MIRVAC GROUP — Annual Report 2021

Aug 11, 2021

Reimagine Urban Life additional information FY21 12 August 2021

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FY21 ADDITIONAL INFORMATION

Contents

overview

43 Mirvac overview

• 44 Sustainability focus

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financial

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46 FY21 & FY20

• operating to statutory profit reconciliation

• 47 FY21 EBIT movement by segment

• 48 FY21 NOI reconciliation by segment

• 49 FFO & AFFO based on PCA guidelines

• 50 Finance costs by segment

• 51 Invested capital

• 52 Assets & funds under management

• 53 Capital management metrics & liquidity profile

• 54 Debt & hedging profile

• 55 NTA & securities on issue reconciliation

investment

• 57 Investment: overview

• 58 Investment: key acquisitions

• & disposals

OFFICE

• 60 Office: portfolio details

• 61 Office: leasing details

INDUSTRIAL

• 63 Industrial: portfolio details

• 64 Industrial: leasing details

RETAIL

• 66 Retail: portfolio details

• 67 Retail: sales by category

• 68 Retail: lease expiry profile

• & top 10 tenants

BUILD TO RENT

• 70 Build to Rent: portfolio details

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development

• 72 Commercial & Mixed Use projects: committed

• 73 Commercial & Mixed Use development pipeline

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residential

restated segment note reconciliation

• 75 Residential: pipeline positioning

• 76 Residential: masterplanned communities pipeline

  • 85 FY20 restated segment note 86 1H21 restated segment note

• 77 Residential: apartments pipeline

• 78 Residential: pre-sales detail

• 79 Residential: FY21 acquisitions

• & additional pipeline projects

• 80 Residential: FY22 expected major releases

• 81 Residential: FY21 settlements

• 82 Residential: FY21 settlements detail

• 83 Residential: EBIT reconciliation

• & gross development margin

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calendar

• 88 1H22 Calendar

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glossary & important notice

• 89 Glossary 90 Important notice

12 AUGUST 2021 — 42

LIV Albert Fields, Melbourne (artist impression)

FY21 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

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INTEGRATED INVESTMENT PORTFOLIO COMMERCIAL & MIXED USE RESIDENTIAL
Office Industrial Retail Build to Rent > $1.9bn active developments > 26,569 pipeline lots [ 4]
> 25 assets [1] > 10 assets [1] > 15 assets [ 1] > 2,175 completed and > $12.3bn pipeline value [ 6] > $13.7bn expected future revenue [ 5]
> Portfolio value: $7,663m [2] > Portfolio value: $1,187m [2] > Portfolio value: $3,160m [2] pipeline apartments [ 3] > $1.2bn pre-sales
> NLA: 785,841 sqm > NLA: 469,339 sqm > GLA: 409,569 sqm [ 7] > Portfolio value: $370m [ 2]
Artist impression Artist impression Artist impression Artist impression
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1. Excludes IPUC and properties being held for development.

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

3. Includes LIV Indigo and expected apartments, subject to various factors outside of Mirvac’s control such as planning outcomes, market demand and COVID-19 uncertainties.

4. Subject to change depending on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties.

5. Represents Mirvac’s share of expected future revenue subject to change depending on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties.

6. Represents 100% expected end value, subject to various factors outside Mirvac’s control such as planning outcomes, market demand and COVID-19 uncertainties.

7. Excludes 80 Bay Street and 1-3 Smail Street, Ultimo.

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FY21 ADDITIONAL INFORMATION

Sustainability focus

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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

MIRVAC REPORTS ITS MANDATORY DISCLOSURE IN ACCORDANCE WITH THE NGERS ACT

AAA RATING

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MIRVAC REPORTS AGAINST THE GRI G4 GUIDELINES

MIRVAC’S COMMUNITY INVESTMENT IS VERIFIED B4SI

MIRVAC REPORTS IN LINE WITH TCFD RECOMMENDATIONS

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Mirvac office, Riverside Quay, Melbourne

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FY21 ADDITIONAL INFORMATION

FY21 & FY20 operating to statutory profit reconciliation

	FY21	FY20	Variance	Variance
	$m	$m	$m
Investment EBIT	576	545	31
Integrated Investment Property NOI – Office – Industrial – Retail – BTR & other 1 Asset and funds management EBIT Management & administration expenses	581 366 56 157 2 30 (35)	554 348 54 142 10 28 (37)	27 18 2 15 (8) 2 2
Development EBIT	201	295	(94)
Commercial & Mixed Use	33	70	(37)
Residential	168	225	(57)
Operating segment EBIT2	777	840	(63)
Unallocated overheads	(73)	(44)	(29)
Group operating EBIT	704	796	(92)
Development finance costs	(29)	(42)	13
Other net interest costs	(95)	(82)	(13)
Operating income tax expense	(30)	(70)	40
Operating profit after tax	550	602	(52)
Development revaluation gain3	121	64	57
Investment property revaluation	274	(50)	324
Other non-operating items	(44)	(58)	14
Statutory profit attributable to stapled securityholders	901	558	343

1. Other includes Travelodge Hotels Portfolio, contracts exchanged 1H22.

2. EBIT includes share of net profit of joint ventures and associates.

3. Relates to the fair value gain on IPUC nearing completion and the initial fair value uplift from the independent valuations of recently completed investment property.

