MIRVAC GROUP — Annual Report 2023

Aug 15, 2023

FY23 Results 16 August 2023

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FY23 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.

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

16 AUGUST 2023 1

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16 AUGUST 2023 2

FY23 RESULTS

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NINE, Sydney
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Overview

Campbell Hanan CEO & Managing Director

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Development EBIT
NTA Uplift
Delivers new assets
New recurring
high quality
rental income
New recurring asset &
funds management fee &
co‑investment income
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FY23 RESULTS

Executing on strategic objectives

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Retain balance sheet Expand Funds Increase cash flow resilience Leverage integrated Continued leadership in
flexibility Management offering of Investment portfolio Development capability sustainability and culture
FY23 ACHIEVEMENTS FY23 ACHIEVEMENTS FY23 ACHIEVEMENTS FY23 ACHIEVEMENTS FY23 ACHIEVEMENTS
Executing on disposal & Established Funds division, structure ~$0.5bn of Office/Retail Awarded Australia’s first 5 Gold Star Outlined new Net Positive Carbon targets [9]
capital partnering program with leading corporate governance asset disposals completed iCRT rating for construction in NSW (including Scope 3 emissions) for FY30
Gearing 25.9% comfortably Increased external 3rd party capital ~$0.7bn development completions Progressed ~$11.6bn CMU development Achieved 5 star UN Principles
within 20-30% target range under management by ~$7bn in Industrial/BTR [5] pipeline [4] including completion of LIV Munro for Responsible Investment (PRI)
BTR and Switchyard Industrial developments [5] ratings and named Top-Rated
Over $1.3bn of liquidity available Established $1.8bn BTR Venture Maintained high 96.9% occupancy [2] ESG performer by Sustainalytics
Strong pre-leasing at Switchyard ~96% [6]
Maintained A3/A- credit rating Created new Industrial Venture Strong leasing activity, Office +44%, & Aspect ~64% industrial developments [6] Maintained zero LFL gender
Retail +74%, Industrial +409% on FY22 pay gap for last 7 years
Minimal ~6% of debt maturing in FY24 New Partner for 7 Spencer Street, ~$1.8bn Residential presales [7]
Melbourne development Modern, sustainable, capex light portfolio Ranked #1 in the world in Equileap’s
delivered continued out-performance Settled 2,298 lots at 26% Global Report on Gender Equality for
Completed integration of $7.4bn [1] MWOF vs market benchmark [3] Gross margin with 0.1% default rate [8] an historic second time in 2 years
>5,000 unit Apartment pipeline progressed 93% proud to work at Mirvac
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1. Gross assets as at 30 June 2023. 2. By area, excluding BTR. 3. RIA commercial property market return indicator to March 2023. 4. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 5. The first stage of Switchyard reached completion in FY23 with the balance due to complete in 1Q24. 6. As at 11 August 2023, includes Agreement for Lease (AFL) and non-binding Heads of Agreement (HoA). Excluding HoA, Switchyard is ~82% pre-leased and Aspect is ~64%. 7. Represents Mirvac’s share of total pre-sales and includes GST. 8. 12-month rolling default rate 30 June 2023. 9. Target reflects Mirvac’s current intention. Mirvac reserves the right to change this target in the future.

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FY23 RESULTS

FY23 results highlights

FY23 Operating Profit

FY23 Statutory Result

FY23 EPS

FY23 DPS

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($165m) (118%) on pcp

$580m

1. 5¢

2. 7¢

(3%) on pcp

(3%) on pcp

+3% on pcp

Investment portfolio[1] Development pipeline[2] 3rd Party Capital Under Management[3] Assets Under Management[4] ~$11.9bn ~$29bn ~$17bn ~$26bn

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+64% on FY22

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Heritage Lanes – 80 Ann Street, Brisbane
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NTA[5] Gearing[6] $2.64 25.9%

(5%) on FY22

1. Investment Portfolio includes co-investment equity values, assets held for sale, and properties being held for development, excludes IPUC and represents fair value (excludes gross up of lease liability under AASB 16). 2. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. Industrial expected end values are excluding the sale of any undeveloped land. 3. Represents the total value of 3rd party capital that are fee generating (either Funds Management, Asset Management or Development Management fees). This only includes 3rd party capital and excludes Mirvac’s investment in managed funds, assets or developments. 4. Assets Under Management (AUM) represents the total value of balance sheet and 3rd party capital where we provide Property Management services. 5. NTA per stapled security excludes intangibles, right of use assets and non-controlling interests, based on ordinary securities including EIS securities. 6. Net debt (at foreign exchange hedged rate) / (total tangible assets – cash).

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FY23 RESULTS

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Our integrated platform driving superior returns

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DEVELOPMENT INVESTMENT +200bp
MPT portfolio
long‑term
outperformance [6]
>$4bn 96.9% 5.3 star MIRVAC PORTFOLIO CONSISTENT OUTPERFORMANCEBased on compound average annual returns
asset portfolio NABERS
disposals [1] occupancy [4] Office rating [5] 10.0%
9.9% 9.9%
8.6%
Development EBIT 7.0% 7.7% 7.6%
6.3% 6.0%
5.7%
5.0
NTA Uplift 4.7%
Delivers new assets
0
1 YRS 3 YRS 5 YRS 10 YRS 12 YRS
New recurring Mirvac portfolio Benchmark
high quality Source: RIA commercial property market return indicator as at March 2023
rental income
New recurring asset & FUNDS
13 funds management fee &
co‑investment income
new Investment ~$6bn
assets delivered [1] assets created [2]
~$17bn ~29%growth in pa ~$26bn
3rd party capital 3rd party capital assets under
under management under management management
~$1.3bn ~26% average ~$145m since 2016 [7]
value created [3] development return [1] new recurring
NOI created [1]
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1. Over the past 10 years. 2. 100% share end value of developments completed over the past 10 years. 3. Value creation equals Development EBIT and revaluation gain on Mirvac share retained of asset post completion, over the past 10 years. 4. By area, excluding BTR. 5. NABERS average excluding MWOF properties. 6. MPT portfolio vs RIA commercial property market return indicator to 31 March 2023. Outperformance over 5, 10 and 12 years. 7. pa growth since FY16.

