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MIRVAC GROUP Interim / Quarterly Report 2016

Feb 10, 2016

65328_rns_2016-02-10_3c0cfaa9-90e8-47de-9294-f90f44fac771.pdf

Interim / Quarterly Report

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MIRVAC GROUP

11 FEBRUARY 2016

ADDITIONAL INFORMATION 1H16

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CONTENTS

FINANCIAL

  • 03 1H16 statutory to operating profit reconciliation

  • 04 1H15 statutory to operating profit reconciliation

  • 05 1H16 operating profit by segment

  • 06 1H15 operating profit by segment

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RETAIL

  • 28 Retail: Portfolio details

  • 29 Retail: Sales by category

  • 30 Retail: Lease expiry profile and top 10 tenants 31 Retail: Committed developments

  • 07 1H16 movement by segment

  • 08 FFO and AFFO based on PCA guidelines

  • 09 EBIT reconciliation: Investment

INDUSTRIAL

  • 33 Industrial: Portfolio details

  • 10 EBIT reconciliation: Investment movement

  • 11 EBIT reconciliation: Development

  • 12 Finance costs

  • 13 Development capitalised interest

  • 14 Group overhead costs

  • 15 Debt and hedging profile

  • 16 Liquidity profile

  • 17 NTA and securities on issue reconciliation

  • 18 Invested capital: Group

  • 19 Invested capital: Development

  • 20 Gross development margin

INVESTMENT PORTFOLIO

  • 22 Investment: Portfolio details

OFFICE

RESIDENTIAL

  • 35 Residential: Pipeline positioning

  • 36 Residential: Masterplanned communities pipeline

  • 37 Residential: Apartments pipeline

  • 38 Residential: Pre-sales detail

  • 39 Residential 2H16 settlements and releases

  • 40 Residential: 1H16 acquisitions

  • 41 Residential: 1H16 settlements

  • 42 Residential: 1H16 settlements detail

  • 43 Residential: Provisions – roll off

CALENDAR

  • 45 2H16 Calendar

GLOSSARY

  • 24 Office: Portfolio details

  • 25 Office: Lease expiry profile and top 10 tenants 26 Office: Committed developments

IMPORTANT NOTICE

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 01

MIRVAC GROUP

FINANCIAL

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 02

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1H16 STATUTORY TO OPERATING PROFIT RECONCILIATION

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INVESTMENT
INVESTMENT
MANAGEMENT DEVELOPMENT UNALLOCATED
ELIMINATION
TAX
CONSOLIDATED
HALF YEAR ENDED 31 DECEMBER 2015
$M
$M
$M
$M
$M
$M
$M
Proft/(loss) attributable to the stapled securityholders of Mirvac
569.4
3.5
(15.6)
(52.1)
(39.0)
6.5
472.7
Specifc non-cash items
Net gain on fair value of investment properties and IPUC
(323.7)
—
—
—
34.4
—
(289.3)
Net gain on fair value of investment properties included in share of net proft of JVA
(42.2)
—
—
—
—
—
(42.2)
Net loss on fair value of derivative fnancial instruments and associated foreign exchange movements
1.6
—
—
8.8
—
—
10.4
SBP expense
—
—
—
5.2
—
—
5.2
Depreciation of OOP
—
—
—
—
3.6
—
3.6
Straight-lining of lease revenue
(5.4)
—
—
—
—
—
(5.4)
Amortisation of lease ftout incentives
5.2
—
—
—
(0.7)
—
4.5
Net gain on derivatives and other specifc non-cash items included in share of net proft of JVA
(2.5)
—
—
—
—
—
(2.5)
Signifcant items
Net gain from sale of non-aligned assets
(0.6)
—
—
—
—
—
(0.6)
Restructuring costs
—
—
—
1.4
—
—
1.4
Tax effect
Tax effect of non-cash and signifcant adjustments
—
—
—
—
—
6.8
6.8
Operating proft/(loss) (proft before specifc non-cash and signifcant items) 1
201.8
3.5
(15.6)
(36.7)
(1.7)
13.3
164.6
Segment contribution
122.6%
2.1%
(9.5%)
(22.3%)
(1.0%)
8.1%
100.0%
Add back tax
—
—
—
—
—
(13.3)
(13.3)
Add back interest paid2
36.2
—
17.8
—
(3.4)
—
50.6
Less interest revenue2
(7.3)
(0.1)
(0.2)
(0.5)
—
—
(8.1)
Earnings before interest and tax
230.7
3.4
2.0
(37.2)
(5.1)
—
193.8
Segment contribution
119.0%
1.8%
1.0%
(19.2%)
(2.6%)
0.0%
100.0%

1) Operating profit after tax is a non-IFRS measure. Operating profit after tax is profit before specific non-cash items and significant items. Operating profit after tax is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac’s half year ended 31 December 2015 financial statements, which has been subject to review by its external auditors. 2) Interest paid and interest revenue between segments are eliminated in the individual segment.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 03

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1H15 STATUTORY TO OPERATING PROFIT RECONCILIATION

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INVESTMENT
INVESTMENT
MANAGEMENT DEVELOPMENT UNALLOCATED
ELIMINATION
TAX
CONSOLIDATED
HALF YEAR ENDED 31 DECEMBER 2014
$M
$M
$M
$M
$M
$M
$M
Proft/(loss) attributable to the stapled securityholders of Mirvac
270.2
4.0
60.9
(45.3)
(4.7)
(6.1)
279.0
Specifc non—cash items
Net gain on fair value of investment properties and IPUC
(52.8)
—
—
—
2.0
—
(50.8)
Net gain on fair value of investment properties included in share of net proft of JVA
(11.0)
—
—
—
—
—
(11.0)
Net loss on fair value of derivative fnancial instruments and associated foreign exchange movements
4.1
—
—
9.3
—
—
13.4
SBP expense
—
—
—
1.8
—
—
1.8
Depreciation of OOP
—
—
—
—
3.0
—
3.0
Straight—lining of lease revenue
(2.5)
—
—
—
—
—
(2.5)
Amortisation of lease ftout incentives
5.8
—
—
—
(1.1)
—
4.7
Net loss on derivatives and other specifc non—cash items included in share of net proft of JVA
2.6
(0.6)
—
—
—
—
2.0
Signifcant items
Impairment of loans, investments and inventories
—
—
—
(0.1)
—
—
(0.1)
Net gain from sale of non—aligned assets
(4.4)
—
—
—
—
—
(4.4)
Tax effect
Tax effect of non—cash and signifcant adjustments
—
—
—
—
—
(3.9)
(3.9)
Operating proft/(loss) (proft before specifc non-cash and signifcant items) 1
212.0
3.4
60.9
(34.3)
(0.8)
(10.0)
231.2
Segment contribution
91.7%
1.5%
26.3%
(14.8%)
(0.4%)
(4.3%)
100.0%
Add back tax
—
—
—
—
—
10.0
10.0
Add back interest paid2
33.3
—
42.0
—
(0.2)
—
75.1
Less interest revenue2
(6.4)
(0.3)
(0.1)
(0.7)
0.1
—
(7.4)
Earnings before interest and tax
238.9
3.1
102.8
(35.0)
(0.9)
—
308.9
Segment contribution
77.3%
1.0%
33.3%
(11.3%)
(0.3%)
0.0%
100.0%

