MIRVAC GROUP — Annual Report 2014

Aug 20, 2014

FY14 additional information

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21 AUGUST 2014

CONTENTS

FINANCIAL RESULTS

• 3 FY14 statutory to operating profit reconciliation

• 4 FY13 statutory to operating profit reconciliation

• 5 FY14 operating profit by segment

• 6 FY13 operating profit by segment

• 7 Mirvac FFO and AFFO based on PCA guidelines

• 8 Finance costs

• 9 Group overhead costs

• 10 MPT operating EBIT

• 11 Liquidity profile 12 Debt and hedging profile

INVESTMENT

• 14 Sector and geographic diversification

• 15 MPT portfolio snapshot

• 16 Schedule of acquisitions

• 17 Schedule of disposals

DEVELOPMENT

• 19 Invested capital – development reconciliation

• 21 Gross development margin

• 22 Development operating EBIT analysis

OFFICE

• 24 Office snapshot

• 25 Office development pipeline

INDUSTRIAL

• 32 Industrial snapshot

RESIDENTIAL

• 34 Project pipeline – apartments

• 35 Project pipeline – masterplanned communities

• 36 FY14 activity detail

• 37 FY14 settlements

• 38 Pre-sales outlook FY15 and beyond

• 39 Diversification of residential lots/revenue

• 40 Capitalised interest

• 41 Provisions – roll off

• 42 Hypothetical profit making development project – treatment of capitalised costs

• 43 Hypothetical provisioned development project – treatment of capitalised costs

• 44 Residential development high density = apartments

• 45 Residential development low density = masterplanned communities

HEALTH AND SAFETY

• 47 Health and safety

CALENDAR

• 49 calendar

GLOSSARY

DISCLAIMER AND IMPORTANT NOTICE

• 26 commercial development hypothetical fund through

RETAIL

• 29 Retail snapshot

• 30 Retail development pipeline

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 1

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financial results

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 2

FY14 STATUTORY TO OPERATING PROFIT RECONCILIATION[ 1]

	FY14 STATUTORY TO OPERATING PROFIT RECONCILIATION1
	MIRVACIFY14 ADDITIONAL INFORMATIONI21 AUGUST 2014I3 INVESTMENT INVESTMENT MANAGEMENT DEVELOPMENT UNALLOCATED ELIMINATION TAX CONSOLIDATED FULL YEAR ENDED 30 JUNE 2014 $M $M $M $M $M $M $M Proft/(loss) attributable to the stapled securityholders of Mirvac 438.1 5.8 112.0 (89.8) (5.4) (13.4) 447.3 Specifc non-cash items Net gain on fair value of investment properties (47.4) — — — (9.1) — (56.5) Net loss on fair value of IPUC 9.5 — — — (1.8) — 7.7 Net loss on fair value of derivative fnancial instruments and associated foreign exchange movements 4.3 — — 10.9 0.6 — 15.8 Security based payment expense — — — 6.5 — — 6.5 Depreciation of owner-occupied properties — — — — 5.9 — 5.9 Straight-lining of lease revenue (12.2) — — — — — (12.2) Amortisation of lease ftout incentives 12.4 — — — (2.1) — 10.3 Net (gain)/loss on fair value of investment properties, derivatives and other specifc non-cash items included in share of net proft of associates and joint ventures (20.2) 0.9 — (0.3) — — (19.6) Signifcant items Impairment of loans, investments and inventories — — — (1.2) — — (1.2) Impairment of goodwill 24.5 — — — — — 24.5 Net loss from sale of non-aligned assets 6.0 — — — — — 6.0 Tax effect Tax effect of non-cash and signifcant adjustments — — — — — 3.3 3.3 Operating proft/(loss) (proft before specifc non-cash and signifcant items)1 415.0 6.7 112.0 (73.9) (11.9) (10.1) 437.8 Segment contribution 94.8% 1.5% 25.6% (16.9%) (2.7%) (2.3%) 100.0% Add back tax — — — — — 10.1 10.1 Add back interest paid2 69.2 0.4 77.9 (0.1) (2.6) — 144.8 Less interest revenue2 (0.7) (0.1) (0.2) (1.5) 0.3 — (2.2) Earnings before interest and tax 483.5 7.0 189.7 (75.5) (14.2) — 590.5 Segment contribution 81.9% 1.2% 32.1% (12.8%) (2.4%) — 100.0% 1) Operating proft after tax is a non-IFRS measure. Operating proft after tax is proft before specifc non-cash items and signifcant items. Operating proft 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 2014 fnancial statements, which has been subject to audit by its external auditors. 2) Interest paid and interest revenue between segments are eliminated in the individual segment.

1) 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 2014 financial statements, which has been subject to audit by its external auditors.

2) Interest paid and interest revenue between segments are eliminated in the individual segment.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 3

FY13 STATUTORY TO OPERATING PROFIT RECONCILIATION[ 1]

	FY13 STATUTORY TO OPERATING PROFIT RECONCILIATION1
	MIRVACIFY14 ADDITIONAL INFORMATIONI21 AUGUST 2014I4 TOTAL INC. INVESTMENT DISCONTINUED INVESTMENT MANAGEMENT DEVELOPMENT UNALLOCATED ELIMINATION TAX OPERATIONS FULL YEAR ENDED 30 JUNE 2013 $M $M $M $M $M $M $M Proft/(loss) attributable to the stapled security holders of Mirvac 464.3 (13.7) (236.1) (84.8) (12.9) 23.1 139.9 Specifc non-cash items Net gain on fair value of investment properties (56.0) — — — 2.0 — (54.0) Net loss on fair value of IPUC 5.6 — — — (2.0) — 3.6 Net loss on fair value of derivative fnancial instruments and associated foreign exchange movements 2.5 — — 9.9 — — 12.4 Security based payment expense — — — 4.1 — — 4.1 Depreciation of owner-occupied properties — — — — 7.5 — 7.5 Straight-lining of lease revenue (17.3) — — — — — (17.3) Amortisation of lease ftout incentives 13.4 — — — (2.5) — 10.9 Net loss on fair value of investment properties, derivatives and other specifc non-cash items included in share of net proft of associates and joint ventures 3.6 0.8 — — — — 4.4 Signifcant items Impairment of investments including associates and joint ventures — — 12.3 — — — 12.3 Impairment of loans — — 18.0 — — — 18.0 Provision for loss on inventories — — 242.9 — — — 242.9 Net loss on sale of non-aligned assets 2.7 1.0 — — — — 3.7 Net gain on sale of Hotel Management business and related assets — — — (2.0) — — (2.0) Tax effect Tax effect of non-cash and signifcant adjustments — — — — — (8.8) (8.8) Operating proft/(loss) (proft before specifc non-cash and signifcant items) 1 418.8 (11.9) 37.1 (72.8) (7.9) 14.3 377.6 Segment contribution 110.9% (3.1%) 9.8% (19.3%) (2.1%) 3.8% 100.0% Add back tax — — — — — (14.3) (14.3) Add back interest paid2 13.2 16.3 58.6 0.3 (1.3) — 87.1 Less interest revenue2 (1.3) (0.2) (0.7) (3.5) 1.3 — (4.4) Earnings before interest and tax 430.7 4.2 95.0 (76.0) (7.9) — 446.0 Segment contribution 96.6% 0.9% 21.3% (17.0%) (1.8%) — 100.0% 1) Operating proft after tax is a non-IFRS measure. Operating proft after tax is proft before specifc non-cash items and signifcant items. Operating proft 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 2014 fnancial statements, which has been subject to audit by its external auditors. 2) Interest paid and interest revenue between segments are eliminated in the individual segment.

1) 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 2014 financial statements, which has been subject to audit by its external auditors.

