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#1Mirvac Living Sectors Investor Day 10 October 2023 mirvac UniLodic ge 11 LIV Munro, Melbourne#2MIRVAC LIVING SECTORS INVESTOR DAY ONIPAL SIVAVI 4444444444 444 444 mirvac Acknowledgement of Country 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. Artwork: 'Reimagining Country', created by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji) of We are 27 Creative. 10 OCTOBER 2023 1#3MIRVAC LIVING SECTORS INVESTOR DAY Agenda mirvac LIVING SECTORS Campbell Hanan Group CEO & Managing Director COMPELLING MARKET FUNDAMENTALS Alexandra Gray Head of Research Richard Seddon CEO, Investment BUILD TO RENT & LIV Angela Buckley Fund Manager - BTR Sector Lead Scott Mosely CEO, Funds Management Stuart Penklis LAND LEASE Stephen Gould General Manager Land Lease Communities THANK YOU Campbell Hanan Group CEO & Managing Director p. 3 CEO, Development P. 9 Sarsha Durham Development Director p. 29 p. D.51 p. 58 LIV Anura, Brisbane (artist impression, final design may differ) 10 OCTOBER 2023 2#4MIRVAC LIVING SECTORS INVESTOR DAY Trielle, Yarra's Edge, Melbourne (artist impression, final design may differ) Living Sectors Campbell Hanan Group CEO & Managing Director mirvac 10 OCTOBER 2023 3#5MIRVAC LIVING SECTORS INVESTOR DAY Why are we expanding into a broader spectrum of living sectors? mirvac , final design may differ. Artist impression, Aligned with our capabilities , final design may differ. Artist impression, Driving value for shareholders Artist impression, final design may differ. Attractive market fundamentals Providing affordable options for our customers Capital partnering relationships BTR and land lease communities are natural adjacencies to residential build to sell and our development capabilities Provides new attractive sources of cash flow resilient income, development EBIT and management fee streams Under-penetrated markets with supply shortages, affordability challenges Affordability challenges driving demand for alternative accommodation solutions Aligned capital partnering relationships maintain balance sheet capacity 10 OCTOBER 2023 4#6MIRVAC LIVING SECTORS INVESTOR DAY Organisational structure for alignment Campbell Hanan | Group CEO & Managing Director Scott Mosely | CEO, Funds Management Richard Seddon | CEO, Investment Funds Management Investment Stuart Penklis | CEO, Development Development ~$17bn 3rd Party Capital Under Management¹ ~$12bn ~$29bn Development mirvac Courtenay Smith | Chief Financial Officer Victoria Tavendale | Chief Asset Management Officer William Payne | Chief Digital Officer Investment Portfolio 2 Pipeline ³ Amy Menere | Chief Stakeholder Relations & Customer Officer Chris Akayan | Chief Culture & Capability Officer 1. Represents the total value of 3rd party capital that are fee generating (either Funds Management, Asset Management or Development Management fees). This only includes 3rd party capital and excludes Mirvac's investment in managed funds, assets or developments. 2 Investment Portfolio includes co-investment equity values, assets held for sale, and properties being held for development, excludes IPUC and represents fair value (excludes gross up of lease liability under AASB 16). 3. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, 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. 10 OCTOBER 2023 5#7MIRVAC LIVING SECTORS INVESTOR DAY Group responding to long-term structural trends Mirvac's business leverages structural mega-trends, supporting growth over time OUR FUTURE FOCUS Institutional capital demand Growth in domestic superannuation industry driving quality real estate investment demand and global capital remains attracted to Australia Urbanisation, densification, and regeneration Further densification of cities driven by migration, urban renewal and infrastructure. Acute residential accommodation affordability, and under supply Changing demographics and consumer behaviours Increase in millennials and digital natives, ageing population, rise of online, real time and convenience, and record surge in migration 四 قيا Technology driving change Increased reliance on technology driving changes in real estate utilisation Retain balance sheet flexibility Expand Funds Management offering Continue to increase cash flow resilience of Investment portfolio Leverage integrated Development capability ESG focus Sustainability a "must have", shaping consumer and investment decisions Continued leadership in sustainability and culture mirvac 10 OCTOBER 2023 6#8MIRVAC LIVING SECTORS INVESTOR DAY The Mirvac difference Mirvac capability and track record winning market share mirvac QUALITY PRODUCT, DEEP TRACK RECORD > Upfront community amenity and infrastructure > Strong focus on innovation, sustainability, and development waste reduction > Long track record of delivering quality, award-winning projects > High repeat customers > Owner-occupier focus - 75% of $1.8bn pre-sales balance > Winner of multiple industry awards, including UDIA QLD Development of the Year and PCA WA Best Masterplanned Community DEVELOPMENT FLEXIBILITY > Operate across residential spectrum (land subdivision, homes, terraces, mid-rise and high-rise apartments) > Levers to respond to buyer preferences and fast-track launches in prevailing market conditions > In-house design capability provides greater design and build flexibility to respond to customer needs > Utilise modular construction technology and techniques to drive cost, efficiency, waste, and safety outcome improvements Flexibility to adapt and capture the full value chain SCALE & RISK MANAGEMENT > Leverage scale and forward pipeline to drive favourable procurement outcomes, manage and mitigate supply chain shortages and cost inflation > Balance sheet facilitates early construction commencement > Planning risk assessment/management LAND SUBDIVISION HOMES TERRACES MID-RISE APARTMENTS APARTMENTS BUILD TO RENT LAND LEASE COMMUNITIES GUMNUT PARK, OLIVINE, MEL TULLAMORE BUILT-FORM, MEL GREEN SQUARE, SYD¹ THE LANGLEE, SYD¹ WATERFRONT QUAY, BNE 1 LIV MUNRO, MEL EVERLEIGH, BNE 1. Artist impression, final design may differ. 