MIRVAC GROUP — Annual Report 2022

Aug 10, 2022

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Results

11 August 2022

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Celebrating 50 years | FY22 Results

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Acknowledgement of Country

Mirvac acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Owners of the lands and waters of Australia, and we offer our respect to their Elders past and present.

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‘Reimagining Country’ by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji), We are 27 Creative.

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Celebrating 50 years | FY22 Results

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Agenda

Overview		Financial	Capital	Commercial	Integrated	Residential	Summary
Susan Lloyd-Hurwitz		Performance	Allocation	& Mixed Use	Investment	Stuart Penklis	& Guidance
03 CEO & Managing Director		10 Courtenay Smith Chief Financial Oficer	14 Brett Drafen Chief Investment Oficer	Brett Drafen Chief Investment Oficer Development	Campbell Hanan Head of Integrated Investment Portfolio Portfolio	26 Head of Residential	33 Susan Lloyd-Hurwitz CEO & Managing Director
				16	21
Olderfleet, 477 Collins Street, Melbourne

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Celebrating 50 years | FY22 Results

Overview

CEO & Managing Director

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Heritage Lanes, 80 Ann Street, Brisbane

Celebrating 50 years |

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Strong operating results achieved in FY22

FY22 OPERATING PROFIT FY22 DPS FY22 OPERATING CASH FLOW $596m 10.2¢ $896m +8% on pcp +3% on pcp +41% on pcp EXTERNAL ASSETS FY22 STATUTORY PROFIT FY22 EPS UNDER MANAGEMENT $906m 15.1¢ $10.2bn +1% on pcp +8% on pcp +3% on FY21 NTA[ 1] GEARING[ 2] $2.79 21.3% +4% on FY21 1.5% lower than FY21

1. NTA per stapled security excludes intangibles, right of use assets and non-controlling interests, based on ordinary securities including EIS securities. 2. Net debt (at foreign exchange hedged rate) / (total tangible assets – cash).

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Celebrating 50 years | FY22 Results

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Creating value

5 key pillars ENABLE US TO CREATE VALUE FOR OUR STAKEHOLDERS, EXECUTE OUR STRATEGY AND MAINTAIN A HEALTHY AND RESILIENT BUSINESS

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PLACE Asset creation & curation

PERFORMANCE Financial

PEOPLE People, culture & safety

PARTNERS Customers & stakeholders

PLANET Sustainability

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Our asset creation and curation capability delivers places that contribute to the vibrancy of our cities and improve people’s lives.

Having diversified and appropriately balanced sources of capital, including debt, third-party capital and equity helps us execute on our urban strategy and deliver sustainable returns to our securityholders and capital partners.

Our people and culture are a source of competitive advantage in the delivery of our strategy and purpose.

The relationships we build as a trusted partner allow us to deliver on our ambition to Reimagine Urban Life.

Our rigorous focus on our environmental and social impact helps guide us to deliver outcomes that are planet positive and remain a global leader in ESG.

To be a leading of extraordinary urban places V

Celebrating 50 years | FY22 Results

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Integrated model delivering outperformance

CONSISTENT INVESTMENT PORTFOLIO OUTPERFORMANCE

Mirvac Investment Portfolio vs Australian Market Benchmark

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12%
Development
10.8%
Funds distributions from recurring
income and future developments 9.9%
9.3%
9.0%
Development
8.4%
EBIT 8
Integrated
NTA
investment
Uplift 6.1%
portfolio
4
New recurring high
Delivers new assets quality rental income
Capital Partnerships
drives asset & funds
management fee income
0
15 YRS 5 YRS 3 YRS
Mirvac Investment Portfolio Australian Market Benchmark
Source: Real Investment Analytics, December 2021
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Celebrating 50 years | FY22 Results

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Continuing to execute on our strategy in our 50th year

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EXECUTING CORE COMPETENCIES OPTIMISING PORTFOLIO AND RECYCLING CAPITAL CLEAR RUNWAY FOR FUTURE GROWTH
~110,900 sqm leased $820m
ACROSS THE INVESTMENT PORTFOLIO [ 1] FY22 25%
completed sales [ 3] average sales
premium to
book value [ 3]
[2]
~$1.3bn development completions
ACROSS COMMERCIAL AND MIXED USE
Tramsheds, Sydney Quay West Car Park, Sydney LIV Munro, Melbourne (artist impression) Harbourside, Sydney (artist impression)
FY23 EXPECTED SALES
2,523
residential settlements
~$1.3bnasset sales ~$1.6bn
program
6 successful Residential
pre-sales secured [ 7] PROGRESSING REZONING
apartment launches AND DEVELOPMENT
Allendale Square, Perth 60 Margaret St, Sydney MetCentre, Sydney APPROVALS FOR SECURED
DEVELOPMENT PIPELINE
EXPANDED FUNDS MANAGEMENT PLATFORM
GROWING AUM TO
4
~$26bn $7.7bn ~$30bn
Management
rights secured to
AMP Wholesale
Achieved net carbon positive [6] Office Fund [ 5]
9 YEARS AHEAD OF TARGET
AMP Quay Quarter, Sydney (artist impression) Isle Waterfront Newstead, Brisbane (artist impression) Aspect, Kemps Creek, Sydney (artist impression)
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1. Excluding BTR.

2. Represents expected stabilised development 100% 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.

3. Average premium and total sales based on Travelodge, Quay West Car Park, Sydney, Cherrybrook Village, Sydney and Tramsheds, Sydney. 1 hotel within Travelodge portfolio is yet to settle and excluded. Gain on Cherrybrook and Travelodge Portfolio recognised in FY21.

4. Represents 100% expected end value/revenue (including GST), subject to various factors outside of Mirvac's control such as planning outcomes, market-demand and COVID-19 uncertainties.

