MIRVAC GROUP — Interim / Quarterly Report 2023

Apr 27, 2023

==> picture [595 x 114] intentionally omitted <==

28 April 2023

MIRVAC 3Q23 OPERATIONAL & BUSINESS UPDATE

Mirvac Group (Mirvac) [ASX: MGR] today released an operational update for the third quarter ended 31 March 2023, as well as a business update, and provided an earnings guidance update for FY23.

Mirvac’s Group CEO & Managing Director, Campbell Hanan, said: “We continued to execute against our strategy during the quarter, despite ongoing economic uncertainty. Our modern, sustainable investment portfolio is well occupied at 97.5 per cent, with elevated leasing activity, particularly in Build to Rent, with our newly opened asset, LIV Munro in Melbourne, already 54 per cent leased.

“We made strong progress on our asset sales program, with 60 Margaret Street/Met Centre in Sydney expected to be finalised and settle in Q4, while capital partnering and development initiatives are progressing across Office, Industrial and Build to Rent. Residential sales were slower during the quarter, however, an acutely undersupplied market, strong population growth, and stabilisation of established house prices and interest rates are expected to support ongoing demand in the medium term.”

FY23 Guidance Update:

As a result of sustained adverse weather conditions impacting residential settlement timelines and delayed settlement expectations at Aspect North into FY24, operating FY23 EPS guidance has been adjusted to at least 14.7cpss from at least 15.5cpss previously. FY23 residential settlements are now expected to be around 2,200 lots (previously >2,500), with the remaining lots now expected to complete and settle in FY24. Distribution guidance is 10.5cpss, representing 2.9% growth.

3Q23 Operational Highlights:

maintained high occupancy of 97.5%[1] across our Investment portfolio, with ~139,000sqm leased[2] . This includes high office occupancy of 96.1%[1] (3Q22: 95.3%) and strong leasing across build to rent (LIV Munro, Melbourne 54% leased and LIV Indigo, Sydney 96% occupied)

• progressed our ~$1.3bn asset disposal program, with 60 Margaret Street/MetCentre[3] expected to be finalised and settle in Q4, and we entered exclusive due diligence (DD) at 367 Colins Street, Melbourne

• advanced our funds management strategy, with a number of capital partnering initiatives underway, including:

• establishing a new BTR venture with two aligned long-term capital partners. Financial close expected in 4Q23, with Mirvac to retain ~45% of the venture

• progressing the establishment of an Industrial venture with an aligned capital partner, with heads of agreement[4] and exclusive DD underway

• securing a capital partner for 50% of our office development at 7 Spencer Street, Melbourne

• progressed our ~$30bn[5] development pipeline, with Switchyards, Auburn approaching practical completion (~84% pre-leased[6] ), and construction progress across our BTR pipeline

• achieved 1,133 residential sales FYTD, with pre-sales modestly increasing to ~$1.8bn[7]

• residential leads improved over the quarter to the highest level in 12 months, above our 10-year average

• settled 1,126 residential lots FYTD, with defaults minimal at 0.2%

• ranked number one in the world in Equileap’s Global Report on Gender Equality for an historic second time in two years, leading a global field of almost 4,000 companies across 23 countries.

• By area, excluding assets held for development.

• Excludes BTR leasing.

1. Contracts for sale have been signed and are being held in escrow, pending satisfaction of certain conditions.

2. Non-binding Heads of Agreement .

3. Represents 100% expected end value/revenue (including GST) at 31 December 2022, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 6. Includes non-binding heads of agreement (excluding heads of agreement Switchyard is ~66% and Aspect is ~64% pre-leased). 7. Represents Mirvac’s share of total pre-sales and includes GST.

==> picture [594 x 102] intentionally omitted <==

==> picture [595 x 114] intentionally omitted <==

Group Business Update

As part of his business update, Mr Hanan outlined the future focus for the business to leverage Mirvac’s key competitive advantages and reflects the current market conditions and major structural trends that are expected to persist over the next decade. It includes:

• retaining balance sheet flexibility to take advantage of future opportunities

• expanding the Funds Management offering across a broader suite of asset classes and product types including living sectors

• further improving the cash flow resilience of its high-quality $13.4bn Investment portfolio, with higher exposure to living sectors and Sydney-based industrial expected over time

• leveraging Mirvac’s integrated development capability to drive a more efficient allocation of capital, better utilisation of skills, and superior returns and risk management

• maintaining ESG leadership to future-proof the business against changing stakeholder requirements.

Mr Hanan said: “With ~$18bn of external AUM and a clear strategy to grow our funds management platform, third-party capital will play a critical role in our business into the future, as we look to unlock the substantial value embedded in our development pipeline and increase scale in living sectors and industrial. Our end-to-end development, management and investment expertise, our willingness to coinvest, and our ability to create best-in-class property investments are key to attracting aligned capital partners.

“We’ve had a clear focus on increasing the quality of our investment portfolio over the past ten years, and we now have one of the most modern, sustainable portfolios in the country. It is essential we continue to improve the cash flow resilience of our investment portfolio so that we can deliver superior investment returns and growing dividends to our security holders”

Mr Hanan said the Group has been restructured into Investments, Funds Management and Development, which will operate as separate EBIT divisions to reflect the growing scale of the Funds Management platform. Asset Management has been established as a separate business unit to Investment Management to remove any conflicts in the structure and provide independent service and support to both Mirvac and its third-party capital partners.

