MIRVAC GROUP — Interim / Quarterly Report 2022

Feb 9, 2022

1H22 Results

Reimagine Urban Life 10 February 2022

==> picture [69 x 44] intentionally omitted <==

==> picture [77 x 43] intentionally omitted <==

==> picture [205 x 7] intentionally omitted <==

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Acknowledgement of Country

==> picture [887 x 63] intentionally omitted <==

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

Mirvac pays its respect to all Aboriginal and Torres Strait Islander peoples,
Traditional Custodians of the lands and waters of Australia where we live, work and play.
----- End of picture text -----

==> picture [960 x 268] intentionally omitted <==

==> picture [887 x 19] intentionally omitted <==

‘Reimagining Country’ by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji), We are 27 Creative.

10 FEBRUARY 2022 — 1

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Agenda

Capital Commercial Financial Overview
Susan Lloyd-Hurwitz Allocation & Mixed Use Results
13 Brett Drafen Chief Investment Oficer Brett Drafen Chief Investment Oficer 9 3 Courtenay Smith Chief Financial Oficer CEO & Managing Director Development
15
Summary Integrated Residential
& Guidance Investment Stuart Penklis
31 25 Susan Lloyd-Hurwitz CEO & Managing Director Campbell Hanan Head of Integrated Investment Portfolio Portfolio Head of Residential
20

The Fredrick Green Square, Sydney (artist impression, final design may differ) 10 FEBRUARY 2022 — 2

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Overview

==> picture [134 x 17] intentionally omitted <==

CEO & Managing Director

Harbourside, Sydney (artist impression, final design may differ)

10 FEBRUARY 2022 — 3

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Key achievements – delivering on our strategy despite lockdowns

==> picture [532 x 27] intentionally omitted <==

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

PEOPLE AND PLANET INTEGRATED INVESTMENT PORTFOLIO
----- End of picture text -----

==> picture [355 x 115] intentionally omitted <==

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

COMMERCIAL &
RESIDENTIAL
MIXED USE DEVELOPMENT
Artist impression, final design may differ
----- End of picture text -----

==> picture [532 x 329] intentionally omitted <==

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

Artist impression, final design may differ
Office Industrial
> Achieved net positive carbon 9 years > Maintained occupancy at 95% [ 2] > Maintained occupancy at 100% [ 2]
ahead of target > The Locomotive Workshop, Sydney completion > Progressing development pipeline
> Progressed waste and water efficiency brings average portfolio age to 11.8 years – Switchyard, Auburn 38% [ 3] pre-leased
> Achieved 80% employee engagement > Commenced repositioning of 380 St Kilda Road, – Aspect, Kemps Creek 63% [ 3] pre-leased
(Top quartile of Australian companies [ 1] ) Melbourne $27m at 8.5% yield on cost > +7.2% asset portfolio revaluation
> Retained 93% of key talent > Cash collection 97% > Cash collection 99%
> Equileap #2 in the world for gender equality
> Launched wellbeing & mental health strategy
> Released our second modern slavery report
Retail Build to Rent
> 95% of stores re-opened by calendar year end > Leasing to 93% [ 7] at LIV Indigo, Sydney despite
> Disposal of Tramsheds Sydney at 53% COVID-19 impacts increased over 1H22
premium to book value [ 6] > Commenced construction at LIV Anura, Brisbane
> +2.5% asset portfolio revaluation and early works at LIV Aston, Melbourne
> Cash collection 78% > Development at LIV Munro, Melbourne remains
on track, scheduled completion late CY22
----- End of picture text -----

• 80 Ann Street, Brisbane – Suncorp early > Settled 1,303 lots (+21% on pcp) occupation milestone achieved > Exchanged 1,814 lots (+33% on pcp)

• The Locomotive Workshop, Sydney completed, – MPC sales momentum continue with 97% leased, 9 year WALE[ 4] 1,503 MPC sales in the half

• $121m of value created ($48m of revaluation > Pre-sales increased to ~$1.5bn uplift & $73m of Commercial Development EBIT) > Voyager at Yarra’s Edge completed,

• Preparing next wave of developments 177 settlements (56% of total lots) – Demolition commencement > Successful new apartment launches: at 55 Pitt Street, Sydney – NINE Willoughby, Sydney 70% pre-sold

• – Progressed Harbourside, Sydney project – Forme Tullamore, Melbourne 48% pre-sold with design competition finalised – The Frederick Green Square, Sydney

• – All DAs now received for Waterloo 29% pre-sold[ 5] Metro Quarter, Sydney > Quay Waterfront, Brisbane 100% pre-sold

• – Commenced construction at Switchyard, > Selectively restocked future pipeline Auburn and strong pre-leasing at Aspect, (Cobbitty, Sydney ~950 lots) Kemps Creek

  • NINE Willoughby, Sydney 70% pre-sold[ 5]

  • Forme Tullamore, Melbourne 48% pre-sold[ 5]

  • Quay Waterfront, Brisbane 100% pre-sold[ 5]

• Commenced BTR developments with ~$1bn[ 8] under construction

• Culture Amp. 2. By area. 3. Including non-binding heads of agreements. 4. By income. 5. As at 31 December 2021, including deposits and conditional exchanges. 6. Contract exchanged during 1H22, expected settle at a later date.

• As at 31 January 2022. 8. Represents 100% expected end value, subject to various factors outside Mirvac’s control such as planning outcomes, market demand and COVID-19 uncertainties.

10 FEBRUARY 2022 — 4

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Results momentum on track for full year

1H22 OPERATING PROFIT 1H22 DPS 1H22 OPERATING CASH FLOW +9% on pcp[ 1] +6% on pcp (7%) on pcp[ 1] NTA[ 2] 1H22 EPS EXTERNAL ASSETS AND FUM +3% on FY21 +9% on pcp[ 1] +4% on FY21

1H22 STATUTORY PROFIT GEARING[ 3] +44% on pcp[ 1] 0.5% lower than FY21

1. 1H21 has been restated.

1. NTA per stapled security excludes intangibles, right of use assets and non-controlling interests, based on ordinary securities including EIS securities. 3. Net debt (at foreign exchange hedged rate) / total tangible assets – cash.

