MIRVAC GROUP — AGM Information 2009

Nov 18, 2009

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19 November 2009

PRESENTATIONS TO MIRVAC GROUP’S ANNUAL GENERAL/GENERAL MEETINGS

In accordance with Listing Rule 3.13.3, I attach the Chairman’s address and the presentation slides to be delivered to today’s Annual General/General Meetings of Mirvac Group, commencing at 10.00am (Sydney time).

A live webcast of the Meetings can be viewed from the Group’s homepage at: www.mirvac.com

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Sonya Harris General Counsel & Company Secretary

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Mirvac Limited ABN: 92 003 280 699 and Mirvac Funds Limited ABN: 70 002 561 640

(as responsible entity for Mirvac Property Trust ARSN: 086 780 645 )

2009 Annual General Meeting / General Meeting 19 November 2009

Chairman’s Address

Before we consider the formal resolutions before the meetings today, I will give a short address on some of the matters before the AGM, covering Mirvac’s financial results, strategy and opportunities, board changes and remuneration.

FINANCIAL RESULTS

I am sure I don’t need to remind you of the unique and difficult economic and financial conditions in which we have been operating this year, particularly in the property sector.

Our reported result was impacted by asset revaluations, equity accounting and impairments for goodwill, management rights and other intangibles as well as loss on inventory. After these write downs, the net profit for the period was a loss of $1.08 billion.

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Mirvac’s operating profit, which is the profit before specific non-cash and other significant items, was $200.8 million, which was in line with guidance provided to the market during the year.

Mirvac’s two main operating divisions, Investment and Development, delivered sound results during the year.

The Investment Division (comprising Mirvac Property Trust and Mirvac Asset Management) continued to represent the core earnings platform for Mirvac from a strong $3.7 billion domestic property portfolio. The Division delivered a net operating profit before tax of $242 million – a good result.

The portfolio is well diversified across asset type and geographic location, which has ensured a continual high occupancy rate of 95.9%. The portfolio’s long expiry profile and secure leases to quality tenants continue to place it in a good position to deliver secure income returns in the years ahead.

Despite market conditions, the Development Division continued to build premium residential development projects across New South Wales, Victoria, Queensland and Western Australia. Mirvac continues to hold a strong brand and reputation for delivering quality residential product in the Australian market.

The Division delivered a net operating profit before tax of $29 million, completed 1,500 property settlements and exchanged a further $816 million of contracts. Key projects included The Royal in Newcastle, Tennyson Reach on the Brisbane River, Yarra’s Edge River Homes in

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Melbourne, Burswood in Perth and our Rhodes development here in Sydney.

Mirvac’s Investment Management’s operating performance in FY09 was impacted by the downward pressure on property values, tight credit and reduced transactional activity, all resulting in less fee income being received from the funds it manages. Investment Management recorded net operating loss of $42 million.

The team continued to focus on simplifying activities and rationalising non-core and unscalable funds. We exited from the Domaine funds, the Tourist Park fund and entered into a heads of agreement to dispose of the Mirvac AQUA joint venture business. We have also recently signed heads of terms to exit from the development management business in the UK.

The strategy is to continue focusing on wholesale capital raising capability to support the Group’s core activity of Investment and Development.

The Group’s Hotels business unit, which manages 44 hotels and resorts, reported a net operating profit of $13.7 million – an impressive result given the downturn in consumer spending and business travel and the impact of the worldwide swine flu pandemic.

We continued with the strategic expansion of hotel brands during the reporting period with five new hotel management contracts, and our focus is to continue that expansion.

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STRATEGY

At last year’s AGM, I discussed the significant initiatives that we had already undertaken in order to simplify the Group’s operational activities, cut costs and to strengthen our balance sheet in order to withstand the increasingly challenging market.

Those actions, together with our ongoing active management and proven ability to respond immediately to changing conditions, have positioned Mirvac to continue to perform as one of Australia’s leading real estate groups.

Since last year’s AGM, we have further strengthened our balance sheet, further simplified the Group’s operating structure and continued to dispose of non-core businesses.

Our cost savings program, which we expected to result in a saving of $20 million, has actually achieved a $25 million per annum cost saving.