2) Interest paid and interest revenue between segments are eliminated in the individual segment.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 4

FY14 OPERATING PROFIT BY SEGMENT

			INVESTMENT
		INVESTMENT	MANAGEMENT	DEVELOPMENT	UNALLOCATED	ELIMINATION	TOTAL
	FULL YEAR ENDED 30 JUNE 2014	$M	$M	$M	$M	$M	$M
	Revenue from continuing operations
	Investment properties rental revenue	632.9	5.8	—	—	—	638.7
	Investment management fee revenue	—	13.0	—	—	—	13.0
	Development and construction revenue	—	—	1,168.4	—	(10.8)	1,157.6
	Development management fee revenue	—	—	15.2	—	0.7	15.9
	Interest revenue	15.6	0.3	5.1	1.5	(0.3)	22.2
	Dividend and distribution revenue	0.5	—	—	—	—	0.5
	Other revenue	1.9	3.2	3.5	1.1	(1.8)	7.9
	Inter-segment revenue	14.5	18.0	99.4	35.7	(167.6)	—
	Total revenue from continuing operations	665.4	40.3	1,291.6	38.3	(179.8)	1,855.8
	Other income
	Share of netproft of associates andjoint ventures accounted for usingthe equitymethod	17.3	1.0	8.7	0.3	—	27.3
	Total other income	17.3	1.0	8.7	0.3	—	27.3
	Total revenue from continuing operations and other income	682.7	41.3	1,300.3	38.6	(179.8)	1,883.1
	Net loss on sale of property, plant and equipment	—	—	0.2	—	—	0.2
	Investment properties expenses	169.2	2.2	—	—	(12.2)	159.2
	Cost of property development and construction	—	—	1,037.8	—	(97.1)	940.7
	Employee benefts expenses	—	23.8	17.3	57.5	—	98.6
	Depreciation and amortisation expenses	8.9	0.5	2.3	1.7	—	13.4
	Finance costs	77.0	0.4	77.9	35.6	(46.1)	144.8
	Selling and marketing expenses	—	0.2	30.4	0.4	—	31.0
	Other expenses	12.6	7.5	22.4	17.3	(12.5)	47.3
	Operating proft/(loss) from continuing operations before income tax	415.0	6.7	112.0	(73.9)	(11.9)	447.9
	Income tax expense						(10.1)
	Operating proft attributable to the stapled securityholders of Mirvac						437.8

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 5

FY13 OPERATING PROFIT BY SEGMENT

	FY13 OPERATING PROFIT BY SEGMENT
	MIRVACIFY14 ADDITIONAL INFORMATIONI21 AUGUST 2014I6 INVESTMENT INVESTMENT MANAGEMENT DEVELOPMENT UNALLOCATED ELIMINATION TOTAL FULL YEAR ENDED 30 JUNE 2013 $M $M $M $M $M $M Revenue from continuing operations Investment properties rental revenue 560.8 5.0 — — — 565.8 Investment management fee revenue — 9.1 — — — 9.1 Development and construction revenue — — 820.8 — 2.0 822.8 Development management fee revenue — — 25.8 — (0.5) 25.3 Interest revenue 9.1 0.9 5.5 3.9 (0.6) 18.8 Dividend and distribution revenue 0.9 — — — — 0.9 Other revenue 2.0 2.8 2.5 4.2 (1.8) 9.7 Inter-segment revenue 37.8 15.1 8.2 — (61.1) — Total revenue from continuing operations 610.6 32.9 862.8 8.1 (62.0) 1,452.4 Other income Share of net proft/(loss) of associates and joint ventures accounted for using the equity method 14.4 2.9 (0.7) 0.2 — 16.8 Netgain on sale ofproperty, plant and equipment — — 0.1 — — 0.1 Total other income 14.4 2.9 (0.6) 0.2 — 16.9 Total revenue from continuing operations and other income 625.0 35.8 862.2 8.3 (62.0) 1,469.3 Investment properties expenses 145.6 1.9 — — (10.9) 136.6 Cost of property development and construction — — 703.7 — — 703.7 Employee benefts expenses — 18.9 20.9 53.0 — 92.8 Depreciation and amortisation expenses 8.4 0.4 2.5 1.6 — 12.9 Finance costs 42.8 16.3 58.6 0.3 (30.9) 87.1 Selling and marketing expenses — 0.6 20.6 0.7 — 21.9 Other expenses 9.4 9.6 18.8 25.5 (12.3) 51.0 Operating proft/(loss) from continuing operations before income tax 418.8 (11.9) 37.1 (72.8) (7.9) 363.3 Income tax beneft 14.3 Operating proft attributable to the stapled securityholders of Mirvac 377.6

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 6

MIRVAC FFO AND AFFO BASED ON PCA GUIDELINES

	MIRVAC FFO AND AFFO BASED ON PCA GUIDELINES
	MIRVACIFY14 ADDITIONAL INFORMATIONI21 AUGUST 2014I7 PCA FFO AND AFFO FULL YEAR ENDED 30 JUNE 2014 $M Proft attributable to the stapled securityholders of Mirvac 447.3 A Investmentproperty and inventory Losses from sales of investment property 6.0 Fair value gain on investment property (56.5) Fair value loss on investment property under construction 7.7 Depreciation on owner-occupied properties 5.9 B Goodwill and intangibles Impairment 24.5 C Financial instruments Fair value gain on the mark to market of derivatives 23.3 D Incentives and straight lining Amortisation of ft-out incentives 10.3 Amortisation of cash incentives 6.1 Amortisation of rent-free periods 10.7 Rent straight lining (12.2) E Tax Non - FFO deferred tax expenses 3.3 F Other unrealised or one-off items Net gain on foreign exchange movements (7.5) Net gain on fair value of investment properties, derivatives and other specifc non-cash items included in share of net proft of Joint Ventures and Associates (19.6) Impairment of loans (1.2) Funds From Operations 448.1 G Adjusted Funds From Operations adjustments Maintenance capex (30.3) Incentives given for accounting period (cash and ft-out) (12.5) Incentives given for accounting period (rent-free) (18.7) Adjusted Funds From Operations 386.6

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 7

FINANCE COSTS

		FY14 ($M)	FY13 ($M)	% CHANGE
	Interest and fnance charges paid/payable net of provision release	135.7	113.7	19.3
	Amount capitalised	(35.9)	(62.0)	(42.1)
	Interest capitalised in current and prior periods expensed this period net of provision release	38.4	32.2	19.3
	Borrowing costs amortised	6.6	3.2	106.3
	Total fnance costs	144.8	87.1	66.2

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FINANCE COSTS PROFILE
$150m 125%
120 100
90 75
60 50
30 25
0 0
FY10 FY11 FY12 FY13 FY14
External interest paid/payable ($m)
Finance costs expense ($m)
Finance cost expense as % of external interest
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• Interest and finance charges paid/payable net of provision release has increased due to acquisitions

• Capitalised interest has decreased due to the capital reallocations of $500m and $300m in June 2013 and December 2013 respectively

• Interest capitalised in current and prior years expensed this year net of provision release has increased due to settlement of Chatswood Era

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 8

GROUP OVERHEAD COSTS

		FY14 ($M)	FY13 ($M)	% CHANGE
	Employee benefts expenses1	98.6	92.8	6.3
	Selling and marketing expenses1	31.0	21.9	41.6
	Other expenses1	47.3	51.0	(7.3)
	Total overhead expenses1	176.9	165.7	6.8
	Total assets	9,921.7	9,246.4	7.3
	Overhead expenses as a percentage of asset base	1.8%	1.8%

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EXPENSES AS A PERCENTAGE OF TOTAL ASSETS
4.0% $200m
3.0 150
2.0 100
1.0 50
0 0
FY12 FY13 FY14
Total overhead expenses
Expenses as a percentage of asset base
% of asset base Total expenses
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• Overhead expenses has remained constant at 1.8% between FY13 and FY14

• Selling and marketing expenses increased due to significant FY14 release program

