MIRVAC GROUP — Interim / Quarterly Report 2020

Feb 5, 2020

1H20 Additional Information Reimagine Urban Life

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1H20 ADDITIONAL INFORMATION

Contents

Pages 1–31, please refer to 1H20 Results presentation

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Office & Glossary
Financial Retail Residential Calendar & Important
Industrial
Notice
34 1H20 operating to statutory 1H20 operating to statutory 47 Office: portfolio details 52 Retail: portfolio details 57 Residential: market overview 69 2H20 Calendar 70 Glossary
profit reconciliation 48 Office: leasing details 53 Retail: sales by category 58 Residential: pipeline positioning 71 Important Notice
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• 34 1H20 operating to statutory 1H20 operating to statutory profit reconciliation

• 35 1H19 operating to statutory profit reconciliation

• 49 Industrial: portfolio details

• 54 Retail: lease expiry profile & top 10 tenants

• 55 Retail: developments

• 59 Residential: masterplanned communities pipeline (major projects)

• 36 1H20 movement by segment

• 50 Office & Industrial: developments

• 37 1H20 Office & Industrial segment reconciliation

• 60 Residential: apartments pipeline (major projects)

• 38 1H20 Retail segment reconciliation

• 61 Residential: pre-sales detail

• 62 Residential: 1H20 acquisitions

• 39 FFO and AFFO based on PCA guidelines

  • & additional pipeline projects

• 63 Residential: 2H20 expected major releases

• 40 Finance costs by segment

• 41 Debt & hedging profile

• 64 Residential: 1H20 settlements

• 42 Capital management metrics & liquidity profile

• 65 Residential: 1H20 settlements detail

• 66 Residential: EBIT reconciliation & gross development margin

• 43 NTA & securities on issue reconciliation

• 44 Investment portfolio: key acquisitions & disposals

• 67 High quality product & conservatism supporting future residential margins

• 45 Invested capital

32

06 FEBRUARY 2020

Financial

Green Square, Sydney (artist impression)

1H20 ADDITIONAL INFORMATION

1H 20 operating to statutory profit reconciliation

	OFFICE &
	INDUSTRIAL	RETAIL	RESIDENTIAL	CORPORATE	TOTAL
HALF YEAR ENDED 31 DECEMBER 2019	$M	$M	$M	$M	$M
Property net operating income (NOI)	205	91	—	9	305
Development EBIT	45	—	155	—	200
Asset & funds management EBIT	10	—	—	—	10
Management & administration expenses	(9)	(8)	(11)	(27)	(55)
Earnings before interest and tax	251	83	144	(18)	460
Development interest costs	(1)	—	(21)	—	(22)
Other net interest costs	—	—	—	(42)	(42)
Income tax expense	—	—	—	(44)	(44)
Operating profit/(loss) after tax	250	83	123	(104)	352
Specific non-cash items
Net gain on fair value of investment properties and IPUC1	228	15	—	—	243
Net gain on financial instruments	1	—	—	33	34
Straight-lining of lease revenue	5	—	—	—	5
Amortisation of lease incentives and leasing costs	(36)	(9)	—	—	(45)
Share of net profit/(loss) of joint ventures relating to movement of non-cash items	1	—	—	(10)	(9)
Other non-operating items
Net gain from sale of non-aligned assets	—	15	—	—	15
Tax effect
Tax effect of non-operating adjustments	—	—	—	18	18
Profit/(loss) attributable to the stapled securityholders of Mirvac	449	104	123	(63)	613

06 FEBRUARY 2020 34

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

1H20 ADDITIONAL INFORMATION

1H 19 operating to statutory profit reconciliation

	OFFICE &
	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 effect
Tax effect of non-operating adjustments	—	—	—	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.

06 FEBRUARY 2020 35

1H20 ADDITIONAL INFORMATION

1H20 movement by segment

OPERATING EBIT BY SEGMENT — 1H19 TO 1H20

OFFICE & INDUSTRIAL

Strong increase in Property NOI driven by Office LFL NOI growth of 5.6%, offset by lower development earnings compared to prior period

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$500m
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$86m $460m
$400 $390m
($14m) ($2m)
$300
$200
$100
0
1H19 Office & Retail Residential 1H20
EBIT Industrial EBIT
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RETAIL

LFL NOI growth of 2.0% plus income at South Village offset by $5m development earnings from Kawana redevelopment recognised in the prior period

RESIDENTIAL

Reflects 1H20 increase in lot settlements and greater skew to Apartment settlements. On track to deliver FY20 lot settlement target with a greater proportion of earnings from Apartment projects than in FY19

06 FEBRUARY 2020 36

1H20 ADDITIONAL INFORMATION

1H 20 Office & Industrial segment reconciliation

OFFICE & INDUSTRIAL NOI SUMMARY – 1H19 TO 1H20

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$250m
$9m $1m $205m
$200 $195m
$150
$100
$50
$0
1H19 Like-for-like Acquisitions 1H20
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OFFICE & INDUSTRIAL EBIT SUMMARY

	1H20	1H19
	$M	$M
Property net operating income (NOI)	205	195
Development EBIT	45	68
Asset & funds management EBIT	10	11
Management & administration expenses	(9)	(9)
Earnings before interest and tax	251	265

