MIRVAC GROUP — Annual Report 2020

Aug 19, 2020

Reimagine Urban Life FY20 Additional Information

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FY20 ADDITIONAL INFORMATION

Contents

Overview

• 43 Mirvac overview

• 44 Sustainability focus

Financial

• 46 FY20 operating to statutory profit reconciliation

• 47 FY19 operating to statutory profit reconciliation 48 FY20 movement by segment

• 49 FY20 Office & Industrial segment reconciliation

• 50 FY20 Retail segment reconciliation

• 51 FFO and AFFO based on PCA guidelines

• 52 FY20 group management expense ratio (MER)

• 53 Finance costs by segment

• 54 Debt & hedging profile

• 55 Capital management metrics & liquidity profile

• 56 NTA and securities on issue reconciliation

• 57 Investment portfolio: key acquisitions & disposals

• 58 Invested capital

• 59 FY20 return on invested capital

Office & Industrial

• 61 Office: portfolio details 62 Office: leasing details

Retail

• 66 Retail: portfolio details 67 Retails: sales by category 68 COVID-19 additional disclosures 69 Retail: lease expiry profile & top 10 tenants 70 Retail: developments

Residential

• 72 Residential: pipeline positioning

• 73 Residential: masterplanned communities pipeline (key projects)

• 74 Residential: apartments pipeline (key projects)

• 75 Residential: pre-sales detail

• 76 Residential: FY20 acquisitions & additional pipeline projects

• 77 Residential: FY21 expected major releases

• 78 Residential: FY20 settlements

• 79 Residential: FY20 settlements detail

• 80 Residential: EBIT reconciliation & gross development margin

• 81 High quality product & conservatism supporting future residential margins

Calendar

Glossary

• 83 1H21 Calendar 84 Glossary

  • 85 Important Notice

• 63 Industrial: portfolio details

• 64 Office & Industrial: developments

20 AUGUST 2020 — 42

FY20 ADDITIONAL INFORMATION

Mirvac overview

• Mirvac is a leading, diversified Australian property group, with an integrated development and asset management capability, operating across residential, retail, office, industrial and Build to Rent sectors

• With our overarching purpose to reimagine urban life, we take a holistic approach to urban development, recognising that life isn’t compartmentalised

• Our collaborative approach enables seamless project delivery and gives Mirvac the capacity to undertake complex mixed-use developments or projects that require a high level of integrated expertise

OFFICE & INDUSTRIAL

Office portfolio: Industrial portfolio: > 29 assets[1] > 10 assets[1] > Portfolio value: $7.3bn[2] > Portfolio value: $944m[2] > NLA: 685,810 sqm > NLA: 469,313 sqm

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Artist impression
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RETAIL

• 16 assets

• Portfolio value: $3.1bn[2]

• GLA: 428,927 sqm

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RESIDENTIAL

• 27,361 pipeline lots

• $12.8bn expected future revenue[ 3] > ~$1bn pre-sales

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Artist impression
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BUILD TO RENT

• ~1,700 apartments[ 4]

• Target yield on cost: >4.5% > Target unlevered IRR: >7.5%

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

2. Portfolio value includes IPUC and properties being held for development and represents fair value (excludes gross up of lease liability under AASB 16).

3. Represents Mirvac's share of expected future revenue.

4. Expected apartments, subject to planning and uncertainties of COVID-19 impacts.

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FY20 ADDITIONAL INFORMATION

Sustainability focus

MIRVAC REPORTS TRANSPARENTLY TO A RANGE OF ESG PERFORMANCE INDICES ON TOPICS SPANNING THE BREADTH OF ENVIRONMENT, SOCIAL AND GOVERNANCE

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A+ strategy and governance, A+ for property

Top quintile for Global / Diversified - Office/Retail

AAA rating

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Mirvac reports against the GRI G4 guidelines

Mirvac reports its mandatory disclosure in accordance with the NGERS Act

Mirvac’s community investment is verified with LBG

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Financial

Gainsborough Greens, Brisbane

20 AUGUST 2020 — 45

FY20 ADDITIONAL INFORMATION

FY20 operating to statutory profit reconciliation

Fullyear ended 30 June 2020	Ofice & Industrial $m	Retail $m	Residential Corporate & Other $m $m	Residential Corporate & Other $m $m	Total $m
Property net operating income (NOI)	402	142	—	10	554
Development EBIT	80	—	242	(2)	320
Asset & funds management EBIT	20	1	—	1	22
Management & administration expenses	(18)	(15)	(17)	(50)	(100)
Earnings before interest and tax	484	128	225	(41)	796
Development finance costs	(2)	—	(40)	—	(42)
Other net interest costs	—	—	—	(82)	(82)
Income tax expense	—	—	—	(70)	(70)
Operating profit/(loss) after tax	482	128	185	(193)	602
Specific non-cash items
Revaluation of investment properties and IPUC1	316	(314)	—	12	14
Net gain/(loss) on financial instruments	7	—	—	(4)	3
Depreciation for right-of-use assets	—	—	—	(4)	(4)
Straight-lining of lease revenue	9	—	—	—	9
Amortisation of lease incentives and leasing costs	(74)	(18)	—	—	(92)
Share of net profit/(loss) of joint ventures relating to movement of non-cash items	4	—	—	(34)	(30)
AASB 16 Leases – net movement	—	—	—	4	4
Other non-operating items
Net gain from sale of assets	—	15	—	—	15
Provision for impairment of inventory	—	—	(7)	—	(7)
Net gain from fair value of investment properties included in non-controlling interests	—	—	—	(6)	(6)
Tax efect Tax efect of non-cash and non-operatingadjustments	—	—	—	50	50
Profit/(loss) attributable to the stapled securityholders of Mirvac	744	(189)	178	(175)	558

