MIRVAC GROUP — AGM Information 2010

Nov 10, 2010

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11 November 2010

MIRVAC GROUP

CHAIRMAN’S & MANAGING DIRECTOR’S PRESENTATIONS

Please find attached copies of the Chairman’s Address and presentation slides and the Managing Director’s presentation slides to be presented at, or immediately following, the Annual General/General Meetings of Mirvac Group, commencing at 10.00 am (Brisbane 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

ME_85558096_1 (W2003)

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Chairman’s Address

to the

2010 Annual General Meeting / General Meeting

of

Mirvac Limited and Mirvac Property Trust

Thursday 11 November 2010 The Sebel & Citigate Hotel, Brisbane

Mirvac Limited ABN: 92 003 280 699 and Mirvac Funds Limited ABN: 70 002 561 640 (as responsible entity of the Mirvac Property Trust ARSN: 086 780 645 )

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11/9/2010 2:52:19 PM

Good morning.

I’m James MacKenzie, the Chairman of the Board of Directors of Mirvac Limited and Mirvac Funds Limited, the responsible entity of the Mirvac Property Trust.

Welcome to the Annual General Meeting of Mirvac Limited and the General Meeting of the Mirvac Property Trust.

I have been appointed by Mirvac Funds Limited as the Chairman of the Mirvac Property Trust General Meeting and I table my letter of appointment.

I have confirmed with the registry that we have a quorum present and I declare the Annual General Meeting and General Meeting open.

Let me start by introducing the Board members, the Executive Leadership Team and the Group’s auditor.

On my immediate left is Peter Hawkins, Chairman of the Human Resources Committee, who will speak to you today on remuneration issues in detail . On Peter’s left is Penny Morris and to Penny’s left is James Millar. To my immediate right is Nick Collishaw , Managing Director. Next to Nick is Sonya Harris , our General Counsel & Company Secretary and beside Sonya is John Mulcahy .

Mirvac’s other Executive Leadership Team members are seated in the front rows including Justin Mitchell, Chief Financial Officer, Gary Flowers, Chief Operating Officer, Andrew Butler, CEO, Investment and Brett Draffen, CEO, Development Australia.

I would like to take this opportunity to thank the Directors and the Executive Leadership Team for their support, hard work, and commitment to the Mirvac Group this year.

Welcome also to representatives of our auditors, PwC.

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11/9/2010 2:52:19 PM

You may have seen recent press reports discussing the ongoing relevance of the AGM. We have [#] securityholders present today representing approximately [#] per cent of the Group’s issued capital. However, Mirvac ensures all securityholders have an opportunity to submit questions to me or to our auditor in advance of today’s meeting, irrespective of whether or not they are able to be physically present. We take advantage of webstreaming technology to allow investors to listen to today’s meeting from virtually anywhere in the world. We also regularly meet with proxy advisors and the Australian Shareholders’ Association to obtain their feedback on our performance and policies.

This year, we are holding the AGM in Brisbane, following our meeting in Sydney last year. We intend to continue to rotate the location of future AGMs through the major capital cities in which Mirvac has operations, to ensure that securityholders have an opportunity to attend a meeting in these cities.

I will now outline the procedure for today’s meeting. In a moment I will present my report as Chairman and then we will move onto the formal business of the meeting.

There are eight items of business on today’s agenda:

1. The Annual Reports;

2. The re-election and election of Directors;

3. The Remuneration Report;

4. Amendments to the Constitution of Mirvac Limited;

5. Amendments to the Constitution of Mirvac Property Trust;

6. Approval of issue of securities under the Employee Security Acquisition Plans;

7. Participation by the Managing Director in the Long Term Performance Plan; and

8. Ratification of issues of stapled securities in the past year.

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11/9/2010 2:52:19 PM

The Notice convening this meeting included an invitation for securityholders to send us questions that they wanted answered today. We also met with the Australian Shareholders’ Association and received their questions. In my report, I will endeavour to answer all the securityholder questions we received. Peter Hawkins, in his address, will answer the remuneration-related questions we received.

