MIRVAC GROUP — Interim / Quarterly Report 2021

Feb 11, 2021

Reimagine Urban Life 1H21 Additional Information

12 February 2021

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1H21 ADDITIONAL INFORMATION

Contents

Pages 1–31, please refer to 1H21 Results presentation

Overview

33 Mirvac overview

34 Sustainability focus

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Financial

• 36 1H21 operating to statutory profit reconciliation

• 37 1H20 operating to statutory profit reconciliation

• 38 1H21 movement by segment

• 39 1H21 Office & Industrial segment reconciliation

• 40 1H21 Retail segment reconciliation

• 41 FFO and AFFO based on PCA guidelines

• 42 Finance costs by segment

• 43 Debt & hedging profile

• 44 Capital management metrics & liquidity profile

• 45 NTA & securities on issue reconciliation

Commercial Property

49 Commercial Property: overview

• 50 Committed commercial

development pipeline

• 51 Future Development pipeline

53 Office: portfolio details

• 54 Office: leasing details

• 56 Industrial: portfolio details

• 58 Retail: portfolio details

• 59 Retail: sales by category

• 60 Retail: lease expiry profile & top 10 tenants

• 62 Build to Rent: portfolio details & pipeline

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Residential Calendar Glossary & 64 Residential: pipeline positioning 74 2H21 Calendar Important 65 Residential: masterplanned communities pipeline (key projects) Notice

• 66 Residential: apartments pipeline (key projects)

• 67 Residential: pre-sales detail

   - 75 Glossary 76 Important Notice
  

• 68 Residential: 1H21 acquisitions

  • & additional pipeline projects

• 69 Residential: 2H21 expected major releases

• 70 Residential: 1H21 settlements

• 71 Residential: 1H21 settlements detail

• 72 Residential: EBIT reconciliation & gross development margin

• 46 Investment portfolio: key acquisitions & disposals

47 Invested capital

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Georges Cove, Sydney (artist impression)
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12 FEBRUARY 2021 — 32
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1H21 ADDITIONAL INFORMATION

Mirvac overview

• Mirvac is a leading, diversified Australian property group, with an integrated development and asset management capability, operating across residential, retail, office, industrial and build to rent sectors

• With our overarching purpose to reimagine urban life, we take a holistic approach to urban development, recognising that life isn’t compartmentalised

• Our collaborative approach enables seamless project delivery and gives Mirvac the capacity to undertake complex mixed-use developments or projects that require a high level of integrated expertise

OFFICE

OFFICE INDUSTRIAL RETAIL > 27 assets[1] > 10 assets[1] > 16 assets > Portfolio value: $7.4bn[2] > Portfolio value: $1.0bn[2] > Portfolio value: $3.1bn[2] > NLA: 784,791 sqm > NLA: 469,322 sqm > GLA: 430,403 sqm

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Artist impression
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BUILD TO RENT

~2,200 completed and pipeline apartments[ 3] > Target yield on cost: >4.5% > Target unlevered IRR: >8.0%

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RESIDENTIAL

• 27,805 pipeline lots[ 4]

• $13.7bn expected future revenue[ 5] > ~$946m pre-sales

• Artist impression

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

• Portfolio value includes IPUC and properties being held for development and represents fair value (excludes gross up of lease liability under AASB 16).

• Includes LIV Indigo and expected apartments, subject to various factors outside of Mirvac’s control such as planning, market demand and COVID-19 uncertainties.

• Subject to change depending on planning approvals, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties.

• Represents Mirvac’s share of expected future revenue subject to various factors outside of Mirvac’s control such as planning, market demand and COVID-19 uncertainties.

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1H21 ADDITIONAL INFORMATION

Sustainability focus

MIRVAC REPORTS TRANSPARENTLY TO A RANGE OF ESG PERFORMANCE INDICES ON TOPICS SPANNING THE BREADTH OF ENVIRONMENT, SOCIAL AND GOVERNANCE

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A+ strategy and governance, A+ for property

Mirvac reports its mandatory disclosure in accordance with the NGERS Act

AAA rating

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Mirvac reports against the GRI G4 guidelines

Mirvac’s community investment is verified with LBG

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Financial

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80 Ann Street, Brisbane (artist impression)

1H21 ADDITIONAL INFORMATION

1H21 operating to statutory profit reconciliation

	OFFICE & INDUSTRIAL	RETAIL	RESIDENTIAL	CORPORATE & OTHER	TOTAL
HALF YEAR ENDED 31 DECEMBER 2020	$M	$M	$M	$M	$M
Property net operating income (NOI)	209	72	—	1	282
Development EBIT	25	—	85	(1)	109
Asset & funds management EBIT	16	(2)	—	(2)	12
Management & administration expenses	(7)	(5)	(9)	(18)	(39)
Earnings before interest and tax	243	65	76	(20)	364
Development interest costs	(1)	—	(16)	—	(17)
Other net interest costs	—	—	—	(48)	(48)
Income tax expense	—	—	—	(23)	(23)
Operatingprofit/(loss) after tax	242	65	60	(91)	276
Specific non-cash items
Net gain/(loss) on fair value of investment properties and IPUC1	179	(28)	—	—	151
Net gain on financial instruments	1	—	—	9	10
Depreciation for right-of-use assets	—	—	—	(3)	(3)
Straight-lining of lease revenue	5	—	—	—	5
Amortisation of lease incentives and leasing costs	(47)	(10)	—	—	(57)
Share of net profit of joint ventures relating to movement of non-cash items	7	—	—	—	7
AASB 16 Leases – net movement	—	—	—	2	2
Other non-operating items
Net gain on sale of assets	2	—	—	—	2
Tax effect
Tax effect of non-cash and non-operating adjustments	—	—	—	3	3
Profit/(loss) attributable to the stapled securityholders of Mirvac	389	27	60	(80)	396
1. Includes Mirvac’s share in the joint ventures revaluation of investment properties which is included within share of net profit of joint ventures.				12 FEBRUARY	2021— 36