1) Operating profit after tax is a non-IFRS measure. Operating profit after tax is profit before specific non-cash items and significant items. Operating profit after tax is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac’s half year ended 31 December 2014 financial statements, which has been subject to review by its external auditors. 2) Interest paid and interest revenue between segments are eliminated in the individual segment.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 04

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1H16 OPERATING PROFIT BY SEGMENT

INVESTMENT
INVESTMENT
MANAGEMENT DEVELOPMENT UNALLOCATED
ELIMINATION
CONSOLIDATED
HALF YEAR ENDED 31 DECEMBER 2015
$M
$M
$M
$M
$M
$M
Revenue from continuing operations
Investment properties rental revenue
295.5
5.3
–
–
–
300.8
Investment management fee revenue
–
6.8
–
–
–
6.8
Development and construction revenue
–
–
411.4
–
(1.8)
409.6
Development management fee revenue
–
–
3.4
–
–
3.4
Interest revenue
11.3
0.2
2.8
0.6
–
14.9
Dividend and distribution revenue
–
–
–
–
–
–
Other revenue
–
2.7
0.7
0.2
–
3.6
Inter–segment revenue
4.9
8.3
134.0
26.8
(174.0)
–
Total revenue from continuing operations
311.7
23.3
552.3
27.6
(175.8)
739.1
Other income
Share of netproft of JVA accounted for usingthe equitymethod
16.1
0.3
3.9
0.2
–
20.5
Total other income
16.1
0.3
3.9
0.2
–
20.5
Total revenue from continuing operations and other income
327.8
23.6
556.2
27.8
(175.8)
759.6
Investment properties expenses
77.1
1.6
–
–
(6.4)
72.3
Cost of property development and construction
–
–
510.4
–
(130.7)
379.7
Employee benefts expenses
–
12.8
12.3
28.0
–
53.1
Depreciation and amortisation expenses
5.7
0.2
0.9
1.7
–
8.5
Finance costs
36.2
–
17.8
26.8
(30.2)
50.6
Selling and marketing expenses
–
0.4
20.5
0.3
–
21.2
Other expenses
7.0
5.1
9.9
7.7
(6.8)
22.9
Operating proft/(loss) from continuing operations before income tax
201.8
3.5
(15.6)
(36.7)
(1.7)
151.3
Income tax beneft
13.3
Operating proft attributable to the stapled securityholders of Mirvac
164.6		 INVESTME
 NT

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 05

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1H15 OPERATING PROFIT BY SEGMENT

INVESTMENT
INVESTMENT
MANAGEMENT DEVELOPMENT UNALLOCATED
ELIMINATION
CONSOLIDATED
HALF YEAR ENDED 31 DECEMBER 2014
$M
$M
$M
$M
$M
$M
Revenue from continuing operations
Investment properties rental revenue
295.9
3.5
–
–
–
299.4
Investment management fee revenue
–
6.6
–
–
–
6.6
Development and construction revenue
–
–
577.5
–
–
577.5
Development management fee revenue
–
–
3.4
–
–
3.4
Interest revenue
10.7
0.4
2.6
0.7
(0.1)
14.3
Dividend and distribution revenue
0.2
–
–
–
–
0.2
Other revenue
0.8
1.9
3.1
0.1
(0.8)
5.1
Inter–segment revenue
3.4
9.9
20.4
25.6
(59.3)
–
Total revenue from continuing operations
311.0
22.3
607.0
26.4
(60.2)
906.5
Other income
Share of netproft of JVA accounted for usingthe equitymethod
18.3
0.3
1.3
0.1
–
20.0
Total other income
18.3
0.3
1.3
0.1
–
20.0
Total revenue from continuing operations and other income
329.3
22.6
608.3
26.5
(60.2)
926.5
Investment properties expenses
72.2
1.1
–
–
(6.0)
67.3
Cost of property development and construction
–
–
458.9
–
(20.3)
438.6
Employee benefts expenses
–
12.9
10.6
25.0
–
48.5
Depreciation and amortisation expenses
4.8
0.3
0.9
1.1
–
7.1
Finance costs
33.3
–
42.0
25.6
(25.8)
75.1
Selling and marketing expenses
–
–
22.8
–
–
22.8
Other expenses
7.0
4.9
12.2
9.1
(7.3)
25.9
Operating proft/(loss) from continuing operations before income tax
212.0
3.4
60.9
(34.3)
(0.8)
241.2
Income tax expense
(10.0)
Operating proft attributable to the stapled securityholders of Mirvac
231.2		 INVESTME
 NT

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 06

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1H16 MOVEMENT BY SEGMENT

OPERATING EBIT BY SEGMENT: 1H15 TO 1H16

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$350m
300 $308.9m ($8.2m) $0.3m ($100.8m)
250
200 ($2.2m) ($4.2m) $193.8m
150
100
50
0
1H15 Investment Investment Development Unallocated Eliminations 1H16
Management
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  • Investment earnings supported by embedded rental growth, acquisitions and development completions, however offset by $407m of asset sales in 2H15 and the impact from assets that have development/repositioning underway

  • Development earnings down reflecting significant skew of residential settlements to 2H16 and completion of 200 George St in 2H16

  • Tax benefit in 1H16 reflecting loss in the corporate business in line with expectation and will reverse in 2H16 from residential settlements

OPERATING PROFIT AFTER TAX BY SEGMENT: 1H15 TO 1H16

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$250m
$231.2m ($10.2m)
$0.1m ($76.5m)
200
$23.3m $164.6m
150 ($2.4m) ($0.9m)
100
50
0
1H15 Investment Investment Development Unallocated Eliminations Tax 1H16
Management
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MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 07

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FFO AND AFFO BASED ON PCA GUIDELINES

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1H16
1H15
$M
$M
Operating proft (before specifc non-cash and signifcant items) 1
164.6
231.2
Including: Share based payments expense
(5.2)
(1.8)
Excluding: Lease amortisation expense2
10.9
9.2
Funds from operations3
170.3
238.6
Maintenance capex
(22.6)
(14.3)
Incentives — cash and ft out
(6.5)
(7.0)
Incentives — rent free
(7.9)
(8.6)
Adjusted funds from Operations
133.3
208.7		 1H16 1H15

1) Operating profit after tax is a non-IFRS measure. Operating profit after tax is profit before specific non-cash items and significant items. Operating profit after tax is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac’s half year ended 31 December 2015 financial statements, which has been subject to review by its external auditors.

2) This includes amortisation of cash and rent free incentives.

