Investor Presentaiton

Overview of the Equity Raising Offer structure and price • Fully underwritten 1-for-6.08 Accelerated Non-renounceable Entitlement Offer to raise approximately $275 million ("Entitlement Offer") The Entitlement Offer represents approximately 17.2 million New Shares, or approximately 16.4% of total shares currently on issue The offer price per New Share has been set at $16.00, which represents a: - 7.4% discount to the dividend-adjusted last close price of $17.275 per share on 21 February 2024(1) Issue price Use of proceeds 12.1% discount to the dividend-adjusted 10-day VWAP of $18.197 per share up to and including 21 February 2024(2) 6.4% discount to the dividend-adjusted TERP of $17.095(3) The Entitlement Offer will provide funding for strategic growth initiatives (identified land acquisitions pipeline, development capex) Proceeds will initially be used to repay debt to provide additional headroom until utilised to fund growth initiatives Underwriting The Entitlement Offer is fully underwritten by Citigroup Global Markets Australia Pty Limited Ranking Other New Shares will be traded on the ASX under a separate code until the ex-date for LIC's 1H FY24 dividend (being 12 March 2024), as the New Shares will not be entitled to that dividend of 5.5 cents per share The New Shares will rank pari passu with existing shares from the ex- date for the 1H FY24 dividend LIC's Managing Director, James Kelly, has a relevant interest in approximately 6.8% of LIC's existing shares on issue and has committed to participate in the Entitlement Offer to the value of $10 million Entities associated with AustralianSuper hold approximately 12.0% of LIC's existing shares on issue, and have committed to take up their full entitlement and sub-underwrite the Retail Entitlement Offer for up to $40 million • Collectively, these commitments represent approximately $83 million, accounting for approximately 30% of the Entitlement Offer (4) (1) Representing the closing price of LIC shares on 21 February of $17.33, adjusted for the 1H24 dividend of 5.5 cents per share. (2) Adjusted for the 1H24 dividend of 5.5 cents per share. (3) Dividend-adjusted theoretical ex-rights price ("TERP") based on the dividend-adjusted last closing price of $17.275. TERP is a theoretical calculation only and the actual price at which LIC shares trade immediately after the ex-date for the Entitlement Offer will depend on many factors and may be different from TERP. (4) Assuming AustralianSuper's retail sub-underwriting commitment is fully utilised. Lifestyle Communities - Equity Raising Presentation - February 2024 14

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