#1FY22 Additional Information 11 August 2022 1150 mirvac REIMAGINING URBAN LIFE SINCE 1972 HENLEY BROOK#2Celebrating 50 years FY22 Additional Information Contents Overview 38 Mirvac overview 39 Asset overview 40 Sustainability commitment Financial 42 FY22 & FY21 operating to statutory profit reconciliation 43 FY22 EBIT movement by segment 44 FY22 NOI reconciliation by segment 45 FFO & AFFO based on PCA guidelines 46 Finance costs by segment 47 Invested capital 48 Assets & funds under management 49 Capital management metrics & liquidity profile 50 Debt & hedging profile 51 NTA & securities on issue reconciliation Investment 53 Investment: overview 54 Investment: key acquisitions & disposals Office 56 Office: portfolio details 57 Office: leasing details 58 Office: National research 59 Office: Sydney CBD research 60 Office: Melbourne CBD & Brisbane CBD research 61 Office: energy efficiency research Industrial 63 Industrial: portfolio details 64 Industrial: leasing details 65 Industrial: research Retail 67 Retail: portfolio details 68 Retail: sales by category 69 Retail: leasing details 70 Retail: research Build to Rent 72 Build to Rent: portfolio details 73 Build to Rent: research Development 75 Commercial & Mixed Use: recently completed & committed projects 76 Commercial & Mixed Use: development pipeline 77 Development indicative timeline Residential 79 Residential: pipeline positioning 80 Residential: masterplanned communities pipeline 81 Residential: apartments pipeline 82 Residential: pre-sales detail 83 Residential: FY22 acquisitions & additional pipeline projects 84 Residential: FY23 expected major releases 85 86 Residential: FY22 settlements Residential: FY22 settlements detail 87 Residential: EBIT reconciliation and gross development margin 88 Residential: National research Calendar 90 1H23 Calendar Glossary & Important Notice 91 Glossary 92 Important notice Mirvac HO, Sydney 50 mirvac 11 AUGUST 2022 | 37#3Celebrating 50 years FY22 Additional Information 50 Mirvac overview > Mirvac is a leading, diversified Australian property group, with an integrated development and asset management capability, operating across residential, retail, office, industrial and build to rent sectors > With our overarching purpose to reimagine urban life, we take a holistic approach to urban development, recognising that life isn't compartmentalised > Our collaborative approach enables seamless project delivery and gives Mirvac the capacity to undertake complex mixed use developments or projects that require a high level of integrated expertise INTEGRATED INVESTMENT PORTFOLIO COMMERCIAL & MIXED USE mirvac RESIDENTIAL OFFICE INDUSTRIAL RETAIL BUILD TO RENT > 25 assets 1 > 10 assets¹ > 12 assets¹ > 2,173 completed and > ~$2.2bn active developments6 > ~$12.4bn total pipeline value 6 > 25,352 pipeline lots 4 > Portfolio value: $8.3bn 2 > Portfolio value: $1.7bn² > Portfolio value: $2.9bn² pipeline apartments 3 > ~$14.5bn expected future revenue 5 > ~$1.6bn pre-sales > NLA: 857,762 sqm > NLA: 469,339 sqm > GLA: 347,800 sqm7 > Portfolio value: $0.6bn² Artist impression Artist impression Artist impression Artist impression 1. Includes assets held for sale/on market for sale and excludes IPUC and properties being held for development. 2. Portfolio value includes IPUC, assets held for sale/on market for sale, and properties being held for development and represents fair value (excludes gross up of lease liability under AASB 16). 3. Includes LIV Indigo and expected apartments, subject to various factors outside of Mirvac's control such as planning outcomes, market demand and COVID-19 uncertainties. 4. Subject to change depending on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 5. Represents Mirvac's share of expected future revenue subject to change depending on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 6. Represents 100% expected end value, subject to various factors outside Mirvac's control such as planning outcomes, market demand and COVID-19 uncertainties. 7. Excludes 80 Bay Street and 1-3 Smail Street, Ultimo. 8. Represents Mirvac's share of total pre-sales and includes GST. 11 AUGUST 2022 | 38#4Celebrating 50 years FY22 Additional Information Mirvac is a leading, diversified Australian property group 館 50 OFFICE $8.3m¹ INDUSTRIAL $1.7bn¹ RETAIL BUILD TO RENT RESIDENTIAL $2.9bn¹ $0.6bn¹ $17.2bn² TOTAL VALUE TOTAL VALUE TOTAL VALUE TOTAL VALUE TOTAL VALUE 29 ASSETS 13 ASSETS 14 ASSETS 5 ASSETS 35 ASSETS WESTERN AUSTRALIA $0.5bn $0.6bn 1,382 INVESTMENT PORTFOLIO¹ RESIDENTIAL PIPELINE² RESIDENTIAL PIPELINE LOTS³ 2 VICTORIA $2.9bn $8.4bn INVESTMENT TOTAL PIPELINE² PORTFOLIO¹ QUEENSLAND mirvac 2 3 5 $1.3bn $3.2bn 4,136 INVESTMENT PORTFOLIO¹ TOTAL PIPELINE² RESIDENTIAL PIPELINE LOTS³ 14 13 9 1 12 NEW SOUTH WALES NT QLD WA SA NSW INVESTMENT PORTFOLIO¹ ACT 10 3 11 VIC 12,057 RESIDENTIAL PIPELINE LOTS³ TAS $8.4bn $14.7bn 7,777 TOTAL PIPELINE2 RESIDENTIAL PIPELINE LOTS³ AUSTRALIAN CAPITAL TERRITORY $0.5bn INVESTMENT PORTFOLIO¹ Note: Asset numbers include investment properties, IPUC, and assets in marketing for sale. Excludes residential proposed projects. 1. Portfolio value includes IPUC, assets for sale, and properties being held for development and represents fair value (excludes gross up of lease liability under AASB 16). Subject to rounding. 2. Represents 100% expected end value/revenue (including GST), subject to various factors outside Mirvac's control, such as planning outcomes, market demand, ongoing construction costs escalation, supply chain risks and COVID-19 uncertainties. 3. Indicative only and subject to change. Final lot numbers will depend on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 1 11 AUGUST 2022 39#550 mirvac Celebrating 50 years FY22 Additional Information Sustainability commitment PRI Principles for Responsible Investment Mirvac reports transparently to a range of ESG performance indices on topics spanning the breadth of environment, social and governance NATIONAL GREENHOUSE AND ENERGY REPORTING MSCI N GLOBA COMPACT United Nations Global Compact SUSTAINALYTICS AAA RATING 'ADVANCED' RATING NEGLIGIBLE RISK RATING A+ STRATEGY AND GOVERNANCE, A+ FOR PROPERTY MIRVAC REPORTS ITS MANDATORY DISCLOSURE IN ACCORDANCE WITH THE NGERS ACT GRI Empowering Sustainable Decisions BUSINESS FOR SOCIETAL IMPACT CORPORATE CITIZENSHIP TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES RE100 °CLIMATE GROUP CDP Australian Government Clean Energy Regulator MIRVAC REPORTS IN ACCORDANCE WITH THE GRI STANDARDS MIRVAC'S COMMUNITY INVESTMENT IS VERIFIED B4SI MIRVAC REPORTS IN LINE WITH TCFD RECOMMENDATIONS FIRST AUSTRALIAN PROPERTY COMPANY TO JOIN VOLUNTARY DISCLOSURES TO THE CORPORATE EMISSIONS REDUCTION TRANSPARENCY REPORT 11 AUGUST 2022 | 40#6Celebrating 50 years FY22 Additional Information 50 Financial mirvac Mirvac office, Melbourne 11 AUGUST 2022 | 41#7Celebrating 50 years FY22 Additional Information FY22 & FY21 operating to statutory profit reconciliation Investment EBIT Integrated Investment Property NOI - Office - Industrial - Retail - BTR & other Asset and funds management EBIT Management & administration expenses Development EBIT Commercial & Mixed Use Residential Segment EBIT1 Unallocated overheads Group EBIT Net financing costs 2 Operating income tax expense Operating profit after tax Development revaluation gain 3 Investment property revaluation Other non-operating items Statutory profit attributable to stapled securityholders 1. EBIT includes share of net profit of joint ventures and associates. 