MIRVAC GROUP — Interim / Quarterly Report 2015

Feb 11, 2015

12 FEBRUARY 2015 21 AUGUST 2014

1H15 results

==> picture [183 x 188] intentionally omitted <==

ARTISTS IMPRESSION OF TREASURY BUILDING, WA

==> picture [960 x 540] intentionally omitted <==

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

agenda
1H15 RESULTS 1H15 GROUP OPERATING RESULTS OUTLOOK & GROUP
OVERVIEW FINANCIAL RESULTS AND UPDATE GUIDANCE
MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 1
----- End of picture text -----

==> picture [57 x 32] intentionally omitted <==

1H15 results overview

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 IMIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 22

1H15 RESULTS OVERVIEW

==> picture [960 x 422] intentionally omitted <==

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

On track to deliver operating earnings and distribution growth in FY15
> Delivered 1H15 operating EPS of 6.3cpss [ 1] , up 15% (1H15: Statutory earnings
of 7.6cpss)
> 1H15 DPS of 4.5cpss
> Maintained strong capital position
— Gearing of 25.0%, within target range (20-30%)
— Restructured the Group’s $1.4bn syndicated bank facility
— Maintained average cost of debt and average debt maturity
> Executed ~$800m of acquisitions in line with strategic mandates
— $527m of income producing investment assets
— $274m of residential acquisitions representing ~$1.6bn of potential future revenue
> Expect to achieve asset sales target for FY15 [2 ] of $200 – 400m
> Investment portfolio outperformed IPD index over one, three and five years [ 3]
— Delivered an 8.2% one year un-geared total return
> Maintained solid Investment metrics: Occupancy of 96.9% [ 4] & WALE of 4.5 years [ 5]
> FY15 expected Development EBIT [ 6 ] de-risked with 79% secured
1) Operating profit after tax is a non-IFRS measure and is profit before specific non-cash and significant items and related taxation.
2) Excludes assets sold to Blackstone on 1 July 2014.
3) IPD peer group benchmark as at 30 September 2014. Direct standing basis only.
4) By area, excludes assets held for sale and indirect investments and includes 8 Chifley, NSW.
5) By income, excludes assets held for sale and indirect investments and includes 8 Chifley, NSW. HAROLD PARK, NSW
----- End of picture text -----

• 6) Development EBIT before overheads and sales and marketing.

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 3

1H15 RESULTS OVERVIEW (CONTINUED)

Office

• Portfolio like-for-like NOI growth of 3.8%

• Sale of a 50% interest in 2 Riverside Quay to ISPT, with fund through structure, and secured PwC as a major tenant

• $1.3bn committed development pipeline on track

Retail

• Portfolio total comparable MAT growth of 3.1%[ 1] and leasing spreads of 4.1%

• Acquisition of Birkenhead Point Outlet Centre, Sydney for $310m

• Solid construction and leasing progress at retail development projects

Industrial

• Strong portfolio occupancy of 99.5%[ 2]

• Long portfolio WALE of 8.2 years[ 3]

• Acquisition of Altis portfolio assets for $214m[ 4]

Residential

• Strong first half earnings contribution from 1,251 lot settlements

• Well positioned to achieve >2,200 lot settlements for FY15

• Increased exchanged pre-sales contracts to $1.3bn[ 5] , driven by activity in Sydney

• Secured nine new projects in line with strategic mandates

• 73% of lots in Sydney

• 1) Excludes assets under development, assets held for sale and Hinkler Central, QLD (flood affected).

• 2) By area.

• 3) By income.

• 4) Settled January 2015.

• 5) Adjusted for Mirvac’s share of JVA and Mirvac managed funds.