==> picture [594 x 102] intentionally omitted <==

==> picture [595 x 114] intentionally omitted <==

3Q23 Operational Update
Investments update:
				Build to
	Office	Industrial	Retail	Rent	Investments1
Cash Collection	99%	100%	96%	97%	98%
Occupancy (by area)	96.1%	100.0%	97.3%	96%2	97.5%
WALE (by income)	5.9 yrs	6.2 yrs	3.0 yrs	n/a	5.2 yrs
NLA leased FYTD	36,523 sqm	40,881 sqm	61,640 sqm	n/a	139,044 sqm
No. of lease deals FYTD	45	3	238	n/a	286
Re-leasing spreads FYTD	+4.5%	+8.9%	+0.2%	+7.4%

Office

• maintained high occupancy of 96.1%[3] , compared to office market vacancy of 13.7% and 15.6% in our core CBD markets of Sydney and Melbourne[4]

• maintained a long WALE of 5.9 years[5] , with lease expiry of 3%[5 ] for 4Q23

• executed 45 leasing deals across ~36,500sqm FYTD, with a gross releasing spread of >4.5%

• continued our asset disposal program, with 60 Margaret Street/MetCentre, Sydney[6] expected to be finalised and settle in Q423, and agreed terms and entered exclusive DD for 367 Collins Street, Melbourne.

Industrial

• maintained high occupancy of 100%[3] and a WALE of 6.2 years[5] , with lease expiry of <1% for 4Q23[5]

• • achieved three leasing deals across ~40,900sqm FYTD, with a gross leasing spread of 8.9%

• continued strong fundamentals across the sector and vacancy of 0.52% in Sydney[7] .

Retail

• grew total centre MAT portfolio sales by 19.1% on 3Q22 (+12.6% vs 2019), with positive foot traffic growth of 20.2%

• Broadway, Sydney received the Australian Shopping Centre News Big Guns award for most productive shopping centre in the country at $16,272/sqm

• cash collection steady at 96% (3Q22: 87%, 1H23: 95%)

• executed 238 leasing deals across ~61,600sqm FYTD, which is more than double 3Q22 (~30,200sqm). Positive gross releasing spreads of 0.2% were achieved.

Build to Rent

• achieved strong leasing at LIV Munro, Melbourne, which is 54% leased (1H23: 32%[8] ), with price escalation being realised

• maintained leasing momentum at LIV Indigo, Sydney Olympic Park, which is stabilised at 96% occupied and achieving 7.4% net effective rental growth

1. BTR excluded from total Investments calculations.

1. Occupancy by apartment. Excludes IPUC, display apartment and stabilising properties (LIV Munro).

2. By area, excluding assets held for development.

3. Source: JLL Research, March 2023.

1. By income, excluding assets held for development.

• 6 Contracts for sale have been signed and are being held in escrow pending satisfaction of certain conditions.

• Source: JLL, SA1, March 2023.

• As at 31 January 2023. LIV Munro was 18% leased as at 31 December 2022.

==> picture [594 x 102] intentionally omitted <==

==> picture [595 x 114] intentionally omitted <==

• strong market fundamentals, including residential vacancy on the east coast of <1.4%[1] , rent growth of >13%[2] , and a resumption of overseas migration underway, and restricted future supply.

Funds Management update:

• establishing a BTR venture with two aligned long-term capital partners. Financial close is expected in 4Q23, with Mirvac to retain ~45% of the venture

• signed heads of agreement[3] and exclusive DD with an aligned long-term capital partner for 49% of our Industrial venture (Switchyard, Auburn and Aspect North, Kemps Creek). Completion of the venture is expected in 4Q23, with Switchyard settlement expect FY23 and Aspect North in FY24

• securing a new 50% capital partner for our office development at 7 Spencer Street, Melbourne

• co-invested ~$230m in MWOF, with ~$400m capital raise planned for 4Q23 (68% underwritten). MWOF remains the #1 performing office fund over 12 months and has outperformed benchmarks over 1, 3, 5 and 7 years.

Development update:

Commercial & Mixed Use:

• progressed our BTR development pipeline, with ~$0.7bn[4] of assets under construction, including LIV Anura, Brisbane (396 apartments), and LIV Aston, Melbourne (474 apartments)

• progressed construction on our Sydney industrial developments, including Switchyard Industrial Estate, Auburn, (~84% pre-leased[5] ) and Aspect Industrial Estate, Kemps Creek, which is expected to be our first carbon neutral embodied carbon development. The project is ~64% pre-leased[2] , with strong tenant engagement for the remaining space

• lodged a demolition Development Application (DA) with Brisbane City Council for the Toombul site, following extensive flood damage in 2022

Residential:

• settled 319 residential lots during the quarter (1,126 FYTD). Due to sustained adverse weather conditions, we have revised our expectations to around 2,200 lot settlements in FY23 from >2,500 with the remaining lots now expected to complete and settle in FY24 .

• default rate remained low at 0.2%

• exchanged 288 lots during the quarter (1,133 FYTD), with sales remaining subdued as a result of higher interest rates, fewer product launches, and lower first-home buyer activity. Sales leads improved over the quarter to the highest level in 12 months

• increased residential pre-sales to ~$1.8bn[6] , with continued solid sales across established apartment precincts, Green Square, Sydney (76% pre-sold), Isle at Waterfront, Brisbane (80% pre-sold), Ascot Green, Brisbane (74% pre-sold), and Pavilions, Sydney (100% sold)

• successfully launched our first stage release at Cobbitty, our newest masterplanned community in Sydney (88% pre-sold), where we intend to deliver our latest all-electric community of 900 homes

• completed our first GBCA Certified Green Star Home at our masterplanned community, Waverley Park, Melbourne, which has achieved a 7.8 star NatHERS rating.

1. Source: SQM Research/Macrobond March 2023. Vacancy rate (all dwellings, seasonally adjusted), Sydney, Melbourne and Brisbane. 2. Source: CoreLogic March 2023. Annual unit growth in 12-month median rent, Sydney, Melbourne & Brisbane.

