MIRVAC GROUP — Interim / Quarterly Report 2017

Feb 15, 2017

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16 FEBRUARY 2017

1H17 Additional Information

Contents

Financial

• 03 1H17 operating to statutory profit reconciliation

• 04 1H16 operating to statutory profit reconciliation

• 05 1H17 movement by segment

• 06 1H17 NOI reconciliation

• 07 FFO and AFFO based on PCA guidelines

• 08 Finance costs by segment

• 09 Employee benefits and other expenses 10 Debt and hedging profile 11 Capital management metrics and liquidity profile

• 12 NTA and securities on issue reconciliation

• 13 Investment portfolio: acquisitions and disposals

• 14 Invested capital

Retail

• 21 Retail: portfolio details

• 22 Retail: comparable sales by category 23 Retail: lease expiry profile and top 10 tenants

• 24 Retail: developments

Residential

• 26 Residential: market overview

• 27 Residential: pipeline positioning

• 28 Residential: masterplanned communities pipeline (major projects)

• 29 Residential: apartments pipeline (major projects)

• 30 Residential: pre-sales detail

• 31 Residential: 1H17 acquisitions

• 32 Residential: 2H17 expected major releases

Office & Industrial

• 16 Office: portfolio details 17 Office: leasing details

• 18 Industrial: portfolio details

• 19 Office & Industrial: developments

• 33 Residential: 1H17 settlements

• 34 Residential: 1H17 settlements detail

• 35 Residential: EBIT reconciliation and gross development margin 36 Residential: provisions — roll off

Calendar

• 38 2H17 Calendar

Glossary

Important notice

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017

01

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FINANCIAL

1H17 operating to statutory profit reconciliation

Half year ended 31 December 2016	Offce & Industrial $m	Retail $m	Residential $m	Corporate & other $m	Total $m
Property net operating income	138	85	—	9	232
Development EBIT	31	—	78	—	109
Asset & funds management EBIT	5	2	—	—	7
Management & administration expenses	(8)	(6)	(9)	(22)	(45)
Earnings before interest and taxes1	166	81	69	(13)	303
Development interest costs	—	—	(26)	—	(26)
Other net interest costs	—	—	—	(31)	(31)
Income tax expense	—	—	—	(16)	(16)
Operating proft/(loss) (proft before specifc non-cash and signifcant items)2	166	81	43	(60)	230
Specifc non-cash items
Net gain on fair value of investment properties and IPUC	228	32	—	—	260
Net gain/(loss) on foreign exchange movements and fnancial instruments	3	—	—	(43)	(40)
Security-based payments expense	—	—	—	(9)	(9)
Depreciation of owner-occupied properties	—	—	—	—	—
Straight-lining of lease revenue	3	—	—	—	3
Amortisation of ftout and development incentives	(5)	(2)	—	—	(7)
Share of net proft of joint ventures relating to movement of non-cash items	19	—	—	36	55
Signifcant items
Net gain from sale of non-aligned assets	—	—	—	—	—
Restructuring costs	—	—	—	—	—
Tax effect
Tax effect of non-cash and signifcant items	—	—	—	16	16
Proft/(loss) attributable to the stapled securityholders	414	111	43	(60)	508

1. EBIT includes share of net operating profits of joint ventures.

2. 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 2016 Interim Report, which has been subject to review by its external auditors.

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017 03

1H16 operating to statutory profit reconciliation

Half year ended 31 December 2015	Offce & Industrial $m	Retail $m	Residential $m	Corporate & other $m	Total $m
Property net operating income	167	62	—	8	237
Development EBIT	(1)	—	(4)	—	(5)
Asset & funds management EBIT	3	—	—	1	4
Management & administration expenses	(7)	(5)	(6)	(24)	(42)
Earnings before interest and taxes1	162	57	(10)	(15)	194
Development interest costs	(2)	—	(13)	—	(15)
Other net interest costs	—	—	—	(27)	(27)
Income tax beneft	—	—	—	13	13
Operating proft/(loss) (proft before specifc non-cash and signifcant items)2	160	57	(23)	(29)	165
Specifc non-cash items
Net gain on fair value of investment properties and IPUC	207	82	—	—	289
Net loss on foreign exchange movements and fnancial instruments	—	—	—	(10)	(10)
Security-based payments expense	—	—	—	(5)	(5)
Depreciation of owner-occupied properties	(3)	(1)	—	—	(4)
Straight-lining of lease revenue	5	—	—	—	5
Amortisation of ftout and development incentives	(5)	—	—	—	(5)
Share of net proft of joint ventures relating to movement of non-cash items	44	—	—	1	45
Signifcant items
Net gain from sale of non-aligned assets	—	1	—	—	1
Restructuring costs	—	—	—	(1)	(1)
Tax effect
Tax effect of non-cash and signifcant items	—	—	—	(7)	(7)
Proft/(loss) attributable to the stapled securityholders	408	139	(23)	(51)	473

1. EBIT includes share of net operating profits of joint ventures.

2. 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 2016 Interim Report, which has been subject to review by its external auditors.