06 FEBRUARY 2020 37

1H20 ADDITIONAL INFORMATION

1H20 Retail segment reconciliation

RETAIL NOI SUMMARY – 1H19 TO 1H20

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$100m
$4m $91m
$86m $1m
$80
$60
$40
$20
$0
1H19 Like-for-like Development 1H20
affected & Other
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RETAIL EBIT SUMMARY

RETAIL EBIT SUMMARY
	1H20	1H19
	$M	$M
Property net operating income (NOI)	91	86
Development EBIT	—	5
Asset & funds management EBIT	—	—
Management & administration expenses	(8)	(6)
Earnings before interest and tax	83	85

06 FEBRUARY 2020 38

1H20 ADDITIONAL INFORMATION

FFO and AFFO based on PCA guidelines

FFO and AFFO based on PCA guidelines
	1H20	1H19
	$M	$M
Operating profit after tax	352	290
Amortisation - software1	2	—
Funds from Operations (FFO)	354	290
Maintenance capex	(15)	(12)
Incentives	(37)	(52)
Utilisation of prior year tax losses	44	26
Adjusted funds from operations (AFFO)	346	252

1. During the period the Group reclassified $23m of software assets from property, plant and equipment to intangible assets. Refer to the 1H20 Interim Report for further details.

06 FEBRUARY 2020 39

1H20 ADDITIONAL INFORMATION

Finance costs by segment

Finance costs by segment
	OFFICE &
	INDUSTRIAL	RETAIL	RESIDENTIAL	CORPORATE	GROUP
1H20	$M	$M	$M	$M	$M
Interest expense net of impairment	12	—	17	45	74
Interest capitalised	(12)	—	(6)	—	(18)
COGS interest	1	—	10	—	11
Borrowing costs amortised	—	—	—	2	2
Total interest and borrowing costs	1	—	21	47	69
Less: interest revenue	—	—	—	(5)	(5)
Net interest and borrowing costs	1	—	21	42	64
1H19
Interest expense net of impairment	7	1	15	50	73
Interest capitalised	(7)	(1)	(6)	—	(14)
COGS interest	4	—	9	—	13
Borrowing costs 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

06 FEBRUARY 2020 40

1H20 ADDITIONAL INFORMATION

Debt & hedging profile

	MATURITY	TOTAL AMOUNT	AMOUNT DRAWN
ISSUE / SOURCE	DATE	$M	$M
MTN VI	Sep 2020	200	200
Bank facilities	Feb 2021	100	—
Bank facilities	Sep 2021	325	85
Bank facilities	Feb 2022	100	100
Bank facilities	Sep 2022	250	—
USPP1	Dec 2022	220	220
Bank facilities	Sep 2023	250	—
MTN VII	Sep 2023	250	250
USPP1	Dec 2024	136	136
USPP1	Sep 2025	46	46
USPP1	Dec 2025	151	151
EMTN1	Mar 2027	501	501
USPP1	Sep 2027	249	249
EMTN1	Mar 2028	50	50
USPP1	Sep 2028	298	298
USPP1	Sep 2030	179	179
USPP1	Sep 2031	139	139
EMTN1	Dec 2031	118	118
USPP1	Sep 2032	181	181
USPP1	Mar 2034	120	120
USPP1	Sep 2034	84	84
USPP1	Sep2039	100	100
Total		4,047	3,207

1H20 HEDGING & FIXED INTEREST PROFILE AS AT 31 DECEMBER 2019[ 2]

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$3,000m 4%
$2,000
$1,000 2.83% 2.83% 2.68% 2.57% 2.48% 2.77% 2.70% 3
0 2
HY19 FY20 FY21 FY22 FY23 FY24 FY25
Fixed Options Swaps Average rate (RHS)
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DRAWN DEBT MATURITIES AS AT 31 DECEMBER 2019

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$500m
$400
$300
$200
$100
0
FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40
USPP EMTN MTN Bank
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DEBT DRAWN SOURCES

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USPP EMTN MTN BANK
59% 21% 14% 6%
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1. Drawn amounts based on hedged rate not carrying value.

41

1. Includes bank callable swaps.

06 FEBRUARY 2020

1H20 ADDITIONAL INFORMATION

Capital management metrics & liquidity profile

CAPITAL MANAGEMENT METRICS

LIQUIDITY PROFILE

	31 DECEMBER 2019	30 JUNE 2019
NTA	$2.58	$2.50
Balance sheet gearing1	20.8%	20.5%
Look through gearing	21.6%	21.4%
Total interest bearing debt2	$3,207m	$3,112m
Average borrowing cost3	4.5%	4.8%
Average debt maturity	7.7 yrs	8.5 yrs
Hedged percentage	86%	92%
Average hedge maturity	4.6 yrs	5.0 yrs
Moody’s/Fitch credit rating	A3 / A-	A3 / A-

	FACILITY	DRAWN	AVAILABLE
	LIMIT	AMOUNT	LIQUIDITY
AS AT 31 DECEMBER 2019	$M	$M	$M
Facilities due within 12 months	200	200	—
Facilities due post 12 months4	3,847	3,007	840
Total	4,047	3,207	840
Cash on hand			104
Total liquidity			944
Less facilities maturing < 12 months4			200
Funding headroom			744

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.