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

1H21 ADDITIONAL INFORMATION

1H20 operating to statutory profit reconciliation

1H20 operating to statutory proft	reconciliation
	OFFICE & INDUSTRIAL	RETAIL	RESIDENTIAL2	CORPORATE & OTHER2	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)	(9)	(29)	(55)
Earnings before interest and tax	251	83	146	(20)	460
Development interest costs	(1)	—	(21)	—	(22)
Other net interest costs	—	—	—	(42)	(42)
Income tax expense	—	—	—	(44)	(44)
Operatingprofit/(loss) after tax	250	83	125	(106)	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 on sale of assets	—	15	—	—	15
Tax effect
Tax effect of non-cash and non-operatingadjustments	—	—	—	18	18
Profit/(loss) attributable to the stapled securityholders of Mirvac	449	104	125	(65)	613

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

2. 1H20 Residential and Corporate & Other restated. As of 1 July 2019, the Build to Rent operations have been included within the results of the Corporate & Other segment in line with how management view the results of the business.

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1H21 ADDITIONAL INFORMATION

1H21 movement by segment

OPERATING EBIT BY SEGMENT: 1H20 TO 1H21[ 1]

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$500m
$460m
($8m)
$400 ($18m)
$364m
($70m)
$300
$200
$100
0
1H20 Office & Retail Residential [ 2] 1H21
EBIT Industrial EBIT
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1. Subject to rounding.

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1. 1H20 Residential and Corporate & Other restated. As of 1 July 2019, the Build to Rent operations have been included within the results of the Corporate & Other segment in line with how management view the results of the business.

1H21 ADDITIONAL INFORMATION

1H21 Office & Industrial segment reconciliation

OFFICE & INDUSTRIAL NOI SUMMARY: 1H20 TO 1H21[ 1]

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$4m $209m
$205m $2m
$200m
($2m)
$80
$60
$40
$20
$0
1H20 Development Divestment Like for like [ 2] 1H21
NOI and other NOI
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OFFICE & INDUSTRIAL EBIT SUMMARY

OFFICE & INDUSTRIAL EBIT SUMMARY
	1H21	1H20
	$M	$M
Property net operating income (NOI)	209	205
Development EBIT	25	45
Asset & funds management EBIT	16	10
Management & administration expenses	(7)	(9)
Earnings before interest and tax	243	251

1. Subject to rounding. 2. Includes $2m COVID-19 provisions.

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1H21 ADDITIONAL INFORMATION

1H21 Retail segment reconciliation

RETAIL NOI SUMMARY: 1H20 TO 1H21[ 1]

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$91m $1m
$90m
($2m)
$75 $72m
($18m)
$60
$45
$30
$15
$0
1H20 Development Divestment COVID-19 impact 1H21
NOI and other NOI
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RETAIL EBIT SUMMARY

RETAIL EBIT SUMMARY
	1H21	1H20
	$M	$M
Property net operating income (NOI)	72	91
Development EBIT	—	—
Asset & funds management EBIT	(2)	—
Management & administration expenses	(5)	(8)
Earnings before interest and tax	65	83

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1. Subject to rounding.

1H21 ADDITIONAL INFORMATION

FFO and AFFO based on PCA guidelines

FFO and AFFO based on PCA guidelines
	1H21	1H20
	$M	$M
Operating profit after tax	276	352
Amortisation of software	2	2
Funds from Operations (FFO)	278	354
Maintenance capex	(10)	(15)
Incentives	(51)	(37)
Utilisation of prior year tax losses	23	44
Adjusted funds from operations (AFFO)	240	346

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1H21 ADDITIONAL INFORMATION

Finance costs by segment

Finance costs by segment
	OFFICE & INDUSTRIAL	RETAIL	RESIDENTIAL	CORPORATE & OTHER	GROUP
1H21	$M	$M	$M	$M	$M
Interest expense net of impairment	9	—	13	49	71
Interest capitalised	(8)	—	(7)	—	(15)
COGS interest	—	—	10	—	10
Borrowing costs amortised	—	—	—	2	2
Total interest and borrowing costs	1	—	16	51	68
Less: interest revenue	—	—	—	(3)	(3)
Net interest and borrowing costs	1	—	16	48	65
1H20
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

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1H21 ADDITIONAL INFORMATION

Debt & hedging profile

ISSUE / SOURCE	MATURITY DATE	TOTAL AMOUNT $M	AMOUNT DRAWN $M
Bank facilities	Sep 2021	95	—
Bank facilities	Feb 2022	100	—
Bank facilities	Sep 2022	429	146
USPP1	Dec 2022	220	220
Bank facilities	Feb 2023	100	—
MTN VII	Sep 2023	250	250
Bank facilities	Sep 2023	350	125
Bank facilities	May 2024	100	—
Bank facilities	Sep 2024	250	100
USPP1	Dec 2024	136	136
USPP1	Sep 2025	45	45
Bank facilities	Dec 2025	258	258
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		4,503	3,450

HEDGING & FIXED INTEREST PROFILE AS AT 31 DECEMBER 2020[ 2]

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$3,000m 4%
$2,000
3
$1,000
0 2
1H21 FY21 FY22 FY23 FY24 FY25
Fixed Options Swaps Average rate (RHS)
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DRAWN DEBT MATURITIES AS AT 31 DECEMBER 2020

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$500m
$400
$300
$200
$100
0
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
55% 20% 7% 18%
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1. Drawn amounts based on hedged rate not carrying value.