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017 04

1H17 movement by segment

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Operating EBIT by segment: 1H16 to 1H17
$300m $79m $2m $303m
$24m
200 $194 m $4m
100
0
1H16 Office & Industrial Retail Residential Corporate & other 1H17
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• Office and Industrial operating EBIT movement reflects increased development contribution offsetting the impact of FY16 asset sales

• Retail increased EBIT due to contribution from acquisitions and development completions

• Residential increase reflects the timing of residential settlements

• Corporate and other movement relates to reduction of management and administration expenses, reflecting cost saving initiatives

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017

05

1H17 N0I reconciliation

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Office & Industrial NOI Summary – 1H16 to 1H17 Retail NOI Summary – 1H16 to 1H17
$200m $90m
($1m) $1m
180 $15m $85m
$167m $2m ($8m) $5m ($28m)
160 80
140 ($0m) $138m
120 70 $7m
100
$1m
$62m
80 60
60
40 50
20
0 0
1H16 Like-for-like Development/ Acquisitions Divestments Other 1H17 1H16 Like-for-like Development Acquisitions Divestments Other 1H17
respositioning completions
impacted
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MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017

06

FFO and AFFO based on PCA guidelines

	1H17	1H16
	$m	$m
Operating proft (before specifc non-cash and signifcant items) 1	230	165
Including: Security-based payments expense	(9)	(5)
Excluding: Lease amortisation expense2	12	10
Funds From Operations (FFO)3	233	170
Maintenance capex	(30)	(23)
Incentives4	(36)	(14)
Adjusted Funds From Operations (AFFO)	167	133

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 from Mirvac’s half year ended 31 December 2016 Interim Report, which has been subject to review by its external auditors.

2. This includes amortisation of cash, leasing and rent free incentives.

3. Based on PCA guidelines.

4. Includes cash, leasing and rent free incentives.

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017

07

Finance costs by segment

	Offce &			Corporate
1H17 fnance costs	Industrial $m	Retail $m	Residential $m	& other $m	Group $m
Interest expense net of impairment	3	1	27	36	67
Capitalised interest	(3)	(1)	(17)	—	(21)
COGS interest net of provision release	—	—	16	—	16
Borrowingcosts amortised	—	—	—	1	1
Total fnance costs	—	—	26	37	63
Less: interest revenue	—	—	—	(6)	(6)
Net fnance costs	—	—	26	31	57
1H16 fnance costs
Interest expense net of impairment	4	1	28	35	68
Capitalised interest	(4)	(1)	(19)	—	(24)
COGS interest net of provision release	2	—	4	—	6
Borrowingcosts amortised	—	—	—	1	1
Finance costs expense	2	—	13	36	51
Less: interest revenue	—	—	—	(9)	(9)
Net fnance costs	2	—	13	27	42

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017 08

Employee benefits and other expenses

	1H17	1H16
	$m	$m
Offce & Industrial	14	14
Retail	16	13
Residential	22	25
Corporate & other	22	24
Total operating employee benefts and other expenses	74	76
Security-based payments	9	5
Restructuring cost	—	1
Total statutory employee benefts and other expenses	83	82

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017 09

Debt and hedging profile

Issue / source	Maturity date	Facility limit $m	Drawn amount $m
Bank facilities	Sep2017	150	-
MTN V Bank facilities USPP1	Dec 2017 Sep2018 Nov 2018	200 400 134	200 215 134
Bank facilities	Sep2019	400	400
Bank facilities MTN VI	Sep2020 Sep2020	400 200	200 200
Bank facilities	Sep2021	200	200
USPP1	Dec 2022	220	220
MTN VII USPP1	Sep2023 Dec 2024	200 136	200 136
USPP1	Sep2025	46	46
USPP1 USPP1	Dec 2025 Sep2027	151 249	151 249
USPP1	Sep2028	298	298
USPP1	Sep2031	139	139
EMTN1	Dec 2031	118	118
Total		3,641	3,106

Drawn debt sources

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Bank 33% MTN 19% USPP 44% EMTN 4%

