MIRVAC GROUP — Annual Report 2021

Aug 11, 2021

Reimagine Urban Life results FY21 12 August 2021

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FY21 RESULTS

Page heading to go hereAcknowledgementof Country

Mirvac pays respect to all Aboriginal and Torres Strait Islander peoples, Traditional Custodians of the lands and waters of Australia where we live, work and play.

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FY21 RESULTS

Agenda

3 Susan Lloyd-Hurwitz CEO & Managing Director overview	Courtenay Smith Chief Financial Oficer fnancial results	Brett Drafen Chief Investment Oficer capital allocation	Brett Drafen Chief Investment Oficer commercial & mixed use	Campbell Hanan integrated investment portfolio	residential 33 Stuart Penklis Head of Residential	Susan Lloyd-Hurwitz CEO & Managing Director summary & guidance
	12	18	21	Head of Integrated Investment Portfolio		39
				26

12 AUGUST 2021 — 2

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Susan Lloyd-Hurwitz

FY21 RESULTS

Urban asset creation strategy continues to evolve

TRENDS THAT EXISTED BEFORE THE PANDEMIC HAVE BEEN SUPERCHARGED AND ACCELERATED

• Work from anywhere/flexible working

• Technology/rapid digitisation

• Online shopping/retail experience

MIRVAC IS WELL PLACED WITH OUR PURPOSE TO REIMAGINE URBAN LIFE

• Unique ability to create, reposition and curate the new generation of sustainable, connected spaces

• Demand for logistics space

• Sustainability

• Health & wellbeing

HEIGHTENED EXPECTATIONS OF COMMUNITIES AND WORKFORCES FOR DESIGN OF URBAN SPACES

• Data analytics showing how spaces are used through real-time smart monitoring

• Health and wellbeing focused

• Touch-less everything

• Sustainable & inclusive environments

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55 Pitt Street, Sydney (artist impression)
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OUR VISION

To be a leading

creator curator &

of extraordinary urban places and experiences to make life better for millions of people.

12 AUGUST 2021 — 4

FY21 RESULTS

ESG at the heart of everything we do

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E S G
Climate change Natural resources Our community Social inclusion Our people Trusted partner
T
A
GRE Net positive carbon 2030 BY Net positive water 2030 BY Net positive legacy $100m 2030 BY capable & diverse Highly engaged, owner & developerMost trusted
T Zero waste to landfill social sector investment workforce
S
-80% -49% $7m $8m+ 50 [:] 50
carbon footprint water intensity community investment social procurement, with board gender parity AAA rating
(from FY13 baseline) $28m diverted since FY18
95% construction Innovate 40 [:] 40 [:] 20
18 buildings 5 star from landfill in FY21waste diverted RAP women in senior roles Negligible risk rating
NABERS energy assets with support for the Equileap
Uluru Statement from the Heart
69% operational
#2
-84% waste diverted $150k in the world for
carbon intensity from landfill in FY21 flood donation volunteered gender equity
(from FY13 baseline)
800
Halve
people [>6][,] hours [000 ] LTIFR
development waste
FOR NATIONAL COMMUNITY DAY 3.24
Buy 25%
recycled content
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12 AUGUST 2021 — 5

FY21 RESULTS

Results momentum despite pandemic

FY21 Operating profit FY21 DPS FY21 Operating cash flow NTA[ 1] $550m 9.9¢ $635m $2.67 (9%) on pcp +9% on pcp +41% on pcp +5% on pcp FY21 EPS FY21 ROIC FY21 Statutory profit 14.0¢ 7.2% $901m 34.1% (9%) on pcp +200 bps on pcp +61% on pcp Total return[ 2]

1. NTA per stapled security excludes intangibles, right of use assets and non-controlling interests, based on ordinary securities including EIS securities. 2. FY21 total return from stapled security price movement and distributions.

12 AUGUST 2021 — 6

FY21 RESULTS

Outperformance over the year

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Exchanged
8% increase in 80% Disposed at a 43%
assets under leased 340 Adelaide Street, premium to book value
management Brisbane
to ~$25bn
OFFICIALLY OPENED OUR 11% premium to book value
OLDERFLEET, MELBOURNE CHERRYBROOK VILLAGE,
FIRST BUILD TO RENT PROPERTY,
CONSTRUCTION COMPLETED SYDNEY
LIV INDIGO, SYDNEY OLYMPIC PARK
Artist impression
52%
71%
pre-sold [ 1] New direct investment pre-sold [ 1] Delivered results
$1.2bn partnership with Sunsuper
ahead of FY21
Residential pre-sales Locomotive Workshop, Sydneyincluding sale of a 49% stake in [2] guidance
DEVELOPMENT APPROVAL GROUND BREAKING AT
FOR QUAY WATERFRONT, PORTMAN ON THE PARK,
BRISBANE GREEN SQUARE
11%
81% 97% Exchanged
valuation uplift
contracts for non-core
pre-sold [ 1] 83% increase in pre-leased [ 3] on our 50%
Travelodge Hotel Portfolio interest
residential sales, the
strongest in five years at a 19% premium
to carrying value [ 2]
LOCOMOTIVE WORKSHOP,
VOYAGER, YARRA'S EDGE FACILITATED A ~50% INTEREST IN
SOUTH EVELEIGH
TOPPING OUT EY CENTRE, 200 GEORGE STREET [ 2]
SUBSTANTIALLY COMPLETE
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1. As at 30 June 2021, percentage sold on released lots, including deposits and conditional sales.

2. Transaction occurred post balance date.

3. Including non-binding heads of agreement.

12 AUGUST 2021 — 7

FY21 RESULTS

FY21 momentum set to continue into our 50th year

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OPTIMISING PORTFOLIO
EXECUTING CORE COMPETENCIES AND RECYCLING CAPITAL CLEAR RUNWAY FOR FUTURE GROWTH
~144,000 sqm leased
ACROSS THE INVESTMENT PORTFOLIO
340 Adelaide Street, Brisbane
~22% Green Square, Sydney (artist impression) Harbourside, Sydney (artist impression)
~$2.5bn PROGRESSING REZONING
AND DEVELOPMENT
development completions [ 1] average sales APPROVALS FOR SECURED
ACROSS COMMERCIAL AND MIXED USE Cherrybrook Village, Sydney book valuepremium to [ 2] DEVELOPMENT PIPELINE
2,526 >2RELEASES,700 $28bn 5
residential settlements expected in FY22 [ 4] +18% on FY20
Travelodge Portfolio $1.2bn
Residential 5
>3,300 pre-sales ~$1.3bn
residential sales EXPECTED COMMERCIAL DEVELOPMENT
+83% ON FY20 COMPLETIONS IN FY22
Travelodge Portfolio FY22 Quay West Car Park, Sydney
expected
sales
GROWING AUM TO
~$25bn
Allendale Square, Perth ~50% Locomotive Workshop, Sydney [ 3] NINE, Willoughby, Sydney (artist impression) Elizabeth Enterprise, Badgerys Creek, Sydney (artist impression)
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1. Represents 100% value.

