MIRVAC GROUP — Annual Report 2018

Aug 8, 2018

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Reimagine Urban Life 09.08.2018

FY18 ADDITIONAL INFORMATION

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FY18 Additional Information

CONTENTS

Pages 1–43, please refer to FY18 Results presentation

FINANCIAL

FY18 operating to statutory profit reconciliation	46
FY17 operating to statutory profit reconciliation	47
FY18 movement by segment	48
FY18 Ofice & Industrial segment reconciliation	49
FY18 Retail segment reconciliation	50
FFO and AFFO based on PCA guidelines	51
FY18 group management expense ratio (MER)	52
Finance costs by segment	53
Debt and hedging profile	54
Capital management metrics and liquidity profile	55
NTA and securities on issue reconciliation	56
Investment portfolio: acquisitions and disposals	57
Invested capital	58
FY18 return on invested capital	59
OFFICE & INDUSTRIAL
Ofice: portfolio details	61
Ofice: leasing details	62
Industrial: portfolio details	63
Ofice & Industrial: developments	64

RETAIL

RETAIL
Retail: Portfolio details	66
Retail: Comparable sales by category	67
Retail: Lease expiry profile and top 10 tenants	68
Retail: Developments	69
RESIDENTIAL
Residential: Market overview	71
Residential: Pipeline positioning	72
Residential: Masterplanned communities pipeline (major projects)	73
Residential: Apartments pipeline (major projects)	74
Residential: Pre-sales detail	75
Residential: FY18 acquisitions	76
Residential: FY19 expected major releases	77
Residential: FY18 settlements	78
Residential: FY18 settlements detail	79
Residential: EBIT reconciliation and gross development margin	80
Residential: Provisions – roll of	81
High quality product & conservatism supporting future residential margins	82

RESTATED FY18 SEGMENT RESULTS

RESTATED FY18 SEGMENT RESULTS
Restated FY18 segment results – summary	84
Restated FY18 segment results – detail	85
1H19 CALENDAR	87
GLOSSARY	88
IMPORTANT NOTICE	89

09 AUGUST 2018 44

FINANCIAL

477 Collins Street, Melbourne (artist impression)

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FY18 Additional Information

FY18 OPERATING TO STATUTORY PROFIT RECONCILIATION

	Ofice &
	Industrial	Retail	Residential	Corporate	Total
Full year ended 30 June 2018	$m	$m	$m	$m	$m
Property net operating income (NOI)	316	166	—	18	500
Development EBIT	65	—	318	—	383
Asset & funds management EBIT	16	—	—	1	17
Management & administration expenses	(16)	(12)	(18)	(47)	(93)
Earnings before interest and taxes 1	381	154	300	(28)	807
Development interest costs	(2)	—	(74)	—	(76)
Other net interest costs	—	—	—	(74)	(74)
Income tax expense	—	—	—	(77)	(77)
Operating profit/(loss) after tax	379	154	226	(179)	580
Specific non-cash items
Net gain on fair value of investment properties and IPUC2	405	85	—	—	490
Net gain on financial instruments	9	—	—	13	22
Security-based payments expense	—	—	—	(13)	(13)
Straight-lining of lease revenue	7	—	—	—	7
Amortisation	(13)	(8)	—	—	(21)
Share of net profit of joint ventures relating to movement of non-cash items	5	—	—	19	24
Tax efect
Tax efect of non-cash and significant items	—	—	—	—	—
Profit/(loss) attributable to the stapled securityholders of Mirvac	792	231	226	(160)	1,089

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

1. Includes Mirvac’s share in the joint ventures re-valuation of investment properties of $12m, which is included within share of net profit of joint ventures.

09 AUGUST 2018 46

FY18 Additional Information

FY17 OPERATING TO STATUTORY PROFIT RECONCILIATION

	Ofice &
	Industrial	Retail	Residential	Corporate	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 taxes 1	319	156	302	(27)	750
Development interest costs	(1)	—	(86)	—	(87)
Other net interest costs	—	—	—	(63)	(63)
Income tax expense	—	—	—	(66)	(66)
Operating profit/(loss) after tax	318	156	216	(156)	534
Specific non-cash items
Net gain on fair value of investment properties and IPUC2	429	111	—	—	540
Net gain/(loss) on financial instruments	2	—	—	(53)	(51)
Security-based payments expense	—	—	—	(15)	(15)
Straight-lining of lease revenue	7	—	—	—	7
Amortisation	(11)	(5)	—	—	(16)
Share of net profit of joint ventures relating to movement of non-cash items	5	—	—	34	39
Tax efect
Tax efect of non-cash and significant items	—	—	—	126	126
Profit/(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. 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.

09 AUGUST 2018 47

FY18 Additional Information

FY18 MOVEMENT BY SEGMENT

OPERATING EBIT BY SEGMENT: FY17 TO FY18

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$850m
$62m
$807m
800 ($2m) ($2m) ($1m)
750 $750m
700
650
FY17 Office & Industrial Retail Residential Corporate & other FY18
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• O&I EBIT growth of 19% reflects the successful transformation of the portfolio through development. Strong growth in NOI, development EBIT and assets and funds management EBIT

• Retail like for like NOI growth of 3% offset by lower asset and funds management fees

• Strong Residential EBIT driven by record lot settlements and high margins

• Continued focus on overhead management and operational efficiencies

09 AUGUST 2018 48

FY18 Additional Information

FY18 OFFICE & INDUSTRIAL SEGMENT RECONCILIATION

OFFICE & INDUSTRIAL NOI SUMMARY – FY17 TO FY18

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$350m
$3m $1m
$28m
$316m
($6m)
($3m)
300
$293m
250
200
FY17 Like-for-like Acquisitions Development/ Divestments Other FY18
& development repositioning
completions impacted
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OFFICE & INDUSTRIAL EBIT SUMMARY

