MIRVAC GROUP — Annual Report 2016

Aug 15, 2016

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16 AUGUST 2016 FY16 A d d i t i o n a l I n f o r m a t i o n

Contents

Financial

• 03 FY16 operating to statutory profit reconciliation

• 04 FY15 operating to statutory profit reconciliation

• 05 FY16 movement by segment

• 06 FFO and AFFO based on PCA guidelines

• 07 FY16 group management expense ratio (MER)

• 08 Finance costs by segment

• 09 Employee benefits and other expenses

• 10 Debt and hedging profile

• 11 Liquidity profile

• 12 NTA and securities on issue reconciliation

• 13 Investment portfolio: acquisitions and disposals

• 14 Invested capital

• 15 FY16 return on invested capital (based on new segment structure)

• 16 FY16 development ROIC (based on previous structure)

Office & Industrial

• 18 Office: portfolio details

• 19 Office: lease expiry profile and top 10 tenants

• 20 Industrial: portfolio details 21 Office & Industrial: developments

Retail

• 23 Retail: portfolio details

• 24 Retail: comparable sales by category 25 Retail: lease expiry profile and top 10 tenants

• 26 Retail: developments

Residential

• 28 Residential: market overview

• 29 Residential: pipeline positioning

• 30 Residential: masterplanned communities pipeline

• 31 Residential: apartments pipeline

• 32 Residential: pre-sales detail

• 33 Residential: FY16 acquisitions

• 34 Residential: FY17 expected major releases

• 35 Residential: FY16 settlements

• 36 Residential: FY16 settlements detail

• 37 Residential: EBIT reconciliation and gross development margin

• 38 Residential: provisions — roll off

Calendar

• 40 1H17 Calendar

Glossary

Important notice

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

01

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MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 02

FY16 operating to statutory profit reconciliation

Full year ended 30 June 2016	Offce & Industrial $m	Retail $m	Residential $m	Corporate & other $m	Total $m
Property net operating income (NOI)	331	125	—	16	472
Development EBIT	33	—	209	—	242
Asset & funds management EBIT	9	3	—	1	13
Management & administration expenses	(15)	(11)	(13)	(48)	(87)
Earnings before interest and taxes1	358	117	196	(31)	640
Development interest costs	(3)	—	(61)	—	(64)
Other net interest costs	—	—	—	(58)	(58)
Income tax expense	—	—	—	(36)	(36)
Operating proft/(loss) (proft before specifc non-cash and signifcant items)2	355	117	135	(125)	482
Specifc non-cash items
Net gain on fair value of investment properties and IPUC	374	123	—	—	497
Net loss on foreign exchange movements and fnancial instruments	(6)	—	—	(4)	(10)
Security based payments expense	—	—	—	(10)	(10)
Depreciation of owner-occupied properties	(5)	(2)	—	—	(7)
Straight-lining of lease revenue	9	—	—	—	9
Amortisation of lease ftout incentives	(9)	(1)	—	—	(10)
Share of net proft of joint ventures relating to movement of non-cash items	53	—	—	8	61
Signifcant items
Net gain from sale of non-aligned assets	27	6	—	—	33
Restructuring costs	—	—	—	(4)	(4)
Business combination transaction costs	(2)	—	—	—	(2)
Tax effect
Tax effect of non-cash and signifcant adjustments	—	—	—	(6)	(6)
Proft/(loss) attributable to the stapled securityholders of Mirvac	796	243	135	(141)	1,033

1. EBIT includes share of net operating profit of joint ventures.

2. Operating profit after tax is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac’s full year ended 30 June 2016 financial statements, which has been subject to audit by its external auditors.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 03

FY15 operating to statutory profit reconciliation

Full year ended 30 June 2015	Offce & Industrial $m	Retail $m	Residential $m	Corporate & other $m	Total $m
Property net operating income (NOI)	350	125	—	15	490
Development EBIT	52	—	142	—	194
Asset & funds management EBIT	1	2	—	1	4
Management & administration expenses	(15)	(14)	(12)	(47)	(88)
Earnings before interest and taxes1	388	113	130	(31)	600
Development interest costs	(4)	—	(69)	—	(73)
Other net interest costs	—	—	—	(54)	(54)
Income tax expense	—	—	—	(18)	(18)
Operating proft/(loss) (proft before specifc non-cash and signifcant items)2	384	113	61	(103)	455
Specifc non-cash items
Net gain on fair value of investment properties and IPUC	102	39	—	—	141
Net loss on foreign exchange movements and fnancial instruments	—	—	—	(10)	(10)
Security based payments expense	—	—	—	(6)	(6)
Depreciation of owner-occupied properties	(2)	(4)	—	—	(6)
Straight-lining of lease revenue	5	—	—	—	5
Amortisation of lease ftout incentives	(9)	—	—	—	(9)
Share of net proft of joint ventures relating to movement of non-cash items	11	—	—	19	30
Signifcant items
Net gain from sale of non-aligned assets	—	6	—	10	16
Restructuring costs	—	—	—	(7)	(7)
Business combination transaction costs	—	—	—	—	–
Tax effect
Tax effect of non-cash and signifcant adjustments	—	—	—	1	1
Proft/(loss) attributable to the stapled securityholders of Mirvac	491	154	61	(96)	610

1. EBIT includes share of net operating profit of joint ventures.

2. Operating profit after tax is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac’s full year ended 30 June 2016 financial statements, which has been subject to audit by its external auditors.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 04

FY16 movement by segment

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Operating EBIT by segment: FY15 to FY16
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$700m