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

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FY20 ADDITIONAL INFORMATION

FY19 operating to statutory profit reconciliation

	Ofice & Industrial	Retail	Residential Corporate & Other	Residential Corporate & Other	Total
Fullyear 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 finance 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 investments	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

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

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FY20 ADDITIONAL INFORMATION

FY20 movement by segment

OPERATING EBIT BY SEGMENT: FY19 TO FY20

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$900m
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OFFICE AND INDUSTRIAL

• 3% NOI growth offset by lower development earnings recognition compared to FY19, reflecting reduced development activity and COVID-19 impacts

RETAIL

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$849m ($34m)
($40m)
$800
$24m ($3m) $796m
$700
$600
FY19 EBIT Office & Industrial Retail Residential Corporate & Other FY20 EBIT
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• NOI growth from development completions at Toombul and South Village offset by divestment of St Marys in 1H20 and COVID-19 impacts

RESIDENTIAL

• Benefit from record level of apartment settlements offset by COVID-19 impacts

• Achieved 2,563 lot settlements against pre-COVID-19 >2,500 lot settlement target

CORPORATE & OTHER

• Property NOI from Tuckerbox JV (Travelodge Hotels), significantly impacted by COVID-19 trading conditions, and reduced corporate overheads due to operational savings and government subsidies

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FY20 ADDITIONAL INFORMATION

FY20 Office & Industrial segment reconciliation

OFFICE & INDUSTRIAL NOI SUMMARY: FY19 TO FY20

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$450m
$12m [ 1] $1m ($2m) $402m
$400
$391m
$350
$300
FY19 Like-for-like Acquisitions Development affected FY20
and other
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OFFICE & INDUSTRIAL EBIT SUMMARY

OFFICE & INDUSTRIAL EBIT SUMMARY
	FY20	FY19
	$m	$m
Property net operating income (NOI)	402	391
Development EBIT	80	125
Asset & funds management EBIT	20	19
Management & administration expenses	(18)	(17)
Earnings before interest and tax	484	518

1. Includes $8m COVID-19 provisions.

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FY20 ADDITIONAL INFORMATION

FY20 Retail segment reconciliation

RETAIL NOI SUMMARY: FY19 TO FY20

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$200m
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$4m ($1m) ($10m)
$175 $175m
($30m)
$150
$4m $142m
$125
$100
FY19 Development Divestments COVID-19 COVID-19 Expenses FY20
support agreed provisions savings
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RETAIL EBIT SUMMARY

RETAIL EBIT SUMMARY
	FY20	FY19
	$m	$m
Property net operating income (NOI)	142	175
Development EBIT	—	6
Asset & funds management EBIT	1	—
Management & administration expenses	(15)	(13)
Earnings before interest and tax	128	168

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FY20 ADDITIONAL INFORMATION

FFO and AFFO based on PCA guidelines

FFO and AFFO based on PCA guidelines
	FY20	FY19
	$m	$m
Operating profit after tax	602	631
Amortisation – software	7	—
Funds from Operations (FFO)	609	631
Maintenance capex	(35)	(46)
Incentives	(72)	(90)
Utilisation ofprioryear tax losses	70	75
Adjusted funds from operations (AFFO)	572	570

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FY20 ADDITIONAL INFORMATION

FY20 group management expense ratio (MER)

	Ofice & Industrial	Retail	Group
Fullyear ended 30 June 2020	$m	$m	$m
Management & administration expenses	18	15	100
Investment properties (incl. IPUC)	7,748	3,191	11,167
Indirect investment (JVA’s etc.)	632	3	1,188
Inventories	142	7	1,684
Groupbalance sheet assets	8,522	3,201	14,039
Group MER	0.21%	0.47%	0.71%
Balance sheet assets under management	8,522	3,201	14,039
External assets / third-partycapital under management	8,124	1,000	9,394
Total assets under management	16,646	4,201	23,433
FY20 assets under management MER	0.11%	0.36%	0.43%
FY19 assets under management MER	0.11%	0.29%	0.46%
% change	0.0%	24.1%	(6.5%)

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FY20 ADDITIONAL INFORMATION

Finance costs by segment

	Ofice & Industrial	Retail	Residential	Corporate & Other	Group
FY20	$m	$m	$m	$m	$m
Interest expense net of impairment	25	—	35	91	151
Interest capitalised	(25)	—	(10)	—	(35)
COGS interest	2	—	15	—	17
Borrowing costs amortised	—	—	—	3	3
Total interest and borrowing costs	2	—	40	94	136
Less: interest revenue	—	—	—	(12)	(12)
Net interest and borrowing costs	2	—	40	82	124
FY19
Interest expense net of impairment	15	1	34	101	151
Interest capitalised	(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

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FY20 ADDITIONAL INFORMATION

Debt & hedging profile

		Total amount	Amount Drawn
Issue / source	Maturity date	$m	$m
MTN VI	Sep 2020	200	200
Bank facilities	Sep 2021	95	—
Bank facilities	Feb 2022	100	—
Bank facilities	Sep 2022	476	292
USPP1	Dec 2022	220	220
Bank facilities	Feb 2023	100	—
Bank facilities	May 2023	50	—
MTN VII	Sep 2023	250	250
Bank facilities	Sep 2023	400	250
Bank facilities	Dec 2023	75	75
Bank facilities	May 2024	100	—
Bank facilities	Sep 2024	440	100
USPP1	Dec 2024	136	136
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		4,858	3,739

