MIRVAC GROUP — Interim / Quarterly Report 2019

Feb 6, 2019

Reimagine Urban Life 07.02.2019

1H19 ADDITIONAL INFORMATION

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1H19 Additional Information

CONTENTS

Pages 1–32, please refer to 1H19 Results presentation

FINANCIAL

FINANCIAL
1H19 operating to statutory profit reconciliation	35
1H18 operating to statutory profit reconciliation (restated)	36
1H19 movement by segment	37
1H19 Ofice & Industrial segment reconciliation	38
1H19 Retail segment reconciliation	39
AFFO based on PCA guidelines	40
Finance costs by segment	41
Debt & hedging profile	42
Capital management metrics & liquidity profile	43
NTA & securities on issue reconciliation	44
Investment portfolio: Key acquisitions & disposals	45
Invested capital	46
OFFICE & INDUSTRIAL
Ofice: Portfolio details	48
Ofice: Leasing details	49
Industrial: Portfolio details	50
Ofice & Industrial: Developments	51
RETAIL
Retail: Portfolio details	53
Retail: Sales by category	54
Retail: Lease expiry profile & top 10 tenants	55
Retail: Developments	56

RESIDENTIAL

RESIDENTIAL
Residential: Market overview	58
Residential: Pipeline positioning	59
Residential: Masterplanned communities pipeline (major projects)	60
Residential: Apartments pipeline (major projects)	61
Residential: Pre-sales detail	62
Residential: 1H19 acquisitions & additional pipeline projects	63
Residential: 2H19 expected major releases	64
Residential: 1H19 settlements	65
Residential: 1H19 settlements detail	66
Residential: EBIT reconciliation & gross development margin	67
Residential: Provisions – roll of	68
High quality product & conservatism supporting future residential margins	69

RESTATED 1H18 SEGMENT RESULTS

RESTATED 1H18 SEGMENT RESULTS
Restated 1H18 segment results – summary	71
Restated 1H18 segment results – detail	72
2H19 CALENDAR	74
GLOSSARY	75
IMPORTANT NOTICE	76

Cover image: South Village Shopping Centre, Sydney

07 FEBRUARY 2019 33

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FINANCIAL 200 George Street, Sydney 34

1H19 Additional Information

1H19 OPERATING TO STATUTORY PROFIT RECONCILIATION

	Ofice &
	Industrial	Retail	Residential	Corporate	Total
Half year ended 31 December 2018	$m	$m	$m	$m	$m
Property net operating income (NOI)	195	86	—	9	290
Development EBIT	68	5	67	—	140
Asset & funds management EBIT	11	—	—	—	11
Management & administration expenses	(9)	(6)	(9)	(27)	(51)
Earnings before interest and tax	265	85	58	(18)	390
Development interest costs	(4)	—	(18)	—	(22)
Other net interest costs	—	—	—	(52)	(52)
Income tax expense	—	—	—	(26)	(26)
Operating profit/(loss) after tax	261	85	40	(96)	290
Specific non-cash items
Net gain on fair value of investment properties and IPUC1	323	69	—	—	392
Straight-lining of lease revenue	4	—	—	—	4
Amortisation of lease incentives and leasing costs	(26)	(8)	—	—	(34)
Share of net profit/(loss) of joint ventures relating to movement of non-cash items	3	—	—	(9)	(6)
Tax efect
Tax efect of non-cash and significant items	—	—	—	2	2
Profit/(loss) attributable to the stapled securityholders of Mirvac	565	146	40	(103)	648

1. Includes Mirvac’s share in the joint venture’s revaluation of investment properties of $8m which is included within share of net profit of joint ventures.

07 FEBRUARY 2019 35

1H19 Additional Information

1H18 OPERATING TO STATUTORY PROFIT RECONCILIATION (RESTATED)

	Ofice &
	Industrial	Retail	Residential	Corporate	Total
Half year ended 31 December 2017	$m	$m	$m	$m	$m
Property net operating income (NOI)	179	93	—	9	281
Development EBIT	10	—	43	—	53
Asset & funds management EBIT	8	—	—	1	9
Management & administration expenses	(8)	(6)	(9)	(27)	(50)
Earnings before interest and tax	189	87	34	(17)	293
Development interest costs	—	—	(24)	—	(24)
Other net interest costs	—	—	—	(36)	(36)
Income tax expense	—	—	—	(3)	(3)
Operating profit/(loss) after tax	189	87	10	(56)	230
Specific non-cash items
Net gain on fair value of investment properties and IPUC1	175	53	—	—	228
Net gain on financial instruments	8	—	—	8	16
Straight-lining of lease revenue	5	—	—	—	5
Amortisation of lease incentives and leasing costs	(24)	(8)	—	—	(32)
Share of net profit/(loss) of joint ventures relating to movement of non-cash items	3	—	—	18	21
Tax efect
Tax efect of non-cash items	—	—	—	(3)	(3)
Profit/(loss) attributable to the stapled securityholders of Mirvac	356	132	10	(33)	465

1. 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.

07 FEBRUARY 2019 36

1H19 Additional Information

1H19 MOVEMENT BY SEGMENT

OPERATING EBIT BY SEGMENT: 1H18 TO 1H19

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$400m
$24m $390m
($1m)
$76m
($2m)
350
300 $293m [ 1]
250
200
1H18 Office & Industrial Retail Residential Corporate 1H19
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• Strong increase in NOI driven by 6.0% LFL growth and recent completion of 664 Collins Street, plus significant development EBIT driven by Calibre reaching PC and progressive profit recognition on 477 Collins Street and ATP, South Eveleigh

• LFL NOI growth of 2.6% and Kawana development EBIT offset by loss of NOI from the 50% divestment of Kawana in December 2017

• Reflects timing of settlements skewed more to 1H19 vs 1H18. On track to deliver FY19 lot target with greater proportion of settlements coming from masterplanned community projects

• Restated 1H18 Group Operating EBIT.