3) Based on PCA guidelines.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 08

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EBIT RECONCILIATION: INVESTMENT

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1H16
1H15
$M
$M
129.3
142.8
62.1
60.3
23.0
15.3
3.0
3.8
217.4
222.2		 1H15
Net property income1
Offce
Retail
Industrial
Other
Total netproperty income
Investment income 20.0
23.5
Overhead expenses

  • Decrease in office NPI due to the sale of five assets in 2H15 valued at $248.5m and the impact from assets that have development/repositioning underway

  • Increase in retail NPI related to the acquisition of Birkenhead Point, embedded rental growth and development completions, however partially offset by the sale of two non-aligned assets in 2H15 valued at $158.3m

  • Industrial NPI up reflecting the acquisition of the Altis portfolio in Jan 15

Other NPI down reflecting loss of income from the Riverside Quay carpark, which is now under development

1) Excludes straight-lining of lease revenue and amortisation of lease fit out incentives.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 09

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EBIT RECONCILIATION: INVESTMENT MOVEMENT

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INVESTMENT EBIT

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$280m
$21.7m ($19.7m)
260
($9.0m)
240 $238.9m $1.9m
($3.1m)
$230.7m
220
200
1H15 LFL Growth Acquisitions Disposals Development Other 1H16
& Repositioning
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  • LFL income growth reflective of only 56% of asset pool

  • Additional income from acquisitions, including Birkenhead Point, the Altis Industrial Portfolio, and development completions including 699 Bourke St

  • Loss of income from disposal of five office assets and two retail assets in 2H15 and sale of MIX which contributed in 1H15

  • Lower income from assets impacted by development/repositioning and other non-recurring income

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 10

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EBIT RECONCILIATION: DEVELOPMENT

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1H16
1H15
$M
$M		 %
CHANGE		 %
CHANGE		 Increase in 1H16 driven by Orion, Stage 2 retail
expansion recharged to MPT at zero margin
Development and construction revenue – non recharge projects
389.7
559.5
Development and construction revenue – recharge projects
21.7
18.0
Subtotal development and construction revenue
411.4
577.5
Inter-segment sales
134.0
20.4
Total development and construction revenue
545.4
597.9
Cost of property development and construction – non recharge projects
(488.7)
(440.9)
Cost of property development and construction – recharge projects
(21.7)
(18.0)
Decrease refects 1,251 residential lots settled in 1H15 v’s
748 in 1H16. FY16 residential settlements skewed to 2H16
(9%)
Includes cost associated with Treasury Building and
Orion. Refer page 20 for further detail
Total cost of property development and construction
(510.4)
(458.9)
Share of net proft of associates and joint ventures accounted
for using the equity method
3.9
1.3
Development management fee revenue
3.4
3.4
Selling and marketing
(20.5)
(22.8)
Depreciation and amortisation
(0.9)
(0.9)
Employee benefts Expense
(12.3)
(10.6)		 11%
>100%
(10%)
Increase in settlements from JVA projects in 1H16
Fewer lots settlements in 1H16 v’s 1H15 resulting in
lower commissions in 1H16. Partially offset by more
sales releases in 1H16 v’s 1H15
Other Expense1
(6.6)
(6.6)
Development operating EBIT
2.0
102.8		 (98%)
(58%)		 1H16 down v’s 1H15 refecting residential settlements
skewed to 2H16
Less operatingfnance costs
(17.8)
(42.0)
Interest revenue2
0.2
0.1		 Decrease in fnance costs relates to lower COGS
interest refecting 2H16 settlement skew
>(100%)
Total Development Operating proft/(loss)
(15.6)
60.9

1) 1H16 includes $0.7m of other revenue and $2.6m of JVA mezzanine interest revenue. 1H15 includes $3.1m of other revenue and $2.5m of JVA mezzanine interest revenue.

2) 1H16 excludes $2.6m of JVA mezzanine interest revenue which has been included in Other Expenses. 1H15 excludes $2.5m of JVA mezzanine interest revenue which has been included in Other Expenses.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 11

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FINANCE COSTS

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1H16
1H15
$M
$M
Interest and fnance chargespaid/payable net ofprovision release
67.4
65.4
Capitalised interest
(24.3)
(19.3)
Interest capitalised in current andpriorperiods expensed thisperiod net ofprovision release
6.2
27.7
Borrowingcosts amortised
1.3
1.3
Total fnance costs
50.6
75.1		 1 H16 1H15

FINANCE COST PROFILE

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$80m 160%
60 120
40 80
20 40
0 0
1H14 1H15 1H16
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  • Gross interest costs broadly in line with 1H15

  • Capitalised interest has increased reflecting higher residential WIP

  • Interest expensed significantly lower in 1H16, due to the material skew of FY16 residential settlements to 2H16

Interest and finance charges paid/payable net provision release (LHS) Total finance costs (LHS) Finance cost expense as % of external interest (RHS)

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 12

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DEVELOPMENT CAPITALISED INTEREST

  • Development capitalised interest now represents 8.3% of gross inventory, down from 8.5% at FY15

  • Development capitalised interest is 4.8% as a percentage of gross inventory for non-provisioned projects, and 22.1% for provisioned projects > 54% of the capitalised interest balance relates to provisioned projects

  • Operating profit to EBIT ratio — expect a range of 55% to 70% in FY16

DEVELOPMENT CAPITALISED INTEREST PROFILE

OPERATING PROFIT TO EBIT RATIO

$300m

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200 $23.7m ($14.2m)
$169.2m
$159.7m
38% 46%
100
62% 54%
0
FY15 Interest capitalised COGS Interest 1H16
Provisioned Non-provisioned
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$200m EBIT/NPBT Operating profit to EBIT ratio 100%
150 75
100 50
50 25
64.3%
0 0
FY09 FY10 FY11 FY12 FY13 FY14 FY15
EBIT (LHS) Operating Profit (LHS) Operating Profit to EBIT ratio (RHS)
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MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 13

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GROUP OVERHEAD COSTS

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1H16
1H15
$M
$M		 1 H16 1H15
Employee benefts expenses1
53.1
48.5
Sellingand marketingexpenses1
21.2
22.8
Other expenses1
22.9
25.9
Total overhead expenses1
97.2
97.2
Total assets
11,200.8
10,003.9
Expenses as a percentage of asset base
0.9%
1.0%
Expenses (excl selling and marketing) over asset base
0.7%
0.7%

EXPENSES AS A PERCENTAGE OF TOTAL ASSETS

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$150m Total expenses % of asset base 1.5%
100 1.0
50 0.5
0 0
1H14 1H15 1H16
Total overhead expenses (LHS) Expenses as a percentage of asset base (RHS)
Expenses (excluding selling and marketing) over asset base (LHS)
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  • Total overhead expenses remained flat compared to 1H15

  • Employee benefits expenses increased due to higher STI based on improved Group performance and CPI adjustment to wages and salaries

1) Expenses are on an operational basis (excluding non-cash and significant items). For further detail see page 5 and 6 of the Additional Information.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 14

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DEBT AND HEDGING PROFILE

ISSUE / SOURCE MATURITY DATE FACILITY LIMIT $M DRAWN AMOUNT $M
MTN IV Sep2016 225.0 225.0
USPP1 Nov 2016 378.8 378.8
Bank Facilities Sep2017 500.0 75.0
MTN V Dec 2017 200.0 200.0
Bank Facilities Sep2018 400.0 400.0
USPP1 Nov 2018 134.1 134.1
Bank Facilities Sep2019 400.0 392.4
Bank Facilities Sep2020 400.0 400.0
MTN VI Sep2020 200.0 200.0
USPP1 Dec 2022 219.7 219.7
USPP1 Dec 2024 136.4 136.4
USPP1 Sep2025 45.5 45.5
USPP1 Dec 2025 150.8 150.8
USPP1 Sep2027 149.4 149.4
Total 3,539.7 3,107.1

DRAWN DEBT SOURCES

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Bank 41% MTN 20% USPP 39%

USPP[ 1] and MTN 59%

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1H16 HEDGING AND FIXED INTEREST PROFILE AS AT 31 DECEMBER 2015[ 2]

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

$2,000m 4.6%
4.29% 4.20%
1,500 4.2
1,000 3.8
3.79%
500 3.61% 3.58% 3.59% 3.4
3.48%
0 3.0
1H16 FY16 FY17 FY18 FY19 FY20 FY21
Fixed Options Swaps Average Rate Dec 15
----- End of picture text -----

DRAWN DEBT MATURITIES AS AT 31 DECEMBER 2015

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

$700m
600
500
400
300
200
100
0
2H16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28
USPP [ 1] MTN Bank
----- End of picture text -----

2) Includes bank callable swap.