• Office and Industrial EBIT impacted by the full year impact of FY15 disposals

• Retail contribution slightly up on FY15 reflecting operating model review initiatives

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650
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$66m $640m
600 $600m ($30m)
$4m
550
500
FY15 Office & Industrial Retail Residential FY16
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• Residential EBIT significantly up, reflecting increase in lots settled to 2,824 compared to 2,271 in FY15

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

05

FFO and AFFO based on PCA guidelines

	FY16
	$m
Operating proft (before specifc non-cash and signifcation items)1	482
Including: Security based payments expense	(10)
Excluding: Lease amortisation expense2	28
Funds From Operations (FFO)3	500
Maintenance capex	(53)
Incentives — cash and ft-out	(21)
Incentives — rent-free	(16)
Incentives — leasingcosts	(8)
Adjusted Funds From Operations (AFFO)	402

1. Operating profit after tax is a non-IFRS measure. Operating profit after tax is profit before specific non-cash items and significant items. Operating profit after tax is used internally by management to assess the performance of its business and has been extracted from Mirvac’s year ended 30 June 2016 financial statements, which has been subject to audit by its external auditors.

2. This includes amortisation of cash, leasing and rent free incentives.

3. Based on PCA guidelines.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

06

FY16 group management expense ratio (MER)

	Offce & Industrial	Retail	Group
Fullyear ended 30 June 2016	$m	$m	$m
Management & administration expenses	15	11	87
Investment properties (Inc. IPUC & OOP)	4,721	2,663	7,384
Indirect investment (JVA’s etc)	564	6	1,027
Inventories	121	2	1,598
Group balance sheet assets	5,406	2,671	10,009
Group MER	0.28%	0.41%	0.87%
Balance sheet assets under management	5,406	2,671	10,009
External assets / thirdpartycapital under management	4,383	963	5,832
Total assets under management	9,789	3,634	15,841
FY16 assets under management MER	0.15%	0.30%	0.55%
FY15 assets under management MER	0.21%	0.52%	0.75%
Change	(29%)	(42%)	(27%)

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 07

Finance costs by segment

	Offce &			Corporate
FY16 fnance costs	Industrial $m	Retail $m	Residential $m	& other $m	Group $m
Interest expense net of impairment	10	2	59	70	140
Capitalised interest	(10)	(2)	(38)	—	(49)
COGS interest net of provision release	3	—	40	—	43
Borrowingcosts amortised	—	—	—	3	3
Total fnance costs	3	—	61	73	137
Less: interest revenue	—	—	—	(15)	(15)
Net fnance costs	3	—	61	58	122
	Offce &			Corporate
FY15 fnance costs	Industrial $m	Retail $m	Residential $m	& other $m	Group $m
Interest expense net of impairment release	11	—	56	70	137
Capitalised interest	(8)	—	(32)	—	(40)
COGS interest net of impairment release	1	—	45	—	46
Borrowingcosts amortised	—	—	—	2	2
Total fnance costs	4	—	69	72	145
Less interest revenue	—	—	—	(18)	(18)
Net fnance costs	4	—	69	54	127

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 08

Employee benefits and other expenses

	FY16	FY15
	$m	$m
Offce & Industrial	31	32
Retail	27	30
Residential	54	56
Corporate & other	48	47
Total operating employee benefts and other expenses	160	165
Security based payments	10	6
Restructuring cost	4	7
Total statutory employee benefts and other expenses	174	178

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 09

Debt and hedging profile

Issue / source	Maturity date	Facility limit $m	Drawn amount $m
MTN IV	Sep2016	225	225
USPP1	Nov 2016	379	379
Bank facilities	Sep2017	500	37
MTN V	Dec 2017	200	200
Bank facilities	Sep2018	400	100
USPP1 Bank facilities	Nov 2018 Sep2019	134 400	134 330
Bank facilities	Sep2020	400	400
MTN VI	Sep2020	200	200
USPP1	Dec 2022	220	220
USPP1	Dec 2024	136	136
USPP1	Sep2025	46	46
USPP1	Dec 2025	151	151
USPP1	Sep2027	149	149
Total		3,540	2,707

Drawn debt sources

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Bank 32% MTN 23% USPP 45%

USPP and MTN 68%

[ 2]

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$2,000m 4.6%
1,500 4.2
4.20%
1,000 3.8
3.70%
500 3.4
3.52% 3.48% 3.48%
3.34%
3.30%
0 3.0
FY16 FY17 FY18 FY19 FY20 FY21 FY22
Fixed Options Swaps Average Rate Jun 16
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Drawn debt maturities as at 30 June 2016

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$700m
600
500
400
300
200
100
0
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28
Bank MTN USPP
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1. Drawn amounts based on hedged rate not carrying value.

2. Includes bank callable swap.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 10

Liquidity profile

	Facility limit	Drawn amount	Available liquidity
As at 30 June 2016	$m	$m	$m
Facilities due within 12 months1	604	604	—
Facilities duepost 12 months1	2,936	2,103	833
Total	3,540	2,707	833
Cash on hand			354
Total Liquidity			1,187
Less facilities maturing< 12 months1			(604)
Funding headroom			583

1. Based on hedged rate not carrying value.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

11

NTA and securities on issue reconciliation

Net tangible assets	$m	$ per security
As at 1 July 2015	6,423	1.74
Operating proft for the year	482	0.13
Net gain on fair value of investment properties and IPUC	497	0.13
Net gain on fair value of investment properties included in equity accounted proft1	56	0.02
Net gain on fair value of owner-occupied property	35	0.01
Net gain from sale of non-aligned assets	33	0.01
Other net equity movements and non-operating items through proft and loss2	(19)	(0.01)
Distributions3	(366)	(0.10)
Impact on intangible movements	(40)	(0.01)
As at 30 June 2016	7,101	1.92
Securities on issue		No. of securities
As at 1 July 2015		3,697,620,317
FY13 LTP unhurdled vested in FY16	1 Jul 15	1,033,328
FY13 LTP vested in FY16	14 Aug 15	2,539,507
FY16 EEPplan	22 Mar 16	498,355
As at 30 June 2016		3,701,691,507
Weighted average number of securities		3,699,977,301

1. 8 Chifley $14m, Tuckerbox $8m and OTB $34m.

