MIRVAC GROUP — Interim / Quarterly Report 2018

Feb 7, 2018

1H18 ADDITIONAL INFORMATION 08.02.2018

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1H18 Additional Information

CONTENTS

Pages 1–30, please refer to 1H18 Results presentation

Financial

>	1H18 operating to statutory profit reconciliation	33
>	1H17 operating to statutory profit reconciliation	34
>	1H18 movement by segment	35
>	1H18 Ofice & Industrial segment reconciliation	36
>	1H18 Retail segment reconciliation	37
>	FFO and AFFO based on PCA guidelines	38
>	Finance costs by segment	39
>	Employee and other expenses	40
>	Debt and hedging profile	41
>	Capital management metrics and liquidity profile	42
>	NTA and securities on issue reconciliation	43
>	Investment portfolio: acquisitions and disposals	44
>	Invested capital	45

Office & Industrial

>	Ofice: portfolio details	47
>	Ofice: leasing details	48
>	Industrial: portfolio details	49
>	Ofice & Industrial: developments	50

Retail

>	Retail: portfolio details	52
>	Retail: comparable sales by category	53
>	Retail: lease expiry profile and top 10 tenants	54
>	Retail: developments	55
Residential
>	Residential: market overview	57
>	Residential: pipeline positioning	58
>	Residential: masterplanned communities pipeline	59
>	Residential: apartments pipeline	60
>	Residential: pre-sales detail	61
>	Residential: 2H18 expected major releases	62
>	Residential: 1H18 settlements	63
>	Residential: 1H18 settlements detail	64
>	Residential: EBIT reconciliation and gross development margin	65
>	Residential: provisions — roll of	66
>	High quality product & conservatism supporting future residential margins	67

Calendar

2H18 Calendar 69

Glossary Important notice

08 FEBRUARY 2018

31

1H18 Additional Information

1H18 Additional Information

1H18 OPERATING TO STATUTORY PROFIT RECONCILIATION

	Ofice &			Corporate
	Industrial	Retail	Residential	& other	Total
Halfyear ended 31 December 2017	$m	$m	$m	$m	$m
Property net operating income (NOI)	162	89	—	9	260
Development EBIT	10	—	44	—	54
Asset & funds management EBIT	8	—	—	1	9
Management & administration expenses	(7)	(6)	(9)	(23)	(45)
Earnings before interest and taxes 1	173	83	35	(13)	278
Development interest costs	—	—	(24)	—	(24)
Other net interest costs	—	—	—	(36)	(36)
Income tax expense	—	—	—	(3)	(3)
Operating profit/(loss) (profit before specific non-cash and significant items) 2	173	83	11	(52)	215
Specific non-cash items
Net gain on fair value of investment properties and IPUC3	175	53	—	—	228
Net gain on financial instruments	8	—	—	8	16
Security-based payments expense	—	—	—	(6)	(6)
Straight-lining of lease revenue	5	—	—	—	5
Amortisation	(7)	(4)	—	—	(11)
Share of net profit of joint ventures relating to movement of non-cash items	3	—	—	18	21
Tax efect
Tax efect of non-cash and significant items	—	—	—	(3)	(3)
Profit/(loss) attributable to the stapled securityholders of Mirvac	357	132	11	(35)	465

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

2. Operating profit after tax is a non-IFRS measure. 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 2017 Interim Report, which has been subject to review by its external auditors.

3. Includes Mirvac’s share in the joint venture’s revaluation of investment properties of $13m, which is included within share of net profit of joint ventures.

08 FEBRUARY 2018

33

1H18 Additional Information

1H17 OPERATING TO STATUTORY PROFIT RECONCILIATION

	Ofice &			Corporate
	Industrial	Retail	Residential	& other	Total
Halfyear ended 31 December 2016	$m	$m	$m	$m	$m
Property net operating income (NOI)	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 taxes 1	166	81	69	(13)	303
Development interest costs	—	—	(26)	—	(26)
Other net interest costs	—	—	—	(31)	(31)
Income tax expense	—	—	—	(16)	(16)
Operating profit/(loss) (profit before specific non-cash and significant items) 2	166	81	43	(60)	230
Specific non-cash items
Net gain on fair value of investment properties and IPUC3	245	32	—	—	277
Net gain/(loss) on financial instruments	3	—	—	(43)	(40)
Security-based payments expense	—	—	—	(9)	(9)
Straight-lining of lease revenue	3	—	—	—	3
Amortisation	(5)	(2)	—	—	(7)
Share of net profit of joint ventures relating to movement of non-cash items	2	—	—	36	38
Tax efect
Tax efect of non-cash and significant items	—	—	—	16	16
Profit/(loss) attributable to the stapled securityholders of Mirvac	414	111	43	(60)	508

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

2. 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.

3. Includes Mirvac’s share in the joint ventures revaluation of investment properties of $17m, which was previously included within share of net profit of joint ventures relating to movement of non-cash items.