Capital markets debt 67%[ 3]

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

2. Includes bank callable swap.

3. Includes MTN, USPP and EMTN.

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1H17 hedging and fixed interest profile as at 31 December 2016 [ 2]
$2,000m 4.0%
1,500 3.43% 3.5
3.25%
3.19% 3.17%
1,000 3.0
2.96%
2.81%
500 2.5
0 2.0
2H17 FY18 FY19 FY20 FY21 FY22
Fixed Options Swaps (LHS) Average rate Dec 16 (RHS)
Drawn debt maturities as at 31 December 2016
$500m
400
300
200
100
0
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32
MTN USPP EMTN Bank
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MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017 10

Capital management metrics and liquidity profile

Capital management metrics	Liquidity profle Facility Drawn Available
1H17 FY16 NTA $2.01 $1.92 Balance sheetgearing1 25.8% 21.9% Look throughgearing 26.4% 22.8% ICR2 5.5x 5.2x Total interest bearingdebt3 $3,106m $2,707m Average borrowingcost4 4.7% 5.0% Average debt maturity 6.4yrs 4.0yrs Hedgedpercentage 67% 70% Average hedge maturity 5.1yrs 4.5yrs	limit amount liquidity As at 31 December 2016 $m $m $m Facilities due within 12 months5 350 200 150 Facilities duepost 12 months5 3,291 2,906 385 Total 3,641 3,106 535 Cash on hand 59 Total liquidity 594 Less facilities maturing< 12 months5 350 Funding headroom 244

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

2. Adjusted EBITDA/finance cost expense.

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

4. Includes margins and line fees.

5. Based on hedged rate not carrying value.

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017

11

NTA and securities on issue reconciliation

Net tangible assets	$m	$ per security
As at 1 July 2016	7,101	1.92
Operating proft for the half year	230	0.06
Net gain on fair value of investment properties and IPUC	260	0.07
Net gain on fair value of investment properties included in equity accounted proft1	17	0.01
Other net equity movements and non-operating items through proft and loss2	12	0.00
Distributions3	(182)	(0.05)
As at 31 December 2016	7,438	2.01
Securities on issue		No. of securities
As at 1 July 2016		3,701,691,507
FY14 LTP vested in FY17	16 Aug16	3,422,724
As at 31 December 2016		3,705,114,231
Weighted average number of securities		3,704,258,550

1. 8 Chifley $16m and David Malcolm Justice Centre, Perth $1m.

1. Includes net equity movements such as SBP $4m and securities issued $5m, Tucker Box Hotel Trust net gain on fair value of investment properties included in equity accounted profit $34m, net loss on FX and financial instruments and other non-operating items through profit and loss and their related tax effect.

2. 1H17 Distribution of 4.9 cpss, payable on 28 February 2017.

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017

12

Investment portfolio: acquisitions and disposals

			Acquisition price
Acquisitions 1H17	State	Sector	$m	Settlement date
East Village, Zetland	NSW	Retail	155	July2016
274 Victoria Rd, Rydalmere	NSW	Industrial	48	July2016
South Village, Kirrawee1	NSW	Retail	15	October 2016
80 BaySt, Sydney	NSW	Retail	11	July2016
Total			229
			Sale price
Disposals 1H17	State	Sector	$m	Settlement date
—

1. Initial payment. Mirvac entered into an agreement to acquire a 50% interest in a future retail asset. Final price based on a 6.0% capitalisation rate of leased income on completion.

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017 13

Invested capital

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OFFICE: 55% Apartments: 53%
PASSIVE ACTIVE RESIDENTIAL
INVESTED INVESTED
89% Masterplanned
RETAIL: 34% CAPITAL [ 1] CAPITAL
communities: 36%
INDUSTRIAL: 9% Office: 7%
$8,734m $2,060m COMMERCIAL
81% 19% 11%
OTHER: 2% Industrial: 4%
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Active invested capital[ 2]

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100%
Commercial 11% WA 12% Provision 12%
75 Masterplanned QLD 21% Capital Efficient
Communities 47%
36%
50 VIC 23%
Non-provision
88%
25 Apartments Balance Sheet
53% NSW 44% 53%
0
By product line By state By structure By provision/non-provision
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1. Invested capital includes investment properties, IPUC, JV’s, other financial assets and intangibles.

