MIRVAC GROUP — Interim / Quarterly Report 2022

Aug 10, 2022

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Additional Information 11 August 2022

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Celebrating 50 years | FY22 Additional Information

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Contents

Overview

Investment

• 38 Mirvac overview

53 Investment: overview

• 54 Investment: key acquisitions & disposals

• Office

• 39 Asset overview

• 40 Sustainability commitment

• 56 Office: portfolio details 57 Office: leasing details 58 Office: National research 59 Office: Sydney CBD research 60 Office: Melbourne CBD

Financial

• 42 FY22 & FY21 operating to statutory profit reconciliation

• 43 FY22 EBIT movement by segment

  • & Brisbane CBD research

• 61 Office: energy efficiency research Industrial

• 44 FY22 NOI reconciliation by segment

• 63 Industrial: portfolio details 64 Industrial: leasing details 65 Industrial: research

• 45 FFO & AFFO based on PCA guidelines

• 46 Finance costs by segment

Retail

• 47 Invested capital

• 67 Retail: portfolio details 68 Retail: sales by category 69 Retail: leasing details 70 Retail: research

• 48 Assets & funds under management

• 49 Capital management metrics & liquidity profile

• Build to Rent

• 50 Debt & hedging profile

• 51 NTA & securities on 72 Build to Rent: portfolio details issue reconciliation 73 Build to Rent: research

Calendar

Development

• 75 Commercial & Mixed Use: 90 1H23 Calendar recently completed & committed projects

76 Commercial & Mixed Use: development pipeline Glossary & 77 Development indicative timeline Important Notice

Residential

• 91 Glossary 92 Important notice

• 79 Residential: pipeline positioning 80 Residential: masterplanned communities pipeline

• 81 Residential: apartments pipeline 82 Residential: pre-sales detail

• 83 Residential: FY22 acquisitions

• & additional pipeline projects

• 84 Residential: FY23 expected major releases

• 85 Residential: FY22 settlements

• 86 Residential: FY22 settlements detail

87 Residential: EBIT reconciliation and gross development margin

• 88 Residential: National research

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Mirvac HO, Sydney

Celebrating 50 years | FY22 Additional Information

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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

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INTEGRATED INVESTMENT PORTFOLIO
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COMMERCIAL & MIXED USE
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RESIDENTIAL
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OFFICE INDUSTRIAL RETAIL BUILD TO RENT
> ~$2.2bn active developments [ 6] > 25,352 pipeline lots [ 4]
> 25 assets [ 1] > 10 assets [1] > 12 assets [ 1] > 2,173 completed and > ~$12.4bn total pipeline value [ 6] > ~$14.5bn expected future revenue [ 5]
> Portfolio value: $8.3bn [ 2] > Portfolio value: $1.7bn [ 2] > Portfolio value: $2.9bn [ 2] pipeline apartments [ 3] > ~$1.6bn pre-sales [ 8]
> NLA: 857,762 sqm > NLA: 469,339 sqm > GLA: 347,800 sqm [ 7] > Portfolio value: $0.6bn [ 2]
Artist impression Artist impression Artist impression Artist impression
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1. Includes assets held for sale/on market for sale and excludes IPUC and properties being held for development.

2. Portfolio value includes IPUC, assets held for sale/on market for sale, and properties being held for development and represents fair value (excludes gross up of lease liability under AASB 16).

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

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

5. Represents Mirvac’s share of expected future revenue subject to change depending on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties.

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

7. Excludes 80 Bay Street and 1-3 Smail Street, Ultimo.

8. Represents Mirvac’s share of total pre-sales and includes GST.

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Celebrating 50 years | FY22 Additional Information

Mirvac is a leading, diversified Australian property group

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OFFICE INDUSTRIAL RETAIL BUILD TO RENT RESIDENTIAL
$8.3m [1] $1.7bn [1] $2.9bn [1] $0.6bn [1] $17.2bn [2] 2 3 1 5
TOTAL VALUE TOTAL VALUE TOTAL VALUE TOTAL VALUE TOTAL VALUE QUEENSLAND
29 13 14 5 35
ASSETS ASSETS ASSETS ASSETS ASSETS
$1.3bn $3.2bn 4,136
NT INVESTMENT TOTAL PIPELINE [2] RESIDENTIAL
PORTFOLIO [1] PIPELINE LOTS [3]
2 7 QLD
WESTERN AUSTRALIA
14 13 9 1 12
$0.5bn $0.6bn 1,382 WA NEW SOUTH WALES
SA
INVESTMENT RESIDENTIAL RESIDENTIAL
PORTFOLIO [1] PIPELINE [2] PIPELINE LOTS [3] NSW $8.4bn $14.7bn 7,777
INVESTMENT TOTAL PIPELINE [2] RESIDENTIAL
PORTFOLIO [1] PIPELINE LOTS [3]
ACT
1 1
10 1 3 11
VIC AUSTRALIAN CAPITAL TERRITORY
VICTORIA
$2.9bn $8.4bn 12,057 $0.5bn
INVESTMENT
INVESTMENT TOTAL PIPELINE [2] RESIDENTIAL
PORTFOLIO [1]
PORTFOLIO [1] PIPELINE LOTS [3] TAS
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Note: Asset numbers include investment properties, IPUC, and assets in marketing for sale. Excludes residential proposed projects.

1. Portfolio value includes IPUC, assets for sale, and properties being held for development and represents fair value (excludes gross up of lease liability under AASB 16). Subject to rounding.

2. Represents 100% expected end value/revenue (including GST), subject to various factors outside Mirvac’s control, such as planning outcomes, market demand, ongoing construction costs escalation, supply chain risks and COVID-19 uncertainties.

3. Indicative only and subject to change. Final lot numbers will depend on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties.

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Celebrating 50 years | FY22 Additional Information

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Sustainability commitment

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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
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MIRVAC REPORTS ITS MANDATORY
DISCLOSURE IN ACCORDANCE
WITH THE NGERS ACT
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AAA RATING
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‘ADVANCED’ RATING
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NEGLIGIBLE RISK RATING
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MIRVAC REPORTS IN ACCORDANCE
WITH THE GRI STANDARDS
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MIRVAC’S COMMUNITY
INVESTMENT IS VERIFIED B4SI
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MIRVAC REPORTS IN LINE
WITH TCFD RECOMMENDATIONS
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FIRST AUSTRALIAN
PROPERTY COMPANY TO JOIN
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VOLUNTARY DISCLOSURES TO THE CORPORATE EMISSIONS REDUCTION TRANSPARENCY REPORT

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Celebrating 50 years |

Financial

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Mirvac office, Melbourne

Celebrating 50 years | FY22 Additional Information

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FY22 & FY21 operating to statutory profit reconciliation

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FY22 FY21 Variance
$m $m $m
Investment EBIT 570 576 (6)
Integrated Investment Property NOI 581 581 –
– Office 369 366 3
– Industrial 55 56 (1)
– Retail 153 157 (4)
– BTR & other 4 2 2
Asset and funds management EBIT 33 30 3
Management & administration expenses (44) (35) (9)
Development EBIT 285 201 84
Commercial & Mixed Use 90 33 57
Residential 195 168 27
Segment EBIT [1] 855 777 78
Unallocated overheads (82) (73) (9)
Group EBIT 773 704 69
Net financing costs [ 2] (115) (124) 9
Operating income tax expense (62) (30) (32)
Operating profit after tax 596 550 46
Development revaluation gain [ 3] 70 121 (51)
Investment property revaluation 305 274 31
Other non-operating items (65) (44) (21)
Statutory profit attributable to stapled securityholders 906 901 5
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1. EBIT includes share of net profit of joint ventures and associates.