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34

1H18 Additional Information

1H18 MOVEMENT BY SEGMENT

OPERATING EBIT BY SEGMENT: 1H17 TO 1H18

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$350m
$7m $2m
$303m
300
$278m
($34m)
250
200
150
1H17 Office & Industrial Retail Residential 1H18
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• Office & Industrial EBIT driven by office NOI growth of 21% partially offset by lower development profit from skew to 2H18

• Modest Retail EBIT contribution from transactions and development completions

• Residential EBIT reflects the 80-90% 2H18 timing of residential settlements. On track to deliver FY18 settlements

08 FEBRUARY 2018 35

1H18 Additional Information

1H18 OFFICE & INDUSTRIAL SEGMENT RECONCILIATION

OFFICE & INDUSTRIAL NOI SUMMARY – 1H17 TO 1H18

OFFICE & INDUSTRIAL EBIT SUMMARY

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$175m
$2m
$14m
$162m
($1m)
150
$9m <$1m
$138m
125
100
1H17 Like-for-like Acquisitions Development/ Divestments Other 1H18
& development respositioning
completions impacted
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OFFICE & INDUSTRIAL EBIT SUMMARY
	1H18	1H17
Property net operating income	162	138
Development EBIT	10	31
Asset & funds management EBIT	8	5
Management & administration expenses	(7)	(8)
Earnings before interest and taxes	173	166

08 FEBRUARY 2018 36

1H18 Additional Information

1H18 RETAIL SEGMENT RECONCILIATION

RETAIL NOI SUMMARY – 1H17 TO 1H18

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$100m
<$1m
$3m
$89m
<($1m)
$1m
$85m
75
50
1H17 Like-for-like Acquisitions Development Divestments 1H18
completions
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RETAIL EBIT SUMMARY

RETAIL EBIT SUMMARY
	1H18	1H17
Property net operating income	89	85
Development EBIT	—	—
Asset & funds management EBIT	—	2
Management & administration expenses	(6)	(6)
Earnings before interest and taxes	83	81

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37

1H18 Additional Information

FFO AND AFFO BASED ON PCA GUIDELINES

FFO AND AFFO BASED ON PCA GUIDELINES
	1H18	1H17
	**$m **	$m
Operating profit (before specific non-cash and significant items) 1	215	230
Including: Security-based payments expense	(6)	(9)
Excluding: Amortisation	16	12
Funds From Operations (FFO) 2	225	233
Maintenance capex	(23)	(30)
Incentives3	(23)	(36)
Utilisation ofprioryear tax losses	3	16
Adjusted Funds From Operations (AFFO)	182	183

1. Operating profit after tax is a non-IFRS measure. 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 2017 Interim Report, which has been subject to review by its external auditors.

2. Based on PCA guidelines.

3. Includes cash, fitout and rent free incentives, plus leasing costs.

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1H18 Additional Information

FINANCE COSTS BY SEGMENT

	Ofice &			Corporate
	Industrial	Retail	Residential	& other	Group
1H18	**$m **	**$m **	**$m **	**$m **	$m
Interest expense net of impairment	5	1	29	41	76
Interest capitalised1	(5)	(1)	(15)	—	(21)
COGS interest net of provision release	—	—	10	—	10
Borrowingcosts amortised	—	—	—	1	1
Total finance costs	—	—	24	42	66
Less: interest revenue	—	—	—	(6)	(6)
Net finance costs	—	—	24	36	60
1H17
Interest expense net of impairment	3	1	27	36	67
Interest capitalised1	(3)	(1)	(17)	—	(21)
COGS interest net of provision release	—	—	16	—	16
Borrowingcosts amortised	—	—	—	1	1
Total finance costs	—	—	26	37	63
Less: interest revenue	—	—	—	(6)	(6)
Net finance costs	—	—	26	31	57

1. Relates to Residential and Commercial projects.

08 FEBRUARY 2018 39

1H18 Additional Information

EMPLOYEE AND OTHER EXPENSES

EMPLOYEE AND OTHER EXPENSES
	1H18	1H17
	**$m **	$m
Ofice & Industrial	14	14
Retail	18	16
Residential	23	22
Corporate & other	23	22
Total operating employee and other expenses	78	74
Security-basedpayments	6	9
Total statutory employee and other expenses	84	83

08 FEBRUARY 2018 40

1H18 Additional Information

DEBT AND HEDGING PROFILE

Issue / source	Maturity date	Facility limit $m	Drawn amount $m
Bank facilities	Sep 2018	400	—
USPP1	Nov 2018	134	134
Bank facilities	Sep 2019	400	305
Bank facilities	Sep 2020	400	180
MTN VI	Sep 2020	200	200
Bank facilities	Sep 2021	200	200
USPP1	Dec 2022	220	220
MTN VII	Sep 2023	250	250
USPP1	Dec 2024	136	136
CEFC	Jan 2025	90	—
USPP1	Sep 2025	46	46
USPP1	Dec 2025	151	151
EMTN1	Mar 2027	501	501
USPP1	Sep 2027	249	249
USPP1	Sep 2028	298	298
USPP1	Sep 2031	139	139
EMTN1	Dec 2031	118	118
Total		3,932	3,127

DRAWN DEBT SOURCES

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Bank: 22% USPP: 44% MTN: 14% EMTN: 20%

