MIRVAC GROUP — Interim / Quarterly Report 2021

Feb 11, 2021

Reimagine Urban Life 1H21 Results

12 February 2021

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1H21 RESULTS

Acknowledgement of Country

Mirvac acknowledges the Traditional Owners of the land on which we work, and we pay our respect to Elders past and present

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EY Centre, 200 George Street, Sydney

12 FEBRUARY 2021 — 1

1H21 RESULTS

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Agenda
Commercial
Financial & Mixed-Use Commercial Summary
Overview Results Asset Creation Property Residential & Guidance
SUSAN LLOYD-HURWITZ STEPHEN GOULD BRETT DRAFFEN CAMPBELL HANAN STUART PENKLIS SUSAN LLOYD-HURWITZ
CEO & MANAGING DIRECTOR GROUP FINANCE CHIEF INVESTMENT OFFICER HEAD OF COMMERCIAL PROPERTY HEAD OF RESIDENTIAL CEO & MANAGING DIRECTOR
3 10 13 17 24 29
LIV Newstead, Brisbane (artist impression) 12 FEBRUARY 2021 — 2
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LIV Newstead, Brisbane (artist impression)
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Overview

Susan Lloyd-Hurwitz CEO & Managing Director

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12 FEBRUARY 2021 — 3
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Interchange Pavilion, South Eveleigh, Sydney

1H21 RESULTS

The ongoing importance and evolution of cities

As Australia recovers from the pandemic, cities and urban environments will evolve but retain their importance as hubs for high-value knowledge jobs and social connection

ECONOMIC GROWTH AND JOBS

ECONOMIC ACTIVITY INDEX OF GROSS REGIONAL PRODUCT[ 4]

• Historically, the majority of firms driving growth and employment are urban based and we expect this will continue into the future

• Industries associated with CBD employment have grown at 1.6x the broader market, delivering ~375,000 jobs over the last decade[ 1]

• High ‘value-add’ knowledge sectors of business, financial and communications services are primarily located in the CBD

LIVEABILITY, SOCIAL AND PHYSICAL INFRASTRUCTURE

• Sydney (3rd) and Melbourne (2nd) are ranked as two of the most liveable cities in the world[ 2]

• Government capital and infrastructure investment in NSW and VIC is expected to be greater than $210bn over FY21-24, increasing connectivity and importance of urban real estate[ 3]

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200
150
100
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Melbourne CBD Regional VIC Sydney CBD Regional NSW
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POST COVID-19, CITIES STILL EXPECTED TO DRIVE POPULATION GROWTH OVER FY21-31[ 5]

1,200,000 Net cumulative additional people

• The pandemic will change cities, but not the demand for their social and economic connectivity

• ABS quarterly time series (Labour Force, Australia, Detailed, Quarterly [cat.no.6291.0.55.005]).

• The Global Liveability Index 2019 Report, Economist Intelligence Unit, Melbourne ranked 2[nd] and Sydney 3[rd] .

• State Government budget papers 2020/21 and Building Our Future report, Department of Infrastructure, Transport, Regional Development & Communications, Australian Government, October 2020.

• National Institute of Economic & Industry Research. Mirvac Research calculation, index of 2006-2019. Melbourne CBD (Includes SA2’s of Melbourne, Docklands & Southbank). Sydney CBD (Includes Sydney-Haymarket-The Rocks SA2).

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800,000
400,000
0
Sydney Melbourne Rest of NSW Rest of VIC
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1. Centre for Population 2020, Population Statement Overview – December 2020, the Australian Government, Canberra.

12 FEBRUARY 2021 — 4

1H21 RESULTS

Mirvac well positioned to meet needs of changing cities

• Cities will retain importance, but they will change - citizens want better amenity, connectivity and convenience

• Mirvac will continue to adapt to the continued evolution of living and workspace trends with a proven capability to capture value and deliver sustainable returns for all stakeholders:

• Residential: Uniquely positioned to cover the entire spectrum of built-form product, including Build to Rent and inner, middle ring, and urban fringe Build to Sell

• Industrial: Well positioned to capitalise on growth in demand arising from population growth and e-commerce through creation of new investment assets in key locations

