#1Macquarie Australia Conference Campbell Hanan Group CEO & Managing Director 2 May 2023 Aspect Kemps Creek, Sydney (artist impression, final design may differ) mirvac#2MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life 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. mirvac 'Reimagining Country' by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji), We are 27 Creative MAY 2023 | 01#3MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life Our competitive advantage Integrated asset creation and curation capability is our key competitive advantage: > Unique in-house asset creation capability across multiple asset classes delivering: - New, quality sustainable product to Investment portfolio and capital partners - Development earnings and NTA uplift over time > Strong, aligned asset curation capability and focus on asset quality: - Delivers consistent superior investment portfolio returns Attracts capital, providing highly aligned and recurring funds management income streams and balance sheet support Harbourside, Sydney (artist impression, final design may differ) Award-winning Australian urban asset creator, owner and manager ASSET CREATION Development Development EBIT NTA Uplift Delivers new assets ASSET CURATION Investment Portfolio New recurring high quality rental income New recurring asset & funds management fee & co-investment income Funds Management Asset management mirvac MAY 2023 02#4MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life Business responding to long-term structural trends Mirvac's business leverages structural mega-trends, supporting earnings growth over time FUTURE FOCUS mirvac 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 ੧੭ 器 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 Technology driving change Increased reliance on technology driving changes in real estate utilisation ESG focus Sustainability a "must have", shaping consumer and investment decisions I .......... .......... Retain balance sheet flexibility Expand Funds Management offering Continue to increase cash flow resilience of Investment portfolio Leverage integrated Development capability Continued leadership in sustainability and culture MAY 2023 03#5MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life Retain Balance Sheet flexibility Current position > Strong balance sheet and liquidity position > Significant coverage over leverage and interest cover covenants 24% Balance sheet gearing¹ A3/A- ~$1.3bn Disposal program¹ 1. As at 31 December 2022. 2. Investment Properties Under Construction (IPUC). Credit rating' -$1.2bn Available liquidity¹ FUTURE FOCUS mirvac >5x ICR1 Ensure flexibility to execute strategy and take advantage of opportunities > Maintain modest gearing (target low-mid end of 20-30% range) > Target dividend payout ratio 60-80% of EPS > Maintain A3/A- credit ratings > Target 20-30% of capital deployed to active, which includes IPUC² and development inventory > Increased capital discipline on development spend > Increased use of strong capital partner relationships > Recycle capital out of older, lower return assets > Increased focus on cost efficiencies and productivity LIV Anura, Brisbane (artist impression, final design may differ) MAY 2023 | 04#6MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life Expand Funds Management offering mirvac Current position > Continued institutional demand for quality, modern, sustainable real estate in Australia > Strong alignment of interest model (capital alignment considered in development and investment decisions) and corporate governance track record > Capital partnerships help unlock value in development pipeline, enhance returns in a rising cost of capital environment, maintain balance sheet discipline, and add annuity earnings > External AUM has grown by 28% pa since FY15 to ~$18bn BENEFITS OF FUNDS MANAGEMENT STRATEGY EXPANSION Diversifies capital sources Accelerates Co-invest development opportunities Improves ROIC Unique alignment of interest model Utilises in-house D&C capabilities AUM scale & synergies (S)-O 向 ~$18bn External assets under management¹ FUTURE FOCUS Expand Funds Management offering to unlock development pipeline > Increase partnering across broader suite of asset classes and product types, including living sectors, with aligned partners with scope for growth > Restructure