2. Includes interest expense, interest capitalised, cost of goods sold interest, borrowing cost amortised and interest revenue. Refer to page 43 for break down. 3. Relates to the fair value movement on IPUC. FY22 FY21 Variance $m $m $m 570 576 (6) 581 581 369 366 3 55 56 153 157 (4) 4 2 2 33 30 3 (44) (35) (9) 285 201 84 90 33 57 195 168 27 855 777 78 (82) (73) 773 704 69 (115) (124) 9 (62) (30) (32) 596 550 46 70 121 (51) 305 274 31 (65) (44) (21) 906 901 5 50 mirvac 11 AUGUST 2022 | 42#8Celebrating 50 years FY22 Additional Information FY22 EBIT movement by segment OPERATING EBIT BY SEGMENT: FY21 TO FY22 $800m 750 $704m 700 ($6m) $57m $27m 50 mirvac FY22 FY21 $m $m Investment 570 576 Commercial & Mixed Use 90 33 Residential 195 168 $773m Unallocated overheads (82) (73) ($9m) Group operating EBIT 773 704 650 FY21 EBIT Investment Commercial Residential & Mixed Use Unallocated overheads FY22 EBIT 11 AUGUST 2022 | 43#9Celebrating 50 years FY22 Additional Information FY22 NOI reconciliation by segment INTEGRATED INVESTMENT PORTFOLIO NOI SUMMARY $600m $581m 575 ($6m) ($10m) INDUSTRIAL NOI SUMMARY $60m $8m $581m $56m 55 $8m 550 FY21 NOI 1 Divestments Development Like-for-like & others¹ OFFICE NOI SUMMARY $380m Net change in COVID-19 impact² 50 45 FY22 NOI¹ FY21 NOI $6m $369m 370 $366m $1m ($3m) 360 ($1m) 350 340 FY21 NOI Divestments Development Like-for-like & others Net change in COVID-19 impact² FY22 NOI 1. Includes BTR. 2. Net change in COVID-19 impact represents the movement between the $12m FY22 COVID-19 impact and the $20m FY21 COVID-19 impact. 3. Movement due to 34 Waterloo Road, Macquarie Park moving from investment property into inventory. ($3m) 50 $2m $55m Development & others 3 Like-for-like FY22 NOI RETAIL NOI SUMMARY $160m $157m 150 ($5m) 140 FY21 NOI Divestments ($10m) Development & others $11m $153m Net change in COVID-19 impact 2 FY22 NOI mirvac 11 AUGUST 2022 44.#10Celebrating 50 years FY22 Additional Information FFO & AFFO based on PCA guidelines FY22 FY21 $m $m Operating profit after tax 596 550 SaaS implementation costs 18 15 Funds From Operations (FFO) 614 565 Maintenance capex (24) (53) Incentives (91) (99) Utilisation of prior year tax losses 44 31 Adjusted Funds From Operations (AFFO) 543 444 50 mirvac 11 AUGUST 2022 | 45#11Celebrating 50 years FY22 Additional Information Finance costs by segment Integrated Investment Portfolio $m FY22 Interest expense Interest capitalised COGS interest Borrowing costs amortised Total finance costs Less: interest revenue Net finance costs 11 (11) FY21 Interest expense Interest capitalised COGS interest Borrowing costs amortised Total finance costs Less: interest revenue Net finance costs (13) g|| । | | 50 mirvac Commercial & Mixed Use $m Residential $m Unallocated Group $m $m 12 27 80 130 (12) (13) (36) 7 7 F5 17 24 2 2 31 82 120 (5) (5) 7 31 77 115 13 7 24 95 (7) (12) 1 16 55 139 (32) 17 5 28 100 129 (5) (5) 1 28 95 124 11 AUGUST 2022 | 46#12Celebrating 50 years FY22 Additional Information Invested capital PASSIVE INVESTED CAPITAL 88% $13.5bn Office 62% Retail 22% Industrial 12% Build to Rent 4% 1. Includes IPUC. 2. FY21 has been restated. 3. Average over three reporting periods. $15.4bn TOTAL INVESTED CAPITAL 50 mirvac ACTIVE INVESTED CAPITAL FY22 RETURN ON INVESTED CAPITAL 12% $1.9bn Group $m Profit for the year attributable to stapled securityholders Add back: 906 Development interest costs and other interest costs 115 Net gain on foreign exchange movements and derivatives Income tax expense (59) 78 Total return 1,040 Investment properties1 12,189 Inventories 2,261 Residential 90% Indirect investments and other assets 1,703 Commercial & Mixed Use 10% Less: Fund through adjustments (deferred revenue) (19) Deferred land payable (660) Non-controlling Interests (66) FY22 total invested capital 15,408 1H22 total invested capital 15,317 MPC 52% Apartments 38% Commercial & Mixed Use 10% FY21 total invested capital² Average invested capital ³ FY22 return on invested capital 14,800 15,175 6.9% 11 AUGUST 2022 | 47#13Celebrating 50 years FY22 Additional Information 50 mirvac Assets & funds under management BALANCE SHEET ASSETS 61% $16.1bn EXTERNAL ASSETS & FUNDS UNDER MANAGEMENT 39% $10.2bn $26.3bn TOTAL ASSETS & FUNDS UNDER MANAGEMENT Office 84% Retail 9% Industrial 5% Other 2% 11 AUGUST 2022 | 48#14Celebrating 50 years FY22 Additional Information Capital management metrics & liquidity profile CAPITAL MANAGEMENT METRICS LIQUIDITY PROFILE 50 mirvac Facility limit Drawn amount Available liquidity 30 June 2022 30 June 2021 As at 30 June 2022 $m $m $m ΝΤΑ Balance sheet gearing¹ $2.79 $2.67 21.3% 22.8% Facilities due within 12 months 4 Facilities due post 12 months 4 220 220 4,680 3,870 810 Look through gearing 22.0% 23.5% Total 4,900 4,090 810 Total interest bearing debt² $4,090m $3,699m Average borrowing cost ³ 3.9% 3.4% Cash on hand Average debt maturity 5.6 yrs Hedged percentage 55% 6.6 yrs 61% Total liquidity 558 1,368 Average hedge maturity 5 Moody's/Fitch credit rating 3.7 yrs A3/A- A3/A- 3.9 yrs Less facilities maturing <12 months 4 Funding headroom 220 1,148 1. Net debt (at foreign exchange hedged rate) / total tangible assets - cash. 2. Total interest bearing debt (at foreign exchange hedged rate). 3. Includes margins and line fees. 4. Based on hedged rate, not carrying value, subject to rounding. 5. Includes bank callable swaps. 11 AUGUST 2022 49#15Celebrating 50 years FY22 Additional Information Debt & hedging profile 50 mirvac Issue/source Maturity date Total amount Amount drawn DRAWN DEBT MATURITIES AS AT 30 JUNE 2022 $m $m USPP1 Dec 22 $700m 220 220 600 Bank Facility Sep 23 370 500 MTN VII Sep 23 250 250 400 Bank Facility Jul 24 300 300 Bank Facility Sep 24 200 370 370 USPP1 100 Dec 24 136 136 0 Bank Facility Sep 25 330 190 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 FY42 USPP1 Sep 25 45 45 USPP EMTN Bank MTN Bank Facility Dec 25 258 258 USPP1 Dec 25 151 151 DEBT DRAWN SOURCES EMTN Mar 27 501 501 USPP1 Sep 27 249 249 USPP EMTN BANK FACILITIES MTN EMTN Mar 28 50 50 USPP1 Sep 28 298 298 47% MTN VIII Sep 29 20% 20% 13% 300 300 USPP1 Sep 30 179 179 USPP1 Sep 31 139 139 HEDGING & FIXED INTEREST PROFILE 30 JUNE 20222 EMTN Dec 31 118 118 $2,000m EMTN Mar 32 151 151 4.0% USPP1 Sep 32 181 181 1,500 USPP1 Mar 34 120 120 1,000 USPP1 Sep 34 3.0 84 84 USPP1 Sep 39 100 500 100 Total 4,900 4,090 0 2.42% 2.46% 2.73% 2.67% 2.44% 2.47% 2.0 Jun 22 Jun 23 Jun 24 Jun 25 Jun 26 Jun 27 1. Drawn amounts based on hedged rate not carrying value. 