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FY21 ADDITIONAL INFORMATION

FY21 EBIT movement by segment

OPERATING EBIT BY SEGMENT: FY20 TO FY21[ 1]

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$900m
$31m
800 $796m
($37m)
($57m) $704m
700
($29m)
600
FY20 Investment Commercial Residential Unallocated FY21
EBIT & Mixed Use overheads EBIT
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	FY21	FY20	2
	$m	$m
Investment	576	545
Commercial & Mixed Use	33	70
Residential	168	225
Unallocated overheads	(73)	(44)
Group operating EBIT	704	796

1. Subject to rounding.

2. FY20 has been restated, see page 85 for more details.

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FY21 ADDITIONAL INFORMATION

FY21 NOI reconciliation by segment

OFFICE NOI SUMMARY[ 1]

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$370m
$21m $1m $366m
360
350
$348m
340 ($4m)
330
FY20 Divestments Development Like-for-like [ 2] FY21
NOI & others NOI
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INDUSTRIAL NOI SUMMARY[ 1]

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$60m
$2m $56m
$54m
40
20
0
FY20 Like-for-like [ 2] FY21
NOI NOI
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RETAIL NOI SUMMARY[ 1]

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$160m $20m $157m
$142m
120 ($2m) ($3m)
80
40
0
FY20 Divestments Like-for-like COVID-19 FY21
NOI Impact NOI
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1. Subject to rounding.
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1. Includes COVID-19 impacts.

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FY21 ADDITIONAL INFORMATION

FFO & AFFO based on PCA guidelines

FFO & AFFO based on PCA guidelines
	FY21	FY20
	$m	$m
Operating profit after tax	550	602
SaaS implementation costs	15	8	1
Funds From Operations (FFO)	565	610	1
Maintenance capex	(53)	(35)
Incentives	(99)	(72)
Utilisation of prior year tax losses	31	70
Adjusted Funds From Operations (AFFO)	444	573	1

1. FY20 has been restated.

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FY21 ADDITIONAL INFORMATION

Finance costs by segment

Finance costs by segment
	Integrated
	Investment	Commercial		Unallocated
	Portfolio	& Mixed Use	Residential	overheads	Group
FY21	$m	$m	$m	$m	$m
Interest expense net of impairment	13	7	24	95	139
Interest capitalised	(13)	(7)	(12)	—	(32)
COGS interest	—	1	16	—	17
Borrowing costs amortised	—	—	—	5	5
Total finance costs	—	1	28	100	129
Less: interest revenue	—	—	—	(5)	(5)
Net finance costs	—	1	28	95	124
FY201
Interest expense net of impairment	21	4	35	91	151
Interest capitalised	(21)	(4)	(10)	—	(35)
COGS interest	—	2	15	—	17
Borrowing costs amortised	—	—	—	3	3
Total finance costs	—	2	40	94	136
Less: interest revenue	—	—	—	(12)	(12)
Net finance costs	—	2	40	82	124

1. FY20 has been restated.

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FY21 ADDITIONAL INFORMATION

Invested capital

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PASSIVE INVESTED CAPITAL [ 1] ACTIVE INVESTED CAPITAL
86% $12.7bn 14% $2.0bn
Office 61% Residential 85%
Retail 25% Commercial & Mixed Use 15%
Industrial 9%
Build to Rent 3%
Other 2% $14.7bn
TOTAL INVESTED CAPITAL
MPC 48%
Apartments 37%
Commercial & Mixed Use 15%
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FY21 RETURN ON INVESTED CAPITAL

FY21 RETURN ON INVESTED CAPITAL
	Group
	$m
Profit for the year attributable to stapled securityholders	901
Add back:
Development interest costs and other interest costs	124
Net gain on foreign exchange movements and derivatives	(37)
Income tax expense	35
Total return	1,023
Investment properties2	11,954
Inventories	2,093
Indirect investments and other assets	1,150
Less:
Fund through adjustments (deferred revenue)	(55)
Deferred land payable	(339)
Non-controlling Interests	(66)
FY21 total invested capital	14,737
1H21 total invested capital	14,068
FY20 total invested capital	13,727
Average invested capital3	14,178
FY21 return on invested capital	7.2%

1. Invested capital includes investment properties, IPUC, asset held for sale, JVA, other financial assets, loans and intangibles.

2. Includes IPUC and asset held for sale.

3. Average over three reporting periods.

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FY21 ADDITIONAL INFORMATION

Assets & funds under management

FUNDS UNDER CO-OWNED ASSETS TOTAL ASSETS & FUNDS MANAGEMENT UNDER MANAGEMENT UNDER MANAGEMENT $3.8bn $6.1bn $9.9bn

Fund name	Focus	FUM
Tucker Box Hotel Group	Wholesale	$623m
MILP Trust	Industrial	$323m
LAT	Office	Undisclosed
Australian Build to Rent Club	Build to Rent	$221m
Duck River Auburn Trust	Industrial	$12m
Mirvac Ping An Waterloo Development Trust	Residential	$1m
Mirvac SLS Development Trust	Residential	$17m

EXTERNAL ASSETS & FUNDS UNDER MANAGEMENT

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$9.9bn
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Retail 10% Industrial 5% Other 3%

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FY21 ADDITIONAL INFORMATION

Capital management metrics & liquidity profile

CAPITAL MANAGEMENT METRICS

LIQUIDITY PROFILE

	30 June 2021	30 June 2020
NTA	$2.67	$2.54
Balance sheet gearing1	22.8%	22.8%
Look through gearing	23.5%	23.6%
Total interest bearing debt2	$3,699m	$3,739m
Average borrowing cost3	3.4%	4.0%
Average debt maturity	6.6 yrs	6.7 yrs
Hedged percentage	61%	74%
Average hedge maturity	3.9 yrs	4.1 yrs
Moody’s / Fitch credit rating	A3 / A-	A3 / A-

	Facility limit	Drawn amount	Available liquidity
As at 30 June 2021	$m	$m	$m
Facilities due within 12 months	—	—	—
Facilities due post 12 months4	4,449	3,699	750
Total	4,449	3,699	750
Cash on hand			117
Total liquidity			867
Less facilities maturing <12 months4			—
Funding headroom			867

