MIRVAC GROUP

fy12 results

21 August 2012

by mirvac

Artist’s impression of 8 chifley squAre, sydney, nsw

AgendA

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mirvac’s strategy
Key fy12 Achievements
financial highlights and capital management
corporate responsibility and sustainability
two core divisions
summary and guidance
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results By Mirvac 21 august 2012 pAge 1
by mirvac
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mirvAc’s strAtegy

An expert in Australian real estate

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investment — mpt development
80% 20%
focus on high quality assets: high quality residential developments:
— office — Apartments
— retail — masterplanned communities
internal portfolio management: commercial development expertise:
— sector overweights — delivery of high quality assets to mpt
— continuous portfolio upgrade — earnings contribution from
— Active asset management part share sell down of projects
utilise development division for
organic portfolio growth
plAtform
part share sell down of assets and projects to external parties
releasing capital back into the business
results By Mirvac 21 august 2012 pAge 2
by mirvac
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mirvAc’s strAtegy
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plAtform
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part share sell down of assets and projects to external parties releasing capital back into the business

> fy12 capital partner successes:

— 8 chifley square, nsw office development to K-reit Asia

— hoxton distribution park, nsw industrial development to Aviva investors

establishing new capabilities to support the platform business

matching assets with external capital

utilising mirvac’s development capability and high quality assets

exploring development and investment platforms

leveraging capital to drive improvement in mirvac’s roic

results By Mirvac 21 august 2012 pAge 3 by mirvac

Key fy12 Achievements

group

exceeded fy12 operating eps guidance > delivered 1.7% growth

hotel assets sold above book value > business simplification largely complete

gearing reduced to 22.7%[ 1 ] > within target range

investment division — mpt

Achieved 3.4% like-for-like noi growth > driven by office portfolio at 4.5% > increased occupancy to 98.4%[ 2]

increased wAle to 7.4[ 2] years

10.4% or 147,646sqm of portfolio leased in active year

development division

Achieved 1,807 residential lot settlements > ahead of target

masterplan dA approved for harold park, nsw > on track for targeted fy14 settlements

secured dA for old treasury Building, wA > work forecast to commence in september 2012

25.2% of project development eBit[ 3] represented by commercial

1) net debt (at foreign exchange hedged rate) excluding leases/(total tangible assets – cash).

2) By area, excluding assets under development.

3) excludes overheads.

by mirvac

results By Mirvac 21 august 2012

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pAge 4
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finAnciAl highlights And cApitAl mAnAgement

Artist’s impression of hArold pArK, gleBe, nsw

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results By mirvAc 21 August 2012 pAge 5
by mirvac
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finAnciAl highlights[ 1]

strong financial results in fy12

~~FY12 ($m)~~
~~FY11 ($m) Percentage change~~
Statutory proft after tax attributable to stapled securityholders of Mirvac
416.1
182.3
net movement from fair value on:
> investment properties (including ipuc)
(132.9)
(51.8)
> derivative fnancial instruments and associated foreign exchange movements
82.0
(7.5)
provision for loss on inventories
25.0
295.8
other
(23.9)
(60.3)
statutoryeps
12.2cpss
5.4cpss
Operating proft after tax attributable to stapled securityholders of Mirvac 2
366.3
358.5
> less tax beneft
16.7
14.4
> Add interest
115.8
92.0
Total operating EBIT3
465.4
436.4
6.7%
Operating EPS4
10.7cpss
10.5cpss
1.7%
DPS
8.4cpss
8.2cpss
2.4%
ntA5
$1.66
$1.62
2.5%

1) for further details refer to 30 June 2012 financial statements.
2) operating profit after tax is a non-ifrs measure. operating profit after tax is profit before specific non-cash items and significant items. operating profit after tax is used internally by management to assess the performance of its business and has been extracted or derived from mirvac’s full year ended 30 June 2012 financial statements, which has been subject to review by its external auditors.
3) excludes nci 30 June 2012 ($0.0m) and 30 June 2011 ($0.3m). 4) diluted eps excluding specific non-cash and significant items and related taxation.
5) ntA per stapled security, based on ordinary securities including eis securities.

by mirvac

results By Mirvac 21 august 2012

pAge 6

corporAte costs — efficiency focus

mirvac’s simplified model has produced substantial efficiencies

over the past four years mirvac has reduced full time employees by 38%[1]
over the same period mirvac’s asset base has grown by 12.2%
overhead expenses as a percentage of asset base continue to decline > 2.0% to 1.9%
current workforce base is scaleable
more work with the same people
focus on driving efficiencies will continue

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Number of FTEs by department [ 1]
Mirvac’s total assets $10.0bn
100% $9.0bn
80
$8.0bn
60
$7.0bn
40
$6.0bn
20
0 $5.0bn
FY08 FY10 FY12
Corporate Services
MPT
Development
Mirvac’s total assets
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1) reduction in number of ftes excludes employees from hotel management business.
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results By Mirvac 21 august 2012 pAge 7
by mirvac
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cApitAl mAnAgement

maintaining a secure capital position

gearing within target range at 22.7%[1]
no debt expiring until January 2014
forecast fy13 average borrowing cost reducing to 7.1% post termination of interest rate hedging

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FY12 FY11 Drawn debt maturity profile
Balance sheet gearing [1] 22.7% 26.3% $700m
covenant gearing [2] 31.8% 39.1% $600m
look-through gearing 23.6% 28.0% $500m
icr [3] >3.5x >4.0x
total interest bearing debt [4] $1,951m $2,879m $400m
Average borrowing cost [5] 7.6% 7.3% $300m
Average debt maturity 3.5yrs 3.6yrs $200m
s&p rating BBB BBB
hedged percentage 79.4% 68.1% $100m
Average hedge maturity 4.4yrs 4.5yrs $0m
FY13 FY14 FY15 FY16 FY17 FY18 FY19
USPP MTN Bank
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1) net debt (at foreign exchange hedged rate) excluding leases/(total tangible assets – cash).
2) total liabilities/total tangible assets (refer to 30 June 2012 financial statements).
3) Adjusted eBitdA/finance cost expense.
4) total interest bearing debt (at foreign exchange hedged rate) excluding leases.
5) includes margins and line fees, as at 30 June 2012.

by mirvac

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pAge 8
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results By Mirvac 21 august 2012

cApitAl AllocAtion decisions

prioritising the deployment of capital for long-term benefits

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sources of capital investment
capital considerations of capital
hotel assets sale
mpt non-core asset sales > liquidity: $500m+ Highest and best use of capital
operating cash flow > debt maturity target irr
> gearing: 20-25% residential developments: >18%
total liquidity: $804.4m [ 1] commercial developments: >15%
passive investment assets: >9%
platform: +50-200bp
Buyback: price dependent
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1) total liquidity includes total available liquidity of $727.1m and cash on hand of $77.3m. results By Mirvac 21 august 2012 by mirvac

pAge 9

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corporAte responsiBility And sustAinABility
Artist’s impression of ArrAy, yArrA’s edge, docKlAnds, vic
results By mirvAc 21 August 2012 pAge 10
by mirvac
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corporAte responsiBility And sustAinABility

mirvac’s focus on environmental, social and economic responsibilities continues to deliver results

exceeded december 2012 office nABers energy rating target > 4.36 star average (original target of 4.0 star rating)
8 chifley square, nsw awarded 6 star green star > office design v2 rating
48.8% reduction in the number of employee injury claims > 89.3% reduction in the total claims cost

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Reduction in cost and number of injury claims
Cost of claims Number of claims
(LHS) (RHS)
$4.0m 200
$3.0m 150
$2.0m 100
$1.0m 50
$0m 0
FY08 FY09 FY10 FY11 FY12
Net incurred Claim number
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results By Mirvac 21 august 2012 by mirvac

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pAge 11
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corporAte responsiBility drAft
And sustAinABilitymirvAc’s two core divisions
Artist’s impression of 190-200 george street, sydney, nsw
results By mirvAc 21 August 2012 pAge 12
by mirvac
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investment division — mpt

high quality portfolio delivers consistently strong performance

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Achieved solid like-for-like noi growth of 3.4% Invested capital > $6,002.7m [ 5]
> improved portfolio occupancy to 98.4% [ 1]
> successfully completed $132m [2] of non-core Office 57.6%Retail 27.2%
asset sales above book value Other 15.2%
> 3.0% [ 3] net valuation uplift for fy12
> continued to outperform ipd index [ 4] over past
1, 3 and 5 year period
> increased wAle to 7.4 [ 1] years
> Active portfolio management executed 325 lease MPT total return vs IPD benchmark
deals > 147,646sqm or 10.4% of nlA 10% 10.6%1.8% 9.0%
1.0%
6.9%
5 1.1%
8.8% 8.0% 5.8%
0
1 year 3 year 5 year
MPT IPD [4]
1) By area, excluding assets under development.
2) gross sale proceeds.
3) net gain on fair value of investment properties divided by opening fair value at 30 June 2011.
4) ipd peer group benchmark as at 30 June 2012.
5) By book value as at 30 June 2012, including assets under development and indirect investments.
results By Mirvac 21 august 2012 pAge 13
by mirvac
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mpt — office highlights

mirvac Asset management driving the portfolio harder

Active year with 74,735sqm leased
10-20 Bond street now 99.3%[ 1] leased
maintained strong wAle of 5.8[ 2] years

mpt’s office overweight continues to deliver results

strong like-for-like noi growth of 4.5%

retained high portfolio occupancy of 97.8%[2]

4.0%[ 3] net valuation uplift for fy12
1) By area, including committed space. post 30 June 2012, 10-20 Bond street, sydney is 100% committed.

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2) By area, excluding assets under development.
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Lease expiry profile [2]
60% 56.6%
40
20
13.7%
7.4% 7.5% 6.2% 6.4%
0 2.2%
Vacant FY13 FY14 FY15 FY16 FY17 Beyond
FY12 variance to FY11
Vacant FY13 FY14 FY15 FY16 FY17 Beyond
0bp -120bp +70bp -10bp +30bp +280bp +490bp
A-REIT comparison
6.0 WALE [ 4] yrs
5.5
5.0
4.5
4.0
MGR Peer 1 Peer 2 Peer 3 Peer 4
Source: company data
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3) net gain on fair value of investment properties divided by opening fair value at 30 June 2011.
4) By gross income, excluding assets under development.

by mirvac

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pAge 14
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results By Mirvac 21 august 2012

cAse study mpt’s sydney office eXposure

mpt’s sydney cBd exposure well positioned

~~Exposure to Sydney CBD office market[ 2]~~ 35.0% of MPT’s office portfolio = $1.2bn value

sydney cBd portfolio occupancy is 97.2%[ 1]
strong sydney cBd wAle of 5.4[ 1] years
1 prime grade office assets

strategic leasing approach to mitigate risk

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sydney cBd demand forecast to outstrip Sydney CBD lease expiry profile [ 1]
net supply until fy15 75%
> mirvac’s leasing strategy is focused on 67.2%
minimising fy15-fy17 vacancy 50
25
0 2.8% 4.2% 3.0% 7.9% 9.5% 5.4%
Vacant FY13 FY14 FY15 FY16 FY17 Beyond
1) By area, excluding assets under development.
2) By book value as at 30 June 2012, excluding assets under development and indirect investments.
results By Mirvac 21 august 2012 pAge 15
by mirvac
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mpt — retAil highlights

mirvac Asset management driving the portfolio harder

low aged arrears of 0.22%
occupancy costs manageable at 14.2%[ 1]
secured lease to Apple at Broadway shopping centre, nsw

non-discretionary focused centres remain resilient

strong like-for-like noi growth of 2.6%
portfolio occupancy increased to 99.2%[ 2]
1.8%[3] net valuation uplift for fy12
maintained strong wAle of 5.8[ 2 ] years > food based retailers 35.6%[ 4]

~~Tenant~~
~~Percentage~~
1
wesfarmers — coles
13.3%
2 woolworths
9.8%
3 the reject shop
1.4%
4 government Agency
1.2%
5 westpac — st george
1.1%
6 sussan group
1.0%
7 cotton on group
1.0%
8 terrywhite chemist
0.9%
9 specialtyfashion group
0.9%
10 Just group
0.9%
Total
31.5%
Comparable
Comparable
~~Retail sales~~
~~Total MAT~~
~~MAT growth~~
~~MAT growth ~~
by category
FY12 $m
FY12 %
FY11 %
non-food majors
$343.9
(1.1%)
(1.6%)
food majors
$939.8
2.7%
5.1%
mini majors
$211.6
(6.3%)
(2.8%)
specialties
$741.5
(0.7%)
0.9%
other retail
$143.1
3.1%
6.3%
Total
$2,379.9
0.3%
2.0%
no
specialty
retailer
over
1.5%

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1) includes marketing levy. specialty occupancy costs excluding cBd centres (including cBd centres 14.9%).
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2) By area, excluding assets under development.
3) net gain on fair value of investment properties divided by opening fair value at 30 June 2011.
4) includes turnover rent but excludes outgoings and marketing levy.