	FY18	FY17
Property net operating income	316	293
Development EBIT	65	36
Asset & funds management EBIT	16	8
Management & administration expenses	(16)	(18)
Earnings before interest and taxes	381	319

09 AUGUST 2018 49

FY18 Additional Information

FY18 RETAIL SEGMENT RECONCILIATION

RETAIL NOI SUMMARY – FY17 TO FY18

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$180m
$1m
$6m
$166m
$2m
$163m ($5m) ($1m)
160
140
120
100
FY17 Like-for-like Acquisitions Development Divestments Other FY18
completions
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RETAIL EBIT SUMMARY

RETAIL EBIT SUMMARY
	FY18	FY17
Property net operating income	166	163
Development EBIT	—	—
Asset & funds management EBIT	—	5
Management & administration expenses	(12)	(12)
Earnings before interest and taxes	154	156

09 AUGUST 2018 50

FY18 Additional Information

FFO AND AFFO BASED ON PCA GUIDELINES

FFO AND AFFO BASED ON PCA GUIDELINES
	FY18	FY17
	$m	$m
Operating profit after tax	580	534
Including: Security-based payments expense	(13)	(15)
Excluding: Amortisation1	41	37
Funds From Operations (FFO) 1,2	608	556
Maintenance capex	(57)	(68)
Incentives1,3	(100)	(67)
Utilisation ofprioryear tax losses	77	66
Adjusted Funds From Operations (AFFO)	528	487

1. FY17 has been restated to be consistent with the current period treatment of lease incentives.

2. Based on PCA guidelines. Includes amortisation of lease incentives and leasing costs.

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

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51

FY18 Additional Information

FY18 GROUP MANAGEMENT EXPENSE RATIO (MER)

	Ofice &
	Industrial	Retail	Group
Fullyear ended 30 June 2018	$m	$m	$m
Management & administration expenses	16	12	93
Investment properties (incl. IPUC)	6,071	3,223	9,294
Indirect investment (JVA’s etc.)	573	3	1,152
Inventories	351	10	1,770
Group balance sheet assets	6,995	3,236	12,216
Group MER	0.23%	0.37%	0.76%
Balance sheet assets under management	6,995	3,236	12,216
External assets / third-partycapital under management	6,201	1,037	7,736
Total assets under management	13,196	4,273	19,952
FY18 assets under management MER	0.12%	0.28%	0.47%
FY17 assets under management MER	0.16%	0.31%	0.53%
% change	(25.0%)	(9.7%)	(11.3%)

09 AUGUST 2018 52

FY18 Additional Information

FINANCE COSTS BY SEGMENT

	Ofice &
	Industrial	Retail	Residential	Corporate	Group
FY18	$m	$m	$m	$m	$m
Interest expense net of impairment	13	1	56	82	152
Interest capitalised1	(13)	(1)	(26)	—	(40)
COGS interest net of provision release	2	—	44	—	46
Borrowingcosts amortised	—	—	—	3	3
Total finance costs	2	—	74	85	161
Less: interest revenue	—	—	—	(11)	(11)
Net finance costs	2	—	74	74	150
FY17
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 finance costs	1	—	86	75	162
Less: interest revenue	—	—	—	(12)	(12)
Net finance costs	1	—	86	63	150

1. Relates to Residential and Commercial projects.

09 AUGUST 2018 53

FY18 Additional Information

DEBT AND HEDGING PROFILE

Issue / source	Maturity date	Facility limit $m	Drawn amount $m
Bank facilities	Sep2018	100	—
USPP1	Nov 2018	134	134
Bank facilities	Sep2019	400	100
Bank facilities	Sep2020	400	145
Bank facilities	Sep2021	200	170
MTN VI	Sep2020	200	200
USPP1	Dec 2022	220	220
MTN VII	Sep2023	250	250
USPP1	Dec 2024	136	136
CEFC	Jan 2025	90	90
USPP1	Sep2025	46	46
USPP1	Dec 2025	151	151
EMTN1	Mar 2027	501	501
USPP1	Sep2027	249	249
EMTN1	Mar 2028	50	50
USPP1	Sep2028	298	298
USPP1	Sep2031	139	139
EMTN1	Dec 2031	118	118
Total		3,682	2,997

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DRAWN DEBT SOURCES
Bank 14%
USPP 46%
EMTN 22% Capital market debt 86% [ 3 ]
MTN 18%
1. Drawn amounts based on hedged rate not carrying value.
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DRAWN DEBT SOURCES

1. Drawn amounts based on hedged rate not carrying value.

2. Includes bank callable swap.

FY18 HEDGING AND FIXED INTEREST PROFILE AS AT 30 JUNE 2018[ 2]

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$2,500m 4.0%
2,000 3.50
1,500 3.16% 3.25
3.10%
3.08%
1,000 2.90% 3.00
2.79%
500 2.75
2.65%
0 2.50
FY18 FY19 FY20 FY21 FY22 FY23
Fixed Options Swaps Average rate Jun 18 (RHS)
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DRAWN DEBT MATURITIES AS AT 30 JUNE 2018

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$500m
400
300
200
100
0
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33
MTN USPP EMTN Bank
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1. Includes MTN, USPP and EMTN.