07 FEBRUARY 2019 37

1H19 Additional Information

1H19 OFFICE & INDUSTRIAL SEGMENT RECONCILIATION

OFFICE & INDUSTRIAL NOI SUMMARY – 1H18 TO 1H19

OFFICE & INDUSTRIAL EBIT SUMMARY

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$200m
$5m $1m $2m $195m
$10m
($2m)
$179m
$175
150
125
100
1H18 [ 1] Like-for-like Acquisitions Development Divestments Other 1H19
affected
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OFFICE & INDUSTRIAL EBIT SUMMARY
	1H19	1H18 1
Property net operating income (NOI)	195	179
Development EBIT	68	10
Asset & funds management EBIT	11	8
Management & administration expenses	(9)	(8)
Earnings before interest and tax	265	189

1. 1H18 has been restated.

07 FEBRUARY 2019 38

1H19 Additional Information

1H19 RETAIL SEGMENT RECONCILIATION

RETAIL NOI SUMMARY – 1H18 TO 1H19

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$100m
$2m
$1m
$93m
($2m)
90
$86m
($6m)
($2m)
80
70
60
50
1H18 [ 1] Like-for-like Acquisitions Development Divestments Other 1H19
impacted
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RETAIL EBIT SUMMARY

RETAIL EBIT SUMMARY
	1H19	1H18 1
Property net operating income (NOI)	86	93
Development EBIT	5	—
Asset & funds management EBIT	—	—
Management & administration expenses	(6)	(6)
Earnings before interest and tax	85	87

1. 1H18 has been restated.

07 FEBRUARY 2019 39

1H19 Additional Information

AFFO BASED ON PCA GUIDELINES

AFFO BASED ON PCA GUIDELINES
	1H19	1H18 1
	$m	$m
Operating profit after tax	290	230
Maintenance capex	(12)	(23)
Incentives	(52)	(28)
Utilisation ofprioryear tax losses	26	3
Adjusted funds from operations (AFFO)	252	182

1. 1H18 has been restated.

07 FEBRUARY 2019 40

1H19 Additional Information

FINANCE COSTS BY SEGMENT

FINANCE COSTS BY SEGMENT
	Ofice &
	Industrial	Retail	Residential	Corporate	Group
1H19	$m	$m	$m	$m	$m
Interest expense net of impairment	7	1	15	50	73
Interest capitalised1	(7)	(1)	(6)	—	(14)
COGS interest	4	—	9	—	13
Borrowingcosts amortised	—	—	—	3	3
Total interest and borrowing costs	4	—	18	53	75
Less: interest revenue	—	—	—	(1)	(1)
Net interest and borrowing costs	4	—	18	52	74
1H18
Interest expense net of impairment	5	1	29	41	76
Interest capitalised1	(5)	(1)	(15)	—	(21)
COGS interest	—	—	10	—	10
Borrowingcosts amortised	—	—	—	1	1
Total interest and borrowing costs	—	—	24	42	66
Less: interest revenue	—	—	—	(6)	(6)
Net interest and borrowing costs	—	—	24	36	60

1. Relates to Residential and Commercial projects.

07 FEBRUARY 2019 41

1H19 Additional Information

DEBT & HEDGING PROFILE

Issue / source	Maturity date	Facility limit $m	Drawn amount $m
Bank Facilities	Sep2019	100	—
Bank Facilities	Mar 2020	280	27
Bank Facilities	Sep2020	300	191
MTN	Sep2020	200	200
Bank Facilities	Sep2021	350	325
Bank Facilities	Sep2022	250	250
USPP1	Dec 2022	220	220
Bank Facilities	Sep2023	250	250
MTN	Sep2023	250	250
USPP1	Dec 2024	136	136
CEFC	Jan 2025	90	90
USPP1	Sep2025	46	46
USPP1	Dec 2025	151	151
EMTN1	Mar 2027	501	501
USPP1	Sep2027	249	249
EMTN1	Mar 2028	50	50
USPP1	Sep2028	298	298
USPP1	Sep2031	139	139
EMTN1	Dec 2031	118	118
Total		3,978	3,491

DRAWN DEBT SOURCES 1H19 HEDGING & FIXED INTEREST PROFILE AS AT 31 DECEMBER 2018 2

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$2,500m
4.5%
2,000
4.0
1,500 3.5
1,000 2.98% 3.01% 2.87% 2.87% 3.0
2.75%
2.62%
500 2.5
0 2.0
FY19 FY20 FY21 FY22 FY23 FY24
Fixed Options Swaps Average rate Dec 18 (RHS)
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Bank 30%
USPP 36%
EMTN 19%
MTN 15%
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DRAWN DEBT MATURITIES AS AT 31 DECEMBER 2018

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$500m
400
300
200
100
0
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33
Bank MTN USPP EMTN
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1. Drawn amounts based on hedged rate not carrying value.

2. Includes bank callable swap.

07 FEBRUARY 2019 42

1H19 Additional Information

CAPITAL MANAGEMENT METRICS & LIQUIDITY PROFILE

CAPITAL MANAGEMENT METRICS

	31 December 2018	30 June 2018
NTA	$2.44	$2.31
Balance sheetgearing1	24.4%	21.3%
Look throughgearing	25.4%	22.2%
Total interest bearingdebt2	$3,491m	$2,997m
Average borrowingcost3	4.5%	4.8%
Average debt maturity	6.1 yrs	6.8 yrs
Hedged percentage	72%	77%
Average hedge maturity	4.0 yrs	4.4 yrs
Moody’s/Fitch credit rating	A3 / A-	A3 / n/a

LIQUIDITY PROFILE

	Facility	Drawn	Available
	limit	amount	liquidity
As at 31 December 2018	$m	$m	$m
Facilities due within 12 months4	100	—	100
Facilities duepost 12 months4	3,878	3,491	387
Total	3,978	3,491	487
Cash on hand			83
Total liquidity			570
Less facilities maturing< 12 months4			100
Funding headroom			470

