MIRVAC GROUP — Capital/Financing Update 2009

Jul 15, 2009

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16 July 2009

STANDARD & POOR’S UPGRADE

Mirvac Group [ASX:MGR] is pleased to announce its Standard & Poor’s (S&P) rating has been raised to BBB/A-2, with a positive outlook.

The upgrade and positive outlook follows the recent $1.1 billion equity raising and reflects the Group’s strengthened financial position and liquidity profile.

The effect of the upgrade will reduce the Group’s cost of debt.

Mirvac’s Managing Director, Nicholas Collishaw said “The S&P upgrade recognises the progress made in implementing the Group’s simplified strategy and the strength of our balance sheet following the successful $1.1 billion equity raising.”

S&P also recognised that while property market conditions remain challenging they stated that, “Nevertheless, Mirvac’s more conservative financial policies and more focused operating strategy are expected to position the Group well to accommodate these challenges and provide scope to grow its investment portfolio.”

“The Group will continue its transition to increase earnings from the Investment division and reduce exposure to non-core activities which may in time lead to a further upgrade from S&P,” Mr Collishaw said.

Please refer to the attached release by S&P.

For further information:

Justin Mitchell Chief Financial Officer +61 2 9080 8000

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