MIRVAC GROUP — Interim / Quarterly Report 2017

Feb 15, 2017

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16 FEBRUARY 2017

1H17 R e s u l t s

Agenda

Overview

Susan Lloyd-Hurwitz, CEO and Managing Director

Financial

Shane Gannon, Chief Financial Officer Office & Industrial

Campbell Hanan, Head of Office & Industrial

Retail

Susan MacDonald, Head of Retail

Residential

Brett Draffen, CIO and Acting Head of Residential

Summary and Guidance

Susan Lloyd-Hurwitz, CEO and Managing Director

MIRVAC 1H17 RESULTS 16 FEBRUARY 2017

01

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Susan Lloyd-Hurwitz, CEO and Managing Director OVERVIEW

Reimagine urban life

Continued to redefine landscapes in 1H17, creating more sustainable, connected and vibrant urban environments

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2 RIVERSIDE QUAY, MELBOURNE

UNISON, BRISBANE

BROADWAY, SYDNEY

TRAMSHEDS, SYDNEY

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BONDI, SYDNEY TULLAMORE, MELBOURNE

BRIGHTON LAKES, SYDNEY

GREENWOOD PLAZA, NORTH SYDNEY

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MIRVAC 1H17 RESULTS 16 FEBRUARY 2017 03

Expect to deliver 9-11% EPS growth in FY17

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Positive first
Continued
half results and Maintained
strong
targeting upper strong financial
operational
end of previous position
performance
guidance
> 98.6% portfolio occupancy and > Gearing of 25.8%
WALE 6.1 yrs [ 3]
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• 1H17 operating EPS 6.2cpss (up 38% on 1H16)

• 1H17 DPS 4.9cpss, consistent with full year guidance

  • $>1bn of debt issuance

• 143,000 sqm of leasing activity > 93% and 63% of expected FY17 93% and 63% of expected FY17

• $5bn commercial and FY18 Residential EBIT secured development pipeline by pre-sales

• Completed >$348m of > On track to achieve target cost commercial developments savings of ~$15m pa from FY17

• $3.1bn residential pre-sales[ 4]

  • 93% and 63% of expected FY17 93% and 63% of expected FY17 and FY18 Residential EBIT secured by pre-sales

• 1H17 statutory profit of $508m (up 7% on 1H16)

• NTA increased 5%, to $2.01 per stapled security[ 1]

• Revaluation gains of $277m

• Settled 977 residential lots

• (3.4% uplift on previous book values)[ 2]

1. From 30 Jun 16.

1. Net gain on fair value of investment properties divided by book value prior to revaluation. Includes revaluation gains for investments in JV’s and excludes transaction costs for acquisitions.

2. Occupancy by area, WALE by income.

3. Includes MGR share of JVA and Mirvac managed funds.

MIRVAC 1H17 RESULTS 16 FEBRUARY 2017

04

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Shane Gannon, Chief Financial Officer FINANCIAL

Group financial results in line with expectations

Operating results 1H17 1H16		Increased development contribution offsetting impact of FY16 asset sales
$m $m Offce & Industrial 166 162 Retail 81 57 Residential 69 (10) Corporate & other (13) (15) Operating EBIT 303 194 Operating proft after tax 230 165 Funds from operations 233 170 Adjusted funds from operations 167 134 2% 42% >100% 13% 56% 39% Contribution from acquisitions and development completions Refects the timing of residential settlements Reduction of management and administration expenses refecting cost saving initiatives	Contribution from acquisitions and development completions
		Contribution from acquisitions and development completions

MIRVAC 1H17 RESULTS 16 FEBRUARY 2017

06

Strong line of sight of future cashflows

• Residential pre-sales will generate net cashflow (after construction and other costs) of over $1.8bn by FY21[ 1]

• Strong operating cashflows expected in 2H17 driven by the timing of residential settlements

• ~$1bn[ 1] of settlements expected in 2H17

  • $128m completed in Jan 17

• FY17 distributions expected to be fully cash covered

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Pre-sales cashflow
$1,800m $1.8 bn
1,500
1,200
900
600
300
0
2H17 FY18 FY19-FY21
Pre-sales cash inflows Costs to complete Cumulative
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2H17 expected setlement profile [1]
$1,044m
$1,000m
750 $762m
$609m
500
$432m
Major contributors: Major contributors:
250 $251m > Tullamore > Tullamore
> Yarras Edge, Tower 10 > Yarras Edge, Tower 10
$128m > Green Square, > Jack Rd
Ebsworth > Hope St, Arthouse
0
Jan 17 A Feb 17 F Mar 17 F Apr 17 F May 17 F Jun 17 F
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1. Based on Mirvac’s share of JVA and managed funds.