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

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

1. Includes margins and line fees.

2. Based on hedged rate, not carrying value.

07 FEBRUARY 2019 43

1H19 Additional Information

NTA & SECURITIES ON ISSUE RECONCILIATION

NTA & SECURITIES ON ISSUE RECONCILIATION
Net tangible assets		$m
As at 1 July 2018		8,577
Operating profit for the half year		290
Net gain on fair value of investment properties and IPUC		384
Net gain on fair value of investment properties included in equity accounted profit1		8
Securities issued and bought during the period		(121)
Other net equity movements and non-operating items through profit and loss		(33)
Distributions2		(193)
As at 31 December 2018		8,912
Securities on issue		No. of securities
As at 1 July 2018		3,709,610,906
FY16 LTP – ROIC vested in FY19	09-Aug-18	3,964,327
FY16 LTP – TSR vested in FY19	09-Aug-18	2,695,765
MGR DailyShare Buy-back	Aug-Dec-18	(58,079,881)
As at 31 December 2018		3,658,191,117
Weighted average number of securities		3,695,541,360
NTAper security		$2.44

1. 8 Chifley, Sydney $5m and David Malcolm Justice Centre, Perth $3m.

2. 1H19 Distribution is 5.3 cpss, with distribution for the 6 months ending 31 December 2018 payable on 28 February 2019.

07 FEBRUARY 2019 44

1H19 Additional Information

INVESTMENT PORTFOLIO: KEY ACQUISITIONS & DISPOSALS

Acquisitions 1H19	State	Sector	Acquisition price	Settlement date
80 Ann Street, Brisbane1	QLD	Ofice	$40m	August 2018
383 LaTrobe Street, Melbourne	VIC	Ofice	$122m	September 2018
Total			$162m
Disposals 1H19	State	Sector	Sale price	Settlement date
—
Total

1. Includes deferred settlement amount.

07 FEBRUARY 2019 45

1H19 Additional Information

INVESTED CAPITAL

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OFFICE [:] 59% PASSIVE
INVESTED CAPITAL
RETAIL [:] 31%
$10,945m 1
INDUSTRIAL [:] 8%
86%
OTHER [:] 2%
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APARTMENTS: 51%
ACTIVE
RESIDENTIAL
INVESTED CAPITAL
92%
MASTERPLANNED
COMMUNITIES: 41%
$1,760m
OFFICE: 5%
COMMERCIAL
14% INDUSTRIAL: 3%
8%
RETAIL: [<] 1%
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RESIDENTIAL ACTIVE INVESTED CAPITAL[ 2]

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100%
Provision 7%
WA 16%
100% Balance sheet
Masterplanned 28%
75 communities
44% QLD 16%
50 VIC 25%
Non-provision
93%
Capital
25 Apartments 56% Efficient 72%
NSW 43%
0
By product line By state By structure By provision/non-provision
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1. Invested capital includes investment properties, IPUC, JVA’S, other financial assets and intangibles. 2. Includes capital invested in Development Agreement’s, JVA, MWRDP, deferred land payments and loans.

07 FEBRUARY 2019 46

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OFFICE & INDUSTRIAL

Calibre Building 2, Sydney

1H19 Additional Information

OFFICE[:] PORTFOLIO DETAILS

	1H19	1H18
No. ofproperties1	30	28
NLA	658,300 sqm	624,947 sqm
Portfolio value2	$6,370m	$5,201m
WACR	5.46%	5.81%
Propertynet operatingincome (NOI)	$169m	$154m3
Like-for-like NOIgrowth	5.4%	9.7%
Maintenance capex	$5m	$11m
Tenant incentives4	$29m	$5m
Occupancy(byarea)	97.2%	98.1%
NLA leased	66,164 sqm	50,253 sqm
% ofportfolio NLA leased	10.1%	8.0%
WALE (byincome)	6.6yrs	6.7yrs
WALE (byarea)	7.3yrs	7.2yrs

1. Includes IPUC, but excludes properties being held for development.

2. Includes IPUC and properties being held for development.

OFFICE GEOGRAPHIC DIVERSITY[ 5]

OFFICE DIVERSITY BY GRADE[ 5 ]

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Sydney 57% Premium 35%
Melbourne 27% A grade 60%
Brisbane 3% B grade 2%
Perth 8% C grade 3%
Canberra 5%
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OFFICE RENT REVIEW STRUCTURE[ 6]

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Fixed 94%
CPI 5%
Other 1%
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1. 1H18 has been restated.

2. Includes cash and fitout incentives.

3. By portfolio value, excluding properties being held for development.

4. Excludes lease expiries.

07 FEBRUARY 2019 48

1H19 Additional Information

OFFICE[:] LEASING DETAILS

OFFICE LEASE EXPIRY PROFILE[ 1]

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60%
57%
50
40
30
20
13%
10
9%
8% 8%
3%
2%
0
Vacant 2H19 FY20 FY21 FY22 FY23 FY24+
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1. By income.

				Credit
Ofice top 10 tenants 2	Percentage 3			ratings
1 Government	15%		Aaa & Aa2 /	AAA & AA+
2 Westpac	11%			Aa3 / AA-
3 Google Inc4	5%			Aa2 / AA
4 EY	4%			—
5 AGL Energy	3%			Baa2 / —
6 UGL Limited	2%			Baa2 / BBB
7 Sportsbet Pty Ltd	2%			—
8 Optus	2%			A2 / A
9 John Holland	2%			—
10 PwC	2%			B2 / —
Total	48%			—
		Leasing	Average	Average
1H19 Leasing activity	Area	spread	incentive	WALE 1
Renewals	50,578 sqm	6.2%	15.4%	14.8yrs
New leases	15,586 sqm	19.1%	16.3%	5.5yrs
Total	**66,164 sqm **	15.6%5	15.7%	12.5yrs

1. Excludes Mirvac tenancies.

2. Percentage of gross office portfolio income.

3. Direct lease to Fairfax, with Google subleasing until 2020.

4. Excludes a lease to the Department of Health due to delayed lease commencement.

07 FEBRUARY 2019 49

1H19 Additional Information

INDUSTRIAL[:] PORTFOLIO DETAILS

	1H19	1H18
No. ofproperties1	18	16
NLA	469,273 sqm	389,984 sqm
Portfolio value2	$868m	$773m
WACR	5.89%	6.33%
Propertynet operatingincome (NOI)	$26m	$25m3
Like-for-like NOIgrowth	10.3%	4.6%
Maintenance capex	<$1m	<$1m
Tenant incentives4	—	$0.2m
Occupancy(byarea)	100.0%	99.3%
NLA leased	50,652 sqm	44,326 sqm
% ofportfolio NLA leased	10.8%	11.4%
WALE (byincome)	7.6yrs	7.0yrs
WALE (byarea)	9.0yrs	9.2yrs

1. Excludes properties being held for development.

2. Includes properties being held for development.

3. 1H18 has been restated.