2. Includes interest expense, interest capitalised, cost of goods sold interest, borrowing cost amortised and interest revenue. Refer to page 43 for break down.

3. Relates to the fair value movement on IPUC.

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Celebrating 50 years | FY22 Additional Information

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FY22 EBIT movement by segment

OPERATING EBIT BY SEGMENT: FY21 TO FY22

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$800m
$27m
$773m
($9m)
$57m
750
$704m
700
($6m)
650
FY21 EBIT Investment Commercial Residential Unallocated FY22 EBIT
& Mixed Use overheads
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	FY22	FY21
	$m	$m
Investment	570	576
Commercial & Mixed Use	90	33
Residential	195	168
Unallocated overheads	(82)	(73)
Group operating EBIT	773	704

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Celebrating 50 years | FY22 Additional Information

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FY22 NOI reconciliation by segment

INTEGRATED INVESTMENT PORTFOLIO NOI SUMMARY

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$600m
$581m $8m $581m
$8m
575 ($6m)
($10m)
550
FY21 NOI [ 1] Divestments Development Like-for-like Net change in FY22 NOI [ 1]
& others [ 1] COVID-19 impact [ 2]
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OFFICE NOI SUMMARY

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$380m
$6m
370 $369m
$366m $1m
($3m)
360 ($1m)
350
340
FY21 NOI Divestments Development Like-for-like Net change in FY22 NOI
& others COVID-19 impact [ 2]
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INDUSTRIAL NOI SUMMARY

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$60m
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$56m
55 $2m $55m
($3m)
50
45
FY21 NOI Development Like-for-like FY22 NOI
& others [ 3]
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RETAIL NOI SUMMARY

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$160m
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$157m
$11m $153m
150 ($5m)
140 ($10m)
FY21 NOI Divestments Development Net change in FY22 NOI
& others COVID-19 impact [ 2]
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1. Includes BTR.

2. Net change in COVID-19 impact represents the movement between the $12m FY22 COVID-19 impact and the $20m FY21 COVID-19 impact.

3. Movement due to 34 Waterloo Road, Macquarie Park moving from investment property into inventory.

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Celebrating 50 years | FY22 Additional Information

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FFO & AFFO based on PCA guidelines

	FY22	FY21
	$m	$m
Operating profit after tax	596	550
SaaS implementation costs	18	15
Funds From Operations (FFO)	614	565
Maintenance capex	(24)	(53)
Incentives	(91)	(99)
Utilisation of prior year tax losses	44	31
Adjusted Funds From Operations (AFFO)	543	444

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Celebrating 50 years | FY22 Additional Information

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Finance costs by segment

	Integrated
	Investment	Commercial
	Portfolio	& Mixed Use	Residential	Unallocated	Group
FY22	$m	$m	$m	$m	$m
Interest expense	11	12	27	80	130
Interest capitalised	(11)	(12)	(13)	—	(36)
COGS interest	—	7	17	—	24
Borrowing costs amortised	—	—	—	2	2
Total finance costs	—	7	31	82	120
Less: interest revenue	—	—	—	(5)	(5)
Net finance costs	—	7	31	77	115
FY21
Interest expense	13	7	24	95	139
Interest capitalised	(13)	(7)	(12)	—	(32)
COGS interest	—	1	16	—	17
Borrowing costs amortised	—	—	—	5	5
Total finance costs	—	1	28	100	129
Less: interest revenue	—	—	—	(5)	(5)
Net finance costs	—	1	28	95	124

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Celebrating 50 years | FY22 Additional Information

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Invested capital

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PASSIVE INVESTED CAPITAL ACTIVE INVESTED CAPITAL
88% $13.5bn 12% $1.9bn
$15.4bn
Office 62% Residential 90%
TOTAL INVESTED
Retail 22% Commercial & Mixed Use 10%
Industrial 12% CAPITAL
Build to Rent 4%
MPC 52%
Apartments 38%
Commercial & Mixed Use 10%
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FY22 RETURN ON INVESTED CAPITAL

FY22 RETURN ON INVESTED CAPITAL
	Group
	$m
Profit for the year attributable to stapled securityholders	906
Add back:
Development interest costs and other interest costs	115
Net gain on foreign exchange movements and derivatives	(59)
Income tax expense	78
Total return	1,040
Investment properties1	12,189
Inventories	2,261
Indirect investments and other assets	1,703
Less:
Fund through adjustments (deferred revenue)	(19)
Deferred land payable	(660)
Non-controlling Interests	(66)
FY22 total invested capital	15,408
1H22 total invested capital	15,317
FY21 total invested capital2	14,800
Average invested capital3	15,175
FY22 return on invested capital	6.9%

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1. Includes IPUC.
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1. FY21 has been restated.

2. Average over three reporting periods.

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Celebrating 50 years | FY22 Additional Information

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Assets & funds under management

BALANCE SHEET ASSETS 61% $16.1bn

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EXTERNAL ASSETS & FUNDS UNDER MANAGEMENT
39% $10.2bn
Office 84%
Retail 9%
Industrial 5%
$26.3bn Other 2%
TOTAL ASSETS & FUNDS
UNDER MANAGEMENT
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Celebrating 50 years | FY22 Additional Information

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Capital management metrics & liquidity profile

CAPITAL MANAGEMENT METRICS

LIQUIDITY PROFILE

	30 June 2022	30 June 2021
NTA	$2.79	$2.67
Balance sheet gearing1	21.3%	22.8%
Look through gearing	22.0%	23.5%
Total interest bearing debt2	$4,090m	$3,699m
Average borrowing cost3	3.9%	3.4%
Average debt maturity	5.6 yrs	6.6 yrs
Hedged percentage	55%	61%
Average hedge maturity5	3.7 yrs	3.9 yrs
Moody’s / Fitch credit rating	A3 / A-	A3 / A-

	Facility limit	Drawn amount	Available liquidity
As at 30 June 2022	$m	$m	$m
Facilities due within 12 months4	220	220	—
Facilities due post 12 months4	4,680	3,870	810
Total	4,900	4,090	810
Cash on hand			558
Total liquidity			1,368
Less facilities maturing <12 months4			220
Funding headroom			1,148

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

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

3. Includes margins and line fees.

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

5. Includes bank callable swaps.

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Celebrating 50 years | FY22 Additional Information

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Debt & hedging profile

	Maturity	Total amount	Amount drawn
Issue/source	date	$m	$m
USPP1	Dec 22	220	220
Bank Facility	Sep 23	370	—
MTN VII	Sep23	250	250
Bank Facility	Jul 24	300	—
Bank Facility	Sep 24	370	370
USPP1	Dec 24	136	136
Bank Facility	Sep 25	330	190
USPP1	Sep 25	45	45
Bank Facility	Dec 25	258	258
USPP1	Dec 25	151	151
EMTN	Mar 27	501	501
USPP1	Sep 27	249	249
EMTN	Mar 28	50	50
USPP1	Sep28	298	298
MTN VIII	Sep29	300	300
USPP1	Sep30	179	179
USPP1	Sep 31	139	139
EMTN	Dec 31	118	118
EMTN	Mar 32	151	151
USPP1	Sep32	181	181
USPP1	Mar 34	120	120
USPP1	Sep34	84	84
USPP1	Sep39	100	100
Total		4,900	4,090

1. Drawn amounts based on hedged rate not carrying value.

DRAWN DEBT MATURITIES AS AT 30 JUNE 2022

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$700m
600
500
400
300
200
100
0
FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 FY42
USPP EMTN Bank MTN
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DEBT DRAWN SOURCES

USPP	EMTN	BANK FACILITIES	MTN
47% 20% 20% 13%

HEDGING & FIXED INTEREST PROFILE 30 JUNE 2022[ 2]

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$2,000m 4.0%
1,500
1,000 3.0
2.73% 2.67%
500 2.44% 2.47%
0 2.42% 2.46% 2.0
Jun 22 Jun 23 Jun 24 Jun 25 Jun 26 Jun 27
Swaps Options Fixed Average rate (RHS)
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1. Includes bank callable swaps.