1) Drawn amounts based on hedged rate not carrying value.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 15

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LIQUIDITY PROFILE

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FACILITY LIMIT
DRAWN AMOUNT
AVAILABLE LIQUIDITY
AS AT 31 DECEMBER 2015
$M
$M
$M
Facilities due within 12 months1
$603.8
$603.8
—
Facilities duepost 12 months1
$2,935.9
$2,503.3
$432.6
Total
$3,539.7
$3,107.1
$432.6
Cash on hand
$42.3
Total Liquidity
$474.9
Less Facilities Maturing< 12 months1
($603.8)
Assets held for sale
$336.4
Funding headroom
$207.5		 IT DRAWN AMOUNT AVAILABLE L IQUIDITY

1) Based on hedged rate not carrying value.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 16

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NTA AND SECURITIES ON ISSUE RECONCILIATION

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NTA $M $ PER SECURITIES
As at 1 July2015 6,423.1 1.74
Netgain on fair value of investmentproperties and IPUC 289.3 0.08
Netgain on fair value of investmentproperties included in equityaccountedproft 42.2 0.01
Netgain on fair value of owner occupiedproperty 34.4 0.01
Operating proft for halfyear 164.6 0.04
Other net equitymovements and non operatingitems throughproft and loss (12.6) 0.00
Distributions (174.0) (0.05)
As at 31 December 2015 6,767.0 1.83
SECURITIES ON ISSUE DATE NO. OF SECURITIES
As at 1 July2015 3,697,620,317
FY13 LTIplan vested in FY16 1 Jul 15 1,033,328
FY13 LTI Plan vested in FY16 14 Aug15 2,539,508
As at 31 December 2015 3,701,193,153
Weighted average number of securities 3,699,537,800

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 17

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INVESTED CAPITAL: GROUP

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OFFICE: 58% Apartments: 59% PASSIVE ACTIVE RESIDENTIAL INVESTED INVESTED 92% Masterplanned RETAIL: 30% CAPITAL CAPITAL communities: 41% INDUSTRIAL: 9% $7,755m $1,908m COMMERCIAL Office: 80% 80% 20% 8% Industrial: 20% OTHER: 3%

ACTIVE INVESTED CAPITAL[ 1]

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

100% Commercial 8% WA 6%
Provision 13%
QLD 19% Capital Efficient
75 Masterplanned 33%
Communities
38% VIC 22%
50
Non-provision
Balance Sheet 87%
25 Apartments 54% NSW 53% 67%
0
By product line By state By structure By provision/non-provision
----- End of picture text -----

1) Includes capital invested in Development Agreement’s, JVA, MWRDP, deferred land payments and loans

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 18

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INVESTED CAPITAL: DEVELOPMENT

ITEMS EXCLUDED
FUND THROUGH
DEVELOPMENT
FROM DEVELOPMENT
ADJUSTMENTS
DEFERRED LAND
INVESTED
INVESTED CAPITAL
(DEFERRED REVENUE)
ADJUSTMENTS
CAPITAL
RECONCILIATION TO DEVELOPMENT INVESTED CAPITAL
$M
$M
$M
$M
$M		 FUND
 THROUGH
 DEVEL

 OPMENT
Cash and cash equivalents
(0.1)
0.1
—
—
—
Receivables
325.9
(236.0)
—
—
89.9
Inventories – Net
1,877.1
—
(180.4)
(73.4)
1,623.3
Other assets
0.6
(0.6)
—
—
—
Investments accounted for usingthe equitymethod
197.0
(2.1)
—
—
194.9
Other fnancial assets
—
—
—
—
—
Property,plant and equipment
3.6
(3.6)
—
—
—
Deferred tax assets
148.2
(148.2)
—
—
—
Total
2,552.3
(390.4)
(180.4)
(73.4)
1,908.1

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 19

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GROSS DEVELOPMENT MARGIN

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DEVELOPMENT
COST OF PROPERTY
GROSS
GROSS
AND CONSTRUCTION
DEVELOPMENT AND
DEVELOPMENT
DEVELOPMENT
REVENUE
CONSTRUCTION
MARGIN
MARGIN
1H16
$M
$M
$M
%
Residentialproject revenue
106.9
(79.9)
27.0
25.3%
Commercial
416.8
(408.8)
8.0
Cost recoveryactivity
21.7
(21.7)
—
Mirvac consolidated statement of comprehensive income
545.4 1
(510.4) 2
35.0
6.4%
Refects internal cost recovery projects and cost associated with
the tower component of the Treasury building which had its major		 DEVELOPMENT
COST OF PROPERTY
GROSS
GROSS
AND CONSTRUCTION
DEVELOPMENT AND
DEVELOPMENT
DEVELOPMENT
REVENUE
CONSTRUCTION
MARGIN
MARGIN
1H16
$M
$M
$M
%
Residentialproject revenue
106.9
(79.9)
27.0
25.3%
Commercial
416.8
(408.8)
8.0
Cost recoveryactivity
21.7
(21.7)
—
Mirvac consolidated statement of comprehensive income
545.4 1
(510.4) 2
35.0
6.4%
Refects internal cost recovery projects and cost associated with
the tower component of the Treasury building which had its major		 DEVELOPMENT
COST OF PROPERTY
GROSS
GROSS
AND CONSTRUCTION
DEVELOPMENT AND
DEVELOPMENT
DEVELOPMENT
REVENUE
CONSTRUCTION
MARGIN
MARGIN
1H16
$M
$M
$M
%
Residentialproject revenue
106.9
(79.9)
27.0
25.3%
Commercial
416.8
(408.8)
8.0
Cost recoveryactivity
21.7
(21.7)
—
Mirvac consolidated statement of comprehensive income
545.4 1
(510.4) 2
35.0
6.4%
Refects internal cost recovery projects and cost associated with
the tower component of the Treasury building which had its major		 COST OF
 PROPERTY
 GROS
 S

 S

 GROSS
Residentialproject revenue
Commercial 416.8
(408.8)
8.0
Cost recoveryactivity 21.7
(21.7)
—
Mirvac consolidated statement of comprehensive income 545.4 1
(510.4) 2
35.0
6.4%
Refects internal cost recovery projects and cost associated with
the tower component of the Treasury building which had its major

proft contribution in FY15.

Reflects internal cost recovery projects and cost associated with the tower component of the Treasury building which had its major profit contribution in FY15.

2) Total cost of property development and construction – see page 5 of Additional Information.