2. Average premium based on 340 Adelaide, Brisbane (settled FY21), Cherrybrook Village, Sydney and Travelodge Portfolio assets exchanged post balance date.

3. Transaction occurred post balance date.

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

12 AUGUST 2021 — 8

FY21 RESULTS

Award winning residential and urban precinct curator

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2011–2015
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INCREASED COMMERCIAL DEVELOPMENTS FROM PREVIOUSLY PREDOMINANTLY RESIDENTIAL

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2016–2021
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DEMONSTRATED CAPABILITY AS A TOP TIER DEVELOPER
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2022+
VISION
TO BE A LEADING CREATOR & CURATOR OF
EXTRAORDINARY URBAN PLACES AND EXPERIENCES
TO MAKE LIFE BETTER FOR MILLIONS OF AUSTRALIANS
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8 Chifley Square, 699 Bourke Street, David Malcolm Harold Park, 200 George Street, St Leonards Square, Olderfleet, South Eveleigh, Waterloo, Green Square, Harbourside,
SYD MEL Justice Centre, SYD SYD SYD 477 Collins Street SYD Metro Quarter SYD [ 1] SYD [ 1]
PER MEL SYD [ 1]
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1. Artist impression, final design may differ.

12 AUGUST 2021 — 9

FY21 RESULTS

Generating value through asset creation capability

Our urban asset creation strategy continues to deliver significant ‘flywheel effect’ benefits, including over the last six years:

Development profit of $368m[ 1]

Development revaluation gain (NTA uplift) of $518m[ 2]

• New recurring high quality income of $113m[ 3]

• Asset & funds management EBIT of $30m[ 4]

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80 Ann Street, Brisbane (artist impression)
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ASSET CREATION
& DEVELOPMENT
Development EBIT
Recurring income
funds distributions and
NTA Uplift
future developments
INTEGRATED
INVESTMENT PORTFOLIO
New recurring high
Delivers new assets quality rental income
Asset & funds
management
fee income
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1. Commercial development profit over FY16-21.

2. Development revaluation gain on Mirvac share of retained asset post completion FY16-FY21.

3. FY21 NOI generated from development completions over FY16-21.

4. FY21 asset and funds management EBIT.

12 AUGUST 2021 — 10

FY21 RESULTS

Our culture & capability A source of competitive advantage

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WORK SAFE
stay safe
Health, safety
& environment Our people
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• Comprehensive ongoing COVID-19 crisis & risk response management

• Maintained strong people metrics: 43% women in senior management, 84% favourable on engagement questions, and retained ~90% of key talent

• Developed Pandemic & Spread of Disease Guidelines

• At Mirvac, we support building an inclusive workplace culture

• Digital Health & Wellbeing program

• 2 Globally for Gender Equality by EQUILEAP 2020 & 2021 Global report & ranking

• HSE Thrive strategy refresh with focus on critical risk and mental health

• Pride & Diversity member 2021

• DOOR (Design Out Our Risk) process enhancements and training

• WGEA Employer of Choice for Gender Equality for the last 7 years

• HRD Employer of Choice 2020

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Innovation
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• Established industryleading innovation school to supercharge innovation capability across Mirvac

• 1 AFR BOSS Most Innovative Property and Construction company 2019 and 2020

• 49 on Fast Company’s Best Workplaces for Innovators List 2020 (global ranking)

• Best Project Innovation at the PCA Innovation and Excellence Awards for Cultivate Urban Farm

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Mirvac is committed to being a force for good

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NATIONAL COMMUNITY DAY2021
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12 AUGUST 2021 — 11

financial results

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Courtenay Smith Chief Financial Officer

Locomotive Workshop, South Eveleigh, Sydney

12 AUGUST 2021 — 12

FY21 RESULTS

Earnings momentum over FY21

KEY PERFORMANCE DRIVERS

INTEGRATED INVESTMENT PORTFOLIO

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Olderfleet, 477 Collins Street, Melbourne
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• Improved cash collection and lower COVID-19 impact > Increased NOI due to development completions

• Cash collection of 98% for FY21[ 1]

• Property NOI increased 5% on pcp driven by completion of The Foundry, South Eveleigh, Sydney and Olderfleet, Melbourne

• – Investment property revaluation $274m COMMERCIAL AND MIXED USE

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80 Ann Street, Brisbane (artist impression)
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• Continued development pre-leasing and completions – Completion of The Foundry, South Eveleigh, Sydney and Olderfleet, Melbourne – 80 Ann Street, Brisbane 81% pre-let with practical completion expected late FY22

• Development valuation gain $121m

RESIDENTIAL

• Strong sales and settlements across apartments and masterplanned communities

• 3,300 sales +83% on pcp

• Pre-sales $1.2bn

FINANCIAL PERFORMANCE

EPS GUIDANCE AND UPGRADES OVER FY21

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14.0
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13.7
13.5
13.1
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1H21 FY Guidance Range 3Q21 FY Guidance FY21 Actual FY21 DPS Operating cash flow NTA FY21 group ROIC 9.9¢ $635m $2.67 7.2% +9% on pcp +41% on pcp +5% on pcp +200bps on pcp

• 2,526 settlements (guidance >2,200)

• Gross development margin 26%

Green Square, Sydney (artist impression)

1. As at 30 June 2021, excluding development impacted properties.

12 AUGUST 2021 — 13

FY21 RESULTS

Progressing COVID-19 rental agreements & improving cash collection

• Net $20m reduction in EBIT due to COVID-19 impact, $48m in FY20

• Net billings $817m with 98% collected in FY21[ 1]

• Office and Industrial sectors maintaining high cash collection levels and Retail improving to 94%[ 2]

• Prior to current lockdown, Retail cash collection rates improving over FY21 as stores reopened and foot traffic increased

• Total aged tenant arrears of $32m as at 30 June 2021, 100% covered by ECL provision

