MIRVAC GROUP — Capital/Financing Update 2008

May 14, 2008

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15 May 2008

CLARIFICATION ON INVESTMENTS IN CONNECTOR MOTORWAYS & RIVERCITY MOTORWAYS

Mirvac Group ( Mirvac ) [ASX:MGR] today announces that following a review of the Connector Motorways and Rivercity Motorways projects, Mirvac has decided to write down 100 per cent of its indirect investment in Connector Motorways which is held through JF Infrastructure Pty Limited (50 per cent owned with Leighton Holdings Limited).

Mirvac owns an indirect stake of 9.5 per cent of Connector Motorways, which was held at $57.5 million, as at 31 December 2007.

Mirvac in an ASX Announcement on 18 March 2008 indicated it would wait until traffic numbers were completed for the month of May, being the first unaffected month for this calendar year, but following an interim review believes that this is a prudent course of action.

In addition, Mirvac, through JF Infrastructure, holds 13.3 million units in Rivercity Motorway Group [ASX: RCY], representing 3.4 per cent of the issued capital. As at 31 December 2007 this indirect investment was marked to market based on a trading price of $0.78. Mirvac will revalue this investment at 30 June 2008, in line with the closing price of RCY.

Based on today’s valuation of RCY, the carrying value of Mirvac’s indirect investment is $6.9 million compared to $10.4 million at 31 December 2007.

Mirvac also has an indirect commitment, through JF Infrastructure to acquire 37.5 million units in RCY at a price of $1.055 per unit, which is forecast to be payable in July 2011. Mirvac fair valued this commitment as at 31 December 2007 and will again fair value this commitment at 30 June 2008, correlated with the closing price of RCY at that date.

For more information, please contact:

Justin Mitchell Adam Crowe Chief Financial Officer Group Investor Relations Manager +61 2 9080 8807 +61 2 9080 8652

Mirvac is a leading ASX-listed, integrated real estate group with approximately $28 billion of activities under control across the real estate funds management and development spectrum.

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