Investor Presentaiton

Key Risks (cont'd) Funding, sales and settlement risk Due to the capital recycling nature of its business model, Lifestyle Communities is reliant on continuing sales and settlements to fund its development pipeline and remain compliant with the financial covenants in its funding agreements. In particular, Lifestyle Communities' financial model relies on the rate of sales of new and existing homes, the sales price of new homes (and to a lesser extent the sales price of existing homes) and the timing of settlements of new homes (revenue is only recorded when a sale of a home is settled). There is a risk that these metrics may vary from those achieved previously and that the financial model may be adversely affected as a result. If there was a sustained slowdown in sales and settlements, Lifestyle Communities may need to slow down its speed of development or undertake other capital management activities. Any breach of its covenants could result in the early enforced repayment of debt. Such repayment could incur capital losses if assets need to be sold in a short period or shareholders may be diluted if equity needs to be raised at large discounts. Lifestyle Communities currently has a weighted average debt maturity of 3.8 years. At the maturity of these loans, there is no certainty they will be refinanced on the same terms as are currently in place. Lifestyle Communities is exposed to fluctuating interest rates. Accounting standards Changes to accounting standards may affect the reported earnings of Lifestyle Communities from time to time, and Lifestyle Communities' Position. Land acquisition risks There is a risk that the timing, consideration paid and investment return on any land acquisitions made may vary from the existing portfolio. There is no guarantee that the potential acquisitions described in this presentation will be available, successful or generate the anticipated returns and benefits that Lifestyle Communities expects. The acquisitions and the acquisition site metrics described in this presentation may not eventuate. Lifestyle Communities may incur substantial costs, delays or other operational or financial difficulties in acquiring, integrating, developing and/or managing new investments, and any such investments may divert management's attention from Lifestyle Communities' existing business. Lifestyle Communities may also encounter unanticipated events, circumstances or legal liabilities in connection with any investment. The occurrence of any of these risks relating to such an acquisition or investment may materially adversely affect Lifestyle Communities' Position. Personnel risk The ability of Lifestyle Communities to successfully deliver on its business strategy is dependent on retaining key employees of Lifestyle Communities. The loss of senior management or other key personnel could adversely impact on Lifestyle Communities' Position. Reliance on key contractors/counterparty risks Lifestyle Communities engages third party contractors and counterparties to carry out development and construction activities on its sites, including one building company that carries out all of its housing construction. If any of these contractors or counterparties are unable or unwilling to perform the obligations owed to Lifestyle Communities or there is industrial action taken by the employees of those third party contractors and counterparties, Lifestyle Communities may need to seek a replacement contractor or counterparty through commercial tender. The disruption caused to Lifestyle Communities as a result of being required to do that will likely vary depending on the work the relevant contractor or counterparty is engaged to undertake. For example, the disruption caused to Lifestyle Communities as a result of it being required to replace the building company that carries out its housing construction is likely to be material. Any disruptions to Lifestyle Communities' development and construction activities, disruptions to its operations or inadequately performed services could result in delays to projects, degradation in the quality and state of repair of communities, dissatisfaction of homeowners, reduced revenue and breaches of financing arrangements. Any of these factors could result in a material increase in Lifestyle Communities' costs and/or an interruption to its development and construction activities, or its other operations, particularly in the event that Lifestyle Communities needs to replace a service provider and incur legal liabilities in connection with any associated dispute. The occurrence of any of these risks, as well as the early termination of a development or construction agreement, could materially adversely affect Lifestyle Communities' Position. Operational risk There is a risk of loss and/or non-compliance with laws resulting from inadequate or failed internal processes, people and/or systems, or from external events (e.g. fraud, systems failures, cyber risk, damage to physical assets, data management failures, employment and workplace safety practices), which may adversely affect Lifestyle Communities' Position. This includes legal risk, and the risk of reputational loss or damage arising from such inadequate or failed internal processes, people and/or systems. Lifestyle Communities may also incur reputational damage where one of its practices fails to meet community expectations which are continually changing and evolving, which may affect Lifestyle Communities' Position. Environmental, social and governance risks, including climate risk Lifestyle Communities' sites and its homeowners are exposed to environmental, social and governance risks, including climate-related risks (including physical risks such as drought, riverine/rainfall flood, storms and large hail, extreme heat, bushfires and coastal inundation, and transition risks such as market, policy and legal, reputation and technology risks associated with the transition to a low-carbon economy), as well as risks related to modern slavery and land rights. The impact of these events can be widespread and may adversely affect Lifestyle Communities' Position. Lifestyle Communities - Equity Raising Presentation - February 2024 20 20

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