After the conclusion of the meeting, Nick Collishaw, your Managing Director, will provide an update on our current position and outlook. Any questions we received which did not relate to the business of this meeting will be answered in Nick’s update.

Today is Remembrance Day and at eleven am, we will pause the meeting to observe one minute’s silence in memory of those Australians who died or suffered in all wars and armed conflicts.

I will now move to my Chairman’s Report.

Our 2010 results demonstrate that Mirvac is delivering on its core business strategy of being Australia’s pre-eminent developer of residential apartments and homes and contemporaneously providing a secure income from our diversified, quality asset portfolio.

Last year, I spoke in unique and difficult economic and financial conditions. The tough decisions we took during the last two years to simplify our business have successfully repositioned the Group for earnings growth.

For the year ended 30 June 2010, Mirvac’s operating profit was $275.3 million, representing an increase of 37.1 per cent, and earnings per security were 9.3 cents per stapled security, this being above guidance previously provided to securityholders. Distributions for the full year totalled 8.0 cents per stapled security.

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11/9/2010 2:52:19 PM

Securityholders have asked about earnings forecasts and the future prospects for distribution growth. We have issued operating earnings guidance for FY2011 of between 10.2 and 10.6 cents per stapled security. This is an increase of 10-14 per cent from the FY2010 results and is the highest expected growth in the AREIT sector. In line with our distribution policy, we expect to pay distributions in FY2011 of between 8 and 9 cents per stapled security.

Securityholders also asked about our overhead structure and whether we have reviewed cost-cutting opportunities. We have independently reviewed our cost structure and this review has resulted in a $25m per annum reduction in our cost base. We continue to critically review costs to identify additional savings. Similarly, in relation to questions on the cost of producing the Annual Report and other reporting to securityholders, we prepare the Annual Report and other periodic disclosures on the basis of meeting our statutory obligations, in order to ensure our reporting is both compliant and commercially prudent.

Securityholders have also asked if Mirvac can issue annual tax statements earlier in the year. The Board has asked management to investigate improvement opportunities for FY2011.

Securityholders also asked about the acquisitions and capital raising undertaken during the year. In December 2009 we took advantage of the economic and valuation cycle to acquire the $915 million Australian diversified Mirvac Real Estate Investment Trust. This acquisition increased our recurring rental income at an attractive yield of 9.3 per cent. In August 2010, we improved the quality of our asset base with our acquisition of the quality $1.1 billion Australian Westpac office portfolio.

As a result of these acquisitions, the value of our Investment portfolio increased 56.9% to $5.8 billion. Now, 89% of our office portfolio is classified as premium or A Grade, with a portfolio average lease length of 6.1 years providing enhanced security of recurring rental income.

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11/9/2010 2:52:19 PM

Securityholders have asked about the purpose of the capital raising in April 2010 and whether we will undertake further capital raisings. The April 2010 equity raising strengthened our balance sheet and positioned us to acquire the Westpac office portfolio. Whilst at this time there are no current plans to raise further capital, we constantly review and optimise our capital structure in light of opportunities and market conditions.

We also received questions from securityholders relating to our strategy and whether we would consider offshore real estate opportunities. Our strategy remains focused on our core strengths of delivering Australia’s pre-eminent residential developments, and managing and owning Australian investment grade properties.

We received questions from securityholders relating to the Mirvac Group’s commitment to sustainability. Sustainability is a high priority at Mirvac and is an integral part of our strategy. Our work over the past year demonstrates sustainability excellence, including the development and management of a 6 Star Green Star retail centre in Queensland and the planned development of our 6 Star Green Star commercial building, 8 Chifley Square, Sydney.

We were the first Australian commercial developer to build a zero carbon home. Harmony 9, our concept home at our masterplanned residential estate at Waverley Park in Victoria, has a 9.2 Green Star energy rating and sets a new benchmark for sustainable housing design.

We have an ongoing partnership with Bond University to offer the first tertiary program in sustainable development through the Mirvac School of Sustainable Development. This leading learning centre is at the forefront of global thinking on the complex issues surrounding social, environmental and economic goals for urban development.