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by mirvac
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results By Mirvac 21 august 2012
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pAge 16
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development — fy12 commerciAl Activity

commercial development activity increased in fy12

25.2% of project development eBit[ 1] represented by commercial
hoxton distribution park, nsw delivered to mpt and 50% sold to Aviva investors
8 chifley square, nsw construction now 62.0% complete
secured dA for old treasury Building, wA office development > works forecast to commence in september 2012
progressed stage 2 dA at 190-200 george street, nsw office development
commenced retail redevelopment works at stanhope gardens, nsw; orion town centre, qld; and Kawana shoppingworld, qld

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1) excluding overheads.
results By Mirvac 21 august 2012
by mirvac
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FY12 Development EBIT
25.2%
Commercial
8 Chifley Square, Sydney, NSW
pAge 17
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cAse study hoXton distriBution pArK, nsw

mirvac’s integrated model working to deliver superior results

21.0% project irr $230.3m total end value

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Hoxton Distribution Park, Hoxton Park, NSW
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hoxton distribution park, nsw > developed internally by mirvac
132,231sqm warehouse space
100% pre-leased to woolworths limited for 20 and 25 years
delivered to mpt five months ahead of time and ahead of budget
50% sold to Aviva investors

by mirvac

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pAge 18
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results By Mirvac 21 august 2012

development — fy12 residentiAl Activity

fy12 achievements set pace for development division recovery

exceeded fy12 target achieved 1,807 residential lot settlements > pre-sales above ten year average at $907.7m$907.7m[[ 1]] > Achieved harold park masterplan dA > on track for fy14 settlements > successful releases: harold park precinct 1, nsw; rhodes pinnacle, nsw, elizabeth hills, nsw; yarra point, vic; and googong, nsw > 88.0% of fy12 settlements at or below $1m

pre-sales above ten year average at $907.7m$907.7m[[ 1]]

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Pre-sales — historic profile
$1.2bn
$1.0 10 year average
$0.8
$0.6
$0.4
$0.2
$0
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12
1) total exchanged pre-sales contracts as at 30 June 2012, adjusted for mirvac’s share of Jvs, associates,
and mirvac’s managed funds.
results By Mirvac 21 august 2012
by mirvac
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Pinnacle, Rhodes, NSW
pAge 19
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cAse study hArold pArK, gleBe, nsw

mirvac’s integrated model delivering on targets

10.6ha site located in sydney’s inner west, approximately 2.5km from cBd > Approximately 1,250 dwellings consisting of 1, 2, 3 bedroom apartments and terraces

precinct 1 > 190 apartments pre-sold (64.2%)[1]

demolition complete

masterplan dA approved

remediation work commenced on site

on track for precinct 1 targeted settlements in late fy14

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Harold Park targeted project timeline FY11 FY12 FY13 FY14 Harold Park, Glebe, NSW
mirvac enters into contract to acquire harold park
mirvac settles land transaction
demolition of harold park
precinct 1 marketing and sales
site rezoning approval
final land payment
remediation development Approval
master plan development Approval
precinct 1 and 2 development Approval
remediation and site wide infrastructure works
precinct 1 construction commences
precinct 1 settlements commence
1) As at 20 August 2012.
results By Mirvac 21 august 2012 pAge 20
by mirvac
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development — fy13 outlooK

fy13 performance not reliant on market recovery

fy13 target of residential lot settlements

40% 1h13 60% 2h13 seasonal split of residential lot settlements > of fy13 forecast development eBit[ 1] already secured

top fy13 development eBit[ 1] contributors

% FY13
development
% FY13
Mirvac’s
FY13
EBIT
Project
development EBIT
interest
State
Type
lots
secured
Core projects
yarra point, yarra’s edge
21.8%
100%
vic
Apartment
150
100.0%
yarra’s edge, river lowrise precinct
12.9%
100%
vic
masterplanned communities
27
85.2%
elizabeth hills
7.1%
pdA
nsw
masterplanned communities
183
8.7%
waverleypark
6.3%
100%
vic
masterplanned communities
79
41.8%
middleton grange
5.4%
100%
nsw
masterplanned communities
144
32.0%
elizabeth point
4.2%
100%
nsw
masterplanned communities
81
1.9%
Forecast FY13 development
EBIT composition 1
Masterplanned Communities 43.9%
Commercial 6.5%
Apartments 49.6%

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1) Before overheads and selling and marketing costs.
results By Mirvac 21 august 2012 pAge 21
by mirvac
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development – fy14 onwArds

Building a robust earnings profile for fy14 onwards

new generation projects targeting right product, price point and location >100.0% of new generation projects acquired on capital efficient terms > projects priced in-line with current market conditions > commercial development activities supports the development division

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recent acquisitions
deliver 117.0%
increase in forecast
lots delivered
between fy14 – fy16
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New generation lots to be delivered FY14 – FY16
4,000 lots 3,854
3,000
2,000
1,776
1,000
0 ApartmentsMasterplanned Communities
FY11 forecast FY12 forecast
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by mirvac

results By mirvAc 21 August 2012

pAge 22

development pipeline delivers diversificAtion And visiBility

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settlements have commenced under construction Active Profit recognition profile [ 1]
marketing planning under negotiation FY13 FY14 FY15 FY16 FY17
Project Stage Ownership
Commercial projects Currently marketing part share
8 chifley square, nsw sell down of commercial projects 50%
old treasury Building, wA 100%
664 collins street, vic 100%
190 - 200 george street, nsw 100%
Residential projects — Apartments
waterfront newstead, qld park precinct 100% 65 lots
yarra’s edge, vic yarra point 100% 201 lots
rhodes waterside, nsw pinnacle 20% 231 lots
chatswood, nsw era 100% 295 lots
harold park, nsw precinct 1 100% 296 lots
harold park, nsw precinct 2 100% 188 lots
yarra’s edge, vic Array (previously tower 6/7) 100% 205 lots
Residential projects — Masterplanned Communities
yarra’s edge, vic river homes (stage 3 & 4) 100% 27 lots
middleton grange, nsw All stages 100% 183 lots
elizabeth hills, nsw All stages pdA 543 lots
Jane Brook, wA All stages 100% 182 lots
gainsborough greens, qld precinct 1 to 7 100% 1,290 lots
waverley park, vic All stages 100% 326 lots
harcrest, vic All stages 20% 648 lots
googong, nsw stage 1 & 2 50% 1,321 lots
rockbank, vic stage 1 50% 1,008 lots
new Brighton golf course, nsw All stages pdA 228 lots
eastern golf club, vic [2] All stages 100% 273 lots
clyde north, vic stage 1 100% 402 lots
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1) project lot settlements over eBit contributing period.
2) contract is subject to vendor being granted planning approval on their future site.

results By mirvAc 21 August 2012 by mirvac

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pAge 23
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summAry And guidAnce

An expert in Australian real estate

An active year > business simplified and focused on our competitive advantages
well positioned for the future:
earnings underpinned by high quality trust
development division set for fy14 recovery
robust balance sheet

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defensive
Active delivers
core upside across
business
$6,002.7m [ 1] $1,807.3m [ 2] cycles
1) By book value as at 30 June 2012, including assets under development and indirect investments.
2) development division total inventories, investments and loans in associates and Jvs as at 30 June 2012.
results By Mirvac 21 august 2012 pAge 24
by mirvac
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guidAnce
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guidAnce
guidance	fy13
forecast groupoperating proft	$366 –$370m
dilution from hotel assets sale	0.5cpss
forecast operatingeps	10.7 – 10.8cpss
forecast dps	8.5 – 8.7cpss
forecast weighted average securities	3,432m

results By Mirvac 21 august 2012 by mirvac

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pAge 25
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disclAimer And importAnt notice

Mirvac Group comprises Mirvac Limited ABN 92 003 280 699 and Mirvac Property Trust ARSN 086 780 645. This presentation (“Presentation”) has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively “Mirvac” or “the Group”). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$).

The information contained in this Presentation has been obtained from or based on sources believed by Mirvac to be reliable. To the maximum extent permitted by law, Mirvac, its affiliates, officers, employees, agents and advisers do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation or that the information is suitable for your intended use and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).

This Presentation is not financial advice or a recommendation to acquire Mirvac stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals.

Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation and the Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction.

To the extent that any general financial product advice in respect of the acquisition of Mirvac Property Trust units as a component of Mirvac stapled securities is provided in this Presentation, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services Licence. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of Mirvac Limited.

An investment in Mirvac stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac, including possible delays in repayment and loss of income and principal invested. Mirvac does not guarantee any particular rate of return or the performance of Mirvac nor do they guarantee the repayment of capital from Mirvac or any particular tax treatment.