Our strategy remains focused on our core strengths of owning and managing Australian investment grade properties - which provide stable income streams through our quality tenant covenants - and delivering Australia’s pre-eminent residential developments.

Importantly, we remain Australian focused, with 99.2% of our operations based in Australia.

Earlier in the year we revised our distribution policy to distribute only Trust taxable earnings. This preserved capital, increased the strength of the Group’s balance sheet and optimised our cash flow position during

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these challenging times. Most of the Australian real estate investment trusts have since followed. Distributions for the full year totalled 8.0 cents per security.

In February, we completed the refinancing of our syndicated debt facility. This positions us to meet all forecast debt maturities and capital commitments to beyond 2011.

We undertook two capital raisings during the year; a $500 million capital raising in November 2008 and a $1.1 billion capital raising in June 2009.

These raisings considerably strengthened our balance sheet and positioned us well in a challenging economic environment.

Some securityholders have asked about the dilutive impact on earnings of these raisings – this was provided in our August results announcement with a FY10 forecast of 9 cents per stapled security.

It is also worth noting that all securityholders – retail and institutional holders alike- were invited to participate in both of these raisings. We ensured that retail holders were entitled to the same opportunities as institutional holders.

Mirvac is now one of Australia’s lowest geared REITs with a debt to total tangible asset ratio of 18.7%.

In July of this year, Standard & Poor’s upgraded our credit rating to BBB with a positive outlook. This reduces our interest expense on an annual basis by approximately 10 basis points or $2 million per annum.

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Mirvac is now in a position to take advantage of the opportunities which will inevitably arise from the recent economic turbulence.

One opportunity is our proposal, which we announced in October and advised yesterday, to acquire the separately listed Mirvac Real Estate Investment Trust (“MREIT”).

The MREIT portfolio is around $1.0 billion in value, comprising good quality Australian properties which will complement our existing portfolio and (if the proposal is accepted by MREIT unitholders) will increase Mirvac’s property portfolio to around $4.6 billion.

An MREIT Unitholder meeting to approve the proposal is being held next Wednesday, 25th November. Updates in relation to the proposal will be available on the Mirvac website.

As you would expect, we are pursuing a number of other opportunities consistent with our strategy.

BOARD CHANGES

In August this year, Rick Turner retired as a Director. As many of you would be aware, Rick is highly respected in the Australian business community and has enjoyed a long and distinguished career.

At 72, Rick had been a Board member of Mirvac and antecedent groups for more than ten years. We have all greatly benefited from his experience, expertise and sound judgement, and I take this opportunity to thank Rick once again for his commitment and enthusiasm.

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We are indeed fortunate to have retained Rick’s services to work with us in supporting our Audit, Risk and Compliance Committee and our due diligence activities.

Rick’s retirement prompted us to undertake a search for two new board members, to ensure that we had the capacity and capability on our board for prospective board renewal.

As a result of this search, I would like to announce, that subject to receipt of their signed consents to act, this morning we have appointed James Millar and John Mulcahy to the Board.

James retired recently as Chief Executive of Ernst & Young – one of Australia’s leading professional accounting firms. He has had a distinguished career in the accounting profession.

John has also had a distinguished career as a senior executive with Lend Lease, the Commonwealth Bank and more recently as Chief Executive of Suncorp.

Both John and James are with us today and I’m sure you join with me in welcoming them to Mirvac.

REMUNERATION

There continues to be much discussion on the remuneration of executives and board members. Notwithstanding that discussion, no institutional investor nor, for that matter, politician has criticised Mirvac’s remuneration practices. To the best of my knowledge, all the

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independent governance organisations have commented favourably on our remuneration policies, whilst at the same time opining that Mirvac’s executive salaries on the whole remain no higher than the level paid by our peers. Many of the recommendations contained in the Discussion Draft Report on Executive Remuneration in Australia, published by the Productivity Commission in September are already features of the remuneration policies and practices at Mirvac.

The chairman of the Board’s Human Resources Committee, Peter Hawkins, will address the AGM on our remuneration policies, ahead of your vote on the remuneration report.

We have also been asked by some Securityholders about why we are seeking an increase in the pool from which we pay directors’ fees – resolution 4.