• 89% of FY21 tenant rental support negotiations completed but we expect an increase in discussions in 1H22 due to COVID-19 lockdowns across the east coast of Australia

CASH COLLECTION IMPROVING OVER FY21

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100%
98%
95%
93%
80 82% 82%
60
Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21
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TOTAL COVID-19 EBIT IMPACT

TOTAL COVID-19 EBIT IMPACT
	FY21	FY20
	$m	$m
Ofice	—	(7)
Retail	(20)	(40)
Other	—	(1)
Total	(20)	(48)

1. Excluding development impacted assets. 2. FY21 office net cash collection at 99% and industrial at 100%.

12 AUGUST 2021 — 14

FY21 RESULTS

FY21 financial results

INTEGRATED INVESTMENT PORTFOLIO

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FY21 ($m) FY20 ($m)
Investment EBIT 576 545 6%
Integrated Investment Portfolio NOI 581 554 5%
Asset & funds management EBIT 30 28 7%
Management & administration expenses (35) (37) 5%
Development EBIT 201 295 32%
Commercial & Mixed Use 33 70 53%
Residential 168 225 25%
Segment EBIT 777 840 8%
Unallocated overheads (73) (44) 66%
Group EBIT 704 796 12%
Operating profit after tax 550 602 9%
Development revaluation gain [ 2] 121 64 89%
Investment property revaluation 274 (50) 648%
Other non-operating Items (44) (58) 24%
Statutory profit after tax 901 558 61%
AFFO 444 573 [1] 23%
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• Improvement in cash collection and lower COVID-19 rental relief along with NOI growth from recently completed commercial office developments

• Higher asset and funds management EBIT due to increased external AUM and associated fee income

• Lower M&A expenses in part due to synergies in the formation of the new Integrated Investment Portfolio division

COMMERCIAL & MIXED USE

• Completion of Olderfleet, 477 Collins Street and The Foundry, South Eveleigh and partial development profit recognition of 80 Ann Street in FY21

RESIDENTIAL

• Benefiting from strong lot settlements of 2,526, comfortably ahead of guidance target of >2,200 lots

• Lower Residential EBIT on pcp due to a record year of apartment settlement in FY20

UNALLOCATED OVERHEADS

• Higher unallocated overheads due to normalisation of costs, higher insurance and expensing of SaaS implementation costs in FY21. FY20 had the benefit of JobKeeper and no STI expense

OPERATING PROFIT AFTER TAX

• FY21 earnings impacted by lower development profit and higher unallocated overheads, offset by growth in NOI

DEVELOPMENT REVALUATION GAIN

• Higher due to completion of Olderfleet, 477 Collins Street and The Foundry, South Eveleigh in FY21

INVESTMENT PROPERTY VALUATIONS

• Increase due to revaluation gains predominately across the Office and Industrial portfolios and FY20 impacted by Retail valuation decrement

AFFO

• Decrease reflects the lower operating earnings together with increased tenant incentives and normalisation of maintenance capex

• FY20 has been restated. See additional information on page 85 of disclosures for more detail.

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

12 AUGUST 2021 — 15

FY21 RESULTS

Distributions funded from operating cash flow

• Distributions continue to be adequately funded from operating cash flows

• Higher FY21 operating cash flows due to capitalisation of Olderfleet, 477 Collins Street, Melbourne, lower development spend and stronger cash collection

• FY22 NOI will benefit from development completion of Locomotive Workshop, Sydney and full year benefit from The Foundry, South Eveleigh, Sydney, less impact of non-core asset sales

• Future distribution growth supported by recurring passive income from property NOI, fixed rental increases and new asset completions

41%

71% 88% Operating earnings AFFO payout ratio payout ratio FY21 FY21

increase in operating cashflow FY21

DISTRIBUTIONS FUNDED BY EARNINGS AND OPERATING CASH FLOWS[ 1]

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$663m
$635m
$600m
$518m
$509m $513m
$450m
$400
$200
0
FY16 FY17 FY18 FY19 FY20 FY21
Group operating cashflow ($m) Trust operating cashflow ($m) Distribution declared ($m)
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1. FY20 has been restated.

12 AUGUST 2021 — 16

FY21 RESULTS

Capital management

Credit ratings Moody’s/ Fitch Gearing[ 1 ] A3[/] A- 22.8%

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Cash & undrawn facilities $867m

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Average debt maturity profile

1. 6yrs

Stable outlook

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Average borrowing cost[ 2]

3.4%

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FY21 operating cash flow

$635m

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No significant debt maturities Until FY23

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Access to diverse capital sources

1. Net debt (at foreign exchange hedged rate) / tangible assets – cash. 2. Including margin and line fees.

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NINE, Willoughby, Sydney
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al allocation capit Brett Draffen Chief Investment Officer

275 Kent Street, Sydney

12 AUGUST 2021 — 18

FY21 RESULTS

Capital allocation focused on urbanisation of major cities

• Capital allocation focused on generating strong returns from the long term urbanisation megatrend in key Australian gateway cities

• Strategy remains to organically grow the portfolio using strong track record and skill set in asset creation rather than acquire passive assets on market

• Continuing to increase capital allocation to high quality residential, modern industrial, build to rent and large scale mixed use precincts and down weighting non-core retail and older office

• Optimising portfolio with expected proceeds of over $600m[ 1] from the disposal of non-core assets to be received in FY22

• Proceeds to fund the development pipeline, including 80 Ann Street, Brisbane completing in 2H22

OPTIMISING PORTFOLIO WITH NON-CORE ASSET SALES

Asset	Sector	Status
340 Adelaide Street, Brisbane	Ofice	Sold FY21
Cherrybrook Village, Sydney	Retail	Exchanged
Travelodge Portfolio	Hotels	Exchanged
Tramsheds, Sydney	Retail	Pre-market
Allendale Square, Perth	Ofice	Pre-market
Quay West, Sydney	Car park	Pre-market

~$25BN TOTAL ASSETS UNDER MANAGEMENT

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OFFICE
$7.8bn of office assets, 86% SYD/MEL [ 3] ,
98% A/Prime grade [ 3] , WACR 5.14%
INDUSTRIAL
$12.7bn $1.1bn of SYD industrial assets, WACR 4.78%RETAIL
PASSIVE INVESTED $3.2bn urban portfolio, 68% SYD/MEL [ 3] , WACR 5.47%
CAPITAL [ 2]
BUILD TO RENT
$0.4bn, 100% SYD/MEL, WACR 4.00%
OTHER
$0.2m
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RESIDENTIAL DEVELOPMENT
$1.7bn of residential inventory valued at Office 82%
the lower of cost and net realisable value
Retail 10%
$2.0bn ~26,500 pipeline lots with an average $9.9bn Industrial 5%
ACTIVE INVESTED vintage of 8 years EXTERNAL ASSETS AND
Other 3%
CAPITAL FUNDS UNDER
COMMERCIAL & MIXED USE MANAGEMENT
89% SYD/MEL
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7.5% ROLLING 3-YEAR AVERAGE GROUP ROIC

1. Proceeds from disposal of interest in Tuckerbox JV is net of repayment of JV debt facilities and other transaction costs.