MIRVAC 1H17 RESULTS 16 FEBRUARY 2017 07

Record development pipeline

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Office, Industrial
& Retail
committed 14%
pipeline TARGET
$1bn AVERAGE
cost to complete [ 1] IRR RETURNS
AUSTRALIAN TECHNOLOGY PARK, SYDNEY 477 COLLINS STREET, MELBOURNE BIRKENHEAD POINT, SYDNEY
Residential
committed
pipeline
18%
>$1bn
TARGET
cost to complete [ 1] AVERAGE
IRR RETURNS
ST LEONARDS, SYDNEY EASTBOURNE, MELBOURNE TULLAMORE, MELBOURNE
Future
pipeline
~$10bn
end value [ 2 ]
over next 10+ years
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HARBOURSIDE, SYDNEY 55 PITT STREET, SYDNEY GREEN SQUARE, SYDNEY
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1. Estimated cost to complete (MGR share) of all committed projects as at 1H17. Images are a sample of major projects only.

2. Commercial pipeline based on estimated value on completion and residential pipeline based on Mirvac’s share of expected revenue.

MIRVAC 1H17 RESULTS 16 FEBRUARY 2017

08

Solid platform to generate future earnings

• Strong capital position

• Gearing within target range 20-30%

• 81% of capital allocated to investment portfolio

4.7%

• Average debt maturity extended by over 2 years since 31 Dec 15 to 6.4 years

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Average debt maturity extended by over 2 years since AVERAGE
BORROWING COST [ 2]
31 Dec 15 to 6.4 years 5.0% FY16
25.8%
— $594m of cash and undrawn committed bank facilities
GEARING [ 1]
— Significant headroom under financial covenants
— Disciplined cost management will support profitability
6.4
Drawn debt maturities as at 31 December 2015 Drawn debt maturities as at 31 December 2016 yrs
AVERAGE
$700m $700m DEBT
MATURITY
600 4.3 yrs 600
500 500
400 400
300 300
200 200
100 100
0 0
2H16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 2H17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32
MTN USPP Bank MTN USPP Bank EMTN
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1. Net debt (at foreign exchange hedged rate) excluding leases/(total tangible assets – cash).

2. Includes margins and line fees.

MIRVAC 1H17 RESULTS 16 FEBRUARY 2017

09

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Campbell Hanan, Head of Office & Industrial OFFICE & INDUSTRIAL

Continued to strengthen the quality of income

• Maintained leading portfolio metrics

• Strong valuation uplift of 4.6%[ 1] supported by strategic overweight to prime Sydney and Melbourne assets

• 62% of assets externally valued

• Completed $248m of developments[ 2]

• Commenced development of 477 Collins St, Melbourne

• 124,000 sqm leasing activity

• 76,340 sqm investment portfolio

97.2%

OFFICE OCCUPANCY 96.5% FY16 99.7 INDUSTRIAL OCCUPANCY 100.0% FY16

5.96% OFFICE CAP RATE 6.9 6.23% FY16 yrs OFFICE WALE 6.5 YRS FY16 7.7 yrs INDUSTRIAL WALE 7.9 YRS FY16 6.37% INDUSTRIAL CAP RATE 6.56% FY16

• 48,070 sqm development pre-leases[ 3]

• Office leasing spreads of 5.0%, with average incentives of 19%

• Like-for-like growth: 2.5% office and 0.7% industrial

• $78m of strategic industrial acquisitions[ 4]

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

• Based on 100% end value. Calibre, Building 1 based on cost to date, asset to be revalued 2H17.

Major lease deals

	Major lease deals
	Tenant	Asset	Sector	Area (sqm)
	Deloitte Ceva5	477 Collins St, VIC 60 Wallgrove Rd, NSW	Offce Industrial	22,000 18,970
	Various	101 Miller St, NSW	Offce	16,635
	Westpac	275 Kent St, NSW	Offce	15,715
	Undisclosed5	664 Collins St, VIC	Offce	7,100
	Clarke Equipment	1-47 Percival Rd, NSW	Industrial	5,435
	WPP	380 St Kilda Rd, VIC	Offce	3,815

1. Includes 7,100 sqm secured post 31 Dec 16.

2. 274 Victoria Rd, Rydalmere and 36 Gow St, Padstow (settled Jan 17).