1) Total development and construction and inter-segment revenue – see page 5 of Additional Information. Includes development and construction revenue and inter-segment revenue.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 20

MIRVAC GROUP

INVESTMENT PORTFOLIO

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 21

INVESTMENT: PORTFOLIO DETAILS

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1H16 1H15
No. of Properties1 59 60
NLA1 1,397,150 sqm 1,367,491 sqm
Portfolio value2 $7,754.6m $7,205.2m
WACR 6.50% 7.05%
Net property income3 $217.4m $243.4m
Like-for-like NOI growth4 1.4% 3.6%
Maintenance capex $22.6m $14.3m
Tenant incentives $6.5m $7.0m
Occupancy (by area)5 97.0% 96.9%
NLA leased 233,544 sqm 54,311 sqm
% of portfolio NLA leased 16.7% 4.0%
No. tenant reviews 973 1,126
Tenant rent reviews 727,893 sqm 488,205 sqm
WALE (by area)5 7.1 yrs 6.2 yrs
WALE (by income)5 5.6 yrs 4.5 yrs

  • 1) Includes carparks and a hotel and excludes asset held for sale.

  • 2) Includes IPUC, indirect investments, equity accounted investments and OOP.

  • 3) Includes income from indirect investments and excludes equity accounted investments.

  • 4) Excluding development impacted assets, assets acquired or sold in the last 24 months and indirect investments.

  • 5) Excludes indirect investments and includes equity accounted investments and OOP.

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SECTOR DIVERSITY[ 6]

GEOGRAPHIC DIVERSITY[ 7]

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Office: 58% NSW: 61% Retail: 30% VIC: 17% Industrial: 9% QLD: 10% Indirect investments: 2% WA: 6% Other: 1% ACT: 5% USA: 1%

INVESTMENT – LEASE EXPIRY PROFILE[ 8]

50% 40 30 20

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

47%
40
30
20
10 8% 10% 11% 11% 9%
4%
0
Vacant 2H16 FY17 FY18 FY19 FY20 FY21+
----- End of picture text -----

  • 6) By portfolio value.

  • 7) By value, excludes indirect investments and IPUC and two St Leonards assets held for development.

  • 8) By income.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 22

MIRVAC GROUP OFFICE

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 23

OFFICE: PORTFOLIO DETAILS

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1H16 1H15
No. of Properties 27 31
NLA 673,137 sqm 724,831 sqm
Portfolio value1 $4,498.0m $4,083.2m
WACR 6.57% 7.24%
Net property income2 $129.3m $142.8m
Like-for-like NOI growth 1.0% 3.8%
Maintenance capex $15.8m $9.8m
Tenant incentives $3.9m $5.5m
Occupancy (by area) 94.5% 94.7%
NLA leased 190,449 sqm 25,311 sqm
% of portfolio NLA leased3 26.5% 3.5%
No. tenant reviews 370 468
Tenant rent reviews 373,641 sqm 345,280 sqm
WALE (by area) 6.5 yrs 4.4 yrs
WALE (by income) 6.1 yrs 4.5 yrs

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OFFICE GEOGRAPHIC DIVERSITY[ 4]

Sydney 53% Melbourne 26% Brisbane 3% Perth 10% Canberra 8%

OFFICE DIVERSITY BY GRADE[ 4]

Premium grade 26% A grade 68% B grade 4% C grade 2%

  • 1) Excludes indirect investments and asset held for sale and includes equity accounted investments and OOP.

2) Excludes equity accounted investments.

3) Includes NLA and leasing of 1 Woolworths Way, Bella Vista (asset held for sale).

4) By portfolio value, excluding two St Leonards assets held for development and asset held for sale.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 24

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OFFICE: LEASE EXPIRY PROFILE AND TOP 10 TENANTS

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OFFICE LEASE EXPIRY PROFILE[ 1]

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

60%
50% 51%
40
30
20
12%
10 8% 10% 9%
5% 5%
0
Vacant 2H16 FY17 FY18 FY19 FY20 FY21+
----- End of picture text -----

OFFICE TOP 10 TENA NTS 2 PE RCENTAGE 3
S&		 P RATING
1
Government
16.7%
AA+ / AAA
2
Westpac Bank Corporation
9.9%
AA-
3
Fairfax Media Limited
4.8%
BB+
4
AGL Energy
2.3%
BBB
5
UGL Limited
2.0%
—
6
Optus
2.0%
A
7
IBM Australia Limited
1.9%
AA-
8
Australia and New Zealand Bank
1.8%
AA-
9
John Holland Pty Ltd
1.7%
—
10
Corrs Chambers
1.6%
—
Total
44.7%
—

3) Percentage of gross office portfolio income.

1) By income.

2) Excludes Mirvac tenancies.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 25

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OFFICE: COMMITTED DEVELOPMENTS

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COMMITTED PIPELINE
AREA
OWNERSHIP
% PRE-LEASED 1
FORECAST
DEVELOPMENT
VALUE ON
COMPLETION2
FORECAST COST
TO COMPLETE 3
FORECAST
YIELD ON
COST 4		 ESTIMATED PR ESTIMATED PR OJECT TIMING OJECT TIMING
2H16 1H17 2H17 FY18+
200 George St, NSW
38,900 sqm
50%
85%
$625m
$90m
7.6%
2 Riverside Quay, VIC
21,000 sqm
50%
91%
$212m
$71m
6.7%
664 Collins St, VIC
26,000 sqm
100%
33%
$214m
$164m
6.8%
Australian Technology Park
97,500 sqm
33.3%
100%
$1,012m
$284m
6.2%
Total
183,400 sqm
86%
$2,063m
$609m
—

1) % of office space pre-leased.

2) Represents 100% of expected end value.

4) Expected yield on cost including land and interest.

3) Expected costs to complete based on Mirvac’s share of cost to complete.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 26

MIRVAC GROUP

RETAIL

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 27

RETAIL: PORTFOLIO DETAILS

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1H16 1H15
No. of Properties 14 15
NLA 330,199 sqm 326,945 sqm
Portfolio value $2,312.9m $2,093.2m
WACR 6.27% 6.59%
Netpropertyincome $62.1m $60.3m
Like-for-like NOIgrowth1 2.2% 2.6%
Maintenance capex $6.1m $3.4m
Tenant incentives $2.6m $0.9m
Occupancy (byarea) 99.3% 99.2%
NLA leased 25,845 sqm 14,298 sqm
% ofportfolio NLA leased 7.8% 4.4%
No. tenant reviews 572 655
Tenant rent reviews 102,545 sqm 116,214 sqm
WALE(byarea) 5.1yrs 4.9yrs
WALE(byincome) 4.0yrs 3.8yrs
Specialtyoccupancycost 15.2% 16.4%
Specialtyoccupancycost excludingCBD centres 13.7% 15.1%
Total comparable MAT $1,814.6m $1,903.0m
Total comparable MATgrowth 7.3% 3.1%
Specialties comparable MATproductivity $9,285/sqm $8,294/sqm
Specialties comparable MATgrowth 6.9% 2.9%
New leasingspreads 6.3% 6.3%
Renewal leasingspreads 2.8% 3.0%
Total leasingspreads 4.0% 4.1%

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RETAIL DIVERSITY BY GRADE[ 2]

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Regional 34% Sub Regional 25% CBD Retail 20% Outlet 15% Neighbourhood 6%

  • 1) Approximately 30% of retail income in 1H16 like-for-like pool.