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Mixed-Use: Waterloo Metro Quarter, Sydney (artist impression)
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• Office: Enhancing the portfolio by selling older non-core assets and investing in high-quality, modern, sustainable buildings which meet the evolving needs of occupiers

• Retail: Well-positioned bespoke portfolio and skillset to enhance Mixed-Use development pipeline

• Mixed-Use: Experience across multiple asset classes gives competitive advantage for delivering large-scale urban Mixed-Use developments

• Leading asset creation capability to deliver the products that urban dwellers, workers, and shoppers want into the future

Mixed-Use: Harbourside, Sydney (artist impression)

12 FEBRUARY 2021 — 5

1H21 RESULTS

Asset creation capability delivering solid results despite pandemic

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$276m $364m $450m
1H21 OPERATING PROFIT 1H21 EBIT OPERATING CASHFLOW
+10% ON 2H20 +8% ON 2H20 +346% ON 2H20
7.0c 21.4%
1H21 EPS GEARING [ 2]
+11% ON 2H20 -140bp ON FY20
~$24bn
ASSETS UNDER MANAGEMENT
+4% ON FY20
4.8c $2.58
1H21 DPS NTA [ 1]
+60% ON 2H20 +2% ON FY20
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1. NTA per stapled security excludes intangibles, right of use assets and non-controlling interests, based on ordinary securities including EIS securities. 2. Net debt (at foreign exchange hedged rate) / tangible assets – cash.

12 FEBRUARY 2021 — 6

1H21 RESULTS

Momentum continued and positioned for opportunities

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RESTOCKED
ACTIVE RESPONSE RESIDENTIAL PIPELINE
PROGRESSED
OVER 1H21 Sold EXECUTED Commenced REZONING &
DEVELOPMENT
3 COMPLETIONS 340 ADELAIDE STREET, 157 construction 1,171 lots DEVELOPMENT
BRISBANE APPROVALS
SECURED
LEASING DEALS ACROSS
PORTMAN ON THE PARK
~$2.4bn
AT GREEN SQUARE,
END VALUE [ 1] 11% ~$28bn
GEORGES COVE AT
PREMIUM TO PIPELINE [ 2]
MOOREBANK
BOOK VALUE
FOCUSED ON SUPPORT AND ENSURING THE IMPROVING BUSINESS CONDITIONS
PREPARED FOR CHALLENGES
HEALTH AND SAFETY OF ALL OUR STAKEHOLDERS AND CONSUMER CONFIDENCE
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• Supporting our tenants through the pandemic

• $20m COVID-19 impact from rental waivers and provisions expensed in 1H21 operating profit ($48m FY20)

• Reduction of discretionary spend and deferral of non-essential capital expenditure

• Government stimulus supporting residential sales

• Retail foot-traffic and sales improvement

• Structural increase in e-commerce continues to drive demand for industrial facilities

• Gradual return to offices for employees

• Federal and State support measures will taper over CY21

• COVID-19 cluster outbreaks and implementation of the vaccination program

• Lower migration impacting population growth

1. 100% end value.

1. Represents 100% expected end value/revenue, subject to various factors outside Mirvac’s control such as planning, market demand and COVID-19 uncertainties.

12 FEBRUARY 2021 — 7

1H21 RESULTS

Capital partnering delivering growth and returns

• Award-winning asset creation capability providing core assets for long-term ownership for the Group and capital partners

• Mirvac typically co-owns a significant stake alongside our capital partners, creating aligned interests in our customers’ and partners’ future success

• Asset creation supporting external AUM increasing to $9.7bn, generating $12m of assets and funds management EBIT in 1H21

• Future development pipeline expected to be funded through a combination of balance sheet and third party capital

GROWING WITH OUR ALIGNED PARTNERS

$14.0 billion

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12.3
12.0 12.1
11.5
9.7
10.0 10.1
9.2 9.4
8.7
8.0 8.0 7.7
7.5
6.3
6.0 5.8
4.0
2.8
2.0 1.8 1.8 1.7 1.7 1.7 1.9
1.6
0
FY15 FY16 FY17 FY18 FY19 FY20 1H21
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~$24bn
ASSETS UNDER
MANAGEMENT
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$9.7bn
EXTERNALLY
MANAGED ASSETS
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Balance sheet invested capital External assets under management Active development invested capital