organisation separating Funds Management, Investments and Asset Management, addressing conflicts of interest and helping to drive performance driven culture > Utilise Mirvac's deep in-house creation & curation capabilities to continue to deliver market leading investment and sustainability performance > Drive new Funds Management growth initiatives underway across BTR, Industrial and MWOF > Maintain co-investment model to align interest with capital partners 1. As at 31 December 2022, includes funds and assets under management. I Collins Place, Melbourne MAY 2023 | 05#7MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life ✓ 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 8 years (13 new assets across BTR, Industrial and Office) > 97.5% occupied Investment portfolio > Established new BTR asset class (6% of portfolio) > Industrial 100% Sydney exposed > 100% urban retail > Prime, modern, sustainable, low capex Office portfolio² Portfolio quality and development has driven excess returns over all time periods All property returns: Mirvac portfolio versus market benchmark based on compound average annual returns 12.0% 8.0 7.8% 7.5% 6.1% 4.0 5.5% 9.2% 6.1% 10.1% 10.0% 7.9% 7.8% FUTURE FOCUS Continue to lift exposure to high-quality, modern, capex light assets Focus on cash flow resilient sectors Current Investment portfolio³ 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 Office 60% Retail 22% Industrial 12% Build to Rent 6% 0 1 YRS 3 YRS 5 YRS Source: RIA commercial property market return indicator as at December 2022 1. By portfolio valuations as at 31 December 2022. 10 YRS 12 YRS Mirvac portfolio Benchmark 2. 98% of Office portfolio Prime (46% premium), 10 year average age, 84% built or refurbished by Mirvac, 5.3 Star average NABERS rating, 0.24% maintenance capex (4.5 year pa average) as at 31 December 2022. 3. By total property portfolio valuations, which includes IPUC, assets held for sale/on market for sale, and properties being held for development as at 31 December 2022. 4. 100% share end value of developments completed N2 24 31 Heritage Lanes, 80 Ann Street, Brisbane MAY 2023 06 23 16#8MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life 1 Leverage integrated Development capability mirvac 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 Improved portfolio quality/ modernisation Superior investment returns Risk management Sustainability objectives Strategic site acquisitions | Earnings FUM growth FUTURE FOCUS More selective in deployment of capital > Utilise capital efficient structures and capital partnering to drive higher development ROIC and improve flexibility of pipeline > Re-organisation of structure unifying Development division, driving efficient capital allocation, better utilisation of skills across the business, and talent development and retention > Increased utilisation of digitalisation and prefabrication techniques to improve efficiency and safety DEEP MULTI-SECTOR DEVELOPMENT CAPABILITY INDUSTRIAL OFFICE BUILD TO RENT APARTMENTS MASTERPLANNED COMMUNITIES MIXED USE Switchyard Industrial Estate, SYD' 7 Spencer Street, MEL LIV Anura, BNE¹ NINE Willoughby, SYD¹ Smith's Lane, MEL Harbourside, SYD¹ 1. Artist impression, final design may differ. LIV Anura, Brisbane (artist impression, final design may differ) MAY 2023.1.0.7#9MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life Ο Continued leadership in ESG & Culture ESG AT THE HEART OF EVERYTHING THAT WE DO Achieved Net positive in scope 1 and 2 carbon emissions 9 years ahead of 2030 target MSCI AAA Rating FUTURE FOCUS Future proof business for structural changes in customer, capital and regulator requirements ............. 5.0 star 5.25 star NABERS Average Water Rating NABERS Average Energy Rating mirvac STRONG EMPLOYMENT BRAND & CULTURE FINANCIAL REVIEW BOSS PLACES BEST TO WORK #1 in property, construction. and transport category in 2022 Mirvac #1 Globally for gender equality in 2023 ▲ EQUILEAP > Utilise internal D&C capabilities to pursue Scope 3 targets by 2030, zero waste and net positive water > Maintain culture as a source of competitive advantage – safety, diversity, purpose, innovation and talent development ESG Doing no harm is not enough. Our regenerative aims Focus area E: ⚫ Planet positive in carbon, ⚫ waste and water by 2030 Carbon emissions Net positive Net positive S Nothing