MIRVAC GROUP — Interim / Quarterly Report 2016

Feb 10, 2016

MIRVAC GROUP

11 FEBRUARY 2016

RESULTS 1H16

MIRVAC GROUP

1H16 RESULTS INTRODUCTION

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 01

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DELIVERING ON STRATEGIC OBJECTIVES

Strategy has delivered high quality portfolio

• $366m valuation increase across the portfolio

• Record leasing success and strong portfolio metrics

Focused and disciplined approach to capital allocation to deliver sustainable growth

• Continued to dispose of assets no longer on strategy and avoided acquiring low cap rate core assets

Continue to unlock development potential while managing the Group’s risk profile

• Increased active office development pipeline to $2.1bn (86% pre-leased)

• Development of four retail projects well progressed (86% pre-leased)

• Residential pipeline delivering above through cycle margins and record $2.6bn of pre-sales secured

Secured strategic partnerships in both the passive and active business that leverage our asset creation, repositioning and investment management capabilities

• Assets under management have increased to $15.0bn from $9.2bn at FY12

• Investment Management Agreement with a subsidiary of CIC

• Established a residential development JV with Ping An Real Estate

On track to achieve FY16 full year targets

• Maintained EPS guidance of 12.7cpss – 13.0cpss

• FY16 interim distribution of 4.7cpss, consistent with full year guidance

• Expect to achieve over 12% Development ROIC in FY16, one year ahead of previous guidance

• 88% of expected FY16 Development EBIT secured

Continuing to work on identifying potential initiatives to unlock value

• In progress

PORTFOLIO REPOSITIONING

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$1,400m 7.40%
1,200 FY16 asset sales target $400-$600m 7.20
1,000 7.00
800 6.80
600 6.60
400 6.40
200 6.20
0 6.00
FY13 FY14 FY15 1H16
Cap rate [ 1] MGR Disposals MGR Acquistions
Exchanged contract for 1 Woolworths Way, Bella Vista
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ASSETS UNDER MANAGEMENT[ 2]

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$16.0bn $15.0bn
12.0
$9.2bn
8.0
4.0
0
FY12 1H16
1) Based on IPD all property WACR to Sep 15. Balance sheet Third party capital
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2) Includes residential inventory. 1H16 includes CIC portfolio.
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MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 02

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SECURED OPPORTUNITIES ALIGNED WITH URBAN STRATEGY

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• Secured the acquisition of five new projects located in densely populated urban catchments

• Strong catchments support future outlook

OFFICE ASSET AND DEVELOPMENT

AUSTRALIAN TECHNOLOGY PARK, SYDNEY[ 1]

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$1bn
End value
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ATP to be pivotal in extending Sydney’s growing digital and innovation industries Demand for ICT workers in Australia is forecast to increase by 100,000 over the six years to 2020[ 2] 100% ownership of locomotive workshop and National Innovation Centre (24,540 sqm) Mirvac, the Commonwealth Bank and Centuria have established a Tech Incubation Hub

CBA development:

Secured new 15 year lease to the Commonwealth Bank for 93,000 sqm Secured co-investors AMP and Sunsuper Mirvac appointed as developer and will retain 33.3% interest

• 1) Settlement expected 2H16.

2) Deloitte Access Economics and the Australian Computer Society Australia – Australia’s Digital Pulse, 2015.

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 03

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SECURED OPPORTUNITIES ALIGNED WITH URBAN STRATEGY

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RETAIL ASSET INDUSTRIAL ASSET EAST VILLAGE, ZETLAND, SYDNEY[ 1] RYDALMERE, SYDNEY[ 1]

RESIDENTIAL DEVELOPMENT RESIDENTIAL DEVELOPMENT MARRICKVILLE HOSPITAL, SYDNEY EAGLE FARM, BRISBANE ~$200m >1,000 End value Total lots

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100%
Occupancy
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$13,000/ sqm
Sales productivity
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High-density catchment: 3km from CBD Income per capita 43% above Sydney average Annual population forecast to grow 7% next 10 years Retail spending forecast to grow >9% pa next 10 years

Situated in major technology and education precinct 3km from Parramatta CBD and Westmead – Australia’s largest health precinct Rydalmere forecast to accommodate over 11,000 new knowledge worker jobs by 2031 Major transport enhancements underway

Located in dense inner west Sydney, 7km south west of Sydney CBD with three frontages to major roads Includes new Civic Centre, Library & community facilities 500m from Marrickville railway station – to be upgraded to Metro, rapid transit line Very few significant developments in last few years

Located adjacent Eagle Farm Racecourse, 6km north east of Brisbane CBD Highly unique product with new retail, and views over racecourse and internal parklands Capital efficient acquisition structure — PDA with Brisbane Racing Club

1) Settlement expected 1H17.

