MIRVAC GROUP — Capital/Financing Update 2009

Feb 1, 2009

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2 February 2009

GAINSBOROUGHS GREENS, QUEENSLAND

Mirvac Group [ASX: MGR] confirms that it has acquired City Pacific Limited’s 50% interest in its joint venture entity, Mirvac Pacific Pty Ltd, owner of Gainsborough Greens residential development in Queensland.

Total consideration of $15.947 million was paid for the 50% interest, with $5.947 million used to repay a Mirvac development expenditure facility that was put in place to allow City Pacific to meet its obligations under the Joint Venture.

This has resulted in a net payment of $10.0 million to City Pacific.

For more information: Brett Draffen Adam Crowe CEO Development Australia Group Investor Relations 02 9080 8000 02 9080 8000

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