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1. Includes bank callable swaps.

1H21 ADDITIONAL INFORMATION

Capital management metrics & liquidity profile

CAPITAL MANAGEMENT METRICS

LIQUIDITY PROFILE

	31 DECEMBER	30 JUNE
	2020	2020
NTA	$2.58	$2.54
Balance sheet gearing1	21.4%	22.8%
Look through gearing	22.3%	23.6%
Total interest bearing debt2	$3,450m	$3,739m
Average borrowing cost3	3.7%	4.0%
Average debt maturity	6.8 yrs	6.7 yrs
Hedged percentage	68%	74%
Average hedge maturity	4.3 yrs	4.1 yrs
Moody’s/Fitch credit rating	A3 / A-	A3 / A-

	FACILITY LIMIT	DRAWN AMOUNT	AVAILABLE LIQUIDITY
AS AT 31 DECEMBER 2020	$M	$M	$M
Facilities due within 12 months	95	—	95
Facilities due post 12 months4	4,408	3,450	958
Total	4,503	3,450	1,053
Cash on hand			245
Total liquidity			1,298
Less facilities maturing < 12 months4			95
Funding headroom			1,203

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

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

1. Includes margins and line fees.

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

1H21 ADDITIONAL INFORMATION

NTA & securities on issue reconciliation

NTA & securities on issue reconciliation
NET TANGIBLE ASSETS		$M
As at 1 July 2020		9,984
Operating profit for the half year		276
Net gain on fair value of investment properties and IPUC		151
Other net equity movements and non-operating items through profit and loss		(57)
Right-of-use asset		(2)
Intangible assets		4
Distributions1		(188)
As at 31 December 2020		10,168
SECURITIES ON ISSUE		NO. OF SECURITIES
As at 1 July 2020		3,934,285,406
Security issue under an employee incentive scheme	16 Sep 20	525,021
FY18 LTP – TSR vested in FY21	21 Aug 20	2,746,083
As at 31 December 2020		3,937,556,510
Weighted average number of securities		3,932,262,747
NTA per security		$2.58

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1. 1H21 Distribution is 4.8cpss, with the distribution for the 6 months ending 31 December 2020 payable on 1 March 2021.

1H21 ADDITIONAL INFORMATION

Investment portfolio: key acquisitions & disposals

ACQUISITIONS 1H21	STATE	SECTOR	ACQUISITION PRICE	SETTLEMENT DATE
395 & 411 Albert Street, Brunswick	VIC	BTR	$9m	September & October 2020
Total			$9m

The following properties were exchanged during the half year but will settle at a later date:

	STATE	SECTOR	ACQUISITION PRICE	EXPECTED SETTLEMENT DATE
397-401 Albert Street, Brunswick	VIC	BTR	$8m	May 2021
Northbank, 7-23 Spencer Street, Melbourne1	VIC	Office & BTR	$220m	April 2022
Total			$228m
DISPOSALS 1H21	STATE	SECTOR	SALE PRICE	SETTLEMENT DATE
340 Adelaide Street, Brisbane	QLD	Office	$87m	November 2020
Total			$87m

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1. Formally Flinders West.

1H21 ADDITIONAL INFORMATION

Invested capital

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PASSIVE INVESTED CAPTIAL [ 1] ACTIVE INVESTED CAPTIAL
87% $12.3bn 13% $1.9bn
Office 62%
Retail 26%
Industrial 8%
Build to Rent 2%
Corporate & Other 2%
Residential 88%
Commercial 12%
$14.2bn
TOTAL INVESTED CAPTIAL
MPC 52%
Apartments 36%
Office 10%
Industrial 1%
Retail 1%
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EXTERNAL ASSETS UNDER MANAGEMENT

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Office & industrial 87%
Retail 10%
Corporate & Other 3%
$9.7bn
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1. Invested capital includes investment properties, IPUC, JVA, other financial assets, loans, non-controlling interests and intangibles.

Commercial Property

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LIV Newstead, Brisbane (artist impression)

1H21 ADDITIONAL INFORMATION

Commercial Property: overview

MIRVAC TOTAL PROPERTY	OFFICE1	INDUSTRIAL1	RETAIL1	BUILD TO RENT1	TOTAL PORTFOLIO1
PORTFOLIO VALUE	$7.4bn	$1.0bn	$3.1bn	$0.2bn	$11.8bn
				BUILD	TOTAL
	OFFICE	INDUSTRIAL	RETAIL	TO RENT	PORTFOLIO
No. of assets2	27	10	16	2	55
Lettable area	784,791 sqm	469,322 sqm	430,403 sqm	n/a	1,684,516 sqm
Occupancy (by area)3	96.0%	99.7%	98.4%	43%3	97.6%3
WALE (by income)	6.7 yrs	7.3 yrs	3.7 yrs	n/a	5.7 yrs
WACR	5.17%	5.27%	5.53%	4.00%	5.25%

COMMERCIAL PROPERTY PORTFOLIO BY SEGMENT[ 4]

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Office 63%
Industrial 8%
Retail 27%
Build to Rent 2%
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1. Portfolio value includes IPUC and properties being held for development and represents fair value (excludes gross up of lease liability under AASB 16). Subject to rounding.

