Investor Presentaiton

MIRVAC 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

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