2. SBP $3m, securities issued $9m, depreciation and amortisation offset for OOP $6m offset by other non-operating items.

3. FY16 distribution is 9.9cpss.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

12

Investment portfolio: acquisitions and disposals

			Acquisition price
Acquisitions FY16	State	Sector	$m	Settlement date
Toombul ShoppingCentre, Nundah	QLD	Retail	2331	June 2016
Innovation Centre & Carpark, Australian TechnologyPark	NSW	Offce	81	April 2016
26-38 Harcourt Road, Altona	VIC	Industrial	28	June 2016
1-3 Smail Street, Glebe	NSW	Retail	28	February2016
Total			370
			Sale price
Disposals FY16	State	Sector	$m	Settlement date
Woolworths Way, Bella Vista2	NSW	Offce	336	April 2016
Como Centre	VIC	Offce	208	June 2016
5 Rider Boulevard, Rhodes	NSW	Offce	138	June 2016
3 Rider Boulevard, Rhodes	NSW	Offce	97	June 2016
16 Furzer Street, Philip	ACT	Offce	68	June 2016
Como Centre	VIC	Retail	29	June 2016
Springfeld Vacant Land	QLD	Retail	9	August 2015
Total			885

1. Includes $3m sundry land classified as inventory.

2. As part of the transaction Mirvac Projects will remain responsible for the delivery (including cost) of a new multi-storey carpark via a development management agreement. Note: Excludes land acquired for CBA development at Australian Technology Park, Sydney.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 13

Invested capital

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OFFICE: 56% Apartments: 55%
PASSIVE ACTIVE RESIDENTIAL
INVESTED INVESTED
93% Masterplanned
RETAIL: 33% CAPITAL CAPITAL
communities: 38%
INDUSTRIAL: 9% Office: 4%
$8,044m $1,751m COMMERCIAL
82% 18% 7%
OTHER: 2% Industrial: 3%
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Active invested capital[ 1]

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100% Commercial 7%
WA 11% Provision 14%
Capital Efficient
75 Masterplanned QLD 22% 34%
Communities
38%
50 VIC 26%
Non-provision
Balance Sheet 86%
25 Apartments 55% 66%
NSW 41%
0
By product line By state By structure By provision/non-provision
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1. Includes capital invested in Development Agreement’s, JVA, MWRDP, deferred land payments and loans

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 14

FY16 return on invested capital (based on new segment structure)

	Offce & Industrial	Retail	Residential	Group
	$m	$m	$m	$m
Proft for the year attributable to stapled securityholders	796	243	135	1,033
Add back:
Development interest costs and other net interest costs	3	—	61	122
Net loss on foreign exchange movements and derivatives	—	—	—	4
Income tax expense	—	—	—	42
Owner—occupiedproperty adjustment1	35	6	—	41
Total return	834	249	196	1,242
Investment properties	4,721	2,663	—	7,384
Inventories	121	2	1,475	1,598
Indirect investments	564	6	280	1,027
Less:
Fund through adjustments (deferred revenue)	(84)	—	(60)	(144)
Deferred landpayable	—	—	(70)	(70)
FY16 total invested capital	5,322	2,671	1,625	9,795
1H16 total invested capital	5,688	2,313	1,722	9,957
FY15 total invested capital	5,193	2,171	1,377	8,904
Average invested capital2	5,401	2,385	1,575	9,552
FY16 return on invested capital	15.4%	10.4%	12.4%	13.0%

1. Includes net revaluation gain and add back of depreciation.

2. Average over three reporting periods.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

15

FY16 development ROIC (based on previous structure)

		Items excluded from		Fund through		Total invested
		development	Development	adjustments	Deferred land	development capital
		invested capital	eliminations	(deferred revenue)	adjustments	at 30 June 2016
Reconciliation to development invested capital	$m	$m	$m	$m	$m	$m
Cash and cash equivalents	45	(45)	—	—	—	—
Receivables	182	(85)	—	—	—	97
Inventories – Net	1,698	—	(98)	(144)	(70)	1,386
Other assets	2	(2)	—	—	—	—
Investments accounted for usingthe equitymethod	296	—	—	—	—	296
Other fnancial assets	57	(57)	—	—	—	—
Property,plant and equipment	3	(3)	—	—	—	—
Deferred tax assets	75	(75)	—	—	—	—
Total	2,358	(267)	(98)	(144)	(70)	1,779

FY16 DEVELOPMENT ROIC CALCULATION FY16 development EBIT $242m = 13.8% Average development $1,756m invested capital[ 1]

1. Average over three periods prior periods as previously reported.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 16

INDUSTRIAL

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MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 17