4. Includes cash and fitout incentives.

5. By income.

INDUSTRIAL LEASE EXPIRY PROFILE[ 5]

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70%
60 61%
50
40
30
20
15%
10 11%
5% 5%
3%
0 0%
Vacant 2H19 FY20 FY21 FY22 FY23 FY24+
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INDUSTRIAL DIVERSIFICATION BY GEOGRAPHY[ 6]

INDUSTRIAL RENT REVIEW STRUCTURE[ 7]

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Sydney: 100%
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Fixed: 81%
CPI: 17%
Other: 2%
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1. By portfolio value, excluding assets held in funds.

2. Excludes lease expiries.

07 FEBRUARY 2019

50

1H19 Additional Information

OFFICE & INDUSTRIAL[:] DEVELOPMENTS

OFFICE & INDUSTRIAL: DEVELOPMENTS
Active pipeline Sector Area Ownership % Pre-leased 1 Estimated value on completion2 Estimated cost to complete3 Estimated yield on cost4	Estimated project timing
	2H19 FY20 FY21 FY22
Ofice
Australian Technology Park, South Eveleigh Ofice 93,600 sqm5 33% 100% $1,017m $118m 6.4%
477 Collins St, Melbourne Ofice 56,600 sqm 50% 88% $838m $197m 6.0%
Locomotive Workshop (ATP), South Eveleigh Ofice 30,300 sqm6 100% 66% $359m $254m 5.6%
80 Ann St, Brisbane Ofice 57,800 sqm 50% 66% $829m $328m 5.6%
Ofice total 238,300 sqm 84% $3,043m $897m

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

2. Represents 100% of expected development end value based on agreed cap rate.

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

4. Expected yield on cost including land and interest.

5. Represents CBA office commitment.

6. Office component 22,400 sqm, retail component 7,900 sqm.

07 FEBRUARY 2019

51

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RETAIL Rhodes Waterside, Sydney

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1H19 Additional Information

RETAIL[:] PORTFOLIO DETAILS

	1H19	1H18
No. ofproperties	17	17
GLA	437,911 sqm	418,514 sqm
Portfolio value	$3,385m	$3,135m
WACR	5.40%	5.60%
Propertynet operatingincome (NOI)	$86m	$93m1
Like-for-like NOIgrowth	2.6%	3.1%
Maintenance capex	$7m	$11m
Tenant incentives2	$5m	$4m
Occupancy(byarea)	99.3%3	99.4%
GLA leased	28,769 sqm	29,012 sqm
% ofportfolio GLA leased	6.4%	6.8%
WALE (byincome)	4.1yrs	4.1yrs
WALE (byarea)	5.3yrs	5.1yrs
Specialtyoccupancycost	15.4%	15.3%
Total comparable MAT	$2,890m	$2,842m
Total comparable MATproductivity	$9,542/sqm4	$10,149/sqm
Total comparable MATgrowth	2.5%	3.7%
Specialties comparable MATproductivity	$10,019/sqm4	$10,034/sqm
Specialties comparable MATgrowth	2.9%	5.2%
New leasingspreads	6.8%	0.7%
Renewal leasingspreads	1.0%	2.8%
Total leasingspreads	2.7%	2.2%

1. 1H18 has been restated.

1. Includes cash and fitout incentives.

RETAIL DIVERSITY BY GRADE[ 5 ]

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Regional 41% Sub Regional 24% CBD Retail 14% Outlet 12% Neighbourhood 9%

RETAIL RENT REVIEW STRUCTURE[ 6 ]

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Fixed: 80% CPI: 18% Other: 2%

1. Excludes South Village Shopping Centre which has a 100% income guarantee.

2. Impacted by change in comparable basket.

3. By portfolio value as per PCA classification.

4. Excludes lease expiries.

07 FEBRUARY 2019 53

1H19 Additional Information

RETAIL[:] SALES BY CATEGORY

		1H19	FY18
	1H19	Comparable	Comparable
Retail sales by category	Total MAT	MAT growth	MAT growth
Supermarkets	$1,117m	2.3%	1.7%
Discount department stores	$265m	4.6%	6.2%
Mini-majors	$547m	1.7%	5.8%
Specialties	$1,196m	2.9%	3.7%
Other retail	$220m	0.2%	(3.4%)
Total	$3,345m	2.5%	3.1%

		1H19	FY18
	1H19	Comparable	Comparable
Specialty sales by category	Total MAT	MAT growth	MAT growth
Food retail	$137m	0.2%	0.0%
Food catering	$337m	2.4%	7.3%
Jewellery	$31m	(0.7%)	2.3%
Mobile phones	$40m	5.3%	5.7%
Homewares	$43m	9.1%	(2.7%)
Retail services	$129m	5.8%	8.5%
Leisure	$48m	(1.4%)	(0.2%)
Apparel	$327m	5.0%	3.0%
General retail	$104m	(1.4%)	(1.4%)
Total specialties	$1,196m	2.9%	3.7%

Specialty metrics	1H19	FY18
Comparable specialtysales	$10,019/sqm1	$10,085/sqm
Comparable specialtyoccupancycosts	15.4%	15.3%

