MIRVAC GROUP — Annual Report 2013

Aug 22, 2013

FY13 results 23 AUGUST 2013

by mirvac

FY13 results I 23 August 2013 I pAge 1

Agenda

by mirvac

n FY13 snapshot

n Review of observations and opportunities n FY13 financial results and capital management n Operational update n FY14 strategy scorecard n Summary and guidance

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FY13 results by mirvac

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FY13 results I 23 August 2013 I pAge 2

by mirvac fy13 snapshot

FY13 results I 23 August 2013 I pAge 3

FY13 snapshot

by mirvac

n FY13 operating EPS of 10.9cpss; ahead of guidance of 10.7 to 10.8cpss[ 1,2] (statutory earnings of 4.1cpss)

YArrA pOINt, YArrA’s edge VIc

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n Acquired $584m office portfolio from GE

• n Strategic capital management initiatives delivered gearing of 23.6%[ 3, 4] ; within target range of 20 to 30%

• n Maintained strong MPT portfolio metrics which delivered a 9.5% un-geared total return[ 5]

n Achieved 1,809 residential lot settlements; ahead of target

n On track to achieve >10% Development ROIC in FY14

n Employee Engagement score: “Best Employer” range[ 6]

n 32.7% total securityholder return in FY13; ahead of 17.4% for S&P/ASX200 A-REIT index

• 1) For further details refer to 30 June 2013 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 2013 financial statements, which has been subject to audit by its external auditors.

• 3) Net debt (at foreign exchange hedged rate) excluding leases/(total tangible assets – cash).

• 4) Proforma as at 3 July 2013 post $1.7 billion syndicated loan transaction.

• 5) Measured as at 30 June 2013. Direct standing basis, excludes acquisitions, disposals and developments. Source: IPD.

• 6) 2013 Aon Hewitt survey.

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Strong results delivered in a subdued market

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FY13 results I 23 August 2013 I pAge 4

review of observations and opportunities

by mirvac

FY13 results I 23 August 2013 I pAge 5

Review of observations and opportunities

by mirvac

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Opportunities FY13 action
Development n Prioritise ROIC in all decision making Set target active invested capital of 20%; 25% cap
returns n Assess inventory levels and determine target Increased percentage of lots in capital efficient
levels, and capital commitment structures from 38% to 47%
n Increase focus on cash repatriation Ahead of internal sales targets for provisioned
unsold inventory and englobo lots
Gross margin trending back to 18 to 22%
Capital allocation n Establish a centralised process to assess and Centralised transactions team; Capital
approve capital allocation Allocation and Investment Committees
n established and functioning
Create a capital acquisitions and divestments
function that sits across the Group Acquisition mandates established for each sector:
n Robust framework based on risk and reward – $584m acquisition of GE office portfolio
on strategy
Capital partnerships n Accelerate to better manage the release Partnered with AMP Capital at 200 George Street,
and investment of capital NSW and Keppel REIT at Treasury Building, WA
Still progressing office club
Capital n Continue to diversify debt sources and Increased and extended bank debt facilities,
management extend Weighted Average Debt Maturity reducing average cost of debt to 5.7% [ 1,2] and
n Explore the potential for S&P upgrade extending Weighted Average Debt Maturity
to BBB+ Yet to achieve ratings upgrade from S&P
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1) Pro forma as at 3 July 2013 post $1.7 billion syndicated loan refinancing.

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

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Significant progress made to date on opportunities identified

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FY13 results I 23 August 2013 I pAge 6

Review of observations and opportunities

by mirvac

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Opportunities FY13 action
MPT portfolio n Maintain metrics and improve where possible MPT metrics remained steady despite subdued
metrics n Continue to acquire and divest assets to further environment
improve portfolio $189.7m [ 1] in non core asset sales completed
Integrated n Drive thinking by sector – Developments and Greater awareness of integrated model and
model Investments combined competitive advantage
n Increase focus on sectors where we have scale Opportunities identified to leverage
and competitive advantage integrated model
n Further articulate our service offering in
each sector
Operational n Maintain focus and grow our key areas Implemented Group-wide procurement
expertise of strength improvements and centralised recruitment process
n More rigour around cost of doing business New appointments in HSE and Sustainability
to embed continuous process re-engineering Overhead efficiency improving
People n Introduce leadership programs to further Achieved “Best Employer” range in Aon
enhance capability deeper within the Hewitt survey
organisation
241 people managers completed leadership program
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1) Gross sale proceeds including assets classified as held for sale: Manning Mall, Taree NSW (settled 11 July 2013) and Logan Mega Centre, QLD (settled 9 August 2013).