Office: portfolio details

	FY16	FY15
No. of properties1	28	27
NLA	613,326 sqm	691,202 sqm
Portfolio value2	$4,402m	$4,108m
WACR	6.23%	7.01%
Property NOI	$285m	$309m
Like-for-like NOI growth	0.8%	2.6%
Maintenance capex3	$28m	$26m
Tenant incentives3	$13m	$10m
Occupancy (by area) NLA leased	96.5% 215,834 sqm	94.0% 51,587 sqm
% of portfolio NLA leased4	32.8%	7.5%
No. tenant reviews	486	581
Tenant rent reviews	562,699 sqm	526,653 sqm
WALE (by income)	6.5 yrs	4.3 yrs
WALE (by area)	6.8 yrs	4.3 yrs

1. Includes IPUC but excludes 55 Coonara Ave, which is being held for development.

2. Includes IPUC and 55 Coonara Ave, which is being held for development.

3. Excludes properties sold in the FY.

4. Includes NLA and leasing of 1 Woolworths Way, Bella Vista (sold 2H16).

[ 5]

[ 5 ]

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Sydney 57% Premium grade 35% Melbourne 24% A grade 58% Perth 10% B grade 4% Canberra 6% C grade 3% Brisbane 3%

[ 6]

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Fixed 92% CPI 6% Other 2%

1. By portfolio value, excluding IPUC and 55 Coonara Ave, which is being held for development.

2. Excludes lease expiries.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

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Office: lease expiry profile and top 10 tenants

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Office lease expiry profile [ 1]
50% 49%
40
30
20
12%
11%
10 9% 7% 8%
4%
0
Vacant FY17 FY18 FY19 FY20 FY21 FY22+
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	Offce	top 10 tenants 2	Percentage 3	S&P Rating
	1	Government	15%	AAA
	2	Westpac Bank Corporation	8%	AA-
	3	Fairfax Media Limited	5%	BB+
	4	EY	4%	—
	5	AGL Energy	3%	—
	6	IBM Australia Limited	2%	AA-
	7	Sportsbet Pty Ltd	2%	—
	8 9	UGL Limited Australia and New Zealand Bank	2% 2%	— AA-
	10	Optus	2%	A
	Total		45%	—

1. By income.

2. Excludes Mirvac tenancies.

3. Percentage of gross office portfolio income.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

19

Industrial: portfolio details

	FY16	FY15
No. of properties1	16	15
NLA	432,265 sqm	393,416 sqm
Portfolio value1	$729m	$661m
WACR	6.56%	7.02%
Property NOI	$46m	$41m
Like-for-like NOI growth	3.2%	3.4%
Maintenance capex	$1m	$2m
Tenant incentives	$0m	$1m
Occupancy (by area)	100.0%	98.7%
NLA leased	79,580 sqm	24,444 sqm
% of portfolio NLA leased	18.4%	6.2%
No. tenant reviews	50	46
Tenant rent reviews	327,498 sqm	309,163 sqm
WALE (by income)	7.9 yrs	7.6 yrs
WALE (by area)	9.6 yrs	9.9 yrs

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Industrial lease expiry profile [ 2]
60% 57%
50
40
30
20
15%
10 8% 11%
6%
3%
0 0%
Vacant FY17 FY18 FY19 FY20 FY21 FY22+
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[ 3]

Industrial rent review structure[ 4]

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Sydney: 85% Melbourne: 7% Chicago: 8%

Fixed: 74% CPI: 26%

1. Includes IPUC.

2. By income.

3. By portfolio value, excluding IPUC.

4. Excludes lease expiries.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 20

Office & Industrial: developments

Committed pipeline Sector Area Ownership % pre-leased2 Estimated value on completion3 Estimated cost to complete 4 Estimated yield on Cost 5		Estimated project timing	Estimated project timing
	FY17	FY18	FY19	FY20+
Internal developments
2 Riverside Quay, VIC Offce 21,000 sqm 50% 100% $212m $43m 6.7%
60 Wallgrove Road Industrial 19,000 sqm 100%1 0% $32m $15m 7.6%
664 Collins St, VIC Offce 26,000 sqm 100%1 33% $214m $162m 6.8%
Australian Technology Park, NSW Offce 93,000 sqm6 33% 100% $1,012m $280m 6.2%
Subtotal 159,000 sqm 77% $1,470m $500m External developments
1 Woolworths Way Offce 43,000 sqm 0% 100% $50m $10m n/a
Subtotal 43,000 sqm $50m $10m Total 202,000 sqm $1,520m $510m

1. 50% MPT, 50% Mirvac Limited.

2. % of office space pre-leased.

3. Represents 100% of expected end value.

4. Expected costs to complete based on Mirvac’s share of cost to complete.

5. Expected yield on cost including land and interest.

6. Represents CBA office commitment.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

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MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 22

Retail: portfolio details

	FY16	FY15
No. of properties 1	15	14
GLA 2	373,210 sqm	306,719 sqm
Portfolio value 2	$2,663m	$2,140m
WACR	6.10%	6.49%
Property NOI	$125m	$125m
Like-for-like NOI growth	2.4%	2.1%
Maintenance capex 3	$15m	$14m
Tenant incentives 3	$7m	$4m
Occupancy (by area)	99.4%	99.4%
GLA leased	52,353 sqm	51,827 sqm
% of portfolio GLA leased	13.7%	16.9%
No. tenant reviews	960	981
Tenant rent reviews	159,415 sqm	167,522 sqm
WALE (by income)	4.2 yrs	3.8 yrs
WALE (by area)	5.3 yrs	4.8 yrs
Specialty occupancy cost	15.3%	16.0%
Specialty occupancy cost excluding CBD centres	13.7%	14.5%
Total comparable MAT	$2,050m	$1,955m
Total comparable MAT growth	5.4%	4.7%
Specialties comparable MAT productivity	$9,623/sqm	$8,805/sqm
Specialties comparable MAT growth	4.2%	3.8%
New leasing spreads	4.3%	9.2%
Renewal leasing spreads	2.9%	2.8%
Total leasing spreads	3.5%	4.8%

Retail diversity by grade[ 4]

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Retail rent review structure[ 5]

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Regional 42% Sub Regional 22% CBD Retail 17% Outlet 13% Neighbourhood 6%

Fixed: 83% CPI: 10% Other: 7%

1. Includes IPUC and OOP.

1. Includes IPUC and land at Orion Springfield, valued at $14.2m, which is being held for development. This is excluded from all other metrics.