This Presentation contains certain “forward looking” statements. The words “anticipated”, “expected”, “projections”, “forecast”, “estimates”, “could”, “may”, “target”, “consider” and “will” and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. To the full extent permitted by law, Mirvac Group and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current year amounts and other disclosures. This Presentation also includes certain non-IFRS measures including operating profit after tax. Operating profit after tax is profit before specific non-cash items and significant items. It is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac’s 2012 financial statements, which has been subject to review by its external auditors. This Presentation is not an offer or an invitation to acquire Mirvac stapled securities or any other financial products and is not a prospectus, product disclosure statement or other offering document under Australian law or any other law. It is for information purposes only.

by mirvac

results By Mirvac 21 august 2012

pAge 26

by mirvac

Follow us on twitter @Mirvacir

Mirvac Mirvac investor FY12 relations ProPertY website coMPendiuM

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23 furzer street, phillip, Act

additional information

21 August 2012

by mirvac

Artist’s impression of 8 chifley squAre, sydney, nsw

financial results development (continued) 4 fy12 statutory to operating profit reconciliation 35 mirvac Buyer profile 5 fy11 statutory to operating profit reconciliation 36 growing preference towards Apartments 6 fy12 operating profit by segment 37 return to normalised performance by 2014 7 fy11 operating profit by segment 38 provisions 8 finance costs — note 5 statutory financial statement 39 hypothetical profit making development project — 9 group overhead costs treatment of capitalised costs 10 mpt operating eBit 40 hypothetical provisioned development project — 11 fy12 contributions to growth treatment of capitalised costs 12 liquidity profile 41 pre-sales Analysis 13 debt and hedging profile 42 our markets 43 combining high + low density projects investment mpt 44 residential development high density = Apartments 15 commercial market update 45 residential development low density = masterplanned communities 16 sector and geographic diversification 46 mirvac’s development Business 17 mpt portfolio snapshot 47 development risk management 18 top ten tenants by income 19 mpt weighted Average cap rate health safety and wellbeing 20 office snapshot 49 health safety and wellbeing 21 office metrics 22 retail snapshot hotel Asset sale 23 industrial snapshot 51 hotel Asset sale 24 schedule of disposals 25 commercial development pipeline mirvac statutory income tax calculation 53 mirvac statutory income tax calculation development 27 residential market outlook fy13 calendar 28 development fy12 Activity detail 54 fy13 calendar 29 development outlook fy13 – fy15 3031 diversification of residential lots/revenue residential development — strategic Acquisitions glossary 32 gross development margin 33 development historical information (fy08 – fy12) 34 development operating eBit reconciliation additional information By mirvac 21 august 2012 pAge 1 by mirvac

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mirvAc group
Artist’s impression of ArrAy, yArrA’s edge, docklAnds, vic
AdditionAl informAtion By mirvAc 21 August 2012 pAge 2
by mirvac
----- End of picture text -----

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80% operating npAt through cycle target
Office > 57.6%
investment – mpt
retail > 27.2%
invested capital > $6,002.7m [ 1] Other > 15.2%
20% operating npAt through cycle target
apartments > 54.6%
residentiAl
development tArget 80.0% masterplanned cOmmunities > 45.4%
invested capital >
$1,807.3m [ 2] commerciAl industrial > 32.7%
Office > 66.1%
tArget 20.0%
retail > 1.2%
1) By book value, including assets under development and indirect investments.
2) development division’s total inventories, investments and loans in associates and Jvs as at 30 June 2012.
AdditionAl informAtion By mirvAc 21 August 2012 pAge 3
by mirvac
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fy12 stAtutory to operAting profit reconciliAtion

	total inc. investment hotel investment discontinued	total inc. investment hotel investment discontinued
	~~mpt management management development~~ ~~unallocated~~ ~~elimination~~ ~~tax~~ ~~operations~~ June 2012 $m $m $m $m $m $m $m $m proft/(loss) attributable to the stapled securityholders of mirvac 495.5 15.5 (9.0) (10.0) (99.4) (31.1) 54.6 416.1 specifc non-cash items Net (gain)/loss on fair value of investment properties and owner-occupied hotel management lots and freehold hotels (163.4) — — — — 14.7 — (148.7) Net loss on fair value of IPUC 15.8 — — — — — — 15.8 Net loss on fair value of derivative fnancial instruments and associated foreign exchange movements 37.5 — — — 44.5 — — 82.0 Security based payment expense — — — — 8.5 — — 8.5 Depreciation of owner-occupied investment properties, hotels and hotel management lots (including hotel property, plant and equipment) — 1.7 — 0.2 — 7.6 — 9.5 Straight-lining of lease revenue (15.9) — — — — — — (15.9) Amortisation of lease ftout incentives 16.6 — — — — (2.2) — 14.4 Net loss on fair value of investment properties, derivatives and other specifc non-cash items included in share of net proft of associates 12.0 — 1.7 — — — — 13.7 signifcant items Impairment of loans — — — — 6.0 — — 6.0 Provision for loss on inventories — — — 25.0 — — — 25.0 Net (gain)/loss on sale of non-aligned assets (1.8) — 0.6 — 0.4 — — (0.8) Net loss/(gain) on sale of Hotel Management business and related assets 7.4 — — — (29.4) 0.6 — (21.4) tax effect Tax effect of non-cash and signifcant adjustments — — — — — — (37.9) (37.9)
	Operating proft/(loss) (proft befor non-cash and signifcant items)	e specifc 403.7 17.2 (6.7) 15.2 (69.4) (10.4) 16.7 366.3
	Segment contribution Add back tax Add back interest paid Less interest revenue	110.2% 4.7% (1.8%) 4.1% (18.9%) (2.9%) 4.6% 100.0% — — — — — — (16.7) (16.7) 31.7 1.3 19.6 76.4 6.7 (6.5) — 129.2 (11.9) (0.1) (0.4) (0.3) (1.5) 0.8 — (13.4)
	earnings before interest and tax	423.5 18.4 12.5 91.3 (64.2) (16.1) — 465.4
	by mirvac Segment contribution	91.0% 4.0% 2.7% 19.6% (13.8%) (3.5%) — 100.0%
		pAge 4 additional information By mirvac 21 august 2012

fy11 stAtutory to operAting profit reconciliAtion

	total inc. investment hotel investment discontinued	total inc. investment hotel investment discontinued
	~~mpt management management development~~ ~~unallocated~~ ~~elimination~~ ~~tax~~ ~~operations~~ June 2011 $m $m $m $m $m $m $m $m proft/(loss) after tax before nci 451.6 7.9 (9.8) (262.2) (98.5) (10.0) 103.6 182.6 Less NCI — — — — — (0.3) — (0.3)
	proft/(loss) attributable to the stapled securityholders of mirvac 451.6 7.9 (9.8) (262.2) (98.5) (10.3) 103.6 182.3
	specifc non-cash items Net (gain)/loss on fair value of investment properties and owner-occupied hotel management lots and freehold hotels (119.5) 1.2 — — — 7.9 — (110.4) Net loss on fair value of investment properties under construction (“IPUC”) 58.6 — — — — — — 58.6 Net (gain)/loss on fair value of derivative fnancial instruments and associated foreign exchange movements (6.8) 0.2 0.4 — (1.3) — — (7.5) Security based payment expense — — — — 6.2 — — 6.2 Depreciation of owner-occupied investment properties, hotels and hotel management lots (including hotel property, plant and equipment) — 1.7 — 0.5 — 5.9 — 8.1 Straight-lining of lease revenue (16.4) — — — — — — (16.4) Amortisation of lease ftout incentives 12.2 — — — — (1.8) — 10.4 Net gain on fair value of investment properties, derivatives and other specifc non-cash items included in share of net proft of associates (8.3) — (1.8) (0.1) (0.4) (0.4) — (11.0) Net loss on fair value of investment properties, derivatives and other specifc non-cash items included in NCI — — — — — (0.4) — (0.4) signifcant items Provision for loss on inventories — — — 295.8 — — — 295.8 Net loss/(gain) on sale of non-aligned assets 1.2 — (1.0) — — — — 0.2 Business combination transaction costs 16.8 — — — 15.0 — — 31.8 tax effect Tax effect of non-cash and signifcant adjustments — — — — — — (89.2) (89.2)
	Operating proft/(loss) (proft befor	e specifc non-cash and signifcant items) 389.4 11.0 (12.2) 34.0 (79.0) 0.9 14.4 358.5
	Segment contribution Add back NCI Add back tax Add back interest paid Less interest revenue	108.6% 3.1% (3.4%) 9.5% (22.0%) 0.2% 4.0% 100.0% — — — — — 0.3 — 0.3 — — — — — — (14.4) (14.4) 44.8 0.7 18.0 52.8 11.2 (1.3) — 126.2 (27.7) (0.2) (0.4) (0.1) (6.6) 0.8 — (34.2)
	Operating proft – eBit	406.5 11.5 5.4 86.7 (74.4) 0.7 — 436.4
	by mirvac Segment contribution	93.1% 2.6% 1.2% 19.9% (17.0%) 0.2% — 100.0%
		pAge 5 additional information By mirvac 21 august 2012

fy12 operAting profit By segment

	total inc. investment hotel investment discontinued discontinued
	mpt management management development unallocated elimination operations operations total June 2012 $m $m $m $m $m $m $m $m $m revenue from continuing operations Investment properties rental revenue 539.3 — 4.7 — — (1.2) 542.8 — 542.8 Hotel operating revenue — 150.7 — — — — 150.7 (150.7) — Investment management fee revenue — — 14.8 — — (0.8) 14.0 (2.2) 11.8 Development and construction revenue — — — 918.4 — — 918.4 — 918.4 Development management fee revenue — — — 18.3 — 2.8 21.1 (1.8) 19.3 Interest revenue 14.2 0.1 2.2 6.1 3.6 (0.8) 25.4 (0.2) 25.2 Dividend and distribution revenue 4.8 — — — — — 4.8 (3.6) 1.2 Other revenue 3.6 0.5 3.1 7.2 2.0 (2.8) 13.6 (0.6) 13.0 Inter-segment sales 54.7 0.4 14.7 100.8 0.9 (171.5) — — —
	total revenue from continuing operations 616.6 151.7 39.5 1,050.8 6.5 (174.3) 1,690.8 (159.1) 1,531.7
	Other income Share of net proft of associates and joint ventures accounted for usingthe equitymethod 20.7 — 4.4 0.6 0.3 — 26.0 (8.1) 17.9
	total other income 20.7 — 4.4 0.6 0.3 — 26.0 (8.1) 17.9
	total revenue from continuing operations and other income 637.3 151.7 43.9 1,051.4 6.8 (174.3) 1,716.8 (167.2) 1,549.6
	Net loss/(gain) on sale of investments — — — — 0.9 (0.9) — — — Net loss on sale of property, plant and equipment — — — 0.3 0.1 — 0.4 — 0.4 Investment properties expenses 137.5 — 2.9 — — (13.8) 126.6 — 126.6 Hotel operating expenses — 46.7 — — — (1.7) 45.0 (45.0) — Cost of property development and construction — — — 889.6 — (84.9) 804.7 — 804.7 Employee benefts expenses — 69.5 19.2 18.3 48.0 1.1 156.1 (70.3) 85.8 Depreciation and amortisation expenses 8.3 2.7 0.2 2.5 1.4 — 15.1 (2.9) 12.2 Finance costs 79.5 1.3 19.6 76.4 6.7 (54.3) 129.2 — 129.2 Selling and marketing expenses — 8.7 0.6 27.7 0.4 — 37.4 (8.7) 28.7 Other expenses 8.3 5.6 8.1 21.4 18.7 (9.4) 52.7 (5.5) 47.2
	Operating proft/(loss) from continuing operations before income tax 403.7 17.2 (6.7) 15.2 (69.4) (10.4) 349.6 (34.8) 314.8 Income tax beneft 16.7 7.0 23.7
	Operating proft from continuing operations 366.3 (27.8) 338.5 Operating proft from discontinued operations — 27.8 27.8
	Operating proft attributable to the stapled securityholders of mirvac 366.3 — 366.3