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 04

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SUSTAINABILITY AND PEOPLE

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This Changes Everything

• Launched Mirvac Energy: A company that will invest in solar systems for our own assets earning an income stream by selling energy

• Two pilot projects to commence at One Darling Island and Orion Springfield Central totalling 1.1MW

• Existing asset 275 Kent St achieved a 6 Green Star Performance rating (only the second 6 Star Performance rating in Australia)

People

• Recognised as a 2015 WGEA Employer of Choice for Gender Equality

• Launched Mirvac Learning Academy

• Established flexibility charter and commenced roll out of training program

Hatch

• Googong Township received a 5 Star Green Star Communities rating — the first project in NSW to be awarded this rating by the GBCA

• Ranked third in BRW’s Most Innovative Companies list for 2015 and Best Innovation Program

• Mirvac launched its first annual Sustainable Supply Chain Report

• Delivered first Net Positive carbon home at Osprey Waters, WA

• Progressing each of our strategic missions with a number of ideas reaching experiment stage

Health, Safety and Environment

• The national Alcohol and other Drugs Education Program wrapped up in December 2015 with 82% of all Mirvac employees attending.

• Safety performance tracking below FY16 targets

• LTIFR at 1.39 against a target of 4

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 05

MIRVAC GROUP

1H16 FINANCIAL RESULTS

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 06

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HIGH QUALITY PORTFOLIO DRIVING SUBSTANTIAL UPLIFT IN PROPERTY VALUATIONS

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• Statutory profit up 69% to $472.7m (1H15: $279.0m), statutory EPS of 12.8cpss (1H15: 7.6cpss)

• 1H16 revaluation uplift of $365.9m (35% of the book externally valued) including:

• $289.3m in Investment properties and IPUC[ 1]

• $42.2m in properties held in JVA

• $34.4m in owner occupied property (OOP)

• Weighted average investment portfolio cap rate tightened 36bps to 6.50% from FY15

1H16 1H15 $M $M Statutoryproft after tax 472.7 279.0 Investmentproperty revaluationgain (289.3) (50.8) Equity accountedproperty revaluationgain (42.2) (11.0) Unrealised loss on interest rate derivatives 10.4 13.4 Restructuringcosts 1.4 — Other 11.6 0.6 Operating proft after tax 164.6 231.2				1H16	1H15

• Overhead cost initiatives resulting in a restructuring cost of $1.4m, consistent with FY16 expected cost of $4m

NTA MOVEMENT

• NTA[2] increased 5% to $1.83 per stapled security, driven by property revaluation uplifts

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$0.01 ($0.01)
$0.01 $1.83
$0.08
$1.74
NTA Revals — Revals — Revals — Other P&L, distributions NTA
30 Jun 15 IP and IPUC JVA OOP & reserves movement 31 Dec 15
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• 1) IPUC uplift of $38m, relating to 200 George St revalue at cap rate of 5.50%.

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

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 07

1H16 OPERATING RESULTS IN LINE WITH EXPECTATIONS

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• 1H16 result in line with expectations, significantly stronger 2H16 contribution expected

• Investment EBIT supported by acquisitions, development completions and embedded rental growth, however offset by $407m of asset sales in 2H15 and the impact from development and assets held for development

• Development EBIT materially skewed to 2H16 reflecting timing of residential settlements (75% of FY16 target lot settlements expected in 2H16)

• 1H16 unallocated costs slightly up on 1H15, however expect this to reverse in 2H16 as cost saving initiatives begin to flow through

• Expect $10-15m saving from FY17

• Delivered 1H16 FFO of $170.3m representing 4.6cpss

• 1H16 distribution of 4.7cpss consistent with full year guidance

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1H16 1H15 OPERATING RESULTS $M $M Investment 230.7 238.9 Investment Management 3.4 3.1 Development 2.0 102.8 Unallocated (37.2) (35.0) Elimination (5.1) (0.9) Operating EBIT 193.8 308.9 Operating proft after tax 164.6 231.2 Funds from operations 1 170.3 238.6 KEY METRICS 1H16 1H15 OperatingEPS 4.5c 6.3c FFO (per stapled security) 4.6c 6.5c OperatingDPS 4.7c 4.5c % ofpassive invested capital 80% 80%				1H16	1H15

1) Funds from operations (FFO) is derived in accordance with PCA guidelines.