12 FEBRUARY 2021 — 8

1H21 RESULTS

How we do what we do

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CONTINUED MOMENTUM IN ESG PERFORMANCE
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RESOURCES REIMAGINED CONTINUED MOMENTUM IN ESG PERFORMANCE
> Installed three 100kW solar PV systems across the industrial portfolio, eliminating over > Maintained a AAA rating in the MSCI ESG Index
310 tonnes of carbon emissions per year
> A+ ratings from the Principles of Responsible Investment (PRI)
> Commenced the Affordability Experiment at Iluma Private Estate in Bennett Springs, WA
Progressing towards > Set out the Residential Energy Roadmap with commitments to: > Advanced rating from United Nations Global Compact
100% renewable electricity – Provide customers with access to renewable energy > Joint Board Leadership of the Year award – Climate Alliance
in operations: – Improve thermal performance standards > First Modern Slavery Statement released
– Transition to all-electric communities
100% 90% 80%
of Mirvac’s of office reduction in
retail centres assets carbon emissions
Delivered mental health and wellbeing initiatives for employees and customers
94% employees willing to go above and beyond for Mirvac [1] No.1
AFR Boss Most Innovative
women in senior gender Company in Property,
43% management roles 0% pay gap [ 2] Construction and
Transport sector 2020
employees said their manager (second year in a row)
87% genuinely cares about their wellbeing [1]
key talent PCA Innovation &
93% retained Excellence Awards 2020 –
Project Innovation
PEOPLE & WELLNESS INNOVATION
1. Internal employee survey, December 2020. 12 FEBRUARY 2021 — 9
2. Like-for-like basis.
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1H21 RESULTS Financial Results

Stephen Gould Group Finance

The Fabric, Altona North, Melbourne (artist impression)

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12 FEBRUARY 2021 — 10
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1H21 RESULTS

1H21 financial results

1H21 fnancial results
1H20 $M 2H20 $M	1H21 $M	4% 1H21 ON 2H20 4% 44% 8% 5% 10% 6%
Office & Industrial 251 233 Retail 83 45 Residential 1461 79 Corporate & Other (20)1 (21)	243 65 76 (20)
Operating EBIT 460 336	364
Operating profit after tax 352 250	276
Adjusted funds from operations (AFFO) 346 226	240
Statutory profit after tax 613 (55)	396

OFFICE & INDUSTRIAL

• NOI growth from recently completed asset developments and lower COVID-19 rental relief, plus additional asset and funds management income offset by lower development earnings recognition

RETAIL

• NOI growth from improved trading conditions and lower COVID-19 rental relief assistance

RESIDENTIAL

• Decrease in lot settlements after a record year for apartment settlements in FY20 > Achieved 1,076 lot settlements with a greater skew to MPC

CORPORATE & OTHER

• Reduced corporate overheads due to operational savings and government subsidies. Property NOI from Tuckerbox JV (tuckerbox Hotels) continues to be significantly impacted by COVID-19 trading conditions

OPERATING PROFIT

• 1H21 earnings benefiting from the recent stabilisation of the COVID-19 pandemic across Australia, compared to the volatility in 2H20

AFFO

• Growth in AFFO reflects the operating earnings growth together with lower capex spend across the portfolio, offset by increased incentives

12 FEBRUARY 2021 — 11

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.

1H21 RESULTS

Prudent balance sheet to support resilience through cycle

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A3/A-

CREDIT RATINGS MOODY’S / FITCH

3.7%

AVERAGE BORROWING COST[ 2]

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21.4%

GEARING[ 1]

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No significant debt maturities until FY22+

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$1.3bn

CASH & UNDRAWN FACILITIES

$450m

1H21 OPERATING CASH FLOW

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1. 8 yrs

AVERAGE DEBT MATURITY PROFILE

Access to diverse capital sources

1. Net debt (at foreign exchange hedged rate) / tangible assets – cash. 2. Including margin and line fees.

12 FEBRUARY 2021 — 12

1H21 RESULTS

Commercial & Mixed-Use Asset Creation

Brett Draffen

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Chief Investment Officer

Waterloo Metro Quarter, Sydney (artist impression)

12 FEBRUARY 2021 — 13

1H21 RESULTS

Track record of value creation in Commercial & Mixed-Use

• Unlocking longer-term value through our ability to create quality assets

• Over the last six years, delivered over $900m of value creation, comprising $367m of development EBIT and $546m of development revaluation gain (NTA), and in the process accumulated $339m of new rental NOI

