MIRVAC GROUP — Annual Report 2020

Aug 19, 2020

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Reimagine Urban Life
FY20
Results
20 August 2020
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FY20 RESULTS

Acknowledgement of Country

Mirvac acknowledges the Traditional Owners of the land on which we work, and pay our respect to Elders past and present

20 AUGUST 2020 — 01

FY20 RESULTS

Agenda

Overview

Susan Lloyd-Hurwitz CEO & Managing Director

03

Capital Allocation Brett Draffen Chief Investment Officer

17

Retail

Susan MacDonald Head of Retail

28

Financial Results

Shane Gannon Chief Financial Officer

11

Office & Industrial Campbell Hanan Head of Office & Industrial

22

Residential Stuart Penklis Head of Residential

33

Summary & Outlook Susan Lloyd-Hurwitz CEO & Managing Director

39

Overview

Susan Lloyd-Hurwitz CEO & Managing Director

Osprey Waters, Perth

20 AUGUST 2020 — 03

FY20 RESULTS

Group well positioned leading into the crisis

LEADING INTO THE CRISIS, THE GROUP HAD SOLID MOMENTUM AND A STRONG BALANCE SHEET

Portfolio

Award winning modern diversified investment portfolio of 55 assets[ 1]

Long WALE of 5.6 years[ 2] and 98.6% occupancy[ 3] > Diversified tenant base > 27,361 of residential pipeline lots, 57% held in capital efficient structures

Balance sheet > $1.4bn liquidity > 22.8% gearing[ 4] and external capital > Strong credit ratings (A3/A-) > 6.7 years debt maturity, minimal expiries until FY23 > Preferred partner with $9.4bn third party capital

Executing strategy > Integrated developer focused on value creation > Sold ~$3bn of secondary and non-core assets from FY13-FY20 > Re-invested in creating ~$4bn[ 5] of modern assets with high quality cash flow > Restocked residential pipeline at the right time

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

2. By income.

3. By area.

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

5. 100% end value of completed assets over FY13-FY20, including expected value of completed 477 Collins Street and South Eveleigh.

20 AUGUST 2020 — 04

FY20 RESULTS

COVID-19 impact and response

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People and safety

• Targeted best practice pandemic response

• Focused on protecting our people and supporting our customers

• Working from home measures implemented with gradual return to offices for employees

• Priority to support the ongoing viability of small business customers

• Community support packages

• Extended our EAP service to all of our retailers and tenants

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Business operations

• $86m direct impact from COVID-19 including changing market conditions

• Rental assistance packages approved, focusing on SME tenants

• $32m impact due to delays/timing including residential sales and settlements

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Management response

• A voluntary 20% reduction in remuneration for the ELT and the Board and a temporary reduction in working hours for most employees

• No FY20 Short Term Incentive

• Reduction of discretionary spend and deferral of non-essential capital expenditure

• Implemented measures to reduce operational costs

• Enhanced liquidity with ~$810m of new debt facilities[ 1] and liquidity in excess of $1.4bn

• Since 31 December 2019.

20 AUGUST 2020 — 05

FY20 RESULTS

Solid results in challenging conditions

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m
$602 $2.54
FY20 OPERATING PROFIT NTA [1]
(5%) on pcp m +2% on pcp
$796
22.8%
FY20 EBIT
GEARING [ 2]
(6%) on pcp
15.3c
FY20 EPS
(10%) on pcp 9.1c 8.9%
FY20 DPS 3 YEAR ROLLING GROUP ROIC
(22%) on pcp
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1. NTA per stapled security excludes intangibles, right of use assets and non-controlling interests, based on ordinary securities including EIS securities. 2. Net debt (at foreign exchange hedge rate) excluding leases/(total tangible assets - cash).

20 AUGUST 2020 — 06

FY20 RESULTS

Our purpose I To reimagine urban life

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DELIVERED SIX NEW URBAN ASSETS [ 1] , CONTINUING TO SHAPE THE FUTURE OF AUSTRALIA’S CITIES & URBAN AREAS
Olderfleet, The Foundry, The Eastbourne, Marrick & Co, St Leonards Square, Pavilions, Sydney
477 Collins Street, MEL South Eveleigh, SYD MEL SYD SYD Olympic Park, SYD
WE LEAVE A LEGACY OF SUSTAINABLE, CONNECTED & VIBRANT URBAN ENVIRONMENTS
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1. Completed assets as at 20 August 2020.

20 AUGUST 2020 — 07

FY20 RESULTS

Continuing to deliver the next generation of assets and income

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750,000
sqm NLA
GROWING PASSIVE RENTAL INCOME DRIVEN BY DEVELOPMENT [ 3] potential
development [ 1]
$600m 200,000
Passive rental income Future sqm NLA
NOI
4.2%
150,000
7 year NOI
CAGR
$500
~131,000
118,380
107,900
98,560 100,000
82,011
$400
~53,000
49,300 50,000
19,349 19,303
$300 0
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Future
Total net operating income NOI (Office, Industrial, Retail) – LHS
Net leasable area (NLA) developed and future pipeline (Office, Industrial, Retail and Build to Rent) – RHS
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• Pre-let and largely de-risked developments supported passive group NOI growing by $137m over FY13-20 (~4.2% 7 year CAGR)

• The development pipeline will re-base in FY21 with the delivery of the Locomotive Workshops, South Eveleigh and LIV Indigo (BTR) and then grow again in FY22 with the delivery of 80 Ann Street, Brisbane largely pre-let, and 300 Manchester Road, Auburn

• The future uncommitted pipeline has the potential to deliver over 750,000 sqm (NLA)[ 1] across mixed-use, office, industrial, retail and build to rent developments[ 2]

• Flexibility to respond to changing conditions with the pipeline having in-place income or secured on deferred capital efficient terms for development

• Represents 100% of potential net leasable area (NLA) and NOI from uncommitted future developments subject to planning, unforeseen construction delays and unexpected market conditions.