5. Proforma FUM Growth associated with transfer of AWOF management rights to Mirvac expected by October 2022.

6. Scope 1 & 2 emissions.

7. Represents Mirvac's share of total pre-sales and includes GST.

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Celebrating 50 years | FY22 Results

Acceleration of funds management strategy

• Secured management rights for $7.7bn AMP Wholesale Office Fund (AWOF)[ 1] , growing external Assets under Management (AUM) 75% to $17.9bn[ 2]

• Expands 3rd party capital platform, accelerating Funds Management (FM) strategy

• Broadens sources of capital and relationships

• Recurring Investment Management and Property Management fees

• ~$500m co-investment stake with investment return

• Further co-investment opportunities being explored in both Industrial and BTR platform

WHOLESALE OFFICE FUND OVERVIEW[ 1]

Fund Gross Assets: $7.7bn No. of assets: 11 Prime grade assets including interests in: Quay Quarter (Syd), Collins Place (Mel), 255 George Street (Syd), Brookfield Place (Syd), Angel Place (Syd) WALE (by income) 5.5 years NABERS rating 5.3 star average Gearing 24% Expected transfer date Oct 22 Other: MGR to provide up to $500m liquidity/ co-investment

• ~$5bn of future organic external AUM growth potential from diversified development pipeline[ 3]

CONTINUED GROWTH IN EXTERNAL AUM

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$24 billion
20 ~20%
16 PA CAGR
SINCE FY15 [ 4] $7.7
12
8
$9.4 $9.9 $10.2
4 $7.7 $8.7
$5.8 $6.3
0 $2.8
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 AWOF [ 1]
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~$5bn [3]
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Future potential organic external AUM growth from development pipeline

External assets under management For illustrative purposes, represents 50% of CMU development pipeline, potentially sold to capital partners

1. Currently AMP Wholesale Office Fund (AWOF), portfolio stats as at March 2022, management rights expected to transfer to Mirvac by October 2022.

2. Proforma external AUM including AWOF expected to transfer to Mirvac by October 2022.

3. ~$5bn assumes 50% capital partnership on current development pipeline assets with 100% Mirvac ownership.

4. External AUM growth FY15-FY22, excluding AWOF.

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Quay Quarter, Sydney (artist impression)
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Celebrating 50 years | FY22 Results

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Culture, safety & ESG leadership are critical competitive advantages

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ESG AT THE HEART OF EVERYTHING THAT WE DO STRONG EMPLOYMENT BRAND & CULTURE IN COMPETITIVE MARKET
Increased focus Joining the Science-Based
Looking ahead: Creating a strong sense of belonging and enhanced safety and wellbeing for our people
on scope 3 emissions Targets initiative
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ACHIEVED

Net positive in scope 1 and 2 carbon emissions. 9 years ahead of 2030 target

$9.6m

NATIONAL COMMUNITY DAY 2022 750 employees, 44 community projects, in verified community investment. >$530,000 in community investment Named #1 Best Company to Give and ~5,700 volunteer hours Back by GoodCompany

EQUILEAP #1 In the world for gender equality

AFR BOSS #1 80% 96%

Best places to work for the Property, Construction and Transport sector

Employee engagement Believe Mirvac is truly with a highly motivated committed to the safety workforce[ 1] of employees

Released our second Modern Slavery Report

MSCI : AAA Energy efficiency 94% recycling rates saving $2.4m pa UN Global Compact: Advanced in construction waste Sustainalytics: Negligible Risk

Launched Sonder 44% Women 93% proud to Strong safety performance: a 24/7 on-demand EAP in senior roles work at Mirvac[ 1] LTIFR 1.18 & CIFR 0.74 and wellbeing service

Released industry Released second 18 assets with $42m in social procurement since first Net Positive Reconciliation 5+ Star NABERS FY18 meeting $30m by 2025 target, Water Plan Action Plan Energy ratings 3 years early

Hesta 40:40 Vision

Zero like-for-like Gender 1 in 10 Mirvac employees 96% retention pay gap for last 6 years are returning employees of key talent

1. External engagement survey, Nov 21.

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Celebrating 50 years | FY22 Results

Financial Performance

Chief Financial Officer

Development Funds distributions from recurring income and future developments Development EBIT Integrated NTA investment Uplift portfolio

New recurring high Delivers new assets quality rental income

Capital Partnerships drives asset & funds management fee income

Mirvac, Sydney 11 AUGUST 2022 | 10

Celebrating 50 years | FY22 Results

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FY22 earnings drivers

$m FY22 FY21	INVESTMENT � Property NOI flat driven by 1.5% portfolio LFL growth, positive impact from development completions and improved COVID-19 impact ofset by assets entering development and asset disposals > Asset and funds management EBIT driven by higher investment management and transaction fees partially ofset by lower leasing fees > Management & administration expenses driven by higher technology investment COMMERCIAL & MIXED USE > Completion of Locomotive Workshop, Sydney and 80 Ann Street, Brisbane RESIDENTIAL > Stronger residential EBIT due to contribution from higher value project settlements – 2,523 settlements in line with guidance – Introduction of new JV partner at Smiths Lane, Melbourne UNALLOCATED OVERHEADS > Increase associated with rising insurance and technology costs, and normalisation of expenses NET FINANCING COSTS > Reduction driven by lower floating rate for majority of the year > Weighted average cost of debt reduced from 3.8% to 3.4% DEVELOPMENT REVALUATION GAIN > FY22 uplift mainly driven by Locomotive Workshop, Sydney and 80 Ann Street, Brisbane INVESTMENT PROPERTY VALUATIONS > Increase due to revaluation gains across Industrial and Ofice and partially ofset by write-down in Retail of Toombul, Brisbane AFFO > Hiher oeratin earnins lower maintenance caex
Investment EBIT 570 576 (1%)
Integrated Investment Portfolio NOI 581 581 0% Asset and funds management EBIT 33 30 10% Management and administration expenses (44) (35) 26%
Development EBIT 285 201 42%
Commercial & Mixed Use 90 33 173% Residential 195 168 16%
Segment EBIT1 855 777 10%
Unallocated overheads (82) (73) 12%
Group EBIT 773 704 10%
Net financing costs2 (115) (124) (7%) Operating income tax expense (62) (30) 107%
Operating profit after tax 596 550 8%
Development revaluation gain3 70 121 (42%) Investment property valuation 305 274 11% Other non-operating items (65) (44) 48%
Statutory profit after tax 906 901 1%
AFFO 543 444 22%

1. EBIT includes share of net operating profit of joint ventures and associates.

2. Includes interest expense, interest capitalised, cost of goods sold interest, borrowing cost amortised and interest revenue. Refer Additional Information for break down.