• Employee benefit expenses increased due to additional overheads following recent acquisitions and larger accrued bonus as a result of improved performance in the Group

1) Expenses are on an operational basis (excluding non-cash items and significant items). For further detail see page 5 and 6 of the Additional Information.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 9

MPT OPERATING EBIT

	DETAILED BREAKDOWN OF MPT OPERATING EBIT	FY14 ($M)	FY13 ($M)	FY13 ($M)
	Net property income1
	Offce	308.4	253.1
	Retail	109.2	117.3
	Industrial Other	35.7 7.7	36.6 7.7
	Total net property income	461.0	414.7
	Investment income2	32.7	23.1
	Other income	1.8	2.0
	Overhead expenses	(12.0)	(9.1)
	Total MPT operating EBIT	483.5	430.7

Increase in Office net property income due to GE acquisition, 367 Collins Street, Melbourne and 477 Collins Street, Melbourne

Decrease in net property income for retail and industrial was driven by non-core asset sales

Increase in investment income is due to the 8 Chifley JV and Treasury Building JV convertible note interest income

1) Excludes straight-lining of lease revenue and amortisation of lease fit out incentives. 2) Includes income from indirect property investments.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 10

LIQUIDITY PROFILE

		FACILITY LIMITS	DRAWN AMOUNT AVAILABLE LIQUIDITY	DRAWN AMOUNT AVAILABLE LIQUIDITY
	30 JUNE 2014	($M)	($M)	($M)
	Total facilities maturing<12 months	200.0	200.0	0.0
	Total facilities maturing>12 months	3,033.01	2,620.01	413.0
	Total	3,233.0	2,820.0	413.0
	Cash on hand			97.8
	Total liquidity			510.8
	Less facilities maturing<12 months			200.0
	30 June 2014 funding headroom			310.8

1) Based on hedged rate not carrying value.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 11

DEBT AND HEDGING PROFILE

			FACILITY LIMIT	DRAWN AMOUNT
	ISSUE / SOURCE	MATURITY DATE	$M	$M
	MTN III	March 2015	200.0	200.0
	Bank facilities	September 2015	448.2	270.3
	MTN IV	September 2016	225.0	225.0
	USPP	November 2016	378.8	378.8	2
	Bank facilities	September 2017	470.0	320.0
	MTN V	December 2017	200.0	200.0
	Bank facilities	September 2018	470.0	385.0
	USPP	November 2018	134.1	134.1	2
	MTN VI	September 2020	200.0	200.0
	USPP	December 2022	219.7	219.7	2
	USPP	December 2024	136.4	136.4	2
	USPP	December 2025	150.7	150.7	2
	Total		3,233.0	2,820.0

DRAWN DEBT SOURCES

USPP 36.2% MTN 29.2%

Syndicated loans and bank facilities 34.6%

USPP and MTN 65.4%

FY14 HEDGING AND FIXED INTEREST PROFILE[ 1]

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2,000
4.48%
4.44% 4.42%
1,500
4.15%
1,000
3.97%
500
0
FY14 FY15 FY16 FY17 FY18
Fixed Options Swaps Rate
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DRAWN DEBT MATURITIES AS AT 30 JUNE 2014

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$700m USPP MTN Bank
600
500
400
300
200
100
0
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
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1) Includes bank callable swap.

2) Based on hedged rate not carrying value.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 12

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investment

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 13

SECTOR AND GEOGRAPHIC DIVERSIFICATION[ 1]

	**SECTOR DIVERSIFICATION **	**SECTOR DIVERSIFICATION **	1
								60.0%
	Offce							60.4%
					26.3%
	Retail				25.0%
		6.0%
	Industrial	6.7%
	LPT/unlisted funds	6.2%
	/development	6.4%
		1.5%
	Other	1.5%						FY142	FY13
		0%	10%	20%	30%	40%	50%	60%	70%
	GEOGRAPHIC DIVERSIFICATION 3
								59.4%
	NSW							60.5%
				18.1%
	VIC			16.0%
				11.3%
	QLD			12.0%
		6.8%
	ACT		7.3%
		3.8%
	WA	3.6%
		0.6%
	USA	0.6%						FY142	FY13
		0%	10%	20%	30%	40%	50%	60%	70%

• 1) By book value including IPUC and indirect investments.

• 2) Excluding assets held for sale as at 30 June 2014.

• 3) By book value excluding IPUC and indirect investments.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 14

MPT PORTFOLIO SNAPSHOT

		FY14	FY13
	Properties owned1	616	68
	NLA1	1,348,505sqm6	1,433,098sqm
	Book value2	$6,716.5m6	$6,776.6m
	WACR7	7.14%6	7.48%
	Netpropertyincome3	$493.7m	$439.8m
	Like-for-like NOIgrowth7	3.1%	3.5%
	Maintenance capex	$30.4m	$23.5m
	Tenant incentives	$12.8m	$12.8m
	Occupancy4	97.6%6	97.9%
	NLA leased	140,982sqm	165,188sqm
	% ofportfolio NLA leased	9.8%	11.5%
	No. tenant reviews	1,853	1,714
	Tenant rent reviews(area)	1,065,292sqm	1,064,884sqm
	WALE(area)4	6.4yrs6	6.9yrs
	WALE(income)5	4.7yrs6	5.1yrs

MPT — LEASE EXPIRY PROFILE[ 5,6]

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40%
37.2%
30
20
15.2%
13.7%
12.1%
10 9.4% 9.2%
3.3%
0
Vacant FY15 FY16 FY17 FY18 FY19 Beyond
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• 1) Includes carparks and a hotel.

• 2) Including assets under development and indirect investments.

• 3) Includes income from indirect investments and other income.

• 4) By area, excluding IPUC, development and flood affected tenancies, based on 100% of building NLA.

• 5) By income, excluding IPUC, bulky goods, development, flood affected tenancies and indirect investments, based on MPT’s ownership.

• 6) Excluding assets held for sale as at 30 June 2014.

• 7) Excluding assets under development and indirect investments.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 15

SCHEDULE OF ACQUISITIONS

FY14 SCHEDULE OF ACQUISITIONS[ 1]

						ACQUISITION	PASSING	ACTUAL
						PRICE	YIELD	SETTLEMENT
	PROPERTY	STATE	SECTOR	STATUS	OCCUPANCY	$M	(PRE-COSTS)	DATE
	477 Collins Street	VIC	Offce	Settled	40.9%	72.0	5.0%	Nov 2013
	367 Collins Street	VIC	Offce	Settled	100.0%2	227.8	7.8%	Nov 2013
	60 Wallgrove Road	NSW	Industrial	Settled	100.0%	55.0	6.1%	Jan 2014
	Harbourside Shopping Centre	NSW	Retail	Settled	97.0%	252.0	6.7%	Jan 2014
	Total					606.8

2) Includes 12 month vendor rental guarantee on current vacancy of 11%.

1) Schedule metrics as at acquisition date.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 16

SCHEDULE OF DISPOSALS

FY14 SCHEDULE OF DISPOSALS

					PREVIOUS	GROSS	PROCEEDS	ACTUAL
					BOOK VALUE	SALE PRICE	ABOVE BOOK	SETTLEMENT
	PROPERTY	STATE	SECTOR	STATUS	$M	$M	VALUE $M 1	DATE
	Non-core asset disposals
	ManningMall	NSW	Retail	Settled	31.8	32.6	0.8	Jul 2013
	Logan Mega Centre	QLD	Retail	Settled	49.5	52.0	2.5	Aug2013
	54-60 Talavera Road2	NSW	Industrial	Settled	47.1	48.0	0.9	Feb 2014
	Orange CityCentre2	NSW	Retail	Settled	48.3	49.5	1.2	Mar 2014
	Gippsland Centre1, 2	VIC	Retail	Settled	48.5	50.5	2.0	Mar 2014
	Blackstone transactions
	50% sale of 275 Kent Street2	NSW	Offce	Settled	427.5	435.0	7.5	July2014
	Portfolio of seven non-core assets2, 3	—	—	Settled	386.0	391.44	5.4	July2014
	Total				1,038.7	1,059.0	20.3

• 1) Includes 349 Raymond Street, Gippsland.