==> picture [389 x 421] intentionally omitted <==

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

200 GEORGE STREET, SYDNEY, NSW
----- End of picture text -----

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 4

SUSTAINABILITY AND PEOPLE

Sustainability

• Improvement in Global Real Estate Sustainability Benchmark (GRESB) 2014:

• Increased overall score by 22% from 2013 to a score of 73/100 (peer group average is 64)

• Improved global ranking from 107 to 54 out of 637 participants

• This Changes Everything sustainability initiatives, key activities in 1H15:

• Achieved a 6 Star Green Star design rating, V3 at 200 George Street, Sydney, NSW

• Achieved a 5.1 Star NABERS energy rating average across the office portfolio

• Over $560,000 of community investment

People

• WGEA Employer of Choice for Gender Equality citation

• Diversity and Inclusion strategy progressing with new targets to be set before the end of FY15

• Strong focus on embedding flexible work practices into the business over the next 12 months

==> picture [389 x 421] intentionally omitted <==

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

PROTOTYPE WORKSPACE, 60 MARGARET STREET, NSWTBA
----- End of picture text -----

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 5

==> picture [57 x 32] intentionally omitted <==

1H15 group financial results

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I

6

1H15 FINANCIAL RESULTS AND KEY OPERATING METRICS

Strong first half result in line with expectations

• Statutory profit of $279.0m, including a revaluation gain of $50.8m > Operating profit up 15.5%, from $200.2m to $231.2m — Driven by increased development contribution

• 1H15 operating EPS of 6.3cpss and on track to deliver full year guidance > Delivered 1H15 DPS of 4.5cpss, supported by a well-leased portfolio > Corporate costs up, primarily related to monthly bonus accrual > NTA increase of 1.8% to $1.69 per stapled security > Gearing remains within target range of 20 – 30% through capital management initiatives

		1H15	1H14
	1H15 FINANCIAL RESULTS	$M	$M
	Investment	238.9	237.6
	Investment Management	3.1	4.3
	Development	102.8	54.5
	Unallocated	(35.0)	(29.5)
	Elimination	(0.9)	(12.0)
	Operating EBIT	308.9	254.9
	Operating proft after tax 1	231.2	200.2
	Statutory proft after tax	279.0	246.1
		1H15	1H14
	KEY METRICS	$M	$M
	OperatingEPS	6.3cpss	5.5cpss
	Statutory EPS	7.6cpss	6.7cpss
	DPS	4.5cpss	4.4cpss
	% ofpassive invested capital	80%	79%
		DEC 14	JUN 14
	NTAper security2	$1.69	$1.66
	Balance sheetgearing 3	25.0%	27.8%

• 1) Operating profit after tax is a non-IFRS measure and is profit before specific non-cash and significant items and related taxation.

2) NTA per stapled security, based on ordinary securities including EIS securities.

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

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 7

CAPITAL MANAGEMENT

Maintained strong capital position

• Restructured the Group’s $1.4bn syndicated bank facility from three tranches to four

• Reduced FY18 & FY19 expiries

• Extended facility expiry to FY20

• Group weighted average debt maturity maintained at 4.3 years

• Average borrowing cost maintained at 5.6%

• $768m of cash and undrawn committed bank facilities

• Strong operating cash flow of $276m driven by the timing of residential lot settlements and commercial development fund through arrangements

DRAWN DEBT MATURITIES AS AT 31 DECEMBER 2014

==> picture [441 x 117] intentionally omitted <==

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

$600m
500
400
300
200
100
0
2H15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
USPP MTN Bank
----- End of picture text -----

$1.4bn SYNDICATED BANK FACILITY PROFILE

==> picture [369 x 120] intentionally omitted <==

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

$500m
400
300
200
100
0
2H15 FY16 FY17 FY18 FY19 FY20 FY21
1H15 (31 December 2014) FY14 (30 June 2014)
----- End of picture text -----

	CAPITAL MANAGEMENT METRICS	DEC 14	JUN 14
	Balance sheetgearing1	25.0%	27.8%
	Look-throughgearing	25.6%	28.5%
	ICR2	4.1x	4.2x
	Total interest bearingdebt3	$2,518.1m	$2,820.0m
	Average borrowingcost4	5.6%	5.6%
	Average debt maturity	4.3 yrs	4.3 yrs
	S&P credit rating	BBB+	BBB+
	Hedgedpercentage	64%	58%
	Average hedge maturity	4.1 yrs	4.3 yrs

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

• 2) Adjusted EBITDA/finance cost expense.