3. Secured post 31 Dec 16.

MIRVAC 1H17 RESULTS 16 FEBRUARY 2017 11

Asset creation model important at this point of the cycle

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SUPERIOR
RETURNS
7.1%
BLENDED YIELD
ON COST
2 Riverside Quay Calibre, Building 1
Value (100%) $225m GROWING Value (100%) $23m [ 2]
Ownership 50% INCOME Ownership 100%
Cap rate 5.50% 40,210 sqm Cap rate 6.50%
Previous office NLA Nil AREA ADDED TO Previous NLA Nil
THE PORTFOLIO
NLA on completion 21,240 sqm NLA on completion 18,970 sqm
Occupancy [ 1] 100% Occupancy 100%
WALE 11.8 years WALE 4.0 years
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1. Office occupancy.

2. Based on costs to date, asset to be revalued 2H17.

MIRVAC 1H17 RESULTS 16 FEBRUARY 2017 12

Modern, resilient portfolio supported by future high quality income

• Recent completions and $2bn committed development pipeline has the potential to deliver >$70m of additional NOI by FY21[ 1] — FY17 NOI impacted by $788m of asset sales in FY16

• 2H17 NOI positively impacted by development completions 200 George St, 2 Riverside Quay and Calibre, Building 1

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Additional high quality income from office developments [1]
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$25m COMMITTED
Recent completions $2bn commited development pipeline
DEVELOPMENT
PIPELINE
40% pre-leased
20
76%
15 LEASED/
PRE-LEASED
62% pre-leased
10
5
>230,000 sqm
0 LETTABLE
200 George Street 2 Riverside Quay 664 Collins Street ATP Building 1 477 Collins Street ATP Building 2 AREA
PC: Jun 16 PC: Dec 16 PC: Jun 18 PC: Apr 19 PC: Jun 20 PC: Jun 20
Leased/pre-leased Uncommitted
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MIRVAC 1H17 RESULTS 16 FEBRUARY 2017 13

1. Based on 100% occupancy and 50% ownership, other than ATP at 33.3% ownership.

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Susan MacDonald, Head of Retail RETAIL

On track to achieve FY17 targets

• Completed >$100m of developments across three assets

• Completed $155m acquisition of East Village

• Net property income growth of 37%

• Maintained high occupancy and like-for-like growth of 3.2%

• Total comparable MAT growth of 4.1%

99.7%

$9,897/sqm TOTAL SALES PRODUCTIVITY $9,662/sqm SPECIALTY PRODUCTIVITY

• Includes growth in specialties of 3.5%

• Comparable specialty sales productivity up and specialty occupancy costs reduced 70bps to 14.6%

• 183 leasing deals across 19,000 sqm of GLA — Leasing spreads of 3.1%

• Net valuation uplift 1.2%[ 1]

FY17 targets

• Increase sales productivity to $10,000/sqm

• Occupancy >99%

• Leasing spreads >2%

• EBIT growth >25% on FY16

6.10% FY16

Retail sales by category

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

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

MIRVAC 1H17 RESULTS 16 FEBRUARY 2017 15

Improving portfolio quality both organically and via selective acquisitions

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INTRODUCED ~7%
100%
37 BLENDED
Completed 1H17 NEW RETAILERS COMPLETIONLEASED ON YIELD ON
TO MIRVAC COST
AS BEST
TRAMSHEDS, SYDNEY BROADWAY, SYDNEY GREENWOOD, SYDNEY
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RECOGNISED
AS BEST
NEW PRECINCT
BY CONCRETE
PLAYGROUND
TRAMSHEDS, SYDNEY
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FY18 FY19
~
7%
~25,000 sqm
YIELD ON FUTURE
COST RETAIL ASSET
— $19m development commenced Jan 17 — Agreement to acquire a 50% interest in a future retail asset [ 1]
— 54% pre-leased — Mirvac obtain management and leasing rights
BIRKENHEAD POINT, STAGE 1, SYDNEY SOUTH VILLAGE, SYDNEY
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Future pipeline
>$1bn
FUTURE
PIPELINE
— 14 of 17 portfolio assets have repositioning
or development opportunities
HARBOURSIDE, SYDNEY
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1. Price based on a 6.0% capitalisation rate of leased income on completion.