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FY23 RESULTS

ESG progress, including scope 3 plans released in FY23

ESG FOCUS AREA TARGET TRACKING Carbon emissions Net positive in scope 1, 2, 3 emissions[1] Nothing wasted Zero waste to landfill Planet positive in carbon, ON TRACK waste and water by 2030 Every drop of water Net positive water Our people Active, inclusive care Connection Leaving a positive legacy By 2025 we’ll have invested $50 million ON TRACK to create a strong sense of belonging Inclusion Creating a sense of belonging Procurement Using our buying power for good Finance & investment Greening our finance ON TRACK manager & developerMost trusted owner, Capability & disclosure Active, capable governance

ESG AT THE HEART OF EVERYTHING THAT WE DO Achieved Fourth Modern Net positive 5.0 star 5.25 star in scope 1 and 2 carbon emissions NABERS Average NABERS Average Slavery statement 9 years ahead of 2030 target AAA Rating Water Rating Energy Rating released

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Continued leadership in
sustainability and culture
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FUTURE FOCUS

Future proof business for structural changes in customer, capital and regulator requirements

• Utilise internal D&C capabilities to pursue Scope 3 targets by 2030,[1] zero waste and net positive water

• Maintain culture as a source of competitive advantage – safety, diversity, purpose, innovation and talent development

• Ensure active management of data and technology related security risks

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STRONG EMPLOYMENT BRAND & CULTURE
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in property, construction and
#1 transport category in 2022
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1. Target reflects Mirvac’s current intention. Mirvac reserves the right to change this target in the future.

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FY23 RESULTS

Financial Performance

Courtenay Smith Chief Financial Officer

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Development EBIT
NTA Uplift
Delivers new assets
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high quality
rental income
New recurring asset &
funds management fee &
co‑investment income
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LIV Munro, Melbourne
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FY23 RESULTS

FY23 earnings drivers

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FY23 FY22
($m) ($m)4
Investment
Investment 633 582 9%
Management and administration expenses (14) (14)
Investment EBIT 619 568 9%
Funds
Funds Management 26 13 100%
Asset Management 30 19 58%
Management and administration expenses (36) (30) 20%
Funds EBIT 20 2 900%
Development
Commercial & Mixed Use 120 105 14%
Residential 156 236 (34%)
Management and administration expenses (62) (56) 11%
Development EBIT 214 285 (25%)
Segment EBIT [1] 853 855
Unallocated overheads (86) (82) 5%
Group EBIT 767 773 (1%)
Net financing costs [2] (162) (115) 41%
Operating income tax expense (25) (62) (60%)
Operating profit after tax 580 596 (3%)
Development revaluation (loss)/gain [3] (42) 70 (160%)
Investment property revaluation (528) 305 (273%)
Other non-operating items (175) (65) (169%)
Statutory (loss)/profit attributable to stapled securityholders (165) 906 (118%)
AFFO 472 543 (13%)
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INVESTMENT

• Property NOI driven by +2% LFL NOI growth, recovery from COVID and positive impact of development completions at Heritage Lanes, Brisbane and Locomotive Workshop, Sydney

FUNDS

• Funds and Asset Management EBIT growth driven by addition of MWOF to FUM and performance fee on Switchyard, Auburn and improved leasing activity across managed assets

DEVELOPMENT

Commercial & Mixed Use

• Development profit on sell down of Switchyard, Auburn and value creation on disposal of 34 Waterloo Road, Sydney

Residential

• Reduced settlements (2,298 FY23 vs 2,523 FY22) affected by weather and labour availability impacting completion schedules and a higher proportion of MPC lots

UNALLOCATED OVERHEADS

Modest increase below inflation

NET FINANCING COSTS

• Increase due to higher floating interest rates and higher debt balance

TAX

• Lower due to less active earnings

REVALUATION

Development

• Impacted by negative revaluation of LIV Albert Fields, Melbourne due to planning outcomes and construction costs, partially offset by positive revaluation at LIV Munro, Melbourne

Investment Property

• Driven by negative revaluations across office (-5.6%) and retail (-5.3%) portfolios partially offset by industrial (+6.2%)

OTHER NON-OPERATING ITEMS

• Transactions and fund establishment costs, write-off and impairment of new business spend and restructuring provision

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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. 4. FY22 business unit EBITs have been re-classed and restated to reflect new reporting structure.