3. Relates to the fair value movement on IPUC.

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Celebrating 50 years | FY22 Results

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Recovery in cash collection during FY22

• Net billings $781m in FY22 with 97% collected an improvement on 1H22[ 1]

• High cash collection rates maintained across Office (99%) and Industrial (100%) impact concentrated in Retail (91%)

• Retail cash collection challenges isolated to CBD assets

• Net $12m COVID-19 EBIT impact in FY22[ 2]

• Compared to $20m in FY21 and $48m in FY20

• Aged tenant arrears[ 5] of $17m (FY21: $32m) 100% covered by ECL provision

CASH COLLECTION AFFECTED BY RESTRICTIONS[ 3]

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100% 98% 97%
90% 95% 92% 94%
88%
82%
80
72%
60
40
Q420 [ 4] Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422
FY20 FY21 FY22
Total Investment portfolio cash collection Retail cash collection
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TOTAL COVID-19 EBIT IMPACT

	FY20	FY21	FY22 2
	$m	$m	$m
Ofice	(7)	0	0
Retail	(40)	(20)	(12)
Other	(1)	0	0
Total	(48)	(20)	(12)

1. Excluding development impacted assets.

2. FY22 includes ECL $25m offset by $13m land tax rebate (no land tax rebate received in FY20 and FY21).

3. Quarterly cash collection stats reflect YTD cash collection at that point in time.

4. Q420 cash collection only.

5. Aged arrears > 30 days.

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Celebrating 50 years | FY22 Results

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Maintaining a strong capital structure

• Conservative 21.3%[1] gearing at the low end of our 20-30% target range > $1.4bn liquidity available

• Interest cover ratio >6x provides significant headroom

• Year-end average borrowing cost 3.9%[ 2]

• Average debt maturity of 5.6 yrs

• Limited maturities in FY23/24

• 55% hedged in line with target

• A3/A- credit ratings with stable outlook from Moodys and Fitch

• Diversified debt sources

DEBT 55% HEDGED AT 30 JUNE 2022 IN LINE WITH POLICY[ 4]

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$2,500m 4.0%
2,000 3.5
1,500
3.0
1,000
2.5
500
0 2.0
Jun 22 Jun 23 Jun 24 Jun 25
Hedging in place Average rate (RHS) [ 5]
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GEARING AT LOW END OF TARGET RANGE[ 1]

LIMITED DEBT MATURITIES

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60%
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40
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20
0
FY15 FY16 FY17 FY18 FY19 [ 3] FY20 FY21 FY22
Gearing Target range Covenant limit
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$800m
600
400
200
0
FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 FY42
USPP EMTN MTN Bank
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1. Net debt (at foreign exchange hedged rate) / (tangible assets – cash).

2. At 30 June 2022. Including margin and line fees. Weighted average cost of debt over FY22 was 3.4%.

3. FY19 has been restated.

4. Includes bank callable swaps.

5. Average hedging rate assumes paying cap price in all collar structures excludes debt margins.

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Celebrating 50 years |

Capital Allocation

Chief Investment Officer

Development

Funds distributions from recurring income and future developments

Development EBIT Integrated NTA investment Uplift portfolio

New recurring high Delivers new assets quality rental income

Capital Partnerships drives asset & funds management fee income

LIV Aston, Melbourne (artist impression, final design may differ) 11 AUGUST 2022 | 14

Celebrating 50 years | FY22 Results

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Capital recycling improving portfolio quality

• Accelerated portfolio repositioning towards prime, modern, sustainable assets

• Active recycling of non core assets

• Tramsheds, Quay West, Cherrybrook Village, Sydney and Travelodge portfolios, all disposed at premiums to book value

• Continuing to cycle out older assets, ~$1.3bn disposal program underway with 60 Margaret Street and Met Centre, Sydney, Allendale Square, Perth on market and other non-core assets identified for sale

• Cap rate compression slowed but demand for prime, quality assets remains firm

• Selective roll out of development pipeline utilising capital efficient structures and planned asset disposals to lift Industrial/BTR exposure

• Maintain 20%/80% Active / Passive capital allocation target

OPTIMISING PORTFOLIO WITH NON-CORE ASSET SALES

Asset	Sector	Status	Premium to Book
Cherrybrook Village, Sydney	Retail	Sold 1H22	+43%4
Travelodge Portfolio1	Hotels	Sold 2H22	+19%4
Tramsheds Sydney	Retail	Sold 2H22	+53%
Quay West, Sydney	Car park	Sold 2H22	+35%
Allendale Square, Perth	Ofice	On market
60 Margaret Street, Sydney	Ofice	Pre-market
MetCentre, Sydney	Retail	Pre-market
Various	Ofice/Retail	Pre-market

~$26BN TOTAL ASSETS UNDER MANAGEMENT

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OFFICE
$8.4bn of office assets, 84% SYD/MEL [ 3] ,
99% A/Prime grade [ 3] , WACR 5.05%
INDUSTRIAL
$1.6bn of SYD industrial assets, WACR 4.18%
$13.5bn RETAIL
PASSIVE INVESTED $2.9bn urban portfolio, 68% SYD [ 3] , WACR 5.35%
CAPITAL [ 2]
BUILD TO RENT
$0.6bn, 93% SYD/MEL [ 3] , WACR 4.00%
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RESIDENTIAL DEVELOPMENT Passive capital 88% Office 84%
$1.7bn of residential inventory Active capital 12% Retail 9%
valued at the lower of cost
Industrial 5%
and net realisable value
Other 2%
~25,400 pipeline lots with
$1.9bn an average vintage of 8 years $15.4bn $10.2bn
ACTIVE INVESTED TOTAL EXTERNAL
CAPITAL COMMERCIAL & MIXED USE INVESTED ASSETS UNDER
98% SYD/MEL CAPITAL MANAGEMENT
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1. 1 hotel yet to settle.

2. Invested capital includes investment properties, IPUC, assets held for sale, JVA, deferred land and other financial assets on balance sheet.

3. By portfolio value, includes IPUC, assets held for development and assets held for sale.

4. Gain recognised in FY21.

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Celebrating 50 years | FY22 Results

Commercial & Mixed Use Development

Chief Investment Officer

Development

Funds distributions from recurring income and future developments

Development EBIT NTA Uplift

Integrated investment portfolio

Delivers new assets

New recurring high quality rental income

Capital Partnerships drives asset & funds management fee income

Elizabeth Enterprise, Badgerys Creek, Sydney (artist impression, final design may differ) 11 AUGUST 2022 | 16

Celebrating 50 years | FY22 Results

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Integrated development capability creating value in rising cost environment

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ASSET VALUE CREATION
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DEVELOPMENT FLEXIBILITY
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• Utilise capital efficient structures

• $160m of value creation reported in FY22[ 1]

• ~$1.3bn of value created over last 9 years including:

• Adjust designs to meet evolving customer requirements > Sustainability leadership

• $669m asset revaluations[ 2]

Leverage existing diversified business model skill-sets within Mirvac to participate in complex development opportunities with less competition

• $591m realised development EBIT[ 2]

• 28% total return on average for completed developments

• $5.4bn of new assets created off-market (100% share)[ 3]

• Construction cost and supply chain management

• Tier 1 developer, scale and in-house design

• ~$120m of new annual income created[ 4] (MGR share)

• Long development track record over 50 years

• Capital partnering/FM income opportunities

• Owner/developer – aligned interests

• Improve portfolio quality

• Planning risk assessment/management

• Complex opportunities with government/public infrastructure

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pr

• Assessment/management of lease tail risks

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1. Includes FY22 Commercial & Mixed use development EBIT and development revaluation gain.

