MIRVAC GROUP — Annual Report 2017

Aug 16, 2017

==> picture [259 x 284] intentionally omitted <==

FY17 ADDITIONAL INFORMATION

17 AUGUST 2017

==> picture [660 x 127] intentionally omitted <==

Contents

==> picture [61 x 33] intentionally omitted <==

Pages 1–40, please refer to FY17 Results presentation

Financial

>	FY17 operating to statutory proft reconciliation	43
>	FY16 operating to statutory proft reconciliation	44
>	FY17 movement by segment	45
>	FY17 Offce & Industrial segment reconciliation	46
>	FY17 Retail segment reconciliation	47
>	FFO and AFFO based on PCA guidelines	48
>	FY17 group management expense ratio	49
>	Finance costs by segment	50
>	Employee and other expenses	51
>	Debt and hedging profle	52
>	Capital management metrics and liquidity profle	53
>	NTA and securities on issue reconciliation	54
>	Investment portfolio: acquisitions and disposals	55
>	Invested capital	56
>	FY17 return on invested capital	57
Offce & Industrial
>	Offce: portfolio details	59
>	Offce: leasing details	60
>	Industrial: portfolio details	61
>	Offce & Industrial: developments	62

Retail

>	Retail: portfolio details	64
>	Retail: comparable sales by category	65
>	Retail: lease expiry profle and top 10 tenants	66
>	Retail: developments	67

Residential

>	Residential: market overview	69
>	Residential: pipeline positioning	70
>	Residential: masterplanned communities pipeline	71
>	Residential: apartments pipeline	72
>	Residential: pre-sales detail	73
>	Residential: FY17 acquisitions	74
>	Residential: FY18 expected major releases	75
>	Residential: FY17 settlements	76
>	Residential: FY17 settlements detail	77
>	Residential: EBIT reconciliation and gross development margin	78
>	Residential: provisions — roll off	79
>	High quality product & conservatism supporting future residential margins	80
Calendar
>	1H18 Calendar	82
Glossary
Important notice

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 41

~~FINANCIAL~~

==> picture [245 x 18] intentionally omitted <==

----- Start of picture text -----

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017
----- End of picture text -----

FY17 operating to statutory profit reconciliation

==> picture [61 x 33] intentionally omitted <==

	Offce &			Corporate
	Industrial	Retail	Residential	& other	Total
Full year ended 30 June 2017	$m	$m	$m	$m	$m
Property net operating income (NOI)	293	163	—	18	474
Development EBIT	36	—	319	—	355
Asset & funds management EBIT	8	5	—	—	13
Management & administration expenses	(18)	(12)	(17)	(45)	(92)
Earnings before interest and taxes1	319	156	302	(27)	750
Development interest costs	(1)	—	(86)	—	(87)
Other net interest costs	—	—	—	(63)	(63)
Income tax expense	—	—	—	(66)	(66)
Operating proft/(loss) (proft before specifc non-cash and signifcant items)2	318	156	216	(156)	534
Specifc non-cash items
Net gain on fair value of investment properties and IPUC3	429	111	—	—	540
Net gain/(loss) on fnancial instruments	2	—	—	(53)	(51)
Security-based payments expense	—	—	—	(15)	(15)
Depreciation of owner-occupied properties	—	—	—	—	—
Straight-lining of lease revenue	7	—	—	—	7
Amortisation	(11)	(5)	—	—	(16)
Share of net proft of joint ventures relating to movement of non-cash items	5	—	—	34	39
Tax effect
Tax effect of non-cash and signifcant items	—	—	—	126	126
Proft/(loss) attributable to the stapled securityholders of Mirvac	750	262	216	(64)	1,164

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

2. 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 or derived from Mirvac’s year ended 30 June 2017 Annual Report, which has been subject to audit by its external auditors

3. Includes Mirvac’s share in the joint venture’s revaluation of investment properties of $24m, which is included within share of net profit of joint ventures

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017

43

FY16 operating to statutory profit reconciliation

==> picture [61 x 33] intentionally omitted <==

	Offce &			Corporate
	Industrial	Retail	Residential	& other	Total
Full year ended 30 June 2016	$m	$m	$m	$m	$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 IPUC3	423	123	—	—	546
Net loss on 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	(9)	(1)	—	—	(10)
Share of net proft of joint ventures relating to movement of non-cash items	4	—	—	8	12
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

3. Includes Mirvac’s share in the joint venture’s revaluation of investment properties of $49m, which was previously included within share of net profit of joint ventures, relating to movement of non-cash items

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 44

FY17 movement by segment

Operating EBIT by segment: FY16 to FY17

$800m

==> picture [524 x 231] intentionally omitted <==

----- Start of picture text -----

$106m $4m $750m
700
$640m $39m
600
($39m)
500
400
FY16 Office & Industrial Retail Residential Corporate & other FY17
----- End of picture text -----

==> picture [61 x 33] intentionally omitted <==

• O&I EBIT growth impacted by repositioning activities, including prior year divestments and loss of income from assets transitioning to development phase, partially offset by contributions from completed developments and acquisitions

• Strong Retail EBIT growth driven by full year benefit of prior year acquisitions and completed developments

• Very strong Residential EBIT growth driven by record lot settlements and high margins

• Improved Corporate & other result driven by continued focus on overhead management and operational efficiencies

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 45

FY17 Office & Industrial segment reconciliation

==> picture [61 x 33] intentionally omitted <==

Office & Industrial NOI Summary – FY16 to FY17 $400m

==> picture [426 x 216] intentionally omitted <==

----- Start of picture text -----

350 $19m
$331m $1m ($8m)
300
$293m
($48m) ($2m)
250
200
FY16 Like-for-like Acquisitions Development/ Divestments Other FY17
& development respositioning
completions impacted
----- End of picture text -----

Offce & Industrial EBIT summary — FY16 to FY17
	FY17	FY16
Net operating income	293	331
Development EBIT	36	33
Asset & funds management EBIT	8	9
Management & administration expenses	(18)	(15)
Earnings before interest and taxes	319	358