• 30% total return on average for assets delivered

TRACK RECORD OF VALUE CREATION

VALUE CREATION

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$200m
~$156m
150 AVERAGE P.A. VALUE
CREATION FY16-FY20 [ 1]
100
50
0
FY16 FY17 FY18 FY19 FY20 1H21
Commercial & Mixed-Use development EBIT Development revaluation gain (NTA)
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$913m
FY16-1H21 [ 1]
Commercial & Mixed-Use development EBIT Development revaluation gain (NTA)
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12 FEBRUARY 2021 — 14

1. Value creation equals development EBIT and revaluation gain on Mirvac share retained of asset post completion.

1H21 RESULTS

Value creation case studies: South Eveleigh and Olderfleet

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SOUTH EVELEIGH, SYDNEY OLDERFLEET, 477 COLLINS STREET, MELBOURNE
COMBINED END VALUE
[1]
~$1.9bn
COMBINED
VALUE CREATION
Completion/capitalisation FY20-21 Completion/capitalisation FY21
2
End value (100%): $1.1bn [ 1] End value (100%): $864m [ 1]
~$430m
Value creation: $187m Value creation: $245m
- Development EBIT $67m - Development EBIT $137m
- Development revaluation gain (NTA) $120m [ 4] - Development revaluation gain (NTA) $108m [ 4]
Cap rate: 5.75% [ 3] Cap rate: 4.8% [ 3]
Final yield on cost: 6.4% Final yield on cost: 6.4%
Total return on investment: 20% Total return on investment: 38%
As at 31 Dec 2020, 33% interest As at 31 Dec 2020, 50% interest
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1. 100% end value at capitalisation date post development completion.

2. Value creation equals development EBIT and revaluation uplift on Mirvac share retained of asset post completion.

3. Capitalisation rate on portion sold to capital partner.

4. Development revaluation gain (NTA) at capitalisation date post development completion.

12 FEBRUARY 2021 — 15

1H21 RESULTS

~$28bn development pipeline key to future value

OFFICE / MIXED-USE

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1 ~$8.8bn

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INDUSTRIAL BUILD TO RENT 1 1 ~$1.5bn ~$1.4bn

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RESIDENTIAL 1 ~$16.0bn

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Locomotive Workshops, Voyager, Yarra’s Edge, 80 Ann Street, Switchyard, Auburn, LIV Munro, Aspect, Kemps LIV Newstead, 7 Spencer Street / Elizabeth Enterprise,
South Eveleigh, Sydney Melbourne Brisbane Sydney Melbourne Creek, Sydney Brisbane LIV Aston, Melbourne [ 2] Badgerys Creek, Sydney
202 1 2021+ 2022 2022 2022 2022+ 2023/24 2023/24 2023 +
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Willoughby, Green Square, LIV Albert Fields, Waterloo Metro Waterfront Sky, 75 George Street, Harbourside, 383 La Trobe Street, 55 Pitt Street, Sydney Sydney Melbourne Quarter, Sydney Brisbane Parramatta Sydney Melbourne Sydney 2023 ~~+ 2023+ 2024+ 2024+ 2024+ 2025+ 2025+ 2025+ 2025+~~

Note: Timeline reflects expected project timing (calendar year), subject to change depending on further planning and construction decisions as well as market conditions. Note: All images are artist impressions, final design may differ.

1. Represents 100% expected end value/revenue, subject to various factors outside Mirvac’s control such as planning, market demand and COVID-19 uncertainties.

12 FEBRUARY 2021 — 16

1. Formerly Flinders West, Melbourne.

1H21 RESULTS

Commercial Property Campbell Hanan Head of Commercial Property

EY Centre, 200 George Street, Sydney

12 FEBRUARY 2021 — 17

1H21 RESULTS

Streamlining operations into one Commercial division

• Commercial Property combines the recurring income focussed asset portfolios into one group

• Operations, finance, leasing, customer experience and asset management have been streamlined with end-to-end management of assets within one team

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COMMERCIAL PROPERTY
OFFICE / MIXED-USE [ 1] INDUSTRIAL [ 1] RETAIL [ 1] BUILD TO RENT [ 1]
~63% ~8% ~27% ~2%
~$12bn
BALANCE SHEET
PORTFOLIO [ 2]
~$24bn
TOTAL AUM [ 3]
Olderfleet, 477 Collins Street, Melbourne Calibre, Sydney Toombul, Brisbane LIV Indigo, Sydney
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Note: Build to Rent still sits within Corporate & Other segment for 1H21 reporting period.