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Operational wins to provide future benefits

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FY13 results I 23 August 2013 I pAge 7

finance and capital management

by mirvac

FY13 results I 23 August 2013 I pAge 8

[1] FY13 financial results

by mirvac

~~FY13 ($m)~~ ~~FY12 ($m)~~ ~~% change~~ Statutory proft after tax attributable to Group securityholders 139.9 416.1 (66.4%) StatutoryEPS 4.1cpss 12.2cpss Includes: Investment property revaluations (including IPUC) 50.4 132.9 Provision for loss on inventories, loans and investments (273.2) (31.0) Derivative fnancial instruments and associated foreign exchange movements (12.4) (82.0) Operating proft after tax attributable to stapled securityholders of Mirvac 2 377.6 366.3 3.1% Discontinued operations — 27.8 Continuing operations 377.6 338.5 11.6% Operating EPS3 10.9cpss 10.7cpss 1.9% Includes: Tax beneft 14.3 23.7 Net interest expense (82.7) (114.6) Total operating EBIT (continuing operations) 446.0 429.4 3.9% DPS 8.7cpss 8.4cpss 3.6% NTA4 $1.62 $1.66

• 1) For further details refer to 30 June 2013 financial statements and Additional Information.

• 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 2013 financial statements, which has been subject to audit by its external auditors.

• 3) Diluted EPS excluding specific non-cash and significant items and related taxation.

• 4) NTA per stapled security, based on ordinary securities including EIS securities.

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Delivered FY13 operating EPS ahead of guidance

FY13 results I 23 August 2013 I pAge 9

Capital management update

by mirvac

• n Increased and extended $1.7bn syndicated loan on 3 July 2013

n Gearing at 23.6% within target range of 20-30%[ 1,2 ]

• n Average borrowing cost fell to 5.7%[ 2, 3] from 7.6%[ 3]

• n Average debt maturity increased to 3.8 years[ 2]

• n Completed $400m institutional equity issuance to fund $584m strategic office portfolio acquisition

• n Maintained BBB credit rating from S&P; raised to positive outlook

	~~Proforma 3 July 2013 2~~ ~~FY13~~ ~~FY12~~ Balance sheet gearing1 23.6% 22.7% Covenant gearing4 35.2% 31.8% Look-through gearing 24.4% 23.6% ICR5 >5.0x >3.5x Total interest bearing debt6 $2,260.1m $1,950.9m Average borrowing cost2,3 5.7% 7.6% Average debt maturity 3.8yrs 3.5yrs S&P rating BBB BBB Hedgedpercentage 50.9% 79.4% Average hedge maturity 3.6yrs 4.4yrs

	~~Proforma~~	~~3~~	~~July 2013~~2~~drawn~~	~~July 2013~~2~~drawn~~	~~debt maturities~~	~~debt maturities~~
	$700m				USPP	MTN	Bank
	600
	500
	400
	300
	200
	100
	0
	FY14		FY15	FY16	FY17	FY18	FY19

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

• 2) Proforma as at 3 July 2013 post $1.7 billion syndicated loan transaction.

• 3) Includes margins and line fees.

• 4) Total liabilities/total tangible assets (refer to 30 June 2013 financial statements).

• 5) Adjusted EBITDA/finance cost expense.

• 6) Total interest bearing debt (at foreign exchange hedged rate) excluding leases.