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

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

1. Includes margins and line fees.

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

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FY21 ADDITIONAL INFORMATION

Debt & hedging profile

		Total amount	Amount drawn
Issue/source	Maturity date	$m	$m
USPP1	Dec 22	220	220
Bank Facility	Sep 23	370	120
MTN VII	Sep23	250	250
Bank Facility	Sep 24	420	200
USPP1	Dec 24	136	136
Bank Facility	Sep 25	280	—
USPP1	Sep 25	45	45
Bank Facility	Dec 25	258	258
USPP1	Dec 25	151	151
EMTN1	Mar 27	501	501
USPP1	Sep 27	249	249
EMTN1	Mar 28	50	50
USPP1	Sep28	298	298
MTN VIII	Sep29	300	300
USPP1	Sep30	179	179
USPP1	Sep 31	139	139
EMTN1	Dec 31	118	118
USPP1	Sep32	181	181
USPP1	Mar 34	120	120
USPP1	Sep34	84	84
USPP1	Sep39	100	100
Total		4,449	3,699

DRAWN DEBT MATURITIES AS AT 30 JUNE 2021

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$500m
400
300
200
100
0
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40
USPP EMTN MTN Bank
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DEBT DRAWN SOURCES

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USPP EMTN MTN BANK
51% 18% 15% 16%
HEDGING & FIXED INTEREST PROFILE AS AT 30 JUNE 2021 [ 2]
61%
$2,000m Hedged 3.5%
3
$1,000
2.5
2.68% 2.74% 2.69%
0 2.56% 2.49% 2.50% 2
Jun 21 Jun 22 Jun 23 Jun 24 Jun 25 Jun 26
Swaps Options Fixed Average rate (RHS)
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1. Drawn amounts based on hedged rate not carrying value.

2. Includes bank callable swaps.

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FY21 ADDITIONAL INFORMATION

NTA & securities on issue reconciliation

NTA & securities on issue reconciliation
Net tangible assets		$m
As at 1 July 2020		9,9911
Operating profit for the year		550
Net gain on fair value of investment properties and IPUC		392
Securities issued during the period		7
Other net equity movements and non-operating items through profit and loss		(52)
Distributions2		(390)
As at 30 June 2021		10,498
Securities on issue		No. of securities
As at 1 July 2020		3,934,285,406
Security issue under an employee incentive scheme	16 Sep 20	525,021
FY18 LTP – TSR vested in FY21	21 Aug 20	2,746,083
As at 30 June 2021		3,937,556,510
Weighted average number of securities		3,937,062,053
NTA per security		$2.67

1. FY20 has been restated due to the change in accounting policy applied retrospectively for SaaS arrangements. 2. FY21 Distribution is 9.9cpss, with the distribution of 5.1cpss for the 6 months ending 30 June 2021, payable on 31 August 2021.

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FY21 ADDITIONAL INFORMATION

Investment: overview

OFFICE[ 1] INDUSTRIAL[ 1] RETAIL[ 1] BUILD TO RENT[ 1] TOTAL PORTFOLIO[ 1] $7.7bn $1.2bn $3.2bn $0.4bn ~$12.4bn

MIRVAC TOTAL PROPERTY PORTFOLIO VALUE

	Office	Industrial	Retail	Build to Rent	Total portfolio
No. of assets2	25	10	15	1	51
Lettable area	785,841 sqm	469,339 sqm	409,569 sqm	n/a	1,664,749 sqm
Occupancy (by area)3	95.5%	100.0%	98.0%	70.0%3	97.4%3
WALE (by income)	6.3 yrs	7.4 yrs	3.6 yrs	n/a	5.6 yrs
WACR	5.14%	4.78%	5.47%	4.00%	5.17%

INVESTMENT PORTFOLIO BY SECTOR[ 4]

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Retail 25% Industrial 10% Build to Rent 3%

1. Portfolio value includes IPUC, assets held for sale, and properties being held for development and represents fair value (excludes gross up of lease liability under AASB 16). Subject to rounding. 2. Excludes IPUC and properties being held for development.

2. BTR occupancy by lots and excluded from total portfolio calculation.

3. By total property portfolio value.

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FY21 ADDITIONAL INFORMATION

Investment: key acquisitions & disposals

Acquisitions FY21	State	Sector	Acquisition price	Settlement date
Albert Street, Melbourne (various lots)	VIC	BTR	$14m	September 2020 - April 2021
QVM Munro, Melbourne	VIC	BTR	$30m	April 2021
Elizabeth Drive, Badgerys Creek, Sydney	NSW	Industrial	$130m	April 2021
Total			$174m
Disposals FY21	State	Sector	Sale price	Settlement date
340 Adelaide Street, Brisbane	QLD	Office	$87m	November 2020
Total			$87m
The following properties were exchanged during the year but will settle at a later date:
	State	Sector	Sale price	Exchange date
Cherrybrook Village, Sydney	NSW	Retail	$133m	Exchanged June 2021
Total			$133m

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Olderfleet, Melbourne[office]

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FY21 ADDITIONAL INFORMATION

Office: portfolio details

	FY21	FY20
No. of properties1	25	25
NLA	785,841 sqm	685,810 sqm
Portfolio value2	$7,663m	$7,269m
WACR	5.14%	5.25%
Property net operating income (NOI)	$366m	$348m
Like-for-like NOI growth	0.2%	3.8%
Maintenance capex	$32m	$16m
Incentive capex3	$15m	$28m
Occupancy (by area)	95.5%	98.3%
NLA leased	41,631 sqm	48,457 sqm
% of portfolio NLA leased	5.3%	7.1%
WALE (by area)	7.4 yrs	7.2 yrs
WALE (by income)	6.3 yrs	6.4 yrs

OFFICE GEOGRAPHIC DIVERSITY[ 4]

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Sydney 57% Melbourne 29% Perth 6% Canberra 4% Brisbane 4%

OFFICE RENT REVIEW STRUCTURE[ 6]

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Fixed 86% CPI 13% Other 1%

OFFICE DIVERSITY BY GRADE[ 5]

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Premium 38% A grade 60% B grade 1% Other 1%