• 3) Total interest bearing debt (at foreign exchange hedged rate) excluding leases.

• 4) Includes margins and line fees.

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 8

==> picture [57 x 32] intentionally omitted <==

operating results and update

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 IMIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 99

OFFICE: 1H15 RESULTS

• Office portfolio outperformed IPD index on a three and five year basis — Delivered a 7.8% one year un-geared total return

• Strong like-for-like NOI growth of 3.8%

• Portfolio occupancy of 94.7%

• Impacted by increased vacancy at 367 Collins St (~3,400 sqm under HOA)

• Renewals and new leasing activity of 25,311 sqm across 59 transactions — FY15 expiries reduced to 5% (June 14: 11%)

• Leasing spreads of 5.2% — Average incentives of 19%

• WACR of 7.24%, driven by valuation gains at 10-20 Bond St, 101 Miller St and 8 Chifley

• Continued construction progress on office developments including: — 2H15: 699 Bourke Street, Melbourne (100% pre-leased) — 1H16: Treasury Building, Perth (99% pre-leased)

	PORTFOLIO RESULTS		1H15	FY14	1H14
	Portfolio value	$4,083.2m		$4,025.0m	$4,598.7m
	Net valuation uplift1		0.8%	0.4%	0.8%
	Like-for-like NOIgrowth		3.8%	3.4%	3.4%
	Occupancy2		94.7%	96.1%	96.1%
	WALE3		4.5 yrs	4.7 yrs	5.0 yrs
	WACR		7.24%	7.33%	7.40%
		AREA	LEASING	AVERAGE	AVERAGE
	LEASING ACTIVITY	SQM	SPREAD	INCENTIVE	WALE
	Renewals	13,870	4.3%	15%	5.6 yrs
	New leases	11,441	6.6%4	24%	5.5 yrs
	Total	25,311	5.2%	19%	5.6 yrs

> Continue to de-risk future developments

• Sale of 50% interest in 2 Riverside Quay, Melbourne to ISPT, with fund through structure, and secured PwC as the major tenant across 82% of office space

• 1) Net gain on fair value of investment properties divided by closing fair value from previous corresponding period.

• 2) By area, including 8 Chifley, NSW.

• 3) By income, including 8 Chifley, NSW.

• 4) Excludes new leases over vacant space.

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 10

OFFICE: MARKET OVERVIEW

• Tenant demand in Sydney and Melbourne showed signs of recovery in the second half of 2014

• Tenant demand in other major markets remains weak

• Vacancy rates and incentives remain elevated nationally

• Vacancy levels expected to peak in 2015/2016 as supply cycle completes

• Stock withdrawals expected to result in tightening vacancy

• Rent growth expected to accelerate

• Capital values for well leased prime assets supported by global and domestic demand

• Sydney (top 10) and Melbourne ranked in the top 20 most active cities globally for capital transaction volumes in 2014[ 1]

CBD VACANCY RATES

==> picture [372 x 148] intentionally omitted <==

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

18%
15
12
9
6
3
0
2007 2008 2009 2010 2011 2012 2013 2014
Sydney Melbourne Brisbane Perth Source: JLL
----- End of picture text -----

NET SUPPLY AS A % OF STOCK

==> picture [372 x 147] intentionally omitted <==

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

8%
Below average
6
4
2
0
(2)
(4)
2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017
Sydney Melbourne Brisbane Perth Source: JLL
----- End of picture text -----

1) JLL Global Capital Markets, December 2014.