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FY23 RESULTS

Solid balance sheet position

• Robust balance sheet (25.9% geared[1] ) and liquidity position, with >$1.3bn available

• Significant coverage over leverage and interest cover covenants

• Only $250m of debt maturing in FY24

• Increase in average borrowing cost to 5.4%[2] reflecting cash rate movements

• ~40% of debt facilities certified green by the Climate Bonds Initiative (CBI)

• Additional $990m of new debt issued, and refinanced $1,020m of existing facilities

Key Metrics	30 Jun 23	30 Jun 22
Gearing headline1	25.9%	21.3%
Total drawn debt	$4,440m	$4,090m
Available liquidity	$1,352m	$1,368m
Average borrowing cost2	5.4%	3.9%
Average debt maturity	5.0 yrs	5.6 yrs
Hedged debt (including caps)	60%	55%
Average hedge maturity	3.4 yrs	3.7 yrs
Moody’s / Fitch credit rating	A3/A‑	A3/A-

Retain balance sheet flexibility

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FUTURE FOCUS

Ensure flexibility to execute strategy and take advantage of opportunities

• Maintain modest gearing (target low-mid end of 20-30% range)

• Target dividend payout ratio 60-80% of EPS

• Maintain A3/A- credit ratings

• Target 20-30% of capital deployed to active[3]

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• Highly selective on development spend

• Increased use of strong capital partner relationships

• Dispose of older, lower return assets

• Increased focus on cost efficiencies and productivity

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

2. WACD (including margins and line fees) represents the rate as at 30 June 2023. WACD over the 12 months to 30 June 2023 was 4.7% (3.4% for the prior corresponding period).

3. Active capital includes Investment Properties Under Construction (IPUC) and development inventory.

FY23 RESULTS

Capital allocation

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• Maintain balance sheet flexibility through capital discipline:

• Progressed asset sales program with ~$0.5bn settled, further ~$1.2bn of disposals and settlements targeted for FY24

• Postponed ~$1.8bn commercial development projects

• Increased capital partnering program – ~$1.5bn of required capital released

• Maintaining 60-80% dividend payout ratio, (71% payout in FY23)

• 23% Active capital – within target 20-30% target allocation range to Active

• 77% Passive capital: Strategy focused on increasing cash flow resilience – increasing exposure to living sectors, industrial and modern commercial and mixed use assets – supported by non-core sales and development completions

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~$0.5bn
FY23 asset
disposals completed
~$1.2bn
FY24 asset
disposals target
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PROGRESSED NON-CORE ASSET SALES

	Asset	Sector	Status
	Allendale Square,Perth 189 GreyStreet,Brisbane	Ofice Ofice	Settled 1H23 Settled 1H23
	Stanhope Village, Sydney	Retail	Settled 2H23
	60 Margaret Street,Sydney	Ofice	Signed & held in escrow7
	MetCentre,Sydney 367 Collins Street,Melbourne	Retail Ofice	Signed & held in escrow7 Exchanged(subject to capital)
	Other disposals	Ofice	Inplanning

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INVESTED CAPITAL 3RD PARTY CAPITAL UNDER MANAGEMENT
OFFICE RESIDENTIAL DEVELOPMENT PASSIVE 77% Office 88%
$7.8bn [1] of office assets, 86% $2.1bn of residential inventory [5] ACTIVE 23% Retail 5%
SYD/MEL [2] , 99% Prime/A grade [2] , valued at the lower of cost Industrial 4%
WACR 5.30% and net realisable value
BTR 3%
INDUSTRIAL 22,974 pipeline lots with ~$17bn
$11.9bn $1.4bn of SYD industrial assets [1] , $3.6bn an average vintage of ~9 years $15.5bn
3RD PARTY
PASSIVE INVESTED WACR 4.62% ACTIVE INVESTED COMMERCIAL & MIXED USE TOTAL INVESTED CAPITAL UNDER
CAPITAL [1] RETAIL CAPITAL [4] $1.5bn of Commercial CAPITAL MANAGEMENT [6]
$2.4bn urban portfolio [1] , 62% & Mixed Use inventory,
SYD [2] , WACR 5.59% 98% SYD/MEL
BUILD TO RENT
$0.3bn [1] , 82% SYD/MEL [3]
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1. Passive invested capital includes investment properties, co-investments stakes reported on equity basis, assets held for sale, JVA and other financial assets on balance sheet. 2. By portfolio valuations, includes assets held for development and assets held for sale, and excludes IPUC and co-investments stakes reported on equity basis. 3. By apartments, including committed pipeline but excluding display apartments. 4. Active invested capital includes inventory, IPUC less deferred land and unearned income. 5. Includes inventories, valued at the lower of cost and net realisable value. 6. Includes External Funds, Development and Assets under management. 7. Contracts for sale have been signed and are being held in escrow pending satisfaction of certain conditions.

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FY23 RESULTS

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Investment

Richard Seddon CEO, Investment

South Eveleigh, Sydney

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Development EBIT
NTA Uplift
Delivers new assets
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high quality
rental income
New recurring asset &
funds management fee &
co‑investment income
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FY23 RESULTS

Quality portfolio underpins strong performance

ACTIVE MANAGEMENT HAS DRIVEN STRONG UPLIFT IN PORTFOLIO QUALITY

~$4.2bn of assets disposed over last 10 years

~$6bn of assets created over last 10 years (13 new assets across BTR, Industrial and Office)[1]

• 96.9% occupied Investment portfolio[2]

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PRIME, MODERN, SUSTAINABLE,
INDUSTRIAL 100% SYDNEY EXPOSED [3]
LOW CAPEX OFFICE PORTFOLIO [4]
100% URBAN RETAIL PORTFOLIO NEW BTR ASSET CLASS
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Continue to increase
cash flow resilience of
Investment portfolio
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FUTURE FOCUS

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Continue to lift exposure to high‑quality,
modern, capex light assets
Focus on cash flow resilient sectors CURRENT INVESTMENT
PORTFOLIO [5]
with positive structural tailwinds
Increased exposure to
living sectors including BTR
and Land Lease communities
Lift industrial exposure
Moderate office exposure with
focus on modern prime assets
Office 65% Industrial 13%
Maintain urban retail focus
Retail 20% Build to Rent 2%
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1. 100% share end value of developments completed. 2. By area, excluding BTR. 3. By portfolio valuations. 4. 99% of Office portfolio Prime (42% premium), 10.8 year average age, 84% built or refurbished by Mirvac, 5.3 Star average NABERS rating, 0.3% maintenance capex (5 year pa average). 5. By total property portfolio valuations, which includes co-investments, based on equity value, assets held for sale, and properties being held for development and excludes IPUC.