There has been continuing focus, by both securityholders and the community, on executive remuneration. Peter Hawkins, Chairman of the Human Resources Committee, will address all the remuneration-related questions we have received in

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11/9/2010 2:52:19 PM

some detail at the time the Remuneration Report is considered by this meeting. However, I make four observations.

First, in relation to the remuneration of the Managing Director, Nick Collishaw, it is important to note that when Nick was appointed to the role in August 2008, after an extensive global search, his base salary was set at the same level as his predecessor in the role and what it would have required at the time to recruit externally. Nick’s base salary has not increased since his appointment and remains the same for this year.

Second, Mirvac was one of only a handful of companies in the ASX 100 which did not pay any short term incentives in FY 2009.

Third, Mirvac did not give any performance-based salary increases in FY2009 or FY2010. Whilst there have been salary increases in FY2011, these increases were not “catch up” so did not reflect a two year salary increase. Finally, we have discussed our remuneration practices with the three major proxy advisors and I note that each of them has recommended a vote in favour of both the Mirvac Group 2010 Remuneration Report and the Managing Director’s Participation in the Long Term Performance Plan.

Turning to board remuneration, Mirvac undertakes regular independent benchmarking of the fees paid to non-executive directors to ensure that their fees are competitive and enable us to attract and retain high calibre directors. This review includes consideration of fees paid to non-executive directors of comparable Australian listed companies. Particular director’s performance, duties and responsibilities, the market comparison and independent advice are all considered as part of the review process. Prior to 1 July 2009, there had been no increase in Mirvac directors fees since 2007. I can confirm at this time there is no intention or expectation to increase non-executive Director fee scales in relation to the year ended 30 June 2011.

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11/9/2010 2:52:19 PM

The increase in the fee pool which was approved by securityholders at the 2009 AGM ensured that Mirvac retained the flexibility to increase the number of future Board members as part of a Board renewal process or in order to broaden the range of skills on the Board. No further increase to the director fee pool is being sought at this meeting.

Turning to Board issues, in November 2009, we announced the appointment to the Board of John Mulcahy and James Millar. Both John and James have made a significant and valuable contribution to the Board since their appointment. During 2010, we announced the retirement from the Board of Paul Biancardi and Adrian Fini. Both Paul and Adrian made significant contributions to Mirvac and we thank them for their dedicated service. As part of our ongoing Board renewal program, we recently undertook a search for a new Board member, to ensure we continue to have the appropriate capacity and capability on our Board.

As a result of this search, I would like to announce, that subject to receipt of her signed consent to act, we will appoint Elana Rubin to the Mirvac Board.

Elana is Chair of AustralianSuper, one of the largest industry superannuation funds in Australia. Elana is also Chair of WorkSafe Victoria, a Director of Tower Australia Ltd and a Director of the Victorian Transport Accident Commission. Elana brings to the Board extensive experience in property, finance and investment. She is with us today and I’m sure you join with me in welcoming Elana to Mirvac.

As you can see from our Annual Report and from my remarks today, Mirvac has a sound strategy which is being well executed on by Nick Collishaw and his team as evidenced by Mirvac’s positive financial performance in the 2010 financial year. Mirvac Group is well positioned for the future, which we approach with confidence. We look forward to sharing Mirvac’s future success with you, our securityholders and we thank you 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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annual general and general meetings 11 november 2010

MARINER’S PENINSULA, TOWNSVILLE, QLD

ITEMS OF BUSINESS

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1) Consideration of Reports - 2) Re election and election of Directors 2.1 James MacKenzie 2.2 James Millar 2.3 John Mulcahy 3) Remuneration Report 4) Amendments to the Constitution of Mirvac Limited 5) Amendments to the Constitution of MPT 6) Approval of the Employee Security Acquisition Plans 7) Participation of the Managing Director in the Long Term Performance Plan 8) Ratification of issues of stapled securities in the past year

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 2

AGENDA ITEM 1

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Consideration of Reports

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 3

AGENDA ITEM 2

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- Re election and election of Directors

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 4

AGENDA ITEM 2.1

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- Re election and election of Directors

> Re-election of James MacKenzie

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 5

AGENDA ITEM 2.1

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- Re election and election of Directors