• Subject to uncertainties of COVID-19 impacts.

• Net operating income from office, industrial and retail portfolios FY13-20, and developed and future expected NLA, subject to planning and market demand.

20 AUGUST 2020 — 08

FY20 RESULTS

Secured development opportunities providing optionality & future value

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Industrial Build to Rent Residential
Office / Mixed-use
Majority of
development
pipeline has in place
income or is secured
in capital efficient
structures
WATERLOO METRO QUARTER, SYD ELIZABETH ENTERPRISE, BADGERYS CREEK, SYD LIV MUNRO, MEL GREEN SQUARE, SYD
1 1 2 3
$5.7bn $1.2bn ~$1.3bn $15.6bn
($1.3BN COMMITTED) (~1,700 APARTMENTS) [ 4] (~27,400 PIPELINE LOTS) [ 4]
Including: Including: Including: Including:
> Locomotive Workshops, South Eveleigh, SYD > Elizabeth Enterprise, Badgerys Creek, SYD > LIV Indigo, SYD > Woodlea, MEL
> 80 Ann Street, BNE > Aspect, Kemps Creek, SYD > LIV Munro, MEL > Willoughby, SYD
> Harbourside, SYD > 300 Manchester Road, Auburn, SYD > LIV Flinders West, MEL > Olivine, MEL
> Waterloo Metro Quarter, SYD > LIV Albert Fields, MEL > Green Square, SYD
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1. Represents 100% of expected end value of committed and future developments, subject to planning and uncertainties of COVID-19.

2. Expected end value of the Build to Rent pipeline, subject to planning approvals and market conditions and uncertainties of COVID-19.

3. Represents 100% of expected end value of committed and future developments, subject to planning and uncertainties of COVID-19. $12.8bn adjusted for Mirvac’s share of JV and managed funds.

4. Subject to planning approvals, market conditions and uncertainties of COVID-19.

Note: All images are artist impressions, final design may differ.

20 AUGUST 2020 — 09

FY20 RESULTS

Our culture & capability I How we work matters

Health, Safety & WORK SAFE Our people 97%3 Sustainability Innovation Environment stay safe > 97% employees employees proud to > 60% reduction in > #1 AFR Boss Most work at Mirvac > Targeted best practice proud to work carbon emissions[ 4] Innovative Property pandemic response at Mirvac[ 3] > Plan to reach zero waste released and Construction company > Refreshed Design Out Our > 97% key talent retained > House With No Bills saved > Launched Essentials Express Risks (DOOR) procedures > 44% women in senior ~$2,000 per year retail adaptation to COVID-19 and delivery mechanisms management roles > #7 in Fast Company World’s Most > $9m+ in community investment > Performance against targets: > 0% gender pay gap Innovative Companies 2020 – > $9m+ social procurement – CIFR: 0.63 Urban Development & Real Estate > Recognised Employer of Choice > Three new 5+ star NABERS ratings – Leadership actions: 178%[1]

– Health & well-being participation: 158%[2]

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1. Based on each executive leadership team member completing at least 2x HSE related actions per quarter.

2. Based on 100% of all employees (in aggregate) participating in a Mirvac sponsored health and well-being initiative.

3. Based on May 2020 employee check-in survey.

4. From 1 January 2020.

20 AUGUST 2020 — 10

Financial Results

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St Leonards Square, Sydney
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Shane Gannon Chief Financial Officer

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20 AUGUST 2020 — 11
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FY20 RESULTS

FY20 financial results

OPERATING RESULTS

FY20 FY19 $m $m Ofice & Industrial 484 518 Retail 128 168 Residential 225 201 Corporate & other (41) (38) Operating EBIT 796 849 Operating profit after tax 602 631 Adjusted funds from operations (AFFO) 572 570 Statutory profit after tax 558 1,019	7% 12% 24% 8% 5% 0.4% 6% 45%

OFFICE AND INDUSTRIAL

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

RETAIL

• 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

OPERATING PROFIT

• FY20 earnings impacted by COVID-19 pandemic and subsequent volatile market conditions

AFFO

• In line with FY19 although FY20 earnings impacted by COVID-19, offset by management’s response including a reduction in maintenance capex and tenant incentives

20 AUGUST 2020 — 12

FY20 RESULTS

FY20 earnings impacted by COVID-19

DIRECT AND ASSOCIATED COVID-19 IMPACT

FY20 EARNINGS MOVEMENT

• ($86m) net impact including:

• Tenant rental assistance & ECL provisions[ 1] ($48m)

• New business & project costs written off ($23m)

• Lower NOI ($6m) from Travelodge Hotels

TIMING DIFFERENCES

• ($32m) net impact largely due to Residential settlement delays and timing of development payments

MANAGEMENT RESPONSE

• $29m net favourable impact, including:

• Temporary 20% reduction in remuneration for the ELT and the Board

• Temporary reduction in working hours for most employees

• No FY20 Short Term Incentive

• Reduced corporate overheads due to operational savings

• Reduced discretionary spend which remains an ongoing priority in FY21

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18.0 cpss
17.6 – 17.8c (2.2c)
($86m)
16.0
(0.8c)
0.7c 15.3c
($32m) $29m
14.0
COVID-19 PANDEMIC IMPACTS
12.0
FY20 EPS Direct and Timing Management FY20 EPS
market guidance [ 2] associated impacts differences response Results
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1. Rental assistance relates to tenant rental waivers of $10m. Expected credit loss (ECL) provisions relate to uncollected rent not waived of $38m.