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 46

FY17 Retail segment reconciliation

==> picture [61 x 33] intentionally omitted <==

==> picture [878 x 283] intentionally omitted <==

----- Start of picture text -----

Retail NOI Summary – FY16 to FY17
Retail EBIT summary — FY16 to FY17
$180m
FY17 FY16
Net operating income 163 125
$12m ($1m) $163m
160 Development EBIT — —
$25m Asset & funds management EBIT 5 3
Management & administration expenses (12) (11)
140
Earnings before interest and taxes 156 117
$2m
$125m
120
100
80
FY16 Like-for-like Acquisitions Development Divestments FY17
completions
----- End of picture text -----

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 47

FFO and AFFO based on PCA guidelines

==> picture [61 x 33] intentionally omitted <==

	FY17	FY16
	$m	$m
Operating proft (before specifc non-cash and signifcant items) 1	534	482
Including: Security-based payments expense	(15)	(10)
Excluding: Amortisation	28	28
Funds From Operations (FFO)2	547	500
Maintenance capex	(68)	(53)
Incentives3	(58)	(45)
Utilisation of prior year tax losses	66	36
Adjusted Funds From Operations Adjustments (AFFO)	487	438

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 2017 financial statements, which has been subject to audit by its external auditors

2. Based on PCA guidelines

3. Includes cash, fitout, leasing and rent free incentives

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017

48

FY17 group management expense ratio (MER)

==> picture [61 x 33] intentionally omitted <==

	Offce &
	Industrial	Retail	Group
Full year ended 30 June 2017	$m	$m	$m
Management & administration expenses	18	12	92
Investment properties (Inc. IPUC)	5,371	2,907	8,278
Indirect investment (JVA’s etc)	599	158	1,268
Inventories	195	20	1,667
Group balance sheet assets	6,165	3,085	11,213
Group MER	0.29%	0.40%	0.82%
Balance sheet assets under management	6,165	3,085	11,213
External assets / third-party capital under management	4,940	860	6,299
Total assets under management	11,105	3,945	17,512
FY17 assets under management MER	0.16%	0.31%	0.53%
FY16 assets under management MER	0.15%	0.30%	0.55%
Change	0.01%	0.01%	(0.02%)

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 49

Finance costs by segment

==> picture [61 x 33] intentionally omitted <==

	Offce &			Corporate
	Industrial	Retail	Residential	& other	Group
FY17	$m	$m	$m	$m	$m
Interest expense net of impairment	9	1	61	72	143
Interest capitalised1	(9)	(1)	(28)	—	(38)
COGS interest net of provision release	1	—	53	—	54
Borrowingcosts amortised	—	—	—	3	3
Total fnance costs	1	—	86	75	162
Less: interest revenue	—	—	—	(12)	(12)
Net fnance costs	1	—	86	63	150
FY16
Interest expense net of impairment	10	2	58	70	140
Interest capitalised1	(10)	(2)	(37)	—	(49)
COGS interest net of provision release	3	—	40	—	43
Borrowingcosts amortised	—	—	—	3	3
Finance costs expense	3	—	61	73	137
Less: interest revenue	—	—	—	(15)	(15)
Net fnance costs	3	—	61	58	122

1. Relates to Residential and Commercial projects

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 50

Employee and other expenses

==> picture [61 x 33] intentionally omitted <==

	FY17	FY16
	$m	$m
Offce & Industrial	31	31
Retail	30	27
Residential	48	54
Corporate & other	45	48
Total operating employee and other expenses	154	160
Security-based payments	15	10
Restructuring cost	—	4
Total statutory employee and other expenses	169	174

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 51

Debt and hedging profile

Issue / source	Maturity date	Facility limit $m	Drawn amount $m
MTN V	Dec 2017	200	200
Bank facilities	Sep2018	400	137
USPP1 Bank facilities	Nov 2018 Sep2019	134 400	134 250
Bank facilities	Sep2020	400	190
MTN VI Bank facilities	Sep2020 Sep2021	200 200	200 180
USPP1	Dec 2022	220	220
MTN VII	Sep2023	250	250
USPP1 USPP1	Dec 2024 Sep2025	136 46	136 46
USPP1	Dec 2025	151	151
USPP1	Sep2027	249	249
USPP1	Sep2028	298	298
USPP1	Sep2031	139	139
EMTN	Dec 2031	118	118
Total		3,541	2,898

Drawn debt sources

==> picture [112 x 110] intentionally omitted <==

Bank 26% USPP 48% MTN 22% EMTN 4% Capital market debt 74%[ 3]

1. Drawn amounts based on hedged rate not carrying value

2. Includes bank callable swap

3. Includes MTN, USPP and EMTN

==> picture [61 x 33] intentionally omitted <==

FY17 hedging and fixed interest profile as at 30 June 2017[2]

==> picture [371 x 145] intentionally omitted <==

----- Start of picture text -----

$2,000m 4.0%
1,500 3.41% 3.5
3.24% 3.18% 3.16%
1,000 2.95% 3.0
2.80%
500 2.69% 2.5
0 2.0
FY17 FY18 FY19 FY20 FY21 FY22 FY23
Fixed Options Swaps Average rate Jun 17 (RHS)
----- End of picture text -----

Drawn debt maturities as at 30 June 2017

$500m

==> picture [370 x 121] intentionally omitted <==

----- Start of picture text -----

400
300
200
100
0
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32
MTN USPP EMTN Bank
----- End of picture text -----

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 52

Capital management metrics and liquidity profile

==> picture [61 x 33] intentionally omitted <==

Capital management metrics

	30 June	30 June
	2017	2016
NTA	$2.13	$1.92
Balance sheetgearing1	23.4%	21.9%
Look throughgearing	24.3%	22.8%
ICR2	5.6x	5.2x
Total interest bearingdebt3	$2,898m	$2,707m
Average borrowingcost4	4.8%	5.0%
Average debt maturity	6.2yrs	4.0yrs
Hedgedpercentage	75%	70%
Average hedge maturity	4.7yrs	4.5yrs
S&P/Moody’s credit rating	BBB+/Baa1	BBB+/Baa1

