MIRVAC GROUP — Investor Presentation 2018

Oct 25, 2018

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26 October 2018

MIRVAC GROUP INVESTOR PRESENTATION AND TOUR 2018

Mirvac Group is today hosting an Investor presentation on its Office portfolio and a tour of Australian Technology Park, at South Eveleigh . Attached is a copy of the presentation and tour book .

For more information, please contact:

Media enquiries: Investor enquiries: Kate Lander Bryan Howitt General Manager, Communications General Manager, Investor Relations +61 2 9080 8243 +61 2 9080 8749

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WORK REIMAGINED

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October — 2018

Work Reimagined — October 2018

AGENDA

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OFFICE STRATEGY

CREATE TO CORE

INTRODUCTION

OFFICE MARKET OUTLOOK

Susan Lloyd-Hurwitz CEO & Managing Director

Campbell Hanan Head of Office & Industrial

Alexandra Gray Head of Research

Simon Healy General Manager, Commercial Development

02 05 09 16

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OFFICE PORTFOLIO OF THE FUTURE

WORK REIMAGINED

Paul Edwards General Manager, Workplace Experiences

Campbell Hanan Head of Office & Industrial

26 32

1

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200 George Street, Sydney
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367 Collins Street, Melbourne
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Cultivate, Sydney
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8 Chifley Square, Sydney
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55 Pitt Street, Sydney (artist impression)

Work Reimagined — October 2018

1Q19 OPERATIONAL UPDATE 1

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97.2% 99.2%
OCCUPANCY 2 OCCUPANCY 2
>
11.3% 10000
$ , sqm
LEASING SPREADS SPECIALTY SALES PRODUCTIVITY
100.0% 560
OCCUPANCY 2 SETTLEMENTS
6.8 2.1bn
yrs $
WALE 3 PRE SALES
OFFICE RETAIL
INDUSTRIAL RESIDENTIAL
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1. All metrics as at 30 September 2018. 2. By area. 3. By income.

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Work Reimagined — October 2018

TRANSITIONING FOR THE FUTURE

ALLOCATION OF CAPITAL

ACCELERATION IN PASSIVE EARNINGS GROWTH

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$12.0bn
>$12bn [1]
$10.0
$10.1bn Passive
capital
86%
$9.2bn
8.0
$8.0bn
Passive
$7.5bn
capital
6.0 83%
4.0
Active Active
capital capital
2.0 17% 14%
Active
$1.6bn $1.8bn $1.8bn $1.7bn capital
target
0 ~10%-15%
FY15 FY16 FY17 FY18 FY22 target
Passive Capital Active Capital
10% CAGR FY15-18
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6.0%
5.0 5.0%
4.0
3.0
2.0
1.0 1.0%
0.0
FY15-18 FY19-21
Average passive Forecast average passive
earnings growth p.a. earnings growth p.a.
~$1bn
Active EBIT
forecast FY19-21
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1. Mirvac forecast including the delivery of the $3.1bn Office and Industrial committed development pipeline.

4

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OFFICE STRATEGY Campbell Hanan Head of Office & Industrial

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Work Reimagined — October 2018

CREATING MODERN OFFICE ASSETS AND RECURRING INCOME IN GATEWAY CITIES

Developing institutional grade assets across key capital cities with Sydney and Melbourne a core focus

Leveraging our integrated management and development capabilities

CREATE TO CORE

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New buildings with Tighter densities for the Modern smart Long term minimal maintenance modern workforce buildings that work with recurring income capex disruptive technology

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ROIC FOCUS
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Work Reimagined — October 2018

TRANSFORMATION IN OFFICE PORTFOLIO COMPOSITION

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GEOGRAPHIC DIVERSIFICATION [ 4] GEOGRAPHIC DIVERSIFICATION [ 4]
Core Sydney 50% Core Sydney 58%
& Melbourne 11% & Melbourne 26%
Suburban 18% Suburban 0%
2013 2018
Sydney & Sydney &
Melbourne Melbourne
Canberra 10% Canberra 5%
Number of properties [ 1] 32 Number of properties [ 1] 28
Brisbane 5% Brisbane 3%
Portfolio value [ 2] $4.1bn Perth 6% Portfolio value [ 2] $5.7bn Perth 8%
WALE [ 3] 5.2 yrs WALE [ 3] 6.6 yrs
Cap rate 7.52% Cap rate 5.69%
Office AUM $4.6bn GRADE DIVERSIFICATION [ 4] Office AUM $11.1bn GRADE DIVERSIFICATION [ 4]
Premium 25% Premium 35%
A Grade 64% A Grade 61%
B Grade 6% B Grade 0%
C Grade 5% C Grade 4%
1. Includes properties under construction but excludes properties being held for development.
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1. Includes properties under construction and properties being held for development.