2. Accumulated over FY13-FY22.

3. Since 2013.

4. Cumulative stabilised initial year 1 NOI from completed Office and Industrial developments, based on 100% occupancy and 50% ownership, other than South Eveleigh at 33.3% ownership and Locomotive Workshop, South Eveleigh at 51% ownership, excludes 80 Ann Street.

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Celebrating 50 years | FY22 Results

Creating world leading office developments – Heritage Lanes

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Completed 80 Ann Street, Brisbane – our smartest, most sustainable office development yet

Asset creation & curation

• Utilise Mirvac’s integrated development model > Platinum core and Shell WELL certification > Over 1,900 sqm of public space > 80% of floor within 12m of natural light source

• Next generation smart building with integrated communication network – control over lights, blinds, air con, security etc

• 1:8 sqm occupancy density capacity

Financial

• 6% yield on cost above initial feasibility, 98% leased on completion > $131m of development value created for Mirvac shareholders[ 1]

• 9.4 yr WALE[ 2] , low capex, opex and incentive leakage resulting in higher cash flow to investors

People, culture & safety

• 2,812 inducted workers on site over construction

• Over 5,000 HSE task observations and 65 high risk workshops completed > LTIFR below company target

Customers & stakeholders

• Co-investment with M&G Real Estate with development fund-through structure > Suncorp occupation 6 months before practical completion > Bespoke design to meet tenant needs

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Sustainability

• All electric operations[ 3]

• Targeting 6 Star Green star, 4 Star NABERS Water and 5.5 Star NABERS rating > Utilise low carbon materials in construction > Award winning community investment throughout development delivery

• Realised development EBIT + net valuation gain. 2. By income. 3. Excludes 3 retail tenancies. 4. Represents expected stabilised 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. 5. Agreed sell-down cap rate to M&G Real Estate.

80 ANN STREET, BRISBANE

	Value (100% share) Cap rate	$867m4 5.0%5
	Mirvac Ownership	50%
	Leased on completion	98%
	NLA ~62,800 sqm Grade	across 31 levels Premium
	WALE2	9.4 years

$131m DEVELOPMENT VALUE CREATED[ 1]

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18%
RETURN ON COST
6%
YIELD ON COST
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6 star
GREEN STAR
TARGET RATING
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Celebrating 50 years | FY22 Results

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~$12.4bn development pipeline progress accelerating

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1 1 1 5
~$5.7bn ~$2.5bn ~$2.7bn ~$1.5bn
FIRST NET POSITIVE
EMBODIED CARBON DEVELOPMENT.
55 Pitt Street, Sydney Switchyard, Sydney Aspect, Kemps Creek, Sydney Harbourside, Sydney LIV Munro, Melbourne LIV Aston, Melbourne
Size: ~61,000 sqm Size: ~72,000 sqm Size: ~211,000 sqm Size: ~24,000 sqm office [ 3 ] , ~7,000 sqm retail and 320+ residential apartments Size: 490 apartments Size: 474 apartments
End value [1] : ~$1.9bn End value [1] : ~$345m End value [1] : ~$720m End value [1] : ~$1.8bn End value [ 5] : ~$355m End value: TBC
Potential completion: CY2027 Potential completion: FY23+ Potential completion: FY24-FY26 Potential completion: CY2027 Potential completion: 1H23 Potential completion: CY2024
Status: Demolition nearing completion. Status: Construction underway, Status: Concept approved and Status: Stage 1 DA received and design competition concluded. Vacant Status: Final stages of construction, Status: Early works construction
Civil Works to commence imminently. 58% pre-leased [ 2] initial DA approved. 48% pre-leased [ 2] possession notices issued. Stage 2 development design underway launching Nov 22 commenced 1H22
90 Collins Street, Melbourne 200 Turbot Street, Brisbane [ 4] 34 Waterloo Road, Sydney Elizabeth Enterprise, Sydney Waterloo Metro Quarter, Sydney LIV Anura, Brisbane LIV Albert Fields, Melbourne
Size: ~33,300 sqm Size: ~59,900 sqm Size: 2.2 ha Size: ~415,000 sqm Size: ~36,600 sqm commercial/retail, 150 residential apartments, Size: 396 apartments Size: 498 apartments
End value [1] : ~$670m End value [1] : ~$890m End value: TBC End value [1] : ~$1.3bn social housing, student accommodation End value: TBC End value: TBC
Potential completion: CY2026 Potential completion: CY26+ Status: Repositioning/ change of Potential completion: FY24+ End value [1] : ~$930m Potential completion: CY2024 Potential completion: CY2025
Status: DA lodged Status: Demolition complete & use opportunity Status: Zoning achieved, DA lodged Potential completion: CY2025+ Status: Construction Status: Development permit
DA approved Status: All 5 DAs now approved commenced 1H22 approved. Demolition underway.
OFFICE INDUSTRIAL MIXED USE UILD TOREN
B T
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Note: All images are artist impressions, final design may differ.

1. Represents 100% expected end value/revenue (including GST), subject to various factors outside Mirvac’s control, such as planning outcomes, market demand, ongoing construction costs escalation, supply chain risks and COVID-19 uncertainties. 2. Including non-binding heads of agreement. 3. Subject to final DA. 4. Subject to pre-commitments. 5. Represents forecast value on completion incorporating a stabilisation allowance and subject to various factors outside of Mirvac’s control such as planning, market demand and COVID-19 uncertainties.

11 AUGUST 2022 | 19

Celebrating 50 years | FY22 Results

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Pipeline to drive considerable value to investors over time

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TRACK RECORD
OF RETURNS
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~$120m pa
NEW RECURRING NOI FROM
COMPLETED DEVELOPMENTS
FY13-FY22 [ 2]
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~$1.3bn VALUE CREATION FY13-FY22[ 3]

28%

TOTAL RETURN GENERATED FROM CMU DEVELOPMENTS FY13-FY22

ASSET CREATION CAPABILITY DRIVING FUTURE INCOME AND RETURNS

Potential future recurring annual NOI – 50% share[ 1]

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$300m
Future secured developments
250
200
150 Year 1 fully let NOI
100
Committed
50
0 Completed
80 Ann Street, Switchyard Aspect Committed Industrial BTR Office Mixed Use
Brisbane Auburn, Kemps Creek, BTR [ 6]
Sydney Sydney
Industrial BTR Office Mixed Use
INDICATIVE ONLY 1
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1. Indicative estimate only and not a forecast, based on current assumptions and subject to change due to planning outcomes, market conditions, leasing outcomes and COVID-19 uncertainties. NOI numbers assume Mirvac retains a 50% stake of secured pipeline developments on completion, final outcome may differ. 2. Cumulative stabilised initial year 1 NOI from completed Office and Industrial developments, based on 100% occupancy and 50% ownership, other than South Eveleigh at 33.3% ownership and Locomotive Workshops, South Eveleigh at 51% ownership, excluding 80 Ann Street. 3. Value creation equals development EBIT and revaluation gain on Mirvac's share retained of asset post completion. 4. Indicative estimate only and not a forecast, based on current assumptions and subject to change due to planning outcomes, market conditions, leasing outcomes and COVID-19 uncertainties. Development uplift based on current project estimates and market aligned cap rates, final outcome may differ. 5. ~$5bn assumes 50% capital partnership on current development pipeline assets with 100% Mirvac ownership. 6. Includes LIV Munro (Melbourne), LIV Aston (Melbourne) and LIV Anura (Brisbane).