The current remuneration for Non-Executive Directors is close to reaching the previously approved remuneration limit. This amount has been benchmarked by independent professional consultants against other Non-Executive Directors’ remuneration of comparable

organisations, as recently as last week. Both that benchmarking report and the comments received from all the proxy houses support the increase we seek.

The fee structure for individual non-executive directors has not been increased since the end of the 06/07 financial year.

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This increase will enable us to appropriately remunerate your existing Board members as well as our two new Board members, John Mulcahy and James Millar.

In recent years we have invited securityholders to submit questions in advance of the AGM to give every securityholder a chance to have their questions addressed at the AGM.

Thank you to all securityholders who have submitted questions – I believe I have answered all of them in what I have said today.

CONCLUSION

In concluding, I would like to thank my fellow Board members for their ongoing diligence, contribution and support.

I would particularly like to acknowledge the fine leadership of Nick Collishaw. Nick, his team and all the staff across the Group have worked diligently and effectively to position Mirvac well for the future and should be commended for this.

I want to thank you, our securityholders, for your continuing support and confidence.

We will now move to the more formal consideration of the matters before the AGM today.

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Mirvac Group annual General & General MeetinGs

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19 noveMber 2009

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the royal, newcastle, nsw
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iteMs oF business

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1) consideration of reports

- 2) re election of Directors

a) paul biancardi b) adrian Fini

3) remuneration report

• ’ 4) increase in Maximum aggregate of non executive Directors remuneration

5) participation by the Managing Director in the long term performance plan

6) ratifcation of issues of stapled securities in the past year

Mirvac Group annual General & General MeetinGs 19 noveMber 2009

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aGenDa iteM 1

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consideration of reports

Mirvac Group annual General & General MeetinGs 19 noveMber 2009

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aGenDa iteM 2

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- re election of Directors

Mirvac Group annual General & General MeetinGs 19 noveMber 2009

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aGenDa iteM 2 a)

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- re election of Directors - > re election of paul biancardi

Mirvac Group annual General & General MeetinGs 19 noveMber 2009

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aGenDa iteM 2 a)

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• re election of Directors - > re election of paul biancardi

proxies received

For o en a ainst abstain total p g 1,987,253,479 18,550,850 6,028,505 2,889,524 2,011,832,834

Mirvac Group annual General & General MeetinGs 19 noveMber 2009

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aGenDa iteM 2 b)

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- re election of Directors - > re election of adrian Fini

Mirvac Group annual General & General MeetinGs 19 noveMber 2009

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aGenDa iteM 2 b)

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- re election of Directors

• re election of adrian Fini

proxies received

For o en a ainst abstain total p g 1,988,201,117 18,290,388 5,052,547 2,998,475 2,011,544,052

Mirvac Group annual General & General MeetinGs 19 noveMber 2009

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aGenDa iteM 3

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remuneration report

Mirvac Group annual General & General MeetinGs 19 noveMber 2009

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aGenDa iteM 3

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remuneration report

proxies received

For o en a ainst abstain total p g 1,815,681,742 18,341,592 176,564,086 4,219,537 2,010,587,420

Mirvac Group annual General & General MeetinGs 19 noveMber 2009

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aGenDa iteM 4

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increase in the Maximum aggregate ’ - of non executive Directors remuneration

Mirvac Group annual General & General MeetinGs 19 noveMber 2009

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aGenDa iteM 4

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increase in the Maximum aggregate ’ - of non executive Directors remuneration

proxies received

For o en a ainst abstain total p g 1,948,170,963 11,915,353 43,435,379 3,876,088 2,003,521,695

Mirvac Group annual General & General MeetinGs 19 noveMber 2009

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aGenDa iteM 5

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participation by the Managing Director in the long term performance plan

Mirvac Group annual General & General MeetinGs 19 noveMber 2009

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aGenDa iteM 5

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participation by the Managing Director in the long term performance plan

proxies received

For o en a ainst abstain total p g 1,892,324,525 12,807,766 95,842,662 7,115,793 2,000,974,953

Mirvac Group annual General & General MeetinGs 19 noveMber 2009

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aGenDa iteM 6

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ratification of issues of stapled securities in the past year

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aGenDa iteM 6

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ratification of issues of stapled securities in the past year

capital raisings: > institutional placement in December 2008 > institutional placement in June 2009

proxies received

For o en a ainst abstain total p g 1,806,007,250 13,043,341 28,619,691 124,733,530 1,847,670,282