2. By income.

3. By portfolio value, excluding properties under construction and properties being held for development

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Work Reimagined — October 2018

OFFICE PORTFOLIO TRANSITION NOW ACCELERATING

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DIVESTMENTS OFFICE NOI DEVELOPMENTS
38 SYDNEY AVE $320m 8 CHIFLEY SQUARE 2 RIVERSIDE QUAY
310
+$95m
300 of potential
additional annual NOI Created 6
by FY23 [ 2] new assets valued
> 290
$1.7bn
>
Office disposals $1.2bn
280
since FY13 since FY13 [ 1]
270 4 developments
under construction
260 3
MARCUS CLARKE ~
$3.0bn
STREET 699 BOURKE STREET 200 GEORGE STREET
250
240
3
~
230
$1.4bn
uncommitted DAVID MALCOLM
220 future pipeline
WOOLWORTHS WAY JUSTICE CENTRE 664 COLLINS STREET
FY14 FY15 FY16 FY17 FY18
1. Mirvac’s 50% ownership.
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1. Mirvac’s 50% ownership.

2. ~$95m of potential additional annual NOI by FY23 from FY19 active development pipeline.

3. Represents 100% of expected development end value.

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OFFICE MARKET OUTLOOK Alexandra Gray Head of Research

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Work Reimagined — October 2018

SYDNEY AND MELBOURNE — FAST GROWING WITH STRONG LEVELS OF GLOBAL TALENT

INDEX OF POPULATION GROWTH FORECASTS — SELECT MAJOR CITIES

GLOBAL TALENT IN AUSTRALIAN CAPITAL CITIES BY CATEGORY

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160 Index: 2010–100
Melbourne
150
Sydney
140
130
120
110
100
90
2010 2015 2020 2025 2030 2035
Melbourne Sydney London Toronto Singapore Munich Hong Kong Paris New York Tokyo
Source: UN Population Division World Urbanisation Prospects 2018
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160,000 people
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
Sydney Melbourne Brisbane Perth Total other cities
Migrants Resident Australians Non Resident Australians Other/not stated
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Source: ABS, Committee for Sydney ‘Making the most of our talent: Sydney as a Global Hub’ August 2018

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Work Reimagined — October 2018

HIGH-VALUE CLUSTERS POSITIONED TO CAPTURE GROWTH IN KNOWLEDGE ECONOMY JOBS

KNOWLEDGE JOBS GREATEST IN SYDNEY CBD

SHARE OF KNOWLEDGE JOBS IN NSW ECONOMY 2015–2036

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4.7m jobs
> 3.7m jobs
1 million
knowledge intensive
61%
1 assets2 jobs forecast over
asset 20 years Knowledge- 48%
intensive
12
assets
Routine 23%
17%
Mirvac
Office Physical 29% 21%
Portfolio
2015 2036
Share of metropolitan jobs in a given industry Less than 1% 1 to 2% 2 to 3% 3 to 4% 4 to 5% 5% or more Source: NSW Government ‘Jobs for the Future’ report
Regional Centre Major job and retail centres Existing CBD
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Source: The Committee for Sydney. Adding to the Dividend, Ending the Divide #3, January 2017

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Work Reimagined — October 2018

INVESTED IN THE DEEPEST MARKETS & UNDERWEIGHT MARKET VOLATILITY

SYDNEY & MELBOURNE INCREASING CONTRIBUTION TO AUSTRALIAN GDP GROWTH

AVERAGE ANNUAL NET EFFECTIVE RENT GROWTH 1995-2018 vs VOLATILITY

120%

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100
42%
80 23%
60 19%
27%
11%
40 10% 7%
20
37% 40%
0
-16%
-20
FY90–FY17 FY17
Source: ABS – Australian National Accounts, Cat. No. 5220.0 and SGS Economics Sydney Melbourne Brisbane Perth Rest of Australia
& Planning ‘Economic Performance of Australian’s Cities and Regions’ Dec 2017
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30%

