MIRVAC GROUP — Interim / Quarterly Report 2023

Oct 25, 2022

Celebrating 50 years | 1Q23 Operational Update Q23 Operational Update 26 October 2022

Mirvac today releases its first quarterly operational update for the financial year 2023.

Mirvac’s CEO & Managing Director, Susan Lloyd-Hurwitz, said, “We have had an active start to FY23, integrating the $8.0bn AMP Wholesale Office Fund, successfully launching the first of six planned apartment launches in FY23 at Isle Waterfront Newstead, Brisbane, with ~40%[1] pre-sales achieved, and making strong initial progress on our $1.3bn asset sales program, with the exchange for sale of both Allendale Square, Perth[2] and 189 Grey Street, Brisbane[3] .

“With an uncertain economic environment and tenants, and capital becoming increasingly selective, our modern, sustainable portfolio characteristics and robust balance sheet position us well to manage through the cycle. Industrial and residential market vacancy rates now sit below 2%[4] , occupancy has lifted in our prime office portfolio while retail sales are back now above pre-COVID levels at most of our assets. Our high-quality, urban-focused investment portfolio and diversified flexible development pipeline is well placed to benefit from this theme, demonstrated by the recent leasing success across our Industrial and Build to Rent portfolios.

“Across Residential, sales activity has slowed from its peak 18 months ago, particularly in MPC, and weather is impacting our planned production timelines. Underlying medium term fundamentals remain solid, with restricted future supply, an ongoing acceleration of overseas migration and a continued flight to quality led by owner occupier buyers. In this challenging climate, Mirvac’s reputation for quality, our track record of award-winning developments, and the upfront delivery of amenities are important differentiators for customers, driving pre-sales up to ~$1.7bn[5] .”

KEY UPDATES

FROM ACROSS THE GROUP

• achieved 415 residential sales, with pre-sales increasing to ~$1.7bn[5] ;

• settled 354 residential lots. Wet weather is impacting project delivery timelines but we retain guidance for >2,500 lot settlements[6] in FY23, with a significant 2H23 skew expected as noted at FY22;

• completed 108 leasing deals across ~56,400sqm in the Integrated Investment Portfolio (IIP)[ 7] ;

• maintained high occupancy in IIP at 97.6%[8] , and office occupancy lifting to 96.3%[8] ;

• cash collection at 95%[9] , with the impact continuing to be concentrated to CBD retail;

• exchanged ~$0.3bn of asset sales, including Allendale Square, Perth[2] and 189 Grey Street, Brisbane[3] , both at around book value;

• gearing remains well within target range. Sustainable Debt Finance Framework released, along with one third of bank facilities certified as green loans by the Climate Bond Institute[3] ;

• progressed our ~$30bn[10] development pipeline, with Build to Rent (BTR) development LIV Munro, Melbourne (490 apartments) approaching completion and commencing pre-leasing, and construction commencement at Aspect industrial estate, Kemps Creek, Sydney;

• achieved 5 star UN Principles for Responsible Investment (PRI) ratings for both investment/ stewardship policy, and real estate;

modern slavery statement report released[3] ;

• Rob Sindel appointed as the new Chair, effective 1 January 2023, with Dr. John Mulcahy, who has served on the Board since 2009, retiring[3] . Susan Lloyd-Hurwitz, CEO & Managing Director will be retiring, finishing on 30 June 2023[3] and Brett Draffen CIO & Head of Commercial & Mixed Use will be leaving Mirvac at the end of 2022; and

• increasing global interest rates and persistent wet weather and labour shortages are continuing however the group has reaffirmed FY23 operating EPS guidance of at least 15.5c, and distribution guidance of at least 10.5c[6] .