2. Non-binding Heads of Agreement.

3. Represents 100% expected end value/revenue (including GST), subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

4. Including non-binding heads of agreement (excluding heads of agreements Switchyard Industrial Estate, Auburn is ~66% pre-leased and Aspect Industrial Estate, Kemps Creek is ~64% pre-leased).

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

==> picture [594 x 102] intentionally omitted <==

==> picture [595 x 114] intentionally omitted <==

Further information on Mirvac’s 3Q23 performance and its Group Business Update is contained in the Mirvac Group 3Q23 & Business Update presentation, which was released to the market today and is available on the group website www.mirvac.com

The management presentation and conference call will be webcast from 9:30am (AEST).

For more information, please contact:

Media enquiries: Kate Lander General Manager, Communications +61 2 9080 8243

Investor enquiries: Gavin Peacock, CFA General Manager, Investor Relations +61 2 8247 1208

About Mirvac

Founded in 1972, Mirvac is an Australian Securities Exchange (ASX) top 50 company with an integrated asset creation and curation capability. For more than 50 years, we’ve dedicated ourselves to creating extraordinary urban places and experiences. We have over $35 billion of assets under management, together with a $12 billion commercial and mixed use development pipeline, and a $17 billion residential development pipeline, enabling us to deliver innovative and high-quality property for our customers, while driving long-term value for our securityholders.

==> picture [594 x 102] intentionally omitted <==

3 23 Operational Business Update Q Campbell Hanan Group CEO & Managing Director

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

Acknowledgement of Country

==> picture [67 x 37] intentionally omitted <==

Mirvac acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Owners of the lands and waters of Australia, and we offer our respect to their Elders past and present.

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

9 FEBRUARY 2023 APRIL 2023 | 01| 01

3Q23 OPERATIONAL & BUSINESS UPDATE

Our competitive advantage

Integrated asset creation and curation capability is our key competitive advantage:

• Unique in-house asset creation capability across multiple asset classes delivering:

• New, quality sustainable product to Investment portfolio and capital partners

• Development earnings and NTA uplift over time

• Strong, aligned asset curation capability and focus on asset quality:

• Delivers consistent superior investment portfolio returns

• Attracts capital, providing highly aligned and recurring funds management income streams and balance sheet support

Award-winning Australian urban asset creator, owner and manager

==> picture [441 x 356] intentionally omitted <==

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

Development EBIT
NTA Uplift
Delivers new assets
New recurring
high quality
rental income
New recurring asset
& funds management fee
& co-investment income
R
U
o
n
C
C
nt
an
a
E
p
a
l
m
R
T
T
e
a
g
A
A
e
P
M
E
E
e
m
TI
T
g
v
m o
S
S
et m
IO
s
s
e
e
S O
S
e
e
t r
d
s n
A N
A N
n
s t
m
A t
D
n
t
e f
u e
v o
n
l
F
n i
t
I o
----- End of picture text -----

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

9 FEBRUARY APRIL 2023 | 02

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

Business responding to long-term structural trends

==> picture [67 x 37] intentionally omitted <==

Mirvac’s business leverages structural mega-trends, supporting earnings growth over time

==> picture [74 x 74] intentionally omitted <==

==> picture [75 x 74] intentionally omitted <==

==> picture [74 x 74] intentionally omitted <==

Urbanisation, densification, and regeneration

Institutional capital demand Growth in domestic superannuation industry driving quality real estate investment demand and global capital remains attracted to Australia

Changing demographics and consumer behaviours

Further densification of cities driven by migration, urban renewal and infrastructure. Acute residential accommodation affordability, and under supply

Increase in millennials and digital natives, ageing population, rise of online, real time and convenience, and record surge in migration

==> picture [74 x 74] intentionally omitted <==

==> picture [74 x 74] intentionally omitted <==

ESG focus

Technology driving change Increased reliance on technology driving changes in real estate utilisation

Sustainability a “must have”, shaping consumer and investment decisions

==> picture [191 x 8] intentionally omitted <==

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

Harbourside, Sydney (artist impression, final design may differ)
----- End of picture text -----

APRIL 2023 | 03

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

Future focus

Retain balance sheet flexibility Expand Funds Management offering Continue to increase cash flow resilience of Investment portfolio Leverage integrated Development capability Continued leadership in sustainability and culture

LIV Albert Fields, Melbourne (artist impression, final design may differ)

9 FEBRUARY APRIL 2023 | 04

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

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

Retain Balance Sheet flexibility

Current position

• Strong balance sheet and liquidity position

• Significant coverage over leverage and interest cover covenants

==> picture [491 x 283] intentionally omitted <==

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

24% ~$1.3bn A3/A- ~$1.2bn >5x
Balance sheet gearing [1] Disposal program [1] Credit rating [1] Available liquidity [1] ICR [1]
Invested Capital
Target 20-30% allocated to Active Capital (including IPUC)
100%
80
60
40 Max
30%
20
0
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 1H23
Target active capital range 20-30% Active Invested Cap (excl. IPUC) IPUC Passive Invested Cap (excl. IPUC)
----- End of picture text -----

==> picture [67 x 37] intentionally omitted <==

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

FUTURE FOCUS

Ensure flexibility to execute strategy and take advantage of opportunities

• Maintain modest gearing (target low-mid end of 20-30% range)

• Target dividend payout ratio 60-80% of EPS

• Maintain A3/A- credit ratings

• Target 20-30% of capital deployed to active, which includes IPUC[2] and development inventory

• Increased capital discipline on development spend

• Increased use of strong capital partner relationships

• Recycle capital out of older, lower return assets

• Increased focus on cost efficiencies and productivity

==> picture [87 x 7] intentionally omitted <==

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

1. As at 31 December 2022.
----- End of picture text -----

==> picture [162 x 8] intentionally omitted <==

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

2. Investment Properties Under Construction (IPUC).
----- End of picture text -----

==> picture [193 x 19] intentionally omitted <==

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

LIV Anura, Brisbane (artist impression, final design may differ)
APRIL 2023 | 05
----- End of picture text -----

