MIRVAC GROUP — Capital/Financing Update 2008

Jan 23, 2008

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24 January 2008

MIRVAC CONFIRMS STRATEGIC PARTNERSHIP, FURTHER STRENGTHENS BALANCE SHEET AND REAFFIRMS GUIDANCE

Mirvac Group ( Mirvac ) [ASX:MGR] is pleased to confirm a strategic partnership with one of the world’s leading developers, Nakheel, via a $300 million placement.

The placement was conducted at a fixed price of $5.20 representing a 7.4% premium to yesterday’s closing price. Stapled Securities issued pursuant to the placement will rank equally with Mirvac’s existing Stapled Securities and as such will be entitled to the March quarterly distribution.

The capital raised will further strengthen Mirvac’s solid balance sheet with debt to total assets declining from approximately 35% as at 31 December 2007, to approximately 30% post the placement. Following this placement available liquidity via cash and committed bank facilities increases to over $1.1 billion with only $138 million of debt maturing over the next 12 months.

Mirvac’s Managing Director, Greg Paramor stated, “The opportunity to strengthen our balance sheet with a strategic long-term investor that also offers joint venture capabilities places Mirvac in a strong position to take advantage of acquisition opportunities.

“In recent discussions both Mirvac and Nakheel have identified projects suitable to joint venture both here, in Australia, and overseas, including Nakheel’s participation with Mirvac and Leighton Properties in their bid for Barangaroo (East Darling Harbour) expected mid 2008.

“We expect that the turbulent financial markets will create some excellent real estate investment and development opportunities in due course which Mirvac will be well placed to swiftly act upon.”

Mirvac reaffirms its existing FY08 earnings and distribution guidance of 34.3 cents per security and 32.9 cents per security respectively.

BG Capital, JPMorgan and UBS acted as joint managers.

For more information, please contact:

Greg Paramor Nicholas Collishaw Managing Director Executive Director, Funds Management T +61 2 9080 8000 T +61 2 9080 8000

About Mirvac

Mirvac is a leading ASX-listed, integrated real estate group with more than $26.3 billion of activities under control across the real estate funds management and development spectrum.

About Nakheel

Nakheel is an international property company with shareholders funds of US$22.7 billion as at 30 June 2007 and over US$60 billion of development activity under its portfolio. Nakheel’s business includes property development, asset management, retail malls and funds management. Nakheel is ultimately 100% owned by Dubai World, a decree company of the Government of Dubai, United Arab Emirates.

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