> Re-election of James MacKenzie

Proxies Received

For O en A ainst Abstain Total p g 1,991,398,385 45,305,630 179,590,991 14,533,644 2,216,295,006

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

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AGENDA ITEM 2.2

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- Re election and election of Directors

> Election of James Millar

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 7

AGENDA ITEM 2.2

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- Re election and election of Directors

> Election of James Millar

Proxies Received

For O en A ainst Abstain Total p g 2,177,523,024 45,487,964 5,336,550 2,475,599 2,228,347,538

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 8

AGENDA ITEM 2.3

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- Re election and election of Directors

> Election of John Mulcahy

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 9

AGENDA ITEM 2.3

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- Re election and election of Directors

Election of John Mulcahy

Proxies Received

For O en A ainst Abstain Total p g 2,175,381,298 45,330,744 5,181,178 4,916,986 2,225,893,220

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 10

AGENDA ITEM 3

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Remuneration Report

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 11

AGENDA ITEM 3

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Remuneration Report > Peter Hawkins – Chairman, Human Resources Committee

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 12

AGENDA ITEM 3

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Remuneration Report

Proxies Received

For	Open	Against	Abstain	Total
1,629,589,426	45,092,939	551,118,699	5,015,599	2,225,801,064

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 13

AGENDA ITEM 4

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Amendments to the Constitution of Mirvac Limited

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 14

AGENDA ITEM 4

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Amendments to the Constitution of Mirvac Limited

Proxies Received

For O en A ainst Abstain Total p g 2,176,846,934 45,452,066 4,919,071 3,610,579 2,227,218,071

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 15

AGENDA ITEM 5

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Amendments to the Constitution of MPT

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 16

AGENDA ITEM 5

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Amendments to the Constitution of MPT

Proxies Received

For O en A ainst Abstain Total p g 2,173,717,601 45,619,140 7,737,944 3,753,965 2,227,074,685

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 17

AGENDA ITEM 6

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Employee Security Acquisition Plans

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 18

AGENDA ITEM 6.1

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Employee Security Acquisition Plans > Long Term Performance Plan

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 19

AGENDA ITEM 6.1

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Employee Security Acquisition Plans > Long Term Performance Plan

Proxies Received

For O en A ainst Abstain Total p g 2,042,081,110 46,257,735 137,969,797 4,178,943 2,226,308,642

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 20

AGENDA ITEM 6.2

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Employee Security Acquisition Plans > General Employee Exemption Plan

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 21

AGENDA ITEM 6.2

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Employee Security Acquisition Plans > General Employee Exemption Plan

Proxies Received

For O en A ainst Abstain Total p g 2,106,563,273 46,387,316 73,341,934 4,195,062 2,226,292,523

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 22

AGENDA ITEM 7

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Participation by the Managing Director in the Long Term Performance Plan

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 23

AGENDA ITEM 7

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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 1,669,448,343 46,244,321 509,053,442 5,751,577 2,224,746,106

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 24

AGENDA ITEM 8

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Ratification of issues of stapled securities in the past year

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 25

AGENDA ITEM 8.1

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Ratification of issues of stapled securities in the past year

General Employee Exemption Plan – December 2009

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 26

AGENDA ITEM 8.1

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Ratification of issues of stapled securities in the past year

General Employee Exemption Plan – December 2009

Proxies Received

For O en A ainst Abstain Total p g 2,112,791,434 46,365,214 68,497,056 2,897,800 2,227,653,704

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 27

AGENDA ITEM 8.2

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Ratification of issues of stapled securities in the past year

Institutional Placement – April 2010

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 28

AGENDA ITEM 8.2

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Ratification of issues of stapled securities in the past year

Institutional Placement – April 2010

Proxies Received

For O en A ainst Abstain Total p g 2,086,197,528 46,600,540 27,436,102 62,527,041 2,160,234,170

MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010

PAGE 29

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www.mirvac.com

Mirvac Group Update 11 november 2010

Waterfont, neWstead, QLd

Group strateGy

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Mirvac Group

2 Core Divisions investment development office residential retail commercial industrial Hotel and other 80% 20% target operating npat through cycle target operating npat through cycle