Capital market debt[3] : 78%

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

2. Includes bank callable swap.

3. Includes MTN, USPP and EMTN.

1H18 HEDGING AND FIXED INTEREST PROFILE AS AT 31 DECEMBER 2017[2]

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$2,500m 4.5%
2,000 4.0
1,500 3.5
3.23%
3.17% 3.15%
1,000 2.95% 3.0
5,00 2.82% 2.69% 2.5
0 2.0
FY18 FY19 FY20 FY21 FY22 FY23
Fixed Options Swaps Average rate Dec 17 (RHS)
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DRAWN DEBT MATURITIES AS AT 31 DECEMBER 2017

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$500m
400
300
200
100
0
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32
MTN USPP EMTN Bank
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08 FEBRUARY 2018 41

1H18 Additional Information

CAPITAL MANAGEMENT METRICS AND LIQUIDITY PROFILE

Capital management metrics

Capital management metrics
	31 December	30 June
	2017	2017
NTA	$2.20	$2.13
Balance sheetgearing1	23.8%	23.4%
Look throughgearing	24.7%	24.3%
ICR2	4.7x	4.9x3
Total interest bearingdebt4	$3,127m	$2,898m
Average borrowingcost5	4.8%	4.8%
Average debt maturity	6.8yrs	6.2yrs
Hedgedpercentage	73%	75%
Average hedge maturity	4.4yrs	4.7yrs
Moody’s / S&P credit rating	A3 / BBB+	Baa1 / BBB+

Liquidity profile

Liquidity profile
	Facility	Drawn	Available
	limit	amount	liquidity
As at 31 December 2017	$m	**$m **	$m
Facilities due within 12 months6	534	134	400
Facilities duepost 12 months6	3,398	2,993	405
Total	3,932	3,127	805
Cash on hand			108
Total liquidity			913
Less facilities maturing< 12 months6			534
Funding headroom			379

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

2. Adjusted EBITDA/finance cost expense.

3. The Additional Information presentation for 30 June 2017 incorrectly reported an ICR of 5.6x, when it should have stipulated 4.9x. Mirvac’s ICR debt covenant remains at 2x.

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

5. Includes margins and line fees.

6. Based on hedged rate, not carrying value.

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1H18 Additional Information

NTA AND SECURITIES ON ISSUE RECONCILIATION

NTA AND SECURITIES ON ISSUE RECONCILIATION
Net tangible assets	**$m **	$ per security
As at 1 July 2017	7,894	2.13
Operating profit for the half year	215	0.06
Net gain on fair value of investment properties and IPUC	215	0.06
Net gain on fair value of investment properties included in equity accounted profit1	13	—
Other net equity movements and non-operating items through profit and loss2	19	—
Distributions3	(186)	(0.05)
As at 31 December 2017	8,170	2.20
Securities on issue		No. of securities
As at 1 July 2017		3,705,560,599
FY15 LTP – TSR vested in FY18	17 Aug 17	1,018,956
FY15 LTP – ROIC vested in FY18	17 Aug17	4,292,411
As at 31 December 2017		3,710,871,966
Weighted average number of securities		3,709,515,258

1. 8 Chifley, Sydney $12m and David Malcom Justice Centre, Perth $1m.

2. Includes Tucker Box net gain on fair value of investment properties $18m and other net equity movements such as SBP $4m and securities issued $8m.

1. 1H18 distribution is 5.0 cpss, with distribution for 6 months ending 31 December 2017 payable on 28 February 2018.

08 FEBRUARY 2018 43

1H18 Additional Information

INVESTMENT PORTFOLIO: ACQUISITIONS AND DISPOSALS

			Acquisition price
Acquisitions 1H18	State	Sector	**$m **	Settlement date
East Village, Zetland (50.1%)	NSW	Retail	155	August 2017
Total			155
			Sale price
Disposals 1H18	State	Sector	$m	Settlement date
26 Harcourt Rd, Altona North	VIC	Industrial	37	August 2017
47-67 Westgate Drive, Altona North	VIC	Industrial	28	August 2017
1900-2060 Pratt Boulevard, Chicago	USA	Industrial	52	October 2017
Kawana Shoppingworld, Buddina (50%)	QLD	Retail	186	December 2017
Total			303

08 FEBRUARY 2018 44

1H18 Additional Information

INVESTED CAPITAL

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56%
Office
PASSIVE
INVESTED
Retail 33% CAPITAL [1]
Industrial 8% $9,420m
82%
Other 3%
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	RESIDENTIAL 91% COMMERCIAL 9% ACTIVE INVESTED CAPITAL $2,029m 18% Apartments 54% Masterplanned communities 37% Ofce 4% Industrial 4% Retail 1%

RESIDENTIAL INVESTED CAPITAL[ 2]

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100%
WA 13% Provision 10%
75 Masterplanned Communities QLD 21% Capital Efficient43%
41%
50 VIC 20%
Non-provision
90%
Apartments Balance Sheet
25 59%
NSW 46% 57%
0
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By product line