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FY23 RESULTS

PORTFOLIO QUALITY DRIVING OUTPERFORMANCE

95.0%

• Strong NOI growth of 7% on pcp to $395m, driven by completion of new developments, leasing performance and 3.3% LFL growth

Occupancy[4] (FY22: 95.7%)

• 44% improvement in leasing activity with ~61,700 sqm of leasing deals, occupancy 95.0%[4] (97.9% excluding development affected assets[1] )

• 7 yrs WALE[5] (FY22: 6.4yrs)

• Net valuations down -5.6%, with portfolio capitalisation rates expanding to 5.30%

• Modern portfolio with average age of 10.8 years, 99% Prime (42% Premium) and 86% developed by Mirvac[2]

• Low capex, 0.3% pa of asset value over the last 5 years

• 210bp outperformance[3] of Mirvac office portfolio vs office market benchmark over last 1, 3, 5, 10 and 15 years

~61 ,700 sqm

Leasing deals (FY22: ~42,800 sqm)

TENANT DEMAND IMPROVING WHILE CAPITAL REMAINS SELECTIVE

• Pronounced bifurcation of tenant and capital demand towards premium assets

• Valuations are moderating, with cap rate expansion underway led by lower quality assets, expected to continue over CY23

+3.5%

FY23 gross leasing spreads

• Return to office driving improved physical occupancy and improved leasing activity

• Pre-commitment enquiry has improved with continued focus on quality, amenity, sustainability and upgrading of tenancies

5.3 star

• Supply outlook to be constrained on softening cap rates, increased construction costs and higher incentives impacting development feasibilities

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Average NABERS
energy rating
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• Modest effective rent growth from solid face rent growth together with marginally higher incentives

• By area, Office portfolio occupancy excluding 90 Collins St, 380 St Kilda Rd, Melbourne and 75 George St, Parramatta. 2. By portfolio valuations.

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MIRVAC OFFICE OUTPERFORMANCE

Mirvac portfolio vs market benchmark

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12.0%
10.9
8.0 9.7 9.3
8.6
7.5
7.2
6.7
4.0 5.3 4.9
2.6
0
1YR 3YRS 5YRS 10YRS 15YRS
Mirvac office portfolio Benchmark
Source: RIA commercial property market return indicator as at March 2023
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CBD OFFICE

Direct vacancy rate by age and market (%)

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20%
19.3%
15.9%
10 12.7% 13%
5.0% 7.7% 7.4%
6.2% 6.7%
3.2%
0 0% 0%
Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
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MPT Portfolio CBD vacancy Direct vacancy in assets < 10 y.o. Direct vacancy in assets > 10 y.o. Source: JLL, Total CBD market office stock, Jun 2023

1. As at March 2023. 4. By area, excludes IPUC & assets held for development. 5. By income, excludes IPUC & assets held for development.

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FY23 RESULTS

Industrial benefiting from continued strong market

WELL-LOCATED, HIGH-QUALITY MODERN PORTFOLIO

100%

• 100% Sydney located portfolio[1] benefiting from strong occupier demand, tight market vacancy and restricted future supply

Occupancy[2] (FY22: 100%)

• LFL NOI up 4.3% to $57m supported by strong re-leasing activity. Future NOI to benefit from development completions at Switchyard, Auburn and Aspect, Kemps Creek

+14.8%

• ~17% of the portfolio[2] leased at leasing spreads of ~15%

• Net valuation gains of ~$77m[3] up 6.2%, with market rental growth offsetting 44bp of cap rate expansion to 4.62%

FY23 gross leasing spreads

NEW CAPITAL PARTNER SUPPORTS GROWTH OF PORTFOLIO

~80 ,700 sqm

• Launched ~$0.4bn industrial venture (MIV), partnering with Australian Retirement Trust (ART), with Mirvac retaining 51% ownership

Leasing deals (FY22: ~15,900 sqm)

• Partial completion of MIV seed asset, Switchyard, Auburn (14ha infill location) ~96% pre-leased[4] with final buildings expected to complete in 1Q24

STRUCTURAL DEMAND DRIVERS AND RESTRICTED SUPPLY REMAIN SUPPORTIVE

6. 6 yrs

• Tight Sydney industrial vacancy rate at 0.8%[5] persistent positive demand outlook

WALE[7] (FY22: 6.7yrs)

• Strong >20% market rent growth in Sydney[6] , expected to moderate but underpinned by population growth, e-commerce, inventory management, investment into supply chains, and reduced supply in the near term

• Cap rate expansion is being offset by rent growth. Capital demand remains firm for quality, well-located, modern industrial assets

100%

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Sydney portfolio [1]
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1. By portfolio valuations, excluding assets held in funds. 2. By area. 3. Excludes development revaluation. Subject to rounding.

