MIRVAC GROUP — Annual Report 2018

Aug 8, 2018

Reimagine Urban Life 09.08.2018

FY18 RESULTS

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FY18 Results

AGENDA

FINANCIAL CAPITAL OFFICE & OVERVIEW RETAIL RESULTS ALLOCATION INDUSTRIAL

Shane Gannon Brett Draffen Chief Financial Officer Chief Investment Officer 11 17

Campbell Hanan Susan MacDonald Head of Office & Industrial Head of Retail 22 28

Susan Lloyd-Hurwitz CEO & Managing Director

02

SUMMARY RESIDENTIAL & GUIDANCE

Stuart Penklis Head of Residential 33

Susan Lloyd-Hurwitz CEO & Managing Director

40

09 AUGUST 2018 01

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OVERVIEW
Susan Lloyd-Hurwitz CEO & Managing Director
664 Collins Street, Melbourne
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FY18 Results

REIMAGINE URBAN LIFE[–] SHAPING THE FUTURE OF AUSTRALIA’S CITIES & URBAN AREAS

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REIMAGINE URBAN LIFE
IS BOTH OUR PASSION
AND OUR PURPOSE
THROUGH WHICH
WE LEAVE A LEGACY
Tramsheds, Sydney Calibre, Sydney
OF SUSTAINABLE,
CONNECTED URBAN
ENVIRONMENTS UNLOCKING LONG‑
TERM VALUE BY
DESIGNING AND
Orion Springfield Central, Brisbane DELIVERING Gainsborough Greens, Brisbane
INVIGORATING
PLACES WHERE
PEOPLE WANT TO
LIVE, WORK,
Brighton Lakes, Sydney PLAY AND SHOP Australian Technology Park, Sydney
09 AUGUST 2018 03
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FY18 Results

ANOTHER YEAR DELIVERING ON OUR PROMISES

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11.0 CPSS 18.1%
HIGHLY VISIBLE FY18 DPS Residential ROIC
AND DEFENSIVE
6% 11.4%
CASH FLOWS, growth Group ROIC
SUSTAINABLE
DISTRIBUTION
SINCE FY13
GROWTH AND
4.8% p.a. DPS
ATTRACTIVE
7.4% p.a. EPS
ROIC
7.4% p.a. NTA
Delivered 15.6 CPSS $2.31 CPSS COMPOUND ANNUAL
top end of FY18 EPS NTA
GROWTH RATE
EPS & DPS
8% 8%
guidance
growth growth
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09 AUGUST 2018 04

FY18 Results

MIRVAC WELL PLACED TO TAKE ADVANTAGE OF OPPORTUNITIES

• Now firmly in a new phase of the property cycle

• Mirvac is well prepared

• divested secondary assets

• creating Australia’s youngest, lowest capex office and industrial portfolio

• building and refining our bespoke urban retail portfolio

• acquiring residential projects at the right time and in the right place

• ensuring the balance sheet is conservative and robust

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200 George Street, Sydney
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Tramsheds, Sydney
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09 AUGUST 2018 05

FY18 Results

TRANSITIONING FOR THE FUTURE

The growth engine of the business is transferring to the Investment portfolio

• Acceleration of passive earnings growth is fuelling consistent strong distribution growth

• Forecast ~$1bn of active EBIT in the next three years, in line with the previous three years

• Future active earnings more weighted to Masterplanned Communities and commercial development

FORECAST FY19‑21

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85‑90%
~$1bn
Passive capital
Active EBIT allocation
target by FY22
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ACCELERATION IN PASSIVE EARNINGS GROWTH

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6.0%
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5.0 5.0%
4.0
3.0
2.0
1.0 1.0%
0.0
FY15-18 FY19-21
Average passive Forecast average passive
earnings growth p.a. earnings growth p.a.
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09 AUGUST 2018 06

FY18 Results

CREATING SHAREHOLDER WEALTH

Urban Strategy

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EPS growth DPS growth
‑
2 4% 5% 9% [+]
FY19 guidance FY19 guidance 3 year average
ROIC target
Consistent execution of disciplined urban strategy to deliver earnings, distribution growth and ROIC above WACC
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09 AUGUST 2018

07

FY18 Results

BUILDING CULTURE AS A SOURCE OF COMPETITIVE ADVANTAGE

PEOPLE & CULTURE

• Employee engagement of 90%, 3% above the Global High Performing Norm, demonstrating the strength of our purpose, values and culture

• Awarded the Employer of Choice for Gender Equality citation for fourth consecutive year

• Accredited as a White Ribbon Workplace

SAFETY & WELLBEING

• Launched ‘Thrive at Mirvac’, our new Health, Safety and Environment (HSE) Strategy

• Industry-leading Lost Time Injury Frequency Rate (LTIFR) of 1.3[ 1]

• Total Recordable Injury Frequency Rate (TRIFR) of 9.94, lowest on record for Mirvac

INNOVATION

• Launched Australian-first Hatch initiatives including:

• Cultivate – a pop up urban farm in the basement of EY Centre, 200 George Street, in partnership with Farmwall

• Shopping Nanny – rolled out to Birkenhead Point, Moonee Ponds and Rhodes Waterside after the success at Kawana Shoppingworld, increasing dwell time and basket spend

• The Third Space at Broadway Sydney – a unique alternative working environment outside of the home or office

• Pet Concierge – service for pet owners at Green Square, in partnership with the RSPCA, NSW (coming end of August)

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90%
2018
ENGAGEMENT
SCORE
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2018 EMPLOYEE ENGAGEMENT COMPARISON[ 2]

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90%
3%
85 10%
80
75
Mirvac Global high performing norm Australian national norm
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1. Safety Spotlight: ASX100 Citi. 2. Willis Towers Watson.