2. Excludes properties sold in the FY.

3. By book value excluding IPUC, as per PCA classification.

4. Excludes lease expiries.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

23

Retail: comparable sales by category

FY16 FY15 FY16 Comparable Comparable Retail sales by category Total MAT MAT growth 1 MAT growth	FY16 FY15 FY16 Comparable Comparable Specialty sales by category Total MAT MAT growth MAT growth
Supermarkets $944m 3.9% 7.3% Discount department stores $247m 5.4% 2.8% Mini-majors $433m 9.6% 4.2% Specialties $1,006m 4.2%2 3.8% Other retail $211m 9.8% 1.4% Total $2,841m 5.4% 4.7%	Food Retail $124m 5.4% 3.0%
	Food Catering $234m 1.5% 2.9%
	Jewellery $31m 0% (0.4)%
	Mobile Phones $31m 31.3% 22.0%
	Homewares $41m (9.2)% (2.6)%
	Retail Services $108m 9.3% 7.8%
	Leisure $48m 1.4% 5.9%
	Apparel $303m 5.8% 5.7%
	General Retail $86m 1.9% (3.6)%
	Total Specialties $1,006m 4.2% 2 3.8%

Specialty metrics	FY16	FY15
Specialty sales	$9,623/sqm	$8,805/sqm
Specialty occupancy costs	15.3%	16.0%

1. FY16 Comparable Growth includes Toombul Shopping Centre. Supermarket growth impacted by replacement of Bi-Lo at Toombul with Bunnings Warehouse.

2. Comparable sales includes Broadway Sydney which has had specialty area temporarily removed during the ongoing redevelopment. Excluding Broadway, comparable specialty sales growth was 5.6%.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

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Retail: lease expiry profile and top 10 tenants

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40%
33%
30
20 18%
12% 13% 12% 12%
10
<1%
0
Vacant FY17 FY18 FY19 FY20 FY21 FY22+
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Retail lease expiry profile – by area
50% 47%
40
30
20
13%
10 10% 10% 10% 10%
0 <1%
Vacant FY17 FY18 FY19 FY20 FY21 FY22+
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	Retail	top 10 tenants	Percentage 1	S&P Rating
	1	Wesfarmers Limited	10.4%	A-
	2	Woolworths Limited	4.4%	BBB
	3	Aldi Food Stores	1.7%	—
	4	Cotton On Group	1.6%	—
	5	Events Cinemas	1.1%	—
	6	Westpac BankingCorporation	0.9%	AA-
	7	Retail Food Group	0.9%	—
	8	The Just Group	0.9%	—
	9	Terry White Chemist	0.9%	—
	10	Priceline	0.9%	—
	Total		23.7%

1. Percentage of gross retail portfolio income.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

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Retail: developments

Committed pipeline Development area Incremental GLA Ownership % Pre-leased Estimated cost to complete 1 Estimated yield on cost	Estimated project timing	Estimated project timing	Estimated project timing
	1H17 2H17 FY18+
Existing balance sheet assets
Broadway Sydney, Broadway, NSW 8,500 sqm 3,300 sqm 50% 100% $16m ~6.5%
Greenwood Plaza, North Sydney, NSW 800 sqm 0 sqm 50% 100% $1m >9%
Subtotal 9,300 sqm 3,300 sqm $17m Investment properties under construction
Tramsheds, Harold Park, NSW 6,200 sqm 6,200 sqm 100% 100% $7m ~7.0%
Subtotal 6,200 sqm 6,200 sqm $7m Total 15,500 sqm 9,500 sqm $24m

1. Mirvac’s share of the development.

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MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 27

Residential: market overview

SYDNEY

MIRVAC PIPELINE[ 1]

• Momentum eased but remaining solid, supported by strong economy

• Sydney accounting for 4 in every 5 new residents to NSW, highest in over 10 years

• Sydney unemployment rate virtually ‘full’ – averaging 5.0% for FY16; total NSW unemployment forecast to tighten further to FY18

• Stronger for longer construction cycle; Completions in Sydney totalled 27,200 for year to April 2016, vs estimated new households of 31,000 for FY16

33% NSW

• Rapid increase in infrastructure expenditure supporting inner, middle and outer ring locations

MELBOURNE

• Ongoing fast growing population growth and robust economy to support dwelling demand

• Melbourne’s share of state population growth exceeding 90%, circa 92,000k additional people per year with strong levels of net overseas migration

• Forecast to retain status of Australia’s fastest growing metropolitan city

• Ongoing demand for residential supported by solid growth in real labour incomes, employment and population

38% VIC

BRISBANE

• Market demand remains steady, supported by affordability and improving economic fundamentals

• Brisbane now accounting for 60% of net population additions to QLD, up from 51% over past decade

• Brisbane recording better employment growth than rest of state; unemployment averaging 5.7% vs 6.2% for rest of state (average for FY16)

• Supply and prices for land market are modest and better affordability supporting activity

21% QLD

PERTH

• Subdued economic conditions generally impacting the market, though demand exists for select product and locations

• Population continues to increase and affordability is positive

• Expect challenging conditions to continue until FY18

• Perth attracting greater share of population growth post mining boom, circa 94% of WA net population additions, versus past 10 year average of 85%

8% WA

1. Based on Mirvac’s share of expected future revenue.

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Residential: pipeline positioning

31,981 lots under control.

