MIRVAC GROUP — Investor Presentation 2017

May 1, 2017

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2 MAY 2017

MACQUARIE A U S T R A L I A C O N F E R E N C E

Mirvac is extremely well positioned

Clearly defined purpose

Sustainable business model with strong leadership team > $8.7bn high quality investment portfolio delivering leading metrics

Focused development pipeline delivering vastly improved returns

Excellent earnings visibility for multiple years

Robust and conservative balance sheet

Low payout ratio with growing distribution

MIRVAC MACQUARIE AUSTRALIA CONFERENCE 2 MAY 2017

01

Why is Mirvac unique? Urban asset specialist with Sydney & Melbourne overweight

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Asset
creation
capability
across all
sectors
WNE
D
R
R
O
E E
G V
A E
N L
O
A
P
M
E
R
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76% of the Group’s invested capital weighted to Sydney and Melbourne

Group invested capital

Sydney & Melbourne: 76% Brisbane, Perth and Canberra: 24%

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24%
76%
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MIRVAC MACQUARIE AUSTRALIA CONFERENCE 2 MAY 2017 02

Why is Mirvac unique? Disciplined approach to allocating capital and driving returns

~~Urban Strategy (Sydney/Melbourne overweight)~~

- 75 80% Investment

Secure yield – underpins Group distribution

- 20 25% Development Disciplined growth

$8.7bn

$2.1bn

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OFFICE & INDUSTRIAL

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RETAIL
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RESIDENTIAL
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OFFICE, INDUSTRIAL & RETAIL

Potential to deliver 9%[+] 3 yr average Group ROIC

MIRVAC MACQUARIE AUSTRALIA CONFERENCE 2 MAY 2017

03

Why is Mirvac unique? In-house capability across project lifecycle

Fully integrated business creates value for our customers and securityholders

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Acquisiti on Design Construction Development
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marketing
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Leasing
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~~& facilit~~ ies

Mirvac’s unique end-to-end in-house capability provides:

Flexibility of delivery and timing

• Cost benefits

• Quality control

• Enhanced returns

• Intellectual property retained in-house

• Relationships maintained in-house

MIRVAC MACQUARIE AUSTRALIA CONFERENCE 2 MAY 2017

04

Focused urban strategy delivering strong results

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FY17
TARGET
>15%
Operating EPS Residential ROIC [ 1]
15 cents 15%
FY17 EPS
14.4c
14
11%
21%
GROWTH
over 3 years
13 13.0c
ON FY16
10
12.3c
12 11.9c
11
FY14 FY15 FY16 FY17 Guidance 5
DPS
10.5 cents 10.4c
FY17 DPS
16%
10.0 over 3 years 9.9c 0
FY13 FY14 FY15 FY16 FY17
5%%
Target
GROWTH
1. FY13–FY14 based on Development ROIC (previous reporting structure)
9.5
ON FY16 FY15–FY17 based on Residential ROIC
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DPS
10.5 cents 10.4c
FY17 DPS
16%
10.0 over 3 years 9.9c 5%%
GROWTH
9.5
ON FY16
9.4c
9.0 9.0c
8.5
FY14 FY15 FY16 FY17 Guidance
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MIRVAC MACQUARIE AUSTRALIA CONFERENCE 2 MAY 2017

05

High quality office and industrial portfolio

$5.5bn OFFICE AND INDUSTRIAL PORTFOLIO

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97.6%
Office
occupancy
6.7yrs
Office
WALE
12 .7
yrs
5.96%
Average
Office age
cap rate
81%
95%
Weighted to
Assets prime Sydney and
or A-Grade Melbourne
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99.5%
Industrial
occupancy
6.37%
Industrial
cap rate
93%
Weighted to
Sydney and
Melbourne
7.1
yrs
Industrial
WALE
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All information as at 31 March 17, other than portfolio value, cap rates and office average age.

MIRVAC MACQUARIE AUSTRALIA CONFERENCE 2 MAY 2017 06

Urban focused retail portfolio delivering transformed results

$2.9bn RETAIL PORTFOLIO

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$9,934
Total sales
productivity
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99.5%
Occupancy
5.95%
Retail
cap rate
14.9%
Specialty
occupancy
cost ratio
$9,749/sqm
Total specialty
sales productivity
32% growth
since Jun 13
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All information as at 31 March 17, other than portfolio value, cap rates and office average age.