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

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

Expand Funds Management offering

Current position

• Continued institutional demand for quality, modern, sustainable real estate in Australia

• Strong alignment of interest model (capital alignment considered in development and investment decisions) and corporate governance track record

• Capital partnerships help unlock value in development pipeline, enhance returns in a rising cost of capital environment, maintain balance sheet discipline, and add annuity earnings

• External AUM has grown by 28% pa since FY15 to ~$18bn[1]

BENEFITS OF FUNDS MANAGEMENT STRATEGY EXPANSION

Diversifies Accelerates Co-invest Improves capital sources development opportunities ROIC Unique alignment Utilises in-house AUM scale of interest model D&C capabilities & synergies ~$18bn External assets under management[1]

==> picture [67 x 37] intentionally omitted <==

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

FUTURE FOCUS

Expand Funds Management offering to unlock development pipeline

• Increase partnering across broader suite of asset classes and product types, including living sectors, with aligned partners with scope for growth

• Restructure organisation separating Funds Management, Investments and Asset Management, addressing conflicts of interest and helping to drive performance driven culture

• Utilise Mirvac’s deep in-house creation & curation capabilities to continue to deliver market leading investment and sustainability performance

• Drive new Funds Management growth initiatives underway across BTR, Industrial and MWOF

• Maintain co-investment model to align interest with capital partners

==> picture [77 x 19] intentionally omitted <==

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

Collins Place, Melbourne
APRIL 2023 | 06
----- End of picture text -----

1. As at 31 December 2022, includes funds and assets under management.

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

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

Continue to increase resilience of Investment portfolio

==> picture [67 x 37] intentionally omitted <==

Current position

Active management has driven strong uplift in portfolio quality

• ~$4.2bn of assets disposed over last 10 years

• ~$6bn[4] of assets created over last 8 years (13 new assets across BTR, Industrial and Office)

• 97.5% occupied Investment portfolio

• Established new BTR asset class (6% of portfolio)

• Industrial 100% Sydney exposed[1]

• 100% urban retail

• Prime, modern, sustainable, low capex Office portfolio[2]

Portfolio quality and development has driven excess returns over all time periods

All property returns: Mirvac portfolio versus market benchmark based on compound average annual returns

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

FUTURE FOCUS

Continue to lift exposure to high‑quality, modern, capex light assets

Focus on cash flow resilient sectors Current Investment portfolio[ 3] with positive structural tailwinds

Increased exposure to living sectors including BTR and Land Lease communities

Lift industrial exposure

12.0%

==> picture [482 x 106] intentionally omitted <==

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

10.1% 10.0%
8.0 9.2%
7.8% 7.5% 7.9% 7.8%
6.1% 6.1%
4.0 5.5%
0
1 YRS 3 YRS 5 YRS 10 YRS 12 YRS
Source: RIA commercial property market return indicator as at December 2022 Mirvac portfolio Benchmark
----- End of picture text -----

• Moderate office exposure with focus on modern prime assets

==> picture [289 x 20] intentionally omitted <==

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

Maintain urban retail focus Office 60% Industrial 12%
Retail 22% Build to Rent 6%
----- End of picture text -----

1. By portfolio valuations as at 31 December 2022.

2. 98% of Office portfolio Prime (46% premium), 10 year average age, 84% built or refurbished by Mirvac, 5.3 Star average NABERS rating, 0.24% maintenance capex (4.5 year pa average) as at 31 December 2022.

3. By total property portfolio valuations, which includes IPUC, assets held for sale/on market for sale, and properties being held for development as at 31 December 2022.

4. 100% share end value of developments completed

==> picture [125 x 19] intentionally omitted <==

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

Heritage Lanes, 80 Ann Street, Brisbane
APRIL 2023 | 07
----- End of picture text -----

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

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

Leverage integrated Development capability

Current position

• 50-year track record of development through cycles

• Integrated development, design and construction capability and reputation for quality is a critical competitive advantage

• Multi-sector development capability provides resilience of earnings across asset cycles

• Broad Residential development pipeline, deep capabilities, and trusted brand to leverage persistent structural under supply of residential accommodation

EXTENSIVE BENEFITS OF INTEGRATED DEVELOPMENT CAPABILITY

==> picture [478 x 79] intentionally omitted <==

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

Improved Superior
portfolio quality/ investment Risk Sustainability Strategic site FUM
modernisation returns management objectives acquisitions Earnings growth
----- End of picture text -----

==> picture [478 x 31] intentionally omitted <==

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

DEEP MULTI-SECTOR DEVELOPMENT CAPABILITY
----- End of picture text -----

==> picture [483 x 111] intentionally omitted <==

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

INDUSTRIAL OFFICE BUILD TO RENT APARTMENTS MASTERPLANNED COMMUNITIES MIXED USE
Switchyard Industrial Estate, SYD [1] 7 Spencer Street, MEL [1] LIV Anura, BNE [1] NINE Willoughby, SYD [1] Smith’s Lane, MEL [1] Harbourside, SYD [1]
----- End of picture text -----

==> picture [67 x 37] intentionally omitted <==

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

FUTURE FOCUS

More selective in deployment of capital

• Utilise capital efficient structures and capital partnering to drive higher development ROIC and improve flexibility of pipeline

• Re-organisation of structure unifying Development division, driving efficient capital allocation, better utilisation of skills across the business, and talent development and retention

• Increased utilisation of digitalisation and prefabrication techniques to improve efficiency and safety

==> picture [192 x 19] intentionally omitted <==

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

LIV Anura, Brisbane (artist impression, final design may differ)
APRIL 2023 | 08
----- End of picture text -----