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

3. By portfolio value.

12 AUGUST 2021 — 19

FY21 RESULTS

Growing asset & funds management through capital partnerships

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23%
CAGR
since FY15
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Strong track record of unlocking long-term value for our partners through the delivery of market leading new developments, adding value to existing assets and securing on-market opportunities

CONTINUED GROWTH IN EXTERNAL AUM

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$10.0 billion $9.9
$9.4
$8.7
8 $7.7
$6.3
6 $5.8
4
$2.8
2
0
FY15 FY16 FY17 FY18 FY19 FY20 FY21
External assets and funds under management
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PROGRESSING OUR CAPITAL PARTNERSHIP STRATEGY

• External assets and funds under management increasing to ~$10bn, generating $30m in asset and funds management EBIT

• Secured a new direct investment partnership with Australian superannuation fund, Sunsuper

• Sold a 49% stake of the Locomotive Workshop, Sydney to Sunsuper[ 1]

• Secured a ~50% stake in 200 George Street, Sydney for an aligned capital partner[ 2] , with Mirvac retaining existing ~50% ownership

Capital partnering opportunities with $28bn[ 3] secured development pipeline

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Locomotive Workshop, SYD LIV Albert Fields, MEL [ 4] Switchyard, Auburn, SYD [ 4] Green Square, SYD [ 4]
$8.9bn 3 $1.4bn 3 $2bn 3 $15.7bn 3
Office / Mixed Use Build to Rent Industrial Residential
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1. Transaction occurred post balance date.

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

1. Transaction occurred post balance date. Sold of a cap rate of 4.7%.

2. Artist impression, final design may differ.

12 AUGUST 2021 — 20

commercial & mixed use

Brett Draffen Chief Investment Officer

Harbourside, Sydney (artist impression)

12 AUGUST 2021 — 21

FY21 RESULTS

Commercial & Mixed Use

The dedicated Commercial and Mixed Use division focuses on complex, mixed use precincts that shape and define our future cities

• FY21 Commercial and Mixed Use EBIT of $33m and development revaluation gain of $121m benefited from the capitalisation of South Eveleigh, Sydney, Olderfleet, 477 Collins Street, Melbourne and 80 Ann Street, Brisbane

UNLOCKING SYNERGIES AND REALISING VALUE THROUGH MAJOR PRECINCT DELIVERY

• Leverage our diversified business model and skill sets

• Realise the benefit of the intrinsic value when combining multiple uses

TOTAL RETURN[ 1]

	TOTAL RETURN1
		FY21	FY20	%
	Commercial & Mixed Use
	Development EBIT	33	70	(53%)
	Development Revaluation Gain (non-operating)	121	64	89%
	Total Return	154	134	15%

Deliver a ‘value premium’ for the amenity and integrated precinct offering

The next generation of value accretive precinct developments includes 55 Pitt Street, Waterloo Metro Quarter and Harbourside, Sydney

Unlocking value through large scale mixed use precinct delivery

Vision to be a leading creator and curator of extraordinary urban places and experiences to make life better for millions of Australians

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PRECINCT INTEGRATED OPTIMISING CAPITAL
FOCUS MIRVAC APPROACH MIX PARTNERING
Design and deliver Leverage the best of Design and deliver Invest with
leading ground plane Mirvac's sector specific appropriate mix of uses aligned long-term
and retail amenity development capability Balancing market capital partners
Create a strong sense to each project appeal and demands
of identity, community with overall value
Waterloo Metro Quarter, Sydney (artist impression) Harbourside, Sydney (artist impression)
and place
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1. FY20 has been restated. See additional information on page 85 of disclosures for more detail.

12 AUGUST 2021 — 22

FY21 RESULTS

Completing the precinct: 55 Pitt Street, Sydney

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5.5 4 6
TARGETS Sydney core prime ~63,000sqm Ground level lobby NABERS NABERS Green Star Sustainability Targeting all Platinum
Office building Net leasable area fronting Pitt Street Energy Water focus electric building WELL rating
(NLA)
> Purchased in 2013, 55 Pitt Street 33-35 PITT ST DA STAGE 2
development site is located at the northern RL 265.800 55 Pitt Street completes
the last available parcel
end of Pitt Street in very close proximity
SUNCORP PLACE GROSVENOR PLACE 23 234.700 4.7m of development in the
to Circular Quay, transport interchange 210-220 GEORGE ST 2021 DA STAGE 2 - B1 ALFRED ST DA STAGE 2 - A1 ALFRED ST Alfred, Pitt, Dalley,
and ferry terminals and within the same DA STAGE 2 George (APDG) Precinct
203m
precinct as 200 George Street
> Secured additional development rights RL 188.540 2020-21 RL 191.000
and advanced design to increase NLA 158m
> The premium office tower will deploy > $1 NAB HOUSE .7b n 2019
leading technology and sustainability RL 138.650
expected
principles alongside carefully curated end value [ 1] RL 115.600 RL 112.500
amenities to actively promote health 110m
and wellbeing
55 PITT STREET
> Design that acknowledges Place & Country PROPOSED ENVELOPE
> Subject to appropriate pre-commitments R L * 5 0 .5 0 0 RL 51.991
47.700 RL 47.807
ability to start construction in CY22
RL 21.770
CIRCULAR
REETPITT STREET69 PITT STREETBRIDGE 20 BRIDGE STREET 55 Pitt Street 33-35 PITTSTREET STREET19 PITT 1 ALFREDSTREET ALFREDSTREET EXP. WAYCAHILL
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. 12 AUGUST 2021 — 23
UNDERWOOD STREET
TIST IMPRESSION)
T
AR
E
T(
EE
E
TR
R
TS
T
ESSEX STREET
PIT
S
55
GE
GEORGE STREET
R
O
E
BULLETIN PLACE
G
0
PITT STREET
0
2
UNDERWOOD STREET
EET
DALLEY STR UNDERWOOD STREET
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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.