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

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

3. Total Group AUM.

12 FEBRUARY 2021 — 18

1H21 RESULTS

Cash collection improving across portfolio

• 93% of rent collected in 1H21[1] , with Office and Industrial sectors maintaining high levels

• Retail cash collection rates improving as stores reopen and foot traffic increases

• Tenant rent waivers and provisions expensed and reflected in operating profit and FFO

• $20m impact in 1H21 compared to $48m in FY20

CASH COLLECTION IMPROVING IN 1H21[ 1]

OPERATING PROFIT IMPACT OF TENANT RENT WAIVERS AND PROVISIONS IN 1H21[ 2]

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100% 100%
97%
93%
90
84% 2% 4% Retail ($18m)
80 3%
70 4%
60 Office ($2m)
80% 95% 96% 90%
50
40
Industrial
30
20
Total ($20m)
10
0
Retail Office Industrial Total
Cash collected (31 December 2020) Cash collected (9th February 2020)
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1. As at 9 February 2021 based on net billings.

12 FEBRUARY 2021 — 19

1. Subject to rounding.

1H21 RESULTS

Modern Office buildings with long WALE and limited near term expiries

LIMITED NEAR TERM LEASE EXPIRIES[ 5]

RESILIENT OFFICE PORTFOLIO

• Office NOI up 2% on pcp to $180m, including like-for-like NOI growth of 0.5% including COVID-19 impacts

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70.0%
67%
60
50
<10%
40 EXPIRY BEFORE
FY23 [ 5]
30
20
10 9%
7%
4% 2% 5% 6%
0
Vacant 2H21 FY22 FY23 FY24 FY25 FY26+
<2%
10.1
6.7 yrs
OF INCOME EXPOSED yrs
AVERAGE AGE OF
TO TENANTS LESS WALE [ 6]
PORTFOLIO
THAN 400SQM
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• Increased WALE to 6.7[ 1] years from 6.4 years at 30 June 2020

• Net valuation gains of $141m, up 1.9% over the half, with capitalisation rate compression of 8bps to 5.17%[ 2]

• Occupancy of 96%[ 3] , with subdued leasing activity in 1H21

• Less than 10% leases expiring prior to FY23[ 5] , with 1H21 operational capex of only $6m

• Less than 2% of income exposed to tenants with less than 400sqm and ~1% to co-working

PROGRESSING PRE-LEASED DEVELOPMENT PIPELINE

• The Foundry, South Eveleigh and Olderfleet, 477 Collins Street contributed to 1H21 development EBIT of $25m

• Locomotive Workshops, South Eveleigh, Sydney – 86% committed[ 4] , with PC and 50% sell down expected mid-2021

• 80 Ann Street, Brisbane – 73% committed[ 4] , with lease commencement in FY22

• By FY22, 84% of office portfolio expected to be developed or repositioned by Mirvac

• By income, including investments in joint ventures and excluding assets held for development.

• Including share of valuation gains from joint ventures.

• By area, including investments in joint ventures and excluding assets held for development.

• Percent of Office and Retail space pre-leased, including heads of agreement.

• By area.

12 FEBRUARY 2021 — 20

1. By income.

1H21 RESULTS

High-quality Industrial portfolio with development upside

HIGH-QUALITY AND RESILIENT PORTFOLIO

• High occupancy of 99.7%[1] and maintained attractive WALE of 7.3 years[2]

• Industrial NOI up 3.6%, including like-for-like NOI growth of 3.3%

• ~28,900sqm of leasing activity with solid tenant demand

• Strong net valuation gains of $44m, up 4.6% over the half

DEVELOPING PRIME INDUSTRIAL FACILITIES CLOSE TO TRANSPORT AND LAST MILE LOCATIONS

• Strategy to develop, rather than acquire, stabilised assets on market

• Secured $1.5bn zoned development pipeline[ 3] , with positive planning momentum

• Progressed future flagship logistics hubs at Aspect, Kemps Creek (56ha) and Switchyard, Auburn (14ha), both in Sydney

• Stage 1 (54ha) of the 244 hectare Elizabeth Enterprise at Badgerys Creek, Sydney rezoned in 1H21 in the NSW Government’s Planning System Acceleration Program

• By area.