Charlton House Ascot Green, Brisbane (artist impression, final design may differ)

10 FEBRUARY 2022 — 5

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

The Mirvac difference

INTEGRATED ASSET CREATION AND CURATION CAPABILITY IS A KEY COMPETITIVE ADVANTAGE: 'FLY-WHEEL' EFFECT HAS CONSIDERABLE BENEFITS TO STAKEHOLDERS

• Development capability and in-house

  • construction supports cost, risk management and innovation flexibility

• Customer feedback incorporated into asset design

• Net positive carbon outcomes

• $4.2bn of new assets created last 6.5 years[ 1] – valuable in competitive secondary market

• ~$1bn of development value created[ 1]

• NTA growth of 7.4% pa[ 1]

• ~$120m of new annual income created[ 2]

• Over the last 6.5 years, FY15-1H22.

• Annualised 1H22 income of all assets created between FY15-1H22 (MGR share).

• As at June 2021.

• FY15-1H22 annualised external assets under management growth.

==> picture [278 x 313] intentionally omitted <==

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

Development
Recurring income
funds distributions and
future developments
Development
EBIT
NTA Integrated
Uplift Investment
Portfolio
New recurring
Delivers new assets
high quality
rental income
Asset & funds
management
fee income
----- End of picture text -----

• Active EBIT re-invested into development pipeline

• Young, modern, well-located, best-in-class, sustainable Investment portfolio

• High customer NPS scores across portfolio and repeat customers

• Average Office NABERS rating 5.3 Stars

• Low capex/incentive cash flow leakage

• ~300bps of outperformance[ 3] generated on Office portfolio over last 3, 5 & 15 years

• Organic FM growth opportunities – FUM growth >20% pa[ 4]

10 FEBRUARY 2022 — 6

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Net positive carbon – adding value across the business

==> picture [361 x 377] intentionally omitted <==

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

80 Ann St, Brisbane (artist impression, final design may differ)
----- End of picture text -----

NET POSITIVE CARBON ACHIEVED 9 YEARS AHEAD OF 2030 TARGET

==> picture [423 x 103] intentionally omitted <==

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

MAXIMISE USE BUILD PURCHASE
ENERGY 100% RENEWABLE 100% ELECTRIC HIGH-QUALITY
EFFICIENCY ELECTRICITY ASSETS OFFSETS
----- End of picture text -----

CONTINUE TO PROGRESS OUR TARGETS

• Ambitious waste and water targets – strong progress underway

• Scope 3 emissions reduction already underway – formal target to be finalised 2H22

FOCUSED ESG APPROACH DELIVERING VALUE FOR BUSINESS & STAKEHOLDERS

• Reducing operating costs and customer overheads

• Improving asset resiliency, lifting asset values

• Attracting and retaining customers (sustainability is an increasing requirement and focus for customers)

• Commanding price premium and market share across residential projects

• Supporting employee engagement, talent retention, productivity and corporate culture

• Creating meaningful social and environmental benefits for the community

10 FEBRUARY 2022 — 7

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Our people and culture are key to our success

HIGHLY MOTIVATED STRONG LAUNCHED WORK WELL, GRANTED WORKFORCE 92% 93% EMPLOYMENT STAY WELL – MIRVAC'S A WEEK OF WITH EMPLOYEE BRAND AND CULTURE WELLBEING AND MENTAL THANK YOU DAYS OF EMPLOYEES RETENTION OF ENGAGEMENT AT IN INCREASINGLY HEALTH STRATEGY TO TO ALL EMPLOYEES WOULD RECOMMEND KEY TALENT COMPETITIVE STRENGTHEN INDIVIDUAL MIRVAC AS A GREAT MARKET AND ORGANISATIONAL 80% PLACE TO WORK RESILIENCE (Top quartile of Australian companies)[ 1] o

==> picture [905 x 215] intentionally omitted <==

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

56 [:] 44 43% Equileap #2 Hesta 40:40 Pride & Diversity Zero like-for-like
BOARD GENDER WOMEN IN SENIOR ROLES IN THE WORLD FOR GENDER EQUALITY VISION MEMBER 2022 GENDER PAY GAP FOR LAST 6 YEARS
----- End of picture text -----

1. Culture Amp.

10 FEBRUARY 2022 — 8

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Financial Results

==> picture [105 x 17] intentionally omitted <==

Chief Financial Officer

Smiths Lane, Melbourne (artist impression, final design may differ)

==> picture [248 x 309] intentionally omitted <==

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

Development
Recurring income
funds distributions and
future developments
Development
EBIT
NTA Integrated
Uplift Investment
Portfolio
New recurring
Delivers new assets
high quality
rental income
Asset & funds
management
fee income
----- End of picture text -----

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

1H22 earnings

INVESTMENT

==> picture [317 x 321] intentionally omitted <==

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

1H22 ($m) 1H21 ($m) [1]
Investment EBIT 270 284 (5%)
Integrated Investment Portfolio NOI 275 282 (2%)
Asset & funds management EBIT 16 18 (11%)
Management & administration expenses (21) (16) 31%
Development EBIT 162 97 67%
Commercial & Mixed Use 73 21 248%
Residential 89 76 17%
Segment EBIT [ 2] 432 381 13%
Unallocated overheads (41) (20) 105%
Group EBIT 391 361 8%
Net financing costs [ 3] (62) (65) (5%)
Operating income tax expense (32) (23) 39%
Operating profit after tax 297 273 9%
Development revaluation gain [ 4] 48 113 (58%)
Investment property revaluation 260 43 505%
Other non-operating items (40) (37) 8%
Statutory profit after tax 565 392 44%
AFFO 286 242 18%
----- End of picture text -----

• Property NOI impacted by lower retail cash collection, asset reclassification to Commercial & Mixed Use and disposal of Cherrybrook Village and 340 Adelaide Street

• Asset and funds management impacted by lower leasing and transaction activity in 1H22

• Management & administration expenses impacted by higher technology investment

COMMERCIAL & MIXED USE

Locomotive Workshop, Sydney EBIT on completion and partial recognition of earnings at 80 Ann St, Brisbane (93% leased)

RESIDENTIAL

Strong sales and settlements across apartments and masterplanned communities

– Higher Residential EBIT on pcp driven by 1,303 settlements (+21% on 1H21) and elevated gross development margin reflecting high skew to MPC – Pre-sales increased to $1.5bn with >1,800 exchanges in 1H22 helped by 4 APT launches and continued MPC demand

UNALLOCATED EXPENSES

Increase associated with normalisation of costs, rising insurance and technology costs and no JobKeeper (1H21: $10m)

DEVELOPMENT REVALUATION GAIN

Recognised $48m development revaluations associated with Locomotive Workshop, Sydney and 80 Ann St, Brisbane INVESTMENT PROPERTY VALUATIONS > Increase due to revaluation gains across Industrial, Office and Retail portfolios, 1H21 impacted by Retail devaluation AFFO

Higher operating profit and lower incentives compared to 1H21 > Higher maintenance capex due to timing of spend compared to 1H21 > Higher utilisation of prior year tax losses reflecting elevated Development EBIT

1. 1H21 has been restated.