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Executing on capital management strategy

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FY13 results I 23 August 2013 I pAge 10

by mirvac operational update

FY13 results I 23 August 2013 I pAge 11

MPT

by mirvac

n MPT continues to outperform IPD index over one, three and five years[ 1]

n Strong like-for-like NOI growth of 3.5%

• n Occupancy remained strong across the portfolio at 97.9% (98.5% excluding GE transaction)[ 2]

• n Group earnings underpinned with a solid WALE of 5.1 years (5.2 years excluding GE transaction)[ 3]

• n 362 leasing deals completed during the period; 165,188sqm and 11.5% of portfolio

• n Non core asset sale program on track with $189.7m completed[5]

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FY13 FY13 (ex GE) FY12
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Net valuation uplift4	1.0%	1.8%	3.0%
Like-for-like NOI growth	3.5%	N/A	3.4%
Occupancy2	97.9%	98.5%	98.4%
WALE3	5.1yrs	5.2yrs	5.6yrs

~~MPT total return vs IPD benchmark~~

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10% 9.5% 10.0%
1.0%
0.8%
5.9%
5 0.6%
8.7% 9.0% 5.3%
0
1 year 3 year 5 year
MPT IPD [1]
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• 1) IPD peer group benchmark as at 30 June 2013. Direct standing basis, excludes acquisitions, disposals and developments.

• 2) By area, excluding assets under development, based on 100% of building NLA.

• 3) By income, excluding assets under development, based on MPT’s ownership.

• 4) Net gain on fair value of investment properties divided by closing fair value from previous period. Excludes assets held for sale and assets held for development.

• 5) Gross sale proceeds including assets classified as held for sale: Manning Mall, Taree NSW (settled 11 July 2013) and Logan Mega Centre, QLD (settled 9 August 2013).

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Strong MPT metrics underpin Group earnings

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FY13 results I 23 August 2013 I pAge 12

Office – Passive

by mirvac

n Office portfolio continues to outperform IPD index over three and five years; in line on one year[1 ] n Strong like-for-like NOI growth of 3.9%

n Strategic acquisition of 7 office assets from GE

• n Occupancy high at 96.8% (97.8% excluding GE transaction)[2]

• n Portfolio de-risked by WALE of 5.2 years (5.4 years excluding GE transaction)[3]

n Exceeded NABERS targets ahead of schedule; currently 4.6 Star Energy and 3.5 Star Water n Non core asset sale program on track with $39.8m completed[4]

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FY13 FY13 (ex GE) FY12
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Net valuation uplift5	0.7%	1.9%	4.0%
Like-for-like NOI growth	3.9%	N/A	4.5%
Occupancy2	96.8%	97.8%	97.8%
WALE3	5.2yrs	5.4yrs	5.9yrs

• 1) IPD peer group benchmark as at 30 June 2013. Direct standing basis, excludes acquisitions, disposals and developments.

~~Office total return vs IPD benchmark~~

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10.8%
10% 9.6%
1.4%
6.8%
5 1.9%
9.6% 9.4% 4.9%
0
1 year 3 year 5 year
MPT IPD [1]
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• 2) By area, excluding assets under development, based on 100% of building NLA.

• 3) By income, excluding assets under development, based on MPT’s ownership.

• 4) Gross sale proceeds.

• 5) Net gain on fair value of investment properties divided by closing fair value from previous period. Excludes assets held for sale and assets held for development.

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Mirvac’s office portfolio continues to deliver strong results

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FY13 results I 23 August 2013 I pAge 13

Office – Passive

by mirvac

~~Offce outlook~~

• n The office market is suffering from macro uncertainties and a softening in white collar employment

• n National CBD vacancy increased to 10.9% and is expected to remain steady in the short to medium term

• n Effective rent growth has retreated with incentives growing, and is not expected to improve in the short term

~~Mirvac’s response~~

• n Mirvac’s internal leasing team has significantly de-risked future expiries:

• 87 lease deals (66,404sqm) in FY13 – De-risked FY14 expiries by 19.2% over

• past 12 months (excluding GE)

• 18.5%[ 2] of current vacancy now

• committed

• n Future profile well positioned given: – Strong expiry profile

• Long WALE at 5.2 years

~~Offce lease expiry profle[ 1]~~

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60%
53.6%
50
40
30
20
11.6%
10 7.2% 8.9% 9.4%
5.9%
3.4%
0
Vacant FY14 FY15 FY16 FY17 FY18 Beyond
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• Young portfolio at 10.5 years

• Retention rate increased to 76.8%

• High proportion of fixed rent growth

• n Arrears well within set thresholds

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• 1) By income, excluding assets under development and indirect investments, based on MPT’s ownership.

• 2) By area, excluding assets under development, based on 100% of building NLA.