1. Excludes IPUC and properties being held for development. FY20 has been restated to exclude IPUC.

2. Includes IPUC and properties being held for development.

3. Includes cash and fitout incentives.

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

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

6. By income, excludes lease expiries.

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FY21 ADDITIONAL INFORMATION

Office: leasing details

OFFICE LEASE EXPIRY PROFILE[ 1]

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60%
54%
40
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40
20
11%
8% 8%
7% 7%
5%
0
Vacant FY22 FY23 FY24 FY25 FY26 FY27+
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Office top10 tenants2	Office top10 tenants2		Percentage3		Credit ratings
1	Government		15%	Aaa,	Aa2, AAA, AA+
2	Westpac		11%		Aa3, AA-
3	Commonwealth Bank of Australia		5%		AA3, AA-
4	Google		5%		Aa3, AA-
5	EY		4%		—
6	AGL Energy		3%		Baa2
7	Deloitte		3%		—
8	John Holland		2%		Baa2, BBB
9	PwC		1%		B2
10	Corrs		1%		—
Total			50%
			Leasing	Average	Average
FY21 Leasingactivity		Area	spread	incentive	WALE1
Renewals		33,551 sqm	12.7%	18.2%	3.7 yrs
New leases		8,080 sqm	4.9%	31.0%	6.3 yrs
Total Office		41,631 sqm	11.9%	21.2%	4.2 yrs

1. By income.

2. Excludes Mirvac tenancies.

3. Percentage of gross office portfolio income.

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industrial

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Switchyard Auburn, Sydney (artist impression)
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FY21 ADDITIONAL INFORMATION

Industrial: portfolio details

Industrial: portfolio	details
	FY21	FY20
No. of properties1	10	10
NLA	469,339 sqm	469,313 sqm
Portfolio value2	$1,187m	$944m
WACR	4.78%	5.60%
Property net operating income (NOI)	$56m	$54m
Like-for-like NOI growth	4.5%	1.1%
Maintenance capex	$3m	$2m
Incentive capex3	$0.3m	—
Occupancy (by area)	100.0%	99.4%
NLA leased	53,399 sqm	43,025 sqm
% of portfolio NLA leased	11.4%	9.2%
WALE (by area)	8.2 yrs	8.4 yrs
WALE (byincome)	7.4 yrs	7.4yrs

INDUSTRIAL GEOGRAPHIC DIVERSITY[ 4]

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Sydney 100%

INDUSTRIAL RENT REVIEW STRUCTURE[ 5]

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Fixed 96% CPI 4%

1. Excludes IPUC and properties being held for development.

2. Includes IPUC and properties being held for development.

3. Includes cash and fitout incentives.

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

5. By income, excludes lease expiries.

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FY21 ADDITIONAL INFORMATION

Industrial: leasing details

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INDUSTRIAL LEASE EXPIRY PROFILE [ 1]
65%
60%
40
20
16%
7%
5%
3% 4%
0%
0
Vacant FY22 FY23 FY24 FY25 FY26 FY27+
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		Leasing	Average	Average
FY21 Leasingactivity	Area	spread	incentive	WALE1
Renewals	35,370 sqm	0.4%	10.7%	4.4 yrs
New leases	18,029 sqm	0.4%	13.7%	7.1 yrs
Total Industrial	53,399 sqm	0.4%	11.8%	5.3 yrs

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1. By income.

retail

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FY21 ADDITIONAL INFORMATION

Retail: portfolio details

	FY21	FY20
No. of properties1	15	16
GLA2	409,569 sqm	428,927 sqm
Portfolio value3	$3,160m	$3,144m
WACR	5.47%	5.55%
Property net-operating income (NOI)	$157m	$142m
Like-for-like NOI growth4	(2.0%)	—
Maintenance capex Incentive capex5	$19m $12m	$17m $12m
Occupancy (by area)	98.0%	98.3%
GLA leased	48,973 sqm	42,811 sqm
% of portfolio GLA leased	11.6%	9.7%
WALE (by income)	3.6 yrs	3.8 yrs
WALE (by area)	4.3 yrs	4.7 yrs
Specialty occupancy cost6	14.7%	15.7%
Total comparable MAT	$3,070m	$2,549m
Total comparable MAT productivity7	$9,440/sqm	—
Total comparable MAT growth	(1.5%)	(4.1%)
Specialties comparable MAT productivity7	$9,189/sqm	$9,620/sqm
Specialties comparable MAT growth	(0.5%)	(11.1%)
New leasing spreads	(8.3%)	n/a
Renewal leasing spreads	(5.1%)	n/a
Total leasingspreads	(5.9%)	n/a

1. Includes asset held for sale but excludes property being held for development.

2. Excludes 80 Bay & 1-3 Smail Streets, Ultimo.

RETAIL GEOGRAPHIC DIVERSITY[ 8]

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Sydney 65% Brisbane 30% Melbourne 3% Canberra 2%

RETAIL RENT REVIEW STRUCTURE[ 10]

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Fixed 81% CPI 11% Other 8%

RETAIL DIVERSITY BY GRADE[ 9]

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Regional 43% Sub Regional 23% Outlet 12% CBD Retail 11% Neighbourhood 11%

1. Portfolio value includes asset held for sale and property being held for development and represents fair value (excludes gross up of lease liability under AASB 16).

