MIRVAC GROUP — Annual Report 2019

Aug 7, 2019

Reimagine Urban Life

FY19 Additional Information

8 August 2019

==> picture [81 x 45] intentionally omitted <==

FY19 ADDITIONAL INFORMATION

Contents

Pages 1–36, please refer to FY19 Results presentation

==> picture [704 x 131] intentionally omitted <==

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

Office &
Financial Retail Residential Calendar
Industrial
----- End of picture text -----

• 54 Office: portfolio details 55 Office: leasing details

• 39 FY19 operating to statutory profit reconciliation

• 59 Retail: portfolio details 60 Retail: sales by category

64 Residential: market overview

77 1H20 Calendar

• 65 Residential: pipeline positioning

• 40 FY18 operating to statutory profit reconciliation (restated)

• 56 Industrial: portfolio details

• 61 Retail: lease expiry profile & top 10 tenants

• 66 Residential: masterplanned communities pipeline (major projects)

• 41 FY19 movement by segment

• 57 Office & Industrial: developments

• 62 Retail: developments

• 42 FY19 Office & Industrial segment reconciliation

• 67 Residential: apartments pipeline (major projects)

• 43 FY19 Retail segment reconciliation

• 68 Residential: pre-sales detail

• 44 AFFO based on PCA guidelines

• 69 Residential: FY19 acquisitions

  • & additional pipeline projects

• 45 FY19 group management expense ratio (MER)

• 70 Residential: FY20 expected major releases

• 46 Finance costs by segment

• 71 Residential: FY19 settlements

• 47 Debt & hedging profile

• 72 Residential: FY19 settlements detail

• 48 Capital management metrics & liquidity profile

• 73 Residential: EBIT reconciliation & gross development margin

• 49 NTA & securities on issue reconciliation

• 74 Residential: provisions – roll off

• 50 Investment portfolio: key acquisitions & disposals

• 75 High quality product & conservatism supporting future residential margins

• 51 Invested capital

• 52 FY19 return on invested capital

==> picture [112 x 131] intentionally omitted <==

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

Glossary
& Important
Notice
----- End of picture text -----

78 Glossary 79 Important Notice

37

8 AUGUST 19

Financial

Yerrabingin House, South Eveleigh, Sydney

==> picture [75 x 7] intentionally omitted <==

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

8 AUGUST 19 38
----- End of picture text -----

FY19 ADDITIONAL INFORMATION

FY19 operating to statutory profit reconciliation

	Ofice &
	Industrial	Retail	Residential	Corporate	Total
Full year ended 30 June 2019	$m	$m	$m	$m	$m
Property net operating income (NOI)	391	175	—	16	582
Development EBIT	125	6	219	—	350
Asset & funds management EBIT	19	—	—	1	20
Management & administration expenses	(17)	(13)	(18)	(55)	(103)
Earnings before interest and tax	518	168	201	(38)	849
Development interest costs	(4)	—	(38)	—	(42)
Other net interest costs	—	—	—	(101)	(101)
Income tax expense	—	—	—	(75)	(75)
Operating profit/(loss) after tax	514	168	163	(214)	631
Specific non-cash items
Net gain on fair value of investment properties and IPUC1	442	74	—	—	516
Net gain/(loss) on financial instruments	5	—	—	(61)	(56)
Straight-lining of lease revenue	7	1	—	—	8
Amortisation of lease incentives and leasing costs	(59)	(17)	—	—	(76)
Share of net profit/(loss) of joint ventures relating to movement of non-cash items	4	—	—	(31)	(27)
Tax efect
Tax efect of non-cash items	—	—	—	23	23
Profit/(loss) attributable to the stapled securityholders of Mirvac	913	226	163	(283)	1,019

8 AUGUST 19 39

1. Includes Mirvac’s share in the joint venture’s revaluation of investment properties of which is included within share of net profit of joint ventures.

FY19 ADDITIONAL INFORMATION

FY18 operating to statutory profit reconciliation (restated)

	Ofice &
	Industrial	Retail	Residential	Corporate	Total
Full year ended 30 June 2018	$m	$m	$m	$m	$m
Property net operating income (NOI)	348	175	—	18	541
Development EBIT	65	—	316	—	381
Asset & funds management EBIT	15	—	—	—	15
Management & administration expenses	(17)	(13)	(18)	(54)	(102)
Earnings before interest and tax	411	162	298	(36)	835
Development interest costs	(2)	—	(74)	—	(76)
Other net interest costs	—	—	—	(74)	(74)
Income tax expense	—	—	—	(77)	(77)
Operating profit/(loss) after tax	409	162	224	(187)	608
Specific non-cash items
Net gain on fair value of investment properties and IPUC1	405	85	—	—	490
Net gain on financial instruments	9	—	—	13	22
Straight-lining of lease revenue	7	—	—	—	7
Amortisation of lease incentives and leasing costs	(46)	(16)	—	—	(62)
Share of net profit/(loss) of joint ventures relating to movement of non-cash items	5	—	—	19	24
Tax efect
Tax efect of non-cash items	—	—	—	—	—
Profit/(loss) attributable to the stapled securityholders of Mirvac	789	231	224	(155)	1,089

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

8 AUGUST 19 40

FY19 ADDITIONAL INFORMATION

FY19 movement by segment

OPERATING EBIT BY SEGMENT – FY18 TO FY19

==> picture [438 x 245] intentionally omitted <==

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

$950m $107m $6m
$900
$850 $849m
$835m ($97m) ($2m)
$800
$750
FY18 EBIT Office Retail Residential Corporate FY19 EBIT
(restated) & Industrial
----- End of picture text -----

OFFICE & INDUSTRIAL

Higher EBIT contribution driven by strong NOI growth of 12%, significant development EBIT from Calibre, 477 Collins and South Eveleigh and higher fees from growth in assets under management to $15bn

RETAIL

Solid 2.6% LFL NOI growth, rental income from recently completed South Village, development EBIT from Kawana offset by loss of NOI from the 50% divestment of Kawana in December 2017

RESIDENTIAL

Lower EBIT contribution in line with expectations, driven by lower apartment lot settlements in FY19 compared to FY18. Achieved 2,611 lot settlements, higher than the >2,500 lot settlement target