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 08

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STRONG BALANCE SHEET AND VISIBILITY OF FUTURE CASHFLOWS

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• Gearing of 27.6%, within the Group’s target range of 20-30%

• Average borrowing costs reduced to 4.9%

• Maintained weighted average debt maturity at 4.3 years

• Settled $195m of USPP notes which mature in FY26 and FY28

• Increased bank facilities by $300m with maturities in FY18, FY19, FY20 and FY21

• Residential pre-sales of $2.6bn will generate net cashflow (after construction and other costs) of over $1.2bn by FY18

• Asset sales target of $400m–$600m in FY16

• Exchanged contracts for 1 Woolworths Way, Bella Vista in Jan 16 for $336.4m, representing a yield of 6.07%[ 1]

• Current cash and undrawn debt plus Woolworths Way asset sale proceeds currently sufficient to repay Sep 16 and Nov 16 debt maturities

CAPITAL MAN	AGEMENT METRIC	S	1H16	FY15
Balance sheetgearing2 27.6% 24.3% Look-throughgearing 28.3% 25.2% ICR3 4.5x 4.5x Total interest bearingdebt4 $3,107m $2,565m Average borrowingcost5 4.9% 5.2% Average debt maturity 4.3 yrs 4.3 yrs S&P credit rating BBB+ BBB+ Hedgedpercentage 51% 61% Average hedge maturity 4.7 yrs 5.2 yrs

PRE-SALES CASHFLOW

DRAWN DEBT MATURITIES AS AT 31 DEC 15

$1,500m

$1,000m

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1,000 33% 40%
27%
500
0
2H16 FY17 FY18+
Pre-sales: expected settlement profile Cumulative net cashflow
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• 1) Total consideration includes delivery of a new carpark.

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

• 3) Adjusted EBITDA/finance cost expense.

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

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800
600
400
200
0
2H16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28
USPP MTN Bank
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• 5) Includes margins and line fees.

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 09

DELIVERY OF 2H16 SETTLEMENTS ON TRACK

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• Operating cashflow for the Group skewed significantly to second half of FY16

• $877m[ 1] of residential pre-sales expected to settle in 2H16

• $65m completed to 7 Feb 16

• Construction of major contributors remain on track[ 2] :

• Harold Park, Precinct 3: Building 1 — construction complete and settlement notices issued Building 2 — 95% complete

• Harold Park, Precinct 4a: 60% complete

• Harold Park, Precinct 4b: 75% complete

• Harold Park, precinct 6b: 80% complete

• Alex Ave, NSW: 90% complete — Jack Rd, VIC: 60% complete

• Tullamore, VIC: 60% complete — Brighton Lakes, NSW: 25% complete (Velocity panels)

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2H16 EXPECTED PRESALES REVENUE MAJOR SETTLEMENTS SECURED (LOTS) SECURED OWNERSHIP	EXPECTE	D	PRESALES	REVENUE
Harold Park, NSW 581 $577m 100%
Alex Avenue, NSW 114 $56m 100%
Jack Road, VIC 66 $47m 100%
Tullamore, VIC 62 $41m 100%
Brighton Lakes, NSW 60 $39m PDA
Googong, NSW 257 $32m 50%
Harcrest, VIC 169 $20m 20%
Woodlea, VIC 203 $18m 50%
Other 207 $47m Various
Total $877m

2H16 EXPECTED SETTLEMENT PROFILE

$1,000m

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$877m
Major contributors:
750 > Harold Park,
Major contributors: Precinct 3
> Harold Park, Precinct 3 > Tullamore $645m
> Alex Ave
500 Major contributors: $460m
> Harold Park,
Precinct 3 Major contributors:
> Alex Ave $304m > Harold Park,
Precinct 4a, 4b & 6b
250 $135m Major contributors:> Harold Park, > Jack Rd> Brighton Lakes> Harcrest
Precinct 4b & 6b
> Jack Rd
$31m > Tullamore
0
Jan 16 A Feb 16 F Mar 16 F Apr 16 F May 16 F Jun 16 F
Apartments MPC
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1) Based on Mirvac’s share of JVA and Mirvac managed funds. $1,033m on 100% basis.