FY20 HEDGING & FIXED INTEREST PROFILE AS AT 30 JUNE 2020[ 2]

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$300m Swaps Options Fixed Average Rate (RHS) 4.00%
$200
3.00
$100
0 2.00
FY20 FY21 FY22 FY23 FY24 FY25
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DRAWN DEBT MATURITIES AS AT 30 JUNE 20

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$600m EMTN USPP MTN Bank
$400
$200
0
FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40
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DEBT DRAWN SOURCES

USPP 51% Bank facilities 19% EMTN 18% MTN 12%

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

2. Includes bank callable swaps.

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FY20 ADDITIONAL INFORMATION

Capital management metrics & liquidity profile

CAPITAL MANAGEMENT METRICS

	30 June 2020	30 June 2019
NTA	$2.54	$2.50
Balance sheet gearing1	22.8%	21.0%2
Look through gearing	23.6%	22.0%2
Total interest bearing debt3	$3,739m	$3,112m
Average borrowing cost4	4.0%	4.8%
Average debt maturity	6.7 yrs	8.5 yrs
Hedged percentage	74%	92%
Average hedge maturity	4.1 yrs	5.0 yrs
Moody’s/Fitch credit rating	A3 / A-	A3 / A-

LIQUIDITY PROFILE

LIQUIDITY PROFILE
	Facility Limit Drawn Amount		Available Liquidity
As at 30 June 2020	$m	$m	$m
Facilities due within 12 months	200	200	—
Facilities due post 12 months5	4,658	3,539	1,119
Total	4,858	3,739	1,119
Cash on hand			324
Total liquidity			1,443
Less facilities maturing < 12 months5			(200)
Funding headroom			1,243

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

2. FY19 restated based on a change in accounting policy.

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

4. Includes margins and line fees.

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

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FY20 ADDITIONAL INFORMATION

NTA and securities on issue reconciliation

NTA and securities on issue reconciliation
Net Tangible Assets		$m
As at 1 July 2019		9,764
Operating profit for the full year		602
Net gain on fair value of investment properties and IPUC		14
Securities issued during the period1		46
Other net equity movements and non-operating items through profit and loss		(40)
Mandatory adoption of AASB 16 Leases		(21)
Intangible assets		(24)
Distributions2		(357)
As at 30 June 2020		9,984
Securities on Issue		No. of Securities
As at 1 July 2019		3,911,147,101
FY17 LTP – ROIC vested in FY20	08 Aug 19	3,441,114
FY17 LTP – TSR vested in FY20	08 Aug 19	3,441,082
MGR Securities Issued under Security Purchase Plan	04 Jul 19	15,914,244
FY20 EEP	06 Mar 20	341,865
As at 30 June 2020		3,934,285,406
Weighted average number of securities		3,933,207,836
NTA per security		$2.54

1. Net of transaction costs.

2. FY20 Distribution is 9.1cpss with the distribution for the 6 months ending 30 June 2020 payable on 14 September 2020.

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FY20 ADDITIONAL INFORMATION

Investment portfolio: key acquisitions & disposals

Acquisitions FY20	State	Sector	Acquisition price	Settlement Date
Land, Lot 54 – 864-882 Mamre Road, Kemps Creek	NSW	Industrial	$27m	December 2019
Lot 2, 97 Pacific Highway, North Sydney	NSW	Ofice	$6m	June 2020
Total			$33m
The following properties were exchanged during the year but will settle at a later date:
	State	Sector	Acquisition price	Settlement Date
395, 397-401 and 403 Albert St, Brunswick	VIC	BTR	$39m	Staged instalments to FY22
Flinders West, 7-23 Spencer Street, Melbourne	VIC	Ofice & BTR	$200m	Prior to August 2021
Total			$239m
Disposals FY20	State	Sector	Sale price	Settlement Date
St Marys Village, St Marys	NSW	Retail	$68m	December 2019
Total			$68m

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FY20 ADDITIONAL INFORMATION

Invested capital

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PASSIVE INVESTED CAPTIAL [1] ACTIVE INVESTED CAPTIAL
87% $12,114m 13% $1,738m
Office 61% Residential 94%
Retail 26% Commercial 6%
Industrial 8%
$13,852m
Corporate & Other 5% [ 2]
TOTAL INVESTED CAPTIAL
MPC 48%
Apartments 46%
Office 4%
Industrial 1%
Retail 1%
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1. Invested capital includes investment properties, IPUC, JVA, other financial assets, loans, non-controlling interests and intangibles.

EXTERNAL ASSETS UNDER MANAGEMENT

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Office & industrial 86%
Retail 11%
Corporate & Other 3%
$9.4bn
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1. Includes Build to Rent.