2. Includes capital invested in development agreements, JVA, MWRDP, deferred land payments and loans.

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017

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OFFICE & INDUSTRIAL

Office: portfolio details

	1H17	1H16
No. of properties1	28	27
NLA	624,158 sqm	673,137 sqm
Portfolio value2	$4,710m	$4,498m
WACR	5.96%	6.57%
Property net operating income	$114m	$144m
Like-for-like NOI growth	2.5%	1.0%
Maintenance capex	$18m	$16m
Tenant incentives	$5m	$4m
Occupancy (by area) NLA leased	97.2% 56,830 sqm	94.5% 190,449 sqm
% of portfolio NLA leased	9.1%	26.5%
No. tenant reviews	268	370
Tenant rent reviews	262,696 sqm	373,641 sqm
Tenant retention	59%	69%
WALE (by income)	6.9 yrs	6.1 yrs
WALE (by area)	7.4 yrs	6.5 yrs

1. Includes IPUC but excludes 55 Coonara Ave, which is being held for development.

2. Includes IPUC and 55 Coonara Ave, which is being held for development.

[ 3]

[ 3 ]

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Sydney 57% Premium grade 35% Melbourne 24% A grade 60% Perth 10% B grade 2% Canberra 6% C grade 3% Brisbane 3%

[ 4]

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Fixed 93% CPI 1% Other 6%

1. By portfolio value, excluding IPUC and 55 Coonara Ave, which is being held for development.

2. Excludes lease expiries.

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017 16

Office: leasing details

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Office lease expiry profile [ 1]
60%
57%
50
40
30
20
12%
10 11% 8%
6%
3% 3%
0
Vacant 2H17 FY18 FY19 FY20 FY21 FY22+
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	Offce	top 10 tenants 2		Percentage 3	Percentage 3	S&P Rating
	1	Government			14%	AAA & AA+
	2	Westpac Bank Corporation			10%	AA-
	3	Fairfax Media Limited			5%	BB+
	4	EY			4%	—
	5	AGL Energy			3%	BBB
	6	Sportsbet Pty Ltd			2%	—
	7	Optus			2%	A
	8	UGL Limited			2%	—
	9	Australia and New Zealand	Bank		2%	BBB+
	10	John Holland Pty Ltd			2%	—
	Total				46%	—
				Leasing	Average	Average
	1H17 Leasing activity		Area	spread	incentive	WALE 1
	Renewals		31,033 sqm	2.0%	15%	4.1 yrs
	New leases		25,796 sqm	10.3%	26%	6.7 yrs
	Total		56,829 sqm	5.0%	19%	5.0 yrs

1. By income.

2. Excludes Mirvac tenancies.

3. Percentage of gross office portfolio income.

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017

17

Industrial: portfolio details

	1H17	1H16
No. of properties1	18	15
NLA	479,277 sqm	393,416 sqm
Portfolio value1	$815m	$691m
WACR	6.37%	6.78%
Property operating income	$24m	$23m
Like-for-like NOI growth	0.7%	2.7%
Maintenance capex	$3m	$1m
Tenant incentives	$9m	$0m
Occupancy (by area)	99.7%	99.3%
NLA leased	19,511 sqm	17,250 sqm
% of portfolio NLA leased	4.1%	4.4%
No. tenant reviews	32	31
Tenant rent reviews	60,432 sqm	206,878 sqm
WALE (by income)	7.7 yrs	7.2 yrs
WALE (by area)	9.6 yrs	9.5 yrs

[ 2]

70%	70%
60		64%
50
40
30
20		18%
10		9%
0	1%	1% 5% 2%
	Vacant	2H17 FY18 FY19 FY20 FY21 FY22+

[ 3]

Industrial rent review structure[ 4]

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Sydney: 85% Melbourne: 8% Chicago: 7%

Fixed: 79% CPI: 18% Other: 3%

1. Includes IPUC.

2. By income.

3. By portfolio value, excluding IPUC.

4. Excludes lease expiries.

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017

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Office & Industrial: developments

Committed pipeline Sector Area Ownership % pre-leased1 Estimated value on completion2 Estimated cost to complete 3 Estimated yield on cost 4		Estimated project timing	Estimated project timing
	2H17	FY18	FY19	FY20+
664 Collins St, Melbourne Offce 26,000 sqm 100% 62%5 $255m $157m 6.8%
477 Collins St, Melbourne Offce 54,700 sqm 100% 40% $772m $559m 6.0%
Australian Technology Park, Sydney Offce 93,600 sqm6 33% 100% $1,015m $281m 6.2%
Total 174,300sqm 76% $2,042m $997m

1. % of office space pre-leased.