Mirvac Group annual General & General MeetinGs 19 noveMber 2009

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www.mirvac.com

Mirvac Group annual General MeetinG

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19 noveMber 2009

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the royal, newcastle, nsw
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Market conditions

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Mirvac has operated through many market cycles since 1972 and its continued success is attributable to its ability to adapt to changing market conditions:

australian economic performance has provided rationale to be cautiously optimistic

equity pricing increasingly driven by investors looking beyond Fy10

australian residential market well positioned — prices have risen over 2009 and consumer confidence remains close to historical peaks

australian investment portfolio devaluation close to bottom of cycle

debt market improving — global investors providing opportunity to diversify debt funding profile for well capitalised real estate investment trusts

Mirvac Group annual General MeetinG 19 noveMber 2009

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Mirvac well positioned

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australian focused: 99.2% b asset value y

Grou earnin s under inned b secure rental income p g p y balance sheet stren th – balance sheet earin 18.7%[ 1] g g g simplified operating model with 2 core divisions: investment and develo ment ositioned to drive earnin s rowth p p g g well positioned to pursue growth opportunities consistent with sim plified strategy

1) adjusted for retail proceeds from 4 June 2009 capital raising received post 30 June 2009 and uspp debt at hedged rate.

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key achieveMents

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Group	Financial > achieved high end npat earnings guidance > achieved s&p bbb upgrade with positive outlook
	capital management > equity issuance: > $1,600m reducing balance sheet gearing to 18.7%1 > revised distribution to refect trust taxable earnings > extended $805m bank syndicated debt facility
	business processes > refocused on core competencies — investment and development > simplifed operational processes with recurring cost savings in excess of $25m p.a.
investment	income security > occupancy cost 13.4% including city centres2 > commercial tenant retention 83.9%3 > decrease of 74.1% in aged debtors3
development	positioned for market recovery > 7 residential projects available to be fast-tracked for marketing release in Fy10 > disposal of 6 non-core asset sales and a conditional contract exchanged
investment Management	hotel management expansion and rationalisation of non-core fund > expanded hotel management platform to 44 hotels > exit of domaine property Funds, Mirvac tourist park Fund and heads of agreement entered into for disposal of Mirvac aQua > heads of agreement entered into to cease operations in the united kingdom

3) as at 30 June 2009.

1) adjusted for retail proceeds from 4 June 2009 capital raising received post 30 June 2009 and uspp debt at hedged rate. 2) as at 30 september 2009.

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Finance update

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Capital management metrics	Defnition	Covenant	FY09
balance sheetgearing	net debt/total tangible assets — cash	—	18.7%1
covenantgearing	total liabilities/total tangible assets (per stat accounts)	< 55.0%	34.2%
interest cover ratio (“icr”)	adjusted ebitda/(interest expenseper stat accounts + lease expenses)	> 2.25:1	3.42:1

	FY10 Operating Earnings guidance
npat2	$253m
eps3	9 cpss
dps	8 – 9 cpss

• 1) adjusted for retail proceeds from 4 June 2009 capital raising received post 30 June 2009 and uspp debt at hedged rate.

2) excluding specific non-cash and significant items.

3) diluted earnings excluding specific non-cash and significant items.

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investMent division

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Mirvac property trust underpins Mirvac’s earnings

• trust earnings are highly visible as 93.9[ 1] per cent of Fy10 reviews are fixed or cpi

• minimal lease expiry in Fy10 — 10.0[1] per cent of portfolio expiring in Fy10 (terms agreed for 55.0 per cent of Fy10 expiry ytd)

• retail portfolio’s occupancy cost is 13.4[ 2] per cent, supports existing rents

• Mat 3.1 per cent[2]

• approximately 56.8[1] per cent of revenue derived from asX, multinational and government tenants

Portfolio expiry profile[ 1]

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60%
50 46%
40
30
20
10 10% 11% 10% 12%
7%
4%
0
VACANT FY10 FY11 FY12 FY13 FY14 BEYOND
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Weighted average lease expiry (by area) 1	Weighted average lease expiry (by area) 1
commercial	6.1
retail	5.9
industrial	5.1
Portfolio	5.8

• 1) as at 30 June 2009.