2. Includes bank callable swaps. Swaps Options Fixed Average rate (RHS) 11 AUGUST 2022 | 50#16Celebrating 50 years FY22 Additional Information NTA & securities on issue reconciliation Net tangible assets As at 1 July 2021 Operating profit for the full year Revaluation of investment properties Securities issued during the period Other net equity movements and non-operating items through profit and loss Distributions¹ As at 30 June 2022 Securities on issue As at 1 July 2021 FY19 LTP TSR vested in FY22 FY19 LTP ROIC vested in FY22 FY19 LTP Individual Performance vested in FY22 Security issue under an employee incentive scheme As at 30 June 2022 Weighted average number of securities NTA per security 1. FY22 Distribution is 10.2cpss, with the distribution of 5.1cpss for the 6 months ending 30 June 2022, payable on 31 August 2022. $m 10,498 596 347 17 (35) (404) 11,019 No. of securities 3,937,556,510 747,650 12 Aug 21 12 Aug 21 2,827,248 12 Aug 21 1,536,855 3 Mar 22 401,059 3,943,069,322 3,942,211,916 $2.79 50 mirvac 11 AUGUST 2022 | 51#17Celebrating 50 years | FY22 Additional Information 50 Investment Olderfleet, 477 Collins St, Melbourne AA 11 AUGUST 2022 | 52 mirvac#18Celebrating 50 years FY22 Additional Information Investment: overview MIRVAC TOTAL PROPERTY PORTFOLIO VALUE OFFICE 1 INDUSTRIAL1 RETAIL 1 BUILD TO RENT 1 TOTAL PORTFOLIO1 $8.3bn $1.7bn $2.9bn $0.6bn ~$13.5bn Office Industrial Retail Build to Rent Total portfolio No. of assets 2 25 10 12 1 48 Lettable area 2 857,762 sqm 469,339 sqm 347,800 sqm Occupancy (by area) 3,4 95.7% 100.0% 97.6% n/a 98.0% 3 1,674,901 sqm 97.3% WALE (by income)4 WACR 6.4 yrs 5.05% 6.7 yrs 4.18% 3.2 yrs 5.35% n/a 4.00% 5.6 yrs 5.00% 1. Portfolio value includes IPUC, assets held for sale/on market for sale, and properties being held for development and represents fair value (excludes gross up of lease liability under AASB 16). Subject to rounding. 2. Includes assets held for sale/on market for sale and excludes IPUC and properties being held for development. 3. BTR leased as at 30 June 2022 and is excluded from total portfolio calculation. 4. Excludes IPUC and properties being held for development. 5. By total property portfolio value, which, includes IPUC, assets held for sale/on market for sale, and properties being held for development. 50 INVESTMENT PORTFOLIO BY SECTOR 5 mirvac Office 62% Retail 21% Industrial 12% Build to Rent 5% 11 AUGUST 2022 | 53#19Celebrating 50 years FY22 Additional Information Investment: key acquisitions & disposals Acquisitions FY22 Elizabeth Drive, Badgerys Creek 7-23 Spencer Street, Melbourne 7-23 Spencer Street, Melbourne Switchyard, 300 Manchester Road Auburn¹ Land, Kemps Creek - various sites Total Disposals FY22 Cherrybrook Village, Cherrybrook² Quay West Carpark, Sydney Tramsheds Sydney, Harold Park Travelodge Hotel Portfolio 3 Total 1. Acquisition price represents 51% ownership interest. 2. Gain recognised in FY21. 3. Sale price before transaction costs and adjustments and excluding one asset to be settled in FY23. Gain on sale recorded in FY21. 50 mirvac State Sector Acquisition price Settlement date NSW VIC Industrial Office $71m August 2021 $146m August 2021 VIC BTR $56m August 2021 NSW Industrial $48m November 2021 NSW Industrial $117m December 2021 $438m State Sector Sale price Settlement date NSW Retail $133m August 2021 NSW Office $52m April 2022 NSW Retail $52m February 2022 Various Hotels $583m June 2022 $820m 11 AUGUST 2022 | 54#20Celebrating 50 years | FY22 Additional Information 50 Office Heritage Lanes, 80 Ann Street, Brisbane mirvac 11 AUGUST 2022 | 55#21Celebrating 50 years FY22 Additional Information Office: portfolio details 50 mirvac FY22 FY21 OFFICE GEOGRAPHIC DIVERSITY 4 OFFICE DIVERSITY BY GRADE 5 No. of properties1 25 25 NLA¹ 857,762 sqm 785,841 sqm Portfolio value 2 $8,337m $7,663m WACR 5.05% 5.14% Property net operating income (NOI) $369m $366m Sydney 55% Melbourne 29% ● Brisbane 6% ● Perth 5% ● Canberra 5% Premium 42% A grade 57% ◆ B grade 1% Like-for-like NOI growth 1.9% 0.2% Maintenance capex $19m $32m 3 Incentive capex³ $19m $15m OFFICE RENT REVIEW STRUCTURE 6 Occupancy (by area) 95.7% NLA leased 42,826 sqm 95.5% 41,631 sqm % of portfolio NLA leased 5.0% 5.3% WALE (by area) WALE (by income) 7.3 yrs 6.4 yrs 7.4 yrs 6.3 yrs Fixed 80% CPI linked 11% Other 9% 1. Includes assets held for sale/on market for sale and excludes IPUC and 90 Collins Street, Melbourne. 2. Includes IPUC, assets held for sale/on market for sale and properties being held for development. FY22 IPUC value of $401m and FY21 IPUC value of $532m. Subject to rounding. 3. Includes cash and fitout incentives. 4. By portfolio value, including IPUC and properties being held for development or assets held for sale/on market for sale. 5. By portfolio value, excluding IPUC and 90 Collins Street, Melbourne. 6. By income, excludes lease expiries. 11 AUGUST 2022 56.#22Celebrating 50 years FY22 Additional Information Office: leasing details OFFICE LEASE EXPIRY PROFILE¹ 60% 40 40 20 15% 50 mirvac Office top 10 tenants² Percentage ³ Credit ratings 1 Government 14% Aaa, Aa2, AAA, AA+ 2 Westpac 11% Aa3, AA- 3 Commonwealth Bank of Australia 5% AA3, AA- 4 Google 5% 51% 5 EY 4% 6 Suncorp 3% 7 Deloitte 3% 8 AGL Energy 3% 9 John Holland 2% 10 Corrs 1% Total 51% 10% 8% 99 6% 5% 5% FY22 Leasing activity Area Leasing spread Average incentive Average WALE' 0 Vacant FY23 FY24 FY25 FY26 FY27 FY28+ Renewals 14,040 sqm 7.9% 24.6% 4.5 yrs New leases 28,786 sqm 0.2% 28.6% 6.4 yrs Total Office 42,826 sqm 2.8% 27.3% 5.6 yrs % of Office portfolio NLA leased 4.99% 1. By income. Expiry profile excludes development affected assets. 2. Excludes Mirvac tenancies. 3. Percentage of gross office portfolio income. 