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 11

OFFICE: POSITIONING & OUTLOOK

• Portfolio income supported by asset positioning and solid portfolio metrics

• 82% of portfolio located in the core markets of Sydney and Melbourne and 92% premium or A-Grade

• Limited near term expiry in Brisbane and Perth

• Embedded rental growth: 1H15 average rent reviews of 3.8%

• Quality tenant covenant: 77% of income from Government, ASX listed and multinational companies

• Negligible arrears, <0.3% of portfolio income

• Continue to focus on improving portfolio quality with 2H15 asset sale program underway

• Integrated model capability supporting asset development and repositioning — $3.4bn office development pipeline

• $1.3bn committed and underway with an expected average yield on cost of ~7.5%

• Committed projects significantly de-risked with 87% pre-leased

	OFFICE LEASE EXPIRY PROFILE 1	OFFICE LEASE EXPIRY PROFILE 1	OFFICE LEASE EXPIRY PROFILE 1
	45%
							41%
	30
						19%
	15 5%	5%	11%	10%	9%
	0
	Vacant	2H15	FY16	FY17	FY18	FY19	FY20+
				Sydney / Melbourne		Brisbane /	Perth / Canberra
	OFFICE		AREA	%	ESTIMATED		EXPECTED
	DEVELOPMENT PIPELINE		SQM	PRE-LEASED	END VALUE 2 COMPLETION
	699 Bourke St, VIC		19,300	100%		$146m	2H15
	Treasury Building, WA		30,800	99%		$330m	1H16
	200 George St, NSW		39,200	74%		$625m	FY16
	2 Riverside Quay, VIC		21,000	82%		$212m	FY17
	Sub Total		110,300	87%		$1,313m
	Proposed
	664 Collins St, VIC		25,000	—		$197m	FY17
	Potential future developments
	55 Pitt St, 477 Collins St,
	Perth City Link, Green Square			$1,855m
	Total Pipeline					$3.4bn

• 1) By income.

2) Represents 100% of expected end value of office developments.

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 12

RETAIL: 1H15 RESULTS

• Retail portfolio outperformed IPD index on a one, three and five year basis — Delivered a 9.1% one year un-geared total return

• Maintained strong occupancy of 99.2%

• Renewals and new leasing activity across 14,300sqm and 117 transactions

• Strong leasing spreads of 4.1%

• Delivered total comparable MAT growth of 3.1% driven by food majors and specialty growth

• Quality assets drive sound specialty sales productivity of $8,294/sqm

• Specialty occupancy costs reduced to 16.4%

	PORTFOLIO RESULTS	1H15	FY14	1H14
	Portfolio value	$2,093.2m	$1,769.6m	$1,685.5m
	Net valuation uplift2	1.4%	2.1%	1.7%
	Like-for-Like NOI Growth	2.6%	2.0%	2.1%
	Occupancy3	99.2%	99.1%	99.6%
	Specialty occupancy costs	16.4%4	17.7%	16.8%
	Total leasingspreads	4.1%	4.5%	4.9%
	Total comparable MATgrowth5	3.1%	2.2%	6.1%
	Specialties comparable MATgrowth5	2.9%	2.0%	1.0%
	WACR6	6.59%	6.82%	7.04%

• Acquisition of Birkenhead Point Outlet Centre, Sydney for $310m

• Development at Kawana Shoppingworld completed and commenced trading from July 2014

• Solid leasing progress at retail developments, ~$175m[1] value with an expected average yield on cost of 7.2%

• Stanhope Village, NSW: 97% leased (31% at June 14)

• Orion Springfield, Stage 2, QLD: 68% leased (59% at June 14)

• 1) Represents 100% of forecast costs of retail developments.

• 2) Net gain on fair value of investment properties divided by closing fair value from previous corresponding period. Excludes transaction costs.

• 3) By area, excludes assets held for sale.

• 4) Specialty occupancy costs excluding CBD centres: 15.1%

• 5) Excludes assets under development, assets held for sale and Hinkler Central, QLD (flood affected).

• 6) Excludes assets held for sale.

==> picture [389 x 185] intentionally omitted <==

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

BIRKENHEAD POINT OUTLET CENTRE, NSW
----- End of picture text -----

==> picture [170 x 6] intentionally omitted <==

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

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 13
----- End of picture text -----

RETAIL: MARKET OVERVIEW

• Mixed conditions nationally with NSW the only state recording strong performance

• Household net worth increasing, supporting retail spend

• House price growth, falling oil prices, low interest rates and financial asset price growth

• Sydney retail spending supported by:

• Employment growth

• State population and real wage growth exceeding long run averages

• Recovery in home building activity

• Broad-based economic strength with business investment rising and lower AUD supporting services sectors

• Continued urbanisation and infrastructure investment

• 67% of Mirvac’s retail portfolio strategically located in metropolitan Sydney and the majority within the Global Economic Corridor[ 1] , which generates over 40% of economic activity in NSW

• 1) Global Economic Corridor — a concentration of jobs and activities in strategic centres, transport gateways and industrial lands, generating over 40% of NSW Gross State Product. Source: NSW Government, A Plan for Growing Sydney, 2014.