2. On 18 March Mirvac Group withdrew its FY20 earnings and distribution guidance.

20 AUGUST 2020 — 13

FY20 RESULTS

Accounting impact of COVID-19 and tenant support

PRIORITY TO SUPPORT THE ONGOING VIABILITY OF SMALL BUSINESS CUSTOMERS

RENTAL ASSISTANCE AND PROVISION FOR RECEIVABLES

• Rental assistance provided on a case by case basis and focused on SME tenants

• Rent collection rates for Q4 averaged 72% with retail the most impacted

• Cash collection rates improved post 30 June with 90% of 2H20 billings now collected[ 3]

• July cash collection averaging 76% across the group, 89% for office and industrial, and 54% for retail[ 3]

• Provisions and tenant rent waivers expensed and reflected in operating profit and FFO

	Tenant rent	Provision for
	waivers	receivables	Total
	($m)1	($m)2	($m)
Ofice	—	7	7
Industrial	—	1	1
Retail	10	30	40
Total	10	38	48

CASH COLLECTION INCREASED POST 30 JUNE 2020

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100% 98%
90%
82%
80 1%
5%
60
10%
40
97% 72% 85%
20
0
3Q20 Billings 4Q20 Billings 2H20 Billings
Cash collected (30 June 2020) Cash collected (14 August 2020)
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COLLECTED 85% OF RENT BILLED IN 2H20 AS AT 30 JUNE

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$413m
Billed
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Cash collected 84.7% Waived 2.4% Provision 9.3% Net outstanding 3.6%

1. Rental assistance relates to tenant rental waivers of $10m.

2. Provisions for receivables relate to uncollected rent not waived of $38m.

3. 90% of 2H20 rental billings collected and 76% of July rental billings collected as at 14 August 2020.

20 AUGUST 2020 — 14

FY20 RESULTS

Prudent balance sheet management given volatile market conditions

$1.4bn A3/ACREDIT RATINGS CASH & MOODY’S/ FITCH UNDRAWN FACILITIES Stable Outlook 22.8% 6.7 yrs GEARING[ 1 ] AVERAGE DEBT MATURITY PROFILE

4.0% No AVERAGE BORROWING COST[ 2] significant debt maturities Until 2022

m $455 Access FY20 OPERATING CASH FLOW to diverse capital sources

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

2. Including margin and line fees.

20 AUGUST 2020 — 15

FY20 RESULTS

Distributions funded from operating cash flow

• Lower FY20 operating cash flow and distributions due to COVID-19 impact, including rental assistance packages

• FY20 distribution of 9.1c approximately in line with trust operating cash flows

• Retained earnings re-invested in majority pre-let committed development pipeline, driving future asset and income creation

• FY21 NOI will benefit from recent development completions including Olderfleet, 477 Collins Street, Melbourne and The Foundry, South Eveleigh, Sydney

• Distributions will continue to be funded from operating cash flow

• Subject to the unpredictable and volatile nature of the impacts of COVID-19, Mirvac will target a distribution payout ratio of 65-75% of operating earnings for FY21, in line with policy to distribute up to 80% of operating earnings

DISTRIBUTIONS SUPPORTED BY TRUST OPERATING CASH FLOWS

$663m

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$600
$509m $513m $518m
$455m
$400
$200
0
FY16 FY17 FY18 FY19 FY20
Trust operating cash flows Group operating cash flows Distribution paid/declared
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20 AUGUST 2020 — 16

Brett Draffen Chief Investment Officer Capital Allocation Harbourside, Sydney (concept only, subject to planning approvals)

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20 AUGUST 2020 — 17
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FY20 RESULTS