2) Book value as at 31 December 2013.

3) Includes: 1 Castlereagh Street, NSW, 38 Sydney Avenue, ACT, 339 Coronation Drive, QLD, 33 Corporate Drive, QLD, 12 Julius Avenue, NSW, 10 Julius Avenue and Waverley Garden Shopping Centre, VIC. 4) Includes capex contribution of $5.4m. Excluding capex contribution, total value of non-core assets is $386.0m.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 17

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development

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 18

INVESTED CAPITAL – DEVELOPMENT RECONCILIATION

			ITEMS EXCLUDED	FUND THROUGH
			FOR DEVELOPMENT	ADJUSTMENTS	DEFERRED LAND	DEVELOPMENT
	RECONCILIATION TO DEVELOPMENT		INVESTED CAPITAL	(DEFERRED REVENUE)	ADJUSTMENTS	INVESTED CAPITAL
	INVESTED CAPITAL	$M	$M	$M	$M	$M
	Cash and cash equivalents	49.4	(49.4)	—	—	—
	Receivables	124.9	(32.8)	—	—	92.1
	Inventories – Gross	1,718.1	—	(173.2)	(89.3)	1,455.6
	Inventories – Provision for loss	(183.1)	—	—	—	(183.1)
	Other assets	1.3	(1.3)	—	—	—
	Investments accounted
	for using the equity method	217.4	(2.1)	—	—	215.3
	Other fnancial assets	52.0	—	—	—	52.0
	Property, plant and equipment	5.5	(5.5)	—	—	—
	Deferred tax assets	83.8	(83.8)	—	—	—
	Total	2,069.3	(174.9)	(173.2)	(89.3)	1,631.9

Deferred terms – Masterplanned communities example

• Capital efficient structures require “grossing-up” to full value of inventory despite a proportion of cash expended on deferred payment terms

• The non-cash balance is offset by a payable amount

• The non-cash balance is excluded for ROIC

Deferred terms – Commercial development example

• Commercial fund-through development structures obtain reimbursements for construction costs during development

FY14 ROIC CALCULATION EBIT $189.7m = 10.5% capital adding back the December Average development invested $1805.3m 2012 provision balance

• These amounts are recorded as deferred revenue “grossing-up” the inventory and deferred revenue payable

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 19

INVESTED CAPITAL – DEVELOPMENT RECONCILIATION

RESIDENTIAL > Apartments: 66.0% DEVELOPMENT 85.5% > Masterplanned communities: 34.0% INVESTED CAPITAL > Office: 78.6% COMMERCIAL $1,632m > Industrial: 15.7% 14.5% > Retail: 5.7%

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DEVELOPMENT INVESTED CAPITAL BY STRUCTURE BY STATE
100%
Commercial 14.5% Provisions 19.8% 100% balance sheet: 69.6% NSW: 53.1%
75 Capital efficient [ 1] 30.4% Deferred land payment: 5.7% VIC: 17.5%
Masterplanned
communities 29.1% JV & associates: 19.3% QLD: 15.8%
50 PDA: 1.3% WA: 13.6%
100% Balance Non-provisions 80.2% MPT: 4.1%
25 Apartments 56.4% sheet 69.6%
0
BY PRODUCT LINE BY STRUCTURE PROVISION/NON-PROVISION
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1) Capital efficient by structure includes capital invested in Development Agreement’s, JVs, MWRDP, deferred land payments and loans.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 20

GROSS DEVELOPMENT MARGIN

	DEVELOPMENT	DEVELOPMENT	COST OF PROPERTY	GROSS	GROSS
	AND CONSTRUCTION		DEVELOPMENT AND	DEVELOPMENT	DEVELOPMENT
		REVENUE	CONSTRUCTION	MARGIN	MARGIN
		$M	$M	$M	%
	FY14
	Residential projects adjusted for zero margin settlements	632.7	(449.8)	182.9	28.9
	Residential provision projects	198.4	(179.3)
	Residential project revenue	831.1	(629.1)	202.0	24.3
	Commercial	368.6	(340.6)
	Cost recovery activities	68.1	(68.1)
	Mirvac consolidated statement of comprehensive income (including 8 Chifey)	1,267.8 1	(1,037.8) 2	230.0	18.1
	FY13
	Residential projects adjusted for zero margin settlements	534.5	(425.4)	109.1	20.4
	Residential provision projects	152.1	(144.4)
	Residential project revenue	686.6	(569.8)	116.8	17.0
	Commercial	20.9	(21.0)
	Cost recovery activities	113.3	(112.9)
	Mirvac consolidated statement of comprehensive income (including 8 Chifey)	820.8	(703.7)	117.1	14.3

1) Total development and construction and inter-segment revenue — see page 5 of Additional Information.

2) Total cost of property development and construction — see page 5 of Additional Information.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 21

DEVELOPMENT OPERATING EBIT ANALYSIS

		FY14	FY13
		$M	$M	% CHANGE
	Development and construction revenue — non recharge projects	1,100.3	707.5
	Development and construction revenue — recharge projects	68.1	113.3
	Total development and construction revenue	1,168.4	820.8
	Cost of property development and construction — non recharge projects	969.7	590.8
	Cost of property development and construction — recharge projects	68.1	112.9
	Development management fee revenue	15.2	25.8	(41.1%)
	Share of net proft of associates and joint ventures accounted for using the equity method	8.7	(0.7)
	Selling and marketing expenses	(30.4)	(20.6)	47.6%
	Overheads Other Operating EBIT	(42.5) 108.1 189.7	(42.8) 16.2 95.0
	Less operatingfnance costs	77.9	58.6
	Interest revenue	(0.2)	(0.7)
	Operating proft	112.0	37.1

FY13 was higher due to commercial contribution Share of net profit of associates and joint ventures increased through settlements at Pinnacle and Googong Selling and marketing expenses, were higher in FY14 due to further releases at Harold Park, Array, and Gainsborough Greens. Selling and marketing is expected to be higher in FY15 given significant release schedule Driven by increased inter-segment revenue from MPT projects such as Kawana, Orion and Stanhope

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 22

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office
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MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 23

OFFICE SNAPSHOT

		FY14	FY13
	Properties owned	314	32
	NLA	724,892sqm4	695,076sqm
	Book value1	$4,025.0m4	$4,094.1m
	WACR	7.33%4	7.52%
	Netpropertyincome	$308.4m	$253.1m
	Like-for-like NOIgrowth	3.4%	3.9%
	Maintenance capex	$14.2m	$12.3m
	Tenant incentives	$7.3m	$6.6m
	Occupancy2	96.1%4	96.8%
	NLA leased	49,038sqm	66,404sqm
	% ofportfolio NLA leased	6.4%	9.6%
	No. tenant reviews Tenant rent reviews(area)	712 573,809sqm	548 563,787sqm
	WALE(area)2	4.7yrs4	5.2yrs
	WALE(income)3	4.7yrs4	5.2yrs

OFFICE LEASE EXPIRY PROFILE[ 3,4]

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40% 38.5%
30
20 18.4%
10 10.6% 11.3% 8.7% 8.3%
4.2%
0
Vacant FY15 FY16 FY17 FY18 FY19 Beyond
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OFFICE DIVERSIFICATION BY GRADE[ 1,4]

Premium grade 20.1% A grade 71.4% B grade 3.9% C grade 4.6%

• 1) By book value, as at 30 June 2014, excluding assets under development and indirect investments.