1. Artist impression, final design may differ.

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

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

Continued leadership in ESG & Culture

==> picture [67 x 37] intentionally omitted <==

ESG AT THE HEART OF EVERYTHING THAT WE DO

==> picture [250 x 32] intentionally omitted <==

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

STRONG EMPLOYMENT BRAND & CULTURE
----- End of picture text -----

Achieved Net positive in scope 1 and 2 carbon emissions 9 years ahead of 2030 target

AAA Rating

5.0 star

NABERS Average Water Rating

5.25 star

NABERS Average Energy Rating

==> picture [119 x 30] intentionally omitted <==

1 in property, construction and transport category in 2022

==> picture [72 x 80] intentionally omitted <==

FUTURE FOCUS

Future proof business for structural changes in customer, capital and regulator requirements

==> picture [88 x 55] intentionally omitted <==

Utilise internal D&C capabilities to pursue Scope 3 targets by 2030, zero waste and net positive water > Maintain culture as a source of competitive advantage – safety, diversity, purpose, innovation and talent development

==> picture [888 x 170] intentionally omitted <==

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

Planet positive in carbon, By 2025 we’ll have invested $50 million Most trusted
ESG
E [:] waste and water by 2030 S [:] to create a strong sense of belonging G [:] owner & developer
Doing no harm is not enough.
Our regenerative aims Net positive A positive legacy Shared value – greater than the sum of our parts
Focus area
Carbon Nothing Every drop Our people Connection Inclusion Procurement Finance & Capability
emissions wasted of water investment & disclosures
Net positive Zero waste Net positive Active, Leaving Truly included ($100m Using our buying Greening Active, capable
Target in scope 1,2,3 to landfill water inclusive care a positive legacy to the social sector) power for good our finance governance
emissions
APRIL 2023 | 09
----- End of picture text -----

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

Organisation repositioning facilitates execution of business objectives

==> picture [67 x 37] intentionally omitted <==

==> picture [58 x 56] intentionally omitted <==

==> picture [66 x 10] intentionally omitted <==

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

Campbell Hanan
----- End of picture text -----

==> picture [108 x 58] intentionally omitted <==

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

Group CEO & Managing Director
>7 years at Mirvac
30 years industry experience
----- End of picture text -----

==> picture [56 x 53] intentionally omitted <==

==> picture [56 x 56] intentionally omitted <==

==> picture [54 x 54] intentionally omitted <==

==> picture [47 x 56] intentionally omitted <==

==> picture [56 x 54] intentionally omitted <==

==> picture [56 x 53] intentionally omitted <==

==> picture [56 x 54] intentionally omitted <==

==> picture [56 x 52] intentionally omitted <==

==> picture [886 x 68] intentionally omitted <==

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

Stuart Penklis Richard Seddon Scott Mosely Victoria Tavendale Courtenay Smith Chris Akayan William Payne Amy Menere
CEO, Development – Residential, Chief Asset Chief Culture Chief Stakeholder Relations
Commercial & Mixed Use CEO, Investments CEO, Funds Management Management Officer Chief Financial Officer & Capability Officer Chief Digital Officer & Customer Officer
>20 years at Mirvac 5.5 years at Mirvac 6 months at Mirvac 6 years at Mirvac >2 years at Mirvac >8 years at Mirvac >3 years at Mirvac 20 months at Mirvac
27 years industry experience 21 years industry experience 26 years industry experience 23 years industry experience 25 years industry experience 19 years industry experience 30 years industry experience 20 years industry experience
----- End of picture text -----

APRIL 2023 | 10

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

3Q23 Quarterly update

==> picture [67 x 37] intentionally omitted <==

EXECUTING ON BUSINESS OBJECTIVES

INVESTMENTS

FUNDS MANAGEMENT

DEVELOPMENT

ACHIEVEMENTS

Improving resilience of Investment portfolio Orion Springfield Central, Brisbane

Executing capital partnership strategy LIV Aston, Melbourne[6]

Selectively unlocking value from Development pipeline Switchyard, Auburn, Sydney[6]

Maintaining ESG leadership Melbourne Office, Melbourne

• Progressing asset sales program:

• 60 Margaret St/MetCentre, Sydney expected to be finalised and settle in 4Q23[5]

• 367 Collins Street, Melbourne, terms agreed and exclusive Due diligence (DD) underway

• Office occupancy maintained at 96.1% (3Q22: 95.3%)[1]

• Industrial occupancy maintained at 100%[1] , 8.9% re-leasing spreads achieved FYTD

• Urban Retail portfolio delivering positive sales growth, with 19.1% MAT growth

• Strong leasing across BTR portfolio, LIV Munro leasing to 54%, LIV Indigo occupancy maintained at 96%

• Establishing BTR Venture with 2 aligned long term capital partners. Financial close expected 4Q23 with Mirvac retaining ~45% of the Venture

• In exclusive DD with capital partner for Industrial development assets

• $229m co-investment into MWOF, partially underwritten capital raising process underway

• MWOF maintained its position as the #1 performing office fund over 12 months, and outperforming benchmark over 1, 3, 5 and 7 years

• 7 Spencer Street, Melbourne – securing capital partnership with new long term partner

• Harbourside – demolition underway, target Residential launch in early CY24

• Industrial developments under construction including Aspect & Switchyard Sydney, ~70% pre-leased[2]

• Maintained ~$1.8bn of Residential pre-sales[3] with 288 new exchanges and 319 settlements over the quarter impacted by weather and continued solid sales rates across established Apartment precincts Green Square (76% pre-sold), Isle (80%), Ascot Green (74%), Pavilions (100%)

• Successful first stage launch at all-electric Cobbitty, NSW, project (88% pre-sold)

• Ranked number one in the world in Equileap’s Global Report on Gender Equality for an historic second time in two years, leading a global field of almost 4,000 companies across 23 countries

• Held National Community Day, with ~900 volunteers across 48 different activities around the country, supporting 45 community organisations and delivering >$550,000 community investment

• Low default rate of 0.2%[4]

Note: all metrics and achievements are as at 31 March 2023, unless otherwise noted.

