MIRVAC GROUP — Capital/Financing Update 2013

Nov 6, 2013

by mirvac Property Acquisitions

7 november 2013

ProPerty Acquisitions i 7 november 2013 i PAge 1

Overview

by mirvac

Strategic acquisitions of quality assets in core locations with value add potential

• n Mirvac has entered into agreements to acquire two Melbourne CBD office assets and one Sydney CBD retail asset (the “Acquisitions”) for a total consideration of $552m[ 1 ]

• 367 Collins Street, VIC – $228m[ 1] , 7.8% fully-let yield[ 1] , 7.8% passing yield[ 1,2]

• 477 Collins Street, VIC – $72m[ 1] , 7.6% fully-let yield[ 1] , 5.0% passing yield[ 1]

• Harbourside Shopping Centre, NSW – $252m[ 1,3] , 7.1% fully-let yield[ 1] , 6.7% passing yield[ 1]

• n The Acquisitions are aligned with Mirvac’s strategy and offer total returns in excess of stated targets

• n Acquisitions will be debt funded

• Pro forma gearing of 27.7%, within Mirvac’s target gearing range of 20%-30%

• n Acquisitions expected to be accretive to FY14 operating EPS

n FY14 operating EPS guidance of 11.7 to 12.0 cpss and DPS guidance of 8.8 to 9.0 cpss reaffirmed

• 1) Pre acquisition costs.

• 2) Includes 12 month vendor rental guarantee on current vacancy of 11%.

• 3) Acquisition of property through existing corporate structure.

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ProPerty Acquisitions i 7 november 2013 i PAge 2

by mirvac Property Acquisitions

ProPerty Acquisitions i 7 november 2013 i PAge 3

Property acquisitions

by mirvac

Leveraging Mirvac’s integrated model capabilities in asset management and development

n Assets acquired for long term hold on attractive fully-let yields, providing returns in excess of stated targets

n 367 Collins Street, VIC offers stable income with repositioning upside

n 477 Collins Street, VIC provides premium CBD redevelopment opportunity

• n Harbourside Shopping Centre, NSW is a strategically located Sydney CBD retail asset with repositioning potential

NLA Purchase Purchase Passing Fully-let Occupancy WALE2 Offce (sqm) price ($m) price ($/sqm) yield1(%) yield1(%) (%) (years) 367 Collins Street,VIC 37,895 227.8 6,012 7.8 7.8 1003 3.5 6,006 (incl carpark) 477 Collins Street,VIC 11,988 72.0 3,541(offce only) 5.0 7.6 62 3.3 Total – Offce 49,883 299.8 7.1 7.7 91 3.5 GLA Purchase Purchase Passing Fully-let Occupancy WALE2 Retail (sqm) price ($m) price ($/sqm) yield1(%) yield1(%) (%) (years) Harbourside ShoppingCentre,NSW 21,039 252.0 11,978 6.7 7.1 97 5.0 Total Acquisitions 70,922 551.8 6.9 7.4 94 4.2

• 1) Pre acquisition costs.

• 2) By income.

• 3) Includes 12 month vendor rental guarantee on current vacancy of 11%.

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367 Collins Street, VIC

by mirvac

Core Melbourne CBD location, stable income and repositioning upside

Asset summary

• n 33 level, A-grade office building completed in 1975 with tenancies refurbished from 2007-2012

• n Core CBD location with views over the Yarra River

• n Efficient floor plates, largely column free with side core design

• n Vendor rental guarantee on vacant space of 12 months, allowing time to address existing vacancy

• n Reversionary opportunity arising from under renting

Asset strategy

• n Leverage asset management capability:

• Focus on leasing

• Scope for reduction in occupancy costs

• n Medium term refurbishment program:

• Foyer, floor and lift upgrades

• Installation of ‘end of trip’ facilities

Key metrics

	Key metrics
	Interest	100%
	Levels	33
	NLA	37,895sqm
	Cars Purchaseprice(pre costs) Purchaseprice(per sqm) Initial passing yield (pre costs) / Fully-letpassing yield(pre costs)	210 $227.8m $6,012 7.8%1/ 7.8%
	Over rented /(Under rented)	(13%)
	WALE(byincome)	3.5years
	Occupancy (byarea)	100%1
	Construction / Last refurbishment	1975 / 2012
	Major tenants	Optus,Sportsbet

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Typical floor plan
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1) Includes 12 month vendor rental guarantee on current vacancy of 11%.

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477 Collins Street, VIC

by mirvac

Prime CBD development opportunity with holding income

Asset summary

n Known as ‘The Olderfleet Buildings’ incorporating:

• Three older heritage listed buildings, with highly decorative facades over four floors with basement retail area

• Eight level, B-grade building completed in 1985

• n Core CBD location close to retail amenities and transport hubs

• n Value and income underpinned by 598 bay carpark[ 1]

• Estimated value of $30m, 42% of total value

Asset strategy

• n Leverage asset management capability to lease up existing vacancy, subject to redevelopment clauses

• n Seek significant pre-commitment for redevelopment of site with development from FY16 onwards for subsequent long term hold

• 1) Carpark leased to an external operator.