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25
20
15
10
5
0 0.0
Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
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Source: JLL Research, Mirvac Research
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Average Standard deviation
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SYDNEY AND MELBOURNE LONG TERM DEMAND GREATER THAN SUPPLY

VACANCY RATES — TOTAL CBD MARKET

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3.0% Sydney & Melbourne record
higher demand than supply
2.5
2.0
1.5
1.0
0.5
0
Sydney Melbourne Brisbane Perth
Source: JLL Research, Mirvac Research; 15 year average of Net supply as % of stock Net demand as % of stock
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Source: JLL Research, Mirvac Research; 15 year average of Net Supply and Demand as a % of total stock

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28%
24
20
16
12
8
4
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Source: JLL Research, Mirvac Research forecast Syd CBD Mel CBD Bris CBD Per CBD
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Work Reimagined — October 2018

HISTORICAL TRENDS IN RENTAL SPREADS

SYDNEY CBD vs METRO — NET EFFECTIVE RENT SPREAD

$500/sqm

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400
300
200
100
0
-100
1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Source: JLL Research, Mirvac Research Syd CBD – Syd fringe Syd CBD – Parramatta Syd CBD – North Syd
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SYDNEY CBD vs MELBOURNE CBD — NET EFFECTIVE RENT SPREAD

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$500/sqm
400
300
200
100
0
-100
1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Source: JLL Research, Mirvac Research Syd CBD – Mel CBD
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MELBOURNE CBD vs METRO — NET EFFECTIVE RENT SPREAD

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$500/sqm
400
300
200
100
0
-100
1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Source: JLL Research, Mirvac Research Mel CBD – Mel fringe Mel CBD – Mel South Eastern Suburbs
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BRISBANE CBD VS METRO — NET EFFECTIVE RENT SPREAD

$500/sqm

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400
300
200
100
0
-100
1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Source: JLL Research, Mirvac Research Bris CBD – Bris fringe
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Work Reimagined — October 2018

SYDNEY OFFICE — LOW VACANCY AND LIMITED SUPPLY

SYDNEY CBD — MARKET BALANCE

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200,000 sqm Vacancy 15%
150,000
12%
51%
of assets
100,000 under construction
9% pre-committed
50,000
6%
0
3%
-50,000
0%
-100,000
-3%
-150,000
-200,000 -6%
FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Source: JLL Research, Mirvac Research forecast Net supply Net absorption Vacancy (RHS)
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Work Reimagined — October 2018

MELBOURNE OFFICE — STRONG TENANT DEMAND

MELBOURNE CBD — MARKET BALANCE

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250,000 sqm Vacancy 15%
12%
200,000
72%
of assets
under construction
9% pre-committed
150,000
6%
100,000
3%
50,000
0%
0
-3%
-50,000 -6%
FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Source: JLL Research, Mirvac Research forecast Net supply Net absorption Vacancy (RHS)
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CREATE TO CORE Simon Healy General Manager, Commercial Development

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Work Reimagined — October 2018

REDEFINING PREMIUM — OLDERFLEET (477 COLLINS STREET, MELBOURNE)

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Artist Impression
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Artist Impression
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Artist Impression
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Artist Impression
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Work Reimagined — October 2018

ONE OF AUSTRALIA’S LARGEST & MOST ACTIVE OFFICE DEVELOPERS

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115,000 sqm
477
Collins St
105,000 MEL
95,000
RSQ
Retail
85,000 MEL
275 Kent St
75,000 SYD
65,000
Bldg 2 ATP 80 Ann St
55,000 SYD BRIS
2 RSQ
MEL
45,000 699 Bourke St
MEL
101 Miller St 10-20 Bond St 367 Collins St
35,000 Bay Centre SYD SYD MEL Locomotive
SYD Workshops
664 SYD
25,000 Collins St
One Darling Island SYD 8 Chifley Square MEL
SYD Bldg
15,000 189 Grey St 200 1 & 3,
BRIS DMJC George St ATP
PER SYD SYD
5,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
New developments Reposition / refurbish
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Work Reimagined — October 2018

