MIRVAC GROUP — Capital/Financing Update 2008

Nov 5, 2008

No:

==> picture [98 x 90] intentionally omitted <==

MIRVAC GROUP – NON-RENOUNCEABLE ACCELERATED ENTITLEMENT OFFER AND PLACEMENT

Participating Organisations are advised that Mirvac Group (the “Group”) has announced a 0.417 for 1 non-renounceable, fully underwritten entitlement offer of stapled securities at a price of $0.90 per stapled security, to raise approximately $428 million (the “Entitlement Offer”). The Group has raised approximately $345 million through the institutional component of the Entitlement Offer and is expected to raise approximately $83 million through the retail component of the Entitlement Offer. The Group has also announced the placement of stapled securities to raise a further $72 million (the “Placement”).

The Entitlement Offer has two components:

• An Institutional Entitlement Offer, where offers have been made to qualifying institutional securityholders for them to apply for their pro rata entitlement (the “Institutional Entitlement Offer”); and

• A Retail Entitlement Offer, where offers have been made to qualifying retail securityholders for them to apply for their pro rata entitlement (the “Retail Entitlement Offer”).

The Record Date for the Entitlement Offer is 5 November 2008.

The Retail Entitlement Offer is expected to close on 28 November 2008.

The Group will ignore changes in security holdings which occur after the commencement of the trading halt on Thursday, 30 November 2008 (other than registrations of transactions which were effected through ITS before the commencement of the trading halt).

The anticipated timetable in relation to the Entitlement Offer is as follows.

Event	Date
Trading halt applied	Thursday, 30 October
	2008
Announcement Date - Placement, Entitlement Offer	Wednesday, 5
Placement and Institutional Entitlement Offer materials released to	November 2008
market,includingfixedprice
Cleansing notice released to the market - Entitlement Offer (and	Wednesday, 5
institutional bookbuild)	November 2008
Placement bookbuild and Institutional Entitlement Offer and	Wednesday, 5
bookbuild - open date	November 2008
Placement bookbuild and Institutional Entitlement Offer and	Wednesday, 5
bookbuild - close date	November 2008
Placement and Institutional Entitlement - allocations	Wednesday, 5
	November 2008
Record date - Entitlement Offer	Wednesday, 5
	November 2008
Announcement of placement results and completion of institutional	Thursday, 6 November
component of entitlement offer(T)	2008

Page 1 of 2

No responsibility is accepted for any inaccuracies contained in the matter published.

No:

Trading recommences	Thursday, 6 November
	2008
Retail Entitlement Offer - Open Date	Thursday, 6 November
Dispatch of entitlement offer materials to retail investors	2008
Early Retail Close Date	Monday, 17 November
	2008
Institutional Settlement Date – Placement, Institutional Entitlement	Wednesday, 19
and institutional bookbuild,earlyretail settlement	November 2008
Institutional Allotment Date – Placement, Institutional Entitlement,	Thursday, 20 November
institutional bookbuild;earlyretail	2008
Cleansing Notice - Placement (only)	Thursday, 20 November
	2008
Normal trading – Placement, Institutional Entitlement, institutional	Thursday, 20 November
bookbuild;earlyretail	2008
Retail Entitlement Closing Date - Final close date	Friday, 28 November
	2008
Shortfall Notification Date	Tuesday, 2 December
	2008
Retail Settlement Date	Thursday, 4 December
	2008
Retail Allotment Date - Retail Entitlement Offer	Friday, 5 December
	2008
Normal trading resumes - Retail Entitlement securities	Monday, 8 December
	2008
Despatch of holding statements	Monday, 8 December
	2008

Despite the fact that the stapled securities are trading “ex entitlement” on ITS, CHESS will not recognise for settlement purposes the “ex entitlement” or the “cum entitlement” tag on CHESS messages. As a result, CHESS will not maintain cum balances in these stapled securities within the system.

In addition, CHESS will not perform any automatic diary adjustments to “cum entitlement” settlement obligations outstanding as at the record date.

Trading issues

ASX will not provide a "cum" market with respect to trading in the Group’s stapled securities. Persons who trade the Group’s stapled securities after the commencement of the trading halt on Thursday, 30 October 2008 will not be entitled to participate in the Entitlement Offer.

Further information

For further details, please refer to the Group’s announcements or contact the Group on either of the following numbers: 1800 237 687 (within Australia)

+61 2 8280 7613 (from outside Australia)

Page 2 of 2

No responsibility is accepted for any inaccuracies contained in the matter published.