2. Excludes COVID-19 impact.

3. Includes cash and fitout incentives.

4. Includes contracted COVID-19 tenant support.

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

6. By portfolio value. Brisbane includes Sunshine Coast.

7. By portfolio value as per PCA classification.

8. By income, excludes lease expiries.

12 AUGUST 2021 — 66

FY21 ADDITIONAL INFORMATION

Retail: sales by category

		FY21	FY20	FY19
	FY21	Comparable	Comparable	Comparable
Retail sales by category	Total MAT	MATgrowth	MATgrowth	MATgrowth
Supermarkets	$1,188m	(0.4%)	3.1%1	4.4%
Discount department stores	$273m	4.6%	2.1%1	4.5%
Mini-majors	$563m	9.0%	(1.2%)	(0.5%)
Specialties	$969m	(0.5%)	(11.1%)	2.0%
Other retail	$77m	(55.1%)	(19.5%)	4.0%
Total	$3,070m	(1.5%)	(4.1%) 1	2.7%

		FY21	FY20	FY19
Specialty sales by	FY21	Comparable	Comparable	Comparable
category	Total MAT	MATgrowth	MATgrowth	MATgrowth
Food retail	$122m	(1.9%)	(4.0%)	2.4%
Food catering	$243m	(2.2%)	(13.3%)	1.5%
Jewellery	$29m	10.4%	(10.7%)	(4.1%)
Mobile phones	$33m	(17.3%)	4.7%	(2.3%)
Homewares	$43m	14.2%	(13.1%)	13.1%
Retail services	$126m	7.7%	(9.0%)	4.2%
Leisure	$37m	(8.3%)	(9.1%)	(2.3%)
Apparel	$240m	(1.2%)	(19.3%)	1.8%
General retail	$96m	(1.2%)	5.4%	1.7%
Total specialties	$969m	(0.5%)	(11.1%)	2.0%

Specialty metrics	FY21	FY20
Comparable specialty sales2	$9,189/sqm	$9,620/sqm
Comparable specialty occupancy costs3	14.7%	15.7%

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 productivity for tenant closures during COVID-19 impacted period.

3. Includes contracted COVID-19 tenant support.

12 AUGUST 2021 — 67

FY21 ADDITIONAL INFORMATION

Retail: lease expiry profile & top 10 tenants

RETAIL LEASE EXPIRY PROFILE: BY INCOME

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30%
26%
25%
20
15%
13%
11%
10
7%
3%
0
Vacant FY22 FY23 FY24 FY25 FY26 FY27+
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RETAIL LEASE EXPIRY PROFILE: BY AREA

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40% 40%
22%
20
12%
10% 9%
5%
2%
0
Vacant FY22 FY23 FY24 FY25 FY26 FY27+
----- End of picture text -----

Retail top 10 tenants	Retail top 10 tenants			Percentage1		Credit ratings
1	Coles Group Limited			7%		BBB+, Baa1
2	Wesfarmers Limited			4%		A-, A3
3	Woolworths Group Limited			3%		BBB, Baa2
4	ALDI Food Stores			2%		—
5	Volkswagen Group Australia			2%		BBB+, A3
6	Event Cinemas			2%		—
7	Australian Pharmaceutical Industries			2%		—
8	Cotton On Group			1%		—
9	Virgin Active Group			1%		—
10	Westpac Banking Corporation			1%		AA-, Aa3, A+
Total				25%
				Leasing	Average	No.
FY21 Leasingactivity			Area	spread	incentive	deals done
Renewals		33,203	sqm	(5.1%)	1.1%	170
New leases		15,770	sqm	(8.3%)	13.5%	123
Total Retail		48,973	sqm	(5.9%)	7.4%	293

1. Percentage of gross retail portfolio income.

12 AUGUST 2021 — 68

build to rent

LIV Indigo, Sydney

12 AUGUST 2021 — 69

FY21 ADDITIONAL INFORMATION

Build to Rent: portfolio details

	FY21	FY20
No. of properties1	1	—
No. of lots1	315	—
Portfolio value2	$370m	—
Leased1	80%	—
Occupancy (by lots)1	70%	—
WACR1	4.00%	—

1. Excludes IPUC. 2. Includes IPUC.

12 AUGUST 2021 — 70

development 80 Ann Street, Brisbane

12 AUGUST 2021 — 71

FY21 ADDITIONAL INFORMATION

Commercial & Mixed Use projects: committed

Commercial & Mixed Use projects: committed
Activepipeline Sector Area / lots Ownership % Pre-leased 1 Estimated value on completion 2 Estimated yield on cost 3	Estimated project timing4 FY22 FY23 FY24+
Locomotive Workshop, Sydney Mixed Use ~31,200 sqm5 100%6 97% 5 $472m 5.8%
80 Ann Street, Brisbane Office ~61,100 sqm 50% 81% $856m 5.6%
LIV Munro, Melbourne BTR 490 100% n/a $352m 7 >4.5%
LIV Anura, Brisbane BTR 395 100% n/a $269m 7 >4.5%
Total 86% $1,949m

1. % of space pre-leased, including non-binding heads of agreements. Areas are approximate, subject to rounding.

2. Represents 100% of expected development end value based on agreed cap rate, subject to various factors outside of Mirvac’s control such as planning outcomes, market demand and COVID-19 uncertainties.

1. Expected yield on cost including land and interest. Subject to COVID-19 impact on market conditions.

1. Project timing subject to change due to various factors outside of Mirvac’s control such as planning outcomes, market demand and COVID-19 uncertainties.

1. Office component ~23,000 sqm, 96% pre-let and retail component ~8,000 sqm, 100% pre-let, including non-binding heads of agreement.

2. On 5 August 2021, a 49% interest in the Locomotive Workshop was sold to Sunsuper.

1. Represents 100% of fully stabilised expected development end value, subject to various factors outside of Mirvac’s control such as planning outcomes, market demand and COVID-19 uncertainties.