POTENTIAL FUTURE RETURNS

$250m pa

OF POTENTIAL FUTURE RECURRING NOI COULD BE REALISED OVER THE NEXT 5-6 YEARS[ 1]

~$1.8bn

OF POTENTIAL DEVELOPMENT VALUE CREATION COULD BE REALISED OVER NEXT 5-6 YEARS ACROSS CURRENT SECURED DEVELOPMENT PIPELINE[ 4]

>$5bn

FUTURE POTENTIAL ORGANIC EXTERNAL AUM GROWTH FROM DEVELOPMENT PIPELINE[ 5]

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Celebrating 50 years | FY22 Results

Integrated Investment Portfolio

Head of Integrated Investment Portfolio

Development

Funds distributions from recurring income and future developments

Development EBIT Integrated NTA investment Uplift portfolio

Delivers new assets

New recurring high quality rental income

Capital Partnerships drives asset & funds management fee income

Olderfleet, 477 Collins Street, Melbourne 11 AUGUST 2022 | 21

Celebrating 50 years | FY22 Results

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Premium, modern, sustainable buildings driving the office recovery

QUALITY ASSETS DRIVING OFFICE RECOVERY AND PORTFOLIO OUTPERFORMANCE

• Office NOI up 1% on pcp to $369m, including LFL NOI growth of 1.9%

• Net valuation gains of $224m[ 1] up 2.9%, with capitalisation rate compression of 9bps to 5.05%

• Completed Locomotive Workshop, Sydney 97% leased[ 2] , and Heritage Lanes, 80 Ann Street, Brisbane; 98% leased at completion[ 2] , reduces average portfolio age to 9.8 years 3, 99% prime and 87% developed by Mirvac[ 4]

• Occupancy improved to 95.7%[ 5] with ~42,800 sqm of leasing, +2.8% leasing spread, 27.3% incentives

• WALE 6.4 years[ 6] , with limited expiry of 5%[ 6] over the next year

• Low capex, 0.3% pa of asset value over last 4 years

• Average office NABERS rating of 5.3 Stars

• 120bp outperformance[ 7] of Mirvac office portfolio vs office market benchmark over last 2, 5 and 15 years

BIFURCATION OF TENANT AND CAPITAL DEMAND IS SUPPORTING OUR OFFICE STRATEGY

• Market rents showing modest improvements, incentives stabilised. Tenants still delaying decisions

• Tenants taking up 18% more space on aggregate on new leases since 2020[ 8]

• Prime segment driving recovery with strongest demand for modern, high amenity, well located, touch-less, sustainable, technology rich buildings

• Sydney Prime vacancy tightest for modern buildings[ 9]

• Market vacancy in buildings completed pre-2000 8.6%, post 2000 4.2% and post 2015 2.6%[ 9]

• Cap rates more resilient for quality, modern, prime buildings but signs of weakness across secondary

• Excludes development revaluation.

• Including non-binding heads of agreements.

• Excludes IPUC and 90 Collins Street, Melbourne.

• By portfolio value.

• By area, excludes IPUC & 90 Collins Street, Melbourne.

• By income, excludes IPUC & assets held for development.

• As at December 2021.

• Source: JLL, Mirvac Research analysis. Large occupier moves across Sydney, Brisbane, Melbourne, incorporating leases signed CY2020+. Omits pure absorption and contraction, analysing lease deals within markets only.

• Arealytics June 2022.

MIRVAC OFFICE OUTPERFORMANCE

Mirvac portfolio vs market benchmark

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14.0%
12.0
12.6%
10.0 12.0%
11.2% 11.3% 10.8%
8.0 10.0% 10.3% 9.5%
8.3%
6.0
6.8%
4.0
2.0
0
15YR 10 YR 5 YR 3 YR 2 YR
Mirvac Office portfolio Benchmark
Source: RIA commercial property market return indicator as at December 2021
PRIME OFFICE DRIVING AUSTRALIAN CBD MARKET RECOVERY
Rolling annual absorption by grade
300,000 sqm
0
(300,000)
(600,000)
Dec 19 Mar 20 Jun 20 Sep 20 Dec 20 Mar 21 Jun 21 Sep 21 Dec 21 Mar 22 Jun 22
Premium A-grade Secondary
Source: JLL, REIS, June 2022
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Celebrating 50 years | FY22 Results

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Industrial portfolio continues to grow through development

WELL LOCATED, HIGH QUALITY, MODERN INDUSTRIAL PORTFOLIO

• Strategically positioned 100% Sydney[ 1] Industrial portfolio benefiting from robust occupier demand and strong growth in land values

• Sydney industrial vacancy rate lowest globally[ 2] , with constrained supply outlook

• Net valuation gains of $207m[ 3] , up 14%, capitalisation rate compressed 60bps to 4.18%

• High occupancy of 100%[ 4 ] and WALE 6.7 years[ 5]

• Industrial LFL NOI up 3.3% on pcp to $55m

100% SYDNEY PORTFOLIO[ 1] WILL GROW VIA ~$2.5BN SECURED DEVELOPMENT PIPELINE[ 6]

• Commenced construction at Switchyard, Auburn (14ha urban infill location) 58% pre-leased[ 7] . Expected end value of ~$345m[ 6] in FY23

• Settled land at Aspect, Kemps Creek (56ha) with 48%[ 7] pre-leased. Potential end value ~$720m[ 6] . DA achieved and construction commencement 1H23

• Advanced planning of 90ha Elizabeth Enterprise Precinct, Badgerys Creek, located just 800m from Western Sydney Airport. Strong occupier interest given location and committed infrastructure

INDUSTRIAL VACANCY IN SYDNEY VS RENT GROWTH

PRIME SYDNEY INDUSTRIAL LAND SITES SECURED ON ATTRACTIVE TERMS[ 8]