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Mirvac’s internal leasing team focused on de-risking future expiries

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FY13 results I 23 August 2013 I pAge 14

Office – In development

by mirvac

n FY13 commercial development EBIT of $25.6m[ 1] n $2.2bn[ 2] pipeline end value to be delivered

n Projects under construction de-risked; average 81.0% pre-leased

n 45,700sqm in pre-leasing completed in FY13

n Active pipeline earnings visibility to FY16 n Secured development pipeline in FY17 and beyond

~~Offce pipeline~~

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$500m Forecast valuation on completion [ 1] 74% pre-let
79% pre-let
400 699 Bourke, VIC
NLA: 18,600
300 98% pre-let
70% pre-let Green Square
200 George, NSW Commercial, NSW
200 NLA: 39,200 sqm Pitt Street, NSW
Treasury Building, WA 664 Collins, VIC
8 Chifley, NSW NLA: 30,800 sqm Riverside Quay, VIC
100 NLA: 19,300 sqm NLA: circa
40,000 sqm
0
FY14 FY15 FY16 FY17 FY18 onwards
Practically complete Under construction Proposed
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1) Pre overheads.

2) Represents 100% of end value of office development projects.

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Solid profile of commercial development earnings

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FY13 results I 23 August 2013 I pAge 15

Retail – Passive

by mirvac

• n Retail portfolio outperforming IPD index over one and three years[ 1]

• n Steady 2.6% like-for-like NOI growth

• n Occupancy strong at 99.2%[ 2]

• n Specialty occupancy costs manageable at 15.7%[ 3] ; 14.9% on like-for-like portfolio

• n Leasing spreads positive at 2.1%

• n Strong MAT growth of 4.9% driven by supermarkets and mini majors[4]

• n Broadway Shopping Centre named Australia’s most productive shopping centre over 45,000sqm[ 5]

• n Non core asset sale program on track with $81.3m completed; bulky goods sector exited[ 6]

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FY13 FY12
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~~Retail total return vs IPD benchmark~~

Like-for-like NOIgrowth	2.6%	2.6%
Occupancy2	99.2%	99.1%
Occupancycosts3	15.7%	14.2%
Total leasingspreads	2.1%	1.9%
Comparable centre MATgrowth	4.9%	0.6%
Specialties MATgrowth	(0.2%)	0.0%

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10%
9.1% 8.8%
1.4%
0.1%
5.1%
5 (1.2)%
7.7% 8.7% 6.3%
0
1 year 3 year 5 year
MPT IPD [1]
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• 1) IPD peer group benchmark as at 30 June 2013. Direct standing basis, excludes acquisitions, disposals and developments.

• 2) By area, excluding bulky goods and assets under development, based on 100% of building NLA. Including bulky goods 98.7%.

• 3) Includes marketing levy. Specialty occupancy costs excluding CBD centres (including CBD centres 16.7%). Excludes Hinkler Central (flood affected) and assets under development.

• 4) Woolworths Limited and Wesfarmers Limited (Coles) reported sales in FY13 of 53 weeks versus 52 weeks in FY12.

• 5) Mirvac’s Broadway Shopping Centre has ranked number one in Shopping Centre News’ Big Guns Awards 2013 for annual turnover per square metre.

• 6) Gross sale proceeds including assets classified as held for sale: Manning Mall, Taree NSW (settled 11 July 2013) and Logan Mega Centre, QLD (settled 9 August 2013).

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Strategy underway to drive retail portfolio assets harder

FY13 results I 23 August 2013 I pAge 16

Retail – Passive

by mirvac

~~Retail outlook~~

~~Mirvac’s response~~

• n The retail environment remains challenging with caution and slowing income growth contributing to consumers being selective

• n Spending on discretionary items remains under pressure, a trend which looks likely to persist

• n Retail vacancy rates are expected to remain stable for dominant centres, although rental growth is likely to remain moderate

• n Incentives on renewals continue to be negligible. For new tenants incentives have faced upward pressure which is expected to continue in the short term

• n Mirvac’s internal leasing teams have focused on increasing exposure to resilient food and entertainment:

• E.g. Din Tai Fung, Soul Origin, Degani and Guzman Y Gomez

• n 30% of new leases in FY13 were for Food Catering and Food Retailing; underpinning Mirvac’s positive leasing spreads