JOBS: SYDNEY v’s REST OF NSW

==> picture [370 x 139] intentionally omitted <==

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

115 Index Dec 04 = 100
110
105
100
2004 2006 2008 2010 2012 2014
Sydney Metro Rest of NSW Source: ABS
----- End of picture text -----

SYDNEY POSITIONING

==> picture [370 x 203] intentionally omitted <==

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

Cherrybrook
Stanhope Village
Village
M1
St Marys M2
Village
MANLY
CHATSWOOD
PARRAMATTA
Rhodes
Waterside NORTH SYDNEY
M4 Greenwood Plaza
Birkenhead
Point
Met Centre
Harbourside
Tram Sheds SYDNEYCBD
Harold Park Broadway
(proposed)
M7
LIVERPOOL
BANKSTOWN
M5
Mirvac retail asset Motorways Global Economic Corridor [ 1]
----- End of picture text -----

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 14

RETAIL: POSITIONING & OUTLOOK

• Substantial transformation over the past 24 months driving improved portfolio performance

• Investment in key urban markets, with over $560m in Sydney

• Disposed of over $370m[ 1] of non-aligned assets

• Completed $115m of retail expansions

• Consistent total return outperformance of Mirvac’s metropolitan assets over the last four years

• Portfolio expected to continue to benefit from its solid metrics and geographical positioning

• Leasing spreads >4% over last three periods

• 80% of portfolio positioned in key metropolitan markets

• Ownership and management of ~200,000sqm in Sydney

• Continue to unlock value from existing portfolio

• Development and repositioning pipeline across 13 of the total 15 portfolio assets

• 1) Includes assets held for sale at 31 December 2014.

MIRVAC’S ASSETS: METROPOLITAN RETURN v’s REGIONAL[ 2]

==> picture [428 x 156] intentionally omitted <==

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

10.7%
1 Year
6.4%
10.2%
2 Year
6.9%
10.0%
3 Year
7.1%
10.4%
4 Year
8.1%
0 1 2 3 4 5 6 7 8 9 10 11%
Metropolitan Regional
----- End of picture text -----

RETAIL DEVELOPMENT AND REPOSITIONING PIPELINE

==> picture [428 x 160] intentionally omitted <==

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

Underway Masterplanning Phase Future
Stanhope Village Broadway Shopping Centre Stanhope Village
Orion Springfield Central Greenwood Plaza Kawana Shoppingworld
Rhodes Waterside MetCentre
Harbourside Cooleman Court
Cherrybrook Village Shopping Centre
St Mary’s Village Centre
Como Centre
Birkenhead Point Outlet Centre
----- End of picture text -----

• 2) IPD total returns as at 30 September 2014, excluding assets under development.

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 15

INDUSTRIAL: 1H15 RESULTS

• Industrial portfolio outperformed IPD index on a one, three and five years basis

• Delivered a 9.7% one year un-geared total return

• Maintained strong portfolio metrics:

• Occupancy of 99.5%

• WALE of 8.2 years

• Strong like-for-like NOI growth of 3.8% driven by embedded rental growth

• 14,700sqm of leasing activity

	PORTFOLIO RESULTS	1H15 PROFORMA WITH ALTIS ACQUISITION	1H15 PROFORMA WITH ALTIS ACQUISITION	1H15	FY14	1H14
	Portfolio value		$630.5m	$416.6m	$405.6m	$460.5m
	Net valuation uplift3		n/a	0.6%	0.9%	0.8%
	Like-for-like NOIgrowth		n/a	3.8%	4.0%	5.2%
	Occupancy4		99.7%	99.5%	99.5%	99.5%
	WALE5		8.0 yrs	8.2 yrs	8.7 yrs	9.3 yrs
	WACR		7.23%	7.38%	7.43%	7.78%