by mirvac

additional information By mirvac 21 august 2012

pAge 6

fy11 operAting profit By segment

	total inc. ~~investment~~ ~~hotel~~ ~~investment~~ ~~discontinued discontinued~~
	mpt management management development unallocated elimination operations operations total June 2011 $m $m $m $m $m $m $m $m $m revenue from continuing operations Investment properties rental revenue 528.1 — 4.6 — — (3.4) 529.3 — 529.3 Hotel operating revenue — 159.7 — — — (0.2) 159.5 (159.5) — Investment management fee revenue — — 19.9 — — (1.7) 18.2 (2.4) 15.8 Development and construction revenue — — — 955.1 — 3.0 958.1 — 958.1 Development management fee revenue — — — 23.6 — (0.7) 22.9 (1.1) 21.8 Interest revenue 27.7 0.2 4.7 6.5 6.6 (0.4) 45.3 (0.2) 45.1 Dividend and distribution revenue 0.7 — — — — (0.4) 0.3 — 0.3 Other revenue 2.7 0.8 3.6 11.6 3.2 (2.7) 19.2 (0.9) 18.3 Inter-segment sales 51.8 0.2 16.0 57.6 0.3 (125.9) — — —
	total revenue from continuing operations 611.0 160.9 48.8 1,054.4 10.1 (132.4) 1,752.8 (164.1) 1,588.7
	Other income Share of net proft of associates and joint ventures accounted for using the equity method 25.5 — 2.3 3.0 0.2 (0.7) 30.3 (12.3) 18.0 Netgain/(loss)on sale of investments — — 3.1 — (1.6) — 1.5 — 1.5
	total other income 25.5 — 5.4 3.0 (1.4) (0.7) 31.8 (12.3) 19.5
	total revenue from continuing operations and other income 636.5 160.9 54.2 1,057.4 8.7 (133.1) 1,784.6 (176.4) 1,608.2
	Net loss on sale of property, plant and equipment — 0.7 — — 0.3 — 1.0 (0.7) 0.3 Investment properties expenses 133.4 — 3.3 — — (12.2) 124.5 — 124.5 Hotel operating expenses — 50.0 — 0.8 — (2.0) 48.8 (48.0) 0.8 Cost of property development and construction — — — 902.0 — (55.4) 846.6 — 846.6 Employee benefts expenses — 76.8 22.6 18.7 47.9 1.0 167.0 (78.1) 88.9 Depreciation and amortisation expenses 5.1 3.1 0.2 2.3 2.0 — 12.7 (3.3) 9.4 Impairment of investments including associates and joint ventures — — — — — — — — — Impairment of loans — — 7.8 — — — 7.8 — 7.8 Finance costs 96.6 0.7 18.0 52.8 11.2 (53.1) 126.2 — 126.2 Loss on fnancial instruments — — — — — — — — — Selling and marketing expenses — 10.1 0.9 25.1 0.4 — 36.5 (10.1) 26.4 Provision for loss on inventories — — — — — — — — — Business combination transaction costs — — — — — — — — — Other expenses 12.0 8.5 13.6 21.7 25.9 (13.0) 68.7 (8.1) 60.6
	Operating proft/(loss) from continuing operations before income tax 389.4 11.0 (12.2) 34.0 (79.0) 1.6 344.8 (28.1) 316.7 Income tax beneft 14.4 3.6 18.0
	Operating proft from continuing operations 359.2 (24.5) 334.7 Operating proft from discontinued operations — 24.5 24.5 Operating proft attributable to NCI (0.7) — (0.7)
	Operating proft attributable to the stapled securityholders of mirvac 358.5 — 358.5

additional information By mirvac 21 august 2012 by mirvac

pAge 7

finAnce costs – note 5 stAtutory finAnciAl stAtement

	~~fY12 $~~ ~~fY11 $~~
	~~(m)~~ ~~(m)~~ interest and fnance chargespaid/payable net ofprovision release 168.4 169.5
	Amount capitalised (93.0) (88.7)
	interest capitalised in current and prior periods expensed thisperiod net ofprovision release 50.2 39.8
	Borrowingcosts amortised 3.6 5.6
	total fnance costs 129.2 126.2

by mirvac

additional information By mirvac 21 august 2012

pAge 8

group overheAd costs

overhead cost reduction is a continued focus

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||||||
|---|---|---|---|---|
|fY12 ($m)|fY11 ($m)|% change|
|employee benefit expense|[ 1]|86.6|90.2|(4.0)|
|selling and marketing expense|[ 1]|28.7|26.4|8.7|
|other expenses|[ 1]|47.1|60.2|(21.8)|
|total overhead expense|[ 1]|162.4|176.8|(8.1)|
|total assets|[ 2]|8,394.8|8,979.6|(6.5)|
|Overhead expenses as a percentage of asset base|[ 3]|1.9%|2.0%|(5.0)|

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1) expenses are on an operational basis (excluding non-cash items and significant item) excluding hotel management business. for further detail see page 6 of Additional information. 2) total assets, excluding hotel management assets, see 30 June 2012 financial statements for more detail.

3) excluding selling and marketing expenses, fy12 overhead expenses as a percentage of asset base were 1.6% (fy11: 1.7%).

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additional information By mirvac 21 august 2012 pAge 9

mpt operAting eBit

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|||||
|---|---|---|---|
|detailed breakdown of mpt operating eBit|fY12 ($m)|fY11 ($m)|
|net property income|[ 1]|
|office|242.4|224.5|
|industrial|33.6|30.5|
|retail|116.3|126.9|
|other|8.0|7.7|
|total net property income|400.3|389.6|
|investment income|[ 2]|27.9|26.2|
|Other income|
|other income|3.6|2.7|
|overhead expenses|(8.3)|(12.0)|
|total mpt operating eBit|423.5|406.5|

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1) excludes straightline of lease revenue and amortisation of lease fitout incentives.

2) includes income from indirect property investments.

by mirvac

additional information By mirvac 21 august 2012

pAge 10

fy12 contriButions to growth

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FY11 to FY12 segmented operating EBIT growth
$500m
10.2 (16.8)
480 4.6
7.1 465.4
6.9
460 17.0
436.4
440
420
FY11 Investment Hotel Investment Development Unallocated Elimination FY12
MPT Management Management
FY11 to FY12 segmented operating profit growth
$385m
5.5 (18.8)
6.2
375 9.6 ($11.3m)
14.3
365 2.3 366.3
358.5
355
345
FY11 Investment Hotel Investment Development Unallocated Elimination Tax FY12
MPT Management Management
additional information By mirvac 21 august 2012 pAge 11
by mirvac
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liquidity profile

	facility limits drawn amount available liquidity as at 30 June 2012 ($m) ($m) ($m) total facilities maturing> 12 months $2,678.01 $1,950.91 $727.1 total $2,678.0 $1,950.9 $727.1 cash on hand 30 June 2012 $77.3 2 total liquidity 30 June 2012 $804.4 less facilities maturing< 12 months $0.0 funding headroom $804.4

1) Based on hedged rate not carrying value.

by mirvac

additional information By mirvac 21 august 2012

pAge 12

deBt And hedging profile

fy12 breakdown of debt maturities

amount drawn total amount
issue / source
maturity date
$m
$m
Bank facilities
January 2014
237.9
530.0
Bank facilities
november 2014
150.0
150.0
Bank facilities
January 2015
200.0
530.0
mtn iii
march 2015
200.0
200.0
Bank facilities
January 2016
425.0
530.0
mtn iv
september 2016
225.0
225.0
uspp
november 2016
378.8
378.82
uspp
november 2018
134.1
134.12
total
1,950.9
2,678.0

1) includes bank callable swaps and a swaption. 2) Based on hedged rate not carrying value. additional information By mirvac 21 august 2012 by mirvac

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FY12 hedging and fixed interest profile [1]
$2,000m Fixed Options Swaps Rate
1,500
1,000
5.80%
5.63% 5.63% 5.63% 5.67%
500
0
FY12 FY13 FY14 FY15 FY16
Debt sources
Syndicated loans and bank facilities 65.0%
MTN 15.9%
USPP 19.1%
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pAge 13
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investment — mpt
BroAdwAy shopping centre, sydney, nsw
AdditionAl informAtion By mirvAc 21 August 2012 pAge 14
by mirvac
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commerciAl mArket updAte[ 1]

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office
weighting fy13 medium term office markets continue to benefit from falling vacancy rates, limited supply, positive net
forecast absorption, prime gross face rental growth and stable investment yields. whilst volatility in
57.6% [ 2] financial markets and the european debt crisis continue to impact on business confidence
and muted white collar employment growth, the low level of construction activity underpins
continuing low vacancy rates.
retail
weighting fy13 medium term the sales environment continues to be challenging for retailers. recent government and rBA
forecast stimulus has boosted growth, but we are yet to see if that translates into a meaningful recovery.
27.2% [ 2] headwinds remain in the form of increases in the cost of living, increasing spend on services and
continuing caution from consumers. vacancy rates are expected to remain stable for centres in
dominant catchments, although as a consequence rental growth is moderating.
industrial
weighting fy13 medium term the industrial sector ended the year on a subdued rent and demand note. however, new supply
forecast was also muted, leading to management expectations for moderate rental growth.
8.3% [ 2]
1) management forecast.
2) By book value, including assets under development and indirect investments.
additional information By mirvac 21 august 2012 pAge 15
by mirvac
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sector And geogrAphic diversificAtion

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Sector diversification [1]
58.5%
Office 57.0%
27.7%
Retail 30.2%
8.5%
Industrial 6.4%
LPT/ 3.6%
unlisted funds 4.7%
1.7% FY12
Other 1.7% FY11
0% 10% 20% 30% 40% 50% 60% 70%
Geographic diversification [2]
63.1%
NSW 61.4%
14.5%
VIC 15.5%
13.6%
QLD 14.0%
8.0%
ACT 8.3%
0.5%
USA 0.5%
0.3% FY12
SA 0.3% FY11
0% 10% 20% 30% 40% 50% 60% 70%
1) By book value, excluding assets under development and including indirect investments.
2) By book value, excluding assets under development and indirect investments.
additional information By mirvac 21 august 2012 pAge 16
by mirvac
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mpt portfolio snApshot

	~~fY12~~ ~~fY11~~ properties owned1 66 68 nlA1 1,423,252sqm 1,308,850sqm Book value2 $6,002.7m $5,898.0m wAcr 7.48% 7.55% netpropertyincome3 $431.8m $418.5m like-for-like noigrowth 3.4% 4.1% maintenance capex $33.8m $22.9m tenant incentives $16.7m $9.6m occupancy4 98.4% 98.1% nlA leased 147,646sqm 108,709sqm % ofportfolio nlA leased 10.4% 8.3% no. tenant reviews 1,735 1,824 tenant rent reviews(area) 909,434sqm 985,467sqm wAle(area)4 7.4yrs 6.2yrs wAle(income)5 5.6yrs 6.3yrs	~~MPT — l i fil d i t FY114~~
		60% ~~ease expry proe an varance o~~
		50 56.2%
		40
		30
		20
		10 7.8% 8.6% 7.5% 10.1% 8.2%
		0 1.6%
		Vacant FY13 FY14 FY15 FY16 Beyond FY17 -30bp -100bp -230bp -100bp -110bp +120bp +1,160bp

1) includes carparks and a hotel. 2) including assets under development and indirect investments. 3) includes income from indirect investments. 4) By area, excluding assets under development. 5) By income, excluding assets under development. additional information By mirvac 21 august 2012 by mirvac

pAge 17

top ten tenAnts By income

office

~~rank tenant~~
~~percentage 1~~~~s&p rating~~
1
westpac Bankingcorporation/st george
22.1%
AA-
2
government
15.8%
AAA
3
woolworths limited
6.5%
A-
4
fairfax media limited
4.4%
BB+
5
iBm Australia limited
3.4%
AA-
6
gm holden limited
3.0%
BB+
7
ugl limited
2.5%
none
8
origin energyservices limited
2.3%
BBB+
9
Alcatel — lucent Australia
1.4%
B
10
insurance Australia limited
1.4%
AA-
total top 10 tenants
62.8% 3

retail

~~rank tenant~~
~~percentage 2~~~~s&p rating~~
1
wesfarmers limited — coles
13.3%
A-
2
woolworths limited
9.8%
A-
3
the reject shoplimited
1.4%
none
4
government
1.2%
AAA
5
westpac Bankingcorporation/st george
1.1%
AA-
6
sussan group
1.0%
none
7
cotton on group
1.0%
none
8
terrywhite chemist
0.9%
none
9
specialtyfashion grouplimited
0.9%
none
10
Just group
0.9%
none
total top 10 tenants
31.5%3

1) percentage of gross office portfolio income. 2) percentage of gross retail portfolio income.