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

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

• 4) Excluding assets held for sale as at 30 June 2014.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 24

OFFICE DEVELOPMENT PIPELINE

PROJECT % CONSTRUCTION COMPLETED %PRE LEASED OWNERSHIP FY15 FY16 FY17 FY18	PROJECT % CONSTRUCTION COMPLETED %PRE LEASED OWNERSHIP FY15 FY16 FY17 FY18	PROJECT % CONSTRUCTION COMPLETED %PRE LEASED OWNERSHIP FY15 FY16 FY17 FY18	PROJECT % CONSTRUCTION COMPLETED %PRE LEASED OWNERSHIP FY15 FY16 FY17 FY18	PROJECT % CONSTRUCTION COMPLETED %PRE LEASED OWNERSHIP FY15 FY16 FY17 FY18
Treasury Building, WA 37.9% 98.0% 50%		$87.1m1, 8.4%2 Aug 12 to Jun 15
699 Bourke Street, VIC 30.5% 100.0% 50%		$45.6m1, 7.2%2 Aug 13 to May 15
200 George Street, NSW 15.4% 74.3% 50%			$193.7m1, 7.8%2 Jan 13 to May 16
664 Collins Street, VIC 7.3% 100%				$152.5m1, 7.3%2 Oct 15 to Jun 17
2 Riverside Quay, VIC3 0.5% 81.7% 100%				$161.5m1, 7.9%2 Nov 14 to Jan 17

Fee recognition period Under construction Planning

• 1) Total expected costs to complete excluding land and including interest, Mirvac share.

• 2) Expected yield on cost including land and interest.

• 3) Heads of Agreement for Lease with PricewaterhouseCoopers, subject to planning approval.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 25

COMMERCIAL DEVELOPMENT HYPOTHETICAL FUND THROUGH

PROFILE OF COMMERCIAL DEVELOPMENT

• Mirvac has a unique competitive advantage through its internal development capability

• For large commercial development projects Mirvac will look to sell a 50% indirect interest to a capital partner that will fund a portion of the development, matching cash outflows with cash inflows. In turn delivering

• a higher ROIC during development

• Development fees typically earned during construction phase and a development management fee earned at practical completion

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INDICATIVE GENERIC CASHFLOW PROFILE – COMMERCIAL DEVELOPMENT –
SINGLE COMMERCIAL TOWER DMA FOR JV (MPT AND PARTNER)
80% Cumulative cash flow
60
Periodic fund through payments
40
Range
20 relates to
rental
incentives
and rental
0
guarantee
Internal design Construction costs incurred payments
phase
(20)
Council approval
phase
(40)
(60)
Land Demolition Construction Practical
(80) commences completion
Planning & design Development cashflow
(18 Months)
Marketing — secure anchor tenant Demolition & construction
> 50% pre-lease NLA (36 Months)
During planning phase, design Mirvac enter into agreement with third party At practical completion,
costs are incurred by Mirvac, land is deferred revenue
purchased and marketing commences Costs incurred during construction recorded as inventory by payable and inventory
to secure > 50% pre-lease prior to Mirvac Limited. Periodic fund through payments received are released to the P&L
commencement of construction by development division from third party are recorded as a as Development profit
deferred revenue payable “grossing up” impact
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MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 26

COMMERCIAL DEVELOPMENT HYPOTHETICAL FUND THROUGH

TYPICAL COMMERCIAL DEVELOPMENT TRANSACTION

• Mirvac development seek an anchor tenant

• Land acquired and held in MPT 50% and 50% by capital partner

• MPT and 3rd Party enter into Development Management Agreement (DMA) with Mirvac Development

• Quarterly payments to Mirvac Developments (Development) under DMA fund development costs

• Potential for Construction Management and other upfront fees payable to Development

• Agreed adjustment on completion to offset funding cost, potential for funding costs to be paid through construction period to capital partner

• Development profit on completion at agreed capitalisation rate

• Incentive and potential rental guarantee over vacancy on completion

COMMERCIAL DEVELOPMENT PRINCIPLES

COMMERCIAL DEVELOPMENT PRINCIPLES	COMMERCIAL DEVELOPMENT PRINCIPLES
JOINT VENTURE (JV) TENANTS IN COMMON
Example Projects > 8 Chifey > Treasury Building > 200 George Street > 699 Bourke Street
Cash fow	Mirvac Property Trust > Responsible for funding the JV so the JV can make quarterly and fnal payments to Development > Pays quarterly and fnal payments to Development
	Development > Reduced cash fow requirement during development as funded by capital partner and MPT > Reduced cash fow requirement during development as funded by capital partner and MPT
Proft and Loss	Mirvac Property Trust > Share of Joint Venture Proft or loss recognised > Ability to receive yield through construction from convertible notes > Rental Guarantee provided by Development taken as Share of Proft > Fair Value adjustments recognised at each reporting period as non-operating earnings > No Rental Guarantee
	Development > Upfront and ongoing fees may be negotiated > 100% of project proft recognised in Development, 50% eliminated at Group > Potential for additional fee stream profts (i.e. Treasury Building) > Upfront and ongoing fees may be negotiated with capital partner > 50% of project proft recognised in Development with no eliminations
Balance Sheet	Mirvac Property Trust > Equity accounted balance refects interest in Joint Venture > Potential for convertible note > Quarterly DMA payments capitalised as Investment Property Under Construction
	Development > Accrue construction and development costs as WIP > Quarterly DMA payments received from JV recorded as unearned income > Rental Guarantee provided to JV > Receive DMA payments from Capital Partner – Recorded as unearned income > Receive cost recovery from MPT recoded as unearned income > Accrue WIP based on costs incurred

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 27

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retail
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MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 28

RETAIL SNAPSHOT

		FY14	FY13
	Properties owned	155	19
	NLA Book value1 WACR	307,938sqm5 $1,769.6m5 6.82%5	390,651sqm $1,696.0m 7.23%
	Netpropertyincome	$109.2m	$117.3m
	Like-for-like NOIgrowth	2.0%	2.6%
	Maintenance capex	$8.2m	$9.3m
	Tenant incentives	$5.0m	$5.9m
	Occupancy2	99.1%5	98.7%
	NLA leased	46,929sqm	50,902sqm
	% ofportfolio NLA leased	13.6%	13.0%
	No. tenant reviews Tenant rent reviews(area)	1,105 167,793sqm	1,131 160,046sqm
	WALE(area)2 WALE(income)3	5.0yrs5 3.8yrs5	5.5yrs 3.9yrs
	Specialtyoccupancycost4	17.7%5	16.7%
	Specialtyoccupancycost excludingCBD centres4	16.8%5	15.7%
	Total comparable MAT6	$1,521.3m5	$2,443.3m
	Total comparable MATgrowth4	2.2%5	4.9%
	Specialties comparable MAT4	$8,420.0sqm5	$7,410.0sqm
	Specialties comparable MATgrowth4	2.0%5	(0.2%)
	New leasingspreads	11.4%	3.7%
	Renewal leasingspreads	1.6%	1.5%
	Total leasingspreads	4.5%	2.1%

			COMPARABLE	COMPARABLE
	RETAIL SALES	TOTAL MAT	MAT GROWTH	MAT GROWTH
	BY CATEGORY	FY14 $M	FY14 %	FY13 %
	Non-food majors	$244.2m	(1.9%)	(0.5%)
	Food majors	$810.1m	1.6%	6.3%
	Mini majors	$300.1m	7.0%	15.8%
	Specialties	$746.7m	2.0%	(0.2%)
	Other retail	$190.4m	0.2%	18.9%
	Total	$2,291.4m	2.2%	4.9%

RETAIL LEASE EXPIRY PROFILE[ 3,4,5]

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30% 29.8%
21.8%
20
14.6%
10 11.2% 9.7% 11.2%
1.7%
0
Vacant FY15 FY16 FY17 FY18 FY19 Beyond
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RETAIL DIVERSIFICATION BY GRADE[ 1,5]

Sub regional 67.9% CBD retail 24.3% Neighbourhood 7.8%

• 1) By book value, as at 30 June 2014.