1. Impacted by change in comparable basket.

07 FEBRUARY 2019 54

1H19 Additional Information

RETAIL[:] LEASE EXPIRY PROFILE & TOP 10 TENANTS

RETAIL LEASE EXPIRY PROFILE – BY INCOME

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40%
35%
30
20
14% 15%
13%
12%
10 10%
1%
0
Vacant 2H19 FY20 FY21 FY22 FY23 FY24+
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RETAIL LEASE EXPIRY PROFILE – BY AREA
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50%
47%
40
30
20
13%
10 9% 10% 9% 11%
1%
0
Vacant 2H19 FY20 FY21 FY22 FY23 FY24+
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RETAIL TOP 10 TENANTS

			Credit
		Percentage 1	ratings
1	Wesfarmers Limited	10%	A3 / BBB+
2	Woolworths Group Limited	3%	Baa2 / BBB
3	Aldi Food Stores	2%	—
4	Audi AG	2%	A3 / BBB+
5	Cotton On Group	1%	—
6	Event Cinemas	1%	—
7	Virgin Group	1%	B+ / —
8	Priceline	1%	—
9	Westpac Banking Corporation	1%	Aa3 / AA-
10	Just Group	1%	—
	Total	23%

1. Percentage of gross retail portfolio income.

07 FEBRUARY 2019 55

1H19 Additional Information

RETAIL[:] DEVELOPMENTS

RETAIL: DEVELOPMENTS
Committed Pipeline Development area Incremental GLA Ownership Area % Pre-leased Estimated project cost 1 Estimated cost to complete 1 Estimated yield on cost	Estimated project timing
	2H19 FY20
Toombul - Entertainment & Dining Precinct 4,500 sqm 1,600 sqm 100% 48% $43m $38m >6.0%
Total 4,500 sqm 1,600 sqm 48% $43m $38m >6.0%

Current developments – mixed-use/ground floor retail[ 2]

Future development & repositioning pipeline

Locomotive Workshops – Retail component ~8,000 sqm[ 3] 275 Kent Street

Birkenhead Point Brand Outlet Broadway Sydney Cooleman Court Greenwood Plaza Harbourside Metcentre Moonee Ponds Central Orion Springfield Central Rhodes Waterside Stanhope Village

1. Mirvac’s ownership interest.

2. Retail component managed by retail business, recognised on Office balance sheet. 3. See slide 51 for additional disclosure.

07 FEBRUARY 2019 56

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RESIDENTIAL

Gainsborough Greens, Brisbane (artist impression)

1H19 Additional Information

RESIDENTIAL[:] MARKET OVERVIEW

• MIRVAC

• SYDNEY PIPELINE[13] > Inner urban Sydney continues to record the best levels of mortgage serviceability in Australia[ 1] > Strong macro backdrop with rising exports, an upswing in business investment, >$95 billion in infrastructure spending next four years and sub 4% unemployment rate[ 2] 27% >> Urbanisation thematic continues with ABS projection of Greater Sydney population growth averaging 2.1% pa (exceeding national and state averages) over five years to 2023[ 3] NSW Preconditions for next cycle underway as attached approvals down ~25% from peak and affordability steadily improves[ 4]

• MELBOURNE > Melbourne to remain Australia’s fastest growing city with net population gains averaging >120,000 people per year and 2.4% growth per annum over next five years[ 3] > Substantial public sector investment spilling over into record lifts in non-residential construction and commitments to further multi-billion dollar infrastructure projects[ 5] 48% > Employment growth remains strong, unemployment has tightened considerably to low 4% levels and business surveys indicate tight capacity, suggesting precursor to some lift in wages[ 3] > Similar to Sydney, price retracing most prevalent in higher-end detached house suburbs with mortgage arrears data indicating inner urban locations are still best performing[ 1 & 6] VIC

• BRISBANE

BRISBANE	> > > >	Melbourne to remain Australia’s fastest growing city with net population gains averaging >120,000 people per year and 2.4% growth per annum over next five years3 Substantial public sector investment spilling over into record lifts in non-residential construction and commitments to further multi-billion dollar infrastructure projects5 Employment growth remains strong, unemployment has tightened considerably to low 4% levels and business surveys indicate tight capacity, suggesting precursor to some lift in wages3 Similar to Sydney, price retracing most prevalent in higher-end detached house suburbs with mortgage arrears data indicating inner urban locations are still best performing1 & 6	48% VIC
	> >	Strong growth agenda from government with investment rising in both infrastructure and hiring for front-line services7 Improved economy and afordability translating into solid lifts in interstate migration with Brisbane population forecast to record population growth of 2.1% pa over the five years	17%
	>	to 20233 Brisbane apartment supply pipeline to continue to reduce sharply with starts down ~40% from peak levels4	QLD
	>	MPC markets benefiting from balanced supply/demand fundamentals and competitive price points relative to established housing market8
PERTH
	> >	State economic activity shows an uneven profile as the tail end of the mining investment boom unwinds9 Employment gains have moderated although firmer commodity prices have translated into some lifts in capital expenditure10 & 11	8%
	>	Residential construction continues to lower and rental vacancy rates have tightened from 5.5% to 2.9% over the year to December 2018, indicating rental supply is being absorbed12	WA

1. Moody’s Investors Service Mortgage Delinquency Map 2018 2. NSW Budget 2018-19 Half-Yearly Review and Commonwealth Budget Papers 2018-19 3. ABS Population Projections, Cat 3222.0, November 2018 4. ABS Building Approvals, Cat 8731.0, to end November 2018 5. ABS Building Activity, Cat 8752.0 6. CoreLogic Market Trends 7. QLD Government Budget Papers, 2018-19 Mid Year Fiscal and Economic Review 8. National Greenfield Market Performance Report, NLSP, December 2018 9. Australian National Accounts Cat. 5206.0 10. ABS Labour Force Cat. 6202 11. Various company reports 12. Real Estate Institute of Western Australia 13. Based on Mirvac’s share of expected future revenue.