09 AUGUST 2018 08

FY18 Results

THIS CHANGES EVERYTHING[–] SUSTAINABILITY REIMAGINED

Refined our target focus areas to six key areas, aligned with key global ESG issues most relevant to Mirvac and our stakeholders > Continue to deliver on our targets and leave a legacy we can all be proud of

CLIMATE CHANGE Net positive carbon by 2030

NATURAL RESOURCES

Net positive water Zero waste by 2030

OUR COMMUNITY Net positive legacy

• SOCIAL INCLUSION

• $100m investment

• in social sector by 2030

OUR PEOPLE TRUSTED PARTNER Highly engaged, capable Most trusted owner & diverse workforce & developer

We focus on

Climate risk, Energy, Board capability

Waste, Water, Materials, Community engagement Procurement & supplier diversity, Biodiversity & investment, Social Volunteering, Reconciliation, return on investment, Affordability Wellbeing

Safety, Culture, Diversity, Reward

Integrity, Reporting, Earnings visibility

INVESTING IN SOLAR ENERGY

• Committed ~$5m to date at pilot projects across three states which will generate ~2.3MW of solar power – 1.3MW of solar power from 664 Collins Street, Melbourne; 1 Darling Island, Sydney and Orion Springfield Central, Springfield (1MW)

• ~1MW expected from solar panels at Australian Technology Park in Sydney

• Return on existing investment ~11%-15% IRR

• Potential pipeline of 10-15MW solar identified

• CEFC is committing up to ~$90m to help subsidise homes for solar

09 AUGUST 2018 09

FY18 Results

LAUNCHED AUSTRALIAN BUILD‑TO‑RENT CLUB

• Mirvac has secured Clean Energy Finance Corporation (CEFC) as cornerstone investor and intends to grow the ABTRC with discussions with additional club investors ongoing

• Indigo at Pavilions, Sydney Olympic Park in NSW is the first purpose-built build-to-rent[ 1] asset with completion of 258 apartments expected in FY21

• Mirvac will act as the development, investment and property manager

• Leverage our significant residential development expertise and asset management capability

• Whole of life customer – mid to long-term renter, to a purchaser, investor and empty-nester renter

• Indigo is designed with high levels of sustainability

• Globally, BTR is also referred to as Multifamily, the Private Rental Sector and Residential for Rent.

~~THE CUSTOMER PROBLEM~~

Limited No security options of tenure 2 Limited 61% Limited sustainability of renters have residents advancements had an issue finding services a suitable property The third alternative High Poor Sustainability Security cost of living management initiatives of tenure Lifestyle Mirvac Professional benefits management BTR Innovative On‑site lease management structures Lower cost of living ~~THE SOLUTION~~

1. Source: CHOICE, Unsettled: Life in Australia’s private rental market, 2017.

09 AUGUST 2018 10

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FINANCIAL
RESULTS
Shane Gannon
Chief Financial Officer
St Leonards Square, Sydney (artist impression)
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FY18 Results

CONTINUING TO DELIVER A STRONG FINANCIAL TRAJECTORY

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STATUTORY PROFIT OPERATING EPS NTA PER SECURITY DPS
$1,250m $1,164m 15.5 cents 15.6c $2.30 $2.31 11.0 cents 11.0c
$1,033m $1,089m
1,000 14.5 14.4c $2.13 10.5 10.4c
2.10
750 13.5 10.0 9.9c
$1.92
$610m 13.0c 1.90
500 $447m 12.5 12.3c 9.5 9.4c
$1.74
11.9c
1.70 $1.66
250 11.5 9.0 9.0c
$1.62
$140m 10.9c 8.7c
0 10.5 1.50 8.5
FY13 FY14 FY15 FY16 FY17 FY18 FY13 FY14 FY15 FY16 FY17 FY18 FY13 FY14 FY15 FY16 FY17 FY18 FY13 FY14 FY15 FY16 FY17 FY18
7.4% 5 year EPS CAGR 7.4% 5 year NTA CAGR 4.8% 5 year DPS CAGR
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STATUTORY PROFIT

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$1bn
Statutory
profit
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8%
EPS growth
on FY17
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8%
NTA per security
growth on FY17
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6%
DPS growth
on FY17
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09 AUGUST 2018 12

FY18 Results

RESULTS DELIVERED AT TOP END OF GUIDANCE

OPERATING RESULTS

OPERATING RESULTS
	FY17	FY18
	$m	$m
Ofice & Industrial	319	381	19%
Retail	156	154	1%
Residential	302	300	1%
Corporate & other	(27)	(28)	4%
Operating EBIT	750	807	8%
Operating profit after tax	534	580	9%
Funds from operations (FFO)1	556	608	9%
Adjusted funds from operations (AFFO)	487	528	8%
Statutory profit after tax	1,164	1,089	6%