• 2) By area, excluding IPUC, bulky goods, development and flood affected tenancies, based on 100% of building NLA.

• 3) By income, excluding IPUC, bulky goods, development and flood affected tenancies, based on MPT’s ownership.

• 4) Excludes Hinkler Central (flood affected) and assets under development.

• 5) Excluding assets held for sale as at 30 June 2014.

• 6) FY14 excludes Hinkler Central (flood affected) and assets under development. FY13 no properties excluded.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 29

RETAIL DEVELOPMENT PIPELINE

PROJECT STATUS FY15 FY16+ Kawana Shoppingworld (Stage 4) Buddina, QLD (100%) Redevelopment near completion Stanhope Village (Stage 4) Stanhope Gardens, NSW (100%) Redevelopment underway Orion Town Centre (Stage 2) Springfeld, QLD (100%) Redevelopment underway $17.9m1, 7.0%2 Jul 12 to Sep 14 $15.7m1, 7.1%2 Feb 14 to May 15 $142.9m1, 7.3%2 Mar 14 to Mar 16	PROJECT STATUS FY15 FY16+ Kawana Shoppingworld (Stage 4) Buddina, QLD (100%) Redevelopment near completion Stanhope Village (Stage 4) Stanhope Gardens, NSW (100%) Redevelopment underway Orion Town Centre (Stage 2) Springfeld, QLD (100%) Redevelopment underway $17.9m1, 7.0%2 Jul 12 to Sep 14 $15.7m1, 7.1%2 Feb 14 to May 15 $142.9m1, 7.3%2 Mar 14 to Mar 16	PROJECT STATUS FY15 FY16+ Kawana Shoppingworld (Stage 4) Buddina, QLD (100%) Redevelopment near completion Stanhope Village (Stage 4) Stanhope Gardens, NSW (100%) Redevelopment underway Orion Town Centre (Stage 2) Springfeld, QLD (100%) Redevelopment underway $17.9m1, 7.0%2 Jul 12 to Sep 14 $15.7m1, 7.1%2 Feb 14 to May 15 $142.9m1, 7.3%2 Mar 14 to Mar 16
Stanhope Village (Stage 4) Stanhope Gardens, NSW (100%) Redevelopment underway		$15.7m1, 7.1%2 Feb 14 to May 15
Orion Town Centre (Stage 2) Springfeld, QLD (100%) Redevelopment underway		$142.9m1, 7.3%2 Mar 14 to Mar 16

1) Forecast total costs to complete including interest, excluding land acquisition costs, based on MPT’s ownership. 2) Yield on cost.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 30

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industrial

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 31

INDUSTRIAL SNAPSHOT

		FY14	FY13
	Properties owned	114	13
	NLA	315,277sqm4	346,972sqm
	Book value1	$405.6m4	$452.9m
	WACR	7.43%4	7.93%
	Netpropertyincome	$35.7m	$36.6m
	Like-for-like NOIgrowth	4.0%	5.9%
	Maintenance capex	$2.8m	$1.8m
	Tenant incentives	$0.0m	$0.1m
	Occupancy2	99.5%4	99.4%
	NLA leased	45,015sqm	47,752sqm
	% ofportfolio NLA leased	13.4%	13.8%
	No. tenant reviews	36	35
	Tenant rent reviews(area)	323,690sqm	341,050sqm
	WALE(area)2	11.8yrs4	12.0yrs
	WALE(income)3	8.7yrs4	8.8yrs

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INDUSTRIAL LEASE EXPIRY PROFILE [ 3,4]
70%
60 59.1%
50
40
30
20
16.0%
10 9.9% 9.0%
4.8%
0 1.2% 0.0%
Vacant FY15 FY16 FY17 FY18 FY19 Beyond
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• 1) By book value as at 30 June 2014, excluding assets under development and indirect investments.

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

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

• 4) Excluding assets held for sale as at 30 June 2014.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 32

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residential

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 33

PROJECT PIPELINE – APARTMENTS

PROJECT STAGE SETTLEMENTS COMMENCING % PRE-SOLD PROFIT **ENTITLEMENT **		PROFIT RECOGNITION PROFILE 1	PROFIT RECOGNITION PROFILE 1	PROFIT RECOGNITION PROFILE 1	FY19 lots lots lots 80 lots 214 lots
	FY15	FY16	FY17	FY18
Harold Park, NSW Precinct 1 1H15 100.0% 100%	298 lots
Harold Park, NSW Precinct 2 1H15 100.0% 100%	184 lots
Yarra’s Edge, VIC Array 2H15 82.4% 100%	205 lots
Harold Park, NSW Precinct 3 2H16 98.0% 100%		345 lots
Green Square, NSW All stages 2H16 Not released PDA			731	lots
Waterfront, QLD Unison 2H16 94.0%2 100%			279	lots
Harold Park, NSW Precinct 4A 2H16 Not released 100%		53 lots
Harold Park, NSW Precinct 6B 2H16 68.8%2 100%		85 lots
Bondi, NSW Stage 1 1H17 Not released 100%			213 lots
Art House, QLD Stage 1 2H17 Not released 100%			189	lots
Harold Park, NSW Precinct 4B 1H17 Not released 100%			111 lots
Harold Park, NSW Precinct 5 1H18 Not released 100%				241 lots
Dallas Brooks Hall, VIC All stages 1H18 Not released PDA				223	lots
Art House, QLD Stage 2 2H18 Not released 100%				140	lots
Yarra’s Edge, VIC Bolte, Tower 10 1H18 Not released 100%				228	lots
Waterloo, NSW Stage 1 1H18 Not released 100%				278 lots
Yarra’s Edge, VIC Midrise 1H19 Not released 100%					80 lots
Yarra’s Edge, VIC Bolte, Tower 11 2H19 Not released 100%					214 lots

APARTMENTS PROJECT PIPELINE ANALYSIS

	% of total FY15 expected
	provision lots to settle	5%
	% of total FY15 expected lots to settle
	from apartments	30%

Under construction Pre-sales Planning

1) Project lot settlements over EBIT contributing period. 2) As at 19 August 2014.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 34

PROJECT PIPELINE – MASTERPLANNED COMMUNITIES

PROJECT STAGE SETTLEMENTS COMMENCING TYPE PROFIT **ENTITLEMENT **	PROFIT RECOGNITION PROFILE 1	PROFIT RECOGNITION PROFILE 1	PROFIT RECOGNITION PROFILE 1	PROFIT RECOGNITION PROFILE 1	PROFIT RECOGNITION PROFILE 1
	FY15 FY16 FY17 FY18 FY19
Elizabeth Point, NSW All stages 1H15 Land 100%	58 lots
Elizabeth Hills, NSW All stages 1H15 House & land 100%	187 lots
Jane Brook, WA All stages 1H15 Land 100%	39 lots
Harcrest, VIC All stages 1H15 House & land 20%	617 lots
Googong, NSW All stages 1H15 Land 50%	1,559 lots
Enclave, VIC All stages 1H15 House & land 50%	163 lots
Alex Avenue, NSW Precinct 1 & 2 1H15 House & land 100%	140 lots
Osprey Waters, WA All stages 1H15 Land 100%	268 lots
New Brighton Golf Course, NSW All stages 1H16 Land PDA		294 lots
Baldivis, WA All stages 2H16 Land 100%		388 lots
Rockbank, VIC Stage 1 1H16 Land 50%		745 lots
Eastern Golf Course, VIC All stages 2H16 House 100%		539 lots
Everton Park, QLD Stage 1 1H16 House 100%		56 lots
Waverley Park, VIC Stages 6, 7, 9 2H17 House 100%			174 lots
Yarra’s Edge, VIC Bolte, town houses 1H17 House 100%			36 lots
Smith’s Lane, VIC Stage 1 1H17 Land 100%			530 lots
Donnybrook Road, VIC All stages 1H17 Land 100%			312 lots
Active Planning