1. EBIT includes share of net profit of joint ventures and associates.

2. Includes cost of goods sold interest of $6m for Commercial & Mixed Use (1H21: $nil) and $9m for Residential (1H21: $10m) and interest revenue of $2m (1H21: $3m).

3. Relates to the fair value gain on IPUC nearing completion (80 Ann Street, Brisbane QLD) and the initial fair value uplift from the independent valuations of recently completed investment property (Locomotive Workshop, South Eveleigh NSW).

10 FEBRUARY 2022 — 10

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

1H22 impacted by lockdowns as expected

• Net $25m COVID-19 EBIT impact in 1H22 ($20m in FY21 and $48m in FY20)

• Net billings $381m in 1H22 with 92% collected, down vs FY21 but an improvement on Q122[ 1]

• Impact concentrated in Retail (78%), with high cash collection rates maintained across Office (97%) and Industrial (99%) sectors

• Retail sales improving but arrears remain elevated; impact of Omicron and extension of commercial code of conduct in NSW & VIC to March 2022 likely to impact collection until Q422

• Total aged tenant arrears of $54m (FY21: $34m) 100% covered by ECL provision

CASH COLLECTION AFFECTED BY RESTRICTIONS[ 2]

==> picture [442 x 308] intentionally omitted <==

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

100%
98%
95%
92%
90%
88%
82%
80
72%
60
40
Q420 [ 3] Q121 Q221 Q321 Q421 Q122 Q222
FY20 FY21 FY22
Total Investment portfolio cash collection Retail cash collection
TOTAL COVID-19 EBIT IMPACT
FY20 FY21 1H22
$m $m $m
—
Office (7) (3)
Retail (40) (20) (22)
Other (1) — —
Total (48) (20) (25)
----- End of picture text -----

1. Excluding development impacted assets.

2. Quarterly cash collection stats reflect YTD cash collection at that point in time.

3. Q420 cash collection only.

10 FEBRUARY 2022 — 11

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Capital management position remains strong

==> picture [46 x 47] intentionally omitted <==

A3/A-

CREDIT RATINGS MOODY’S / FITCH

==> picture [51 x 42] intentionally omitted <==

3.3%

AVERAGE BORROWING COST[ 2]

==> picture [20 x 343] intentionally omitted <==

==> picture [43 x 43] intentionally omitted <==

==> picture [7 x 34] intentionally omitted <==

==> picture [60 x 32] intentionally omitted <==

==> picture [7 x 30] intentionally omitted <==

==> picture [7 x 27] intentionally omitted <==

==> picture [7 x 24] intentionally omitted <==

==> picture [7 x 18] intentionally omitted <==

22.3% $750m GEARING[ 1] CASH & UNDRAWN FACILITIES <6% $413m OF TOTAL DEBT 1H22 OPERATING MATURING BEFORE FY24 CASH FLOW

1. 1 yrs AVERAGE DEBT MATURITY PROFILE

==> picture [37 x 41] intentionally omitted <==

$413m 57% 1H22 OPERATING OF TOTAL CASH FLOW DEBT HEDGED

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

2. Including margin and line fees.

10 FEBRUARY 2022 — 12

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Capital Allocation Chief Investment Officer

==> picture [223 x 8] intentionally omitted <==

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

Aspect Kemps Creek, Sydney (artist impression, final design may differ)
----- End of picture text -----

==> picture [248 x 309] intentionally omitted <==

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

Development
Recurring income
funds distributions and
future developments
Development
EBIT
NTA Integrated
Uplift Investment
Portfolio
New recurring
Delivers new assets
high quality
rental income
Asset & funds
management
fee income
----- End of picture text -----

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Capital allocation focused on urbanisation of major cities

• Asset sales progressing well

• Tramsheds Sydney and Quay West, Sydney exchanged at 53% and 35% premium to book value respectively

• Allendale Square, Perth on market for sale

• Active/passive mix of total invested capital is currently 12% / 88%, with active capital increasing as development pipeline is activated

• Roll out of development pipeline will increase BTR and Industrial share of IIP over time

• Third-party FUM at $10.3bn with completion of new Sunsuper investment partnership including acquisition of 49% stake in Locomotive Workshop, Sydney

• 20% p.a FUM CAGR[ 1] , future growth supported by ~$13bn development pipeline

OPTIMISING PORTFOLIO WITH NON-CORE ASSET SALES

Asset	Sector	Status	Premium to Book
340 Adelaide Street, Brisbane	Ofice	Sold FY21	+11%
Cherrybrook Village, Sydney	Retail	Sold 1H22	+43%
Travelodge Portfolio	Hotels	Exchanged	+19%
Tramsheds Sydney	Retail	Exchanged	+53%
Quay West, Sydney	Car park	Exchanged	+35%
Allendale Square, Perth	Ofice	On market

~$26BN TOTAL ASSETS UNDER MANAGEMENT

==> picture [114 x 114] intentionally omitted <==

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

$13.4bn
PASSIVE INVESTED
CAPITAL [ 2]
----- End of picture text -----

==> picture [27 x 7] intentionally omitted <==

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

OFFICE
----- End of picture text -----

$8.1bn of office assets, 85% SYD/MEL[ 3] , 98% A/Prime grade[ 3] , WACR 5.1% INDUSTRIAL $1.5bn of SYD industrial assets, WACR 4.4% RETAIL