8 AUGUST 19 41

FY19 ADDITIONAL INFORMATION

FY19 Office & Industrial segment reconciliation

OFFICE & INDUSTRIAL NOI SUMMARY – FY18 TO FY19

OFFICE & INDUSTRIAL EBIT SUMMARY

==> picture [437 x 272] intentionally omitted <==

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

$400m $17m $391m
$9m ($2m)
$19m
$350 $348m
300
250
200
150
100
FY18 [ 1] Like-for-like Acquisitions Development Divestments FY19
affected & Other
----- End of picture text -----

OFFICE & INDUSTRIAL EBIT SUMMARY
	FY19	FY181
	$m	$m
Property net operating income (NOI)	391	348
Development EBIT	125	65
Asset & funds management EBIT	19	15
Management & administration expenses	(17)	(17)
Earnings before interest and tax	518	411

8 AUGUST 19 42

1. FY18 has been restated.

FY19 ADDITIONAL INFORMATION

FY19 Retail segment reconciliation

RETAIL NOI SUMMARY – FY18 TO FY19

==> picture [436 x 269] intentionally omitted <==

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

$200m
$3m
$175m $2m $1m $175m
90
($4m) ($2m)
80
70
60
50
FY18 [ 1] Like-for-like Acquisitions Development Divestments Other FY19
impacted
----- End of picture text -----

RETAIL EBIT SUMMARY

RETAIL EBIT SUMMARY
	FY19	FY181
	$m	$m
Property net operating income (NOI)	175	175
Development EBIT	6	—
Asset & funds management EBIT	—	—
Management & administration expenses	(13)	(13)
Earnings before interest and tax	168	162

8 AUGUST 19 43

1. FY18 has been restated.

FY19 ADDITIONAL INFORMATION

AFFO based on PCA guidelines

AFFO based on PCA guidelines
	FY19	FY18
	$m	$m
Operating profit after tax	631	6081
Maintenance capex	(46)	(57)
Incentives	(90)	(100)
Utilisation of prior year tax losses	75	77
Adjusted funds from operations (AFFO)	570	528

8 AUGUST 19 44

1. FY18 has been restated.

FY19 ADDITIONAL INFORMATION

FY19 group management expense ratio (MER)

	Ofice & Industrial	Retail	Group
Full year ended 30 June 2019	$m	$m	$m
Management & administration expenses	17	13	103
Investment properties (incl. IPUC)	7,071	3,441	10,640
Indirect investment (JVA’s etc.)	605	3	1,251
Inventories	116	7	1,684
Group balance sheet assets	7,792	3,451	13,575
Group MER	0.22%	0.38%	0.76%
Balance sheet assets under management	7,792	3,451	13,575
External assets / third-party capital under management	7,158	1,068	8,738
Total assets under management	14,950	4,519	22,313
FY19 assets under management MER	0.11%	0.29%	0.46%
FY18 assets under management MER1	0.13%	0.30%	0.51%
% change	(15.4%)	(3.3%)	(9.8%)

8 AUGUST 19 45

1. FY18 is restated to include share based payments expenses to align with FY19 and ensure comparability.

FY19 ADDITIONAL INFORMATION

Finance costs by segment

Finance costs by segment
	Ofice &
	Industrial	Retail	Residential	Corporate	Group
FY19	$m	$m	$m	$m	$m
Interest expense net of impairment	15	1	34	101	151
Interest capitalised1	(15)	(1)	(13)	—	(29)
COGS interest	4	—	17	—	21
Borrowing costs amortised	—	—	—	4	4
Total interest and borrowing costs	4	—	38	105	147
Less interest revenue	—	—	—	(4)	(4)
Net interest and borrowing costs	4	—	38	101	143
FY18
Interest expense net of impairment	13	1	56	82	152
Interest capitalised1	(13)	(1)	(26)	—	(40)
COGS interest	2	—	44	—	46
Borrowing costs amortised	—	—	—	3	3
Total interest and borrowing costs	2	—	74	85	161
Less: interest revenue	—	—	—	(11)	(11)
Net interest and borrowing costs	2	—	74	74	150

8 AUGUST 19 46

1. Relates to Residential and Commercial projects.

FY19 ADDITIONAL INFORMATION

Debt & hedging profile

Issue / source	Maturity date	Total amount $m	Amount drawn $m
Bank facilities	Sep 2020	266	—
MTN VI	Sep 2020	200	200
Bank facilities	Feb 2021	100	—
Bank facilities	Sep 2021	325	—
Bank facilities	Feb 2022	100	—
Bank facilities	Sep 2022	250	—
USPP1	Dec 2022	220	220
MTN VII	Sep 2023	250	250
Bank facilities	Sep 2023	250	—
USPP1	Dec 2024	136	136
MTN – CEFC	Jan 2025	90	90
USPP1	Sep 2025	46	46
USPP1	Dec 2025	151	151
EMTN1	Mar 2027	501	501
USPP1	Sep 2027	249	249
EMTN1	Mar 2028	50	50
USPP1	Sep 2028	298	298
USPP1	Sep 2030	179	179
USPP1	Sep 2031	139	139
EMTN1	Dec 2031	118	118
USPP1	Sep 2032	181	181
USPP1	Mar 2034	120	120
USPP1	Sep 2034	84	84
USPP1	Sep 2039	100	100
Total		4,403	3,112

FY19 HEDGING & FIXED INTEREST PROFILE AS AT 30 JUNE 2019[ 2]

==> picture [483 x 250] intentionally omitted <==

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

$3,000m 4.5%
2,500 4.0
2,000
3.5
1,500
2.88% 2.85% 3.0
1,000 2.71% 2.61% 2.75% 2.70%
2.48%
500 2.5
0 2.0
FY19 FY20 FY21 FY22 FY23 FY24 FY25
Fixed Options Swaps Average rate June 19 (RHS)
DRAWN DEBT MATURITIES AS AT 30 JUNE 2019
$600m
500
400
300
200
100
0
FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40
MTN USPP EMTN
----- End of picture text -----