• Average WALE of 8 years

• Average incentives of 12%

• Industrial portfolio weighting to increase by 51%, from $416.6m to $630.5m, with the acquisition of the Altis portfolio for $214m[ 1]

• Four income producing assets, located in Sydney

• Total lettable area of 78,347sqm

• [2]

• — 100% occupied

• WALE 8.0 years

• Initial yield ~7%

• 1) Settled January 2015. Excludes the value of 34 – 44 Jonal Drive, SA and adjoining land (nomination provision was exercised at settlement and a third party was nominated to acquire this asset).

• 2) By area, includes 12 month vendor rental guarantee on 2.0 per cent of the total lettable area.

• 3) Net gain on fair value of investment properties divided by closing fair value from previous corresponding period.

• 4) By area.

• 5) By income.

==> picture [446 x 223] intentionally omitted <==

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

ST LEONARDS, NSW (ASSET WITHIN ALTIS PORTFOLIO)
----- End of picture text -----

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 16

INDUSTRIAL: MARKET OVERVIEW

• Tenant demand encouraging, however tenants remain cautious

• Outlook for demand supported by:

• Fall in oil prices reducing transport and other business costs

• Positive outlook for consumer spending

• Pipeline of residential and construction projects

• Growth in freight tasks with freight moving through NSW expected to double in volume by 2031

• Supply in Sydney expected to be in line with 2014 levels which is below the historic average supply, challenges expected in Melbourne and Brisbane

VOLUME OF FREIGHT MOVED IN NSW

==> picture [370 x 128] intentionally omitted <==

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

800m tonnes
600
400
200
0
2011 2031
Source: Transport NSW, November 2013, NSW Freight and Ports Strategy
----- End of picture text -----

SYDNEY INFRASTRUCTURE PIPELINE

• Large scale investment in NSW major freight roads expected to reinforce core industrial precincts

• WestConnex

• NorthConnex

• Major roads connecting Badgerys Creek Airport and extended Western Sydney Employment Area

• Investor appetite remains strong for prime assets

==> picture [369 x 203] intentionally omitted <==

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

NORTHCONNEX
M1
M2
Eastern Creek
Huntingwood North Ryde CHATSWOOD MANLY
PARRAMATTA
St Leonards
WESTERNSYDNEY M4 SYDNEYNORTH
EMPLOYMENT
AREA Smithfield
PROPOSEDSECONDAIRPORT M7 NexusLIVERPOOL Stage 1 Stage 3 SYDNEYCBDWESTCONNEX
Hoxton Park Industry Park BANKSTOWN
SOUTHWESTGROWTH M5 Stage 2 SYDNEY AIRPORT
CORRIDOR
Smeaton Grange
----- End of picture text -----

==> picture [74 x 7] intentionally omitted <==

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

Mirvac industrial asset [ 1]
----- End of picture text -----

1) Includes Altis portfolio assets, settled January 2015.

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 17

INDUSTRIAL: POSITIONING & OUTLOOK

• Portfolio income supported by geographic positioning and strong portfolio metrics

• 90% of portfolio located in Sydney[ 1]

• High occupancy and long WALE

INDUSTRIAL DIVERSIFICATION BY GEOGRAPHY[ 1]

NSW: 90% VIC: 3% USA: 7%

• Embedded rental growth: 1H15 average rent review of 3.5%

• Acquisition of Altis portfolio assets further strengthens the portfolio and includes long-term redevelopment potential

• $121m development pipeline[ 2] located within core industrial precinct in Sydney

INDUSTRIAL LEASE EXPIRY PROFILE[ 3]

• 1) By value, includes Altis portfolio assets settled January 2015.

==> picture [369 x 182] intentionally omitted <==

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

70%
62% 61%
60
50
40
30
20 16%
11% 11% 12%
10 9% 8%
3% 4%
0 1% 1% <1% 0%
Vacant 2H15 FY16 FY17 FY18 FY19 FY20+
Excluding Altis Including Altis
----- End of picture text -----

• 2) Represents 100% of expected end value of industrial developments.