  • 2) By portfolio value, as per PCA classification.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 28

RETAIL: SALES BY CATEGORY

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1H16 1H16 FY15
RETAIL SALES TOTAL COMPARABLE COMPARABLE
BY CATEGORY MAT MAT GROWTH MAT GROWTH
Supermarkets $826.2m 6.6% 7.3%
Discount Department Stores $198.3m 6.0% 2.8%
Mini-majors1 $393.0m 11.4% 4.2%
Specialties $936.2m 6.9% 3.8%
Other Retail $187.2m 0.9% 1.4%
Total $2,540.9m 7.3% 4.7%

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1H16
1H16
FY15
SPECIALTY SALES
TOTAL
COMPARABLE
COMPARABLE
BY CATEGORY
MAT
MAT GROWTH
MAT GROWTH		 1
 H16

 1H16

 FY15
Food Retail
$117.2m
6.4%
3.0%
Food Catering
$220.0m
4.8%
2.9%
Jewellery
$25.6m
(3.5)%
(0.4)%
Mobile Phones
$26.2m
32.5%
22.0%
Homewares
$42.3m
0.6%
(2.6)%
Retail Services
$95.4m
14.1%
7.8%
Leisure
$43.0m
3.1%
5.9%
Apparel
$289.5m
9.5%
5.7%
General Retail
$77.0m
(0.2)%
(3.6)%
Total Specialties
$936.2m
6.9%
3.8%
SPECIALTY METRICS 1H16 1H15
Specialty sales $9,285/sqm $8,294/sqm
Specialty occupancy costs 15.2% 16.4%

1) Includes other majors. Note: Comparable centres exclude development impacted assets.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 29

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RETAIL: LEASE EXPIRY PROFILE AND TOP 10 TENANTS

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RETAIL LEASE EXPIRY PROFILE – BY INCOME

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40%
35%
30
20
13% 14% 13% 13%
10 11%
0 1%
Vacant 2H16 FY17 FY18 FY19 FY20 FY21+
----- End of picture text -----

RETAIL LEASE EXPIRY PROFILE – BY AREA

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

50% 49%
40
30
20
10 10% 11% 9% 10% 10%
0 <1%
Vacant 2H16 FY17 FY18 FY19 FY20 FY21+
----- End of picture text -----

RETAIL TOP 10 TENA **NTS ** PE RCENTAGE 1
S&		 P RATING
1
Wesfarmers Limited
9.0%
A-
2
Woolworths Limited
5.1%
BBB+
3
ALDI
1.7%
—
4
Cotton On Group
1.5%
—
5
Retail Food Group
0.9%
—
6
Sussan Group
0.9%
—
7
Westpac BankingCorporation
0.9%
AA-
8
Events Cinemas
0.9%
—
9
The Just Group
0.8%
—
10
Commonwealth Bank of Australia
0.8%
AA-
Total top 10 tenants
22.5%
—

1) Percentage of gross retail portfolio income.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 30

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RETAIL: COMMITTED DEVELOPMENTS

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COMMITTED PIPELINE
DEVELOPMENT
GLA
INCREMENTAL
GLA
OWNERSHIP
% PRE-LEASED
FORECAST
COST TO
COMPLETE
ESTIMATED
YIELD
ON COST		 FORECAST

 ESTIMATED
 EST IMATED PROJECT T IMATED PROJECT T IMING
2H16 FY17
Orion Springfeld Central (Stage 2), QLD
32,000 sqm
32,000 sqm
100%
88%
$23m
7.3%
Tramsheds, Harold Park, NSW
6,200 sqm
6,200 sqm
100%
98%
$16m
~7.0%
Greenwood Plaza, North Sydney, NSW
800 sqm
—
50%
86%
$4m1
>9%
Broadway Shopping Centre, Glebe, NSW
8,500 sqm
3,300 sqm
50%
67%
$24m1
~6.5%
Total
$67m

1) Mirvac’s share of the development

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 31

MIRVAC GROUP

INDUSTRIAL

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 32

INDUSTRIAL: PORTFOLIO DETAILS

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1H16 1H15
No. of properties 15 11
NLA 393,416 sqm 315,317 sqm
Portfolio value $691.4m $416.6m
WACR 6.78% 7.38%
Net Property Income $23.0m $15.3m
Like-for-Like NOI Growth 2.7% 3.8%
Maintenance capex $0.7m $1.1m
Tenant incentives $0.0m $0.5m
Occupancy (by area) 99.3% 99.5%
NLA leased 17,250 sqm 14,702 sqm
% of portfolio NLA leased 4.4% 4.7%
No. tenant reviews 31 3
Tenant rent reviews 206,878 sqm 26,711 sqm
WALE (by area) 9.5 yrs 11.5 yrs
WALE (by income) 7.2 yrs 8.2 yrs

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INDUSTRIAL LEASE EXPIRY PROFILE[ 1]

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

60% 61%
50
40
30
20
14%
10 9% 8%
5%
0 1% 2%
Vacant 2H16 FY17 FY18 FY19 FY20 FY21+
60 Wallgrove Rd — asset held for development
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INDUSTRIAL DIVERSIFICATION BY GEOGRAPHY[ 2]

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Sydney: 90% Melbourne: 3% Chicago: 7%

1) By income.

2) By portfolio value.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 33

MIRVAC GROUP

RESIDENTIAL

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 34

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RESIDENTIAL: PIPELINE POSITIONING

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34,182 lots under control.

SHARE OF EXPECTED FUTURE REVENUE BY PRODUCT

LOTS UNDER CONTROL BY PRODUCT

LOTS UNDER CONTROL BY PRICE POINT

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Masterplanned communities: 49% Apartments: 51%

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Masterplanned communities: 78% Apartments: 22%

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Masterplanned communities

< $250k: 62% $250k – $500k: 29% > $500k: 9%

SHARE OF EXPECTED FUTURE REVENUE BY GEOGRAPHY

LOTS UNDER CONTROL BY STRUCTURE

LOTS UNDER CONTROL BY PRICE POINT

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NSW: 37% VIC: 35% QLD: 22% WA: 6%

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100% Mirvac inventory: 46% JVA: 36% PDA: 16% MWRDP: 2%