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SWITCHYARD, AUBURN
Mirvac ownership 51%
Pre‑leased [4] ~96%
Expected completion 1Q24
Yield on cost ~5%
Sustainability 5 Green Star development
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SYDNEY INDUSTRIAL VACANCY VS RENT GROWTH

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4.00% 30.0%
20.0
2.00
10.0
0.00 0.0
Vacancy (%) (LHS) Net rent (%y/y) (RHS)
JLL (average of Sydney sub-markets), SA1 as at June 2023
Sep 19Dec 19Mar 20Jun 20Sep 20Dec 20Mar 21Jun 21Sep 21Dec 21Mar 22Jun 22Sep 22Dec 22Mar 23Jun 23
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1. As at 11 August 2023, includes Agreement for Lease (AFL) and non-binding Heads of Agreement (HoA). Excluding HoA, Switchyard is ~82% pre-leased. 5. Source: SA1 June 2023. 6. Source: JLL. 7. By income.

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FY23 RESULTS

Urban retail portfolio benefiting from population growth

STRONG SALES AND SOLID LEASING PERFORMANCE

97.5%

• Sales 10.5% above 2019 levels across portfolio

Occupancy[1] (FY22: 97.6%)

• Strong leasing activity with ~91,000 sqm leased across 307 transactions including 6 supermarket and DDS long term renewals

• Total MAT sales growth +17.3%, positive gross leasing spreads of +0.5%

• Comparable specialty sales productivity of $10,925/sqm[2] and specialty occupancy costs of 13.6% (13.1% ex CBD)

~91,000 sqm

Leasing deals (FY22: ~52,200 sqm)

• Negative LFL NOI growth of -2.0% (flat ex CBD) and average rent review of 4.2%

• Net valuations -5.3%[3] , with portfolio capitalisation rates expanding to 5.59%

RETAIL WELL PLACED TO MANAGE EXPECTED SLOWDOWN IN ACTIVITY

+0.5%

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• Affluent urban focused retail catchments across portfolio benefiting from population growth, return of tourists and students providing some resilience from cost of living inflation headwinds

FY23 gross leasing spreads

• Mirvac customer average annual spend of $1,823, 22% above benchmark[4]

17.3%

• Mirvac portfolio main trade area average personal income 25% above average national income[4]

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MAT growth
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Urban based portfolio to benefit from population growth

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$10,925/sqm
Specialty sales [2]
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~440,0005

BROADWAY SYDNEY

Big Guns #1 MAT sales/sqm centre in Australia ($16,272/sqm) Net visa arrivals, year ending June 2023

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

2. Excluding IPUC. 4. Source: Quantium. 5. Source: ABS June 2023, Rolling Annual Sum.

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MAT SALES GROWTH %
Compared to 2019
30%
15 15.2%
10.5%
0 8.8%
(0.1%)
(15)
(30)
Total centre Total specialties Total centre ex CBD Total specialties ex CBD
Note: exclude South Village Shopping Centre and Kawana Shoppingworld when compared to 2019
(not comparable)
Jul 21Aug 21Sep 21Dec 21Jan 22Feb 22Mar 22Apr 22May 22Jun 22Jul 22Aug 22Sep 22Nov 22Dec 22Jan 23Feb 23Mar 23Apr 23May 23Jun 23
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AUSTRALIA – NET VISA ARRIVALS VS NET OVERSEAS MIGRATION ROLLING ANNUAL

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500,000 Number of people
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250,000
0
(250,000)
Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23
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Temporary student visa Permanent family visa Permanent skilled visa Permanent other visa Temporary skilled visa Temporary work Net overseas migration

Source: ABS, Net Visa Arrivals (June 2023), Net Overseas Migration (December 2022)

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FY23 RESULTS

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MAINTAINING OPERATIONAL RESILIENCE

• LIV Indigo, Sydney (315 apartments) high occupancy of 94%[1]

• LIV Munro, Melbourne (490 apartments) completed mid-November 2022; 62% leased[1] . Stabilisation expected over next 12 months

• $1.8BN BUILD TO RENT VENTURE SUPPORTS PORTFOLIO GROWTH

• Strong institutional capital demand underpinning valuations and reflects the resilience and growth outlook of BTR’s income streams

• The venture includes 2 operational assets (LIV Indigo, LIV Munro) and 3 pipeline projects underway (LIV Aston, LIV Anura and LIV Albert Fields) across ~2,200 units in total with Mirvac retaining a 44% interest in the venture

• Supports capital efficient expansion of portfolio with medium-term goal of ~5,000 apartments

FAVOURABLE MACRO CONDITIONS PERSIST

• Australian residential market vacancy remains tight 1.3%[2]

• Market rent growth >18% YoY across major capital cities[3] and continued favourable outlook

• Net overseas migration forecast of ~1m more people next 3 years[4]

• Forecast future apartment supply significantly below trend in major capital cities, despite historically low vacancy rates

• BTR provides an affordability solution with elevated time required to save a deposit to buy a house being ~14 years in Sydney and ~11 years in Melbourne[5]

• Low penetration of institutional BTR in Australia (just 0.1% operating assets[6] ) vs offshore markets

• Taxation amendments and policy support attracting offshore capital

• By apartment number, as at 30 June 2023, excludes display apartments. 2. Source: SQM, all dwellings, Australia, June 2023, seasonally adjusted. 3. Source : Domain Group/APM Research, Sydney/Melbourne/Brisbane Capital Cities, 3-month unit median, June 2023. 4. Source: Centre for Population 2023, National population projections in the 2023-24 Budget, 2022-23 to 2033-34, the Australian Government, Canberra. 5. As at March 2023. Source: ANZ CoreLogic Housing Affordability Report, May 2023. 6. Urbis Rental Intelligence Platform, ABS, EY Analysis 2022.