• By income.

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Switchyard, Auburn, Sydney (artist impression) ~$260m
EXPECTED END VALUE [ 4]
2022
EXPECTED
COMPLETION
~$830m
EXPECTED END VALUE [ 4]
2022+
EXPECTEXP E D STAGE 1 CTED
COMPLETION
Aspect, Kemps Creek, Sydney (artist impression)
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1. Represents 100% of expected end value of committed and uncommitted future developments subject to planning.

12 FEBRUARY 2021 — 21

1. Represents 100% expected end value, subject to various factors outside of Mirvac’s control including planning, market demand and COVID-19 uncertainties.

1H21 RESULTS

Retail stabilising for recovery

MULTI-SPEED RECOVERY CONTINUES

• Steady improvement in foot traffic, sales and basket sizes across the portfolio

• Majority of categories recovering, however services, entertainment and dining continue to be impacted by physical distancing restrictions

• Convenience and Queensland centres demonstrate blueprint for inner-Sydney recovery as when people feel safe, mobility returns, driving operational and financial performance

STABILISATION IN OPERATIONAL PERFORMANCE

• Executed 131 regular leasing deals across ~24,300 sqm, with spreads -5.7% and incentives in line with FY20

• Maintained high levels of occupancy at 98.4%[ 1] (1Q21 98.0%)

• Store openings at 95%, 98% excluding CBD[ 2]

• Improving cash collection rates and significantly reduced COVID-19 support rates

• Valuation decline of $28m or -0.9%, with 100% of portfolio now externally valued post COVID-19

URBAN PORTFOLIO EXPOSED TO STRONG DEMOGRAPHICS

• Mirvac retail strategy focussed on markets with best demographics, exposure, accessibility, tenant appeal and most complimentary to omni-channel

• As the pandemic subsides, we expect urban and CBD retail centres will reactivate given the importance of cities for high-value knowledge jobs, and the desire to live in vibrant connected areas

MONTHLY PHYSICAL SALES GROWTH: BY CENTRE LOCATION

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20%
0.0
(20)
(40)
(60)
(80)
(100)
Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20
All Centres QLD VIC CBD NSW/ACT (Excl. CBD)
RECOVERY GAINING MOMENTUM
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Superior long-term urban market fundamentals

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HIGH OMNI-CHANNEL
LOW
HOUSEHOLD / LAST MILE
UNEMPLOYMENT
WEALTH DELIVERY
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1. By area. 2. As at 31 December 2020.

12 FEBRUARY 2021 — 22

1H21 RESULTS

Continuing to progress Build to Rent strategy

• Completed construction of LIV Indigo, Sydney, with first customers moving in during September 2020

• 48% leased[ 1] , with revenue in-line with expectations of >4.5% YoC

• Expected stabilisation 12-18 months

MIRVAC STRATEGICALLY POSITIONED TO CAPTURE THE OPPORTUNITY

• Customer value proposition supported by a secure lease, amenity, community, no bond, security, appliances and utility procurement savings

• BTR operating platform live, combining on-site management, and technology

• Integrated structure, with proven experience across development, investment and property management

• Ability to leverage strong residential brand and customer focus

DELIVERING FUTURE PIPELINE

• Construction has commenced on the second Build to Rent asset, LIV Munro at Queen Victoria Markets

• Secured development approval for LIV Aston, Melbourne[ 2]

• Secured first BTR project in Queensland, LIV Newstead, increasing BTR total future portfolio to ~2,200[ 3] apartments

• Potential for BTR to grow to a portfolio of 5,000 apartments over the medium-term, funded through a combination of balance sheet and third party capital

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~2,200 ~$1.6bn TARGETING
BTR FUTURE EXPECTED >8%
PORTFOLIO [ 3] BTR PORTFOLIO UNLEVERED IRR
END VALUE [ 4]
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LIV INDIGO, SYDNEY
Completion Sep 2020
Location Sydney, NSW
Apartments 315
Car parking 258
Total cost ~$210m
Expected unlevered IRR >8%
Expected yield on cost >4.5%
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GROWING DEVELOPMENT PIPELINE