wasted Zero waste Target in scope 1,2,3 to landfill S: By 2025 we'll have invested $50 million to create a strong sense of belonging A positive legacy Every drop Our people Connection of water Net positive water Active, inclusive care Leaving a positive legacy emissions G: Most trusted owner & developer Shared value greater than the sum of our parts Inclusion Truly included ($100m to the social sector) Procurement Using our buying power for good Finance & investment Greening our finance Capability & disclosures Active, capable governance MAY 2023 08#10MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life Sustainable, modern, resilient Office portfolio 96.1% Occupancy¹ (3Q22: 95.3%) Modern, sustainable office buildings continue to attract strong tenant demand Office demand by grade Two year net absorption, cumulative square metres 150,000sqm 5.9 yrs WALE² (3Q22: 6.2yrs) 100,000 50,000 -36,500sqm Leasing deals FYTD (3Q22: -31,400sqm) +4.5% Gross re-leasing spreads FYTD 0 (50,000) (100,000) (150,000) Sydney CBD Melbourne CBD Brisbane CBD 1. By area, excluding IPUC and assets held for development, as at 31 March 2023. 2. By income, excluding IPUC and assets held for development, as at 31 March 2023. 3. Average for Office assets. 4. By portfolio valuations. Perth CBD Prime Secondary Source: JLL REIS, to end March 2023 Mirvac's Prime Office portfolio remains best in class mirvac 98% Prime grade4 5.3 star 10.5 yrs Average NABERS energy rating³ Average portfolio age Heritage Lanes, 80 Ann Street, Brisbane MAY 2023 09#11MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life 100% Sydney Industrial portfolio benefiting from tight conditions 100% Occupancy¹ (3Q22: 100%) Sydney industrial vacancy remains tight, supporting rent growth 4.00% 3.00 30.0% 25.0 +8.9% Gross re-leasing spreads FYTD 2.00 1.00 -40,900sqm Leasing deals FYTD (3Q22: ~14,000sqm) 0.00 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 20.0 15.0 10.0 5.0 0.0 00 Sep-20 Dec-20 Mar-21 Jun-21 Vacancy (%) (LHS) Source: JLL (average of Sydney sub-markets), SA1 as at 31 March 2023 Sep-21 Dec-21 Mar-22 Jun-22 Net rent (%y/y growth) (RHS) Sep-22 Dec-22 Mar-23 1. By area, excluding IPUC and assets held for development, as at 31 March 2023. 2. By income, excluding IPUC and assets held for development, as at 31 March 2023. 3. By portfolio valuations, excluding assets held in funds. 4. Represents 100% expected end value, excluding the sale of any undeveloped land, subject to various factors outside of Mirvac's control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. Sydney Industrial portfolio well placed to benefit from strong market rent growth -17% 100% Lease expiry to FY24² Sydney focused³ ~$1.2bn Developments underway Calibre Estate, Sydney MAY 2023 | 10 mirvac#12MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life Urban Retail portfolio seeing resumption of students, tourists and CBD workers mirvac Australia - Net Visa Arrivals vs Net Overseas Migration Rolling annual 500,000 Number of people 97.3% Occupancy¹ (3Q22: 97.4%) 400,000 -61,600sqm 300,000 Leasing deals FYTD² (3Q22: -30,200sqm) 200,000 +0.2% Gross re-leasing spreads FYTD 19.1% MAT growth 100,000 0 1. By area, excluding IPUC, as at 31 March 2023. 2. Regular leasing deals, as at 31 March 2023. 3. Source: ABS, as at March 2023 (includes permanent family, skilled and other visas plus temporary students and work visas). (100,000) (200,000) Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Temporary student visa Permanent other visa Temporary skilled visa Permanent family visa Permanent skilled visa Temporary work - Net overseas migration Source: ABS Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 BROADWAY, SYDNEY Big Guns #1 MAT sales/ sqm centre in Australia ($16,272/sqm) GRACE BROS CRACE BROS Urban based portfolio to benefit from population growth -450,000 $10,788/sqm Net visa arrivals, year ending March 2023 Specialty sales MAY 2023 11#13MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life BTR – strong leasing underway at LIV Munro LIV Munro 54% Residential vacancy rates (postcodes) 3.0% 2.5 Leased¹ 2.3% (opened Nov 22) 2.0 LIV Indigo 1.6% 1.5 1.4% 96% Occupancy¹ LIV Indigo +7.4% Net re-leasing spreads FYTD 1.0 95 0.5 1.0% 0.9% 0.0 Munro (3000) Aston (3008) Indigo (2127) Albert Fields (3056) Robust underlying market fundamentals support upcoming developments Anura (4006) Source: SQM Research, All Dwellings, March 2023. Brackets represent project postcodes which data represent <1.4% Market vacancy² 1. By apartment number, as at 31 March 2023. 