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FY20 ADDITIONAL INFORMATION

FY20 return on invested capital

FY20 return on invested capital
	Ofice & Industrial	Retail	Residential1	Group
	$m	$m	$m	$m
Profit for theyear attributable to stapled securityholders	744	(189)	178	558
Add back:
Development interest costs and other interest costs	2	—	40	124
Net gain on foreign exchange movements and derivatives	—	—	—	4
Income tax expense	—	—	—	20
Total return	746	(189)	218	706
Investment properties	7,748	3,191	—	11,167
Inventories	142	7	1,535	1,684
Indirect investments and other assets2	632	3	183	1,188
Less:
Fund through adjustments (deferred revenue)	(49)	—	(48)	(97)
Deferred land payable	—	—	(39)	(39)
Non-controllingInterests	—	—	—	(51)
FY20 total invested capital	8,473	3,201	1,631	13,852
1H20 total invested capital	8,276	3,512	1,497	13,864
FY19 total invested capital	7,752	3,451	1,621	13,262
Average Invested Capital3	8,167	3,388	1,583	13,659
FY20 return on invested capital	9.1%	(5.6%)	13.8%	5.2%

1. Residential ROIC does not include Build to Rent.

2. Includes capital deposits relating to BTR included in other assets.

3. Average over three reporting periods.

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Office & Industrial

South Eveleigh (The Foundry), Sydney

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FY20 ADDITIONAL INFORMATION

Office: portfolio details

	FY20	FY19
No. of properties1	29	31
NLA	685,810 sqm	657,140 sqm
Portfolio value2	$7,269m	$6,655m
WACR	5.25%	5.43%
Property net operating income (NOI)	$348m	$338m
Like-for-like NOI growth	3.8%	5.7%
Maintenance capex	$16m	$19m
Tenant incentives3	$28m	$40m
Occupancy (by area)	98.3%	98.2%
NLA leased	48,457 sqm	96,352 sqm
% of portfolio NLA leased	7.1%	14.7%
WALE (by area)	7.2 yrs	7.1 yrs
WALE (by income)	6.4 yrs	6.4 yrs

1. Includes IPUC, but excludes properties being held for development. During FY20 three properties

2. (37 & 51 Pitt/6-8 Underwood Streets, Sydney) are now being held for development.

OFFICE GEOGRAPHIC DIVERSITY[ 4]

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Sydney 57%
Melbourne 29%
Perth 6%
Brisbane 4%
Canberra 4%
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OFFICE DIVERSITY BY GRADE[ 5]

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Premium 35%
A grade 61%
B grade 3%
Other 1%
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OFFICE RENT REVIEW STRUCTURE[ 6]

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Fixed 82%
CPI 15%
Other 3%
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1. Includes IPUC and properties being held for development.

2. Includes cash and fitout incentives.

3. By portfolio value, including IPUC and properties being held for development.

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

5. By income, excludes lease expiries.

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FY20 ADDITIONAL INFORMATION

Office: leasing details

OFFICE LEASE EXPIRY PROFILE[ 1]

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60%
52%
40%
20%
12%
10%
9%
8%
7%
2%
0
Vacant FY21 FY22 FY23 FY24 FY25 FY26+
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OFFICE TOP 10 TENANTS[ 2]

	Tenants		Percentage3		Credit ratings
1	Government		15%	Aaa;	Aa2, AAA; AA+
2	Westpac		12%		Aa3, AA-
3	Google		5%		Aa2, AA+
4	EY		4%		—
5	AGL Energy		3%		Baa2
6	Commonwealth	Bank of Australia	3%		AA3, AA-
7	John Holland		2%		—
8	UGL Limited		2%		Baa2, BBB
9	PwC		2%		B2
10	Corrs		1%		—
Total			49%
			Leasing	Average	Average
FY20	Leasing activity	Area	spread	incentive	WALE1
Renewals		34,444 sqm	11.2%	18.2%	6.7
New leases		14,013 sqm	12.1%	21.9%	6.1
Total		48,457 sqm	11.5%	19.4%	6.5

1. By income.

2. Excludes Mirvac tenancies.

3. Percentage of gross office portfolio income.

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FY20 ADDITIONAL INFORMATION

61%

Industrial: portfolio details

	FY20	FY19
No. of properties1	10	10
NLA	469,313 sqm	469,315 sqm
Portfolio value2	$944m	$877m
WACR	5.60%	5.72%
Property net operating income (NOI)	$54m	$53m
Like-for-like NOI growth	1.1%	7.8%
Maintenance capex	$2m	$0.4m
Tenant incentives3	—	—
Occupancy (by area)	99.4%	99.7%
NLA leased	43,025 sqm	91,700 sqm
% of portfolio NLA leased	9.2%	19.5%
WALE (by area)	8.4 yrs	8.9 yrs
WALE (by income)	7.4 yrs	7.7 yrs

1. Excludes properties being held for development.

2. Includes properties being held for development.

3. Includes cash and fitout incentives.

4. By income.

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

INDUSTRIAL LEASE EXPIRY PROFILE[ 4]

60%							61%
40%
20%
					14%
		11%
			4%	5%		4%
0	1%
	Vacant	FY21	FY22	FY23	FY24	FY25	FY26+

RENT REVIEW STRUCTURE[ 6]

INDUSTRIAL DIVERSITY BY GEOGRAPHY[ 5]

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Sydney 100%
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Fixed 97%
CPI 3%
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1. By income, excludes lease expiries.