1. By area, excluding IPUC. 2. Includes Agreement for Lease (AFL) and non-binding Heads of Agreement (HoA). Excluding HoA Aspect is ~64% and Switchyard is ~66% pre-leased. 3. Represents Mirvac’s share of total pre-sales and includes GST. 4. 12-month rolling default rate as at 31 March 2023. 5. Contracts for sale have been signed and are being held in escrow pending satisfaction of certain conditions. 6. Artist impression, final design may differ.

APRIL 2023 | 11

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

Summary & Outlook

==> picture [67 x 37] intentionally omitted <==

FY23 Guidance[1]

Operating EPS and DPS

==> picture [924 x 341] intentionally omitted <==

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

Due to adverse weather impacting residential settlements and the deferral 16.0 cents
of Aspect North settlement into FY24, the group’s updated FY23 guidance
and components are: 15.1
at least 14.7
> Operating EPS of at least 14.7 cpss (previously at least 15.5 cpss)
FY23 DPS GUIDANCE
> Distribution of 10.5 cpss (previously at least 10.5 cpss) 14.0 14.0
> Residential settlements of around 2,200 lots (previously >2500) 2.9%
growth on FY22
12.0
10.5
10.2
10.0 9.9
8.0
FY21 EPS FY22 EPS FY23 EPS FY21 DPS FY22 DPS FY23 DPS
Guidance Guidance
FORME, Tullamore, Melbourne (artist impression, final design may differ)
----- End of picture text -----

1. With continued uncertainty in the operating environment, FY23 guidance remains subject to no material changes to market and delivery conditions

APRIL 2023 | 12

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

Positioned for medium-term earnings growth

==> picture [67 x 37] intentionally omitted <==

Multiple levers to drive growth over time

==> picture [219 x 133] intentionally omitted <==

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

LIV Munro, Melbourne
----- End of picture text -----

INVESTMENT PORTFOLIO

Resilient, modern, high-quality assets benefiting from growing tenant and capital preference for quality, modern, sustainable assets and development completions

==> picture [219 x 76] intentionally omitted <==

==> picture [219 x 45] intentionally omitted <==

RESIDENTIAL COMPLETIONS

Delivery of residential pipeline into undersupplied market, underpinned by ~$1.8bn pre-sales[4]

FUNDS MANAGEMENT

Expanded ~$18bn[1] platform (28% pa growth[2] ), ~$5bn organic growth opportunity[3]

==> picture [443 x 90] intentionally omitted <==

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

Quay Quarter Tower, Sydney | Photo by Adam Mørk Gainsborough Greens, Queensland
----- End of picture text -----

DEVELOPMENT PIPELINE

Value creation from diversified ~$30bn development pipeline[5] , utilising internal design and construction platform

==> picture [219 x 37] intentionally omitted <==

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

Harbourside, Sydney
(artist impression, final design is subject to approvals and may differ)
----- End of picture text -----

UNDERPINNED BY BALANCE SHEET, CULTURE AND CAPABILITY

Robust balance sheet position Proven 50-year track record, Sustainability Strong employee with modest leverage integrated platform leadership engagement

1. External AUM.

1. Pa growth since FY15.

2. ~$5bn assumes 50% capital partnership on current commercial & mixed use development pipeline wholly owned by Mirvac.

3. Represents Mirvac's share of total pre-sales and includes GST.

4. Represents 100% expected end value/revenue (including GST), subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

APRIL 2023 | 13

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

Questions

==> picture [182 x 181] intentionally omitted <==

Campbell Hanan Group CEO & Managing Director

==> picture [182 x 181] intentionally omitted <==

==> picture [67 x 37] intentionally omitted <==

Courtenay Smith Chief Financial Officer

APRIL 2023 | 14

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

Appendix

==> picture [67 x 37] intentionally omitted <==

9 FEBRUARY 2023 APRIL 2023 || 1515

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

Investments

==> picture [67 x 37] intentionally omitted <==

	Ofice	Industrial	Retail	Build to Rent	Total2
Cash collection1	99%	100%	96%	97%	98%
Occupancy3	96.1%	100.0%	97.3%	96%4	97.5%
WALE5	5.9 yrs	6.2 yrs	3.0 yrs	n/a	5.2 yrs
NLA leased FYTD	36,523sqm	40,881sqm	61,640sqm	n/a	139,044sqm
No. of lease deals FYTD	45	3	238	n/a	286
Gross re-leasing spreads FYTD	+4.5%	+8.9%	+0.2%	+7.4%6

1. Net cash collection, excluding development impacted properties, as at 31 March 2023.

2. BTR excluded from total Investments calculations, as at 31 March 2023.

3. By area, excluding IPUC and assets held for development, as at 31 March 2023.

4. Occupancy by apartment as at 31 March 2023. Excludes IPUC, display apartment and stabilising properties (LIV Munro). Note: LIV Munro 54% leased as at 31 March 2023. BTR is excluded from total portfolio calculation.

