MIRVAC GROUP

PROPERTY COMPENDIUM

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31 DECEMBER 2007
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MIRVAC GROUP

$27.8 BILLION

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ACTIVITIES
UNDER
CONTROL
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MIRVAC GROUP PROPERTY COMPENDIUM

FUNDS MANAGEMENT

DEVELOPMENT

$13.5 BILLION

INTERNAL FUNDS MANAGEMENT > $4.2 BILLION 57 INVESTMENT GRADE ASSETS INDIRECT REAL ESTATE INVESTMENTS EXTERNAL FUNDS MANAGEMENT > $9.3 BILLION

MIRVAC GROUP PROPERTY COMPENDIUM

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ORION SPRINGFIELD, QLD
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02 / 03

$14.3 BILLION

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DEVELOPMENT
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MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL > $12.1 BILLION[1] 29,067 LOTS HOUSING MEDIUM AND HIGH DENSITY LAND SUBDIVISION NON-RESIDENTIAL > $2.2 BILLION

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1 REPRESENTS TOTAL ACTIVITIES UNDER CONTROL. ARTIST IMPRESSION, LEIGHTON BEACH, WA
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04 / 05

GLOBAL REACH

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FUNDS MANAGEMENT DEVELOPMENT

MIRVAC GROUP PROPERTY COMPENDIUM

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06 / 07

$4.2 BILLION

INTERNAL FUNDS MANAGEMENT

MIRVAC GROUP PROPERTY COMPENDIUM

> 57 INVESTMENT GRADE ASSETS > INDIRECT REAL ESTATE INVESTMENTS

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BROADWAY SHOPPING CENTRE, NSW
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FUNDS MANAGEMENT 08 / 09

INTERNAL FUNDS MANAGEMENT

MIRVAC PROPERTY TRUST PORTFOLIO REPOSITIONING

6 MONTHS TO 31 DECEMBER 2007

ACQUISITIONS Glasshouse	LOCATION Woden, ACT	SECTOR Commercial	ACQUISITION DATE Jul 07	ACQUISITION PRICE INCL. COSTS $77.2m	YIELD ON COST 6.2%
1900 – 2060 Pratt Blvd	Chicago, IL, USA	Industrial	Dec 07	$46.5m	6.9%
TOTAL				$123.7m
DEVELOPMENT COMPLETIONS	LOCATION	SECTOR	REVALUED BOOK VALUE	ACQUISITION PRICE INCL. COSTS	CAP RATE
Nexus Industry Park – Building 3	Prestons, NSW	Industrial	$26.0m	$16.9m	6.50%
Lake Haven Megacentre	Lake Haven, NSW	Retail	$47.0m	$52.1m	6.75%
TOTAL			$73.0m	$69.0m

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PROCEEDS
SETTLEMENT DISPOSAL ABOVE PROCEEDS
DISPOSALS LOCATION SECTOR DATE PROCEEDS BOOK VALUE [1] RECOGNISED
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127 Creek Street	Brisbane, QLD	Off ce	Nov 07	$133.0m	$41.9m	1H08
40 Macquarie Street	ACT	Off ce	Aug 07	$24.3m	$4.9m	1H08
(50%) 101 Miller Street2	North Sydney, NSW	Off ce	–	$157.3m	$32.5m	1H08
(50%) Greenwood Plaza2	North Sydney, NSW	Retail	–	$79.3m	$16.5m	1H08
TOTAL				$393.8m	$95.8m

1 AFTER COSTS.

2 ASSETS HELD FOR SALE AT 31 DECEMBER 2007.

MIRVAC GROUP PROPERTY COMPENDIUM

MIRVAC PROPERTY TRUST PORTFOLIO EXPIRY PROFILE[1]

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AREA % AREA %
70 70
60 60
50 50
40 40
30 30
20 20
10 10
0 0
VACANT FY08 FY09 FY10 FY11 FY12 BEYOND VACANT FY08 FY09 FY10 FY11 FY12 BEYOND
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AREA % AREA %
70 70
60 60
50 50
40 40
30 30
20 20
10 10
0 0
VACANT FY08 FY09 FY10 FY11 FY12 BEYOND VACANT FY08 FY09 FY10 FY11 FY12 BEYOND
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1 BY AREA AS AT 31 DECEMBER 2007.

MIRVAC PROPERTY TRUST PORTFOLIO DIVERSIFICATION

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COMMERCIAL 40.6%
INDUSTRIAL 7.0%
RETAIL 40.3%
OTHER 2.9%
INDIRECT PROPERTY
INVESTMENTS 9.2%
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NSW 52.8% VIC 22.0% QLD 17.0% WA 0.8% ACT 6.1% US 1.3%

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1 BY BOOK VALUE AS AT 31 DECEMBER 2007. EXCLUDES DEVELOPMENT ASSETS.
2 BY BOOK VALUE AS AT 31 DECEMBER 2007. EXCLUDES DEVELOPMENT ASSETS AND INDIRECT PROPERTY INVESTMENTS.
3 OTHER – INCLUDES HOTELS AND CARPARKS.

FUNDS MANAGEMENT 10 / 11

INTERNAL FUNDS MANAGEMENT

COMMERCIAL PORTFOLIO

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60 MARGARET STREET SYDNEY, NSW
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PREMIUM 9.5% A GRADE 75.0% B GRADE 11.8% C GRADE 3.8%

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NSW 54.6% VIC 22.8% QLD 9.1% ACT 13.5%

1 BY BOOK VALUE AS AT 31 DECEMBER 2007. EXCLUDES DEVELOPMENT ASSETS AND INDIRECT PROPERTY INVESTMENTS.

MIRVAC GROUP PROPERTY COMPENDIUM

COMMERCIAL PORTFOLIO

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% OF
COMMERCIAL GROSS
PORTFOLIO OFFICE RENT
PROPERTY LOCATION NLA BOOK VALUE [1] ($/SQM) BOOK VALUE
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101 – 103 Miller Street North Sydney, NSW 37,758sqm 9.5% N/A	$156.5m2
One Darling Island Pyrmont, NSW 22,197sqm 10.6% $444/sqm	$174.6m
60 Margaret Street Sydney, NSW 40,567sqm 10.6% $606/sqm	$175.0m2
40 Miller Street North Sydney, NSW 12,664sqm 6.1% $566/sqm	$99.8m
Bay Centre Pirrama Road Darling Harbour, NSW 15,972sqm 6.0% $415/sqm	$98.3m
1 Castlereagh Street Sydney, NSW 11,637sqm 5.3% $540/sqm	$87.0m
8 –12 Chif ey Square Sydney, NSW 13,602sqm 2.0% $388/sqm	$33.7m2
190 George Street Sydney, NSW 9,498sqm 2.7% $386/sqm	$45.0m
200 George Street Sydney, NSW 5,579sqm 1.7% $428/sqm	$28.1m
St George Centre 60 Marcus Clarke Street Canberra, ACT 12,165sqm 3.6% $401/sqm	$59.0m
38 Sydney Avenue Forrest, ACT 9,099sqm 2.7% $410/sqm	$44.5m
Glasshouse, 19 Furzer Street Canberra, ACT 14,828sqm 4.8% $355/sqm	$78.3m
Phillips Fox Building 54 Marcus Clarke Street Canberra, ACT 5,276sqm 1.3% $386/sqm	$21.0m
Perpetual Building 10 Rudd Street Canberra, ACT 4,736sqm 1.2% $390/sqm	$20.0m
189 Grey Street South Bank, QLD 12,728sqm 4.2% $337/sqm	$68.8m
John Oxley Centre 339 Coronation Drive Brisbane, QLD 13,172sqm 3.7% $345/sqm	$61.5m
Mojo Building 164 Grey Street South Bank, QLD 3,079sqm 1.2% $403/sqm	$19.0m
Riverside Quay South Bank Melbourne, VIC 30,585sqm 6.7% $347/sqm	$109.8m
Royal Domain Centre 380 St Kilda Road Melbourne, VIC 24,616sqm 7.0% $360/sqm	$114.5m
Como Centre Cnr Toorak Road & Chapel Street South Yarra, VIC 25,547sqm 5.7% $361/sqm	$94.5m
191–197 Salmon Street Port Melbourne, VIC 21,762sqm 3.4% $338/sqm	$56.8m2
TOTAL 347,068sqm 100.0%

1 BOOK VALUE AS AT 31 DECEMBER 2007. EXCLUDES DEVELOPMENT PROJECTS. 2 BOOK VALUE REPRESENTS 50% INTEREST.

3 EXCLUDING 101 MILLER STREET AS UNDER FULL REFURBISHMENT.

FUNDS MANAGEMENT 12 / 13

INTERNAL FUNDS MANAGEMENT

COMMERCIAL PORTFOLIO

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101 – 103 MILLER STREET, NORTH SYDNEY, NSW

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ONE DARLING ISLAND PYRMONT, NSW

DESCRIPTION

Landmark premium grade offi ce tower and major retail centre, in the heart of the North Sydney CBD with a direct link to North Sydney Railway Station.

The complex was built in 1992 and is currently undergoing a major refurbishment scheduled for completion July 2008.

DESCRIPTION

Developed by Mirvac in 2006, this A Grade offi ce campus which comprises six offi ce fl oors, with two basement parking levels. Situated on the edge of the CBD close to the waterfront, the building features large fl oors of greater than 4,400sqm and is designed to achieve 4.5 star ABGR energy rating.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Premium Grade	GRADE A Grade
OWNERSHIP1 50% MPT	OWNERSHIP 100% MPT
NLA 37,758 sqm	NLA 22,197 sqm
CAR SPACES 561	CAR SPACES 160
ACQUISITION DATE Jun 94	ACQUISITION DATE Apr 04
BOOK VALUE $156.5m(50% interest)	BOOK VALUE $174.6m
VALUATION $124.0m(50% interest)	VALUATION $124.5m
VALUATION DATE 30 Jun 07	VALUATION DATE 31 Dec 06
EXTERNAL VALUER COLLIERS INTERNATIONAL	EXTERNAL VALUER SAVILLS
CAPITALISATION RATE 6.50%	CAPITALISATION RATE 5.63%
DISCOUNT RATE 8.25%	DISCOUNT RATE 8.25%
GROSS OFFICE RENT N/A	GROSS OFFICE RENT $444/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
COMMONWEALTH OF AUSTRALIA 7,462 Jul 18	JOHN FAIRFAX HOLDINGS 22,197 Jun 27

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 80%	VACANCY 0.0%
ASSET UNDER REFURBISHMENT	FY08 0.0%
	FY09 0.0%
	FY10 0.0%
	FY11 0.0%
	FY12 0.0%
	BEYOND 100.0%
	WALE 19.51 YEARS

1 SALE OF 50% IS CONDITIONAL AS AT 31 DECEMBER 2007.

MIRVAC GROUP PROPERTY COMPENDIUM

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60 MARGARET STREET, SYDNEY, NSW

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40 MILLER STREET, NORTH SYDNEY, NSW

DESCRIPTION

This iconic building is situated in the heart of Sydney CBD and comprises 36 levels of offi ce accommodation and 3 levels of retailing with direct access to Wynyard Railway Station & Bus Terminal. Developed in 1980, the complex has been progressively refurbished and is now the Head Offi ce of Mirvac Group.

DESCRIPTION

Developed by Mirvac in 2000, the building is located adjacent to North Sydney Railway Station and enjoys commanding views of the harbour from all eleven commercial levels. Outdoor balconies provide an additional amenity for building occupiers.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE A Grade	GRADE A Grade
OWNERSHIP 50% MPT,50% MTAA	OWNERSHIP 100% MPT
NLA 40,567 sqm	NLA 12,664 sqm
CAR SPACES 141	CAR SPACES 102
ACQUISITION DATE Aug98	ACQUISITION DATE Mar 98
BOOK VALUE $175.0m(50% interest)	BOOK VALUE $99.8m
VALUATION $175.0m(50% interest)	VALUATION $95.0m
VALUATION DATE 31 Dec 07	VALUATION DATE 30 Jun 06
EXTERNAL VALUER SAVILLS	EXTERNAL VALUER COLLIERS INTERNATIONAL
CAPITALISATION RATE 5.50%	CAPITALISATION RATE 7.00%
DISCOUNT RATE 7.75%	DISCOUNT RATE 8.75%
GROSS OFFICE RENT $606/sqm	GROSS OFFICE RENT $566/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
MIRVAC 8,177 Sep15	UNITED GROUP LIMITED 7,647 Nov 15
REUTERS AUST 5,384 Feb 15	BAULDERSTONE HORNIBROOK 3,287 Dec 08

LEASE EXPIRY PROFILE % AREA

VACANCY 0.0%	VACANCY 1.0%
FY08 4.8%	FY08 2.4%
FY09 7.7%	FY09 0.0%
FY10 12.8%	FY10 7.6%
FY11 5.1%	FY11 0.7%
FY12 17.2%	FY12 1.7%
BEYOND 52.4%	BEYOND 86.8%
WALE 5.28 YEARS	WALE 6.93 YEARS

14 / 15

FUNDS MANAGEMENT

INTERNAL FUNDS MANAGEMENT

COMMERCIAL PORTFOLIO

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BAY CENTRE PIRRAMA ROAD, DARLING HARBOUR, NSW

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1 CASTLEREAGH STREET, SYDNEY, NSW

DESCRIPTION

Developed by Mirvac in 2002, the building comprises fi ve offi ce levels and is located adjacent to Darling Harbour. The building has large fl oor plates in excess of 3,000sqm with harbour and city views from all levels.

DESCRIPTION

Located in the centre of Sydney’s fi nancial core, the building offers modern accommodation with 549sqm fl oor plates and good natural light on three sides. The 21 level building was fully refurbished in 1992 with progressive refurbishment underway.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE A Grade	GRADE B Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 15,972 sqm	NLA 11,637 sqm
CAR SPACES 127	CAR SPACES 52
ACQUISITION DATE Jun 01	ACQUISITION DATE Dec 98
BOOK VALUE $98.3m	BOOK VALUE $87.0m
VALUATION $88.0m	VALUATION $87.0m
VALUATION DATE 30 Apr 06	VALUATION DATE 31 Dec 07
EXTERNAL VALUER SAVILLS	EXTERNAL VALUER COLLIERS INTERNATIONAL
CAPITALISATION RATE 7.00%	CAPITALISATION RATE 6.00%
DISCOUNT RATE 9.00%	DISCOUNT RATE 8.00%
GROSS OFFICE RENT $415/sqm	GROSS OFFICE RENT $540/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
INSURANCE AUST 12,279 Oct 08	AUST SKANDIA LIMITED 2,744 Apr 10
COLLEX P/L 3,097 Dec 12	ELDERS 549 Oct 12

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 0.0%	FY08 6.3%

FY09 79.9%	FY09 9.2%
FY10 0.0%	FY10 36.6%
FY11 0.0%	FY11 13.9%
FY12 0.0%	FY12 18.8%
BEYOND 20.1%	BEYOND 15.3%
WALE 1.69 YEARS	WALE 5.05 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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8-12 CHIFLEY SQUARE, SYDNEY, NSW

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190 GEORGE STREET, SYDNEY, NSW

DESCRIPTION

Located on a strategic site in the heart of the fi nancial core adjacent to the city’s premium towers. The existing older style building comprises seventeen offi ce fl oors, with two basement parking levels. The site is currently in the planning stage for a new premium grade offi ce development.

DESCRIPTION

This is a strategic holding, giving Mirvac a presence in a prominent area of the Sydney CBD, which has potential for commercial redevelopment. The site has been consolidated with the adjoining buildings owned by Mirvac.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE C Grade	GRADE B Grade
OWNERSHIP 50% MPT,50% AUSTRALIANSUPER	OWNERSHIP 100% MPT
NLA 13,602 sqm	NLA 9,498 sqm
CAR SPACES 28	CAR SPACES 30
ACQUISITION DATE Apr 06	ACQUISITION DATE Aug03
BOOK VALUE $33.7m(50% interest)	BOOK VALUE $45.0m
VALUATION $32.3m(50% interest)	VALUATION $44.0m
VALUATION DATE 1 Dec 05	VALUATION DATE 30 Jun 06
EXTERNAL VALUER CB RICHARD ELLIS	EXTERNAL VALUER SAVILLS
CAPITALISATION RATE 6.00%	CAPITALISATION RATE 7.00%
DISCOUNT RATE 8.00%	DISCOUNT RATE 8.00%
GROSS OFFICE RENT $388/sqm	GROSS OFFICE RENT $386/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
NSW STATE GOVERNMENT 13,602 Feb 08	DOWNER EDI LTD 1,703 Aug11
	CLIFTONS 1,702 Mar 09

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 100.0%	FY08 11.0%
FY09 0.0%	FY09 17.9%
FY10 0.0%	FY10 32.9%
FY11 0.0%	FY11 11.3%
FY12 0.0%	FY12 26.9%
BEYOND 0.0%	BEYOND 0.0%
WALE 0.08 YEARS	WALE 2.35 YEARS

FUNDS MANAGEMENT 16 / 17

INTERNAL FUNDS MANAGEMENT

COMMERCIAL PORTFOLIO

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200 GEORGE STREET, SYDNEY, NSW

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ST GEORGE CENTRE 60 MARCUS CLARKE STREET, CANBERRA, ACT

DESCRIPTION

The St George centre is one of Canberra’s landmark buildings and was constructed in 1988. It comprises thirteen offi ce levels, undercover parking to the rear and a four level annex providing podium fl oors of 1,300sqm and tower fl oors of 900sqm.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE C Grade	GRADE A Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 5,579 sqm	NLA 12,165 sqm
CAR SPACES 15	CAR SPACES 134
ACQUISITION DATE Oct 01	ACQUISITION DATE Sep89
BOOK VALUE $28.1m	BOOK VALUE $59.0m
VALUATION $26.5m	VALUATION $53.5m
VALUATION DATE 30 Jun 06	VALUATION DATE 30 Jun 06
EXTERNAL VALUER SAVILLS	EXTERNAL VALUER KNIGHT FRANK
CAPITALISATION RATE 7.25%	CAPITALISATION RATE 8.00%
DISCOUNT RATE 8.75%	DISCOUNT RATE 8.50%
GROSS OFFICE RENT $428/sqm	GROSS OFFICE RENT $401/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
CLIFTONS 1,248 Mar 09	DEST 1,331 Jul 10
ARAB BANK 1,071 Dec 14	ST GEORGE BANK 1,321 Oct 10

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 14.8%
FY08 16.3%	FY08 0.0%

FY09 52.6%	FY09 13.6%
FY10 11.5%	FY10 14.1%
FY11 0.8%	FY11 33.7%
FY12 0.0%	FY12 8.8%
BEYOND 18.9%	BEYOND 14.9%
WALE 2.20 YEARS	WALE 2.57 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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38 SYDNEY AVENUE FORREST, ACT

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GLASSHOUSE 19 FURZER STREET, CANBERRA, ACT

DESCRIPTION

Purpose built in 1997 for DOCITA, the building comprises four offi ce levels, with excellent natural light and large fl oor plates of approximately 2,100sqm to 2,400sqm. The building is well located close to the Parliamentary Triangle.

SUMMARY INFORMATION

DESCRIPTION

Glasshouse is located in Woden and comprises nine levels of offi ce accommodation, a café on ground level and a 154 bay secured basement car park. The building was completed in 2007 and features A grade services, large fl oor plates with abundant natural light, a north-facing rooftop balcony and is designed to achieve ABGR of 4.5 star.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE A Grade	GRADE A Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 9,099 sqm	NLA 14,828 sqm
CAR SPACES 68	CAR SPACES 154
ACQUISITION DATE Jun 96	ACQUISITION DATE Jul 07
BOOK VALUE $44.5m	BOOK VALUE $78.3m
VALUATION $38.0m	VALUATION N/A
VALUATION DATE 31 Dec 06	VALUATION DATE N/A
EXTERNAL VALUER SAVILLS	EXTERNAL VALUER N/A
CAPITALISATION RATE 7.75%	CAPITALISATION RATE N/A
DISCOUNT RATE 8.75%	DISCOUNT RATE N/A
GROSS OFFICE RENT $410/sqm	GROSS OFFICE RENT $355/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
DOCITA 8,975 Nov 12	CASA 8,004 Jan 22
	APSC 3,992 Feb 22

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 0.0%	FY08 0.0%
FY09 0.0%	FY09 0.0%
FY10 0.0%	FY10 0.0%
FY11 1.4%	FY11 0.0%
FY12 0.0%	FY12 1.1%
BEYOND 98.6%	BEYOND 98.9%
WALE 4.88 YEARS	WALE 13.08 YEARS

FUNDS MANAGEMENT 18 / 19

INTERNAL FUNDS MANAGEMENT

COMMERCIAL PORTFOLIO

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PHILLIPS FOX BUILDING 54 MARCUS CLARKE STREET, CANBERRA, ACT

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PERPETUAL BUILDING 10 RUDD STREET, CANBERRA, ACT

DESCRIPTION

Constructed in 1986, the building comprises nine offi ce levels ground level retailing and one level basement parking and is located in the corporate heart of the CBD. The fl oor plates of approximately 600sqm provide excellent natural light and quality views from upper levels.

DESCRIPTION

Constructed in 1985, this seven-level building is located in the centre of the professional sector of the Canberra CBD. The building features a unique four level atrium and is located adjacent to other Mirvac assets.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE A Grade	GRADE A Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 5,276 sqm	NLA 4,736 sqm
CAR SPACES 48	CAR SPACES 41
ACQUISITION DATE Oct 87	ACQUISITION DATE Oct 87
BOOK VALUE $21.0m	BOOK VALUE $20.0m
VALUATION $18.8m	VALUATION $18.0m
VALUATION DATE 31 Dec 06	VALUATION DATE 30 Jun 06
EXTERNAL VALUER SAVILLS	EXTERNAL VALUER KNIGHT FRANK
CAPITALISATION RATE 8.25%	CAPITALISATION RATE 8.00%
DISCOUNT RATE 9.25%	DISCOUNT RATE 9.00%
GROSS OFFICE RENT $386/sqm	GROSS OFFICE RENT $390/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
DLA PHILLIPS FOX 1,997 Jun 09	BOOZ ALLEN HAMILTON 838 Dec 12
HUDSON GLOBAL RESOURCES 624 Jul 13	LUMLEY GENERAL INSURANCE 592 Aug15

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 0.0%	FY08 5.7%

FY09 39.9%	FY09 0.0%
FY10 22.8%	FY10 14.3%
FY11 6.4%	FY11 13.7%
FY12 16.1%	FY12 7.1%
BEYOND 14.8%	BEYOND 59.2%
WALE 2.67 YEARS	WALE 4.30 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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189 GREY STREET SOUTH BANK, BRISBANE, QLD

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JOHN OXLEY CENTRE 339 CORONATION DRIVE, BRISBANE, QLD

DESCRIPTION

This 12 level complex was developed by Mirvac in February 2005. The building features excellent natural light, large effi cient fl oor plates of approximately 1,600sqm, and spectacular river and city views. The Southbank precinct provides the benefi ts of the parklands, retail services and public transport.

DESCRIPTION

A campus style commercial offi ce building, with fi ve levels of offi ce accommodation and two levels of basement car parking. Large fl oor plates across two towers connect to provide 2,700sqm fl oor plates. Constructed in 1989, the building is well located on Coronation Drive with views across the river to the CBD.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE A Grade	GRADE B Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 12,728 sqm	NLA 13,172 sqm
CAR SPACES 180	CAR SPACES 319
ACQUISITION DATE Feb 05	ACQUISITION DATE May02
BOOK VALUE $68.8m	BOOK VALUE $61.5m
VALUATION $65.0m	VALUATION $58.5m
VALUATION DATE 30 Jun 07	VALUATION DATE 30 Jun 07
EXTERNAL VALUER CB RICHARD ELLIS	EXTERNAL VALUER COLLIERS INTERNATIONAL
CAPITALISATION RATE 7.00%	CAPITALISATION RATE 7.75%
DISCOUNT RATE 8.75%	DISCOUNT RATE 9.00%
GROSS OFFICE RENT $337/sqm	GROSS OFFICE RENT $345/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
IAG 7,281 Mar 15	ORIGIN ENERGY 6,348 Jun 18
THIESS PTY LTD 4,659 Feb 13	AUSTRALIA POST CORPORATION 1,661 Jun 10

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 2.2%	FY08 5.0%
FY09 0.0%	FY09 13.8%
FY10 3.6%	FY10 12.6%
FY11 0.0%	FY11 9.7%
FY12 0.4%	FY12 0.0%
BEYOND 93.8%	BEYOND 58.9%
WALE 6.08 YEARS	WALE 6.29 YEARS

FUNDS MANAGEMENT 20 / 21

INTERNAL FUNDS MANAGEMENT

COMMERCIAL PORTFOLIO

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MOJO BUILDING 164 GREY STREET, SOUTH BANK, BRISBANE, QLD

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RIVERSIDE QUAY SOUTHBANK, MELBOURNE, VIC

DESCRIPTION

Developed by Mirvac in 2001, this boutique offi ce building is located in the fringe offi ce market of South Bank. Over three levels, the building offers sensational views across the Brisbane River to the CBD and is the head offi ce to Mirvac Queensland.

