Lendlease Annual Report 2024

Governance 79 FY24 Short Term Performance Outcomes The following table outlines the FY24 STA opportunity and outcomes for the CEO and KMP. A$’000 1 Target STA opportunity Maximum STA opportunity Total STA awarded STA awarded - cash 2 STA awarded - deferred 3 Total STA awarded as % of Maximum STA 4 Total STA forfeited as % of Maximum STA 4 Anthony Lombardo 1,800 2,500 - - - 0% 100% Dale Connor 1,200 1,680 - - - 0% 100% Simon Dixon 1,000 1,400 - - - 0% 100% Justin Gabbani 950 1,330 - - - 0% 100% Claire Johnston 1,273 1,782 - - - 0% 100% Frank Krile 800 1,120 - - - 0% 100% Andrea Ruckstuhl 835 1,169 - - - 0% 100% 1. Remuneration is reported in AUD based on the 12 month average historic foreign exchange rates for FY24 (rounded to two decimal places): SGD 0.88 (applied to Justin Gabbani), USD 0.66 (applied to Claire Johnston) and GBP 0.52 (applied to Andrea Ruckstuhl). 2. 50% of the FY24 STA would have been paid as cash in September 2024. 3. 50% of the FY24 STA would have been granted as Deferred Securities, released in two equal tranches after one and two years. 4. Rounded to the nearest decimal place. FY24 Long Term Performance Outcomes The table below presents the performance and vesting outcomes for awards that were tested in FY24. The Board sets challenging LTA targets. The 2022 LTA was tested following the end of the financial year, resulting in nil vesting for FY24. LTA 1 Performance Period Performance Hurdle 2 Performance Outcome Vesting Outcome Overall Vesting Outcome (% Maximum LTA) % Maximum LTA forfeited 2022 LTA 1 July 2021 to 30 June 2024 RTSR Below Threshold 0% 0% 0% (3 years) ROE Below Threshold 0% FUM Below Threshold 0% 2023 LTA 1 July 2022 to 30 June 2025 RTSR Peformance period ongoing (3 years) ROE FUM 2024 LTA 1 July 2023 to 30 June 2026 RTSR (3 years) ROE IM ROIC 1. Refer Note 35 of the Notes to Consolidated Financial Statements for details of LTI / LTA Awards granted in prior financial years. 2. Growth in FUM was replaced with an Investments Return on Invested Capital (IM ROIC) measure from FY24 onwards. Adjustment to Denis Hickey's Incentive Award GDV performance adjustment In FY22, Denis Hickey was issued a one–off incentive aligned to key delivery milestones under the Google Development Ventures (GDV) project over a 3-year performance period from 1 July 2021 to 30 June 2024. At the time of grant, this incentive reflected the criticality and scope of the GDV project. The Board retains an overarching discretion to reduce or forfeit any unvested awards if it considers that the vesting of the awards would result in receipt of a benefit that was unwarranted or inappropriate. In FY23, the Board exercised discretion to carry out an interim assessment on the GDV performance hurdles relating to FY22 (Year 1) and FY23 (Year 2) project key milestones. The Board determined that 51% of the total GDV Incentive award would lapse based on past milestone outcomes during FY22 and FY23. In FY24, the Board reviewed the remaining 49% GDV Incentive milestones, and in consideration of the cancellation of the GDV project and surrounding circumstances, determined the final vesting outcome be zero.