Strong increase in O&I driven by leasing, 11% office NOI growth and development EBIT from 664 Collins Street, MEL completion Retail LFL NOI growth of 3% and purchase of remaining share of East Village, SYD offset by lower asset and funds management fees and 50% sale of Kawana, QLD

Strong Residential EBIT driven by record lot settlements and high margins Continued focus on overhead management and operational efficiencies Delivered earnings growth at the top end of guidance Near record statutory profit driven by operating EBIT growth and net property revaluation gains in FY18 totalling $490m

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

09 AUGUST 2018 13

FY18 Results

ROBUST BALANCE SHEET AND CASH FLOW

• Well positioned to continue to fund growth and distribution

• Gearing of 21.3%[ 1] at the lower end of the target range of 20-30%

• 6.8 years weighted average debt maturity with limited expiries in any one year

• 4.8% weighted average cost of debt[ 2]

• 77% of debt hedged

• $906m of cash and undrawn committed debt facilities

• Strong operating cash flows from 2H18 residential settlements

• Significant 8% increase in NTA to $2.31 driven by revaluations and development completions

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DIVERSIFIED Bank 14%
DEBT SOURCES
USPP 46%
MTN 18%
EMTN 22%
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NET TANGIBLE ASSET GROWTH

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$2.50
$0.13
2.30 $0.16 $2.31
($0.11)
2.10 $2.13
1.90
1.70
1.50
NTA at Operating Net revaluation Distributions NTA at
1 July 2017 earnings gain 30 June 2018
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1. Net debt (at foreign exchange hedged rate) excluding leases/(total tangible assets – cash).

1. Includes margins and fees.

09 AUGUST 2018 14

FY18 Results

RECURRING INCOME SUPPORTING DISTRIBUTION GROWTH

• Distribution continues to be funded from growing operating cash flows

DISTRIBUTION COMFORTABLY FUNDED BY OPERATING CASH FLOWS

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$800m
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• Recurring income boosted by asset creation and third-party capital, while low gearing levels maintained

• Future distribution growth supported by increasing passive NOI from recent development completions

77% payout ratio Adjusted Funds From Operations (AFFO)

70%

payout ratio Operating Earnings

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$663m
600
$509m $513m
$399m $413m
400 $386m
200
0
FY13 FY14 FY15 FY16 FY17 FY18
Operating cash flow Full year distribution
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09 AUGUST 2018 15

FY18 Results

FY19 ACCOUNTING CHANGES

NEW OPERATING PROFIT MEASURE

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

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

• 1) include security-based payments expense and

• 2) exclude the amortisation of all lease incentives and leasing costs

COMPARABLE OPERATING PROFIT AND EPS

	FY18	FY18 EPS	FY19 EPS (cpss)
	($m)	(cpss)	comparable guidance
Operating profit after tax (as reported)	580	15.6	3-4% growth on FY18
Less: security-based payments expense	(13)
Add: amortisation of lease incentives	41
and leasing costs
Operating profit after tax (restated)	608	16.4	2-4% growth on FY18

This change has been implemented to align with market practice[ 1] (ASX top 20 and AREIT sector). See pages 83-85 in the Additional Information for further details.

1. Consistent with the Property Council of Australia’s recommended reporting metric, Funds From Operations or FFO.

09 AUGUST 2018 16

CAPITAL ALLOCATION

Brett Draffen

Chief Investment Officer

The Finery, Sydney

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FY18 Results

FOCUS ON GATEWAY CITIES OF SYDNEY & MELBOURNE

$138bn NSW & VIC Australia’s largest & Australia’s largest Australia’s largest Main contributors Australia’s key Largest beneficiaries Government infrastructure deepest employment populations with and most important to Australia’s GDP gateway cities of Australia’s net investment spending[ 1] markets strong growth knowledge economies and GDP growth overseas migration PASSIVE ACTIVE INVESTMENT DEVELOPMENT Secure yield – underpins Group distribution Disciplined growth 2 $10.1bn $1.7bn OFFICE, OFFICE & RETAIL RESIDENTIAL INDUSTRIAL & INDUSTRIAL RETAIL SYDNEY SYDNEY 3 SYDNEY SYDNEY 6.6bn.6bn6bnbn 87% MELBOURNE $3.2bn 72% MELBOURNE $1.5bn 61% MELBOURNE $0.2bn 82% MELBOURNE

$6.6bn.6bn6bnbn

1. Committed expenditure FY19 to FY22: Sources – NSW State Budget 2018-19, Infrastructure Statement – Budget Paper No. 2; VIC State Budget 2018-19, State Capital Program, Budget Paper No. 4; Commonwealth Budget 2018-19, Budget Paper No. 3. 2. Includes indirect investments.