By state

By structure

By provision/non-provision

1. Includes capital invested in development agreements, JV’s, MWRDP, deferred land payments and loans.

2. Invested capital includes investment properties, IPUC, JV’s, other financial assets and intangibles.

08 FEBRUARY 2018 45

1H18 Additional Information

OFFICE & INDUSTRIAL 08 FEBRUARY 2018 46

Calibre Building 1, Sydney

1H18 Additional Information

OFFICE: PORTFOLIO DETAILS

	1H18	1H17
No. ofproperties1	28	28
NLA	624,947sqm	624,158sqm
Portfolio value2	$5,201m	$4,710m
WACR	5.81%	5.96%
Netpropertyincome	$138m	$114m
Like-for-like NOIgrowth	9.7%	2.5%
Maintenance capex	$11m	$18m
Tenant incentives3	$5m	$5m
Occupancy(byarea)	98.1%	97.2%
NLA leased	50,253sqm	56,830sqm
% ofportfolio NLA leased	8.0%	9.1%
WALE (byincome)	6.7yrs	6.9yrs
WALE (byarea)	7.2yrs	7.4yrs

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. Includes cash and fitout incentives.

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

5. Excludes lease expiries.

OFFICE GEOGRAPHIC DIVERSITY[ 4]

OFFICE DIVERSITY BY GRADE[ 4 ]

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Sydney 58% Melbourne 24% Perth 9% Canberra 6% Brisbane 3%

Premium grade 36% A grade 59% B grade 2% C grade 3%

OFFICE RENT REVIEW STRUCTURE[ 5]

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Fixed 95% CPI 1% Other 4%

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1H18 Additional Information

OFFICE: LEASING DETAILS

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OFFICE LEASE EXPIRY PROFILE [ 1]
70%
60 61%
50
40
30
20
13%
10
9%
5% 6%
4%
2%
0
Vacant 2H18 FY19 FY20 FY21 FY22 FY23+
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Ofice top 10 tenants 2	Ofice top 10 tenants 2		Percentage 3	Percentage 3	S&P Rating
1	Government			15%	AAA; AA+
2	Westpac Banking Corporation			11%	AA-
3	Fairfax Media			5%	BB+
4	EY			4%	—
5	UGL Limited			3%	BBB
6	AGL Energy			2%	—
7	Sportsbet Pty Ltd			2%	—
8	John Holland			2%	—
9	Optus			2%	A
10	Australia and New Zealand BankingGroup			2%	AA-
Total				48%	—
			Leasing	Average	Average
1H18 Leasing activity		Area	spread	incentive	WALE 1
Renewals		28,984sqm	13.1%	24%	5.3yrs
New	leases	21,269sqm	10.6%	16%	7.8yrs
Total		**50,253sqm **	12.2%	21%	6.2yrs

1. Percentage of gross office portfolio income.

2. By income.

3. Excludes Mirvac tenancies.

08 FEBRUARY 2018 48

1H18 Additional Information

INDUSTRIAL: PORTFOLIO DETAILS

	1H18	1H17
No. ofproperties1	16	18
NLA	389,984sqm	479,277sqm
Portfolio value1	$773m	$815m
WACR	6.33%	6.37%
Netpropertyincome	$24m	$24m
Like-for-like NOIgrowth	4.6%	0.7%
Maintenance capex	<$1m	$3m
Tenant incentives2	$0.2m	$9m
Occupancy(byarea)	99.3%	99.7%
NLA leased	44,326sqm	19,511sqm
% ofportfolio NLA leased	11.4%	4.1%
WALE (byincome)	7.0yrs	7.7yrs
WALE (byarea)	9.2yrs	9.6yrs

1. Includes IPUC.

2. Includes cash and fitout incentives.

INDUSTRIAL LEASE EXPIRY PROFILE[ 3]

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60%
52%
50
40
30
20
18%
16%
10
6%
4% 3%
0 1%
Vacant 2H18 FY19 FY20 FY21 FY22 FY23+
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INDUSTRIAL DIVERSIFICATION BY GEOGRAPHY[ 4]

INDUSTRIAL RENT REVIEW STRUCTURE[ 5]

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Sydney: 100%
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Fixed: 77%
CPI: 16%
Other: 7%
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1. By income.

2. By portfolio value, excluding IPUC and assets held in funds.

3. Excludes lease expiries.

08 FEBRUARY 2018

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1H18 Additional Information

OFFICE & INDUSTRIAL: DEVELOPMENTS

Active 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	Estimated project timing
	2H18 FY19 FY20
Ofice
664 Collins St, Melbourne Ofice 26,200sqm 50% 100% $279m $35m 6.8%
477 Collins St, Melbourne Ofice 56,000sqm 50% 49% $830m $266m 6.0%
Australian Technology Park, Sydney Ofice 93,600sqm 5 33% 100% $1,015m $244m 6.2%
Ofice total 175,800sqm 84% $2,124m $545m
Industrial
Calibre (Buildings 2-5), Sydney Industrial 91,000sqm 100% 53% $176m $77m 6.6%
Industrial total 91,000sqm 53% $176m $77m
Total O&I developments 266,800sqm 73% $2,300m $622m

1. % of Office & Industrial space pre-leased, including heads of agreements.