10 OCTOBER 2023 7#9MIRVAC LIVING SECTORS INVESTOR DAY Our competitive advantage mirvac Award-winning Australian urban asset creator, owner and manager ASSET CREATION Development 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 Development EBIT NTA Uplift Delivers new assets ASSET CURATION Investment New recurring high quality rental income New recurring asset & funds management fee & co-investment income Funds Asset management Harbourside, Sydney (artist impression, final design may differ) 10 OCTOBER 2023 8#10MIRVAC LIVING SECTORS INVESTOR DAY LIVIASTONE SIDDELEY ST WINERAR LIV Aston, Melbourne (artist impression, final design may differ) mirvac Compelling market fundamentals Alexandra Gray Head of Research 10 OCTOBER 2023 9#11MIRVAC LIVING SECTORS INVESTOR DAY Overseas migrants - dwelling & tenure patterns Overseas migration is currently at an all time high level - -1,000,000 new people are forecast over next three years, requiring an additional -400,000 dwellings OVERSEAS ARRIVALS TO GREATER SYDNEY Share of tenure & dwelling type by year of arrival OVERSEAS ARRIVALS TO GREATER MELBOURNE Share of tenure & dwelling type by year of arrival 100% 90 80 70 60 50 40 30 20 10 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Year of arrival Rented house 15 16 17 18 19 20 Rented townhouse Rented apartment 123456789 10 11 12 13 14 15 16 17 18 Year of arrival Owned house Owned townhouse Owned apartment 1. Note: Assumes current average household formation size of 2.49 people remains constant. Source: Budget 2023-24 Projection (May 23), RBA LFS Measure (Jan 23). mirvac 100% 90 80 70 60 50 40 30 20 10 10 0 19 20 Year of arrival since 2019 Source: 2021 ABS Census 10 OCTOBER 2023 10#12MIRVAC LIVING SECTORS INVESTOR DAY Ambitious national housing accord targets released AUSTRALIAN DWELLING COMPLETIONS & NATIONAL HOUSING ACCORD TARGETS No '000s 400 350 300 250 200 150 100 50 50 Approximate trajectory Forecast required to hit 1.2 million mirvac 1.2 million target Previous 1 million target 0 Jul 09 Jul 13 Jul 17 Jul 21 Jul 25 Jul 29 Source: ABS, Oxford Economics September 2023 10 OCTOBER 2023 11#13MIRVAC LIVING SECTORS INVESTOR DAY Extended period of low supply ahead FORECAST DETACHED HOUSING SUPPLY 70,000 60,000 50,000 40,000 30,000 20,000 10,000 FORECAST ATTACHED HOUSING SUPPLY 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 mirvac 0 0 2011 2013 2015 2017 2019 2021 2023 2025 2027 2011 2013 2015 2017 2019 2021 2023 2025 2027 Sydney Melbourne Brisbane Source: Rolling annual sum Oxford Economics. June 2023 Sydney Melbourne Brisbane Source: Rolling annual sum Oxford Economics. June 2023 10 OCTOBER 2023 12#14MIRVAC LIVING SECTORS INVESTOR DAY Restricted apartment supply outlook POPULATION ADDITIONS 1 VS CAPITAL CITY UNIT SUPPLY 2 Sydney, Melbourne & Brisbane market high density apartment completions 70,000 apartments 400,000 people 60,000 50,000 40,000 30,000 20,000 10,000 300,000 200,000 100,000 0 0 (100,000) Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25 Jun 26 Marketed (LHS) Population additions (RHS) Completed (LHS) ● Under construction (LHS) Source: 1. ABS; Centre for Population; Population Estimate 2022 (Dec 22), Budget 2023-24 Projection (May 23) NSW, QLD, VIC 2. Charter Keck Cramer: Brisbane, Melbourne, Sydney (June 2023) mirvac 10 OCTOBER 2023 13#15MIRVAC LIVING SECTORS INVESTOR DAY Record low vacancy and significant rental growth RENTAL VACANCY RATES 6% 5 4 3 mirvac CAPITAL CITY UNIT RENT PERFORMANCE SINCE MARCH 2020 40% 30 20 20 10 10 0 1.5% 1 1.2% (10) 1.2% 1.0% 0 (20) Aug 14 Aug 15 Aug 16 Aug 17 Aug 18 Aug 19 Aug 20 Aug 21 Aug 22 Aug 23 Sydney Melbourne Brisbane - Australia Source: All dwellings, seasonally adjusted, SQM Research August 2023 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Sydney Melbourne - Brisbane 2 3-month median rent Source: Domain Group/APM Research, June 2023 10 OCTOBER 2023 14#16MIRVAC LIVING SECTORS INVESTOR DAY Renters - fastest growing tenure across all large population cohorts CHANGE IN HOUSING TYPE - SYDNEY, MELBOURNE & BRISBANE Past 15 year Compound Average Growth Rate (CAGR) 5% 4 3 3% 3% 2% 2 2% 2% 1 0 (1) (1%) (1%) (2) 0.3% VOLUME OF RENTERS BY AGE COHORT Greater Sydney, Greater Melbourne & Greater Brisbane 1,000,000 People 4% 4% 800,000 3% 3% 2% 1% 2% (1%) 600,000 400,000 200,000 (1%) mirvac (2%) 0 0-9 10-19 20-29 years years years 30-39 years 40-49 years 50-59 years 0-9 10-19 20-29 30-39 40-49 50-59 60-69 70-79 years years years years years years years years Owned outright Owned with mortgage Rented Source: 2021 ABS Census 2006 2011 2016 2021 Source: ABS Census 10 OCTOBER 2023 15#17MIRVAC LIVING SECTORS INVESTOR DAY High-rise apartments - growing in importance for renters RENTERS - SINGLE & GROUP HOUSEHOLDS Share living in high-rise apartment 60% 40 20 20 0 2006 2011 2016 2021 Sydney Melbourne Brisbane Source: ABS, Census 2006-2021 RENTERS COUPLES NO KIDS - Share living in high-rise apartment 60% 40 20 0 2006 2011 2016 - Sydney Melbourne 2021 Brisbane Source: ABS, Census 2006-2021 RENTERS - FAMILIES WITH KIDS Share living in high-rise apartment 60% 40 20 0 2006 2011 2016 2021 Sydney - Melbourne Brisbane Source: ABS, Census 2006-2021 - RENTERS SINGLE PARENT FAMILIES Share living in high-rise apartment 60% 40 20 0 2006 2011 2016 Sydney 2021 - Melbourne Source: ABS, Census 2006-2021 Brisbane mirvac 10 OCTOBER 2023 16#18MIRVAC LIVING SECTORS INVESTOR DAY BTR will play an important role in addressing future supply RENTER AFFORDABILITY Portion of income required to service rent GREATER SYDNEY UNITS 30% WEEKLY RENT INCOME VERSUS NEW INVESTOR MORTGAGE LOAN PAYMENTS $800 GREATER MELBOURNE UNITS GREATER BRISBANE UNITS 27% 30% 28 25 20 20 26 26 23 10 700 600 500 24 21 0 400 Mar 20 Mar 22 Mar 23 Mar 20 Mar 22 Mar 23 Mar 20 Mar 22 Mar 23 Source: ANU & CoreLogic Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 mirvac Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21 Oct 21 Adjusted median rent Source: CoreLogic, RBA. Mortgage Payments are based on a 30 year mortgage with a 20% deposit on the median Australian dwelling value each month. Assumes average new variable rates for investors as reported by the RBA, adjusted for further rate increases. Rents are based on the median rent valuation, adjusted by changes in the hedonic rental value index. Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22 10 OCTOBER 2023 17 Mortgage repayment Dec 22 Jan 23 Feb 23 Mar 23 Apr 23#19MIRVAC LIVING SECTORS INVESTOR DAY Strong growth in retirees, opportunity to unlock under-utilised housing stock POPULATION AGED 55+ Intergenerational review projections 15,000,000 people 13,000,000 11,000,000 9,000,000 7,000,000 5,000,000 3,000,000 RESIDENTS & BEDROOMS (% of total, aged 55-79 years) 60% 48% 43 50 50 38 40 4 33 30 28 23 23 18 220 10 4+ mirvac Bedrooms per dwelling Source: ABS Census 2021 (2021 Census - counting persons, place of enumeration) 13 0 1,000,000 '73 '83 '93 '03 '13 '23 '33 '43 '53 '63 1 2 3 June Number per dwelling Residents per dwelling Number (LHS) -% of total (RHS) Source: ABS Historical Population, Estimated Resident Population, Federal Treasury 2023 Intergenerational Report 10 OCTOBER 2023 18#20MIRVAC LIVING SECTORS INVESTOR DAY MARSH LIV Anura, Brisbane (artist impression, final design may differ) Investment appeal Richard Seddon CEO, Investment mirvac 10 OCTOBER 2023 19#21MIRVAC LIVING SECTORS INVESTOR DAY Continue to increase resilience of Investment portfolio mirvac CURRENT POSITION ACTIVE MANAGEMENT HAS DRIVEN STRONG UPLIFT IN PORTFOLIO QUALITY > ~$4.2bn of assets disposed over last 10 years > ~$6bn of assets created over last 10 years (13 new assets across BTR, Industrial and Office) > 96.9% occupied Investment portfolio² > Established new BTR asset class with retained 44% co-investment > Industrial 100% Sydney exposed³ > 100% urban retail > Prime, modern, sustainable, low capex Office portfolio4 PORTFOLIO QUALITY AND DEVELOPMENT HAS DRIVEN EXCESS RETURNS OVER ALL TIME PERIODS MIRVAC PORTFOLIO CONSISTENT OUTPERFORMANCE Based on compound average annual returns 10.0% 8.6% 5.0 7.0% 6.3% 6.0% 5.7% 4.7% 9.9% 9.9% 7.7% 7.6% FUTURE FOCUS Continue to lift exposure to high-quality, modern, capex light assets Focus on cash flow resilient sectors CURRENT INVESTMENT with positive structural tailwinds Increased exposure to living sectors including BTR and Land Lease communities Lift industrial exposure Moderate office exposure with focus on modern prime assets Maintain urban retail focus PORTFOLIO5 O Office 65% Retail 20% Industrial 13% Build to Rent 2% 0 1 YRS 3 YRS 5 YRS 10 YRS 12 YRS Mirvac portfolio Benchmark Source: RIA commercial property market return indicator as at March 2023 1. 100% share end value of developments completed. 2. By area, excluding BTR. 3. By portfolio valuations as at 30 June 2023. 4. 99% of Office portfolio Prime (42% premium), 10.8 year average age, 84% built or refurbished by Mirvac, 5.3 Star average NABERS rating, 0.3% maintenance capex (5 year pa average). 5. At 30 June 2023, by total property portfolio valuations, which includes co-investments, based on equity value, assets held for sale, and properties being held for development and excludes IPUC. LIV Indigo, Sydney 10 OCTOBER 2023 20#22MIRVAC LIVING SECTORS INVESTOR DAY Appeal of BTR asset class UNDERPINNED BY STRUCTURAL DRIVERS ATTRACTIVE RISK ADJUSTED INVESTMENT RETURNS Loooo ALIGNED TO MGR CAPABILITIES mirvac > Strong population growth > Affordability pressures > Material undersupply > Urbanisation of population > Latent customer demand - low quality incumbent product - institutional professional ownership > Growing addressable market > Supportive Government policies STABLE INCOME STREAMS > High occupancy > Low volatility of income > Stability in valuation STRONG RENTAL GROWTH OUTLOOK > Historical rent growth > Annual rent adjustments > Inflation protection LOW CASH FLOW LEAKAGE > Modest capex and incentives > Low downtime > 50 year Residential track record and knowledge base > Integrated market leading design and creation platform > Broadens customer reach > Leverage Regulatory relationships > Operating track record - Early mover advantage LIV Albert Fields, Melbourne (artist impression, final design may differ) 10 OCTOBER 2023#23MIRVAC LIVING SECTORS INVESTOR DAY BTR has outperformed globally BTR HAS DELIVERED STRONG PERFORMANCE IN OTHER MATURE MARKETS US DIRECT RETURNS AND VOLATILITY 12% 8 4 0 Residential (Apartments) RISING SECTOR ALLOCATION 100% real estate portfolio 15 75 50 25 0 2019 2023 US Industrial Retail Office 10 yr returns 10 yr St Dev Source: CBRE December 2022 2019 2023 Europe 2019 2023 Asia-Pacific Residential Niche & Other Office Retail Industrial/Logistics Source: PREA investor intentions Survey 2019-2023, LaSalle ISA Property Review Aug 2023 EUROPEAN RESIDENTIAL - LONG TERM RISK ADJUSTED RETURN OUTPERFORMANCE EUROPEAN ECONOMIC CAP RATES BY SECTOR 10.0% 8.0 6.0 4.0 mirvac 6.9% 5.7% 5.4% 4.2% 2.0 Jul 07 Jul 09 Jul 11 Jul 13 Jul 15 Jul 17 Jul 19 Jul 21 Jul 23 Office Retail Residential - Industrial UK STRONG LONG RUN RETURNS WITH LOW VOLATILITY 500 (Dec 2007 Index =100) 400 300 200 100 0 Dec 07 Nov 08 Oct 09 Sep 10 Aug 11 Jul 12 Jun 13 May 14 Apr 15 Mar 16 Office Feb 17 Jan 18 Dec 18 Source: Green Street, July 2023 Nov 19 Oct 20 Sep 21 Retail Residential Industrial Source: MSCI, LaSalle ISA Property Review Aug 2023 - Aug 22 10 OCTOBER 2023 22#24MIRVAC LIVING SECTORS INVESTOR DAY Sector outperformance - Australia LIKE INTERNATIONAL MARKETS, BTR IS EXPECTED TO TRADE INSIDE THE TRADITIONAL SECTOR CAPITALISATION RATES One of the lowest vacancy rates across Australian asset classes - 1.0% Lowest level of volatility across rental growth and vacancy NATIONAL VACANCY RATES ACROSS SECTORS 16% 12 8 4 Rental growth outperformed inflation by 130bps historically Major affordability constraints entering the residential sector, affecting home ownership Strongest 20-year population growth in the developed world -1.5% p.a. INDEX OF RENTS BY SECTOR June 09 =100 180 140 100 0 60 Jun 05 Jun 08 Jun 11 Jun 14 Jun 17 - - Office Jun 20 Residential Jun 23 CBD Retail Jun 05 Jun 08 Jun 11 Source: JLL REIS - Office includes Sydney CBD, Melbourne CBD, Brisbane CBD, Perth CBD, Adelaide CBD and Canberra; SQM All dwellings RENT GROWTH ABOVE CPI Australian Annual Rent Growth Across Sectors mirvac 4.00% 3.94% 4.0% 2.00 2.7% 2.4% 0 (2.00) (3.4%) (4.00) Jun 23 Medium Unit Rent Prime CBD Office Net Effective Industrial Retail CPI Jun 14 Jun 17 Jun 20 - Residential Office Retail - Industrial Source: SQM Median weekly unit rents, Australia; JLL. Retail includes prime CBD Retail, Industrial includes Sydney Outer Central West & South, Melbourne South & West, Perth, Brisbane Trade Coast & South, Perth North and Adelaide Inner West Source: SQM Median weekly unit rents, Australia; JLL. Retail includes prime CBD Retail, Industrial includes Sydney Outer Central West & South, Melbourne South & West, Perth, Office Net effective rents Median Syd, Melb, Bris CBD 10 OCTOBER 2023 23#25MIRVAC LIVING SECTORS INVESTOR DAY Attractive return outlook POTENTIAL INVESTMENT RETURNS¹ 16.0% 12.0 8.0 4.0 INDICATIVE ONLY 0 Initial yield (yr 1) 4.5-5% Rent growth 3-5% Capex & incentives Ancillary (-0.25-0.5%) income 1. Indicative illustrative example only and not a forecast. 