09 AUGUST 2018 54

FY18 Additional Information

CAPITAL MANAGEMENT METRICS AND LIQUIDITY PROFILE

CAPITAL MANAGEMENT METRICS

	30 June 2018	30 June 2017
NTA	$2.31	$2.13
Balance sheetgearing1	21.3%	23.4%
Look throughgearing	22.2%	24.3%
Total interest bearingdebt2	$2,997m	$2,898m
Average borrowingcost3	4.8%	4.8%
Average debt maturity	6.8 yrs	6.2 yrs
Hedged percentage	77%	75%
Average hedge maturity	4.4 yrs	4.7 yrs
Moody’s/S&P credit rating	A3 / BBB+	Baa1 / BBB+

LIQUIDITY PROFILE

LIQUIDITY PROFILE
	Facility	Drawn	Available
	limit	amount	liquidity
As at 30 June 2018	$m	$m	$m
Facilities due within 12 months4	234	134	100
Facilities duepost 12 months4	3,448	2,863	585
Total	3,682	2,997	685
Cash on hand			221
Total liquidity			906
Less facilities maturing< 12 months4			234
Funding headroom			672

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

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

3. Includes margins and line fees.

4. Based on hedged rate, not carrying value.

09 AUGUST 2018 55

FY18 Additional Information

NTA AND SECURITIES ON ISSUE RECONCILIATION

NTA AND SECURITIES ON ISSUE RECONCILIATION
Net tangible assets	$m	$per security
As at 1 July 2017	7,894	2.13
Operating profit for the full year	580	0.16
Net gain on fair value of investment properties and IPUC	478	0.13
Net gain on fair value of investment properties included in equity accounted profit1	12	—
Other net equity movements and non-operating items through profit and loss2	21	—
Distributions3	(408)	(0.11)
As at 30 June 2018	8,577	2.31
Securities on issue		No. of securities
As at 1 July 2017		3,705,560,599
FY15 LTP - TSR vested in FY18	17-Aug-17	1,018,956
FY15 LTP - ROIC vested in FY18	17-Aug-17	4,292,411
MGR Daily Share Buy-back	2-Mar-18	(204,753)
MGR Daily Share Buy-back	5-Mar-18	(946,872)
MGR DailyShare Buy-back	6-Mar-18	(109,435)
As at 30 June 2018		3,709,610,906
Weighted average number of securities		3,709,778,968

1. 8 Chifley $11m and David Malcolm Justice Centre, $1m.

2. Includes Tucker Box net gain on fair value of investment properties $19m, securities issued $6m and net reserve movement ($4m).

3. FY18 distribution is 11.0 CPSS, with distribution for 6 months ending 30 June 2018, payable on 31 August 2018.

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56

FY18 Additional Information

INVESTMENT PORTFOLIO: ACQUISITIONS AND DISPOSALS

Acquisitions FY18	State	Sector	Acquisitionprice	Settlement date
East Village, Zetland (50.1%)	NSW	Retail	$155m	August 2017
75 George Street, Parramatta	NSW	Ofice	$86m	January2018
Total			$241m
Disposals FY18	State	Sector	Saleprice	Settlement date
26 Harcourt Rd, Altona North	VIC	Industrial	$37m	August 2017
47-67 Westgate Drive, Altona North	VIC	Industrial	$28m	August 2017
1900-2060 Pratt Boulevard, Chicago	USA	Industrial	$52m	October 2017
Kawana Shoppingworld, Buddina (50%)	QLD	Retail	$186m	December 2017
Total			$303m

09 AUGUST 2018 57

FY18 Additional Information

INVESTED CAPITAL

OFFICE: 58%

RETAIL: 32%

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INDUSTRIAL: 8%
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OTHER: 2%

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PASSIVE ACTIVE APARTMENTS: 54%
RESIDENTIAL
INVESTED INVESTED
CAPITAL CAPITAL
90%
MASTERPLANNED
COMMUNITIES: 36%
1
$ m $ m
10,071 1,707
OFFICE: 3%
COMMERCIAL
86% 14% INDUSTRIAL: 6%
10%
RETAIL: 1%
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RESIDENTIAL ACTIVE INVESTED CAPITAL[ 2]

1. Includes capital invested in Development Agreement’s, JVA, MWRDP, deferred land payments and loans.

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100%
Provision 8%
WA 17%
Masterplanned
75 communities Capital
Eficient
40% QLD 22% 44%
50
VIC 22% Non-provision
92%
25 Apartments 100% Balance sheet
60% 56%
NSW 39%
0
By product line By state By structure By provision/non-provision
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1. Invested capital includes investment properties, IPUC, JVA’S, other financial assets and intangibles.

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58

FY18 Additional Information

FY18 RETURN ON INVESTED CAPITAL

	Ofice & Industrial	Retail	Residential	Group
	$m	$m	$m	$m
Profit for theyear attributable to stapled securityholders	792	231	226	1,089
Add / (subtract):
Development interest costs and other interest costs	3	—	74	150
Net gain on financial instruments	(1)	—	—	(14)
Income tax benefit	—	—	—	77
Total return	794	231	300	1,302
Investment properties	6,071	3,223	—	9,294
Inventories	351	10	1,409	1,770
Indirect investments	573	3	347	1,152
Less:
Fund through adjustments (deferred revenue)	(219)	—	(126)	(348)
Deferred landpayable	—	—	(90)	(90)
FY18 total invested capital	6,776	3,236	1,540	11,778
1H18 total invested capital	6,221	3,143	1,857	11,449
FY17 total invested capital	6,133	3,085	1,579	11,003
Average invested capital 1	6,377	3,155	1,659	11,410
FY18 return on invested capital	12.4%	7.3%	18.1%	11.4%

1. Average over three reporting periods.

09 AUGUST 2018 59

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OFFICE & INDUSTRIAL

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FY18 Additional Information

OFFICE: PORTFOLIO DETAILS

	FY18	FY17
No. ofproperties1	28	28
NLA	641,808 sqm	623,828 sqm
Portfolio value2	$5,718m	$4,937m
WACR	5.69%	5.92%
Netpropertyincome	$270m	$244m
Like-for-like NOIgrowth	12.7%	0.0%3
Maintenance capex	$22m	$31m
Tenant incentives	$52m	$14m
Occupancy(byarea)	97.5%	97.6%
NLA leased	74,841 sqm	64,957 sqm
% ofportfolio NLA leased	11.7%	10.4%
WALE (byincome)	6.6yrs	6.5yrs
WALE (byarea)	7.0yrs	7.1yrs