~~Retail sales by category rebased March 2009 = 100 (Value)~~

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130
Food, cafe’s, restaurants and
takeaways continue to outperform
115
100
85
Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13
Food Clothing, Furniture and Accessories
Department Stores Household Goods
Source: Mirvac, ABS Cafes, Restaurants and Takeaways
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Mirvac’s internal leasing team has increased focus on food retailers

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FY13 results I 23 August 2013 I pAge 17

Retail – In development

by mirvac

Unlocking value via $800m[ 1] retail development pipeline

~~Active projects~~ Incremental NOI $8.0m+ Yield on Cost 7% to 8% Target Development IRR (10yr) 10% to12%[ 2]

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arTIST IMPrESSIOn OF STanhOPE VIllaGE, nSw arTIST IMPrESSIOn OF Kawana ShOPPInG wOrlD, QlD OrIOn TOwn CEnTrE, QlD
GLA increase 3,100sqm GLA increase 8,900sqm GLA increase 18,400sqm
Anchor ALDI Supermarket Anchor ALDI Supermarket Anchor 5,500sqm supermarket
End value $29.7m [ 3] and alfresco dining End value:
Completion Stage 3 August 2013 End value – StaCompletion ge 4 Jul$88.1my 2014 Padsites Supermarket extension $17.2m $67m [ 3]
Stage 4 May 2015 [ 3] Completion:
Padsites December 2013
Supermarket March 2015 [ 3]
Commenced next wave (FY14-FY16) Proposed FY17 – FY19
Stanhope 3 Stanhope 4 Stanhope 5
Kawana 4 Kawana 5
Orion Padsites Orion 2 Orion 3
Rhodes
Broadway
Hinkler
St Mary’s
Greenwood
Cherrybrook
Met Centre
Cooleman Court
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• 1) Represents 100% of end value of active retail development projects.

• 2) IRR on incremental development from completion.

• 3) Subject to planning and approvals.

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Retail development pipeline unlocking value for portfolio

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FY13 results I 23 August 2013 I pAge 18

Industrial – Passive

by mirvac

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FY13 FY12
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• n 5.9% like-for-like NOI growth

	Like-for-like NOI growth	5.9%	-0.1%
	Occupancy1	99.4%	98.7%
	WALE2	8.8yrs	8.4yrs

• n Occupancy strong at 99.4%[ 1 ]

• n Portfolio is de-risked by WALE of 8.8[ 2] years

• n Non core asset sale program on track with $65.3m completed[3]

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~~Industrial outlook~~

~~Mirvac’s response~~

• n Future profile well positioned given:

• n Manufacturing PMI for July recorded 42.0 points, remaining below the break even level of 50.0 points

• 19.7% of current vacancy committed

• Young portfolio at 11.2 years

• Robust expiry profile; FY14 3.7% and FY15 8.8%[ 2]

• n Industrial market has been impacted by softening in demand among Australia’s main trading partners in tandem with a slowing of the domestic economy

• n Mirvac’s internal leasing team have been actively managing the forward risk with 100% of FY14 expiries already committed

• n However, with limited new supply, 100%

• rental growth in high quality, modern, well located assets should continue, albeit at a subdued rate

~~Industrial total return vs IPD benchmark~~

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10.7%
10% 8.5% MPT IPD [1]
1.7%
(0.2%)
5 2.9%
(1.0)%
9.0% 8.7%
3.9%
0
1 year 3 year 5 year
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• 1) By area, excluding assets under development, based on 100% of building NLA.

• 2) By income, excluding assets under development, based on MPT’s ownership.

• 3) Gross sale proceeds.