2. Development margin reflects stabilised yield to cap rate. Investment IRR 7-7.5% Develop-to-core efficiency and development margin ~0-70bp spread 8.5%+ 10 year blended unlevered IRR mirvac ADDITIONAL DEVELOPMENT/ PLATFORM OPPORTUNITY + DM fees + IM & AM fees 10 OCTOBER 2023 24#26MIRVAC LIVING SECTORS INVESTOR DAY BTR in Australia AUSTRALIAN KNOWN BTR SUPPLY PIPELINE 50,000 40,000 30,000 20,000 15,915 11,250 10,000 8,820 6,450 22,430 13 Operating assets in Australia¹ 30,410 mirvac 47,460 0 2017 2018 2019 2020 2021 2022 Q3 2023 Built Under construction Approved Early planning - Total pipeline Soruce: Urbis Apartment Essentials, Urbis 1. Source: EY, Urbis, Mirvac. 10 OCTOBER 2023 25#27MIRVAC LIVING SECTORS INVESTOR DAY Potential addressable market is deep PROFESSIONALLY MANAGED HOUSING STOCK AS % OF TOTAL STOCK 12% 10 8 6 4 2 0.4% 0 Australia current known potential 5.4% UK 12% US Source: Urbis Apartment Essentials Aug 2023, ABS, EY Build to Rent Housing report 2022 LOW PENETRATION RATE - MATERIAL SCALE OPPORTUNITY Potential BTR market at 3% penetration ~$290bn 350,000 units Current BTR pipeline ~$35bn ~47,000 units INSTITUTIONAL REAL ESTATE MARKET AUSTRALIA $400bn 300 ~$290bn 200 100 ~$35bn mirvac BTR @ 3% BTR Current Penetration pipeline Office Retail Industrial Source: EY, ABS, Urbis, MSCI All Property, Mirvac estimates 10 OCTOBER 2023 26#28MIRVAC LIVING SECTORS INVESTOR DAY Mirvac has pioneered the build to rent sector in Australia MIRVAC IS THE LEADING PLAYER AMONGST THE MAJOR BTR DEVELOPERS, WITH OPERATIONAL EXPERIENCE 3,500 apartments 3,000 2,500 2,000 1,500 1,000 500 L 1 0 Mirvac Home (GFM) Greystar Australia Investa Pellicano Blackstone Local Assemble Arklife Sentinel Gurner Novus mirvac Salta Properties Built Under construction Early planning / potential supply Source: Urbis September 2023, JLL, Mirvac 10 OCTOBER 2023 27#29MIRVAC LIVING SECTORS INVESTOR DAY Aligned to Mirvac capabilities OWN AWARD WINNING RESIDENTIAL DEVELOPMENT TRACK RECORD mirvac INVESTMENT EXPERTISE > >50yrs experience > Site selection > Deep data base > Regulatory relationships > Creating connected communities > Re-imagine urban life DESIGN AND CONSTRUCTION PLATFORM > Procurement > Cost management > Design > Risk management > Sustainability outcomes CREATE Design Sales & Marketing Build Innovative & Sustainable Outcomes Places to Live, Work, Shop & Play Communities Leading AREIT Office Retail Build to Rent Industrial Mixed-Use MANAGE Investments Assets & Facilities Leasing Customer Experience Partnerships Property Funds > Outperforming investment track record > Multi-sector capability > Aligned partnership approach > Strong corporate governance DEEP MANAGEMENT CAPABILITY > Customer experience > Asset management > Sustainable living solutions > Community curation > Sales and marketing > Technology & procurement 10 OCTOBER 2023 28#30MIRVAC LIVING SECTORS INVESTOR DAY Albert Fields, Melbourne (artist impression, final design may differ) HE BTR value proposition Angela Buckley Fund Manager - BTR Sector Lead mirvac 10 OCTOBER 2023 29#31MIRVAC LIVING SECTORS INVESTOR DAY LIV - Our ambition is to unassailably lead the BTR category LIVⓇ mirvac BTR FIRST MOVER ADVANTAGE, BACKED BY 50 YEARS OF RESIDENTIAL DEVELOPMENT EXPERIENCE Only truly integrated BTR business with design, development and construction capability to optimise market cycles Strong focus on learning and improving to iterate and innovate the LIV offering - kit of parts design, standardisation, efficiencies SECURED AND DIVERSIFIED DEVELOPMENT PIPELINE Existing 2,200 apartment pipeline will be operational by FY25, providing meaningful scalable portfolio and delivery certainty Capability and capacity to grow pipeline -exposure to Sydney, Melbourne and Brisbane EXPERIENCED TEAM AND PROVEN PLATFORM IN A SECTOR POISED FOR GROWTH End-to-end asset creation and curation capability, reputation for quality and certainty Significant investment in LIV platform creation to achieve scale ambitions - systems, processes and governance MARKET LEADING BRAND LIV WITH TRULY CONSUMER CENTRIC APPROACH Three years of operational experience & more than 1,100 customers today Proven operating metrics with high occupancy and resident retention Emphasis on innovation to digitise the LIV experience e.g. LIV App & Al Concierge built in-house ESG AT THE HEART OF EVERYTHING WE DO Net positive Scope 1 and 2 emissions and commitment to 'This Changes Everything' Scope 3 target by 20301 Social sustainability and driving community benefits central to the LIV offering Government partnership to deliver affordable housing within projects - LIV Anura, QLD TRUE PARTNERSHIP AND ALIGNMENT Develop-to-Core vehicle, with investor first mindset, focused on transparency and visibility Mirvac co-investment and commitment to grow to over 5,000 apartments 1. Target reflects Mirvac's current intention. Mirvac reserves the right to change this target at any time. 10 OCTOBER 2023 30#32MIRVAC LIVING SECTORS INVESTOR DAY LIV - Australia's most progressed BTR portfolio, poised for growth $1.8bn Seed Portfolio, -2,200 apartments GENERATION 1 LIV INDIGO, SYD Total Apartments Status Completion Occupancy ESG Commitment to grow to at least 5,000 apartments More than 1,100 customers today GENERATION 2 LIV MUNRO, MEL 315 Operational September 2020 Total Apartments Status 94%¹ Completion Occupancy 6.4 Star NatHERS ESG 1. By apartment number, as at 30 June 2023, excludes display apartments. 