11 AUGUST 2022 | 57#23Celebrating 50 years FY22 Additional Information Office: national research MAJOR LEASES SIGNED 2020+ (NET MOVEMENT) 35,000 sqm 30,000 30,140 25,000 20,000 15,000 27% 10,000 5,000 о OFFICE VACANCY (TREND BY CITY) 50% 30% 45 25 40 35 20 30 15 13,483 15 8,356 10 50 10 2250 5 14% 5 10% 0 0 BRIS CBD MEL CBD SYD CBD Net new leasing sqm (LHS) Net increase in space take-up (RHS) Source: JLL, Mirvac Research, June 2022. Large occupier moves across Sydney, Brisbane, Melbourne. Analysis includes lease deals on expiry and omits new tenants into market, tenants exiting market and sublease space. OFFICE PHYSICAL OCCUPANCY AS A % OF PRE-COVID LEVELS '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 Sydney CBD ● Melbourne CBD 50 mirvac '13 '14 '15 '16 '17 Brisbane CBD ● Perth CBD '18 '19 '20 '21 '22 Source: JLL, June 2022 ANZ JOB ADS (INV) VS AUSTRALIAN UNEMPLOYMENT RATE 0 Job Ads 90% 80 70 60 50 40 30 20 °དྱེ B 8 དྱེ ཤྩ > 8% 7 6 5 50,000 100,000 +3 4 150,000 200,000 2 250,000 1 0 300,000 Melbourne Sydney Canberra Brisbane Adelaide Perth '00 '01 '02 '03 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 ◆ AU Unemployment Rate (LHS) '14 '15 '16 '17 '18 '19 '20 '21 '22 ANZ, Average Weekly Job Ads (RHS) Source: Property Council of Australia Source: JLL, June 2022 11 AUGUST 2022 | 58#24Celebrating 50 years FY22 Additional Information Office: Sydney CBD research SYDNEY CBD - OFFICE MARKET BALANCE (ROLLING ANNUAL) 200,000 sqm 150,000 100,000 50,000 0 (50,000) (100,000) (150,000) (200,000) (250,000) (300,000) '12 '13 '14 '15 Sydney Net Stock (LHS) Source: JLL, June 2022 '16 '17 '18 '19 '20 '21 Sydney Total Net Absorption (LHS) ◆ Sydney Total Vacancy (RHS) 50 mirvac SYDNEY CBD PRIME VACANCY - ASSETS BUILT PRE/POST 2000 10% 15% 2,500,000 sqm 13 2,000,000 2,097,343 11 9 7 1,500,000 1,000,000 500,000 5 3 22 '22 Source: Arealytics, June 2022 8.61% 180,497 1,627,213 4.21% 68,579 8 6 4 2.60% 694,431 2 18,061 0 pre-2000 2000+ 2015+ Total Stock Vacancy (sqm) Vacancy (%) 11 AUGUST 2022 59#25Celebrating 50 years FY22 Additional Information Office: Melbourne CBD & Brisbane CBD research MELBOURNE CBD - OFFICE MARKET BALANCE (ROLLING ANNUAL) 400,000 sqm 300,000 200,000 100,000 0 (100,000) (200,000) (300,000) '12 '13 '14 Melbourne Net Stock (LHS) Source: JLL, June 2022 '15 '16 '17 '18 '19 Melbourne Total Net Absorption (LHS) 120 50 mirvac BRISBANE CBD - OFFICE MARKET BALANCE (ROLLING ANNUAL) 20% 15% 120,000 sqm 100,000 13 80,000 60,000 11 40,000 20,000 9 0 19 18 == 13 14 15 16 17 (20,000) འག 12 11 7 (40,000) (60,000) 5 (80,000) (100,000) 10 9 8 00 7 6 3 (120,000) 5 '21 '22 '12 '13 '14 Brisbane Net Stock (LHS) '15 '16 '17 '18 O Brisbane Total Net Absorption (LHS) '19 '21 Brisbane Total Vacancy (RHS) 120 '22 Source: JLL, June 2022 11 AUGUST 2022 | 60 Melbourne Total Vacancy (RHS)#26Celebrating 50 years FY22 Additional Information 50 Office: energy efficiency research Higher NABERS ratings result in lower energy costs as % of rent, higher occupancy levels and rent premiums ENERGY COSTS AS % OF RENT: LOWER FOR MORE PREMIUM BUILDINGS 5.00% 4.00 3.00 2.00 1.00 0 Sydney Source: CBRE, Property Council of Australia OCCUPANCY IMPROVES WITH SUSTAINABILITY RATING % of buildings with >95% occupancy by NABERS rating % of buildings (N=2681) 70% 60 50 40 30 20 10 mirvac 0 Melbourne Brisbane Perth Canberra 3.0, 3.5, 4.0 Star 4.5 Star 5.0 Star 5.5, 6.0 Star Primary Secondary 1. N=268 Office buildings across Sydney, Melbourne & Perth. Source: CBRE, Property Council of Australia 11 AUGUST 2022 | 61#27Celebrating 50 years FY22 Additional Information mirvac Industrial Calibre, Sydney 11 AUGUST 2022 | 62#28Celebrating 50 years FY22 Additional Information Industrial: portfolio details. FY22 FY21 No. of properties¹ 10 10 NLA 469,339 sqm 469,339 sqm Portfolio value 2 $1,650m $1,187m 4.18% 4.78% WACR Property net operating income (NOI) $55m $56m Like-for-like NOI growth 3.3% 4.5% Maintenance capex $2m $3m 3 Incentive capex³ $1m $0.3m Occupancy (by area) 100.0% 100.0% NLA leased 15,867 sqm 53,399 sqm % of portfolio NLA leased 3.4% 11.4% WALE (by area) WALE (by income) 7.4 yrs 6.7 yrs 8.2 yrs 7.4 yrs INDUSTRIAL INDUSTRIAL 50 mirvac GEOGRAPHIC DIVERSITY 4 RENT REVIEW STRUCTURE 5 1. Excludes IPUC and properties being held for development. 2. Includes IPUC and properties being held for development. FY22 IPUC value of $341m and investment in JV value of $67m. FY21 IPUC value of $162m. Subject to rounding. 3. Includes cash and fitout incentives. 4. By portfolio value, excluding assets held in funds. 5. By income, excludes lease expiries. Sydney 100% Fixed 97% CPI linked 3% 11 AUGUST 2022 | 63#29Celebrating 50 years FY22 Additional Information Industrial: leasing details INDUSTRIAL LEASE EXPIRY PROFILE¹ 80% 60 40 50 mirvac FY22 Leasing activity Area Leasing spread Average Average incentive WALE¹ Renewals 3,689 sqm 1.6% 3.6% 2.8 yrs New leases 12,178 sqm 3.2% 9.0% 62% Total Industrial 15,867 sqm 2.4% 6.8% 7.6 yrs 5.6 yrs % of Industrial portfolio NLA leased 3.4% 20 16% 6% 7% 5% 4% 0% 0 Vacant FY23 FY24 FY25 FY26 FY27 FY28+ 1. By income. 11 AUGUST 2022 | 64#30Celebrating 50 years FY22 Additional Information Industrial: research VACANCY TREND (BY CITY) 5% 4 3 2 1 0 2019 Source: SA1, June 2022 50 mirvac SYDNEY INDUSTRIAL GROSS LEASING VOLUME VS COMPLETIONS 1,500,000 sqm 1,200,000 900,000 600,000 300,000 0 2020 2021 2022 Sydney Melbourne Brisbane Source: JLL, June 2022 2007 2008 2009 2010 2011 2012 2013 2014 2015 Leasing Completions 2016 2017 2018 2019 2020 2021 2022 NET FACE RENTAL GROWTH 15% 12 9 6 3 0 (3) (6) 2009 AUSTRALIAN E-COMMERCE PENETRATION 18% 16 14 12 10 8 6 мили 4 2 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 2014 2015 2016 Sydney Melbourne Brisbane Source: ABS, May 2022 2017 E-commerce penetration 2018 2019 2020 2021 2022 11 AUGUST 2022 | 65 Source: JLL, June 2022#31Celebrating 50 years FY22 Additional Information Retail Birkenhead Point Brand Outlet, Sydney EAT FRESH Ext filmations KAT HEREY CHERRY BEANS Calvin Klein Blossom LAT HERE! FOOD COURT 500 P mirvac 11 AUGUST 2022 | 66 GAZ MAN UG#32Celebrating 50 years FY22 Additional Information Retail: portfolio details FY22 FY21 RETAIL GEOGRAPHIC DIVERSITY 8 No. of properties¹ GLA 2 Portfolio value 3 WACR Property net-operating income (NOI) Like-for-like NOI growth" Maintenance capex 12 15 347,800 sqm 409,569 sqm $2,871m $3,160m 5.35% 5.47% $153m $157m 0.2% (2.0%) Sydney 68% Brisbane 26% ◆ Melbourne 3% ●Canberra 3% $3m $19m Incentive capex 5 $20m $12m Occupancy (by area) GLA leased % of portfolio GLA leased WALE (by income) 97.6% 98.0% 52,185 sqm 48,973 sqm 14.5% 11.6% 3.2 yrs 3.6 yrs RETAIL RENT REVIEW STRUCTURE 10 WALE (by area) 4.2 yrs 4.3 yrs Specialty occupancy cost 6 Total comparable MAT 17.3% $2,650m 14.7% $3,070m Total comparable MAT productivity? $10,245/sqm Total comparable MAT growth 0.1% Specialties comparable MAT productivity? $9,382/sqm $9,440/sqm (1.5%) $9,189/sqm Fixed 81% CPI linked 13% ● Other 6% Specialties comparable MAT growth (7.3%) (0.5%) New leasing spreads (5.7%) (8.3%) Renewal leasing spreads (0.3%) (5.1%) Total leasing spreads (1.4%) (5.9%) 1. Excludes IPUC. 2. Excludes 80 Bay & 1-3 Smail Streets, Ultimo. 3. Portfolio value includes IPUC and represents fair value (excludes gross up of lease liability under AASB 16). FY22 IPUC value of $302m and FY21 IPUC value of nil. Subject to rounding. 4. Excludes COVID-19 impact. 5. Includes cash and fitout incentives. 6. Includes contracted COVID-19 tenant support. 7. In line with SCCA guidelines, adjusted productivity for tenant closures during COVID-19 impacted period. 8. By portfolio value. Brisbane includes Sunshine Coast. 9. By portfolio value, excluding IPUC as per PCA classification. 10. By income, excludes lease expiries. 