3) excludes mirvac tenancy.

additional information By mirvac 21 august 2012 by mirvac

pAge 18

mpt weighted AverAge cAp rAte

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9%
8 7.88% 7.74%
7.55% 7.56% [1] 7.55% [ 1] 7.49% [ 1] 7.48% [ 1]
7 7.01%
6
5
4
3
2
1
0
1H09 FY09 1H10 FY10 1H11 FY11 1H12 FY12
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1) excludes assets held for development.
additional information By mirvac 21 august 2012 pAge 19
by mirvac
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office snApshot

~~fY12~~
~~fY11~~
properties owned
27
28
nlA
622,495sqm
596,392sqm
Book value1
$3,457.6m
$3,226.4m
wAcr
7.47%
7.49%
netpropertyincome
$238.6m
$224.5m
like-for-like noigrowth
4.5%
4.2%
maintenance capex
$17.2m
$9.1m
tenant incentives
$11.1m
$3.4m
occupancy2
97.8%
97.8%
nlA leased3
74,735sqm
41,516sqm
% ofportfolio nlA leased3
12.0%
7.0%
no. tenant reviews
580
532
tenant rent reviews(area)
473,054sqm
539,430sqm
wAle(area)2
5.8yrs
6.3yrs
wAle(income)4
5.7yrs
6.2yrs

1) By book value, as at 30 June 2012, excluding assets under development and indirect investments. 2) By area, excluding assets under development.

==> picture [189 x 226] intentionally omitted <==

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Office lease expiry profile and variance to FY11 [2]
60%
56.6%
50
40
30
20
13.7%
10 7.4% 7.5%
6.2% 6.4%
2.2%
0
Vacant FY13 FY14 FY15 FY16 FY17 Beyond
0bp -120bp +70bp -10bp +30bp +280bp +490bp
Office diversification by grade [1]
Premium grade 28.0%
A grade 63.2%
B grade 8.8%
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3) By area, including signed leases at 10-20 Bond street (based on 100% ownership).

4) By income, excluding assets under development.

by mirvac

==> picture [121 x 5] intentionally omitted <==

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additional information By mirvac 21 august 2012
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pAge 20
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office metrics

Book value
average passing
June 2012
Occupancy 2
gross rent
no. of assets
$m 1
June 2012
$ per sqm
nsW
12
$2,330.2m
97.8%
$616
north sydney
2
$279.2m
100.0%
$687
sydney cBd
4
$1,209.0m
97.2%
$776
sydney fringe
2
$286.1m
100.0%
$562
norwest
1
$246.6m
100.0%
$443
homebush/rhodes
2
$204.2m
91.3%
$398
parramatta
1
$105.1m
100.0%
$306
Vic
4
$465.0m
97.1%
$424
melbourne cBd
1
$168.5m
100.0%
$447
st kilda road
1
$110.0m
100.0%
$402
east melbourne
2
$186.5m
93.7%
$420
act
5
$408.8m
97.6%
$421
canberra
5
$408.8m
97.6%
$421
Qld
5
$237.1m
98.9%
$456
Brisbane cBd
1
$65.4m
97.9%
$559
Brisbane ‘near city’
4
$171.7m
99.3%
$417
sa
1
$16.5m
100.0%
$358
Adelaide fringe
1
$16.5m
100.0%
$358
portfolio
27
$3,457.6m
97.8%
$541

1) By book value as at 30 June 2012, excluding assets under development and indirect investments.

2) By area, excluding assets under development.

additional information By mirvac 21 august 2012 by mirvac

pAge 21

retAil snApshot

~~fY12~~
~~fY11~~
properties owned
19
22
nlA
388,865sqm
452,201sqm
Book value1
$1,631.4m
$1,708.3m
wAcr
7.25%
7.41%
netpropertyincome
$112.3m
$126.9m
like-for-like noigrowth
2.6%
4.3%
maintenance capex
$15.2m
$9.9m
tenant incentives
$5.2m
$5.1m
occupancy2
99.2%
99.0%
nlA leased
48,668sqm
49,286sqm
% ofportfolio nlA leased
12.5%
10.9%
no. tenant reviews
1,124
1,259
tenant rent reviews(area)
228,559sqm
243,830sqm
wAle(area)2
5.8yrs
6.1yrs
wAle(income)3
4.2yrs
4.6yrs
specialityoccupancycost
14.9%
14.1%
specialityoccupancycost excludingcBd centres 14.2%
13.2%
total comparable mAtgrowth
0.3%
2.0%
specialities comparable mAtgrowth
(0.7%)
0.9%
new leasingspreads
0.1%
2.8%
renewal leasingspreads
2.4%
6.3%

1) By book value, as at 30 June 2012, excluding assets under development and indirect investments.

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Retail lease expiry profile and variance to FY11 [2]
60%
50
44.5%
40
30
20
10 10.1% 9.9% 10.7% 11.9% 12.1%
0 0.8%
Vacant FY13 FY14 FY15 FY16 FY17 Beyond
-20bp +20bp -50bp +10bp -10bp +180bp +810bp
Retail diversification by grade [1]
Sub regional 78.6%
CBD retail 10.2%
Neighbourhood 7.8%
Bulky goods centre 3.4%
----- End of picture text -----

2) By area, excluding assets under development.
3) By income, excluding assets under development.

by mirvac

==> picture [121 x 5] intentionally omitted <==

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additional information By mirvac 21 august 2012
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pAge 22
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industriAl snApshot

	~~fY12~~ ~~fY11~~ properties owned 16 14 nlA 411,494sqm 259,859sqm Book value1 $499.0m $363.7m wAcr 8.16% 8.43% netpropertyincome $35.0m $30.5m like-for-like noigrowth (0.1%) 2.7% maintenance capex $1.2m $1.6m tenant incentives $0.2m $1.1m occupancy2 98.7% 97.2% nlA leased 23,975sqm 17,907sqm % ofportfolio nlA leased 5.8% 6.9% no. tenant reviews 31 33 tenant rent reviews(area) 207,821sqm 202,207sqm wAle(area)2 11.1yrs 5.9yrs wAle(income)3 10.4yrs 5.8yrs	~~Idtil l i fil d i t FY112~~
		80% ~~nusra ease expry proe an varance o~~
		60 67.4%
		40
		20
		0 1.3% 6.1% 8.9% 6.3% 2.9% 7.1%
		Vacant FY13 FY14 FY15 FY16 Beyond FY17 -150bp -140bp -1,210bp -360bp -190bp -210bp +2,470bp

1) By book value as at 30 June 2012, excluding assets under development and indirect investments. 2) By area, excluding assets under development. 3) By income, excluding assets under development. additional information By mirvac 21 august 2012 by mirvac

pAge 23

schedule of disposAls

fy12 schedule of disposals

previous
Gross
proceeds
actual
~~book value~~
~~sale price~~
~~above book~~
~~settlement~~
property
state
sector
status
$m
$m
value $m
date
Ballina central,Ballina
nsw
retail
settled
$28.2m
$29.0m
$0.8m
september 11
taree citycentre,taree
nsw
retail
settled
$53.0m
$53.5m
$0.5m
october 11
peninsula homemaker centre,
mornington
vic
retail
settled
$44.0m
$44.5m
$0.5m
november 11
kwinana land, 46 meares Avenue,
kwinana
wA
retail
settled
$3.4m
$5.0m
$1.6m
february2012
total
$128.6m
$132.0m
$3.4m

by mirvac

additional information By mirvac 21 august 2012

pAge 24

commerciAl development pipeline

$1.4bn commercial development pipeline to be undertaken in-house by mirvac

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

Active Project [1] Type Status FY12 FY13 FY14 FY15 FY16
8 Chifley Square Sydney, 42% $83m, 7.35%
✔ NSW (50% with K-REIT) Office pre-leased Sep 10 to Aug 13
Kawana Shoppingworld (Stage 4) Re-development $72.5m, 8.04%
✔ Buddina, QLD (100%) Retail commenced Jul 12 to Dec 13
Orion Town Centre (Pad Sites) Re-development $15.8m, 6.90%
✔ Springfield, QLD (100%) Retail commenced Jul 12 to Dec 13
✔ Stanhope Village (Stage 3)Stanhope Gardens, NSW (100%) Retail Re-developmentcommenced $13.5m, 7.65% Aug 12 to Aug 13
Old Treasury Building, Re-development $286m, 8.70%
✔ Perth WA (100%) Office commenced Aug 12 to Mar 15
190-200 George Street $484m
Sydney, NSW (100%) Office Jan 13 to May 16
664 Collins Street $170m
Melbourne, VIC (100%) Office Mar 13 to Jul 15
Orion Town Centre (Stage 2) $67m
Springfield, QLD (100%) Retail Mar 13 to Oct 14
Stanhope Village (Stage 4) $15.6m
Stanhope Gardens, NSW (100%) Retail Jul 13 to May 15
1 Woolworths WayNorwest, NSW (100%) Office $95mJul 13 to Nov 15
1) forecast total costs to complete including interest, excluding land acquisition costs.
additional information By mirvac 21 august 2012 pAge 25
by mirvac
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----- Start of picture text -----

development
old treAsury Building, perth, wA
AdditionAl informAtion By mirvAc 21 August 2012 pAge 26
by mirvac
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residentiAl mArket outlook[ 1]

the factors underpinning the residential property market have improved over the past year and vary by state. the combination of soft property prices and declining mortgage interest rates has resulted in an improvement in affordability, while population growth has started to pick up. the bias towards medium density accommodation continues, especially in the south eastern states. this trend is expected to continue given housing affordability, the preference of new migrants, transport infrastructure constraints, the cost of travel and the ageing population.

==> picture [420 x 220] intentionally omitted <==

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nsw
weighting fy13 medium term forecast housing approvals in nsw are now broadly in line with their pre-gfc levels. A low rental vacancy rate and rising rental growth are evident of strong underlying demand. A further strengthening in population growth, together with
32.6% [ 2] measures by the state government to increase dwelling supply, suggests a further improvement in market conditions.
vic
weighting fy13 medium term forecast with the appreciation of the Australian dollar continuing to exert pressure on the state’s manufacturing base and investment remaining biased towards the resource states, the victorian property market is likely to continue to
30.4% [ 2] underperform the other main states.
qld
weighting fy13 medium term forecast the qld property market has been adversely affected by the rising Australian dollar impacting on its tourism industry, weak economic conditions and a slowing in population growth. there are early signs the housing market is
24.8% [ 2] undergoing a modest recovery. longer term prospects are underpinned by resource related activity, in conjunction with an improvement in population growth.
wA
weighting fy13 medium term forecast prices are starting to edge higher. short-term prospects for the property market are expected to improve while, the wA property market is showing signs of a recovery. population growth has increased significantly, while property
12.2% [ 2] in the longer term, resource related activity is expected to lead both stronger dwelling demand and prices.
1) management forecast.
2) forecast revenue from lots under control at 30 June 2012, adjusted for mirvac’s share of Jv, associates and mirvac’s managed funds.
additional information By mirvac 21 august 2012 pAge 27
by mirvac
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development fy12 Activity detAil

1,807 lot settlements consisting of:

==> picture [424 x 248] intentionally omitted <==

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

total apartments masterplanned communities
settlement by lots lots % lots % lots %
nsw 1,060 58.7% 248 13.7% 812 44.9%
vic 318 17.6% — — 318 17.6%
wA 216 11.9% 37 2.1% 179 10.0%
qld 213 11.8% 68 3.7% 145 8.0%
total 1,807 100.0% 353 19.5% 1,454 80.5%
FY12 lot breakdown
NSW 58.7% Masterplanned Communities 80.5% 100% Mirvac inventory 56.3%
VIC 17.6% Apartments 19.5% MWRDP 25.8%
QLD 11.8% PDA 11.7%
WA 11.9% JVs and associates 1.8%
Development funds 4.4%
additional information By mirvac 21 august 2012 pAge 28
by mirvac
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development outlook fy13 — fy15