Liquidity profle
	Facility	Drawn	Available
	limit	amount	liquidity
As at 30 June 2017	$m	$m	$m
Facilities due within 12 months5	200	200	—
Facilities due post 12 months5	3,341	2,698	643
Total	3,541	2,898	643
Cash on hand			106
Total liquidity			749
Less facilities maturing < 12 months5			200
Funding headroom			549

1. Net debt (at foreign exchange hedged rate) excluding leases/(total tangible assets – cash)

2. Adjusted EBITDA/finance cost expense

3. Total interest bearing debt (at foreign exchange hedged rate) excluding leases

4. Includes margins and line fees

5. Based on hedged rate, not carrying value

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 53

NTA and securities on issue reconciliation

==> picture [61 x 33] intentionally omitted <==

Net tangible assets	$m	$ per security
As at 1 July 2016	7,101	1.92
Operating proft for the full year	534	0.14
Net gain on fair value of investment properties and IPUC	516	0.14
Net gain on fair value of investment properties included in equity accounted proft1	24	—
Other net equity movements and non-operating items through proft and loss2	105	0.03
Distributions3	(386)	(0.10)
As at 30 June 2017	7,894	2.13
Securities on issue		No. of securities
As at 1 July 2016		3,701,691,507
FY14 LTP vested in FY17	16 Aug 16	3,422,724
FY17 EEP plan	20 Mar 17	446,368
As at 30 June 2017		3,705,560,599
Weighted average number of securities		3,704,808,835

1. 8 Chifley, Sydney $23m and David Malcom Justice Centre, Perth $1m

2. Includes Tucker Box net gain on fair value of investment properties $33m and other net equity movements such as SBP $8m and securities issued $7m, offset by net FX and derivative loss of $51m

3. FY17 distribution is 10.4 cpss, with distribution for 6 months ending 30 June 2017 payable on 31 August 2017

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017

54

Investment portfolio: acquisitions and disposals

==> picture [61 x 33] intentionally omitted <==

			Acquisition price
Acquisitions FY17	State	Sector	$m	Settlement date
East Village, Zetland	NSW	Retail	155	July 2016
274 Victoria Rd, Rydalmere	NSW	Industrial	48	July 2016
80 Bay St, Sydney	NSW	Retail	11	July 2016
South Village, Kirrawee1	NSW	Retail	15	October 2016
36 Gow Street, Padstow	NSW	Industrial	30	January 2017
Total			259
			Sale price
Disposals FY17	State	Sector	$m	Settlement date
—
Total

1. Initial payment. Mirvac entered into an agreement to acquire a 50% interest in a future retail asset. Final price based on a 6.0% capitalisation rate of leased income on completion

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017

55

Invested capital

==> picture [61 x 33] intentionally omitted <==

==> picture [876 x 179] intentionally omitted <==

----- Start of picture text -----

OFFICE: 55% Apartments: 49%
PASSIVE ACTIVE RESIDENTIAL
INVESTED INVESTED
85% Masterplanned
RETAIL: 33% CAPITAL [ 1] CAPITAL
communities: 36%
Office: 10%
INDUSTRIAL: 10% $9,157m $1,846m COMMERCIAL
Industrial: 4%
83% 17% 15%
OTHER: 2%
Retail: 1%
----- End of picture text -----

Residential invested capital[ 2]

==> picture [475 x 134] intentionally omitted <==

----- Start of picture text -----

100%
Provision 9%
WA 17%
Masterplanned Balance Sheet
75 Communities 46%
44% QLD 23%
50
VIC 23% Non-provision
91%
25 Apartments56% Capital Efficient
54%
NSW 37%
0
By product line By state By structure By provision/non-provision
----- End of picture text -----

1. Invested capital includes investment properties, IPUC, JV’s, other financial assets and intangibles

2. Includes capital invested in development agreements, JVA, MWRDP, deferred land payments and loans

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017

56

FY17 return on invested capital

==> picture [61 x 33] intentionally omitted <==

	Offce &
	Industrial	Retail	Residential	Group
	$m	$m	$m	$m
Proft for the year attributable to stapled securityholders	750	262	216	1,164
Add / (subtract):
Development interest costs and other interest costs	1	—	86	150
Net loss on fnancial instruments	—	—	—	52
Income tax beneft	—	—	—	(60)
Total return	751	262	302	1,306
Investment properties	5,371	2,907	—	8,278
Inventories	195	20	1,452	1,667
Indirect investments	599	158	302	1,268
Less:
Fund through adjustments (deferred revenue)	(32)	—	(68)	(103)
Deferred land payable	—	—	(107)	(107)
FY17 total invested capital	6,133	3,085	1,579	11,003
1H17 total invested capital	5,807	2,928	1,832	10,794
FY16 total invested capital	5,322	2,671	1,625	9,795
Average invested capital1	5,754	2,895	1,679	10,531
FY17 return on invested capital	13.1%	9.0%	18.0%	12.4%

1. Average over three reporting periods

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 57

~~OFFICE & INDUSTRIAL~~

58

Office: portfolio details

	FY17	FY16
No. of properties1	28	28
NLA	623,828 sqm	613,326 sqm
Portfolio value2	$4,937m	$4,402m
WACR	5.92%	6.23%
Net property income	$244m	$285m
Like-for-like NOI growth	0.0%3	0.8%
Maintenance capex	$31m	$28m
Tenant incentives	$14m	$13m
Occupancy (by area) NLA leased	97.6% 64,957 sqm	96.5% 215,834 sqm
% of portfolio NLA leased	10.4%	32.8%
No. tenant reviews	507	486
Tenant rent reviews	677,983 sqm	562,699 sqm
WALE (by income)	6.5 yrs	6.5 yrs
WALE (by area)	7.1 yrs	6.8 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. Excluding 101 Miller and 60 Margaret, like for like growth is 4.7%