2. Note images are artist impressions, final design may differ. LIV ANURA, BNE² FUTURE LIV ASTON, MEL² LIVⓇ mirvac Market leading ESG credentials and targets LIV ALBERT FIELDS, MEL² 490 Total Apartments 396 Operational Status Under construction Total Apartments Status 474 Under construction Total Apartments Status 498 Under construction Mid November 2022 62%¹ Completion Occupancy FY24 N/A Completion Occupancy FY24 N/A Completion Occupancy FY25 N/A 8.1 Star NatHERS ESG 8.0 weighted average NatHERS (target) ESG 7.5 Star NatHERS (target) ESG 7.5 Star NatHERS (target) 10 OCTOBER 2023 31#33MIRVAC LIVING SECTORS INVESTOR DAY LIV Value Proposition WHY? WHAT? LIVⓇ LEVERAGING MIRVAC'S EXTENSIVE CAPABILITY WITH A STRONG UNDERSTANDING OF A NEW CONSUMER MINDSET HAS LED TO THE CREATION OF LIV, AN INDUSTRY-LEADING BRAND WITH A CLEAR VALUE PROPOSITION "LIV is in the business of life, not in the business of renting. LIV isn't looking to optimise the existing rental experience but seeking to revolutionise how people live" "LIV is a platform for renting Australians to experience safety, belonging and individuality. LIV exists to create a better life for everyday Australians" SIMPLICITY¹ that delivers safety Onsite repairs and maintenance Ability to seamlessly HOW? No bonds Secure leases White goods included Onsite management /concierge services connect Wi-Fi, electricity and energy services² Cleaning services² = Parcel delivery services CONNECTION¹ that evokes belonging Creating environments for people to connect FLEXIBILITY¹ that enables individuality mirvac BBQ areas Residents encouraged Car parking, storage m and pet friendly outdoor areas to paint the walls and hang pictures Communal kitchen and lounge areas Private A dining rooms Ability for residents to scale up/down in unit sizes over time cage and furniture packages provided on an opt-in basis³ Amenity spaces designed with future adaptability in mind Regularly curated resident events 三國 Co-working and ਕਰ ESG meeting rooms Podcast recording studios 000 Kids play and cinema rooms Pets are welcome 1. Inclusions, services and amenities are not reflective of each BTR Venture property. Each asset's inclusions, services and amenities are tailored according to the specific properties target market and surrounding catchment amenity. 2. Where provisioned within a property, services are typically provided at an additional cost to base rental rates. 3. Car parking, storage cages and furniture packages may or may not be included within base rental rates and are subject to availability. 10 OCTOBER 2023 32 32#34MIRVAC LIVING SECTORS INVESTOR DAY BTR offers compelling value for customers 1 BR Munro BTR 2 BR w 1 BTH Private Landlord 1 BR w 1 BTH Private Landlord Apartment size (sqm) Rent - weekly¹ Gym & pool membership² Car³ 52 61 53 $650 $654 $600 $60 $60 $263 $263 White goods depreciation* $2 $2 Return on bond $3 $2 Total weekly household cost $650 $982 $927 BTR Saving 51% 42% $332 $277 Capital outlay Bond White goods4 Other amenity Co-working facilities Pet friendly $2,600 $2,400 $1,200 $1,200 X X Private dining room X Onsite management 7 days a week Parcel delivery services X Multimedia facilities X X Podcast studio On demand, resident car share EVs X X Bar/lounge & commercial kitchen Dance/yoga studio Carbon neutral accommodation 1. Source: Urbis Melbourne CBD weekly rents (90th percentile), Mirvac. Excluding parking space. 2. Base gym membership weekly estimate, assumes 2 people per household with memberships. 3. Source: Australian Automotive Association 2022, Transport Affordability. Excluding fuel, tolls and roadside assistance weekly costs. 4. White goods assumes cost of base Refrigerator, microwave, washing machine and dryer. X X X X "As soon as we saw the co-working space, we knew this place would be amazing" LIV mirvac "We just moved from a 2 bed on Queen St, to a 1 bed in Munro, but the apartment is so well designed with great storage we feel like we have more space" "I normally pay $180/hr to hire a podcast studio, but I save that now" LIV Munro, Melbourne | Image credit: James Horan 10 OCTOBER 2023 33#35MIRVAC LIVING SECTORS INVESTOR DAY Customer takeaways LIVⓇ mirvac A SNAPSHOT OF WHO IS LIVING AT LIV¹ >1,100 ~161 630 Total number of households Total number Total number of pets of residents LIV INDIGO - HOUSEHOLD TYPES¹ 0 84 Total number of children LIV MUNRO - HOUSEHOLD TYPES¹ Couple: 38% Single: 31% Family: 21% Share: 10% GOOGLE REVIEWS¹ LIV Indigo 1. Customer data as at 21 September 2023. 4.30/5 LIV Munro 4.50/5 Couple: 30% Single: 42% Family: 3% Share: 25% 10 OCTOBER 2023 34#36MIRVAC LIVING SECTORS INVESTOR DAY A new way of living - how are our residents making the most of LIV LIV OFFERINGS CINEMA MEETING ROOMS CAR RENTALS SAUNA 月 POOL H GYM COMMUNITY EVENTS Residents can easily and seamlessly book access to these amenities through our Mirvac App 6:18 LIV mirvac What's going on Instagram LIV Have you visited our socials yet? LifeAtLIV! Taeyo Irack Leven Now in break canko oik What would you like to do? Collect a parcel .5G AB LIVⓇ mirvac WHAT OUR RESIDENTS ARE DOING¹ AMENITIES Select space Cinema/Media Room 10 Co-working Desks TRIP! time to relax > Book a space > Make a request > Events Building information > ~1,528 Bookings in a month Top bookings: Cinema (LIV Indigo) Meeting rooms (LIV Munro) COMMUNITY EVENT CAR RENTAL "The team initiate events and keep the community going. I go to dinners, trivia nights and Zumba every week. I like meeting people there and making friends." -Current LIV resident ~6 Events per month 52% Attendance Ohmie Go Car Share -44 Bookings in a month CAPITALISING ON FIRST-MOVER BENEFITS THROUGH CUSTOMER DATA The Mirvac App helps us capture customer behaviour and their utilisation of our LIV offerings, which in turn informs future investment and developments. 1. Note: Figures are an average between May to July 2023 for both LIV Indigo & Munro. 10 OCTOBER 2023 35#37MIRVAC LIVING SECTORS INVESTOR DAY Operational learnings PARTNERSHIPS Implementing real time experience into operating platform LIFECYCLE ASSESSMENTS & IMPLEMENTATION FISHES & PAYKEL LIVⓇ mirvac VALUE OF ONSITE TEAM LIV LIV 10 OCTOBER 2023 36#38MIRVAC LIVING SECTORS INVESTOR DAY Designing for access Activating spaces and bringing them to life by utilising them across the day in different ways AMENITY UTILISATION TAL LIVⓇ mirvac 10 OCTOBER 2023 37#39MIRVAC LIVING SECTORS INVESTOR DAY LIV Aston, Melbourne (artist impression, final design may differ) mirvac Funds Management Overview Scott Mosely CEO, Funds Management 10 OCTOBER 2023 38#40MIRVAC LIVING SECTORS INVESTOR DAY Expand Funds Management offering mirvac > Restructured organisation establishing Funds division, ensuring leading corporate governance and performance driven culture > Added 3 major new aligned partnerships over FY23 with strong growth mandates including expanded relationship with Australian Retirement Trust > Broadened the suite of asset classes and product types including industrial and living sectors > Secured management and successfully integrated Mirvac Wholesale Office Fund (MWOF), welcoming >50 staff > Strong alignment of interest model (capital alignment considered in development and investment decisions) and corporate governance track record > Opportunity to help unlock value in development pipeline, enhance returns in a rising cost of capital environment, maintain balance sheet discipline, and add annuity earnings > ~$7bn of new FUM added to platform in FY23. 