Share of expected future revenue by product

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Masterplanned communities: 50% Apartments: 50%

Share of expected future revenue by geography[ 1]

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VIC: 38% NSW: 33% QLD: 21% WA: 8%

Lots under control by product

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Masterplanned communities: 77% Apartments: 23%

Lots under control by structure

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100% Mirvac inventory: 48% JVA: 37% PDA: 14% Development funds: 1%

Lots under control by price point

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Masterplanned communities

< $250k: 70% $250k – $500k: 24% > $500k: 6%

Lots under control by price point

Apartments

< $1.2m: 83% > $1.2m: 17%

1. Mirvac share of forecast revenue.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

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Residential: masterplanned communities pipeline

Major projects State Stage Ownership Type	Expected settlement profle (lots)	Expected settlement profle (lots)	Expected settlement profle (lots)	Expected settlement profle (lots)	Expected settlement profle (lots)	Expected settlement profle (lots)
	1H17 2H17		FY18 FY19 FY20 FY21
Alex Avenue NSW Multiple stages 100% House & Land	4					16
Greystone Terraces QLD Multiple stages 100% House	32
Enclave VIC Multiple stages 50% House & Land	2	61
Meadow Springs MWRDP WA Multiple stages 20% Land	37	36
Harcrest VIC Balance of project 20% House & Land	78	177
Brighton Lakes NSW Multiple stages PDA House	97	60	110
Jack Road VIC Multiple stages 100% House	38	81	10
Osprey Waters WA Multiple stages 100% Land	50	58	151
Baldivis WA Multiple stages 100% House & Land	45	47	292
Tullamore VIC Multiple stages 100% House & Land	66	111	200	330
Gainsborough Greens QLD Multiple stages 100% House & Land	108	84	818
Woodlea VIC Multiple stages 50% Land	234	339	620	1130
Googong NSW Multiple stages 50% House & Land	109	241	285	766
Gledswood Hills NSW Multiple stages 100% House & Land	80	60	437
West Swan WA Multiple stages 100% Land		16	438
Moorebank NSW Multiple stages PDA House			179
Piara Waters WA Multiple stages 100% Land			436
Donnybrook Road VIC Multiple stages 100% Land			448
Smith's Lane VIC Multiple stages 100% Land			821
Waverley Park VIC Multiple stages 100% House & Land			174
Marsden Park North NSW Multiple stages PDA Land				432
Greenbank QLD Multiple stages 100% Land				681
			Under Construction Marketing Planning

Masterplanned communities project pipeline analysis

% of total FY17 expected lots to settle from masterplanned communities ~70% % of total FY17 expected provision lot settlements ~7%

Note: PDA’s are development service contracts and there is no land ownership to Mirvac.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

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Residential: apartments pipeline

Expected settlement profle (lots) Major projects State Stage Pre-sales Ownership 1H17 2H17 FY18 FY19 FY20 FY21	Expected settlement profle (lots)	Expected settlement profle (lots)	Expected settlement profle (lots)	Expected settlement profle (lots)	Expected settlement profle (lots)	Expected settlement profle (lots)
			FY18 FY19 FY20 FY21
Harold Park NSW Precinct 4A 100% 100%	49
Harold Park NSW Precinct 4B 100% 100%	10
Unison Waterfront QLD Stage 1 82% 100%	144
Bondi NSW All Stages 99% 100%	28	163
Unison Waterfront QLD Stage 2 90% 100%	26	120
Yarra's Edge VIC Tower 10 75% 100%		228
Hope St QLD Art House 100% 100%		187
Green Square NSW Ebsworth 100% PDA		17	4
Green Square NSW Ebsworth & Ovo 95% PDA			302
Waterloo NSW All Stages 44% 50%			227
Harold Park NSW Precinct 5 91% 100%			233
Ascot Green QLD Tower A 43% PDA			91
Latitude at Leighton WA Meridian 60% 100%			68
Latitude at Leighton WA Prima 42% 100%			45
Ascot Green QLD Tower B Not released PDA				128
Hope St QLD Lucid 96% 100%				167
Marrickville NSW All Stages Not released 100%				223
SydneyOlympic Park NSW Pavilions Not released PDA				422
Claremont WA Grandstand 49% 100%				142
Claremont WA Reserve 17% 100%				92
Latitude at Leighton WA Stage 2 South Not released 100%				105
Yarra's Edge VIC Midrise Not released 100%				80
Ascot Green QLD Tower C Not released PDA					115
Green Square NSW Site 7-17 Not released PDA					213
Green Square NSW Site 18 Not released PDA					97
Yarra's Edge VIC Tower 11 37% 100%					314
The Eastbourne VIC All stages 55% 100%					258
St Leonards Square NSW All stages 37% 50%					525
Yarra's Edge VIC Tower 12 Not released 100%						188
Yarra's Edge VIC Tower 9 Not released 100%						204
Ascot Green QLD Tower D Not released PDA						143
			Under Construction Marketing Planning