2) Update as at Feb 16.

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 10

MIRVAC GROUP

RETAIL OPERATIONAL UPDATE

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 11

URBAN STRATEGY DELIVERING OUTPERFORMANCE

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• High occupancy maintained at 99.3%

• Like-for-like growth steady at 2.2%[ 1]

• Delivered strong comparable MAT growth of 7.3% driven by exceptional Dec quarter growth of 8.2%

• Comparable specialty sales growth of 6.9%

• Comparable specialty sales productivity up 12% on pcp to $9,285/sqm

• 16 consecutive months of positive comparable sales growth

• Occupancy costs reduced to 15.2% from 16.0% at FY15

• Weighted average cap rate tightened 22bps to 6.27% from FY15, resulting in a net valuation uplift of 3.9% on previous book value[ 2]

• 208 leasing transactions with positive leasing spreads of 4.0%

• Leasing spreads consistently positive since Sep 12

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RETAIL PORTF	OLIO RESULTS	1H16	FY15	1H15
Portfolio value $2,312.9m $2,139.5m $2,039.2m
Net valuation uplift2 3.9% 3.4% 1.4%
Like-for-like NOIgrowth 2.2% 2.1% 2.6%
Occupancy 99.3% 99.4% 99.2%
Specialty comparable occupancy costs 15.2% 16.0% 16.4%
Total leasingspreads 4.0% 4.8% 4.1%
Total comparable MATgrowth 7.3% 4.7% 3.1%
Specialties comparable MATgrowth 6.9% 3.8% 2.9%
WACR 6.27% 6.49% 6.59%
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-majors3 $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%

• 1) Like-for-like asset pool has reduced to approximately 30% of income due to significant developments and transactions over past 24 months.

• 2) Net gain on fair value of investment properties divided by book value prior to revaluation. Excludes transaction costs for acquisitions.

• 3) Includes other majors.

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 12

CAPTURING ORGANIC GROWTH POTENTIAL

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• Investing in existing assets located in key metropolitan markets to drive organic growth

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CASE STUDY:

KAWANA SHOPPINGWORLD, QLD

• Four developments currently underway:

• Orion Springfield, Stage 2, QLD (88% leased)

32,000 sqm expansion creating regional centre with enhanced food, fashion and entertainment and three new major tenants

• Tramsheds, Harold Park, NSW (98% leased)

• Restoration and recreation of historic tram sheds creating unique urban convenience and dining offering

• Greenwood Plaza, NSW (86% leased)

• Repositioning of casual dining precinct

• Broadway Shopping Centre, NSW (67% leased)

Repositioning urban fashion and casual dining with introduction of international mini-major

• Further development and repositioning opportunities across most of the portfolio over time

• DAs submitted at Birkenhead Point, NSW and Kawana Shoppingworld, QLD

	Introduced an improved leisure and lifestyle offer including youth fashion, alfresco dining, Aldi and JB Hi-Fi Cost: $85m Yield on cost: >7% Completion date: Jul 14 Cap rate at 31 Dec 15: 6.00% (6.75% pre-development)	MAT: 27% á Specialty MAT: 52% á Foot traffc: 9% á Average spend: 17% á Advancing planning for next stage of development to further increase market share

RETAIL DEVELOPMENT AND REPOSITIONING PIPELINE

Active Orion Springfeld Central Tramsheds Harold Park Greenwood Plaza Broadway Shopping Centre	Masterplanning Phase Rhodes Waterside Harbourside Cherrybrook Village St Marys Village Centre Kawana Shoppingworld Birkenhead Point	Future
		Stanhope Village MetCentre Cooleman Court Broadway Shopping Centre