Capital allocation focused on urbanisation and growth of gateway cities

~~82% OF GROUP CAPITAL ALLOCATED TO SYDNEY AND MELBOURNE~~

Australia’s largest and most important knowledge economies

Main contributors Australia’s largest Australia’s Australia’s key to Australia’s GDP populations with largest & deepest gateway cities and GDP growth long-term growth employment markets

~~~$23BN TOTAL ASSETS UNDER MANAGEMENT~~

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$12.1bn
PASSIVE
INVESTED
CAPITAL [ 1]
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OFFICE $7.3bn of office assets, 86% SYD/MEL, 96% A/Prime grade, WACR 5.25% INDUSTRIAL $0.9bn of SYD industrial assets, WACR 5.60% RETAIL $3.1bn urban portfolio, 66% SYD, WACR 5.55% CORPORATE & OTHER

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RESIDENTIAL DEVELOPMENT
$1.6bn of residential inventory
valued at the lower of cost
and net realisable value
~27,400 pipeline lots with
$1.7bn
an average vintage of 7 years
ACTIVE
COMMERCIAL DEVELOPMENT
INVESTED
CAPITAL
18.9% ACTIVE ROIC [ 2]
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Office & industrial
Retail
Corporate & Other
$9.4bn
EXTERNAL
ASSETS UNDER
MANAGEMENT
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~~5.2% FY20 GROUP ROIC~~

1. Invested capital includes investment properties, IPUC, JVA, other financial assets, loans, non-controlling interests and intangibles. 2. FY20 Active ROIC: Development EBIT (commercial and residential / active capital).

20 AUGUST 2020 — 18

FY20 RESULTS

Targeting sustainable returns above our cost of capital

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FY20 OFFICE & INDUSTRIAL ROIC FY20 RETAIL ROIC
9.1% 3.8%
ROIC %
5.9% (Non-operating) ROIC %
ROIC %
3.2% (Operating)
(5.6%)
ROIC % ROIC % ROIC %
(Operating) (Non-operating)
8.9% (9.4%)
18.1%
5.9%
13.8% 5.2%
12.6% 3 YEAR ROLLING GROUP ROIC
ROIC %
(Non-operating)
ROIC % ROIC %
FY18 FY19 FY20 (Operating) (0.7%)
RESIDENTIAL ROIC FY18-20 FY20 GROUP ROIC
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20 AUGUST 2020 — 19

FY20 RESULTS

Flexibility and increasing exposure to mixed-use, build to rent and industrial

• Optimising and flexing the allocation of capital across our portfolio, including between our passive investment and active development activities

INCREASING EXPOSURE TO MIXED-USE/PRECINCTS, BUILD TO RENT AND INDUSTRIAL[3]

• Disposed of over ~$3bn of assets in the last seven years

• Reinvested proceeds in growing industrial and mixed-use portfolios over FY18-20 including South Eveleigh Precinct (~$1bn) and Calibre Industrial Estate (~$264m)[ 1]

• Strategy to continue to organically grow the portfolio using strong track record of development rather than acquire passive assets on market

• Development spending can be flexible and subject to market demand (pre-commitment) and secured in capital efficient (deferred/options) structures

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~$3.4bn MIXED-USE/BTR PIPELINE [ 2] ~$1.2bn INDUSTRIAL PIPELINE [ 2]
WATERLOO METRO QUARTER, SYD (ARTIST IMPRESSION) ELIZABETH ENTERPRISE, BADGERYS CREEK, SYD (ARTIST IMPRESSION)
Including: Locomotive Workshops, South Eveleigh 300 Manchester Road, Auburn I Aspect, Kemps Creek
Harbourside I Waterloo Metro Quarter Elizabeth Enterprise, Badgerys Creek
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300,000 sqm (Net Leasable Area)
~$4.6bn
200,000 Mixed-use, BTR
and industrial pipeline [ 2]
100,000
0
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26+
FORECAST [ 4]
Mixed-use / Precinct Build to Rent Industrial Office Retail
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1. 100% value.

2. Represents 100% of expected end value of committed and uncommitted future developments, subject to planning approvals and market conditions.

3. By area.

4. Indicative timing subject to planning and market conditions.

20 AUGUST 2020 — 20

FY20 RESULTS

Continuing to progress Build to Rent strategy

WHY CUSTOMERS PREFER BUILD TO RENT[ 1]

• Secured two additional Build to Rent projects during the year adding over 900 apartments to our pipeline and contributing to our medium term target of 5,000 operational units

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28%
> The build to rent model has proven to be one of the most stable asset classes globally during COVID-19 leading to increased 25% 25%
investor interest in the attractive risk adjusted returns provided by the asset class
> Delivery of LIV Indigo, at Sydney Olympic Park is approaching final stages with leasing commencing in 1H21 and residents 15%
moving in from September
7%
> 10% pre-leased in line with expected stabilisation of 12-18 months
> Leases secured across all unit types with average rates in line with feasibility A secure A space for To bring Space to To know my
> Targeting yield on cost >4.5% and an unlevered IRR of >8% lease my family my pet entertain neighbours
~1,700
FUTURE PIPELINE FY22/23 FY23/24 BTR apartments FY24/25
FY21-25 [3]
$210m
315 UNITS ~490 UNITS ~470 UNITS ~450 UNITS
Total cost [2]
LIV Indigo, SYD LIV Munro, MEL LIV Flinders West, MEL LIV Albert Fields, MEL
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1. Based on survey of 554 potential customers. LIV Mirvac visitor preference selected between January-June 2020.

2. Expected total development cost.

3. Expected units and timing subject to planning.

Note: All images are artist impressions, final design may differ.

20 AUGUST 2020 — 21

Office & Industrial