12 AUGUST 2021 — 72

FY21 ADDITIONAL INFORMATION

Commercial & Mixed Use development pipeline

		Site				DA		DA		Tenant		Construction	Capital partner	Capital partner	Capital partner	Practical		Lease	End value
Project	Sector	secured		Zoning		lodged		approved		commitment	commencement			sell-down		completion	commencement		$m2
80 Ann Street, Brisbane	Office																		$856m
Locomotive Workshop, South Eveleigh, Sydney	Mixed Use																		$472m
Switchyard, Auburn	Industrial																		$265m
LIV Munro, Melbourne	BTR																		$352m3
LIV Anura, Brisbane	BTR																		$269m3
LIV Aston, Melbourne	BTR
The Civic, Melbourne	Office
Aspect, Kemps Creek, Sydney	Industrial
55 Pitt Street, Sydney	Office
383 La Trobe Street, Melbourne	Office
Waterloo Metro Quarter, Sydney	Mixed Use
Harbourside, Sydney	Mixed Use															EXPECTED END VALUE2
Elizabeth Enterprise, Badgerys Creek, Sydney LIV Albert Fields, Melbourne North Sydney, Sydney	Industrial BTR Office														~~~$10bn~~
75 George Street, Parramatta	Office
200 Turbot Street, Brisbane	Office
Green Square, Sydney	Office
34 Waterloo Road, Sydney	Industrial

Milestone reached FY20 or earlier Milestone reached during FY21 Milestone expected 1H22[ 1]

1. Expected milestone subject to market conditions and COVID-19 uncertainties.

1. Represents 100% expected end value, subject to various factors outside of Mirvac’s control such as planning outcomes, market demand and COVID-19 uncertainties.

1. Represents 100% of fully stabilised expected development end value, subject to various factors outside of Mirvac’s control such as planning outcomes, market demand and COVID-19 uncertainties.

12 AUGUST 2021 — 73

residential

Portman House Green Square, Sydney (artist impression)

12 AUGUST 2021 — 74

FY21 ADDITIONAL INFORMATION

Residential: pipeline positioning | 26,569 pipeline lots

SHARE OF EXPECTED FUTURE REVENUE BY PRODUCT[ 1]

PIPELINE LOTS BY PRODUCT

PIPELINE LOTS BY PRICE POINT: MASTERPLANNED COMMUNITIES

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Masterplanned communities 51% Apartments 49%

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Masterplanned communities 79% Apartments 21%

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<$250k 19% $250k–$500k 65% >$500k 16%

SHARE OF EXPECTED FUTURE REVENUE BY GEOGRAPHY[ 1]

PIPELINE LOTS BY STRUCTURE

PIPELINE LOTS BY PRICE POINT: APARTMENTS

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NSW 42% VIC 38% QLD 15% WA 5%

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100% Mirvac 48%[ 2] PDA / DMA 30% JV 22%

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<$1.2m 65% >$1.2m 35%

Note: Expected revenue and pipeline lots subject to change depending on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 1. Mirvac share of forecast revenue subject to factors outside of Mirvac’s control including planning outcomes and market demand. 2. Includes projects on capital efficient deferred terms.

12 AUGUST 2021 — 75

FY21 ADDITIONAL INFORMATION

Residential: masterplanned communities pipeline (key projects)

Expected settlement profile (lots)[ 1]

				Expected settlement profile (lots)1
Major projects	State	Stage	Ownership	Type FY22 FY23 FY24 FY25 FY26
Madox	WA	Multiple stages	100%	Land 167
Georges Cove	NSW	Multiple stages	PDA	House 179
Iluma Private Estate	WA	Multiple stages	100%	Land 256
The Fabric	VIC	Multiple stages	100%	House 281
The Village, Menangle	NSW	Multiple stages	PDA	House & Land 379
One71 Baldivis	WA	Multiple stages	100%	Land 133
HenleyBrook	WA	Multiple stages	100%	Land 603
Everleigh	QLD	Multiple stages	100%	Land 1,159
Googong	NSW	Multiple stages	JV	House & Land 1,436
Olivine	VIC	Multiple stages	100% & DMA	House & Land 1,481
Smiths Lane	VIC	Multiple stages	100%	House & Land 1,786
Woodlea	VIC	Multiple stages	JV	House & Land 1,837
55 Coonara Avenue2	NSW	Multiple stages	100%	House 234
Milperra WSU	NSW	Multiple stages	PDA	House 250
Marsden Park North	NSW	Multiple stages	PDA	House & Land 311
Wantirna South	VIC	Multiple stages	PDA	House & Land 267

MASTERPLANNED COMMUNITIES PROJECT PIPELINE ANALYSIS

~85%

% of total FY22 expected lots to settle from masterplanned communities

1. Settlement timing and lot numbers subject to change depending on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 2. Rezoning has approved up to 600 lots (mix of apartments and housing).

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

12 AUGUST 2021 — 76

FY21 ADDITIONAL INFORMATION

Residential: apartments pipeline (key projects)

Expected settlement profile (lots)[ 1]

Major projects	State	Stage	Pre-sold	Ownership	FY22	FY23	FY24			FY25			FY26
Tullamore	VIC	Folia	94%	100%	64
Ascot Green	QLD	Tulloch House	98%	PDA	83
Pavilions	NSW	All stages	67%	PDA		127
Yarra's Edge	VIC	Voyager	81%	100%		315
Waverley Bowling Club	NSW	Future stages	Not released	PDA		55
Tullamore	VIC	Forme	Not released	100%		93
Green Square	NSW	Released stages	48%	PDA		161
NINE, Willoughby	NSW	Future stages	Not released	100%		442
Green Square	NSW	Future stages	Not released	100%				453
Waterfront Sky	QLD	Quay	55%	100%				136
Ascot Green	QLD	Future stages	Not released	PDA						276
The Peninsula	WA	Future stages	Not released	100%						336
55 Coonara Avenue2	NSW	Future stages	Not released	100%						266
Waterfront Sky	QLD	Future stages	Not released	100%							147
The Fabric	VIC	Future stages	Not released	100%							190
Yarra's Edge	VIC	Tower 9	Not released	100%							191
Brunswick	VIC	Future stages	Not released	100%						219
Yarra's Edge	VIC	Tower 12	Not released	100%									167

APARTMENTS PROJECT PIPELINE ANALYSIS

~15%

% of total FY22 expected lots to settle from apartments

1. Settlement timing and lot numbers subject to change depending on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 2. Rezoning has approved up to 600 lots (mix of apartments and housing).