• 3) By income.

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 18

RESIDENTIAL: 1H15 RESULTS

• 1H15 lot settlements up 20% on pcp from 1,032 to 1,251 including:

• Harold Park, NSW (479 lots)

• Elizabeth Hills, NSW (167 lots)

• Harcrest, VIC (66 lots)

• Delivered strong 1H15 residential gross margin of 24.9%[ 1] , driven by outperformance of Sydney MPC and apartment projects

• 1H15 sales activity of 1,551[ 2] lots driven by high pre-sales activity in Sydney and Brisbane

• Harold Park, NSW: 244 lots, 92% pre-sold

• Green Square, NSW: 238 lots, 97% pre-sold

• Unison Stage 1, QLD: 144 lots, 81% pre-sold

• Enclave, VIC: 50 lots, 100% pre-sold

• High level of exchanged pre-sales contracts, valued at $1.3bn[ 3]

• 24% expected to settle in 2H15

• 51% expected to settle in FY16

• 25% expected to settle in FY17+

SALES ACTIVITY BY LOTS[ 2]

==> picture [370 x 145] intentionally omitted <==

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

1,800 lots
1,500
1,200
900
600
300
0
1H13 2H13 1H14 2H14 1H15
NSW QLD VIC WA
----- End of picture text -----

PRE-SALES — SALES EXPECTED SETTLEMENT PROFILE BY STATE

==> picture [370 x 148] intentionally omitted <==

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

$700m 51%
600
500
400
24% 25%
300
200
100
0
2H15 FY16 FY17+
NSW QLD VIC WA
----- End of picture text -----

• 1) Including provision settlements. Excluding provision settlements gross margin 26.9%.

• 2) Total new sales and pre-sales for the six month period.

• 3) Adjusted for Mirvac’s share of JVA and Mirvac managed funds.

ARTIST IMPRESSION OF ALEX AVENUE, NSW

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 19

RESIDENTIAL: MARKET OVERVIEW

• Monetary policy continues to be effective:

• Dwelling activity and housing finance up in all four major states

• Overall housing credit growth to continue modest pace in response to low rates

• Above historical average population growth in NSW and broad-based economic strength supports long pipeline of required dwellings in Sydney

• 33,200 estimated number of new dwellings required each year until 2031[ 1] .

• Encouraging outlook for home building activity with increased finance for construction of new dwellings through 2014

• New housing remains key growth engine to state economies

• Vacancy rates across major capital cities at low levels

• Approval levels cooled in 2H14, but expected to continue solid pace

1) NSW Department of Planning & Environment, Population, Household and Dwelling Projections, 2014.

FINANCE FOR OWNER OCCUPIERS

==> picture [370 x 149] intentionally omitted <==

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

$12bn $3bn
8 2
4 1
0 0
2006 2008 2010 2012 2014
Finance for established dwellings (LHS) Finance for new dwellings (RHS) Source: ABS
----- End of picture text -----

==> picture [389 x 199] intentionally omitted <==

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

ELIZABETH HILLS, NSW
----- End of picture text -----

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 20

RESIDENTIAL: PIPELINE EMERGENCE

Pipeline increased to over 31,000 lots providing visibility of future earnings

• Secured nine new projects totalling ~3,350 lots

• 73% of lots in Sydney

• 55% of lots in PDA structures

• Average project duration of five years

• Existing pipeline supports over 10,000 potential lot settlements over the next four years[ 1] — Overweight exposure to largest markets Sydney & Melbourne

• Well balanced across product type with ~50% of future expected revenue derived from apartments

• Supported by ongoing release program

	1H15 ACQUISITIONS
	Project Alex Avenue Gledswood Hills Moorebank	State NSW NSW NSW	Lots 1 34 577 179	Product type MPC MPC MPC	Expected project duration <1 yrs 6 yrs 4 yrs
	Marsden Park	NSW	1,261	MPC	12 yrs
	Sydney Olympic Park Bridgeman Downs Cheltenham Claremont	NSW QLD VIC WA	405 123 184 234	Apartments MPC MPC Apartments	4 yrs 3 yrs 3 yrs 4 yrs
	West Swan	WA	365	MPC	9 yrs
	Total		3,362		Average 5 yrs