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 13

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OVERWEIGHT TO SYDNEY URBAN ASSETS SUPPORTS FUTURE PORTFOLIO GROWTH

• Sydney inner urban retail assets[ 1] proven outperformance

• Outperforming leasing spreads of 6.7%

• Outperforming net valuation uplift of 5.0%

• Portfolio strongly positioned for future growth

• Specialty sales productivity growth of 12% over the last 12 months

• Specialty occupancy costs down 120bps to 15.5%

• Retail spending supported by quality of portfolio trade areas

• Dense and growing urban catchments

• Higher incomes per capita

• Higher levels of dwelling investment

• Exposure to increased tourism and education sectors

• Mirvac maintains overweight Sydney position following completion of active development pipeline and East Village acquisition

INNER URBAN ASSETS POSITIONED FOR GROWTH

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17.9%
$10,500 18.0%
16.7%
$10,247 $10,304
9,500 16.0%
14.5%
$9,239 15.5%
8,500 14.0%
$8,207
7,500 12.0%
6,500 10.0%
Urbis Sub Regional [ 2] Urbis Regional [ 2] Mirvac Sydney Dec 14 Mirvac Sydney Dec 15
Specialty sales $/sqm (LHS) Specialty occ costs (RHS)
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LEASING SPREADS OF INNER URBAN ASSETS OUTPERFORM

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9.0% 8.4%
6.7%
5.7% 6.5%
6.0 5.7%
5.1%
4.9% 4.5% 4.8%
3.0 4.1% 4.0%
2.1%
0
FY13 1H14 FY14 1H15 FY15 1H16
Total portfolio Sydney inner urban
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1) Mirvac’s retail assets within 15 kilometre radius of Sydney CBD.

2) Urbis 2014/15 Benchmarks.

MIRVAC I 1H16 OVERVIEW I 11 FEBRUARY 2016 I 14

MIRVAC GROUP

OFFICE & INDUSTRIAL OPERATIONAL UPDATE

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 15

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HIGH-QUALITY OFFICE ASSETS DRIVING RECORD LEASING SUCCESS

• Completed over 190,400 sqm of leasing activity, representing over 25% of portfolio income

• 86% of all leasing executed in Sydney

• Included renewals to Westpac and Woolworths of 58,500 sqm and 45,000 sqm respectively

• FY16 expiries reduced to 5% from 12% at FY15

• Strong overall leasing spreads of 3.8% (new leasing spreads 7.6%)

• Occupancy steady at to 94.5%

• WALE increased to 6.1 years from 4.3 years at FY15

• Like-for-like NOI growth of 1.0%, impacted by increased vacancy at 40 Miller St, NSW and 340 Adelaide St, QLD

• Weighted average cap rate tightened 44bps to 6.57% from FY15, representing 5.7% gain on previous book value[ 2] , resulting in a net valuation uplift of $251m including:

• 275 Kent St, NSW, $34m 8%

• 60 Margaret St, NSW, $30m 17%

• 10–20 Bond St, NSW, $26m 13%

• 77 St Georges Terrace, WA ($22m) 9%

• 1) Includes two assets in St Leonards being held for development. All other metrics exclude these assets. Excludes asset held for sale.

2) Net gain on fair value of investment properties divided by book value prior to revaluation. Excludes transaction costs for acquisitions.

• 3) By area, including equity accounted investments and OOP and excluding asset held for sale.

4) By income, including equity accounted investments and OOP and excluding asset held for sale.

OFFICE PORTF	OLIO RESULTS	1H16	FY15	1H15
Portfolio value $4,498.0m1 $4,108.0m $4083.2m
Net valuation uplift2 5.7% 2.1% 0.8%
Like-for-like NOIgrowth 1.0% 2.6% 3.8%
Occupancy3 94.5% 94.0% 94.7%
WALE4 6.1 yrs 4.3 yrs 4.5 yrs
WACR 6.57% 7.01% 7.24%
LEASING AVERAGE AVERAGE LEASING ACTIVITY AREA SPREAD INCENTIVE WALE
Renewals 154,172 sqm 1.9% 22% 9.8 yrs
New leases 36,278 sqm 7.6% 25% 7.5 yrs
Total 190,450 sqm 3.8% 24% 9.3 yrs

OFFICE LEASE EXPIRY PROFILE[ 4]

60%

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51%
40 36%
Down to 5%
20 20%
12% 8% 9% 10% 9% 12% 9% 8%
5% 6% 5%
0
Vacant 2H16 FY17 FY18 FY19 FY20 FY21+
1H16 FY15
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MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 16