KEY METRICS

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RESIDENTIAL $1.3BN ASSET SALES PROGRAM
1Q23 1Q22 Asset Sector Status
Lot settlements 354 551 Allendale Square, WA Office Exchanged [2]
Lot sales 415 902 189 Grey St, QLD Office Exchanged [3]
Pre-sales balance [5] ~$1.7bn ~$1.3bn 60 Margaret St, NSW Office On market
MetCentre, NSW Retail On market
COMMERCIAL & MIXED USE 367 Collins St, VIC Office On market [3]
Other Office/Retail Pre-market
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~$12.4bn

Pipeline[10]

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INTEGRATED INVESTMENT PORTFOLIO (IIP)
Occupancy (by area) WALE (by income)
1Q23 FY22 1Q22 1Q23 FY22 1Q22
Office 96.3% 95.7% 94.4% 6.2 yrs 6.4 yrs 6.1 yrs
Industrial 100% 100% 100% 6.5 yrs 6.7 yrs 7.3 yrs
Retail 97.5% 97.6% 97.8% 3.1 yrs 3.2 yrs 3.5 yrs
Build to Rent 97% [12] 98% [12 ] 79% [12] n/a n/a n/a
Total IIP [11] 97.6% 97.3% 96.8% 5.5 yrs 5.6 yrs 5.5 yrs
FUNDS MANAGEMENT
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• successfully completed the transition of management of AMP Capital Wholesale Office Fund to Mirvac in September, now known as Mirvac Wholesale Office Fund (MWOF)

successfully completed the transition of management Mirvac’s CEO & Managing Director, of AMP Capital Wholesale Office Fund to Mirvac Susan Lloyd-Hurwitz, said “We are in September, now known as Mirvac Wholesale Office pleased to have successfully completed the Fund (MWOF) transition of MWOF over the quarter and – over 50 staff transitioned from AMP Capital to Mirvac; welcome investors and new employees to – MWOF valued at $8.0bn at 30 September 2022; Mirvac. The inclusion of MWOF in our > as at 30 Sep MWOF is the best performing Australian platform accelerates our strategy to grow wholesale office fund over 1,2,3, and 5 years; our third-party funds under management > completion of MWOF lifts Mirvac’s total external with aligned capital partners, and further AUM to >$18bn; enhances our position as a top tier > launched capital partnering process for Build to Rent manager of prime real estate in Australia. platform, with completion expected in 2H23; and We are also pleased to be attracting strong > exploring capital partnerships initiatives across engagement in our BTR platform from industrial development pipeline. prospective long-term partners.”

1. Excludes deposits and conditional sales. 2. FIRB approval achieved post 30 September 2022. 3. Event occurred post 30 September 2022. 4. Sources: CBRE and Australia Vacancy Rate (all dwellings), SQM Research, September 2022. 5. Represents Mirvac’s share of total pre-sales and includes GST. 6. Subject to no further material deterioration in market and delivery conditions. 7. Excluding Build to Rent and COVID-19 related relief deals. 8. By area. Total portfolio calculation is excluding Build to Rent. 9. Net cash collection, excluding development impacted properties. 10. Represents 100% expected end value/revenue, subject to various factors outside Mirvac’s control, such as planning outcomes, market demand, ongoing construction costs escalation, supply chain risks, delays caused by weather events and COVID-19 uncertainties. 11. Excluding Build to Rent. 12. BTR leased and is excluded from total portfolio calculation.

2 Celebrating 50 years | 1Q23 Operational Update

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Residential

RESIDENTIAL

Mirvac’s Head of Residential, Stuart Penklis, said, “Despite further interest rate increases over the quarter and a moderation of activity from first home buyers, we continue to see solid sales and enquiry activity across our portfolio, albeit at more normalised levels compared to the peaks seen 12-18 months ago. We continue to execute on our quality apartment pipeline, with the launch of Isle in Newstead achieving ~40% pre-sales[4] and commencement of construction at Charlton House, Ascot Green achieving ~50% pre-sales[4] . Continued wet weather has impacted our planned construction timeline and is being closely monitored. Our confidence in our active development pipeline remains strong, supported by project completion timings aligned to deeply under supplied markets in 2023/24. Market vacancy across the east coast residential market has fallen to around 1.5%[5] , new apartment starts are at lowest levels seen since 2012[6] , and with the recent increase of permanent migration caps, we are seeing an acceleration in population growth at the same time our pipeline is completing and market supply is restricted.”

settled 354 residential lots, with adverse weather along the east coast and constraints in skilled labour impacting construction and delivery programs. We are monitoring closely and at this stage retain our >2,500 lot settlement guidance[1] ;