3rd party capital under management has grown to ~$17bn BENEFITS OF FUNDS MANAGEMENT STRATEGY EXPANSION Diversifies capital sources Co-invest opportunities Strong alignment of interest model ~$17bn development Improves ROIC Utilises in-house AUM scale 3rd Party Capital Under Management¹ D&C capabilities 白白白 & synergies Accelerates QQQ ($)古 FUTURE FOCUS Expand Funds Management offering to unlock development pipeline V > Increase partnering across broader suite of asset classes and product types, including living sectors, with aligned partners with scope for growth > Utilise Mirvac's deep in-house creation & curation capabilities to continue to deliver market leading investment and sustainability performance > Focus where we have deep operational capability and pursue growth opportunities for new BTR & Industrial vehicles > Maintain co-investment model to align interest with capital partners Transparency in our internal and external relationships Accountability for our actions and output QOO Investor Excellence in the first mindset way we execute 1. As at 30 June 2023, includes external funds, development and assets under management and excludes Mirvac's own investment in those assets/vehicles. Collins Place, Melbourne 10 OCTOBER 2023. 39#41MIRVAC LIVING SECTORS INVESTOR DAY New BTR Venture structure > Flagship BTR vehicle > Aligned long-term capital partners, including Clean Energy Finance Corporation (CEFC) > Strong alignment with Mirvac's ~44% ownership share > Mirvac retains 100% ownership of BTR management platform Growth focused mandate which facilitates capital efficient accelerated expansion of portfolio and platform towards 5,000 unit Medium Term target MIRVAC 44% STRUCTURE SUMMARY EXTERNAL INVESTORS BTR VENTURE 56% mirvac SEED PORTFOLIO FUTURE PIPELINE Venture utilises Mirvac's site selection, asset creation and management services KEY MANAGEMENT SERVICES > Mirvac OpCo to provide Investment and Property Management services to the BTR Venture > Mirvac to provide development management services, debt arrangement services and subject to approvals, construction related services 10 OCTOBER 2023 40#42MIRVAC LIVING SECTORS INVESTOR DAY BTR Operating platform > Established scalable operational platform capability across leasing, property management, marketing, technology, customer service and maintenance > 6 years planning and 3 years operational experience > 100% Mirvac owned > Multiple revenue stream opportunities leveraging Mirvac's platform Development Management and construction Services MIRVAC FEE STREAMS Property Management ("PM") Services Investment Management ("IM") Services CUSTOMER & BRAND LEASING PROPERTY & COMMUNITY MANAGEMENT MARKETING DIGITAL & TECHNOLOGY FINANCE mirvac 10 OCTOBER 2023#43MIRVAC LIVING SECTORS INVESTOR DAY What's next? RESPONDING TO ECONOMIC CLIMATE INVESTING IN KEY THEMATICS where we have operational expertise Creating value for all stakeholders Quay Quarter Tower, Sydney LIV Indigo, NSW LEVERAGING FUTURE FOCUS MIRVAC'S EXPERTISE mirvac > To grow where we have deep operational capability > Continue leadership in BTR, Office, Retail & Industrial > Explore new and differentiated products across the Living Sectors > Work with aligned and like-minded investors 10 OCTOBER 2023 42#44MIRVAC LIVING SECTORS INVESTOR DAY LIV Aston, Melbourne (artist impression, final design may differ) Development Stuart Penklis CEO, Development Sarsha Durham Development Director mirvac 10 OCTOBER 2023 43#45MIRVAC LIVING SECTORS INVESTOR DAY 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 MIRVAC CONSTRUCTION 5 Gold Star iCIRT RATING Improved portfolio quality/modernisation Enhanced investment returns Risk management Sustainability objectives Strategic site acquisitions FUM Earnings growth DEEP MULTI-SECTOR DEVELOPMENT CAPABILITY INDUSTRIAL OFFICE BUILD TO RENT APARTMENTS 覺 MASTERPLANNED COMMUNITIES MIXED USE Aspect Industrial Estate, SYD 7 Spencer Street, MEL' LIV Anura, BNE NINE Willoughby, SYD' Smith's Lane, MEL' Harbourside, SYD' 1. Artist impression, final design may differ. FUTURE FOCUS mirvac A ......... More selective in deployment of capital > Utilise capital efficient structures and capital partnering to drive higher development ROIC and improve flexibility of pipeline > Consolidation of development division, driving efficient capital allocation and leverage skills across the business > Increased prefabrication and digitisation to improve efficiency and safety > Selective in deployment of capital - have placed over ~$1.8bn of planned development projects on hold LIV Anura, Brisbane (artist impression, final design may differ) OCTOBER 2023 44#46MIRVAC LIVING SECTORS INVESTOR DAY Benefits on in-house creation ASSET VALUE CREATION > $1.3bn of value created over last 10 years¹ > ~26% average total return on completed developments² > $6bn of new assets created off-market (100% share)² > ~$145m of new annual income created² (MGR share) > Capital partnering/FM income opportunities > Improve portfolio quality DESIGN MANAGEMENT LEGAL/TAX CONSTRUCTION CUSTOMER EXPERIENCES NEW ASSET / INCOME GENERATION LEASING Development CAPITAL TRANSACTIONS 1. Value creation equals Development EBIT and revaluation gain on Mirvac share retained of asset post completion, over the past 10 years. 2. 