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Celebrating 50 years | FY22 Additional Information

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NTA & securities on issue reconciliation

NTA & securities on issue reconciliation
Net tangible assets		$m
As at 1 July 2021		10,498
Operating profit for the full year		596
Revaluation of investment properties		347
Securities issued during the period		17
Other net equity movements and non-operating items through profit and loss		(35)
Distributions1		(404)
As at 30 June 2022		11,019
Securities on issue		No. of securities
As at 1 July 2021		3,937,556,510
FY19 LTP – TSR vested in FY22	12 Aug 21	747,650
FY19 LTP – ROIC vested in FY22	12 Aug 21	2,827,248
FY19 LTP – Individual Performance vested in FY22	12 Aug 21	1,536,855
Security issue under an employee incentive scheme	3 Mar 22	401,059
As at 30 June 2022		3,943,069,322
Weighted average number of securities		3,942,211,916
NTA per security		$2.79

1. FY22 Distribution is 10.2cpss, with the distribution of 5.1cpss for the 6 months ending 30 June 2022, payable on 31 August 2022.

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Celebrating 50 years |

Investment

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Olderfleet, 477 Collins St, Melbourne

Celebrating 50 years | FY22 Additional Information

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Investment: overview

MIRVAC TOTAL PROPERTY	OFFICE1	INDUSTRIAL1	RETAIL1	BUILD TO RENT1	TOTAL PORTFOLIO 1
PORTFOLIO VALUE	$8.3bn	$1.7bn	$2.9bn	$0.6bn	~$13.5bn
	Office	Industrial	Retail	Build to Rent	Totalportfolio
No. of assets2	25	10	12	1	48
Lettable area2	857,762 sqm	469,339 sqm	347,800 sqm	n/a	1,674,901 sqm
Occupancy (by area)3,4	95.7%	100.0%	97.6%	98.0%3	97.3%
WALE (by income)4	6.4 yrs	6.7 yrs	3.2 yrs	n/a	5.6 yrs
WACR	5.05%	4.18%	5.35%	4.00%	5.00%

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INVESTMENT PORTFOLIO
BY SECTOR [ 5]
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Retail 21% Industrial 12% Build to Rent 5%

1. Portfolio value includes IPUC, assets held for sale/on market for sale, and properties being held for development and represents fair value (excludes gross up of lease liability under AASB 16). Subject to rounding.

2. Includes assets held for sale/on market for sale and excludes IPUC and properties being held for development.

3. BTR leased as at 30 June 2022 and is excluded from total portfolio calculation.

4. Excludes IPUC and properties being held for development.

5. By total property portfolio value, which, includes IPUC, assets held for sale/on market for sale, and properties being held for development.

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Celebrating 50 years | FY22 Additional Information

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Investment: key acquisitions & disposals

Investment: key acquisitions &	disposals
Acquisitions FY22	State	Sector	Acquisitionprice	Settlement date
Elizabeth Drive, Badgerys Creek	NSW	Industrial	$71m	August 2021
7-23 Spencer Street, Melbourne	VIC	Office	$146m	August 2021
7-23 Spencer Street, Melbourne	VIC	BTR	$56m	August 2021
Switchyard, 300 Manchester Road Auburn1	NSW	Industrial	$48m	November 2021
Land, Kemps Creek – various sites	NSW	Industrial	$117m	December 2021
Total			$438m
Disposals FY22	State	Sector	Saleprice	Settlement date
Cherrybrook Village, Cherrybrook2	NSW	Retail	$133m	August 2021
Quay West Carpark, Sydney	NSW	Ofice	$52m	April 2022
Tramsheds Sydney, Harold Park	NSW	Retail	$52m	February 2022
Travelodge Hotel Portfolio3	Various	Hotels	$583m	June 2022
Total			$820m

1. Acquisition price represents 51% ownership interest.

1. Gain recognised in FY21.

2. Sale price before transaction costs and adjustments and excluding one asset to be settled in FY23. Gain on sale recorded in FY21.

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Celebrating 50 years |

Office

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Heritage Lanes, 80 Ann Street, Brisbane

Celebrating 50 years | FY22 Additional Information

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Office: portfolio details

	FY22	FY21
No. of properties1	25	25
NLA1	857,762 sqm	785,841 sqm
Portfolio value2	$8,337m	$7,663m
WACR	5.05%	5.14%
Property net operating income (NOI)	$369m	$366m
Like-for-like NOI growth	1.9%	0.2%
Maintenance capex	$19m	$32m
Incentive capex3	$19m	$15m
Occupancy (by area)	95.7%	95.5%
NLA leased	42,826 sqm	41,631 sqm
% of portfolio NLA leased	5.0%	5.3%
WALE (by area)	7.3 yrs	7.4 yrs
WALE (by income)	6.4 yrs	6.3 yrs

OFFICE GEOGRAPHIC DIVERSITY[ 4]

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Sydney 55% Melbourne 29% Brisbane 6% Perth 5% Canberra 5%

OFFICE RENT REVIEW STRUCTURE[ 6]

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Fixed 80% CPI linked 11% Other 9%

OFFICE DIVERSITY BY GRADE[ 5]

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Premium 42% A grade 57% B grade 1%

1. Includes assets held for sale/on market for sale and excludes IPUC and 90 Collins Street, Melbourne.

2. Includes IPUC, assets held for sale/on market for sale and properties being held for development. FY22 IPUC value of $401m and FY21 IPUC value of $532m. Subject to rounding.

3. Includes cash and fitout incentives.

4. By portfolio value, including IPUC and properties being held for development or assets held for sale/on market for sale.

5. By portfolio value, excluding IPUC and 90 Collins Street, Melbourne.

6. By income, excludes lease expiries.

11 AUGUST 2022 | 56

Celebrating 50 years | FY22 Additional Information

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Office: leasing details

OFFICE LEASE EXPIRY PROFILE[ 1]

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----- Start of picture text -----

60%
51%
40
20
15%
10%
8%
6%
5% 5%
0
Vacant FY23 FY24 FY25 FY26 FY27 FY28+
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Office top10 tenants2	Office top10 tenants2		Percentage3		Credit ratings
1	Government		14%	Aaa, Aa2, AAA, AA+
2	Westpac		11%		Aa3, AA-
3	Commonwealth Bank of Australia		5%		AA3, AA-
4	Google		5%		—
5	EY		4%		—
6	Suncorp		3%		—
7	Deloitte		3%		—
8	AGL Energy		3%		—
9	John Holland		2%		—
10	Corrs		1%		—
Total			51%
			Leasing	Average	Average
FY22 Leasingactivity		Area	spread	incentive	WALE 1
Renewals		14,040 sqm	7.9%	24.6%	4.5 yrs
New leases		28,786 sqm	0.2%	28.6%	6.4 yrs
Total Office		42,826 sqm	2.8%	27.3%	5.6 yrs
%	of Office portfolio NLA leased	4.99%

1. By income. Expiry profile excludes development affected assets.

2. Excludes Mirvac tenancies.

1. Percentage of gross office portfolio income.

11 AUGUST 2022 | 57

Celebrating 50 years | FY22 Additional Information

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Office: national research

MAJOR LEASES SIGNED 2020+ (NET MOVEMENT)

OFFICE VACANCY (TREND BY CITY)

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35,000 sqm 50% 30%
45
30,000 30,140 25
40
25,000 35
20
30
20,000
25 15
15,000 27% 13,483 20
10
10,000 8,356 15
10
5,000 14% 5 5
10%
0 0 0
BRIS CBD MEL CBD SYD CBD '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22
Net new leasing sqm (LHS) Net increase in space take-up (RHS) Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
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Source: JLL, Mirvac Research, June 2022. Large occupier moves across Sydney, Brisbane, Melbourne. Analysis includes lease deals on expiry and omits new tenants into market, tenants exiting market and sublease space.