3. Includes margins and line fees.

42

1. Based on hedged rate, not carrying value, subject to rounding.

06 FEBRUARY 2020

1H20 ADDITIONAL INFORMATION

NTA & securities on issue reconciliation

NTA & securities on issue reconciliation
NET TANGIBLE ASSETS		$M
As at 1 July 2019		9,764
Operating profit for the half year		352
Net gain on fair value of investment properties and IPUC		243
Securities issued during the period1		46
Other net equity movements and non-operating items through profit and loss		28
Mandatory adoption of AASB 16 Leases		(23)
Intangible assets		(24)
Distributions2		(240)
As at 31 December 2019		10,146
SECURITIES ON ISSUE		NO. OF SECURITIES
As at 1 July 2019		3,911,147,101
FY17 LTP – ROIC vested in FY20	08-Aug-19	3,441,114
FY17 LTP – TSR vested in FY20	08-Aug-19	3,441,082
MGR Securities Issued	04-Jul-19	15,914,244
As at 31 December 2019		3,933,943,541
Weighted average number of securities		3,932,262,747
NTA per security		$2.58

1. Net of transaction costs

06 FEBRUARY 2020 43

1. 1H20 Distribution is 6.1 cpss, with distribution for the 6 months ending 31 December 2019 payable on 28 February 2020.

1H20 ADDITIONAL INFORMATION

Investment portfolio: key acquisitions & disposals

ACQUISITIONS 1H20	STATE	SECTOR	ACQUISITION PRICE	SETTLEMENT DATE
Land, Lot 54 - 864-882 Mamre Road, Kemps Creek	NSW	Industrial	$27m	December 2019
Total			$27m
The following properties were exchanged during the half year but will settle at a later date:
	STATE	SECTOR	ACQUISITION PRICE	EXPECTED SETTLEMENT DATE
395, 397-401 and 403 Albert Street, Brunswick	VIC	BTR	$39m	Staged instalments to FY22
Flinders West, 7-23 Spencer Street, Melbourne	VIC	Office & BTR	$200m	Between March 2020 and August 2021
Total			$239m

DISPOSALS 1H20	STATE	SECTOR	SALE PRICE	SETTLEMENT DATE
St Marys Village, St Marys	NSW	Retail	$68m	December 2019
Total			$68m

06 FEBRUARY 2020 44

1H20 ADDITIONAL INFORMATION

Invested capital

PASSIVE INVESTED CAPITAL

1 $12,256m | 88%

Office Retail Industrial Other[ 2] 59% 29% 8% 4%

ACTIVE INVESTED CAPITAL

$1,608m | 12%

Residential Commercial 93% 7%

Masterplanned communities 48% Apartments 45% Office 5% Industrial 2% Retail <1%

RESIDENTIAL ACTIVE INVESTED CAPITAL[ 3]

By product line

Masterplanned communities 51% Apartments 49% NSW 38% VIC 30% WA 17% QLD 15% By structure Capital efficient (JV, PDA, DMA) 67% 100% Mirvac balance sheet 33%

By state

By structure

1. Invested capital includes investment properties, IPUC, JVA, other financial assets, loans, non-controlling interests and intangibles.

2. Includes built-to-rent

45

1. Includes capital invested in Development Agreement’s, JVA, deferred land payments and loans.

06 FEBRUARY 2020

Office & Industrial

300 Manchester Road, Auburn, Sydney (artist impression)

1H20 ADDITIONAL INFORMATION

Office: portfolio details

	1H20	1H19
No. of properties1	29	30
NLA	685,882 sqm	658,300 sqm
Portfolio value2	$7,088m	$6,370m
WACR	5.25%	5.46%
Property net operating income (NOI)	$177m	$169m
Like-for-like NOI growth	5.6%	5.4%
Maintenance capex	$5m	$5m
Tenant incentives3	$15m	$29m
Occupancy (by area)	98.5%	97.2%
NLA leased	33,176 sqm	66,164 sqm
% of portfolio NLA leased	4.8%	10.1%
WALE (by area)	7.6 yrs	7.3 yrs
WALE (by income)	6.9 yrs	6.6 yrs

OFFICE RENT REVIEW STRUCTURE[ 6]

OFFICE GEOGRAPHIC DIVERSITY[ 4]

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Sydney 56%
Melbourne 29% Fixed 83%
Brisbane 4% CPI 15%
Perth 7% Other 2%
Canberra 4%
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OFFICE DIVERSITY BY GRADE[ 5]

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Premium 34% A grade 62% B grade 3% Other 1%