50 mirvac RETAIL DIVERSITY BY GRADE 9 Regional 42% Sub Regional 30% Outlet 15% Neighbourhood 7% CBD Retail 6% 11 AUGUST 2022 67#33Celebrating 50 years FY22 Additional Information Retail: sales by category 50 mirvac FY22 Retail sales by category Supermarkets Discount department stores Mini-majors Total MAT FY22 Comparable MAT growth FY21 Comparable MAT growth MONTHLY SALES GROWTH % (Compared to 2019) $1,022m 2.1% (0.4%) 20% $217m (5.6%) 4.6% $510m (2.4%) 9.0% 10 Specialties $759m (7.3%) (0.5%) Other retail $142m 89.2% (55.1%) 0 Total $2,650m 0.1% (1.5%) (10) Specialty sales by category FY22 Total MAT FY22 Comparable MAT growth FY21 Comparable (20) MAT growth Food retail $96m (5.0%) (1.9%) Food catering Jewellery $194m (3.1%) (2.2%) (30) $23m (5.4%) 10.4% Mobile phones $19m (31.3%) (17.3%) (40) Homewares $31m (17.3%) 14.2% Retail services $98m 1.0% 7.7% (50) Leisure $30m (7.7%) (8.3%) Apparel $194m (12.0%) (1.2%) (60) General retail $74m (5.3%) (1.2%) Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Total specialties $759m (7.3%) (0.5%) Total Centre Total Specialties Total Centre ex CBD Total Specialties ex CBD 11 AUGUST 2022 | 68#34Celebrating 50 years FY22 Additional Information Retail: leasing details RETAIL LEASE EXPIRY PROFILE: BY INCOME 50 mirvac Retail top 10 tenants Percentage¹ 1 Coles Group Limited 7% Credit ratings BBB+, Baal 40% 2 Wesfarmers Limited 4% 32% 3 Woolworths Group Limited 3% A-, A3 BBB, Baa2 30 20 FY24 13% 12% I.... 10 3% 0 Vacant FY23 7% 4 ALDI Food Stores 2% 23% 5 Volkswagen Group Australia 2% BBB+, A3, A- 6 Event Cinemas 2% 10% 7 Virgin Active Group 2% 8 Cotton On Group 1% 9 Just Group Limited 1% FY25 FY26 FY27 FY28+ 10 Country Road Group 1% Total 25% RETAIL LEASE EXPIRY PROFILE: BY AREA 50% 40 30 26% 20 34% FY22 Leasing activity Area Leasing spread Average incentive No. deals done Renewals 37,353 sqm (0.3%) 1.4% 242 New leases 14,832 sqm (5.7%) 17.2% 106 Total Retail 52,185 sqm (1.4%) 7.4% 348 % of Retail portfolio NLA leased 14.5% 12% 10 11% 9% 6% 2% 0 Vacant FY23 FY24 FY25 FY26 FY27 FY28+ 1. Percentage of gross retail portfolio income. 11 AUGUST 2022 | 69#35Celebrating 50 years FY22 Additional Information Retail: research HOUSEHOLD SAVING RATIO 25 Ratio 20 15 10 10 www 5 0 50 mirvac AUSTRALIA RETAIL SALES VS PRE-PANDEMIC TREND $35bn 30 ✓ 25 (5) 20 1959 1966 1973 1980 1987 Source: ABS, March Quarter 2022 Household Saving Ratio 1994 2001 Household Saving Ratio [mean -20y-] 2008 2015 2022 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: ABS, May 2022 Total Total [trend 02/2015 - 02/2020] RETAIL SALES: TOTAL (%Y/Y) VS 20 YEAR AVERAGE 25% 20 15 10 5 WAGE GROWTH BY STATE (%YOY) $35bn 7% 34 6 33 5 32 4 ल 31 3 30 2 0 29 1 28 0 (5) 2020 2021 2022 Source: ABS, May 2022 Retail Trade (%y/y) Retail Trade 20 Year Average Retail Trade Total (RHS) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: ABS, March Quarter 2022 NSW ● VIC ● QLD ● WA 11 AUGUST 2022 | 70#36Celebrating 50 years | FY22 Additional Information Build to Rent 50 mi mirvac LIV Indigo, Sydney A 11 AUGUST 2022 | 71#37Celebrating 50 years FY22 Additional Information Build to Rent: portfolio details No. of completed properties 1 No. of completed apartments 1 Portfolio value (including IPUC) 2 Leased (LIV Indigo) 1 WACR1 1. Excludes IPUC and display unit. 2. Includes IPUC. FY22 IPUC value of $413m and FY21 IPUC value of $150m. Subject to rounding. FY22 FY21 1 1 315 315 $634m $370m 98% 4.00% 80% 4.00% 50 mirvac 11 AUGUST 2022 72#3810 20 30 40 (5) 0 5 10 Celebrating 50 years FY22 Additional Information Build to Rent: research ANNUAL GROWTH IN APARTMENT RENTS1 15% MEDIAN TIME ON MARKET TO RENT 1 50 Days 0 8.0% 6.0 4.0 2.0 COMBINED CAPITAL CITY RENTAL MARKET (2.0) (10) (4.0) Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Source: CoreLogic, June 2022 Greater Brisbane Greater Melbourne Jun 18 Greater Sydney Jun 19 Jun 20 Jun 21 Jun 10 Jun 12 Jun 14 Jun 16 Jun 18 1. 3-month median. Source: CoreLogic, SQM Research, Macrobond, June 2022 2. 12-month median. O Annual Growth - Units 2 (LHS) 3. Seasonally adjusted. 0 0 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Source: CoreLogic, June 2022 1. 3-month median. Greater Brisbane Greater Melbourne Jun 19 Greater Sydney Jun 20 Jun 21 Jun 22 0.5 10 1.0 1.5 2.0 KEY RENTER AGE COHORT TO GROW BY 1.4M4 PEOPLE 2.5m people 10-14 15-19 Source: CBRE, Forecast Informed Decisions, May 2021 4.20 years to 2041. 20-24 25-29 30-34 2021 ⚫ 2031 35-39 40-44 | ● 45-49 2041 50-54 69-99 60-64 65-69 70-74 Jun 20 Vacancy Rate (RHS) 75-79 80-84 85+ 11 AUGUST 2022 | 73 50 mirvac 3.5% 3.0 2.5 2.0 1.5 1.0 0.5 0 Jun 22#39Celebrating 50 years | FY22 Additional Information Development HA LIV Munro, Melbourne LIV 50 mirvac 11 AUGUST 2022 | 74#40Celebrating 50 years FY22 Additional Information Commercial & Mixed Use: recently completed & committed projects 50 mirvac % Pre-leased on Recently completed projects Locomotive Workshop, Sydney Sector Area Ownership completion¹ Estimated value on completion 2 80 Ann Street, Brisbane Mixed Use Office ~31,400 sqm5 51% 97%5 $472m Estimated yield on cost ³ 6.1% Lease PC/OC date commencement Aug 2021 ~62,800 sqm 50% 98% $867m 6.0% Apr 2022 FY22 FY23 Total ~94,200 sqm 98% $1,339m % Committed Sector Area / lots Ownership Pre-leased 1 Estimated value on completion 2 Estimated project timing" Estimated yield on cost ³ FY23 FY24 FY25+ Switchyard Auburn, Sydney Industrial ~72,000 sqm 51% 58% ~$345m ~5.3% LIV Munro, Melbourne BTR 490 100% n/a ~$355m6 > 4.5% LIV Aston, Melbourne BTR 474 100% n/a TBC > 4.5% LIV Anura, Brisbane BTR 396 100% n/a TBC > 4.5% Aspect Kemps Creek, Sydney Industrial ~211,000 sqm 100% 48% ~$720m ~4.8% 1. % of space pre-leased, including non-binding heads of agreements. Areas are approximate, subject to rounding. 2. Represents 100% of expected development end value based on agreed cap rate, subject to various factors outside of Mirvac's control such as planning outcomes, market demand and COVID-19 uncertainties. 3. Expected yield on cost including land and interest. Subject to COVID-19 impact on market conditions. 4. Project timing subject to change due to various factors outside of Mirvac's control such as planning outcomes, market demand and COVID-19 uncertainties. 5. Office component -23,000 sqm, 96% pre-let and retail component -8,000 sqm, 100% pre-let. 6. Represents forecast value on completion incorporating a stabilisation allowance and subject to various factors outside of Mirvac's control such as planning, market demand and COVID-19 uncertainties. 