Source: JLL, June 2022

OFFICE PHYSICAL OCCUPANCY AS A % OF PRE-COVID LEVELS

ANZ JOB ADS (INV) VS AUSTRALIAN UNEMPLOYMENT RATE

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90%
80
70
60
50
40
30
20
10
0
Melbourne Sydney Canberra Brisbane Adelaide Perth
Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22
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Source: Property Council of Australia

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----- Start of picture text -----

8% 0 Job Ads
7
50,000
6
100,000
5
4 150,000
3
200,000
2
250,000
1
0 300,000
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22
AU Unemployment Rate (LHS) ANZ, Average Weekly Job Ads (RHS)
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Source: JLL, June 2022

11 AUGUST 2022 | 58

Celebrating 50 years | FY22 Additional Information

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Office: Sydney CBD research

SYDNEY CBD – OFFICE MARKET BALANCE (ROLLING ANNUAL)

SYDNEY CBD PRIME VACANCY – ASSETS BUILT PRE/POST 2000

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200,000 sqm 15% 2,500,000 sqm 10%
150,000
8.61%
13
100,000 2,000,000 8
2,097,343
50,000
11
0 1,500,000 1,627,213 6
(50,000) 9
(100,000) 1,000,000 4.21% 4
7
(150,000)
2.60%
694,431
(200,000) 500,000 2
5
(250,000) 180,497
68,579
(300,000) 3 0 18,061 0
'12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 pre-2000 2000+ 2015+
Sydney Net Stock (LHS) Sydney Total Net Absorption (LHS) Sydney Total Vacancy (RHS) Total Stock Vacancy (sqm) Vacancy (%)
Source: JLL, June 2022 Source: Arealytics, June 2022
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Source: Arealytics, June 2022

11 AUGUST 2022 | 59

Celebrating 50 years | FY22 Additional Information

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Office: Melbourne CBD & Brisbane CBD research

MELBOURNE CBD - OFFICE MARKET BALANCE (ROLLING ANNUAL)

BRISBANE CBD - OFFICE MARKET BALANCE (ROLLING ANNUAL)

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400,000 sqm 15% 120,000 sqm 20%
19
100,000
18
300,000
13 80,000
17
60,000
16
200,000
11 40,000 15
14
20,000
100,000
13
9 0
12
0
(20,000)
11
7 (40,000) 10
(100,000)
9
(60,000)
8
5 (80,000)
(200,000) 7
(100,000)
6
(300,000) 3 (120,000) 5
'12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22
Melbourne Net Stock (LHS) Melbourne Total Net Absorption (LHS) Melbourne Total Vacancy (RHS) Brisbane Net Stock (LHS) Brisbane Total Net Absorption (LHS) Brisbane Total Vacancy (RHS)
Source: JLL, June 2022 Source: JLL, June 2022
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11 AUGUST 2022 | 60

Celebrating 50 years | FY22 Additional Information

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Office: energy efficiency research

Higher NABERS ratings result in lower energy costs as % of rent, higher occupancy levels and rent premiums

ENERGY COSTS AS % OF RENT: LOWER FOR MORE PREMIUM BUILDINGS

OCCUPANCY IMPROVES WITH SUSTAINABILITY RATING % of buildings with >95% occupancy by NABERS rating

5.00%

% of buildings (N=268[ 1] ) 70%

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4.00
3.00
2.00
1.00
0
Sydney Melbourne Brisbane Perth Canberra
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Primary Secondary
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60
50
40
30
20
10
0
3.0, 3.5, 4.0 Star 4.5 Star 5.0 Star 5.5, 6.0 Star
1. N=268 Office buildings across Sydney, Melbourne & Perth.
Source: CBRE, Property Council of Australia
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Source: CBRE, Property Council of Australia

11 AUGUST 2022 | 61

Celebrating 50 years |

Industrial

11 AUGUST 2022 | 62

Calibre, Sydney

Celebrating 50 years | FY22 Additional Information

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Industrial: portfolio details

Industrial: portfolio	details
	FY22	FY21
No. of properties1	10	10
NLA	469,339 sqm	469,339 sqm
Portfolio value2	$1,650m	$1,187m
WACR	4.18%	4.78%
Property net operating income (NOI)	$55m	$56m
Like-for-like NOI growth	3.3%	4.5%
Maintenance capex	$2m	$3m
Incentive capex3	$1m	$0.3m
Occupancy (by area)	100.0%	100.0%
NLA leased	15,867 sqm	53,399 sqm
% of portfolio NLA leased	3.4%	11.4%
WALE (by area)	7.4 yrs	8.2 yrs
WALE (by income)	6.7 yrs	7.4 yrs

INDUSTRIAL GEOGRAPHIC DIVERSITY[ 4]

Sydney 100%

INDUSTRIAL RENT REVIEW STRUCTURE[ 5]

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Fixed 97%
CPI linked 3%
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1. Excludes IPUC and properties being held for development.

2. Includes IPUC and properties being held for development. FY22 IPUC value of $341m and investment in JV value of $67m. FY21 IPUC value of $162m. Subject to rounding.

3. Includes cash and fitout incentives.

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

5. By income, excludes lease expiries.

11 AUGUST 2022 | 63

Celebrating 50 years | FY22 Additional Information

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Industrial: leasing details

INDUSTRIAL LEASE EXPIRY PROFILE[ 1]

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80%
62%
60
40
20
16%
7%
6% 5%
4%
0%
0
Vacant FY23 FY24 FY25 FY26 FY27 FY28+
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		Leasing	Average	Average
FY22 Leasingactivity	Area	spread	incentive	WALE1
Renewals	3,689 sqm	1.6%	3.6%	2.8 yrs
New leases	12,178 sqm	3.2%	9.0%	7.6 yrs
Total Industrial	15,867 sqm	2.4%	6.8%	5.6 yrs
% of Industrial portfolio NLA leased	3.4%

1. By income.

11 AUGUST 2022 | 64

Celebrating 50 years | FY22 Additional Information

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Industrial: research

VACANCY TREND (BY CITY)

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----- Start of picture text -----

5%
4
3
2
1
0
2019 2020 2021 2022
Source: SA1, June 2022 Sydney Melbourne Brisbane
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NET FACE RENTAL GROWTH

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15%
12
9
6
3
0
(3)
(6)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Source: JLL, June 2022 Sydney Melbourne Brisbane
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SYDNEY INDUSTRIAL GROSS LEASING VOLUME VS COMPLETIONS