• sales rates have moderated back to pre-COVID levels with 415 lot sales achieved (1Q22: 902), with a further 275 deposits (~$145m). This reflects fewer releases in 1Q23 but pleasingly, 61% of released lots were exchanged or deposited;

• residential pre-sales increased to ~$1.7bn[2] (FY22: ~$1.6bn[2] ), with owner-occupiers continuing to drive sales, representing 74% of total sales (48% rightsizer owner occupiers[3] and 26% first-home buyers);

RESTRICTED APARTMENT SUPPLY OUTLOOK

1Q23 KEY SALES HIGHLIGHTS

Sydney, Melbourne & Brisbane market high density apartment completions

• default rate remains low at 3.0% (0.2% excluding Voyager, Melbourne), with no defaults over the quarter;

• released 245 MPC lots, noting a pullback in first-home buyer activity. Activity from other owner-occupiers continued with solid conversion on recent launches (see table);

		Released	Sold %4
	MPC Woodlea, VIC	87	75%
	Googong, NSW Apartments Isle Waterfront Newstead, QLD	63 127	86% 40%

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55,000 apartments
50,000
45,000
40,000
35,000
30,000
25,000
20,000
Actual completions Forecast completions
Source: BIS Oxford, Sept 2022 forecast, rolling annual
SALES NORMALISING TO PRE-COVID LEVELS
1,200 lots
800
400
0
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1
FY18 FY19 FY20 FY21 FY22 FY23
Mirvac exchanges
JUN 17 JUN 18 JUN 19JUN 20 JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 JUN 27
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• progressed our apartment release program with the successful launch of Isle Waterfront Newstead, Brisbane (127 lots);

• fast tracked construction commencement of Charlton House, Ascot Green in Brisbane, following strong sales success (~50% pre-sold[4] );

• medium term supply and demand fundamentals are broadly sound:

Q1 SETTLEMENTS DETAIL

		Product	Lots
	Googong, NSW	MPC	70
	Woodlea, VIC	MPC	51
	Everleigh, QLD	MPC	50

• residential vacancy falling to below 1.5%

• across major Australian east coast cities[5] ;

• development approvals for apartments at their lowest level since 2012[6] ;

• annual unit rental growth is >10% in east coast capital cities[7] ; and

• population growth is expected to increase as a result of permanent migration caps lifting from 160k per annum to 195k per annum and extra resourcing committed to visa processing[8] ; and

• March quarter net overseas migration was the highest on record with over 96,000 net migrants[9] .

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MIRVAC’S INTEGRATED DESIGN & CONSTRUCTION CAPABILITIES DRIVING CONSTRUCTION EFFICIENCIES
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• Mirvac has been utilising prefabrication since 2013 and has now completed over 200 homes across various NSW and Victoria projects using prefabricated walls and floors.

GEORGES COVE PREFABRICATION INITIATIVE

• 54% reduction in construction time up to lock-up stage (getting the house water-tight with the roof on);

• ~25% reduction in overall construction duration;

• over 50% reduction in construction waste produced on-site compared to traditionally constructed homes; and

• improvement in safety, with fewer workers on-site and reduced manual handling required.

UTILISING MODULAR BATHROOMS

Mirvac has also led the way in utilising modular bathrooms across thousands of apartments in its Residential business;

• continue to unlock opportunities to extend the use of modular bathroom pods across all built-form products through efficiencies in design, procurement and delivery; and

• fully completed bathroom pods can be lifted and placed in 15 minutes vs 14 weeks for traditional installation.

BENEFITS OF MODULAR CONSTRUCTION

“The value of Mirvac’s in-house design and construction capabilities, experience and scale is proving to be invaluable in the current climate. Recent weather variability and the COVID-19 pandemic has amplified the need to mitigate construction disruptions as much as possible in order to continue to deliver new homes to market quickly and efficiently. The use of prefabrication and off-site manufacture is a classic illustration of some initiatives we have introduced to help mitigate risks, improve safety, maintain quality, and drive towards our target to send zero waste to landfill by 2030.” said Mr Penklis.