DESCRIPTION

A modern offi ce complex comprising three separate buildings with basement car parking for 164 cars. The buildings have excellent natural light with views across the Yarra River and the CBD. A separate building at the rear incorporates a 560 space car park.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE A Grade	GRADE A Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 3,079 sqm	NLA 30,585 sqm
CAR SPACES 37	CAR SPACES 164
ACQUISITION DATE Jun 01	ACQUISITION DATE Apr 02 (1&3) Sep03(2)
BOOK VALUE $19.0m	BOOK VALUE $109.8m
VALUATION $19.0m	VALUATION $109.5m
VALUATION DATE 31 Dec 07	VALUATION DATE 30 Jun 07
EXTERNAL VALUER COLLIERS INTERNATIONAL	EXTERNAL VALUER M3
CAPITALISATION RATE 6.75%	CAPITALISATION RATE 7.25%
DISCOUNT RATE 8.75%	DISCOUNT RATE 8.75%
GROSS OFFICE RENT $403/sqm	GROSS OFFICE RENT $347/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
MIRVAC QLD 1,969 May08	TELSTRA 5,048 & 724 Jun 08 & Oct 09
PUBLICIS MOJO P/L 1,016 Aug09	URS AUSTRALIA 3,939 Feb 14

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 2.2%
FY08 63.9%	FY08 18.9%

FY09 0.0%	FY09 16.5%
FY10 36.1%	FY10 13.3%
FY11 0.0%	FY11 5.3%
FY12 0.0%	FY12 12.8%
BEYOND 0.0%	BEYOND 30.9%
WALE 0.84 YEARS	WALE 3.05 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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ROYAL DOMAIN CENTRE 380 ST KILDA ROAD, MELBOURNE, VIC

==> picture [240 x 143] intentionally omitted <==

COMO CENTRE, CORNER TOORAK ROAD & CHAPEL STREET, SOUTH YARRA, VIC

DESCRIPTION

This 15 level offi ce building comprises six podium levels of up to 2,800sqm with tower fl oors of 1,200sqm. Prominently located at the city end of St Kilda Road and opposite the Royal Botanical Gardens, the building has excellent natural light and views to the Port Phillip Bay.

DESCRIPTION

The complex includes offi ce accommodation across three towers and a retail centre of 30 shops and a cinema. The fi ve star 107 room Como Hotel and commercial car park compliment the complex.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE A Grade	GRADE A Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 24,616 sqm	NLA 25,547 sqm
CAR SPACES 489	CAR SPACES 621
ACQUISITION DATE Oct 95(50%)Apr 01(50%)	ACQUISITION DATE Aug98
BOOK VALUE $114.5m	BOOK VALUE $94.5m
VALUATION $114.5m	VALUATION $93.5m
VALUATION DATE 31 Dec 07	VALUATION DATE 30 Jun 07
EXTERNAL VALUER M3	EXTERNAL VALUER COLLIERS INTERNATIONAL
CAPITALISATION RATE 7.00%	CAPITALISATION RATE 7.00%
DISCOUNT RATE 8.00%	DISCOUNT RATE 8.25%
GROSS OFFICE RENT $360/sqm	GROSS OFFICE RENT $361/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
COMPUTER ASSOCIATES 4,313 Aug15	NETWORK 10 4,512 May12
TOLL TRANSPORT 3,951 Jan 13	BUENA VISTA AUST 2,535 Sep12

LEASE EXPIRY PROFILE % AREA

VACANCY 0.2%		VACANCY 2.8%
FY08 7.0%		FY08 3.6%
FY09 5.2%		FY09 10.8%
FY10 0.6%		FY10 20.8%
FY11 1.2%		FY11 10.1%
FY12 26.3%		FY12 31.3%
BEYOND 59.6%		BEYOND 20.7%
WALE 5.26 YEARS		WALE 3.78 YEARS

FUNDS MANAGEMENT 22 / 23

INTERNAL FUNDS MANAGEMENT

COMMERCIAL PORTFOLIO

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191-197 SALMON STREET PORT MELBOURNE, VIC

DESCRIPTION

The headquarters for GM Holden Ltd. The building is designed in a “campus style” with fl oor plates greater than 7,000sqm each. The building was purpose built for GM Holden and was completed in April 2005.

SUMMARY INFORMATION

PROPERTY GRADE		A Grade
OWNERSHIP	50%	MPT,50% MREIT
NLA		21,762 sqm
CAR SPACES		1,055
ACQUISITION DATE		Jul 03
BOOK VALUE	$56.8m(50% interest)
VALUATION	$56.8m(50% interest)
VALUATION DATE		30 Jun 07
EXTERNAL VALUER		M3
CAPITALISATION RATE		6.50%
DISCOUNT RATE		8.25%
GROSS OFFICE RENT		$338/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
GM HOLDEN LTD	21,762	Apr 20

LEASE EXPIRY PROFILE % AREA

VACANCY	0.0%
FY08	0.0%
FY09	0.0%
FY10	0.0%
FY11	0.0%
FY12	0.0%
BEYOND	100.0%
WALE	12.31	YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

INDUSTRIAL PORTFOLIO

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----- Start of picture text -----

% OF
INDUSTRIAL
PORTFOLIO
PROPERTY LOCATION NLA BOOK VALUE [1] BOOK VALUE
----- End of picture text -----

271 Lane Cove Road North Ryde, NSW 6,718sqm 10.9%	$30.7m
James Ruse Business Park Northmead, NSW 26,492sqm 10.9%	$30.7m
64 Biloela Street Villawood, NSW 22,937sqm 9.1%	$25.8m
44 Biloela Street Villawood, NSW 15,839sqm 7.1%	$20.1m
1-47 Percival Street Smithf eld, NSW 21,432sqm 9.0%	$25.3m
Nexus Industry Park, Atlas Prestons, NSW 13,120sqm 7.4%	$20.8m
Nexus Industry Park Prestons, NSW 9,709sqm 5.3%	$15.1m
Nexus Industry Park, Building 3 Prestons, NSW 16,650sqm 9.2%	$26.0m
Mulgrave Business Park Mulgrave, VIC 9,531sqm 9.7%	$27.4m
Hawdon Industry Park Dandenong, VIC 20,812sqm 5.0%	$14.0m
1900 – 2060 Pratt Blvd Chicago, IL, USA 50,000sqm 16.5%	$46.5m
TOTAL 163,240sqm 100.0%

==> picture [139 x 136] intentionally omitted <==

�� [�] NSW 68.9% VIC 14.6% USA 16.5%

1 BOOK VALUE AS AT 31 DECEMBER 2007. EXCLUDES DEVELOPMENT PROJECTS. 2 BY BOOK VALUE AS AT 31 DECEMBER 2007. EXCLUDES DEVELOPMENT ASSETS AND INDIRECT PROPERTY INVESTMENT.

FUNDS MANAGEMENT 24 / 25

INTERNAL FUNDS MANAGEMENT

INDUSTRIAL PORTFOLIO

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271 LANE COVE ROAD, NORTH RYDE, NSW

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JAMES RUSE BUSINESS PARK 6 BOUNDARY ROAD, NORTHMEAD, NSW

DESCRIPTION

The property is situated above the soon to be completed Macquarie Park railway station on the corner of Lane Cove and Waterloo Roads. The site currently comprises two free-standing commercial/industrial buildings and is set to undergo partial redevelopment.

DESCRIPTION

A modern multi-tenanted estate incorporating fi ve industrial buildings situated on the north-western side of Boundary Road. The site provides convenient access to major road networks, including the M2 and M4 and is only minutes from Parramatta CBD.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP		100% MPT
NLA		6,718 sqm
CAR SPACES		227
ACQUISITION DATE		Apr 00
BOOK VALUE		$30.7m
VALUATION		$30.5m
VALUATION DATE		30 Jun 06
EXTERNAL VALUER	COLLIERS	INTERNATIONAL
CAPITALISATION RATE		7.75%
DISCOUNT RATE		9.00%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
FOXTEL	6,718	Mar 18

PROPERTY DETAILS
OWNERSHIP		100% MPT
NLA		26,492 sqm
CAR SPACES		299
ACQUISITION DATE		Jul 94
BOOK VALUE		$30.7m
VALUATION		$30.5m
VALUATION DATE		31 Dec 06
EXTERNAL VALUER		CB RICHARD ELLIS
CAPITALISATION RATE		7.50%
DISCOUNT RATE		9.25%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
CREATIVE	1,820	Mar 12
MUNTERS	1,223	Jan 11

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 36.4%
FY08 0.0%	FY08 9.8%

FY09 0.0%	FY09 14.1%
FY10 0.0%	FY10 18.2%
FY11 0.0%	FY11 7.9%
FY12 0.0%	FY12 13.5%
BEYOND 100.0%	BEYOND 0.0%
WALE 10.25 YEARS	WALE 1.34 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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64 BILOELA STREET VILLAWOOD, NSW

==> picture [240 x 143] intentionally omitted <==

44 BILOELA STREET VILLAWOOD, NSW

DESCRIPTION

Major tenant Visy Industrial Plastics, occupies an original offi ce/ warehouse building of 15,882sqm. A 7,055sqm high clearance warehouse adjacent to the original building, was completed for Visy in 2005.

DESCRIPTION

This prime high clearance warehouse with adjourning offi ce space includes a large awning of 3,200sqm. The building is surrounded by extensive hardstand and there is potential to extend the warehouse by up to 3,000sqm.

PROPERTY DETAILS

PROPERTY DETAILS	PROPERTY DETAILS
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 22,937 sqm	NLA 15,839 sqm
CAR SPACES 106	CAR SPACES 170
ACQUISITION DATE Feb 04	ACQUISITION DATE Sep03
BOOK VALUE $25.8m	BOOK VALUE $20.1m
VALUATION $25.0m	VALUATION $20.0m
VALUATION DATE 30 Jun 06	VALUATION DATE 30 Jun 06
EXTERNAL VALUER M3	EXTERNAL VALUER COLLIERS INTERNATIONAL
CAPITALISATION RATE 7.75%	CAPITALISATION RATE 7.75%
DISCOUNT RATE 9.00%	DISCOUNT RATE 10.25%
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
VISY INDUSTRIAL PLASTICS 22,937 Sep16	1ST FLEET 15,839 Nov 08

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 0.0%	FY08 0.0%
FY09 0.0%	FY09 100.0%
FY10 0.0%	FY10 0.0%
FY11 0.0%	FY11 0.0%
FY12 0.0%	FY12 0.0%
BEYOND 100.0%	BEYOND 0.0%
WALE 8.72 YEARS	WALE 0.92 YEARS

FUNDS MANAGEMENT 26 / 27

INTERNAL FUNDS MANAGEMENT

INDUSTRIAL PORTFOLIO

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1 – 47 PERCIVAL STREET, SMITHFIELD, NSW

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NEXUS INDUSTRY PARK (ATLAS) LYN PARADE, PRESTONS, NSW

DESCRIPTION

This property fronts the Cumberland Highway at Smithfi eld and provides direct access to the M4 Motorway. A new offi ce/ warehouse was designed and constructed for Sandvik in 2003. The three original buildings have undergone partial refurbishment and offer future redevelopment potential.

DESCRIPTION

This property forms part of a major industrial development on the former Liverpool Showground site. When fully developed the project will accommodate over 70,000sqm of high quality buildings. This building was purpose built for Atlas Steel in 2006.

PROPERTY DETAILS

PROPERTY DETAILS	PROPERTY DETAILS
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 21,432 sqm	NLA 13,120 sqm
CAR SPACES 207	CAR SPACES 125
ACQUISITION DATE Nov 02	ACQUISITION DATE Aug04
BOOK VALUE $25.3m	BOOK VALUE $20.8m
VALUATION $23.8m	VALUATION $19.0m
VALUATION DATE 30 Jun 06	VALUATION DATE 30 Jun 06
EXTERNAL VALUER KNIGHT FRANK	EXTERNAL VALUER SAVILLS
CAPITALISATION RATE 8.00%	CAPITALISATION RATE 7.00%
DISCOUNT RATE 9.00%	DISCOUNT RATE 9.00%
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
SANDVIK AUSTRALIA 11,801 & 4,176 Sep15 & Apr 09	ATLAS STEELS(AUST)PTY LIMITED 13,120 Apr 21
TYCO FLOW CONTROL PACIFIC PTY LTD 5,455 Dec 11

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 0.0%	FY08 0.0%

FY09 19.5%	FY09 0.0%
FY10 0.0%	FY10 0.0%
FY11 0.0%	FY11 0.0%
FY12 25.5%	FY12 0.0%
BEYOND 55.1%	BEYOND 100.0%
WALE 5.50 YEARS	WALE 13.31 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

==> picture [241 x 143] intentionally omitted <==

NEXUS INDUSTRY PARK LYN PARADE, PRESTONS, NSW

==> picture [240 x 143] intentionally omitted <==

NEXUS INDUSTRY PARK, BUILDING 3 LYN PARADE, PRESTONS, NSW

DESCRIPTION

This property forms part of a major industrial development on the former Liverpool Showground site. When fully developed the project will accommodate over 70,000sqm of high quality buildings.

DESCRIPTION

This property forms part of a major industrial development on the former Liverpool Showground site. When fully developed the project will accommodate over 70,000sqm of high quality buildings. Building 3 was completed in June 2007 and offers high quality warehouse space.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP		100% MPT
NLA		9,709 sqm
CAR SPACES		70
ACQUISITION DATE		Aug04
BOOK VALUE		$15.1m
VALUATION		$14.5m
VALUATION DATE		30 Jun 07
EXTERNAL VALUER		SAVILLS
CAPITALISATION RATE		7.00%
DISCOUNT RATE		8.75%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
EW REINFORCEMENT PTY LTD	9,709	Nov 13

PROPERTY DETAILS
OWNERSHIP		100% MPT
NLA		16,650 sqm
CAR SPACES		163
ACQUISITION DATE		Aug04
BOOK VALUE		$26.0m
VALUATION		$26.0m
VALUATION DATE		31 Dec 07
EXTERNAL VALUER		SAVILLS
CAPITALISATION RATE		6.50%
DISCOUNT RATE		8.25%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
TOTAL CARE TRANSPORT	8,807	Oct 13
DE LONGHI	8,173	Dec 13

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 0.0%	FY08 0.0%
FY09 0.0%	FY09 0.0%
FY10 0.0%	FY10 0.0%
FY11 0.0%	FY11 0.0%
FY12 0.0%	FY12 0.0%
BEYOND 100.0%	BEYOND 100.0%
WALE 5.92 YEARS	WALE 5.84 YEARS

FUNDS MANAGEMENT 28 / 29

INTERNAL FUNDS MANAGEMENT

INDUSTRIAL PORTFOLIO

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MULGRAVE BUSINESS PARK, 18-20 & 30-32 COMPARK CIRCUIT & 253 WELLINGTON ROAD, MULGRAVE, VIC

==> picture [240 x 143] intentionally omitted <==

HAWDON INDUSTRY PARK, 4 ABBOTTS ROAD & 333 – 343 FRANKSTON ROAD, DANDENONG, VIC

DESCRIPTION

Comprises three modern offi ce buildings ranging from two to three offi ce levels with basement and external parking. The complex forms part of a business park, located on the corner of Wellington and Springvale Roads, approximately 20km south east of Melbourne CBD.

DESCRIPTION

Located in the south east industrial market, this modern estate comprises four separate buildings. The complex was constructed in 1985 with refurbishment works completed in 2005.

PROPERTY DETAILS

PROPERTY DETAILS	PROPERTY DETAILS
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 9,531 sqm	NLA 20,812 sqm
CAR SPACES 379	CAR SPACES 216
ACQUISITION DATE Aug 01 (1 & 2) & Jan 03(3)	ACQUISITION DATE Jan 04
BOOK VALUE $27.4m	BOOK VALUE $14.0m
VALUATION $25.8m	VALUATION $13.7m
VALUATION DATE 30 Jun 06	VALUATION DATE 30 Jun 06
EXTERNAL VALUER M3	EXTERNAL VALUER CB RICHARD ELLIS
CAPITALISATION RATE 7.50%	CAPITALISATION RATE 8.75%
DISCOUNT RATE 9.00%	DISCOUNT RATE 9.25%
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
NATIONAL FOODS 2,558 Nov 10	CSR LIMITED 5,852 Jun 15
VEMCO 1,165 Jan 15	TOY KINGDOM AUSTRALIA LTD 5,736 Feb 10

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 12.7%	VACANCY 0.0%
FY08 23.8%	FY08 23.7%

FY09 12.5%	FY09 0.0%
FY10 0.0%	FY10 27.5%
FY11 38.9%	FY11 0.0%
FY12 0.0%	FY12 0.0%
BEYOND 12.2%	BEYOND 48.8%
WALE 2.01 YEARS	WALE 3.80 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

==> picture [241 x 143] intentionally omitted <==

1900 – 2060 PRATT BLVD, CHICAGO, IL, USA

DESCRIPTION

The Chicago Metropolitan area is the largest industrial market in the USA and this versatile 50,000sqm industrial facility is located adjacent to the O’Hare International Airport, the second busiest airport in the world. The property is currently leased, however provides the Trust with a strategic midterm redevelopment opportunity.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP		100% MPT
NLA		50,000 sqm
CAR SPACES		1,638
ACQUISITION DATE		Dec 07
BOOK VALUE		$46.5m
VALUATION		$42.0m(USD)
VALUATION DATE		10 Aug07
EXTERNAL VALUER		CB RICHARD ELLIS
CAPITALISATION RATE		6.25%
DISCOUNT RATE		N/A
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
CLEAR LAM PACKAGING	50,000	Sep14

LEASE EXPIRY PROFILE % AREA

VACANCY	0.0%
FY08	0.0%
FY09	0.0%
FY10	0.0%
FY11	0.0%
FY12	0.0%
BEYOND	100.0%
WALE	6.68	YEARS

FUNDS MANAGEMENT 30 / 31

INTERNAL FUNDS MANAGEMENT

RETAIL PORTFOLIO

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----- Start of picture text -----

ORION SPRINGFIELD, QLD
----- End of picture text -----

��

��[�]

CONVENIENCE CENTRE 1.6% CBD RETAIL 9.8% SUB REGIONAL 67.7% REGIONAL 6.3% BULKY GOODS CENTRE 14.6%

==> picture [150 x 167] intentionally omitted <==

==> picture [145 x 137] intentionally omitted <==

�� [�]

NSW 49.6% VIC 19.4% QLD 29.2% WA 1.8%

1 BY BOOK VALUE AS AT 31 DECEMBER 2007, EXCLUDES DEVELOPMENT ASSETS AND INDIRECT PROPERTY INVESTMENTS.

MIRVAC GROUP PROPERTY COMPENDIUM

RETAIL PORTFOLIO

==> picture [596 x 40] intentionally omitted <==

----- Start of picture text -----

% OF RETAIL
PORTFOLIO CENTRE
PROPERTY LOCATION GLA BOOK VALUE [1] MAT [2] BOOK VALUE
----- End of picture text -----

Greenwood Plaza	North Sydney, NSW	8,731sqm	4.8%	$72m	$78.5m3
Metcentre	Sydney, NSW	5,758sqm	3.2%	$43m	$52.0m3
Stanhope Village	Stanhope Gardens, NSW	15,451sqm	4.0%	$83m	$65.3m
St Marys Village Centre	St Marys, NSW	16,170sqm	2.9%	$80m	$48.0m
Orange City Centre	Orange, NSW	18,066sqm	3.4%	$78m	$55.0m
Blacktown Mega Centre	Blacktown, NSW	25,746sqm	3.0%	N/A	$48.5m
Ballina Central	Ballina, NSW	13,546sqm	2.6%	$58m	$43.0m
Manning Mall	Taree, NSW	10,704sqm	2.0%	$40m	$32.5m
Rhodes Shopping Centre	Sydney, NSW	32,586sqm	6.8%	$172m	$111.5m3
Broadway Shopping Centre	Sydney, NSW	48,910sqm	13.9%	$351m	$226.8m3
Lake Haven Homemaker Centre	Lake Haven, NSW	20,932sqm	2.9%	N/A	$47.0m
Logan Mega Centre	Logan, QLD	27,102sqm	5.1%	N/A	$83.7m
Orion Springf eld Town Centre	Springf eld, QLD	33,366sqm	6.3%	N/A	$103.3m4
Hinkler Central	Bundaberg, QLD	21,049sqm	5.7%	$135m	$92.8m
Kawana Shoppingworld	Buddina, QLD	29,787sqm	12.0%	$225m	$195.0m
Como Centre Retail	South Yarra, VIC	6,894sqm	1.8%	$17m	$29.3m
Gippsland Centre	Sale, VIC	21,694sqm	3.4%	$107m	$55.8m
Waverley Gardens	Mulgrave, VIC	38,292sqm	9.0%	$138m	$146.8m
Moonee Ponds Central	Moonee Ponds, VIC	6,244sqm	1.6%	$56m	$25.5m
Peninsula Lifestyle	Mornington, VIC	32,156sqm	3.6%	N/A	$58.5m
Kwinana Hub	Kwinana Town Centre, WA	17,336sqm	1.8%	$82m	$29.6m
TOTAL		450,519sqm	100.0%		$1,628.4m1

WEIGHTED AVERAGE LEASE EXPIRY

6.76 YEARS

OCCUPANCY[5] 99.5%

1 BOOK VALUE AS AT 31 DECEMBER 2007. EXCLUDES DEVELOPMENT PROJECTS.

2 12 MONTHS TO 31 DECEMBER 2007. IN ACCORDANCE WITH SCCA GUIDELINES.

3 BOOK VALUE REPRESENTS 50% INTEREST.

4 BOOK VALUE REPRESENTS 66.7% INTEREST.

5 EXCLUDES BULKY GOODS CENTRES.

FUNDS MANAGEMENT 32 / 33

INTERNAL FUNDS MANAGEMENT

RETAIL PORTFOLIO

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GREENWOOD PLAZA PACIFIC HIGHWAY, NORTH SYDNEY, NSW

==> picture [240 x 143] intentionally omitted <==

METCENTRE 60 MARGARET STREET, SYDNEY, NSW

DESCRIPTION

Greenwood Plaza is a three level centre at the base of North Sydney’s iconic 101 Miller Street. It comprises 105 retail and service outlets. The ground level retail fl ows directly into North Sydney railway station.

DESCRIPTION

Metcentre comprises some 70 stores, located in the heart of Sydney CBD at the base of 60 Margaret Street with direct pedestrian link to Wynyard Station.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE CBD Retail	GRADE CBD Retail
OWNERSHIP1 50% MPT	OWNERSHIP 50% MPT,50% MTAA
GLA 8,731 sqm	GLA 5,758 sqm
CAR SPACES 512	CAR SPACES N/A
ACQUISITION DATE Jun 94	ACQUISITION DATE Aug98
BOOK VALUE $78.5m(50% interest)	BOOK VALUE $52.0m(50% interest)
VALUATION $62.0m(50% interest)	VALUATION $52.0m(50% interest)
VALUATION DATE 30 Jun 07	VALUATION DATE 31 Dec 07
EXTERNAL VALUER COLLIERS INTERNATIONAL	EXTERNAL VALUER SAVILLS
CAPITALISATION RATE 6.50%	CAPITALISATION RATE 6.50%
DISCOUNT RATE 8.50%	DISCOUNT RATE 8.50%
CENTRE MAT(AS AT 31 DEC 07) $72m	CENTRE MAT(AS AT 31 DEC 07) $43m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
GREENWOOD HOTEL 856 Nov 12	PRICELINE 680 Sep08
IGA EXPRESS 713 Dec 17

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA

VACANCY 0.0%	VACANCY 1.8%
FY08 18.7%	FY08 5.1%

FY09 19.8%	FY09 17.5%
FY10 18.8%	FY10 19.6%
FY11 8.9%	FY11 9.2%
FY12 9.6%	FY12 8.0%
BEYOND 24.2%	BEYOND 38.8%
WALE 3.00 YEARS	WALE 3.44 YEARS

1 SALE OF 50% IS CONDITIONAL AS AT 31 DECEMBER 2007.

MIRVAC GROUP PROPERTY COMPENDIUM

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STANHOPE VILLAGE SENTRY DRIVE, STANHOPE GARDENS, NSW

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ST MARYS VILLAGE CENTRE CHARLES HACKET DRIVE, ST MARYS, NSW

DESCRIPTION

Located in the rapidly growing northwest corridor of Sydney, Stanhope Village Stage 1 opened in late 2003, comprising a Coles Supermarket and 30 stores. Stage 2 was opened in March 2007 including Kmart. Master planning is underway for future stages.

DESCRIPTION

Located in the Western Sydney suburb of St Marys, this dominant sub regional centre comprises Woolworths, Target and 50 specialty stores.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Sub Regional	GRADE Sub Regional
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 15,451 sqm	GLA 16,170 sqm
CAR SPACES 694	CAR SPACES 690
ACQUISITION DATE Nov 03	ACQUISITION DATE Jan 03
BOOK VALUE $65.3m	BOOK VALUE $48.0m
VALUATION $65.0m	VALUATION $48.0m
VALUATION DATE 30 Jun 07	VALUATION DATE 31 Dec 07
EXTERNAL VALUER SAVILLS	EXTERNAL VALUER KNIGHT FRANK
CAPITALISATION RATE 6.50%	CAPITALISATION RATE 6.50%
DISCOUNT RATE 8.75%	DISCOUNT RATE 8.50%
CENTRE MAT(AS AT 31 DEC 07) $83m	CENTRE MAT(AS AT 31 DEC 07) $80m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
K-MART 5,060 Mar 22	TARGET 8,023 Jul 11
COLES 3,629 Nov 18	WOOLWORTHS 4,066 Nov 15

LEASE EXPIRY PROFILE % AREA

VACANCY 0.9%		VACANCY 0.6%
FY08 0.0%		FY08 6.9%
FY09 13.8%		FY09 1.4%
FY10 3.2%		FY10 3.7%
FY11 3.5%		FY11 4.1%
FY12 12.1%		FY12 51.7%
BEYOND 66.5%		BEYOND 31.6%
WALE 8.63 YEARS		WALE 4.41 YEARS

FUNDS MANAGEMENT 34 / 35

INTERNAL FUNDS MANAGEMENT

RETAIL PORTFOLIO

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ORANGE CITY CENTRE CORNER OF ANSON STREET AND SUMMER STREET ORANGE, NSW

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BLACKTOWN MEGA CENTRE BLACKTOWN ROAD, BLACKTOWN, NSW

DESCRIPTION

The dominant centre in Orange, Western NSW. The complex incorporates Myer, together with a recently refurbished Big W, 34 specialty shops and undercover parking for 414 cars.