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1,500,000 sqm
1,200,000
900,000
600,000
300,000
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Source: JLL, June 2022 Leasing Completions
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AUSTRALIAN E-COMMERCE PENETRATION

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18%
16
14
12
10
8
6
4
2
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Source: ABS, May 2022 E-commerce penetration 11 AUGUST 2022 | 65
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Celebrating 50 years |

Retail

11 AUGUST 2022 | 66

Birkenhead Point Brand Outlet, Sydney

Celebrating 50 years | FY22 Additional Information

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Retail: portfolio details

	FY22	FY21
No. of properties1	12	15
GLA2	347,800 sqm	409,569 sqm
Portfolio value3	$2,871m	$3,160m
WACR	5.35%	5.47%
Property net-operating income (NOI)	$153m	$157m
Like-for-like NOI growth 4	0.2%	(2.0%)
Maintenance capex	$3m	$19m
Incentive capex5	$20m	$12m
Occupancy (by area)	97.6%	98.0%
GLA leased	52,185 sqm	48,973 sqm
% of portfolio GLA leased	14.5%	11.6%
WALE (by income)	3.2 yrs	3.6 yrs
WALE (by area)	4.2 yrs	4.3 yrs
Specialty occupancy cost 6	17.3%	14.7%
Total comparable MAT	$2,650m	$3,070m
Total comparable MAT productivity 7	$10,245/sqm	$9,440/sqm
Total comparable MAT growth	0.1%	(1.5%)
Specialties comparable MAT productivity 7	$9,382/sqm	$9,189/sqm
Specialties comparable MAT growth	(7.3%)	(0.5%)
New leasing spreads	(5.7%)	(8.3%)
Renewal leasing spreads	(0.3%)	(5.1%)
Total leasing spreads	(1.4%)	(5.9%)

RETAIL GEOGRAPHIC DIVERSITY[ 8]

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Sydney 68% Brisbane 26% Melbourne 3% Canberra 3%

RETAIL RENT REVIEW STRUCTURE[ 10]

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Fixed 81%
CPI linked 13%
Other 6%
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RETAIL DIVERSITY BY GRADE[ 9]

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Regional 42% Sub Regional 30% Outlet 15% Neighbourhood 7% CBD Retail 6%

1. Excludes IPUC.

1. Excludes 80 Bay & 1-3 Smail Streets, Ultimo.

2. Portfolio value includes IPUC and represents fair value (excludes gross up of lease liability under AASB 16). FY22 IPUC value of $302m and FY21 IPUC value of nil. Subject to rounding.

3. Excludes COVID-19 impact.

4. Includes contracted COVID-19 tenant support.

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

6. By portfolio value. Brisbane includes Sunshine Coast.

7. By portfolio value, excluding IPUC as per PCA classification.

8. By income, excludes lease expiries.

9. Includes cash and fitout incentives.

11 AUGUST 2022 | 67

Celebrating 50 years | FY22 Additional Information

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Retail: sales by category

		FY22	FY21
	FY22	Comparable	Comparable
Retail sales by category	Total MAT	MATgrowth	MATgrowth
Supermarkets	$1,022m	2.1%	(0.4%)
Discount department stores	$217m	(5.6%)	4.6%
Mini-majors	$510m	(2.4%)	9.0%
Specialties	$759m	(7.3%)	(0.5%)
Other retail	$142m	89.2%	(55.1%)
Total	$2,650m	0.1%	(1.5%)

		FY22	FY21
	FY22	Comparable	Comparable
Specialty sales by category	Total MAT	MATgrowth	MATgrowth
Food retail	$96m	(5.0%)	(1.9%)
Food catering	$194m	(3.1%)	(2.2%)
Jewellery	$23m	(5.4%)	10.4%
Mobile phones	$19m	(31.3%)	(17.3%)
Homewares	$31m	(17.3%)	14.2%
Retail services	$98m	1.0%	7.7%
Leisure	$30m	(7.7%)	(8.3%)
Apparel	$194m	(12.0%)	(1.2%)
General retail	$74m	(5.3%)	(1.2%)
Total specialties	$759m	(7.3%)	(0.5%)

MONTHLY SALES GROWTH %

(Compared to 2019)

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20%
10
0
(10)
(20)
(30)
(40)
(50)
(60)
Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22
Total Centre Total Specialties Total Centre ex CBD Total Specialties ex CBD
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11 AUGUST 2022 | 68

Celebrating 50 years | FY22 Additional Information

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Retail: leasing details

RETAIL LEASE EXPIRY PROFILE: BY INCOME

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----- Start of picture text -----

40%
32%
30
23%
20
13%
12%
10 10%
7%
3%
0
Vacant FY23 FY24 FY25 FY26 FY27 FY28+
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RETAIL LEASE EXPIRY PROFILE: BY AREA

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----- Start of picture text -----

50%
40
34%
30
26%
20
12%
11%
10 9%
6%
2%
0
Vacant FY23 FY24 FY25 FY26 FY27 FY28+
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Retail top10 tenants	Retail top10 tenants	Percentage1	Credit ratings
1	Coles Group Limited	7%	BBB+, Baa1
2	Wesfarmers Limited	4%	A-, A3
3	Woolworths Group Limited	3%	BBB, Baa2
4	ALDI Food Stores	2%	—
5	Volkswagen Group Australia	2%	BBB+, A3, A-
6	Event Cinemas	2%	—
7	Virgin Active Group	2%	—
8	Cotton On Group	1%	—
9	Just Group Limited	1%	—
10	Country Road Group	1%	—
Total		25%

		Leasing	Average	No.
FY22 Leasingactivity	Area	spread	incentive	deals done
Renewals	37,353 sqm	(0.3%)	1.4%	242
New leases	14,832 sqm	(5.7%)	17.2%	106
Total Retail	52,185 sqm	(1.4%)	7.4%	348
% of Retail portfolio NLA leased	14.5%

1. Percentage of gross retail portfolio income.

11 AUGUST 2022 | 69

Celebrating 50 years | FY22 Additional Information

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Retail: research

HOUSEHOLD SAVING RATIO

AUSTRALIA RETAIL SALES VS PRE-PANDEMIC TREND

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25 Ratio $35bn
20
15 30
10
5 25
0
(5) 20
1959 1966 1973 1980 1987 1994 2001 2008 2015 2022 2014 2015 2016 2017 2018 2019 2020 2021 2022
Source: ABS, March Quarter 2022 Household Saving Ratio Household Saving Ratio [mean -20y-] Source: ABS, May 2022 Total Total [trend 02/2015 - 02/2020]
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RETAIL SALES: TOTAL (%Y/Y) VS 20 YEAR AVERAGE

WAGE GROWTH BY STATE (%YOY)

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----- Start of picture text -----

25% $35bn 7%
34 6
20
33 5
15
32 4
10
31 3
5
30 2
0 29 1
(5) 28 0
2020 2021 2022 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Source: ABS, May 2022 Retail Trade (%y/y) Retail Trade 20 Year Average Retail Trade Total (RHS) Source: ABS, March Quarter 2022 NSW VIC QLD WA
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11 AUGUST 2022 | 70

Celebrating 50 years |

Build to Rent

11 AUGUST 2022 | 71

LIV Indigo, Sydney

Celebrating 50 years | FY22 Additional Information

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Build to Rent: portfolio details

Build to Rent: portfolio details
	FY22	FY21
No. of completed properties1	1	1
No. of completed apartments1	315	315
Portfolio value (including IPUC)2	$634m	$370m
Leased (LIV Indigo)1	98%	80%
WACR1	4.00%	4.00%