1. Represents 100% of expected development end value.

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

1. Expected yield on cost including land and interest.

2. Represents CBA office commitment.

08 FEBRUARY 2018

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1H18 Additional Information
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RETAIL

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Tramsheds, Sydney
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08 FEBRUARY 2018 51
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1H18 Additional Information

RETAIL: PORTFOLIO DETAILS

	1H18	1H17
No. of properties1	17	17
GLA	418,514sqm	419,270sqm
Portfolio value2	$3,135m	$2,927m
WACR	5.60%	5.95%
Net property income	$89m	$85m
Like-for-like NOI growth	3.1%	3.2%
Maintenance capex	$11m	$9m
Tenant incentives3	$4m	$6m
Occupancy (by area)	99.4%	99.7%
GLA leased	29,012sqm	19,187sqm
% of portfolio GLA leased	6.8%	4.5%
WALE (by income)	4.1yrs	4.3yrs
WALE (by area)	5.1yrs	5.4yrs
Specialty occupancy cost	15.3%	14.6%
Specialty occupancy cost excluding CBD centres	13.9%	13.5%
Total comparable MAT	$2,842m	$2,577m
Total comparable MAT productivity	$10,149/sqm	$9,897/sqm
Total comparable MAT growth	3.7%	4.1%
Specialties comparable MAT productivity	$10,034/sqm	$9,662/sqm
Specialties comparable MAT growth	5.2%	3.5%
New leasing spreads	0.7%	3.2%
Renewal leasing spreads	2.8%	3.1%
Total leasing spreads	2.2%	3.1%

RETAIL DIVERSITY BY GRADE[ 4 ]

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RETAIL RENT REVIEW STRUCTURE[ 5 ]

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Regional 40% Sub Regional 25% CBD Retail 15% Outlet 13% Neighbourhood 7%

Fixed: 84% CPI: 12% Other: 4%

1. Includes IPUC.

2. Includes IPUC and land at Orion Springfield, valued at $18.5m, which is being held for development. This is excluded from all other metrics.

3. Includes cash and fitout incentives.

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

5. Excludes lease expiries.

08 FEBRUARY 2018

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1H18 Additional Information

RETAIL: COMPARABLE SALES BY CATEGORY

RETAIL: COMPARABLE SALES BY CATEGORY
1H18 FY17 1H18 Comparable Comparable Retail sales by category Total MAT MATgrowth MATgrowth Supermarkets $1,095m 2.1% 2.3% Discount department stores $253m 2.8% (0.7%) Mini-majors $545m 6.9% 7.3% Specialties $1,166m 5.2% 5.6% Other retail $222m (3.4%) 2.5% Total $3,281m 3.7% 4.1%	1H18 FY17 1H18 Comparable Comparable Specialty sales by category Total MAT MATgrowth MATgrowth
	Food retail $139m 0.7% 3.1% Food catering $330m 15.3% 17.2% Jewellery $32m 2.9% 1.8% Mobile phones $39m 8.6% 18.0% Homewares $39m 1.6% (12.8%) Retail services $119m 6.5% 0.8% Leisure $50m 0.1% (1.4%) Apparel $313m (0.6%) 0.5% General retail $105m 5.2% 10.6%
	Total specialties $1,166m 5.2% 5.6%

Specialty metrics	1H18	FY17
Comparable specialtysales	$10,034/sqm	$9,864/sqm
Comparable specialtyoccupancycosts	15.3%	15.0%

08 FEBRUARY 2018 53

1H18 Additional Information

RETAIL: LEASE EXPIRY PROFILE AND TOP 10 TENANTS

RETAIL LEASE EXPIRY PROFILE – BY INCOME

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40%
36%
30
20
15%
13% 13%
12%
10 10%
1%
0
Vacant 2H18 FY19 FY20 FY21 FY22 FY23+
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ANTS	ANTS
Retail top 10 tenants		Percentage 1	S&P Rating
1	Wesfarmers	10%	A-
2	Woolworths Limited	3%	BBB
3	Audi AG	2%	BBB+
4	Aldi Food Stores	1%	—
5	Cotton On Group	1%	—
6	Virgin Group	1%	—
7	Event Cinemas	1%	BBB+
8	Westpac Banking Corporation	1%	AA-
9	The Just Group	1%	—
10	Priceline	1%	—
Total		22%

RETAIL LEASE EXPIRY PROFILE – BY AREA

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50%
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46%
40
30
20
14%
10 9% 10% 10% 10%
0 1%
Vacant 2H18 FY19 FY20 FY21 FY22 FY23+
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1. Percentage of gross retail portfolio income.
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54

1H18 Additional Information

RETAIL: DEVELOPMENTS

RETAIL: DEVELOPMENTS
Active pipeline Development area Incremental GLA Ownership % Pre-leased Estimated project costs 1 Estimated cost to complete 1 Estimated yield on cost	Estimated project timing
	2H18 FY19 FY20+
Kawana Shoppingworld – Cinema & Dining 6,900sqm 6,900sqm 50% 88% $28m $24m >6.0%
Rhodes Waterside – Aldi Development 3,700sqm 900sqm 50% 99% $7m $4m ~6.0%
Total 10,600sqm 7,800sqm 92% $35m $28m >6.0%