Mirvac Group update 11 noveMber 2010

paGe 1

Group update

execution of strategy

upgrade of portfolio

positioned for Growth

fy10 K achievements ey

• increased recurring income and underpins distribution

• $915m Mirvac real estate investment trust acquisition in december 2009

• $1,137m Westpac office portfolio acquisition in august 2010

• reactivated $1,208m non residential development pipeline

• $235m in non-aligned asset sales at a 3.4% premium[ 1]

balance sheet gearing at 26.8% post Westpac office transaction

fy11 ives object

earnings of 10.2-10.6 cpss implying 10-14% annual growth > delivery of non residential development pipeline

continue non aligned asset disposals > redeploy capital into residential opportunities via capital efficient means

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275 Kent street, sydney, nsW

• 1) premium to book value.

Mirvac Group update 11 noveMber 2010

paGe 2

investMent MarKet update

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state of the investment markets

office 56.6%[ 1]

forecast rent growth is visible in the Melbourne cbd, static in sydney while brisbane is close to the bottom of the cycle. prime asset values are appreciating in Melbourne and sydney, canberra is still experiencing some weakness, while brisbane values are relatively flat.

capitalisation rate expansion 150bps (March 08 to March 10)[ 2]

retail 30.8%[ 1]

forecast retail spending has been relatively flat as the impact of fiscal stimulus fades and interest rate tightening offset employment growth and rising wealth levels. rents have remained positive and vacancies stable, supported by low amounts of new supply.

capitalisation rate expansion 80bps (March 08 to March 10)[ 2]

industrial 7.2%[ 1]

forecast demand drivers are enjoying momentum as the uplift in imports from inventory restocking and the strong $a continue. investment sales showed signs of improvement in Q2/10, with increased sales to private developers. in sydney, Melbourne and brisbane, yields have been flat or firmed up to 25 basis points in Q2/10.

capitalisation rate expansion 160bps (March 08 to March 10)[ 2]

2) ipd australia Quarterly index.

1) by book value.

Mirvac Group update 11 noveMber 2010

paGe 3

Mirvac property trust post 30 june 2010 update

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continued operational income strength

• 3.5% like for like portfolio income growth for september 2010 year end > 97.2%[ 1] portfolio occupancy

• portfolio valuations for Mpt are expected to increase in the six months to december 2010

> office

• 96.5%[ 1] portfolio occupancy

• 21.0%[ 2] occupancy at 10-20 bond street, sydney office redevelopment

• 33,437 sqm of office leasing activity since 30 june 2010[ 3]

> retail

• 97.5%[ 1] portfolio occupancy

• 1.99% 4 majors comparable Mat growth

• Kawana shoppingworld revised da submitted for supermarket and additional specialty totalling approximately 8,600 sqm

> industrial

• 97.9%[ 1] portfolio occupancy

• development of 140,000 sqm Woolworths distribution centre at Hoxton park in nsW currently on budget and approximately two months ahead of forecast completion date.

• nexus industry park building 5 has a 100% pre-commitment signed (23,000 sqm) for a 10 year term

• 1) as at 30 september 2010.

• 2) includes existing tenants and pre-leased commitments.

• 3) includes 19,861 sqm under Heads of agreement, 9,000 sqm of leases executed and 4,576 sqm of options exercised.

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WooLWotHs distribution centre, Hoxton parK, nsW

• 4) year on year to 30 september 2010.

Mirvac Group update 11 noveMber 2010

paGe 4

Mpt deveLopMent update

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$1,208m pipeline of australian investment grade real estate, undertaken in-house by Mirvac development[ 1]