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FY20 ADDITIONAL INFORMATION

Office & Industrial: developments

Ofce & Industrial: developments
Recently completed projects Sector Area Ownership Pre-leased1 % Estimated value on completion2 Estimated costs to complete3 Estimated yield on cost4	PC date Lease Commencement
South Eveleigh, Sydney Office 93,600 sqm5 33% 100% $1,031m $18m 6.4%	May 20 1H21
477 Collins St, Melbourne Office 56,900 sqm 50% 96% $864m $58m 6.4%	Jul 20 1H21
Total 150,500 sqm 98% $1,895m $76m Active pipeline Sector Area Ownership Pre-leased1 % Estimated value on completion2 Estimated costs to complete3 Estimated yield on cost4	Estimated project timing7
	FY21 FY22
Locomotive Workshop, Sydney Office & Retail 30,900 sqm6 100% 70% $419m $161m 5.6%
80 Ann St, Brisbane Office 59,400 sqm 50% 73% $853m $283m 5.6%
90,300 sqm 72% $1,272m $444m Total 240,800 sqm 88% $3,167m $520m

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. Subject to COVID-19 impact on market conditions.

5. Represents CBA office commitment.

6. Office component ~23,000 sqm, 63% pre-let and retail component ~8,000 sqm, 90% pre-let.

7. Subject to COVID-19 impact on market conditions.

20 AUGUST 2020 — 64

Retail

Essentials Express

20 AUGUST 2020 — 65

FY20 ADDITIONAL INFORMATION

Retail: portfolio details

	FY20	FY19
No. of properties	16	17
GLA	428,927 sqm	437,899 sqm
Portfolio value1	$3,144m	$3,441m
WACR	5.55%	5.41%
Property net operating income (NOI)	$142m	$175m
Maintenance capex	$17m	$27m
Tenant incentives2	$12m	$13m
Occupancy (by area)	98.3%3	99.2%
GLA leased	42,811 sqm	61,939 sqm
% of portfolio NLA leased	9.7%	13.8%
WALE (by income)	3.8 yrs	4.1 yrs
WALE (by area)	4.7 yrs	5.1 yrs
Specialty occupancy cost	15.7%4	15.5%
Total comparable MAT	$2,549m	$2,934m
Total comparable MAT growth	(4.1%)5	2.7%
Specialties comparable MAT productivity	$9,620/sqm6	$10,063/sqm
Specialties comparable MAT growth	(11.1%)	2.0%

RETAIL RENT REVIEW STRUCTURE[ 8]

RETAIL DIVERSITY BY GRADE[ 7] Regional 43% Sub Regional 23% Outlet 13% CBD Retail 12% Neighbourhood 9%

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Fixed 88% CPI 11% Other 1%

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1. Portfolio value represents fair value (excludes gross up of lease liability under AASB 16).

2. Includes cash and fitout incentives.

3. Excludes Harbourside.

4. Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.

5. MAT movement reflects adjusted FY19 sales for Majors to be 52 weeks vs 52 weeks for FY20.

6. In line with SCCA guidelines, adjusted FY20 productivity for tenant closures during COVID-19 impacted period.

7. By portfolio value as per PCA classification.

8. By income, excludes lease expiries.

20 AUGUST 2020 — 66

FY20 ADDITIONAL INFORMATION

Retail: sales by category

		FY20	FY19
	FY20	comparable	comparable
Retail sales by category	total MAT	MAT growth	MAT growth
Supermarkets	$1,190m	3.1%1	4.4%
Discount department stores	$261m	2.1%1	4.5%
Mini-majors	$537m	(1.2%)	(0.5%)
Specialties	$1,037m	(11.1%)	2.0%
Other retail	$180m	(19.5%)	4.0%
Total	$3,205m	(4.1%)1	2.7%

		FY20	FY19
	FY20	comparable	comparable
Specialty sales by category	total MAT	MAT growth	MAT growth
Food retail	$127m	(4.0%)	2.4%
Food catering	$291m	(13.3%)	1.5%
Jewellery	$26m	(10.7%)	(4.1%)
Mobile phones	$40m	4.7%	(2.3%)
Homewares	$37m	(13.1%)	13.1%
Retail services	$117m	(9.0%)	4.2%
Leisure	$41m	(9.1%)	(2.3%)
Apparel	$254m	(19.3%)	1.8%
General retail	$104m	5.4%	1.7%
Total specialties	$1,037m	(11.1%)	2.0%
Specialty metrics		FY20	FY19
Comparable specialty sales		$9,620/sqm2	$10,063/sqm
Comparable specialty occupancy costs		15.7%3	15.5%

1. MAT movement reflects adjusted FY19 sales for Majors to be 52 weeks vs 52 weeks for FY20.

2. In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.

3. Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further COVID-19 related support provisions.

20 AUGUST 2020 — 67

FY20 ADDITIONAL INFORMATION

COVID-19 additional disclosures

STORE OPENING CLASSIFICATION AS AT 30 JUNE 2020

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41% 48%
Normal Trade Revised trade hours
92%
OPEN
1%
Mandatory Close
7% 3%
Voluntary Closure Restricted Trading –
Takeaway Open
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STORE OPENINGS AS AT 30 JUNE 2020

	Proportion	% of
Category	of Income	Stores Open
Supermarket	11%	100%
DDS	4%	100%
Pharmacies	3%	100%
Gyms	1%	100%
Food Retail1	4%	99%
Apparel	17%	97%
Discretionary General Retail2	13%	95%
Retail Services	8%	94%
Food Catering	22%	88%
Non-Retail	11%	86%
Other Retail	2%	80%
Entertainment	4%	13%
Total		92%