	Apartment project pipeline analysis
	% of total FY17 expected
	lots to settle from apartments ~30%
	% of total FY17 expected
	provision lot settlements 0%

Note: PDA’s are development service contracts and there is no land ownership to Mirvac.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 31

Residential: pre-sales detail

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Reconciliation of movement in exchanged
pre-sales contracts to FY16
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$3,000m $1,892m $2,858m
2,000 $1,987m ($1,021m)
1,000
0
FY15 Settled Net Sales FY16
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• Exchanged pre-sales less than one year old — 56%

• Exchanged pre-sales less than two years old — 99%

• Apartment pre-sales <$1m — 42%

• Masterplanned communities pre-sales <$1m — 75%

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Pre-sales by geography [ 1]
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[ 1]

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Pre-sales by type [ 1]
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NSW: 41% Apartments: 76%
VIC: 39% Masterplanned communities: 24%
QLD: 16%
WA: 4%
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Pre-sales expected FIRB roll-off – apartments [ 1]
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Domestic owner occupier: 41%[ 2] Domestic investor: 32% Mainland China: 21% Offshore other: 6%

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FY17: 31% FY18: 41% FY19+: 28%

1. Buyer profile information approximate only and based on customer surveys.

2. Includes first home buyers.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

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Residential: FY16 acquisitions

					Estimated settlement
Project	State	Ownership	No. of lots1	**Product type **	commencement 1
Ascot Green (Eagle Farm)	QLD	PDA	1,172	Apartments	FY18
Marrickville	NSW	100%2	223	Apartments	FY19
Piara Waters	WA	100%	436	MPC	FY18
West Swan (Additional lots)	WA	100%	89	MPC	FY17
Total			1,920

1. Subject to planning approvals.

2. Project Delivery Agreement with 100% ownership on deferred terms. Note: PDA’s are development service contracts and there is no ownership to Mirvac.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

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Residential: FY17 expected major releases

FY17 expected major releases1	State	**Type **	Approximate lots1
Woodlea	VIC	MPC	520
St Leonards Square	NSW	Apartments	310
Gainsborough Greens	QLD	MPC	214
Marrickville	NSW	Apartments	223
Brighton Lakes	NSW	MPC	185
Tullamore	VIC	MPC	180
Googong	NSW	MPC	176
SydneyOlympic Park	NSW	Apartments	132
Ascot Green	QLD	Apartments	128
Waterloo	NSW	Apartments	109
Latitude at Leighton	WA	Apartments	106
WaverleyPark	VIC	MPC	90

1. Subject to planning approvals and market demand.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

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Residential: FY16 settlements

2,824 lot settlements consisting of:

			Apartments		Masterplanned	Communities		Total
FY16	settlements by lots	Lots		%	Lots	%	Lots		%
NSW		520		18%	817	29%	1,337		47%
QLD		4		—	324	12%	328		12%
VIC		21		1%	792	28%	813		29%
WA		5		—	341	12%	346		12%
Total		550		19%	2,274	81%	2,824		100%

FY16 lot setements

By product type

Masterplanned communities: 81% Apartments: 19%

Land: 73% House: 8%

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By geography

NSW: 47% VIC: 29% QLD: 12% WA: 12%

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By structure

100% Mirvac inventory: 50% JVA: 35% MWRDP: 11% PDA: 2% Development funds: 2%

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By provision

Non-provision settlements: 86% Provision settlements: 14%

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 35

Residential: FY16 settlements detail

FY16 major settlements	Product type	Ownership	Lots
Googong, NSW	Masterplanned Communities	50%	525
Harold Park, NSW	Apartments	100%	520
Woodlea, VIC	Masterplanned Communities	50%	415
Harcrest, VIC	Masterplanned Communities	20%	217
Gainsborough Greens, QLD	Masterplanned Communities	100%	190
Alex Avenue, NSW	Masterplanned Communities	100%	126
Aston Grove, QLD	Masterplanned Communities	100%	110
Osprey Waters, WA	Masterplanned Communities	100%	75
Gillieston, NSW	Masterplanned Communities	100%	71
Mandurah Syndicates (Meadow Springs), WA	Masterplanned Communities	20%	68
Subtotal			2,317
Other projects			507
Total			2,824

FY16 average sales price
	$
House	$650k
Land	$274k
Apartments	$1,001k
FY16 buyer profle
	%
Upgraders / empty nesters	41%
Investors	39%
First home buyers	20%
FY16 buyer profle by geography
	%
Domestic	91%
Offshore	9%

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 36

Residential: EBIT reconciliation and gross development margin

FY16 residential EBIT reconciliation	$m
Development revenue	1,079
Management fee revenue	12
Total development revenue	1,091
JV and other revenue	28
Total operating revenue and other income	1,119
Cost of development and construction	(816)
Sales and marketing expense	(47)
Employee benefts and other expenses	(41)
Depreciation and other	(6)
Total cost of property development and construction	(910)
Development EBIT	209
Management and administrative expenses	(13)
Total Residential EBIT	196
Residential gross development margin
Development revenue	1,079
Cost of development and construction	(816)
Gross development margin	263
Gross development margin	24.4%

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Residential gross development margins
30%
25 24.3% 24.4%
23.6%
20
15 17.0%
11.4% 14.2% 14.3%
10
5
0
FY10 FY11 FY12 FY13 FY14 FY15 FY16
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MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 37

Residential: provisions — roll off[ 1]

• $27m in provision utilisation during FY16

• Remaining residential inventory provision balance of $132m at 30 Jun 16

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$80m
60
40
20
0
FY17 FY18 FY19 FY20
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Expected closing provision balance roll off
$200m
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150
100
50
0
FY17 FY18 FY19 FY20
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1. Based on forecast revenue, market conditions, expenditure and interest costs over product life.