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

2. Includes IPUC and properties being held for development.

3. Includes cash and fitout incentives.

4. By portfolio value, including IPUC and properties being held for development.

5. By portfolio value, excluding properties held for development.

6. By income, excludes lease expiries.

06 FEBRUARY 2020 47

1H20 ADDITIONAL INFORMATION

Office: leasing details

OFFICE LEASE EXPIRY PROFILE 1

61%

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60%
50
40
30
20
10 9% 8% 9%
7%
4%
2%
0
Vacant 2H20 FY21 FY22 FY23 FY24 FY25+
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OFFICE TOP 10 TENANTS2	OFFICE TOP 10 TENANTS2		PERCENTAGE3		CREDIT RATINGS
1	Government		15%	Aaa /	Aa2 / AAA / AA+
2	Westpac		12%		Aa3 / AA–
3	Google		5%		Aa2 / AA+
4	EY		4%		—
5	AGL Energy		3%		Baa2
6	Commonwealth Bank of Australia		3%		AA3 / AA–
7	UGL Limited		2%		Baa2 / BBB
8	Sportsbet		2%		—
9	John Holland		2%		—
10	PwC		2%		B2
Total			50%		—
			LEASING	AVERAGE	AVERAGE
1H20	LEASING ACTIVITY	AREA	SPREAD	INCENTIVE	WALE1
Renewals		24,424 sqm	6.1%	20.7%	6.5 yrs
New leases		8,752 sqm	25.1%	17.6%	6.5 yrs
Total		33,176 sqm	15.1%	19.9%	6.5 yrs

1. By income.

2. Excludes Mirvac tenancies. 3. Percentage of gross office portfolio income.

06 FEBRUARY 2020 48

1H20 ADDITIONAL INFORMATION

61%

Industrial: portfolio details

	1H20	1H19
No. of properties1	10	10
NLA	469,315 sqm	469,273 sqm
Portfolio value2	$927m	$868m
WACR	5.69%	5.89%
Property net operating income (NOI)	$28m	$26m
Like-for-like NOI growth	3.1%	10.3%
Maintenance capex	<$1m	<$1m
Tenant incentives3	—	—
Occupancy (by area)	100.0%	100.0%
NLA leased	21,644 sqm	50,652 sqm
% of portfolio NLA leased	4.6%	10.8%
WALE (by area)	8.6 yrs	9.0 yrs
WALE (by income)	7.4 yrs	7.6 yrs

1. 1H19 has been restated to group Calibre and Nexus into Estates. Excludes properties being held for development.

2. Includes properties being held for development.

3. Includes cash and fitout incentives.

4. By income.

5. By portfolio value, excluding assets held in funds.

INDUSTRIAL LEASE EXPIRY PROFILE[ 4]

							61%
60%
50
40
30
20
						14%
10			11%	7%
					5%
0	0%	2%
	Vacant	2H20	FY21	FY22	FY23	FY24	FY25+

INDUSTRIAL DIVERSITY BY GEOGRAPHY[ 5]

INDUSTRIAL RENT REVIEW STRUCTURE[ 6]

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Fixed 86%
CPI 14%
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Sydney 100%
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06 FEBRUARY 2020 49

1. By income, excludes lease expiries.

1H20 ADDITIONAL INFORMATION

Office & Industrial: developments

Ofce & Industrial: developments
ACTIVE PIPELINE SECTOR AREA OWNERSHIP PRE-LEASED1 % ESTIMATED VALUE ON COMPLETION2 ESTIMATED COSTS TO COMPLETE3 ESTIMATED YIELD ON COST4	ESTIMATED PROJECT TIMING
	2H20 FY21 FY22
South Eveleigh, Sydney Office 93,600 sqm5 33% 100% $1,026m $41m 6.4% 477 Collins St, Melbourne Office 56,900 sqm 50% 97% $857m $78m 6.4% Locomotive Workshop, Sydney Office 30,900 sqm6 100% 73% $406m $249m 5.6% 80 Ann St, Brisbane Office 59,300 sqm 50% 80% $851m $299m 5.6%
Total 240,700 sqm 91% $3,140m $667m

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 ~22,800 sqm, 78% pre-let and retail component ~8,100 sqm, 60% pre-let.

50

06 FEBRUARY 2020

Retail

Moonee Ponds Central, Melbourne (artist impression)

1H20 ADDITIONAL INFORMATION

Retail: portfolio details

	1H20	1H19
No. of properties	16	17
GLA	428,652 sqm	437,911 sqm
Portfolio value	$3,457m1	$3,385m
WACR	5.37%	5.40%
Property net operating income (NOI)	$91m	$86m
Like-for-like NOI growth	2.0%	2.6%
Maintenance capex	$10m	$7m
Tenant incentives2	$6m	$5m
Occupancy (by area)	99.0%	99.3%
GLA leased	29,281 sqm	28,769 sqm
% of portfolio GLA leased	6.7%	6.4%
WALE (by income)	4.0 yrs	4.1 yrs
WALE (by area)	5.0 yrs	5.3 yrs
Specialty occupancy cost	14.8%	15.4%
Total comparable MAT	$2,707m	$2,890m
Total comparable MAT productivity3	$9,991/sqm	$9,542/sqm
Total comparable MAT growth	2.8%	2.5%
Specialties comparable MAT productivity3	$10,348/sqm	$10,019/sqm
Specialties comparable MAT growth	2.4%	2.9%
New leasing spreads	(0.8%)	6.8%
Renewal leasing spreads	2.3%	1.0%
Total leasingspreads	1.4%	2.7%

RETAIL DIVERSITY BY GRADE[ 4]

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Regional 42%
Sub Regional 23%
CBD Retail 14%
Outlet 12%
Neighbourhood 9%
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RETAIL RENT REVIEW STRUCTURE[ 5]

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Fixed 88%
CPI 10%
Other 2%
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1. Portfolio value represents fair value (excludes gross up of lease liability under AASB 16).