1. Food Retail Includes Liquor.

2. Includes homewares, jewellery, leisure and mobile phones.

20 AUGUST 2020 — 68

FY20 ADDITIONAL INFORMATION

Retail: lease expiry profile & top 10 tenants

RETAIL LEASE EXPIRY PROFILE: BY INCOME

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30%
28%
20% 20%
14% 14%
12%
10% 10%
2%
0
Vacant FY21 FY22 FY23 FY24 FY25 FY26+
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RETAIL LEASE EXPIRY PROFILE: BY AREA

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40%
39%
30%
20%
18%
10% 11% 12% 10%
8%
2%
0
Vacant FY21 FY22 FY23 FY24 FY25 FY26+
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RETAIL TOP 10 TENANTS

	Tenants		Percentage3	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		1%	—
7	Cotton On Group		1%	—
8	Virgin Group		1%	CCC / B-
9	Australian Pharmaceutical	Industries	1%	—
10	Just Group Limited		1%	—
Total			22%
			Pre-COVID-19	COVID-19
Committed pipeline		Total FY20	FYTD Feb 20	Mar to Jun 20
Deal	Count	248	197	51
Area	Leased (sqm)	42,811	28,810	14,001

20 AUGUST 2020 — 69

FY20 ADDITIONAL INFORMATION

Retail: developments

Retail: developments
Committed pipeline Development area Incremental GLA Ownership Area % Pre-leased Estimated project cost1 Estimated costs to complete1 Estimated yield on cost2	Estimated project timing2
	FY21 FY22
Moonee Ponds Central – Dining & Managed Parking 600 sqm — 100% 94% $9m — 6.5%	Complete
Orion Springfield Central – Timezone, ALDI & Food Court 2,900 sqm 1,500 sqm 100% 94% $11m $8m >5%
Total 3,500 sqm 1,500 sqm $20m $8m >6.0%

1. Mirvac’s ownership interest.

2. Subject to COVID-19 impact on market conditions.

20 AUGUST 2020 — 70

Residential

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Green Square, Sydney (artist impression)
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FY20 ADDITIONAL INFORMATION

Residential: pipeline positioning I 27,361 pipeline lots

SHARE OF EXPECTED FUTURE REVENUE BY PRODUCT[ 1]

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Masterplanned communities 57% Apartments 43%

SHARE OF EXPECTED FUTURE REVENUE BY GEOGRAPHY[ 1]

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NSW 39%
VIC 39%
QLD 16%
WA 6%
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PIPELINE LOTS BY PRODUCT

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Masterplanned communities 81% Apartments 19%

PIPELINE LOTS BY STRUCTURE

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100% Mirvac balance sheet 43% PDA / DMA 33% JV 24%

PIPELINE LOTS BY PRICE POINT: MASTERPLANNED COMMUNITIES

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<$250k 19% $250k–$500k 65% >$500k 16%

PIPELINE LOTS BY PRICE POINT: APARTMENTS

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<$1.2m 71% >$1.2m 29%

1. Mirvac share of forecast revenue.

20 AUGUST 2020 — 72

FY20 ADDITIONAL INFORMATION

Residential: masterplanned communities pipeline (key projects)

Expected settlement profile (lots)[1]

Major projects	State	Stage	Ownership	Type	FY21		FY22		FY23		FY24		FY25
Waverley Park	VIC	Multiple stages	100%	House & Land		81
Crest	NSW	Multiple stages	100%	House & Land		136
Osprey Waters	WA	Multiple stages	100%	Land			86
Tullamore2	VIC	Multiple stages	100%	House & Land			110
Ashford	QLD	Multiple stages	100%	House & Land			124
Gainsborough Greens Madox Iluma Private Estate	QLD WA WA	Multiple stages Multiple stages Multiple stages	100% 100% 100%	House & Land Land Land			258	413 254
One71 Baldivis Menangle	WA NSW	Multiple stages Multiple stages	100% PDA	Land House & Land					379 148
Henley Brook	WA	Multiple stages	100%	Land					477
Googong	NSW	Multiple stages	JV	House & Land					1,000
Everleigh Olivine	QLD VIC	Multiple stages Multiple stages	100% 100% & DMA	Land Land					1,295 1,060
Smiths Lane	VIC	Multiple stages	100%	Land					1,302
Woodlea	VIC	Multiple stages	JV	Land					1,425
Georges Cove (previously Moorebank)	NSW	Multiple stages	PDA	House				179
Alexandria	QLD	Multiple stages	100%	House & Land					80
The Fabric	VIC	Multiple stages	100%	House						279
Riverlands	NSW	Multiple stages	100%	House						340
Marsden Park North	NSW	Multiple stages	PDA	House & Land							491
55 Coonara Avenue3	NSW	Multiple stages	100%	House								200

MASTERPLANNED COMMUNITIES PROJECT PIPELINE ANALYSIS

% of total FY21 expected lots to settle from masterplanned communities

~2% % of total FY21 expected provision lots to settle

1. Subject to planning approvals and market conditions, including COVID-19 uncertainties.

2. Excludes Tullamore Stables retail lot, expected to settle FY26.

3. Rezoning has approved up to 600 dwellings (mix of apartments and housing).

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

20 AUGUST 2020 — 73

FY20 ADDITIONAL INFORMATION

Residential: apartments pipeline (key projects)