2. Represents 100% of expected development end value.

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

4. Expected yield on cost including land and interest.

5. Includes lease executed post 31 December 2016.

6. Represents CBA office commitment.

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017

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RETAIL

Retail: portfolio details

	1H17	1H16
No. ofproperties1	17	14
GLA	419,270 sqm	330,199 sqm
Portfolio value2	$2,927m	$2,313m
WACR	5.95%	6.27%
Propertynet operatingincome	$85m	$62m
Like-for-like NOIgrowth	3.2%	2.2%
Maintenance capex	$9m	$6m
Tenant incentives	$6m	$3m
Occupancy(byarea)	99.7%	99.3%
NLA leased	19,187 sqm	25,845 sqm
% ofportfolio NLA leased	4.5%	7.8%
No. tenant reviews	654	572
Tenant rent reviews	165,417sqm	102,545 sqm
WALE (byincome)	4.3yrs	4.0yrs
WALE (byarea)	5.4yrs	5.1yrs
Specialtyoccupancycost	14.6%	15.2%
Specialtyoccupancycost excludingCBD centres	13.5%	13.7%
Total comparable MAT	$2,577m	$1,815m
Total comparable MATproductivity	$9,897/sqm	$9,721/sqm
Total comparable MATgrowth	4.1%	7.3%
Specialties comparable MATproductivity	$9,662/sqm	$9,285/sqm
Specialties comparable MATgrowth	3.5%	6.9%
New leasingspreads	3.2%	6.3%
Renewal leasingspreads	3.1%	2.8%
Total leasingspreads	3.1%	4.0%

Retail diversity by grade[ 3]

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Retail rent review structure[ 4]

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Regional 40% Sub Regional 26% CBD Retail 15% Outlet 12% Neighbourhood 7%

Fixed: 81% CPI: 12% Other: 7%

1. Includes IPUC.

1. Includes IPUC and land at Orion Springfield, valued at $14.2m, which is being held for development. This is excluded from all other metrics.

2. By portfolio value excluding IPUC, as per PCA classification.

3. Excludes lease expiries.

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017 21

Retail: comparable sales by category

		1H17	FY16
	1H17	Comparable	Comparable
Retail sales by category	Total MAT	MAT growth	MAT growth
Supermarkets	$1,055m	3.4%	3.9%
Discount department stores	$247m	(1.2%)	5.4%
Mini-majors	$495m	8.5%	9.6%
Specialties	$1,095m	3.5%	4.2%
Other retail	$222m	5.6%	9.8%
Total	$3,114m	4.1%	5.4%

		1H17	FY16
	1H17	Comparable	Comparable
Specialty sales by category	Total MAT	MAT growth	MAT growth
Food retail	$134m	3.2%	5.4%
Food catering	$283m	8.8%	1.5%
Jewellery	$31m	2.3%	0%
Mobile phones	$36m	18.7%	31.3%
Homewares	$38m	(18.3%)	(9.2%)
Retail services	$113m	2.4%	9.3%
Leisure	$48m	(2.5%)	1.4%
Apparel	$312m	1.9%	5.8%
General retail	$100m	7.4%	1.9%
Total specialties	$1,095m	3.5%	4.2%

Specialty metrics	1H17	FY16	1H16
Specialty sales	$9,662/sqm	$9,623/sqm	$9,285/sqm
Specialty occupancy costs	14.6%	15.3%	15.2%

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017 22

Retail: lease expiry profile and top 10 tenants

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Retail lease expiry profile – by income
41%
40%
20
12% 12% 12% 12%
11%
<1%
0
Vacant 2H17 FY18 FY19 FY20 FY21 FY22+
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60%
54%
30
9% 9% 10% 10%
8%
<1%
0
Vacant 2H17 FY18 FY19 FY20 FY21 FY22+
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	Retail	top 10 tenants	Percentage 1	S&P Rating
	1	Wesfarmers Limited	10%	A-
	2	Woolworths Limited	4%	BBB
	3	Aldi Food Stores	2%	—
	4	Cotton On Group	2%	—
	5	Events Cinemas	1%	—
	6	Westpac BankingCorporation	1%	AA-
	7	Audi AG	1%	BBB+
	8	Retail Food Group	1%	—
	9	The Just Group	1%	—
	10	Terry White Chemist	1%	—
	Total		24%

1. Percentage of gross retail portfolio income.

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017

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Retail: developments

Committed pipeline Development area Incremental GLA Ownership % Pre-leased Estimated cost to complete Estimated yield on cost	Estimated project timing	Estimated project timing	Estimated project timing
	2H17 FY18
Birkenhead Point - Flinders Gallery 3,300 sqm 125 sqm 100% 54% $18m ~7%
Total 3,300 sqm 125 sqm $18m