• 2) Including carpark.

• 3) Office only.

Key metrics

	Key metrics
	Interest	100%
	Levels NLA Cars	8 11,988sqm 598
	Purchaseprice(pre costs) Purchaseprice(per sqm) Initial passing yield (pre costs) / fully-letpassing yield(pre costs)	$72.0m $6,0062/ $3,5413 5.0% / 7.6%
	Over rented /(Under rented)	2.6%
	WALE(byincome)	3.3years
	Occupancy (byarea)	62.5%
	Construction / last refurbishment	1880’s / 1985 / 2001
	Major tenants	Accenture, Melbourne Conference & Training Centre, Secure Parking

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ProPerty Acquisitions i 7 november 2013 i PAge 6

477 Collins Street, VIC – Development potential

by mirvac

Mirvac’s Development Division to deliver prime office development leveraging Collins Street location

Project summary

n Development concept

• 36 level, 51,000sqm prime grade asset

• Retain historical and picturesque facade

• Tower with side core plate in excess of 1,600sqm

• n Commencement subject to a significant pre-commitment and relevant planning approvals being obtained

• n Mirvac has granted a 10 year option for Aviva to acquire a 50% indirect interest, subject to Aviva entering into a fund-through arrangement with Mirvac prior to commencement of construction

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Artist’s impression

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Indicative scheme

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Strategic allocation to Melbourne office

by mirvac

Mirvac is now entrenched as a leading owner and manager of office assets in the Melbourne CBD

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C
A
F B
E
D
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Mirvac office assets in Melbourne

	value Asset grade ($m) cbD 367 Collins Street A 227.8 477 Collins Street B 72.0 90 Collins Street A 170.0 Riverside Quay A 172.0 664 Collins Street A 147.51 699 Bourke Street A 122.61 Total CBD 911.9 non-cbD Royal Domain Centre,380 St Kilda Rd A 118.0 Como Centre,Toorak Rd and Chapel St A 90.7 191-197 Salmon St A 101.6 Total non-CBD 310.3 Total – Melbourne 1,222.2 A B C D E F

1) Mirvac’s share of estimated total project costs (including interest).

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ProPerty Acquisitions i 7 november 2013 i PAge 8

Harbourside Shopping Centre, NSW

by mirvac

Strategic acquisition of key CBD retail asset with repositioning potential

Asset summary

• n CBD retail centre with 21,039sqm of GLA

• n Focus on food, restaurant and entertainment categories: 63% of gross rent from food based retailers

• n Current annual foot traffic of approximately 13.7m (Darling Harbour precinct over 26m p.a.)

• n Occupancy costs of 15.7%, lower than CBD Urbis Average of 20.8%

• n Well-positioned to benefit over long-term from $3bn urban regeneration of Darling Harbour precinct

Asset strategy

• n Re-mixing existing tenancies by up-scaling food and fashion and improving the quality of restaurants and cafes, further supporting the entertainment focus

• n Improve and maximise key pedestrian links

• n Reinforces Mirvac’s dominant position in catchment area together with Broadway Shopping Centre

Key metrics

	Key metrics
	Interest	100%
	GLA Purchaseprice(pre costs) Purchaseprice(per sqm) Initial passing yield (pre costs) / Fully-letpassing yield(pre costs)	21,039sqm $252.0m $11,978 6.7% / 7.1%
	WALE(byincome)	5.0years
	Occupancy (byarea)	97.0%
	Centre MATper sqm1	$11,102
	Occupancycosts	15.7%
	Construction / Last refurbishment	1988 / 2007
	Major tenants	Kingpin,Hard Rock Cafe,Hurricane’s Grill

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1) Excludes entertainment tenancies.

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Darling Harbour Precinct redevelopment

by mirvac

$3bn Darling Harbour precinct redevelopment, commencing in early 2014

Darling Harbour Live

n $2.5bn total end value

• New hotel complex (approximately 650 rooms, adjoins Harbourside)

• Improved convention, exhibition, and entertainment facilities

• Improved area surrounding Haymarket – new streets, buildings, gathering places, shops, restaurants and bars

• n Anticipated growth in conference delegates from approximately 110k to over 600k visitors p.a.

IMAX theatre

• n Current development plans for a $500m redevelopment of the IMAX site into a 20 level office tower of approximately 40,000sqm with approximately 7,000sqm of retail, including new IMAX theatres

Goods Line

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IMAX
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Artist’s impression

• n A safe, attractive pedestrian route from Central Station through Ultimo to Darling Harbour to be completed

Surrounding residential population

• n Catchment demographic’s income 46% higher than Sydney average, with average age of 35.7 years and 89% are white collar workers

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Portfolio impact

by mirvac

Acquisitions align with directional mandates set for Mirvac’s portfolio

~~MPT (FY13)[ 1 ]~~ Office 60% Industrial 7% Retail 25% Other 2% LPT/Unlisted funds 6%

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~~Office (FY13)[ 2 ]~~

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Sydney 63% Melbourne 16% Brisbane 5% Canberra 10% Perth 6%

~~Retail (FY13)[ 2 ]~~

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Sub regional 79% Neighbourhood 8% Bulky goods centre 3% CBD retail 10%

~~Pro forma MPT (FY13)[ 3 ]~~

~~Pro forma office (FY13)~~

~~Pro forma retail (FY13)[ 3]~~

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Office 61% Industrial 6% Retail 26% Other 1% LPT/Unlisted funds 6%

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Sydney 59% Melbourne 22% Brisbane 5% Canberra 9% Perth 5%

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Sub regional 70% Neighbourhood 7% CBD retail 23%

• 1) By book value as at 30 June 2013, including assets under development and indirect investments.