OFFICE GEOGRAPHIC DIVERSITY[ 4]

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Sydney 58% Melbourne 26% Brisbane 3% Perth 8% Canberra 5%

OFFICE RENT REVIEW STRUCTURE[ 5]

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Fixed 95%
CPI 1%
Other 4%
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OFFICE DIVERSITY BY GRADE[ 4 ]

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Premium grade 35% A grade 61% B grade 0% C grade 4%

1. Includes IPUC, but excludes properties being held for development.

2. Includes IPUC and properties being held for development.

3. Excluding 101 Miller and 60 Margaret, FY17 like-for-like growth is 4.7%.

4. By portfolio value, excluding IPUC and properties, being held for development.

5. Excludes lease expiries.

09 AUGUST 2018 61

FY18 Additional Information

OFFICE: LEASING DETAILS

OFFICE LEASE EXPIRY PROFILE[ 1]

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60%
55%
50
40
30
20
12%
11%
10
7% 7%
5%
3%
0
Vacant FY19 FY20 FY21 FY22 FY23 FY24+
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Ofice top 10 tenants 2	Percentage 3	Percentage 3	Moodys/S&P Rating	Moodys/S&P Rating
1 Government		15%	Aaa & Aa2 /	AAA & AA+
2 Westpac Banking Corporation		10%		Aa2 / AA-
3 Google Inc4		5%		Aa2 / AA+
4 EY		4%		—
5 AGL Energy		2%		Baa2 / —
6 UGL Limited		2%		Baa2 / BBB
7 Sportsbet Pty Ltd		2%		—
8 Optus		2%		A1 / A
9 John Holland		2%		—
10 Pricewaterhouse Coopers		2%		B2 / —
Total		46%		—
		Leasing	Average	Average
FY18 Leasing activity	Area	spread	incentive	WALE 1
Renewals	47,816 sqm	7.8%	24.2%	5.3yrs
New leases	27,025 sqm	10.3%	16.9%	7.0yrs
Total	**74,841 sqm **	8.6%	22.0%	5.8yrs

1. By income.

2. Excludes Mirvac tenancies.

3. Percentage of gross office portfolio income.

4. Direct lease is to Fairfax, with Google subleasing until 2020.

09 AUGUST 2018 62

FY18 Additional Information

INDUSTRIAL: PORTFOLIO DETAILS

	FY18	FY17
No. ofproperties1	17	19
NLA	431,980 sqm	499,791 sqm
Portfolio value2	$809m	$873m
WACR	6.19%	6.37%
Netpropertyincome	$46m	$49m
Like-for-like NOIgrowth	1.3%	2.0%
Maintenance capex	$1m	$4m
Tenant incentives3	$0.3m	$9m
Occupancy(byarea)	100.0%	95.3%
NLA leased	52,337 sqm	19,511 sqm
% ofportfolio NLA leased	12.1%	3.9%
WALE (byincome)	7.1yrs	7.0yrs
WALE (byarea)	8.8yrs	9.0yrs

1. Includes IPUC, but excludes properties being held for development.

2. Includes IPUC and properties being held for development.

INDUSTRIAL LEASE EXPIRY PROFILE[ 4]

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50%
46%
40
30
20
17%
15%
10 11%
7%
4%
0 0%
Vacant FY19 FY20 FY21 FY22 FY23 FY24+
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INDUSTRIAL DIVERSIFICATION INDUSTRIAL RENT REVIEW BY GEOGRAPHY[ 5] STRUCTURE[ 6]

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Fixed: 85%
CPI: 12%
Other: 3%
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Sydney: 100%
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1. Includes cash and fitout incentives.

2. By income.

3. By portfolio value, excluding IPUC.

4. Excludes lease expiries.

09 AUGUST 2018 63

FY18 Additional Information

OFFICE & INDUSTRIAL: DEVELOPMENTS

Active pipeline Sector Area Ownership % pre-leased 1 Estimated value on completion2 Estimated cost to complete3 Estimated yield on cost4		Estimated project timing	Estimated project timing
	FY19	FY20	FY21	FY22
Ofice
Australian Technology Park, Sydney Ofice 93,600 sqm5 33% 100% $1,015m $178m 6.3%
477 Collins St, Melbourne Ofice 56,500 sqm 50% 58% $833m $234m 6.0%
Locomotive Workshop (ATP) Ofice 22,400 sqm 100% 0% $358m $319m 5.6%
80 Ann St, Brisbane Ofice 57,800 sqm 50% 66% $827m $368m 5.6%
Ofice total 230,300 sqm 74% $3,033m $1,099m
Industrial
Calibre (Buildings 2 & 5), Sydney Industrial 38,600 sqm 100% 100% $92m $39m 6.6%
Industrial total 38,600 sqm 100% $92m $39m
Total O&I developments 268,900 sqm 78% $3,125m $1,138m

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.

09 AUGUST 2018 64

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• RETAIL Orion Springfield Central, Brisbane

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FY18 Additional Information

RETAIL: PORTFOLIO DETAILS

	FY18	FY17
No. ofproperties1	17	17
GLA	419,262 sqm	418,578 sqm
Portfolio value2	$3,223m	$3,062m
WACR	5.49%	5.67%
Netpropertyincome	$166m	$163m
Like-for-like NOIgrowth	3.0%	3.0%
Maintenance capex	$34m	$32m
Tenant incentives3	$11m	$11m
Occupancy(byarea)	99.2%	99.4%
GLA leased	66,551 sqm	54,305 sqm
% ofportfolio GLA leased	15.5%	12.6%
WALE (byincome)	3.8yrs	4.2yrs
WALE (byarea)	4.8yrs	5.4yrs
Specialtyoccupancycost	15.3%	15.0%
Total comparable MAT	$2,693m	$2,800m
Total comparable MATproductivity	$9,901/sqm4	$10,048/sqm
Total comparable MATgrowth	3.1%	4.1%
Specialties comparable MATproductivity	$10,085/sqm	$9,864/sqm
Specialties comparable MATgrowth	3.7%	5.6%
New leasingspreads	0.5%	3.6%
Renewal leasingspreads	2.9%	3.0%
Total leasingspreads	2.3%	3.2%

1. Includes IPUC.

RETAIL DIVERSITY BY GRADE[ 5 ]

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Regional 41% Sub Regional 25% CBD Retail 15% Outlet 13% Neighbourhood 6%

RETAIL RENT REVIEW STRUCTURE

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Fixed: 88% CPI: 9% Other: 3%

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. Includes cash and fitout incentives.