Active	Project (Ownership)	Type		Jun 10	Jun 11 Jun 12	Jun 13	Jun 14	Jun 15
✔	10-20 Bond Street Sydney, NSW (50% with ING)	Office	21.0% Leased/ Preleased		$60m, 7.8% Feb 10 to Feb 11
✔	Woolworths Distribution Centre Hoxton Park, NSW (100%)	Industrial	100% Preleased		$172m, 8.0% Jun 10 to Mar 12
✔	8 Chifley Square Sydney, NSW (100%)	Office	Marketing Commenced		$246m, 7.5% Sep 10 to Jul 13
✔	Nexus Industry Park Prestons, NSW (100%)	Industrial	100% Preleased		$25m, 8.1% Nov 10 to Oct 11
	Stanhope Village				$20m, 6.5%
	Stanhope Gardens, NSW (100%)	Retail			Dec 10 to Jun 12
	Woolworths NSO, Bella Vista,				$85m
	NSW (100%)	Office			Jan 11 to Jun 12
	Orion Town Centre Stage 2				$58m, 6.3%
	Springfield, QLD (100%)	Retail			Jun 11 to Dec 12
	Kawana Shoppingworld					$58m, 8.3%
	Buddina, QLD (100%)	Retail				Sep 11 to Mar 14
	271 Lane Cove Road							$144m
	North Ryde, NSW (100%)	Business Park				Indicative start date: Jun 12
	190-200 George Street							$340m
	Sydney, NSW (100%)	Office					Indicative start date: Dec12

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10-20 bond street, sydney, nsW

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8 cHifLey sQuare, sydney, nsW

1) Mirvac’s forecast share of total project cost as at 30 june 2010.

Mirvac Group update 11 noveMber 2010

paGe 5

residentiaL deveLopMents fast tracKed

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51% of released projects are pre-sold

							Lots presold1net revenue2	Lots presold1net revenue2
released	state	project	stage	ownership	settlement year	Lots	%	$m
4	vic	Harcrest	stage 1	20%	fy12	87	82%	7.7
4	nsW	rhodes Waterside	elinya	20%	fy12	107	82%	14.7
4	nsW	rhodes Waterside	Waters edge	20%	fy12	114	—3	15.2
4	QLd	Waterfront newstead	park precinct	100%	fy12/13	102	30%	105.0
4	QLd	Mariner’s peninsula	the point	100%	fy13	86	16%4	99.7
4	vic	yarra’s edge river Homes	stage 3	100%	fy13	17	94%	49.0
4	vic	yarra’s edge river tower	yarra point	100%	fy13/14	201	43%	189.7
	nsW	rhodes Waterside	alkira	20%	fy13	145	—	16.2
	vic	yarra’s edge river Homes	stage 4	100%	fy14	17	—	52.0
	QLd	Hamilton	stage 1	100%	fy14	225	—	131.9
	Wa	beachside Leighton	stage 2	100%	fy14	62	—	170.6
		Total				1,163	51% 5	851.7

• 1) as at 5 november 2010.

• 2) Mirvac’s share of forecast revenue, adjusted for jv interest and Mirvac managed funds.

• 3) to be released 13 november 2010.

• 4) as at 8 november 2010.

• 5) percentage of released projects lots that are presold, excluding Waters edge, rhodes Waterside as will be released 13 november 2010.

Mirvac Group update 11 noveMber 2010

paGe 6

residentiaL deveLopMent

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GainsborouGH Green, piMpaMa, QLd
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Mirvac Group update 11 noveMber 2010

paGe 7

residentiaL deveLopMent update

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Mirvac’s position as australia’s pre-eminent residential developer is evidenced by $882m[ 1] ($704m as at 30 june 2010) of exchanged residential pre-sales contracts > 70% of total forecast fy11 residential revenue secured by pre-sales

fy11 major contributors

fy11 major contributors
					% FY11 ebiT	revenue
Project	ownership	state	**Type **	Lots	forecast	%pre-sold
beachside Leighton, Leighton beach	100%	Wa	apartment	56	22.0	100
Laureate, Melbourne	100%	vic	Homes	28	10.3	91
yarra’s edge river Homes, docklands	100%	vic	Homes	18	6.0	94
Waterfront, newstead	20%	QLd	apartment	55	8.1	98
parkbridge, Middleton Grange	pda	nsW	Homes	208	4.4	32
Waverleypark, Mulgrave	100%	vic	Homes	73	4.6	100
Total				438	55.2	92

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Exchanged contracts [ 1]
$326m sTronG saLes momenTum
$275m Yarra Point, Docklands, Vic
product type apartments
stage tower 8, yarra point
$207m percentage of stage sold 43%
harcrest, Wantirna south, Vic
product type Houses
$73m
stage 1
percentage of stage sold 82%
WA NSW VIC QLD
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yarra point, MeLbourne, vic

1) total exchanged contracts as at 5 november 2010, adjusted for Mirvac’s share of jv interest and Mirvac managed funds.

