.

For the period from 13 November 2009 to 31 December 2020, the relative net assets of a Lendlease Group stapled security, taking into account the Capital Reallocations on 26 November 2012 and 21 November 2014, are as follows:

From:	To:	LLC Share	LLT Unit
13/11/2009	31/12/2009	99.97%	0.03%
1/01/2010	30/06/2010	99.98%	0.02%
1/07/2010	31/12/2010	99.98%	0.02%
1/01/2011	30/06/2011	99.98%	0.02%
1/07/2011	31/12/2011	99.98%	0.02%
1/01/2012	30/06/2012	99.98%	0.02%
1/07/2012	25/11/2012	99.98%	0.02%
26/11/2012	31/12/2012	87.72%	12.28%
1/01/2013	30/06/2013	88.31%	11.69%
1/07/2013	31/12/2013	88.64%	11.36%
1/01/2014	30/06/2014	89.46%	10.54%
1/07/2014	20/11/2014	89.01%	10.99%
21/11/2014	31/12/2014	80.93%	19.07%
1/01/2015	30/06/2015	81.27%	18.73%
1/07/2015	31/12/2015	81.04%	18.96%
1/01/2016	30/06/2016	81.32%	18.68%
1/07/2016	31/12/2016	81.72%	18.28%
1/01/2017	30/06/2017	81.89%	18.11%
1/07/2017	31/12/2017	81.29%	18.71%
1/01/2018	30/06/2018	80.56%	19.44%
1/07/2018	31/12/2018	78.43%	21.57%
1/01/2019	30/06/2019	81.41%	18.59%
1/07/2019	31/12/2019	82.08%	17.92%
1/01/2020	27/04/2020	80.44%	19.56%
28/04/2020	30/06/2020	74.67%	25.33%
1/07/2020	31/12/2020	74.99%	25.01%

U.S. securityholders are advised to consult their own tax advisers with respect to the consequences of holding and disposing of Lendlease securities, particularly having regard to the U.S. passive foreign investment company (“PFIC”) rules.

U.S. “check-the-box” (“CTB”) tax election

During the 2016 calendar year, some entities Lendlease Trust has invested in made a U.S. check-the-box (“CTB”) tax election. There may be U.S. tax consequences for U.S. securityholders. U.S. securityholders should seek their own tax advice in respect of the impact of these elections.

If you have any enquiries, please contact Lendlease at [email protected].