MIRVAC 1H17 RESULTS 16 FEBRUARY 2017 16

Defensive earnings driven by urban footprint and retail composition

• High quality assets in catchments with strong fundamentals expected to support outperformance

Strategically evolving retail mix for future growth

expected to support outperformance

Food catering 11% 19%

— 64% of portfolio weighted to Sydney — 70% of portfolio weighted to inner/middle ring areas Retail mix supports continued customer demand — Reduced weighting to DDS and supermarkets — Increased experiential dining offer to refect trend as an emerging anchor — Non-retail and entertainment key categories, as centres offer more than just shopping — Upweight to higher quality and international fashion has seen specialty apparel productivity increase by 44% since Jun 13 Jun 13 Department stores and DDS Homewares, leisure, jewellery and general retail Supermarkets and food retail Retail services and mobile phones Apparel Non-retail, entertainment and other 10% 21% 19% 8% 16% 15% Dec 16 5% 16% 16% 8% 18% 18% reduced increased ~~maintained~~ kenhead Point, Sydney SPECIALTY SALES 23% CUSTOMER INITIATIVES

Department stores and DDS Homewares, leisure, jewellery and general retail Supermarkets and food retail Retail services and mobile phones Apparel Non-retail, entertainment and other 10% 21% 19% 8% 16% 15% 5% 16% 16% 8% 18% 18% reduced increased ~~maintained~~

• Retail mix supports continued customer demand

Birkenhead Point, Sydney

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Brett Draffen, CIO and Acting Head of Residential RESIDENTIAL

FY17 Residential earnings expected to be up >45% on pcp with ROIC >15%

• Expect to achieve >45% Residential earnings growth in FY17

• On track to achieve >3,300 lot settlements (>15% growth)

• Completed 977 settlements in 1H17

  • 1H17 settlements behind expectations due to planning and construction delays including Bondi, Tullamore, Gledswood Hills

• 173 settlements completed in Jan 17

• 1H17 gross margins of 20% (in line with through-cycle target 18-22%) and EBIT margin of 14.9%

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Strong residential performance
$300m EBIT 30%
Target >45%
growth
Target
200 $196m >15% 20
51%
$130m 12.4%
100 10
9.3%
0 0
FY15 FY16 FY17
EBIT (LHS) Residential ROIC (RHS)
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• FY17 margins expected to be broadly in line with FY16, with higher margin projects skewed to 2H17

• 93% of expected FY17 Residential EBIT secured

• 95% of lot target secured at major projects

FY17 major EBIT contributors

FY17 % Apartments lot target secured 1Moreton Bondi, NSW 190 100% 2Waterfront, Unison, QLD 272 92% 3Yarra’s Edge, VIC1 143 100% 4Green Square, NSW2 174 100% 5Harold Park, NSW3 67 100%	Masterplanned FY17 % communities lot target secured
	1Tullamore, VIC 164 100%
	2Brighton Lakes, NSW 130 100%
	3Gainsborough Greens, QLD 340 91%
	4Woodlea, VIC 647 89%
	5Gledswood Hills, NSW 140 100%

~~95% SECURED~~

1. Tower 10.

2. Ebsworth.

3. Precinct 4.

MIRVAC 1H17 RESULTS 16 FEBRUARY 2017 19

High quality product supports settlement profile

• Secured a record $3.1bn of pre-sales

• Settlements supported by well-priced, well-located product

• 84% weighted to Sydney and Melbourne

• 2% default rate to 31 Jan 17

• Average price $675k per lot

• Across MPC and apartments in Sydney, Melbourne and Brisbane

$3.1bn pre-sales by geography

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NSW: 44% VIC: 40% QLD: 12% WA: 4%

• Over 70% defaults re-sold with financial upside

• Remaining recently marketed for resale

• Prudently managing our default risk

• Pro-active and early settlement management

• FY17 lot target includes contingency for settlement delays

• Maintain aggregate FIRB pre-sales exposure below 30% (1H17: 26%)

• Internal approval processes and limits

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Domestic owner occupier: 47% Domestic investor: 27% Mainland China: 20% Offshore other: 6%

MIRVAC 1H17 RESULTS 16 FEBRUARY 2017 20

Strong momentum of MPC activity supports increased EBIT contribution

• Strong MPC sales momentum expected to continue, supported by the release of >2,000 MPC lots over the next 18 months, driven by Melbourne projects