	MASTERPLANNED COMMUNITIES	PROJECT
	PIPELINE ANALYSIS
	% of total FY15 expected
	provision lots to settle	25%
	% of total FY15 expected
	lots to settle from
	masterplanned communities	70%

1) Project lot settlements over EBIT contributing period.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 35

FY14 ACTIVITY DETAIL

2,482 lot settlements consisting of:

	2,482 lot settlements consisting of:
						MASTERPLANNED
			TOTAL	APARTMENTS		COMMUNITIES
	SETTLEMENT BY LOTS	LOTS	%	LOTS	%	LOTS	%
	NSW	1,627	65.6%	527	21.2%	1,100	44.3%
	QLD	331	13.3%	89	3.6%	242	9.8%
	WA	302	12.2%	9	0.3%	293	11.8%
	VIC	222	8.9%	29	1.2%	193	7.8%
	Total	2,482	100.0%	654	26.3%	1,828	73.7%

FY14 LOT BREAKDOWN

NSW: 65.6% QLD: 13.3% WA: 12.2% VIC: 8.9%

Masterplanned communities: 73.7% Apartments: 26.3%

100% Mirvac inventory: 54.6% MWRDP: 16.8% JVs and associates: 17.4% PDA: 8.4% Development funds: 2.8%

Non provision settlements: 70.1% Provision settlements: 29.9%

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 36

FY14 SETTLEMENTS

Mirvac’s FY14 settlements Mirvac average price: > House $480k > Land $284k > Apartments $1,037k Buyer profle — FY14 > Upgraders/empty nesters 46.1% > Investors 33.8% > FHB 20.1%	KEY FY14 SETTLEMENTS BY PRODUCT PRODUCT TYPE LOTS
	Googong,NSW Masterplanned communities 319
	Chatswood,NSW Apartments 294
	Pinnacle,NSW Apartments 233
	Elizabeth Hills,NSW Masterplanned communities 172
	Elizabeth Point,NSW Masterplanned communities 148
	Alex Avenue,NSW Masterplanned communities 144
	Gainsborough Greens, QLD Masterplanned communities 120
	Total 1,430

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 37

PRE-SALES OUTLOOK FY15 AND BEYOND

						PROFIT	SETTLEMENT		LOTS	REVENUE
	RELEASED	PROJECT	STATE	STAGE	STATUS	ENTITLEMENT	PERIOD	LOTS	PRE-SOLD	$M 1
		Jane Brook	WA	Stages 5-6	Settlements commenced	100%	FY15-FY16	39	15.4%	70.7
		Elizabeth Hills	NSW	All stages	Settlements commenced	100%	FY15-FY16	187	90.9%	65.4
		Alex Avenue	NSW	Precinct 1-2	Settlements commenced	100%	FY15-FY16	140	49.3%	55.1
		Harcrest	VIC	Remainingstages	Settlements commenced	20%	FY15-FY18	617	46.0%	55.1
		Enclave	VIC	Stages 3-5	Settlements commenced	50%	FY15-FY17	146	61.6%	51.4
		Googong2	NSW	Stages 1-5	Settlements commenced	50%	FY15-FY19	376	84.3%	45.9
		Harold Park	NSW	Precinct 1	Under construction	100%	FY15	298	100.0%	261.2
		Harold Park	NSW	Precinct 2	Under construction	100%	FY15	184	100.0%	189.7
		Harold Park	NSW	Precinct 3	Under construction	100%	FY16	345	98.0%	315.0
		Yarra’s Edge Towers	VIC	Array	Under construction	100%	FY15-FY16	205	82.4%	228.0
		Enclave	VIC	Stage 2	Under construction	100%	FY15	17	100.0%	11.8
		Unison2	QLD	Stage 1	Pre construction	100%	FY16-FY19	144	94.0%	105.6
		Total						2,698	74.1%3	1,454.9

RECONCILIATION OF MOVEMENT IN EXCHANGED PRE-SALES CONTRACTS TO FY14

$1,600m

88.9% of apartment lots pre-sold

62.6% of masterplanned communities lots pre-sold

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1,200 $979.7m $1,193.1m
$1,005.4m $792.1m
800
400
0
FY13 SETTLED [ 4] NET SALES FY14
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• 1) Mirvac’s share of forecast gross revenue, adjusted for JV interest, associates and Mirvac managed funds.

• 2) Relates to total released lots as at 30 June 2014.

• 3) Percentage pre-sold as at 30 June 2014.

• 4) Represents gross settlement revenue adjusted for Mirvac’s share of JVs, associates, and Mirvac’s managed funds.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 38

DIVERSIFICATION OF RESIDENTIAL LOTS/REVENUE

30,538 lots under control

FORECAST FUTURE REVENUE BY PRODUCT

Masterplanned communities 49.3% Apartments 50.7%

LOTS UNDER CONTROL BY STRUCTURE

100% Mirvac inventory 43.8% MWRDP 3.2% PDA’s 7.4% JV’s & associates 45.0% Development funds 0.6%

SHARE OF FORECAST REVENUE BY STATE

NSW 35.1% VIC 36.7% QLD 18.0% WA 10.2%

AVERAGE PRICE OF LOTS UNDER CONTROL AVERAGE PRICE OF LOTS UNDER CONTROL Apartments Masterplanned communities < $1.2m 95.6% < $250k 61.8% $1.2m – $3m 4.4% $250k – $500k 33.1% > $500k 5.1%

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 39

CAPITALISED INTEREST

• Capitalised interest now represents 10.4% of gross inventory, down from 12.4% at FY13

• Capitalised interest is 5.0% as a percentage of gross inventory for non-provisioned projects, and 26.1% for provisioned projects

• 64.5% of the capitalised interest balance is accounted for provision projects

• Operating profit to EBIT ratio trending back towards normalised levels — expect a range of 45% to 60% through cycle depending on product mix and contribution of different capital structures

CAPITALISED INTEREST PROFILE

OPERATING PROFIT TO EBIT RATIO

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Provisioned Major near term settlements Future stages
$300m
$35.3m $74.2m
250 $224.6m
200 $185.6m
5.0%
150
100 26.1%
0
FY13 INTEREST CAPITALISED COGS INTEREST FY14
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Operating profit (LHS) Operating profit to EBIT ratio (RHS) EBIT (LHS)
$200m 100%
180
140
100
80
40
0 0
FY09 FY10 FY11 FY12 FY13 FY14
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MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 40

PROVISIONS – ROLL OFF[ 1]

	ENGLOBO UPDATE	PRODUCT LINE	UPDATE
	SpringFarm,NSW(stages 4 and 5)	Masterplanned Communities	Sold
	Hope Island, QLD	Masterplanned Communities	Sold
	Brookwater, QLD	Masterplanned Communities	Sold
	Belmont Aero,NSW	Commercial	Sold
	Mackay, QLD(stages 2 and 3)	Commercial	Sold
	Mariner’s Peninsula, QLD	Apartment	Sold
	Foreshore Hamilton, QLD	Apartment	Sold

CLOSING PROVISION BALANCE

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$200m
150
100
50
0
FY14 FY15 FY16 FY17 FY18 FY19
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PROVISION RELEASE PROFILE

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$50m
40
30
20
10
0
FY15 FY16 FY17 FY18 FY19
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1) Based on forecast revenue, market conditions, expenditure and interest costs over project life.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 41