PROVEN OFFICE DEVELOPMENT TRACK RECORD

8 CHIFLEY SQUARE, SYD 699 BOURKE STREET, MEL DMJC[ 1] , PERTH 2 RIVERSIDE QUAY, MEL 200 GEORGE STREET, SYD 664 COLLINS STREET, MEL Future development pipeline[ 2] $4.4bn 2013 2015 2016 2018 > Grade: Premium > Grade: A > Grade: Premium > Grade: A > Grade: Premium > Grade: A > NABERS: 5.0 Star > NABERS: 5.0 Star > NABERS: 5.0 Star > NABERS: 5.0 Star > NABERS: 5.5 Star > NABERS: 5.0 Star target > Green Star: 6.0 Star > Green Star: 6.0 Star > Green Star: 5.0 Star > Green Star: 5.0 Star target > Green Star: 6.0 Star > Green Star: 6.0 Star target > Leased at PC: 97% > Leased at PC: 100% > Leased at PC: 99% > Leased at PC: 100% > Leased at PC: 100% > Leased at PC: 100% > Completion: 2013 > Completion: 2015 > Completion: 2015 > Completion: 2016 > Completion: 2016 > Completion: 2018 > Ownership: 50% > Ownership: 50% > Ownership: 50% > Ownership: 50% > Ownership: 50% > Ownership: 50% > Valuation: $485m[ 3] > Valuation: $204m[ 3] > Valuation: $430m[ 3] > Valuation: $258m[ 3] > Valuation: $884m[ 3] > Valuation: $276m[ 3] > Return on Cost: 14% > Return on Cost: 16% > Return on Cost: 27% > Return on Cost: 31% > Return on Cost: 47% > Return on Cost: 41%

1. David Malcolm Justice Centre. 2. 100% expected development end value of committed and uncommitted pipeline.

2. 100% value.

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Work Reimagined — October 2018

BEST IN CLASS DEVELOPMENTS

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8 CHIFLEY SQUARE 200 GEORGE STREET
SYDNEY SYDNEY
27 30
Awards and Awards and
Commendations Commendations
> PCA 2015 BEST OFFICE DEVELOPMENT OF THE YEAR > PCA 2018 BEST OFFICE DEVELOPMENT OF THE YEAR
> PCA 2015 BEST SUSTAINABLE DEVELOPMENT OF THE YEAR > CTBUH 2018 INTERNATIONAL CONSTRUCTION AWARD
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• PCA 2015 OVERALL AUSTRALIAN DEVELOPMENT OF THE YEAR

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Work Reimagined — October 2018

BENEFITING FROM AN INTEGRATED DEVELOPMENT MODEL

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CONSTRUCTION
DESIGN
LEASING
MANAGEMENT
SITE PLANNING CAPITAL
ACQUISITION DESIGN APPROVAL LEGAL / TAX DEVELOPMENT ASSET SERVICES LEASING PARTNERING CONSTRUCTION HANDOVER
WORKPLACE CAPITAL
EXPERIENCES TRANSACTIONS
RETAIL
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Work Reimagined — October 2018

CAPITAL PARTNERSHIPS — MIRVAC, THE RIGHT PARTNER

• Long history of successful capital partnerships delivering over $2.5 billion of prime grade office assets since 2012

• Mirvac manages many assets and funds on behalf of institutional joint venture capital partners

Why capital partner

• Capital light, increasing ROIC whilst maintaining strong balance sheet

• Secures future development profit

• De-risks development

STRONG RETURNS

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50% 9.0%
8.0
40
7.0
30
6.0
20
5.0
10
4.0
0 3.0
699 Bourke Street David Malcolm Justice Centre 2 Riverside Quay 200 George Street 664 Collins Street
Melbourne Perth Melbourne Sydney Melbourne
Mirvac return on cost (LHS) Development yield on cost (RHS) Cap Rate sold down (RHS)
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• Progressive profit recognition over time

• Increased AUM and recurring fees

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ASSETS UNDER MANAGEMENT INCREASING

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$14bn $12.6bn
12
169%
10
6.3
8
5.2
4.5
6
0.9 1.4
4 0.6 0.7
6.3
2 4.6 5.2 4.9 5.0 5.6
4.1
0
FY12 FY13 FY14 FY15 FY16 FY17 FY18
MGR O&I O&I Assets Under Management
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INTEGRATED MODEL CREATING VALUE — CASE STUDY 664 COLLINS STREET, MELBOURNE

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Maximise > Built by Mirvac, new asset, strong cashflow, income low maintenance capex De-risk leasing > Secured major tenant in Pitcher Partners for a 12-year lease term