FY21 RESULTS

Locomotive Workshop progressing the evolution of the ~$1.8bn South Eveleigh Precinct

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The Locomotive Workshop is currently the last asset within the South Precinct Timeline
Eveleigh Precinct developed by Mirvac, located ~3km South of the
Sydney CBD and just one stop from Central train station at the heart of 2015
the developing ‘Central to Eveleigh’ commercial and innovation corridor – Mirvac-led consortium
selected to acquire
Offering ~23,000 sqm of office and ~8,000 sqm of vibrant retail, dining and Australian Technology Park,
South Eveleigh from NSW 97%
service amenity with the project substantially complete government for $263m
– Sunsuper and
DELIVERING A UNIQUE DEVELOPMENT AWOF co-investors Pre-leased [ 1]
on a fund-through basis
> Low-rise campus style development – Secure AFL with
> Large floor plates abundance of collaborative workspace 2019 Commonwealth Bank for ~93,000 sqm for
a term of 15 years
> High quality base build technology Axle (Building 1,
~44,000 sqm) and
Yerrabingin House 2020
(Building 3, cultural
hub) delivered The Foundry (Building 2,
~50,000 sqm) delivered
> Synergies with wider technology precinct
2021
> Affordability of rents relative to Sydney CBD 1880’s-built heritage listed
Locomotive Workshop to
be completed with a 49%
interest sold to Sunsuper [ 2]
>9 yrs ~3-4% Diversification ~31,000 sqm ~$100m World class High-quality 6 minutes
WALE [ 3] Structured rent of income ‘Groundscraper’ Adjacent station heritage tenancy mix to Martin Place
increases Frictionless movement upgrade by NSW conversion Established precinct with
and ease of social government [ 4] designed and built strong new transport
1. Including non-binding heads of agreement. distancing to the highest quality connections [ 5]
specifications
----- End of picture text -----

The Locomotive Workshop is currently the last asset within the South Eveleigh Precinct developed by Mirvac, located ~3km South of the Sydney CBD and just one stop from Central train station at the heart of the developing ‘Central to Eveleigh’ commercial and innovation corridor Offering ~23,000 sqm of office and ~8,000 sqm of vibrant retail, dining and service amenity with the project substantially complete

DELIVERING A UNIQUE DEVELOPMENT

• Low-rise campus style development

• Large floor plates abundance of collaborative workspace

• High quality base build technology

• Heritage features retained

• Minimal capex profile

• Synergies with wider technology precinct

• Affordability of rents relative to Sydney CBD

• Including non-binding heads of agreement.

• Transaction occurred post balance date.

• By income.

• NSW Government Transport Access Program – Redfern Station Upgrade – New Southern Concourse.

• NSW Government Sydney Metro Waterloo Station Metro Station to Sydney Metro’s Martin Place Station.

12 AUGUST 2021 — 24

FY21 RESULTS

Progressing next generation of value accretive developments

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FY22
80 Ann Street, Voyager, Yarra’s Edge, Locomotive Workshop, South Eveleigh,
BNE [ 1] MEL [ 1] SYD
Expected
End Value [ 2] $856m $303m $472m
FY23
Switchyard, Auburn, LIV Munro, Waverley Bowling Club, NINE, Willoughby, Green Square, Tullamore, Aspect, Kemps Creek,
SYD [ 1] MEL [ 1] SYD [ 1] SYD [ 1] SYD [ 1] MEL [ 1] SYD [ 1]
$265m $352m 55 apts ~$760m ~$1.5bn ~$81m >$700m
OFFICE INDUSTRIAL BTR RESIDENTIAL RETAIL
----- End of picture text -----

1. Artist impression, final design may differ.

==> picture [232 x 378] intentionally omitted <==

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$28bn
Expected end value [ 2]
FY24
& beyond
Elizabeth Enterprise, Badgerys Creek,
Industrial SYD (Stage 1 & 2)
Industrial 34 Waterloo Road, SYD
Mixed use Waterloo Metro Quarter, SYD
Mixed use Harbourside, SYD
Office The Civic, MEL [ 3]
Office 55 Pitt Street, SYD
Office 383 La Trobe Street, MEL
Office 75 George Street, SYD
Office Walker Street, Nth SYD
Office 200 Turbot Street, BNE
Mixed use Green Square, SYD
Residential Quay Waterfront, BNE
BTR LIV Aston, MEL
BTR LIV Albert Fields, MEL
BTR LIV Anura, BNE [ 4]
----- End of picture text -----

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

2. Formerly 7 Spencer Street, Melbourne.

3. Formerly LIV Newstead, Brisbane.

12 AUGUST 2021 — 25

integrated investment ortfolio p

Campbell Hanan Head of Integrated Investment Portfolio

200 George Street, Sydney

12 AUGUST 2021 — 26

FY21 RESULTS

Integrating our investment portfolio to unlock synergies

The Integrated Investment Portfolio (IIP) is the amalgamation of all the recurring income businesses including Office, Retail, Industrial and Build to Rent

Integrated cross disciplined service teams incorporating operations, finance, leasing customer experience and asset management delivers synergies

Single view of customer and scale delivers procurement benefits and efficiencies

Solid growth in IIP NOI reflects:

• New modern office development completions and long WALE

• Fixed increases in 100% occupied[ 7] industrial portfolio

• Recovering retail conditions in FY21 with increased store openings and foot traffic

• Consistent leasing of first Build to Rent asset, LIV Indigo, Sydney

NET OPERATING INCOME

NET OPERATING INCOME
	FY21	FY20
	$m	$m	%
Ofice	366	348	5%
Retail	157	142	11%
Industrial	56	54	4%
Build to Rent & Other5	2	10	(80%)
Integrated Investment Property NOI	581	554	5%

1. Excludes IPUC and properties being held for development.

2. Portfolio value includes IPUC, asset 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.

3. Total group AUM including active capital.

4. 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.