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4% 16% $1,600 10%
3 12 1,200 8
2 8 800 6
1 4 400 4
0 0 0 2
Sep 19 Dec 19 Mar 20 Jun 20 Sep 20 Dec 20 Mar 21 Jun 21 Sep 21 Dec 21 Mar 22 Jun 22 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Vacancy (LHS) Net rent (y/y growth) (RHS) JLL – Av Sydney land values (2-5Ha) (LHS) JLL Sydney prime industrial cap rate (RHS)
Source: SA1, JLL
s
m
i
rd
l
i e
b
e
a
r
a
p
r
A
p
K
C
B
s
y
e
r
u
a
h
t
e
C
c b
d
c
t
r
t u
e
n g
i
e
p r
E e
w
e
n
r
s k
S 9
h y
A 9
liEbzaet sCkree
9
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1. By portfolio value, excluding assets held in funds. 2. Source, CBRE 6 July 2022, https://www.cbre.com.au/press-releases/australias-industrial-and-logistics-vacancy-rate-now-worlds-lowest 3. Excludes development revaluation. Subject to rounding. 4. By area. 5. By income. 6. Represents 100% expected end value, subject to various factors outside of Mirvac's control such as planning outcomes, market-demand and COVID-19 uncertainties. 7. Including non-binding heads of agreements. 8. Arrows indicate timing site was secured. 9. Artists impression, final design may differ.

11 AUGUST 2022 | 23

Celebrating 50 years | FY22 Results

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Strong retail recovery over 2H22

• Sales recovered to pre-COVID levels across portfolio ex CBD assets (~6% of portfolio[1] )

• Leasing activity has improved with ~52,200 sqm leased across 348 deals (64% of deals executed in 2H22)

• Positive like for like NOI growth of +0.2%

• Basket size remains high with foot traffic remaining below historical levels

• Occupancy maintained at 97.6%[ 2]

• Comparable specialty sales productivity of $9,382/sqm[ 3] and specialty occupancy costs of 17.3% (15.7% ex CBD)

• Cash collection improved to 91% (from 78% at 1H22), challenges now exclusive to CBD assets

• Asset revaluations up $90m (+3.3%) excluding Toombul impact (retail portfolio down $126m (-4.1%) including Toombul)

SALES REBOUNDING ABOVE PRE-COVID LEVELS

Monthly Sales Growth % (vs. 2019)

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20%
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0
(20)
(40)
(60)
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2021 2022
Total Centre ex CBD Total Specialties ex CBD
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TOOMBUL, BRISBANE

DAMAGE

• Extensive damage to centre caused by significant flooding as part of the unprecedented rainfall in February 2022

• The difficult decision was made not to reinstate the asset as is

FINANCIAL IMPACT

• No material impact to FY22 operating earnings

• Asset has been revalued down $216m (-71%) to $90m reflecting the land value of the site, impacting FY22 statutory earnings

FUTURE PLANS

• Undergoing assessment of future opportunities for the asset in consultation with local stakeholders

• The site will continue to incorporate retail and services recognising the important role this iconic asset plays in the local community

• By portfolio value.

• By area, excludes IPUC.

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

11 AUGUST 2022 | 24

Celebrating 50 years | FY22 Results

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Tight market vacancy driving Build to Rent

STRONG LEASING SUCCESS ACHIEVED AT LIV INDIGO

• Continued strong leasing momentum with asset now stabilised and high customer satisfaction

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LIV INDIGO
98%
LEASED
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• Future pipeline product and amenity mix to benefit from operational experience

STRONG UNDERLYING FUNDAMENTALS

• Australian east coast capital city residential market vacancy <2%[1]

• Strong recovery in market rent growth underway >10% YoY[ 2] across major capital cities

• Restricted future apartment supply

• Strong forecast growth (~1.4m people) in key renter cohort (20-39 year olds) over next 2 decades[ 3]

• Net overseas migration levels increasing over next 24 months

DELIVERING ~$1BN[ 4] PIPELINE INTO AN UNDER SUPPLIED MARKET

4

• LIV Munro, Melbourne (490 apartments) due for completion in November 2022, expected end value of ~$355m

• LIV Aston, Melbourne (474 apartments), and LIV Anura, Brisbane (396 apartments) developments progressing construction with completion expected in CY2024

• LIV Albert Fields in Brunswick, Melbourne received approval for 498 apartments, demolition underway

THE FUTURE OF LIV

• 2,173 apartments and ~$1.7bn[ 5] estimated end value on completion of total BTR portfolio

• Capital partnering process underway targeting 2H23 completion

• Active, disciplined engagement on potential new sites, medium term target of >5,000 apartments across platform

1. Source: SQM Research, June 2022.

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RESIDENTIAL CAPITAL CITY VACANCY RATES

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(All Dwellings, Seasonally Adjusted)
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5%
4
3
2
1
0
‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22
Brisbane Melbourne Sydney
Source: SQM Research, Macrobond, June 2022
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BTR PORTFOLIO UPON DEVELOPMENT COMPLETION:

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2,173

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5 ~$1.7bn

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APARTMENTS
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1. Source: CoreLogic, June 2022, 3-month median. Areas: Sydney, Melbourne and Brisbane.

2. Source: CBRE 2022.

3. Represents forecast value on completion incorporating a stabilisation allowance and subject to various factors outside of Mirvac’s control such as planning, market demand and COVID-19 uncertainties.

4. Represents LIV Indigo book value and forecast value on completion of developments, which incorporates a stabilisation allowance and subject to various factors outside of Mirvac’s control such as planning, market demand and COVID-19 uncertainties.

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Celebrating 50 years | FY22 Results

Residential

Head of Residential

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Development
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Development EBIT NTA Uplift

Delivers new assets

Funds distributions from recurring income and future developments

Integrated investment portfolio

New recurring high quality rental income

Capital Partnerships drives asset & funds management fee income

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Isle Waterfront Newstead, Brisbane (artist impression, final design may differ)
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Celebrating 50 years | FY22 Results

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Exceeded FY22 targets despite challenging conditions

• Settlements of 2,523 lots (FY21: 2,526) exceeding >2,500 guidance

• Weather and COVID related delays impacted construction programs with some forecast MPC settlements delayed into FY23

• Defaults[ 1] at 2.7% (0.2% excluding Voyager, Melbourne)

• 25% gross margin, above through cycle target of 18-22% reflecting significant skew to MPC land settlements

• Cost pressures minimised by forward planning, internal design and construction capability and offset by price escalation

• New Joint Venture capital partner at Smiths Lane, Melbourne accelerates capital recycling and profit realisation

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2 523
,
LOT SETTLEMENTS
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FY22 MAJOR SETTLEMENTS

Project	Product	Lots
Smiths Lane, VIC	MPC	436
Woodlea, VIC	MPC	328
Googong, NSW	MPC	278
Olivine, VIC	MPC	217
Voyager Yarra’s Edge, VIC	Apartments	216

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25%
GROSS MARGIN
Salvation Army Transformation House, Smiths Lane, Melbourne (artist impression, final design may differ)
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1. 12 month rolling default rate 30 June 2022.