				EXPECTED
	PROJECT	LOCATION	APARTMENTS3	COMPLETION DATE3
	LIV Munro	Melbourne	490	FY23
	LIV Aston2 LIV Newstead LIV Albert Fields	Melbourne Brisbane Melbourne	472 ~390 ~520	FY24 FY24 FY25

1. As at 9 February 2021.

2. Formerly Flinders West, Melbourne.

3. Expected units and timing, subject to planning.

4. Represents 100% expected end value of completed project and development pipeline, subject to various factors outside Mirvac’s control such as planning, market demand and COVID-19 uncertainties.

12 FEBRUARY 2021 — 23

1H21 RESULTS

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Green Square, Sydney (artist impression)

1H21 RESULTS

Strong results sustained

Capitalised on opportunities despite uncertainty to leverage the Mirvac brand and produce strong results

1H21 MAJOR SETTLEMENTS

STRONG SALES ACROSS LOCATIONS AND PRICE POINTS

• Successfully launched three new projects – Portman on the Park, NSW, Georges Cove, NSW, and Henley Brook, WA

• Completed 1,076 settlements in 1H21 and a further 316 settlements in January 2021

• Maintained strong gross margins of 23%[ 1]

• Defaults at 3.5% due to market factors exacerbated by COVID-19 impacts, however, less than 2% excluding Pavilions, Sydney

• Received over 15 awards, recognising Mirvac’s design and build quality

CONTINUED ACTIVE CAPITAL MANAGEMENT

• Restocking across different corridors to take advantage of lower competitor activity, securing 600 lots at Smiths Lane, VIC, and 55 lots at Waverley, NSW

• Completed buy-out of Landcom at Green Square, NSW resulting in a total pipeline of 1,140 lots[ 2]

• ~50% reduction in completed unsold apartment stock

PROJECT	LOTS
Pavilions, NSW	163
Gainsborough Greens, QLD	116
Olivine, VIC	111
Everleigh, QLD	93
Crest, NSW	91

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Pavilions, Sydney
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1. Gross margin includes all residential projects. Gross margin excluding joint ventures 22%. 2. Subject to planning, development and construction decisions and market conditions.

12 FEBRUARY 2021 — 25

1H21 RESULTS

Capitalising on stimulus driven demand

• $946m of Residential pre-sales, with a net increase of $155m in masterplanned communities (MPC) pre-sales

• Released over 1,200 lots, including an acceleration of over 750 MPC lots in response to stimulus demand

• Achieved over 1,300 lot sales in 1H21, with strong results across the country:

• VIC: Woodlea, Smiths Lane and Olivine

• NSW: Crest and Googong

• QLD: Everleigh

• WA: Iluma Private Estate and Madox

• Over 450 lots on deposit or conditionally exchanged

• Over 97% of exchanges were domestic, with continued demand from owner occupiers

IMPROVING SALES PROFILE

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400 lots
300
200
100
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
FY20 FY21
Deposits Exchanges
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12 FEBRUARY 2021 — 26