Future development and repositioning pipeline

Master planning phase

Future

Kawana Shoppingworld Metcentre Rhodes Waterside Orion Springfield Central Cherrybrook Village Cooleman Court Greenwood Plaza Stanhope Village Harbourside St Marys Village Broadway Sydney Moonee Ponds Central Birkenhead Point Outlet Centre Toombul Shopping Centre

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RESIDENTIAL

Residential: market overview

SYDNEY

MIRVAC PIPELINE[ 1]

• Market recording buoyant demand conditions, supported by strong economy

• Lending for both owner occupiers and investors increased over 1H17

• Gauges from established markets, such as ongoing above average levels of auction clearance rates, point to broad strong demand

• Sydney unemployment maintained sub 5% levels over 1H17

• Market to remain supported by large public infrastructure pipeline (value up >60% since FY14) supporting inner to outer ring locations

36% NSW

MELBOURNE

• Sound momentum, supported by economy outpacing wider nation

• Victoria recorded record year for population gains in FY16, with Melbourne attracting >90% of net additions in recent years

• State Government forecasts economy to continue expanding at above trend pace with employment growth remaining strong

• Demand drivers for residential remain strong, e.g. established market gauges indicate strength, owner-occupier lending trending higher, growth in foreign student enrolments and international visitors remains strong

38% VIC

• Attached dwelling commencements trending down supporting supply balance

BRISBANE

• Demand remains mixed, with housing markets generally strong

• Strength in South East Queensland services-based economy sees Brisbane unemployment at around 5%

• Commencements of attached dwellings appear to have peaked with high-rise starts expected to be trending sharply lower through 2017

• Undersupply of detached and lower density supports opportunities in select markets with favourable connection and amenity

18% QLD

PERTH

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

• Late stage of contraction in mining investment evident with weak population growth

• Market indicators generally weak, with some evidence late 2016 recorded positive price growth

• Recent lifts in commodity prices and corporate profits will likely boost confidence of businesses and households

8% WA

• Population gains in 2017 forecast to improve modestly before growing further in 2018

• Based on Mirvac’s share of expected future revenue.

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017 26

Residential: pipeline positioning

31,353 lots under control.

Share of expected future revenue by product

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Masterplanned communities: 47% Apartments: 53%

Share of expected future revenue by geography[ 1]

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NSW: 36% VIC: 38% QLD: 18% WA: 8%

Lots under control by product

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Masterplanned communities: 77% Apartments: 23%

Lots under control by structure

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100% Mirvac inventory: 48% JVA: 36% PDA: 15% Development funds: 1%

Lots under control by price point

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Masterplanned communities

< $250k: 60% $250k – $500k: 33% > $500k: 7%

Lots under control by price point

Apartments

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

1. Mirvac share of forecast revenue.

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Residential: masterplanned communities pipeline (major projects)

Major projects State Stage Ownership Type	Expected settlement profle (lots)	Expected settlement profle (lots)	Expected settlement profle (lots)	Expected settlement profle (lots)
	2H17 FY18		FY19	FY20	FY21
d i ltil t 2 d	2
Meaow Sprngs MWDRP WA Mupe sages 0% Lan	4
Enclave VIC Multiple stages 50% House & Land	61		v
Brighton Lakes NSW Multiple stages PDA House	238
Harcrest VIC Balance of project 20% House & Land	208
Jack Road VIC Multiple stages 100% House		99
Osprey Waters WA Multiple stages 100% Land		239
Baldivis WA Multiple stages 100% House & Land		379
Gainsborough Greens QLD Multiple stages 100% House & Land		1,027
Tullamore VIC Multiple stages 100% House & Land		556
Gledswood Hills NSW Multiple stages 100% House & Land		577
Googong NSW Multiple stages 50% House & Land		1,383
Woodlea VIC Multiple stages 50% Land		2,177
Waverley Park VIC Multiple stages 100% House & Land		174
Piara Waters WA Multiple stages 100% Land		420
Kennedy Bay WA Multiple stages PDA Land		321
West Swan WA Multiple stages 100% Land		513
Donnybrook Road VIC Multiple stages 100% Land		469
Alex Avenue NSW Multiple stages 100% Land		89			17
Moorebank NSW Multiple stages PDA House			179
Marsden Park North NSW Multiple stages PDA Land			432
Smith's Lane VIC Multiple stages 100% Land			550
Greenbank QLD Multiple stages 100% Land			681