1. Excludes IPUC and display unit.

2. Includes IPUC. FY22 IPUC value of $413m and FY21 IPUC value of $150m. Subject to rounding.

11 AUGUST 2022 | 72

Celebrating 50 years | FY22 Additional Information

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Build to Rent: research

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ANNUAL GROWTH IN APARTMENT RENTS [ 1]
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15%
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----- Start of picture text -----

10
5
0
(5)
(10)
Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21
Source: CoreLogic, June 2022 Greater Brisbane Greater Melbourne Greater Sydney
1. 3-month median.
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MEDIAN TIME ON MARKET TO RENT[1]

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50 Days
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----- Start of picture text -----

40
30
20
10
0
Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22
Source: CoreLogic, June 2022 Greater Brisbane Greater Melbourne Greater Sydney
1. 3-month median.
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COMBINED CAPITAL CITY RENTAL MARKET

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----- Start of picture text -----

8.0% 3.5%
6.0 3.0
2.5
4.0
2.0
2.0
1.5
0
1.0
(2.0) 0.5
(4.0) 0
Jun 10 Jun 12 Jun 14 Jun 16 Jun 18 Jun 20 Jun 22
Source: CoreLogic, SQM Research, Macrobond, June 2022 Annual Growth - Units [ 2] (LHS) Vacancy Rate [ 3] (RHS)
2. 12-month median.
3. Seasonally adjusted.
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KEY RENTER AGE COHORT TO GROW BY 1.4M[ 4] PEOPLE

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2.5m people
2.0
1.5
1.0
0.5
0
Source: CBRE, Forecast Informed Decisions, May 2021 2021 2031 2041
4. 20 years to 2041. 11 AUGUST 2022 | 73
0-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80-84 85+
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Celebrating 50 years |

Development

11 AUGUST 2022 | 74

LIV Munro, Melbourne

Celebrating 50 years | FY22 Additional Information

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Commercial & Mixed Use: recently completed & committed projects

				%	Estimated
				Pre-leased on	value on	Estimated		Lease
Recently completed projects	Sector	Area	Ownership	completion1	completion 2	yield on cost 3	PC/OC date	commencement
Locomotive Workshop, Sydney	Mixed Use	~31,400 sqm5	51%	97%5	$472m	6.1%	Aug 2021	FY22
80 Ann Street, Brisbane	Office	~62,800 sqm	50%	98%	$867m	6.0%	Apr 2022	FY23
Total		~94,200 sqm		98%	$1,339m

Committed Sector Area / lots Ownership % Pre-leased 1 Estimated value on completion 2 Estimated yield on cost 3	Estimated project timing4
	FY23 FY24 FY25+
Switchyard Auburn, Sydney Industrial ~72,000 sqm 51% 58% ~$345m ~5.3% LIV Munro, Melbourne BTR 490 100% n/a ~$355m 6 > 4.5% LIV Aston, Melbourne BTR 474 100% n/a TBC > 4.5% LIV Anura, Brisbane BTR 396 100% n/a TBC > 4.5% Aspect Kemps Creek, Sydney Industrial ~211,000 sqm 100% 48% ~$720m ~4.8%

1. % of space pre-leased, including non-binding 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 outcomes, market demand and COVID-19 uncertainties.

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

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

5. Office component ~23,000 sqm, 96% pre-let and retail component ~8,000 sqm, 100% pre-let.

6. Represents forecast value on completion incorporating a stabilisation allowance and subject to various factors outside of Mirvac’s control such as planning, market demand and COVID-19 uncertainties.

11 AUGUST 2022 | 75

Celebrating 50 years | FY22 Additional Information

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Commercial & Mixed Use: development pipeline

			Site		DA	DA	Tenant	Construction	Capital partner	Practical	Lease	End value
Project		Sector	secured	Zoning	lodged	approved	commitment	commencement	sell-down	completion	commencement	$m 1
80 Ann Street, Brisbane		Office										$867m
Switchyard Auburn, Sydney		Industrial										~$345m
LIV Munro, Melbourne		BTR										~$355m 4
LIV Anura, Brisbane		BTR
LIV Aston, Melbourne		BTR
7 Spencer Street, Melbourne		Office
55 Pitt Street, Sydney		Office
Aspect Kemps Creek, Sydney		Industrial										~$720m
383 La Trobe Street, Melbourne		Office
90 Collins Street, Melbourne		Office
Waterloo Metro Quarter, Sydney		Mixed Use
Harbourside, Sydney		Mixed Use
Elizabeth Enterprise Badgerys Creek, Sydney (Stage 1)		Industrial								~~COMMERCIAL & MIXED USE~~
Elizabeth Enterprise Badgerys Creek, Sydney (Stage 2)		Industrial									TOTAL PIPELINE ~~EXPECTED END VALUE 1~~
LIV Albert Fields, Melbourne 75 George Street, Parramatta 200 Turbot Street, Brisbane2		BTR Office Office								~~~$12.4bn~~
Green Square, Sydney		Office
34 Waterloo Street, Sydney		Industrial
Milestone reached FY21 or earlier	Milestone reached FY22	Milestone expected FY233

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

2. Mirvac has an option to purchase the site subject to DA approval and pre-leasing.

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

4. Represents forecast value on completion incorporating a stabilisation allowance and subject to various factors outside of Mirvac’s control such as planning, market demand and COVID-19 uncertainties.

11 AUGUST 2022 | 76

Celebrating 50 years | FY22 Additional Information

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Progressing our ~$12.4bn development pipeline

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OFFICE INDUSTRIAL 1 1 ~$5.7bn ~$2.5bn

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BUILD TO RENT MIXED USE 2 1 ~$1.5bn ~$2.7bn

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----- Start of picture text -----

LIV Munro, Switchyard Auburn, Aspect Kemps Elizabeth Enterprise LIV Anura, LIV Aston/ 7 Spencer Street, LIV Albert Fields, Waterloo Metro
Melbourne Sydney Creek, Sydney Badgerys Creek, Sydney Brisbane Melbourne Melbourne Quarter, Sydney
2 022 2022+ 2023+ 2023+ 2024 2024/25 2025 2 025+
90 Collins Street, 200 Turbot 55 Pitt Street, 383 La Trobe Street, Green Square, 75 George Street, Harbourside,
Melbourne Street, Brisbane Sydney Melbourne Sydney Parramatta Sydney
20 26+ 2026+ 2026+ 2026+ 2026+ 2027+ 2027+
----- End of picture text -----

Note: Timeline is indicative only and reflects potential project timing (calendar year) subject to change for reasons including planning outcomes, development and construction decisions, market conditions and COVID-19 uncertainties. 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 outcomes, market demand, ongoing construction costs escalation, supply chain risks and COVID-19 uncertainties. 2. Represents forecast value on completion incorporating a stabilisation allowance and subject to various factors outside of Mirvac’s control such as planning, market demand and COVID-19 uncertainties.