1H21 RESULTS

Product diversification to meet diverse customer needs

INNER RING

MIDDLE RING

OUTER RING

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Green Square, Sydney (artist impression) Georges Cove, Sydney (artist impression) Woodlea, Melbourne
INNER RING MIDDLE RING OUTER RING
~3,600 lots ~3,600 lots ~20,600 lots
~$4.9bn ~$3.0bn ~$5.8bn
EXPECTED EXPECTED EXPECTED
END VALUE [ 1] END VALUE [ 1] END VALUE [ 1]
> Social infrastructure: community, restaurants, gyms, childcare > Community, connected, greenspace > Upfront amenity including schools and parks
> Physical infrastructure: transportation > Shorter commute times > Affordability
> High-value knowledge clusters and job growth > Walkable and livable > Larger lots and homes
> Lower commute time > Attractive price point > Strong communities
> Mirvac built-form terraces > Mirvac built-form homes and terraces > Mirvac built-form homes and terraces
MIRVAC
> Mid and high rise apartments > Mid-rise apartments > Mirvac land sub-division
PRODUCT
> Mirvac land sub-division
> Green Square, NSW > The Fabric, VIC > Olivine, VIC
MIRVAC
> Willoughby, NSW > Riverlands Milperra, NSW > Woodlea, VIC
MAJOR
PROJECTS > Waterfront Sky, QLD > Georges Cove, NSW > Smiths Lane, VIC
> Waterloo Metro Quarter, NSW > Ashford, QLD > Menangle, NSW
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Social infrastructure: community, restaurants, gyms, childcare > Community, connected, greenspace CUSTOMER > Physical infrastructure: transportation > Shorter commute times PREFERENCES > High-value knowledge clusters and job growth > Walkable and livable > Lower commute time > Attractive price point > Mirvac built-form terraces > Mirvac built-form homes and terraces MIRVAC > Mid and high rise apartments > Mid-rise apartments PRODUCT > Mirvac land sub-division > Green Square, NSW > The Fabric, VIC MIRVAC > Willoughby, NSW > Riverlands Milperra, NSW MAJOR PROJECTS > Waterfront Sky, QLD > Georges Cove, NSW > Waterloo Metro Quarter, NSW > Ashford, QLD

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Flexibility to adapt and capture the full value chain with internal built-form capability

Note: All references to lot numbers and expected end values are subject to planning, development and construction decisions and market conditions.

12 FEBRUARY 2021 — 27

1. Mirvac share of expected end value.

1H21 RESULTS

Residential positioned to capture demand

MAJOR PROJECT SETTLEMENT PROFILE[ 3]

• On track to release four new projects in the 2H21: Willoughby, NSW, Quay Waterfront, QLD, Tullamore Apartments, VIC, and Menangle, NSW

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FY21 FY22 FY23 FY24 FY25+
Olivine VIC I MPC I 3,913 lots
Everleigh QLD I MPC I 3,214 lots
Woodlea VIC I MPC I 3,208 lots
Googong NSW I MPC I 3,063 lots
Smiths Lane VIC I MPC I 2,855 lots
Henley Brook WA I MPC I 603 lots
Menangle NSW I MPC I 379 lots
The Fabric VIC I APT/MPC I 573 lots
Georges Cove NSW I MPC I 179 lots
Riverlands Milperra NSW I MPC I 340 lots
Marsden Park North NSW I MPC I 547 lots
Green Square (new stages) NSW I APT I 1,140 lots
Willoughby NSW I APT I 446 lots
Waverley Bowling Club NSW I APT I 55 lots
55 Coonara Ave NSW I APT/MPC I 600 lots
Quay Waterfront QLD I APT I 143 lots
WSU Milperra NSW I MPC I 425 lots
Waterloo Metro Quarter NSW I APT I 126 lots [ 4]
Wantirna South VIC I MPC I 1,717 lots
Inner Ring Middle Ring Outer Ring
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• Diversified product across corridors to benefit from sustained demand across all buyer types

• Middle and inner ring projects to benefit from demand for completed stock

• Green shoots with signs of investors returning to market

• Expected to settle greater than 2,200 lots in FY21

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~28,000 8 yrs 52% 80%
PIPELINE LOTS [ 1] AVG. VINTAGE CAPITAL EFFICIENT [ 2] PIPELINE MPC [ 2]
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1. Indicative only and subject to change depending on planning, development and construction decisions and market conditions.

2. By lots.

3. All references to lot numbers and settlement timings are subject to planning, development and construction decisions and market conditions.

4. Excludes Affordable Housing. Lot number reflects concept approval and is subject to change. Final lot number is subject to change depending on further planning and construction decisions, as well as market conditions.

12 FEBRUARY 2021 — 28

Summary & Guidance

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Susan Lloyd-Hurwitz

CEO & Managing Director

WeShow, East Village, Sydney

12 FEBRUARY 2021 — 29

1H21 RESULTS

Positioned to capitalise on recovery

Tullamore, Melbourne (artist impression)

12 FEBRUARY 2021 — 30

1H21 RESULTS

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.

12 FEBRUARY 2021 — 31

Reimagine Urban Life Thankyou

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Olderfleet, 477 Collins Street, Melbourne

CONTACT

MIRVAC GROUP

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

Level 28, 200 George Street, Sydney NSW 2000