5. Other includes Travelodge Hotel portfolio, sold 1H22.

==> picture [455 x 360] intentionally omitted <==

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

OFFICE INDUSTRIAL
~$12.4bn
Olderfleet, 477 Collins Street, MEL Switchyard, Auburn, SYD (artist impression)
Balance Sheet
> 25 assets [1] > 10 assets [1]
Portfolio [ 2]
> Portfolio value: $7.7bn [ 2] > Portfolio value: $1.2bn [ 2]
> NLA: 785,841 sqm > NLA: 469,339 sqm
RETAIL ~$25bn BUILD TO RENT
Total AUM [ 3]
Toombul, BNE LIV Indigo, SYD
> 15 assets [ 1] > 2,175 completed and pipeline apartments [ 4]
> Portfolio value: $3.2bn [ 2] > Portfolio value: $0.4bn [ 2]
> GLA: 409,569 sqm [ 6]
----- End of picture text -----

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

2. By area.

12 AUGUST 2021 — 27

FY21 RESULTS

Office portfolio positioned to cater for the future of workspaces

RESILIENT MODERN OFFICE PORTFOLIO WITH LONG WALE AND LIMITED NEAR TERM EXPIRIES

• Office NOI up 5% on pcp to $366m, driven by recently completed development contributions from The Foundry at South Eveleigh, Sydney and Olderfleet, Melbourne.

• Despite subdued conditions, maintained solid occupancy of 95.5%[ 1] and long WALE of 6.3 years[ 2]

• Leasing conditions gradually improving with over ~41,500 sqm leased, including ~7,500 sqm in the 4Q21 (up from ~1,900sqm in Q4FY20), with incentives remaining elevated

• Lease expiry profile actively has been de-risked, with 72% of the portfolio expiring after FY24[ 2]

• Net valuation gains of $277m, 3.8% over the year, with capitalisation rate compression of 11bps to 5.14%

• Average portfolio asset age of 11.1 years with FY21 operational capex of only $32m (0.4% of asset value)

LIMITED NEAR TERM LEASE EXPIRIES[ 2]

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60%
54%
40
20
11%
8% 8% 7% 7%
5%
0
Vacant FY22 FY23 FY24 FY25 FY26 FY27+
----- End of picture text -----

DELIVERING HIGH QUALITY SUSTAINABLE BUILDINGS

• Demand continues for modern, flexible, technology enabled, sustainable workplaces

• 80 Ann Street, Brisbane is on track for completion in second half FY22 with 81% now pre-leased[ 3]

• Locomotive Workshop, Sydney is now substantially complete with 97% pre-leased[ 4]

• By area.

• By income.

==> picture [388 x 184] intentionally omitted <==

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

~100%
leased
The Foundry
Completed
1H21
South Eveleigh, Sydney
----- End of picture text -----

1. Including non-binding heads of agreement.

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

12 AUGUST 2021 — 28

FY21 RESULTS

Office portfolio generating outperformance

KEY DRIVERS OF OUTPERFORMANCE

• Newly developed prime buildings with minimal maintenance capex outlays, longer WALE and high-quality covenants

• Bespoke design offerings that incorporate not just the highest standards of sustainability but are integrated with wider stakeholders in the built environment, including the community

• Flexibility to meet evolving tenant requirements for smart technology offerings through integrated base building infrastructure that can adapt to customer preferences while upholding strict cybersecurity safety

12.5%

==> picture [74 x 37] intentionally omitted <==

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

Mirvac Office
Portfolio 5 year
total return
----- End of picture text -----

ANNUALISED TOTAL RETURN PERFORMANCE

==> picture [495 x 254] intentionally omitted <==

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

12.5
12%
11.6
11.1 11.2
9.2
8.3
8
7.4
7.0
6.0
4
2.9
0
15 YRS 10 YRS 5 YRS 3 YRS 1 YRS
Mirvac Office Portfolio Australian Office Benchmark
Source: Real Investment Analytics; Benchmark comprised of ~570 assets with a combined value of A$121 billion as at Dec 2020. Weightings 47% Sydney CBD, 23% Melbourne CBD, 11% Brisbane CBD,
6% Perth CBD, 4% Canberra, 3% North Sydney & 6% other markets. Based on compound average annual returns to Dec 2020.
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12 AUGUST 2021 — 29

FY21 RESULTS

Urban retail will gradually recover as cities reactivate

CONVENIENCE-BASED CENTRES CONTINUE TO PERFORM, WITH IMPACT TO CBD ASSETS EXPECTED TO CONTINUE NEAR TERM

SALES BY CATEGORY EX CBD*

MAT Growth vs 2019

• Net cash collections continue to improve to 94% for the year, with ECL carried to cover urban exposure

• Executed 293 leasing deals across ~49,000sqm in the year, focusing on shorter term deals (12-24 months) with progressive omnichannel tenants

• Achieved comparable specialty sales productivity of $9,189/sqm and specialty occupancy costs of 14.7%

• Maintained high occupancy of 98%[ 1] , with holdovers remaining elevated at 4.5%

• Valuation decline of $12.7m or (0.4%) with 77% of the portfolio externally valued in FY21

MIRVAC REMAINS COMMITTED TO URBAN RETAIL STRATEGY

• Urban and CBD retail centres are expected to revive, as CBD occupancy of worker and resident populations gradually recover

• Disposed of Cherrybrook Village for $133m a 43% premium to book value

• Reinvesting in supermarket brands and omnichannel tenants to drive sales

• Solid economic fundamentals to underpin gradual recovery and solid spending

• Large volume of household savings

• Recovering jobs market

• Ongoing stimulus support

==> picture [423 x 258] intentionally omitted <==

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

20%
17.0%
10
7.4%
6.3% 6.8%
5.8% 5.6%
4.7% 4.3%
1.4% 1.7% 2.4% 1.4%
0 0.2%
(0.7%)
(4.3%)
(6.6%)
(10) (7.8%) (8.5%) (8.2%)
(11.2%) (11.3%)
(14.1%)
MINI (15.4%)
(20) MAJORS MAJORS (17.6%) SPECIALTIES
June 20 June 21
Discount Department Stores Supermarkets Mini Majors Apparel Phones & Mobiles Leisure Food Catering Food Retail Homewares Jewellery General Retail Retail Services
----- End of picture text -----

*6% of the portfolio is "CBD", based on FY21 NOI

12 AUGUST 2021 — 30

1. By area.

FY21 RESULTS

Growing industrial exposure through our development capability

INDUSTRIAL CONTINUES TO BENEFIT FROM ECONOMIC TAILWINDS INCLUDING INCREASED ONLINE RETAIL SALES, INVESTMENT IN AUTOMATION AND RESILIENCE IN INVENTORIES

• High occupancy of 100%[ 1] and maintained attractive WALE of 7.4 years[ 2]

• Industrial NOI up 4%, including like-for-like growth of 4.5%

• ~53,400 sqm of leasing activity with continued tenant demand

• Strong net valuation gains of $137m, up ~13% over the year

DEVELOPMENT PIPELINE GROWS TO $2.0BN, UNDERPINNED BY PLANNING ACCELERATION AND STRONG TENANT DEMAND

> Elizabeth Enterprise, Badgerys Creek:

• Located ~800m from the new Western Sydney Airport and M12 motorway

• Secured stage 2 (52 hectares) and rezoning for stage 1 and 2

> Switchyard, Auburn:

• The site has been demolished and benched in preparation for imminent construction commencement

• Secured significant pre-commitment across ~30% of space[ 3]

> Aspect, Kemps Creek:

• Rezoned in June 2020 and DA lodged October 2020

• Strong level of tenant interest including advanced discussions with initial pre-commitment opportunities

• We anticipate commencement of civil works in second half FY22

• By area.