1. Includes properties under construction but excludes properties being held for development.

2. BTR occupancy by lots as at 9 February 2021 and excluded from total portfolio calculation.

3. By total property portfolio value.

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Note: The reporting structure for 1H21 doesn’t reflect the above segments, with Build to Rent under Corporate & Other.

1H21 ADDITIONAL INFORMATION

Committed commercial development pipeline

Committed commercial development pipeline
ACTIVE PIPELINE SECTOR AREA OWNERSHIP % PRE-LEASED1 ESTIMATED VALUE ON COMPLETION2 ESTIMATED COSTS TO COMPLETE3 ESTIMATED YIELD ON COST4	ESTIMATED PROJECT TIMING5
	2H21 FY22 FY23+
Locomotive Workshop, Sydney Mixed-Use 31,000 sqm6 100% 86% $421m $154m 5.6%
80 Ann St, Brisbane Office 59,400 sqm 50% 73% $856m $240m 5.6%
LIV Munro, Melbourne BTR n/a 100% n/a TBC $336m7 >4.5%
Total 90,400 sqm 77% $1,277m $730m

1. % of space pre-leased, including heads of agreements. Areas are approximate, subject to rounding.

2. Represents 100% of expected development end value based on agreed cap rate, subject to various factors outside of Mirvac’s control such as planning, market demand and COVID-19 uncertainties.

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

4. Expected yield on cost including land and interest. Subject to COVID-19 impact on market conditions.

5. Project timing subject change due to various factors outside of Mirvac’s control such as planning, market demand and COVID-19 uncertainties.

6. Office component ~23,000 sqm, 81% pre-let and retail component ~8,000 sqm, 100% pre-let, including heads of agreement.

7. Total estimated costs for the project are $341m including $5m costs incurred to 31 December 2020.

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1H21 ADDITIONAL INFORMATION

Future Development pipeline

			SITE		DA	DA	TENANT	CONSTRUCTION	CAPITAL PARTNER	PRACTICAL	LEASE	END VALUE2
PROJECT		SECTOR	SECURED	ZONING	LODGED	APPROVED	COMMITMENT	COMMENCEMENT	SELL-DOWN	COMPLETION	COMMENCEMENT	$M
South Eveleigh, Sydney		Office										$1,340m3
LIV Indigo, Sydney		BTR										$228m3
Olderfleet, 477 Collins Street, Melbourne		Office										$870m3
80 Ann Street, Brisbane		Office										$856m
Locomotive Workshop, South Eveleigh, Sydney		Mixed-Use										$421m
Switchyard, Auburn		Industrial
LIV Munro, Melbourne		BTR
Northbank & LIV Aston (previously Flinders West), Melbourne Mixed-Use
55 Pitt Street, Sydney		Office
Aspect, Kemps Creek, Sydney		Industrial
383 La Trobe Street, Melbourne		Office
Elizabeth Enterprise, Badgerys Creek, Sydney LIV Albert Fields, Melbourne LIV Newstead, Brisbane Waterloo Metro Quarter, Sydney Harbourside, Sydney		Industrial BTR BTR Mixed-Use Mixed-Use								~~~$10bn~~ ~~EXPECTED END VALUE 2~~
75 George Street, Parramatta		Office
Green Square, Sydney		Office
North Sydney, Sydney		Office
200 Turbot Street, Brisbane		Office
Milestone reached FY20 or earlier	Milestone reached during 1H21		Milestone expected 2H211

1. Expected milestone subject to market conditions and COVID-19 uncertainties.

2. Represents 100% expected end value, subject to various factors outside of Mirvac’s control such as planning, market demand and COVID-19 uncertainties. 3. 100% value, valuation as at 31 December 2020.

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Office

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EY Centre, Sydney

1H21 ADDITIONAL INFORMATION

Office: portfolio details

	1H21	1H20
No. of properties1	27	29
NLA	784,791 sqm	685,882 sqm
Portfolio value2	$7,414m	$7,088m
WACR	5.17%	5.25%
Property net operating income (NOI)	$180m	$177m
Like-for-like NOI growth	0.5%	5.6%
Maintenance capex	$6m	$5m
Tenant incentives3	$11m	$15m
Occupancy (by area)	96%	98.5%
NLA leased	28,005 sqm	33,176 sqm
% of portfolio NLA leased	3.6%	4.8%
WALE (by area)	7.8 yrs	7.6 yrs
WALE (by income)	6.7 yrs	6.9 yrs

OFFICE GEOGRAPHIC DIVERSITY[ 4]

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Sydney 57%
Melbourne 30%
Perth 6%
Canberra 4%
Brisbane 3%
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OFFICE DIVERSITY BY GRADE[ 5]

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Premium 38%
A grade 60%
B grade/Other 2%
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OFFICE RENT REVIEW STRUCTURE[ 6]

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Fixed 83%
CPI 14%
Other 3%
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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.