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

5. Excludes lease expiries

Office geographic diversity[ 4]

Office diversity by grade[ 4]

==> picture [110 x 110] intentionally omitted <==

==> picture [118 x 118] intentionally omitted <==

Sydney 58% Premium grade 35% Melbourne 24% A grade 60% Perth 9% B grade 2% Canberra 6% C grade 3% Brisbane 3%

Office rent review structure[ 5]

==> picture [110 x 110] intentionally omitted <==

==> picture [45 x 19] intentionally omitted <==

----- Start of picture text -----

Fixed 98%
Other 2%
----- End of picture text -----

==> picture [61 x 33] intentionally omitted <==

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 59

Office: leasing details

==> picture [398 x 249] intentionally omitted <==

----- Start of picture text -----

Office lease expiry profile [ 1]
60%
54%
50
40
30
20
12% 12%
10
8%
6% 6%
2%
0
Vacant FY18 FY19 FY20 FY21 FY22 FY23+
----- End of picture text -----

==> picture [61 x 33] intentionally omitted <==

Offce top 10 tenants 2	Offce top 10 tenants 2	Percentage 3	Percentage 3		S&P Rating
1	Government		15%		AAA & AA+
2	Westpac Banking Corporation		11%		AA-
3	Fairfax Media Limited		5%		BB+
4	EY		4%		—
5	AGL Energy		3%		BBB
6	Optus		2%		A
7	Sportsbet Pty Ltd		2%		—
8	UGL Limited		2%		—
9	Australia & New Zealand Banking Group Limited		2%		AA-
10	John Holland Pty Ltd		2%		—
Total			48%		—
			Leasing	Average	Average
FY17	Leasing activity	Area	spread	incentive	WALE 1
Renewals		33,946 sqm	2.3%	15%	4.2 yrs
New leases		31,011 sqm	9.6%	25%	6.6 yrs
Total		64,957 sqm	5.0%	19%	5.1 yrs

1. By income

2. Excludes Mirvac tenancies

3. Percentage of gross office portfolio income

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017

60

Industrial: portfolio details

	FY17	FY16
No. of properties1	19	16
NLA	499,791 sqm	432,265 sqm
Portfolio value1	$873m	$729m
WACR	6.37%	6.56%
Net property income	$49m	$46m
Like-for-like NOI growth	2.0%	3.2%
Maintenance capex	$4m	$1m
Tenant incentives	$9m	$0m
Occupancy (by area)	95.3%	100.0%
NLA leased	19,511 sqm	79,580 sqm
% of portfolio NLA leased	3.9%	18.4%
No. tenant reviews	59	50
Tenant rent reviews	349,165 sqm	327,498 sqm
WALE (by income)	7.0 yrs	7.9 yrs
WALE (by area)	9.0 yrs	9.6 yrs

1. Includes IPUC

2. By income

==> picture [61 x 33] intentionally omitted <==

Industrial lease expiry profile[ 2]

==> picture [369 x 145] intentionally omitted <==

----- Start of picture text -----

50%
45%
40
30
20
18%
14%
10
8%
5% 6% 4%
0
Vacant FY18 FY19 FY20 FY21 FY22 FY23+
----- End of picture text -----

Industrial diversification by geography[ 3] Industrial rent review structure[ 4]

==> picture [110 x 110] intentionally omitted <==

==> picture [111 x 110] intentionally omitted <==

==> picture [47 x 20] intentionally omitted <==

----- Start of picture text -----

Fixed: 86%
Other: 14%
----- End of picture text -----

Sydney: 86% Melbourne: 8% Chicago, USA: 6%

1. By portfolio value, excluding IPUC

2. Excludes lease expiries

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 61

Office & Industrial: developments

==> picture [61 x 33] intentionally omitted <==

Active pipeline Sector Area Ownership % pre-leased1 Estimated value on completion2 Estimated cost to complete 3 Estimated yield on cost 4	Estimated project timing	Estimated project timing	Estimated project timing	Estimated project timing
	FY18 FY19 FY20 FY21+
664 Collins St, Melbourne Offce 26,200 sqm 50% 100% $279m $58m 6.8%
Calibre (Buildings 2-5), Sydney Industrial 91,000 sqm 100% 53% $176m $98m 6.6%
477 Collins St, Melbourne Offce 56,000 sqm 50% 40% $823m $276m 6.0%
Australian Technology Park, Sydney Offce 93,600 sqm5 33% 100% $1,015m $271m 6.2%
Total 266,800 sqm 71% $2,293m $703m

1. % of Office & Industrial space pre-leased, including heads of agreements

2. Represents 100% of expected development end value

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

4. Expected yield on cost including land and interest

5. Represents CBA office commitment

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017

62

==> picture [568 x 540] intentionally omitted <==

~~RETAIL~~

Retail: portfolio details

	FY17	FY16
No. of properties1	17	15
GLA	418,578 sqm	373,210 sqm
Portfolio value2	$3,062m	$2,663m
WACR	5.67%	6.10%
Net property income	$163m	$125m
Like-for-like NOI growth	3.0%	2.4%
Maintenance capex	$32m	$15m
Tenant incentives	$11m	$7m
Occupancy (by area)	99.4%	99.4%
GLA leased	54,305 sqm	52,353 sqm
% of portfolio GLA leased	12.6%	13.7%
No. tenant reviews	1,140	960
Tenant rent reviews	256,747 sqm	159,415 sqm
WALE (by income)	4.2 yrs	4.2 yrs
WALE (by area)	5.4 yrs	5.3 yrs
Specialty occupancy cost	15.0%	15.3%
Specialty occupancy cost excluding CBD centres	13.3%	13.7%
Total comparable MAT	$2,800m	$2,050m
Total comparable MAT productivity	$10,048/sqm	$9,657/sqm
Total comparable MAT growth	4.1%	5.4%
Specialties comparable MAT productivity	$9,864/sqm	$9,623/sqm
Specialties comparable MAT growth	5.6%	4.2%
New leasing spreads	3.6%	4.3%
Renewal leasing spreads	3.0%	2.9%
Total leasing spreads	3.2%	3.5%