Manage balance > Agreement with Morgan Stanley to sell sheet down 50% on a cap rate of 4.97% via a development fund-through structure Future proofing > Smart building, focus on technology Management > Pre-leased 100% prior to completion expertise

Deliver returns > Completed development in FY18

Yield on Cost increased over time as contingencies were released (6.8% initial estimate increased to 7.1% final YoC)

Delivered 41% total return and $46m development EBIT

1. As at 30 June 2018, Mirvac’s 50% interest.

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6 STAR
GREEN STAR &
5 STAR NABERS
targets
Value [ 2]
$138m
Cap rate
5.13%
Ownership
50%
NLA
23,296sqm
WALE [ 1]
9.6 yrs
41% ~$46m >25% >7% ~$38m
ROIC Development Development Final yield Revaluation
EBIT IRR on cost gain [ 2]
23
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1. By income.

Work Reimagined — October 2018

HIGHLY VISIBLE OFFICE DEVELOPMENT PIPELINE

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ATP, SOUTH EVELEIGH LOCOMOTIVE WORKSHOP 383 LATROBE STREET
SOUTH EVELEIGH MELBOURNE
1
~$1.4bn
uncommitted
development
pipeline
Artist Impression 1 Artist Impression
~
$3bn 2
Artist Impression Artist Impression Artist Impression
committed 83%
development pre-committed
pipeline
477 COLLINS STREET 80 ANN STREET 55 PITT STREET 75 GEORGE STREET
MELBOURNE BRISBANE SYDNEY PARRAMATTA
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1. Represents 100% of expected development end value.

2. As at 30 September 2018, including Heads of Agreement.

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Work Reimagined — October 2018

A PEOPLE FIRST APPROACH TO DEVELOPMENT — 80 ANN STREET, BRISBANE (VIDEO)

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Artist Impression
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Artist Impression
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Artist Impression
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OFFICE PORTFOLIO OF THE FUTURE

Paul Edwards General Manager, Workplace Experiences

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Work Reimagined — October 2018

SHAPING THE FUTURE OF WORK

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People Technology Place
Changing Speed of Flexible New
workforce change space real estate
entrants
Space as
Mobility a service
Intelligent
Data
Millennials Demographics infrastructure
(5G) analytics Placemaking Access not
ownership
Rise of
machines
Experiences
27
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Work Reimagined — October 2018

CUSTOMER CHALLENGES

Customer-centric research

Mirvac undertook over 60 customer interviews which identified over 50 Jobs To Be Done from which we prioritised four key challenges:

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TENANTS OCCUPANTS
EMPLOYEES INVESTORS
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Workplace Summit

Feedback provided by over 500 customers at 3 separate events facilitated by Mirvac:

1 Change management and culture Keeping up with technology and new ways 2 of working

3 Employee experience and well-being Future proofing business and assets 4 (expansion and contraction) (flexibility)

• 5 Collaboration effectiveness

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Work Reimagined — October 2018

ADAPTING TO A FAST CHANGING WORKPLACE

• Creating a new flexible space building to meet the needs of our customers for expansion and contraction, a mobile workforce, increasing freelance workforce, agile working, co-working and changing use of space

• Focused on creating a new portfolio of buildings with intelligent infrastructure to enable customers to ‘plug and play’ latest technology

• Implementing integrated communication networks with open source data platform linked to internet of things sensor network

• Developing a new guideline for ground plane experiences

• Committed to develop new urban regeneration of the CBD fringe

• Utilising the internet of things to provide new insights and possibilities of how space is used and how buildings operate to the benefit of our customers

• Research on topics ranging from the Future of Smart precincts to future of work

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Work Reimagined — October 2018

SOLVING CUSTOMER PROBLEMS

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SPACE MOVE ADVISORY CHAMPION

Helping customers to understand the utilisation of space

Improving the whole move experience for customers from decision making to move

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TECH VIRTUAL ECOSYSTEM NETWORKS

Enable a thriving and creative technology community

Using AR/VR to develop a new virtual meeting experience

FLEXIBLE SPACE

Developing a solution to meet the needs of the future workforce and organisations

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BRICK AND BEAM

Creating new investment opportunities by reinvigorating urban fringe

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Work Reimagined — October 2018

HOIST — CO-WORKING BY MIRVAC

Hoist brings together start-ups, corporate partners, incubators, and experts to create an ecosystem of collaboration and growth