Future development and repositioning pipeline

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

1. Mirvac’s ownership interest.

08 FEBRUARY 2018 55

1H18 Additional Information

• RESIDENTIAL

Gainsborough Greens, Brisbane

08 FEBRUARY 2018

56

1H18 Additional Information

RESIDENTIAL: MARKET OVERVIEW

SYDNEY

Mirvac pipeline[ 1]

Price growth momentum cooled, but strong fundamentals supportive

• Sydney retains lowest unemployment in the nation, averaging 4.4% over past 6 months

• Annual state net migration at highest levels on record, driven by strong overseas intake

• State funded infrastructure exceeding $80 billion next four years, largest ever undertaken by any state in Australia; supports inner to outer ring locations

35% NSW

MELBOURNE

Sound momentum, supported by economy outpacing wider nation

• Economic growth strongest in Australia and far exceeding long run state average (4.7% yr to Sept 2017, vs 3.4% average)

• Annual net migration levels at highest levels since records began; Melbourne typically accounts for nine in every 10 new Victorians

38% VIC

• Victoria recording robust labour market, rising business investment, surging service exports and record government spending

BRISBANE

Activity mixed with demand firming for lower density and detached markets

• Population growth strengthening with interstate and international migration moving higher

• Economy supported by increases in government spending ($44b over 4 years) and employment in essential services

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

19 % QLD

PERTH

Economy turns corner, with housing demand extending to select product and locations

• Wind down in mining investment largely run its course with state economy back to positive growth

• Employment growth has returned to robust levels (3.0% annual pace at December 2017) driven by uptick in business investment

8% WA

• Residential price declines moderating with demand evident for quality product from select customer groups like First-Home Buyers and downsizers

08 FEBRUARY 2018 57

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

1H18 Additional Information

RESIDENTIAL: PIPELINE POSITIONING

28,207 lots under control.

SHARE OF EXPECTED FUTURE REVENUE BY PRODUCT[ 1]

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Masterplanned communities: 53% Apartments: 47%

SHARE OF EXPECTED FUTURE REVENUE BY GEOGRAPHY[ 1 ]

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VIC: 38% NSW: 35% QLD: 19% WA: 8%

LOTS UNDER CONTROL BY PRODUCT

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Masterplanned communities: 79% Apartments: 21%

LOTS UNDER CONTROL BY STRUCTURE

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100% Mirvac inventory: 48% JV: 36% PDA: 15% Other: 1%

LOTS UNDER CONTROL BY PRICE POINT

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Masterplanned communities

< $250k: 47% $250k – $500k: 47% > $500k: 6%

LOTS UNDER CONTROL BY PRICE POINT

Apartments

< $1.2m: 74% > $1.2m: 26%

1. Mirvac share of forecast revenue.

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58

1H18 Additional Information

RESIDENTIAL: MASTERPLANNED COMMUNITIES PIPELINE (MAJOR PROJECTS)

Major projects State Stage Ownership Type		Expected settlement profile (lots) FY19 FY20 FY21 FY22 0 4 189 670 108 331 390 418 473 571 1,063 2,480 743 770 803 133 80 103 169 179 212 408	Expected settlement profile (lots) FY19 FY20 FY21 FY22 0 4 189 670 108 331 390 418 473 571 1,063 2,480 743 770 803 133 80 103 169 179 212 408	Expected settlement profile (lots) FY19 FY20 FY21 FY22 0 4 189 670 108 331 390 418 473 571 1,063 2,480 743 770 803 133 80 103 169 179 212 408	Expected settlement profile (lots) FY19 FY20 FY21 FY22 0 4 189 670 108 331 390 418 473 571 1,063 2,480 743 770 803 133 80 103 169 179 212 408	Masterplanned communities project pipeline analysis % of total FY18 expected lots to settle from masterplanned communities ~75% % of total FY18 expected provision lots to settle 10%
	2H18
Harcrest VIC Balance ofproject 20% House & Land	120
Jack Road VIC Multiple stages 100% House	3	0
Brighton Lakes NSW Multiple stages PDA House	13	4
Osprey Waters WA Multiple stages 100% Land		189
Gainsborough Greens QLD Multiple stages 100% House & Land		670
The Avenue NSW Multiple stages 100% Land		108
One71 Baldivis WA Multiple stages 100% House & Land		331
Madox WA Multiple stages 100% Land		390
Crest NSW Multiple stages 100% House & Land		418
Tullamore VIC Multiple stages 100% House & Land		473
Iluma Private Estate WA Multiple stages 100% Land		571
Googong NSW Multiple stages 50% House & Land		1,063
Woodlea VIC Multiple stages 50% Land		2,480
Everleigh QLD Multiple stages 100% Land		743
Smith's Lane VIC Multiple stages 100% Land		770
Olivine VIC Multiple stages 100% Land		803
Rochedale QLD Multiple stages 100% Land	469	133
Arana Hills QLD Multiple stages 100% Land	89	80
Everton Park QLD Multiple stages 100% Land		103
Waverley Park VIC Multiple stages 100% House & Land		169
Moorebank NSW Multiple stages PDA House			179
Kennedy Bay WA Multiple stages PDA Land			212
Marsden Park North NSW Multiple stages PDA Land			408