DESCRIPTION

Blacktown Mega Centre is located on the fringe of the Blacktown CBD and comprises a broad range of household and bulky goods stores servicing the growing North Western region of Sydney. Refurbishment of the centre was completed in June 2007 including a new Harvey Norman tenancy.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Sub Regional	GRADE BulkyGoods Centre
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 18,066 sqm	GLA 25,746 sqm
CAR SPACES 414	CAR SPACES 546
ACQUISITION DATE Apr 93	ACQUISITION DATE Jun 02
BOOK VALUE $55.0m	BOOK VALUE $48.5m
VALUATION $49.0m	VALUATION $45.0m
VALUATION DATE 30 Jun 06	VALUATION DATE 30 Jun 07
EXTERNAL VALUER SAVILLS	EXTERNAL VALUER SAVILLS
CAPITALISATION RATE 7.25%	CAPITALISATION RATE 7.00%
DISCOUNT RATE 9.00%	DISCOUNT RATE 8.75%
CENTRE MAT(AS AT 31 DEC 07) $78m	CENTRE MAT(AS AT 31 DEC 07) N/A
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
BIG W 7,017 Nov 26	BBC HARDWAREHOUSE 11,606 Oct 21
MYER 6,858 Nov 11	HARVEY NORMAN 5,888 Mar 17

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%		VACANCY 0.0%
FY08 1.4%		FY08 3.0%

FY09 1.9%		FY09 1.4%
FY10 5.8%		FY10 7.1%
FY11 2.5%		FY11 8.5%
FY12 41.1%		FY12 6.3%
BEYOND 47.3%		BEYOND 73.7%
WALE 9.69 YEARS		WALE 8.56 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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BALLINA CENTRAL PACIFIC HIGHWAY, BALLINA, NSW

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MANNING MALL TAREE, NSW

DESCRIPTION

Opened in May 2006, this sub-regional shopping centre of over 13,000sqm, includes Big W, Supa IGA and 27 specialty shops plus a freestanding Hungry Jacks and a Woolworths Petrol outlet.

DESCRIPTION

Manning Mall is located approximately 300kms north of Sydney in the main retail street of Taree. Redevelopment plans have been approved to include new Coles and Target stores and centre refurbishment.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Sub Regional	GRADE Sub Regional(Development)
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 13,546 sqm	GLA 10,704 sqm
CAR SPACES 557	CAR SPACES 357
ACQUISITION DATE Dec 04	ACQUISITION DATE Nov 06
BOOK VALUE $43.0m	BOOK VALUE $32.5m
VALUATION $41.0m	VALUATION $32.5m
VALUATION DATE 30 Jun 06	VALUATION DATE 31 Dec 07
EXTERNAL VALUER JONES LANG LASALLE	EXTERNAL VALUER KNIGHT FRANK
CAPITALISATION RATE 7.00%	CAPITALISATION RATE 6.00%
DISCOUNT RATE 9.00%	DISCOUNT RATE 8.50%
CENTRE MAT(AS AT 31 DEC 07) $58m	CENTRE MAT(AS AT 31 DEC 07) $40m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
BIG W 7,412 May26	KMART 5,705 Holdover
RITCHIES SUPA IGA 3,761 Jun 26	BI-LO 1,773 Dec 11

LEASE EXPIRY PROFILE % AREA

VACANCY 0.0%	VACANCY 1.3%
FY08 0.8%	FY08 61.6%
FY09 0.0%	FY09 5.1%
FY10 0.0%	FY10 1.7%
FY11 3.9%	FY11 7.0%
FY12 4.9%	FY12 23.3%
BEYOND 90.4%	BEYOND 0.0%
WALE 15.93 YEARS	WALE 1.48 YEARS

FUNDS MANAGEMENT 36 / 37

INTERNAL FUNDS MANAGEMENT

RETAIL PORTFOLIO

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RHODES SHOPPING CENTRE, SYDNEY NSW

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BROADWAY SHOPPING CENTRE, BROADWAY SYDNEY, NSW

DESCRIPTION

Acquired in January 2007. The centre is co-located with IKEA in the rapidly developing Rhodes residential precinct and includes Coles, Bi-Lo, cinemas and over 100 specialty stores.

DESCRIPTION

Acquired in January 2007, this dominant regional centre is located on the fringe of the CBD and services the demand of Sydney’s inner west. The centre was recently expanded and refurbished to include Target and new upmarket fashion level.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Sub Regional	GRADE Sub Regional
OWNERSHIP 50% MPT,50% Perron	OWNERSHIP 50% MPT,50% Perron
GLA 32,586 sqm	GLA 48,910 sqm
CAR SPACES 2,400	CAR SPACES 1,824
ACQUISITION DATE Jan 07	ACQUISITION DATE Jan 07
BOOK VALUE $111.5m(50% interest)	BOOK VALUE $226.8m(50% interest)
VALUATION $99.0m(50% interest)	VALUATION $215.0m(50% interest)
VALUATION DATE 31 Dec 06	VALUATION DATE 31 Dec 06
EXTERNAL VALUER JONES LANG LASALLE	EXTERNAL VALUER JONES LANG LASALLE
CAPITALISATION RATE 5.75%	CAPITALISATION RATE 5.50%
DISCOUNT RATE 8.20%	DISCOUNT RATE 8.20%
CENTRE MAT(AS AT 31 DEC 07 – 100% INTEREST) $172m	CENTRE MAT(AS AT 31 DEC 07 – 100% INTEREST) $351m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
COLES 3,497 Dec 19	K-MART 7,394 Mar 13
BI-LO 2,648 Dec 19	HOYTS MULTIPLEX CINEMAS 4,857 Jul 18

LEASE EXPIRY PROFILE % AREA

VACANCY 0.0%	VACANCY 0.1%
FY08 0.1%	FY08 14.9%

FY09 0.0%	FY09 6.2%
FY10 20.6%	FY10 4.3%
FY11 15.0%	FY11 6.6%
FY12 12.5%	FY12 10.1%
BEYOND 51.8%	BEYOND 57.9%
WALE 5.59 YEARS	WALE 6.55 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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LAKE HAVEN HOMEMAKER CENTRE LAKE HAVEN, NSW

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LOGAN MEGA CENTRE, PACIFIC HWY LOGAN, QLD

DESCRIPTION

Lake Haven Mega Centre is a modern Bulky Goods centre located in the heart of the NSW Central Coast Growth Corridor, approximately 100km north-east of Sydney and 50km south-west of Newcastle. The centre opened for trading in July 2007 and is anchored by Bunnings Hardware and Harvey Norman.

DESCRIPTION

Opened in March 2007, the centre is the premiere homemaker facility of Brisbane. Co-located with IKEA, the centre includes 30 of the best homemaker retailers.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE BulkyGoods Centre	GRADE BulkyGoods Centre
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 20,932 sqm	GLA 27,102 sqm
CAR SPACES 590	CAR SPACES 600
ACQUISITION DATE Jul 07	ACQUISITION DATE Sep05
BOOK VALUE $47.0m	BOOK VALUE $83.7m
VALUATION $47.0m	VALUATION $82.5m
VALUATION DATE 31 Dec 07	VALUATION DATE 30 Jun 07
EXTERNAL VALUER KNIGHT FRANK	EXTERNAL VALUER CB RICHARD ELLIS
CAPITALISATION RATE 6.75%	CAPITALISATION RATE 7.00%
DISCOUNT RATE 8.25%	DISCOUNT RATE 8.75%
CENTRE MAT(AS AT 31 DEC 07) N/A	CENTRE MAT(AS AT 31 DEC 07) N/A
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
BUNNINGS 8,365 Jul 13	SPOTLIGHT 3,509 Sep17
HARVEY NORMAN 5,890 Jul 17	ANACONDA 3,425 Mar 17

LEASE EXPIRY PROFILE % AREA

VACANCY 26.3%		VACANCY 0.0%
FY08 0.0%		FY08 0.0%
FY09 0.0%		FY09 0.0%
FY10 0.0%		FY10 0.0%
FY11 0.0%		FY11 0.0%
FY12 0.0%		FY12 15.0%
BEYOND 73.7%		BEYOND 85.0%
WALE 5.21 YEARS		WALE 7.73 YEARS

FUNDS MANAGEMENT 38 / 39

INTERNAL FUNDS MANAGEMENT

RETAIL PORTFOLIO

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ORION SPRINGFIELD TOWN CENTRE, MAIN STREET, SPRINGFIELD, QLD

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HINKLER CENTRAL MARYBOROUGH STREET, BUNDABERG, QLD

DESCRIPTION

Located in Brisbane’s rapidly growing Southwestern corridor, the centre was opened in March 2007 including Woolworths, Big W and 100 stores. This town centre sets a new benchmark in environmentally sustainable initiatives. Planning for future stages is underway.

DESCRIPTION

Located in the growing town of Bundaberg, the centre is enjoying the benefi ts of the redevelopment completed in June 2006. The Centre comprises Woolworths, Coles, Kmart and 70 stores.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Regional	GRADE Sub Regional
OWNERSHIP 67% MPT,33% MREIT	OWNERSHIP 100% MPT
GLA 33,366 sqm	GLA 21,049 sqm
CAR SPACES 2,200	CAR SPACES 1,046
ACQUISITION DATE Aug02	ACQUISITION DATE Aug03
BOOK VALUE $103.3m(67% interest)	BOOK VALUE $92.8m
VALUATION $103.3m(67% interest)	VALUATION $91.0m
VALUATION DATE 30 Jun 07	VALUATION DATE 30 Jun 06
EXTERNAL VALUER CB RICHARD ELLIS	EXTERNAL VALUER CB RICHARD ELLIS
CAPITALISATION RATE 6.25%	CAPITALISATION RATE 6.50%
DISCOUNT RATE 8.75%	DISCOUNT RATE 9.25%
CENTRE MAT(AS AT 31 DEC 07) N/A	CENTRE MAT(AS AT 31 DEC 07) $135m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
BIG W 8,044 Mar 27	KMART 6,208 Jul 09
WOOLWORTHS 4,188 Mar 27	WOOLWORTHS 3,548 Mar 20

LEASE EXPIRY PROFILE % AREA

VACANCY 0.0%	VACANCY 0.2%
FY08 0.0%	FY08 0.3%

FY09 0.0%	FY09 17.1%
FY10 0.4%	FY10 30.8%
FY11 0.0%	FY11 13.9%
FY12 35.8%	FY12 6.4%
BEYOND 63.8%	BEYOND 31.2%
WALE 10.59 YEARS	WALE 4.32 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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KAWANA SHOPPINGWORLD NICKLIN WAY, BUDDINA, QLD

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COMO CENTRE RETAIL, CORNER TOORAK ROAD AND CHAPEL STREET, SOUTH YARRA, VIC

DESCRIPTION

Located on the Queensland Sunshine Coast, this dominant centre comprises Woolworths, Big W, Bi-Lo and 102 specialty shops. Planning is underway for signifi cant centre expansion.

DESCRIPTION

The Como Centre is a mixed use offi ce, retail and hotel complex, with the retail component comprising 33 specialty shops. The centre is located on the popular retail strip of Chapel Street Melbourne.

SUMMARY INFORMATION

SUMMARY INFORMATION
GRADE		Sub Regional
OWNERSHIP		100% MPT
GLA		29,787 sqm
CAR SPACES		1,710
ACQUISITION DATE	Dec 93(50%)Jun 98(50%)
BOOK VALUE		$195.0m
VALUATION		$195.0m
VALUATION DATE		31 Dec 07
EXTERNAL VALUER		CB RICHARD ELLIS
CAPITALISATION RATE		6.25%
DISCOUNT RATE		8.50%
CENTRE MAT(AS AT 31 DEC 07)		$225m
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
BIG W	8,383	Jun 21
WOOLWORTHS	3,648	Nov 14

SUMMARY INFORMATION
GRADE		CBD Retail
OWNERSHIP		100% MPT
GLA		6,894 sqm
CAR SPACES		635
ACQUISITION DATE		Aug98
BOOK VALUE		$29.3m
VALUATION		$29.2m
VALUATION DATE		30 Jun 07
EXTERNAL VALUER	COLLIERS	INTERNATIONAL
CAPITALISATION RATE		6.25%
DISCOUNT RATE		8.50%
CENTRE MAT(AS AT 31 DEC 07)		$17m
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
CINEMA COMO	1,633	Dec 14
ECO HAIR PRODUCTS	538	Oct 11

LEASE EXPIRY PROFILE % AREA

VACANCY 0.7%		VACANCY 0.0%
FY08 16.9%		FY08 0.0%
FY09 7.7%		FY09 12.3%
FY10 8.8%		FY10 14.8%
FY11 6.1%		FY11 8.4%
FY12 0.6%		FY12 17.0%
BEYOND 59.3%		BEYOND 47.4%
WALE 6.81 YEARS		WALE 4.29 YEARS

40 / 41

FUNDS MANAGEMENT

INTERNAL FUNDS MANAGEMENT

RETAIL PORTFOLIO

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GIPPSLAND CENTRE CUNNINGHAME STREET, SALE, VIC

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WAVERLEY GARDENS POLICE ROAD (CORNER JACKSONS ROAD) MULGRAVE, VIC

DESCRIPTION

Located in the heart of Sale’s CBD, the Gippsland Centre includes Coles, Safeway, Target and 50 specialty stores with abundant on-grade parking.

DESCRIPTION

Waverley Gardens is located adjacent to Mirvac’s Waverley Park residential development and the Monash freeway. A major upgrade and expansion was completed in March 2007. The centre now comprises Safeway, Coles, Target, Big W and over 100 specialty stores.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Sub Regional	GRADE Sub Regional
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 21,694 sqm	GLA 38,292 sqm
CAR SPACES 1,062	CAR SPACES 2,245
ACQUISITION DATE Jan 94	ACQUISITION DATE Nov 02
BOOK VALUE $55.8m	BOOK VALUE $146.8m
VALUATION $55.7m	VALUATION $145.0m
VALUATION DATE 30 Jun 07	VALUATION DATE 30 Jun 07
EXTERNAL VALUER SAVILLS	EXTERNAL VALUER SAVILLS
CAPITALISATION RATE 7.00%	CAPITALISATION RATE 6.50%
DISCOUNT RATE 8.50%	DISCOUNT RATE 8.75%
CENTRE MAT(AS AT 31 DEC 07) $107m	CENTRE MAT(AS AT 31 DEC 07) $138m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
TARGET 7,778 Jun 10	TARGET 6,796 Jun 20
COLES 3,388 Nov 13	BIG W 6,770 Mar 27

LEASE EXPIRY PROFILE % AREA

VACANCY 0.7%		VACANCY 1.1%
FY08 4.1%		FY08 3.3%

FY09 7.9%		FY09 1.6%
FY10 41.3%		FY10 9.0%
FY11 3.2%		FY11 8.9%
FY12 1.9%		FY12 7.4%
BEYOND 41.0%		BEYOND 68.7%
WALE 5.84 YEARS		WALE 9.08 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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MOONEE PONDS CENTRAL HOMER STREET, MOONEE PONDS, VIC

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PENINSULA LIFESTYLE NEPEAN HIGHWAY, MORNINGTON, VIC

DESCRIPTION

The centre is located less than 7km north of the Melbourne CBD and is close to the busy Puckle Street retail strip. Coles Supermarket and a strong specialty fresh food offer anchors the centre.

DESCRIPTION

Completed in 2005, this 32,000sqm bulky goods centre services the growing region of the Mornington Peninsula.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Convenience Centre	GRADE BulkyGoods Centre
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 6,244 sqm	GLA 32,156 sqm
CAR SPACES 402	CAR SPACES 900
ACQUISITION DATE May03	ACQUISITION DATE Jun 04
BOOK VALUE $25.5m	BOOK VALUE $58.5m
VALUATION $25.3m	VALUATION $58.5m
VALUATION DATE 30 Jun 06	VALUATION DATE 30 Jun 07
EXTERNAL VALUER M3	EXTERNAL VALUER SAVILLS
CAPITALISATION RATE 7.25%	CAPITALISATION RATE 7.50%
DISCOUNT RATE 9.50%	DISCOUNT RATE 9.00%
CENTRE MAT(AS AT 31 DEC 07) $56m	CENTRE MAT(AS AT 31 DEC 07) N/A
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
COLES 4,000 May12	CLIVE PEETERS 3,203 Aug10
	FANTASTIC FURNITURE 2,280 Jun 12

LEASE EXPIRY PROFILE % AREA

VACANCY 3.6%	VACANCY 0.8%
FY08 3.0%	FY08 0.0%
FY09 6.4%	FY09 0.0%
FY10 11.7%	FY10 10.8%
FY11 10.1%	FY11 29.3%
FY12 65.2%	FY12 17.0%
BEYOND 0.0%	BEYOND 42.1%
WALE 3.45 YEARS	WALE 3.92 YEARS

FUNDS MANAGEMENT 42 / 43

INTERNAL FUNDS MANAGEMENT

RETAIL PORTFOLIO

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KWINANA HUB GILMORE AVENUE, KWINANA TOWN CENTRE, WA

DESCRIPTION

Located in the outer Southern Perth suburb of Kwinana, the centre currently comprises Woolworths and Coles. Redevelopment planning is well advanced.

SUMMARY INFORMATION

SUMMARY INFORMATION
GRADE		Sub Regional
OWNERSHIP		100% MPT
GLA		17,336 sqm
CAR SPACES		1,201
ACQUISITION DATE		Sep05
BOOK VALUE		$29.6m
VALUATION		$27.3m
VALUATION DATE		30 Jun 06
EXTERNAL VALUER		SAVILLS
CAPITALISATION RATE		7.75%
DISCOUNT RATE		10.00%
CENTRE MAT(AS AT 31 DEC 07)		$82m
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
WOOLWORTHS LTD	3,541	Aug10
COLES SUPERMARKETS	2,670	Sep11

LEASE EXPIRY PROFILE % AREA

VACANCY	0.0%
FY08	17.0%
FY09	2.6%
FY10	18.3%
FY11	27.0%
FY12	18.8%
BEYOND	16.2%
WALE	2.36	YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

HOTEL PORTFOLIO

PROPERTY	LOCATION	OWNERSHIP	ROOMS	BOOK VALUE
The Como Melbourne	South Yarra, VIC	100% MPT	107	$31.7m1
The Sebel Residence East Perth	East Perth, WA	100% Mirvac Limited	57	$12.3m
TOTAL			164	$44.0m

PARKING PORTFOLIO

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----- Start of picture text -----

% OF PARKING
PORTFOLIO
PROPERTY LOCATION OWNERSHIP TYPE CAR SPACES BOOK VALUE [1] BOOK VALUE [1]
----- End of picture text -----

Quay West	Sydney, NSW	100% MPT	Commercial	600	52.3%	$45.0m
The Como Centre	Melbourne, VIC	100% MPT	Commercial / Retail	629	25.6%	$22.0m
Riverside Quay	Melbourne, VIC	100% MPT	Commercial	560	22.1%	$19.0m
TOTAL				1,789	100.0%	$86.0m

1 BOOK VALUE AS AT 31 DECEMBER 2007, EXCLUDING FF & E.

FUNDS MANAGEMENT 44 / 45

INTERNAL FUNDS MANAGEMENT

HOTEL PORTFOLIO

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THE COMO MELBOURNE 630 CHAPEL STREET, SOUTH YARRA, VIC

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THE SEBEL RESIDENCE EAST PERTH 60 ROYAL STREET, EAST PERTH, WA

DESCRIPTION

The Como is a 107 room, 5 star boutique hotel which forms part of the mixed use Como development in the sought after inner south-eastern suburb of South Yarra.

DESCRIPTION

The Sebel Residence East Perth comprises 57 fully self contained apartments with magnifi cent views of the Swan River, close to Perth’s CBD and fabulous restaurants and cafes.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP	100% MPT
NO OF ROOMS	107
OCCUPANCY	79%
AVERAGE ROOM RATE	$261.70
STAR RATING	5 star
ACQUISITION DATE	Aug98
BOOK VALUE	$31.7m1
VALUATION	$33.0m2
VALUATION DATE	30 Jun 07
EXTERNAL VALUER	COLLIERS INTERNATIONAL
CAPITALISATION RATE	7.00%
DISCOUNT RATE	10.25%

PROPERTY DETAILS
OWNERSHIP	100% Mirvac Limited
NO OF ROOMS	57
OCCUPANCY	91%
AVERAGE ROOM RATE	$161.52
STAR RATING	41/2 star
ACQUISITION DATE	Oct 03
BOOK VALUE	$12.3m
DIRECTORS VALUATION	$12.3m
VALUATION DATE	30 Jun 06
EXTERNAL VALUER	CB RICHARD ELLIS

1 NET OF FF & E.

2 GROSS OF FF & E.

MIRVAC GROUP PROPERTY COMPENDIUM

PARKING PORTFOLIO

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QUAY WEST CAR PARK 109 – 111 HARRINGTON STREET, SYDNEY, NSW

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COMO CENTRE CAR PARK CHAPEL STREET, SOUTH YARRA, VIC

DESCRIPTION

An eight level commercial car park comprising 600 spaces located under Quay West Suites in the Rocks area. Close to the fi nancial district of the CBD and several fi ve star hotels. Three retail outlets are also included.