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Time Cost saving – utilising Safety Waste Consistency of
saving efficiencies of scale improvement reduction product and quality
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1. Subject to no further material deterioration in market and delivery conditions. 2. Represents Mirvac’s share of total pre-sales and includes GST. 3. Includes downsizers and upgraders. 4. Excludes deposits and conditional sales. 5. Source: Vacancy rate (all dwellings), Sydney, Melbourne & Brisbane, SQM Research, September 2022. 6. Source: ABS building approvals – private sector dwellings ex houses, July 2022 rolling annual total. 7. Source: CoreLogic September 2022, 3 month median rent, Sydney, Melbourne & Brisbane. 8. Source: Australian Government – Department of Home Affairs: 2022-23 March Budget. 9. Source: ABS, 21/09/22: (March 2022 reference period).

3 Celebrating 50 years | 1Q23 Operational Update

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Integrated Investment Portfolio

~~OFFICE~~

occupancy increased to 96.3%[1] (95.7% FY22) and WALE of 6.2 years[2] , with lease expiry for the rest of FY23 of 5%[2] ;

• executed leasing deals across ~13,700sqm;

• successfully exchanged Allendale Square, Perth[3] and 189 Grey Street, Brisbane[4] , at around book value;

• commenced the marketing sales process for 60 Margaret Street and MetCentre, Sydney and 367 Collins Street, Melbourne;

• market vacancy remains tightest for prime modern assets with 2.68% vacancy for Sydney Prime assets built after 2017[5] ; and

• City of Sydney recently implemented net zero rules for developments requiring new and redevelopments to have a minimum 5.5 star rating and achieve net zero carbon by 2026[6] .

SYDNEY CBD PRIME VACANCY – ASSETS BUILT PRE/POST 2000

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10.00%
8.34%
8.00
6.53%
6.00
4.00
2.68%
2.00
0
pre-2000 2000-2017 2017+
Vacancy (%)
Source: Arealytics, September 2022
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Mirvac’s Head of IIP, Campbell Hanan, said, “The successful exchange for sale of Allendale Square[3] and 189 Grey Street[4] , combined with the recent completion of 80 Ann Street, further improves the quality of our Office portfolio. Through active leasing, portfolio occupancy increased above 96%[1] , while our average portfolio age is just 10.1 years with a 5.3 star average NABERS energy rating. We continue to see tenant and capital demand becoming more selective, shifting towards high-quality, sustainable, technology-rich, modern buildings. While many large tenants continue to delay leasing decisions, those committed to leasing are taking more space with a strong preference towards higher quality assets and an increased focus on sustainability. Our carefully curated Office portfolio and DA-ready development pipeline is well placed to benefit from this thematic.”

~~INDUSTRIAL~~

• occupancy of 100%[1] with a WALE of 6.5 years[2] and a lease expiry for FY23 of 4%[2] ;

• executed leasing deals across ~21,100sqm, with a gross leasing spread of 4.7%;

• progressed construction at Switchyard, Auburn, with completion expected in FY23, and commenced construction at Aspect Industrial Estate, Kemps Creek; and

• continued strong Sydney market fundamentals, demonstrated by vacancy of <0.5%[7] and prime market annual rent growth of >20% in the September quarter[8] , with restricted supply available and continued firm occupier demand.

“Our 100% Sydney-focused Industrial portfolio continues to benefit from the exceptionally tight Sydney market, where vacancy remains below 0.5%[7] . Continued strong leasing activity and restricted supply provides a favourable backdrop for our ~$1.1bn development pipeline[9] currently underway and we are exploring opportunities to introduce capital partners.” said Mr Hanan.

SYDNEY INDUSTRIAL VACANCY VS NET RENT GROWTH

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4% 25%
20
15
2
10
5
0 0
Sep 19 Mar 20 Sep 20 Mar 21 Sep 21 Mar 22 Sep 22
Vacancy (LHS) Net rent (y/y growth) (RHS)
Source: SA1, JLL
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~~RETAIL~~

• September MAT portfolio sales grew by 2.7% on Sep-19 (and 12.6% on Sep-21), led by convenience assets and improvements across out of trade area assets (~40% of portfolio value), however footfall remains below pre-COVID levels;

• completed 90 leasing deals (+96% vs 1Q22) across ~21,600sqm on average terms of 3.2 years and a -1.9% gross leasing spread;

• cash collection at 89%, with cash collection challenges isolated to CBD assets; and

• accelerating signs of a recovery from students, tourists and CBD workers, with ~100k student visas issued in the 3 months to July[10] , (similar to pre-COVID levels), and a sharp recovery in tourist arrivals over the September quarter[14] .