Masterplanned communities project pipeline analysis % of total FY17 expected lots to settle from masterplanned communities ~70% % of total FY17 expected provision lot settlements ~10%

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

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017 28

Residential: apartments pipeline (major projects)

Major projects State Stage Pre-sold Ownership		Expected settlement profle (lots)	Expected settlement profle (lots)	Expected settlement profle (lots)
	2H17	FY18	FY19	FY20	FY21
bth
Green Square NSW Eswor 100% PDA	174
Bondi NSW The Moreton 100% 100%	190
Waterfront Unison QLD All stages 86% 100%	110
Yarra's Edge VIC Tower 10 (Forge) 76% 100%	228
Hope St QLD Art House 100% 100%	187
Waterloo NSW All stages 67% 50%		226
Green Square NSW Ebsworth & Ovo 97% PDA		302
Harold Park NSW Precinct 5 95% 100%		233
Latitude at Leighton WA Meridian 72% 100%		68
Latitude at Leighton WA Prima 49% 100%		45
Ascot Green QLD Tower A 63% PDA			91
Marrickville NSW All stages Not released PDA			216
Hope St QLD Lucid 96% 100%			167
Ascot Green QLD Tower B 10% PDA			132
Claremont WA Grandstand 50% 100%			142
Claremont WA Reserve 25% 100%			92
Latitude at Leighton WA Future stages Not released 100%				108
Green Square NSW Future stages Not released PDA				310
The Eastbourne VIC All stages 76% PDA				258
St Leonards Square NSW All stages 89% 50%				526
Sydney Olympic Park NSW Pavilions Not released PDA				673
Yarra's Edge VIC Tower 11 (Voyager) 40% 100%				315
Ascot Green QLD Future stages Not released PDA				268
Yarra's Edge VIC Tower 9 Not released 100%					214

Apartment project pipeline analysis % of total FY17 expected lots to settle from apartments ~30% % of total FY17 expected provision lot settlements 0%

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

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Residential: pre-sales detail

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Reconciliation of movement in exchanged
pre-sales contracts to 1H17
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$696m $3,066m
$3,000m ($488m)
$2,858m
2,000
1,000
0
FY16 Settled Net sales 1H17
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• Exchanged pre-sales less than one year old – 50%

• Exchanged pre-sales less than two years old – 92%

• Apartment pre-sales <$1m – 38%

• Masterplanned communities pre-sales <$1m – 81%

Pre-sales by geography

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[ 1]

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Pre-sales by type

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NSW: 44% Apartments: 76%
VIC: 40% Masterplanned communities: 24%
QLD: 12%
WA: 4%
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Domestic owner occupier: 47%[ 2] Domestic investor: 27% Mainland China: 20% Offshore other: 6%

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2H17: 23% FY18: 41% FY19+: 36%

1. Buyer profile information approximate only and based on customer surveys.

2. Includes first home buyers.

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Residential: 1H17 acquisitions

					Estimated settlement
Project	State	Ownership	No. of lots1	**Product type **	commencement 1
Alex Avenue	NSW	100%	90	Masterplanned communities	FY18
Total			90

1. Subject to planning approvals.

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Residential: 2H17 expected major releases

2H17 expected major releases	State	Type	Approximate lots 1
Woodlea	VIC	Masterplanned communities	406
Gainsborough Greens	QLD	Masterplanned communities	310
SydneyOlympic Park	NSW	Apartments	275
Marrickville	NSW	Apartments	159
Donnybrook	VIC	Masterplanned communities	150
Ascot Green	QLD	Apartments	132
Latitude at Leighton	WA	Apartments	108
Tullamore	VIC	Apartments/Masterplanned communities	91
Brighton Lakes	NSW	Masterplanned communities	88

1. Subject to planning approvals and market demand

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Residential: 1H17 settlements

977 lot settlements consisting of:

			Apartments	Masterplanned	communities		Total
1H17	settlements by lots	Lots	%	Lots	%	Lots		%
NSW		67	7%	167	17%	234		24%
QLD		183	19%	168	17%	351		36%
VIC		32	3%	285	29%	317		32%
WA		2	0%	73	8%	75		8%
Total		284	29%	693	71%	977		100%

1H17 lot setements

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By product type

Masterplanned communities: 71% Apartments: 29%

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Land: 58% House: 13%

By geography

NSW: 24% QLD: 36% VIC: 32% WA: 8%

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By structure

100% Mirvac inventory: 54% JVA: 34% MWRDP: 7% PDA: 4% Development funds: 1%

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By provision

Non-provision settlements: 84% Provision settlements: 16%

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Residential: 1H17 settlements detail

