MIRVAC GROUP — Earnings Release 2008

Jul 21, 2008

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22 July 2008

FY08 / FY09 Earnings Guidance & Future Distribution Policy

Further to its announcement on 20 June 2008 Mirvac [ASX: MGR] announces details of:

• Operating earnings for FY08

• A change in distribution policy commencing FY09

• FY09 operating earnings guidance

• FY09 distribution guidance

As per the attached.

A market briefing by Greg Paramor will be presented today at 9.30am EST Dial in details

Conference ID: 56273514 International dial in: +61 2 8524 6650 Australia dial in: 1800 148 258

-ENDS-

For further information:

Justin Mitchell Chief Financial Officer T +61 2 9080 8807

Adam Crowe Group Investor Relations Manager T +61 2 9080 8652

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Mirvac Group ASX Update, July 2008

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Mirvac announces

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• Operating earnings for FY08 of 33.4 cents[1] per security which exceeds distribution of 32.9 cents per security

• Total asset impairment of approximately $400 million, as announced 20 June 2008

• NTA of $3.65[1] as at 30 June 08

• A change in distribution policy to reflect global peers

• FY09 operating earnings guidance of 23.0 – 25.0 cents per security

• FY09 distribution of 20.0 cents per security

• Subject to finalisation of year-end audit and acceptance by Board.

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FY08 Expected result

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----- Start of picture text -----

Mirvac FY08 earnings expected to be:
NPAT [1] Cents [1]
FY08 operating earnings $352m 33.4 cpss
Cents
FY08 distribution $349m 32.9 cpss
----- End of picture text -----

1. Subject to finalisation of year-end audit and acceptance by Board.

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Future distribution policy

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Mirvac’s Board and management have reviewed the distribution policy in light of the following:

Current equity pricing that significantly undervalues real estate and associated businesses

Availability and cost of debt

Importance of maintaining a strong balance sheet in a cyclical development business

Maintaining capacity to participate in future growth and acquisition opportunities

Aligning with global peer group, which distribute less than 100 per cent of operating earnings

Future distribution policy

Mirvac Property Trust Corporate

100 per cent Up to 80 per cent

Retained earnings will be utilised to:

Maintain a strong balance sheet, via repayment of unhedged debt

Fund quality residential and non-residential pipeline

Resulting in less dependence on external funding and potential for stronger earnings growth over time

Recognising Mirvac’s development division’s cyclical earnings profile[1 ] in this current environment, FY09’s distribution will be based on Mirvac Property Trust’s operating earnings

1. Profit can only be recognised on settlement of individual sales i.e. units and houses.

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FY09 Guidance

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	NPAT1	Cents1
High end – forecast FY09 operating earnings	$292m	25 cpss
Low end – forecast FY09 operating earnings	$268m	23 cpss
Forecast FY09 earnings does not assume profit on asset sales from Internal Funds Management (Mirvac Property Trust)
		Cents
Forecast FY09 distribution	$235m	20 cpss
Forecast FY09 maintenance capital expenditure2	$30m
1. Subject to finalisation of year-end audit and acceptance by Board.

1. Forecast maintenance capital expenditure for Mirvac Property Trust including leasing incentives.

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FY09 Guidance by division

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Division	Key variables	PBT range $M
Internal Funds	No asset sales assumed	235 - 240
Management	Reduction of overhead cost
(Mirvac Property Trust)	Achieve rent review targets and let up assumptions
	Performance of co-investments
External Funds	Acquisition and advisory fees	20 - 25
Management(Funds	Reduction of overhead cost
Management and Hotel	Establishment of wholesale funds (e.g. residential, hotel and industrial)
Management)	Complete consolidation and exit non-core businesses and funds
Development	Project completion and settlement timing	120 - 135
	Reduction of overhead cost
	Achievement of forecast sales rates
	Recycle development assets into managed funds
Corporate overheads,		(107) – (108)
tax and eliminations1

1.Variable attributable to increase in tax as a result of higher corporate earnings.

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Maintaining a strong balance sheet

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----- Start of picture text -----

JUN 08 [1]
Total assets [2] $7,498m
NTA [3] $3.65
Gearing [4] 33.1%
Undrawn debt facility $1,147m
% hedged 79.5%
Mirvac continues to comfortably comply with all debt covenants
Mirvac has no market capitalisation covenants
1. Subject to finalisation of year-end audit and acceptance by Board.
2. Total assets reflect value of announced impairment.
3. NTA based on issued securities including EIS securities.
4. Interest bearing liabilities (hedged foreign currency debt) less cash / total assets less cash.
Mirvac Group ASX Update, July 2008 Page 7
----- End of picture text -----

Internal Funds Management valuations

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All properties have been valued in the 6 months to 30 June 2008[1]

The portfolio capitalisation rate has expanded by 15 basis points

Due to rental growth and other factors there has been no material change to the portfolio value

Weighted average capitalisation rate	31 DEC 07	30 JUN 08
Commercial	6.37%	6.54%
Retail	6.29%	6.42%
Industrial	7.16%	7.38%
Portfolio	6.40%	6.55%

1. In the 6 months to 30 June 08, internal valuations (Director valuations) were performed on 37 assets representing 65% of portfolio by number and 76% by book value. In the 6 months to 30 June 08, external valuations were performed on 20 assets representing 35% of portfolio by number and 24% by book value.

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Mirvac looking forward

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: Group

• Distribution policy reflects new operating environment

• Constant and ongoing assessment of asset carrying values

• Realise operating cost efficiencies throughout the Group

Funds Management:

• Continue to reposition MPT portfolio to provide stable and secure earnings

• Grow wholesale investor partnerships

• Maintain and grow retail platform

• Continue to expand hotel management in existing markets and Middle East region

Development :

• Premium brand and product continues to attract pre-sales in excess of $950 million[1] of exchanged contracts (settlement due FY09 to FY11)

• Continue to recycle inventory via funds management platform

• Establishing offices in UAE, in conjunction with strong local partners

• Total exchanged value adjusted for Mirvac share of JV interest and Mirvac managed funds.

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Mirvac has operated through many market cycles since 1972 and its continued success is attributable to its ability to adapt to changed market conditions.

Mirvac’s policy over the medium term is to secure the business to face the current market volatility and to emerge with a more focussed business model which will lead to greater earnings momentum.

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