STRONG INDUSTRIAL PORTFOLIO METRICS MAINTAINED

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• High occupancy maintained at 99.3%

• Long WALE of 7.2 years

• Like-for-like NOI growth of 2.7%, driven by embedded rental growth

• Weighted average cap rate compressed 24bps to 6.78% resulting in a net valuation uplift of $24m, representing 3.6% gain on previous book value[ 1]

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INDUSTRIAL P	ORTFOLIO RESULT	S 1H16	FY15	1H15
Portfolio value $691.4m $661.0m $416.6m
Net valuation uplift1 3.6% 6.5% 0.6%
Like-for-like NOIgrowth 2.7% 3.4% 3.8%
Occupancy2 99.3% 98.7% 99.5%
WALE3 7.2 yrs 7.6 yrs 8.2 yrs
WACR 6.78% 7.02% 7.38%

• Completed 17,250 sqm of leasing activity

• 14,600 sqm at Smeaton Grange, NSW

• Secured the acquisition of an industrial site at Rydalmere in Sydney for $47.6m

• 22,700 sqm total GLA

• Initial yield 6.7%

• Fully occupied, WALE >6.5 yrs

• Settlement expected Jul 16

INDUSTRIAL LEASE EXPIRY PROFILE[ 3]

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70%
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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1) Net gain on fair value of investment properties divided by book value prior to revaluation. Excludes transaction costs for acquisitions.

2) By area.

3) By income.

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 17

DEVELOPING QUALITY PASSIVE ASSETS AND GENERATING DEVELOPMENT RETURNS

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TREASURY BUILDING, PERTH
NLA 30,800 sqm
Ownership 50%
Occupancy 99%
WALE (on completion) 25 years
Cap rate at Dec 15 6.00%
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• Mirvac’s ability to create high-quality commercial assets generates:

• Stable long-term recurrent income

• Superior returns (not competing for assets on market)

• Development profits

Treasury Building, Perth

• Acquired site and secured 25 year pre-lease commitment with WA Government over 99% of NLA

• Entered into an agreement with Keppel REIT to sell down 50% via a development fund through structure

• Development completed in Aug 15

• Revalued at Dec 15 to $395m (100%)

FINANCIAL METRICS

FINANCIAL METRICS
Development IRR	30%
Yield on cost	8.4%
Developmentproft	~$52m
Revaluationgain at Dec 15	$30m (50%)
Total return on investment	35%

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 18

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ACTIVE OFFICE PIPELINE HAS GROWN TO $2.1BN

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• $2.1bn active office pipeline on track: 86% pre-leased and target average IRR 14%

• $2.2bn future commercial development pipeline: $2.0bn office pipeline and $208m industrial pipeline including: — 55 Pitt St, Sydney, 477 Collins St, Melbourne and 60 Wallgrove Rd, Sydney

FY16 200 GEORGE ST, NSW FY17 2 RIVERSIDE QUAY, VIC FY18 664 COLLINS ST, VIC FY20/21 AUSTRALIAN TECHNOLOGY PARK, NSW	FY16 200 GEORGE ST, NSW FY17 2 RIVERSIDE QUAY, VIC FY18 664 COLLINS ST, VIC FY20/21 AUSTRALIAN TECHNOLOGY PARK, NSW	FY16 200 GEORGE ST, NSW FY17 2 RIVERSIDE QUAY, VIC FY18 664 COLLINS ST, VIC FY20/21 AUSTRALIAN TECHNOLOGY PARK, NSW	FY16 200 GEORGE ST, NSW FY17 2 RIVERSIDE QUAY, VIC FY18 664 COLLINS ST, VIC FY20/21 AUSTRALIAN TECHNOLOGY PARK, NSW	FY16 200 GEORGE ST, NSW FY17 2 RIVERSIDE QUAY, VIC FY18 664 COLLINS ST, VIC FY20/21 AUSTRALIAN TECHNOLOGY PARK, NSW
	Estimated end value:1 $625m NLA: 38,900 sqm Ownership: 50% %pre-leased:2 85%	Estimated end value:1 $212m NLA: 21,000 sqm Ownership: 50% %pre-leased:2 91%	Estimated end value:1 $214m NLA: 26,100 sqm Ownership: 100% %pre-leased:2 33%	Estimated end value:1 $1,012m NLA: 97,500 sqm Ownership: 33.3% %pre-leased:2 100%

• 1) Represents 100% of expected development end value.