2. Source: SQM Research/Macrobond March 2023. Vacancy rate (all dwellings, seasonally adjusted), Sydney, Melbourne & Brisbane. 3. Source: CoreLogic March 2023. Annual unit growth in 12-month median rent, Sydney, Melbourne & Brisbane. 4. Represents forecast value on completion, incorporating a stabilisation allowance and subject to various factors outside of Mirvac's control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. Market rent growth³ >13% ~$0.7bn Pipeline BTR assets under construction mirvac LIV Munro, Melbourne MAY 2023 | 12#14MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life Funds Management – strong momentum underway across multiple sectors mirvac $1.8bn VENTURE' THE LEAGUE OF HONEST COFFEE ESTABLISHING NEW BTR VENTURE PROGRESSING NEW INDUSTRIAL VENTURE Switchyard, Auburn, Sydney? ~$0.6bn SEED ASSETS¹ NEW OFFICE PARTNERSHIP $0.6bn PARTNERSHIP¹ 7 Spencer Street, Melbourne² Securing a new capital partnership for 7 Spencer Street development in Melbourne. MWOF CAPITAL RAISING UNDERWAY $7.8bn FUND LIV Munro, Melbourne Establishing BTR Venture with 2 aligned long-term capital partners, financial close expected 4Q23 with Mirvac retaining ~45% of the Venture. Aspect, Kemps Creek, Sydney2 HOA³ and exclusive DD with aligned long-term capital partner for Industrial venture comprising 49% of Switchyard and Aspect North, Sydney. Switchyard settlement targeted FY23, Aspect North targeted FY24. Angel Place, Sydney Co-invested $229m in MWOF, with ~$400m capital raising (68% underwritten) planned for 4Q23. #1 performing office fund over 12 months and outperformed benchmark over 1, 3, 5 and 7 years. 1. These values are 100% of completion end value. 2. Artist impression, final design may differ. 3. Non-binding Heads of Agreement (HOA). MAY 2023 13#15MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life Progressing our development pipeline ~$2.1bn END VALUE² ~$630m END VALUE² MIXED USE / OFFICE Harbourside, Sydney¹ 7 Spencer Street, Melbourne¹ 1. Images are artist impressions only, final design may differ. ~84% PRE-LEASED3 ~$345m END VALUE² INDUSTRIAL 396 APARTMENTS Switchyard, Auburn, Sydney¹ LIV Anura, Brisbane¹ ~64% PRE-LEASED³ ~$745m END VALUE² Aspect, Kemps Creek, Sydney¹ 498 APARTMENTS BUILD TO RENT ~$0.7bn BTR DEVELOPMENTS UNDERWAY mirvac 474 APARTMENTS LIV Aston, Melbourne¹ LIV Albert Fields, Melbourne¹ 2. Represents 100% expected end value/revenue (including GST), subject to various factors outside Mirvac's control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. Industrial expected end values are excluding the sale of any undeveloped land. 3. Includes Agreement for Lease (AFL) and non-binding Heads of Agreement (HOA). Excluding HoA, Aspect is ~64% and Switchyard is ~66% pre-leased. 4. Represents forecast value on completion, incorporating a stabilisation allowance and subject to various factors outside of Mirvac's control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. MAY 2023 14#16MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life Residential well placed for undersupplied market mirvac <1.4% 80% PRE-SOLD Residential vacancy³ > 288 (1,133 FYTD) lot sales in Q3 remain subdued impacted by rising interest rates, fewer product launches and lower first home buyer activity > Pick up in leads over the quarter and into April, above 10 year average > Pre-sales balance increased modestly to ~$1.8bn¹ > 319 (1,126 FYTD) settlements, heavy Q4 skew expected, wet weather continues to hamper delivery schedules > Defaults remain low 0.2%² > Flexible launch program in place ready to take advantage of pickup in activity APARTMENTS IN ESTABLISHED PRECINCTS SELLING WELL Underlying market fundamentals remain supportive 76% PRE-SOLD 74% PRE-SOLD Pavilions, NSW F 100% SOLD Ascot Green, QLD Waterfront Isle, QLD New residential leads improving 16,000 leads 12,000 8,000 4,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY19 FY20 Q2 Green Square, NSW Note: All images are artist impressions, final design may differ. Australian housing supply/demand balance Net new dwelling supply minus total households housing requirement 40,000 dwellings 20,000 0 (20,000) (40,000) (60,000) Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY21 FY22 Q2 FY23 Q3 2023 2024 2025 Apartments MPC 2026 2027 >40% Discount between apartment and established house price +2% Total Australian population growth CY20225 2022 forecast 2023 forecast Source: National Housing Finance and Investment Corporation 1. Represents Mirvac's share of total pre-sales and includes GST. 2. 