5. By income, excluding IPUC and assets held for development, as at 31 March 2023.

6. LIV Indigo net re-leasing spreads only.

Olderfleet, 477 Collins Street, Melbourne APRIL 2023 | 16

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

Sustainable, modern, resilient Office portfolio

==> picture [485 x 343] intentionally omitted <==

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

Modern, sustainable office buildings continue to attract strong
tenant demand
96.1% Office demand by grade
Two year net absorption, cumulative square metres
Occupancy [1]
(3Q22: 95.3%) 150,000sqm
5.9 yrs 100,000
WALE [2] 50,000
(3Q22: 6.2yrs)
0
~36,500sqmLeasing deals FYTD (50,000)
(3Q22: ~31,400sqm)
(100,000)
(150,000)
+4.5%
Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
Gross re-leasing
spreads FYTD Prime Secondary
Source: JLL REIS, to end March 2023
----- End of picture text -----

1. By area, excluding IPUC and assets held for development, as at 31 March 2023.

2. By income, excluding IPUC and assets held for development, as at 31 March 2023.

3. Average for Office assets.

4. By portfolio valuations.

==> picture [404 x 540] intentionally omitted <==

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

Mirvac's Prime Office portfolio remains best in class
5.3 star 10.5
98% yrs
Average NABERS Average
Prime grade [4]
energy rating [3] portfolio age
Heritage Lanes, 80 Ann Street, Brisbane
APRIL 2023 | 17
----- End of picture text -----

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

100% Sydney Industrial portfolio benefiting from tight conditions

==> picture [494 x 296] intentionally omitted <==

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

Sydney industrial vacancy remains tight, supporting rent growth
4.00% 30.0%
100%
25.0
Occupancy [1]
(3Q22: 100%) 3.00
20.0
+8.9% 2.00 15.0
Gross re-leasing
spreads FYTD 10.0
1.00
5.0
~40,900sqm 0.00 0.0
Leasing deals FYTD
(3Q22: ~14,000sqm)
Vacancy (%) (LHS) Net rent (%y/y growth) (RHS)
Source: JLL (average of Sydney sub-markets), SA1 as at 31 March 2023
Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23
----- End of picture text -----

==> picture [342 x 12] intentionally omitted <==

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

Sydney industrial vacancy remains tight, supporting rent growth
----- End of picture text -----

1. By area, excluding IPUC and assets held for development, as at 31 March 2023.

2. By income, excluding IPUC and assets held for development, as at 31 March 2023.

3. By portfolio valuations, excluding assets held in funds.

4. Represents 100% expected end value, excluding the sale of any undeveloped land, subject to various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

Sydney Industrial portfolio well placed to benefit from strong market rent growth

~17% 100% ~$1.2bn Lease expiry to FY24[2] Sydney focused[3] Developments underway[4] Calibre Estate, Sydney APRIL 2023 | 18

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

Urban Retail portfolio seeing resumption of students, tourists and CBD workers

==> picture [485 x 351] intentionally omitted <==

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

Australia – Net Visa Arrivals vs Net Overseas Migration
Rolling annual
500,000 Number of people
97.3%
Occupancy [1]
(3Q22: 97.4%)
400,000
300,000
~61,600sqm
Leasing deals FYTD [2]
200,000
(3Q22: ~30,200sqm)
100,000
+0.2%
0
Gross re-leasing
spreads FYTD
(100,000)
(200,000)
19.1%
MAT growth
Temporary student visa Permanent family visa Permanent skilled visa
Permanent other visa Temporary skilled visa Temporary work Net overseas migration
Source: ABS
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
----- End of picture text -----

1. By area, excluding IPUC, as at 31 March 2023.

2. Regular leasing deals, as at 31 March 2023.

3. Source: ABS, as at March 2023 (includes permanent family, skilled and other visas plus temporary students and work visas).

==> picture [366 x 396] intentionally omitted <==

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

BROADWAY, SYDNEY
Big Guns #1 MAT sales/
sqm centre in Australia
($16,272/sqm)
Urban based portfolio to benefit from population growth
3
~450,000 $10,788/sqm
Net visa arrivals, year Specialty sales
ending March 2023
APRIL 2023 | 19
----- End of picture text -----

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

BTR – strong leasing underway at LIV Munro

==> picture [494 x 332] intentionally omitted <==

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

Residential vacancy rates (postcodes)
3.0%
LIV Munro
54%
2.5
Leased [1]
2.3%
(opened Nov 22)
2.0
LIV Indigo 1.6%
1.5
96% 1.4%
Occupancy [1]
1.0 1.0%
0.9%
0.5
LIV Indigo
+7.4% 0.0
Net re-leasing Munro Aston Indigo Albert Fields Anura
spreads FYTD (3000) (3008) (2127) (3056) (4006)
Source: SQM Research, All Dwellings, March 2023.
----- End of picture text -----

Source: SQM Research, All Dwellings, March 2023. Brackets represent project postcodes which data represent

1. By apartment number, as at 31 March 2023.

2. Source: SQM Research/Macrobond March 2023. Vacancy rate (all dwellings, seasonally adjusted), Sydney, Melbourne & Brisbane.

3. Source: CoreLogic March 2023. Annual unit growth in 12-month median rent, Sydney, Melbourne & Brisbane.

4. Represents forecast value on completion, incorporating a stabilisation allowance and subject to various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

==> picture [316 x 22] intentionally omitted <==

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

Robust underlying market fundamentals support upcoming developments
----- End of picture text -----

<1.4% Market rent growth[3 ] ~$0.7bn Market vacancy[2 ] >13% Pipeline BTR assets under construction[4] LIV Munro, Melbourne APRIL 2023 | 20

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

Funds Management – strong momentum underway across multiple sectors

==> picture [67 x 37] intentionally omitted <==

==> picture [292 x 303] intentionally omitted <==

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

ESTABLISHING NEW BTR VENTURE
$1.8bn
VENTURE [1]
LIV Munro, Melbourne
----- End of picture text -----

Establishing BTR Venture with 2 aligned long-term capital partners, financial close expected 4Q23 with Mirvac retaining ~45% of the Venture.