• Currently located at ATP, South Eveleigh, occupied by 12 companies

• Relocating and expanding space into Bay Street, Ultimo in December 2018

• Plans to expand further at Bay Street before returning to refurbished Locomotive Workshops, South Eveleigh

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WORK REIMAGINED Campbell Hanan Head of Office & Industrial

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Work Reimagined — October 2018

WORK REIMAGINED

• 80% weight to > >80% portfolio developed Sydney/Melbourne by Mirvac

• CBD and fringe focus > Maintain young portfolio > Mixed use precincts GEOGRAPHY MODERN > Maintain life-cycle QUALITY ASSETS refurbishment spend

• 5 year pipeline > True agile working > Continue to replenish FUTURE OFFICE > Assets with flexible space development pipeline DEVELOPMENT PORTFOLIO FUTURE > Increased focus on PIPELINE WORKPLACE customer experiences

• WALE >5 years > Frictionless process > Diversity of customers > Intelligent asset management > Increase income weighting FINANCIAL 100% SMART > Intelligent infrastructure to technology customers PERFORMANCE PORTFOLIO > Frictionless workspace

• Strong thru-cycle total returns > Space as a service > Digital community

• Progress towards Net Positive by 2030 SUSTAINABILITY > 4.5 Star NABERS Water and 5.5 Star NABERS > Energy ratings for new developments

• Target 5 Star Green Star for new developments

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Work Reimagined — October 2018

BUILDING RESILIENT RECURRING INCOME

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ADDITIONAL HIGH-QUALITY INCOME FROM OFFICE & INDUSTRIAL DEVELOPMENTS [ 1]
$3.1bn ACTIVE DEVELOPMENT PIPELINE NOI GROWTH
100 ($m) NOI ~
$95m
66%
90 committed potential additional annual NOI
by FY23 from FY19 from active
development pipeline
80 0%
committed
70
83%
85%
60 of development pipeline
committed [ 5]
committed [ 5]
50 >$200m
40 100% potential fair value uplift
committed between FY19-22 [ 2]
100%
30
committed
100%
20
committed [ 5]
10 100%
committed
0 YEAR 1 FULLY LET NOI >$180m
2H18 FY18–19 FY19 FY20 FY20 FY21 FY22 Cumulative NOI potential development
664 Collins Street, MEL Calibre B2-5, SYD ATP, SYD, B1 and 3 [ 6] ATP, SYD, B2 477 Collins St, MEL Locomotive Workshops, SYD 80 Ann Street, BNE by FY23 [ 4] EBIT between FY19-22 [ 3]
Committed [ 5] Uncommitted
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1. Based on 100% occupancy and 50% ownership, other than Australian Technology Park at 33.3% ownership and Locomotive Workshops at 100% ownership. 2. Potential fair value uplift based on 4.80% cap rate for 477 Collins Street, 5.0% cap rate for Australian Technology Park, and 5.0% cap rate for 80 Ann Street. 3. Potential future development EBIT from developments partially sold-down to capital partners (477 Collins Street, Australian Technology Park, Calibre and 80 Ann Street). 4. Expected NOI from both active development projects and recently completed developments by FY23 including rental growth. 5. Includes Heads of Agreement, as at 30 September 2018. 6. Australian Technology Park B1&3 PC in FY19 & income contribution from FY20.

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Work Reimagined — October 2018

OFFICE STRATEGY AND TEAM SET TO DELIVER

• Committed to the largest office markets of Sydney and Melbourne

• Opportunistic investment into Brisbane, Sydney fringe and Parramatta

• Build to core strategy, integrated delivery model and our highly engaged and competent team will deliver:

• New buildings with minimal maintenance capex

• Tighter densities for the modern workforce

• Modern smart buildings that work with disruptive technology

• Long term recurring income

$5.2bn 87% of new office assets created of office portfolio or being created between developed or repositioned FY12 & FY23 by Mirvac by FY22

~ 45% of office portfolio younger than 15 years old[ 3]

1. Willis Towers Watson.

2. Lost Time Injury Frequency Rate, Safety Spotlight: ASX100 Citi.

3. By FY22.

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89%
2018 office employee
engagement score [ 1]
Industry Leading
LTIFR of
1.3 2
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Work Reimagined — October 2018