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

12 AUGUST 2021 — 77

FY21 ADDITIONAL INFORMATION

Residential: pre-sales detail

RECONCILIATION OF MOVEMENT IN EXCHANGED PRE-SALES CONTRACTS TO FY21

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$2,500m
$1,280m ($1,036m)
76% 60%
2,000
1,500 40%
$1,215m
24%
56%
1,000 $971m
34%
500 66%
44%
0
FY20 FY21 FY21 FY21
Pre-sales balance net sales settlements Pre-sales balance
APT MPC
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PRE-SALES BY GEOGRAPHY[ 1]

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VIC 64%
QLD 19%
NSW 16%
WA 1%
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PRE-SALES BY BUYER PROFILE [ 1,2]
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Owner occupier [ 3] 65%
Investor 19%
Offshore 16%
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PRE-SALES BY TYPE[ 1]

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Masterplanned
communities 56%
Apartments 44%
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PRE-SALES EXPECTED ROLL-OFF[ 1]

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FY22 79%
FY23 13%
FY24+ 8%
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1. Buyer profile information approximate only and based on customer surveys.

2. Represents pre-sales contract value.

3. Includes first home buyers.

12 AUGUST 2021 — 78

FY21 ADDITIONAL INFORMATION

Residential: FY21 acquisitions & additional pipeline projects

					Estimated settlement
Project	State	Ownership	No. of lots 1	Product type	commencement1
Acquisitions / agreements
699 Park Street, Brunswick	VIC	100%	219	Apartments	FY25
Smiths Lane (extension)	VIC	100%	643	Masterplanned communities	FY25
Waverley Bowling Club	NSW	PDA	55	Apartments	FY23
Total acquisitions / agreements			917
Additional pipeline projects
Green Square2	NSW	100%	520	Apartments	FY26
Total additional pipeline projects			520
Total acquisitions / agreements and additional pipeline projects			1,437

1. Settlement timing and lot numbers subject to change depending on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 2. Green Square change post buy-out of Landcom.

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

12 AUGUST 2021 — 79

FY21 ADDITIONAL INFORMATION

Residential: FY22 expected major releases

FY22 expected major releases1	State	Type	Approximate lots1
NINE Willoughby	NSW	Apartments	442
Woodlea	VIC	Masterplanned communities	250
Googong	NSW	Masterplanned communities	250
Smiths Lane	VIC	Masterplanned communities	225
Yarra's Edge, Tower 9	VIC	Apartments	191
Olivine	VIC	Masterplanned communities	180
Green Square	NSW	Apartments	159
The Village, Menangle	NSW	Masterplanned communities	150
Tullamore	VIC	Apartments & Masterplanned communities	128
Everleigh	QLD	Masterplanned communities	120
Ascot Green, Charlton House	QLD	Apartments	116

1. Subject to change depending on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties.

12 AUGUST 2021 — 80

FY21 ADDITIONAL INFORMATION

Residential: FY21 settlements | 2,526 lot settlements

	Apartments Lots %1 222 8% 2 <1% 41 2% 200 8% 465 18%	Masterplanned communities Lots %1 338 14% 353 14% 1,016 40% 354 14% 2,061 82%	Total
			Lots %
NSW QLD VIC WA			560 22% 355 14% 1,057 42% 554 22%
Total			2,526 100%

FY21 LOT SETTLEMENTS

BY PRODUCT TYPE

Apartments 18% Masterplanned communities 82% Land 77% House 5%

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BY GEOGRAPHY

VIC 42% NSW 22% WA 22% QLD 14%

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BY STRUCTURE

100% Mirvac balance sheet 64% JVA 28% PDA 8%

1. Subject to rounding.

12 AUGUST 2021 — 81

FY21 ADDITIONAL INFORMATION

Residential: FY21 settlements detail

FY21 major settlements	Product type	Ownership	Lots
Woodlea, VIC	Masterplanned communities	JV	497
Smiths Lane, VIC	Masterplanned communities	100%	242
Pavilions, NSW	Apartments	PDA	194
Googong, NSW	Masterplanned communities	JV	194
Olivine, VIC	Masterplanned communities	100% & DMA	186
Everleigh, QLD	Masterplanned communities	100%	186
Illuma Private Estate, WA	Masterplanned communities	100%	157
Crest, NSW	Masterplanned communities	100%	144
Gainsborough Greens, QLD	Masterplanned communities	100%	130
Beachside Leighton, WA	Apartments	100%	105
Claremont, WA	Apartments	100%	91
Subtotal			2,126
Other projects			400
Total			2,526

FY21 SETTLEMENT BUYER PROFILE

FY21 SETTLEMENT BUYER PROFILE BY GEOGRAPHY

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First home buyers 48% Upgraders / right sizers 31% Investors 21%

Domestic 96% Offshore 4%

FY21 SETTLEMENTS AVERAGE SALES PRICE

APARTMENTS

HOUSE

LAND

~$890k

~$745k

~$340k

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

12 AUGUST 2021 — 82

FY21 ADDITIONAL INFORMATION

Residential: EBIT reconciliation and gross development margin

FY21 Gross development margin	$m
Development revenue	821
JV development revenue	120
Total development revenue	941
Cost of development and construction	(638)
JV cost of development and construction	(61)
Total cost of development and construction	(699)
Residential gross development profit	$242m
Residential gross development margin %	26%
FY21 Gross development margin (excluding JV projects)	$m
Development revenue	821
Cost of development and construction	(638)
Residential gross development profit (excluding JV projects)	$183m
Residential gross development margin % (excluding JV projects)	22%

evelopment margin
FY21 Residential EBIT reconciliation	$m
Development revenue	821
Management fee revenue	1
Total development revenue (excluding JV)	822
Share of net profit of JV and other revenue	67
Total operating revenue and other income	889
Cost of development and construction	(638)
Other development costs	(11)
Sales and marketing expense	(30)
Employee and other expenses1	(42)
Total cost of property development and construction	(721)
Total Residential EBIT	$168m
Residential EBIT margin	19%