Retail diversity by grade[ 3]

==> picture [111 x 110] intentionally omitted <==

Retail rent review structure[ 4]

==> picture [111 x 110] intentionally omitted <==

Regional 40% Sub Regional 26% CBD Retail 15% Outlet 12% Neighbourhood 7%

Fixed: 82% CPI: 10% Other: 8%

==> picture [61 x 33] intentionally omitted <==

1. Includes IPUC

1. Includes IPUC and land at Orion Springfield, valued at $18.5m, which is being held for development. This is excluded from all other metrics

2. By portfolio value excluding IPUC, as per PCA classification

3. Excludes lease expiries

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 64

Retail: comparable sales by category

		FY17	FY16
	FY17	Comparable	Comparable
Retail sales by category	Total MAT	MAT growth	MAT growth
Supermarkets	$1,078m	2.3%	3.9%
Discount department stores	$247m	(0.7%)	5.4%
Mini-majors	$521m	7.3%	9.6%
Specialties	$1,139m	5.6%	4.2%
Other retail	$228m	2.5%	9.8%
Total	$3,213m	4.1%	5.4%

==> picture [61 x 33] intentionally omitted <==

		FY17	FY16
	FY17	Comparable	Comparable
Specialty sales by category	Total MAT	MAT growth	MAT growth
Food retail	$136m	3.1%	5.4%
Food catering	$315m	17.2%	1.5%
Jewellery	$32m	1.8%	0%
Mobile phones	$36m	18.0%	31.3%
Homewares	$39m	(12.8%)	(9.2%)
Retail services	$113m	0.8%	9.3%
Leisure	$49m	(1.4%)	1.4%
Apparel	$314m	0.5%	5.8%
General retail	$105m	10.6%	1.9%
Total specialties	$1,139m	5.6%	4.2%

Specialty metrics	FY17	FY16
Comparable specialty sales	$9,864/sqm	$9,623/sqm
Comparable specialty occupancy costs	15.0%	15.3%

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 65

Retail: lease expiry profile and top 10 tenants

==> picture [61 x 33] intentionally omitted <==

Retail lease expiry profile – by income

==> picture [399 x 164] intentionally omitted <==

----- Start of picture text -----

50%
30
31%
30
20
17%
15%
13% 12% 11%
10
1%
0
Vacant FY18 FY19 FY20 FY21 FY22 FY23+
----- End of picture text -----

Retail lease expiry profile – by area

Retail	top 10 tenants	Percentage 1	S&P Rating
1	Wesfarmers Limited	9%	A-
2	Woolworths Limited	4%	BBB
3	Aldi Food Stores	2%	—
4	Cotton On Group	1%	—
5	Events Cinemas	1%	—
6	The Just Group	1%	—
7	Audi AG	1%	BBB+
8	Terry White Chemist	1%	—
9	Westpac Banking Corporation	1%	AA-
10	Priceline	1%	—
Total		22%

==> picture [399 x 140] intentionally omitted <==

----- Start of picture text -----

50%
44%
40
30
20
14%
12%
10 9% 10% 10%
0 1%
Vacant FY18 FY19 FY20 FY21 FY22 FY23+
----- End of picture text -----

1. Percentage of gross retail portfolio income

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 66

Retail: developments

==> picture [61 x 33] intentionally omitted <==

FY18 developments Development area Incremental GLA Ownership Area % Pre-leased Estimated project costs1 Estimated cost to complete 1 Estimated yield on cost	Estimated project timing	Estimated project timing	Estimated project timing
	1H18	2H18	FY19
Existing balance sheet assets
Birkenhead Point – Flinders Gallery 3,502 sqm 126 sqm 100% 100% $19m $12m ~7%
Kawana Shoppingworld – Cinema 6,862 sqm 6,862 sqm 100% 85% $56m $54m >6%
Rhodes Waterside – Aldi development 3,543 sqm 911 sqm 50% 91% $7m $6m ~6%
Total 13,907 sqm 7,899 sqm 90% $82m $72m ~6.5%

Future development and repositioning pipeline

Birkenhead Point Outlet Centre Broadway Sydney Cooleman Court Greenwood Plaza Harbourside Moonee Ponds Central Orion Springfield Central Rhodes Waterside Stanhope Village St Marys Village Toombul Shopping Centre

1. Mirvac’s ownership interest

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 67

==> picture [568 x 540] intentionally omitted <==

----- Start of picture text -----

Artist’s impression
----- End of picture text -----

~~RESIDENTIAL~~

Residential: market overview

SYDNEY

==> picture [61 x 33] intentionally omitted <==

MIRVAC PIPELINE[ 1]

• Strong budget position and record spending on infrastructure next four years, to support economic activity from inner to outer ring areas

• Employment growth showing tentative signs of improvement with unemployment rate sub 5%

• Established market indicators, such as ‘time to sell’, improved over early 2017; vacancy rates sub 2% at June 2017

• High-rise approvals have reduced in 2H17, with commencements to reduce further with development finance tighter

• Residential investors sensitive to regulation, however solid depth of demand for quality product with close linkages to new public transport

34% NSW

MELBOURNE

• Strong economic outlook, higher infrastructure spend next four years and State budget forecasts revised higher

• Census data revealed an upward revision of 143,000 people to Victoria’s estimated population, suggesting underbuilding of residential over past 5 years and a significant shortfall of supply

• Ongoing strong net interstate and overseas migration sees strong owner-occupier demand and tightening vacancy rates

• High-rise supply reducing post changes in policy and planning changes but strong demand for middle and outer ring locations for quality product