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Celebrating 50 years |

Residential

11 AUGUST 2022 | 78

Olivine Townhomes, Melbourne (artist impression, final design may differ)

Celebrating 50 years | FY22 Additional Information

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Residential: pipeline positioning | 25,352 pipeline lots

SHARE OF EXPECTED FUTURE REVENUE BY PRODUCT[ 1]

PIPELINE LOTS BY PRODUCT

PIPELINE LOTS BY PRICE POINT: MASTERPLANNED COMMUNITIES[ 3]

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Masterplanned communities 53% Apartments 47%

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Masterplanned communities 80% Apartments 20%

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<$250k 1% $250k–$500k 50% >$500k 49%

SHARE OF EXPECTED FUTURE REVENUE BY GEOGRAPHY[ 1]

PIPELINE LOTS BY STRUCTURE

PIPELINE LOTS BY PRICE POINT: APARTMENTS[ 3]

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NSW 45% VIC 37% QLD 14% WA 4%

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100% Mirvac balance sheet[ 2] 41% PDA / DMA 30% JV 20% Joint Operation (JO) 9%

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<$1.2m 50%
>$1.2m 50%
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Note: Expected revenue and pipeline lots subject to change depending on planning outcomes, 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 outcomes and market demand. Includes GST.

2. Includes projects on capital efficient deferred terms.

3. Price point includes GST.

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Celebrating 50 years | FY22 Additional Information

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Residential: masterplanned communities pipeline (key projects)

Major projects State Stage Ownership Type Total Project Value (incl. GST)1 Pre-FY23	Expected settlement profile (lots)2
	FY23 FY24 FY25 FY26 FY27 Post- FY27
Ashford Residences QLD Multiple stages 100% House & Land $90m 63	61 —
Madox WA Multiple stages 100% Land $120m 292	106 —
Iluma Private Estate WA Multiple stages 100% Land $170m 448	177 —
Georges Cove NSW Multiple stages PDA House $190m —	179 —
The Fabric VIC Multiple stages 100% House $240m 15	232 —
The Village NSW Multiple stages PDA House & Land $220m 94	284 —
One71 Baldivis WA Multiple stages 100% Land $80m 243	142 27
Henley Brook WA Multiple stages 100% Land $160m 79	547 —
Everleigh QLD Multiple stages 100% Land $930m 539	1,162 1,755
Googong NSW Multiple stages JV House & Land $1,950m 2,554	1,420 1,111
Olivine VIC Multiple stages 100% & DMA House & Land $1,870m 881	1,790 1,956
Smiths Lane VIC Multiple stages 100% & JO House & Land $1,570m 7623	1,962 463
Woodlea VIC Multiple stages JV House & Land $1,980m 3,909	2,042 616
Cobbitty NSW Multiple stages 100% House & Land $650m —	953 —
55 Coonara Avenue4 NSW Multiple stages 100% House TBC —	200 —
Milperra, Western Sydney University Campus NSW Multiple stages PDA House $420m —	310 115
Marsden Park North NSW Multiple stages PDA House & Land $320m —	491 56
Wantirna South VIC Multiple stages PDA House & Land $1,360m —	447 1,270

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~85% % of total FY23 expected lots to settle from masterplanned communities

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

1. Approximate and indicative only and subject to change. Project value includes past revenues and expected future revenues, and will depend on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties.

2. Settlement timing and lot numbers subject to change depending on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 3. 100% owned lots. Some 100% owned lots will settle in FY23.

3. Rezoning permits 600 lots (mix of apartments and housing) but final outcome is subject to planning.

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Celebrating 50 years | FY22 Additional Information

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Residential: apartments pipeline (key projects)

Residential: apartments pipeline (key projects)
Major projects State Stage Pre-sold1 Ownership Total Project Value (incl. GST)2 Pre-FY23	Expected settlement profile (lots)3
	FY23 FY24 FY25 FY26 FY27 Post- FY27
The Langlee NSW All stages 24% PDA $160m —	55 —
Pavilions NSW All stages 84% PDA $350m 294	65 —
Tullamore VIC Forme 75% 100% $80m —	92 —
NINE Willoughby NSW All stages 52% 100% $790m —	421 —
Yarra's Edge VIC Voyager 74% 100% $300m 216	99 —
Green Square4 NSW Released stages 57% PDA $430m —	312 —
Waterfront Sky QLD Quay 100% 100% $200m —	135 —
Ascot Green QLD Charlton House 35% PDA $130m —	113 —
The Peninsula WA Ador 38% 100% $100m —	86 —
699 Park Street, Brunswick VIC Future stages Not released 100% TBC —	168 —
The Fabric VIC Future stages Not released 100% $220m —	130 209
55 Coonara Avenue5 NSW Future stages Not released 100% TBC —	400 —
Ascot Green QLD Future stages Not released PDA $590m —	271 392
Waterfront Sky QLD Isle Not released 100% $210m —	133 —
31 Queens Road VIC Future stages Not released 100% TBC —	110 —
The Peninsula WA Future stages Not released 100% $280m —	291 —
Yarra's Edge VIC Future stages Not released 100% $530m —	377 21
Green Square6 NSW Future stages Not released 100% $1,130m —	737 85

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~15% % of total FY23 expected lots to settle from apartments

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

1. Pre-sales based on released lots. Excludes deposits.

1. Approximate and indicative only and subject to change. Project value includes past revenues and expected future revenues, and will depend on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties.

2. Settlement timing and lot numbers subject to change depending on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 4. Residential lots only.

3. Rezoning permits 600 lots (mix of apartments and housing) but final outcome is subject to planning.

4. Settlement profile excludes 7 unreleased terrace homes.

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Celebrating 50 years | FY22 Additional Information

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Residential: pre-sales detail

PRE-SALES BY GEOGRAPHY[ 1]

RECONCILIATION OF MOVEMENT IN EXCHANGED PRE-SALES CONTRACTS TO FY22[ 1]

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$3,000m
VIC 40%
$1,463m ($1,043m) NSW 38%
2,500 QLD 18%WA 4%
$1,482m
62% 54%
57%
2,000
38%
($1,053m) $1,635m
1,500 43%
62%
$1,215m
53% PRE-SALES BY BUYER PROFILE
1,000
56%
500
47%
44%
0
FY21 FY22 FY22 FY22 Offshore 3%
Pre-sales balance net sales settlements Pre-sales balance
APT MPC
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PRE-SALES BY BUYER PROFILE[ 1,2]

Owner occupier[ 3] 74% Investor 23% Offshore 3%

PRE-SALES BY TYPE[ 1]

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Masterplanned
communities 53%
Apartments 47%
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PRE-SALES EXPECTED ROLL-OFF[ 1]

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FY23 60%
FY24 37%
FY25+ 3%
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1. Represents Mirvac’s share of total pre-sales contract value and includes GST.

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

3. Includes first home buyers.

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Celebrating 50 years | FY22 Additional Information

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Residential: FY22 acquisitions & additional pipeline projects

					Estimated settlement
Project	State	Ownership	No. of lots1	Product type	commencement1
Acquisitions / Agreements
31 Queens Road	VIC	100%	110	Apartments	FY26
Cobbitty	NSW	100%	953	Masterplanned communities	FY24
Total Acquisitions / Agreements			1,063
Additional Pipeline Projects
Smiths Lane – 105 Smiths Lane	VIC	100%2	289	Masterplanned communities	FY23
Googong	NSW	JV	240	Masterplanned communities	FY32
Henley Brook	WA	100%	19	Masterplanned communities	FY22
Total Additional Pipeline Projects			548
Total Acquisitions and Additional Pipeline Projects			1,611

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. 100% owned at acquisition. The project was sold down into a JO on 30 June 2022.