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AUSTRALIAN KNOWN PROFESSIONALLY
LIV Munro POTENTIAL BTR SUPPLY MANAGED HOUSING STOCK
AS % OF TOTAL STOCK
62% 50,000 12%
Leased [1] 12%
(opened Nov 22)
Mooted
Lapsed
DA 10
40,000 DA lodged
LIV Indigo or designated
8
94%
Occupancy [1] 30,000
Development
Approved 6
+7.9% 20,000 5.4%
FY23 Leasing spreads 4
Under
Construction
10,000
2
~1.3%
Market vacancy [2] Built
0.4%
0 0
Market rent growth [3]
Source: Urbis Apartment Essentials Aug 2023 Source: Urbis Apartment
>18% Essentials Aug 2023, ABS,
EY Build to Rent Housing report 2022
Australia current UK US
known potential
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FY23 RESULTS

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LIV Aston, Melbourne (artist impression, final design may differ)
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Funds

Scott Mosely CEO, Funds Management

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Development EBIT
NTA Uplift
Delivers new assets
New recurring
high quality
rental income
New recurring asset &
funds management fee &
co‑investment income
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FY23 RESULTS

Diversifying and growing our external funds offering

• Restructured organisation establishing Funds division, ensuring leading corporate governance and performance driven culture

• Added 3 major new aligned partnerships over FY23 with strong growth mandates including expanded relationship with Australian Retirement Trust

• Broadened the suite of asset classes and product types including industrial and living sectors

• Secured management and successfully integrated Mirvac Wholesale Office Fund (MWOF), welcoming >50 staff

• Strong alignment of interest model (capital alignment considered in development and investment decisions) and corporate governance track record

• Opportunity to help unlock value in development pipeline, enhance returns in a rising cost of capital environment, maintain balance sheet discipline, and add annuity earnings

• ~$7bn of new FUM added to platform in FY23. 3rd party capital under management has grown to ~$17bn[1]

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3RD PARTY CAPITAL UNDER MANAGEMENT
BENEFITS OF FUNDS MANAGEMENT
~29% pa CAGR growth since FY16
STRATEGY EXPANSION
$20bn
Diversifies Accelerates Co‑invest Improves
capital sources development opportunities ROIC
$17.1bn
10
Strong alignment Utilises in‑house AUM scale
of interest model D&C capabilities & synergies ~$17bn $10.4bn
3rd party capital
under management [1]
0 $2.8bn
FY16 FY22 FY23
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Expand Funds
Management offering
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FUTURE FOCUS

Expand Funds Management offering to unlock development pipeline

• Increase partnering across broader suite of asset classes and product types, including living sectors, with aligned partners with scope for growth

• Utilise Mirvac’s deep in-house creation & curation capabilities to continue to deliver market leading investment and sustainability performance

• Focus where we have deep operational capability and pursue growth opportunities for new BTR & Industrial vehicles

• Maintain co-investment model to align interest with capital partners

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1. As at 30 June 2023, includes external funds, development and assets under management and excludes Mirvac’s own investment in those assets / vehicles.

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FY23 RESULTS

Strong capital partnering momentum across sectors

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BUILD TO RENT INDUSTRIAL
Established new BTR venture Formed new industrial venture
$1.8bn ~$0.4bn
Venture [1] Seed asset [1]
Established BTR Venture with
aligned long-term capital partners,
including Clean Energy Finance
Corporation (CEFC). Mirvac retains
~44% of the Venture
Mirvac retains 100% of
BTR management platform Switchyard, Auburn, Sydney
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OFFICE
New office partnership
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~$0.6bn Partnership[1]

Secured a new capital partnership for 7 Spencer Street development in Melbourne with Japanese Real Estate company Daibiru 7 Spencer Street, Melbourne[2]

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MWOF integrated into platform
Successfully integrated MWOF
into Mirvac platform
Executed $500m co-investment
into MWOF, reducing leverage
and providing aligned exposure
to high quality portfolio
Introduced new investor Daibiru
into MWOF
MWOF maintained benchmark
Angel Place, Sydney
outperformance over 1, 2, 3 and
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The venture includes 2 operational assets (LIV Indigo, LIV Munro) and 3 pipeline projects underway

Launched ~$0.4bn Mirvac Industrial Venture (MIV), partnering with Australian Retirement Trust (ART), with Mirvac retaining 51% ownership

Mirvac provides investment management, property management, development management and construction services

MIV seed asset, Switchyard, Auburn (~$0.4bn) sold in FY23 and Aspect North targeted to be sold into the venture in FY24

Facilitate capital efficient expansion of portfolio and platform with medium-term goal of LIV Munro, Melbourne ~5,000 apartments

Growth opportunities for partner Aspect, Kemps Creek, Sydney[2] through ~$2.0bn industrial development pipeline[3]

MWOF maintained benchmark outperformance over 1, 2, 3 and 5 years and 5.1 star average NABERS rating

$7.4bn

1. These values are 100% of completion end value. 2. Artist impression, final design may differ. 3. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. Industrial expected end values are excluding the sale of any undeveloped land. 4. Gross assets as at 30 June 2023.