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

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1H18 Additional Information

RESIDENTIAL: APARTMENTS PIPELINE (MAJOR PROJECTS)

Expected settlement profile (lots)

Major projects State Stage Pre-sold Ownership	2H18	FY19	FY20	FY21 FY22	FY21 FY22
Beachside Leighton WA Meridian (balance ofproject) 60% 100%	1	5
Hope St QLD Art House (balance of project) 53% 100%	1	9
The Finery NSW All stages 81% 50%	2	24
Harold Park NSW Vance 100% 100%	2	32
Green Square NSW Ovo 99% PDA	3	02
Beachside Leighton WA Prima (balance of project) 32% 100%		22
Yarra's Edge VIC Forge (balance of project) 28% 100%		6	9
Ascot Green QLD Ascot House 68% PDA		9	0
Claremont WA Reserve 47% 100%		9	2
Tullamore VIC Apartments 54% 100%		13	3
Hope St QLD Lucid 96% 100%		16	7
Claremont WA Grandstand 57% 100%			142
The Peninsula WA Future stages Not released 100%			153
Marrick & co NSW All stages 63% 100%			216
The Eastbourne VIC All stages 93% PDA			258
Beachside Leighton WA Future stages 16% 100%			10	9
Pavilions NSW Released stages 64% PDA			3	72
St Leonards Square NSW All stages 98% 50%			5	26
Ascot Green QLD Tulloch House 20% PDA				131
Pavilions NSW Future stages Not released PDA				311
Green Square NSW Future stages Not released PDA				571
Yarra's Edge VIC Voyager 48% 100%					269
Yarra's Edge VIC Future stages Not released 100%					403

	Apartment project pipeline analysis
	% of total FY18 expected lots to settle from apartments ~25%
	% of total FY18 expected
	provision lot settlements 3%

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

08 FEBRUARY 2018 60

1H18 Additional Information

RESIDENTIAL: PRE-SALES DETAIL

RECONCILIATION OF MOVEMENT IN EXCHANGED PRE-SALES CONTRACTS TO 1H18

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$3,000m
$443m $2,908m
2,750 $2,746m
2,500
($281m)
2,250
2,000
FY17 Settled Net sales 1H18
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• $2.9bn pre-sales roll-off[ 1] – 2H18: 34%, FY19: 20%, FY20: 46%

• Exchanged pre-sales less than one year old ~36%

• Exchanged pre-sales less than two years old ~77%

• Apartment pre-sales <$1m – ~34%

• Masterplanned communities pre-sales <$1m – ~80%

PRE-SALES BY GEOGRAPHY

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NSW: 51% VIC: 38% QLD: 7% WA: 4%

PRE-SALES BY BUYER PROFILE[ 2]

Owner occupier: 50%[ 3] Investor: 29% Mainland China: 15% Offshore other: 6%

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PRE-SALES BY TYPE

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Apartments: 78% Masterplanned communities: 22%

PRE-SALES EXPECTED FIRB ROLL-OFF – APARTMENTS

FY18: 39% FY19: 21% FY20+: 40%

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1. Settlement profile assumes 100% of The Eastbourne, Melbourne settles in FY20.

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

1. Includes first home buyers.

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1H18 Additional Information

RESIDENTIAL: 2H18 EXPECTED MAJOR RELEASES

2H18 expected major releases 1	State	**Type **	Approximate lots 1
Gainsborough Greens	QLD	Masterplanned communities	318
Woodlea	VIC	Masterplanned communities	236
Googong	NSW	Masterplanned communities	116
Olivine	VIC	Masterplanned communities	112
Everleigh	QLD	Masterplanned communities	102
Tullamore	VIC	Masterplanned communities	91
Crest	NSW	Masterplanned communities	62
WaverleyPark	VIC	Masterplanned communities	54
Pavilions	NSW	Apartments	54

1. Subject to planning approvals and market demand.

08 FEBRUARY 2018 62

1H18 Additional Information

RESIDENTIAL: 1H18 SETTLEMENTS

735 lot settlements consisting of:

			Apartments	Masterplanned	communities		Total
1H18	settlements by lots	Lots	%	Lots	%	Lots		%
NSW		1	0%1	96	13%	97		13%
QLD		121	16%	19	3%	140		19%
VIC		8	1%	283	39%	291		40%
WA		76	10%	131	18%	207		28%
Total		206	28%	529	72%	735		100%

1H18 LOT SETTLEMENTS

By product type

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Masterplanned communities: 72%
Apartments: 28%
House: 20%
Land: 52%
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House: 20%
Land: 52%
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1. Represents less than 1%.
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By geography