DESCRIPTION

A multi-level car park comprising 629 spaces servicing the Como Centre complex including offi ce, hotel, cinemas and retail.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP	100% MPT
NUMBER OF BAYS	600
ACQUISITION DATE	Nov 89
BOOK VALUE	$45.0m
VALUATION	$45.0m
VALUATION DATE	30 Jun 06
EXTERNAL VALUER	SAVILLS
CAPITALISATION RATE	7.50%
DISCOUNT RATE	9.25%

PROPERTY DETAILS
OWNERSHIP	100% MPT
NUMBER OF BAYS	629
ACQUISITION DATE	Aug98
BOOK VALUE	$22.0m
VALUATION	$22.0m
VALUATION DATE	30 Jun 07
EXTERNAL VALUER	COLLIERS INTERNATIONAL
CAPITALISATION RATE	8.50%
DISCOUNT RATE	8.75%

FUNDS MANAGEMENT 46 / 47

INTERNAL FUNDS MANAGEMENT

PARKING PORTFOLIO

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RIVERSIDE QUAY CAR PARK CNR RIVERSIDE QUAY & SOUTHBANK BOULEVARD, MELBOURNE, VIC

DESCRIPTION

A separate building at the rear of MPT’s commercial complex providing a 560 space car park.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP	100% MPT
NUMBER OF BAYS	560
ACQUISITION DATE	Apr 02
BOOK VALUE	$19.0m
VALUATION	$19.0m
VALUATION DATE	30 Jun 07
EXTERNAL VALUER	M3
CAPITALISATION RATE	7.50%
DISCOUNT RATE	8.75%

MIRVAC GROUP PROPERTY COMPENDIUM

PARKING MANAGEMENT

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----- Start of picture text -----

PROPERTY LOCATION TYPE CAR SPACES OWNERSHIP
----- End of picture text -----

Quay West	Sydney, NSW	Commercial	600	100% MPT
Westf eld	Chatswood, NSW	Retail	2,900	Managed
Westf eld	Parramatta, NSW	Retail	4,650	Managed
Westf eld	Burwood, NSW	Retail	3,200	Managed
Westf eld	Hornsby, NSW	Retail	3,570	Managed
Westf eld	Penrith, NSW	Retail	3,500	Managed
Citigate Central	Sydney, NSW	Hotel / Commercial	600	50% MWHF
Greenwood Plaza	North Sydney, NSW	Commercial / Retail	561	50% MPT
Marriott Hotel	Sydney, NSW	Hotel	230	100% MWHF
Chatswood Chase	Chatswood, NSW	Retail	2,330	Managed
67 Albert Ave	Chatswood, NSW	Commercial	204	Managed
60 Margaret St	Sydney, NSW	Commercial	141	50% MPT
AMP	Warringah, NSW	Retail	4,460	Managed
QVB	Sydney, NSW	Commercial / Retail	660	Managed
Westf eld	Woden, ACT	Retail	2,525	Managed
John Oxley Centre	Brisbane, QLD	Commercial	319	100% MPT
127 Creek Street	Brisbane, QLD	Commercial	150	Managed
The Como Centre	Melbourne, VIC	Commercial / Retail	629	100% MPT
Riverside Quay	Melbourne, VIC	Commercial	560	100% MPT
Citigate Sebel Albert Park	Melbourne, VIC	Hotel/Commercial	570	50% MWHF
Westpoint	Blacktown, NSW	Retail	4,800	Managed
TOTAL			37,159

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91.2% MANAGED 33,885

8.8% OWNED 3,274

FUNDS MANAGEMENT 48 / 49

FUNDS MANAGEMENT

$9.3 BILLION

EXTERNAL FUNDS MANAGEMENT

MIRVAC GROUP PROPERTY COMPENDIUM

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EQUITY FUNDS
> DEBT FUNDS
> INFRASTRUCTURE FUNDS
> HOTEL MANAGEMENT
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----- Start of picture text -----

3 RIDER BLVD RHODES, NSW
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FUNDS MANAGEMENT 50 / 51

EXTERNAL FUNDS MANAGEMENT

MIRVAC REAL ESTATE EQUITY > FUNDS UNDER MANAGEMENT > $5.1 BILLION

LISTED

WHOLESALE

MIRVAC REAL ESTATE INVESTMENT TRUST TUCKER BOX HOTEL TRUST MIRVAC INDUSTRIAL TRUST MIRVAC WHOLESALE HOTEL FUND AUSTRALIAN HOTEL FUND[2] MIRVAC WHOLESALE RESIDENTIAL DEVELOPMENT PARTNERSHIP MIRVAC DOMAINE SEQ GROWTH FUNDS CHANTREY CITY REGENERATION LIMITED PARTNERSHIP[3] QUADRANT FUND

RETAIL

MIRVAC TOURIST PARK FUND MIRVAC DEVELOPMENT FUND – SEASCAPES MIRVAC DEVELOPMENT FUND – MEADOW SPRINGS MIRVAC PFA DIVERSIFIED PROPERTY TRUST MIRVAC DOMAINE HUNTER FUND MIRVAC DOMAINE DIVERSIFIED PROPERTY FUND MIRVAC DOMAINE LAND FUND

MANDATES

AUSTRALIANSUPER

MIRVAC REAL ESTATE DEBT > FUNDS UNDER MANAGEMENT > $3.4 BILLION

RETAIL

MANDATES

MIRVAC AQUA HIGH INCOME FUND[3] MIRVAC MEZZANINE CAPITAL FUND MIRVAC AQUA ENHANCED INCOME FUND[3] QUADRANT REAL ESTATE ADVISORS[3] MIRVAC AQUA INCOME FUND[3] MIRVAC AQUA SENIOR DEBT POOL[3] MIRVAC AQUA CONSTRUCTION DEBT POOL[3] MIRVAC AQUA MEZZANINE DEBT POOL[3]

WHOLESALE

INSTITUTIONAL COMMERCIAL MORTGAGE FUND NO’S 2 TO 5[4] CALIFORNIA COMMUNITY MORTGAGE FUND[4] CORE MORTGAGE FUNDS 1 AND 2[4]

INFRASTRUCTURE > FUNDS UNDER MANAGEMENT > $0.8 BILLION

WHOLESALE

MANDATES

JF INFRASTRUCTURE YIELD FUND[3] TELSTRA DOME[3] AUSTRALIAN SUSTAINABLE FORESTRY INVESTORS[3] INTERNATIONAL PARKING GROUP[3] NEW ZEALAND SUSTAINABLE FORESTRY INVESTORS[3] PRIVATE CLIENT MANDATES[3] JF INFRASTRUCTURE SUSTAINABLE EQUITY FUND[3]

MIRVAC GROUP PROPERTY COMPENDIUM

MIRVAC’S EXTERNAL FUNDS MANAGEMENT MANAGES APPROXIMATELY $9.3 BILLION[1] ON BEHALF OF MORE THAN 36,000 INSTITUTIONAL, RETAIL AND PRIVATE CLIENT INVESTORS ACROSS THREE KEY AREAS: REAL ESTATE EQUITY, REAL ESTATE DEBT AND INFRASTRUCTURE.

��

==> picture [144 x 137] intentionally omitted <==

REAL ESTATE EQUITY – ONSHORE 44% REAL ESTATE EQUITY – OFFSHORE 10% REAL ESTATE DEBT – ONSHORE 4% REAL ESTATE DEBT – OFFSHORE 33% INFRASTRUCTURE – ONSHORE 9%

��

==> picture [144 x 141] intentionally omitted <==

LISTED 25% RETAIL 13% WHOLESALE 22% MANDATES 40%

1 FUNDS UNDER MANAGEMENT IS BEFORE ADJUSTMENT TO JOINT VENTURE INTERESTS.
2 TAKEOVER OFFER ANNOUNCED BY VICAROMA PTY LIMITED ON 9 JULY 2007.

3 MIRVAC IS A 50% OWNER OF THE MANAGEMENT ENTITY.

4 FUNDS MANAGED BY QUADRANT REAL ESTATE ADVISORS.

FUNDS MANAGEMENT 52 / 53

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / LISTED

MIRVAC REAL ESTATE INVESTMENT TRUST

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Listed	1,499.2	27,000	21% MPT

Mirvac Real Estate Investment Trust (MREIT) is a separately listed diversifi ed property trust trading on the ASX.

MREIT’s major investments are direct property including interests in eight commercial properties, 13 retail centres, eight business park / industrial properties and an interest in 12 Travelodge hotels. MREIT also has investments in listed and unlisted property trusts and listed Australian equities.

At 31 December 2007 MREIT had gross assets of approximately $1.49 billion and a market capitalisation of approximately $815 million.

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INDEPENDENT
ASSET ACQUISITION VALUATION INDEPENDENT BOOK CAPITALISATION LETTABLE
PROPERTY STATE OWNERSHIP DATE DATE VALUATION VALUE [1] RATE AREA
----- End of picture text -----

COMMERCIAL
10 – 20 Bond Street, Sydney	NSW	50%	Jul 04	Jun 07	$147.5m	$147.8m	5.75%	37,860sqm
3 Rider Boulevard, Rhodes	NSW	100%	Jan 07	Jun 07	$77.0m	$80.0m	6.75%	16,714sqm
340 Adelaide Street, Brisbane	QLD	100%	Sep 98	Jun 07	$70.0m	$74.0m	6.75%	13,214sqm
191 – 197 Salmon Street, Port Melbourne	VIC	50%	Jul 03	Jun 07	$56.8m	$56.8m	6.50%	21,762sqm
423 Pennant Hills Road, Pennant Hills2	NSW	100%	Oct 90	Jun 07	$31.5m	$31.5m	8.00%	8,589sqm
591 – 609 Doncaster Road, Doncaster	VIC	100%	Jun 02	Jun 07	$22.0m	$22.5m	7.25%	6,868sqm
48 – 52 Furzer Street, Woden	ACT	100%	Feb 00	Jun 07	$24.0m	$18.6m	10.50%	17,884sqm
12 Cribb Street, Milton	QLD	100%	Apr 99	Jun 07	$17.0m	$17.2m	7.00%	3,311sqm
TOTAL COMMERCIAL					$445.8m	$448.4m	6.67%3	126,202sqm
RETAIL
Cherrybrook Village Shopping Centre	NSW	100%	Jun 05	Jun 07	$78.0m	$80.0m	6.25%	9,497sqm
			Jul 01 (50%)
Taree City Centre	NSW	100%	Nov 04 (50%)	Jun 07	$65.0m	$65.5m	6.25%	15,524sqm
Orion Springf eld Town Centre	QLD	33%	Jun 03	Jun 07	$51.7m	$51.7m	6.25%	32,624sqm
City Centre Plaza, Rockhampton	QLD	100%	Mar 04	Jun 07	$50.0m	$51.5m	6.50%	14,109sqm
Morayf eld Supa Centre	QLD	100%	Sep 07	Jun 07	$47.7m	$47.8m	7.75%	22,038sqm
Alexandra Hills Shopping Centre	QLD	100%	Aug 00	Jun 07	$46.0m	$46.0m	6.75%	12,335sqm
			Jul 01 (50%)
Cooleman Court, Weston	ACT	100%	Nov 04 (50%)	Mar 06	$39.0m	$40.0m	7.75%	9,919sqm
Moonee Beach Shopping Centre	NSW	100%	Feb 07	Dec 06	$31.0m	$31.5m	7.25%	10,979sqm
Chester Square Shopping Centre	NSW	100%	Mar 07	Dec 05	$12.0m	$29.0m	8.50%	6,461sqm
Lanyon Market Place, Condor	ACT	100%	Sep 07	Jun 07	$27.4m	$27.9m	6.25%	5,460sqm
Mt Sheridan Plaza, Cairns	QLD	100%	Sep 07	Jun 07	$25.0m	$25.0m	6.75%	7,650sqm
Birkdale Fair Shopping Centre	QLD	100%	Sep 07	Jun 07	$15.0m	$15.5m	6.75%	5,370sqm
Orion Springf eld (vacant land)	QLD	33%	Jun 03	Jun 03	$13.3m 4	$11.1m	N/A	–
Pender Place Shopping Centre, Maitland	NSW	100%	Sep 07	Jun 07	$10.0m	$10.0m	7.00%	4,799sqm
Mt Sheridan, Cairns (vacant land)	QLD	100%	Sep 07	Jun 07	$3.3m	$3.4m	N/A	–
TOTAL RETAIL					$514.4m	$535.9m	6.81%3	156,765sqm

MIRVAC GROUP PROPERTY COMPENDIUM

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INDUSTRIAL / BUSINESS PARK
10 Julius Avenue, North Ryde	NSW	100%	Dec 05	Jun 07	$68.5m	$68.5m	6.50%	13,386sqm
32 Sargents Road, Minchinbury	NSW	100%	Feb 04	Jun 07	$30.3m	$30.5m	7.00%	22,378sqm
108 – 120 Silverwater Road, Silverwater	NSW	100%	Mar 00	Jun 07	$30.0m	$30.0m	7.50%	17,830sqm
12 Julius Avenue, North Ryde	NSW	100%	Nov 99	Jun 07	$30.0m	$30.0m	7.00%	7,308sqm
52 Huntingwood Drive, Huntingwood	NSW	100%	Nov 04	Jun 07	$28.0m	$28.8m	7.00%	19,286sqm
47–67 Westgate Drive, Altona North	VIC	100%	Sep 07	Jun 07	$25.5m	$26.0m	6.75%	27,081sqm
90 Ashford Avenue, Milperra	NSW	100%	Sep 07	Jun 07	$11.8m	$12.0m	7.75%	7,970sqm
Network Old Wallgrove Road,
Eastern Creek	NSW	50%	Jun 04	Jun 04	N/A	$7.0m	N/A	–
TOTAL INDUSTRIAL / BUSINESS PARK					$224.1m	$232.8m	6.93 % 3	115,239sqm

TRAVELODGE HOTEL GROUP – JOINTLY OWNED BY NRMA 50%, MREIT	TRAVELODGE HOTEL GROUP – JOINTLY OWNED BY NRMA 50%, MREIT	TRAVELODGE HOTEL GROUP – JOINTLY OWNED BY NRMA 50%, MREIT	49% AND	MPT 1%
	NSW / QLD /	Mar 05 –	Jun 06 –
Travelodge – 12 hotels	VIC / WA 49%	Jun 06	Dec 07	$154.6m	$157.4m	7.50 – 11.00%	–
TOTAL TRAVELODGE HOTELS				$154.6m	$157.4m	7.50 – 11.00%	–
TOTAL DIRECT PROPERTY				$1,338.9m	$1,374.5m	6.97%3	398,206sqm

OTHER ASSETS	$M
Listedpropertytrusts(LPT’s)	$65.6m5
Equities	$42.2m
Unlisted funds	$24.4m
TOTAL OTHER ASSETS	$132.2m

1 SUBJECT TO FINAL AUDIT APPROVAL.
2 MORTGAGEE IN POSSESSION.
3 WEIGHTED AVERAGE CAPITALISATION RATE.

4 REPRESENTS ORIGINAL SITE AREA.

5 INCLUDES MREIT’S 14.5% HOLDING IN TRAFALGAR CORPORATE GROUP.

FUNDS MANAGEMENT 54 / 55

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / LISTED

MIRVAC INDUSTRIAL TRUST

FOCUS	FUM AUD ($M)1	NO OF INVESTORS	MGR OWNERSHIP
Listed	852.2	2,241	9.95% MPT2

The Mirvac Industrial Trust (MIX) is an ASX listed property trust. At 31 December 2007 MIX had gross assets of approximately A$837.0 million, through a 95 per cent interest in 70 industrial assets located in or around the Greater Chicago Region (including Milwaukee and Indiana) and in Grand Rapids, Michigan.

The portfolio has a diverse range of quality tenants and assets. MIX acquired its 95 per cent interest in the portfolio from CenterPoint Properties Trust, one of the fi rst major REITs in the US to focus on the industrial property market within the Greater Chicago Region. Through a joint venture with MIX, CenterPoint retain a fi ve per cent interest in and manage the portfolio.

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INDEPENDENT INDEPENDENT BOOK GROSS
ASSET ACQUISITION VALUATION VALUATION VALUE LETTABLE
PROPERTY SUB MARKET OWNERSHIP DATE DATE (AUD) (AUD) [3] YIELD AREA
----- End of picture text -----

GREATER CHICAGO REGION
1750 South Lincoln Drive	McHenry County	95%	Nov 05	Dec 07	$19.5m	$18.3m	8.8%	499,200sqft
308 South Division Street	McHenry County	95%	May 05	Dec 07	$43.7m	$42.4m	7.9%	1,331,727sqft
875 West Diggins Street	McHenry County	95%	Jun 06	Jun 06	$7.8m	$7.7m	8.8%	126,304sqft
28160 – 70 North Keith Drive	Lake County	95%	Jul 05	Dec 07	$5.8m	$5.6m	7.1%	77,924sqft
3145 Central Avenue	Lake County	95%	Jul 05	Jun 07	$13.7m	$13.7m	7.7%	292,000sqft
3849 – 3865 Swanson Court	Lake County	95%	Feb 06	Dec 07	$5.4m	$5.7m	5.1%	100,000sqft
1100 Lakeside Drive	Lake County	95%	Jun 06	Jun 06	$4.8m	$4.9m	7.3%	40,000sqft
1810 Northwestern Drive	Lake County	95%	Jun 06	Jun 06	$8.2m	$8.2m	8.1%	122,712sqft
620 South Butterf eld Road	Lake County	95%	Jun 06	Jun 06	$3.7m	$3.7m	7.8%	24,237sqft
5990 West Touhy Avenue	Northeast Cook County	95%	Feb 06	Jun 07	$18.6m	$18.6m	9.0%	302,379sqft
3602 North Kennicott Avenue	Northwest Cook County	95%	Jul 05	Jun 07	$5.6m	$5.6m	Vacant	94,300sqft
1301 Tower Drive	Northwest Cook County	95%	Jun 06	Jun 06	$10.1m	$10.1m	7.8%	50,400sqft
1605 Penny Lane	Northwest Cook County	95%	Jun 06	Jun 06	$2.7m	$2.9m	7.7%	27,742sqft
1665 Penny Lane	Northwest Cook County	95%	Jun 06	Jun 06	$1.4m	$1.5m	13.2%	20,722sqft
514 – 532 Hicks Road	Northwest Cook County	95%	Jun 06	Jun 06	$4.1m	$4.3m	7.9%	71,100sqft
900 West University Drive	Northwest Cook County	95%	Jun 06	Jun 06	$7.7m	$7.4m	8.0%	86,254sqft
1111 Bowes Road	North Kane County	95%	Jun 06	Jun 06	$10.2m	$10.6m	7.6%	144,578sqft
800 – 850 Regency Drive	North DuPage County	95%	May 05	Jun 07	$4.8m	$4.8m	13.4%	48,230sqft
1445 – 1645 Greenleaf Avenue	O’Hare	95%	May 05	Jun 07	$10.2m	$10.2m	3.4%	150,000sqft
1796 Sherwin Avenue	O’Hare	95%	Nov 05	Jun 07	$6.5m	$6.5m	3.5%	100,847sqft
1850 Greenleaf Avenue	O’Hare	95%	Nov 05	Dec 07	$5.0m	$5.3m	6.6%	58,627sqft
2600 Elmhurst Road	O’Hare	95%	Jun 06	Dec 07	$10.5m	$10.2m	6.9%	105,000sqft
2801 – 2881 Busse Road	O’Hare	95%	Jun 06	Jun 06	$22.5m	$22.5m	6.7%	251,076sqft
850 Arthur Avenue	O’Hare	95%	Jun 06	Jun 06	$3.4m	$3.3m	7.8%	42,490sqft
712 North Central Avenue	O’Hare	95%	Jun 06	Jun 06	$7.5m	$7.5m	7.3%	56,897sqft

1 AUD / USD EXCHANGE RATE OF 0.8816.
2 AT 31 JANUARY 2008, MPT’S OWNERSHIP HAD INCREASED TO 13.97%.
3 SUBJECT TO FINAL AUDIT APPROVAL.

MIRVAC GROUP PROPERTY COMPENDIUM

==> picture [596 x 40] intentionally omitted <==

1900 North 5th Avenue	Near West Suburbs	95%	Dec 06	Oct 06	$12.3m	$12.3m	7.7%	268,109sqft
100 West Whitehall	Near West Suburbs	95%	Jun 06	Jun 06	$20.6m	$21.0m	2.7%	251,584sqft
342 – 346 Carol Lane	West Suburbs	95%	Jun 06	Jun 06	$7.7m	$7.8m	7.5%	67,935sqft
200 South Mitchell	West Suburbs	95%	Jun 06	Jun 06	$11.7m	$11.8m	7.5%	152,200sqft
5101 Darmstadt Road	West Suburbs	95%	Jun 06	Jun 06	$7.0m	$6.7m	6.9%	61,054sqft
1020 Frontenac Road	Far West Suburbs	95%	Nov 05	Jun 07	$5.2m	$5.2m	7.7%	99,684sqft
1880 Country Farm Road	Far West Suburbs	95%	Jul 07	Dec 06	$14.0m	$14.2m	7.6%	162,000sqft
2727 West Deihl Road	Far West Suburbs	95%	May 05	Jun 07	$33.0m	$33.5m	7.9%	440,343sqft
920 Frontenac Road	Far West Suburbs	95%	Jul 05	Jun 07	$5.1m	$5.1m	Vacant	121,220sqft
6000 West 73rd Street	Southwest Suburbs	95%	Nov 05	Jun 07	$7.3m	$7.3m	7.8%	148,091sqft
6510 West 73rd Street	Southwest Suburbs	95%	May 05	Dec 07	$15.2m	$15.5m	Vacant	306,552sqft
6558 West 73rd Street	Southwest Suburbs	95%	Feb 06	Dec 07	$14.4m	$15.4m	8.5%	301,000sqft
6600 River Road	Southwest Suburbs	95%	Feb 06	Jun 07	$22.8m	$23.1m	9.4%	630,410sqft
6751 South Sayre Avenue	Southwest Suburbs	95%	Nov 05	Jun 07	$11.9m	$12.1m	7.3%	242,690sqft
7200 South Mason Avenue	Southwest Suburbs	95%	Jul 05	Jun 07	$9.6m	$9.6m	7.9%	207,345sqft
9700 Harlem Avenue	Southwest Suburbs	95%	Jul 05	Jun 07	$5.0m	$5.1m	7.8%	101,140sqft
9901 South 78th Avenue	Southwest Suburbs	95%	Feb 06	Feb 06	$5.1m	$5.2m	6.1%	83,096sqft
7447 South Central	Southwest Suburbs	95%	Jun 06	Jun 06	$5.0m	$5.9m	1.3%	118,218sqft
625 Willowbrook Center Parkway	Far Southwest Suburbs	95%	Jun 06	Jun 06	$8.6m	$8.6m	8.9%	41,600sqft
900 East 103rd Street	City South	95%	Jul 05	Dec 07	$22.3m	$20.5m	3.1%	531,461sqft
11601 South Central Avenue	South Suburbs	95%	Feb 06	Dec 07	$11.1m	$11.6m	7.5%	260,000sqft
13040 South Pulaski Avenue	South Suburbs	95%	Nov 05	Dec 07	$14.7m	$15.7m	8.6%	400,076sqft
16750 Vincennes Road	South Suburbs	95%	Jun 06	Jun 06	$7.5m	$7.1m	7.8%	202,510sqft
21399 Torrence Avenue	South Suburbs	95%	Jun 06	Jun 06	$11.1m	$11.0m	6.8%	372,834sqft
5619 – 5625 West 115th Street	South Suburbs	95%	Jun 06	Dec 07	$17.0m	$17.2m	8.8%	399,511sqft
21705 – 21707 West Mississippi Street	Joliet Area	95%	Jul 05	Jun 07	$50.1m	$50.1m	6.3%	1,022,554sqft
27413 South Baseline Road	Joliet Area	95%	Jul 05	Jun 07	$25.1m	$25.1m	6.7%	213,500sqft
EC VI – 4507 Columbia	Northwest Indiana	95%	Feb 06	Apr 06	$9.3m	$9.4m	8.8%	256,595sqft
EC VI – 4531 Columbia	Northwest Indiana	95%	Feb 06	Apr 06	$9.2m	$9.3m	10.9%	266,967sqft
8100 100th Street	Kenosha/Racine Counties	95%	Nov 05	Jun 07	$2.6m	$2.6m	8.8%	38,290sqft
8200 100th Street	Kenosha/Racine Counties	95%	Nov 05	Dec 07	$9.3m	$8.1m	8.5%	148,472sqft

FUNDS MANAGEMENT 56 / 57

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / LISTED

MIRVAC INDUSTRIAL TRUST

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MILWAUKEE
W165 N5830 Ridgewood Drive	Milwaukee	95%	May 05	Dec 07	$20.6m	$20.4m	8.5%	300,120sqft
5110 South 6th Street	Milwaukee	95%	Nov 05	Jun 07	$4.4m	$4.4m	7.7%	58,500sqft
525 West Marquette Avenue	Milwaukee	95%	Nov 05	Jun 07	$6.1m	$6.1m	7.9%	112,144sqft
6736 West Washington	Milwaukee	95%	Nov 05	Dec 07	$7.5m	$7.7m	5.1%	113,620sqft
11100 West Silver Spring Road	Milwaukee	95%	Jun 06	Jun 06	$7.8m	$7.4m	0.0%	127,400sqft
1500 W Zellman Court	Milwaukee	95%	Jun 06	Jun 06	$3.6m	$3.6m	8.1%	20,800sqft
2003 – 2201 South 114th Street	Milwaukee	95%	Jun 06	Jun 06	$11.0m	$10.5m	6.3%	243,350sqft
301 East Vienna Avenue	Milwaukee	95%	Jun 06	Jun 06	$8.3m	$6.5m	Vacant	116,354sqft
3511 West Green Tree Road	Milwaukee	95%	Jun 06	Jun 06	$6.8m	$7.1m	3.4%	172,000sqft
6400 West Enterprise Drive	Milwaukee	95%	Jun 06	Jun 06	$33.7m	$33.1m	7.5%	487,398sqft
6600 North Industrial Road	Milwaukee	95%	Jun 06	Jun 06	$4.7m	$4.7m	8.9%	110,400sqft
7620 South 10th Street	Milwaukee	95%	Jun 06	Jun 06	$6.5m	$6.4m	7.0%	150,192sqft
N53 W24700 Corporate Circle	Milwaukee	95%	Jun 06	Jun 06	$10.0m	$9.9m	8.2%	192,000sqft
MICHIGAN
5450 Kraft Avenue	Grand Rapids	95%	Jun 06	Jun 06	$3.6m	$4.0m	7.8%	31,854sqft
TOTAL					$788.8m	$786.5m		14,377,919sqft

MIRVAC GROUP PROPERTY COMPENDIUM

AUSTRALIAN HOTEL FUND

FOCUS FUM	FOCUS FUM	($M) NO OF INVESTORS	MGR OWNERSHIP
Listed	28.7	N/A	N/A

The Australian Hotel Fund (AHO) was previously listed on the ASX.

On 9 July 2007, Vicaroma Pty Limited, announced a conditional takeover offer for all of the AHO Units on issue for 44.25 cents per unit.

The takeover has been completed and Hotel Capital Partners Limited will retire as responsible entity once deregistration of the Fund as a managed investment scheme is confi rmed by ASIC (expected mid-February).

58 / 59

FUNDS MANAGEMENT

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / RETAIL

RETAIL FUNDS

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Retail	1,003.7	5,762	N/A
Wholesale	367.4	10	N/A

Mirvac Funds Management provides sector specifi c and specialised unlisted and listed funds, across the retail and wholesale markets. At 31 December 2007, Mirvac Funds Management had eight active unlisted/listed funds with approximately $1.3 billion under management.