• 2) % of office space pre-leased.

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 19

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OVERWEIGHT EXPOSURE TO PRIME GRADE ASSETS IN SYDNEY AND MELBOURNE SUPPORT POSITIVE OUTLOOK

• 79% of Mirvac’s office portfolio located in Sydney and Melbourne

• 94% Premium and A Grade

• 90% of Mirvac’s industrial portfolio located in Sydney

• 100% of active commercial development pipeline located in Sydney and Melbourne

• Office net absorption in Sydney and Melbourne well above 10 year average

• Tenant demand driven by improved business conditions and growing technology and education sectors

OFFICE NET DEMAND BY GRADE – SYDNEY & MELBOURNE CBD[ 1]

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250,000 sqm
200,000
150,000
100,000
50,000
0
(50,000)
(100,000)
Sydney Sydney Melbourne Melbourne
Prime Secondary Prime Secondary
Net demand 10 year average
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• Negative net office supply from 2017 supporting downward pressure on vacancy and better effective rent growth outlook

• Impact from withdrawals

• Completions well below historic averages

• Strong capital market activity continues to place upward pressure on pricing

• Sydney industrial benefiting from positive economic growth, modest supply and strong capital market activity

SYDNEY CBD – FORECAST NET SUPPLY AS % OF STOCK[ 2]

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4%
2
0
(2)
2015 A 2016 F 2017 F 2018 F 2019 F
Net Supply as % of stock 20 year average
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1) Source: JLL, 12 months to Dec 15.

2) Source: JLL, 4Q 2015 and Mirvac Research forecast.

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 20

MIRVAC GROUP

RESIDENTIAL OPERATIONAL UPDATE

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 21

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CONTINUED SALES MOMENTUM DELIVERING STRONG 1H16 ACTIVITY

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• 1H16 sales activity of ~1,960 lots in line with 2H15 reflecting continued momentum of Sydney and Melbourne masterplanned communities (MPC) projects and Brisbane apartments

• Woodlea, VIC: 507 lots sold

• Googong, NSW: 184 lots sold

• Hope St, QLD: 153 lots sold

• Tullamore, VIC: 102 lots sold

• Alex Avenue, NSW: 102 lots sold

• Brighton Lakes, NSW: 93 lots sold

• On track to achieve over 2,900 lot settlements in FY16 (27% growth on FY15) — 85% of target lot settlements secured including 748 lots settled in 1H16

SALES ACTIVITY BY LOTS[ 2]

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2,000 lots
1,500
1,000
500
0
1H14 2H14 1H15 2H15 1H16
MPC Apartments
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RESIDENTIAL GROSS MARGINS

• A further 191 lot settlements completed in 2H16 to 7 Feb 16

• Strong 1H16 residential gross margins of 25.3%, driven by outperformance of Sydney MPC projects and Melbourne apartments

• Achieved record $2.6bn[ 1] of pre-sales, up from $2.0bn at FY15

• Secured 88% and 73% of expected FY16 and FY17 Development EBIT respectively, driven by record level of residential pre-sales

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30%
25.3%
24.3% 23.6%
Through cycle target
20
14.3% 17.0%
10
FY12 FY13 FY14 FY15 1H16
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• 1) Adjusted for Mirvac’s share of JVA and Mirvac managed funds.

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

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 22

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SYDNEY

RESIDENTIAL MARKET OVERVIEW

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MIRVAC PIPELINE[ 1]

• Momentum supported by pent-up demand and strong economy

• NSW population growth has accelerated over past few years

• Greater Sydney unemployment very low (below 5%)

• Stronger for longer construction cycle is being underpinned by broad new infrastructure projects

% NSW 37

MELBOURNE

• Ongoing strong population growth and solid economy to support dwelling demand

• Metropolitan Melbourne still expected to remain Australia’s fastest growing city

• Ongoing dwelling demand is forecast for middle and outer rings with good connections

• Inner city apartment supply is expected to remain concentrated in specific locations

% VIC 35

BRISBANE

• Market demand remains steady, supported by improving economic fundamentals

• Inner apartment market offers relatively high yields and value proposition, compared to detached housing

• Supply and prices for land market are modest

• Construction cost escalation pressure due to high supply in some apartment sub-markets

22% QLD

PERTH

• Subdued economic conditions generally impacting the market, though demand exists for select product and locations

• Population continues to increase and affordability is positive

• Expect challenging conditions to continue until FY18

6% WA

1) Based on Mirvac’s share of expected future revenue.