• By income.

• Including non-binding heads of agreement.

==> picture [433 x 358] intentionally omitted <==

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

$2.0bn NORTH CONNEX
M2 UNDER CONSTRUCTION
M1
Industrial PENRITH
development pipeline [ 4] BLACKTOWN PARRAMATTA
SWITCHYARD
M4
NEW M4
ASPECT NOW OPEN IRON COVE LINK AND
ROZELLE INTERCHANGE
OPENING 2023
ELIZABETH M7
ENTERPRISE
M12 FAIRFIELD SYDNEY CBD
M4-M5 LINK
OPENING 2023
WESTERN SYDNEY
AIRPORT TO COMMENCE 2022M12 CONSTRUCTION LIVERPOOL BANKSTOWN NOW OPENNEW M5 AIRPORTSYDNEY
M5
PORT
BOTANY
Switchyard
~
$265m
expected end
value [ 4]
----- End of picture text -----

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.

12 AUGUST 2021 — 31

FY21 RESULTS

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

80%
LEASING AT LIV INDIGO SINCE LAUNCH
leased
250
200
Official opening
150
100
Pre-leasing
50
0
Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21
----- End of picture text -----

Build to Rent: LIV delivering a unique rental experience

• We are seeing continued success at our first build to rent property, LIV Indigo, Sydney Olympic Park, which is now 80% leased

• Globally build to rent has proven to be one of the most stable asset classes during COVID-19

THE MIRVAC BUILT TO RENT VALUE PROPOSITION:

• A secure lease, curated resident amenity, a vibrant community, pet friendly spaces, white-goods included, and utility procurement savings

• A customer-centric approach and brand proposition affirming 'A Home Built Around You' providing simplicity, connection and flexibility in housing choice

• On-site management supported by technology generating operational efficiencies

• An integrated structure: the all-under-one-roof knowledge that enables seamless and disciplined development, investment and property management and ownership

SECURED BUILD TO RENT PIPELINE PROGRESSING

• Construction remains on track at LIV Munro, Melbourne comprising 490 apartments adjacent to the City of Melbourne’s $250m million renewal of the Queen Victoria Market. Completion is estimated for late 2022

• Received development approval for LIV Aston, Melbourne

• Received development approval for LIV Anura[ 1] , Brisbane following selection by the Queensland Government in its build to rent pilot project

• Progressing with planning for LIV Albert Fields in Brunswick, Melbourne for ~500 apartments

• Strategy to grow build to rent portfolio from ~2,175 currently to over 5,000 apartments over the medium-term funded through a combination of balance sheet and capital partnering

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

2,175
total pipeline
apartments
secured [ 2]
----- End of picture text -----

==> picture [422 x 25] intentionally omitted <==

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

LIV Munro, Melbourne (artist impression)
----- End of picture text -----

1. Formerly LIV Newstead, Brisbane.

2. 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.

12 AUGUST 2021 — 32

residential

Stuart Penklis Head of Residential

FY21 RESULTS

Settlements exceed expectations driven by a strong MPC market

Completed 2,526 settlements with 82% from MPC in FY21 and a further 184 settlements in July 2021, comfortably exceeding FY21 guidance of >2,200 lots

Achieved strong gross margins of 26%[ 1]

Defaults at 2.7% due to market factors exacerbated by COVID-19 impacts, however, less than 1% excluding Pavilions, Sydney

~70% reduction in completed unsold apartment stock and completion of projects:

– Marrick & Co, NSW (APT)

– Crest, NSW (MPC) – Leighton Beach, WA (APT)

FY21 MAJOR SETTLEMENTS

Project	Product	Lots
Woodlea, VIC	MPC	497
Smiths Lane, VIC	MPC	242
Pavilions, NSW	APT	194
Googong, NSW	MPC	194
Olivine, VIC	MPC	186

Received over 20 awards, recognising Mirvac’s design and build quality

1. Gross margin includes all residential projects. Gross margin excluding joint ventures 22%.

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Smiths Lane, Melbourne (artist impression) 12 AUGUST 2021 — 34
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FY21 RESULTS

Strong demand drove an increase in pre-sales to $1.2bn

• Momentum in the market and high-quality apartment releases has driven a 25% increase in pre-sales to $1.2bn, from $971m, in FY20 – MPC pre-sales have increased >100% from FY20

• More than $300m of apartment pre-sales secured during the year

• Over 600 lots on deposit or conditionally exchanged

• Over 98% of exchanges in FY21 were domestic buyers with continued demand from owner-occupiers

MASTERPLANNED COMMUNITIES DOMINATING FY21 SALES & SETTLEMENTS

==> picture [410 x 223] intentionally omitted <==

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

$2,500m
$1,280m ($1,036m)
76% 60%
2,000
1,500 40%
$1,215m
24%
1,000 $971m 56%
34%
500
66% 44%
0
FY20 FY21 FY21 FY21
Pre-sales balance Net sales Settlements Pre-sales balance
APT MPC
----- End of picture text -----

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

3,300
----- End of picture text -----

SALES ACCELERATED OVER FY21

==> picture [435 x 208] intentionally omitted <==

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

600 lots
Lot sales
+83% on pcp
400
200
0
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
FY21
----- End of picture text -----

Exchanges Deposits and conditional sales

12 AUGUST 2021 — 35

FY21 RESULTS

Strong sales across locations, products & price points

Released over 3,300 lots, including an acceleration of over 1,500 MPC lots in response to stimulus demand

~90% of sales coming from masterplanned communities following sustained strong demand

• Strong owner-occupier demand for well-designed apartment buildings in great locations