2) as at 30 september 2009.

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hotel ManaGeMent

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• achieved 5 new management contracts in the year to 30 June 2009

achieved 73% occupancy[ 1]

• achieved $177 average room rate[ 1]

• Focused on australian expansion in existing sub-markets — 4 hotels over next 2 years

	hotels as at	rooms as at
Mirvac hotels & resorts brand	30 June 09	30 June 09
the sebel	25	3,175
citigate	5	1,072
Quaywest suites	7	606
sydneyMarriott	1	241
sea temple resorts	2	235
the como	1	107
QuayGrand suites	1	66
the lindrum	1	59
harbour rocks	1	55
Total	44	5,616
Future (FY10–FY11)	4	406

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the sebel Mandurah, wa
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1) as at 30 June 2009.

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developMent division

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$816.1m exchanged contracts[ 1 ]

1,574 lot settlements in Fy09: > 1h09 — 562 > 2h09 — 1,012

• 7 residential projects available to be fast-tracked for marketing release in Fy10

nsw homes division positioned to deliver capital repatriation, entry level price point set to drive volume

post 30 June 09, 2nd and 3rd home buyer activity gaining momentum, albeit from a cyclical low

• 6 non-core developments have been disposed and a conditional contract exchanged; representing $58.5m

	House/land settlements 2	Apartment settlements 2	Total settlements 2
State	(Year to 30 June 09)	(Year to 30 June 09)	(Year to 30 June 09)
nsw	47.5%	11.1%	58.6%
vic	8.0%	0.3%	8.3%
Qld	7.4%	7.2%	14.6%
wa	11.4%	7.1%	18.5%
total	74.2%	25.8%	100.0%

1) total exchanged values as at 31 october 2009, represents Mirvac’s share of development revenue. 2) settlement by number.

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developMent division

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the point, Mandurah

award: housing industry association, perth housing awards apartment project of the year

award: urban development institute of australia (wa), awards for excellence president’s award

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developMent division

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harMony 9, waverley park, vic

award: city of Monash council, world environment day award sustainable new building/renovation

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developMent division

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the peninsula, burswood, wa

award: housing industry association, Greensmart wa awards estate of the year

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developMent division

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101 Miller street, north sydney, nsw

award: property council of australia, awards for innovation and excellence sustainable developments

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developMent division

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rhodes shoppinG centre, nsw

award: scn Magazine, shopping centre Marketing awards little Guns sales promotion category

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developMent division

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orion sprinGField town centre, Qld

award: property council of australia, retail property awards excellence in presentation

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developMent division

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the bond university Mirvac school oF sustainable developMent

award: royal institution of chartered surveyors sustainability award

award: australian institute of architects, architecture awards sustainable architecture award

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corporate responsibility & sustainability

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bond university Mirvac school of sustainable development

• educating the next generation of industry leaders on implementing responsible and practical sustainability management initiatives in the business world.

harmony 9 at waverley park (vic)

• this 9.2 star energy rated, carbon neutral concept home is the first of its kind in australia by a commercial developer, pushing the boundaries of sustainable and innovative design.

Mirvac Foundation and many other community contributions

• every night 32,000 young australians have nowhere to sleep. the salvation army oasis youth support network’s vera loblay house was refurbished providing stable long-term accommodation to homeless youth committed to returning to education or transitioning into the workforce.

in the past year, other refurbishments of similar facilities have occurred at a unitingcare west house in perth and a hanover crisis centre in Melbourne.

kawana shoppingworld (Qld), ‘pinktober’ campaign

• an award-winning campaign to raise funds for the cindy Mackenzie breast cancer Foundation, kawana shoppingworld sold merchandise and held a series of events raising over $38,000.

telethon home

• on land donated by Mirvac in the seascapes village, Mandurah, wa the telethon house was built to raise important funds for the princess Margaret hospital for children and to improve child health and research in western australia.

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our strateGy

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our strategy continues to be realistic and relevant, it brings simplicity to our model, focusing on our two core divisions, Investment and Development with Investment Management . facilitating capital interaction

Mirvac has operated through many market cycles since 1972 and its continued success is attributable to its ability to adapt to changing market conditions. the actions of this next year and our direction today ensures the strength of the business into the future.

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www.mirvac.com