Mirvac Group update 11 noveMber 2010

paGe 8

deveLopMent MarKet update

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annual price growth moderating to single digits. However the market is supported by underlying demand and limited supply with fundamentals remaining positive.

NSW 18%[1]

NSW	18	%1	%1
current		forecast		improved affordability on the back of fscal stimulus has seen a buoyant sydney market. nsW remains the most under
A-		b		supplied market with a shortfall of dwellings well in excess of one year’s supply. this under supply will remain a key feature underpinning sydney prices. rents are now growing at a faster rate than other major cities. prices are expected to outperform the national average over the medium term as the supply defcit maintains pressure on rents and values.
VIC 39%1
current		forecast		Melbourne experienced the largest national price rise, however affordability is becoming an issue; potentially reaching
A		b+		a point where further interest rate rises will limit price increases. Melbourne has the strongest population growth of the capital cities, which along with a resilient state economy and pro-active state government, support demand. the impact of affordability is expected to see the Melbourne market growth rate slow.
QLD	21%1
current B-		forecast b		While Queensland has recorded positive price growth, conditions have been weaker than the rest of the country. softer fnance conditions have hampered housing development as have the state’s planning regime, impacting market sentiment. the sharp fall in supply and improving expectations indicate a positive outlook.
WA 22%1
current B-		forecast b		after building momentum on the back of increasing commodity prices, the uncertainties surrounding the resources tax proposal signifcantly dampened sentiment and stalled momentum, particularly in upper price brackets. some labour pressure still exists given competition with some of the large infrastructure projects. the next wave of business investment, strong population growth and a supply defcit in perth provide a positive outlook.

1) Mirvac’s pipeline by lots.

Mirvac Group update 11 noveMber 2010

paGe 9

HoteL ManaGeMent update

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> Hotels under management increased to 47[ 1]

> fy10 operating performance[ 2] :

• occupancy 74%

• average room rate $168

• recovering corporate, conference and international travel combined with limited supply are positive drivers for the hotel sector over the medium term

> opening of the sebel newcastle beach in november 2010

top ten australian tourist accommodation operators

as at 31 december 2009

rank	operator	no of rooms	no of rooms	no of rooms	no of hotels	no of hotels
1	accor asia pacifc corporation			20,982		150
2	Mantra Group			16,333		118
3	intercontinental Hotels			8,748		36
4	amalgamated Holdings Ltd			6,326		34
5	mirvac hotels 1			5,906		47
6	toga Hospitality Group of companies			5,378		43
7	Quest apartments			5,139		99
8	oaks Hotels and resorts			4,215		32
9	constellation Hotel Group			3,768		54
10	Hilton Hotels of australia			3,460		10

source: jones Lang Lasalle Hotels / Mirvac

• 1) as at 31 october 2010.

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tHe sebeL, neWcastLe, nsW

• 2) as at 30 june 2010.

Mirvac Group update 11 noveMber 2010

paGe 10

sustainabiLity update

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Mirvac’s strong commitment to sustainability means managing environmental, social and economic risks and responsibilities, while delivering sustainable outcomes.

industry leadership:

• Listed as “sustainability Leader” in the dow jones sustainability index (asia pacific)

• ranked 17th in the world in the Global environmental real estate index

• Listed on ftse4Good index and australian saM sustainability index

• Won eight sustainability awards

designing, building and operating more sustainable buildings:

• two 6 star Green star buildings[ 1]

• 6 buildings 4 star nabers energy rating or higher

• 1) includes development of orion springfield, QLd and redevelopment of 8 chifley square, nsW.

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HarMony 9, WaverLey parK, MuLGrave, vic

Mirvac Group update 11 noveMber 2010

paGe 11

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Thank you