37% VIC

BRISBANE

• Annual employment growth turned positive from March, however unemployment recorded 6.5% in June

• Established market indicators of apartments continued to show weakness in 2H17, with continued softness in sales

• Brisbane MPC market continues to perform with recent pricing elevated and excess stock generally low. Established metrics display similar trends, with positive annual price growth and steady time on market

• Construction of high-rise apartments trending lower and feeding through current construction pipeline; Low rise and detached markets more balanced

20% QLD

PERTH

• Transition to mining production phase largely complete, though commodity prices are expected to be lower going forward

• Labour market displaying signs of stabilisation, with annual employment growth turning positive and reduction in unemployment rate in recent months

• Pipeline of residential construction continues to deplete primarily in the detached market, with approvals remaining low

9% WA

• While broader established market still showing weakness, pockets of demand exist for select opportunities with good connection to amenity

• Based on Mirvac’s share of expected future revenue

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017

69

Residential: pipeline positioning

==> picture [61 x 33] intentionally omitted <==

29,186 lots under control.

Share of expected future revenue by product[ 1]

==> picture [127 x 110] intentionally omitted <==

Masterplanned communities: 51% Apartments: 49%

Share of expected future revenue by geography[ 1 ]

==> picture [136 x 111] intentionally omitted <==

NSW: 34% VIC: 37% QLD: 20% WA: 9%

Lots under control by product

==> picture [128 x 110] intentionally omitted <==

Masterplanned communities: 78% Apartments: 22%

Lots under control by structure

==> picture [116 x 111] intentionally omitted <==

100% Mirvac inventory: 48% PDA: 15% JV: 36% Other: 1%

Lots under control by price point

==> picture [141 x 117] intentionally omitted <==

Masterplanned communities

< $250k: 44% $250k – $500k: 49% > $500k: 7%

Lots under control by price point

Apartments

< $1.2m: 87% > $1.2m: 13%

1. Mirvac share of forecast revenue

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 70

Residential: masterplanned communities pipeline (major projects)

Expected settlement profile (lots)

Expected settlement profle (lots)	Expected settlement profle (lots)	Expected settlement profle (lots)	Expected settlement profle (lots)	Expected settlement profle (lots)	Expected settlement profle (lots)
Major projects State Stage Ownership Type FY18 FY19 FY20 FY21 FY22
Enclave VIC Multiple stages 50% House & Land	37
Harcrest VIC Balance of project 20% House & Land	131
Waverley Park VIC Multiple stages 100% House & Land	171
The Avenue NSW Multiple stages 100% Land	95			13
Brighton Lakes NSW Multiple stages PDA House	168
Jack Road VIC Multiple stages 100% House	61
Osprey Waters WA Multiple stages 100% Land	207
Gainsborough Greens QLD Multiple stages 100% House & Land	719
ONE71 Baldivis WA Multiple stages 100% House & Land	362
Madox1 WA Multiple stages 100% Land	420
Crest NSW Multiple stages 100% House & Land	420
Tullamore VIC Multiple stages 100% House & Land	499
Iluma Private Estate2 WA Multiple stages 100% Land	600
Googong NSW Multiple stages 50% House & Land	1,470
Woodlea VIC Multiple stages 50% Land	2,567
Rochedale QLD Multiple stages 100% Land		138
Arana Hills QLD Multiple stages 100% Land	469	80
Everton Park QLD Multiple stages 100% Land	89	98
Moorebank NSW Multiple stages PDA House		179
Kennedy Bay WA Multiple stages PDA Land		390
Smith's Lane VIC Multiple stages 100% Land		770
Olivine VIC Multiple stages 100% Land		810
Everleigh3 QLD Multiple stages 100% Land		843
Marsden Park North NSW Multiple stages PDA Land			432

==> picture [61 x 33] intentionally omitted <==

	Masterplanned communities	project
	pipeline analysis
	% of total FY18 expected lots to settle from masterplanned
	communities	~70%
	% of total FY18
	expected provision
	lot settlements	~10%

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

1. Formerly Piara Waters

2. Formerly West Swan

3. Formerly Greenbank

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 71

Residential: apartments pipeline (major projects)

==> picture [61 x 33] intentionally omitted <==

Major projects State Stage Pre-sold Ownership	Expected settlement profle (lots) FY18 FY19 FY20 FY21 FY22 1 25 232 45 68 77 120 223 302 90 134 167 92 142 57 159 255 258 108 132 526 439 680 80 315 126 220 188	Expected settlement profle (lots) FY18 FY19 FY20 FY21 FY22 1 25 232 45 68 77 120 223 302 90 134 167 92 142 57 159 255 258 108 132 526 439 680 80 315 126 220 188	Expected settlement profle (lots) FY18 FY19 FY20 FY21 FY22 1 25 232 45 68 77 120 223 302 90 134 167 92 142 57 159 255 258 108 132 526 439 680 80 315 126 220 188	Expected settlement profle (lots) FY18 FY19 FY20 FY21 FY22 1 25 232 45 68 77 120 223 302 90 134 167 92 142 57 159 255 258 108 132 526 439 680 80 315 126 220 188	Expected settlement profle (lots) FY18 FY19 FY20 FY21 FY22 1 25 232 45 68 77 120 223 302 90 134 167 92 142 57 159 255 258 108 132 526 439 680 80 315 126 220 188	Apartment project pipeline analysis
						% of total FY18 expected lots to settle from apartments ~30%
The Moreton NSW Heritage home 100% 100%	1
Waterfront Unison QLD Balance of project 4% 100%	25
Harold Park NSW Vance 99% 100%	232
Beachside Leighton WA Prima 60% 100%	45
						% of total FY18 expected provision lot settlements 2%
Beachside Leighton WA Meridian 85% 100%	68
Yarra's Edge VIC Forge (balance of project) 26% 100%	77
Hope St QLD Art House (balance of project) 89% 100%	120
The Finery NSW All stages 77% 50%	223
Green Square NSW Ebsworth & Ovo 97% PDA	302
Ascot Green QLD Ascot House 64% PDA		90
Tullamore VIC Apartments 25% 100%		134
Hope St QLD Lucid 96% 100%		167
Claremont WA Reserve 36% 100%		92
Claremont WA Grandstand 56% 100%		142
Marrick & Co NSW Future stages Not released PDA			57
Marrick & Co NSW Stage 1 73% PDA			159
Pavilions NSW Stage 1 76% PDA			255
The Eastbourne VIC All stages 88% PDA			258
Beachside Leighton WA Future stages Not released 100%			108
Ascot Green QLD Tulloch House 16% PDA			132
St Leonards Square NSW All stages 96% 50%			526
Pavilions NSW Future stages Not released PDA			439
Green Square NSW Future stages Not released PDA			680
Yarra's Edge VIC Midrise Not released 100%				80
Yarra's Edge VIC Voyager 44% 100%				315
Ascot Green QLD Future stages Not released PDA				126
Yarra's Edge VIC Tower 9 Not released 100%				220
Yarra's Edge VIC Tower 12 Not released 100%					188