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Celebrating 50 years | FY22 Results

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Successful launch program drove FY22 sales

ACCELERATED LAUNCHES UNDERPINS FUTURE EARNINGS OUTLOOK

• Strong sales success with 2,898 sales achieved in FY22

• MPC sales (2,400 lots sold) returned to normalised levels supported by owner occupier rightsizers and first home buyers (FHB), despite roll off of stimulus. Recent momentum has moderated with FHB activity most affected

• Apartment enquiry elevated in line with six major apartment releases, noting off-the-plan buyers slower to convert and preference for product nearing completion

• High owner-occupier apartment demand (71% of apartment pre-sales) attracted to relative affordability, build quality and brand reputation

• Growing supply shortages, sustainability focus and upfront investment in infrastructure driving high levels of repeat buyers

• Pre-sales[1] balance increased +33% to $1.6bn ($1.2bn in FY21,

• $971m in FY20), lifting certainty around FY23+ Residential earnings

• Represents Mirvac's share of total pre-sales and includes GST.

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EXCHANGES AND RELEASE PROFILE

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2,500
2,000
1,500
1,000
500
0
HY 1 HY 2 HY 1 HY 2 HY 1 HY 2 HY 1 HY 2 HY 1 HY 2 HY 1 HY 2 HY 1 HY 2
FY17 FY18 FY19 FY20 FY21 FY22 FY23
APT Exchanges MPC Exchanges Releases (Semi-annual) Planned FY23 Releases [ 2]
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80%

STRONG SALES PROGRESS ON FY22 RELEASES

Residential releases	Lots	% Sold3
MPC	2,044	89%
APT	704	51%
	2,748	80%

OF PRODUCT LAUNCHED SOLD[ 3]

~$1.6bn PRE-SALES[ 1]

1. Represents blended average 6 month launch expectation over FY23.

2. As at 30 June 2022, including deposits and conditional exchanges.

11 AUGUST 2022 | 28

Celebrating 50 years | FY22 Results

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Launch program underpins FY23/24+ earnings

RAMP UP IN MAJOR LAUNCHES AND PRE-SALES IN FY22

MAJOR RELEASES EXPECTED OVER FY23[ 2]

• Released 2,748 lots including 704 apartments in FY22

• 2,000 new lot releases across MPC sites

• 80%[ 1] of FY22 lots launched have been sold

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MAJOR LAUNCHES AND PRE-SALES IN FY22
MASTERPLANNED COMMUNITIES
201 LOTS | 92% PRE-SOLD [ 1] 53 LOTS | 100% PRE-SOLD 141 LOTS | 96% PRE-SOLD [ 1] 47 LOTS | 83% PRE-SOLD [ 1]
Olivine, VIC Georges Cove, NSW [ 3] Everleigh, QLD The Fabric, VIC [ 3]
APARTMENTS
151 LOTS | 48% PRE-SOLD [ 1] 208 LOTS | 52% PRE-SOLD [ 1] 92 LOTS | 78% PRE-SOLD [ 1]
Green Square, NSW [ 3] NINE Willoughby, NSW [ 3] Forme Tullamore, VIC [ 3]
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• 6+ apartment launches planned for FY23[ 2]

• Deep pipeline of MPC land and built form releases planned across well established estates with physical and social infrastructure already in place

• First MPC release at Cobbitty, NSW (~950 lots in total)

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FURTHER LAUNCHES PLANNED FOR FY23 [ 2]
MASTERPLANNED COMMUNITIES
489 LOTS [ 2] 436 LOTS [ 2] 242 LOTS [ 2]
Smiths Lane, VIC [ 3] Woodlea, VIC Cobbitty, NSW [ 3]
APARTMENTS
133 LOTS [ 2] 168 LOTS [ 2] 110 LOTS [ 2] 107 LOTS [ 2] 191 LOTS [ 2]
STAGE 2 TOWER 9
Isle, QLD [ 3] 699 Park Street, VIC [ 3] 31 Queen Road, VIC [ 3] NINE Willoughby, NSW [ 3] Yarra’s Edge, VIC [ 3]
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1. As at 30 June 2022, percentage sold on released lots, including deposits and conditional sales.

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

3. Image is artist impression, final design may differ.

11 AUGUST 2022 | 29

Celebrating 50 years | FY22 Results

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Proven track record navigating challenging market conditions

ACTIVE RISK MANAGEMENT ac D UTILISING SCALE AND INDUSTRY RELATIONSHIPS

• Continuous market testing provides real-time cost planning inputs

• Strategic, early procurement of higher risk trade costs

• Contingencies incorporated into feasibilities

• Risk based approach to planning and project delivery

• Appropriate pre-sales achieved prior to commencing construction

• Capital efficient structures and terms provide timing flexibility for projects

• In-house design and construction capabilities deliver competitive advantage

• Leverage in-house innovation skills to increase use of offsite and prefabricated delivery methods

• In-house construction function provides delivery certainty

• Increased sourcing of products locally

• Market leading sustainability initiatives including all-electric homes, lightweight timber apartment construction, 7-star NatHERS homes

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DEVELOPMENT FLEXIBILITY OF INTEGRATED MODEL
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• Strategic procurement source of value

• Financial health and planning track record attracting Tier 1 subcontractors

• Balance sheet strength facilitates early construction commencement

• Alignment to NSW Design and Build Practitioners Act

• 50 years of experience

• Trusted brand and partner delivering legacy projects and communities

• Superior up-front amenity and placemaking

• Award winning in house design and construction capability

• Owner Occupier focus is winning market share

• High repeat customers

• High customer satisfaction scores 8.9/10 (FY22)

QUALITY PRODUCTS AND DEEP TRACK RECORD

11 AUGUST 2022 | 30

Celebrating 50 years | FY22 Results

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Residential fundamentals remain sound despite rising interest rates

• Tight market vacancy <2%[1] and rising rents >+10% YoY[ 2]

• Constrained developer finance leading to lower supply outlook

• Increasing levels of net overseas migration

• Unemployment at close to 50 year low provides support to confidence

• Compelling relative affordability for apartments vs established houses

• Owner occupier focus on quality, track record and amenity

UNDERSUPPLY OF LAND

MPC land lot trading stock available

20 Months

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16
12
8
4
0
‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22
NSW – Sydney (metro) VIC – All of Market SEQ – All of Market WA – All of Market
Source: Research4 June 2022
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HIGH DENSITY COMPLETIONS VS NET POPULATION ADDITIONS[ 1] Sydney, Melbourne & Brisbane

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Apartments
300,000 Population 55,000
FY23+ Major Mirvac APTs completions
250,000 50,000
200,000 45,000
150,000 40,000
100,000 35,000
50,000 30,000
0 25,000
(50,000) 20,000
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27
High Density Dwelling Completions (RHS) Population Additions (LHS)
Source: BIS Oxford Economics (June 2022 forecast), Australian Government Centre for Population (Dec 21 forecast)
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1. Source: SQM Research, June 2022.