11 AUGUST 2022 | 75#41Celebrating 50 years FY22 Additional Information Commercial & Mixed Use: development pipeline Project 80 Ann Street, Brisbane Switchyard Auburn, Sydney LIV Munro, Melbourne LIV Anura, Brisbane LIV Aston, Melbourne 50 mirvac Sector Office Site secured Zoning DA lodged DA approved Tenant Construction Capital partner commitment commencement sell-down Practical completion Lease commencement End value $m¹ Industrial BTR $867m ~$345m ~$355m 4 BTR BTR Office 7 Spencer Street, Melbourne 55 Pitt Street, Sydney Aspect Kemps Creek, Sydney 383 La Trobe Street, Melbourne 90 Collins Street, Melbourne Office Industrial Office Office Waterloo Metro Quarter, Sydney Harbourside, Sydney Elizabeth Enterprise Badgerys Creek, Sydney (Stage 1) Elizabeth Enterprise Badgerys Creek, Sydney (Stage 2) LIV Albert Fields, Melbourne Mixed Use Mixed Use Industrial Industrial BTR 75 George Street, Parramatta Office 200 Turbot Street, Brisbane 2 Green Square, Sydney 34 Waterloo Street, Sydney Office Office Industrial Milestone reached FY21 or earlier Milestone reached FY22 O Milestone expected FY233 ~$720m COMMERCIAL & MIXED USE TOTAL PIPELINE EXPECTED END VALUE1 -$12.4bn 1. Represents 100% expected end value, subject to various factors outside of Mirvac's control such as planning outcomes, market demand and COVID-19 uncertainties. 2. Mirvac has an option to purchase the site subject to DA approval and pre-leasing. 3. Expected milestone subject to market conditions and COVID-19 uncertainties. 4. Represents forecast value on completion incorporating a stabilisation allowance and subject to various factors outside of Mirvac's control such as planning, market demand and COVID-19 uncertainties. 11 AUGUST 2022 | 76#42Celebrating 50 years FY22 Additional Information Progressing our ~$12.4bn development pipeline H OFFICE ~$5.7bn LIV Munro, Melbourne 2022 Switchyard Auburn, Sydney 2022+ Aspect Kemps Creek, Sydney 2023+ 97-9 INDUSTRIAL ~$2.5bn 50 BUILD TO RENT MIXED USE m~$1.5bn² 會員: -$2.7bn mirvac 口 โก Elizabeth Enterprise Badgerys Creek, Sydney 2023+ LIV Anura, Brisbane 2024 LIV Aston/ 7 Spencer Street, LIV Albert Fields, Melbourne Melbourne Waterloo Metro Quarter, Sydney 2024/25 2025 2025+ 금오 90 Collins Street, Melbourne 200 Turbot Street, Brisbane 2026+ 2026+ 55 Pitt Street, Sydney 2026+ 383 La Trobe Street, Melbourne 2026+ Green Square, Sydney 2026+ 75 George Street, Parramatta Harbourside, Sydney 2027+ 2027+ Note: Timeline is indicative only and reflects potential project timing (calendar year) subject to change for reasons including planning outcomes, development and construction decisions, market conditions and COVID-19 uncertainties. Note: All images are artist impressions, final design may differ. 1. Represents 100% expected end value/revenue, subject to various factors outside Mirvac's control, such as planning outcomes, market demand, ongoing construction costs escalation, supply chain risks and COVID-19 uncertainties. 2. Represents forecast value on completion incorporating a stabilisation allowance and subject to various factors outside of Mirvac's control such as planning, market demand and COVID-19 uncertainties. 11 AUGUST 2022 | 77#43Celebrating 50 years | FY22 Additional Information 50 Residential Amirvac Olivine Townhomes, Melbourne (artist impression, final design may differ) 11 AUGUST 2022 178#44Celebrating 50 years FY22 Additional Information 50 mirvac Residential: pipeline positioning | 25,352 pipeline lots SHARE OF EXPECTED FUTURE REVENUE BY PRODUCT1 PIPELINE LOTS BY PRODUCT PIPELINE LOTS BY PRICE POINT: MASTERPLANNED COMMUNITIES³ Masterplanned communities 53% Apartments 47% SHARE OF EXPECTED FUTURE REVENUE BY GEOGRAPHY1 PIPELINE LOTS BY STRUCTURE NSW 45% VIC 37% ● QLD 14% ● WA 4% Masterplanned communities 80% Apartments 20% 100% Mirvac balance sheet 2 41% PDA / DMA 30% JV 20% Joint Operation (JO) 9% <$250k 1% $250k-$500k 50% >$500k 49% PIPELINE LOTS BY PRICE POINT: APARTMENTS 3 Note: Expected revenue and pipeline lots subject to change depending on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 1. Mirvac share of forecast revenue subject to factors outside of Mirvac's control including planning outcomes and market demand. Includes GST. 2. Includes projects on capital efficient deferred terms. 3. Price point includes GST. <$1.2m 50% ● >$1.2m 50% 11 AUGUST 2022 | 79#45Celebrating 50 years FY22 Additional Information Residential: masterplanned communities pipeline (key projects) Expected settlement profile (lots) 2 Total Project Value Post- Major projects State Stage Ownership Type (incl. GST)1 Pre-FY23 FY23 FY24 FY25 FY26 FY27 FY27 Ashford Residences QLD Multiple stages 100% House & Land $90m 63 61 Madox WA Multiple stages 100% Land $120m 292 106 Iluma Private Estate WA Multiple stages 100% Land $170m 448 177 Georges Cove NSW Multiple stages PDA House $190m 179 The Fabric VIC Multiple stages 100% House $240m 15 232 The Village NSW Multiple stages PDA House & Land $220m One71 Baldivis WA Multiple stages 100% Land $80m 243 ཚཝཱ 94 284 142 | | | | |2 27 Henley Brook WA Multiple stages 100% Land $160m 79 547 Everleigh QLD Multiple stages 100% Land $930m 539 1,162 1,755 Googong NSW Multiple stages JV Olivine VIC Multiple stages 100% & DMA Smiths Lane VIC Multiple stages Woodlea VIC Multiple stages Cobbitty NSW Multiple stages 100% & JO JV 100% House & Land House & Land House & Land $1,950m 2,554 1,420 1,111 $1,870m 881 1,790 1,956 $1,570m 7623 1,962 463 House & Land $1,980m 3,909 2,042 616 House & Land $650m 953 55 Coonara Avenue 4 NSW Multiple stages 100% House TBC 200 Milperra, Western Sydney University Campus NSW Multiple stages PDA House $420m 310 115 Marsden Park North NSW Multiple stages Wantirna South VIC Multiple stages PDA PDA House & Land House & Land $320m $1,360m 491 56 447 1,270 Note: PDAs are development service contracts and there is no land ownership to Mirvac. 50 mirvac MASTERPLANNED COMMUNITIES PROJECT PIPELINE ANALYSIS -85% % of total FY23 expected lots to settle from masterplanned communities 1. Approximate and indicative only and subject to change. Project value includes past revenues and expected future revenues, and will depend on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 2. Settlement timing and lot numbers subject to change depending on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 3. 100% owned lots. Some 100% owned lots will settle in FY23. 4. Rezoning permits 600 lots (mix of apartments and housing) but final outcome is subject to planning. 11 AUGUST 2022 80#46Celebrating 50 years FY22 Additional Information Residential: apartments pipeline (key projects) Expected settlement profile (lots) ³ 50 mirvac Total Project Post- Major projects State Stage Pre-sold¹ Ownership Value (incl. GST) 2 Pre-FY23 FY23 FY24 FY25 FY26 FY27 FY27 APARTMENTS PROJECT PIPELINE ANALYSIS The Langlee NSW All stages 24% PDA $160m 55 Pavilions NSW All stages 84% PDA $350m 294 65 Tullamore VIC Forme 75% 100% $80m 92 NINE Willoughby NSW All stages 52% 100% $790m 421 Yarra's Edge VIC Voyager 74% 100% $300m 216 99 -15% % of total FY23 Green Square 4 NSW Released stages 57% PDA $430m 312 expected lots to settle from apartments Waterfront Sky QLD Quay 100% 100% $200m 135 Ascot Green QLD Charlton House 35% PDA $130m 113 The Peninsula WA Ador 38% 100% $100m 86 699 Park Street, Brunswick VIC Future stages Not released 100% TBC 168 The Fabric VIC Future stages Not released 100% $220m 130 209 55 Coonara Avenue 5 NSW Future stages Not released 100% TBC 400 Ascot Green QLD Future stages Not released PDA $590m 271 392 Waterfront Sky QLD Isle Not released 100% $210m 133 31 Queens Road VIC Future stages Not released 100% TBC 110 The Peninsula WA Future stages Not released 100% $280m Yarra's Edge VIC Future stages Not released 100% $530m 291 377 Green Square NSW Future stages Not released 100% $1,130m 737 | | ༅ | སྱཱ | | |ས⌘ 21 85 Note: PDAs are development service contracts and there is no land ownership to Mirvac. 