• Launch of new project Donnybrook in Melbourne

• Continued releases at existing strong performing projects including Tullamore and Woodlea, Melbourne, Alex Ave, Sydney and Gainsborough Greens, Brisbane

• Residential EBIT contribution from MPC expected to increase to an average of 57% between FY17-19

MPC momentum

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3,000 lots
Cumulative Expected
activity upcoming releases
2,000
1,000
0
Jul 15 Oct 15 Jan 16 Apr 16 Jul 16 Oct 16 Jan 17 Jun 18
VIC NSW QLD WA
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Donnybrook, Melbourne

Residential EBIT contribution

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FY14-FY16 average
MPC: 38%
Apartments: 62%
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FY17-FY19
expected average
MPC: 57%
Apartments: 43%
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MIRVAC 1H17 RESULTS 16 FEBRUARY 2017 21

Committed apartment exposure substantially pre-sold

$1.1bn capital invested in apartment projects with 78% relating to committed projects

Committed exposure

NSW

• Harold Park, Precinct 5

• Bondi, Moreton

• Green Square, Ebsworth & Ovo

• St Leonards

VIC

• Yarra’s Edge, Tower 10

• The Eastbourne

QLD

• Waterfront, Unison

• Hope St, Art House & Lucid

• Ascot Green, Tower A

WA

• Leighton Beach, Meridian & Prima

• Claremont,

• Grand Stand & Reserve

• Waterloo

2H17 major apartment releases

Marrickville, Sydney

Sydney Olympic Park, Sydney

• ~215 lots, end value >$220m

• PDA with Marrickville Council

• 7km from Sydney’s CBD

• Close proximity to Marrickville train station (proposed Metro line upgrade), leading hospitals, schools and universities

• ~690 lots, end value >$600m

• PDA with Sydney Olympic Park Authority

• 14km west of Sydney’s CBD

• Close proximity to train, bus and ferry services, sporting and recreation facilities, employment precincts, schools and shopping centres

• One planet living development

High quality pipeline to continue to add value

• 31,000 lot pipeline supports above through-cycle target gross margins (18%-22%) in the near term

• 50% of lots have expected margins greater than 25%

• MPC pipeline weighted to Melbourne

• Apartment pipeline weighted to Sydney

• Embedded margin secured via $3.1bn pre-sales will continue to deliver value into FY21

High quality residential pipeline

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Expected margins of lots under control[ 1] 25%+: 50% 24-18%: 32% <17%: 18% 50% OF PIPELINE 25+% MARGINS

• 4,900 lots pre-sold across 28 projects

• 53% apartments / 47% MPC

• 26% average project margin across pre-sold lots

• Managing profitability with ~80% construction trade coverage

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35% 35%
34
33 33%
32 32%
31
30
2H17 FY18 FY19-FY21
26 %
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1. Includes gross margin from JVA and Mirvac managed funds.

MIRVAC 1H17 RESULTS 16 FEBRUARY 2017 23

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Susan Lloyd-Hurwitz, CEO and Managing Director SUMMARY AND GUIDANCE

High quality income and growth underpinned by urban strategy

~~Urban Strategy~~

Secure yield

Disciplined growth

Clear and focused strategy will deliver attractive and stable investor returns

MIRVAC 1H17 RESULTS 16 FEBRUARY 2017

25

Well positioned to deliver on our FY17 promises

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FY17 EPS
9-11%
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FY17 DPS
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Operating EPS

15 cents

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14.2-14.4c
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14
19-21%
over 3 years
13.0c
13 (1H16 guidance: 12.7-13.0c)
12.3c
(1H15 guidance: 12.0-12.3c)
11.9c
12 (1H14 guidance: 11.7-12.0c)
11
FY14 FY15 FY16 FY17 Guidance
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DPS

10.5 cents

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10.2-10.4c
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10.2-10.4c
13-16%
over 3 years
10.0 9.9c
(1H16 guidance: 9.7-9.9c)
9.4c
(1H15 guidance: 9.2-9.4c)
9.5
9.0c
9.0 (1H14 guidance: 8.8-9.0c)
8.5
FY14 FY15 FY16 FY17 Guidance
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MIRVAC 1H17 RESULTS 16 FEBRUARY 2017

26

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.

MIRVAC 1H17 RESULTS 16 FEBRUARY 2017

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