12 FEBRUARY 2021 — 53

1H21 ADDITIONAL INFORMATION

Office: leasing details

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OFFICE LEASE EXPIRY PROFILE 1
60%
60%
50
40
30
20
10 10%
8%
6% 7%
5% 4%
0
Vacant 2H21 FY22 FY23 FY24 FY25 FY26+
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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	Commonwealth Bank of	Australia	5%		AA3 / AA-
4	Google		5%		Aa3 / AA-
5	EY		4%		—
6	Deloitte		3%		—
7	AGL Energy		3%		Baa2
8	John Holland		2%		Baa2 / BBB
9	Corrs		1%		—
10	PwC		1%		B2
Total			51%
			LEASING	AVERAGE	AVERAGE
1H21	LEASING ACTIVITY	AREA	SPREAD	INCENTIVE	WALE1
Renewals		24,591 sqm	15.5%	20.3%	3.0
New	leases	3,414 sqm	7.1%	26.0%	7.9
Total		28,005 sqm	14.5%	21.3%	3.5

1. By income.

2. Excludes Mirvac tenancies.

3. Percentage of gross office portfolio income.

12 FEBRUARY 2021 — 54

Calibre, Sydney[Industrial]

12 FEBRUARY 2021 — 55

1H21 ADDITIONAL INFORMATION

63%

Industrial: portfolio details

	1H21	1H20
No. of properties1	10	10
NLA	469,322 sqm	469,315 sqm
Portfolio value2	$992m	$927m
WACR	5.27%	5.69%
Property net operating income (NOI)	$29m	$28m
Like-for-like NOI growth	3.3%	3.1%
Maintenance capex	$1m	<$1m
Tenant incentives3	—	—
Occupancy (by area)	99.7%	100.0%
NLA leased	28,876 sqm	21,644 sqm
% of portfolio NLA leased	6.2%	4.6%
WALE (by area)	8.2 yrs	8.6 yrs
WALE (by income)	7.3 yrs	7.4 yrs

1. 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]

							63%
60%
50
40
30
20
					16%
10
0	1%	3%	6%	~~7%~~		4%
	Vacant	2H21	FY22	FY23	FY24	FY25	FY26+

INDUSTRIAL GEOGRAPHIC DIVERSITY[ 5]

INDUSTRIAL RENT REVIEW STRUCTURE[ 6]

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Fixed 96%
CPI 4%
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Sydney 100%
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1. By income, excludes lease expiries.

12 FEBRUARY 2021 — 56

Retail

WeMake Workshop, Rhodes Waterside Shopping Centre, Sydney

12 FEBRUARY 2021 — 57

1H21 ADDITIONAL INFORMATION

Retail: portfolio details

	1H21	1H20
No. of properties	16	16
GLA	430,403 sqm	428,652 sqm
Portfolio value1	$3,129m	$3,457m
WACR	5.53%	5.37%
Property net operating income (NOI)	$72m	$91m
Maintenance capex	$3m	$10m
Tenant incentives2	$3m	$6m
Occupancy (by area)	98.4%	99.0%
GLA leased	24,316 sqm	29,281 sqm
% of portfolio GLA leased	5.5%	6.7%
WALE (by income)	3.7 yrs	4.0 yrs
WALE (by area)	4.5 yrs	5.0 yrs
Specialty occupancy cost3	16.8%	14.8%
Total comparable MAT	$2,978m	$2,707m
Total comparable MAT productivity	$9,491/sqm	$9,991/sqm
Total comparable MAT growth	(8.6%)	2.8%
Specialties comparable MAT productivity4	$8,867/sqm	$10,348/sqm
Specialties comparable MAT growth	(18.6%)	2.4%
New leasing spreads	(8.5%)	(0.8%)
Renewal leasing spreads	(5.2%)	2.3%
Total leasing spreads	(5.7%)	1.4%

1. Portfolio value represents fair value (excludes gross up of lease liability under AASB 16).

RETAIL GEOGRAPHIC DIVERSITY[ 5]

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Sydney 65% Brisbane 30% Melbourne 3% Canberra 2%

RETAIL RENT REVIEW STRUCTURE[ 7]

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Fixed 84% CPI 11% Other 5%

RETAIL DIVERSITY BY GRADE[ 6]

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Regional 43%
Sub Regional 23%
Outlet 13%
CBD Retail 12%
Neighbourhood 9%
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1. Includes cash and fitout incentives.

2. Includes contracted COVID-19 tenant support.

3. In line with SCCA guidelines, adjusted productivity for tenant closures during COVID-19 impacted period.

4. By portfolio value. Brisbane includes Sunshine Coast.

5. By portfolio value as per PCA classification.

6. By income, excludes lease expiries.

12 FEBRUARY 2021 — 58

1H21 ADDITIONAL INFORMATION

Retail: sales by category

		1H21	FY20
	1H21	COMPARABLE	COMPARABLE
RETAIL SALES BY CATEGORY	TOTAL MAT	MAT GROWTH	MAT GROWTH
Supermarkets	$1,208m	3.6%	3.1%1
Discount department stores	$268m	2.3%	2.1%1
Mini-majors	$545m	1.2%	(1.2%)
Specialties	$928m	(18.6%)	(11.1%)
Other retail	$96m	(59.3%)	(19.5%)
Total	$3,045m	(8.6%)	(4.1%)1

QUARTERLY SALES GROWTH (COMPARABLE CENTRES)

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0.0%
(1.3%)
(4.7%)
(10.0%)
(8.6%)
(11.3%)
(14.1%)
(20.0%)
(25.4%)
(30.0%) (26.5%)
(40.0%)
(50.0%) (45.3%)
Qtr to Mar 20 Qtr to Jun 20 Qtr to Sep 20 Qtr to Dec 20
Total Sales Total Specialties
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		1H21	FY20
	1H21	COMPARABLE	COMPARABLE
SPECIALTY SALES BY CATEGORY	TOTAL MAT	MAT GROWTH	MAT GROWTH
Food retail	$127m	(1.5%)	(4.0%)
Food catering	$242m	(23.0%)	(13.3%)
Jewellery	$26m	(14.7%)	(10.7%)
Mobile phones	$34m	(18.9%)	4.7%
Homewares	$40m	(4.5%)	(13.1%)
Retail services	$109m	(16.7%)	(9.0%)
Leisure	$39m	(9.3%)	(9.1%)
Apparel	$215m	(29.8%)	(19.3%)
General retail	$96m	(7.3%)	5.4%
Total specialties	$928m	(18.6%)	(11.1%)

SPECIALTY METRICS	1H21	FY20
Comparable specialty sales2	$8,867/sqm	$9,620/sqm
Comparable specialty occupancy costs3	16.8%	15.7%

1. MAT movement reflects adjusted FY19 sales for Majors to be 52 weeks vs 52 weeks for FY20.

2. In line with SCCA guidelines, adjusted productivity for tenant closures during COVID-19 impacted period. 3. Includes contracted COVID-19 tenant support.