Q&A PANEL

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CAMPBELL HANAN

Head of Office & Industrial

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ALEXANDRA GRAY

Head of Research

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SIMON HEALY

PAUL EDWARDS

General Manager, General Manager, Commercial Development Workplace Experiences

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ANDREW BUTLER

Group Executive Office MPT

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GREG KERR

General Manager, Technical Services

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VICTORIA TAVENDALE

General Manager, Asset Management

36

Investor Update — October 2018

APPENDIX Australian Technology Park South Eveleigh

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Work Reimagined — October 2018

AUSTRALIAN TECHNOLOGY PARK SOUTH EVELEIGH

HISTORY

• In November 2015, Mirvac entered into an agreement with AMP Capital Wholesale Office Fund and AMP Capital separate account client, SunSuper, for the purchase of a one-third interest each in the development of three new office buildings within the Australian Technology Park, via a fund through arrangement

• Mirvac has secured the Commonwealth Bank as the major tenant for the office space

• Settlement of the site acquisition occurred in April 2016, with practical completion of Building 1 and Building 3 targeted for FY19, and FY20 for Building 2

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AUSTRALIAN TECHNOLOGY PARK SOUTH EVELEIGH

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Work Reimagined — October 2018

AUSTRALIAN TECHNOLOGY PARK SOUTH EVELEIGH

PROJECT UPDATE

• Building 1 construction continues with the atrium glazing complete and the building 100% water tight. Fitout finishes and services continue on all floors and works are on track to be completed in April 2019.

• Building 2, the Level 5 structure is complete, with Level 6 structural steel installation progressing well. All steel cores are now up to level 5 whilst Fire Spray, High-Level Services continue to be installed on the Typical floors. The façade bracket installation and cladding has commenced on Level 1.

• Building 3, the structure is complete and façade installation is nearing completion. Fitout finishes and services continue on all floors and works are on track to be completed in April 2019.

• The Public Domain is progressing well with Eveleigh Green and Innovation Plaza (Stage 1) complete and Entry Garden now open.

• Draft Conditions of Consent for both Locomotive Workshop SSDAs have been issued by the Department of Planning to the project team, these are currently being reviewed and will be sent back to the Department this week. Development Approval is still expected to be 1st December 2018. Construction is due to start in February 2019.

Acquisition date	April 2016
Ownership	33.3% Mirvac, 33.3% AMP, 33.3% SunSuper
Area	93,600sqm
% pre-leased	100% to Commonwealth Bank of Australia
Target completion	FY19 & FY20
Expected development	$1,015m (100% value)
value on completion
Estimated cost to complete	$178m
Estimated yield on cost	6.3%

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BUILDING 3

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INTEGRATED FITOUT

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INTEGRATED FITOUT

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Work Reimagined — October 2018

LOCOMOTIVE WORKSHOPS SOUTH EVELEIGH

PROJECT UPDATE

Acquisition date April 2016 Ownership 100% Mirvac Area 22,400sqm % pre-leased 0% Target completion FY21 Expected development $358m value on completion Estimated cost to complete $319m Estimated yield on cost 5.6%

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HAROLD PARK & TRAMSHEDS SYDNEY

Harold Park is located in the inner-city of Sydney, approximately 2.5 kilometres from Sydney’s CBD and lies within close proximity to the light rail, major bus routes, Sydney harbour and two of Sydney’s largest universities. The project includes approximately 1,300 terrace homes and apartments, as well as the adaptive re-use of the former Rozelle Tram Depot into the vibrant Tramsheds retail complex. The site also includes 3.8 hectares of public open space dedicated to council.

Tramsheds S dne y y

Harold Park

Harold Park
Acquisition date	December 2010
Ownership	100% Mirvac
Project value(Incl. GST)	$1,335.1m
Total lots	1,302
Project completion	FY15-FY19

Acquisition date	October 2015
Ownership	100% Mirvac
GLA	5,952sqm
Grade	Neighbourhood
Valuation	$44.5m
CAP rate	5.50%
Specialty sales	$9,930/sqm
Specialty occupancy cost 9.7%

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Work Reimagined — October 2018

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 also includes certain non-IFRS measures including operating profit after tax. Operating profit after tax is profit before specific non-cash items and significant items. It is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac’s financial statements ended 30 June 2018, which has been subject to audit by its external auditors.

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

The information contained in this presentation is current as at 30 June 2018, unless otherwise noted.

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THANK YOU

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