DRAWN DEBT SOURCES

DRAWN DEBT SOURCES
~~US~~PP	MTN	EMTN	0% BANK FACILITIES
51%	17%	22%

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

8 AUGUST 19 47

1. Includes bank callable swaps.

FY19 ADDITIONAL INFORMATION

Capital management metrics & liquidity profile

CAPITAL MANAGEMENT METRICS

LIQUIDITY PROFILE

	30 June 2019	30 June 2018
NTA	$2.50	$2.31
Balance sheet gearing1	20.5%	21.3%
Look through gearing	21.4%	22.2%
Total interest bearing debt2	$3,112m	$2,997m
Average borrowing cost3	4.8%	4.8%
Average debt maturity	8.5 yrs	6.8 yrs
Hedged percentage	92%	77%
Average hedge maturity	5.0 yrs	4.4 yrs
Moody’s/Fitch credit rating	A3 / A-	A3 / n/a

LIQUIDITY PROFILE
As at 30 June 2019	Facility limit $m	Drawn amount $m	Available liquidity $m
Facilities due within 12 months	—	—	—
Facilities due post 12 months4	4,403	3,112	1,292
Total	4,403	3,112	1,292
Cash on hand			134
Total liquidity			1,426
Less facilities maturing < 12 months4			—
Funding headroom			1,426

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

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

2. Includes margins and line fees.

8 AUGUST 19 48

1. Based on hedged rate, not carrying value, subject to rounding.

FY19 ADDITIONAL INFORMATION

NTA & securities on issue reconciliation

NTA & securities on issue reconciliation
Net tangible assets		$m
As at 1 July 2018		8,577
Operating profit for the full year		631
Net gain on fair value of investment properties and IPUC		516
Net gain on fair value of investment properties included in equity accounted profit		—
Securities issued and bought during the period		608
Other net equity movements and non-operating items through profit and loss		(127)
Distributions1		(440)
As at 30 June 2019		9,764
Securities on issue		No. of Securities
As at 1 July 2018		3,709,610,906
FY16 LTP – ROIC vested in FY19	09 Aug 18	3,964,327
FY16 LTP – TSR vested in FY19	09 Aug 18	2,695,765
MGR Daily Share Buy-back	Aug Dec 18	(58,079,881)
FY19 EEP	05 Mar 19	430,731
MGR Securities Issued	04 Jun 19	252,525,253
As at 30 June 2019		3,911,147,101
Weighted average number of securities		3,695,838,933
NTA per security		$2.50

8 AUGUST 19 49

1. FY19 Distribution is 11.6 cpss, with distribution for the 6 months ending 30 June 2019 payable on 30 August 2019.

FY19 ADDITIONAL INFORMATION

Investment portfolio: key acquisitions & disposals

Acquisitions FY191	State	Sector	Acquisition price	Settlement Date
80 Ann Street, Brisbane2	QLD	Ofice	$46m	August 2018
383 La Trobe Street, Melbourne	VIC	Ofice	$122m	September 2018
Various lots 53 Walker Street & 97 Pacific Highway, North Sydney	NSW	Ofice	$20m	Aug-Dec 2018
Amber (Building 3) and Indigo (Building 5), Sydney Olympic Park	NSW	Residential	$26m	June 2019
Total			$214m
Disposals FY19	State	Sector	Sale price	Settlement date
—
Total

1. Additionally contracted land at Elizabeth Enterprise and Kemps Creek in Sydney, with deferred settlements/options whilst planning is underway. 2. Includes deferred settlement amount.

8 AUGUST 19 50

FY19 ADDITIONAL INFORMATION

Invested capital

PASSIVE INVESTED CAPITAL

1 $11,527m | 87%

Office Retail Industrial Other Residential 58% 30% 8% 3% 1%

ACTIVE INVESTED CAPITAL

$1,735m | 13%

Residential Commercial 93% 7%

Apartments 52% Masterplanned communities 42% Office 4% Industrial 2% Retail <1%

RESIDENTIAL ACTIVE INVESTED CAPITAL[ 2]

By product line

Apartments 55% Masterplanned communities 45% NSW 44% VIC 25% WA 16% QLD 15%

By state

By structure

Capital efficient (JV, PDA, DMA) 74% 100% Mirvac Balance sheet 26%

1. Invested capital includes investment properties, IPUC, JVA’S, inventories, other financial assets, loans and intangibles.

51

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

8 AUGUST 19

FY19 ADDITIONAL INFORMATION

FY19 return on invested capital

FY19 return on invested capital
	Ofice & Industrial	Retail	Residential	2	Group
	$m	$m	$m		$m
Profit for the year attributable to stapled securityholders	913	226	163		1,019
Add / (subtract):
Development interest costs and other interest costs	4	—	38		143
Net gain on financial instruments	—	—	—		61
Income tax benefit	—	—	—		52
Total return	917	226	201		1,275
Investment properties	7,071	3,441	—		10,640
Inventories	116	7	1,561		1,684
Indirect investments	605	3	302		1,251
Less:
Fund through adjustments (deferred revenue)	(40)	—	(191)		(231)
Deferred land payable	—	—	(51)		(51)
Non-controlling interests	—	—	—		(31)
FY19 total invested capital	7,752	3,451	1,621		13,262
1H19 total invested capital	7,475	3,396	1,613		12,705
FY18 total invested capital	6,776	3,236	1,540		11,778
Average invested capital1	7,334	3,361	1,591		12,582
FY19 return on invested capital	12.5%	6.7%	12.6%		10.1%

1. Average over three reporting periods.

8 AUGUST 19 52

1. Residential ROIC does not include Build-to-Rent.

Industrial

8 AUGUST 19 53

South Eveleigh, (Axle) Sydney

FY19 ADDITIONAL INFORMATION

Office: portfolio details

	FY19	FY18
No. of properties1	31	28
NLA	657,140 sqm	641,808 sqm
Portfolio value2	$6,655m	$5,718m
WACR	5.43%	5.69%
Property net operating income (NOI)	$338m	$302m3
Like-for-like NOI growth	5.7%	12.7%
Maintenance capex	$19m	$22m
Tenant incentives4	$40m	$52m
Occupancy (by area)	98.2%	97.5%
NLA leased	96,352 sqm	74,841 sqm
% of portfolio NLA leased	14.7%	11.7%
WALE (by area)	7.1 yrs	7.0 yrs
WALE (by income)	6.4 yrs	6.6 yrs