2. Includes cash and fitout incentives.

3. Impacted by change in comparable basket.

4. By portfolio value as per PCA classification.

5. By income, excludes lease expiries.

06 FEBRUARY 2020 52

1H20 ADDITIONAL INFORMATION

Retail: sales by category

Retail: sales by category
RETAIL SALES BY CATEGORY 1H20 TOTAL MAT 1H20 COMPARABLE MAT GROWTH FY19 COMPARABLE MAT GROWTH Supermarkets $1,165m 3.5% 4.4% Discount department stores $262m 5.0% 4.5% Mini-majors $550m 0.1% (0.5%) Specialties $1,202m 2.4% 2.0% Other retail $235m 5.4% 4.0% Total $3,414m 2.8%1 2.7%2	SPECIALTY SALES BY CATEGORY 1H20 TOTAL MAT 1H20 COMPARABLE MAT GROWTH FY19 COMPARABLE MAT GROWTH
	Food retail $130m (0.9%) 2.4% Food catering $348m 0.7% 1.5% Jewellery $29m (0.3%) (4.1%) Mobile phones $42m 7.5% (2.3%) Homewares $42m (0.4%) 13.1% Retail services $135m 6.8% 4.2% Leisure $44m (5.8%) (2.3%) Apparel $324m 1.8% 1.8% General retail $108m 14.2% 1.7%
	Total specialties $1,202m 2.4% 2.0%

SPECIALTY METRICS	1H20	FY19
Comparable specialty sales	$10,348/sqm	$10,063/sqm
Comparable specialty occupancy costs	14.8%	15.5%

1. Total Comparable MAT sales growth would equate to approximately 2.1% adjusting for major Supermarkets and DDS categories reporting 53 weeks of sales. 2. Total Comparable MAT sales growth would equate to approximately 2% adjusting for major Supermarkets and DDS categories reporting 53 weeks of sales.

06 FEBRUARY 2020 53

1H20 ADDITIONAL INFORMATION

Retail: lease expiry profile & top 10 tenants

RETAIL LEASE EXPIRY PROFILE — BY INCOME

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40%
34%
30
20
14% 15% 13%
12%
11%
10
1%
0
Vacant 2H20 FY21 FY22 FY23 FY24 FY25+
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RETAIL LEASE EXPIRY PROFILE — BY AREA

RETAIL TOP 10 TENANTS	RETAIL TOP 10 TENANTS	PERCENTAGE1	CREDIT RATINGS
1	Coles Group Limited	6%	BBB+ / Baa1
2	Wesfarmers Limited	4%	A– / A3
3	Woolworths Group Limited	3%	BBB / Baa2
4	ALDI Food Stores	2%	—
5	Audi AG	2%	BBB+ / A3
6	Event Cinemas	1%	—
7	Cotton On Group	1%	—
8	Virgin Group	1%	B+
9	Australian Pharmaceutical Industries	1%	—
10	Westpac Banking Corporation	1%	AA– / Aa2
Total		22%	—

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45%
40%
30
20
12% 12%
10 10% 10% 10%
1%
0
Vacant 2H20 FY21 FY22 FY23 FY24 FY25+
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06 FEBRUARY 2020 54

1H20 ADDITIONAL INFORMATION

Retail: developments

Retail: developments
COMMITTED PIPELINE DEVELOPMENT AREA INCREMENTAL GLA OWNERSHIP AREA % PRE-LEASED ESTIMATED PROJECT COST1 ESTIMATED COST TO COMPLETE1 ESTIMATED YIELD ON COST	ESTIMATED PROJECT TIMING
	1H20 2H20 FY21
Toombul - Entertainment & Dining Precinct 4,500 sqm 1,600 sqm 100% 94% $43m $4m >6.0% Moonee Ponds Central - Dining & Managed Parking 600 sqm — 100% 94% $9m $3m 6.5% Orion Springfield Central - Timezone, ALDI & Food Court 2,900 sqm 1,500 sqm 100% 95% $11m $11m >5%
South Eveleigh - Ground Floor Retail and Locomotive Workshop2,3 10,100 sqm 10,100 sqm 33% / 100%
Total 18,100 sqm 13,200 sqm $63m $18m >6.0%

FUTURE DEVELOPMENT & REPOSITIONING PIPELINE

Birkenhead Point Brand Outlet Broadway Sydney Greenwood Plaza Harbourside Moonee Ponds Central Orion Springfield Central Rhodes Waterside Toombul

1. Mirvac’s ownership interest.

2. Retail component managed by retail business, recognised on Office balance sheet.

06 FEBRUARY 2020 55

1. See slide 50 for additional disclosure.

Residential

The Avenue, Sydney

1H20 ADDITIONAL INFORMATION

Residential: market overview

Mirvac pipeline[ 11]