1. Pre-sales based on released lots. Excludes deposits. 2. Approximate and indicative only and subject to change. Project value includes past revenues and expected future revenues, and will depend on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 3. Settlement timing and lot numbers subject to change depending on planning outcomes, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 4. Residential lots only. 5. Rezoning permits 600 lots (mix of apartments and housing) but final outcome is subject to planning. 6. Settlement profile excludes 7 unreleased terrace homes. 11 AUGUST 2022 | 81#47Celebrating 50 years FY22 Additional Information Residential: pre-sales detail RECONCILIATION OF MOVEMENT IN EXCHANGED PRE-SALES CONTRACTS TO FY221 $3,000m 2,500 2,000 $1,463m ($1,043m) 62% 57% 38% $1,635m 1,500 43% $1,215m 1,000 500 56% 44% PRE-SALES BY GEOGRAPHY1 VIC 40% NSW 38% QLD 18% ● WA 4% 50 PRE-SALES BY TYPE 1 mirvac Masterplanned communities 53% Apartments 47% 53% PRE-SALES BY BUYER PROFILE 1,2 PRE-SALES EXPECTED ROLL-OFF1 47% 0 FY21 FY22 Pre-sales balance net sales FY22 settlements FY22 Pre-sales balance APT MPC 1. Represents Mirvac's share of total pre-sales contract value and includes GST. 2. Buyer profile information approximate only and based on customer surveys. 3. Includes first home buyers. Owner occupier ³ 74% Investor 23% Offshore 3% FY23 60% FY24 37% FY25+ 3% 11 AUGUST 2022 | 82#48Celebrating 50 years FY22 Additional Information 50 mirvac Residential: FY22 acquisitions & additional pipeline projects State Ownership No. of lots 1 Product type Estimated settlement commencement 1 Project Acquisitions/Agreements 31 Queens Road Cobbitty VIC 100% 110 Apartments NSW 100% 953 Masterplanned communities Total Acquisitions / Agreements 1,063 Additional Pipeline Projects Smiths Lane - 105 Smiths Lane Googong Henley Brook Total Additional Pipeline Projects Total Acquisitions and Additional Pipeline Projects FY26 FY24 VIC NSW 100%2 289 Masterplanned communities FY23 JV 240 WA 100% 19 Masterplanned communities Masterplanned communities FY32 FY22 548 1,611 1. Settlement timing and lot numbers subject to change depending on planning approvals, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 2. 100% owned at acquisition. The project was sold down into a JO on 30 June 2022. 11 AUGUST 2022 83#49Celebrating 50 years FY22 Additional Information Residential: FY23 expected major releases Masterplanned communities¹ Smiths Lane Woodlea State VIC VIC Cobbitty NSW Olivine VIC Everleigh QLD Googong NSW Masterplanned communities major releases Type Masterplanned communities - Land & Built Form Masterplanned communities - Land & Built Form Masterplanned communities - Land Masterplanned communities - Land & Built Form Masterplanned communities - Land Masterplanned communities - Land Apartments¹ State Type Yarra's Edge, Tower 9 VIC Apartments 699 Park Street VIC Apartments Waterfront Sky, Isle QLD Apartments Ascot Green, O'Connell House QLD Apartments 31 Queens Road VIC Apartments NINE Willoughby (balance of project) NSW Apartments Apartments major releases Total major releases 50 mirvac Approximate lots ¹ 1 489 436 242 227 190 180 1,764 Approximate lots¹ 191 168 133 128 110 107 839 2,603 1. Subject to change depending on planning approvals, development and construction decisions as well as market demand and conditions, including COVID-19 uncertainties. 11 AUGUST 2022 | 84#50Celebrating 50 years FY22 Additional Information Residential: FY22 settlements 2,523 lot settlements Apartments Masterplanned communities Total Lots %1 1 Lots % Lots %1 NSW 62 2% 373 15% 435 17% QLD 83 3% 379 15% 462 18% VIC 280 11% 1,059 42% 1,339 53% WA 6 1% 281 11% 287 12% Total 431 17% 2,092 83% 2,523 100% FY22 LOT SETTLEMENTS 1. Subject to rounding. BY PRODUCT TYPE Apartments 17% Masterplanned communities 83% Land 78% House 5% BY GEOGRAPHY VIC 53% QLD 18% NSW 17% WA 12% 50 BY STRUCTURE 100% Mirvac balance sheet 67% JVA 24% PDA/DMA 9% mirvac 11 AUGUST 2022 85#51Celebrating 50 years FY22 Additional Information Residential: FY22 settlements detail 50 mirvac FY22 SETTLEMENT BUYER PROFILE BY GEOGRAPHY FY22 Major settlements Smiths Lane, VIC Product type Ownership Lots FY22 SETTLEMENT Masterplanned communities 100%1 BUYER PROFILE 436 Woodlea, VIC Masterplanned communities JV 328 Googong, NSW Olivine, VIC Masterplanned communities JV 278 Masterplanned communities 100% & DMA 217 Voyager Yarra's Edge, VIC Apartments 100% 216 Rightsizers 39% First home buyers 34% Investors 27% Everleigh, QLD Masterplanned communities 100% 207 Gainsborough Greens, QLD Masterplanned communities 100% 144 The Village, NSW Tulloch House, Ascot Green, QLD Masterplanned communities Apartments PDA 94 PDA 83 Illuma Private Estate, WA Masterplanned communities 100% 81 FY22 SETTLEMENTS AVERAGE SALES PRICE 2 Subtotal 2,084 Other projects Total 439 2,523 Note: PDAs are development service contracts and there is no land ownership to Mirvac. 1. FY22 settlements at 100% ownership. 50% of project sold down in to a Joint Operation as at 30 June 22. 2. Inclusive of GST. APARTMENTS HOUSE LAND -$949k ~$773k ~$339k Domestic 95% Offshore 5% 11 AUGUST 2022 | 86#52Celebrating 50 years FY22 Additional Information Residential: EBIT reconciliation and gross development margin 50 Gross development margin Development revenue JV development revenue Total development revenue Cost of development and construction JV cost of development and construction Total cost of development and construction Residential gross development profit Residential gross development margin % Gross development margin (excluding JV projects) Development revenue Cost of development and construction Residential gross development profit (excluding JV projects) Residential gross development margin % (excluding JV projects) mirvac FY22 FY21 $m $m Residential EBIT reconciliation FY22 $m FY21 $m 949 821 Development revenue 949 821 126 120 Management fee revenue 1 1 1,075 941 Total development revenue (excluding JV) 950 822 (720) (638) (82) (61) (802) (699) Share of net profit of JV and other revenue 68 67 Total operating revenue and other income 1,018 889 Cost of development and construction (720) (638) $273m $242m Other development costs (10) (11) 25% 26% Sales and marketing expense (41) (30) Employee and other expenses (52) (42) Total cost of property development and construction (823) (721) FY22 FY21 $m $m Total Residential EBIT $195m $168m 949 821 Residential EBIT margin 19% 19% (720) (638) $229m $183m 24% 22% 11 AUGUST 2022 | 87#53Celebrating 50 years FY22 Additional Information Residential: national research MEDIAN PRICE (PER SQM) $2,500/sqm 2,000 1,500 1,000 500 0 '09 '10 Source: Research4, June 2022 '11 '12 '13 '14 NSW-Sydney Metro TRADING STOCK AVAILABLE 20 Months 18 802286420 16 14 12 10 '08 '09 Source: Research4, June 2022 '15 SEQ-All of Market NET LAND SALES 3,000 Lots per month 2,500 2,000 1,500 1,000 500 50 mirvac '12 '13 '15 '16 '17 VIC-All of Market '18 '19 WA-All of Market '20 '21 '22 '14 NSW-Sydney Metro SEQ-All of Market 116 '17 '18 '20 VIC-All of Market WA-All of Market '19 '21 122 '08 '09 '10 '11 Source: Research4, June 2022 PRICE DIFFERENTIAL OF HOUSES TO APARTMENTS 1 80% 70 60 50 40 30 20 10 0 '10 '11 '12 '13 NSW-Sydney Metro '14 ●SEQ-All of Market '15 '16 '17 VIC-All of Market '18 '19 WA-All of Market '20 '21 122 '12 '13 '14 1. 