$3.2bn urban portfolio, 67% SYD/MEL[ 3] , WACR 5.4% BUILD TO RENT $0.4bn, 100% SYD/MEL[ 3] , WACR 4.0% OTHER $0.2bn

==> picture [114 x 114] intentionally omitted <==

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

$1.9bn
ACTIVE INVESTED
CAPITAL
----- End of picture text -----

==> picture [460 x 116] intentionally omitted <==

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

RESIDENTIAL DEVELOPMENT Passive capital 88% Office 83%
$1.7bn of residential inventory Active capital 12% Retail 9%
valued at the lower of cost
Industrial 4%
and net realisable value
Other 4%
~26,800 pipeline lots with an average vintage of 8 years $15.3bn $10.3bn
TOTAL EXTERNAL ASSETS AND
COMMERCIAL & MIXED USE INVESTED FUNDS UNDER
82% SYD/MEL CAPITAL MANAGEMENT
----- End of picture text -----

1. FY15-1H22 annualised external assets under management growth.

2. Invested capital includes investment properties, IPUC, assets held for sale, JVA, deferred land and other financial assets on balance sheet.

3. By portfolio value, includes IPUC, assets held for development and assets held for sale.

10 FEBRUARY 2022 — 14

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Commercial & Mixed Use Development

==> picture [86 x 17] intentionally omitted <==

Chief Investment Officer

Harbourside, Sydney (artist impression, final design may differ)

==> picture [248 x 326] intentionally omitted <==

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

Development
Recurring income
funds distributions and
future developments
Development
EBIT
NTA Integrated
Uplift Investment
Portfolio
New recurring
Delivers new assets
high quality
rental income
Asset & funds
management
fee income
----- End of picture text -----

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Integrated development capability creating value

==> picture [887 x 371] intentionally omitted <==

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

ASSET VALUE CREATION DEVELOPMENT FLEXIBILITY
> $1bn of value created over last 6.5 years > Adjust designs to meet evolving
including $121m in 1H22 customer requirements
– $566m asset revaluations [ 1] > Sustainability leadership
– $449m realised development profit [ 1] > Leverage existing diversified business model skill-sets
> ~30% total return on average for within Mirvac to participate in complex development
completed developments opportunities with less competition
> $4.2bn of new assets created off-market (100% share) [ 1] > Construction cost and supply chain management
> ~$120m of new annual income created [ 2] (MGR share) > Tier 1 developer, scale and in-house design
> Capital partnering/FM income opportunities > Long development track record over 50 years
> Improve portfolio quality > Owner/developer – aligned interests
> Planning risk assessment/management
> Complex opportunities with government/public infrastructure
> Assessment/management of lease tail risks
NEW ASSET / INCOME GENERATION ney (artists impressionfina RISK MANAGEMENT
yd ld
t, S esi
ee gn
Str m
tt ay
Pi diff
55 er
)
----- End of picture text -----

1. Accumulated over FY15-1H22.

2. Annualised 1H22 income of all assets created between FY15-1H22.

10 FEBRUARY 2022 — 16

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Commercial and Mixed use development pipeline has expanded

DEMONSTRATED DEVELOPMENT CAPABILITY AND TRACK RECORD

Moving from a predominately residential and office developer to

• a recognised creator and curator of leading mixed use precincts and places

Pipeline significantly larger and more diversified

JUN 15 DEC 21 Office 94% Industrial 6% $3.4bn +3.8x $12.9bn PIPELINE[ 3] PIPELINE[ 3]

50% Industrial 18% Mixed Use 21% BTR 11%

==> picture [887 x 26] intentionally omitted <==

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

ACTIVE PIPELINE UPDATE
----- End of picture text -----

==> picture [709 x 209] intentionally omitted <==

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

Size: ~61,000 sqm Size: ~61,000 sqm Size: 2.2 ha Size: ~72,000 sqm
Pre-leased: 93% [ 4] End value: >$1.8bn [ 3] End value: TBC Pre-leased: 38% [ 4]
End value: $863m [ 3] Potential completion: Status: Repositioning/ End value: $277m [ 3]
Status: Complete CY26 change of use Status: Construction
Q4FY22 Status: Stage opportunity underway, FY23
1 DA awarded completion
and demolition
commenced
80 ANN STREET, BNE [ 1] 55 PITT STREET, SYD [ 1] 34 WATERLOO ROAD, SYD SWITCHYARD, AUBURN, SYD [ 1]
Size: ~36,000 sqm Size: ~24,000 sqm Size: 474 units Size: 490 units
commercial/retail, office [ 2] , ~7,000 sqm Yield on cost: >4.5% Yield on cost: >4.5%
150 residential retail and 320+ Status: Early Status: Completion
units, student residential units works construction targeted late CY22
accommodation and End value: ~$1.8bn [ 3] commenced
social housing Status: Stage 1 1H22, target
End value: ~$915m [ 3] DA received and FY24 Completion
Status: All 5 DAs design competition
now approved concluded
WATERLOO METRO QUARTER, SYD [ 1] HARBOURSIDE, SYD [ 1] LIV ASTON, MEL [ 1] LIV MUNRO, MEL [ 1]
----- End of picture text -----

1. Artist impression, final design may differ.

Size: ~211,000 sqm Pre-leased: 63%[ 4] End value: ~$700m[ 3] Status: DA & Construction commencement 2H22, staged completion CY23+ ASPECT, KEMPS CREEK, SYD[ 1] Size: 396 units Yield on cost: >4.5% Status: Construction commenced 1H22, target FY24 Completion LIV ANURA, BNE[ 1] Office Industrial Mixed Use BTR

1. Subject to final DA.

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

3. Including non-binding heads of agreements.

10 FEBRUARY 2022 — 17

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Momentum building for Harbourside mixed use development site

==> picture [461 x 316] intentionally omitted <==

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

$1.8bn
Artist impression, final design may differ EXPECTED
[ 2]
----- End of picture text -----

100% MIRVAC OWNED – URBAN MIXED USE SITE

• Purchased retail shopping centre in 2013 and achieved higher and better use for the site

• IPC stage 1 DA approval received Jun 2021

• International Design competition winner announced (Snøhetta+Hassell)