100% share end value of developments completed over the past 10 years. COMMUNITY EN STAKEHO ASSET MANAGEMENT DEVELOPMENT FLEXIBILITY FINANCE mirvac > Adjust designs to meet evolving customer requirements > Sustainability leadership > Leverage existing diversified business model skill-sets within Mirvac to participate in complex development opportunities with less competition > Construction cost and supply chain management > Tier 1 developer, scale and in-house design > Long development track record over 50 years > Owner/developer - aligned interests > Planning risk assessment/management > Complex opportunities with government/ public infrastructure RISK MANAGEMENT 10 ہیں 10 OCTOBER 2023 45#47MIRVAC LIVING SECTORS INVESTOR DAY Learnings going into new design of Build to Rent assets mirvac LOBBY DESIGN NIGH MULIPO LIV Aston, Melbourne (artist impression, final design may differ) CO-WORKING MODULAR UTILISATION LIV Munro, Melbourne | Photo credit: James Horan LIV Munro, Melbourne 10 OCTOBER 2023 46 66#48MIRVAC LIVING SECTORS INVESTOR DAY Development driving sustainability outcomes LIV Munro has a NatHERS rating of 8.1 stars, the highest in Victoria for a building of its scale ESG LEARNINGS FROM EXISTING PROPERTIES > Embedded networks to deliver ESG targets > Measuring the controlling energy use in key areas to ensure efficiency > Control of AC systems in common areas - learning from Indigo 100% renewable electricity procurement Focus on rainwater capture, reuse and efficiency Embedded networks with energy monitoring available to the asset management teams and residents ठ Green travel plan CO₂ Target to design out gas Resident engagement strategy and focus on building strong communities LIV Munro, Melbourne mirvac 10 OCTOBER 2023 47#49MIRVAC LIVING SECTORS INVESTOR DAY ~$1.2bn Build to Rent pipeline' UNDER CONSTRUCTION LIV | ASTON, MELBOURNE KEY AMENITY PROXIMITY Size 474 apartments Potential completion FY24 All images are artist impressions, final design may differ. 250m Crown Ent. Complex Tram: Spencer Street Route <50m Melbourne Airport Collins Square Marvel Stadium 500m Bus: Spencer St Bus Int 150m 20-25 mins Excellent access to the surrounding bicycle network Rail: Southern Cross Station 400m 950m 1. 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. 10 OCTOBER 2023 48#50MIRVAC LIVING SECTORS INVESTOR DAY -$1.2bn Build to Rent pipeline' UNDER CONSTRUCTION LIV | ANURA, BRISBANE Size Potential completion FY24 396 apartments All images are artist impressions, final design may differ. 迴 KEY AMENITY PROXIMITY Gasworks Plaza <200m James Street Precinct 800m ID QUEENSLAND GOVERNMENT BTR ESSENTIAL WORKER PILOT PROGRAM 25% of apartments offered 25% below market rents to local key workers for 25 years ~100 units to be made available State Government provide rental subsidy 'top up' Eligibility means tested for essential workers in local catchment Mirvac to own and operate - development and operating metrics unaffected Bus: Skyring Terrace <50m Brisbane CBD Ferry: Teneriffe Wharf 450m 10-15 mins Rail: Bowen Hills Station 700m 1. 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. 400m ride from the Brisbane bikeway that connects to the Brisbane City 10 OCTOBER 2023 49#51MIRVAC LIVING SECTORS INVESTOR DAY The future of LIV UNDER CONSTRUCTION LIV | ALBERT FIELDS, MELBOURNE KEY AMENITY PROXIMITY Size 498 apartments Potential completion FY25 All images are artist impressions, final design may differ. B Clifton Park <50m Union Square Shopping Centre 500m Sydney Rd Retail Precinct 850m ID Bus: Clifton Park Bus Stop 150m Melbourne CBD 15-20 mins Rail: Brunswick Station 650m Melbourne Airport 20-25 mins Tram: Sydney Road 800m Close to Upfield Bike Track 10 OCTOBER 2023 50#52MIRVAC LIVING SECTORS INVESTOR DAY Everleigh, Brisbane Land Lease Stephen Gould General Manager Land Lease Communities mirvac 10 OCTOBER 2023 51#53MIRVAC LIVING SECTORS INVESTOR DAY What is Land Lease? mirvac AN ATTRACTIVE MODEL COMBINING DEFENSIVE CASHFLOW AND DEVELOPMENTS UPSIDE 6. RESIDENT SELLS HOME Homeowner free to sell home and retain all capital gains realised on sale. Land lease community owner paid any outstanding rents (if any) 5. LLC MAINTAINS FACILITIES Land lease community owner maintains land and community facilities 1. OPERATOR BUILDS HOME Operator acquires land and builds community and individual dwellings 4. RESIDENT RENTS LAND Home owner pays site rent to land lease community owner and maintains own home 2. RESIDENT BUYS HOME Resident buys new or resale home within land lease community and enters long-term site agreement 3. LLC RETAINS LAND OWNERSHIP Ownership of land and community facilities retained by land lease community owner THERE ARE TWO TRANSACTIONS WITH CUSTOMERS: > Sale of a new dwelling to incoming resident: Residents acquires a newly built house. A development profit is earned on this transaction by the developer > Long-term site agreement: Concurrently with house acquisition the resident enter into a long-term site agreement with the land owner and pay a weekly site fee (rent) for exclusive use of the land and access to community facilities. Site agreements are typically long term and include annual rental escalation terms generally based on CPI/CPI+ Benefits for customers include: > No entry/exit fees (resident retains all capital gains on exit) > No stamp duty on purchase of home by resident > Eligible residents benefit from Commonwealth Rental Assistance > Low maintenance homes › Community facilities for exclusive use of all residents > When a resident leaves the community, they sell the house to an incoming resident who then assumes the departing resident's site agreement or more commonly, enters a new long-term site agreement > Generally the land lease community operator acts as an agent for the outgoing resident and earns an agency commission for facilitating a sale of the home to the incoming resident 10 OCTOBER 2023 52 62#54MIRVAC LIVING SECTORS INVESTOR DAY Compelling investment proposition LAND LEASE COMMUNITIES ARE CAPITAL LIGHT WITH STRONG, STABLE CASH GENERATION IN PERPETUITY GROWTH IN 55+ POPULATION AND LOW PENETRATION RATES Characteristics Affordable housing solution Structural tailwinds: ageing population Under penetrated asset class Stable recurring cash flows Annual CPI+ indexation Government supported rental stream No incentives/Low capex High occupancy/ Low downtime/ minimal arrears Concessional land tax Attractive development returns Low correlation with other asset classes Highly capital efficient model Growth in 55+ population FUTURE POPULATION GROWTH Over the next 40 years, the over 55 year old cohort will almost double¹ CURRENT ESTIMATED MARKET PENETRATION LAND LEASE PENETRATION RATE GROWTH CURRENT POPULATION 7.5 million people² Driven by growing awareness, improved quality, affordability challenges & low superannuation balances (asset rich / cash poor) 1. Source: ABS Historical Population, Estimated Resident Population, Federal Treasury 2023 Intergenerational Report. 