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Apartments

< $1.2m: 87% > $1.2m: 13%

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 35

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RESIDENTIAL: MASTERPLANNED COMMUNITIES PIPELINE

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MAJOR PROJECTS
STATE
STAGE
OWNERSHIP
TYPE		 EXPECTED SETTLMEN EXPECTED SETTLMEN EXPECTED SETTLMEN T PROFILE (LOTS) T PROFILE (LOTS) T PROFILE (LOTS)
2H16
FY17
FY18
FY19
FY20
Alex Avenue
NSW
Precinct 1-3
100%
House & Land		 122 16
Aston Grove
QLD
Stage 1
100%
Land		 80
Greystone Terraces
QLD
Multiple stages
100%
House		 56
Enclave
VIC
Balance ofproject
50%
House & Land		 93
Harcrest
VIC
Balance ofproject
20%
House & Land		 434
Jack Road
VIC
Multiple stages
100%
House		 183
Mandurah Syndicates MWRDP
WA
Multiple stages
20%
Land		 118
Brighton Lakes
NSW
Multiple stages
PDA
House		 298
Baldivis
WA
Multiple stages
100%
House & Land		 421
OspreyWaters
WA
Multiple stages
100%
Land		 319
Googong
NSW
Multiple stages
50%
Land		 1,398
Gainsborough Greens
QLD
Multiple stages
100%
House & Land		 872
Tullamore (formerlyEastern Golf Club)
VIC
Multiple stages
100%
House & Land		 622
Woodlea
VIC
Multiple stages
50%
Land		 1,762
Gledswood Hills
NSW
Multiple stages
100%
House & Land		 500
West Swan
WA
Multiple stages
100%
Land		 426
Yarra's Edge
VIC
Townhouse 1
96%
100%		 18
Yarra's Edge
VIC
Townhouse 2
48%
100%		 18
Moorebank
NSW
Multiple stages
PDA
House		 179
Marsden Park
NSW
Multiple stages
PDA
House & Land		 420
Donnybrook Road
VIC
Multiple stages
PDA & 100%
Land		 267
Smith’s Lane
VIC
Multiple stages
100%
Land		 620
WaverleyPark
VIC
Multiple stages
100%
House		 171
Greenbank
QLD
Multiple stages
100%
Land		 460
Under Construction
Marketing
Planning

MASTERPLANNED COMMUNITIES PROJECT PIPELINE ANALYSIS

% of total FY16
expected lots to settle
from masterplanned
communities 78%
% of total FY16 expected
provision lots to settle 15%

Note: PDA’s are development service contracts and there is no land ownership to Mirvac.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 36

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RESIDENTIAL: APARTMENTS PIPELINE

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MAJOR PROJECTS
STATE
STAGE
% PRE SOLD
OWNERSHIP		 EXPECTED SETTLEME EXPECTED SETTLEME EXPECTED SETTLEME NT PROFILE (LOTS) NT PROFILE (LOTS)
2H16
FY17		 FY18 FY19 FY20
Harold Park
NSW
Precinct 3
100%
100%		 345
Harold Park
NSW
Precinct 4B
100%
100%		 111
Harold Park
NSW
Precinct 6B
100%
100%		 82
Harold Park
NSW
Precinct 4A
100%
100%		 45 4
Bondi
NSW
All stages
99%
100%		 191
Green Square
NSW
Ebsworth
100%
PDA		 174
Unison Waterfront
QLD
Stage 1
85%
100%		 144
Hope St
QLD
Arthouse
98%
100%		 140 47
Unison Waterfront
QLD
Stage 2
80%
100%		 128 18
Yarra's Edge
VIC
Tower 10
73%
100%		 92 136
Green Square
NSW
No. 8 Ebsworth and Ovo
95%
PDA		 302
Harold Park
NSW
Precinct 5
79%
100%		 233
Waterloo
NSW
All stages
Not released
50%1		 226
Hope St
QLD
Lucid
75%
100%		 167
Eagle Farm
QLD
Stage 1
Not released
PDA		 219
Claremont
WA
Grandstand
43%
100%		 142
Claremont
WA
Reserve
Not released
100%		 92
Latitude at Leighton
WA
Prima & Meridian
40%
100%		 113
Green Square
NSW
Site 7-17
Not released
PDA		 223
Marrickville
NSW
All stages
Not released
100%2		 223
Dallas Brooks Hall
VIC
All stages
Not released
PDA		 275
Green Square
NSW
Site 18
Not released
PDA		 97
SydneyOlympic Park
NSW
All stages
Not released
PDA		 422
Yarra's Edge
VIC
Midrise
Not released
100%		 80
Latitude at Leighton
WA
Stage 2 South
Not released
100%		 98
St Leonards
NSW
Tower 1
Not released
100%		 196
St Leonards
NSW
Tower 2
Not released
100%		 303
Yarra's Edge
VIC
Tower 11
4%
100%		 314
Yarra's Edge
VIC
Tower 9
Not released
100%		 204
Evelyn Waterfront
QLD
Stage 1
Not released
100%		 220
Evelyn Waterfront
QLD
Stage 2
Not released
100%		 63
Under Construction
Marketing
Planning
  • 1) Subject to FIRB approval.
APAR
 TMENTS PROJECT PI
 PELINE
ANALYSIS
% of total FY16
expected lots to settle
from apartments
22%
% of total FY16 expected
provision lots to settle
4%
  • 2) Project Delivery Agreement with 100% ownership on deferred terms.

Note: PDA’s are development service contracts and there is no land ownership to Mirvac.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 37

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RESIDENTIAL: PRE-SALES DETAIL

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RECONCILIATION OF MOVEMENT IN EXCHANGED PRE-SALES CONTRACTS TO 1H16

PRE-SALES BY TYPE[ 1]

PRE-SALES BY GEOGRAPHY[ 1]

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$3,000m
$762m $2,634m
2,000 $1,987m ($115m)
1,000
0
FY15 Settled Net Sales 1H16
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Masterplanned communities: 28%
Apartments: 72%
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NSW: 56%
VIC: 27%
QLD: 14%
WA: 3%
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PRE-SALES BY BUYER PROFILE[ 1]

PRE-SALES EXPECTED FIRB ROLL-OFF – APARTMENTS[ 1]

  • Exchanged pre-sales less than one year old — 65%

  • Exchanged pre-sales between one and two years old — 25%

  • Apartment pre-sales less than $1.2m — 62%

  • Masterplanned communities pre-sales less than $1m — 87%

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Domestic owner occupier: 38% Domestic investor: 32% Mainland China: 20% Offshore other: 10%

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FY16: 36%
FY17: 29%
FY18+: 35%
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1) Buyer profile information approximate only and based on customer surveys.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 38

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RESIDENTIAL: 2H16 SETTLEMENTS AND RELEASES

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2H16 EXPECTED PRE-SALES
MAJOR SETTLEMENTS STATE TYPE SECURED (LOTS)
Harold Park NSW Apartments 581
Googong NSW Masterplanned communities 257
Woodlea VIC Masterplanned communities 203
Harcrest VIC Masterplanned communities 169
Alex Avenue NSW Masterplanned communities 114
Jack Road VIC Masterplanned communities 66
Tullamore VIC Masterplanned communities 62
Brighton Lakes NSW Masterplanned communities 60
Enclave VIC Masterplanned communities 32
Greystone Terraces QLD Masterplanned communities 23
2H16 EXPECTED
APPROXIMATE
MAJOR RELEASES 1
STATE
TYPE
LOTS		 D
 APPR
 OXIMATE
Dallas Brooks Hall
VIC
Apartments
275
Marrickville
NSW
Apartments
223
Eagle Farm
QLD
Apartments
219
St Leonards
NSW
Apartments
196
Waterloo
NSW
Apartments
129
Claremont On The Park
WA
Apartments
92
Woodlea
VIC
Masterplanned communities
141
Gledswood Hills
NSW
Masterplanned communities
137
Gainsborough Greens
QLD
Masterplanned communities
123
Jack Road
VIC
Masterplanned communities
50

1) Subject to planning approvals and market demand.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 39

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RESIDENTIAL: 1H16 ACQUISITIONS

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ESTIMATED SETTLEMENT
PROJECT
STATE
OWNERSHIP
NO. OF LOTS 1
PRODUCT TYPE
COMMENCEMENT 1
Eagle Farm
QLD
PDA
1,172
Apartments
FY18
Marrickville
NSW
100%2
223
Apartments
FY19
Total
1,395		 ESTIMATED SET
 TLEMENT

1) Subject to planning approvals.