TARGETING COMBINATION OF 5 & 6 STAR GREEN AND WELL RATINGS

• Targeting all-electric residential and office buildings

• Design that acknowledges Place & Country

• 10,000 sqm of public domain

• Potential >$1.8bn end value[ 2]

POTENTIAL CONSTRUCTION COMMENCEMENT 2023

The development will showcase Mirvac’s diversified mixed use capabilities:

~24,000 sqm ~7,000 sqm 320+ OFFICE RETAIL LUXURY APARTMENTS[ 1]

1. Subject to final DA.

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

10 FEBRUARY 2022 — 18

1H22 RESULTS

1 Progressing ~$29bn development pipeline

OFFICE / MIXED USE INDUSTRIAL BUILD TO RENT RESIDENTIAL 1 1 1 1 ~$9.2bn ~$2.3bn ~$1.4bn ~$16.4bn

==> picture [702 x 306] intentionally omitted <==

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

FY22
CONSTRUCTION COMPLETED CONSTRUCTION COMPLETED
Locomotive Workshop, South Eveleigh, SYD [ 3] Voyager, Yarra’s Edge, MEL [ 2] 80 Ann Street, BNE [ 2]
EXPECTED END VALUE [ 1]
$472m $304m $863m
FY23
Switchyard, Auburn, SYD [ 2] LIV Munro, MEL [ 2] The Langlee, Waverley, SYD [ 2,4] NINE Willoughby, SYD [ 2] Green Square, SYD [ 2] Forme Tullamore, MEL [ 2]
EXPECTED END VALUE [ 1]
$277m ~490 units $143m ~$768m ~$1.5bn ~$82m
----- End of picture text -----

FY23 & beyond

Industrial Aspect, Kemps Creek, SYD Elizabeth Enterprise, Badgerys Creek, Industrial SYD (Stage 1 & 2) Industrial 34 Waterloo Road, SYD Mixed use Waterloo Metro Quarter, SYD Mixed use Harbourside, SYD Office The Civic, MEL Office 90 Collins Street, MEL Office 55 Pitt Street, SYD Office 383 La Trobe Street, MEL Office 75 George Street, Parramatta Office 200 Turbot Street, BNE[ 5] Mixed use Green Square, SYD Residential Waterfront Sky, BNE BTR LIV Anura, BNE BTR LIV Aston, MEL BTR LIV Albert Fields, MEL

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

2. Artist impression, final design may differ.

3. Completed 1H22, not included in ~$29bn future development pipeline.

4. Formerly Waverley Bowling Club, Sydney.

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

10 FEBRUARY 2022 — 19

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Integrated Investment Portfolio

==> picture [106 x 17] intentionally omitted <==

Head of Integrated Investment Portfolio

Development Recurring income funds distributions and future developments Development EBIT NTA Integrated Uplift Investment Portfolio New recurring Delivers new assets high quality rental income Asset & funds management fee income

The Foundry, South Eveleigh, Sydney

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Modern sustainable office portfolio driving outperformance

RESILIENT OFFICE PORTFOLIO

BIFURCATION OF TENANT DEMAND IS SUPPORTING OUR OFFICE STRATEGY

• Office NOI up 0.6% on pcp to $181m, including LFL NOI growth of 0.8% including COVID-19 impacts

• Net valuation gains of $127m up 1.6% over the half, with capitalisation rate compression of 4bps to 5.10%

• Completed Locomotive Workshop, Sydney 97% leased[ 1] , early occupation 80 Ann Street, Brisbane; 93% pre-leased[ 1]

• Occupancy of 95%[ 2] , ~25,000 sqm of leasing, 5.2% releasing spreads, 26% incentive

• WALE 6.3 years[ 3] , limited expiry (9%)[ 3] over the next 18 months

• Cash collection rates remains high at 97%, with <2% of income exposed to tenants <400 sqm

• ~300bps outperformance[ 4] of Mirvac office portfolio vs office index over last 3, 5 and 15 years

OFFICE PROPERTY RETURNS: MIRVAC PORTFOLIO VERSUS MARKET BENCHMARK Based on compound average annual returns to Jun 21

==> picture [424 x 138] intentionally omitted <==

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

16%
12.6 13.0
12
11.4 10.8
10.1 10.0
8 7.8 7.8 7.5
6.8
4
0
15 YRS 10 YRS 5 YRS 3 YRS 1 YR
1. Including non-binding heads of agreement. Mirvac Office Portfolio Australian Office Benchmark
2. By area, excludes IPUC & assets held for development. Source: Real Investment Analytics
----- End of picture text -----

1. By area, excludes IPUC & assets held for development.

2. By income, excludes IPUC & assets held for development.

==> picture [20 x 316] intentionally omitted <==

• Early signs of recovering demand – strongest for prime, high-amenity, well-located, touchless, technology-rich, sustainable buildings

• Sydney market vacancy for assets built post 2000 half that of older assets

• 85% of portfolio[ 5] developed by MGR by end of FY22

• Average age of portfolio 11.8 years, 98% of portfolio prime[ 5]

• Average Office NABERS rating 5.3 Stars

• Low capex, 0.3% p.a. of asset value over last 4 years

SYDNEY A-GRADE VACANCY – ASSETS BUILT PRE/POST 2000

==> picture [424 x 138] intentionally omitted <==

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

1,800,000 sqm 14%
1,654,859
13% 12
10
1,200,000
8
700,404 6% 6
600,000
4
211,469 2
40,886
0 0
Post-2000 Pre-2000
Building Stock Vacancy (sqm) Vacancy (%)
Source: Arealytics, January 2022
----- End of picture text -----

1. As at June 2021.

2. By portfolio value.

10 FEBRUARY 2022 — 21

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Industrial portfolio leveraging strong Sydney market

WELL-LOCATED, HIGH-QUALITY, MODERN INDUSTRIAL PORTFOLIO

• Strategically positioned 100% Sydney[ 1] Industrial portfolio benefiting from e-commerce, robust occupier demand and rising land values

• Industrial LFL NOI up 1.7% on pcp to $27m

• High occupancy of 100%[ 2] , WALE remains attractive at 7.1 years[ 3]

• Net valuation gains of $106m, up 7.2% over the half, with capitalisation rate compression of 34bps to 4.44%

• Cash collection rates remain high at 99%

• Low incentives and only modest capex leakage

PORTFOLIO GROWTH TO COME FROM ~$2.3BN[ 5] DEVELOPMENT PIPELINE

• Settled land purchase and commenced construction at Switchyard, Auburn (14ha urban infill location) and secured significant pre-leased across 38%[ 4] of space. Expected end value of ~$277m[ 5] in FY23. Market vacancy ~1%

• Settled land at Aspect, Kemps Creek (56ha) with 63%[ 4] pre-leased. Potential end value >$700m[ 5] . Target DA and construction commencement in 2H22

• Continued to advance 90ha Elizabeth Enterprise Precinct, Badgerys Creek, set to benefit from substantial infrastructure investment and located just 800m from second Sydney airport. Active discussions with a number of interested occupiers

• By portfolio value, excluding assets held in funds.