09 AUGUST 2018

18

1. Includes Googong.

FY18 Results

DELIVERING RETURNS ABOVE COST OF CAPITAL

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OFFICE AND INDUSTRIAL ROIC
12.4%
GROUP ROIC
FY16 FY17 FY18
18.1%
11.4%
FY16 FY17 FY18
RESIDENTIAL ROIC
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RETAIL ROIC
7.3%
FY16 FY17 FY18
11.4%
FY16 FY17 FY18
GROUP ROIC
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Targeting 9%+ 3 year average Group ROIC

09 AUGUST 2018 19

FY18 Results

CAPITAL ALLOCATION FLEXING WITH THE CYCLE

• Passive capital as a percentage of total capital increasing as development pipeline completes

ACTIVE AND PASSIVE CAPITAL ALLOCATION

Active allocation reducing as passive investment assets continue to grow following development completions

• Prudently maintaining balance sheet gearing at the lower end of the Group’s target range at this point in the cycle

• Passive capital allocation targeted at 85%–90% in the medium term, increasing from previous 80% passive / 20% active target

• Further capital allocation to active development dependent on the property cycle and meeting return hurdles

• Focus on joint ventures/PDAs and third-party funds management to increase returns in a capital efficient manner

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$12.0bn
>$12bn [1]
$10.0
$10.1bn Passive
capital
86%
$9.2bn
8.0
$8.0bn
Passive
$7.5bn
capital
6.0 83%
4.0
Active Active
capital capital
2.0 17% 14%
Active
$1.6bn $1.8bn $1.8bn $1.7bn capital
target
0 ~10%-15%
FY15 FY16 FY17 FY18 FY22 target
Passive Capital Active Capital
10% CAGR FY15-18
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1. Mirvac forecast including the delivery of the $3.1bn office and industrial committed development pipeline.

09 AUGUST 2018 20

FY18 Results

STRONG VISIBILITY OF FUTURE PIPELINE

STRONG VISIBILITY OF FUTURE PIPELINE	STRONG VISIBILITY OF FUTURE PIPELINE	STRONG VISIBILITY OF FUTURE PIPELINE
MAJOR CONTRIBUTORS 1
OFFICE & INDUSTRIAL > 664 Collins Street, MEL – full year > Calibre, SYD – B2 to 5 – part year > 75 George Street, Parramatta, SYD – full year > Australian Technology Park, SYD2 > 477 Collins Street, MEL2 > Calibre, SYD – B1 to 5 (50% sell down) > 477 Collins Street, MEL (final PC) > Australian Technology Park, SYD (final PC) > 80 Ann Street, BNE2 > Australian Technology Park, SYD – Buildings 1 & 3 – part year > 477 Collins Street, MEL – part year > Calibre, SYD – B2 to 5 – full year NOI Growth NOI Growth Development Profits & Fair Value Uplifts 2 Development Profits & Fair Value Uplifts 2 FY19 FY20 78% pre-let developments3		Development Pipeline > Locomotive Workshops, SYD > 80 Ann Street, BNE > 75 George Street, Parramatta, SYD > 55 Pitt Street, SYD > Elizabeth Enterprise, Badgerys Creek, SYD FUTURE PIPELINE
RETAIL > East Village (50%), SYD – full year > South Village, SYD – part year	> South Village, SYD – full year > Kawana, Sunshine Coast development – full year > Toombul, BNE development	> Harbourside, SYD > Birkenhead Point, SYD > Broadway, SYD
RESIDENTIAL MPC Apartments > Tullamore, MEL > Woodlea, MEL > Olivine, MEL > Crest, SYD > Hydeberry, BNE > Claremont, PER > The Finery, SYD > Lucid, BNE > The Eastbourne, MEL4	MPC Apartments > Tullamore, MEL > Woodlea, MEL > Olivine, MEL > Crest, SYD > Everleigh, BNE > St Leonards Square, SYD > Pavilions, SYD > Marrick & Co, SYD > The Eastbourne, MEL	MPC Apartments > Tullamore, MEL > Woodlea, MEL > Olivine, MEL > Smith’s Lane, MEL > Everleigh, BNE > Altona North, MEL6 > Coonara Ave, SYD5 > Pavilions, SYD > Ascot Green, BNE > Green Square, SYD > 505 George Street, SYD > Harbourside, SYD > Burswood, PER + Australian Build-to-Rent Club

1. Based on Mirvac internal forecasts, subject to planning approvals and market demand. 2. Development profit recognised progressively over the life of the project. 3. 4. Eastbourne – partial completion in FY19 5. Site owned by Mirvac, progressing re-zoning opportunities. 6. Held under share sale agreement.

Percentage pre-let of committed development pipeline including HoA.

09 AUGUST 2018 21

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• OFFICE AND INDUSTRIAL

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Head of Office & Industrial

Campbell Hanan

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664 Collins Street, Melbourne
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FY18 Results

OFFICE PORTFOLIO TRANSITION NOW ACCELERATING

STRONG PERFORMANCE CONTINUES

• FY18 divisional O&I EBIT increased 19% to $381m

• Acceleration of Office NOI increasing 11% to $270m

• Occupancy remains high at 97.5%[ 1]

• ~75,000 sqmof leasing with 8.6%[2] leasing spreads

• Like-for-like NOI growth of 12.7%

STRONG INCREASE IN RECURRING OFFICE NOI

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$270m
260 11%
250
240
230
FY17 FY18
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• WALE increased to 6.6 years[ 3]

DEVELOPMENT COMPLETIONS AND REVALUATIONS BOOSTING AUM

• Total net valuation increase of 7.1% or ~$381m[ 4] for office reflecting a cap rate of 5.69%

• Successful completion of 664 Collins St, Melbourne, major contributor to FY18 development EBIT of $65m (+81% on pcp)

• Assets under management increased 17% to $12.6bn, increasing recurring fee income

• By area, including investments in joint ventures and excluding assets held for development.