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

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 72

Residential: pre-sales detail

Reconciliation of movement in exchanged pre-sales contracts to FY17

==> picture [271 x 119] intentionally omitted <==

----- Start of picture text -----

$3,000m
$2,858m
$1,448m $2,746m
2,000
1,000 ($1,560m)
0
FY16 Settled Net sales FY17
----- End of picture text -----

• Exchanged pre-sales less than one year old ~70%

• Exchanged pre-sales less than two years old ~96%

• Apartment pre-sales <$1m – ~30%

• Masterplanned communities pre-sales <$1m – ~69%

Pre-sales by geography

==> picture [137 x 110] intentionally omitted <==

Pre-sales by buyer profile[ 1]

==> picture [109 x 108] intentionally omitted <==

NSW: 49% VIC: 36% QLD: 9% WA: 6%

Owner occupier: 42%[ 2] Investor: 34% Mainland China: 19% Offshore other: 5%

==> picture [61 x 33] intentionally omitted <==

Pre-sales by type

==> picture [137 x 110] intentionally omitted <==

Apartments: 81% Masterplanned communities: 19%

==> picture [219 x 10] intentionally omitted <==

----- Start of picture text -----

Pre-sales expected FIRB roll-off – apartments
----- End of picture text -----

==> picture [110 x 108] intentionally omitted <==

FY18: 48% FY19: 13% FY20+: 39%

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

2. Includes first home buyers

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017

73

Residential: FY17 acquisitions

==> picture [61 x 33] intentionally omitted <==

					Estimated settlement
Project	State	Ownership	No. of lots1	**Product type **	commencement1
The Avenue	NSW	100%	96	Masterplanned communities	FY18
Rochedale	QLD	100%	138	Masterplanned communities	FY19
Everton Park	QLD	100%	98	Masterplanned communities	FY19
Arana Hills2	QLD	100%	80	Masterplanned communities	FY19
Iluma Private Estate3	WA	100%	87	Masterplanned communities	FY21
Total			499

1. Subject to planning approvals

2. Based on unconditional contract of sale, settlement expected August 2017

3. Formerly West Swan

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017

74

Residential: FY18 expected major releases

==> picture [61 x 33] intentionally omitted <==

FY18 expected major releases1	State	Type	Approximate lots 1
Woodlea	VIC	Masterplanned communities	529
Gainsborough Greens	QLD	Masterplanned communities	347
Green Square	NSW	Apartments	299
Olivine	VIC	Masterplanned communities	211
Tullamore	VIC	Apartments/Masterplanned communities	155
Googong	NSW	Masterplanned communities	150
Pavilions	NSW	Apartments	131
Greenbank	QLD	Masterplanned communities	108
WaverleyPark	VIC	Masterplanned communities	90
The Avenue	NSW	Masterplanned communities	72
Rochedale	QLD	Masterplanned communities	69

1. Subject to planning approvals and market demand

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 75

Residential: FY17 settlements

==> picture [61 x 33] intentionally omitted <==

3,311 lot settlements consisting of:

3,311	lot settlements consisting of:
			Apartments	Masterplanned	communities		Total
FY17	settlements by lots	Lots	%	Lots	%	Lots		%
NSW		431	13%	652	20%	1,083		33%
QLD		338	11%	477	14%	815		25%
VIC		173	5%	1,065	32%	1,238		37%
WA		13	0%	162	5%	175		5%
Total		955	29%	2,356	71%	3,311		100%

FY17 lot settlements

By product type

==> picture [293 x 152] intentionally omitted <==

----- Start of picture text -----

Masterplanned communities: 71%
Apartments: 29%
House: 11%
Land: 60%
----- End of picture text -----

==> picture [111 x 128] intentionally omitted <==

----- Start of picture text -----

By geography
----- End of picture text -----

NSW: 33% QLD: 25% VIC: 37% WA: 5%

==> picture [120 x 113] intentionally omitted <==

By structure

100% Mirvac inventory: 54% Other: 6% JVA: 32% PDA: 8%

==> picture [113 x 113] intentionally omitted <==

By provision

Non-provision settlements: 95% Provision settlements: 5%

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 76

Residential: FY17 settlements detail

FY17 major settlements	Product type	Ownership	Lots
Woodlea, VIC	Masterplanned Communities	50%	679
Gainsborough Greens, QLD	Masterplanned Communities	100%	430
Googong, NSW	Masterplanned Communities	50%	348
Unison, QLD	Apartments	100%	265
The Moreton, NSW	Apartments	100%	190
Ebsworth, NSW	Apartments	PDA	174
Yarra’s Edge, VIC	Apartments	100%	173
Tullamore, VIC	Masterplanned Communities	100%	162
Crest, NSW	Masterplanned Communities	100%	157
Harcrest, VIC	Masterplanned Communities	20%	130
Brighton Lakes, NSW	Masterplanned Communities	PDA	107
Subtotal			2,815
Other projects			496
Total			3,311