3. Impacted by inclusion of Orion Springfield Central in comparable portfolio. Excluding Orion, productivity is $10,843/sqm.

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

5. Excludes lease expiries.

09 AUGUST 2018 66

FY18 Additional Information

RETAIL: COMPARABLE SALES BY CATEGORY

FY18 FY17 FY18 Comparable Comparable Retail sales by category Total MAT MATgrowth MATgrowth Supermarkets $1,100m 1.7% 2.3% Discount department stores $260m 6.2% (0.7%) Mini-majors $545m 5.8% 7.3% Specialties $1,190m 3.7% 5.6% Other retail $206m (3.4%) 2.5% Total $3,301m 3.1% 4.1%	FY18 FY17 FY18 Comparable Comparable Specialty sales by category Total MAT MATgrowth MATgrowth
	Food retail $137m 0.0% 3.1% Food catering $339m 7.3% 17.2% Jewellery $33m 2.3% 1.8% Mobile phones $41m 5.7% 18.0% Homewares $41m (2.7%) (12.8%) Retail services $126m 8.5% 0.8% Leisure $49m (0.2%) (1.4%) Apparel $322m 3.0% 0.5% General retail $102m (1.4%) 10.6%
	Total specialties $1,190m 3.7% 5.6%

Specialty metrics	FY18	FY17
Comparable specialtysales	$10,085/sqm	$9,864/sqm
Comparable specialtyoccupancycosts	15.3%	15.0%

09 AUGUST 2018 67

FY18 Additional Information

RETAIL: LEASE EXPIRY PROFILE AND TOP 10 TENANTS

RETAIL LEASE EXPIRY PROFILE – BY INCOME

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40%
30 29%
22% [ 2]
20
15%
12%
10 10% 11%
1%
0
Vacant FY19 FY20 FY21 FY22 FY23 FY24+
RETAIL LEASE EXPIRY PROFILE – BY AREA
40% 39%
30
20
15% 14%
11%
10% 10%
10
1%
0
Vacant FY19 FY20 FY21 FY22 FY23 FY24+
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RETAIL TOP 10 TENANTS

			Moody’s/
		Percentage 1	S&P Rating
1	Wesfarmers	10%	A3/A-
2	Woolworths Limited	3%	Baa2/BBB
3	Audi AG	2%	A3/BBB+
4	Aldi Food Stores	1%	—
5	Cotton On Group	1%	—
6	Virgin Group	1%	B2/B+
7	Event Cinemas	1%	-/BBB+
8	Westpac Banking Corporation	1%	Aa2/AA-
9	The Just Group	1%	—
10	Priceline	1%	—
	Total	22%

1. Percentage of gross retail portfolio income.

2. Includes retail holdovers of 4%, committed heads of agreement of 2%, and sundry income and development impacted sites of 3%.

09 AUGUST 2018 68

FY18 Additional Information

RETAIL: DEVELOPMENTS

RETAIL: DEVELOPMENTS
FY19 developments in progress Development area Incremental GLA Ownership Area % Pre-leased Estimated project costs 1 Estimated cost to complete 1 Estimated yield on cost	Estimated project timing
	1H19 2H19 FY20
Existing balance sheet assets
Kawana Shoppingworld – Cinema & Dining 6,900 sqm 6,900 sqm 50% 95% $28m $13m >6.0%
Rhodes Waterside – Aldi Development 3,700 sqm 900 sqm 50% 100% $6m $3m >6.5%
FY19 development total 10,600 sqm 7,800 sqm 97% $34m $16m ~6.5%
FY19 development pending
Toombul – Entertainment & DiningPrecinct2 4,500 sqm 1,600 sqm 100% N/A ~$40m ~$40m >6.0%

Future development and repositioning pipeline

Birkenhead Point Outlet Centre

Broadway Sydney Cooleman Court Greenwood Plaza Harbourside

Met Centre

Moonee Ponds Central Orion Springfield Central Rhodes Waterside Stanhope Village St Marys Village

1. Mirvac’s ownership interest.

2. Subject to final approvals.

09 AUGUST 2018 69

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RESIDENTIAL

Crest, Sydney

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FY18 Additional Information

RESIDENTIAL: MARKET OVERVIEW

Sydney	Strong macro backdrop and fast growing population supportive in current environment	Strong macro backdrop and fast growing population supportive in current environment	Mirvac pipeline 1
	> >	Established markets showing price weakness greatest for higher-end detached houses; apartments and MPC faring better Strong macro backdrop with upswing in business investment, >$92 billion in infrastructure spending next four years2, record levels of job	32%
	>	advertisements and sub 5% unemployment rate3 Elevated net overseas migration driving above average population growth; Greater Sydney attracts close to nine in ten overseas migrants to NSW4	NSW
	>	Future supply diminishing, particularly new unit commencements
Melbourne	Fundamentals supported by economic activity and population growth outpacing national average
	> >	Migration-led surge in population driving wide-scale service-sector growth Public sector investment strong and set to rise further with both large capital investment and hiring commitments next four years	41%
	> >	Business investment also broadly supportive with record job vacancies and pipeline of construction work to be done rising5 Melbourne population increased >125,000 (record level) FY17; Melbourne attracts nine in every ten new Victorians4	VIC
Brisbane	Mixed market with improving economy, rising population growth and demand evident for better quality product
	> >	Strong growth agenda from government with investment rising in both infrastructure and hiring for front-line services Improved economy and labour market translating into strong pick-up in interstate migration and Brisbane population growth (2.0%) exceeding rest	19%
	>	of state (1.3%) and Australian Greater Capital City pace (1.9%)4 Broader Brisbane apartments recording some stabilisation and positive price growth6; MPC market performing steadily7	QLD
Perth	Economy continues to show signs of improvement; housing demand for select product and locations
	> >	Large decline in mining investment largely complete although further momentum will take time Jobs growth improving however unemployment rate remains elevated as labour market participation has increased	8%
	>	Residential construction continues to lower and rental vacancy rates have reduced, indicating supply is being absorbed but will take time for markets to tighten8	WA