• Excluding development leasing.

• By income, including investments in joint ventures and excluding assets held for development.

• Including share of valuation gains from joint ventures.

ASSETS UNDER MANAGEMENT INCREASING

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$14bn $12.6bn
12
10 169%
6.3
8
5.2
4.5
6
0.9 1.4
0.7
4 0.6
6.3
2 4.6 5.2 4.9 5.0 5.6
4.1
0
FY12 FY13 FY14 FY15 FY16 FY17 FY18
MGR O&I O&I Assets Under Management
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09 AUGUST 2018 23

FY18 Results

INDUSTRIAL PROVIDING HIGH QUALITY INCOME

• Industrial benefiting from strong tenant demand and 100% Sydney weighting

• ~104,400 sqm of leasing activity including developments increasing occupancy 470bps to 100%

• Maintained attractive WALE of 7.1 years[ 1]

• Like-for like NOI growth of 1.3%

MAJOR INDUSTRIAL LEASING	DEALS		%
			portfolio
Top leasing deals	Tenant	Area	NLA
36 Gow Street, Sydney NSW	WSI Warehouse Holdings	20,389 sqm	4.7%
Nexus 3 Building, Sydney NSW	De Longhi	17,250 sqm	4.0%
Calibre – Building 3, Sydney NSW	Pet Circle	21,090 sqm	4.9%
Calibre – Building 4, Sydney NSW	Sheldon and Hammond	31,221 sqm	7.2%

• Valuation uplift of $24m reflecting cap rate compression of 18bps

EXPIRY PROFILE – SECURE LONG-TERM INCOME[ 2]

Delivering modern, high-quality industrial developments

• Calibre, Eastern Creek NSW - successful completion and leasing of Buildings 3 & 4. Remaining buildings B2 (100% leased) and B5 (HoA signed) completing in FY19

• Progressing to sell down 50% of Calibre Estate in FY19

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60%
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40
20
0
Vacant FY19 FY20 FY21 FY22 FY23 FY24+
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1. By area.

1. By income.

09 AUGUST 2018 24

FY18 Results

BUILDING RESILIENT RECURRING INCOME

Mirvac’s ability to create high-quality commercial assets generates:

• Stable long-term recurring income

• Superior returns (not competing for passive assets on market)

• Development profits

• NTA uplifts

Recent completions between FY15-18 delivered:

• $60m of new recurring property NOI

• $182m of development profit

• $363m of fair value uplift

ADDITIONAL HIGH-QUALITY INCOME FROM OFFICE & INDUSTRIAL DEVELOPMENTS[ 1]

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$3.1bn ACTIVE DEVELOPMENT PIPELINE NOI GROWTH
~
100 ($m) NOI $95m
66% potential additional annual NOI
committed
90 by FY23 from FY19 from active
development pipeline
80 0%
committed
70 78%
of development pipeline
58%
60 committed [ 5]
committed
50 >$200m
potential fair value uplift
100%
40 committed between FY19-22 [ 2]
100%
30
committed
100%
20
committed
10 100%
committed YEAR 1 FULLY LET NOI >$180m
0
potential development
2H18 FY18–19 FY19 FY20 FY20 FY21 FY22 Cumulative NOI EBIT between FY19-22 [ 3]
664 Collins Street Calibre B2-5 ATP, SYD ATP, SYD 477 Collins St Locomotive 80 Ann Street by FY23 [ 4]
MEL SYD B1 and 3 [ 6] B2 MEL Workshops, SYD BNE
Committed [ 5] Uncommitted
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1. Based on 100% occupancy and 50% ownership, other than Australian Technology Park at 33.3% ownership and Locomotive Workshops at 100% ownership. 2. Potential fair value uplift based on 4.80% cap rate for 477 Collins Street, 5.0% cap rate for Australian Technology Park, and 5.0% cap rate for 80 Ann Street. 3. Potential future development EBIT from developments partially sold-down to capital partners (477 Collins Street, Australian Technology Park, Calibre and 80 Ann Street). 4. Expected NOI from both active development projects and recently completed developments by FY23 including rental growth. 5. Includes Heads of Agreement. 6. Australian Technology Park B1&3 PC in FY19 & income contribution from FY20.

09 AUGUST 2018 25

FY18 Results

FUTURE RESILIENCE FROM CREATING A MODERN PORTFOLIO

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ATP &
$5.4bn 477 80 $3.1bn
LOCOMOTIVE
Industrial assets of new Office & COLLINS STREET ANN STREET committed development Office & Industrial
created between created or being MEL BNE WORKSHOPS pipeline
FY12-FY22 SYD
FUTURE PIPELINE
ELIZABETH
55 75 GEORGE
ENTERPRISE, $2.5bn
PITT STREET STREET uncommitted
BADGERYS CREEK
development pipeline
SYD PARRAMATTA
SYD
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• Developing high quality modern assets

• Majority of portfolio younger than 15 years, resulting in lower maintenance

• capex, higher cashflow and valuation benefit

• By FY22, 87% will have been developed by Mirvac

• Future investment opportunities for both office and industrial

• $5.6bn total potential pipeline

09 AUGUST 2018 26

FY18 Results

STRONG OFFICE AND INDUSTRIAL OUTLOOK

STRENGTH IN SYDNEY AND MELBOURNE OFFICE MARKETS

• Vacancy rates continue to fall, supported by solid tenant demand particularly in Melbourne