• 2) By book value as at 30 June 2013, excluding assets under development and indirect investments.

• 3) Includes disposals post 30 June 2013: Logan Mega Centre (settled 9 August 2013) and Manning Mall, Taree (settled 11 July 2013).

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Summary

by mirvac

Acquisitions aligned to Mirvac’s strategy and offer returns in excess of stated targets

~~impact~~ Acquisitions offer opportunityto leverage Mirvac’s integrated model 4 Returns in excess of stated targets 4 Core CBD offce assets offeringdevelopment/repositioning potential 4 Increases MPT’s Melbourne offceportfolio weightingfrom 16% to 22% in line with directional mandates 4 Enhances Mirvac’s offce developmentpipeline with assets that can be held for the long-term 4 KeySydneyCBD retail asset with repositioning potential 4 Increases retailportfolio exposure to strongly performingfood,cateringand entertainment categories 4 Funded with existingdebt capacity; gearingin line with target range of 20-30% 4

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ProPerty Acquisitions i 7 november 2013 i PAge 12

Appendix A by mirvac Pro forma balance sheet

ProPerty Acquisitions i 7 november 2013 i PAge 13

Pro forma Balance Sheet

by mirvac

30 June completion 30 June ~~2013~~ ~~of assets held~~ ~~transaction~~ ~~2013~~ (Actual) for sale 1 adjustments (Pro forma) Cash($m) 127 — — 127 Investmentproperties($m) 6,030 — 552 6,582 Inventories($m) 1,463 — — 1,463 Equityaccounted investments($m) 380 — — 380 Intangible assets($m) 66 — — 66 Other assets($m) 1,180 (81) — 1,099 Total assets($m) 9,246 (81) 552 9,717 Borrowings($m) 2,167 (81) 584 2,670 Payables($m) 699 — — 699 Other liabilities($m) 369 — — 369 Total liabilities($m) 3,235 (81) 584 3,738 Net assets($m) 6,011 5,979 Securities on issue(m) 3,665 3,665 NTAper security ($) 1.62 (0.01) 1.61 Balance sheetgearing 23.6% 4.1% 27.7%

1) Assets held for sale at 30 June 2013 including Manning Mall, Taree and Logan Mega Centre.

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Disclaimer and important notice

by mirvac

Mirvac Group comprises Mirvac Limited ABN 92 003 280 699 and Mirvac Property Trust ARSN 086 780 645. This Presentation has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of the Mirvac Property Trust (collectively “Mirvac” or “Mirvac Group”). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. The stapled securities are quoted on the ASX (ASX code: MGR).

Summary information

This Presentation contains summary information about Mirvac Group and its activities current as at 7 November 2013 unless stated otherwise. The information in this Presentation is subject to change without notice and does not purport to be complete or comprehensive. It does not purport to summarise all information that an investor should consider when making an investment decision. It should be read in conjunction with Mirvac Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au.

The information in this Presentation has been obtained from or based on sources believed by Mirvac Group to be reliable. To the maximum extent permitted by law, Mirvac, its affiliates, officers, employees, agents and advisors do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).

Not financial product advice

Directors and employees of Mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian financial services licence. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of Mirvac Limited.

Financial data

All dollar values are in Australian dollars (A$) and financial data is presented within the financial year end of 30 June 2013 unless otherwise stated. Investors should note that this Presentation contains pro forma historical financial information.

This Presentation also includes certain non-IFRS measures including operating profits after tax. Operating profit after tax is profit before specific non-cash items and significant items. It used internally by management to assess the performance of its business.

Past performance

Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Actual results could differ materially from those referred to in this Presentation.

Not an offer

This Presentation is not an offer or an invitation to acquire Mirvac Group stapled securities or any other financial products and is not a prospectus, product disclosure statement or other offering document under Australian law or any other law. It is for information purposes only.

This Presentation is not financial advice or a recommendation to acquire Mirvac Group stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction. To the extent that any general financial product advice in respect of the acquisition of Mirvac Property Trust units as a component of Mirvac Group stapled securities is provided in this report, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice.

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Glossary

by mirvac

	~~term~~ ~~meaning~~ CBD Central Business District CPSS Cents Per Stapled Security DPS Distribution Per Stapled Security EPS Earnings Per Stapled Security FY Financial Year GLA Gross Lettable Area MAT MovingAnnual Turnover MPT Mirvac PropertyTrust NTA Net Tangible Assets NLA Net Lettable Area SQM Square Metre WALE Weighted Average Lease Expiry

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by mirvac Thank you