2. Source: 2021 Census data ABS. Potential future growth in land lease penetration rate from ~2% today mirvac FUTURE POTENTIAL MARKET OPPORTUNITY 10 OCTOBER 2023 53#55MIRVAC LIVING SECTORS INVESTOR DAY Compelling customer proposition > Low maintenance homes, with high security > Access to community amenity to encourage a healthy and connected lifestyle > Locations with good access to medical facilities, shopping centres and other daily needs > Supporting the Federal Government strategy to promote ageing-in-place as ~80% of over 55s want to age-in-place¹ > Access to Commonwealth Rental Assistance (CRA) for qualifying customers 1. Australian Housing and Urban Research Institute (AHURI). LIFESTYLE DEMANDED FINANCIALLY ATTRACTIVE GOVERNMENT ALIGNED SOCIALLY CONNECTED mirvac > Release of equity from sale of family home - to fund purchase and lifestyle choices > Simple acquisition process with no entry and exit fees generally > No stamp duty $ > Independent community living, with access to high quality community facilities, addressing loneliness and promoting interaction > Alignment to the 'Great Australian Dream' of owning a home 10 OCTOBER 2023 54#56M MIRVAC LIVING SECTORS INVESTOR DAY Mirvac's capabilities and assets provide a strong foundation to launch into land lease MIRVAC BRAND, REPUTATION & CUSTOMER DATABASE Existing brand awareness, a reputation for quality & a database of existing satisfied residential customers TTTTT & CUSTOMER BASE MIRVAC BRAND, REPUTATION UNDERSTANDING DOWNSIZER COHORT UNDERSTANDING DOWNSIZER COHORT Appreciation of the down-sizer customer through existing Residential and BTR activities mirvac MIRVAC LAND BANK $ Pipeline from existing MPC land bank & future MPC opportunities which can be leveraged for land lease usage FINANCIAL STRENGTH Top-50 ASX-listed entity with a strong balance sheet and financial capacity to grow & invest DEEP PROPERTY EXPERTISE Deep experience & trusted stakeholder relationships in the property sector MIRVAC LAND BANK $ STRENGTH FINANCIAL Strong foundation DEEP PROPERTY EXPERTISE (00) MANUFACTURE PRE-FAB -FAB AND OFF-SITE EXPERIENCE LEGRATED DELIVER ATFORM & CAPABILI f PRE-FAB AND OFF-SITE MANUFACTURE EXPERIENCE Efficiencies already being realised from pre-fab and off-site manufacturing within existing Residential projects mirvac INTEGRATED DELIVERY PLATFORM & CAPABILITIES Full suite of capabilities to call upon including acquisitions, design, sales, marketing and constriction W 10 OCTOBER 2023 55#57MIRVAC LIVING SECTORS INVESTOR DAY Leveraging our existing landbank to pilot our first land lease community GREENBANK STATE SCHOOL GREENBANK COMMUNITY CENTRE POTENTIAL TRAIN STATION CHILDCARE CENTRE SCOUTS 興亞 LIBRARY RETAIL & HEALTH 嵐 LEANNE CT GREENBANK SHOPPING CENTRE WOOLWORTHS PETROL STATION PUS LANE TAVERN MEDICAL CENTRE PUB LANE LEGEND EXISTING BUS STOP PROPOSED FUTURE BUS STOP mirvac subject to dep CENTRE 尿 FUTURE RESIDENTIAL PARK DISPLAY VILLAGE KOOLENA RD SALES OFFICE FUTURE RESIDENTIAL Pilot site Everleigh Masterplan POTENTIAL FUTURE RESIDENTIAL EXISTING EASEMENT (POWERLINES); LEAF PARK COMMUNITY EVENT SPACE 3,600 m² P** REGIONAL SPORT & RECREATION PARK 25 ha FUTURE RESIDENTIAL EVERLEIGH STATE SCHOOL FUTURE RESIDENTIAL GREENBANKRD FUTURE RESIDENTIAL WETLANDS PARK CONSERVATION PARKLAND 145 ha SITE LOCATION 尿 PARK FUTURE RESIDENTIAL WALK AND CYCLE PATHWAYS (13.5k Everleigh mirvac Location Site size LLC lot yield Timing Site attraction Greenbank, Queensland (26km south of Brisbane CBD) ~11 hectares 22-25 lots per hectare Material Change of Use application to be lodged in 2Q24 Investment in and early delivery of high-quality amenity and community facilities nearby bushland and wetland park. Ample open space. Close proximity (walkable or short drive) to the Everleigh future town centre 10 OCTOBER 2023 56#58MIRVAC LIVING SECTORS INVESTOR DAY Q&A mirvac Stuart Penklis Courtenay Smith Chief Financial Officer CEO, Development Richard Seddon CEO, Investment Angela Buckley Fund Manager - BTR Sector Lead Stephen Gould General Manager, Land Lease Communities Gavin Peacock General Manager, Investor Relations LIV Munro, Melbourne SUPER BLM- Moderator 10 OCTOBER 2023 57#59MIRVAC LIVING SECTORS INVESTOR DAY LIV Munro, Melbourne Thank you Campbell Hanan Group CEO & Managing Director mirvac 10 OCTOBER 2023 58#60MIRVAC LIVING SECTORS INVESTOR DAY Important notice mirvac 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 nor 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 and which can cause possible delays in repayment and loss of income and principal invested. Mirvac does not guarantee any particular rate of return or the performance of Mirvac nor does it guarantee the repayment of capital from Mirvac or any particular tax treatment. This Presentation contains certain "forward looking" statements. The words "expected", "forecast", "estimates", and other similar expressions are intended to identify forward looking statements. This Presentation includes forward looking statements, opinions and estimates which are based on assumptions and contingencies which can change without notice due to factors outside of Mirvac's control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. The Presentation also includes statements about market and industry trends which are based on interpretations of current market conditions which can also change without notice again due to factors outside of Mirvac's control. 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. Where the term operating environment is used, it is intended to cover impacts on both Mirvac, and the broader market operating conditions and macro economic conditions. 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 2023, 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 2023, unless otherwise noted. 10 OCTOBER 2023 59#61Thank you CONTACT Gavin Peacock, CFA | General Manager Investor Relations [email protected] AUTHORISED FOR RELEASE BY Mirvac Continuous Disclosure Committee MIRVAC GROUP Level 28, 200 George Street, Sydney NSW 2000 mirvac

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