12-month rolling default rate as at 31 March 2023. 3. Source: SQM Research/Macrobond March 2023. Vacancy rate (all dwellings, seasonally adjusted), Sydney, Melbourne & Brisbane. 4. Source: CoreLogic Greater Sydney 6 month median, March 2023. 5. Source: Reserve Bank of Australia, Monetary Policy, Demand and Supply, 5 April 2023. MAY 2023 15#17MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life Summary & Outlook FY23 Guidance¹ Due to adverse weather impacting residential settlements and the deferral of Aspect North settlement into FY24, the group's updated FY23 guidance and components are: > Operating EPS of at least 14.7 cpss (previously at least 15.5 cpss) > Distribution of 10.5 cpss (previously at least 10.5 cpss) > Residential settlements of around 2,200 lots (previously >2500) Operating EPS and DPS 16.0 cents 14.0 14.0 FORME, Tullamore, Melbourne (artist impression, final design may differ) 12.0 10.0 15.1 at least 14.7 FY23 DPS GUIDANCE 2.9% growth on FY22 mirvac 10.5 10.2 9.9 8.0 FY21 EPS FY22 EPS FY23 EPS Guidance FY21 DPS FY22 DPS 1. With continued uncertainty in the operating environment, FY23 guidance remains subject to no material changes to market and delivery conditions FY23 DPS Guidance MAY 2023 16#18MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life Positioned for medium-term earnings growth LIV Munro, Melbourne INVESTMENT PORTFOLIO Resilient, modern, high-quality assets benefiting from growing tenant and capital preference for quality, modern, sustainable assets and development completions 1. External AUM. C> Multiple levers to drive growth over time mirvac FUNDS MANAGEMENT Expanded ~$18bn platform (28% pa growth²), ~$5bn organic growth opportunity³ RESIDENTIAL COMPLETIONS Delivery of residential pipeline into undersupplied market, underpinned by ~$1.8bn pre-sales DEVELOPMENT PIPELINE Value creation from diversified ~$30bn development pipeline5, utilising internal design and construction platform Quay Quarter Tower, Sydney | Photo by Adam Mørk Gainsborough Greens, Queensland UNDERPINNED BY BALANCE SHEET, CULTURE AND CAPABILITY Robust balance sheet position with modest leverage Proven 50-year track record, integrated platform Harbourside, Sydney (artist impression, final design is subject to approvals and may differ) Sustainability leadership Strong employee engagement 3. ~$5bn assumes 50% capital partnership on current commercial & mixed use development pipeline wholly owned by Mirvac. 4. Represents Mirvac's share of total pre-sales and includes GST. 5. Represents 100% expected end value/revenue (including GST), subject to various factors outside Mirvac's control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 2. Pa growth since FY15. MAY 2023 17#19MACQUARIE AUSTRALIA CONFERENCE Reimagine Urban Life Thank you Contact Gavin Peacock, CFA | General Manager Investor Relations [email protected] Authorised for release by The Mirvac Group Continuous Disclosure Committee Mirvac Group Level 28, 200 George Street, Sydney NSW 2000 IMPORTANT NOTICE Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mirvac Property Trust (ARSN 086 780 645). This document has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively "Mirvac" or "the Group"). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$). This document is not financial advice or a recommendation to acquire Mirvac stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information in this document and the Group's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction. Mirvac Funds Limited is entitled to receive ongoing fees in connection with the authorised services provided under its Australian Financial Services licence to Mirvac Property Trust. Mirvac directors and employees do not receive specific payments of commissions for the authorised services provided under Mirvac Funds Limited's Australian Financial Services licence. The information contained in this document is current as at 31 March 2023, unless otherwise noted. mirvac