• Strong prime net effective rental growth in Sydney and Melbourne

• Office supply remains below historical averages in Sydney

• Mirvac well positioned with 84% of office portfolio value and 87% of FY19 expiries in Sydney and Melbourne

ROBUST OUTLOOK FOR SYDNEY INDUSTRIAL

• Tenant demand well above average, supporting rental growth

• Market undersupplied due to a lack of serviced, zoned land

• Mirvac benefiting from long WALE, limited expiries and Sydney focused portfolio

• Strategy in place to deliver modern industrial developments and to continue to grow capital partnerships

SYDNEY CBD – OFFICE VACANCY VS PRIME EFFECTIVE RENTS

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14% 40%
12 30
10 20
8 10
6 0
4 -10
2 -20
0 -30
Net effective rent growth (RHS) Vacancy (LHS) Source: JLL Research and Mirvac internal forecast
Jun 01Jun 02Jun 03Jun 04Jun 05Jun 06Jun 07Jun 08Jun 09Jun 10Jun 11Jun 12Jun 13Jun 14Jun 15Jun 16Jun 17Jun 18Jun 19Jun 20
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09 AUGUST 2018 27

RETAIL Susan MacDonald Head of Retail

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Broadway, Sydney
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FY18 Results

URBAN RETAIL DELIVERING OUTPERFORMANCE

• Urban and metro assets outperforming

• Solid 3.0% like-for-like income growth

• Net valuation uplift of 3.0% supported by urban catchments and dynamic retail tenant mix[ 1]

• Leased ~16% of portfolio GLA across 66,500sqm

• Positive leasing spreads of 2.3%

• Maintained occupancy >99%

> 71% 3.1% $10,000 Inner urban exposure Comparable Comparable specialty of assets[ 3] MAT growth sales productivity 3.7% 2.4% Specialty sales growth Foot traffic growth[ 2]

1. Excludes transaction costs.

METRO OUTPACING COUNTRY PERFORMANCE

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1.1
3% cumulative
outperformance
1.0
7% cumulative
0.9 underperformance
Dec-14 Dec-15 Dec-16 Dec-17
Metropolitan retail Country retail Total retail benchmark Source: MSCI 2018
Relative return vs Total Retail
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RETAIL SALES BY CATEGORY

	FY18	FY18	Comparable
	Total MAT	Comparable MAT	MATgrowth
Supermarkets	$1,100m	$874m	1.7%
Discount department stores	$260m	$188m	6.2%
Mini-majors	$545m	$479m	5.8%
Specialties	$1,190m	$978m	3.7%
Other retail	$206m	$174m	(3.4%)
Total	$3,301m	$2,693m	3.1%

1. Comparable centres.

2. 15kms from the CBD.

09 AUGUST 2018 29

FY18 Results

GROWTH OUTLOOK AGAINST A COMPETITIVE LANDSCAPE

GROWTH DRIVERS MIRVAC OUTLOOK VS MARKET

SYDNEY – CHANGE IN TOTAL INCOME BY LOCATION[ 2]

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Mirvac centres benefiting from catchments with higher density Stanhope Village Cherrybrook Village
REAL and larger increases in total income
GROWTH > More affluent catchments with deeper employment facilitating St Marys Shopping Centre
higher real growth with lower volatility
Rhodes Waterside Greenwood Plaza
POPULATION > Historically, 65% higher population growth and forecast growth Birkenhead Point Metcentre
GROWTH ~50% higher in Mirvac catchments vs broader Australia (FY17-FY26) [ 1] Tramsheds Sydney Harbourside Shopping Centre
Broadway Sydney
East Village
> 45% income from online-resilient categories: food catering, non-retail,
entertainment and retail services
ONLINE
> High traffic urban centres a high value distribution channel Five year total
IMPLICATIONS income change
> Significant tourism customer base across 44% of Mirvac portfolio 0–$50m
South Village Shopping Centre $50m–$100m
seeking authentic physical experiences $100m–$150m
$150m–$200m
$200m–$250m
> Higher barriers to entry for physical competition in urban markets >$250m
COMPETITION
given higher land values and more established built form Mirvac Centres
IMPACT
> Experiential capex investment targeting increased market share
POSITIVE
CONTRIBUTORS
NEW RETAIL
NEGATIVE
CONTRIBUTORS
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1. ~65% higher population growth estimated with Mirvac SA2 catchment population CAGR of 2.8% versus Australian population CAGR of 1.7% (2011-2016). Source: Census 2016, Forecast growth ~50% higher estimated with MacroPlan Dimasi 2018 and Mirvac analysis.

2. Source: ABS Cat. 6524.0.55.002; Map depicts the change in total personal income from FY11-FY16 for Greater Sydney SA2s, derived from the Australian Taxation Office (ATO). Total income includes employee income, own unincorporated business income, investment income, superannuation and annuities income and other income.