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Solid industrial portfolio looking for opportunities

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FY13 results I 23 August 2013 I pAge 19

Residential – FY13 activity

by mirvac

• n FY13 Residential EBIT of $111.2m[ 1]

• n $1,005.4m[ 2] in exchanged pre-sales contracts; $732.5m secured in FY13

• n Settled 1,809 lots; ahead of 1,600 to 1,700 revised target (driven by provisioned project settlements) n Released $109.3m of provision

• n Capitalised interest 12.4% of gross inventory; down from 12.8% at 1H13

• n Major FY13 releases strategically targeted at inner ring, infill ring and urban edge locations; pre-sales:

• Apartments: Yarra’s Edge, Array, VIC (64.9%); Harold Park Precinct 2, NSW (78.8%)

• Masterplanned Communities: Enclave, VIC (97.6%); Elizabeth Hills Stage 4, NSW (91.9%)

• n Releases success driven by NSW strength

~~Pre-sales – historic profile~~

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Gross development margin
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$1.2bn
0.9
10 year
average
0.6
0.3
0
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13
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25% Gross margin %
20 20.4%
15
16.7%
10
5
0
FY09 FY10 FY11 FY12 FY13
Excluding provisioned settlements Including provisioned settlements
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1) Pre overheads.

• 2) Total exchanged pre-sales contracts as at 30 June 2013, adjusted for Mirvac’s share of JVs, associates and Mirvac managed funds.

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High exchanged pre-sales contracts driven by strength in NSW

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FY13 results I 23 August 2013 I pAge 20

Residential – Market outlook[ 1]

by mirvac

NSW

Weighting FY14 Medium term forecast 37.8%[ 2] VIC Weighting FY14 Medium term forecast 37.6%[ 2] QLD Weighting FY14 Medium term forecast 14.7%[ 2]

• n In response to sound underlying fundamentals, residential transaction volumes steadily strengthened over the course of 2013, albeit from different baselines on a state by state basis

• n The backdrop of an improvement in housing affordability, strong population growth and a low rental vacancy rate should result in a further uplift in the residential property market

• n Despite this, a softening labour market and continued consumer caution will ensure the uplift is relatively muted

• n Mirvac’s Strategic overweight to NSW continues to drive metrics given current and medium term outlook

• n Composition of earnings across Apartments and Masterplanned Communities continues to reduce volatility through diverse price points and purchaser profiles

WA

Weighting FY14 Medium term forecast 9.9%[ 2]

• 1) Management forecast.

• 2) Management estimate of revenue from lots under control at 30 June 2013, adjusted for Mirvac’s share of JV, associates and Mirvac’s managed funds.

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Residential market showing early signs of recovery

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FY13 results I 23 August 2013 I pAge 21

Residential – Mirvac’s outlook

n Forward pipeline strong with key projects capturing demand:

by mirvac

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Expected settlement of exchanged pre-sales contracts
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• FY14: Era, Chatswood, NSW (99.0% pre-sold)

  • Harold Park Precinct 1, NSW (93.6% pre-sold)

• FY15: Harold Park Precinct 1, NSW (93.6% pre-sold) Harold Park Precinct 2, NSW (78.8% pre-sold)

• FY16: Yarra’s Edge, Array, VIC (64.9% pre-sold)

• n 3,341 new lots secured in FY13 supplementing pipeline:

• Enclave, VIC: 213 lots from FY14

• Alex Avenue, NSW: 298 lots from FY14

• Green Square, NSW: 1,926 lots from FY16

• Eastern Golf Course, VIC: 622 lots from FY16

• Dallas Brooks Hall, VIC: 257 lots from FY18

• n FY14 releases expected from Harold Park Precinct 3, NSW; Alex Avenue, NSW; Googong, NSW; Enclave, VIC

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$579m
$153m increase
$500m Harold Parkdriven by
Precinct 2
$300m
$175m
$126m
$98m
FY14 FY15 FY16+
As at 1H13 As at FY13
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• n Continued focus on:

• Capital efficient projects

• Cash repatriation from impaired project sell down

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Residential pipeline providing earnings visibility post FY14

FY13 results I 23 August 2013 I pAge 22

Development – FY14 expectations

by mirvac

• n On track to achieve >10% Development ROIC n 65.4% of FY14 expected Development EBIT[ 1] secured

• n Strong year expected targeting >2,200 lot settlements

• n Exposure to NSW market driving pre-sales

• n Large 2H14 EBIT skew due to apartment settlements

~~Top FY14 expected Development EBIT~~1~~contributors~~ % FY14 FY14 % FY14 expected expected Mirvac’s expected operating Project operating EBIT interest State Type lots EBIT secured Chatswood, Era 40.8% 100% NSW Apartment 294 99.0% 8 Chifey 8.3% 50% NSW Commercial n/a 100.0% Harold Park 3.7% 100% NSW Apartment 46 100.0% Elizabeth Hills 3.6% 100% NSW Masterplanned Communities 178 13.5% Alex Avenue 3.1% 100% NSW Masterplanned Communities 103 41.7% Rhodes, Pinnacle 3.1% 20% NSW Apartment 230 95.0%