==> picture [292 x 303] intentionally omitted <==

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

PROGRESSING NEW INDUSTRIAL VENTURE
Switchyard, Auburn, Sydney [2]
~$0.6bn
SEED ASSETS [1]
Aspect, Kemps Creek, Sydney [2]
----- End of picture text -----

HoA[3] and exclusive DD with aligned long-term capital partner for Industrial venture comprising 49% of Switchyard and Aspect North, Sydney. Switchyard settlement targeted FY23, Aspect North targeted FY24.

==> picture [292 x 136] intentionally omitted <==

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

NEW OFFICE PARTNERSHIP
$0.6bn
PARTNERSHIP [1]
7 Spencer Street, Melbourne [2]
----- End of picture text -----

Securing a new capital partnership for 7 Spencer Street development in Melbourne.

==> picture [292 x 136] intentionally omitted <==

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

MWOF CAPITAL RAISING UNDERWAY
$7.8bn
FUND [1]
Angel Place, Sydney
----- End of picture text -----

Co-invested $229m in MWOF, with ~$400m capital raising (68% underwritten) planned for 4Q23. #1 performing office fund over 12 months and outperformed benchmark over 1, 3, 5 and 7 years.

1. These values are 100% of completion end value.

2. Artist impression, final design may differ.

3. Non-binding Heads of Agreement (HoA).

APRIL 2023 | 21

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

Progressing our development pipeline

==> picture [67 x 37] intentionally omitted <==

==> picture [888 x 332] intentionally omitted <==

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

MIXED USE / OFFICE INDUSTRIAL BUILD TO RENT
~$2.1bn ~84% ~$345m 474
END VALUE [2] PRE-LEASED [3] END VALUE [2] APARTMENTS
396
APARTMENTS
~$0.7bn
Harbourside, Sydney [1] Switchyard, Auburn, Sydney [1] LIV Anura, Brisbane [1] LIV Aston, Melbourne [1]
BTR DEVELOPMENTS
UNDERWAY [4]
498
APARTMENTS
~$630m
END VALUE [2]
~64% ~$745m
PRE-LEASED [3] END VALUE [2]
7 Spencer Street, Melbourne [1] Aspect, Kemps Creek, Sydney [1] LIV Albert Fields, Melbourne [1]
----- End of picture text -----

1. Images are artist impressions only, final design may differ.

2. Represents 100% expected end value/revenue (including GST), subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. Industrial expected end values are excluding the sale of any undeveloped land.

3. Includes Agreement for Lease (AFL) and non-binding Heads of Agreement (HoA). Excluding HoA, Aspect is ~64% and Switchyard is ~66% pre-leased.

4. Represents forecast value on completion, incorporating a stabilisation allowance and subject to various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

APRIL 2023 | 22

Reimagine Urban Life

3Q23 OPERATIONAL & BUSINESS UPDATE

Residential well placed for undersupplied market

==> picture [67 x 37] intentionally omitted <==

• 288 (1,133 FYTD) lot sales in Q3 remain subdued impacted by rising interest rates, fewer product launches and lower first home buyer activity

• Pick up in leads over the quarter and into April, above 10 year average

• Pre-sales balance increased modestly to ~$1.8bn[1]

• 319 (1,126 FYTD) settlements, heavy Q4 skew expected, wet weather continues to hamper delivery schedules

• Defaults remain low 0.2%[2]

• Flexible launch program in place ready to take advantage of pickup in activity

New residential leads improving

==> picture [370 x 145] intentionally omitted <==

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

16,000 leads
12,000
8,000
4,000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
FY19 FY20 FY21 FY22 FY23
Apartments MPC
----- End of picture text -----

==> picture [468 x 344] intentionally omitted <==

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

APARTMENTS IN ESTABLISHED PRECINCTS SELLING WELL
Underlying market fundamentals remain supportive <1.4%
76% 100% 80% Residential
PRE-SOLD SOLD PRE-SOLD
vacancy [3]
Pavilions, NSW
74%
PRE-SOLD
>40%
Green Square, NSW Ascot Green, QLD Waterfront Isle, QLD Discount between
Note: All images are artist impressions, final design may differ. apartment and
established
house price [4]
Australian housing supply/demand balance
Net new dwelling supply minus total households housing requirement
40,000 dwellings
20,000
+2%
0
Total Australian
(20,000) population growth
CY2022 [5]
(40,000)
(60,000)
2023 2024 2025 2026 2027
2022 forecast 2023 forecast
Source: National Housing Finance and Investment Corporation
----- End of picture text -----

==> picture [69 x 22] intentionally omitted <==

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

<1.4%
----- End of picture text -----

40%

1. Represents Mirvac’s share of total pre-sales and includes GST. 2. 12-month rolling default rate as at 31 March 2023. 3. Source: SQM Research/Macrobond March 2023. Vacancy rate (all dwellings, seasonally adjusted), Sydney, Melbourne & Brisbane. 4. Source: CoreLogic Greater Sydney 6 month median, March 2023. 5. Source: Reserve Bank of Australia, Monetary Policy, Demand and Supply, 5 April 2023.

APRIL 2023 | 23

3Q23 OPERATIONAL & BUSINESS UPDATE Reimagine Urban Life

Thank you

Contact

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

Authorised for release by

The Mirvac Group Board

Mirvac Group Level 28, 200 George Street, Sydney NSW 2000

IMPORTANT NOTICE

Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mirvac Property Trust (ARSN 086 780 645). This document has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively “Mirvac” or “the Group”). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$). This document is not financial advice or a recommendation to acquire Mirvac stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information in this document and the Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction. Mirvac Funds Limited is entitled to receive ongoing fees in connection with the authorised services provided under its Australian Financial Services licence to Mirvac Property Trust. Mirvac directors and employees do not receive specific payments of commissions for the authorised services provided under Mirvac Funds Limited’s Australian Financial Services licence. The information contained in this document is current as at 31 March 2023, unless otherwise noted.

==> picture [90 x 50] intentionally omitted <==