OFFICE GEOGRAPHIC DIVERSITY[ 5]

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

==> picture [48 x 46] intentionally omitted <==

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

Sydney 58%
Melbourne 27%
Brisbane 3%
Perth 7%
Canberra 5%
----- End of picture text -----

OFFICE DIVERSITY BY GRADE[ 5]

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

==> picture [43 x 37] intentionally omitted <==

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

Premium 34%
A grade 61%
B grade 2%
C grade 3%
----- End of picture text -----

OFFICE RENT REVIEW STRUCTURE[ 6]

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

==> picture [32 x 26] intentionally omitted <==

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

Fixed 83%
CPI 15%
Other 2%
----- End of picture text -----

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

2. Includes IPUC and properties being held for development.

3. FY18 has been restated.

4. Includes cash and fitout incentives.

5. By portfolio value, excluding properties being held for development.

6. By income, excludes lease expiries.

8 AUGUST 19 54

FY19 ADDITIONAL INFORMATION

Office: leasing details

OFFICE LEASE EXPIRY PROFILE[ 1]

==> picture [436 x 254] intentionally omitted <==

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

60%
53%
50
40
30
20
13%
10 8% 9% 8%
7%
2%
0
Vacant FY20 FY21 FY22 FY23 FY24 FY25+
----- End of picture text -----

Ofice top 10 tenants2	Ofice top 10 tenants2		Percentage3		Credit ratings
1	Government		15%	Aaa &	Aa2 / AAA & AA+
2	Westpac		12%		Aa3 / AA-
3	Google Inc4		5%		Aa2 / AA+
4	EY		4%		—
5	AGL Energy		3%		Baa2 / —
6	UGL Limited		2%		Baa2 / BBB
7	Sportsbet		2%		—
8	John Holland		2%		—
9	PwC		2%		B2 / -
10	Wilson Parking		2%		—
Total			49%		—
			Leasing	Average	Average
FY19 Leasing activity		Area	spread	incentive	WALE1
Renewals		66,136 sqm	10.8%	14.5%	11.6 yrs
New leases		30,216 sqm	20.5%	17.0%	6.0 yrs
Total		96,352 sqm	16.6%	15.6%	10.4 yrs

1. By income.

2. Excludes Mirvac tenancies.

3. Percentage of gross office portfolio income.

8 AUGUST 19 55

1. Direct lease to Fairfax, with Google subleasing until 2020.

FY19 ADDITIONAL INFORMATION

Industrial: portfolio details

	FY19	FY18
No. of properties1	10	17
NLA	469,315 sqm	431,980 sqm
Portfolio value2	$877m	$809m
WACR	5.72%	6.19%
Property net operating income (NOI)	$53m	$46m3
Like-for-like NOI growth	7.8%	1.3%
Maintenance capex	$0.4m	$1m
Tenant incentives4	—	$0.3m
Occupancy (by area)	99.7%	100.0%
NLA leased	91,700 sqm	52,337 sqm
% of portfolio NLA leased	19.5%	12.1%
WALE (by area)	8.9 yrs	8.8 yrs
WALE (by income)	7.7 yrs	7.1 yrs

1. Excludes properties being held for development. Variance between FY18 and FY19 due to grouping of Calibre and Nexus into estates (FY18 comparable of 10 assets).

2. Includes properties being held for development.

3. FY18 has been restated.

4. Includes cash and fitout incentives.

5. By income.

INDUSTRIAL LEASE EXPIRY[ 5]

60%
							56%
50
40
30
20
						14%
10			10%	11%
0	1%	3%			5%
	Vacant	FY20	FY21	FY22	FY23	FY24	FY25+

INDUSTRIAL DIVERSIFICATION BY GEOGRAPHY[ 6]

INDUSTRIAL RENT REVIEW STRUCTURE[ 7]

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

==> picture [121 x 119] intentionally omitted <==

==> picture [31 x 27] intentionally omitted <==

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

Fixed 74%
CPI 24%
Other 2%
----- End of picture text -----

==> picture [41 x 7] intentionally omitted <==

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

Sydney 100%
----- End of picture text -----

1. By portfolio value, excluding assets held in funds.

2. By income, excludes lease expiries.

8 AUGUST 19 56

FY19 ADDITIONAL INFORMATION

Office & Industrial: developments

Ofce & Industrial: developments
Active pipeline Sector Area Ownership Pre-leased 1 % Estimated value on completion 2 Estimated costs to complete 3 Estimated yield on cost 4	Estimated project timing
	FY20 FY21 FY22
Ofice
South Eveleigh, Sydney Ofice 93,600 sqm5 33% 100% $1,018m $81m 6.4%
477 Collins St, Melbourne Ofice 56,800 sqm 50% 94% $851m $133m 6.4%
Locomotive Workshop, Sydney Ofice 30,800 sqm6 100% 87% $395m $277m 5.6%
80 Ann St, Brisbane Ofice 57,800 sqm 50% 74% $829m $305m 5.6%
Total 239,000 sqm 90% $3,093m $796m

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

2. Represents 100% of expected development end value based on agreed cap rate.

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.

6. Office component 22,700 sqm, retail component 8,100 sqm.

8 AUGUST 19 57

Retail

58

East Village, Sydney

8 AUGUST 19

FY19 ADDITIONAL INFORMATION

Retail: portfolio details

	FY19	FY18
No. of properties	17	17
GLA	437,899 sqm	419,262 sqm
Portfolio value	$3,441m	$3,223m
WACR	5.41%	5.49%
Property net operating income (NOI)	$175m	$175m1
Like-for-like NOI growth	2.6%	3.0%
Maintenance capex	$27m	$34m
Tenant incentives2	$13m	$11m
Occupancy (by area)	99.2%3	99.2%
GLA leased	61,939 sqm	66,551 sqm
% of portfolio GLA leased	13.8%	15.5%
WALE (by income) WALE (by area)	4.1 yrs 5.1 yrs	3.8 yrs 4.8 yrs
Specialty occupancy cost	15.5%	15.3%
Total comparable MAT	$2,934m	$2,693m
Total comparable MAT productivity4	$9,627/sqm	$9,901/sqm
Total comparable MAT growth	2.7%5	3.1%
Specialties comparable MAT productivity4	$10,063/sqm	$10,085/sqm
Specialties comparable MAT growth	2.0%	3.7%
New leasing spreads	3.4%	0.5%
Renewal leasing spreads	0.1%	2.9%
Total leasing spreads	1.0%	2.3%