2. Residential Inventory provision only, total provision balance including JVA and loans is $176m.

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MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 39

1H17 Calendar

Event	Location	Date1
Private roadshow	Sydney	17-19 August 2016
Private roadshow	Melbourne	22-23 August 2016
Private roadshow	Asia	29 August — 2 September 2016
Citibank’s 8th Annual Australian and New Zealand Investment Conference	Sydney	18 October 2016
1Q17 Update	Sydney	25 October 2016
BofAML 7th Australian REIT Conference	Sydney	24—26 October 2016
Private roadshow	Europe	31 October — 4 November 2016
UBS Australasia Conference 2016	Sydney	7 November 2016
2016 Annual General Meeting	Sydney	17 November 2016
Investor Relations Contact
T: (02) 9080 8000
E: investor_relations@mirvac.com

1. All dates are indicative and subject to change.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016

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Glossary

Meaning

Term

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A-REIT Australian Real Estate Investment Trust
AFFO Adjusted Funds from Operations
BPS Basis Points
CBD Central Business District
COGS Cost of Goods Sold
CPSS Cents Per Stapled Security
DA Development Application – Application from the relevant planning authority to construct, add, amend or change the
structure of a property.
DPS Distribution Per Stapled Security
DMA Development Management Agreement
EBIT In the current reporting period, Mirvac has revised its definition of Earnings Before Interest and Taxes (EBIT). Mirvac
considers interest income from joint ventures and interest income from mezzanine loans to be part of a business’s
operations and should therefore form part of operating revenue. Prior to FY11, interest income from joint ventures
and interest income from mezzanine loans were shown as part of interest revenue. All historical EBIT figures in this
presentation have been re-stated to reflect the current definition of EBIT for comparability.
EIS Employee Incentive Scheme
ENGLOBO Group of land lots that have subdivision potential
EPS Earnings Per Stapled Security
FHB First Home Buyer
FFO Funds from Operations
FY Financial Year
GE GE Real Estate Investments Australia
ICR Interest Cover Ratio
IFRS International Financial Reporting Standards
IPD Investment Property Databank
IPUC Investment properties under construction
IRR Internal Rate of Return
JVA Joint Ventures and Associates
LAT Leader Auta Trust
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Term Meaning
LPT Listed Property Trust
LTIFR Lost Time Injury Frequency Rate
MAT Moving Annual Turnover
MGR Mirvac Group ASX code
MPT Mirvac Property Trust
MTN Medium Term Note
MWRDP Mirvac Wholesale Residential Development Partnership
NABERS National Australian Built Environment Rating system – The National Australian Built Environment Rating System is a
multiple index performance-based rating tool that measures an existing building’s overall environmental performance
during operation. In calculating Mirvac’s NABERS office portfolio average,
several properties that meet the following criteria have been excluded:
i) Future development – If the asset is held for future (within 4 years) redevelopment
ii) Operational control – If operational control of the asset is not exercised by MPT (ie tenant operates the building or
controls capital expenditure).
iii) Less than 75% office space – If the asset comprises less than 75% of NABERS rateable office space by area.
iv) Buildings with less than 2,000 sqm office space
NLA Net Lettable Area
NOI Net Operating Income
NPAT Net Profit After Tax
NRV Net Realisable Value
NTA Net Tangible Assets
OOP Owner Occupied Property
PCA Property Council of Australia
PDA Project Delivery Agreement. Provision of development services by Mirvac to the local land owner
ROIC Return on Invested Capital calculated as earnings before interest and tax divided by invested capital
SQM Square Metre
USPP US Private Placement
WACR Weighted Average Capitalisation Rate
WALE Weighted Average Lease Expiry
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MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 41

Important Notice

Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mirvac Property Trust (ARSN 086 780 645). This presentation (“Presentation”) has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively “Mirvac” or “the Group”). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$).

The information contained in this Presentation has been obtained from or based on sources believed by Mirvac to be reliable. To the maximum extent permitted by law, Mirvac, its affiliates, officers, employees, agents and advisers do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation or that the information is suitable for your intended use and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).

This Presentation is not financial advice or a recommendation to acquire Mirvac stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation and the Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction.

To the extent that any general financial product advice in respect of the acquisition of Mirvac Property Trust units as a component of Mirvac stapled securities is provided in this Presentation, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services License. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of Mirvac Limited.

An investment in Mirvac stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac, including possible delays in repayment and loss of income and principal invested. Mirvac does not guarantee any particular rate of return or the performance of Mirvac nor do they guarantee the repayment of capital from Mirvac or any particular tax treatment.

This Presentation contains certain “forward looking” statements. The words “expected”, “forecast”, “estimates”, “consider” and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. To the full extent permitted by law, Mirvac Group and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current year amounts and other disclosures.

This Presentation also includes certain non-IFRS measures including operating profit after tax. Operating profit after tax is profit before specific non-cash items and significant items. It is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac’s financial statements ended 30 June 2016, which has been subject to audit by its external auditors.

This Presentation is not an offer or an invitation to acquire Mirvac stapled securities or any other financial products and is not a prospectus, product disclosure statement or other offering document under Australian law or any other law. It is for information purposes only.

The information contained in this presentation is current as at 30 June 2016, unless otherwise noted.

MIRVAC ADDITIONAL INFORMATION 16 AUGUST 2016 42

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THANK Y O U