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ASSET
FUND STATE SECTOR OWNERSHIP FUND SIZE LETTABLE AREA
----- End of picture text -----

MIRVAC TOURIST PARK FUND				$36.2m	14.44ha
FreeSpirit Resort, Darwin	NT	Tourist Park	100%		11.25 ha
Fraser Lodge Holiday Park, Hervey Bay	QLD	Tourist Park	100%		3.19 ha
MIRVAC DEVELOPMENT FUNDS				$68.9m	1,136 lots
Seascapes, Mandurah	WA	Residential	100%	$31.6m	529 lots
Meadow Springs, Mandurah	WA	Residential	100%	$37.3m	607 lots
MIRVAC DOMAINE SEQ GROWTH FUNDS				$367.4m	77,862
333 Ann Street, Brisbane	QLD	Commercial	100%		16,507
CB1 and CB2, Brisbane	QLD	Commercial	100%		18,158
ICB Central, Herston	QLD	Commercial	100%		11,171
Calamvale Shopping Centre, Calamvale	QLD	Retail	100%		16,522
Mt Gravatt Shopping Centre, Mt Gravatt	QLD	Retail	100%		7,858
Yatala, Yatala	QLD	Industrial	100%		7,646
MIRVAC DOMAINE HUNTER FUND				$49.1m	25,173
The Forum, Charlestown	NSW	Commercial / Leisure	100%		7,718
525 High Street, Maitland	NSW	Commercial	100%		1,930
Belmont Plaza Shopping Centre, Belmont	NSW	Retail	50%		6,628
17 Nelson Road, Cardiff	NSW	Industrial	100%		4,383
6 Hartley Drive, Thornton	NSW	Industrial	100%		2,324
326 Hillsborough Road, Warners Bay	NSW	Leisure	100%		2,190
MIRVAC DOMAINE DIVERSIFIED PROPERTY FUND				$113.6m	36,246
518 Brunswick Street, Brisbane	QLD	Commercial	100%		3,037
Lot 31, Murray Dwyer Circuit, West Mayf eld	NSW	Commercial	100%		2,012
Lots 3,4,5, and 8, 263 Clarence Street, Sydney	NSW	Commercial	100%		1,670
19-27 Devlin Street, Ryde	NSW	Commercial	100%		1,214
Belmont Plaza Shopping Centre, Belmont	NSW	Retail	50%		6,628
Big W Centre, Parkes	NSW	Retail	100%		5,025
Mountain Creek Shopping Centre, Mountain Creek	QLD	Retail	100%		5,011
Leeton Market Plaza, Leeton	NSW	Retail	100%		4,834
Lot 2, William Angliss Drive, Laverton North	VIC	Industrial	100%		6,815

MIRVAC GROUP PROPERTY COMPENDIUM

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ASSET
FUND STATE SECTOR OWNERSHIP FUND SIZE LETTABLE AREA
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MIRVAC DOMAINE LAND FUND				$55.9m	107.8ha
Steel River, Newcastle	NSW	Industrial	100%		57.3 ha
Old Punt Road, Tomago	NSW	Industrial	100%		20.7 ha
Muswellbrook, Muswellbrook	NSW	Industrial	100%		17.4 ha
Bulwer Road, Moss Vale	NSW	Residential	100%		8.2 ha
Ash Road, Prestons	NSW	Residential	100%		4.2 ha
MIRVAC PFA DIVERSIFIED PROPERTY TRUST				$680.0m	202,834
Civic Tower, Sydney	NSW	Commercial	50%		23,164
Sevenoaks, Cannington	WA	Commercial	100%		21,880
The Octagon, Parramatta	NSW	Commercial	50%		20,839
390 St Kilda Road, Melbourne	VIC	Commercial	100%		16,494
The Lands Building, Hobart	TAS	Commercial	100%		11,675
Foxtel Building, Moonee Ponds	VIC	Commercial	100%		7,136
Anzac Square, Brisbane	QLD	Commercial	100%		6,180
The Precinct, Coorparoo	QLD	Commercial / Retail	100%		4,898
657 Pacif c Highway, St Leonards	NSW	Commercial	100%		3,665
180 Queen Street, Brisbane	QLD	Commercial / Retail	100%		3,652
		Retail / Industrial /
Cairns Hypermart, Cairns	QLD	Commercial	100%		15,293
Homeworld Centre, Tuggeranong	ACT	Retail / Commercial	100%		12,354
544 Kessels Road, MacGregor	QLD	Retail / Industrial	100%		8,269
Riverdale Centre, Dubbo	NSW	Retail / Leisure	100%		6,564
Centro on James – Stage 3, Fortitude Valley	QLD	Retail / Leisure	100%		3,870
33 McDowell Street, Welshpool	WA	Industrial	100%		14,036
		Industrial /
706 Mowbray Road, Lane Cove	NSW	Commercial	100%		17,364
		Industrial /
AAPT Centre, Richmond	VIC	Commercial	100%		5,501
Citigate Perth, Perth	WA	Hotel	100%		276 rooms
Citigate Melbourne, Melbourne	VIC	Hotel	100%		182 rooms
TOTAL				$1,371.1m

FUNDS MANAGEMENT 60 / 61

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / WHOLESALE

MIRVAC WHOLESALE HOTEL FUND

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Wholesale	506.9	6	45% MPT

Mirvac Wholesale Hotel Fund is an open-ended, sector specifi c Fund with initial equity of $320 million and a portfolio of six Australian hotels located in Sydney, Melbourne, Brisbane and Cairns. Total value of the portfolio is $485 million.

The Fund’s portfolio consists of four hotels acquired from Carlton Hotel Group in 2007, together with the Marriott Hotel, Sydney and a 50 per cent interest in the Cairns International Hotel both of which were acquired from Mirvac. All six hotels are of a 4.0 to 4.5 star standard and provide a total of 1,819 rooms.

Mirvac’s hotel and resorts division, who currently manage 40 hotels and resorts throughout Australia, New Zealand and the Pacifi c are responsible for the hotel management of the portfolio.

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INDEPENDENT
ASSET ACQUISITION VALUATION INDEPENDENT BOOK NO OF
HOTEL STATE OWNERSHIP DATE DATE VALUATION VALUE ROOMS
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The Sebel & Citigate King George Square, Brisbane	QLD	100%	Feb 07	Nov 07	$148.0m	$148.0m	438
Citigate Central, Sydney	NSW	100%	Feb 07	Feb 07	$79.7m	$83.3m	251
The Sebel, Parramatta	NSW	100%	Feb 07	Feb 07	$38.0m	$40.0m	194
The Sebel & Citigate Albert Park, Melbourne	VIC	100%	Feb 07	Feb 07	$79.5m	$83.5m	374
Cairns International Hotel, Cairns	QLD	50%	Jun 07	Feb 07	$43.4m	$44.8m	321
Sydney Marriott Hotel, Sydney	NSW	100%	Jun 07	Feb 07	$85.6m	$85.4m	241
TOTAL					$474.2m	$485.0m	1,819

MIRVAC WHOLESALE RESIDENTIAL DEVELOPMENT PARTNERSHIP

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Wholesale	247.1	4	20% Mirvac Limited

The Mirvac Wholesale Residential Partnership is a close-end vehicle that has acquired, from Mirvac, interests in seven well located residential development projects around Australia that are diversifi ed by geography, product type, timing and stage of the development cycle. The initial portfolio comprises 1,192 lots and 934 medium density units.

The Partnership has raised equity commitments of $300 million, including Mirvac’s 20 per cent co-investment, of which $138 million has been applied to the acquisition of the initial portfolio leaving $162 million to acquire further residential projects that satisfy the Partnership’s investment strategy.

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ASSET LOTS/
DEVELOPMENT STATE OWNERSHIP APARTMENTS VALUE TYPE
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Mossvale on Manly, Brisbane	QLD	100%	183 lots	$19.9m	Housing
Waterways Braeside, Melbourne	VIC	100%	145 lots	$14.3m	Housing
Mariner’s Peninsula, Townsville	QLD	100%	101 apartments	$8.2m	Apartments
Bridgewater, Mandurah	WA	100%	317 lots	$35.5m	Land subdivision
Meadow Springs, Mandurah	WA	100%	486 lots	$33.3m	Land subdivision
Hope Island, Hope Island	QLD	100%	59 lots	$12.1m	Land subdivision / Apartments
Rhodes Waterside, Rhodes	NSW	100%	833 apartments / 2 retail lots	$68.0m	Apartments
TOTAL				$191.3m

MIRVAC GROUP PROPERTY COMPENDIUM

TUCKER BOX HOTEL TRUST

FOCUS FUM ($M)	FOCUS FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Wholesale	355.0	3	1% MPT

Mirvac Funds Management provides funds management and asset management services to the Travelodge Group which is 49 per cent owned by Mirvac Real Estate Investment Trust, 50 per cent by NRMA Motoring and Services and 1 per cent by Mirvac Property Trust.

Tucker Box Hotel Trust owns 12 hotel assets with a total gross value (including brand names) of $327.0 million.

The Travelodge Hotel Portfolio is leased to Value Lodging Pty Limited.

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INDEPENDENT
ASSET ACQUISITION VALUATION INDEPENDENT BOOK NO OF
ASSET STATE OWNERSHIP DATE DATE VALUATION VALUE ROOMS
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Travelodge Sydney	NSW	100%	Mar 05	Jun 06	$70.7m	$71.5m	406
Travelodge Wynyard	NSW	100%	Jun 05	Dec 07	$61.0m	$61.0m	277
Travelodge Southbank	VIC	100%	Mar 05	Dec 07	$55.0m	$55.0m	275
Travelodge Perth	WA	100%	Apr 06	Jun 07	$20.5m	$20.6m	122
Travelodge Phillip Street	NSW	100%	Mar 05	Jun 06	$16.0m	$16.3m	86
Travelodge Newcastle City	NSW	100%	Feb 06	Jun 07	$20.0m	$20.5m	130
Travelodge Macquarie	NSW	100%	Mar 05	Jun 07	$16.0m	$16.3m	120
Travelodge Blacktown	NSW	100%	Mar 05	Jun 07	$13.5m	$13.6m	120
Travelodge Bankstown	NSW	100%	Mar 05	Jun 07	$13.0m	$13.0m	108
Travelodge Manly-Warringah	NSW	100%	Mar 05	Jun 07	$14.5m	$14.7m	120
Travelodge Garden City	QLD	100%	Mar 05	Jun 06	$7.9m	$9.0m	120
Travelodge Rockhampton	QLD	100%	Jun 06	Jun 07	$7.5m	$9.5m	74
TOTAL					$315.6m	$321.0m	1,958

FUNDS MANAGEMENT 62 / 63

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / WHOLESALE

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MIRVAC WHOLESALE HOTEL FUND
CITIGATE CENTRAL, NSW
> MIRVAC WHOLESALE RESIDENTIAL DEVELOPMENT PARTNERSHIP
MARINER’S PENINSULA, QLD
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TUCKER BOX HOTEL TRUST
TRAVELODGE BLACKTOWN, NSW
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MIRVAC GROUP PROPERTY COMPENDIUM

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / MANDATES

AUSTRALIAN SUPER

FOCUS FUM ($M)	FOCUS FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Wholesale	138.5	2	See below

Mirvac Funds Management manages a separate value-added / opportunistic mandate on behalf of AustralianSuper, a leading Australian super fund with over $28 billion in assets.

The mandate is primarily focused on value-add projects including refurbishment and reletting of existing buildings across the commercial, retail, industrial and residential property sectors and property development. Mirvac co-invests with AustralianSuper in each project.

At 31 December 2007, AustralianSuper had $138.5 million in equity invested in a total of seven products.

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ASSET
ASSET STATE TYPE OWNERSHIP AUSTRALIANSUPER MIRVAC
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8 – 12 Chif ey Square, Sydney	NSW	Commercial development	100%	50%	50%
18 Marcus Clarke Street, Civic	ACT	Commercial development	50%	40%	10%
177 Salmon Street, Port Melbourne	VIC	Land subdivision – Industrial	100%	80%	20%
Spring Farm, Camden	NSW	Residential subdivision and housing development	100%	80%	20%
The Peninsula, Burswood	WA	Residential development	100%	50%	50%
Magenta Shores, North Entrance	NSW	Residential development	100%	50%	50%
664 Collins Street, Melbourne	VIC	Commercial development	100%	50%	50%

FUNDS MANAGEMENT 64 / 65

EXTERNAL FUNDS MANAGEMENT REAL ESTATE DEBT / MANDATES / JOINT VENTURES

MIRVAC MEZZANINE CAPITAL FUND

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Wholesale	104.8	2	20% Mirvac Limited

Mirvac Mezzanine Capital Fund is an investment mandate between the Government Investment Corporation of Singapore (80 per cent) and Mirvac Capital Investments (20 per cent).

ASSET			FUND SIZE
Mortgages over	6	properties / projects	$104.8m

MIRVAC AQUA

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Retail / Wholesale	243.9	1,683	N/A1

Mirvac AQUA is an investment management company equally owned by Mirvac Real Estate Debt Funds Pty Limited and AQUA Funds Management Pty Limited, a wholly owned subsidiary of Balmain NB Corporation Limited. Mirvac AQUA has been engaged by Mirvac Funds Management to provide investment management services in connection with the Funds.

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FUND ASSET FUND SIZE
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	Invests in Mirvac AQUA Debt Pool
	Invests in Mirvac AQUA Construction Debt Pool
Mirvac AQUA High Income Fund	Invests in Mirvac AQUA Senior Debt Pool and Cash	$173.7m
	Invests in Mirvac AQUA Debt Pool
	Invests in Mirvac AQUA Construction Debt Pool
Mirvac AQUA Enhanced Fund	Invests in Mirvac AQUA Senior Debt Pool and Cash	$1.4m
Mirvac AQUA Income Fund	Invests in Mirvac AQUA Senior Debt Pool	$58.2m
Mirvac AQUA Senior Debt Pool	Includes investments by Mirvac AQUA Income Fund	$53.8m
Mirvac AQUA Construction Debt Pool	Includes investments by Mirvac AQUA High Income Fund	$15.3m
Mirvac AQUA Mezzanine Debt Pool	Includes investments by Mirvac AQUA High Income Fund	$153.2m

1 MGR IS A 50% OWNER OF THE MANAGEMENT ENTITY.

MIRVAC GROUP PROPERTY COMPENDIUM

EXTERNAL FUNDS MANAGEMENT REAL ESTATE DEBT / MANDATES / JOINT VENTURES

QUADRANT REAL ESTATE ADVISORS

FOCUS	FUM ($M)	FUND OWNERSHIP
Wholesale Funds	299.2	N/A2
Mandates	2,840.7

Quadrant Real Estate Advisors, LLC is located in Atlanta, Georgia and provides real estate investment advisory services to institutional investors with current assets under management of approximately A$3.1 billion[1] . Quadrant is a 50/50 joint venture between the senior management of Quadrant and Mirvac.

The management team has been advising institutional investors since the early 1990’s and offers single client accounts and commingled (wholesale) funds across the public and private debt and equity real estate markets.

Quadrant’s strategy is to continue to develop leading edge public and private real estate investment products which provide access to discreet sectors of the United States income producing real estate market. In addition, using the expertise of Quadrant, Australian wholesale investors can expect to be offered access to commingled funds which seek relative value across the four quadrants (public and private, debt and equity) of the US real estate investments universe.

Clients include:

California Public Employees’ Retirement System (CalPERS)
AXA – Equitable Life
TIAA – CREF
Denver Public Schools Retirement System
Minnesota State Board of Investment.

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WHOLESALE FUNDS 8% SEPARATE MANDATES 92%

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COMMERCIAL 35% RETAIL 14% MULTI-FAMILY 19% OTHER 8% INDUSTRIAL 16% HOTELS 8%

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1 AUD/USD EXCHANGE RATE OF 0.8816.
2 MGR IS A 50% OWNER OF THE MANAGEMENT ENTITY.

FUNDS MANAGEMENT 66 / 67

EXTERNAL FUNDS MANAGEMENT INFRASTRUCTURE / WHOLESALE / MANDATES

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FOCUS FUM ($M) NO OF INVESTORS
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Wholesale	222.3	75
Mandates	616.8	6
JF Infrastructure (JFI)	is a 50/50 joint venture between Mirvac and Leighton Holdings Limited (LHL).

JFI brings together Mirvac’s and LHL’s complementary expertise in funds management, infrastructure development, construction and investment respectively.

JFI’s strategy is to use this combined expertise to capture the signifi cant synergies between the property sector and related infrastructure sector, for the benefi t of its investors.

WHOLESALE FUNDS

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WHOLESALE FUND ASSETS GROSS ASSETS
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	– 20.8% equity interest in International Parking Group the benef cial owner
	of nine major hospital car parks in Sydney and Brisbane (including one
	under construction).
	– 33.3% equity interest in BAC Airports Group, which benef cially
	owns Bankstown and Camden Airports in Sydney.
	– 22.4% equity interest in JF Stadium Trusts which are the majority
JF Infrastructure Yield Fund	owners of Telstra Dome, Melbourne.	$88.7m 1
	20,552 hectares of freehold forestry land in Victoria,
Australian Sustainable Forestry Investors	South Australia and Western Australia.
	12,881 hectares of freehold forestry land in Gisborne, New Zealand
New Zealand Sustainable Forestry Investors	stocked with 8,799 hectares of standing radiata pine.	$127.2m
	Holds an equity investment in Australian Sustainable Forestry Investors
JF Infrastructure Sustainable Equity Fund	(assets as above).	$6.4m
TOTAL WHOLESALE FUNDS		$222.3m

MANDATES

MANDATE	ASSETS	GROSS ASSETS
Telstra Dome	Telstra Dome, Melbourne	$354.0m 2
	Leases / Licenses held over nine major hospital car parks
International Parking Group	(including one under construction)	$192.8m
Private clients	Mandates managed on behalf of private clients	$70.0m
TOTAL MANDATES		$616.8m

1 AS AT 31 DECEMBER 2007.

2 LAST INDEPENDENT VALUATION 30 JUNE 2007.

MIRVAC GROUP PROPERTY COMPENDIUM

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20 BOND STREET, SYDNEY NSW
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68 / 69

FUNDS MANAGEMENT

EXTERNAL FUNDS MANAGEMENT

HOTEL MANAGEMENT PORTFOLIO

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STATE NO OF
PROPERTY LOCATION ROOMS OWNERSHIP
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NSW
Quay Grand Suites Sydney	NSW	68	Strata / Management Lot
Quay West Suites Sydney	NSW	110	Strata / Management Lot
The Sebel Pier One Sydney	NSW	160	Managed
Sydney Marriott Hotel	NSW	241	Managed
The Sebel Residence Chatswood	NSW	56	Strata / Management Lot
Citigate Sebel Sydney	NSW	270	Managed
The Sebel Kirkton Park Hunter Valley	NSW	71	Managed
The Sebel Resort & Spa Hawkesbury Valley	NSW	105	Managed
The Sebel Aqualuna Beach Resort Coffs Harbour	NSW	39	Managed / Strata
The Sebel Manly Beach	NSW	83	Strata / Management Lot
Quay West Resort Magenta Shores	NSW	83	Strata / Management Lot
Citigate Central Sydney	NSW	251	Managed
The Sebel Parramatta	NSW	194	Managed
VIC
The Como Melbourne	VIC	107	100% Owned
Quay West Suites Melbourne	VIC	101	Strata / Management Lot
The Sebel Melbourne	VIC	115	Strata / Management Lot
The Sebel Heritage Yarra Valley	VIC	102	Managed / Strata
Citigate Melbourne	VIC	179	Managed
Citigate Albert Park Melbourne	VIC	132	Managed
The Sebel Albert Park Melbourne	VIC	242	Managed
QLD
Quay West Suites Brisbane	QLD	64	Strata / Management Lot
The Sebel Suites Brisbane	QLD	167	Strata / Management Lot
Cairns International Hotel	QLD	321	Managed
The Sebel Maroochydore	QLD	68	Managed / Strata
Sea Temple Resort & Spa Palm Cove	QLD	97	Managed / Strata
The Sebel Reef House Palm Cove	QLD	69	Managed
The Sebel Resort Noosa	QLD	76	Strata / Management Lot
Sea Temple Resort & Spa Port Douglas	QLD	156	Managed / Strata
Citigate King George Square Brisbane	QLD	228	Managed
The Sebel King George Square Brisbane	QLD	210	Managed
The Sebel Cairns Harbour Lights	QLD	107	Strata / Management Lot
WA
Quay West Resort Bunker Bay	WA	150	Strata / Management Lot
The Sebel Residence East Perth	WA	57	100% Owned
Citigate Perth	WA	278	Managed
SA
The Sebel Playford Adelaide	SA	182	Franchise

MIRVAC GROUP PROPERTY COMPENDIUM

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STATE NO OF
PROPERTY LOCATION ROOMS OWNERSHIP
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TAS
The Sebel Launceston	TAS	50	Managed
NZ
Quay West Suites Auckland	NZ	54	Strata / Management Lot
The Sebel Suites Auckland	NZ	126	Strata / Management Lot
The Sebel Trinity Wharf Tauranga	NZ	121	Managed
VANUATU
The Sebel Vanuatu	VAN	74	Managed
TOTAL NUMBER OF ROOMS BY JUNE 2007		5,364

FUTURE HOTEL OPENINGS

PROPERTY NAME STATE LOCATION NO OF ROOMS	PROPERTY NAME STATE LOCATION NO OF ROOMS	PROPERTY NAME STATE LOCATION NO OF ROOMS	OPENING
The Sebel Mandurah	WA	90	2008
The Sebel Newcastle Beach	NSW	80	2009
Quay West Resort Queenstown	NZ	195	2010
The Sebel Leighton Beach Perth	WA	60	2010
TOTAL HOTEL OPENINGS		425

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NSW 32.3% VIC 18.2% QLD 29.1% WA 9.0% SA 3.4% TAS 0.9% NZ 5.6% VAN 1.4%

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STRATA 34.0% MANAGED 59.6% OWNED 3.1% FRANCHISE 3.4%

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FUNDS MANAGEMENT 70 / 71

DEVELOPMENT

$12.1 BILLION

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RESIDENTIAL
DEVELOPMENT
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MIRVAC GROUP PROPERTY COMPENDIUM

> 29,067 LOTS

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MARINER’S PENINSULA, TOWNSVILLE QLD
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DEVELOPMENT 72 / 73

RESIDENTIAL DEVELOPMENT

RESIDENTIAL PIPELINE

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NSW 24% VIC 16% QLD 31% WA 28% SA 1%

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NSW 25% VIC 31% QLD 16% WA 27% SA 2%

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MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL FORECAST REVENUE[1]

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NSW 24% VIC 21% QLD 32% WA 22% SA 1%

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NSW 33% VIC 26% QLD 26% WA 13% SA 2%

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NSW 15% VIC 17% QLD 38% WA 30% SA 0%

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1 REPRESENTS MIRVAC’S SHARE OF DEVELOPMENT REVENUE, EXCLUDING REVENUE ASSOCIATED WITH LOTS NOT HELD ON BALANCE SHEET.

DEVELOPMENT 74 / 75

RESIDENTIAL DEVELOPMENT

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MAGENTA SHORES, NSW
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HOUSES / LAND 65.1% APARTMENTS 34.9%

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HOUSES / LAND 81.9% APARTMENTS 18.1%

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1 REPRESENTS MIRVAC’S SHARE OF DEVELOPMENT REVENUE, EXCLUDING REVENUE ASSOCIATED WITH LOTS NOT HELD ON BALANCE SHEET.