Major projects State Stage Pre-sold Ownership	Expected settlement profile (lots)1
	FY21 FY22 FY23 FY24 FY25
Marrick & co NSW All Stages 91% 100%	22
Claremont WA Grandstand 92% 100%	53
Tullamore VIC Folia 71% 100%	102
Beachside Leighton WA Compass 70% 100%	104
Claremont WA Reserve 91% 100%	41
Pavilions2 NSW All Stages 73% PDA	321
Ascot Green QLD Tulloch House 44% PDA	84
Yarra's Edge VIC Voyager 72% 100%	315
Tullamore VIC Future Stages Not released 100%	94
Willoughby NSW Future Stages Not released 100%	446
The Peninsula WA Tower 6 Not released 100%	187
Waterfront Sky QLD Future Stages Not released PDA	243
Ascot Green QLD Future Stages Not released PDA	258
Green Square NSW Future Stages Not released PDA	324
55 Coonara Avenue3 NSW Future Stages Not released 100%	4 400
Waterloo Metro Quarter NSW Future Stages Not released JV	132
Yarra's Edge VIC Future Stages Not released 100%	212

APARTMENTS PROJECT PIPELINE ANALYSIS

% of total FY21 expected lots to settle from apartments

~4%

% of total FY21 expected provision lots to settle

1. Subject to planning approvals and market conditions, including COVID-19 uncertainties.

2. Excludes Build to Rent lots.

3. Rezoning has approved up to 600 dwellings (mix of apartments and housing).

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

20 AUGUST 2020 — 74

FY20 ADDITIONAL INFORMATION

Residential: pre-sales detail

RECONCILIATION OF MOVEMENT IN EXCHANGED PRE-SALES CONTRACTS TO FY20

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$2,000m
$1,735m ($1,508m)
$1,500
$1,000 $744m $971m
$500
0
FY19 Settled Net sales FY20
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PRE-SALES BY GEOGRAPHY[ 1]

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VIC 59%
NSW 25%
WA 10%
QLD 6%
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PRE-SALES BY BUYER PROFILE[ 1,2]

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Owner occupier [3] 42%
Investor 32%
Mainland China 23%
Other Offshore 3%
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PRE-SALES BY TYPE[ 1]

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Apartments 66%
Masterplanned communities 34%
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PRE-SALES EXPECTED ROLL-OFF [ 1]
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FY21 68%
FY22+ 32%
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1. Represents pre-sales contract value.

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

3. Includes first home buyers.

20 AUGUST 2020 — 75

FY20 ADDITIONAL INFORMATION

Residential: FY20 acquisitions & additional pipeline projects

					Estimated settlement
Project	State	Ownership	No. of lots1	Product type	commencement1
Acquisitions / Agreements
Riverlands Milperra	NSW	100%	340	Masterplanned communities	FY22
Western Sydney University, Milperra	NSW	PDA	425	Masterplanned communities	FY25
Waterloo Metro Quarter	NSW	JV	132	Apartments	FY25
Willoughby	NSW	100%	446	Apartments	FY23
Total Acquisitions / Agreements			1,343
Additional Pipeline Projects
505 George Street	NSW	PDA	260	Apartments	FY28
55 Coonara Avenue	NSW	100%	600	Apartments/Masterplanned communities	FY24
Waterfront Sky	QLD	100%	430	Apartments	FY24
Total Additional Pipeline Projects			1,290
Total Acquisitions and Additional Pipeline Projects			2,633

1. Subject to planning approvals and market conditions.

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

20 AUGUST 2020 — 76

FY20 ADDITIONAL INFORMATION

Residential: FY21 expected major releases

FY21 expected major releases1	State	Type	Approximate lots1
Willoughby	NSW	Apartments	230
Green Square	NSW	Apartments	160
Waterfront Sky	QLD	Apartments	140
Woodlea	VIC	Masterplanned communities	140
Smiths Lane	VIC	Masterplanned communities	140
Gainsborough Greens	QLD	Masterplanned communities	125
Everleigh	QLD	Masterplanned communities	120
Googong	NSW	Masterplanned communities	120
Tullamore	VIC	Apartments & Masterplanned communities	110
Illuma Private Estate	WA	Masterplanned communities	100

1. Subject to planning approvals and market conditions, including COVID-19 uncertainties.

20 AUGUST 2020 — 77

FY20 ADDITIONAL INFORMATION

Residential: FY20 settlements 2,563 lot settlements I

	Apartments Masterplanned Communities Total
	Lots % Lots % Lots %
NSW QLD VIC WA	816 32% 277 11% 1,093 43% 33 1% 233 9% 266 10% 260 10% 797 31% 1,057 41% 21 1% 126 5% 147 6%
Total	1,130 44% 1,433 56% 2,563 100%

FY20 LOT SETTLEMENTS

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BY PRODUCT TYPE Apartments 44% Masterplanned communities 56% Land 52% House 4%

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BY GEOGRAPHY NSW 43% VIC 41% QLD 10% WA 6%

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BY STRUCTURE JVA 47% 100% Mirvac balance sheet 33% PDA/DMA 20%

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

20 AUGUST 2020 — 78

FY20 ADDITIONAL INFORMATION

Residential: FY20 settlements detail

FY20 major settlements	Product type	Ownership	Lots
St Leonards Square, NSW	Apartments	JV	554
Woodlea, VIC	Masterplanned Communities	JV	449
Olivine, VIC	Masterplanned Communities	100% & DMA	252
Marrick & Co, NSW	Apartments	100%	194
The Eastbourne, VIC	Apartments	PDA	193
Googong, NSW	Masterplanned Communities	JV	179
Gainsborough Greens, QLD	Masterplanned Communities	100%	119
Everleigh, QLD	Masterplanned Communities	100%	103
Crest, NSW	Masterplanned Communities	100%	90
Tullamore, VIC	Masterplanned Communities	100%	63
Tullamore, VIC	Apartments	100%	44
Subtotal			2,240
Other projects			323
Total			2,563