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erA, chAtswOOd, sYdNeY Nsw
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~~FY14 expected Development EBIT composition – by product[ 1 ]~~

~~FY14 expected Development EBIT composition – by state[ 1 ]~~

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Apartments 61.3% Masterplanned Communities 27.9% Commercial 10.8%

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NSW 82.1% VIC 8.5% QLD 5.9% WA 3.5%

1) Development EBIT before overheads and sales and marketing.

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A strong year for Development EBIT

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FY13 results I 23 August 2013 I pAge 23

FY14 strategy scorecard

by mirvac

FY13 results I 23 August 2013 I pAge 24

Mirvac’s vision

by mirvac

Setting the standard as a world-class Australian property group that attracts the best

INtegrAted

Leveraging our integrated model to create, own, manage

dIVersIFIed

Maintaining an appropriate balance of passive and active invested capital through cycles, retaining capability across four sectors

FOcused

Deploying capital with discipline and in alignment with our directional mandates

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OFFIce
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Create and buy

• n Prime grade CBD (development + repositioning + passive)

• n Prime grade non-CBD (development + repositioning)

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retAIl
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Unlock value

n Neighbourhood

n Sub-regional

• n CBD / mixed use

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INdustrIAl
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Create

n Infill ring repositioning and up-zoning

• n Urban edge tenant driven development

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resIdeNtIAl
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Create and sell

n Apartments inner ring

• n Apartments metropolitan activity centres

• n Masterplanned communities infill ring n Masterplanned communities urban edge

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Stable income and focused growth via balance of passive and active capital

FY13 results I 23 August 2013 I pAge 25

FY14 strategy scorecard

FY14 action Office n Target continued IPD outperformance n Unlock value from GE acquisition n Substantially complete leasing balance of 8 Chifley, NSW n Pre-lease of commercial development pipeline n Restock in line with acquisition mandate Retail n Target continued IPD outperformance n Unlock value from retail development pipeline Industrial n Target continued IPD outperformance n Transact on opportunities in line with mandate Acquisitions n Source strategic acquisitions in office, retail and industrial and disposals n $100 to $200m program of non core asset disposals Capital n S&P upgrade to BBB+ management n Establish office club n Continue to diversify debt sources and increase maturity profile

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by mirvac

200 geOrge street, sYdNeY Nsw

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Strategy scorecard for FY14 areas of focus

FY13 results I 23 August 2013 I pAge 26

FY14 strategy scorecard

FY14 action Residential n Action englobo disposal program development n $100m to $140m in provision release for FY14 n Focus on restocking pipeline within acquisition mandates n De-risk forward earnings through pre-sales n Continue improvement in gross margins back to 18 to 22% People n Continue roll out of leadership initiatives with INSEAD program n Learning and training strategy implementation n Refresh diversity program Operational n HSE and Sustainability strategy implementation excellence n Continuous process re-engineering through Business Transformation Office

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by mirvac

8 chIFleY, sYdNeY Nsw

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Strategy scorecard for FY14 areas of focus

FY13 results I 23 August 2013 I pAge 27

summary and guidance

by mirvac

FY13 results I 23 August 2013 I pAge 28

Summary and guidance

by mirvac

	~~Guidance~~ ~~FY14~~ Groupoperating proft $428 – $443m OperatingEPS 11.7 – 12.0cpss DPS 8.8 – 9.0cpss Weighted average securities 3,673m Expected Development ROIC in FY14 >10%

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Well positioned to deliver secure earnings in FY14

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FY13 results I 23 August 2013 I pAge 29

Disclaimer and important notice

by mirvac

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 License. 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 financial statements ended 30 June 2013. 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.

The information contained in this presentation is current as at 30 June 2013, unless otherwise noted.

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Thank you

by mirvac

FOllOw uS On TwITTEr @MIrVaCIr

MIRvAC MIRvAC InvESTOR FY13 rElaTIOnS PROPERTY wEBSITE COMPEnDIuM

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