MIRVAC GROUP PROPERTY COMPENDIUM

NEW SOUTH WALES

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DEVELOPMENT 76 / 77

RESIDENTIAL DEVELOPMENT

NEW SOUTH WALES

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PROJECT
ACQUISITION VALUE TOTAL SETTLEMENT DATE [1]
PROPERTY DATE LOCATION (INCL. GST) LOTS RELEASED EXCHANGED SETTLED FROM TO
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NEWINGTON Dec 96 Newington	$389m 598 596 589 524
P1S Zone A – Houses	$66m 108 106 106 106 May 03
P1S Zone B – Houses	$94m 143 143 143 143 Feb 03
P1S Zone C – Houses	$126m 183 183 176 116 Jul 05
Apartments (P1 Zone A and P3)	$103m 164 164 164 159 Mar 05
PACIFIC PLACE Aug 98 Chatswood	$428m 561 561 561 560
Completed Stages (Altura/B2e)	$144m 201 201 201 201 Nov 03
Epica	$170m 228 228 228 228 May 05
Cambridge	$114m 132 132 132 131 Dec 07
ESPERENCE 2003 Randwick	$104m 77 77 65 45
Stage 1	$59m 34 34 34 34 May 05
Stage 2	$13m 11 11 11 11 Nov 06
Stage 2B	$19m 12 12 0 0 Mar 08
Stage 3	$14m 20 20 20 0
THE SELDON Mar 04 Lindf eld	$102m 74 74 65 65 Jun 04
AVENIR Oct 01 Warrawee	$41m 50 50 42 42 Jan 06
LATITUDE Jun 04 Lavender Bay	$187m 117 117 117 117 Jul 06
SAUNDERS WHARF Dec 04 Pyrmont	$75m 33 33 30 30 Sep 06
SPRINGDALE Jun 03 Killara	$86m 60 0 0 0 Nov 07

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

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CONSTRUCTION
CURRENT PRICE RANGE PROJECT PERIOD PROGRESS
FROM / TO (CALENDER YEAR) AS AT 31/12/07 DESCRIPTION OWNERSHIP STRUCTURE
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$430,000 – $750,000	50% Mirvac Limited 50% Lend Lease
mid 2003 – mid 2007 100% Houses
end 2003 – mid 2007 100% Houses
mid 2005 – mid 2009 90% Houses
mid 2003 – mid 2009 100% Apartments
$395,000 – $2.0m	100% Mirvac Limited
$395,000 – $720,000 mid 2004 – early 2005 100% High rise apartment building
$420,000 – $2.0m mid 2003 – mid 2005 100% High rise apartment building
$430,000 – $1.4m mid 2006 – end 2008 100% High rise apartment building
$1.1m – $1.9m	100% Mirvac Limited
end 2003 – early 2006 100% Luxury homes and terraces
end 2004 – mid 2006 100% Luxury homes and terraces
end 2006 – end 2008 0% Luxury homes and terraces
end 2007 – end 2008 100% The land is under contract for sale
$775,000 – $2.2m mid 2004 – mid 2008 100% Spacious apartments designed for empty nesters	100% Mirvac Limited
$525,000 – $1.3m 2004 – 2008 100% Spacious apartments designed for empty nesters	100% Mirvac Limited
$460,000 – $5.0m 2005 – 2007 100% High rise apartment building	100% Mirvac Limited
$1.9m – $4.2m 2004 – 2008 100% Luxury waterfront apartments designed for owner-occupiers	100% Mirvac Limited
$1.2m – $1.5m 2006 – 2009 99% Spacious apartments designed for empty nesters	100% Mirvac Limited

DEVELOPMENT 78 / 79

RESIDENTIAL DEVELOPMENT

NEW SOUTH WALES

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MAGENTA SHORES	Oct 01	North Entrance	$130m	112	112	112	112
Villas – Stage 1			$60m	76	76	76	76	Dec 06	Sep07
Houses – Stage 1 & 1A			$46m	32	32	32	32	Nov 06	Dec 07
Beach Houses – Stage 9			$23m	4	4	4	4	Mar 07	Nov 07
MAGENTA SHORES
AUSTRALIANSUPER
MANDATE	Jun 07	North Entrance	$423m	414	66	16	13
Villas – Stage 2			$50m	69	0	0	0	Dec 08	Aug09
Houses Stage 2			$54m	44	44	4	1	Nov 07	Jun 09
Houses Stage 3			$31m	26	0	0	0	Jan 09	May09
Houses Stage 4			$63m	55	0	0	0	May 09	Jan 10
Houses Stage 5			$53m	45	0	0	0	Jan 10	Aug10
Houses Stage 6			$50m	44	0	0	0	Aug 10	Apr 11
Houses Stage 7			$93m	81	0	0	0	Mar 11	Jun 12
Houses Stage 8			$21m	28	0	0	0	Aug 08	Jun 09
Villas Stage 1			$2m	6	6	5	5	Dec 06	Dec 07
Houses Stage 1 + 1A			$4m	10	10	5	5	Nov 06	Jun 08
Beach Houses (stage 9)			$2m	6	6	2	2	Mar 07	Jun 08
ENDEAVOUR HOUSE	Apr 03	Coogee	$200m	127	0	0	0	Sep 08	May12
NEWCASTLE HOSPITAL	Jun 07	Newcastle	$345m	321	0	0	0
Stage 1A			$90m	72	0	0	0	Dec 09	–
Stage 1B			$89m	75	0	0	0	Jul 10	–
Stage 1C			$141m	127	0	0	0	Feb 12	–
Stage 2			$26m	47	0	0	0	Jan 14	–
RHODES WATERSIDE
MWRDP	Jan 07	Rhodes	$492m	825	252	168	0
Stage 4 Karee			$127m	220	0	0	0	Jan 11	–
Stage 5 Alkira			$83m	145	0	0	0	Nov 10	–
Stage 6 Tandara			$97m	157	157	86	0	Jul 08	–
Stage 7 Adina			$54m	95	95	82	0	Apr 08	–
Stage 8 Elinya			$57m	97	0	0	0	Dec 09	–
Stage 9 Kiewa			$73m	111	0	0	0	Dec 09	–

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

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$590,000 – $3.4m	2004 – 2007			100% Mirvac Limited
$590,000 – $3.4m	mid 2005 – mid 2007	100%	76 Villas
$950,000 – $1.6m	mid 2005 – mid 2007	100%	32 golf front homes
$2.2m – $3.4m	mid 2005 – mid 2007	100%	4 beach front homes
				50% Mirvac Limited
$590,000 – $3.4m	2005 – 2011			50% AustralianSuper
$590,000 – $910,000	end 2006 – mid 2009	10%	69 Villas
$960,000 – $1.6m	end 2006 – mid 2009	100%	Golf front homes
$960,000 – $1.6m	early 2008 – mid 2009	0%	Golf front homes
$960,000 – $1.6m	mid 2008 – early 2010	0%	Golf front homes
$960,000 – $1.6m	early 2009 – mid 2010	0%	Golf front homes
$960,000 – $1.6m	end 2009 – early 2011	0%	Golf front homes
$960,000 – $1.6m	mid 2010 – mid 2012	0%	Golf front homes
$1.9m – $2.5m	mid 2007 – mid 2009	5%	Golf front homes
$590,000 – $3.4m	mid 2005 – end 2007	100%	6 Villas
$950,000 – $1.6m	mid 2005 – mid 2008	100%	10 Golf front homes
$2.2m – $3.4m	mid 2005 – mid 2008	100%	6 Beach front homes
$1.1m – $2.0m	mid 2008 – mid 2012	0%	Houses	100% Mirvac Limited
				100% Mirvac Limited
$500,000 – $1.7m	end 2009 – early 2010	5%	72 Apartments
$330,000 – $1.6m	mid 2010 – end 2010	20%	75 Apartments
$500,000 – $1.6m	early 2012 – end 2012	1%	127 Apartments
$270,000 – $590,000	end 2013 – early 2014	0%	47 Apartments
				100% MWRDP
			Mirvac Wholesale Residential Development Partnership	(Mirvac Limited 20% equity interest)
$380,000 – $945,000	end 2006 – end 2012	0%	220 Apartments
$3.2m – $9.5m	end 2006 – mid 2012	15%	145 Apartments
$395,000 – $1.2m	end 2006 – end 2008	50%	157 Apartments
$380,000 – $920,000	end 2006 – mid 2008	50%	95 Apartments
$350,000 – $1.0m	end 2006 – end 2009	0%	97 Apartments
$420,000 – $945,000	end 2006 – end 2009	0%	111 Apartments

80 / 81

DEVELOPMENT

RESIDENTIAL DEVELOPMENT

NEW SOUTH WALES / HOMES

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PANORAMA	Jun 01	Glenf eld	$272m	683	128	88	81
Stage 1			$118m	281	128	88	81	Dec 05	Apr 11
Stage 2			$72m	199	0	0	0	Jun 10	Nov 12
Stage 3			$75m	184	0	0	0	Jun 12	Jul 14
Stage 4			$3m	11	0	0	0	Jul 08	Apr 09
Display Village			$4m	8	0	0	0	Jan 08	Oct 08
ROSEVALE	Jun 01	Bowral	$14m	27	27	27	27	Apr 05	Aug07
NEWBURY ESTATE	Dec 99	Stanhope	$341m	1,708	1,471	1,432	1,340
Stage 1			$45m	240	234	234	231	Jun 02	Jun 09
Stage 2			$71m	380	376	376	376	Sep 02	May08
Stage 3			$39m	196	185	185	183	Jun 04	Aug08
Stage 4			$48m	242	229	228	226	Feb 04	Oct 08
Stage 5			$40m	237	204	197	188	Jun 04	Jan 09
Stage 6			$32m	169	144	123	91	Jan 06	Jan 09
Stage 7			$55m	242	97	87	43	Sep 06	Jun 09
School Sites			$10m	2	2	2	2	Jun 06	Nov 09
SOMERSBY	Dec 03	Acacia Gardens	$47m	117	104	82	64
Stage 1			$10m	26	26	26	26	Jun 06	May07
Stage 2			$10m	27	27	27	26	Oct 06	Jun 08
Stage 3			$11m	30	30	22	11	Jul 07	Jun 08
Stage 4			$7m	17	17	6	0	Jan 08	Jun 08
Stage 5			$6m	16	3	0	0	Mar 08	Oct 08
Reserve			$3m	1	1	1	1	Mar 06

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

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				Mix of integrated lifestyle & retail lots, ranging
				from attached terraces to 800 sqm lots	100% Mirvac Limited
$250,000	– $510,000	mid 2001 – mid 2011	60%
$250,000	– $435,000	mid 2001 – end 2012	0%
$250,000	– $480,000	mid 2008 – early 2014	0%
$250,000	– $250,000	mid 2007 – mid 2009	0%
$435,000	– $575,000	mid 2007 – end 2008	65%
$525,000	– $570,000	mid 2001 – mid 2007	100%	Single storey, three bedroom product	100% Mirvac Limited
				Mix of integrated lifestyle and retail lots,
				ranging from attached terraces to 700 sqm lots	PDA with Landcom
$250,000	– $520,000	mid 2000 – mid 2009	100%
$250,000	– $520,000	mid 2000 – mid 2009	98%
$250,000	– $520,000	mid 2000 – mid 2009	94%
$250,000	– $520,000	mid 2000 – mid 2009	95%
$250,000	– $520,000	mid 2000 – mid 2009	90%
$250,000	– $520,000	mid 2000 – mid 2009	81%
$250,000	– $520,000	mid 2000 – mid 2009	40%
		mid 2000 – mid 2009	100%
				Life style estate comprising attached 150 sqm product
				and detached 180 sqm four bedroom product	100% Mirvac Limited
$379,000	– $460,000	early 2004 – mid 2006	100%
$395,000	– $460,000	early 2004 – end 2006	100%
$395,000	– $460,000	early 2004 – mid 2007	100%
$359,000	– $405,000	early 2004 – end 2008	60%
$359,000	– $410,000	early 2004 – end 2008	10%
		early 2004 – mid 2006	100%

DEVELOPMENT 82 / 83

RESIDENTIAL DEVELOPMENT

NEW SOUTH WALES / HOMES

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EDGEWOOD	Apr 03	Woodcroft	$119m	388	265	167	153
Stage 1			$25m	79	79	69	68	Feb 06	Jun 08
Stage 2			$5m	16	16	4	2	Sep 06	Sep08
Stage 3			$20m	74	74	24	14	Nov 06	Nov 08
Stage 4			$19m	73	0	0	0	Jul 07	Nov 09
Stage 5			$51m	146	96	70	69	Jan 07	Nov 10
AUBURN	Jun 02	Auburn	$124m	263	65	48	42	Feb 07	May10
ARNOLD AVE	Jun 02	Kellyville	$5m	1	0	0	0	Dec 09
NORTHBROOK	Jul 03	Hammondville	$41m	106	106	106	106
Stage 1			$15m	41	41	41	41	Jun 06	Jun 07
Stage 2			$11m	31	31	31	31	Jun 06	Jun 07
Stage 3			$14m	34	34	34	34	Jul 07	Nov 07
MORNINGTON	Feb 03	Holsworthy	$98m	255	255	228	193
Stage 1			$23m	61	61	61	61	Feb 06	Jun 07
Stage 2			$28m	75	75	75	75	Feb 06	Jun 07
Stage 3			$21m	58	58	58	57	Aug 07	Jun 08
Stage 4			$26m	61	61	34	0	Jan 08	Jun 08
CASTLE HILL	Jun 02	Castle Hill	$49m	63	23	14	10	Aug 07	Jun 10
RIVERSTONE	Sep 03	Riverstone	$65m	202	0	0	0	Nov 08	Aug11
SPRING FARM –
AUSTRALIANSUPER	Jun 06	Spring Farm	$146m	458	53	18	14	May 07	Nov 11
WARRIEWOOD
STAGE A – SECTOR 8	Apr 03	Warriewood	$19m	26	0	0	0	Jul 08	Jul 10
WARRIEWOOD
STAGE B – SECTOR 101 + 3 Jul 03		Warriewood	$59m	84	0	0	0	Jan 09	Aug11

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

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			Mix of integrated and retail lots	PDA with CSR Limited
$250,000 – $285,000	early 2005 – end 2007	100%
$245,000 – $245,000	early 2005 – mid 2008	100%
$250,000 – $250,000	early 2005 – mid 2008	100%
$250,000 – $250,000	early 2005 – mid 2009	60%
$320,000 – $340,000	early 2005 – mid 2010	65%
$280,000 – $600,000	end 2003 – mid 2010	28%	3 Bedroom product	100% Mirvac Limited
$4.5m – $4.5m	mid 2002 – end 2009	100%	1 x lot – sale of school site	100% Mirvac Limited
			Lifestyle estate comprising detached homes	100% Mirvac Limited
$350,000 – $380,000	end 2003 – mid 2007	100%
$350,000 – $380,000	end 2003 – mid 2007	100%
$350,000 – $380,000	end 2003 – end 2007	100%
			Lifestyle estate comprising detached homes	100% Mirvac Limited
$365,000 – $390,000	mid 2003 – early 2007	100%
$365,000 – $390,000	mid 2003 – early 2007	100%
$380,000 – $405,000	mid 2003 – mid 2008	100%	Mix of integrated lots and duplex housing
$390,000 – $415,000	mid 2003 – mid 2008	40%	Mix of integrated lots and duplex housing
$695,000 – $845,000	mid 2002 – mid 2010	37%	Lifestyle estate comprising detached homes	100% Mirvac Limited
$295,000 – $295,000	mid 2003 – mid 2011	0%	Retail lots	100% Mirvac Limited
				20% Mirvac Limited
$248,000 – $415,000	mid 2006 – end 2011	11%	Lifestyle estate comprising detached homes	80% AustralianSuper
$675,000 – $750,000	mid 2003 – mid 2010	4%	Detached homes from 160 sqm to 200 sqm	100% Mirvac Limited
$695,000 –$765,000	mid 2003 – mid 2011	2%	Detached homes from 160 sqm to 200 sqm	100% Mirvac Limited

DEVELOPMENT 84 / 85

RESIDENTIAL DEVELOPMENT

NEW SOUTH WALES / HOMES

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LEUMEAH	Jul 05	Leumeah	$10m	27	0	0	0	Feb 09	Sep09
LEUMEAH	Jul 05	Leumeah	$23m	65	0	0	0	Jun 08	Dec 09
SHELLHARBOUR	Jul 05	Shellharbour	$14m	42	42	42	41	Feb 07	Jan 08
GILLIESTON	Jul 06	Gillieston	$72m	401	1	1	0
Stage 1 – Display Village			$6m	9	0	0	0	Dec 12	Apr 13
Stage 2 – Land			$66m	392	1	1	0	Mar 08	Jul 13
DENBIGH	Dec 06	Cobbitty	$162m	830	0	0	0
Stage 1			$51m	260	0	0	0	Nov 08	Jan 15
Stage 2			$48m	230	0	0	0	Nov 08	Jan 15
Stage 3			$63m	340	0	0	0	Nov 08	Jan 15
MOUNT ANNAN	Apr 07	Mount Annan	$5m	17	0	0	0	Jul 08	Apr 09
BURNS ROAD	Nov 02	Wahroonga	$26m	17	0	0	0	Dec 08	May09
SPRING FARM JV	May 01	Spring Farm	$9m	20	0	0	0	Nov 09	Dec 09
SPRING FARM
DISPLAY VILLAGE	Jun 07	Spring Farm	$6m	14	0	0	0	Aug 07	Oct 11
NELSONS BAY	Jul 07	Nelsons Bay	$7m	19	0	0	0	Jul 08	Dec 08
MIDDLETON GRANGE	Sep 07	Middleton	$323m	1,281	0	0	0
The Grange			$169m	681	0	0	0	Oct 08	Jan 11
South Cecil Hills			$154m	600	0	0	0	Jul 10	Oct 12
FLETCHER	Dec 07	Fletcher	$52m	257	0	0	0	Jul 08	Jan 12

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

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$325,000 – $390,000	mid 2005 – mid 2009	1%	Attached and detached homes	100% Mirvac Limited
$325,000 – $390,000	mid 2006 – end 2009	1%	Attached and detached homes	PDA with Lombardo
$180,000 – $420,000	mid 2005 – end 2007	100%	Detached homes from 160 sqm to 200 sqm	PDA with Landcom
			Retail lots with contract housing	100% Mirvac Limited
$390,000 – $450,000	mid 2007 – early 2014	25%
$140,000 – $300,000	early 2008 – mid 2013	25%
		0%	Retail lots ranging from 450 to 1000sqm	PDA with McIntosh Bros Pty Ltd
$260,000 – $400,000	end 06 – mid 2015
$260,000 – $400,000	end 06 – mid 2015
$260,000 – $400,000	end 06 – mid 2015
$300,000 – $300,000	mid 2007 – mid 2009	0%	Detached 120sqm homes	PDA with Landcom
$1.4m – $2.1m	end 2002 – end 2008	0%	Detached homes including one heritage house	100% Mirvac Limited
				50% Mirvac Limited
$260,000 – $365,000	mid 2001 – mid 2009	0%	Retail lots	50 % Cornish Group
$350,000 – $470,000	mid 2007 – end 2011	37%	Detached display homes	100% Mirvac Limited
$385,000 – $385,000	mid 2007 – end 2008	5%	Detached 130 – 145sqm homes	100% Mirvac Limited
				PDA with Landcom
$130,000 – $350,000	end 2007 – end 2008	0%	Retail lots from 300sqm to 650sqm
$130,000 – $350,000	end 2007 – end 2008	0%	Retail lots from 300sqm to 650sqm
$180,000 – $220,000	end 2007 – Jan 2012	0%	Retail lots with contract housing	PDA with Kingston Fletcher Pty Ltd

DEVELOPMENT 86 / 87

RESIDENTIAL DEVELOPMENT

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SANCTUARY ON MOGGILL, QLD
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HOUSES / LAND 37.2% HOUSES / LAND 67.8%
APARTMENTS 62.8% APARTMENTS 32.2%
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1 REPRESENTS MIRVAC’S SHARE OF DEVELOPMENT REVENUE, EXCLUDING REVENUE ASSOCIATED WITH LOTS NOT HELD ON BALANCE SHEET.

MIRVAC GROUP PROPERTY COMPENDIUM

QUEENSLAND

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88 / 89

DEVELOPMENT

RESIDENTIAL DEVELOPMENT

QUEENSLAND

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PARK HILL VILLAGE Nov 00 Murarrie $111m 281 281 281 279
Stage 1 $5m 15 15 15 15	Feb 02
Stage 2 $13m 41 41 41 41	Feb 03
Stage 3 $21m 42 42 42 42	Jun 03
Stage 4 $17m 51 51 51 51	Nov 03
Stage 5 $16m 38 38 38 38	Mar 06
Stage 6 $34m 79 79 79 77	Jun 06
Stage 7 $4m 15 15 15 15	Nov 06
WATERLINE Jul 02 Bulimba $130m 141 141 138 134
Stage 1 $63m 66 66 66 66	Sep 04
Stage 2 $56m 56 56 53 49	Mar 06
Stage 3 $10m 18 18 18 18	Oct 05
Stage 4 $573,000 1 1 1 1	Jul 05
MOSSVALE ON MANLY Mar 01 Wakerley $172m 326 322 315 294
Stage 1 $30m 68 67 67 67	Jun 03
Stage 2 $31m 60 59 59 59	Nov 04
Stage 3 $22m 44 44 41 38	Aug 05
Stage 5 $46m 82 80 76 59	Feb 07
Stage 6 $11m 46 46 46 46	Oct 04
Stage 7 $6m 20 20 20 19	May 06
Stage 8 $5m 1 1 1 1	Jun 06
Stage 12 $700,000 1 1 1 1	Jun 05
MOSSVALE ON MANLY MWRDP $112m 183 0 0 0
Stage 9 $90m 144 0 0 0	May 09
Stage 10 $22m 39 0 0 0	Jun 08
EPHRAIM ISLAND Nov 01 Paradise Point $554m 384 350 286 272
Stage 1 $140m 136 135 135 135	Jun 05
Stage 2 $153m 94 94 84 84	Apr 06
Stage 3 $137m 85 85 55 53	Dec 06
Stage 4 $32m 7 1 1 0	Sep 09
Stage 4b $91m 62 35 11 0	Jan 09

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

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				PDA with Cannon Hill Development
$280,000 – $355,000	end 2000 – mid 2003	100%	Small lot houses
$250,000 – $450,000	end 2001 – end 2003	100%	Townhouses
$400,000 – $620,000	mid 2002 – early 2006	100%	Small lot houses
$280,000 – $415,000	mid 2002 – mid 2004	100%	Townhouses
$378,000– $498,000	mid 2004 – end 2006	100%	Townhouses
$215,000 – $710,000	early 2005 – early 2008	100%	Vacant land and small lot houses
$275,000 – $350,000	mid 2006 – end 2007	100%	Vacant land
				PDA with Roche Group
$680,000 – $3m	mid 2002 – mid 2007	100%	Detached houses and riverfront houses
$749,000 – $1.7m	mid 2002 – mid 2008	100%	Detached houses and riverfront vacant land
$500,000 – $695,000	end 2002 – end 2006	100%	Apartments
$575,000 – $575,000	mid 2002 – mid 2002	100%	Vacant land
				100% Mirvac Limited
$525,000 – $675,000	mid 2002 – mid 2011	100%	Detached spec houses & village / sales off ce
$580,000 – $625,000	mid 2003 – mid 2008	100%	Detached spec houses
$570,000 – $730,000	mid 2004 – mid 2008	90%	Detached spec houses and vacant land
$515,000 – $680,000	end 2005 – mid 2008	75%	Detached spec and contract homes
$200,000 – $275,000	mid 2004 – early 2006	100%	Vacant land
$205,000 – $665,000	end 2005 – early 2008	100%	Detached spec houses and vacant land
$4.5m – $4.5m	mid 2006 – mid 2007	100%	Vacant land
$700,000 – $700,000	mid 2005 – mid 2005	100%	Vacant land
				100% MWRDP
			Mirvac Wholesale Residential Development Partnership	(Mirvac Limited 20% equity interest)
$540,000 – $560,000	mid 2007 – mid 2012	0%	Detached spec houses
$620,000 – $690,000	mid 2008 – early 2009	0%	Detached spec houses
				50% Mirvac Limited
				50% Lewis Land Group of
				Companies
$1.2m – $1.2m	mid 2003 – mid 2007	100%	Apartments and marina berths
$2.1m – $2.6m	mid 2004 – end 2009	100%	Apartments, villas and marina berths
$720,000 – $5.0m	mid 2005 – mid 2008	100%	Apartments, houses and marina berths
$4.5m – $4.5m	mid 2005 – mid 2010	0%	Houses and marina berths
$745,000 – $4.7m	mid 2005 – end 2009	90%	Apartments and marina berths

90 / 91

DEVELOPMENT

RESIDENTIAL DEVELOPMENT

QUEENSLAND

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THE SANCTUARY
ON MOGGILL	Sep 04	Moggill	$126m	359	115	81	67
Stage 1			$40m	120	115	81	67	Jun 07	Jan 10
Stage 2			$42m	112	0	0	0	Feb 10	Apr 12
Stage 3			$26m	68	0	0	0	May 12	Sep13
Stage 4			$18m	59	0	0	0	Jul 08	Feb 10
NEWSTEAD RIVER PARK	Jul 01	Newstead	$1bn	631	0	0	0	Jun 10	Jun 14
TENNYSON RIVERSIDE
DEVELOPMENT	Aug 05	Tennyson	$574m	393	207	126	0
Softstone & Lushington			$191m	115	115	115	0	Apr 09	Jul 09
Farringford			$126m	92	92	11	0	Sep 09	Jan 10
Pamphlett			$109m	82	0	0	0	Jul 10	Nov 10
Parsons			$96m	67	0	0	0	Jul 11	Nov 11
Somersby			$53m	37	0	0	0	Jul 11	Nov 11
BROOKWATER	May 06	Springf eld	$129m	202	0	0	0	Dec 08	Oct 11
MARINER’S PENINSULA	Jun 06	Townsville	$141m	101	0	0	0	Feb 09	May11
MARINER’S PENINSULA
MWRDP	Jun 06	Townsville	$89m	101	100	97	0	Apr 09	May09
GAINSBOROUGH
GREENS	Oct 06	Pimpama	$1.1bn	2,264	0	0	0	Aug 09	Oct 16
HOPE ISLAND	Jan 07	Hope Island	$135m	223	21	20	13
Entitlements			$2m	43	0	0	0	Dec 08
Golf Maintenance			$8m	1	1	1	1	Dec 07
Harbour Village			$109m	153	0	0	0	Apr 09	Mar 12
Neighbourhood 7 South			$5m	6	0	0	0	Jan 09	Apr 09
Remaining Stock			$11m	20	20	19	12	Jan 07	May08
HOPE ISLAND
MWRDP			$31m	59	58	34	0
Magnolia New			$3m	6	6	1	0	Jan 08	Feb 08
7th Fairway			$14m	37	36	23	0	Jan 08	Jun 08
The Links			$14m	16	16	10	0	Mar 08	Aug08

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

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				100% Mirvac Limited
$250,000 – $562,000	mid 2003 – early 2010	96%	Detached spec houses, contract homes and vacant land
$230,000 – $260,000	early 2010 – mid 2012	0%	Contract homes and vacant land
$240,000 – $300,000	mid 2012 – early 2014	0%	Contract homes and vacant land
$225,000 – $540,000	mid 2008 – mid 2010	0%	Detached spec houses, contract homes and vacant land
$800,000 – $6.0m	mid 2001 – early 2015	5%	Apartments	100% Mirvac Limited
			Apartments and state tennis centre	100% Mirvac Limited
$940,000 – $4.9m	Aug 05 – Jul 09	5%
$805,000 – $4.9m	Aug 05 – Jan 10	0%
$695,000 – $3.2m	Aug 05 – Nov 10	0%
$885,000 – $3.3m	Aug 05 – Nov 11	0%
$885,000 – $3.3m	Aug 05 – Nov 11	0%
$425,000 – $890,000	mid 2006 – end 2011	0%	Houses, townhouses	100% Mirvac Limited
$655,000 – $2.3m	mid 2006 – mid 2011	5%	Apartments / houses	100% Mirvac Limited
				100% MWRDP
$610,000 – $2.5m	mid 2006 – mid 2009	5%	Apartments	(Mirvac Limited 20% equity interest)
				50% Mirvac Limited
$260,000 – $1.1m	end 2006 – end 2016	0%	Houses, townhouses, vacant land	50% City Pacif c Pty Ltd
				100% Mirvac Limited
$50,000 – $50,000	Jan 07 – Jun 08	100%
$7.5m	Jan 07 – Dec 07	100%	Vacant land
$620,000 – $1.5m	Jan 07 – Apr 12	0%	Apartments and marina berths
$900,000	Jan 07 – Mar 09	0%	Land
$240,000 – $820,000	Jan 07 – Jun 08	100%	Vacant land
				100% MWRDP
			Mirvac Wholesale Residential Development Partnership	(Mirvac Limited 20% equity interest)
$515,000 – $530,000	Jan 07 – Feb 08	100%	Vacant land
$275,000 – $580,000	Jan 07 – Jun 08	100%	Golf course vacant land
$825,000 – $895,000	Jan 07 – Aug 08	100%	Apartments

92 / 93

DEVELOPMENT

RESIDENTIAL DEVELOPMENT

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YARRA’S EDGE, DOCKLANDS VIC
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HOUSES / LAND 57.8% APARTMENTS 42.2%

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HOUSES / LAND 89.7% APARTMENTS 10.3%

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1 REPRESENTS MIRVAC’S SHARE OF DEVELOPMENT REVENUE, EXCLUDING REVENUE ASSOCIATED WITH LOTS NOT HELD ON BALANCE SHEET.