==> picture [427 x 261] intentionally omitted <==

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

$907.7m [1] of exchanged residential pre-sales contracts
settlement lots revenue
released division project stage status Ownership commences lots pre-sold $m [ 2]
✔ vic yarra’s edge river homes stage 3 & 4 Active 100% fy13 27 85.2% 82.0
✔ vic yarra’s edge towers yarra point under construction 100% fy13 201 83.1% 192.1
✔ qld waterfront newstead park precinct Active 100% fy14 65 7.7% 74.2
✔ nsw chatswood erA under construction 100% fy14 295 98.0% 289.3
✔ nsw rhodes pinnacle under construction 20% fy14 231 56.7% 33.2
✔ nsw harold park precinct 1 under construction 100% fy14 296 62.2% 261.8
nsw harold park precinct 2 planning 100% fy15 188 0.0% 189.7
✔ vic yarra’s edge towers Array (formerly tower 6/7) marketing 100% fy15 205 25.9% 218.0
total 1,508 64.5% [3] 1,340.3
Reconciliation of movement in exchanged Forecast settlement of exchanged pre-sales contracts
pre-sales contracts to FY11
$1,250m $381m $392m
$354m
1,000 $980.3m $671.1m $598.5m $907.7m $302m
750
$161m
500 $89m
250 FY11 Settled [ 4] Net sales FY12 As at 8 Feb 2011FY13 As at 30 Jun 2012FY14 FY15+ pre-sales to be supplemented by
harold park precinct 2
1) total exchanged contracts as at 30 June 2012, adjusted for mirvac’s share of Jvs, associates, and mirvac’s managed funds.
2) mirvac’s share of forecast gross revenue, adjusted for Jv interest, associates and mirvac managed funds. and Array releases
3) percentage pre sold as at 30 June 2012 for projects that have been released. 4) represents gross settlement revenue adjusted for mirvac’s share of Jvs, associates, and mirvac’s managed funds. in fy13
additional information By mirvac 21 august 2012 pAge 29
by mirvac
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residentiAl development — strAtegic Acquisitions

> Acquired 10,175 lots in fy12

key growth markets targeted

profit recognition profile both near and medium term

price points on strategy

All acquisitions completed under capital efficient structures

	Googong, nsW clyde north, Vic donnybrook, Vic
	acquisitions (50% mGr owned) (100% mGr owned) (pda) lots 5,775 2,105 2,295
	market masterplanned communities masterplanned communities masterplanned communities
	firstproft recognition fy13 fy16 fy17
	Averagepricepoint $250k $250k $200k
	deferred payment structure Jv terms,on balance sheet pdA
	mgr share ofgross revenue $872.6m $458.5m $416.9m

by mirvac

additional information By mirvac 21 august 2012

pAge 30

diversificAtion of residentiAl lots/revenue

29,787 lots under control

==> picture [420 x 240] intentionally omitted <==

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

Lots by product type Lots by structure Mirvac share of forecast revenue by State
Apartments 52.8% 100% Mirvac inventory 43.4% NSW 34.3%
Masterplanned MWRDP 6.0% VIC 26.8%
Communities 47.2% PDA’s 9.1% QLD 25.7%
JV’s & associates 40.3% WA 13.2%
Development funds 1.2%
Average price of lots under control Average price of lots under control
Apartments Masterplanned Communities
< $1.2m 80.9% < $200k 37.4%
$1.2m — $3m 16.5% $200k — $400k 54.4%
> $3m 2.6% > $400k 8.2%
additional information By mirvac 21 august 2012 pAge 31
by mirvac
----- End of picture text -----

gross development mArgin

development
cost of property
Gross
Gross
and construction
development and
development
development
revenue
construction
margin
margin
$m
$m
$m
%
fY12
adjusted for zero margin settlements
323.5
(265.4)
58.1
17.9
commercialprojects
100.2 1
(84.9) 1
provisionprojects
365.0
(325.6)
adjusted
788.7
(675.9)
112.8
14.3
cost recoveryactivities
129.7
(128.8)
mirvac consolidated statement of comprehensive income
918.4 2
(804.7) 3
113.7
12.4
fY11
adjusted for zero margin settlements
470.0
(385.7)
84.3
17.9
commercialprojects
51.3
(33.1)
provisionprojects
239.3
(233.4)
adjusted
760.6
(652.2)
108.4
14.2
cost recoveryactivities
197.5
(194.4)
mirvac consolidated statement of comprehensive income
958.1
(846.6)
111.5
11.6

1) representing margin derived from commercial projects less intra-group transactions eliminated on consolidation.

2) total development and construction revenue — see page 6 of Additional information.

3) total cost of property development and construction — see page 6 of Additional information.

by mirvac

additional information By mirvac 21 august 2012

pAge 32

development historicAl informAtion (fy08 – fy12)

	pAge 33 additional information By mirvac 21 august 2012 by mirvac fY12 fY11 fY10 fY09 fY08 development & construction revenue 918.4 958.1 862.2 1,090.8 1,180.5 gross margin 14.3% 14.2% 11.4% 16.5% 21.9% gross residential margin (excludingzero margin) 17.9% 17.9% 17.6% 20.5% 21.9% eBit 91.3 86.7 51.3 75.1 218.6 operating proft (proft before non-cash and signifcant items) 15.2 34.0 20.1 29.1 154.1 fY12 fY11 fY10 fY09 fY08 settlements lots lots lots lots lots > Apartments 353 230 636 406 466 > masterplanned communities 1,454 1,494 1,169 1,168 1,623 lots settled 1,807 1,724 1,805 1,574 2,089	pAge 33 additional information By mirvac 21 august 2012 by mirvac fY12 fY11 fY10 fY09 fY08 development & construction revenue 918.4 958.1 862.2 1,090.8 1,180.5 gross margin 14.3% 14.2% 11.4% 16.5% 21.9% gross residential margin (excludingzero margin) 17.9% 17.9% 17.6% 20.5% 21.9% eBit 91.3 86.7 51.3 75.1 218.6 operating proft (proft before non-cash and signifcant items) 15.2 34.0 20.1 29.1 154.1 fY12 fY11 fY10 fY09 fY08 settlements lots lots lots lots lots > Apartments 353 230 636 406 466 > masterplanned communities 1,454 1,494 1,169 1,168 1,623 lots settled 1,807 1,724 1,805 1,574 2,089
	eBit
	operating proft (proft b

	settlements > Apartments > masterplanned commu
	lots settled
	by mirvac
		pAge 33 additional information By mirvac 21 august 2012

development operAting eBit reconciliAtion

	pAge 34 additional information By mirvac 21 august 2012 by mirvac development $m revenue development and construction revenue 918.4 development management fee revenue 18.3 interest revenue 6.1 other revenue 7.2 inter-segment sales 100.8 Other income share of netproft of associates andjoint ventures accounted for usingthe equitymethod 0.6 total revenue from continuing operations and other income 1,051.4 net loss on sale of property, plant and equipment 0.3 hotel operating expenses — cost of property development and construction 889.6 employee benefts expenses 18.3 depreciation and amortisation expenses 2.5 selling and marketing expenses 27.7 other expenses 21.4 finance costs 76.4 Operating proft/(loss) (proft before specifc non-cash and signifcant items) 15.2 Add back fnance costs 76.4 less interest revenue (0.3) Operating eBit 91.3 cogs (excl. capitalised interest) net of provision release selling and marketing costs net of provision release interest expense + previously capitalised interest released on settlements, net of provision release	pAge 34 additional information By mirvac 21 august 2012 by mirvac development $m revenue development and construction revenue 918.4 development management fee revenue 18.3 interest revenue 6.1 other revenue 7.2 inter-segment sales 100.8 Other income share of netproft of associates andjoint ventures accounted for usingthe equitymethod 0.6 total revenue from continuing operations and other income 1,051.4 net loss on sale of property, plant and equipment 0.3 hotel operating expenses — cost of property development and construction 889.6 employee benefts expenses 18.3 depreciation and amortisation expenses 2.5 selling and marketing expenses 27.7 other expenses 21.4 finance costs 76.4 Operating proft/(loss) (proft before specifc non-cash and signifcant items) 15.2 Add back fnance costs 76.4 less interest revenue (0.3) Operating eBit 91.3 cogs (excl. capitalised interest) net of provision release selling and marketing costs net of provision release interest expense + previously capitalised interest released on settlements, net of provision release
	Add back fnance costs less interest revenue
	Operating eBit
	by mirvac
		pAge 34 additional information By mirvac 21 august 2012

mirvAc Buyer profile

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

mirvac’s fy12 settlements Housing finance: market shares
80% Investor First home buyer Repeat buyer
> 78.0% upgraders/empty nesters and investors
> mirvac average price: 60
— house $723,000 [ 1]
— land $280,000 [ 2] 40
— Apartments $931,000 [ 3]
20
Buyer profile — fy12
0
> upgraders/empty nesters 49.7% 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12
> investors 28.3% Source: ABS and Mirvac
> fhB 22.0%
1) 605 housing lots settled, achieving gross revenue of $437.5m.
2) 849 land lots settled, achieving gross revenue of $237.9m.
3) 353 apartment lots settled, achieving gross revenue of $328.6m.
additional information By mirvac 21 august 2012 pAge 35
by mirvac
----- End of picture text -----

growing preference towArds ApArtments

demand by migrants for apartments has significantly increased


	dwelling structure separate house semi-detached/row or terrace house/townhouse flat,unit or apartment
	all households

source: survey of income and housing, 2007-08 (June 2011), mirvac

1) households where the reference person was born overseas.