VIC: 40% WA: 28% QLD: 19% NSW: 13%

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By structure

100% Mirvac inventory: 54% JV: 37% PDA: 5% Other: 4%

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By provision

Non-provision settlements: 90% Provision settlements: 10%

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1H18 Additional Information

RESIDENTIAL: 1H18 SETTLEMENTS DETAIL

1H18 major settlements	**Product type **	Ownership	Lots
Woodlea, VIC	Masterplanned Communities	50%	175
Hope St, QLD	Apartments	100%	101
Beachside Leighton, WA	Apartments	100%	76
Googong, NSW	Masterplanned Communities	50%	60
Iluma Private Estate, WA	Masterplanned Communities	100%	40
Enclave, VIC	Masterplanned Communities	50%	37
Madox, WA	Masterplanned Communities	100%	36
Subtotal			525
Otherprojects			210
Total			735

1H18 AVERAGE SALES PRICE

1H18 BUYER PROFILE

1H18 BUYER PROFILE BY GEOGRAPHY

1H18 AVERAGE SALES PRICE
	$
House	$697k
Land	$315k
Apartments	$646k

Investors: 45% Upgraders / empty nesters: 35% First home buyers: 20%

Domestic: 91% Offshore: 9%

08 FEBRUARY 2018 64

1H18 Additional Information

RESIDENTIAL: EBIT RECONCILIATION AND GROSS DEVELOPMENT MARGIN

1H18 residential EBIT reconciliation	$m
Development revenue	284
Management fee revenue	8
Total development revenue	292
JV and other revenue	20
Total operating revenue and other income	312
Cost of development and construction	(230)
Sales and marketing expense	(18)
Employee benefits and other expenses	(14)
Depreciation and other	(6)
Total cost ofproperty development and construction	(268)
Development EBIT	44
Management and administrative expenses	(9)
Total Residential EBIT	35
Gross Development Margin
Development revenue	284
Cost of development and construction	(230)
Residentialgross development margin	54
Residentialgross development margin %	19%

08 FEBRUARY 2018 65

1H18 Additional Information

RESIDENTIAL: PROVISIONS — ROLL OFF[ 1]

• $23m in provision release during 1H18

• Remaining residential inventory provision balance of $91m at 31 December 2017[ 2]

EXPECTED PROVISION RELEASE PROFILE

EXPECTED CLOSING PROVISION BALANCE ROLL OFF

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$60m
50
40
30
20
10
0
2H18 FY19 FY20/21
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$100m
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80
60
40
20
0
2H18 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 JV and loans is $144m.

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1H18 Additional Information

HIGH QUALITY PRODUCT & CONSERVATISM SUPPORTING FUTURE RESIDENTIAL MARGINS

Revenue

DECLINING CAPITALISED INTEREST AS A PERCENTAGE OF INVENTORY

• $2.9bn of revenue pre-sold

• 50% of residential pipeline with 25%+ expected gross development margins

• Brand, quality and project locations supports continued demand for Mirvac product

• High level of repeat buyers

• No reliance on escalation in feasibilities near term

Cost

• Construction cost escalation included in feasibilities

• Declining capitalised interest now at 7% of inventory supports future margins

• Capitalise interest only on active projects & on a stage by stage basis

• 51% of lots controlled in capital efficient PDA and JV structures

• Target 70-80% trade coverage prior to commencement of construction

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2,000 ($) 13.0%
1,800 12.0
1,600
11.0
1,400
10.0
1,200
800
9.0
600
8.0
400
7.0
200
0 6.0
FY13 FY14 FY15 FY16 FY17 FY18
Capitalised interest Non-interest inventory Capitalised interest as % of inventory (RHS)
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Note: All inventory balances reflect gross inventory.

08 FEBRUARY 2018 67

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1H18 Additional Information
CALENDAR
Green Square, Sydney (artists impression) 08 FEBRUARY 2018 68
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1H18 Additional Information

2H18 CALENDAR

2H18 CALENDAR
Event	Location	Date1
Private roadshow	Sydney	9, 14-16 February2018
Private roadshow	Melbourne	12-13 February2018
Private debt roadshow	Melbourne	14 February2018
Private debt roadshow	Sydney	15 February2018
Citi 2018 Global PropertyCEO Conference	Miami	5-6 March 2018
Private roadshow	New York	7 March 2018
Private debt roadshow	USA	7-14 March 2018
Goldman Sachs 14th Annual Australian & NZ Investment Forum	New York	8 March 2018
Private roadshow	Singapore & Tokyo	19, 22-23 March 2018
Credit Suisse 21st Asian Investment Conference	HongKong	20-21 March 2018
3Q18 Operational Update	—	23 April 2018
FY18 Results briefing	Sydney	9 August 2018

Investor Relations Contact

T (02) 9080 8000

E investor.relations@mirvac.com

1. All dates are indicative and subject to change.

08 FEBRUARY 2018 69

1H18 Additional Information

GLOSSARY

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Term Meaning
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
LPT Listed Property Trust
LTIFR Lost Time Injury Frequency Rate
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Term Meaning
Low density Green field land projects outside of the middle ring
MAT Moving Annual Turnover
Medium density Urban infill and middle ring projects with some level of built form aspect
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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1H18 Additional Information

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 2017, 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 2017, unless otherwise noted.

08 FEBRUARY 2018 71

THANK YOU 08.02.2018

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