09 AUGUST 2018

30

FY18 Results

PHYSICAL RETAIL INTEGRAL IN THE URBAN & METRO ENVIRONMENT

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275 KENT STREET
SYD
80 ANN STREET
BNE
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RIVERSIDE QUAY
MEL
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WORKING ACROSS SECTORS DELIVERS GREAT AMENITY AND EXPERIENCES FOR OUR TENANTS AND CUSTOMERS

Activating ground plane with > 25,000sqm of retail exposure in Office and Residential portfolio

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90 COLLINS STREET
MEL
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LOCOMOTIVE WORKSHOPS SYD ST LEONARDS SQUARE SYD TRAMSHEDS SYD

09 AUGUST 2018 31

FY18 Results

OUR FOCUS REMAINS ADAMANTLY URBAN IN FY19

• The retail market continues to be increasingly competitive

• We anticipate performance metrics to evolve in retail real estate

• Investor demand remains strong for urban and metro markets

• Mirvac’s urban portfolio, with overweight to Sydney, remains well positioned with strong economic drivers

• Continued investment in customer centric experiential capex and active remixing

• Disciplined development, focused on asset productivity not scale

• Completion of Rhodes and Kawana by the end of 1H19

• Commencement of Toombul Entertainment and Dining Precinct (~$40 million)

• South Village staged completion from end of 1H19

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Toombul, Nundah, Brisbane – artist impression
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Toombul, Nundah, Brisbane – artist impression
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09 AUGUST 2018 32

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Stuart Penklis Head of Residential
RESIDENTIAL
Ovo, Green Square, Sydney
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FY18 Results

FY18 TARGETS DELIVERED

• Mirvac’s brand combined with high-quality product in desirable locations continues to produce strong results in a moderating market

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Achieved a record Gross margins ROIC Defaults
<
3400 25.4% 18.1% 2%
,
lot settlements
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STRONG RESIDENTIAL PERFORMANCE

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4,000 lots 30%
25
3,000
20
2,000 15
10
1,000
5
0 0
FY16 FY17 FY18
Lots settled (LHS) Gross margin (RHS) ROIC (RHS)
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• 90% of FY18 buyers domestic, with continued demand from owner-occupiers

• Solid demand continues for Masterplanned Communities and medium density housing

• High level of pre-sales in apartment projects in Sydney, which are 83% pre-sold out to FY21

• Retain good visibility of future earnings, with $2.2bn of pre-sales on hand and 60% of residential EBIT secured for FY19

FY18 MAJOR SETTLEMENTS

FY18 MAJOR SETTLEMENTS
Project	**Product type **	Lots
Woodlea, VIC	Masterplanned Communities	915
Gainsborough Greens, QLD	Masterplanned Communities	377
Googong, NSW	Masterplanned Communities	290
Green Square, NSW	Apartments	258
Harold Park, NSW	Apartments	228

09 AUGUST 2018 34

FY18 Results

THE MIRVAC DIFFERENCE[–] “IT’S IN THE DETAIL”

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OLIVINE EASTBOURNE
Customer
MEL Place MEL
Creating
exceptional
living
experiences
GREEN
Legacy Quality TULLAMORE
SQUARE
MEL
SYD
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09 AUGUST 2018 35

FY18 Results

RESTOCKING – RIGHT TIME AND RIGHT PLACE

• High embedded margins given pipeline age and location

• Mirvac acquired 18,542 lots between FY11-15 in Sydney and Melbourne when pricing and returns were attractive

• 72% of lot acquisitions since FY11 have been on capital-efficient terms

• More than 50% of lots have embedded margins greater than 25%

PRUDENT APPROACH TO FUTURE RESTOCKING

• Future opportunities are emerging as competition for sites reduces

• Residential capital allocation at $1.5bn FY18, well below ~$2bn cap, providing flexibility to restock

• Focused on the right product in the right location on acceptable returns

• Continue to pursue growth with third-party capital partners and through capital-efficient transactions

MIRVAC HISTORICAL ACQUISITIONS VS RESIDENTIAL PRICES

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Residential Property Price Index (ABS) [ 1] 180
12,000 lots acquired
170
10,000
160
8,000 150
140
6,000
130
4,000
120
2,000
110
0 100
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
NSW lots acquired Sydney Residential Price Index (ABS) – RHS
VIC lots acquired Melbourne Residential Price Index (ABS) – RHS
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1. ABS Cat 6416.0, Residential Property Price Index by Capital City, Reference period 2011-12 = 100, ending value is March 2018.

09 AUGUST 2018 36

FY18 Results

STRATEGIC OVERWEIGHT TO VICTORIAN MPC

• Melbourne benefiting from strong population growth, relative affordability, employment strength and strong major infrastructure initiatives

• 80% of pipeline delivering house and land catering to the middle and greenfield markets

• Projects have been strategically purchased with continued focus on capital efficient structures

• All sites are located in strong growth corridors and middle ring sub markets with positive supply / demand fundamentals

• New projects to be released in FY19 with the imminent rezoning for Smith’s Lane and Altona North

• Woodlea continues to experience high levels of enquiry

• 34,000 people on the project database

• Successful launches for the medium density product

THE MIRVAC DIFFERENCE – FOCUS ON COMMUNITY

• Early activation and commitment to infrastructure and amenity promotes community and sales

• Thorough understanding of our customers and a diversity of product solutions, across a broad range of price points and buyer profiles

• A strong focus on education – Hume Anglican Grammar at Olivine VIC, and Bacchus Marsh Grammar at Woodlea will both be operational for the 2019 school year

• Based on remaining lots to settle as at 30 June 2018.