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Celebrating 50 years | FY22 Additional Information

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Residential: FY23 expected major releases

Masterplanned communities1	State	Type	Approximate lots1
Smiths Lane	VIC	Masterplanned communities – Land & Built Form	489
Woodlea	VIC	Masterplanned communities – Land & Built Form	436
Cobbitty	NSW	Masterplanned communities – Land	242
Olivine	VIC	Masterplanned communities – Land & Built Form	227
Everleigh	QLD	Masterplanned communities – Land	190
Googong	NSW	Masterplanned communities – Land	180
Masterplanned communities major releases			1,764
Apartments1	State	Type	Approximate lots1
Yarra’s Edge, Tower 9	VIC	Apartments	191
699 Park Street	VIC	Apartments	168
Waterfront Sky, Isle	QLD	Apartments	133
Ascot Green, O’Connell House	QLD	Apartments	128
31 Queens Road	VIC	Apartments	110
NINE Willoughby (balance of project)	NSW	Apartments	107
Apartments major releases			839
Total major releases			2,603

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

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Celebrating 50 years | FY22 Additional Information

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Residential: FY22 settlements | 2,523 lot settlements

	Apartments Lots %1 62 2% 83 3% 280 11% 6 1% 431 17%	Masterplanned communities Lots %1 373 15% 379 15% 1,059 42% 281 11% 2,092 83%	Total
			Lots %1
NSW QLD VIC WA			435 17% 462 18% 1,339 53% 287 12%
Total			2,523 100%

FY22 LOT SETTLEMENTS

BY PRODUCT TYPE

Apartments 17% Masterplanned communities 83% Land 78% House 5%

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BY GEOGRAPHY

VIC 53% QLD 18% NSW 17% WA 12%

BY STRUCTURE

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100% Mirvac balance sheet 67% JVA 24% PDA/DMA 9%

1. Subject to rounding.

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Celebrating 50 years | FY22 Additional Information

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Residential: FY22 settlements detail

FY22 Major settlements	Product type	Ownership	Lots
Smiths Lane, VIC	Masterplanned communities	100%1	436
Woodlea, VIC	Masterplanned communities	JV	328
Googong, NSW	Masterplanned communities	JV	278
Olivine, VIC	Masterplanned communities	100% & DMA	217
Voyager Yarra's Edge, VIC	Apartments	100%	216
Everleigh, QLD	Masterplanned communities	100%	207
Gainsborough Greens, QLD	Masterplanned communities	100%	144
The Village, NSW	Masterplanned communities	PDA	94
Tulloch House, Ascot Green, QLD	Apartments	PDA	83
Illuma Private Estate, WA	Masterplanned communities	100%	81
Subtotal			2,084
Other projects			439
Total			2,523

FY22 SETTLEMENT BUYER PROFILE

FY22 SETTLEMENT BUYER PROFILE BY GEOGRAPHY

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Rightsizers 39% Domestic 95%
First home buyers 34% Offshore 5%
Investors 27%
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FY22 SETTLEMENTS AVERAGE SALES PRICE[ 2]

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APARTMENTS HOUSE LAND
~$949k ~$773k ~$339k
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Note: PDAs are development service contracts and there is no land ownership to Mirvac.

1. FY22 settlements at 100% ownership. 50% of project sold down in to a Joint Operation as at 30 June 22.

2. Inclusive of GST.

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Celebrating 50 years | FY22 Additional Information

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Residential: EBIT reconciliation and gross development margin

	FY22	FY21
Gross development margin	$m	$m
Development revenue	949	821
JV development revenue	126	120
Total development revenue	1,075	941
Cost of development and construction	(720)	(638)
JV cost of development and construction	(82)	(61)
Total cost of development and construction	(802)	(699)
Residential gross development profit	$273m	$242m
Residential gross development margin %	25%	26%
	FY22	FY21
Gross development margin (excludingJVprojects)	$m	$m
Development revenue	949	821
Cost of development and construction	(720)	(638)
Residential gross development profit (excluding JV projects)	$229m	$183m
Residential gross development margin % (excluding JV projects)	24%	22%

evelopment margin
	FY22	FY21
Residential EBIT reconciliation	$m	$m
Development revenue	949	821
Management fee revenue	1	1
Total development revenue (excluding JV)	950	822
Share of net profit of JV and other revenue	68	67
Total operating revenue and other income	1,018	889
Cost of development and construction	(720)	(638)
Other development costs	(10)	(11)
Sales and marketing expense	(41)	(30)
Employee and other expenses	(52)	(42)
Total cost of property development and construction	(823)	(721)
Total Residential EBIT	$195m	$168m
Residential EBIT margin	19%	19%

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Celebrating 50 years | FY22 Additional Information

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Residential: national research

MEDIAN PRICE (PER SQM)

$2,500/sqm

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2,000
1,500
1,000
500
0
'09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22
Source: Research4, June 2022 NSW-Sydney Metro SEQ-All of Market VIC-All of Market WA-All of Market
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TRADING STOCK AVAILABLE

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----- Start of picture text -----

20 Months
18
16
14
12
10
8
6
4
2
0
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22
Source: Research4, June 2022 NSW-Sydney Metro SEQ-All of Market VIC-All of Market WA-All of Market
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NET LAND SALES

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----- Start of picture text -----

3,000 Lots per month
2,500
2,000
1,500
1,000
500
0
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22
Source: Research4, June 2022 NSW-Sydney Metro SEQ-All of Market VIC-All of Market WA-All of Market
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PRICE DIFFERENTIAL OF HOUSES TO APARTMENTS[ 1]

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80%
70
60
50
40
30
20
10
0
‘12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22
1. 12-month median. Source: CoreLogic, June 2022 Greater Brisbane Greater Melbourne Greater Sydney Greater Perth Averages
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Celebrating 50 years |

Calendar

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Isle Waterfront Newstead, Brisbane (artist impression, final design may differ)

Celebrating 50 years | FY22 Additional Information

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1H23 Calendar

1H23 Calendar
Event	Location	Date1
Private roadshow	Sydney	12, 16-19 August 2022
Private roadshow	Melbourne	15 August 2022
Private offshore roadshow	Singapore	29-31 August 2022
Private offshore roadshow	Tokyo	1-2 September 2022
1Q23 Operational update	—	26 October 2022
2022 Annual General Meeting	—	18 November 2022

1. All dates are indicative and subject to change.

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Celebrating 50 years | FY22 Additional Information

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Glossary

Term	Meaning
A-REIT	Australian Real Estate Investment Trust
AFFO	Adjusted Funds from Operations
AUM	Assets under management
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
EPS	Earnings Per Stapled Security
FFO	Funds from Operations
FHB	First Home Buyer
FIRB	Foreign Investment Review Board
FUM	Funds under management
FY	Financial Year
GLA	Gross Lettable Area
ICR	Interest Cover Ratio
IPUC	Investmentproperties under construction
IRR	Internal Rate of Return
JO	Joint Operation – A joint arrangement whereby the parties that have joint control of the arrangement
	have rights to the assets, and obligations for the liabilities, relatingto the arrangement.

Term	Meaning
JVA	Joint Ventures and Associates
LTIFR	Lost Time InjuryFrequencyRate
MAT	MovingAnnual Turnover
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
NTA	Net Tangible Assets
Operating Profit	Operating profit reflects the core earnings of the Group, representing statutory profit adjusted for
	specific non-cash items and other significant items.
PCA	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

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Celebrating 50 years | FY22 Additional Information

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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”, 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 30 June 2022, which has been subject to audit 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 30 June 2022, unless otherwise noted.

11 AUGUST 2022 | 92

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CONTACT

Gavin Peacock, CFA General Manager Investor Relations investor.relations@mirvac.com

Thank you

MIRVAC GROUP

Level 28, 200 George Street, Sydney NSW 2000