RETAIL DIVERSITY BY GRADE[ 6]

==> picture [137 x 129] intentionally omitted <==

==> picture [56 x 46] intentionally omitted <==

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

Regional 41%
Sub Regional 24%
CBD Retail 14%
Outlet 12%
Neighbourhood 9%
----- End of picture text -----

RETAIL RENT REVIEW STRUCTURE[ 7]

==> picture [137 x 122] intentionally omitted <==

==> picture [31 x 25] intentionally omitted <==

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

Fixed 86%
CPI 11%
Other 3%
----- End of picture text -----

1. FY18 has been restated.

1. Includes cash and fitout incentives.

2. Excludes South Village Shopping Centre which has an income guarantee.

3. Impacted by change in comparable basket.

4. Total Comparable MAT sales growth would equate to approximately 2% adjusting for major Supermarkets and DDS categories reporting 53 weeks of sales. 6. By portfolio value as per PCA classification.

5. By income, excludes lease expiries.

8 AUGUST 19 59

FY19 ADDITIONAL INFORMATION

Retail: sales by category

		FY19	FY18
	FY19	Comparable	Comparable
Retail sales by category	Total MAT	MAT growth	MAT growth
Supermarkets	$1,181m	4.4%	1.7%
Discount department stores	$273m	4.5%	6.2%
Mini-majors	$550m	(0.5%)	5.8%
Specialties	$1,209m	2.0%	3.7%
Other retail	$222m	4.0%	(3.4%)
Total	$3,435m	2.7%1	3.1%

		FY19	FY18
	FY19	Comparable	Comparable
Specialty sales by category	Total MAT	MAT growth	MAT growth
Food retail	$138m	2.4%	0.0%
Food catering	$346m	1.5%	7.3%
Jewellery	$30m	(4.1%)	2.3%
Mobile phones	$40m	(2.3%)	5.7%
Homewares	$44m	13.1%	(2.7%)
Retail services	$132m	4.2%	8.5%
Leisure	$48m	(2.3%)	(0.2%)
Apparel	$324m	1.8%	3.0%
General retail	$107m	1.7%	(1.4%)
Total specialties	$1,209m	2.0%	3.7%

Specialty metrics	FY19	FY18
Comparable specialty sales	$10,063/sqm	$10,085/sqm
Comparable specialty occupancy costs	15.5%	15.3%

8 AUGUST 19 60

1. Total Comparable MAT sales growth would equate to approximately 2% adjusting for major Supermarkets and DDS categories reporting 53 weeks of sales.

FY19 ADDITIONAL INFORMATION

Retail: lease expiry profile & top 10 tenants

RETAIL LEASE EXPIRY PROFILE – BY INCOME

==> picture [427 x 142] intentionally omitted <==

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

40%
30 28%
21%
20
15%
13% 12%
10%
10
1%
0
Vacant FY20 FY21 FY22 FY23 FY24 FY25+
----- End of picture text -----

RETAIL LEASE EXPIRY PROFILE – BY AREA

Retail top 10 tenants	Retail top 10 tenants	Percentage1	Credit ratings
1	Coles Group Limited	6%	BBB+ / Baa1
2	Wesfarmers Limited	4%	A- / A3
3	Woolworths Group Limited	3%	BBB / Baa2
4	ALDI Food Stores	2%	—
5	Audi AG	2%	BBB+ / A3
6	Event Cinemas	2%	—
7	Cotton On Group	1%	—
8	Australian Pharmaceutical Industries	1%	—
9	Virgin Group	1%	B+ / B2
10	Westpac Banking Corporation	1%	AA- / Aa2
Total		23%	—

==> picture [427 x 147] intentionally omitted <==

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

40%
40%
30
20
15%
13%
10% 11% 10%
10
1%
0
Vacant FY20 FY21 FY22 FY23 FY24 FY25+
----- End of picture text -----

8 AUGUST 19 61

1. Percentage of gross retail portfolio income.

FY19 ADDITIONAL INFORMATION

Retail: developments

Retail: developments
Committed Pipeline Development area Incremental GLA Ownership Area % Pre-leased Estimated project cost1 Estimated cost to complete1 Estimated yield on cost	Estimated project timing
	FY20	FY21
Toombul – Entertainment & Dining Precinct 4,500 sqm 1,600 sqm 100% 85% $43m $25m >6.0% Moonee Ponds Central – Dining & Managed Parking 600 sqm — 100% 63% $9m $8m 6.5% Orion Springfield Central – Timezone, ALDI & Food Court 2,900 sqm 1,500 sqm 100% 95% $11m $11m >5.0% 275 Kent St – Ground Floor Retail2 480 sqm — 50% South Eveleigh – Ground Floor Retail and Locomotive Workshop2,3 10,100 sqm 10,100 sqm 33.3% / 100%
Total 18,580 sqm 13,200 sqm $63m $44m >6.0%

Future development & repositioning pipeline

Birkenhead Point Brand Outlet

Broadway Sydney Greenwood Plaza

Harbourside

Moonee Ponds Central

Orion Springfield Central

Rhodes Waterside Stanhope Village Toombul

1. Mirvac’s ownership interest.

2. Retail component managed by retail business, recognised on Office balance sheet.

8 AUGUST 19 62

1. See slide 57 for additional disclosure.

Residential

8 AUGUST 19 63

Arana Hills, Brisbane (artist impression)

FY19 ADDITIONAL INFORMATION

Residential: market overview

SYDNEY

• Price stabilisation in established market, positive shift in confidence and strengthening market indicators[ 1]

• Economic activity has moderated but job growth sound with June unemployment at 4.2%[ 2] in Sydney; record infrastructure spending of $93b[ 3] over next four years