Campbell Hanan Head of Office & Industrial Olderfleet, 477 Collins Street, Melbourne

20 AUGUST 2020 — 22

FY20 RESULTS

Resilient office portfolio

COVID-19 IMPACT

• 93% of rent collected in June quarter and 98% for FY20[ 1]

• 145 rent assistance requests with ~56% processed to date

• Only 2.3% of income exposed to tenants less than 400sqm and less than 1% to Co-Working HIGH QUALITY MODERN BUILDINGS CONTINUING TO ATTRACT LONG-TERM TENANTS > Office NOI up 3.0% on pcp to $348m, including like-for-like NOI growth of 3.8%

• Net valuation gains of $282m, 4% over the year, including 1% 2H20, with capitalisation rate stable at 5.25%[ 2]

• Maintained high occupancy of 98.3%[ 3] and long WALE of 6.4 years[ 4]

• Securing income with ~48,000 sqm of leasing deals including FY21-FY23 expiries

• Average portfolio asset age of 11.2 years[ 5] with FY20 operational capex of only $16m (0.22% of asset value)

DELIVERING COMMITTED DEVELOPMENT PIPELINE

• Successful completion of The Foundry, South Eveleigh, Sydney and Olderfleet, 477 Collins Street, Melbourne, contributing to FY20 development EBIT

• Locomotive Workshops, South Eveleigh, Sydney – pre-leased 70% with substantial lease commencement in FY22[ 6]

• 80 Ann Street, Brisbane – 73% committed, with lease commencement in FY22[ 6]

• As at 14 August 2020.

• Including share of valuation gains from joint ventures.

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

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

OFFICE LEASE EXPIRY PROFILE[ 7]

60% 52% 40% 20% 12% 10% 8% 7% 9% 2% 0 Vacant FY21 FY22 FY23 FY24 FY25 FY26+ 8 7 5 96% 6.4 11.2 yrs yrs PREMIUM / A GRADE WALE AVERAGE AGE OF PORTFOLIO > 70% 2.3% 93% GOVERNMENT, INCOME EXPOSED TO PORTFOLIO LESS THAN LISTED OR TENANTS <400 SQM 800 METRES FROM MAJOR MULTINATIONAL TENANTS TRAIN STATION

1. Includes new and substantially redeveloped. 6. Per cent of office space pre-leased, including heads of agreement.

2. By income.

3. By portfolio value.

20 AUGUST 2020 — 23

FY20 RESULTS

Growing industrial portfolio with $1.2bn pipeline

1

COVID-19 IMPACTS

INDUSTRIAL LEASE EXPIRY PROFILE[ 3]

• COVID-19 has accelerated the adoption of e-commerce, and the demand for last mile logistics locations

INDUSTRIAL PORTFOLIO PROVIDING HIGH QUALITY INCOME

• Industrial NOI increased 1.9% including like-for like NOI growth of 1.1%

• ~43,000 sqm of leasing activity with 4.8% leasing spreads

• High occupancy of 99.4%[ 2] and maintained attractive WALE of 7.4 years[ 3]

• Valuation uplift of $34m[ 4] or 3.7% including 1.5% in 2H20, reflecting cap rate compression of 12bps

ACCELERATION OF INDUSTRIAL DEVELOPMENT PIPELINE

• Leveraging development capabilities to deliver prime stock to the portfolio in Sydney

• Secured development approval for 300 Manchester Road, Auburn, expected to benefit from demand for infill ‘last mile’ locations

• Rezoning of Aspect, Kemps Creek, fast-tracked in the NSW Planning System Acceleration Program

• Elizabeth Enterprise, Badgerys Creek identified as priority precinct in NSW

• Government Draft Western Sydney Aerotropolis Plan for new employment estates

• Represents 100% of expected end value of committed and future developments, subject to planning and market conditions. 2. By area (NLA).

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60% 61%
30%
14%
11%
4% 5% 4%
0 1%
Vacant FY21 FY22 FY23 FY24 FY25 FY26+
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Aspect, Kemps Creek, Sydney (artist impression)

1. By income.

2. Including share of valuation gains from joint ventures.

20 AUGUST 2020 — 24

FY20 RESULTS

Creating new modern assets I The Foundry “Groundscraper” Sydney

Achieved practical completion of The Foundry, the third new building to be delivered as part of the revitalised technology and innovation hub at South Eveleigh

MAXIMISE INCOME AND DE-RISK LEASING

• Built by Mirvac, 100% pre-leased to Commonwealth Bank for a 15 year lease term[ 3]

• Lower capex, higher cash flow and long WALE

CAPITAL EFFICIENT

• Capital partnering with a development fund-through structure

DEVELOPMENT AND CONSTRUCTION INNOVATION

• Mirvac integrated development model

• Implemented digital design technology

• 55,000 sqm premium-grade building over six storeys with ~9,000 sqm floorplates

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100%2
Occupancy
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FUTURE PROOFING

• World-class workplace with cutting-edge technology and flexibility to adapt to the changing needs of the workforce

DELIVERING RETURNS

• Development profit and recurring income

• Forecast net income on completion of $33.4m (annualised 100%)

SUSTAINABILITY

• Targeting a 6 Star Green Star rating, and a 5 Star NABERS energy rating

• Solar array on the roof offsetting the base building energy with a design output of 370kW

• Occupants are no more than 12m from a natural light source

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6.2%
Yield on cost
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1. Represents 100% of expected end of value.

2. By area.

3. By income.

20 AUGUST 2020 — 25

FY20 RESULTS

Substantial value and recurring income from asset creation

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29% Development
Total return [ 1] EBIT
Targeting
$465m1 $524m [1]
>10%
Development Net valuation
EBIT completionuplift on 6.8% $5.6PRE-DA PLANNINGbn 3 IRR Targeting
Yield on cost END VALUE
1 Net
Valuation ~5.5%
$4.1bn
Uplift
END VALUE Yield on cost
$111m
SOLD TO
Recurring NOI [2]
CAPITAL PARTNER 3
$1.3bn Recurring
END VALUE NOI