• Held under share sale agreement.

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4,030
LOTS DONNYBROOK
Hume
Olivine Freeway
Tullamarine
Airport
Northern
Woodlea Ring Road
Western
4,581 Freeway
LOTS DONCASTER
Tullamore
ROCKBANK 502
LOTS
MELBOURNE FreewayEastern
Altona North 2
Princes
Freeway
340 LOTS ST KILDA Monash
Freeway
Waverley
Park
169 LOTS
VIC MPC
>
11,300
TOTAL LOTS 2,297
with an average LOTS
Pipeline [ 1] vintage of 7 yrs Frankston Freeway Smith’s
Lane
Greenfield DANDENONG
Middle Ring
Calder
Freeway
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09 AUGUST 2018 37

FY18 Results

PLANNING FOR THE NEXT GENERATION OF RESIDENTIAL

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Artists impression, Artists impression, Artists impression, Artists impression,
505 George Street, Sydney 55 Coonara Ave, Sydney Tower 6 Burswood, Perth Green Square, Sydney
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> 4000 ,

potential lots to be added into the pipeline[ 1]

KEY PROJECTS 505 GEORGE ST, SYD COONARA AVE, SYD BURSWOOD, PER GREEN SQUARE, SYD HARBOURSIDE, SYD ALTONA NORTH, MEL

1. Key projects include 505 George St, SYD, Coonara Ave, SYD, Harbourside, SYD and Altona North, MEL. Subject to planning approvals and market demand.

09 AUGUST 2018 38

FY18 Results

MIRVAC POSITIONING AND OUTLOOK

• The residential market is moderating as expected with more focus placed on location and quality

• Lending conditions for investors and foreign buyers have tightened

• Signs of improved buyer sentiment, particularly among owner-occupiers and first home buyers

• Competition reducing due to more restrictive developer access to financing

• Well placed to take advantage of emerging opportunities

EXPECTED RESIDENTIAL EBIT CONTRIBUTION

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FY14–18 FY19–21 expected
Masterplanned Masterplanned
Communities: 47% Communities: 64%
Apartments: 53% Apartments: 36%
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STRATEGIC POSITIONING PROVIDES SOLID MEDIUM‑TERM EARNINGS VISIBILITY

• Increased contribution from Masterplanned Communities, particularly in Melbourne

• Lower contribution from Brisbane and Melbourne Apartments (ex-The Eastbourne) representing <3% of forecast FY19-21 EBIT

FY19 OUTLOOK

• Increased Masterplanned Communities contribution and lower Apartment settlements in FY19

• Gross margins to remain at ~25% above through-cycle 18-22% range

• Expect to achieve greater than 2,500 lot settlements

• ROIC lower in FY19 and averaging ~18% FY19-20

EXPECTED RESIDENTIAL EBIT CONTRIBUTION FY19-21

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Melbourne Apartments <1% [ 1]
The Eastbourne 7%
Brisbane Apartments 2%
VIC Masterplanned
WA 9% Communities 40%
QLD Masterplanned
Communities 7%
Sydney Apartments 24%
( 83% pre-sold to FY21 ) NSW Masterplanned
Communities 11%
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09 AUGUST 2018 39

1. Melbourne Apartments excluding The Eastbourne which is 100% pre-sold.

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SUMMARY
& GUIDANCE
Susan Lloyd-Hurwitz CEO & Managing Director
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477 Collins Street, Melbourne
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FY18 Results

STRONG INCOME GROWTH AND EARNINGS RESILIENCE UNDERPINNED BY URBAN STRATEGY

As we look to the future, our transformational urban strategy will deliver

Secure and growing yield, driven by our ~$10bn modern investment portfolio, and the progressive addition of income from our $5.6bn[ 1] commercial pipeline

Disciplined growth Highly visible residential through our proven asset cash flows with a strong creation capability embedded margin

09 AUGUST 2018 41

1. Represents 100% of expected end value of committed and future developments.

FY18 Results

FY19 GUIDANCE

FY19 expected to be another solid year with operating EPS guidance of 16.8-17.1 cpss[ 1] representing growth of 2-4%[ 2]

DPS guidance of 11.6 cpss representing growth of 5% on FY18

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FY19 guidance
‑
2 4%
EPS growth
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DPS
FY19 guidance
12.0 cents
5% 11.0 11.6
11.0
DPS growth
10.4
10.0 9.9
9.4
9.0
9.0
8.7
8.0
FY13 FY14 FY15 FY16 FY17 FY18 FY19
Guidance
5% 6 year DPS CAGR 3
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1. Effective in FY19, Mirvac’s definition of operating profit will be updated to: 1) include share based payments expense and 2) 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). The operating profit is consistent with the Property Council of Australia’s recommended reporting metric, PCA Funds From Operations or FFO. Please refer to slide 83 in the annexures for more information. 2. 2-4% growth based on restated FY18 EPS of 16.4 cpss. Equivalent FY19 growth is 3-4% based on the existing definition of Operating Profit (FY18 EPS 15.6 cpss). 3. Period of FY13 (DPS 8.7 cpss) to FY19, including guidance of 5% DPS growth in FY19.

09 AUGUST 2018

42

FY18 Results

IMPORTANT NOTICE

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

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

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

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

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

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

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

09 AUGUST 2018 43

THANK YOU

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