MIRVAC GROUP — Capital/Financing Update 2009

Jun 8, 2009

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MIRVAC GROUP – NON-RENOUNCEABLE ACCELERATED ENTITLEMENT OFFER AND PLACEMENT

Participating Organisations are advised that Mirvac Group (the “Group”) has announced a 5 for 9 non-renounceable entitlement offer of stapled securities at a price of $1.00 per stapled security, to raise approximately $947 million (the “Entitlement Offer”). The Group has raised approximately $769 million through the institutional component of the Entitlement Offer and is expected to raise approximately $178 million through the retail component of the Entitlement Offer. The Group has also announced a placement of stapled securities to raise a further $153 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 10 June 2009.

The Retail Entitlement Offer is underwritten.

The Retail Entitlement Offer is expected to close on 30 June 2009.

The new stapled securities issued under the Entitlement Offer and the Placement will rank equally with existing securities from allotment and will receive the full September 2009 quarter distribution (but are not eligible for the June 2009 quarter distribution).

The Group will ignore changes in security holdings which occur after the commencement of the trading halt on Thursday, 4 June 2009 (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.

Date	Event
Thursday, 4 June 2009	Trading halt applied
	Announcement Date - Placement, Entitlement Offer
	Placement and Institutional Entitlement Offer materials released to market
	Cleansing notice released to the market - Entitlement Offer
	Placement bookbuild and Institutional Entitlement Offer and bookbuild - open date
Friday,5 June 2009	Placement bookbuild and Institutional Entitlement Offer and bookbuild - close date
Tuesday, 9 June 2009	Announcement of placement results and completion of institutional component of
	entitlement offer (T)
	Tradingrecommences
Wednesday, 10 June 2009	Record date - Entitlement Offer
Monday, 15 June 2009	Retail Entitlement Offer - Open Date
	Dispatch of entitlement offer materials to retail investors

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

No:

Thursday,18 June 2009	EarlyRetail Close Date
Tuesday, 23 June 2009	Institutional Settlement Date – Placement, Institutional Entitlement and institutionalbookbuild,earlyretail settlement
Wednesday, 24 June 2009	Institutional Allotment Date – Placement, Institutional Entitlement, institutionalbookbuild;earlyretail
Wednesday, 24 June 2009	Cleansing Notice - Placement (only)Normal trading – Placement, Institutional Entitlement, institutional bookbuild; earlyretail
Tuesday,30 June 2009	Retail Entitlement ClosingDate - Final close date
Friday,3 July2009	Shortfall Notification Date
Wednesday,8 July2009	Retail Settlement Date
Thursday,9 July2009	Retail Allotment Date - Retail Entitlement Offer
Friday,10 July2009	Normal tradingresumes - Retail Entitlement securities
Monday,13 July2009	Despatch of holdingstatements

Despite the fact that 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 and CHESS will not maintain cum balances in these stapled securities within the system. As a result any transfer that occurs prior to record date will be effectively transferred on a “Cum” basis.

Therefore, Participants must ensure that any transfer, including the priming of Broker Entrepot Accounts, is conducted in accordance with the basis of quote. For example, a transfer in relation to a transaction conducted on an ex-basis should ordinarily only occur post record date.

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, 4 June 2009 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)

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