MIRVAC GROUP — Capital/Financing Update 2003

Feb 27, 2003

BURSWOOD INTERNATIONAL RESORT CASINO

Great Eastern Highway Burswood, Western Australia 6100 Address: PO Box 500 Victoria Park, Western Australia 6979 Mail: $(61-8)$ 9362 7557 Telephone: $(61-8)$ 9470 1789 Fax: Burswood Nominecs Pty Ltd ABN 24078250307 Trading as Burswood International Resort Casino ABN63013847225 Managed by Burswood Resort (Management) Ltd ABN 68009396945

FACSIMILE

Date:	28 February 2003	Pages:	3 (including header)
To:	Australian Stock Exchange	From:	Michael Egan
Fax No:	1300 300 021

** PLEASE CONTACT US IF ANY PROBLEMS OCCUR DURING TRANSMISSION**

BURSWOOD LIMITED MIRVAC FINI JOINT VENTURE

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The information in this facsimile is intended for the named recipients only. It may contain privileged confidential information. If you have received this facsimile in error, please notify us immediately by a collect telephone call to (61-8) 9362 7777 and return the original to us by mail. We will reimburse you for the postage. Do not use or copy or disclose this facsimile and or its contents to anyone. Thank you

AUSTRALIAN STOCK EXCHANGE

Burswood

INTERNATIONAL RESORT CASINO

28 February 2003

The Manager $-$ Companies Australian Stock Exchange Limited Exchange Plaza 2 The Esplanade PERTH WA 6000

Dear Sir

Mirvac Fini Joint Venture

Please find attached a joint announcement from Burswood Limited and Mirvac Fini regarding the formalisation of our joint venture arrangement.

Yours faithfully

John W Schaap Managing Director

Burswood Nominees Pty Ltd A.B.N. 24 078 250 307 trading as Burswood International Resort Casino A.B.N. 63 013 847 225 Perth, Western Australia. Mailing Address: P.O. Box 500. Victoria Park, Western Australia 6979 Managed by: Burswood Resort (Management) Limited A.B.N. 68 009 396 945 Telephone: (61-8) 9362 7777 Facsimile: Casino (61-8) 9470 1789, Hotel (61-8) 9470 2553.

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JOINT MEDIA & ASX RELEASE

Burswood Residential Development Joint Venture Set to Go

For immediate release - 28 February 2003

Burswood Limited and Mirvac Fini today formalised their joint venture to develop the largest residential development ever to be undertaken by a single developer in Western Australia.

Under today's agreement, Burswood's subsidiary company BL Developments Pty Ltd, as owner of the prime 17.1-hectare site, received \$26 million from Mirvac Fini. Development profits will be shared equally after joint venture costs are recovered.

The fully integrated community will be located adjacent the Burswood Resort and golf course, with panoramic views of the Swan River and Perth city skyline. The development will comprise of up to 1,200 dwellings, ranging from two to four bedroom apartments and courtyard homes, to luxury park and golf course-front residences.

Mirvac Fini will design, develop, construct and market the entire development over an estimated 10year period, with the completed project value expected to be in excess of \$700 million.

The Town of Victoria Park Council unanimously approved the Structure Plan for the development in December 2002. It is anticipated earthworks will start in May 2003.

Burswood Managing Director, John Schaap said the \$26 million received from Mirvac Fini would be used to reduce borrowing levels, complementing the Company's recent capital raising program.

He said the settlement was an important milestone in the project's history, giving the green light to the creation of a vibrant new community for Perth.

"The project will not only rejuvenate valuable undeveloped land, but will generate greater use of our recently expanded Resort facilities. It is expected to produce enormous economic activity, in the order of \$90 million per year, for the local and surrounding areas and the State generally," Mr Schaap said.

Mirvac Fini Chief Executive Officer, Adrian Fini confirmed more than 1,200 expressions of interest had already been registered by potential home owners.

"This is a significant milestone and we are keen to start on site as soon as possible. We believe this development will set new benchmarks for Perth and will give a new meaning to near city living," Mr Fini said.

Interest in the project can be registered by contacting Mirvac Fini on (08) 9424 9900.

ENDS.

For further information, please contact:

John Schaap	Adrian Fini
Managing Director	CEO
Burswood Limited	Mirvac Fini
(08) 9362 7702	(08) 9424 9900