2) year of arrival, of the household reference person.

by mirvac

additional information By mirvac 21 august 2012

pAge 36

return to normAlised performAnce By 2014

on strategy projects and new acquisitions will deliver improved performance

==> picture [397 x 158] intentionally omitted <==

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

$1.6bn
$1.4
Average Margin 18-22%
Harold Park
1.2 Yarra Towers
Era, Chatswood
Clyde North
1.0
Forecast
0.8 Average Margin 15%-20%
Jane BrookGainsborough Greens inventory
Yarra's Edge River Homes balance
0.6 Laureate
Waverley Park
0.4 Average Margin <5%
Bridgewater
Brendale
0.2 The Royal, NewcastleTennyson Reach
Beachside Leighton Stg 1
0.0
FY11 FY12 FY13 FY14
Existing Provisioned Near term projects Near term and acquisitions
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----- Start of picture text -----

additional information By mirvac 21 august 2012 pAge 37
by mirvac
----- End of picture text -----

provisions

englobo sales disposal program

==> picture [424 x 250] intentionally omitted <==

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

project target sales date update
magenta shores, nsw september 2011 settled August 2011 — ahead of forecast
the royal, newcastle (stages 1c & 2), nsw June 2012 settled as forecasted
Bridgewater, wA november 2012 on track — marketing to commence
> major englobo sale program materially complete.
> provision balance less than $200m, releasing approximately $195m in fy12.
Forecast provision release [1]
Forecast Englobo release Forecast build out release
$300m Actual Englobo release Actual build out release Closing provision balance
$200m
$100m
0
FY12 FY13 FY14 FY15 FY16
1) Based on forecast revenue, market conditions, expenditure and interest costs over project life.
additional information By mirvac 21 august 2012 pAge 38
by mirvac
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hypotheticAl profit mAking development proJect — treAtment of cApitAlised costs

==> picture [424 x 265] intentionally omitted <==

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

project metrics total
sales revenue 120
land (20)
cost of property development and construction (60)
sales & marketing expenses (10)
interest costs (10)
total project return 20
cash flow Year 1 Year 2 Year 3
sales revenue 120
land (20) during construction all interest
cost of property development and construction (20) (40) costs are capitalised to
sales & marketing expenses (5) (5) inventory. these are released in
interest costs (3) (5) (2) the p&l on settlement through
net cash flow (48) (45) 113 ‘Borrowing costs capitalised
during development’.
p&l Year 1 Year 2 Year 3
sales revenue 120
cogs (80)
Gross margin — — 40
sales & marketing expenses (5) — (5)
eBit (5) — 35
interest and finance charges paid/payable interest capitalised in current and prior years expensed this year — — — — (8)(2) upon the completion of construction interest
total finance costs — — (10) costs are expensed
Operating net profit (5) — 25 directly to the p&l
Balance sheet Year 1 Year 2 Year 3
development costs Borrowincost of acquisition g costs capitalised during development 20 20 3 60 20 8 ——— upon settlement capitalised acquisition (land) and development (construction)
Gross inventory 43 88 — costs are released in the p&l
through ‘cogs’.
additional information By mirvac 21 august 2012 pAge 39
by mirvac
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hypotheticAl provisioned development proJect — treAtment of cApitAlised costs

	~~project metrics~~ ~~total~~ sales revenue 100 land (25) cost of property development and construction (50) sales & marketing expenses (10) interest costs (25) total project return (10) cash fow Year 1 Year 2 Year 3 Year 4 Year 5 sales revenue 100 land (25) cost of property development and construction (5) (10) (15) (20) sales & marketing expenses (5) (5) interest costs (3) (5) (7) (8) (2) net cash fow (38) (15) (22) (28) 93	in year 2 when the construction delays become apparent, an inventory impairment is taken to refect the reduced net realisable value of the project. this is the same project but it has suffered from a 2 year delay in construction, increasing interest costs and resulting in a negative project return. the inventory is not written down at the time of the impairment but a provision for loss is added to the balance sheet. this provision is released against interest costs upon settlement.
	p&l Year 1 Year 2 Year 3 Year 4 Year 5 sales revenue 100 cogs (75) Gross margin — — — — 25 sales & marketing expenses (5) — — — (5) eBit (5) — — — 20 interest and fnance charges paid/payable (2) interest and fnance charges paid/payable - provision release 2 interest capitalised in current and prior years expensed this year – provision release (23) interest capitalised in current and prior years expensed this year – provision release 3 total fnance costs — — — — (20) Operating net proft (5) inventoryimpairment (5) statutory net proft (5) (5) — — — Balance sheet Year 1 Year 2 Year 3 Year 4 Year 5 cost of acquisition 25 25 25 25 — development costs 5 15 30 50 — Borrowing costs capitalised during development 3 8 15 23 — Gross inventory 33 48 70 98 — provision for loss — (5) (5) (5) —
	net inventory 33 43 65 93 —

by mirvac
	pAge 40 additional information By mirvac 21 august 2012

pre-sAles AnAlysis

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Exchanged contracts — by State [ 1] Age of exchanged pre-sale contracts [ 1]
$541m
1 — 2yrs 40.1%
< 1yr: 59.9%
$305m
$36m $26m
NSW VIC QLD WA
Masterplanned Communities 52.6%
Apartments 47.4%
exchanged pre-sales contracts on hand less than 1 year old 59.9%
exchanged pre-sales contracts on hand priced at < $1m 81.6%
Apartment exchanged pre-sales contracts on hand priced at < $1m 74.1%
exchanged pre-sales contracts on hand priced at < $2m 98.5%
1) total exchanged contracts as at 30 June 2012, adjusted for mirvac’s share of Jvs, associates, and mirvac’s managed funds.
additional information By mirvac 21 august 2012 pAge 41
by mirvac
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our mArkets

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sector description sub-market example developments
residential masterplanned communities > first home buyers
> land subdivision > 2nd/3rd home buyers
> completed housing [ 1] > investors
> packaged housing [ 2] > typical price range:
> integrated housing > land $170k — $300k
> housing $350k — $600k
> integrated housing $375k — $1m hArcrest, wAntirnA south, vic pArkBridge, middleton grAnge, nsw
Apartments > owner occupiers (60%)
> mid market > investors (40%)
> high end > typical price range:
> often as part of larger > 1 bed $400k — $550k
scale urban renewal > 2 bed $600k — $900k
projects (multiple stages) > 3 bed $800k — $2.0m
> penthouse $1.5m — > $6m erA, chAtswood, nsw yArrA’s edge, vic
commercial office / industrial / retail
> investment grade development suitable
for mpt or third party
hoxton distriBution pArk, nsw 8 chifley squAre, sydney, nsw
1) mirvac build and sell houses on completion.
2) packaged housing comprises land sale plus construction of a house with progress payments on purchase.
additional information By mirvac 21 august 2012 pAge 42
by mirvac
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comBining high + low density proJects

diversification

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diversification reduces volatility of earnings
different demand drivers across products: large contributions offset by smaller stable volume
> high density: government requires supply
from urban high density supply to meet NSW projects profile [1]
population growth
Masterplanned Communities
> low density: first home buyers Era Chatswood Chatswood
and upgraders Harold ParkRhodes Waterside Era
Rhodes ELINYA
Balance cash flows & WATER’S EDGE
long lead times of high density balanced with faster delivery from low density Endeavour Middleton Grange Rhodes PINNACLE Harold Park
Elizabeth Hills
staff Hoxton Park residential
FY12 FY13 FY14
multi skilled workforce
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1) mirvac’s share of forecast revenue.
additional information By mirvac 21 august 2012 pAge 43
by mirvac
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residentiAl development high density = ApArtments

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Generic profile — Single stage, 200 unit Apartment projects
profile of high density
Month 35
Month 6 Month 12 Month 15 Practical
> high barriers to entry DA submitted DA approved Construction commences completion
50.0%
> Acceptable risk return profile 30.0% paymentLand Settlement ofunsold stock
> larger quantum of return 10.0%
Internal Council
> more capital intensive 0.0% design phase approval phase
Settlement of
> longer cash conversion (10.0%) pre-sold stock
2-3 yearscycle — approximately (30.0%) Initial marketing& pre-release Sales Civils, carparks &basement works
Finishing of
> complex skill set (50.0%) lower levels
Finishing of
> pre-sales for de risking (70.0%) upper levels
Planning & design Marketing Construction Settlement
(9 months) (6 months) (20 months) (6 months)
profit & loss impact
100% project marketing expensed sales commissions expensed 100% of profit recognised on settlement
development agreements mirvac share of equity accounted sales and marketing expenses mirvac share of equity profits recognised on settlement
Fee stream cost based fees – billed for design, marketing and construction costs revenue based fees
50% joint venture 50% of equity accounted sales and marketing expenses 50% of equity profits recognised on settlement
Fee stream cost based fees – billed for design, marketing and construction costs revenue based fees
Wholesale partnership mirvac share of equity accounted sales and marketing expenses mirvac share of equity profits recognised on settlement
Fee stream cost based fees – billed for design, marketing and construction costs revenue based fees
additional information By mirvac 21 august 2012 pAge 44
by mirvac
CUMULATIVE CASH FLOW
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residentiAl development low density = mAsterplAnned communities

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Generic profile — multi stage, 1,000 lot Masterplanned Community
profile of low density Month 6 Month 24 Month 36
DA submitted DA approved First settlement
> lower capital commitment 80.0%
> smoother earnings
40.0%
> flexibility of stock and staging> delivery less complicated 0.0% Negotiationsauthoritiesbetweencouncil civil worksPeriod of Settlementperiod Indicative profileof each stage
> shorter cash conversion cycle Break
even point
— approximately 6-12 months (40.0%) land paymentStaged First profit recognition
> risk in planning at acquisition Internal Sales Initial civils
design & infrastructure
phase
(80.0%)
Planning & design Civils & settlements
(24 months) (continues for remainder of project)
profit & loss impact
100% project marketing expenses 100% of profit recognised on settlement
development agreements marketing expenses mirvac share of equity profits recognised on settlement
Fee stream cost based fees revenue & cost based fees
50% joint venture marketing expenses 50% of equity profits recognised on settlement
Fee stream cost based fees revenue & cost based fees
Wholesale partnership marketing expenses mirvac share of equity profits recognised on settlement
Fee stream cost based fees revenue & cost based fees
additional information By mirvac 21 august 2012 pAge 45
by mirvac
CUMULATIVE CASH FLOW
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mirvAc’s development Business

variety of capital efficient structures:

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definition capital relationships with small number of investors for development, with
wholesAle development delivery by mirvac provided for fees and share in equity profits
relAtionships Benefits improved roic, fees
example mwrdp
definition time efficient method of staged terms for acquisition of land
structured for development assets
lAnd pAyments Benefits improved irr, improved roic
example clyde north, vic
definition provision of development services by mirvac to the local owner
development eg. project development Agreement (pdA)
Agreement Benefits improved irr, access to strategic sites, fees
example elizabeth hills, nsw
definition undertaking a development in a defined relationship with a co-investor
Joint venture
Benefits improved roic, fees
example googong, nsw
[1] of totAl development
40% cApitAl
1) As at 30 June 2012.
additional information By mirvac 21 august 2012 pAge 46
by mirvac
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development risk mAnAgement

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superiOr Brand leVeraGed
higher price repeAt
pre-sAles premium customers
$ Achieved
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aBilitY tO driVe returns in a flat macrO market

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Better access to capital
> national procurement
> Brand drives pre-sales and price premium
> increased market share
> conservative assumptions via acquisition process
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settlement manaGement

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robust sales contracts from 40 years of experience
> default rates average 3% medium term
> contracts full recourse and unconditional
> sales and marketing team employed and trained in-house
additional information By mirvac 21 august 2012 pAge 47
by mirvac
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heAlth sAfety And wellBeing
AdditionAl informAtion By mirvAc 21 August 2012 pAge 48
by mirvac
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heAlth sAfety And wellBeing

mirvac continues to focus on work health and safety from fy08 to fy12 average time lost from fy08 to fy12 the number of injuries through injury days has reduced by 75.9% resulting in workers compensation claims has reduced by 48.8%

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Average time lost through injury in days
FY12 7 days
FY11 8 days
FY10 21 days
FY09 24 days
FY08 29 days
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Number of injuries resulting in workers
compensation claims
FY12 97
FY11 122
FY10 136
FY09 179
FY08 200
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additional information By mirvac 21 august 2012 pAge 49
by mirvac
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hotel Asset sAle
quAy west resort, Bunker BAy, wA
AdditionAl informAtion By mirvAc 21 August 2012 pAge 50
by mirvac
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hotel Asset sAle

	investment hotel investment
	~~mpt~~ ~~management~~ ~~management~~ ~~development~~ ~~unallocated~~ ~~elimination 1~~ ~~total~~ June 2011 $m $m $m $m $m $m $m revenue from continuing operations Hotel operating revenue — 150.7 — — — — 150.7 Investment management fee revenue — — 2.2 — — — 2.2 Development management fee revenue — — — 1.8 — — 1.8 Interest revenue — 0.1 — — 0.1 — 0.2 Dividend and distribution revenue 3.6 — — — — — 3.6 Other revenue — 0.5 0.1 — — — 0.6
	total revenue from discontinued operations 3.6 151.3 2.3 1.8 0.1 — 159.1
	Share of netproft of associates andjoint ventures accounted for usingthe equitymethod 8.1 — — — — — 8.1
	total other income 8.1 — — — — — 8.1
	total revenue from discontinued operations and other income 11.7 151.3 2.3 1.8 0.1 — 167.2
	Hotel operating expenses — 45.0 — — — — 45.0 Employee benefts expenses — 69.5 0.8 — — — 70.3 Depreciation and amortisation expenses — 2.7 — 0.2 — — 2.9 Selling and marketing expenses — 8.7 — — — — 8.7 Other expenses — 5.2 0.1 — 0.2 — 5.5
	Operating proft from discontinued operations before income tax 11.7 20.2 1.4 1.6 (0.1) — 34.8 Income tax expense (7.0)
	Operating proft from discontinued operations 27.8
	Operating proft from discontinued operations before income tax derived from: Mirvac Wholesale Hotel Fund 11.7 — — — — — 11.7 HotelManagement business — 20.2 1.4 1.6 (0.1) — 23.1
	11.7 20.2 1.4 1.6 (0.1) — 34.8