• By area.

• By income.

• Including non-binding heads of agreements.

==> picture [458 x 345] intentionally omitted <==

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

INDUSTRIAL LAND SECURED ON ATTRACTIVE TERMS [ 6]
$1,200/sqm 10%
9
1,000
8
800
7
600 6
5
400
4
200
3
0 2
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
JLL – Av Sydney land values (2-5Ha) (LHS) JLL Sydney prime industrial cap rate (RHS)
M
S
S
RD
I
E
T
,
A
R E
A
K P
E
P ,
Y A
S
E R
,
B
,
R
H U
T C
E N
E A
B
C
C
R
R
T D
U
E
C
T
E
B
G
I
R
N
R
P
I
E
W
L
E E
S
E
N
K
A
R
S
A
E
7
7
H Y
C K
ELIZABET SCREEK7
----- End of picture text -----

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. Arrows indicate timing site was secured.

3. Artists impression, final design may differ.

10 FEBRUARY 2022 — 22

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Retail turning a corner

• Retail sales are recovering, but remain subdued in CBD locations

• Valuations improving, rising $75m or +2.5% (28% of portfolio externally revalued in 1H22)

• Net cash collections 78% for the half year (improving from 71% at 1Q22)

• Executed 128 regular leasing deals across ~18,500 sqm in the half year, releasing spreads of -0.9% and incentives similar to FY21, focusing on shorter term deals (12-24 months) enabling renegotiations when conditions normalise

• Achieved comparable specialty sales productivity of $9,015/sqm[ 1] and specialty occupancy costs of 16.5%[ 2]

• Maintained high occupancy of 97.6%[ 3,4] , with holdovers remaining elevated at 5%, occupancy excluding CBD 98.1%[ 3,4]

• 95% of stores open with 77% trading without restrictions

• CBD Assets (11% of retail portfolio[ 5] ) remain the major drag on performance but remain well positioned for resumption of immigration, tourism and return to office

RETAIL MAT OUTSIDE OF CBD HAS RECOVERED WELL

	% Portfolio	Dec 21 MAT	Dec 21 MAT	Net valuation
	(by income)	vs Dec 20	vs Dec 19	movement
CBD and out of trade area6	38%	(9.2%)	(25.5%)	0.4%
Convenience and QLD	62%	4.1%	2.3%	4.1%
Total	100%	(1.0%)	(9.6%)	2.5%

BASKET SIZE HAS BEEN GROWING

Mirvac retail portfolio spend per visit[ 7]

==> picture [139 x 139] intentionally omitted <==

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

$43.08
DEC 21
----- End of picture text -----

==> picture [257 x 134] intentionally omitted <==

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

$29.34 $36.32
DEC 19
DEC 20
----- End of picture text -----

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

2. Includes contracted COVID-19 tenant support.

3. By area.

4. Excluding Harbourside, Sydney.

5. By portfolio value.

6. Out of trade area assets include Birkenhead Point Brand Outlet, Broadway Sydney, Rhodes Waterside, 1-3 Smail Street and 80 Bay Street, Ultimo.

7. Comparable portfolio ($MAT/ Foot traffic).

10 FEBRUARY 2022 — 23

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

2 ~$1bn of Build to Rent pipeline now under construction

• Resumption of positive leasing momentum at LIV Indigo, Sydney following temporary COVID-19 related disruption in September quarter, now 93%[ 1] leased and approaching stabilisation

• Strong customer traction

• 4.03 star satisfaction ratio and 4.7 star Google rating

• 82% of LIV residents have recommended LIV to family and friends

• ~40% pet ownership, with >70% residents spending >1 hour using amenities each week

• Residential vacancy rate declining, rental growth returning to major capital cities

BUILD TO RENT DEVELOPMENT PIPELINE PROGRESSING WELL

• LIV Munro, Melbourne (490 units), LIV Aston, Melbourne (474 units), LIV Anura, Brisbane (396 units) developments underway representing ~$1bn of end value[ 2]

• Progressing planning for LIV Albert Fields in Brunswick, Melbourne for ~490 units

LEASING AT LIV INDIGO, MOMENTUM RESUMED WITH LIFTING OF RESTRICTIONS

==> picture [387 x 179] intentionally omitted <==

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

93%
300 leased
impacted by
lockdown restrictions
200
100
0
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2020 2021 2022
----- End of picture text -----

• Capital partnering exploration process has commenced

• 2,165 units and ~$1.6bn[ 2] estimated end value on completion of total build to rent portfolio

• Using learnings from our live operational asset helps shape our pipeline product and amenity mix

• Active engagement on potential new sites with medium term target of >5,000 units across platform

• The return of international students and temporary visa holders bodes well for development completions from FY23+

• 93% as at 31 January 22, 88% as at 31 December 21.

==> picture [119 x 119] intentionally omitted <==

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

93 %
LEASED [ 1]
----- End of picture text -----

==> picture [204 x 9] intentionally omitted <==

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

LIV INDIGO RESIDENT HOUSEHOLD SPLIT
----- End of picture text -----

==> picture [128 x 129] intentionally omitted <==

==> picture [46 x 55] intentionally omitted <==

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

Couple 52%
Single 23%
Family 17%
Share 4%
Other 4%
----- End of picture text -----

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.