Fund[4]

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FY23 RESULTS

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FORME Tullamore, Melbourne
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Development

Stuart Penklis

CEO, Development

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Development EBIT
NTA Uplift
Delivers new assets
New recurring
high quality
rental income
New recurring asset &
funds management fee &
co‑investment income
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FY23 RESULTS

Leveraging our integrated development capability

• 50-year track record of developing through cycles

• Integrated development, design and construction capability and reputation for quality is a critical competitive advantage

• Multi-sector development capability provides diversity and resilience of earnings through cycles

• Commercial and Mixed use pipeline delivered >$1.3bn[1] of returns to investors in last 10 years, creating 13 new assets

• Diverse Residential development pipeline, and trusted brand to capitalise on structural under supply of residential dwellings

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Leverage integrated
Development capability
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FUTURE FOCUS

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EXTENSIVE BENEFITS OF INTEGRATED DEVELOPMENT CAPABILITY
Improved portfolio Enhanced Risk Sustainability Strategic site FUM
quality/modernisation investment returns management objectives acquisitions Earnings growth
DEEP MULTI-SECTOR DEVELOPMENT CAPABILITY
MASTERPLANNED
INDUSTRIAL OFFICE BUILD TO RENT APARTMENTS MIXED USE
COMMUNITIES
MIRVAC
CONSTRUCTION
5 Gold Star
iCIRT RATING
Switchyard, SYD [2] 7 Spencer Street, MEL [2] LIV Anura, BNE [2] Waterfront Isle, BNE [2] Smith’s Lane, MEL [2] Harbourside, SYD [2]
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Selective deployment of capital

• Leverage capital efficient structures and capital partnering to drive higher development ROIC and improve flexibility of pipeline

• Consolidation of development division, driving efficient capital allocation and leverage skills across the business

• Increased prefabrication and digitisation to improve efficiency and safety

• Selective in deployment of capital – have placed over ~$1.8bn of planned development projects on hold

• Includes Development EBIT and development revaluation gain.

• Artist impression, final design may differ.

16 AUGUST 2023 22

FY23 RESULTS

Selectively unlocking value from ~$11.6bn commercial & mixed use pipeline

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MIXED USE: ~$3.0bn [1] OFFICE: ~$5.0bn [1] INDUSTRIAL: ~$2.4bn [1] BUILD TO RENT: ~ $1.2bn [1,3]
Committed: ~$0.2bn [1] Committed: ~$0.6bn [1] Committed: ~$1.1bn [1] Committed: ~$1.2bn [1,3]
Size:
27,000 sqm office / Size ~62,000 sqm Size ~72,000 sqm Size 396 apartments
~7,000 sqm retail / End Value [1] ~$1.9bn End Value [1] ~$370m Potential
265 residential apartments Completion FY24
Potential Potential
End Value [1] ~$2.1bn Completion FY27+ Completion FY24 Status:
Construction commenced.
Potential Status: Status: First stage reached
Completion FY26+ Demolition complete and completion in FY23 with the balance due to complete in 1Q24.
Status: civil works underway. ~96% pre‑leased [2 ] as at 11 August.
Civil works to
commence 1H24. Switchyard, Auburn, Sydney LIV Anura, Brisbane
Size ~211,000 sqm Size 474 apartments
End Value [1] ~$745m Potential
Completion FY24
Harbourside, Sydney 55 Pitt St, Sydney Potential Completion FY25+ Status:
Construction commenced.
Size: Status:
Size ~45,500 sqm
32,300 sqm office, Construction commenced.
4,500 sqm retail, End Value [1] ~$630m ~64% pre‑leased [2]
150 residential apartments,
70 social apartments, 435 student apartments Potential Completion FY26+ Aspect, Kemps Creek, Sydney LIV Aston, Melbourne
Status:
End Value [1] ~$960m Size ~370,000 sqm Size 498 apartments
Capital partner secured,
Potential construction underway. End Value [1] ~$1.3bn Potential
Completion FY25+ Completion FY25
Potential
Status: Completion FY26+ Status: Substantially
Construction commenced completed civil works, with
on the Southern Precinct Status: main works to commence
in 2H23. Zoning achieved, and early FY24.
masterplan DA lodged.
Waterloo Metro Quarter, Sydney 7 Spencer Street, Melbourne Elizabeth Enterprise Badgery’s Creek, Sydney LIV Albert Fields, Melbourne
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Note: All images are artist impressions only, final design may differ.

1. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 2. Includes Agreement for Lease (AFL) and non-binding Heads of Agreement (HoA). Excluding HoA, Aspect is ~64% and Switchyard is ~82% pre-leased. 3. Represents forecast value on completion, incorporating a stabilisation allowance and subject to various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

16 AUGUST 2023 23

FY23 RESULTS

Solid Residential results in challenging market conditions

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• Settlements of 2,298 lots (FY22: 2,523) exceeding revised guidance of ~2,200

• Defaults remain low 0.1%[1]

• 26% gross margin, above through cycle target of 18-22% reflecting significant skew to MPC land settlements, expect margins around the low end of the target range in FY24, due to elevated Apartment and Built Form settlements

• Cost pressures remain driven by labour shortages, expected to moderate over CY24

• Pre-sales balance increased to ~$1.8bn[2] , skewed towards upgraders/rightsizer buyers and apartments

• 1,638 lot sales impacted by rising interest rates, fewer product launches and lower first home buyer activity, improved sales momentum in Q4 (508 lots)

• Pick up in leads over 2H23, in line with 10 year average

• Flexible launch program in place ready to take advantage of shortage of market supply

FY23 MAJOR SETTLEMENTS

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|||||
|---|---|---|---|
|Project|Product|Lots|
|Woodlea, VIC|MPC|525|2,298|
|Lot settlements|
|Googong, NSW|MPC|423|
|Smith Lane, VIC|MPC|234|
|Voyager Yarra’s Edge, VIC|Apartments|92|26%|
|Gross margin|
|FORME Tullamore, VIC|Apartments|89|

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1. 12-month rolling default rate 30 June 2023.