12 FEBRUARY 2021 — 59

1H21 ADDITIONAL INFORMATION

Retail: lease expiry profile & top 10 tenants

RETAIL LEASE EXPIRY PROFILE: BY INCOME

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40%
30%
30
20
15% 15% 15%
13%
10 10%
2%
0 3%
Vacant 2H21 FY22 FY23 FY24 FY25 FY26+
Committed (Heads of Agreement)
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RETAIL LEASE EXPIRY PROFILE: BY AREA

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42%
40%
30
20
14%
10 11% 12% 10% 9%
2%
0
Vacant 2H21 FY22 FY23 FY24 FY25 FY26+
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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	Cotton On Group	1%	—
7	Event Cinemas	1%	—
8	Virgin Active Group	1%	—
9	Australian Pharmaceutical Industries	1%	—
10	Westpac Banking Corporation	1%	AA- / Aa3 / A+
Total		22%

1. Percentage of gross retail portfolio income.

12 FEBRUARY 2021 — 60

LIV Indigo, Sydney[Build to Rent]

12 FEBRUARY 2021 — 61

1H21 ADDITIONAL INFORMATION

Build to Rent: portfolio details & pipeline

		1H21	1H20
No. of properties1		2	—
No. of lots2		315	—
Portfolio value3		$240m	—
Leased2		40%4	—
Occupancy (by lots)2		35%4	—
WACR2		4.00%	—
				EXPECTED	EXPECTED	EXPECTED PRACTICAL
PIPELINE	LOCATION	LOTS5	OWNERSHIP	UNLEVERED IRR	YIELD ON COST	COMPLETION5
LIV Munro	Melbourne, VIC	~490	100%	>8.0%	>4.5%	FY23
LIV Aston6	Melbourne, VIC	472	100%	>8.0%	>4.5%	FY24
LIV Newstead	Brisbane, QLD	~390	100%	>8.0%	>4.5%	FY24
LIV Albert Fields	Melbourne, VIC	~530	100%	>8.0%	>4.5%	FY25
Total		~1,882

1. Includes properties under construction but excludes properties being held for development.

2. Excludes properties under construction and properties being held for development.

3. Includes properties under construction and properties being held for development.

4. 48% leased and 43% occupied as at 9 February 2021.

5. Expected units and timing subject to various factors outside of Mirvac’s control such as planning, market demand and COVID-19 uncertainties.

6. Formally Flinders West.

12 FEBRUARY 2021 — 62

Residential

Waverley Bowling Club, Sydney (artist impression)

12 FEBRUARY 2021 — 63

1H21 ADDITIONAL INFORMATION

Residential: pipeline positioning | 27,805 pipeline lots

SHARE OF EXPECTED FUTURE REVENUE BY PRODUCT[ 1] PIPELINE LOTS BY PRODUCT

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Masterplanned communities 54%
Apartments 46%
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SHARE OF EXPECTED FUTURE REVENUE BY GEOGRAPHY[ 1]

PIPELINE LOTS BY STRUCTURE

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NSW 42%
VIC 38%
QLD 15%
WA 5%
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Masterplanned communities 80%
Apartments 20%
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100% Mirvac 48%
PDA / DMA 29%
JV 23%
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PIPELINE LOTS BY PRICE POINT: MASTERPLANNED COMMUNITIES

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<$250k 19%
$250k–$500k 65%
>$500k 16%
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PIPELINE LOTS BY PRICE POINT: APARTMENTS

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<$1.2m 65%
>$1.2m 35%
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Note: Expected revenue and pipeline lots subject to change depending on planning approvals, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 1. Mirvac share of forecast revenue subject to factors outside of Mirvac’s control including planning and market demand.

12 FEBRUARY 2021 — 64

1H21 ADDITIONAL INFORMATION

Residential: masterplanned communities pipeline (key projects)

EXPECTED SETTLEMENT PROFILE (LOTS)[ 1]

				EXPECTED SETTLEMENT PROFILE (LOTS)1
MAJOR PROJECTS	STATE	STAGE	OWNERSHIP	TYPE 2H21 FY22 FY23 FY24 FY25
Crest	NSW	Multiple stages	100%	House & Land 53
WaverleyPark	VIC	Multiple stages	100%	House & Land 76
OspreyWaters	WA	Multiple stages	100%	Land 65
Tullamore2	VIC	Multiple stages	100%	House & Land 97
Ashford	QLD	Multiple stages	100%	House & Land 124
Gainsborough Greens	QLD	Multiple stages	100%	House & Land 161
Madox	WA	Multiple stages	100%	Land 213
Iluma Private Estate	WA	Multiple stages	100%	Land 336
One71 Baldivis	WA	Multiple stages	100%	Land 122
HenleyBrook	WA	Multiple stages	100%	Land 478
Everleigh	QLD	Multiple stages	100%	Land 985
Googong	NSW	Multiple stages	JV	House & Land 1,037
Olivine	VIC	Multiple stages	100% & DMA	Land 1,132
Woodlea	VIC	Multiple stages	JV	Land 1,419
Smiths Lane	VIC	Multiple stages	100%	Land 1,531
Menangle	NSW	Multiple stages	PDA	House & Land 379
Georges Cove	NSW	Multiple stages	PDA	House 179
The Fabric	VIC	Multiple stages	100%	House 281
Riverlands	NSW	Multiple stages	100%	House 312
Marsden Park North	NSW	Multiple stages	PDA	House & Land 491
55 Coonara Ave3	NSW	Multiple stages	100%	House 200
Wantirna South	VIC	Multiple stages	PDA	House & Land 55