1H17 major settlements	Product type	Ownership	Lots
Woodlea, VIC	Masterplanned communities	50%	226
Waterfront Unison, QLD	Apartments	100%	180
Gainsborough Greens, QLD	Masterplanned communities	100%	122
Googong, NSW	Masterplanned communities	50%	100
Harold Park, NSW	Apartments	100%	67
Harcrest, VIC	Masterplanned communities	20%	47
Brighton Lakes, NSW	Masterplanned communities	PDA	37
Greystone Terraces, QLD	Masterplanned communities	100%	31
Subtotal			810
Other projects			167
Total			977

1H17 average sales price
	$
House	$607k
Land	$260k
Apartments	$956k
1H17 buyer profle
	%
Upgraders / empty nesters	42%
Investors	33%
First home buyers	25%
1H17 buyer profle by geography
	%
Domestic	90%
Offshore	10%

MIRVAC 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017 34

Residential: EBIT reconciliation and gross development margin

1H17 residential EBIT reconciliation	$m
Development revenue	440
Management fee revenue	7
Total development revenue	447
JV and other revenue	17
Total operating revenue and other income	464
Cost of development and construction	(352)
Sales and marketing expense	(15)
Employee benefts and other expenses	(15)
Depreciation and other	(4)
Total cost of property development and construction	(386)
Development EBIT	78
Management and administration expenses	(9)
Total Residential EBIT	69
Residential gross development margin
Development revenue	440
Cost of development and construction	(352)
Gross development margin	88
Gross development margin %	20.0%

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Residential: provisions — roll off[ 1]

• $37m in provision release during 1H17

• Remaining residential inventory provision balance of $95m at 31 December 2016[ 2]

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Expected closing provision balance roll off
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$60m $100m
50
80
40
60
30
40
20
20
10
0 0
2H17 FY18 FY19 FY20/21 FY17 FY18 FY19 FY20/21
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1. Based on forecast revenue, market conditions, expenditure and interest costs over product life.

2. Residential Inventory provision only, total provision balance including JVA and loans is $140m.

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CALENDAR

2H17 Calendar

Event	Location	Date1
Private roadshow	Sydney	17,22-24 February2017
Private roadshow	Melbourne	20-21 February2017
Daiwa Investment Conference	Tokyo,Japan	27-28 February2017
Private roadshow	HongKong& Singapore	1–3 March 2017
Private roadshow	USA	20-24 March 2017
3Q17 Operational Update	—	27 April 2017
Macquarie Securities Australia Conference	Sydney	2 May2017
FY17 Results briefng	Sydney	17 August 2017
Investor Relations Contact
T: (02) 9080 8000
E: investor.relations@mirvac.com

1. All dates are indicative and subject to change.

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Glossary

Meaning

Term

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A-REIT Australian Real Estate Investment Trust
AFFO Adjusted Funds from Operations
BPS Basis Points
CBD Central Business District
COGS Cost of Goods Sold
CPSS Cents Per Stapled Security
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 Earnings before interest and tax
EIS Employee Incentive Scheme
EMTN Euro Medium Term Note
ENGLOBO Group of land lots that have subdivision potential
EPS Earnings Per Stapled Security
FFO Funds from Operations
FHB First Home Buyer
FIRB Foreign Investment Review Board
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
LAT Leader Auta Trust
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Term Meaning
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 1H17 ADDITIONAL INFORMATION 16 FEBRUARY 2017 39

Important Notice

Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mirvac Property Trust (ARSN 086 780 645). This presentation (“Presentation”) has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively “Mirvac” or “the Group”). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$).

The information contained in this Presentation has been obtained from or based on sources believed by Mirvac to be reliable. To the maximum extent permitted by law, Mirvac, its affiliates, officers, employees, agents and advisers do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation or that the information is suitable for your intended use and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).

This Presentation is not financial advice or a recommendation to acquire Mirvac stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation and the Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction.

To the extent that any general financial product advice in respect of the acquisition of Mirvac Property Trust units as a component of Mirvac stapled securities is provided in this Presentation, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services License. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of Mirvac Limited.

An investment in Mirvac stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac, including possible delays in repayment and loss of income and principal invested. Mirvac does not guarantee any particular rate of return or the performance of Mirvac nor do they guarantee the repayment of capital from Mirvac or any particular tax treatment.

This Presentation contains certain “forward looking” statements. The words “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 2016, 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 2016, unless otherwise noted.

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THANK Y O U