8% WA

1. Based on Mirvac’s share of expected future revenue. 2. NSW and Commonwealth Budget Papers 2018-19. 3. ABS Cat 6354 and Cat 6291. 4. ABS Cat 3218. 5. ABS Cat 8762.

2. CoreLogic Hedonic Price Index Brisbane (excluding Gold Coast) Units – 0.67% annual growth 30 June 2018. 7. National Land Survey Program. 8. REIA.

09 AUGUST 2018

71

FY18 Additional Information

RESIDENTIAL: PIPELINE POSITIONING

27406 , lots under control

SHARE OF EXPECTED FUTURE REVENUE BY PRODUCT[ 1]

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Masterplanned communities: 54% Apartments: 46%

SHARE OF EXPECTED FUTURE REVENUE BY GEOGRAPHY[ 1]

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VIC: 41% NSW: 32% QLD: 19% WA: 8%

LOTS UNDER CONTROL BY PRODUCT

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Masterplanned communities: 81% Apartments: 19%

LOTS UNDER CONTROL BY STRUCTURE

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100% Mirvac inventory: 42% JV: 35% PDA/DMA: 23%

LOTS UNDER CONTROL BY PRICE POINT

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Masterplanned
communities
< $250k: 23%
$250k – $500k: 73%
> $500k: 4%
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LOTS UNDER CONTROL BY PRICE POINT

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Apartments < $1.2m: 68% > $1.2m: 32%

1. Mirvac share of forecast revenue.

09 AUGUST 2018 72

FY18 Additional Information

RESIDENTIAL: MASTERPLANNED COMMUNITIES PIPELINE (MAJOR PROJECTS)

Expected settlement profile (lots)

Major projects State Stage	Ownership Type	FY19 FY20 FY21 FY22 FY23	FY19 FY20 FY21 FY22 FY23	FY19 FY20 FY21 FY22 FY23	FY19 FY20 FY21 FY22 FY23	FY19 FY20 FY21 FY22 FY23
Brighton Lakes NSW Multiple stages	PDA House	21
Hydeberry QLD Multiple stages	100% Land	133
The Avenue NSW Multiple stages	100% House & Land	51
Arana Hills QLD Multiple stages	100% Land	80			13
Everton Park QLD Multiple stages	100% Land	103
Osprey Waters WA Multiple stages	100% Land	166
Waverley Park VIC Multiple stages	100% House & Land	169
Crest NSW Multiple stages	100% House & Land	312
Gainsborough Greens QLD Multiple stages	100% House & Land	416
ONE71 Baldivis WA Multiple stages	100% House & Land	314
Madox WA Multiple stages	100% Land	364
Iluma Private Estate WA Multiple stages	100% Land	526
Tullamore VIC Multiple stages	100% House & Land	239
Everleigh QLD Multiple stages	100% Land	1,011
Olivine VIC Multiple stages	100% & DMA Land	1,234
Googong NSW Multiple stages	50% House & Land	1,261
Woodlea VIC Multiple stages	50% Land	2,545
Moorebank NSW Multiple stages	PDA House	89	179
Marsden Park North NSW Multiple stages	PDA Land		540
Smith's Lane VIC Multiple stages	100% Land			649

Masterplanned communities project pipeline analysis

% of total FY19 expected lots to settle from masterplanned communities ~80% % of total FY19 expected provision lot settlements ~5%

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

09 AUGUST 2018 73

FY18 Additional Information

RESIDENTIAL: APARTMENTS PIPELINE (MAJOR PROJECTS)

Major projects State Stage Pre-sold Ownership	Expected settlement profile (lots)	Expected settlement profile (lots)	Expected settlement profile (lots)	Expected settlement profile (lots)	Expected settlement profile (lots)
	FY19 FY20		FY21	FY22 FY23
Green Square NSW Ovo 99% PDA	44
Ascot Green QLD Ascot House 73% PDA	42
Claremont WA Reserve 48% 100%	92
Tullamore VIC Apartments Building A 78% 100%	134
The Finery NSW All Stages 83% 50%	142
The Eastbourne VIC All stages 100% PDA	258
Yarra’s Edge VIC Forge (balance of project) 23% 100%		47
Claremont WA Grandstand 60% 100%		142
Hope St QLD Lucid 92% 100%		167
Marrick & co NSW All Stages 67% 100%		216
Beachside Leighton WA Compass 36% 100%		108
St Leonards Square NSW All stages 98% 50%		527
Pavilions NSW All stages 58% PDA		421
Ascot Green QLD Tulloch House 21 % PDA				132
The Peninsula WA Future Stages Not released 100%				198
Yarra’s Edge VIC Voyager 51% 100%				271
Yarra’s Edge VIC Future Stages Not released 100%					400
Green Square NSW Future Stages Not released PDA					292

Apartment project pipeline analysis

% of total FY19 expected lots to settle from apartments ~20% % of total FY19 expected provision lots to settle <1%