MIRVAC GROUP PROPERTY COMPENDIUM

VICTORIA

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94 / 95

DEVELOPMENT

RESIDENTIAL DEVELOPMENT

VICTORIA

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WAVERLEY PARK	Dec 01	Mulgrave	$627m	1,242	625	610	498
Stage 1			$68m	135	135	135	135	Nov 03	Mar 07
Stage 2			$60m	134	134	134	134	Oct 04	Mar 07
Stage 3			$28m	60	60	60	60	Nov 05	Sep07
Stage 4			$44m	141	139	139	128	Jan 06	Mar 08
Stage 11			$89m	157	103	98	41	Sep 06	Jun 09
Stage 7			$57m	128	54	44	0	Nov 07	Sep10
Future stages			$281m	487	0	0	0	Various	Nov 12
ABINGDON	Dec 02	Canterbury	$57m	64	64	64	62	Dec 05	Jan 08
LORNE CHALET	Mar 03	Lorne	$35m	42	42	32	32	Oct 06	Apr 09
YARRA’S EDGE	Various	Docklands	$1.6bn	1,918	936	863	830
Completed stages	Nov 99		$173m	326	326	326	326	N/A	N/A
T4	Nov 00		$90m	109	109	109	109	Nov 03	Feb 08
T3	Jun 00		$108m	134	134	134	134	Feb 04	Mar 07
T5	Mar 02		$198m	191	191	186	182	Apr 05	Dec 08
Marina	N/A		$21m	149	149	81	79	Jan 05	Dec 11
Park Precinct	Jun 08		$544m	491	0	0	0	Jul 11	Nov 15
River Precinct Lowrise2	N/A		$187m	109	27	27	0	May 09	Aug11
River Precinct Highrise	Aug 143		$328m	409	0	0	0	Jul 16	Jun 20
THE COAST @ THE SANDS	N/A	Torquay	$59m	126	126	91	91	Jun 05	Dec 08
HAWTHORN	Mar 04	Hawthorn	$14m	1	1	1	1	Dec 07	Dec 07
BRIDGE INN ROAD	Feb 07	Doreen	$59m	360	0	0	0	Oct 08	Oct 12
WATERWAYS BRAESIDE
MWRDP	Apr 06	Braeside	$72m	145	25	18	0	Jul 08	Dec 09
ROCKBANK	Nov 06	Rockbank	$970m	6,500	0	0	0	Jul 12	Jun 32
PICKLES STREET	Jul 07	Port Melb	$66m	47	0	0	0	Sep 09	May10

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

2 INCLUDES 27 MARINA BERTHS.

3 OPTION TO PURCHASE.

MIRVAC GROUP PROPERTY COMPENDIUM

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				100% Mirvac Limited
$400,000 – $625,000	mid 2002 – mid 2007	100%	Housing
$350,000 – $620,000	mid 2003 – mid 2007	100%	Housing
$350,000 – $600,000	end 2005 – mid 2007	100%	Housing
$245,000 – $575,000	mid 2004 – early 2008	100%	Housing and land
$350,000 – $720,000	mid 2005 – mid 2009	40%	Housing
$350,000 – $650,000	mid 2006 – mid 2010	10%	Housing
$350,000 – $800,000	mid 2007 – mid 2013	0%	Housing and apartments
$520,000 – $1.7m	early 2003 – early 2008	100%	Luxury apartments for empty nesters	100% Mirvac Limited
$400,000 – $1.5m	mid 2003 – mid 2008	100%	Apartments in coastal holiday town	100% Mirvac Limited
				100% Mirvac Limited
$300,000 – $1.6m	end 1999 – mid 2003	100%	Luxury high rise apartment tower
$480,000 – $1.5m	end 2000 – early 2008	100%	Luxury high rise apartment tower
$345,000 – $1.5m	mid 2000 – mid 2008	100%	Luxury high rise apartment tower
$475,000 – $3.5m	mid 2002 – mid 2008	100%	Luxury high rise apartment tower
$120,000 – $225,000	mid 2004 – end 2011	100%	Marina berths for boats
$500,000 – $3.0m	early 2008 – end 2008	0%	Luxury high rise apartment towers
$800,000 – $4.9m	early 2007 – end 2015	10%	Luxury housing and terrace development
$500,000 – $2.0m	mid 2013 – mid 2020	0%	Luxury high rise apartment towers
				PDA with Goldenwood Pty
$350,000 – $560,000	early 2004 – end 2008	100%	Housing development adjacent to golf course	Limited / Handbury
$14m	early 2004 – late 2007	100%		100% Mirvac Limited
$140,000 – $180,000	end 2005 – late 2012	20%	Housing subdivisional land	100% Mirvac Limited
				100% MWRDP
				(Mirvac Limited 20% equity
$400,000 – $650,000	mid 2006 – end 2009	17%	Housing project – MWRDP	interest)
				50% Mirvac Limited
$100,000 – $200,000	end 2006 – mid 2032	0%	Greenf elds subdivisional site in outer west growth corridor	50% Jayaland Corporation
$1.0m – $1.9m	mid 2008 – mid 2010	0%	Inner city townhouse development	100% Mirvac Limited

DEVELOPMENT 96 / 97

RESIDENTIAL DEVELOPMENT

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THE PENINSULA, BURSWOOD, WA
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HOUSES / LAND 26.8% APARTMENTS 73.2%

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HOUSES / LAND 79.6% APARTMENTS 20.4%

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1 REPRESENTS MIRVAC’S SHARE OF DEVELOPMENT REVENUE, EXCLUDING REVENUE ASSOCIATED WITH LOTS NOT HELD ON BALANCE SHEET.

MIRVAC GROUP PROPERTY COMPENDIUM

WESTERN AUSTRALIA

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98 / 99

DEVELOPMENT

RESIDENTIAL DEVELOPMENT

WESTERN AUSTRALIA

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QUAY WEST RESORT
BUNKER BAY	Nov 01	Margaret River	$61m	153	153	153	145	Jun 04	Feb 08
MINDARIE KEYS	Jan 96	Mindarie	$291m	1,541	1,514	1,514	1,513	Jun 03	Dec 08
THE PENINSULA	Feb 03	Burswood	$169m	219	219	219	219
Allegro – Tower 1			$63m	85	85	85	85	Jun 06	Apr 07
Axis – Tower 2			$66m	87	87	87	87	Apr 07
Lot 4			$5m	6	6	6	6	Mar 07	Apr 07
Lot 5			$10m	13	13	13	13	Apr 06	Jun 06
Lots 6 & 7			$23m	25	25	25	25	Jul 05	Mar 06
Lot 8A			$2m	3	3	3	3	Jun 06
THE PENINSULA
AUSTRALIANSUPER
MANDATE	Feb 03	Burswood	$888m	705	320	314	37
Allegro – Tower 1			$1m	2	1	0	0	Dec 08	Jul 09
Axis – Tower 2			$27m	29	27	27	27	May 07	Mar 11
Aqua – Tower 3			$83m	89	85	80	0	Jun 08	Nov 08
Aurora – Tower 4			$162m	133	93	93	0	Feb 10	Jul 10
Tower 5			$85m	64	42	42	0	Jun 10	Nov 10
The Fairway Stage 1 (Lot 23)			$45m	27	26	26	0	May 08	May08
The Fairway Stage 2 (Lot 24)			$49m	29	29	29	0	Aug 08	Sep08
Lot 4			$1m	1	1	1	1	May 07
Lot 8B			$8m	8	8	8	8	Jul 08	Aug08
Lot 8C			$5m	6	0	0	0	Oct 09	Nov 09
Lot 14			$11m	7	7	7	0	Aug 08	Sep08
Lot 15			$8m	8	0	0	0	Nov 09	Dec 09
Lot 18			$8m	6	0	0	0	Mar 09	Apr 09
Lots 9 & 25			$22m	1	1	1	1	Jun 07	Jun 07
Future stages			$374m	295	0	0	0	Various
MEADOW SPRINGS
LAND	Aug 03	Mandurah	$132m	1,560	1,555	1,555	1,555	Mar 04	Nov 09
SEASCAPES
TOWN CENTRE	Aug 03	Mandurah	$286m	291	0	0	0
Apartments			$139m	131	0	0	0	Nov 09	Dec 11
Housing			$147m	160	0	0	0	Jul 08	Apr 11

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

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				PDA with
$280,000 – $825,000	mid 2002 – early 2008	100%	Hotel at Bunker Bay near Dunsborough	Bunker Bay Developments Pty Ltd
$305,000 – $2m	mid 1996 – mid 2008	96%	Land subdivision north of Perth	15% JV
	2002 – 2007	100%	Apartments and luxury homes.	100% Mirvac Limited
$385,000 – $2.3m	early 2003 – late 2006	100%	First apartment building at The Peninsula
$475,000 – $2.3m	mid 2003 – mid 2007	100%	Second apartment building at The Peninsula
$690,000 – $1.1m	end 2003 – mid 2007	100%	Luxury housing
$690,000 – $1.1m	end 2006 – mid 2006	100%	Luxury housing
$690,000 – $1.1m	early 2003 – early 2006	100%	Luxury housing
$690,000 – $1.1m	end 2003 – mid 2006	100%	Luxury housing
	2002 – 2015			50% Mirvac Limited
$450,000 – $750,000	early 2003 – mid 2010	100%	Remaining commercial units
$475,000 – $2.3m	end 2004 – mid 2011	100%	Second apartment building at The Peninsula
$530,000 – $3.5m	mid 2005 – end 2008	74%	Third apartment building at The Peninsula
$850,000 – $2.5m	mid 2006 – end 2010	23%	Fourth apartment building at The Peninsula
$750,000 – $3.3m	early 2007 – mid 2010	17%	Fifth apartment building at The Peninsula
$1.5m – $4.0m	mid 2005 – mid 2008	70%	Golf course low rise apartments
$1.1m – $2.7m	mid 2006 – end 2008	48%	Golf course low rise apartments
$950,000	end 2003 – mid 2007	100%	Luxury housing
$690,000 – $1.1m	early 2005 – end 2007	100%	Luxury housing
$690,000 – $1.1m	early 2008 – end 2009	14%	Luxury housing
$1.4m – $1.6m	end 2006 – end 2008	48%	Midrise apartments
$690,000 – $1.1m	early 2008 – early 2010	0%	Luxury housing
$1.0m – $1.2m	early 2007 – early 2009	20%	Mid rise apartments
$13.4m	mid 2006 – mid 2007	100%	Commercial
TBA	TBA	TBA	TBA
$150,000 – $180,000	mid 2003 – mid 2010	95%	Land estate 1hr south of Perth	100% Mirvac Limited
		5%	Town centre including homes and apartments	100% Mirvac Limited
$750,000 – $1.5m	early 2008 – mid 2013
$800,000 – $1.9m	mid 2006 – mid 2011

DEVELOPMENT 100 / 101

RESIDENTIAL DEVELOPMENT

WESTERN AUSTRALIA

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MANDURAH
SYNDICATES
MEADOW SPRINGS PDF			$242m	1,120	306	276	139
Syndicate 1	Jun 06	Mandurah	$131m	632	305	276	139	Dec 06	Aug10
Syndicate 2	Jun 07	Mandurah	$111m	488	1	0	0	May 08	Mar 12
SEASCAPES
SYNDICATE 1 – MFM PDF	Dec 05	Mandurah	$139m	530	249	227	216	Mar 06	Jun 11
BRIDGEWATER
MWRDP	Jun 07	Mandurah	$88m	317	0	0	0	Apr 08	Mar 10
MEADOW SPRINGS
HOUSING	Aug 03	Mandurah	$182m	369	120	107	76
Eden Springs			$14m	30	29	29	27	May 06	Jan 08
Bellavista			$23m	42	40	40	39	May 07	Jul 08
Portrush Green
(Hotel Site) – land			$2m	11	11	11	10	Mar 07	May09
Portrush Green
(Hotel Site) – built form			$35m	70	40	27	0	May 08	May09
Northern Golf Course
Island – built form			$50m	98	0	0	0	Sep 09	Oct 10
Northern Golf Course
Island – land			$21m	86	0	0	0	Jul 09	Dec 09
Northern Golf Course
Island – retirement village			$18m	1	0	0	0	Jun 08
R60 Slither			$18m	31	0	0	0	Apr 08	Jul 09
KENNEDY BAY	Jul 02	Port Kennedy	$513m	659	0	0	0
Long Beach Estate			$7m	21	0	0	0	Feb 09	Apr 09
Future Stages
(Excl. Long Beach Estate)			$506m	638	0	0	0	Mar 09	Apr 15
BARDON
WATERSIDE	Feb 04	Maylands	$11m	13	13	13	13	Jun 07	Jul 07
THE POINT	Dec 05	Mandurah	$232m	230	100	100	0
Residential Apartments			$174m	125	99	99	0	Aug 08	Sep08
Hotel			$58m	105	1	1	0	Jan 09	July09
SWANBOURNE	Jun 05	Swanbourne	$449m	125	51	45	40
Land			$53m	51	51	45	40	Nov 07	Apr 08
Housing			$49m	22	0	0	0	Jun 09	Sep09
Apartments			$127m	52	0	0	0	Mar 10	May10

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

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			Property Development Fund co-ordinated
$195,000 – $230,000	mid 2006 – mid 2012	58%	by Mirvac Funds Management	100% MFM
				100% MWRDP (Mirvac
$179,000 – $215,000	mid 2007 – mid 2012	38%	Mirvac Wholesale Residential Development Partnership	Limited 20% equity interest)
			Property Development Fund co-ordinated
$290,000 – $330,000	end 2005 – mid 2011	78%	by Mirvac Funds Management	100% MFM
				100% MWRDP (Mirvac Limited
$200,000 – $250,000	early 2007 – mid 2010	45%	Mirvac Wholesale Residential Development Partnership	20% equity interest)
			Architecturally designed homes located
			within Meadow Springs Land Estate	100% Mirvac Limited
$410,000 – $595,000	mid 2003 – mid 2010	97%
$425,000 – $610,000	mid 2004 – mid 2009	76%
$197,000 – $208,000	mid 2003 – mid 2009	100%	Land subdivision in Mandurah
$410,000 – $615,000	mid 2003 – mid 2009	38%
$430,000 – $650,000	mid 2007 – early 2012	1%	Land subdivision in Mandurah
$150,000 – $270,000	end 2007 – end 2011	3%	Land subdivision in Mandurah
N/A
$400,000 – $605,000
		1%	Apartments and houses with ocean and/or golf course views	PDA with WABGR
$630,000 – $1.4m	mid 2005 – mid 2010
TBA	mid 2005 – mid 2015
$705,000 – $975,000	mid 2006 – early 2008	99%	Land subdivision on the Swan River	100% Mirvac Limited
			Two apartment towers and a hotel.
			Majority of apartments will have ocean, marina and/or estuary views	PDA
$695,000 – $4.0m	end 2004 – end 2009	51%
$57.8m	end 2004 – mid 2009	51%
			Land subdivision along with houses and apartments.	50% Mirvac Limited
		8%	JV with WA State Government land developer.	50% Landcorp
$840,000 – $1.9m	mid 2005 – mid 2008
$1.8m – $2.5m	mid 2005 – end 2009
$1.7m – $3.4m	end 2005 – mid 2010

DEVELOPMENT 102 / 103

RESIDENTIAL DEVELOPMENT

WESTERN AUSTRALIA

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HOLLYWOOD	May 05	Nedlands	$63m	74	74	74	57
Residential Homesites			$38m	57	57	57	57	May 06	Aug06
Executive Terraced Homes			$25m	17	17	17	0	Jan 08	Apr 08
PRESTON BEACH	May 06	Preston Beach	$633m	3,000	0	0	0	Jan 10	Dec 28
BEACHSIDE
LEIGHTON	Aug 06	Leighton	$449m	235	60	60	0
Lot 2			$208m	68	60	60	0	Apr 10	Jul 10
Lot 3 Residential			$240m	95	0	0	0	Sep 10	Dec 10
Lot 3 Hotel			$19m	72	0	0	0	Feb 11
DIANELLA	Dec 06	Dianella	$40m	81	0	0	0	Mar 10	Jun 10
JANE BROOK	Jul 06	Jane Brook	$63m	177	0	0	0	Jul 09	Nov 10
WATERLINE
BRIDGEWATER NORTH	Aug 03	Mandurah	$424m	389	0	0	0
Apartments			$328m	281	0	0	0	May 09	Feb 13
Land			$13m	22	0	0	0	Jun 10	Oct 10
Houses			$83m	86	0	0	0	May 09	Feb 13
LENNOX LAND	Jun 06	Coolbellup	$15m	36	29	5	0	Feb 08	Apr 08

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

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			Land subdivision in joint venture with
			WA State Government land developer.	PDA with Landcorp
$540,000 – $900,000	mid 2005 – mid 2006	100%
$1.25m – $1.65m	mid 2006 – mid 2008	76%
$250,000 – $300,000	mid 2006 – early 2031	0%	Land estates approx 90min south of Perth	PDA with MAP Nominees
			Coastal village featuring apartments,
		13%	houses, hotel, restaurants	100% Mirvac Limited
TBA	end 2006 – mid 2010	27%
TBA	end 2006 – early 2011	2%
$17.5m	end 2006 – mid 2012	18%
$420,000 – $575,000	end 2006 – mid 2010	43%	Land to be redeveloped into homesites	100% Mirvac Limited
$240,000 – $650,000	end 2006 – early 2011	11%	65ha land subdivision approx. 20kms north-east of Perth	100% Mirvac Limited
				100% Mirvac Limited
			Houses and apartments located within
$825,000 – $3.0m	mid 2007 – mid 2014	4%	Bridgewater land estate	100% Mirvac Limited
$210,000 – $280,000	mid 2007 – mid 2012	4%
$450,000 – $1.25m	mid 2007 – mid 2012	4%	Houses located within Bridgewater Estate	100% Mirvac Limited
$413,000 – $442,500	end 2006 – mid 2008	91%	Land subdivision Ministry of Housing	PDA with Ministry of Housing

DEVELOPMENT 104 / 105

RESIDENTIAL DEVELOPMENT

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PROPERTY	ACQUISITION DATE	LOCATION PROJECT VALUE (INCL. GST)	LOCATION PROJECT VALUE (INCL. GST)	TOTAL LOTS	RELEASED	EXCHANGED	SETTLED	SETTLEMENT DATE1 FROM TO
VICTOR HARBOUR	Apr 05	Victor Harbour	$79m	599	0	0	0	Jul 09 May16

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

SOUTH AUSTRALIA

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CONSTRUCTION
CURRENT PRICE RANGE PROJECT PERIOD PROGRESS
FROM / TO (CALENDER YEAR) AS AT 31/12/07 DESCRIPTION OWNERSHIP STRUCTURE
$130,000 – $150,000 2005 – 2013 0% Residential subdivision in coastal town 100% Mirvac Limited
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DEVELOPMENT 106 / 107

DEVELOPMENT

$2.2 BILLION

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NON-RESIDENTIAL
DEVELOPMENT
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MIRVAC GROUP PROPERTY COMPENDIUM

COMMERCIAL > $0.9 BILLION RETAIL > $0.5 BILLION INDUSTRIAL > $0.8 BILLION

DEVELOPMENT 108 / 109

NON-RESIDENTIAL DEVELOPMENT

MPT

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DEVELOPMENT EXPECTED
PROPERTY LOCATION COST SECTOR COMPLETION OWNERSHIP
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8-12 Chif ey Square	NSW	$265.0m	Commercial	Feb 11	50% MPT, 50% AustralianSuper
101-103 Miller Street	NSW	$45.0m	Commercial	Jun 08	50% MPT
Network at Eastern Creek	NSW	$43.8m	Industrial	May 08	50% MPT, 50% MREIT
Nexus Industry Park – Stage 5	NSW	$16.9m	Industrial	Jul 08	100% MPT
271 Lane Cove Road	NSW	$57.7m	Industrial	Nov 09	100% MPT
Moonee Ponds	VIC	$71.3m	Retail	Mar 09	100% MPT
Manning Mall	NSW	$18.8m	Retail	Sep 09	100% MPT

MIRVAC LIMITED

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FORECAST VALUE EXPECTED
PROPERTY LOCATION ON COMPLETION [1] SECTOR COMPLETION OWNERSHIP
----- End of picture text -----

Rhodes Off ce Tower	NSW	$132.9m	Commercial	Feb 09	100% Mirvac Limited
					10% Mirvac Limited
18 Marcus Clarke Street	ACT	$152.0m	Commercial	Oct 07	90% AustralianSuper
					20% Asolo Investments Pty Ltd
Hayles Wharf	QLD	$220.0m	Commercial	Jul 10	80% Mirvac Limited
					50% Springf eld Land Corp
Education City Stage 1A	QLD	$95.6m	Commercial	Dec 06	50% Mirvac Limited
					50% Mirvac Limited
664 Collins Street	VIC	$262.4m	Commercial	Jun 10	50% AustralianSuper
Burwood Road	VIC	$112.9m	Commercial	Aug 11	100% Mirvac Limited
					Redevelopment on
Wesley	WA	$125.1m	Commercial / Retail	Oct 08	behalf of UCA
					33% Leighton Properties
					33% Westscheme
Bankstown Airport	NSW	$291.7m	Industrial	–	33% Mirvac Limited
					50% Leighton Properties
Hoxton Park Airport	NSW	$202.0m	Industrial	Dec 12	50% Mirvac Limited
Greenacre Industrial	NSW	$60.6m	Industrial	Dec 09	100% Mirvac Limited
Denison Road, Hillsdale	NSW	$62.3m	Industrial	Feb 09	100% Mirvac Limited
South Pine Road, Brendale	QLD	$51.3m	Industrial	Apr 09	100% Mirvac Limited
Boundary Road, Mackay	QLD	$156.0m	Industrial	Oct 12	100% Mirvac Limited
					20% Mirvac Limited,
177 Salmon Street	VIC	$18.1m	Industrial	Jun 08	80% AustralianSuper
600 Lorimer Street	VIC	$110.0m	Industrial	May 11	100% Mirvac Limited
Ormeau Shopping Centre – Stage 1	QLD	$51.0m	Retail	Nov 10	100% Mirvac Limited
Nambour Shopping Centre	QLD	$103.8m	Retail	Nov 10	100% Mirvac Limited

1 REPRESENTS 100% SHARE.

MIRVAC GROUP PROPERTY COMPENDIUM

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3 RIDER BLVD, RHODES NSW
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DEVELOPMENT 110 / 111

NON-RESIDENTIAL DEVELOPMENT

MPT PORTFOLIO

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8-12 CHIFLEY SQUARE SYDNEY, NSW

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101 – 103 MILLER STREET NORTH SYDNEY, NSW

DESCRIPTION

Located on a strategic site in the heart of the fi nancial core, adjacent to the city’s premium towers. The new building will provide boutique premium space with a commitment to Environmentally Sustainable Development.

DESCRIPTION

North Sydney’s only premium grade building is being redeveloped to incorporate substantial environmental initiatives with the aim of achieving an ABGR – 5 star rating.

OWNERSHIP

OWNERSHIP	OWNERSHIP
50% MPT COST / REVENUE SUMMARY TOTAL(100%)	50% MPT1 COST / REVENUE SUMMARY TOTAL(100%)
LAND(INCL. COSTS) $64.4m	LAND(INCL. COSTS) –
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $265.0m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $45.0m
TOTAL DEVELOPMENT COSTS $329.4m	TOTAL DEVELOPMENT COSTS $45.0m
FORECAST NET INCOME ON COMPLETION $21.9m	FORECAST NET INCOME ON COMPLETION $21.1m
CAPITALISATION RATE 6.00%	CAPITALISATION RATE 5.50%
FORECAST VALUE ON COMPLETION $364.6m	FORECAST VALUE ON COMPLETION $358.0m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Apr 06	LAND ACQUISITION Jun 94
COMMENCEMENT DATE Aug08	COMMENCEMENT DATE Aug07
CONSTRUCTION PERIOD 32 months	CONSTRUCTION PERIOD 12 months
FORECAST COMPLETION Feb 11	FORECAST COMPLETION Jul 08

PROJECT UPDATE

Stage 1 DA approved and design competition completed.