07 FEBRUARY 2019

58

1H19 Additional Information

RESIDENTIAL[:] PIPELINE POSITIONING

27,258 SHARE OF EXPECTED FUTURE REVENUE BY PRODUCT[ 1] lots under control

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Masterplanned communities: 62% Apartments: 38%

SHARE OF EXPECTED FUTURE REVENUE BY GEOGRAPHY[ 1]

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VIC: 48% NSW: 27% QLD: 17% WA: 8%

LOTS UNDER CONTROL BY PRODUCT

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LOTS UNDER CONTROL BY STRUCTURE

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Masterplanned communities: 84% Apartments: 16%

100% Mirvac balance sheet: 44% JV: 35% PDA/DMA: 21%

LOTS UNDER CONTROL BY PRICE POINT – MASTERPLANNED COMMUNITIES

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Masterplanned communities < $250k: 16% $250k – $500k: 75% > $500k: 9%

LOTS UNDER CONTROL BY PRICE POINT – APARTMENTS

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Apartments < $1.2m: 51% > $1.2m: 49%

1. Mirvac share of forecast revenue.

07 FEBRUARY 2019 59

1H19 Additional Information

RESIDENTIAL[:] MASTERPLANNED COMMUNITIES PIPELINE (MAJOR PROJECTS)

Major projects State Stage Ownership Type	Expected settlement profile (lots) 2H19 FY20 FY21 FY22 FY23 44 80 131 310 365 124 173 225 301 337 509 964 1,166 1,269 2,197 179 224 266 334 465 817	Expected settlement profile (lots) 2H19 FY20 FY21 FY22 FY23 44 80 131 310 365 124 173 225 301 337 509 964 1,166 1,269 2,197 179 224 266 334 465 817	Expected settlement profile (lots) 2H19 FY20 FY21 FY22 FY23 44 80 131 310 365 124 173 225 301 337 509 964 1,166 1,269 2,197 179 224 266 334 465 817	Expected settlement profile (lots) 2H19 FY20 FY21 FY22 FY23 44 80 131 310 365 124 173 225 301 337 509 964 1,166 1,269 2,197 179 224 266 334 465 817	Expected settlement profile (lots) 2H19 FY20 FY21 FY22 FY23 44 80 131 310 365 124 173 225 301 337 509 964 1,166 1,269 2,197 179 224 266 334 465 817	Masterplanned communities project pipeline analysis
Hydeberry QLD Multiple stages 100% Land	44					% of total FY19 expected lots to settle from masterplanned communities~74%
Arana Hills QLD Multiple stages 100% Land	80
Osprey Waters WA Multiple stages 100% Land	131
						% of total FY19 expected provision lot settlements <1%
Crest NSW Multiple stages 100% House & Land	310
Gainsborough Greens QLD Multiple stages 100% House & Land	365
Everton Park QLD Multiple stages 100% Land		124
Waverley Park VIC Multiple stages 100% House & Land	173
Tullamore VIC Multiple stages 100% House & Land	225
One71 Baldivis WA Multiple stages 100% House & Land	301
Madox WA Multiple stages 100% Land	337
Iluma Private Estate WA Multiple stages 100% Land	509
Everleigh QLD Multiple stages 100% Land	964
Googong NSW Multiple stages 50% House & Land	1,166
Olivine VIC Multiple stages 100% & DMA Land	1,269
Woodlea VIC Multiple stages 50% Land	2,197
Moorebank NSW Multiple stages PDA House			179
Altona North VIC Multiple stages 100% House			224
Menangle NSW Multiple stages PDA Land			266
Henley Brook WA Multiple stages 100% Land		334
Marsden Park North NSW Multiple stages PDA Land			465
Smith's Lane VIC Multiple stages 100% Land			817

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

07 FEBRUARY 2019 60

1H19 Additional Information

RESIDENTIAL[:] APARTMENTS PIPELINE (MAJOR PROJECTS)

Major projects State Stage Pre-sold Ownership	Expected settlement profile (lots)	Expected settlement profile (lots)	Expected settlement profile (lots)	Expected settlement profile (lots)	Expected settlement profile (lots)
	2H19 FY20 FY21 FY22 FY23
The Finery NSW All Stages 84% 50%	46
Tullamore VIC Building A 84% 100%	134
The Eastbourne VIC All stages 100% PDA	258
Ascot Green QLD Ascot House 77% PDA	23
Yarra's Edge VIC Forge 90% 100%	30
Hope St QLD Lucid 87% 100%	33
Claremont WA Reserve 48% 100%	63
Claremont WA Grandstand 65% 100%	65
St Leonards Square1 NSW All stages 98% 50%		561
Marrick & co NSW All Stages 68% 100%		216
Pavilions2 NSW All Stages 58% PDA		421
Beachside Leighton WA Compass 45% 100%			104
Tullamore VIC Future apartments Not released 100%			171
Ascot Green QLD Tulloch House 32% PDA				84
The Peninsula WA Future Stages Not released 100%				193
Yarra's Edge VIC Voyager 57% 100%				284
Yarra's Edge VIC Future Stages Not released 100%					214

Apartment project pipeline analysis

% of total FY19 expected lots to settle from apartments ~26% % of total FY19 expected provision lots to settle <1%

1. Includes 34 retail/commercial strata lots.

2. Excludes build-to-rent lots. Note: PDA’s are development service contracts and there is no land ownership to Mirvac.

07 FEBRUARY 2019 61

1H19 Additional Information

RESIDENTIAL[:] PRE-SALES DETAIL

RECONCILIATION OF MOVEMENT IN EXCHANGED PRE-SALES CONTRACTS TO 1H19

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$2,500m
$2,168m
2,000 $266m $2,011m
1,500 ($423m)
1,000
FY18 Settled Net sales 1H19
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• $2.0bn pre-sales roll-off: 2H19: 25%; FY20: 54%; FY21+: 21%

• Exchanged pre-sales less than one year old ~20%

• Exchanged pre-sales less than two years old ~56%

• Apartment pre-sales <$1m – ~32%

• Masterplanned communities pre-sales <$1m – ~79%

PRE-SALES BY GEOGRAPHY

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PRE-SALES BY BUYER PROFILE[ 1]

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NSW: 39%
VIC: 56%
QLD: 2%
WA: 3%
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Owner occupier: 52%[ 2] Investor: 33% Mainland China: 13% Offshore other: 2%