• Market undersupply expected from FY21 with annualised unit approvals down 46%[ 4] from peak and population gains remaining above long-term average levels[ 5]

• Tighter lending standards remaining but pre-conditions for recovery in established market underway with improved borrowing capacity and serviceability

MELBOURNE

• Similar to Sydney, established market pricing has bottomed with lifts in auction clearance rates and sentiment[ 1]

• Melbourne remains Australia’s fastest growing city with 2.5% over FY18[ 6] ; forecast to remain above national average at 2.2%[ 7] pa over next decade

• Australia’s strongest state economy with employment growth running at 3.9%[ 2] and unemployment below national average; Record infrastructure spend of $53b[ 8] next four years

• Undersupply to become evident through FY20 with annualised approvals down 55%[ 4] for units from peak and detached housing pipeline also reducing

BRISBANE

• Net migration now at the strongest levels since 2012[ 5] with solid gains to inner and middle ring Brisbane[ 6]

• Rental market now tight with vacancy ~2.5%[ 9] and rental growth resuming in select areas contributing to better rental yield profile for units

• MPC markets recording relatively balanced supply/demand fundamentals with ratio of sales to releases holding at neutral levels[ 10]

PERTH

• Economic activity still subdued[ 11] , however higher commodity prices and an expected uplift in resource investment[ 12] will provide some support

• Established market metrics still soft[ 13] , however MPC sales and prices generally stable[ 10] , albeit low levels

• Construction and new approvals continue to move lower[ 4] ; both rental vacancy and rents have improved[ 14] .

Mirvac pipeline[ 15] 26% NSW 52% VIC 15% QLD 7% WA

1. CoreLogic Hedonic Index July, CoreLogic Market Trends & Auction Clearance Rates, Westpac-Melbourne Institute Housing Confidence. 2. ABS Labour Force, Cat 6202.0. 3. NSW Government Budget Papers, 2019-20. 4. ABS Building Approvals, Cat 8731.0, June 2019. 5. ABS Demographic Statistics, Cat 3101.0, Dec 18. 6. ABS Regional Population Growth, Cat 3218.0. 7. Victoria In the Future July 2019, 10 years to 2026. 8. VIC Government Budget Papers, 2019-20. 9. SQM Research, June 2019.

2. Research4, National Land Survey Programme, June 2019. 11. ABS Australian National Accounts: National Income, Expenditure and Product, Cat 5206.0, March 2019. 12. ABS Private New Capital Expenditure and Expected Expenditure, Cat 5625.0, March 2019. 13. CoreLogic Market Trends, April 2019. 14. Real Estate Institute of Western Australia, June 2019. 15. Based on Mirvac’s share of expected future revenue.

8 AUGUST 19 64

FY19 ADDITIONAL INFORMATION

Residential: pipeline positioning

27,992 PIPELINE LOTS

SHARE OF EXPECTED FUTURE REVENUE BY PRODUCT[ 1]

==> picture [132 x 132] intentionally omitted <==

==> picture [101 x 18] intentionally omitted <==

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

Masterplanned communities 64%
Apartments 36%
----- End of picture text -----

SHARE OF EXPECTED FUTURE REVENUE BY GEOGRAPHY[ 1]

==> picture [132 x 132] intentionally omitted <==

==> picture [30 x 36] intentionally omitted <==

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

VIC 52%
NSW 26%
QLD 15%
WA 7%
----- End of picture text -----

PIPELINE LOTS BY PRODUCT

==> picture [132 x 132] intentionally omitted <==

PIPELINE LOTS BY STRUCTURE

==> picture [141 x 132] intentionally omitted <==

==> picture [102 x 18] intentionally omitted <==

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

Masterplanned communities 84%
Apartments 16%
----- End of picture text -----

==> picture [98 x 26] intentionally omitted <==

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

100% Mirvac balance sheet 36%
PDA/DMA 33%
JV 31%
----- End of picture text -----

PIPELINE LOTS BY PRICE POINT – MASTERPLANNED COMMUNITIES

==> picture [146 x 141] intentionally omitted <==

==> picture [57 x 28] intentionally omitted <==

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

<$250 16%
$250k-$500k 70%
>$500k 14%
----- End of picture text -----

PIPELINE LOTS BY PRICE POINT – APARTMENTS

==> picture [157 x 132] intentionally omitted <==

==> picture [36 x 17] intentionally omitted <==

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

<$1.2m 56%
>$1.2m 44%
----- End of picture text -----

8 AUGUST 19 65

1. Mirvac share of forecast revenue.

FY19 ADDITIONAL INFORMATION

Residential: masterplanned communities pipeline (major projects)

Expected settlement profile (lots)

Major projects State Stage Ownership Type FY20 FY21 FY22	Major projects State Stage Ownership Type FY20 FY21 FY22	FY23	FY24
Osprey Waters WA Multiple stages 100% Land 104
Everton Park QLD Multiple stages 100% House & Land	124
Arana Hills QLD Multiple stages 100% House & Land	80
Moorebank NSW Multiple stages PDA House	179
Tullamore VIC Multiple stages 100% House & Land	171
Crest NSW Multiple stages 100% House & Land	221
Waverley Park VIC Multiple stages 100% House & Land	113
Madox WA Multiple stages 100% Land	298
Gainsborough Greens QLD Multiple stages 100% House & Land	375
Iluma Private Estate WA Multiple stages 100% Land	472
One71 Baldivis WA Multiple stages 100% House & Land	292
Everleigh QLD Multiple stages 100% Land	997
Googong NSW Multiple stages JV House & Land	1,114
Olivine VIC Multiple stages 100% & DMA Land	1,508
Woodlea VIC Multiple stages JV Land	1,886
The Fabric, Altona North VIC Multiple stages 100% House	257
Menangle NSW Multiple stages PDA Land	373
Henley Brook WA Multiple stages 100% Land	472
Marsden Park North NSW Multiple stages PDA Land	541
Smith's Lane VIC Multiple stages 100% Land	943

MASTERPLANNED COMMUNITIES PROJECT PIPELINE ANALYSIS

~60%

• % of total FY20 expected lots to settle from masterplanned communities

<1%

% of total FY20 expected provision lots to settle

Note: PDAs are development service contracts and there is no land ownership to Mirvac.