PROJECT UPDATE

Works commenced in August 07.

0% 50% 100% 0%

50% 100%

ESTIMATED CONSTRUCTION PROGRESS 0% AT 31 DECEMBER 2007

ESTIMATED CONSTRUCTION PROGRESS 50%

AT 31 DECEMBER 2007

1 SALE OF 50% IS CONDITIONAL AS AT 31 DECEMBER 2007.

MIRVAC GROUP PROPERTY COMPENDIUM

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NETWORK AT EASTERN CREEK OLD WALLGROVE EASTERN CREEK, NSW

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NEXUS INDUSTRY PARK LYN PARADE PRESTONS, NSW

DESCRIPTION

Strategically located 6 hectare industrial site in close proximity to the new M7 Westlink.

The site will accommodate approximately 30,000sqm of high quality industrial development.

OWNERSHIP

50% MPT, 50% MREIT

DESCRIPTION

Former Liverpool Showground site rezoned for general 4(a) Industrial. The site when fully developed will accommodate over 70,000sqm of Industrial assets.

Mirvac has completed three industrial facilities with a fourth currently underway.

OWNERSHIP

100% MPT

COST / REVENUE SUMMARY TOTAL(100%)	COST / REVENUE SUMMARY CURRENT
LAND(INCL. COSTS) $11.6m	STAGE 5 LAND(INCL. COSTS) $5.5m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $32.2m
	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $11.4m
TOTAL DEVELOPMENT COSTS $43.8m
FORECAST NET INCOME ON COMPLETION $3.0m	TOTAL DEVELOPMENT COSTS $16.9m
	FORECAST NET INCOME ON COMPLETION $1.3m
CAPITALISATION RATE 7.00%
FORECAST VALUE ON COMPLETION $44.0m	CAPITALISATION RATE 7.25%
PROJECT TIMING	FORECAST VALUE ON COMPLETION $17.4m
	PROJECT TIMING
LAND ACQUISITION Dec 02
COMMENCEMENT DATE Dec 06	LAND ACQUISITION Aug04
CONSTRUCTION PERIOD 24 months	COMMENCEMENT DATE –
FORECAST COMPLETION May08	FORECAST COMPLETION Jul 08

PROJECT UPDATE

Servicing to the site is now completed and masterplanning concepts are being fi nalised.

PROJECT UPDATE

Construction of a 11,500sqm offi ce / warehouse facility underway.

0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 4%

AT 31 DECEMBER 2007

ESTIMATED CONSTRUCTION PROGRESS 5%

AT 31 DECEMBER 2007

DEVELOPMENT 112 / 113

NON-RESIDENTIAL DEVELOPMENT

MPT PORTFOLIO

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271 LANE COVE ROAD, NORTH RYDE, NSW

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MOONEE PONDS, VIC

DESCRIPTION

The property is situated above the soon to be completed Macquarie Park railway station on the high profi le corner of Lane Cove and Waterloo Roads.

DESCRIPTION

The development of a key infi ll site and adjoining retail areas to deliver a new Kmart, 1st Choice liquor store and 47 specialty tenancies.

OWNERSHIP

OWNERSHIP	OWNERSHIP
100% MPT COST/REVENUE SUMMARY TOTAL	100% MPT COST/REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) –	LAND(INCL. COSTS) $9.6m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS –	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $61.6m
TOTAL DEVELOPMENT COSTS $57.7m	TOTAL DEVELOPMENT COSTS $71.3m
FORECAST NET INCOME ON COMPLETION $4.6m	FORECAST NET INCOME ON COMPLETION $4.6m
CAPITALISATION RATE 6.50%	CAPITALISATION RATE 6.50%
FORECAST VALUE ON COMPLETION $57.7m	FORECAST VALUE ON COMPLETION $71.3m

PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Apr 00	LAND ACQUISITION Jan 07
COMMENCEMENT DATE –	COMMENCEMENT DATE Mar 07
CONSTRUCTION PERIOD –	CONSTRUCTION PERIOD 24 months
FORECAST COMPLETION Nov 09	FORECAST COMPLETION Mar 09

PROJECT UPDATE

TBA Construction works on programme, leasing to commence early 2008.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 31 DECEMBER 2007

ESTIMATED CONSTRUCTION PROGRESS 35%

AT 31 DECEMBER 2007

MIRVAC GROUP PROPERTY COMPENDIUM

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MANNING MALL, TAREE, NSW

DESCRIPTION

The reconfi guration of the existing Bi-Lo supermarket and Kmart to incorporate a new Coles supermarket Target and specialty stores.

OWNERSHIP

OWNERSHIP
100% MPT
COST/REVENUE SUMMARY	TOTAL
LAND(INCL. COSTS)	–
EST. DEVELOPMENT,
CONSTRUCTION & FINANCE COSTS	$18.8m
TOTAL DEVELOPMENT COSTS	$18.8m
FORECAST NET INCOME
ON COMPLETION	$3.5m
CAPITALISATION RATE	6.75%
FORECAST VALUE ON COMPLETION	$52.3m

PROJECT TIMING
LAND ACQUISITION	Dec 06
COMMENCEMENT DATE	Mar 08
CONSTRUCTION PERIOD	18 months
FORECAST COMPLETION	Sep09

PROJECT UPDATE

A development approval has been received from council and tender submissions are currently being obtained for the development.

0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 31 DECEMBER 2007

DEVELOPMENT 114 / 115

NON-RESIDENTIAL DEVELOPMENT

MIRVAC LIMITED PORTFOLIO

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RHODES OFFICE TOWER 5 RIDER BOULEVARD

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18 MARCUS CLARKE STREET CANBERRA, ACT

DESCRIPTION

All 4 green star offi ce accommodation over 9 levels and 4.5 ABGR rating.

DESCRIPTION

A Grade offi ce building comprising 27,683sqm NLA with 231 car spaces located in the Canberra CBD.

OWNERSHIP

100% MIRVAC LIMITED

	OWNERSHIP
	10% MIRVAC LIMITED, 40% AUSTRALIANSUPER,
	50% LEIGHTON PROPERTIES
	COST/REVENUE SUMMARY	TOTAL(100%)
	LAND(INCL. COSTS)	$8.4m
	EST. DEVELOPMENT,
	CONSTRUCTION & FINANCE COSTS	$98.8m
	TOTAL DEVELOPMENT COSTS	$107.2m
	FORECAST NET INCOME
	ON COMPLETION	$44.8m
	CAPITALISATION RATE	–
	FORECAST VALUE ON COMPLETION	$152.0m
	PROJECT TIMING
	LAND ACQUISITION	Jul 05
	COMMENCEMENT DATE	–
	CONSTRUCTION PERIOD	22 months
	FORECAST COMPLETION	Oct 07

COST / REVENUE SUMMARY	TOTAL
LAND(INCL. COSTS)	$35.5m
EST. DEVELOPMENT,
CONSTRUCTION & FINANCE COSTS	$78.3m
TOTAL DEVELOPMENT COSTS	$113.8m
FORECAST NET INCOME
ON COMPLETION	$9.3m
CAPITALISATION RATE	7.00%
FORECAST VALUE ON COMPLETION	$132.9m
PROJECT TIMING
LAND ACQUISITION	Jan 07
COMMENCEMENT DATE	Jan 07
CONSTRUCTION PERIOD	16 months
FORECAST COMPLETION	Feb 09

PROJECT UPDATE

Construction is progressing.

PROJECT UPDATE

Commercial offi ce development in Canberra CBD sold to ISPT.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 66%

AT 31 DECEMBER 2007

ESTIMATED CONSTRUCTION PROGRESS 95%

AT 31 DECEMBER 2007

MIRVAC GROUP PROPERTY COMPENDIUM

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HAYLES WHARF, QLD

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EDUCATION CITY – STAGE 1A SINNATHAMBY BOULEVARD, SPRINGFIELD, QLD

DESCRIPTION

Hayles Wharf is a mixed use development in Townsville, comprising 19,000sqm of Commercial, 1,600sqm retail, 84 hotel rooms and 97 Apartments.

OWNERSHIP

80% MIRVAC LIMITED, 20% ASOLO INVESTMENTS PTY LTD

DESCRIPTION

Education City is an 18 hectare campus for multi-educational use. The campus includes University of Southern Queensland, TAFE, an English college, a vocational training college, an ABC Childcare centre, a retail centre and 110 student accommodation rooms. Stage 2 will include a primary, secondary school and additional commercial buildings.

OWNERSHIP

50% MIRVAC LIMITED, 50% SPRINGFIELD LAND CORPORATION LIMITED

COST/REVENUE SUMMARY TOTAL	COST / REVENUE SUMMARY STAGE 1(100%)
LAND(INCL. COSTS) $4.6m	LAND(INCL. COSTS) $5.7m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS –	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $73.2m
TOTAL DEVELOPMENT COSTS –	TOTAL DEVELOPMENT COSTS $78.9m
FORECAST NET INCOME ON COMPLETION $220.0m	FORECAST NET INCOME ON COMPLETION $7.1m
CAPITALISATION RATE –	CAPITALISATION RATE 7.43%
FORECAST VALUE ON COMPLETION –	FORECAST VALUE ON COMPLETION $95.0m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Sep07	LAND ACQUISITION Mar 05
COMMENCEMENT DATE Sep07	DESIGN COMMENCEMENT Apr 05
CONSTRUCTION PERIOD 18 months	CONSTRUCTION PERIOD 18 months
FORECAST COMPLETION Jul 10	COMPLETION Dec 06

PROJECT UPDATE

Development approval will be submitted March 2008.

PROJECT UPDATE

Stage 1 is now complete. Stage 2 works in Design for further 8,500sqm.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 31 DECEMBER 2007

ESTIMATED CONSTRUCTION PROGRESS 100%

AT 31 DECEMBER 2007

DEVELOPMENT 116 / 117

NON-RESIDENTIAL DEVELOPMENT

MIRVAC LIMITED PORTFOLIO

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664 COLLINS STREET, MELBOURNE, VIC

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291 BURWOOD ROAD, HAWTHORN, VIC

DESCRIPTION

A grade Commercial Building located in a prime CBD location adjacent to the Southern Cross Railway station. The building to be developed in Joint Venture with Australian Super will have a 6 star energy rating and will comprise 47,000sqm of net lettable area over 11 levels.

OWNERSHIP

50% MIRVAC LIMITED, 50% AUSTRALIANSUPER

DESCRIPTION

A grade inner suburban offi ce building development with signifi cant ground fl oor show room. When completed the building will comprise 18,500sqm over 5 levels of large corporate campus style fl oor plates with a central atrium.

OWNERSHIP

100% MIRVAC LIMITED

COST/REVENUE SUMMARY TOTAL	COST/REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) $30.0m	LAND(INCL. COSTS) $20.0m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $207.7m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $81.0m
TOTAL DEVELOPMENT COSTS $237.7m	TOTAL DEVELOPMENT COSTS $101.0m
FORECAST NET INCOME ON COMPLETION $24.6m	FORECAST NET INCOME ON COMPLETION $11.8m
CAPITALISATION RATE 6.25%	CAPITALISATION RATE 6.75%
FORECAST VALUE ON COMPLETION $262.4m	FORECAST VALUE ON COMPLETION $112.9m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Nov 07	LAND ACQUISITION Nov 07
COMMENCEMENT DATE Nov 07	COMMENCEMENT DATE Nov 07
CONSTRUCTION PERIOD 20 months	CONSTRUCTION PERIOD 28 months
FORECAST COMPLETION Jun 10	FORECAST COMPLETION Aug11

PROJECT UPDATE

Concept design in progress. Concept design in progress.

0% 50% 100% 0%

50% 100%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 31 DECEMBER 2007

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 31 DECEMBER 2007

MIRVAC GROUP PROPERTY COMPENDIUM

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WESLEY, WA

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BANKSTOWN AIRPORT

CORNER MILPERRA ROAD AND HENRY LAWSON DRIVE, BANKSTOWN, NSW

DESCRIPTION

A 6900sqm site located in the heart of the Perth CBD which will include the $107m redevelopment of the Wesley Arcade, QBE & Queens Buildings into retail and commercial space on behalf of the Uniting Church in Australia (UCA).

DESCRIPTION

Development and sale of 104Ha (gross) of land surplus to the aeronautical requirements of the Airport. Figures assume land subdivision and sell only.

OWNERSHIP

OWNERSHIP	OWNERSHIP
NIL COST/REVENUE SUMMARY TOTAL	CONSORTIUM: 33.3% MIRVAC LIMITED, 33.3% LEIGHTON PROPERTIES, 33.3% WESTSCHEME. COST/REVENUE SUMMARY TOTAL(100%)
LAND(INCL. COSTS) $27.7m	LAND(INCL. COSTS) $98.0m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $49.1m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $149.1m
TOTAL DEVELOPMENT COSTS $76.8m	TOTAL DEVELOPMENT COSTS $247.1m
FORECAST NET INCOME ON COMPLETION $8.8m	FORECAST NET INCOME ON COMPLETION $44.6m
CAPITALISATION RATE 7.00%	CAPITALISATION RATE –
FORECAST VALUE ON COMPLETION –	FORECAST VALUE ON COMPLETION $291.7m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION N/A	LAND ACQUISITION Dec 03
COMMENCEMENT DATE Jul 07	DESIGN COMMENCEMENT Jan 06
CONSTRUCTION PERIOD 15 months	CONSTRUCTION PERIOD 48 months
FORECAST COMPLETION Oct 08	FORECAST COMPLETION N/A

PROJECT UPDATE

Site services are being constructed and lots are being sold progressively.

Sales to date Toll and Bankstown Grammar School.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 31 DECEMBER 2007

ESTIMATED CONSTRUCTION PROGRESS 40%

AT 31 DECEMBER 2007

DEVELOPMENT 118 / 119

NON-RESIDENTIAL DEVELOPMENT

MIRVAC LIMITED PORTFOLIO

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HOXTON PARK AIRPORT INTERSECTION OF M7 AND COWPASTURE ROAD, HOXTON PARK, NSW

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GREENACRE INDUSTRIAL 57 – 67 ROBERTS RD, GREENACRE, NSW

DESCRIPTION

Development of 82 Ha (gross) made available by the closure of the Airport in Oct 2008.

DESCRIPTION

An existing Industrial multi unit complex. Development consent has been for the upgrade and expansion of this site.

OWNERSHIP

CONSORTIUM: 50% MIRVAC LIMITED, 50% LEIGHTON PROPERTIES

OWNERSHIP

100% MIRVAC LIMITED

COST/REVENUE SUMMARY TOTAL (100%)	COST / REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) $38.0m	LAND(INCL. COSTS) $34.3m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $121.0m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $20.3m
TOTAL DEVELOPMENT COSTS $159.0m	TOTAL DEVELOPMENT COSTS $54.6m
FORECAST NET INCOME ON COMPLETION $43.0m	FORECAST NET INCOME ON COMPLETION $1.9m
CAPITALISATION RATE –	CAPITALISATION RATE 7.00%
FORECAST VALUE ON COMPLETION $202.0m	FORECAST VALUE ON COMPLETION $60.6m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Dec 03	LAND ACQUISITION Jan 07
DESIGN COMMENCEMENT –	COMMENCEMENT DATE May07
CONSTRUCTION PERIOD TBA	CONSTRUCTION PERIOD 12 months
FORECAST COMPLETION Dec 12	FORECAST COMPLETION Dec 09

PROJECT UPDATE

Rezoning process underway and fi rst Stage of 8Ha industrial subdivision.

PROJECT UPDATE

Currently reviewing approved masterplan.

0% 50% 100% 0%

50% 100%

ESTIMATED CONSTRUCTION PROGRESS 13% AT 31 DECEMBER 2007

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 31 DECEMBER 2007

MIRVAC GROUP PROPERTY COMPENDIUM

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DENISON ROAD, HILLSDALE, NSW

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SOUTH PINE ROAD, BRENDALE, QLD

DESCRIPTION

Strata Industrial unit development comprising approximately 20,000sqm of total saleable area.

DESCRIPTION

Located in the established industrial locale of Brendale in the northern suburbs of Brisbane, this 29,500sqm quality institutional grade business park will comprise of seven industrial business units.

OWNERSHIP

100% MIRVAC LIMITED

OWNERSHIP

100% MIRVAC LIMITED

COST/REVENUE SUMMARY TOTAL	COST/REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) $19.2m	LAND(INCL. COSTS) $13.3m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $32.0m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $29.5m
TOTAL DEVELOPMENT COSTS $51.2m	TOTAL DEVELOPMENT COSTS $42.8m
FORECAST NET INCOME ON COMPLETION $11.1m	FORECAST NET INCOME ON COMPLETION –
CAPITALISATION RATE –	CAPITALISATION RATE 7.00%
FORECAST VALUE ON COMPLETION $62.3m	FORECAST VALUE ON COMPLETION $51.3m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Depositpaid	LAND ACQUISITION Oct 07
COMMENCEMENT DATE May07	COMMENCEMENT DATE Nov 07
CONSTRUCTION PERIOD 12 months	CONSTRUCTION PERIOD 12 months
FORECAST COMPLETION Feb 09	FORECAST COMPLETION Apr 09

PROJECT UPDATE

Industrial units.

PROJECT UPDATE

Finalisation of masterplan.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 31 DECEMBER 2007

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 31 DECEMBER 2007

DEVELOPMENT 120 / 121

NON-RESIDENTIAL DEVELOPMENT

MIRVAC LIMITED PORTFOLIO

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BOUNDARY ROAD, MACKAY, QLD

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177 SALMON STREET PORT MELBOURNE, VIC

DESCRIPTION

This prime industrial site is located south of the City of Mackay. The development will be a multi stage industrial project comprising a combination of land subdivision and built form.

DESCRIPTION

12-Lot light industrial land sub-division.

OWNERSHIP

100% MIRVAC LIMITED

OWNERSHIP

20% MIRVAC LIMITED, 80% AUSTRALIAN SUPER

COST/REVENUE SUMMARY TOTAL	COST/REVENUE SUMMARY TOTAL(100%)
LAND(INCL. COSTS) $32.4m	LAND(INCL COSTS) $12.3m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $98.1m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $5.8m
TOTAL DEVELOPMENT COSTS $130.6m	TOTAL DEVELOPMENT COSTS $18.1m
FORECAST NET INCOME ON COMPLETION –	FORECAST NET INCOME ON COMPLETION –
CAPITALISATION RATE 7.00%	CAPITALISATION RATE –
FORECAST VALUE ON COMPLETION $156.0m	FORECAST VALUE ON COMPLETION $18.1m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Oct 07	LAND ACQUISITION Dec 04
COMMENCEMENT DATE Nov 07	CONSTRUCTION PERIOD –
CONSTRUCTION PERIOD 60 months	FORECAST COMPLETION Jun 08
FORECAST COMPLETION Oct 12

PROJECT UPDATE

Finalisation of masterplan.

PROJECT UPDATE

All lots now sold with fi nal settlements by March 2008.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 31 DECEMBER 2007

ESTIMATED CONSTRUCTION PROGRESS 100%

AT 31 DECEMBER 2007

MIRVAC GROUP PROPERTY COMPENDIUM

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600 LORIMER STREET PORT MELBOURNE, VIC

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ORMEAU SHOPPING CENTRE – STAGE 1

DESCRIPTION

Former General Motors Holden land totalling 4 hectares which will be redeveloped into a quality industrial business park. The park will consist of approximately 30 industrial offi ce and warehouse units.

DESCRIPTION

A signifi cant town centre development on the Gold Coast, South East Queensland. Stage 1 a neighbourhood shopping centre incorporating a 3,500sqm supermarket and approximately 2,800sqm of specialty fl oor space.

OWNERSHIP

100% MIRVAC LIMITED

OWNERSHIP

100% MIRVAC LIMITED

COST/REVENUE SUMMARY TOTAL	COST / REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) $17.0m	LAND(INCL. COSTS) $9.9m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $79.0m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $41.0m
TOTAL DEVELOPMENT COSTS $96.0m	TOTAL DEVELOPMENT COSTS $51.0m
FORECAST NET INCOME ON COMPLETION $7.7m	FORECAST NET INCOME ON COMPLETION –
CAPITALISATION RATE 7.00%	CAPITALISATION RATE –
FORECAST VALUE ON COMPLETION $110.0m	FORECAST VALUE ON COMPLETION –
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Dec 05	LAND ACQUISITION Jan 07
COMMENCEMENT DATE Dec 06	COMMENCEMENT DATE Dec 08
CONSTRUCTION PERIOD 27 months	CONSTRUCTION PERIOD 18 months
FORECAST COMPLETION May11	FORECAST COMPLETION Dec 10

PROJECT UPDATE

Stage 1 planning application will be lodged in March 2008.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 31 DECEMBER 2007

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 31 DECEMBER 2007

DEVELOPMENT 122 / 123

NON-RESIDENTIAL DEVELOPMENT

MIRVAC LIMITED PORTFOLIO

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NAMBOUR SHOPPING CENTRE

DESCRIPTION

The Development of the vacated Morton Sugar Mill in the heart of Nambour, into a sub regional shopping centre.

OWNERSHIP

100% MIRVAC LIMITED

COST/REVENUE SUMMARY	TOTAL
LAND(INCL COSTS)	$23.7m
EST. DEVELOPMENT,
CONSTRUCTION & FINANCE COSTS	$80.1m
TOTAL DEVELOPMENT COSTS	$103.8m
FORECAST NET INCOME
ON COMPLETION	–
CAPITALISATION RATE	–
FORECAST VALUE ON COMPLETION	–
PROJECT TIMING
LAND ACQUISITION	Jan 07
COMMENCEMENT DATE	Dec 08
CONSTRUCTION PERIOD	17 months
FORECAST COMPLETION	Nov 11

PROJECT UPDATE

Preparation of a Development Application for a sub regional shopping centre is underway.

50%

100%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 31 DECEMBER 2007

MIRVAC GROUP PROPERTY COMPENDIUM

HEAD OFFICE / Level 26, 60 Margaret Street Sydney NSW 2000 SYDNEY / 02 9080 8000 PARRAMATTA / 02 9893 8800 MELBOURNE / 03 9645 9400 BRISBANE / 07 3859 5888 PERTH / 08 8424 9900 www.mirvac.com.au

PAPER STOCK

This document is printed on Monza Satin Recycled, an FSC accredited paper, manufactured using Elemental Chlorine Free pulp that contains 55% Recycled fi bre (30% Preconsumer Fibre / 25% Post Consumer fi bre). The mill is certifi ed under ISO 14001 and IPPC environmental management systems.

FSC Chain of Custody (CoC) promotes responsible forest management. FSC has developed principles for certifying the management of forest holdings, and a system of tracing, verifying and labeling timber and wood products which originate from FSC certifi ed forests.

ISO 14001 The standard published by the International Standards Organisation specifying the requirements of an environmental management system.

IPPC Integrated Pollution Prevention and Control. IPPC seeks to prevent or minimise air, water and soil pollution by emissions from industrial installations in the community.

DISCLAIMER

The information made available through this property compendium, including any expression of opinion or forecast, has been obtained from or based on sources believed by Mirvac Group to be reliable. Mirvac Group does not warrant the accuracy, completeness or currency of the information. Mirvac Group and its related companies will not be liable for any inaccuracies, omissions or errors in the content nor for any loss or damage arising from action taken in reliance on the information.

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AI assistant

MIRVAC GROUP — Annual Report 2008

65328_rns_2008-02-11_15027a67-884e-42e2-a91a-f61e631669dc.pdf

$27.8 BILLION

$14.3 BILLION

$4.2 BILLION

INTERNAL FUNDS MANAGEMENT

MIRVAC PROPERTY TRUST PORTFOLIO REPOSITIONING

6 MONTHS TO 31 DECEMBER 2007

MIRVAC PROPERTY TRUST PORTFOLIO EXPIRY PROFILE[1]

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COMMERCIAL PORTFOLIO

DESCRIPTION

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8-12 CHIFLEY SQUARE, SYDNEY, NSW

190 GEORGE STREET, SYDNEY, NSW

DESCRIPTION

DESCRIPTION

SUMMARY INFORMATION

SUMMARY INFORMATION

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA

COMMERCIAL PORTFOLIO

200 GEORGE STREET, SYDNEY, NSW

DESCRIPTION

DESCRIPTION

SUMMARY INFORMATION

SUMMARY INFORMATION

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA

38 SYDNEY AVENUE FORREST, ACT

DESCRIPTION

SUMMARY INFORMATION

DESCRIPTION

SUMMARY INFORMATION

COMMERCIAL PORTFOLIO

DESCRIPTION

DESCRIPTION

SUMMARY INFORMATION

SUMMARY INFORMATION

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA

DESCRIPTION

DESCRIPTION

SUMMARY INFORMATION

SUMMARY INFORMATION

LEASE EXPIRY PROFILE % AREA

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COMMERCIAL PORTFOLIO

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MIRVAC GROUP Annual Report 2008

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