10 FEBRUARY 2022 — 24

==> picture [214 x 8] intentionally omitted <==

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

Quay Waterfront, Brisbane (artist impression, final design may differ)
----- End of picture text -----

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

==> picture [267 x 458] intentionally omitted <==

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

Stuart Penklis
Head of Residential
Development
Recurring income
funds distributions and
future developments
Development
EBIT
NTA Integrated
Uplift Investment
Portfolio
New recurring
Delivers new assets
high quality
rental income
Asset & funds
management
fee income
----- End of picture text -----

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Residential sales momentum underpins future earnings

REMAIN ON TRACK FOR >2,500 SETTLEMENT GUIDANCE

REPUTATION, BRAND AND HIGH-QUALITY PRODUCT DRIVING DEMAND

• 1,303 settlements (+21% on pcp), remain on track to achieve >2,500 settlement guidance

• Margins remain elevated due to significant skew to MPC

• Defaults returned to <2%[ 1] in line with long-term average

• COVID-19 disruption to construction actively managed to minimise impact

• Rising supply chain costs (timber, labour, re-enforced steel) minimised by internalised design and construction capability and offset by price escalation built into feasibilities

• Strong sales momentum continues with 1,814 sales (+33% on pcp) in 1H22

• MPC sales momentum continues, primarily driven by upgraders and FHBs

• Cobbitty, NSW land acquisition (~950 lots) on capital efficient terms to contribute to MPC sales from FY23

• Successful release of four major apartment projects (450 lots), further three major launches planned for 2H22

• High owner-occupier focus attracted to relative affordability, quality, amenity and brand

• Pre-sales balance increased to ~$1.5bn, providing greater earnings certainty from FY23 onwards

1H22 MAJOR SETTLEMENTS Project	Product	1,303	Lots
		~~LOT SETTLEMENTS~~
Smiths Lane, VIC	Masterplanned Communities		179
Voyager Yarra's Edge, VIC	Apartments		177
Woodlea, VIC	Masterplanned Communities		161

1H22 SALES HIGHLIGHTS

Project	Product	Lots released	Pre-sold2
Woodlea, VIC	Masterplanned Communities	227	100%
Smiths Lane, VIC	Masterplanned Communities	187	97%
NINE Willoughby, NSW	Apartments	118	70%

1. 12 month rolling default rate 31 December 2021.

RESIDENTIAL SALES REMAIN STRONG

==> picture [470 x 186] intentionally omitted <==

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

1,200
800
400
0
QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2
FY19 FY20 FY21 FY22
NSW QLD VIC WA
----- End of picture text -----

1. Including deposits and conditional exchanges as at 31 December 2021.

10 FEBRUARY 2022 — 26

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Major apartment launches progressing with pre-sales at ~$1.5bn

==> picture [905 x 317] intentionally omitted <==

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

PROJECT VALUE PROJECT VALUE PROJECT VALUE PROJECT VALUE PROJECT VALUE PROJECT VALUE PROJECT VALUE PROJECT VALUE PROJECT VALUE
1 1 1 2 2 1 1 1 1
$216m $197m $82m $768m $207m $96m $143m ~$125m ~$185m
63% 100% 48% 70% 29% 24% 55 115 135
PRE-SOLD PRE-SOLD PRE-SOLD PRE-SOLD [ 3] PRE-SOLD PRE-SOLD APTS APTS APTS
GREEN SQUARE, QUAY, FORME, NINE THE FREDERICK, ADOR, THE LANGLEE, CHARLTON HOUSE, ISLE
PORTMAN, SYD WATERFRONT, BNE TULLAMORE, MEL WILLOUGHBY, SYD GREEN SQUARE, SYD BURSWOOD, PER WAVERLEY, SYD ASCOT GREEN, BNE WATERFRONT, BNE
CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION
COMMENCED COMMENCED COMMENCED COMMENCED COMMENCED COMMENCED
FY21 1H22 MAJOR LAUNCHES EXPECTED 2H22 [ 4]
----- End of picture text -----

• *All project images are artists impression final design may differ.

• **Pre-sales include deposits and conditional exchanges as at 31 December 2021.

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

• Represents value of all future stages.

• Represents pre-sales of Stage 1 (118 lots released).

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

10 FEBRUARY 2022 — 27

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

The Mirvac difference

==> picture [905 x 49] intentionally omitted <==

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

Mirvac capability and track record winning market share
----- End of picture text -----

QUALITY PRODUCT, DEEP TRACK RECORD

DEVELOPMENT FLEXIBILITY

SCALE & RISK MANAGEMENT

• Upfront community amenity and infrastructure

• Strong focus on innovation, sustainability, and development waste reduction

• Long track record of delivering quality, award-winning projects

• High repeat customers ~30% (40% at NINE Willoughby, Sydney launch)

• Owner-occupier focus – 71% of 1H22 sales

• Operate across residential spectrum (land subdivision, homes, terraces, mid-rise and high-rise apartments)

• Levers to respond to buyer preferences and fast-track launches in prevailing market conditions

• In-house design capability provides greater design and build flexibility to respond to customer needs

• Leverage scale and forward pipeline to manage and mitigate supply chain shortages and cost inflation

• Balance sheet facilitates early construction commencement

• Planning risk assessment/management

• Winner of multiple industry awards, including UDIA QLD Development of the Year and PCA WA Best Masterplanned Community

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

==> picture [887 x 131] intentionally omitted <==

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

GUMNUT PARK, OLIVINE, MEL TULLAMORE BUILT-FORM, MEL GREEN SQUARE, SYD [ 1] FORME, TULLAMORE, MEL [ 1] WATERFRONT SKY, BNE [ 1]
LAND SUBDIVISION HOMES TERRACES MID-RISE APT HIGH-RISE APT
----- End of picture text -----

1. Artist impression, final design may differ.

10 FEBRUARY 2022 — 28

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Demonstrated track record of strategy execution

• Disciplined approach to restocking at the right time, in the right place and for the right price to unlock value and benefit from price growth

• Track record of securing sites at the right time, right place and on capital efficient terms

• Active APT restocking in FY15/16 supported record FY19/20 APT settlements

• MPC restocking in FY18/19 supported settlements from FY21 onwards

• APT restocking in FY20/21 to support FY23+ settlements

• 1,504 MPC lots secured over 1H22 including Cobbitty, NSW land acquisition (~950 lots) on capital efficient terms, to contribute to MPC sales from FY23

WELL-TIMED RESTOCKING OF PIPELINE

==> picture [624 x 189] intentionally omitted <==

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

8,000 lots 190
180
170
6,000
160
150
4,000 140
130
120
2,000
110
100
0 90
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 1H22
APT MPC Resi price index (RHS)
----- End of picture text -----

==> picture [121 x 121] intentionally omitted <==

1. Indicative only and subject to change depending on planning outcomes, development and construction decisions and market conditions.