2. Represents Mirvac’s share of total pre-sales and includes GST.

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FY23 KEY SALES HIGHLIGHTS
~$1.8bn
Pre‑sales [2]
89% 87%
90% PRE-SOLD PRE-SOLD
PRE-SOLD PRE-SALES
BY BUYER PROFILE
Charlton House, QLD [3] Upgrader/Rightsizer 57%
Investor 25%
First Home Buyers 14%
100% FIRB 4%
SOLD
Waterfront Isle, QLD [3] Pavilions, NSW [3] Green Square, NSW [3]
SALES IMPROVED IN 4Q23
1,200 exchanges
800
400
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY19 FY20 FY21 FY22 FY23
Apartments MPC
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1. Artist impression, final design may differ.

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FY23 RESULTS

Positioned to capture demand in acutely under supplied market

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RESTRICTED APARTMENT SUPPLY OUTLOOK

MARKET FUNDAMENTALS REMAIN POSITIVE Supply Demand Vacancy Prices Interest Rates FY24-27 apartment >2% population growth <2% vacancy, Established dwelling Rising interest rates affecting completions ~50% ~1 million new residents Rental growth >10% prices +5.1% last sentiment and affordability, below FY18 levels expected next 3 years 6 months[1] particularly for FHBs

SHOVEL READY DEVELOPMENTS PIPELINE

• Acute apartment under-supply continues with record low commencements

• Deep development pipeline of ~23,000 lots, held on capital efficient structures

• Attractive profile of Apartment completions in NSW and QLD (NINE Willoughby, The Langlee, Green Square, Ascot Green and Waterfront Quay & Isle) and potential major launches in FY24/25 in VIC and NSW (including Prince & Parade, The Albertine, The Fabric, Harbourside and Coonara)

RELATIVE AFFORDABILITY OF APARTMENTS SUPPORTING DEMAND

• Relative affordability of apartments (vs established detached housing) remains attractive with price differential ~45% higher than historical levels[2]

• Continued demand persists for premium, well-located, larger and higher spec apartments from upgrader and rightsizer buyers (~71% of pre-sales), less sensitive to interest rate increases

• Quality of amenity, reputation and track record of delivery is increasingly important to customers

• Diverse offering across lot sizing and building type to support affordability

• Source: CoreLogic Hedonic Index to end July 2023, 5 capital city aggregate. 2. Source: Domain Group/APM Research, Sydney, Melbourne, Brisbane, past 20 year spread median house to median unit, May 2023. 3. Greater Sydney, 6 month median prices.

Sydney, Melbourne & Brisbane market high density apartment completions

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70,000 apartments 400,000 people
60,000 300,000
50,000
40,000 200,000
30,000 100,000
20,000
0
10,000
0 (100,000)
Completed (LHS) Under construction (LHS) Marketed (LHS) Population Additions (RHS)
Source: ABS; Centre for Population; Population Estimate 2022 (Dec 22), Budget 2023-24 Projection (May 23) NSW, QLD, VIC.
Charter Keck Cramer: Brisbane, Melbourne, Sydney (Mar 2023)
APARTMENT PRICES HAVE LAGGED ESTABLISHED HOUSES
Sydney Dwelling Values (Indexed) [3]
Index (Jan 2020 = 100)
150
130
110
90
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr
2020 2021 2022 2023
Houses Apartments
Source: Domain Group, APM Research, May 2023, Mirvac Research [2]
Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25 Jun 26
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FY23 RESULTS

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Henley Brook, Perth
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Summary & Guidance

Campbell Hanan

Group CEO & Managing Director

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Development EBIT
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FY23 RESULTS

FY24 guidance

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SUBJECT TO NO MATERIAL CHANGES TO THE OPERATING ENVIRONMENT MIRVAC IS TARGETING: > Operating EPS of 14.0-14.3c

Distribution of 10.5c

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The Langlee, Sydney (artist impression, final design may differ).
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FY23 RESULTS

Positioned for medium-term earnings growth

Multiple levers to drive growth over time

INVESTMENT PORTFOLIO

Resilient modern high quality assets benefiting from growing tenant and capital preference for quality, modern, sustainable assets and development completions

FUNDS MANAGEMENT

Expanded aligned ~$17bn[1] platform (~29% pa growth[2] ) Growth opportunities across multiple asset classes through development pipeline

RESIDENTIAL COMPLETIONS

Delivery of residential pipeline into under supplied market, underpinned by ~$1.8bn pre-sales[3]

DEVELOPMENT PIPELINE

Value creation from diversified ~$11.6bn CMU development pipeline[4] utilising internal design and construction platform

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Charlton House Ascot Green, Brisbane Aspect Industrial Estate, Sydney
LIV Munro, Melbourne Quay Quarter Tower, Sydney (artist impression, final design may differ) (artist impression, final design may differ)
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Underpinned by balance sheet, culture and capability

Robust balance sheet position with modest leverage

Proven >50 year track record, integrated platform

Sustainability Strong employee leader engagement

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1. External Funds, Assets and Development under management.

2. Per annum CAGR growth since FY16.

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

4. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

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FY23 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 nor 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 and which can cause 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.

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This Presentation contains certain “forward looking” statements. The words “expected”, “forecast”, “estimates”, and other similar expressions are intended to identify forward looking statements. This Presentation includes forward looking statements, opinions and estimates which are based on assumptions and contingencies which can change without notice due to factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. The Presentation also includes statements about market and industry trends which are based on interpretations of current market conditions which can also change without notice again due to factors outside of Mirvac’s control. 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 2023, 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 2023, unless otherwise noted.

16 AUGUST 2023 29

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MIRVAC GROUP

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