1) eliminations have been allocated to segments. additional information By mirvac 21 august 2012 by mirvac

pAge 51

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mirvAc stAtutory income tAx cAlculAtion
275 kent street, sydney, nsw
AdditionAl informAtion By mirvAc 21 August 2012 pAge 52
by mirvac
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mirvAc stAtutory income tAx cAlculAtion

	~~fY12 $~~
	~~(m)~~ proft before tax 361.5 less: trustproft (469.6)
	corporation loss before tax (108.1) net add back non-deductible expenses and non-assessable income 6.7
	corporation adjusted taxable loss (101.4)
	tax beneft at 30% 30.4
	tax beneft of utilisation ofprioryear tax and cgt losses notpreviouslyrecognised 21.6
	overprovided inprioryears 2.6
	total tax beneft 54.6

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additional information By mirvac 21 august 2012 pAge 53
by mirvac
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fy13 cAlendAr[1]

upcoming conference attendance:

	~~t~~ ~~ti~~ ~~t~~	~~t~~ ~~ti~~ ~~t~~
	~~even~~ ~~locaon~~ ~~dae~~ private roadshow sydney 23 August 2012
	private roadshow melbourne 24 August 2012
	clsA global conference hongkong 10-11 september 2012
	Bank of America merrill lynch real estate conference new york 13 september 2012
	private roadshow usA 14-21 september 2012
	Bank of America merrill lynch 2nd Australian reit conference sydney 30-31 october 2012
	upcoming announcements: ~~t~~ ~~ti~~ ~~t~~
	~~even~~ ~~locaon~~ ~~dae~~ quarterlyupdate to market sydney 25 october 2012
	Annual general meeting sydney 15 november 2012
	mgr distribution Announcement — 18 december 2012
	december 2012 half year indicative distribution ex date — 21 december 2012
	pAge 54 additional information By mirvac 21 august 2012 by mirvac 1) All dates are indicative and subject to change. investor relations contact t: (02) 9080 8000 e: [email protected]
		pAge 54 additional information By mirvac 21 august 2012

investor relations contact t: (02) 9080 8000 e: [email protected] 1) All dates are indicative and subject to change. additional information By mirvac 21 august 2012 by mirvac

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glossAry
term meaning
ABs Australian Bureau of statistics
A-reit Australian real estate investment trust
Bp Basis points
cBd central Business district
cogs cost of good sold
cpss cents per stapled security
dA development Application — Application from the relevant planning authority to construct, add, amend or change the structure of a property.
dps distribution per stapled security
eBit in the current reporting period, mirvac has revised its definition of earnings Before interest and taxes (eBit). mirvac considers interest income from
joint ventures and interest income from mezzanine loans to be part of a business’s operations and should therefore form part of operating revenue.
prior to fy11, interest income from joint ventures and interest income from mezzanine loans were shown as part of interest revenue. All historical eBit
figures in this presentation have been re-stated to reflect the current definition of eBit for comparability.
eis employee incentive scheme
englobo group of land lots that have subdivision potential
eps earnings per stapled security
fhB first home Buyer
fte full time employee
fy financial year
ha hectare
icr interest cover ratio
ipd investment property databank
ipuc investment properties under construction
irr internal rate of return
Jv Joint venture
lpt listed property trust
mAt moving Annual turnover
mgr mirvac group Asx code
mpt mirvac property trust
mtn medium term note
mwrdp mirvac wholesale residential development partnership
additional information By mirvac 21 august 2012 pAge 55
by mirvac
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glossAry ~~term meaning~~ nABers national Australian Built environment rating system — the national Australian Built environment rating system is a multiple index performance-based rating tool that measures an existing building’s overall environmental performance during operation. in calculating mirvac’s nABers office portfolio average, several properties that meet the following criteria have been excluded: i) future development - if the asset is held for future (within 4 years) redevelopment ii) operational control - if operational control of the asset is not exercised by mpt (ie tenant operates the building or controls capital expenditure). iii) less than 75% office space - if the asset comprises less than 75% of nABers rateable office space by area. iv) Buildings with less than 2,000sqm office space nci non-controlling interest nlA net lettable Area noi net operating income npAt net profit After tax ntA net tangible Assets pdA project delivery Agreement roic return on invested capital calculated as earnings before interest and tax divided by invested capital. sqm square metre uspp us private placement wAle weighted Average lease expiry additional information By mirvac 21 august 2012 pAge 56 by mirvac

disclAimer And importAnt notice

Mirvac Group comprises Mirvac Limited ABN 92 003 280 699 and Mirvac Property Trust An investment in Mirvac stapled securities is subject to investment and other known and ARSN 086 780 645. This presentation (“Presentation”) has been prepared by Mirvac unknown risks, some of which are beyond the control of Mirvac, including possible delays Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the in repayment and loss of income and principal invested. Mirvac does not guarantee responsible entity of Mirvac Property Trust (collectively “Mirvac” or “the Group”). Mirvac any particular rate of return or the performance of Mirvac nor do they guarantee the Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the repayment of capital from Mirvac or any particular tax treatment. issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac This Presentation contains certain “forward looking” statements. The words Group stapled securities. All dollar values are in Australian dollars (A$). “anticipated”, “expected”, “projections”, “forecast”, “estimates”, “could”, “may”, The information contained in this Presentation has been obtained from or based on “target”, “consider” and “will” and other similar expressions are intended to identify sources believed by Mirvac to be reliable. To the maximum extent permitted by law, forward looking statements. Forward looking statements, opinions and estimates Mirvac, its affiliates, officers, employees, agents and advisers do not make any warranty, provided in this Presentation are based on assumptions and contingencies which are express or implied, as to the currency, accuracy, reliability or completeness of the subject to change without notice, as are statements about market and industry trends, information in this Presentation or that the information is suitable for your intended which are based on interpretations of current market conditions. Forward-looking use and disclaim all responsibility and liability for the information (including, without statements including projections, indications or guidance on future earnings or financial limitation, liability for negligence). position and estimates are provided as a general guide only and should not be relied This Presentation is not financial advice or a recommendation to acquire Mirvac stapled upon as an indication or guarantee of future performance. There can be no assurance securities and has been prepared without taking into account the objectives, financial that actual outcomes will not differ materially from these statements. To the full extent situation or needs of individuals. permitted by law, Mirvac Group and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or Before making an investment decision prospective investors should consider the revisions to the information to reflect any change in expectations or assumptions. appropriateness of the information in this Presentation and the Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Past performance information given in this Presentation is given for illustrative purposes Exchange having regard to their own objectives, financial situation and needs and seek only and should not be relied upon as (and is not) an indication of future performance. such legal, financial and/or taxation advice as they deem necessary or appropriate to Where necessary, comparative information has been reclassified to achieve consistency their jurisdiction. in disclosure with current year amounts and other disclosures. To the extent that any general financial product advice in respect of the acquisition of This Presentation also includes certain non-IFRS measures including operating Mirvac Property Trust units as a component of Mirvac stapled securities is provided profit after tax. Operating profit after tax is profit before specific non-cash items and in this Presentation, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and significant items. It is used internally by management to assess the performance of its its related bodies corporate, and their associates, will not receive any remuneration business and has been extracted or derived from Mirvac’s 2012 financial statements, or benefits in connection with that advice. Directors and employees of Mirvac Funds which has been subject to review by its external auditors. Limited do not receive specific payments of commissions for the authorised services This Presentation is not an offer or an invitation to acquire Mirvac stapled securities provided under its Australian Financial Services Licence. They do receive salaries and or any other financial products and is not a prospectus, product disclosure may also be entitled to receive bonuses, depending upon performance. Mirvac Funds statement or other offering document under Australian law or any other law. Limited is a wholly owned subsidiary of Mirvac Limited. It is for information purposes only.

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additional information By mirvac 21 august 2012 pAge 57
by mirvac
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by mirvac

Follow us on twitter @Mirvacir

Mirvac Mirvac investor FY12 relations ProPertY website coMPendiuM

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23 furzer street, phillip, Act

AI assistant

MIRVAC GROUP — Annual Report 2012

65328_rns_2012-08-20_8949b7ca-0f6d-453c-836a-c567c1380cf7.pdf

fy12 results

AgendA

mirvAc’s strAtegy

An expert in Australian real estate

> fy12 capital partner successes:

Key fy12 Achievements

group

investment division — mpt

development division

finAnciAl highlights And cApitAl mAnAgement

finAnciAl highlights[ 1]

strong financial results in fy12

corporAte costs — efficiency focus

cApitAl mAnAgement

maintaining a secure capital position

cApitAl AllocAtion decisions

corporAte responsiBility And sustAinABility

investment division — mpt

high quality portfolio delivers consistently strong performance

mpt — office highlights

cAse study mpt’s sydney office eXposure

mpt — retAil highlights

development — fy12 commerciAl Activity

commercial development activity increased in fy12

cAse study hoXton distriBution pArK, nsw

development — fy12 residentiAl Activity

fy12 achievements set pace for development division recovery

cAse study hArold pArK, gleBe, nsw

mirvac’s integrated model delivering on targets

development — fy13 outlooK

development – fy14 onwArds

Building a robust earnings profile for fy14 onwards

development pipeline delivers diversificAtion And visiBility

summAry And guidAnce

An expert in Australian real estate

disclAimer And importAnt notice

by mirvac

Follow us on twitter @Mirvacir

additional information

contents

mirvAc group

fy12 stAtutory to operAting profit reconciliAtion

fy11 stAtutory to operAting profit reconciliAtion

fy12 operAting profit By segment

fy11 operAting profit By segment

finAnce costs – note 5 stAtutory finAnciAl stAtement

group overheAd costs

overhead cost reduction is a continued focus

mpt operAting eBit

fy12 contriButions to growth

liquidity profile

deBt And hedging profile

commerciAl mArket updAte[ 1]

sector And geogrAphic diversificAtion

mpt portfolio snApshot

top ten tenAnts By income

office

retail

mpt weighted AverAge cAp rAte

office snApshot

office metrics

retAil snApshot

industriAl snApshot

schedule of disposAls

fy12 schedule of disposals

commerciAl development pipeline

residentiAl mArket outlook[ 1]

development fy12 Activity detAil

1,807 lot settlements consisting of:

development outlook fy13 — fy15

residentiAl development — strAtegic Acquisitions

> Acquired 10,175 lots in fy12

diversificAtion of residentiAl lots/revenue

29,787 lots under control

gross development mArgin

development historicAl informAtion (fy08 – fy12)

development operAting eBit reconciliAtion

MIRVAC GROUP Annual Report 2012