PRE-SALES BY TYPE

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Apartments: 77%
Masterplanned
communities: 23%
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PRE-SALES EXPECTED FIRB ROLL-OFF – APARTMENTS

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2H19: 11% FY20: 42% FY21+: 47%

1. Buyer profile information approximate only and based on customer surveys. 2. Includes first home buyers.

07 FEBRUARY 2019 62

1H19 Additional Information

RESIDENTIAL[:] 1H19 ACQUISITIONS & ADDITIONAL PIPELINE PROJECTS

					Estimated settlement
Project	State	Ownership	No. of lots 1	Product type	commencement 1
Acquisitions
Henley Brook	WA	100%	562	Masterplanned communities	FY21
Total acquisitions			562
Additional pipeline projects
Menangle	NSW	PDA	373	Masterplanned communities	FY21
Altona North	VIC	100%	420	Masterplanned communities & apartments	FY21
Total additional pipeline projects			793
Total acquisitions & additional pipeline projects			1,355

1. Subject to planning approvals.

07 FEBRUARY 2019 63

1H19 Additional Information

RESIDENTIAL[:] 2H19 EXPECTED MAJOR RELEASES

2H19 expected major releases 1	State	Type	Approximate lots 1
Woodlea	VIC	Masterplanned communities	146
Olivine	VIC	Masterplanned communities	111
Tullamore	VIC	Apartments	102
Tullamore	VIC	Masterplanned communities	77
Smith’s Lane	VIC	Masterplanned communities	64
Everleigh	QLD	Masterplanned communities	59
Gainsborough Greens	QLD	Masterplanned communities	50
Everton Park	QLD	Masterplanned communities	46
Moorebank	NSW	Masterplanned communities	45
Crest	NSW	Masterplanned communities	42
Iluma Private Estate	WA	Masterplanned communities	40

1. Subject to planning approvals and market demand.

07 FEBRUARY 2019 64

1H19 Additional Information

RESIDENTIAL[:] 1H19 SETTLEMENTS

1,067lot settlements consisting of:

		Apartments		Masterplanned	communities		Total
1H19 settlements by lots	Lots		%	Lots	%	Lots		%
NSW	155		14%	145	14%	300		28%
QLD	157		15%	118	11%	275		26%
VIC	19		2%	295	27%	314		29%
WA	111		10%	67	7%	178		17%
Total	442		41%	625	59%	1,067		100%

1H19 LOT SETTLEMENTS

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By product type

Masterplanned communities: 59% Apartments: 41%

House: 3% Land: 56%

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By geography

NSW: 28% QLD: 26% VIC: 29% WA: 17%

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By structure

100% Mirvac balance sheet: 54% JVA: 38% PDA: 8%

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By provision

Non-provision settlements: 99% Provision settlements: 1%

07 FEBRUARY 2019 65

1H19 Additional Information

RESIDENTIAL[:] 1H19 SETTLEMENTS DETAIL

1H19 AVERAGE SETTLEMENT PRICE House Land Apartments 1H19 major settlements Product type Ownership Lots Woodlea, VIC Masterplanned communities 50% 203 Hope St, QLD Apartments 100% 138 The Finery, NSW Apartments 50% 112 Claremont, WA Apartments 100% 105 Googong, NSW Masterplanned communities 50% 95 Hydeberry, QLD Masterplanned communities 100% 89 Olivine, VIC Masterplanned communities 100% & DMA 79 Green Square, NSW Apartments PDA 40 Gainsborough Greens, QLD Masterplanned communities 100% 28 The Avenue, NSW Masterplanned communities 100% 27 Subtotal 916 Other projects 151 Total 1,067 Investors 43% Upgraders / empty nesters 28% First home buyers 29% 1H19 SETTLEMENT BUYER PROFILE	1H19 AVERAGE SETTLEMENT PRICE House Land Apartments 1H19 major settlements Product type Ownership Lots Woodlea, VIC Masterplanned communities 50% 203 Hope St, QLD Apartments 100% 138 The Finery, NSW Apartments 50% 112 Claremont, WA Apartments 100% 105 Googong, NSW Masterplanned communities 50% 95 Hydeberry, QLD Masterplanned communities 100% 89 Olivine, VIC Masterplanned communities 100% & DMA 79 Green Square, NSW Apartments PDA 40 Gainsborough Greens, QLD Masterplanned communities 100% 28 The Avenue, NSW Masterplanned communities 100% 27 Subtotal 916 Other projects 151 Total 1,067 Investors 43% Upgraders / empty nesters 28% First home buyers 29% 1H19 SETTLEMENT BUYER PROFILE	1H19 AVERAGE SETTLEMENT PRICE House Land Apartments 1H19 major settlements Product type Ownership Lots Woodlea, VIC Masterplanned communities 50% 203 Hope St, QLD Apartments 100% 138 The Finery, NSW Apartments 50% 112 Claremont, WA Apartments 100% 105 Googong, NSW Masterplanned communities 50% 95 Hydeberry, QLD Masterplanned communities 100% 89 Olivine, VIC Masterplanned communities 100% & DMA 79 Green Square, NSW Apartments PDA 40 Gainsborough Greens, QLD Masterplanned communities 100% 28 The Avenue, NSW Masterplanned communities 100% 27 Subtotal 916 Other projects 151 Total 1,067 Investors 43% Upgraders / empty nesters 28% First home buyers 29% 1H19 SETTLEMENT BUYER PROFILE
		$
	House	$971k
	Land	$320k
	Apartments	$829k

1H19 SETTLEMENT BUYER GEOGRAPHY

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Domestic 84%
Offshore 16%
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1H19 AVERAGE SETTLEMENT PRICE
	$
House	$971k
Land	$320k
Apartments	$829k

07 FEBRUARY 2019 66

1H19 Additional Information

RESIDENTIAL[:] EBIT RECONCILIATION & GROSS DEVELOPMENT MARGIN

1H19 Residential EBIT reconciliation	$m
Development revenue	329
Management fee revenue	11
Total development revenue	340
JV and other revenue	25
Total operating revenue and other income	365
Cost of development and construction	(248)
Sales and marketing expense	(23)
Employee benefits and other expenses	(21)
Depreciation and other	(6)
Total cost ofproperty development and construction	(298)
Development EBIT	67
Management and administrative expenses	(9)
Total Residential EBIT	58