Mr Hanan said, “We continue to see a strong recovery in activity, with sales, leasing and partnership activity now at, and in many cases above, pre-COVID levels. This positive deal flow and retailer sentiment, combined with a continued resumption of international tourism and student inflow, is expected to continue to support the sector.”

RETAIL SALES BY CATEGORY[11]

			1Q23	1Q23 vs 1Q19
	Supermarkets Discount department stores Mini-majors	1Q23 Total MAT $1,027m $236m $553m	Comparable MAT growth 1.6% 8.1% 12.2%	Comparable MAT growth 5.7% 7.3% 23.6%
	Specialties Other retail Total	$882m $181m $2,879m	17.9% 109.9% 12.6%	(8.9%) (8.0%) 2.7%

~~BUILD TO RENT~~

• leasing momentum has been maintained over the quarter at LIV Indigo, Sydney Olympic Park, which is 97% leased , achieving 4.6% net effective rental growth on renewals;

• commenced capital partnering program for BTR platform, targeting completion in 2H23;

• LIV Munro, Melbourne expected to complete in November, with marketing and pre-leasing underway; and

• strong market fundamentals, with east coast residential vacancy of <1.5%[12] , rent growth of >10%[13] , and overseas migration resumption underway.

“The outlook for the Build to Rent sector is very positive, with residential vacancy rates now at their lowest level in over 16 years[12] . This is further supported by forecast low supply of new apartments and the resumption of international students and immigration, while rental growth has accelerated and is >10%[13] . Our first BTR asset, LIV Indigo at Sydney Olympic Park, has now stabilised and we look forward to the upcoming completion of our LIV Munro, Melbourne development, where pre-leasing has now commenced and is well placed to benefit from the positive market fundamentals. We also formally commenced our BTR capital partnering program during the quarter, with strong engagement received from both domestic and offshore investors to date.” said Mr Hanan.

RESIDENTIAL CAPITAL CITY VACANCY RATES

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(All Dwellings, Seasonally Adjusted)
5%
4
3
2
1
0
‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22
Brisbane Melbourne Sydney
Source: SQM Research, Macrobond September 2022.
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1. By area, excluding assets held for development (office includes Allendale Square, Perth and 189 Grey St, Brisbane). 2. By income, excluding assets held for development. 3. FIRB approval achieved post 30 September 2022. 4. Event occurred post 30 September 2022. 5. Source: Arealytics, September 2022. 6. Source: Committee for Sydney, August 2022. 7. Source: SA1, September 2022. 8. Source: JLL REIS, annual rent growth average across Sydney sub-markets. 9. Represents 100% expected end value, subject to various factors outside Mirvac’s control, such as planning outcomes, market demand, ongoing construction cost escalation, supply chain risks, delays caused by weather events and COVID-19 uncertainties. 10. Source: Australian Department of Home Affairs, Westpac Economics. 11. Excluding Harbourside and Toombul. 12. Source: Vacancy rate (all dwellings), Sydney, Melbourne & Brisbane, SQM Research, September 2022. 13. Source: CoreLogic September 2022, 3 month median rent, Sydney, Melbourne & Brisbane. 14. Source: ABS Arrivals & Departures.

4 Celebrating 50 years | 1Q23 Operational Update

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Commercial & Mixed Use

Brett Draffen, Mirvac’s Chief Investment Officer said “Our ~$2.2bn[1] active development pipeline of industrial and build to rent projects are making good progress and are particularly well placed to benefit from favourable market fundamentals, with tight vacancy, strong leasing demand and market rent growth underway across both sectors. Our state-of-the-art last mile industrial facility, Switchyard in Auburn, is now ~60% pre-leased[2] , with completion expected in FY23 and we are progressing with change of use development opportunities on our 34 Waterloo Road industrial asset. We are particularly excited by the impending completion of our next generation BTR developments, with four projects expected to complete over the next three years.

“Our mixed-use project at Harbourside is moving closer towards commencement, while we retain flexibility across our development-approved office pipeline subject to successful pre-leasing activity. Our proven integrated development and construction platform remains invaluable in the current climate, with cost inflation and supply restrictions persisting, albeit signs are emerging that the rapid price growth in some materials is starting to moderate.”