SYDNEY

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Established market price growth now positive with the annual rate at 9.3% [ 1] for houses and 5% [ 1] for units. Low listing levels indicate price growth should continue amid increasing demand with housing finance
showing growth in owner occupiers.
> Market land sales showing rebound off lows over last two quarters, net lot sales up 30% [ 2] in the Dec 19 quarter versus a year ago. 29%
> Supply outlook impacted by continued fall in approvals, high-rise the weakest and decline in detached house approvals growing. Total annual new residential approvals are down 36% [ 3] from peak. NSW
> Economy has slowed with softness now becoming apparent in the labour market with slower employment growth and a marginal rise in unemployment rate to 4.5% [ 4] . Confidence has been impacted by the
bushfires, however housing related confidence is strong – house price expectations index is positive up 58% [ 5] over the year while the view for ‘time to buy dwelling’ in NSW is nearing long-run average levels [ 5] .
MELBOURNE
>> Similar to Sydney, established market pricing has improved but stronger for units with annual growth at 8.7%Land market showing signs of improvement, with the state’s net lot sales for the total market rising 7% [ 6] in the December quarter from the previous year and 39% [ 1] and houses 8% [ 1] . [ 6] on quarter. 49%
> Australia’s strongest state economy but has moderated. Unemployment below national average [ 4] ; population growth strong around 95,000 [ 7] people from net migration and record infrastructure spend of $55bn [ 8] next four years VIC
> Undersupply to become evident through FY20 with annual approvals down 51% [ 3] for high-rise units from peak and detached house approvals soft.
BRISBANE
>> Net migration now at the strongest levels since 2012Rental market now tight with vacancy trending lower [ 7][ 9] with solid gains to inner and middle ring Brisbane and rental growth resuming in select areas contributing to better rental yield profile for units 16%
> Land market sales steadying [ 2] and annual price growth in the established market has turned positive [ 1 ] QLD
PERTH
>> Lift in commodity prices continues to support state income and mining investmentEconomic activity stalled over 2019 [ 10] with continued low population inflows and housing and business investment a drag. Labour market conditions also struggled to maintain traction. 6%
> Some signs of stabilisation with positive monthly price growth emerging [ 1] WA
> Further declines in housing approvals to tighten supply, with annual detached approvals [ 3] nearing all time cyclical lows
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1. CoreLogic RP Data Daily Home Value Index: Monthly Values – 31 January 2020. 2. Research4, National Land Survey Programme Dec 2019, NSW All Market. 3. Australian Bureau of Statistics, Cat. 8731.0 – Building Approvals, Australia, Dec 2019.

2. Australian Bureau of Statistics, 6202.0 – Labour Force, Australia, Dec 2019. 5. The Westpac-Melbourne Institute Confidence Index January 2020, Houses Price Expectations Index (Australia) & Time to buy a dwelling (New South Wales).

3. Research4, National Land Survey Programme Dec 2019, VIC All Market. 7. Australian Bureau of Statistics, 3101.0 – Australian Demographic Statistics, Jun 2019. 8. VIC Government Budget Papers mid-year update, 2019-20.

4. SQM Research, Residential Vacancy Rates, Dec 19. 10. Australian Bureau of Statistics, 5206.0 - Australian National Accounts: National Income, Expenditure and Product, Sep 2019. 11. Based on Mirvac’s share of expected future revenue.

57

06 FEBRUARY 2020

1H20 ADDITIONAL INFORMATION

Residential: pipeline positioning

27,551 PIPELINE LOTS

SHARE OF EXPECTED FUTURE REVENUE BY PRODUCT[ 1]

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Masterplanned communities 68%
Apartments 32%
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SHARE OF EXPECTED FUTURE REVENUE BY GEOGRAPHY[ 1]

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VIC 49%
NSW 29%
QLD 16%
WA 6%
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PIPELINE LOTS BY PRODUCT

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PIPELINE LOTS BY STRUCTURE

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Masterplanned communities 86%
Apartments 14%
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100% Mirvac balance sheet 37%
PDA / DMA 33%
JV 30%
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PIPELINE LOTS BY PRICE POINT – MASTERPLANNED COMMUNITIES

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<$250k 19%
$250k–$500k 67%
>$500k 14%
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PIPELINE LOTS BY PRICE POINT – APARTMENTS

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<$1.2m 66%
>$1.2m 34%
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1. Mirvac share of forecast revenue

58

06 FEBRUARY 2020

1H20 ADDITIONAL INFORMATION

Residential: masterplanned communities pipeline (major projects)

EXPECTED SETTLEMENT PROFILE (LOTS)