DEVELOPMENT MARGIN
1H19 Gross Development Margin	$m
Development revenue	329
Cost of development and construction	(248)
Residentialgross development margin	81
Residentialgross development margin %	25%
Residential EBIT Margin	16%

07 FEBRUARY 2019 67

1H19 Additional Information

RESIDENTIAL[:] PROVISIONS – ROLL OFF

1

• $0.6m in provision release during 1H19

• Remaining residential inventory provision balance of $88m at 31 December 2018[ 2]

EXPECTED PROVISION RELEASE PROFILE

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$70m
60
50
40
30
20
10
0
FY19 FY20 FY21+
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EXPECTED CLOSING PROVISION BALANCE ROLL OFF

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$70m
60
50
40
30
20
10
0
FY19 FY20 FY21+
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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 $124m.

07 FEBRUARY 2019

68

1H19 Additional Information

HIGH QUALITY PRODUCT & CONSERVATISM SUPPORTING FUTURE RESIDENTIAL MARGINS

REVENUE

DECLINING CAPITALISED INTEREST AS A PERCENTAGE OF INVENTORY

• $2.0bn 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 6% of inventory supports future margins

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

• 56% of lots controlled in capital efficient PDA and JV structures

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

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$2bn 13.0%
12.0
11.0
1.5
10.0
9.0
1.0
8.0
7.0
0.5
6.0
5.0
0.0 4.0
FY13 FY14 FY15 FY16 FY17 FY18 1H19
Non-interest inventory Capitalised interest Capitalised interest as % of inventory (RHS)
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Note: All inventory balances reflect gross inventory.

07 FEBRUARY 2019 69

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RESTATED 1H18 SEGMENT RESULTS

1H19 Additional Information

RESTATED 1H18 SEGMENT RESULTS – SUMMARY

• Effective in FY19, Mirvac’s definition of operating profit has been updated to:

• include security-based payments expense and

• exclude the amortisation of all lease incentives and leasing costs

• This change has been implemented to align with market practice (ASX top 20 and AREIT sector) and is also consistent with the Property Council of Australia’s recommended reporting metric, Funds From Operations or FFO

• The below tables reflect the Group’s 1H18 results under this revised definition

SUMMARY OF RESTATEMENTS TO 1H18 OPERATING PROFIT

SUMMARY OF RESTATEMENTS TO 1H18 OPERATING PROFIT
	Ofice &
	Industrial	Retail	Residential	Corporate	Total	EPS
	$m	$m	$m	$m	$m	cpss
Operating profit after tax (as reported)	173	83	11	(52)	215	5.8
Include security-based payments expense	(1)	—	(1)	(4)	(6)
Excludes amortisation of lease incentives	17	4	—	—	21
Operating profit/(loss) after tax (restated)	189	87	10	(56)	230	6.2

07 FEBRUARY 2019 71

1H19 Additional Information

RESTATED 1H18 SEGMENT RESULTS – DETAIL

RESTATED 1H18 OPERATING PROFIT – SEGMENT DETAIL

	Ofice & Industrial As reported Restated $m $m	Retail Residential As reported Restated As reported Restated $m $m $m $m	Corporate As reported Restated $m $m	Total
				As reported Restated $m $m
Property NOI Development EBIT Asset and funds management EBIT Management and administration expenses	162 179 10 10 8 8 (7) (8)	89 93 — — — — 44 43 — — — — (6) (6) (9) (9)	9 9 — — 1 1 (23) (27)	260 281 54 53 9 9 (45) (50)
Earnings before interest and tax (EBIT)	173 189	83 87 35 34	(13) (17)	278 293
Development interest costs Other net interest costs Income tax expense	— — — — — —	— — (24) (24) — — — — — — — —	— — (36) (36) (3) (3)	(24) (24) (36) (36) (3) (3)
Operating profit/(loss) after tax	173 189	83 87 11 10	(52) (56)	215 230

RESTATED 1H18 FFO

RESTATED 1H18 FFO
	Ofice &
	Industrial	Retail	Residential	Corporate	Total
	$m	$m	$m	$m	$m
Funds from operations (as reported)	185	87	11	(58)	225
Security-based payments expense allocations	(1)	—	(1)	2	—
Add back of amortisation previously included	5	—	—	—	5
Funds from operations (restated)	189	87	10	(56)	230

07 FEBRUARY 2019 72

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CALENDAR Cultivate, 200 George Street, Sydney

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1H19 Additional Information

2H19 CALENDAR

Event	Location	Date1
Private roadshow	Sydney	8, 13-15 February2019
Private roadshow	Melbourne	11-12 February2019
Private debt roadshow	USA	19-22 February2019
Citibank’s 2019 Global PropertyCEO Conference	Miami	4-5 March 2019
Private Roadshow	USA/Canada	6-8 March 2019
Private Roadshow	Singapore	25-26 March 2019
Credit Suisse 22nd Asian Investment Conference	HongKong	27-28 March 2019
3Q19 Operational Update	—	30 April 2019
Macquarie Australia Conference	Sydney	30 April 2019
FY19 Results Briefing	Sydney	8 August 2019

Investor Relations Contact

• T (02) 9080 8000

• E investor.relations@mirvac.com

• All dates are indicative and subject to change.

07 FEBRUARY 2019 74

1H19 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
GLA Gross Lettable Area
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
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Meaning

Term

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LTIFR Lost Time Injury Frequency Rate
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
(i.e. 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
Operating Profit Operating profit reflects the core earnings of the Group, representing statutory profit adjusted for specific non-cash items and other
significant items.
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
SQM Square metre
USPP US Private Placement
WACR Weighted Average Capitalisation Rate
WALE Weighted Average Lease Expiry
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07 FEBRUARY 2019 75

1H19 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 2018, 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 2018, unless otherwise noted.

07 FEBRUARY 2019 76

THANK YOU

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