BTR

• over $1bn[1] of BTR developments under construction, with practical completion at LIV Munro, Melbourne (490 apartments), expected in November this year, with marketing and pre-leasing underway;

• progressed with construction at LIV Anura, Brisbane (396 apartments) and LIV Aston, Melbourne (474 apartments), with construction costs largely secured. Construction at LIV Albert Fields, Melbourne is expected to commence in early 2023. On completion the BTR platform will have ~2,173 apartments across the current pipeline.

INDUSTRIAL

• achieved further pre-leasing success at Switchyard, Auburn in Sydney, increasing to ~60%[2] , with completion of the ~72,000sqm multi-use last mile estate on track for FY23;

• commenced construction at Aspect Industrial Estate, Kemps Creek, our first carbon neutral embodied carbon development. The ~211,000sqm estate is ~64% pre-leased[2] , with strong tenant engagement for the remaining space;

• progressing investigation of redevelopment opportunities for 34 Waterloo Road, Sydney with potential opportunity to divest asset and realise value; and

• continued to progress initial development application at Elizabeth Enterprise, Badgerys Creek, Sydney, with the Western Sydney Aerotropolis Precinct Plan finalised in March 2022.

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Aspect Kemps Creek, Sydney
(Campbell Hanan, Susan Lloyd-Hurwitz, Amy Menere and Mirvac team)
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EXPANDING OUR BUILD TO RENT PORTFOLIO:
LIV MUNRO, MELBOURNE
LIV Munro, Melbourne (artist impression, final design may differ)
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Size 490 apartments Expected end value >$355m1 Target yield on cost >4.5% Status Expected to achieve practical completion in November 2022. Pre-leasinghas commenced Amenity > wellness centre including gym, pool, spa, steam room and sauna > private dining rooms, media and games rooms, lounge and podcast recording studio > outdoor deck, pet park and numerous entertaining areas > co-workingfacilities Internal / External Amenity Per Unit3 2.7m2/ 1.8m2 Sustainability Target: 8.0 Star NatHERS & minimum 5 Star Green Star as-built rating Technology > embedded energy and internet networks > smart energy monitoring > wireless casting to all AV > keyless entry (includingapartments)

COMMERCIAL & MIXED USE

• progressed vacant possession at Harbourside, Sydney, with demolition expected to commence in early 2023;

• progressed demolition at 55 Pitt Street, Sydney, with active discussions currently underway with prospective tenants. Construction commencement is anticipated for 2023, subject to commercially acceptable pre-leasing;

• continued discussions with potential tenants at 200 Turbot Street, Brisbane, with development approval in place for a ~59,900sqm office building, subject to commercially acceptable pre-leasing. Mirvac has an option to purchase the site; and

• commenced community consultation ahead of master planning for the redevelopment of the former Toombul Shopping Centre site in Brisbane.

• Represents 100% expected end value, subject to various factors outside Mirvac’s control, such as planning outcomes, market demand, ongoing construction costs escalation, supply chain risks, delays caused by adverse weather events, and COVID-19 uncertainties. 2. Including non-binding heads of agreements. 3. Subject to various factors outside Mirvac’s control, such as planning outcomes, market demand, ongoing construction costs escalation, supply chain risks, delays caused by adverse weather events, and COVID-19 uncertainties.

Authorised for release by the Mirvac Group Continuous Disclosure Committee For further information please contact: Investor enquiries: Gavin Peacock General Manager, Investor Relations +61 2 8247 1208 Media enquiries: Kate Lander General Manager, Communications +61 2 9080 8243	Level 28, 200 George Street Sydney NSW 2000, Australia mirvac.com

Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mirvac Property Trust (ARSN 086 780 645). This document 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$). This document 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 document 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. Mirvac Funds Limited is entitled to receive ongoing fees in connection with the authorised services provided under its Australian Financial Services licence to Mirvac Property Trust. Mirvac directors and employees do not receive specific payments of commissions for the authorised services provided under Mirvac Funds Limited’s Australian Financial Services licence. The information contained in this document is current as at 30 September 2022, unless otherwise noted.