1. Includes costs previously included as management and administrative expenses.

12 AUGUST 2021 — 83

Olderfleet, Melbourne

FY21 ADDITIONAL INFORMATION

FY20 restated segment note

FY20 restated segment note	FY20 restated segment note	FY20 restated segment note	FY20 restated segment note	FY20 restated segment note
FY20 $M Segment Remapping Restatements
Revised Segment Previous Segment O&I Retail Residential Corporate FY20 as originally presented Organisation Changes1 FY20 Restated
Investment EBIT	404 128 — 11	543	2	545
Integrated Investment Property NOI Property NOI Asset & funds management EBIT Asset & funds management EBIT Management & administration expenses Management & administration expenses	402 142 — 10 20 1 — 1 (18) (15) — —	554 22 (33)	— 6 (4)	554 28 (37)
Development EBIT	80 — 225 (2)	303	(8)	295
Commercial & Mixed Use Development EBIT Residential Residential EBIT	80 — — (2) — — 225 —	78 225	(8) —	70 225
Segment EBIT	484 128 225 9	846	(6)	840
Unallocated overheads Management & administration expenses	— — — (50)	(50)	6	(44)
Group EBIT Group EBIT	484 128 225 (41)	796	—	796

REVISED SEGMENTS:

Integrated Investment Property NOI – NOI from all investment property asset classes, including BTR and Tuckerbox.

Asset & funds management EBIT – EBIT from the management of property assets or third party capital across all asset classes, including property advisory, leasing and facilities management services.

Management & administration expenses – Overhead expenses required to manage the Integrated Investment Property Segment which are not directly attributable to the production of Property NOI or Asset & Funds Management.

Commercial and Mixed Use – EBIT from the development of Office, Industrial, Retail, BTR and Mixed Use projects to third parties, inclusive of overheads.

Residential – EBIT from the development of Residential projects to third parties, inclusive of overheads.

Unallocated overheads – Overhead expenses required to manage Group level functions which are not directly attributable to the generation of Segment EBIT.

1. Consolidation of asset and funds management platform teams and realignment of Commercial & Mixed Use and Build to Rent ELT responsibilities.

12 AUGUST 2021 — 85

FY21 ADDITIONAL INFORMATION

1H21 restated segment note

1H21 restated segment note	1H21 restated segment note	1H21 restated segment note	1H21 restated segment note	1H21 restated segment note
1H21 $M Segment Remapping Restatements
Revised Segment Previous Segment O&I Retail Residential Corporate 1H21 as originally presented Organisation Changes1 SaaS Impact2 1H21 Restated
Investment EBIT	218 65 — (1)	282	2 —	284
Integrated Investment Property NOI Property NOI Asset & funds management EBIT Asset & funds management EBIT Management & administration expenses Management & administration expenses	209 72 — 1 16 (2) — (2) (7) (5) — —	282 12 (12)	— — 6 — (4) —	282 18 (16)
Development EBIT	25 — 76 (1)	100	(3) —	97
Commercial & Mixed Use Development EBIT Residential Residential EBIT	25 — — (1) — — 76 —	24 76	(3) — — —	21 76
Segment EBIT	243 65 76 (2)	382	(1) —	381
Unallocated overheads Management & administration expenses	— — — (18)	(18)	1 (3)	(20)
Group EBIT Group EBIT	243 65 76 (20)	364	— (3)	361

REVISED SEGMENTS:

Integrated Investment Property NOI – NOI from all investment property asset classes, including BTR and Tuckerbox.

Asset & funds management EBIT – EBIT from the management of property assets or third party capital across all asset classes, including property advisory, leasing and facilities management services.

Management & administration expenses – Overhead expenses required to manage the Integrated Investment Property Segment which are not directly attributable to the production of Property NOI or Asset & Funds Management.

Commercial and Mixed Use – EBIT from the development of Office, Industrial, Retail, BTR and Mixed Use projects to third parties, inclusive of overheads.

Residential – EBIT from the development of Residential projects to third parties, inclusive of overheads.

Unallocated overheads – Overhead expenses required to manage Group level functions which are not directly attributable to the generation of Segment EBIT.

1. Consolidation of asset and funds management platform teams and realignment of Commercial & Mixed Use and Build to Rent ELT responsibilities

2. Net impact from change in accounting treatment of SaaS arrangements

12 AUGUST 2021 — 86

12 AUGUST 2021 — 87

FY21 ADDITIONAL INFORMATION

1H22 Calendar

1H22 Calendar
Event	Location	Date1
Private roadshow	Virtual	13-19 August 2021
Private offshore roadshow	Virtual	September 2021
1Q22 Operational update	—	22 October 2021
2021 Annual General Meeting	Hybrid meeting	16 November 2021

1. All dates are indicative and subject to change.

12 AUGUST 2021 — 88

FY21 ADDITIONAL INFORMATION

Glossary

Term	Meaning
A-REIT	Australian Real Estate Investment Trust
AFFO	Adjusted Funds from Operations
AUM	Assets under management
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
FUM	Funds under management
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

Term	Meaning
LTIFR	Lost Time InjuryFrequencyRate
Low density	Green field landprojects outside of the middle ring
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.

	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% 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

12 AUGUST 2021 — 89

FY21 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 2021, 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 2021, unless otherwise noted.

12 AUGUST 2021 — 90

Reimagine Urban Life thankyou

Tullamore, Melbourne

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CONTACT

MIRVAC GROUP

Katherine Lipa, Senior Investor Relations Manager | investor.relations@mirvac.com

Level 28, 200 George Street, Sydney NSW 2000