==> picture [887 x 275] intentionally omitted <==

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

SUCCESSFULLY LAUNCHED 6 NEW PROJECTS, INCLUDING:
90% 98% 93% 98% 52% 71%
PRE-SOLD [ 1] PRE-SOLD [ 1] PRE-SOLD [ 1] PRE-SOLD [ 1] PRE-SOLD [ 1] PRE-SOLD [ 1]
Artist impression Artist impression Artist impression Artist impression Artist impression
Henley Brook, WA The Village, Menangle, NSW Georges Cove, NSW The Fabric, VIC Green Square, NSW Quay Waterfront, QLD
MASTERPLANNED COMMUNITIES APARTMENTS
----- End of picture text -----

1. As at 30 June 2021, percentage sold on released lots, including deposits and conditional sales.

12 AUGUST 2021 — 36

FY21 RESULTS

Apartment living proving an attractive alternative as established market prices continue to climb

APARTMENT GROWING MOMENTUM OVER THE PAST 12 MONTHS

• 78% of purchases were owner-occupiers

• Enquiries remain high, with apartment pre-sales expected to increase as new projects are launched in the next 12 months

• Quality of the Mirvac brand is proving to provide comfort for customers in buying off the plan

• Average price of $1m across the projects, with more premium product selling first, and apartment amalgamations more prevalent than ever before

• High differential between established house prices and apartment prices in high amenity, inner ring locations, a key contributor to purchasers seeing value in apartment living

• Apartment releases expected in FY22[ 1]

• NINE, Willoughby, NSW: 442 lots

• Yarra's Edge Park Precinct, VIC: 191 lots – Tullamore, VIC: 93 lots – Green Square, NSW: 159 lots – Burswood, WA: 88 lots – Ascot Green, QLD: 116 lots – Waverley Bowling Club, NSW: 55 lots

• We expect 2024 east coast apartment supply to be ~60% less than peak 2018 levels[ 2]

• FY22 apartment releases well aligned to this shortfall as they begin settling from FY23

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

APARTMENT PROJECT LAUNCHES ACROSS ALL
CAPITAL CITIES EXPECTED IN NEXT 12 MONTHS
----- End of picture text -----

==> picture [440 x 286] intentionally omitted <==

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

Forme, Tullamore, VIC (artist impression)
Lot 22, Burswood, WA (artist impression)
Tower 9, Yarra's Edge, VIC NINE, Willoughby, NSW (artist impression)
----- End of picture text -----

1. All references to lot numbers and settlement timings are subject to planning outcomes, construction and development decisions, market impacts and demands and COVID-19 impacts. 2. ABS Building Activity, Cat.8752.0, Table 34 and Mirvac Research forecast.

12 AUGUST 2021 — 37

FY21 RESULTS

FY22 continues to be driven by MPC strength with strong outlook beyond

MAJOR PROJECT SETTLEMENT PROFILE[ 3]

• Pipeline of ~26,500 lots[ 1] , 79% of which are MPC lots[ 2]

• Diversified MPC products of land, built-form homes and terraces to cater to differing buyer types

FY22 FY23 FY24 FY25 FY26+ Olivine VIC I MPC I 3,835 lots Everleigh QLD I MPC I 3,121 lots Woodlea VIC I MPC I 2,969 lots Googong NSW I MPC I 2,968 lots Smiths Lane VIC I MPC I 2,563 lots Henley Brook WA I MPC I 603 lots The Fabric VIC I APT/MPC I 573 lots Menangle NSW I MPC I 379 lots Georges Cove NSW I MPC I 179 lots Waverley Bowling Club NSW I APT I 55 lots NINE, Willoughby NSW I APT I 442 lots Green Square (new stages) NSW I APT I 1,140 lots Quay Waterfront QLD I APT I 433 lots The Peninsula WA I APT I 336 lots 699 Park St, Brunswick VIC I APT I 219 lots WSU, Milperra NSW I MPC I 425 lots Marsden Park North NSW I MPC I 547 lots 55 Coonara Ave NSW I APT/MPC I 600 lots Wantirna South VIC I MPC I 1,717 lots Inner Ring Middle Ring Outer Ring

• Locations across inner, middle and outer rings, focusing on areas with strong fundamentals

• Minimal apartment settlements in FY22, with a focus on selling through unsold inventory (127 lots)

• Investors and offshore buyers are returning to the market

FY22 OUTLOOK

• Expected to settle greater than 2,500 lots in FY22

• Margins to remain strong, supported by MPC dominated settlement portfolio

• Apartment launches to commence settlement from FY23

• Indicative only and subject to change depending on planning outcomes, development and construction decisions and market conditions.

• By pipeline lots.

• All references to lot numbers and settlement timings are subject to planning outcomes, construction and development decisions, market impacts and demands and COVID-19 impacts.

12 AUGUST 2021 — 38

summary nce & guida Susan Lloyd-Hurwitz Tullamore, Melbourne CEO & Managing Director

12 AUGUST 2021 — 39

FY21 RESULTS

FY22 outlook & guidance

We have a resilient business with increasing momentum, that continues to deliver strong, visible cash flows, sustainable distribution growth and attractive returns for our securityholders

CONTINUED MOMENTUM INTO FY22

• Benefiting from strong residential conditions with a residential pre-sales balance of $1.2bn and more than 90% of projected FY22 EBIT now secured

• Commercial & mixed use development earnings partially secured with a ~50% sell down of Locomotive Workshop, Sydney[ 1] and 80 Ann Street, Brisbane to aligned capital partners

• Modern integrated investment portfolio benefiting from low exposure to smaller office tenants, limited near term lease expiries, a long WALE, and high quality recurring NOI, including from newly completed assets. Coverage of current arrears and some allowance for a deterioration in conditions in 1H22

FY22 operating EPS guidance of at least 15.0cpss representing an increase in earnings of at least 7.1%, and DPS guidance of 10.2cpss, providing distribution growth of 3% on FY21 Our full year guidance is based on the assumption that business conditions will normalise in the last quarter of CY21 when vaccination targets are expected to be met

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

OPERATING EPS AND DPS
Guidance FY22 EPS
16.0 cents 15.0 at least 7.1%
14.0 14.0 Growth on FY21
12.0
10.2
10.0 9.9
8.0
6.0
FY21 EPS FY22 EPS FY21 DPS FY22 DPS
----- End of picture text -----

1. Transaction occurred post balance date.

12 AUGUST 2021 — 40

FY21 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 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.

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Reimagine Urban Life thank you

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80 Ann Street, Brisbane

CONTACT

MIRVAC GROUP

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

Level 28, 200 George Street, Sydney NSW 2000