Major projects between FY16 – FY19

NSW > Bondi > Marsden Park > Gledswood Hills > Moorebank > Green Square > New Brighton > Googong > Sydney Olympic Park > Harold Park > Waterloo

VIC QLD WA > Cheltenham > Harcrest > Art House > Baldivis > Dallas Brook > Rockbank > Darien Street > Claremont > Donnybook > Smith’s Lane > Gainsborough > Meadow Springs > Eastern Golf Club > Yarra’s Edge Greens > Osprey Waters > Waterfront > West Swan

1) Subject to planning approvals.

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 21

RESIDENTIAL: OUTLOOK

On track to deliver FY15 targets

• Well positioned to achieve >2,200 lot settlements for FY15

• 80% of FY15 lot settlements expected to be from profit generating projects

• Taking advantage of positive residential conditions with >2,700 major project releases by end of FY15

• ~50% completed in 1H15

• Weighted to Sydney and apartment product

• FY15 sales and marketing expenses expected to be higher than FY14, reflecting increase in apartment releases

• Remain focussed on maintaining normalised residential gross margin of 18-22%

FY15 MAJOR APARTMENT RELEASE SCHEDULE

Project State 1H15 completed releases 2H15 expected releases 1	Project State 1H15 completed releases 2H15 expected releases 1	Project State 1H15 completed releases 2H15 expected releases 1
Green Square NSW	238 lots	246 lots
Harold Park NSW	244 lots	241 lots
Art House QLD	189 lots
Waterfront, Unison QLD	279 lots
Yarra's Edge, Bolte VIC	246 lots
Bondi NSW		190 lots2
Claremont WA		138 lots
Leighton Beach, Stage 2 WA		113 lots

• 1) Upcoming releases are an estimate only and may be adjusted depending on market demand.

• 2) Planning approval received February 2015.

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I

22

==> picture [57 x 32] intentionally omitted <==

outlook & group guidance

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 23

OUTLOOK & GROUP GUIDANCE

• Continue to maintain ~80/20% split between passive and active capital

• Allocate capital in line with our market outlook and strategic mandates

• Residential: focus on Sydney market as well as inner and middle ring Melbourne

• Investment portfolio: more focus on retail than office

  • Retail: concentrate on urban markets

  • Office and Industrial: target Sydney and Melbourne assets with income in place and potential for repositioning

• On track to deliver operating earnings and distribution growth in FY15

• Narrowed operating earnings guidance to 12.2 — 12.3cpss

• Reaffirm previous full year distribution guidance of 9.2 — 9.4cpss

• Focus on driving development ROIC towards 12% by FY17

ARTIST IMPRESSION, GREEN SQUARE, NSW

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 24

DISCLAIMER & 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 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 do they guarantee the repayment of capital from Mirvac or any particular tax treatment.

This Presentation contains certain “forward looking” statements. The words “anticipated”, “expected”, “projections”, “forecast”, “estimates”, “could”, “may”, “target”, “consider” and “will” 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. Forward-looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. To the full extent permitted by law, Mirvac Group and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current year amounts and other disclosures.

This Presentation also includes certain non-IFRS measures including operating profit after tax. Operating profit after tax is profit before specific non-cash items and significant items. It is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac’s financial statements ended 31 December 2014, which has been subject to review 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 31 December 2014, unless otherwise noted and should be read in conjunction with 31 December 2014 Financial Statements and Additional Information.

MIRVAC I 1H15 RESULTS I 12 FEBRUARY 2015 I 25

==> picture [183 x 188] intentionally omitted <==

thank you

FOLLOW US ON TWITTER @MIRVAC

MIRVAC INVESTOR RELATIONS WEBSITE

MIRVAC 1H15 PROPERTY COMPENDIUM