2. By pipeline lots.

10 FEBRUARY 2022 — 29

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Apartment outlook supported by value proposition and supply shortages

IMPROVING APARTMENT DEMAND

APARTMENT LAUNCHES WELL-TIMED TO MEET FUTURE LACK OF SUPPLY AND POPULATION REBOUND

• Apartment relative affordability (vs established detached housing) is at all time high

• Rise in demand for premium, well-located, larger and higher specification apartments from owner occupiers

• Resumption of international migration from FY23 supportive of future demand

MEDIAN HOUSE TO UNIT PRICE PREMIUM

==> picture [14 x 6] intentionally omitted <==

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

70%
----- End of picture text -----

==> picture [425 x 194] intentionally omitted <==

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

60
50
40
30
20
10
0
Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21
Sydney Melbourne Brisbane Long term average
Source: CoreLogic 12-month median prices, Mirvac Research
----- End of picture text -----

==> picture [20 x 338] intentionally omitted <==

• We expect 2023/24 east coast apartment supply to be ~45% lower than 2018 levels, aided by absence of offshore developers and tighter credit availability

• Mirvac launched 6 major apartment projects in last 12 months with a further 3 scheduled for 2H22 (settlements expected FY23/24+)

HIGH DENSITY COMPLETIONS VS NET POPULATION ADDITIONS[ 1]

==> picture [423 x 233] intentionally omitted <==

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

Sydney, Melbourne & Brisbane
Population Apartments
300,000 55,000
FY23+ Major Mirvac APTs completions
250,000
50,000
200,000
45,000
150,000
40,000
100,000
35,000
50,000
30,000
0
(50,000) 25,000
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
High Density Dwelling Completions (RHS) Population Additions (LHS)
Source: BIS Oxford Economics (Dec 21 forecast), Australian Government Centre for Population (Dec 21 forecast)
----- End of picture text -----

1. Annualised.

10 FEBRUARY 2022 — 30

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Summary & Guidance

Susan Lloyd-Hurwitz CEO & Managing Director

==> picture [248 x 309] intentionally omitted <==

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

Development
Recurring income
funds distributions and
future developments
Development
EBIT
NTA Integrated
Uplift Investment
Portfolio
New recurring
Delivers new assets
high quality
rental income
Asset & funds
management
fee income
----- End of picture text -----

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

2H22 outlook & guidance

We have a resilient business with increasing momentum, and we continue to deliver strong, visible cash flows, sustainable distribution growth and attractive returns for our securityholders

MAINTAIN EARNINGS GUIDANCE FOR FY22

OPERATING EPS AND DPS

Whilst the recent market shifts have created some uncertainty, we maintain our FY22 earnings guidance of:

• EPS: At least 15.0cpss representing an increase of at least 7.1%

• DPS: Guidance of 10.2cpss, providing distribution growth of 3% on FY21

• 2,500 residential lot settlements

We provide this guidance based on:

• Defensive qualities of our modern Investment portfolio with high-quality tenants, limited lease expiries and with appropriate allowances in our forecast to manage tenant rental relief

• Commercial & Mixed Use Development EBIT secured; including contribution from the Locomotive Workshop, Sydney and 80 Ann Street, Brisbane developments

• 95% of expected FY22 Residential EBIT already secured

==> picture [423 x 205] intentionally omitted <==

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

16.0 cents
GUIDANCE FY22 EPS
at least 15.0
at least 7.1%
14.0 14.0
GROWTH ON FY21
12.0
10.2
10.0 9.9
8.0
6.0
FY21 EPS FY22 EPS GUIDANCE FY21 DPS FY22 DPS GUIDANCE
----- End of picture text -----

Our full year guidance is based on the assumption that business conditions will normalise over 2H22 as the disruption from the Omicron variant of COVID-19 eases.

10 FEBRUARY 2022 — 32

1H22 RESULTS

==> picture [51 x 33] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Important notice

Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mirvac Property Trust (ARSN 086 780 645). This presentation (“Presentation”) has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively “Mirvac” or “the Group”). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$).

The information contained in this Presentation has been obtained from or based on sources believed by Mirvac to be reliable. To the maximum extent permitted by law, Mirvac, its affiliates, officers, employees, agents and advisers do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation or that the information is suitable for your intended use and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).

This Presentation is not financial advice or a recommendation to acquire Mirvac stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation and the Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction.

To the extent that any general financial product advice in respect of the acquisition of Mirvac Property Trust units as a component of Mirvac stapled securities is provided in this Presentation, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services License. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of Mirvac Limited.

An investment in Mirvac stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac, including further COVID-19 impacts on market conditions, possible delays in repayment and loss of income and principal invested. Mirvac does not guarantee any particular rate of return or the performance of Mirvac nor does it guarantee the repayment of capital from Mirvac or any particular tax treatment.

This Presentation contains certain “forward looking” statements. The words “expected”, “forecast”, “estimates”, “consider” and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions which because of COVID-19, impacts remain unknown and uncertain. Forward-looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. To the full extent permitted by law, Mirvac Group and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current year amounts and other disclosures.

This Presentation also includes certain non-IFRS measures including operating profit after tax. Operating profit after tax is profit before specific non-cash items and significant items. It is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac’s financial statements ended 31 December 2021, which has been subject to review by its external auditors.

This Presentation is not an offer or an invitation to acquire Mirvac stapled securities or any other financial products and is not a prospectus, product disclosure statement or other offering document under Australian law or any other law. It is for information purposes only.

The information contained in this presentation is current as at 31 December 2021, unless otherwise noted.

10 FEBRUARY 2022 — 33

Page heading to go here

==> picture [103 x 65] intentionally omitted <==

==> picture [115 x 63] intentionally omitted <==

==> picture [308 x 10] intentionally omitted <==

CONTACT

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

Thank you

MIRVAC GROUP

Level 28, 200 George Street, Sydney NSW 2000