DA SUBMITTED
RETAINED
COMPLETED COMMITTED & IN PROGRESS FUTURE DEVELOPMENTS
FY14 – FY20 FY21 – FY22 FY22+
9 office assets Locomotive Workshops, South Eveleigh, SYD [ 2] 3 office assets
5 industrial assets 80 Ann Street, BNE [ 2] 3 industrial precincts
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• 3 industrial precincts

3 mixed-use precincts

1. Expected development return and end value based on completed assets and including 477 Collins Street and South Eveleigh.

2. Mirvac’s share of expected NOI on completion, assuming full occupancy.

3. Represents 100% of expected office and industrial end value of future developments, subject to uncertainties of COVID-19 impacts and planning.

20 AUGUST 2020 — 26

FY20 RESULTS

Future of office

THE FUTURE OF WORK WILL INCLUDE A MIX OF THE HOME AND OFFICE

• Technology has enabled and accelerated flexible working and the “omnichannel” worker, a trend which started pre-COVID-19

• The office is a key part of any future workplace strategy but the utilisation of space might change

• The office will remain relevant for a number of reasons

• Innovation & collaboration

• Building relationships & trust

• Knowledge & learning

• Formal meetings

• Building & maintaining corporate culture

• Attract & retain key talent

CREATING EXCEPTIONAL SPACES AND EVOLVING WITH TENANTS NEEDS

• Modern, sustainable buildings to reduce obsolescence

• Adaptability to future tenant demands

• Advanced technology and cybersecurity

• Health and well-being

• Data analytics

• Savills Office FiT survey.

• Includes new and substantially redeveloped.

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89% 1 3:1 1
of respondents people favour
believe the office will the office for
remain a necessity personal growth
86% 2
of office
portfolio developed
or repositioned by
Mirvac by FY22
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EY Centre, 200 George Street, Sydney

20 AUGUST 2020 — 27

Retail

Susan MacDonald Head of Retail

Tramsheds, Sydney

20 AUGUST 2020 — 28

FY20 RESULTS

Supporting retail partners through to recovery

RESULT IMPACTED BY COVID-19

RETAIL NOI SUMMARY: FY19 TO FY20

• Significant financial support recognised in late FY20

• 58% of retail rent collected in Q4[ 1] , 54% collected in July

• Provisions made for ongoing support conversations

• Revenue leakage in tenant downtime and variable income streams

• Partly offset by $4m of operating cost savings

VALUATION DECLINE

• Valuations reflecting reduced growth, softer short term leasing assumptions and COVID-19 support

• 9.1% or $315m decline for the full year

• 0.4% gain in 1H20

• 9.5% decline in 2H20

• Cap rate softening 14bps to 5.55%

PORTFOLIO METRICS

• Occupancy 98.3%[ 2]

• Store openings at 92% or 95% ex CBD centres[ 3]

• Specialty sales productivity $9,620[ 4] on occupancy costs of 15.7%[ 5]

• Leasing spreads turned negative in Q4 on low deal volume

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$200m
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$175	$175m	$4m	($1m)	($10m)	($30m)	($30m)
$150
							$4m	$142m
$125
$100
	FY19	COVID-19 Development Divestments			COVID-19		Expenses	FY20
			support agreed		provisions		savings
GREATER VALUATION IMPACT TO CENTRES IN					CBD
Valuation		30 June Net value		Net value			Weighted	Cap rate
movements		valuation movement		movement (%)		avg. cap rate		movement
CBD centres		$376m ($101m)			(21.1%)		5.88%	0.24%
Non-CBD centres		$2,768m ($214m)			(7.2%)		5.50%	0.15%
Total		$3,144m ($315m)			(9.1%)		5.55%	0.14%

1. As at 14 August 2020.

Note: Cap rate movement impacted by divestment of St Marys Village during FY20.

1. By area, excludes Harbourside.

2. As at 30 June 2020.

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

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

20 AUGUST 2020 — 29

FY20 RESULTS

Portfolio impact varies by location and category

CENTRE TYPE AND LOCATION A MAJOR PERFORMANCE FACTOR

CATEGORIES TRENDS REFLECT CHANGING CONSUMER PRIORITIES

• Preference for smaller, local centres

• People mobility reduced, benefiting strong primary trade areas

• Fresh food, essential services, hobbies and leisure activities holding up > Apparel and food catering continue to lag in their recovery

• CBD remains significantly impacted

• Queensland outperforming on greater consumer confidence

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SALES GROWTH – BY CENTRE TYPE AND STATE [ 1]
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CATEGORY PERFORMANCE AND SME EXPOSURE[ 1]

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20%
0
(20%)
(40%)
(60%)
(80%)
(100%)
Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20
CBD Over 20,000 sqm Below 20,000 sqm QLD Other states
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----- Start of picture text -----

FOOD CATERING
MOBILE PHONES
100% Proportion of Income SME
RETAIL
SERVICES
80%
FOOD RETAIL
60% GENERAL RETAIL
40%
TRAVEL APPAREL & JEWELLERY ELECTRONICS AND
HOME RECREATION
20%
DDS
ENTERTAINMENT
0 SUPERMARKETS
(100%) (80%) (60%) (40%) (20%) 0 20% 40%
Retail Sales Impact – March to June
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1. Reflects adjusted June 2019 sales for Majors to be 4 weeks vs 4 weeks for June 2020.

20 AUGUST 2020 — 30

FY20 RESULTS

Staying connected to our partners and communities during COVID-19

OVER 260 HOURS OF INTERVIEWS WITH RETAIL PARTNERS, LOCAL CONSUMERS, MARKET EXPERTS…

AGILE SOLUTIONS TO CONNECT RETAILERS AND CUSTOMERS…

Retailers shared learnings and how they are thinking about the future:

• Fulfilment and supply chains

• The purpose and the relevance of the physical store as a part of the whole retail ecosystem

• Desire to establish true partnerships with shopping centre owners

• Adapting for the most sustainable business model

• The new customer experience, incorporating a safety focus

Consumer insights varied across locations, however many common themes:

• Shopping with greater purpose, such as supporting local business and making a difference

• Hyper local focus: ‘my community is my new world’

• On my terms: customers don’t have the patience for barriers

• New ways of working

• Health is the new wealth

• Human connection: nothing beats the real thing

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Food triage

• Business advisory support service for café and restaurant operators (with Brain & Poulter)

• Assisting development and support of adapted business models

• Includes menu adaptation, cost efficiency and takeaway models including as an online marketplace to respond to restrictions

OzHarvest partnership

• Harbourside and Rhodes partnership with OzHarvest, local councils, retailers to support local community members such as overseas students

• Distributed over 54 tonnes of food to people in need in our communities (7 tonnes per week)

Essentials Express

• Mirvac’s online marketplace co-created in just seven days with our local retail partners

• Customers access a range of local retailers at our centres via one transaction

• Contactless drive-thru pick-up

• Same-day home delivery trialled

20 AUGUST 2020 — 31

FY20 RESULTS

Operating environment remaining uncertain into FY21

MARKET OBSERVATIONS

STEADY GROWTH BEFORE SIGNIFICANT COVID-19 IMPACTS[ 1]

• Steady improvement from April to June followed by slowing of recovery in July

• Specialty sales lagging store re-openings

• Consumer behaviour extremely sensitive to new cases and news-flow

• Online gaining market share, partially offset by re-distribution of outbound tourism spend and CBD spend

• Shopping centres regaining market share aligned to re-openings and consumer confidence levels

RETAILERS REMAIN FOCUSED ON SHORT-TERM

• Significantly reduced deal flow, with short-term lease extensions becoming more common

• Selective approach to partnering on longer-term deals

MIRVAC'S FOCUS

• Preserving cash flow and occupancy

• Reducing operating costs

• Deferral of non-essential capex, balanced with opportunistic investment where we see long-term value

• Building on relationships with key partners

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10%
0 1.9% 2.2% 2.9% (15.9%) (33.6%) (36.1%)
(10%)
(20%)
(30%)
(40%)
Jul 19 to Feb 20 Mar 20 to Jul 20
Total sales Specialty sales Traffic
RECOVERY IMPACTED BY RISING COVID-19 CASES IN JULY [ 1]
20%
0
(20%)
(40%)
(60%)
(80%)
Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20
Foot traffic Store closures by GLA Total sales growth % Total specialty sales growth %
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1. Reflects adjusted June 2019 sales for Majors to be 4 weeks vs 4 weeks for June 2020.

20 AUGUST 2020 — 32

Residential

Stuart Penklis Head of Residential

St Leonards Square, Sydney

20 AUGUST 2020 — 33

FY20 RESULTS

Strong FY20 results delivered in a challenging macro environment

DELIVERING HIGH QUALITY PRODUCT AND RETURNS

• Mirvac remained resilient despite COVID-19 impacts

• Residential EBIT increased 12% to $225m in FY20

• Completed settlements of all remaining lots across seven projects in FY20

• Exceeded 2,500 lot settlements with a record level of apartment settlements

• Gross margins above through-cycle target of 18-22%

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24%
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94% Settlements domestic purchasers

Gross margins[1]

554 lots, St Leonards Square, SYD Apt 449 lots, Woodlea, MEL MPC

252 lots, Olivine, MEL MPC 194 lots, Marrick & Co, SYD Apt 193 lots, The Eastbourne, MEL Apt

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Marrick & Co, Sydney
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1. Gross margin including all residential projects. Gross margin excluding joint ventures 21%.

20 AUGUST 2020 — 34

FY20 RESULTS

Sales impacted by COVID-19 and government stimulus

SALES SUPPORTED BY STIMULUS

EXCHANGES AND DEPOSITS INCREASED SIGNIFICANTLY IN JUNE

• Achieved more than 1,800 sales in FY20 despite bushfires and COVID-19

500 Lots

• Federal and state stimulus packages supported increased sales

• 94% of exchanges in FY20 were domestic buyers with continued demand from owner-occupiers

• Residential pre-sales declined to $971m due to a record amount of apartment settlements and an ongoing shift to more masterplanned communities (MPC) pre-sales

• MPC pre-sales have increased ~20% from FY19

84% OF MPC PIPELINE LOTS UNDER $500,000[ 1]

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<$250k 19%
$250k–$500k 65%
>$500k 16%
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Stimulus boost
400
Summer bushfires COVID-19 height
300
200
100
0
Jul 19 Aug 19 Sep 20 Oct 20 Nov 20 Dec 20 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20
Exchanged sales contract Deposit taken (to be exchanged)
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1. Based on 22,178 total MPC lots subject to planning approvals and market conditions.

20 AUGUST 2020 — 35

FY20 RESULTS

Restocking at the right time and right place

PRUDENT APPROACH TO RESTOCKING