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

09 AUGUST 2018 74

FY18 Additional Information

RESIDENTIAL: PRE-SALES DETAIL

RECONCILIATION OF MOVEMENT IN EXCHANGED PRE-SALES CONTRACTS TO FY18

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$3,000m
$2,746m
$977m $2,168m
2,000
1,000 ($1,555m)
0
FY17 Settled Net sales FY18
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$2.2bn pre-sales roll off: FY19 37%; FY20 53%; FY21+ 10%

Exchanged pre-sales less than one year old ~33% > Exchanged pre-sales less than two years old ~90% > Apartment pre-sales <$1m – ~32%

Masterplanned communities pre-sales <$1m – ~80%

PRE-SALES BY GEOGRAPHY

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PRE-SALES BY BUYER PROFILE[ 1]

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NSW: 40%
VIC: 48%
QLD: 7%
WA: 5%
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Owner occupier: 45%[ 2] Investor: 37% Mainland China: 6% Offshore other: 12%

PRE-SALES BY TYPE

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Apartments: 78% Masterplanned communities: 22%

PRE-SALES EXPECTED FIRB ROLL-OFF – APARTMENTS

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FY19: 27%
FY20: 38%
FY21+: 35%
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1. Includes first home buyers.

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

09 AUGUST 2018 75

FY18 Additional Information

RESIDENTIAL: FY18 ACQUISITIONS

					Estimated settlement
Project	State	Ownership	No. of lots 1	**Product type **	commencement 1
Olivine	VIC	DMA	1,886	Masterplanned communities	FY28
Total			1,886

1. Subject to planning approvals.

09 AUGUST 2018 76

FY18 Additional Information

RESIDENTIAL: FY19 EXPECTED MAJOR RELEASES

FY19 expected major releases 1	State	**Type **	Approximate lots 1
Woodlea	VIC	Masterplanned communities	494
Gainsborough Greens	QLD	Masterplanned communities	344
Green Square	NSW	Apartments	291
Everleigh	QLD	Masterplanned communities	239
Olivine	VIC	Masterplanned communities	214
Tullamore	VIC	Apartments & Masterplanned communities	117
Smith’s Lane	VIC	Masterplanned communities	110
Iluma Private Estate	WA	Masterplanned communities	84
WaverleyPark	VIC	Masterplanned communities	69
Baldivis	WA	Masterplanned communities	68
Crest	NSW	Masterplanned communities	66

1. Subject to planning approvals and market demand.

09 AUGUST 2018 77

FY18 Additional Information

RESIDENTIAL: FY18 SETTLEMENTS

3,400 lot settlements consisting of:

		Apartments	Apartments	Masterplanned	communities		Total
FY18	settlements by lots	Lots	%	Lots	%	Lots	%
NSW		567	16%	603	18%	1,170	34%
QLD		186	6%	377	11%	563	17%
VIC		35	1%	1,281	38%	1,316	39%
WA		98	3%	253	7%	351	10%
Total		886	26%	2,514	74%	3,400	100%

FY18 LOT SETTLEMENTS

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By product type

Masterplanned communities: 74% Apartments: 26%

House: 14% Land: 60%

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By geography

VIC: 39% NSW: 34% QLD: 17% WA: 10%

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By structure

100% Mirvac inventory: 44% JVA: 39% PDA: 13% Other: 4%

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By provision

Non-provision settlements: 85% Provision settlements: 15%

09 AUGUST 2018 78

FY18 Additional Information

RESIDENTIAL: FY18 SETTLEMENTS DETAIL

FY18 major settlements	**Product type **	Ownership	Lots
Woodlea, VIC	Masterplanned Communities	50%	915
Gainsborough Greens, QLD	Masterplanned Communities	100%	377
Googong, NSW	Masterplanned Communities	50%	290
Green Square, NSW	Apartments	PDA	258
Harold Park, NSW	Apartments	100%	228
Brighton Lakes, NSW	Masterplanned Communities	PDA	147
Harcrest, VIC	Masterplanned Communities	MWRDP	131
Tullamore, VIC	Masterplanned Communities	100%	125
Hope St, QLD	Apartments	100%	109
Crest, NSW	Masterplanned Communities	100%	108
Beachside Leighton, WA	Apartments	100%	98
Iluma Private Estate, WA	Masterplanned Communities	100%	85
The Finery , NSW	Apartments	JV	81
Madox, WA	Masterplanned Communities	100%	62
Subtotal			3,014
Otherprojects			386
Total			3,400

FY18 BUYER PROFILE

FY18 BUYER PROFILE GEOGRAPHY

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Domestic 90% Offshore 10%

Investors 46% Upgraders / empty nesters 27% First home buyers 27%

FY18 AVERAGE SALES PRICE

FY18 AVERAGE SALES PRICE
	$
House	$914k
Land	$322k
Apartments	$1,049k

09 AUGUST 2018 79

FY18 Additional Information

RESIDENTIAL: EBIT RECONCILIATION AND GROSS DEVELOPMENT MARGIN

FY18 residential EBIT reconciliation	$m
Development revenue	1,195
Management fee revenue	38
Total development revenue	1,233
JV and other revenue	71
Total operating revenue and other income	1,304
Cost of development and construction	(892)
Sales and marketing expense	(37)
Employee benefits and other expenses	(35)
Depreciation and other	(22)
Total cost ofproperty development and construction	(986)
Development EBIT	318
Management and administrative expenses	(18)
Total Residential EBIT	300
Gross Development Margin
Development revenue	1,195
Cost of development and construction	(892)
Residentialgross development margin	303
Residentialgross development margin %	25.4%

RESIDENTIAL GROSS DEVELOPMENT MARGINS

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30%
25 24.3% 24.4% 25.0% 25.4%
23.6%
20
17.0%
15 14.2%
14.3%
10 11.4%
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
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09 AUGUST 2018 80

FY18 Additional Information

RESIDENTIAL: PROVISIONS – ROLL OFF[ 1]

• $26m in provision release during FY18

• Remaining residential inventory provision balance of $88m at 30 June 2018[ 2]

EXPECTED PROVISION RELEASE PROFILE

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$50m
40
30
20
10
0
FY19 FY20 FY21
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EXPECTED CLOSING PROVISION BALANCE ROLL OFF

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$70m
60
50
40
30
20
10
0
FY19 FY20 FY21
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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 $124m.