MASTERPLANNED COMMUNITIES PROJECT PIPELINE ANALYSIS

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~80%
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% of total FY21 expected lots to settle from masterplanned communities

1. Settlement timing and lot numbers subject to change depending on planning approvals, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties.

2. Excludes Tullamore Stables retail lot, expected to settle FY26.

12 FEBRUARY 2021 — 65

1. Rezoning has approved up to 600 lots (mix of apartments and housing).

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

1H21 ADDITIONAL INFORMATION

Residential: apartments pipeline (key projects)

EXPECTED SETTLEMENT PROFILE (LOTS)[ 1]

MAJOR PROJECTS	STATE	STAGE	PRE-SOLD	OWNERSHIP	2H21	FY22	FY23	FY24	FY25
Tullamore	VIC	Folia	89%	100%		102
Pavilions2	NSW	All stages	70%	PDA			158
Ascot Green	QLD	Tulloch House	68%	PDA			84
Yarra's Edge	VIC	Voyager	75%	100%				315
Tullamore	VIC	Apartments C	Not released	100%				94
Waverley BowlingClub	NSW	Future stages	Not released	PDA			55
Green Square	NSW	Portman on the Park	24%	PDA				118
Willoughby	NSW	Future stages	Not released	100%				446
Green Square3	NSW	Future stages	Not released	PDA / 100%				502
Ascot Green	QLD	Future stages	Not released	PDA					230
The Fabric	VIC	Future stages	Not released	100%					105
Waterfront Sky	QLD	Quay	Not released	100%					143
Waterfront Sky	QLD	Future stages	Not released	100%					98
55 Coonara Avenue4	NSW	Future stages	Not released	100%					400
The Peninsula	WA	Future stages	Not released	100%					283
Waterloo Metro Quarter5	NSW	Future stages	Not released	JV					126
Yarra's Edge	VIC	Tower 9	Not released	100%					212

APARTMENTS PROJECT PIPELINE ANALYSIS

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~20%
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% of total FY21 expected lots to settle from apartments

1. Settlement timing and lot numbers subject to change depending on planning approvals, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 2. Excludes build to rent lots.

2. Excludes retail lot, expected to settle FY25.

3. Rezoning has approved up to 600 lots (mix of apartments and housing).

1. Excludes Affordable Housing. Lot number reflects concept approval and is subject to change.

12 FEBRUARY 2021 — 66

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

1H21 ADDITIONAL INFORMATION

Residential: pre-sales detail

RECONCILIATION OF MOVEMENT IN EXCHANGED PRE-SALES CONTRACTS TO 1H21

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$1,000m $971m
$498m $946m
500
($523m)
0
FY20 Settled Net sales 1H21
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PRE-SALES BY GEOGRAPHY[ 1]

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VIC 72%
NSW 17%
QLD 10%
WA 1%
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PRE-SALES BY BUYER PROFILE[ 1,2]

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Owner occupier[ 3] 60% Investor 20% Mainland China 17% Other Offshore 3%

PRE-SALES BY TYPE[ 1]

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Masterplanned
communities 51%
Apartments 49%
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PRE-SALES EXPECTED ROLL-OFF[ 1]

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2H21 51%
FY22 44%
FY23+ 5%
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1. Represents presales contract value.

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

12 FEBRUARY 2021 — 67

1. Includes first home buyers.

1H21 ADDITIONAL INFORMATION

Residential: 1H21 acquisitions & additional pipeline projects

PROJECT	STATE	OWNERSHIP	NO. OF LOTS1	PRODUCT TYPE	ESTIMATED SETTLEMENT COMMENCEMENT1
Acquisitions / Agreements
Smiths Lane (extension)	VIC	100%	600	Masterplanned communities	FY25
Waverley Bowling Club	NSW	PDA	55	Apartments	FY23
Total Acquisitions / Agreements			655
Additional Pipeline Projects
Green Square2	NSW	100%	516	Apartments	FY26
Total Additional Pipeline Projects			516
Total			1,171

1. Settlement timing and lot numbers subject to change depending on planning approvals, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 2. Green Square change post buy-out of Landcom.

12 FEBRUARY 2021 — 68

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

1H21 ADDITIONAL INFORMATION

Residential: 2H21 expected major releases

2H21 EXPECTED MAJOR RELEASES1	STATE	TYPE	APPROXIMATE LOTS1
Willoughby	NSW	Apartments	230
Woodlea	VIC	Masterplanned communities	150
Quay Waterfront	QLD	Apartments	143
Smiths Lane	VIC	Masterplanned communities	100
Tullamore	VIC	Apartments	94
Everleigh	QLD	Masterplanned communities	80
Illuma Private Estate	WA	Masterplanned communities	50
Gainsborough Greens	QLD	Masterplanned communities	50
Henley Brook	WA	Masterplanned communities	50
Green Square	NSW	Apartments	45
Georges Cove	NSW	Masterplanned communities	40