12-month median. Source: CoreLogic, June 2022 '15 '16 Greater Brisbane '17 Greater Melbourne '18 '19 Greater Sydney '20 122 '21 Greater Perth --- Averages 11 AUGUST 2022 | 88#54Celebrating 50 years | FY22 Additional Information 50 51 mirvac Calendar Isle Waterfront Newstead, Brisbane (artist impression, final design may differ) 11 AUGUST 2022 | 89#55Celebrating 50 years FY22 Additional Information 1H23 Calendar Event Private roadshow Private roadshow Private offshore roadshow Private offshore roadshow 1Q23 Operational update 2022 Annual General Meeting 1. All dates are indicative and subject to change. Location Sydney Melbourne Singapore Tokyo Date 1 12, 16-19 August 2022 15 August 2022 29-31 August 2022 1-2 September 2022 26 October 2022 18 November 2022 50 mirvac 11 AUGUST 2022 | 90#56Celebrating 50 years FY22 Additional Information Glossary 50 mirvac Term Meaning A-REIT Australian Real Estate Investment Trust AFFO Adjusted Funds from Operations AUM Assets under management BPS Basis Points BTR Build to Rent CBD Central Business District COGS Cost of Goods Sold Term JVA LTIFR Meaning Joint Ventures and Associates Lost Time Injury Frequency Rate MAT Moving Annual Turnover MGR Mirvac Group ASX code MPT Mirvac Property Trust MTN NABERS Medium Term Note CPSS Cents Per Stapled Security DA Development Application - Application from the relevant planning authority to construct, add, amend or change the structure of a property DPS Distribution Per Stapled Security DMA Development Management Agreement EBIT Earnings before interest and tax EIS Employee Incentive Scheme EMTN EPS FFO FHB FIRB FUM Euro Medium Term Note Earnings Per Stapled Security Funds from Operations First Home Buyer Funds under management Foreign Investment Review Board NLA ΝΟΙ NPAT NTA Operating Profit National Australian Built Environment Rating system - The National Australian Built Environment Rating System is a multiple index performance-based rating tool that measures an existing building's overall environmental performance during operation. In calculating Mirvac's NABERS office portfolio average, several properties that meet the following criteria have been excluded: i. Future development - If the asset is held for future (within 4 years) redevelopment ii. Operational control - If operational control of the asset is not exercised by MPT (i.e. tenant operates the building or controls capital expenditure). iii. Less than 75% office space - If the asset comprises less than 75% of NABERS rateable office space by area. iv. Buildings with less than 2,000 sqm office space Net Lettable Area Net Operating Income Net Profit After Tax FY Financial Year PCA GLA Gross Lettable Area PDA ICR Interest Cover Ratio ROIC Net Tangible Assets Operating profit reflects the core earnings of the Group, representing statutory profit adjusted for specific non-cash items and other significant items. Property Council of Australia Project Delivery Agreement. Provision of development services by Mirvac to the local land owner Return on Invested Capital IPUC Investment properties under construction SQM Square metre IRR Internal Rate of Return USPP JO Joint Operation - A joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. WACR WALE US Private Placement Weighted Average Capitalisation Rate Weighted Average Lease Expiry 11 AUGUST 2022 | 91#57Celebrating 50 years FY22 Additional Information 50 mirvac Important notice Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mirvac Property Trust (ARSN 086 780 645). This presentation ("Presentation") has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively "Mirvac" or "the Group"). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$). The information contained in this Presentation has been obtained from or based on sources believed by Mirvac to be reliable. To the maximum extent permitted by law, Mirvac, its affiliates, officers, employees, agents and advisers do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation or that the information is suitable for your intended use and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence). This Presentation is not financial advice or a recommendation to acquire Mirvac stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation and the Group's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction. To the extent that any general financial product advice in respect of the acquisition of Mirvac Property Trust units as a component of Mirvac stapled securities is provided in this Presentation, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services License. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of Mirvac Limited. An investment in Mirvac stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac, including further COVID-19 impacts on market conditions, possible delays in repayment and loss of income and principal invested. Mirvac does not guarantee any particular rate of return or the performance of Mirvac nor does it guarantee the repayment of capital from Mirvac or any particular tax treatment. This Presentation contains certain "forward looking" statements. The words "expected”, “forecast”, “estimates", and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions which because of COVID-19, impacts remain unknown and uncertain. Forward-looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. To the full extent permitted by law, Mirvac Group and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current year amounts and other disclosures. This Presentation also includes certain non-IFRS measures including operating profit after tax. Operating profit after tax is profit before specific non-cash items and significant items. It is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac's financial statements ended 30 June 2022, 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 2022, unless otherwise noted. 11 AUGUST 2022 92#585AD mirvac REIMAGINING URBAN LIFE SINCE 1972 CONTACT Gavin Peacock, CFA General Manager Investor Relations [email protected] Thank you MIRVAC GROUP Level 28, 200 George Street, Sydney NSW 2000