2. Source: CoreLogic, June 2022, 3-month median. Areas: Sydney, Melbourne & Brisbane.

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Celebrating 50 years | FY22 Results

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Residential earnings in FY23 & beyond supported by attractive pipeline

MAJOR PROJECT SETTLEMENT PROFILE[ 4]

AVERAGE AGE OF

ROBUST PIPELINE OF >25,000 lots[ 1] across a diverse product offering, with extensive use of capital efficient terms

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FY23 FY24 FY25 FY26 FY27+
Olivine, VIC I Land 3,021 lots I Built Form 725 lots
Everleigh, QLD I Land I 2,917 lots
Googong, NSW I Land I 2,531 lots
Woodlea, VIC I Land 1,797 lots I Built Form 861 lots
Smiths Lane, VIC I Land 1,824 lots I Built Form 601 lots
Yarra's Edge, VIC I Apartments I 497 lots
The Langlee, NSW I Apartments I 55 lots
NINE by Mirvac Willoughby, NSW I Apartments I 421 lots
Georges Cove, NSW I Built Form I 179 lots
The Village, NSW I Land I 284 lots
The Fabric, VIC I Built Form I 232 lots
Green Square, NSW I Apartments I 312 lots
Cobbitty, NSW I Land I 953 lots
Ascot Green, QLD I Apartments I 776 lots
Waterfront Sky, QLD I Apartments I 359 lots
The Fabric, VIC I Apartments I 339 lots
699 Park St, VIC I Apartments | 168 lots
Coonara, NSW I Apartments & Built Form I 600 lots
The Peninsula, WA I Apartments I 377 lots
31 Queens Rd, VIC I Apartments I 110 lots
MPC Apartments Built Form
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~8 years is well placed to create significant securityholder value

ENHANCED PIPELINE WITH SELECTIVE SITE ACQUISITIONS OVER FY22

• Cobbitty, NSW ~950 lots[ 1] , ~$648m end value[ 2] , first sales forecast FY23[ 1] , capital efficient acquisition

• 31 Queens Road, VIC, 110 apartments[ 1] , first sales forecast FY23[ 1]

EXPLORING LAND LEASE COMMUNITIES

• Strong adjacencies to Mirvac’s core competitive advantages

FY23 OUTLOOK

• Underpinned by ~$1.6bn[ 3] pre-sales and sound residential fundamentals

• Expect to settle >2,500 lots in FY23 subject to weather/COVID impacts

• Expect 2H23 EBIT skew due to apartment project completions in 2H23

• Gross margins expected to be just above 18-22% target range

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

• Represents expected future revenue (including GST), subject to various factors outside of Mirvac’s control such as planning outcomes and market demand.

• Represents Mirvac's share of total pre-sales and includes GST.

• 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.

11 AUGUST 2022 | 32

Celebrating 50 years | FY22 Results

Summary & Guidance

CEO & Managing Director

Development Funds distributions from recurring income and future developments Development EBIT Integrated NTA investment Uplift portfolio

New recurring high Delivers new assets quality rental income

Capital Partnerships drives asset & funds management fee income

The Langlee, Sydney 11 AUGUST 2022 | 33

Celebrating 50 years | FY22 Results

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FY23 guidance & outlook

FY23 GUIDANCE[ 1]

Subject to no material changes to the operating environment, the group is targeting:

• Operating EPS of at least 15.5 cpss (2.6% growth)

• Distribution of at least 10.5 cpss (2.9% growth)

• Residential settlements of >2,500 lots

FY23 OUTLOOK

Investments

• New income contribution from completions: Heritage Lanes, 80 Ann Street, Brisbane and Locomotive Workshop, Sydney

• Lost income on pre-development assets: Harbourside, Sydney and

• 90 Collins Street, Melbourne

• Disposals: Target $1.3bn non-core divestments for 2H23

• AWOF management rights by October: ~$500m co-investment in 2H23

Residential

• 2,500 settlements with similar mix as FY22

• Higher average price driven by NSW apartment projects

Commercial & Mixed Use

• Expect lower profit contribution than FY22

OPERATING EPS AND DPS

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16.0 cents
at least 15.5 FY23 OPERATING
EPS GUIDANCE
15.1
at least 2.6%
14.0 14.0 growth on FY22
12.0
at least 10.5
10.2
10.0 9.9
8.0
FY21 EPS FY22 EPS FY23 EPS FY21 DPS FY22 DPS FY23 DPS
GUIDANCE GUIDANCE
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1. Assumes weighted average cost of debt of ~4.6% over FY23.

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Positioned for medium term earnings growth

Multiple levers to drive growth over time

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Resilient modern high quality assets benefiting from growing tenant preference for quality, normalisation of trading conditions, and development completions

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Expanded ~$17.9bn [ 1] platform (FUM +75%)
~$5bn organic growth opportunity [ 2]
Delivery of residential pipeline into under supplied
market, underpinned by ~$1.6bn pre-sales [ 3]
Value creation from diversified ~$12.4bn CMU development pipeline [ 4]
utilising internal design and construction platform
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UNDERPINNED BY BALANCE SHEET, CULTURE AND CAPABILITY

Robust balance sheet position Proven 50 year track record, Sustainability Strong staff with modest leverage integrated platform leadership engagement

1. Proforma external AUM including AWOF expected to transfer to Mirvac by October 2022.

2. ~$5bn assumes 50% capital partnership on current development pipeline wholly owned by Mirvac.

3. Represents Mirvac's share of total pre-sales and includes GST.

4. Represents 100% expected end value, subject to various factors outside Mirvac’s control, such as planning outcomes, market demand, ongoing construction costs escalation, supply chain risks and COVID-19 uncertainties.

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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”, 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. Where the term operating environment is used, it is intended to cover impacts on both Mirvac, and the broader market operating conditions and macro economic conditions.

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 2022, 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 2022, unless otherwise noted.

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AUTHORISED FOR RELEASE BY The Mirvac Group Board

CONTACT

Gavin Peacock, CFA General Manager Investor Relations investor.relations@mirvac.com

Thank you

MIRVAC GROUP Level 28, 200 George Street, Sydney NSW 2000

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