12 FEBRUARY 2021 — 69

1. Subject to change depending on planning approvals, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties.

1H21 ADDITIONAL INFORMATION

Residential: 1H21 settlements | 1,076 lot settlements

	APARTMENTS MASTERPLANNED COMMUNITIES TOTAL
	LOTS % LOTS % LOTS %
NSW QLD VIC WA	183 17% 169 16% 352 33% 1 <1% 210 20% 211 20% 3 <1% 175 16% 178 16% 172 16% 163 15% 335 31%
Total	359 33% 717 67% 1,076 100%

1H21 LOT SETTLEMENTS

BY PRODUCT TYPE Apartments 33% Masterplanned communities 67% Land 64% House 3%

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BY GEOGRAPHY

NSW 33% WA 31% QLD 20% VIC 16%

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BY STRUCTURE

100% Mirvac 71% PDA / DMA 17% JVA 12%

12 FEBRUARY 2021 — 70

1H21 ADDITIONAL INFORMATION

Residential: 1H21 settlements detail

1H21 MAJOR SETTLEMENTS	PRODUCT TYPE	OWNERSHIP	LOTS
Pavilions, NSW	Apartments	PDA	163
Gainsborough Greens, QLD	Masterplanned communities	100%	116
Olivine, VIC	Masterplanned communities	100% & DMA	111
Everleigh, QLD	Masterplanned communities	100%	93
Crest, NSW	Masterplanned communities	100%	91
Beachside Leighton, WA	Apartments	100%	90
Claremont, WA	Apartments	100%	81
Googong, NSW	Masterplanned communities	JV	78
Illuma Private Estate, WA	Masterplanned communities	100%	77
Woodlea, VIC	Masterplanned communities	JV	46
Subtotal			946
Other projects			130
Total			1,076

1H21 SETTLEMENT BUYER PROFILE

1H21 SETTLEMENT BUYER PROFILE BY GEOGRAPHY

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First home buyers 41% Investors 32% Upgrade / empty nesters 27%

Domestic 94% Offshore 6%

1H21 SETTLEMENTS AVERAGE SALES PRICE

APARTMENTS HOUSE

LAND

~$876k

~$659k

~$313k

12 FEBRUARY 2021 — 71

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

1H21 ADDITIONAL INFORMATION

Residential: EBIT reconciliation & gross development margin

1H21 RESIDENTIAL EBIT RECONCILIATION	$M
Development revenue	451
Management fee revenue	1
Total development revenue (excluding JV)	452
Share of net profit of JVs, and other revenue	14
Total operating revenue and other income	466
Cost of development and construction	(352)
Other development costs	(2)
Sales and marketing expense	(17)
Employee benefits and other expenses	(10)
Total cost of property development and construction	(381)
Development EBIT	85
Management and administrative expenses	(9)
Total Residential EBIT	$76m
Residential EBIT margin	16%

development margin
1H21 GROSS DEVELOPMENT MARGIN	$M
Development revenue	451
JV development revenue	22
Total development revenue	473
Cost of development and construction	(352)
JV cost of development and construction	(13)
Total cost of development and construction	(365)
Residential gross development profit	$108m
Residential gross development margin %	23%
1H21 GROSS DEVELOPMENT MARGIN (EXCLUDING JV PROJECTS)	$M
Development revenue	451
Cost of development and construction	(352)
Residential gross development profit (excluding JV projects)	$99m
Residential gross development margin % (excluding JV projects)	22%

12 FEBRUARY 2021 — 72

Calendar

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Harbourside, Sydney (artist impression) 12 FEBRUARY 2021 — 73
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1H21 ADDITIONAL INFORMATION

2H21 Calendar

2H21 Calendar
EVENT	LOCATION	DATE1
Private roadshow	Virtual	15-18 February 2021
Private offshore roadshow	Virtual	March 2021
Citibank Pan-Asia ESG Conference	Virtual	23-25 March 2021
3Q21 Operational Update	—	28 April 2021
Macquarie Australia Conference	Sydney	4 May 2021
FY21 Results Briefing	Sydney	12 August 2021

12 FEBRUARY 2021 — 74

1. All dates are indicative and subject to change.

1H21 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 aproperty
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	Groupof land lots that have subdivisionpotential
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 ReportingStandards
IPD	Investment PropertyDatabank
IPUC	Investmentproperties under construction
IRR	Internal Rate of Return
JVA	Joint Ventures and Associates
LAT	Leader Auta Trust
LPT	Listed PropertyTrust
LTIFR	Lost Time InjuryFrequencyRate
Low density	Green field landprojects outside of the middle ring

TERM	MEANING
MAT	MovingAnnual Turnover
Medium density	Urban infill and middle ring projects with some level of built form aspect
MGR	Mirvac GroupASX code
MPT	Mirvac PropertyTrust
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 ofice 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

	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% ofice space – If the asset comprises less than 75% of NABERS rateable ofice space by area. iv. Buildings with less than 2,000 sqm ofice space
NLA	Net Lettable Area
NOI	Net OperatingIncome
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
Profit	specific non-cash items and other significant items.
PCA	PropertyCouncil of Australia
PDA	Project DeliveryAgreement. Provision of development services byMirvac 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

12 FEBRUARY 2021 — 75

1H21 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 further COVID-19 impacts on market conditions, 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 which because of COVID-19, impacts remain unknown and uncertain. 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 2020, 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 2020, unless otherwise noted.

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CONTACT

MIRVAC GROUP

Bryan Howitt: General Manager, Investor Relations & Capital Allocation | investor.relations@mirvac.com

Level 28, 200 George Street, Sydney NSW 2000