2) Project Delivery Agreement with 100% ownership on deferred terms. Note: PDA’s are development service contracts and there is no ownership to Mirvac.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 40

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RESIDENTIAL: 1H16 SETTLEMENTS

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1H16 SETTLEMENTS BY LOTS
748 lot settlements consisting of:		 APARTMENTS
MASTERPLANNED COMMUNITIES
TOTAL
LOTS
%
LOTS
%
LOTS
%
NSW 0
0%
290
39%
290
39%
QLD 3
<1%
111
15%
114
15%
VIC 17
2%
171
23%
188
25%
WA 4
1%
152
20%
156
21%
Total 24
3%
724
97%
748
100%

1H16 LOT SETTLEMENTS

By product type

Masterplanned communities: 97% Apartments: 3%

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By geography

NSW: 39% QLD: 15% VIC: 25% WA: 21%

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By structure

100% Mirvac inventory: 39% MWRDP: 12% JV’s and Associates: 46% Development funds: 3%

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By provision

Non-provision settlements: 74% Provision settlements: 26%

Land: 98% House: 2%

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 41

RESIDENTIAL: 1H16 SETTLEMENTS DETAIL

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1H16 MAJOR SETTLEMENTS PRODUCT TYPE OWNERSHIP LOTS
Googong, NSW Masterplanned Communities 50% 203
Woodlea, VIC Masterplanned Communities 50% 113
Gainsborough Greens, QLD Masterplanned Communities 100% 66
Gillieston, NSW Masterplanned Communities 100% 51
Osprey Waters, WA Masterplanned Communities 100% 49
Aston Grove, QLD Masterplanned Communities 100% 45
Harcrest, VIC Masterplanned Communities 20% 38
Mandurah Syndicates, WA Masterplanned Communities 20% 28
Panorama, NSW Masterplanned Communities 100% 24
Mandurah MWRDP (Meadow Springs), WA Masterplanned Communities 100% 24
Sub total 641
Other projects 107
Total 748

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1H16 AVERAGE SALE S PRICE $
House
$370k
Land
$251k
Apartments
$1,484k
1H16 BUYER PROFILE
%
Upgraders / empty nesters
38%
Investors
37%
First home buyers
25%
1H16 BUYER PROFILE BY GEOGRAPHY
%
Domestic
98%
FIRB
2%

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 42

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RESIDENTIAL: PROVISIONS – ROLL OFF[ 1]

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  • $10.5m in provision release during 1H16

  • Remaining inventory provision balance of $151m at 31 Dec 15[ 2]

EXPECTED PROVISION RELEASE PROFILE

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$40m
30
20
10
0
FY16 FY17 FY18 FY19 FY20
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EXPECTED CLOSING PROVISION BALANCE ROLL OFF

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$160m
120
80
40
0
FY16 FY17 FY18 FY19 FY20
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1) Based on forecast revenue, market conditions, expenditure and interest costs over product life.

2) Inventory provision only, total provision balance including JVA and loans is $196m.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 43

MIRVAC GROUP

CALENDAR

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 44

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2H16 CALENDAR

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EVENT
LOCATION
DATE		 LOCATION DATE
Private roadshow
Sydney
12,15,18 February2016
Private roadshow
Melbourne
16-17 February2016
Private roadshow
Asia
29 February– 3 March 2016
Private roadshow
US
4-8 April 2016
3Q16 Update
—
3 May2016
Macquarie Australia Conference
Sydney
4 May2016
FY16 Results Briefng
Sydney
16 August 2016
Investor Relations Contact
T: (02) 9080 8000
E: [email protected]

1) All dates are indicative and subject to change.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 45

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GLOSSARY

MEANING

TERM

A-REIT Australian Real Estate Investment Trust AFFO Adjusted Funds from Operations BP Basis Points CBD Central Business District

  • COGS Cost of Goods Sold

Cents Per Stapled Security

CPSS

  • DA Development Application – Application from the relevant planning authority to construct, add, amend or change the structure of a property.
DPS
Distribution Per Stapled Security
DMA
Development Management Agreement
EBIT
In the current reporting period, Mirvac has revised its defnition of Earnings Before Interest and Taxes (EBIT). Mirvac
considers interest income from joint ventures and interest income from mezzanine loans to be part of a business’s
operations and should therefore form part of operating revenue. Prior to FY11, interest income from joint ventures
and interest income from mezzanine loans were shown as part of interest revenue. All historical EBIT fgures in this
presentation have been re-stated to refect the current defnition of EBIT for comparability.
EIS
Employee Incentive Scheme
ENGLOBO
Group of land lots that have subdivision potential
EPS
Earnings Per Stapled Security
FHB
First Home Buyer
FFO
Funds from Operations
FY
Financial Year
GE
GE Real Estate Investments Australia
ICR
Interest Cover Ratio
IFRS
International Financial Reporting Standards
IPD
Investment Property Databank
IPUC
Investment properties under construction
IRR
Internal Rate of Return
JVA
Joint Ventures and Associates

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TERM MEANING

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LPT Listed Property Trust
LTIFR Lost Time Injury Frequency Rate
MAT Moving Annual Turnover
MGR Mirvac Group ASX code
MPT Mirvac Property Trust
MTN Medium Term Note
MWRDP Mirvac Wholesale Residential Development Partnership
NABERS National Australian Built Environment Rating system – The National Australian Built Environment Rating System is a
multiple index performance-based rating tool that measures an existing building’s overall environmental performance
during operation. In calculating Mirvac’s NABERS office portfolio average,
several properties that meet the following criteria have been excluded:
i) Future development – If the asset is held for future (within 4 years) redevelopment
ii) Operational control – If operational control of the asset is not exercised by MPT (ie tenant operates the building or
controls capital expenditure).
iii) Less than 75% office space – If the asset comprises less than 75% of NABERS rateable office space by area.
iv) Buildings with less than 2,000 sqm office space
NLA Net Lettable Area
NOI Net Operating Income
NPAT Net Profit After Tax
NRV Net Realisable Value
NTA Net Tangible Assets
OOP Owner Occupied Property
PCA Property Council of Australia
PDA Project Delivery Agreement. Provision of development services by Mirvac to the local land owner
ROIC Return on Invested Capital calculated as earnings before interest and tax divided by invested capital
SQM Square Metre
USPP US Private Placement
WACR Weighted Average Capitalisation Rate
WALE Weighted Average Lease Expiry
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MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 46

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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.

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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 “expected”, “forecast”, “estimates”, “consider” and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. 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 2015, 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 2015, unless otherwise noted.

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 47

MIRVAC GROUP

THANK YOU

FOLLOW US MIRVAC MIRVAC ON TWITTER INVESTOR RELATIONS 1H16 PROPERTY @MIRVAC WEBSITE COMPENDIUM

MIRVAC I 1H16 ADDITIONAL INFORMATION I 11 FEBRUARY 2016 I 48

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