09 AUGUST 2018

81

FY18 Additional Information

HIGH QUALITY PRODUCT & CONSERVATISM SUPPORTING FUTURE RESIDENTIAL MARGINS

REVENUE

DECLINING CAPITALISED INTEREST AS A PERCENTAGE OF INVENTORY

• $2.2bn 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 6% of inventory supports future margins

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

• 58% of lots controlled in capital efficient PDA and JV structures

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

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$2bn 13.0%
12.0
11.0
1.5
10.0
9.0
1.0
8.0
7.0
0.5
6.0
5.0
0.0 4.0
FY13 FY14 FY15 FY16 FY17 FY18
Non-interest inventory Capitalised interest Capitalised interest as % of inventory (RHS)
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Note: All inventory balances reflect gross inventory.

09 AUGUST 2018 82

RESTATED FY18 SEGMENT RESULTS

Australian Technology Park, Sydney

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FY18 Additional Information

RESTATED FY18 SEGMENT RESULTS – SUMMARY

• Mirvac’s current operating profit definition excludes security-based payments expense and certain amortisation expenses

• Effective in FY19, Mirvac’s definition of operating profit will be updated to:

• include security-based payments expense and

• exclude the amortisation of all lease incentives and leasing costs

• This change has been implemented to align with market practice (ASX top 20 and AREIT sector) and is also consistent with the Property Council of Australia’s recommended reporting metric, Funds From Operations or FFO

The below tables reflect the Group’s FY18 results under this revised definition

SUMMARY OF RESTATEMENTS TO FY18 OPERATING PROFIT

SUMMARY OF RESTATEMENTS TO FY18 OPERATING PROFIT
	Ofice &
	Industrial	Retail	Residential	Corporate	Total	EPS
	$m	$m	$m	$m	$m	cpss
Operating profit after tax (as reported)	379	154	226	(179)	580	15.6
Include security-based payments expense	(2)	(1)	(2)	(8)	(13)
Exclude amortisation of lease incentives	32	9	—	—	41
Operating profit after tax (restated)	409	162	224	(187)	608	16.4

09 AUGUST 2018 84

FY18 Additional Information

RESTATED FY18 SEGMENT RESULTS – DETAIL

RESTATED FY18 OPERATING PROFIT – SEGMENT DETAIL

RESTATED FY18 OPERATING PROFIT – SEGMENT DETAIL
	Ofice & Industrial As reported Restated $m $m	Retail As reported Restated $m $m	Residential As reported Restated $m $m	Corporate As reported Restated $m $m	Total As reported Restated $m $m
Property NOI Development EBIT Asset and funds management EBIT Management and administration expenses	316 348 65 65 16 15 (16) (17)	166 175 — — — — (12) (13)	— — 318 316 — — (18) (18)	18 18 — — 1 — (47) (54)	500 541 383 381 17 15 (93) (102)
Earnings before interest and tax (EBIT)	381 411	154 162	300 298	(28) (36)	807 835
Development interest costs Other net interest costs Income tax expense	(2) (2) — — — —	— — — — — —	(74) (74) — — — —	— — (74) (74) (77) (77)	(76) (76) (74) (74) (77) (77)
Operating profit after tax	379 409	154 162	226 224	(179) (187)	580 608

RESTATED FY18 FFO

Office & Industrial Retail Residential Corporate Total $m $m $m $m $m Funds from operations (as reported) 411 163 226 (192) 608 Security-based payments expense allocations (2) (1) (2) 5 — Funds from operations (restated) 409 162 224 (187) 608

09 AUGUST 2018 85

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CALENDAR

St Leonards Square, Sydney (artist impression)

FY18 Additional Information

1H19 CALENDAR

1H19 CALENDAR
Event	Location	Date1
Private roadshow	Sydney	10, 15-17 August 2018
Private roadshow	Melbourne	13 August 2018
Daiwa Asia-Pacific High Dividend Yield Corporate Day	Tokyo	6-7 September 2018
25th CLSA Investor’s Forum	HongKong	10-12 September 2018
Private roadshow	Singapore, KL	13-14 September 2018
Citi’s 10th Annual Australian and New Zealand Investment Conference	Sydney	17 October 2018
1Q19 Operational Update	—	23 October 2018
BofAML 9th Australian Real Estate Conference	Sydney	24-25 October 2018
UBS Australasian Conference 2018	Sydney	13 November 2018
2018 Annual General Meeting	Sydney	16 November 2018
UBS Global Real Estate Conference	London	27-28 November 2018
Private roadshow	Netherlands	26, 29-30 November 2018

Investor Relations Contact

T (02) 9080 8000

E investor.relations@mirvac.com

1. All dates are indicative and subject to change.

09 AUGUST 2018 87

FY18 Additional Information

GLOSSARY

Term Meaning

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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 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
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
LTIFR Lost Time Injury Frequency Rate
Low density Green field land projects outside of the middle ring
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Term Meaning

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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:
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
(i.e. 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
Operating Profit Operating profit reflects the core earnings of the Group, representing statutory profit adjusted for specific non-cash items and other
significant items.
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
SQM Square Metre
USPP US Private Placement
WACR Weighted Average Capitalisation Rate
WALE Weighted Average Lease Expiry
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09 AUGUST 2018 88

FY18 Additional Information

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.

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. Forwardlooking 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 2018, 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 2018, unless otherwise noted.

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.

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