• Mirvac secured ~25,000 lots between FY11-15 when pricing and returns were attractive

• High embedded margins given pipeline age and location

• Took advantage of a slower residential market and lower competition to actively restock ~2,600 lots over the last 12 months

INVESTING FOR FUTURE GROWTH

• Residential capital allocation at ~$1.6bn FY20, expected to increase as new projects commence construction

• Recently secured opportunities expected to incrementally contribute from FY22-25

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Willoughby, SYD [ 1] Riverlands Milperra, SYD [ 1]
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APARTMENTS

MASTERPLANNED COMMUNITIES

PRUDENT HISTORICAL RESTOCKING OF RESIDENTIAL LANDBANK

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

12,000 Lots 150
40
8,000
130
120
4,000
110
0 100
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
Residential lots secured (LHS) Australian Residential Property Price Index [ 2] (RHS)
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1. Artist impression, final design may differ.

2. Australian Bureau of Statistics, 6416.0 – Residential Property Price Indexes, March 2020.

20 AUGUST 2020 — 36

FY20 RESULTS

Built-form capability delivers competitive advantage

~~FLEXIBILITY TO ADAPT AND CAPTURE THE FULL VALUE CHAIN WITH INTERNAL BUILT-FORM CAPABILITY~~

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LAND SUBDIVISION HOMES TERRACES MID-RISE APT HIGH-RISE APT
Gumnut Park, Olivine, MEL Tullamore Built-Form, MEL Green Square, SYD [ 1] Folia, Tullamore, MEL [ 1] Sky, BNE [ 1]
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1. Artist impression, final design may differ.

20 AUGUST 2020 — 37

FY20 RESULTS

Residential outlook

PIPELINE IN A STRONG POSITION WITH NEW PROJECTS EXPECTED TO SETTLE FROM FY21[ 1]

• Mirvac's proven track-record, quality product and delivery of upfront amenity is a clear differentiator in the market

PIPELINE IN A STRONG POSITION WITH NEW PROJECTS EXPECTED TO SETTLE FROM FY21	PIPELINE IN A STRONG POSITION WITH NEW PROJECTS EXPECTED TO SETTLE FROM FY21	PIPELINE IN A STRONG POSITION WITH NEW PROJECTS EXPECTED TO SETTLE FROM FY21	PIPELINE IN A STRONG POSITION WITH NEW PROJECTS EXPECTED TO SETTLE FROM FY21
FY21 FY22 FY23 FY24 FY25+
Olivine MELI MPCI3,793 lots Everleigh BNEIMPCI3,307 lots Woodlea MELIMPCI3,250 lots Googong SYDIMPCI3,141 lots Smiths Lane MELI MPCI2,212 lots Henley Brook PER I MPC I 602 lots Menangle SYD I MPC I 379 lots Riverlands Milperra SYDI The Fabric MELIAPT/MP Georges Cove SYDIMPC ed s	MPCI340 lots CI517 lots I179 lots Marsden Park North SYDI Willoughby SYDIAPTI	MPCI547 lots 446 lots Green Square (new stages) 55 Coonara Ave SYD2 IAP Sky BNEIAPTI430 lots WSU Milperra SYD Wantirna South MEL Waterloo Metro Quarter SYD	SYDIAPTI621 lots T/MPCI~600 lots IMPCI425 lots I MPC I 1,717 lots IAPTI132 lots

• Diversified product range across land, medium density built-form and high density apartments

• Reduced forecast supply and competition for sites provides optionality

• Capital efficient structures support flexibility

• At a challenging point in the cycle but remain focused on unlocking pipeline to position for market recovery

• Capacity to release a significant number of new projects and stages in the near-term subject to demand including Green Square, Smiths Lane, The Fabric, Woodlea and Olivine

~[7][y][rs] 57% 81% Pipeline lots in Pipeline Average lots capital efficient masterplanned vintage structures communities

Inner Ring Middle Ring Outer Ring

1. All expected settlements are subject to planning approvals and market conditions.

2. Rezoning has approved up to 600 dwellings.

20 AUGUST 2020 — 38

Susan Lloyd-Hurwitz CEO & Managing Director

Summary & Outlook

Iluma Private Estate, Perth

20 AUGUST 2020 — 39

FY20 RESULTS

Outlook

POSITIONED TO CAPTURE OPPORTUNITIES AND GENERATE VALUE OVER THE LONG TERM

• We remain confident of the portfolio quality, long WALE, low capex, and the expected embedded value in our development pipeline

• Measured approach to deploying capital selectively for longer term opportunities

• Continue to grow capital partnerships

• Protect the strength of the balance sheet

• Cost control and driving operational efficiencies with technology investments

• Remain committed to our values, sustainability, diversity and inclusion, innovation and supporting our purpose to Reimagine Urban Life

FY21 OUTLOOK

• FY21 is expected to be challenging as the various economic and social consequences of the pandemic develop and impact the broader property industry and our business

• Given the evolving nature of the COVID-19 pandemic, Mirvac does not have sufficient certainty to provide FY21 earnings guidance

• Subject to the unpredictable and volatile nature of these as yet unknown impacts, Mirvac will target a distribution payout ratio of 65-75% of operating earnings for FY21, in line with our distribution policy to pay up to a maximum of 80% of operating earnings

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Locomotive Workshops, South Eveleigh, Sydney

20 AUGUST 2020 — 40

FY20 RESULTS

Important Notice

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

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

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

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

An investment in Mirvac stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac, including 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 — 41

Reimagine Urban Life Thankyou