HYPOTHETICAL PROFIT MAKING DEVELOPMENT PROJECT – TREATMENT OF CAPITALISED COSTS

PROJECT METRICS TOTAL	PROJECT METRICS TOTAL
Sales revenue 120 Land (20) Cost of property development and construction (60) Sales & marketing expenses (10) Interest costs (10)
Totalproject return 20
Cash Flow Year 1 Year 2 Year 3
Sales revenue 120 Land (20) Cost of property development and construction (20) (40) Sales & marketing expenses (5) (5) Interest costs (3) (5) (2)
					During construction all interest costs are capitalised to inventory. These are released in the P&L on settlement through ‘Borrowing costs capitalised during development’.
	(5) (2)
Net cash fow (48) (45)	113
P&L Year 1 Year 2	Year 3
					Upon the completion of construction interest costs are expensed directly to the P&L.
Sales revenue COGS Gross margin — — Sales & marketing expenses (5) — EBIT (5) — Interest and fnance charges paid/payable — — Interest capitalised in current and prior years expensed this year — — Total fnance costs — —	120 (80) 40 (5) 35 (2) (8) (10)
Operating netproft (5) —	25
Balance Sheet Year 1 Year 2	Year 3
					Upon settlement capitalised acquisition (land) and development (construction) costs are released in the P&L through ‘COGS’.
Cost of acquisition 20 20 — Development costs 20 60 — Borrowingcosts capitalised duringdevelopment 3 8 —
Gross inventory 43 88 —

During construction all interest costs are capitalised to inventory. These are released in the P&L on settlement through ‘Borrowing costs capitalised during development’.

Upon the completion of construction interest costs are expensed directly to the P&L.

Upon settlement capitalised acquisition (land) and development (construction) costs are released in the P&L through ‘COGS’.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 42

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)
	Totalproject return						(10)
	Cash fow Sales revenue Land Cost of property development and construction	Year 1 (25) (5)	Year 2 (10)		Year 3 (15)	Year 4 (20)	Year 5 100
	Sales & marketing expenses	(5)					(5)
	Interest costs	(3)		(5)	(7)	(8)	(2)
	Net cash fow	(38)		(15)	(22)	(28)	93
	P&L	Year 1	Year 2		Year 3	Year 4	Year 5
	Sales revenue COGS Gross margin Sales & marketing expenses	— (5)		— —	— —	— —	100 (75) 25 (5)
	EBIT Interest and fnance charges paid/payable	(5)		—	—	—	20 (2)
	Interest and fnance charges paid/payable – provision release Interest capitalised in current and prior years						2
	expensed this year – provision release						(23)
	Interest capitalised in current and prior years expensed this year – provision release Total fnance costs	—		—	—	—	3 (20)
	Operatingnetproft	(5)
	Inventoryimpairment			(5)
	Statutorynetproft	(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	—

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.

In year 2 when the construction delays become apparent, an inventory impairment is taken to reflect the reduced net realisable value of the project.

Gross margin is not affected by interest (project delay impact) Impairment in this example relates to increased finance costs from time delay. If the ~~impai~~ rment related to increased development costs causes the margin to be negative then the impairment is applied to make gross margin zero through COGS provision and COGS interest provision, released on settlement.

The Inventory is not written down at the time of the impairment ~~b~~ ut a provision for loss is added to the balance sheet. This provision is released against interest costs upon settlement.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 43

RESIDENTIAL DEVELOPMENT HIGH DENSITY = APARTMENTS

PROFILE OF HIGH DENSITY

• High barriers to entry

• Acceptable risk return profile

• Larger quantum of return

• More capital intensive

• Longer cash conversion cycle – approximately 2-3 years

• Complex skill set

• Pre-sales for de-risking

GENERIC PROFILE — SINGLE STAGE, 200 UNIT APARTMENT PROJECTS

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Month 6 Month 12 Month 15 Month 35
DA submitted DA approved Construction commences Practical completion
50.0%
Land Settlement of
30.0% payment unsold stock
10.0%
Internal Council
0.0% design phase approval phase
Settlement of
(10.0%) pre-sold stock
(30.0%) Initial marketing& pre-release Sales Civils, carparks &basement works
Finishing of
(50.0%) lower levels
Finishing of
(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
CUMULATIVE CASH FLOW
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MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 44

RESIDENTIAL DEVELOPMENT LOW DENSITY = MASTERPLANNED COMMUNITIES

PROFILE OF LOW DENSITY

• Lower capital commitment

• Smoother earnings

• Delivery less complicated

• Flexibility of stock and staging

• Shorter cash conversion cycle – approximately 6 to 12 months

• Risk in planning at acquisition

GENERIC PROFILE — MULTI STAGE, 1,000 LOT MASTERPLANNED COMMUNITY

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Month 6 Month 24 Month 36
DA submitted DA approved First settlement
80.0%
40.0%
Settlement
Negotiations Period of period
0.0% authoritiesbetweencouncil civil works Indicative profileof each stage
Break
(40.0%) Staged even point
land payment First profit recognition
(80.0%) Internaldesignphase Sales Initial civils& infrastructure
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 Revenue & cost based fees
CUMULATIVE CASH FLOW
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MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 45

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health and safety

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 46

HEALTH AND SAFETY[ 1]

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AVERAGE TIME LOST THROUGH INJURY IN DAYS From FY10 to FY14 average
time lost through injury
FY14 2 days days has reduced by
FY13 6.5 days
FY12 7 days
90.5%
FY11 8 days
FY10 21 days
NUMBER OF INJURIES RESULTING IN WORKERS COMPENSATION CLAIMS
From FY10 to FY14
FY14 14 the number of injuries
resulting in workers
FY13 26 compensation claims has
FY12 97
reduced by
FY11 122
FY10 136
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89.7%

1) Mirvac sold the hotel management business on 22 May 2012. Figures displayed above prior to FY13 will include elements of the hotel management business.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 47

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calendar

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 48

CALENDAR[ 1]

UPCOMING CONFERENCE ATTENDANCE:

	UPCOMING CONFERENCE ATTENDANCE:
	EVENT	LOCATION	DATE
	Private roadshow	Sydney	26 August 2014
	Private roadshow	Melbourne	27 August 2014
	Private roadshow	Netherlands	4-5 September 2014
	Private roadshow	London	8-9 September 2014
	Bank of America Merrill Lynch Global Real Estate Conference	New York	10-11 September 2014
	Private roadshow	Japan	16 September 2014
	CLSA conference	HongKong	17-19 September 2014
	BAML conference	Sydney	22 October 2014
	UPCOMING ANNOUNCEMENTS:
	EVENT	LOCATION	DATE
	Q1 market update	Webcast	30 October 2014
	Annual General Meeting	Sydney	20 November 2014
	Investor Relations Contact
	T: (02) 9080 8000
	E: investor_relations@mirvac.com

1) All dates are indicative and subject to change.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 49

GLOSSARY

TERM MEANING

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1H First half
A-REIT Australian Real Estate Investment Trust
AFFO Adjusted Funds from Operations
BP Basis Points
CBD Central Business District
COGS Cost of Goods 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
DMA Development Management Agreement
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
FFO Funds from Operations
FY Financial Year
GE GE Real Estate Investments Australia
ICR Interest Cover Ratio
IFRS International Financial Reporting Standards
IPD Investment Property Databank
IPUC Investment properties under construction
IRR Internal Rate of Return
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MEANING

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TERM MEANING
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
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
NLA Net Lettable Area
NOI Net Operating Income
NPAT Net Profit After Tax
NRV Net Realisable Value
NTA Net Tangible Assets
PCA Property Council of Australia
PDA Project Delivery Agreement. Provision of development services by Mirvac to the local land owner
ROIC Return on Invested Capital calculated as earnings before interest and tax divided by invested capital
SQM Square Metre
USPP US Private Placement
WACR Weighted Average Capitalisation Rate
WALE Weighted Average Lease Expiry
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MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 50

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 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 2014, which has been subject to audit 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 2014, unless otherwise noted.

MIRVAC I FY14 ADDITIONAL INFORMATION I 21 AUGUST 2014 I 51

thank you

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MIRVAC FY14 PROPERTY COMPENDIUM