==> picture [61 x 33] intentionally omitted <==

FY17 average sales price
	$
House	$817k
Land	$291k
Apartments	$972k
FY17 buyer profle
	%
Upgraders / empty nesters	40%
Investors	37%
First home buyers	23%
FY17 buyer profle by geography
	%
Domestic	90%
FIRB	10%

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 77

Residential: EBIT reconciliation and gross development margin

==> picture [61 x 33] intentionally omitted <==

FY17 residential EBIT reconciliation	$m
Development revenue	1,366
Management fee revenue	32
Total development revenue	1,398
JV and other revenue	43
Total operating revenue and other income	1,441
Cost of development and construction	(1,024)
Sales and marketing expense	(44)
Employee benefts and other expenses	(36)
Depreciation and other	(18)
Total cost of property development and construction	(1,122)
Development EBIT	319
Management and administrative expenses	(17)
Total Residential EBIT	302
Gross Development Margin
Development revenue	1,366
Cost of development and construction	(1,024)
Residential gross development margin	342
Residential gross development margin %	25.0%

==> picture [398 x 246] intentionally omitted <==

----- Start of picture text -----

Residential gross development margins
25% 25.0%
24.3% 24.4%
23.6%
20
17.0%
15
14.2%
14.3%
11.4%
10
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
----- End of picture text -----

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 78

Residential: provisions — roll off[ 1]

==> picture [61 x 33] intentionally omitted <==

• $20m in provision release during FY17

• Remaining residential inventory provision balance of $114m at 30 June 2017[ 2]

Expected provision release profile

==> picture [412 x 232] intentionally omitted <==

----- Start of picture text -----

$70m
60
50
40
30
20
10
0
FY18 FY19 FY20 FY21/22
----- End of picture text -----

Expected closing provision balance roll off

==> picture [413 x 232] intentionally omitted <==

----- Start of picture text -----

$120m
100
80
60
40
20
0
FY18 FY19 FY20 FY21/22
----- End of picture text -----

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 $150m

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017

79

High quality product & conservatism supporting future residential margins

==> picture [61 x 33] intentionally omitted <==

Revenue

• $2.7bn of revenue pre-sold

• 50% of residential pipeline with 25%+ expected gross development margins

• Brand, quality and project locations supports continued demand for Mirvac product

• High level of repeat buyers

• No reliance on escalation in feasibilities near term

Cost

• Construction cost escalation included in feasibilities

• Declining capitalised interest now at 8% of inventory supports future margins

Declining capitalised interest as a percentage of inventory

==> picture [399 x 245] intentionally omitted <==

----- Start of picture text -----

$2bn 13.0%
12.0
1.5
11.0
10.0
1.0
9.0
8.0
0.5
7.0
0.0 6.0
FY13 FY14 FY15 FY16 FY17
Non-interest inventory Capitalised interest Capitalised interest as % of inventory (RHS)
----- End of picture text -----

• Capitalise interest only on active projects & on a stage by stage basis

• 51% of lots controlled in capital efficient PDA and JV structures

• Target 70–80% trade coverage prior to commencement of construction

Note: All inventory balances reflect gross inventory

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 80

==> picture [704 x 540] intentionally omitted <==

----- Start of picture text -----

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 81
----- End of picture text -----

~~CALENDAR~~

1H18 Calendar

==> picture [61 x 33] intentionally omitted <==

Event	Location	Date1
Private roadshow	Sydney	18, 23-25 August 2017
Private roadshow	Melbourne	21–22 August 2017
Daiwa’s Pan-Asia REIT Conference	Tokyo, Japan	7–8 September 2017
CLSA Investor’s Forum	Hong Kong	11–13 September 2017
BofAML Global REIT Conference	New York, USA	12–13 September 2017
Private roadshow	USA	14–15 September 2017
Private roadshow	Amsterdam, Netherlands	11–13 October 2017
Citi 9th Annual Australia and New Zealand Investment Conference	Sydney	17–18 October 2017
1Q18 Operational Update	—	24 October 2017
BofAML 8th Australian Property Conference	Sydney	25–26 October 2017
UBS Australiasian Conference 2017	Sydney	13–14 November 2017
2017 Annual General Meeting	Melbourne	16 November 2017
UBS Global Real Estate Conference	London, UK	28–29 November 2017

Investor Relations Contact

T: (02) 9080 8000

E: investor.relations@mirvac.com

1. All dates are indicative and subject to change

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 82

Glossary

Term Meaning

==> picture [427 x 359] intentionally omitted <==

----- Start of picture text -----

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 Earnings before interest and tax
EIS Employee Incentive Scheme
EMTN Euro Medium Term Note
ENGLOBO Group of land lots that have subdivision potential
EPS Earnings Per Stapled Security
FFO Funds from Operations
FHB First Home Buyer
FIRB Foreign Investment Review Board
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
LPT Listed Property Trust
----- End of picture text -----

==> picture [61 x 33] intentionally omitted <==

==> picture [426 x 159] intentionally omitted <==

----- Start of picture text -----

Term Meaning
LTIFR Lost Time Injury Frequency Rate
Low density Green field land projects outside of the middle ring
MAT Moving Annual Turnover
Medium density Urban infill and middle ring projects with some level of built form aspect
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:
----- End of picture text -----

• 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

	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% offce space – If the asset comprises less than 75% of NABERS rateable offce space by area. iv) Buildings with less than 2,000 sqm offce space
	NLA Net Lettable Area
	NOI Net Operating Income NPAT Net Proft 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

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 83

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.

==> picture [61 x 33] intentionally omitted <==

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 2017, 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 2017, unless otherwise noted.

MIRVAC FY17 ADDITIONAL INFORMATION 17 AUGUST 2017 84

==> picture [259 x 284] intentionally omitted <==

THANK YOU

17 AUGUST 2017

==> picture [660 x 127] intentionally omitted <==