8 AUGUST 19 66

FY19 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)	FY24 111 115 177 APARTMENT PROJECT PIPELINE ANALYSIS ~40% <1% % of total FY20 expected lots to settle from apartments % of total FY20 expected provision lots to settle
	FY20 FY21		FY22 FY23
The Finery NSW All stages 92% JV	26
The Eastbourne VIC All stages 100% PDA	194
Hope St QLD Lucid 94% 100%	14
Ascot Green QLD Ascot House 83% PDA	18
Yarra's Edge VIC Forge 92% 100%	22
Tullamore VIC Phoenix (Building A) 90% 100%	47
St Leonards Square1 NSW All stages 98% JV	561
Tullamore VIC Folia (Building B) 15% 100%		102
Beachside Leighton WA Compass 53% 100%		104
Claremont WA Reserve 48% 100%		49
Claremont WA Grandstand 61% 100%		58
Marrick & Co NSW All stages 71% 100%		216
Pavilions2 NSW All stages 72% PDA		359
Ascot Green QLD Tulloch House 25% PDA			84
Yarra's Edge VIC Voyager 61% 100%				307
The Peninsula WA Future stages Not released 100%				191
Yarra's Edge VIC Future stages Not released 100%
Ascot Green QLD Future stages Not released PDA
Green Square NSW Future stages Not released PDA

1. Excludes build-to-rent lots.

2. Includes 34 retail/commercial strata lots.

Note: PDAs are development service contracts and there is no land ownership to Mirvac.

8 AUGUST 19 67

FY19 ADDITIONAL INFORMATION

Residential: pre-sales detail

RECONCILIATION OF MOVEMENT IN EXCHANGED PRE-SALES CONTRACTS TO FY19

==> picture [413 x 147] intentionally omitted <==

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

$2,500m
$2,168m
$557m $1,735m
2,000
($990m)
1,500
1,000
FY18 Settled Net sales FY19
----- End of picture text -----

==> picture [255 x 43] intentionally omitted <==

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

$1.7bn pre-sales roll off: 71% 17% 12%
FY20 FY21 FY22+
----- End of picture text -----

Exchanged pre-sales less than one year old ~15%

Exchanged pre-sales less than two years old ~32%

• Apartment pre-sales <$1m – ~31%

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

PRE-SALES BY GEOGRAPHY

==> picture [148 x 133] intentionally omitted <==

==> picture [30 x 36] intentionally omitted <==

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

VIC 49%
NSW 47%
QLD 2%
WA 2%
----- End of picture text -----

PRE-SALES BY BUYER PROFILE[ 1]

==> picture [132 x 131] intentionally omitted <==

==> picture [61 x 45] intentionally omitted <==

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

Owner
occupier 48% [ 2]
Investor 35%
Mainland China 15%
Offshore Other 2%
----- End of picture text -----

PRE-SALES BY TYPE

==> picture [146 x 131] intentionally omitted <==

==> picture [53 x 24] intentionally omitted <==

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

Apartments 84%
Masterplanned
communities 16%
----- End of picture text -----

PRE-SALES EXPECTED FIRB ROLL-OFF APARTMENTS

==> picture [155 x 131] intentionally omitted <==

==> picture [35 x 26] intentionally omitted <==

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

FY20 38%
FY21 18%
FY22+ 44%
----- End of picture text -----

1. Buyer profile information approximate only and based on customer surveys. 2. Includes first home buyers.

8 AUGUST 19 68

FY19 ADDITIONAL INFORMATION

Residential: FY19 acquisitions & additional pipeline projects

Project	State	Ownership	No. of lots1	Product type	Estimated settlement commencement 1
Acquisitions / Agreements
Henley Brook	WA	100%	562	Masterplanned communities	FY21
Wantirna South	VIC	PDA	1,717	Masterplanned communities	FY25
Total acquisitions			2,279
Additional pipeline projects
Menangle	NSW	PDA	373	Masterplanned communities	FY21
The Fabric, Altona North	VIC	100%	420	Masterplanned communities & apartments	FY21
Total additional pipeline projects			793
Total acquisitions and additional pipeline projects			3,072

8 AUGUST 19 69

1. Subject to planning approvals.

FY19 ADDITIONAL INFORMATION

Residential: FY20 expected major releases

FY20 expected major releases1	State	Type	Approximate lots1
Woodlea	VIC	Masterplanned communities	240
Green Square	NSW	Apartments	151
Smith’s Lane	VIC	Masterplanned communities	140
Googong	NSW	Masterplanned communities	123
Olivine	VIC	Masterplanned communities	121
Gainsborough Greens	QLD	Masterplanned communities	94
Ascot Green	QLD	Apartments	84
Crest	NSW	Masterplanned communities	80
Moorebank	NSW	Masterplanned communities	68
The Fabric, Altona North	VIC	Masterplanned communities	63

8 AUGUST 19 70

1. Subject to planning approvals and market demand.

FY19 ADDITIONAL INFORMATION

Residential: FY19 settlements

2,611 LOT SETTLEMENTS CONSISTING OF:

	Apartments Masterplanned Communities Total
	Lots % Lots % Lots %
VIC NSW QLD WA	179 7% 1,062 41% 1,241 48% 176 7% 399 15% 575 22% 185 7% 292 11% 477 18% 139 5% 179 7% 318 12%
Total	679 26% 1,932 74% 2,611 100%