MAJOR PROJECTS STATE STAGE OWNERSHIP TYPE	2H20	FY21 FY22	FY21 FY22	FY23	~60% <1% MASTERPLANNED COMMUNITIE PROJECT PIPELINE ANALYSIS % of total FY20 expected lots to settle from masterplanned communities % of total FY20 expected provision lots to settle FY24
OspreyWaters WA Multiple stages 100% Land		98
Ashford (previouslyEverton Park) QLD Multiple stages 100% House & Land		124
Tullamore VIC Multiple stages 100% House & Land		157
Crest NSW Multiple stages 100% House & Land		199
Waverley Park VIC Multiple stages 100% House & Land		108
Madox WA Multiple stages 100% Land		271
Gainsborough Greens QLD Multiple stages 100% House & Land		287
Iluma Private Estate WA Multiple stages 100% Land		453
One71 Baldivis WA Multiple stages 100% Land		284
Everleigh QLD Multiple stages 100% Land		958
Googong NSW Multiple stages JV House & Land		1,148
Olivine VIC Multiple stages 100% & DMA Land		1,442
Woodlea VIC Multiple stages JV Land		1,691
Alexandria (previouslyArana Hills) QLD Multiple stages 100% House & Land		80
The Fabric VIC Multiple stages 100% House			257
Menangle NSW Multiple stages PDA Land			373
Henley Brook WA Multiple stages 100% Land			472
Smith's Lane VIC Multiple stages 100% Land			899
Moorebank NSW Multiple stages PDA House			179
Riverlands NSW Multiple stages 100% House			280
Marsden Park North NSW Multiple stages PDA House & Land			532

MASTERPLANNED COMMUNITIES PROJECT PIPELINE ANALYSIS

Note: PDAs are development service contracts and there is no land ownership to Mirvac.

06 FEBRUARY 2020 59

1H20 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)
	2H20 FY21		FY22	FY23
Tullamore VIC Phoenix 94% 100%	14
St Leonards Square1 NSW All stages 98% JV	234
Marrick & co NSW All Stages 82% 100%		44
Pavilions2 NSW All Stages 73% PDA		359
Claremont WA Reserve 53% 100%		45
Claremont WA Grandstand 64% 100%		53
Tullamore VIC Folia 56% 100%		102
Beachside Leighton WA Compass 55% 100%		104
Ascot Green QLD Tulloch House 29% PDA			84
Yarra's Edge VIC Voyager 68% 100%				307
Tullamore VIC Future Stages Not released 100%				69
Ascot Green QLD Future Stages Not released PDA				133
The Peninsula WA Future Stages Not released 100%				187
Yarra's Edge VIC Future Stages Not released 100%					111
Green Square NSW Future Stages Not released PDA					163

% of total FY20 expected provision lots to settle

1. Includes retail/commercial strata lots.

2. Excludes build-to-rent lots.

Note: PDAs are development service contracts and there is no land ownership to Mirvac.

06 FEBRUARY 2020 60

1H20 ADDITIONAL INFORMATION

Residential: pre-sales detail

PRE-SALES BY GEOGRAPHY[ 1]

RECONCILIATION OF MOVEMENT IN EXCHANGED PRE-SALES CONTRACTS TO 1H20

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$2,000m
$1,735m ($950m) VIC 40%
NSW 53%
QLD 4%
1,500 WA 3%
$370m $1,155m
1,000
PRE-SALES BY BUYER PROFILE
500
0
FY19 Settled Net sales 1H20
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PRE-SALES BY BUYER PROFILE [ 1,2]
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Owner occupier [ 3] 48%
Investor 27%
Mainland China 22%
Other Offshore 3%
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PRE-SALES BY TYPE[ 1]

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Apartments 66%
Masterplanned
communities 34%
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PRE-SALES EXPECTED ROLL-OFF[ 1]

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2H20 43%
FY21 36%
FY22+ 21%
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1. Represents presales contract value.

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

61

1. Includes first home buyers.

06 FEBRUARY 2020

1H20 ADDITIONAL INFORMATION

Residential: 1H20 acquisitions & additional pipeline projects

PROJECT	STATE	OWNERSHIP	NO. OF LOTS1	PRODUCT TYPE	ESTIMATED SETTLEMENT COMMENCEMENT1
Acquisitions / Agreements
Riverlands Milperra	NSW	100%	345	Masterplanned communities	FY22
Western Sydney University, Milperra	NSW	PDA	425	Masterplanned communities	FY24
Waterloo Metro Quarter	NSW	JV	308	Apartments	FY25
Total Acquisitions / Agreements			1,078

1. Subject to planning approvals and market demand.

Note: PDAs are development service contracts and there is no land ownership to Mirvac.

06 FEBRUARY 2020 62

1H20 ADDITIONAL INFORMATION

Residential: 2H20 expected major releases

2H20 EXPECTED MAJOR RELEASES1	STATE	TYPE	APPROXIMATE LOTS1
Woodlea	VIC	Masterplanned communities	159
Smiths Lane	VIC	Masterplanned communities	121
Green Square	NSW	Apartments	119
Olivine	VIC	Masterplanned communities	94
Googong	NSW	Masterplanned communities	74
Everleigh	QLD	Masterplanned communities	66
Menangle	NSW	Masterplanned communities	64
Illuma Private Estate	WA	Masterplanned communities	62
Gainsborough Greens	QLD	Masterplanned communities	61
Crest	NSW	Masterplanned communities	45

06 FEBRUARY 2020 63

1. Subject to planning approvals and market demand.

1H20 ADDITIONAL INFORMATION

Residential: 1H20 settlements

1,232 LOT SETTLEMENTS CONSISTING OF:

	APARTMENTS MASTERPLANNED COMMUNITIES TOTAL
	LOTS % LOTS % LOTS %
NSW QLD VIC WA	527 43% 74 6% 601 49% 25 2% 139 11% 164 13% 242 20% 159 13% 401 33% 13 1% 53 4% 66 5%
Total	807 66% 425 34% 1,232 100%