MIRVAC MACQUARIE AUSTRALIA CONFERENCE 2 MAY 2017 07

Office, Industrial and Retail market overview

Tightening vacancy outlook in Sydney & Melbourne

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30%
Forecast
25
20
15
10
5
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Forecast
25
20
15
10
5
0
Jan 10 Jan 11 Jan 12 Jan 13 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19
Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
Source: JLL historical and MGR Research forecast
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Urban capital cities stand to benefit from the fast growing international education sector

Distribution of international students in Australia 2015

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Sydney: 37% Melbourne: 31% Brisbane: 15% Perth: 8% Other: 9%

Source: Department of Education and Training, June 2016 publication

Direct value added to GDP from foreign students’ living expenses

Ownership of dwellings $1,844m Retail trade: $1,327m Food and beverage services: $331m Retail transport: $242m Technical, vocational and tertiary eduction: $235m Other: $1,226m

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Source: Austrade & Deloitte Access Economics, 2015

MIRVAC MACQUARIE AUSTRALIA CONFERENCE 2 MAY 2017 08

Committed office and industrial pipeline will continue to strengthen the portfolio

$2bn committed office and industrial development pipeline supports future high quality income

FY18: 664 COLLINS ST MELBOURNE

FY20: 477 COLLINS ST, MELBOURNE

FY20/21: ATP, SYDNEY

FY20/21: ATP, SYDNEY

MIRVAC MACQUARIE AUSTRALIA CONFERENCE 2 MAY 2017 09

Retail portfolio resilient for future

> Strong catchments, retail mix and our ability to optimise productivity through development and repositioning underpins future performance

Completed 1H17

Strategically evolving retail mix for future growth

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Food catering 11%
19%
Non-retail, entertainment
15%
and other
18%
increased
Apparel 16%
Retail services and mobile phones 8% 18%
maintained
Supermarkets and food retail 19% 8%
TRAMSHEDS, SYDNEY
reduced 16%
Homewares, leisure, jewellery 21% FY18
and general retail
16%
Department stores and DDS 10%
5%
Jun 13 Dec 16
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BROADWAY, SYDNEY GREENWOOD, SYDNEY

FY19

Future pipeline

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BIRKENHEAD POINT, STAGE 1, SYDNEY
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SOUTH VILLAGE, SYDNEY

HARBOURSIDE, SYDNEY

MIRVAC MACQUARIE AUSTRALIA CONFERENCE 2 MAY 2017 10

Residential market overview

EASTBOURNE, MELBOURNE

WOODLEA, MELBOURNE

HAROLD PARK, SYDNEY

GREEN SQUARE, SYDNEY

TULLAMORE, MELBOURNE

BRIGHTON LAKES, SYDNEY

MIRVAC MACQUARIE AUSTRALIA CONFERENCE 2 MAY 2017

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Residential business continues to perform solidly

• Solid sales activity in 3Q17 driven by new project launches and continued sales at existing strongly performing projects

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On track
to achieve
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• Maintained high level of pre-sales contracts at $3.0bn[ 1]

• Expect to deliver >15% growth in lot settlements in FY17

• Completed over 2,150 lot settlements to 30 April 17

  • Default rate tracking below 2%

• 95% of expected Residential EBIT secured for

• FY17 and 65% for FY18

EBSWORTH, GREEN SQUARE, SYDNEY

1. Based on Mirvac's share of JVA and Mirvac managed funds.

MIRVAC MACQUARIE AUSTRALIA CONFERENCE 2 MAY 2017 12

High quality residential pipeline set to benefit from the growth of our cities

31,000 lot pipeline evenly balanced between MPC and apartments (by value) > Strong embedded margins with 50% of lots with expected margins of 25%+

Sydney – average annual dwelling projections

Melbourne – average annual dwelling projections

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35,000 Dwellings
30,000
25,000
20,000
10,000
5,000
0
2021 2026 2031
Outer Middle Inner
15,000
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50,000 Dwellings
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40,000
20,000
10,000
0
2021 2026 2031
Outer Middle Inner
30,000
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Source: NSW Department of Planning & Environment 2016 Local Government Area Projections

Source: VIF 2016 forecasts, structural private dwellings

• *2015 forecasts have been used for Parramatta, Hornsby and The Hills Shire as data unavailable due to council amalgamations

MIRVAC MACQUARIE AUSTRALIA CONFERENCE 2 MAY 2017

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What you can expect from us?

Continue to execute our urban strategy

Deliver on our FY17 targets

Continue to respond to the cycle and prudently manage business risks > Disciplined capital deployment

Maintain a strong balance sheet with capacity for new opportunities

Maintain high occupancy in our quality investment portfolio > Deliver our committed commercial development pipeline

Continue to identify and create opportunities that generate value > Deliver our $3.0bn of residential pre-sales > Leverage third party capital to maximise the value of our business model > Focus on our customer, innovation, leadership, technology, sustainability and safety

MIRVAC MACQUARIE AUSTRALIA CONFERENCE 2 MAY 2017

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Important Notice

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

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

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

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

An investment in Mirvac stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac, including 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 do they 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. 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 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.

MIRVAC MACQUARIE AUSTRALIA CONFERENCE 2 MAY 2017

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THANK Y O U