FY19 LOT SETTLEMENTS

==> picture [63 x 7] intentionally omitted <==

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

BY GEOGRAPHY
----- End of picture text -----

==> picture [30 x 36] intentionally omitted <==

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

VIC 48%
NSW 22%
QLD 18%
WA 12%
----- End of picture text -----

==> picture [74 x 6] intentionally omitted <==

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

BY PRODUCT TYPE
----- End of picture text -----

Masterplanned communities 74% Apartments 26%

Land 70% House 4%

==> picture [128 x 120] intentionally omitted <==

==> picture [61 x 7] intentionally omitted <==

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

BY STRUCTURE
----- End of picture text -----

==> picture [57 x 34] intentionally omitted <==

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

100% Mirvac
balance sheet 57%
JVA 37%
PDA 6%
----- End of picture text -----

8 AUGUST 19 71

FY19 ADDITIONAL INFORMATION

Residential: FY19 settlements detail

FY19 major settlements	Product type	Ownership	Lots
Woodlea, VIC	Masterplanned communities	JV	626
Olivine, VIC	Masterplanned communities	100% & DMA	225
Googong, NSW	Masterplanned communities	JV	199
Hope St, QLD	Apartments	100%	161
The Finery, NSW	Apartments	JV	132
Claremont, WA	Apartments	100%	126
Hydeberry, QLD	Masterplanned communities	100%	124
Crest, NSW	Masterplanned communities	100%	93
Tullamore, VIC	Apartments	100%	87
Tullamore, VIC	Masterplanned communities	100%	67
The Eastbourne, VIC	Apartments	PDA	64
Subtotal			1,904
Other projects			707
Total			2,611

FY19 SETTLEMENT BUYER PROFILE

FY19 BUYER PROFILE BY GEOGRAPHY

==> picture [122 x 121] intentionally omitted <==

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

First home buyers 36% Investors 34% Upgrade / empty nesters 30%

==> picture [43 x 18] intentionally omitted <==

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

Domestic 91%
Offshore 9%
----- End of picture text -----

FY19 AVERAGE SALES PRICE

	$
House	$986k
Land	$335k
Apartments	$859k

8 AUGUST 19 72

FY19 ADDITIONAL INFORMATION

Residential: EBIT reconciliation & gross development margin

FY19 Residential EBIT reconciliation	$m
Development revenue	791
Management fee revenue	26
Total development revenue	817
JV and other revenue	60
Total operating revenue and other income	877
Cost of development and construction	(580)
Sales and marketing expense	(30)
Employee benefits and other expenses	(38)
Depreciation and other	(10)
Total cost of property development and construction	(658)
Development EBIT	219
Management and administrative expenses	(18)
Total Residential EBIT	201

development margin
FY19 Gross development margin	$m
Development revenue	791
Cost of development and construction	(580)
Residential gross development margin	211
Residential gross development margin %	27%
Residential EBIT margin %	23%

8 AUGUST 19 73

FY19 ADDITIONAL INFORMATION

[ 1] Residential: provisions – roll off

$16m in provision release during FY19

Remaining residential inventory provision balance of $72m at 30 June 2019[ 2]

EXPECTED PROVISION RELEASE PROFILE

==> picture [392 x 232] intentionally omitted <==

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

$70m
60
50
40
30
20
10
0
FY20 FY21 FY22/23
----- End of picture text -----

EXPECTED CLOSING PROVISION BALANCE ROLL OFF

==> picture [391 x 232] intentionally omitted <==

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

$70m
60
50
40
30
20
10
0
FY20 FY21 FY22/23
----- End of picture text -----

1. Based on forecast revenue, market conditions, expenditure and interest costs over product life.

2. Residential Inventory provision only, total provision balance including JVA and loans is $107m.

8 AUGUST 19 74

FY19 ADDITIONAL INFORMATION

High quality product & conservatism supporting future residential margins

REVENUE

DECLINING CAPITALISED INTEREST AS A PERCENTAGE OF INVENTORY

• $1.7bn of revenue pre-sold

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

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

• High level of repeat buyers

• No reliance on price escalation in feasibilities near term

COST

• Construction cost escalation included in feasibilities

• Declining capitalised interest now at 5% of inventory supports future margins

• Capitalised interest only on active projects and on a stage by stage basis

• 64% of pipeline lots in capital efficient PDA and JV structures

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

==> picture [404 x 247] intentionally omitted <==

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

$2bn 14.0%
12.0
1.5
10.0
8.0
1.0
6.0
4.0
0.5
2.0
0.0 0
FY13 FY14 FY15 FY16 FY17 FY18 FY19
Non-interest inventory Capitalised interest Capitalised interest as % of inventory (RHS)
----- End of picture text -----

Note: All inventory balances reflect gross inventory.

8 AUGUST 19 75

Calendar

8 AUGUST 19 76

FY19 ADDITIONAL INFORMATION

1H20 Calendar

1H20 Calendar
Event	Location	Date1
Private roadshow	Sydney	9, 14-16 August 2019
Private roadshow	Melbourne	12-13 August 2019
Private roadshow	Tokyo	9 September 2019
26th CLSA Investor’s Forum	Hong Kong	10-11 September 2019
Private roadshow	Singapore & KL	12-13 September 2019
Citi’s 11th Annual Australian and New Zealand Investment Conference	Sydney	16 October 2019
1Q20 Operational Update	—	22 October 2019
BofAML 10th Australian Real Estate Conference	Sydney	24 October 2019
2019 Annual General Meeting	Brisbane	19 November 2019
UBS Global Real Estate Conference	London	3-4 December 2019
Private Roadshow	London	5-6 December 2019

INVESTOR RELATIONS CONTACT

• T (02) 9080 8000

• E investor.relations@mirvac.com

8 AUGUST 19 77

1. All dates are indicative and subject to change.

FY19 ADDITIONAL INFORMATION

Glossary

==> picture [437 x 354] intentionally omitted <==

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

Term Meaning
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
GLA Gross Lettable Area
ICR Interest Cover Ratio
IFRS International Financial Reporting Standards
IPD Investment Property Databank
IPUC Investment properties under construction
IRR Internal Rate of Return
JVA Joint Ventures and Associates
LAT Leader Auta Trust
LPT Listed Property Trust
----- End of picture text -----

==> picture [437 x 346] intentionally omitted <==

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

Term Meaning
LTIFR Lost Time Injury Frequency Rate
Low density Green field land projects outside of the middle ring
MAT Moving Annual Turnover
Medium density Urban infill and middle ring projects with some level of built form aspect
MGR Mirvac Group ASX code
MPT Mirvac Property Trust
MTN Medium Term Note
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
----- End of picture text -----

8 AUGUST 19 78

FY19 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.

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 does it 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 2019, 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 2019, unless otherwise noted.

8 AUGUST 19 79

==> picture [955 x 533] intentionally omitted <==

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

Reimagine Urban Life
Thank
you
8 August 2019
----- End of picture text -----