1H20 LOT SETTLEMENTS

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BY PRODUCT TYPE Apartments 66% Masterplanned communities 34%

Land 31% House 3%

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BY GEOGRAPHY NSW 49% VIC 33% QLD 13% WA 5%

BY STRUCTURE JVA 38% PDA / DMA 36% 100% Mirvac balance sheet 26%

06 FEBRUARY 2020 64

1H20 ADDITIONAL INFORMATION

Residential: 1H20 settlements detail

1H20 MAJOR SETTLEMENTS	PRODUCT TYPE	OWNERSHIP	LOTS
St Leonards Square, NSW	Apartments	JV	327
The Eastbourne, VIC	Apartments	PDA	190
Marrick & Co, NSW	Apartments	100%	172
Gainsborough Greens, QLD	Masterplanned Communities	100%	83
Woodlea, VIC	Masterplanned Communities	JV	73
Olivine, VIC	Masterplanned Communities	100% & DMA	66
Everleigh, QLD	Masterplanned Communities	100%	45
Googong, NSW	Masterplanned Communities	JV	41
Tullamore, VIC	Apartments	100%	33
Subtotal			1,030
Other projects			202
Total			1,232

1H20 SETTLEMENT BUYER PROFILE

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Investors 43% Upgrade / empty nesters 36% First home buyers 21%

1H20 BUYER PROFILE BY GEOGRAPHY

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Domestic 94%
Offshore 6%
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1H20 AVERAGE SALES PRICE

$

	$
Apartments	~$1,285k
House	~$745k
Land	~$320k

06 FEBRUARY 2020 65

Note: PDAs are development service contracts and there is no land ownership to Mirvac.

1H20 ADDITIONAL INFORMATION

Residential: EBIT reconciliation & gross development margin

1H20 RESIDENTIAL EBIT RECONCILIATION	$M
Development revenue	610
Management fee revenue	10
Total development revenue	620
JV and other revenue	65
Total operating revenue and other income	685
Cost of development and construction	(489)
Sales and marketing expense	(18)
Employee benefits and other expenses	(20)
Depreciation and other	(3)
Total cost of property development and construction	(530)
Development EBIT	155
Management and administrative expenses	(11)
Total Residential EBIT	144

development margin
1H20 GROSS DEVELOPMENT MARGIN
Development revenue	$610m
Cost of development and construction	($489m)
Residential gross development profit	$121m
Residential gross development margin %	20%
Residential EBIT margin %	21%

06 FEBRUARY 2020 66

1H20 ADDITIONAL INFORMATION

High quality product & conservatism supporting future residential margins

REVENUE

DECLINING CAPITALISED INTEREST AS A PERCENTAGE OF INVENTORY

• $1.2bn of revenue pre-sold and ~27,500 pipeline lots

• Nearly 80% expected future revenue from core markets of Sydney and Melbourne

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

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

• Product targeted at owner occupiers

• No material reliance on price escalation in feasibilities near term

COST

• Capitalised interest remains low at 5.8% of inventory, supporting future margins

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

• 63% of pipeline lots in capital efficient PDA and JV structures

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

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$2bn 14.0%
12.0
$1.5
10.0
8.0
$1.0
6.0
4.0
$0.5
2.0
0.0 0.0
FY13 FY14 FY15 FY16 FY17 FY18 FY19 1H20
Non-interest inventory Capitalised interest Capitalised interest as % of inventory (RHS)
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06 FEBRUARY 2020 67

Note: All inventory balances reflect gross inventory.

Calendar

Orion Springfield Central, Brisbane

1H20 ADDITIONAL INFORMATION

2H20 Calendar

2H20 Calendar
EVENT	LOCATION	DATE1
Private roadshow	Sydney	7, 12-14 February 2020
Private roadshow	Melbourne	10-11 February 2020
Private debt roadshow	USA	2-6 March 2020
Citibank’s 2020 Global Property CEO Conference	Miami, USA	2-3 March 2020
Private roadshow	USA	4-6 March 2020
J.P. Morgan Australian Real Estate Forum	Asia	30 March-3 April 2020
3Q20 Operational Update	—	30 April 2020
Macquarie Australia Conference Sydney	Sydney	5 May 2020
FY20 Results Briefing	Sydney	6 August 2020

INVESTOR RELATIONS CONTACT

• T (02) 9080 8000

• E investor.relations@mirvac.com

06 FEBRUARY 2020 69

1. All dates are indicative and subject to change.

1H20 ADDITIONAL INFORMATION

Glossary

TERM MEANING

A-REIT	Australian Real Estate Investment Trust
AFFO	Adjusted Funds from Operations
BPS	Basis Points
BTR	Build-to-rent
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

TERM	MEANING
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
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:

MTN NABERS	Medium Term Note 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	Operating profit reflects the core earnings of the Group, representing statutory profit adjusted for specific non-cash
Profit	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

06 FEBRUARY 2020 70

1H20 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 does it 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 2019, 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 2019, unless otherwise noted.

06 FEBRUARY 2020 71

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Thank
you
Reimagine Urban Life
South Eveleigh, Sydney
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