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EFFECTIVELY MANAGING RISK WHILE SECURING FUTURE RETURNS

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• $2.6bn pre-sales securing future income

• Fast tracking future sales releases to capture market and further de-risk future development earnings

> Establishing resilience through brand equity

• High level of repeat buyers, up to 25% of sales on some projects

• Active management of capital position

• Established residential development JV with Ping An Real Estate with Waterloo, Sydney seed project

• Sourced new opportunities on capital efficient terms (1,395 lots in PDA’s)

• Managing construction risk

• Actively promote health and safety as the number one priority

• Construction cost escalation included in feasibilities

• Pro-active management of settlement risk

• Engagement program with customers and lenders

• Maintained long-term average of less than 1% defaults

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$2.6bn
Residential pre-sales detail [ 1]
Apartments 72%
MPC 28%
NSW 56%
VIC 27%
QLD 14%
WA 3%
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Domestic owner occupier [ 2] 38%
Domestic investor 32%
Mainland China 20%
Offshore other 10%
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1) Buyer profile information approximate only and based on customer surveys.

2) Includes first home buyers.

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 24

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STRONG PIPELINE SUPPORTS VOLUMES OVER THE MEDIUM TERM

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• Development EBIT has increased significantly since FY13 driven by a higher residential contribution

• Volumes and margins up

• Revenue from provisioned projects down

• Existing pipeline supports over 16,000 potential lot settlements over the next five years

• Released projects substantially pre-sold

• Weighted to Sydney and Melbourne

• Demand for 2H16 major project releases supported by strong connections to employment and amenity or growing catchments including:

DEVELOPMENT EBIT[ 1]

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$200m
150
100
50
0
FY11 FY12 FY13 FY14 FY15
Residential Commercial
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LOT SETTLEMENTS

• Woodlea, VIC (Fastest selling project in Australia for three consecutive quarters)

• Dallas Brooks Hall, VIC (>3,000 Registrations of interest)

• Gledswood Hills, NSW

• Marrickville, NSW

• St Leonards, NSW

• Waterloo, NSW

• Eagle Farm, QLD

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4,000 lots 16,000 potential
lot setlements over the next five years
3,000
2,900 FY16 lot
settlement target
2,000
1,000
0
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
Lots settled Lots pre-sold
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1) Residential/commercial split based on EBIT before overheads.

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MIRVAC GROUP

OUTLOOK AND GROUP GUIDANCE

MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 26

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OUTLOOK AND GROUP GUIDANCE

Office, Industrial and Retail

• Maintain strong metrics through active asset management

• Deliver $2.1bn active office development pipeline

• Deliver retail development pipeline and advance planning on future opportunities

Acquisitions and divestments

• Look for opportunities where we can use asset management and development capabilities to generate value > Take advantage of strong capital markets to divest $400m – $600m of assets outside of preferred sub-markets

Residential

• Deliver $2.6bn of pre-sold developments

• Maintain strong returns and gross development margins

• Maintain discipline when acquiring new sites

• Actively manage risk profile

Capital management

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

• Manage liquidity headroom against funding commitments and upcoming debt maturities

Group

• FY16 Group operating profit guidance: $470m — $482m

• FY16 EPS guidance: 12.7cpss — 13.0cpss

• FY16 DPS guidance: 9.7cpss — 9.9cpss

• Expect to achieve Development ROIC of over 12% in FY16, one year ahead of previous target

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OVO, GREEN SQUARE, SYDNEY NSW
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MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 27

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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 RESULTS I 11 FEBRUARY 2016 I 28

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MIRVAC GROUP
THANK
YOU
FOLLOW US MIRVAC MIRVAC
ON TWITTER INVESTOR RELATIONS 1H16 PROPERTY
@MIRVAC WEBSITE COMPENDIUM
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MIRVAC I 1H16 RESULTS I 11 FEBRUARY 2016 I 29