FY20 SETTLEMENT BUYER PROFILE BY GEOGRAPHY

FY20 SETTLEMENT BUYER PROFILE

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Upgrade/empty nesters 40% Investors 36% First home buyers 24%

Domestic 94% Offshore 6%

FY20 SETTLEMENTS AVERAGE SALES PRICE

APARTMENTS HOUSE LAND ~$1,310k ~$912k ~$327k

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

20 AUGUST 2020 — 79

FY20 ADDITIONAL INFORMATION

Residential: EBIT reconciliation & gross development margin

FY20 Residential EBIT reconciliation	$m
Development revenue	899
Management fee revenue	18
Total development revenue (excluding JV)	917
Share of net profit of JVs, and other revenue	134
Total operating revenue and other income	1,051
Cost of development and construction	(713)
Other development costs1	(30)
Sales and marketing expense	(33)
Employee benefits and other expenses	(33)
Total cost of property development	(809)
Development EBIT	242
Management and administrative expenses	(17)
Total Residential EBIT	225
Residential EBIT margin	21%

evelopment margin
FY20 Gross development margin	$m
Development revenue	899
JV development revenue	463
Total development revenue	1,362
Cost of development and construction	(713)
JV cost of development and construction	(325)
Total cost of development and construction	(1,038)
Residential gross development profit	324
Residential gross development margin %	24%
FY20 Gross development margin (excluding JV projects)	$m
Development revenue	899
Cost of development and construction	(713)
Residential gross development profit (excluding JV projects)	186
Residential gross development margin % (excluding JV projects)	21%

1. Includes new business and project costs written off ($20m).

20 AUGUST 2020 — 80

FY20 ADDITIONAL INFORMATION

High quality product & conservatism supporting future residential margins

REVENUE

DECLINING CAPITALISED INTEREST AS A PERCENTAGE OF INVENTORY

• $971m of revenue pre-sold and 27,361 pipeline lots

• ~80% expected future revenue from core markets NSW & VIC

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

• Brand, quality and project locations with product targeted at owner occupiers

• No material reliance on price escalation in feasibilities near term

COST

• Capitalised interest remains low at 4.9% of inventory, supporting future margins

• Capitalise interest only on active projects and on a stage-by-stage basis

• 57% of lots controlled in capital efficient PDA and JV structures

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

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$2,000m 14%
12%
$1,500
10%
8%
$1,000
6%
4%
$500
2%
0 0
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
Capitalised interest Non-Interest Inventory Capitalised Interest as % of Inventory
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Note: all inventory balances reflect gross inventory.

20 AUGUST 2020 — 81

Calendar

505 George Street, Sydney (artist impression) 20 AUGUST 2020 — 82

FY20 ADDITIONAL INFORMATION

1H21 Calendar

1H21 Calendar
Event	Location	Date1
Private domestic virtual roadshow	Sydney	21, 24-28 August 2020
Private ofshore virtual roadshow (Asia)	Sydney	31 August, 1-2 September 2020
Citibank's 12th Annual Investment Conference	Sydney	14-15 October 2020
1Q21 Operational Update	—	22 October 2020
2020 Annual General Meeting	Sydney	19 November 2020

INVESTOR RELATIONS CONTACT

T (02) 9080 8000 E investor.relations@mirvac.com

1. All dates are indicative and subject to change.

20 AUGUST 2020 — 83

FY20 ADDITIONAL INFORMATION

Glossary

Term	Meaning
A-REIT	Australian Real Estate Investment Trust
AFFO	Adjusted Funds from Operations
BPS	Basis Points
BTR	Build to Rent
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 aproperty
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	Groupof land lots that have subdivisionpotential
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 ReportingStandards
IPD	Investment PropertyDatabank
IPUC	Investmentproperties under construction
IRR	Internal Rate of Return
JVA	Joint Ventures and Associates
LAT	Leader Auta Trust
LPT	Listed PropertyTrust
LTIFR	Lost Time InjuryFrequencyRate
Low density	Green field landprojects outside of the middle ring

Term	Meaning
MAT	MovingAnnual Turnover
Medium density	Urban infill and middle ring projects with some level of built form aspect
MGR	Mirvac GroupASX code
MPT	Mirvac PropertyTrust
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 ofice 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

	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% ofice space – If the asset comprises less than 75% of NABERS rateable ofice space by area. iv. Buildings with less than 2,000 sqm ofice space
NLA	Net Lettable Area
NOI	Net OperatingIncome
NPAT	Net Profit After Tax
NRV	Net Realisable Value
NTA	Net Tangible Assets
Operating	Operating profit reflects the core earnings of the Group, representing statutory profit adjusted for
Profit	specific non-cash items and other significant items.
PCA	PropertyCouncil of Australia
PDA	Project DeliveryAgreement. Provision of development services byMirvac 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

20 AUGUST 2020 — 84

FY20 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 further COVID-19 impacts on market conditions, 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 which because of COVID-19, impacts remain unknown and uncertain. 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 2020, 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 2020, unless otherwise noted.

20 AUGUST 2020 — 85

Thank you

Reimagine Urban Life

Marrick & Co., Sydney

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