MIRVAC GROUP

PROPERTY COMPENDIUM

MIRVAC GROUP

FUNDS MANAGEMENT DEVELOPMENT

MIRVAC GROUP PROPERTY COMPENDIUM

26.3

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BILLION
ACTIVITIES UNDER CONTROL
YARRA’S EDGE, DOCKLANDS, VIC
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INTERNAL FUNDS MANAGEMENT INTERNAL FUNDS MANAGEMENT >> $4.2 BILLION$4.2 BILLION 55 INVESTMENT GRADE ASSETS INDIRECT REAL ESTATE INVESTMENTS EXTERNAL MANAGEMENTEXTERNAL MANAGEMENT>> $9.1 BILLION $9.1 BILLION

MIRVAC GROUP PROPERTY COMPENDIUM

$13.3 BILLION

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FUNDS
MANAGEMENT
ORION GREATER SPRINGFIELD, QLD
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02 / 03

$13.0 BILLION

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DEVELOPMENT
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MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL > $11.1 BILLION[1] 29,016 LOTS

NON-RESIDENTIAL > $1.9 BILLION

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1 REPRESENTS TOTAL ACTIVITIES UNDER CONTROL.
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EPHRAIM ISLAND BEACH HOMES, QLD
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04 / 05

GLOBAL REACH

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FUNDS MANAGEMENT DEVELOPMENT

MIRVAC GROUP PROPERTY COMPENDIUM

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06 / 07

$4.2 BILLION

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INTERNAL
FUNDS
MANAGEMENT
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MIRVAC GROUP PROPERTY COMPENDIUM

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55 INVESTMENT GRADE ASSETS
> INDIRECT REAL ESTATE INVESTMENTS
ONE DARLING ISLAND, PYRMONT, NSW
FUNDS MANAGEMENT
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FUNDS MANAGEMENT 08 / 09

INTERNAL FUNDS MANAGEMENT

MIRVAC PROPERTY TRUST PORTFOLIO REPOSITIONING

12 MONTHS TO 30 JUNE 2007

	ACQUISITION ACQUISITION PRICE YIELD ACQUISITIONS LOCATION SECTOR DATE INCL. COSTS ON COST
	Manning Mall Taree NSW Retail Nov 06 $32.5m 6.5%
	Rhodes Shopping Centre Rhodes NSW Retail Jan 07 $105.9m1 5.6%
	Broadway Shopping Centre Broadway NSW Retail Jan 07 $224.8m1 5.8%
	Investment in MWHF – Hotel Jun 07 $142.1m –
	Investment in MIX – Industrial Jun 07 $19.3m –
	TOTAL $524.6m
	Glasshouse2 Woden, ACT Commercial Jul 07 $77.2m 6.2%

	TRANSFER REVALUED DEVELOPMENT COMPLETIONS LOCATION SECTOR DATE BOOK VALUE CAP RATE
	Nexus Industry Park – EWR Prestons NSW Industrial Dec 06 $14.5m 7.00%
	Stanhope Village, Stage 2 Stanhope Gardens NSW Retail Mar 07 $65.0m 6.50%
	Orion Stage 1 Springf eld QLD Retail Mar 07 $103.3m3 6.25%
	Logan Mega Centre Springwood QLD Retail Mar 07 $82.5m 7.00%
	Waverley Gardens Mulgrave VIC Retail Mar 07 $145.0m 6.50%
	TOTAL $410.3m

	PROCEEDS6 SETTLEMENT DISPOSAL ABOVE PROCEEDS DISPOSALS LOCATION SECTOR DATE PROCEEDS BOOK VALUE RECOGNISED PURCHASER
	9 Help Street Chatswood NSW Commercial Dec 06 $38.2m $2.2m 1H07 Century Funds Management
	Lovett Tower, 13 Keltie St Woden ACT Commercial Dec 06 $73.2m $19.7m 1H07 Cromwell Growth Fund
	67 Albert Avenue Chatswood NSW Commercial Apr 07 $81.3m $7.2m 1H07 Eureka FM Limited
	30 Cowper Street Parramatta NSW Commercial Feb 07 $20.3m $0.4m 1H07 Denison Capital Ltd
	23/177 Pacif c Highway, Norbery Terrace North Sydney NSW Commercial Jun 07 $0.8m – 2H07 Norbe Pty Ltd
	20-30 Scrivener Street Warwick Farm NSW Industrial May 07 $26.5m $4.6m 2H07 Direct Freight Pty Ltd
	Sydney Marriott Hotel, 26 & 36 College Street Sydney NSW Hotel / Commercial Jun 07 $79.7m $0.4m 2H07 MWHF
	Cairns International Hotel, 17 Abbott Street Cairns QLD Hotel Jun 07 $18.4m1+4 $0.3m 2H07 MWHF
	Burns Centre, 28 National Circuit5 Forrest ACT Commercial Jul 07 $17.3m $1.7m 2H07 DOMA Group
	Sony House, 1-19 Hargrave Street5 Sydney NSW Commercial Jul 07 $14.0m $2.0m 2H07 DOMA Group
	IBM Building, 8 Brisbane Avenue5 Barton ACT Commercial Jul 07 $14.8m $2.3m 2H07 DOMA Group
	Bundaberg Plaza Bundaberg Plaza5 Bundaberg QLD Retail Jul 07 $7.5m $0.8m 2H07 Shopping Centre Pty Ltd
	TOTAL $391.7m $41.5m

1 REPRESENTS 50% INTEREST.
2 EXCHANGED AT 30 JUNE 2007, SETTLED ON 19 JULY 2007.
3 REPRESENTS 67% INTEREST.
4 REPRESENTS SALE OF UNITS IN NOTRON 346 TRUST.
5 ASSETS HELD FOR SALE AT 30 JUNE 2007.
6 AFTER COSTS.

MIRVAC GROUP PROPERTY COMPENDIUM

MIRVAC PROPERTY TRUST PORTFOLIO EXPIRY PROFILE[1]

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TOTAL PORTFOLIO - 938,728sqm RETAIL PORTFOLIO - 431,189sqm
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COMMERCIAL PORTFOLIO - 356,151sqm INDUSTRIAL PORTFOLIO - 151,388sqm
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1 BY AREA AS AT 30 JUNE 2007.
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MIRVAC PROPERTY TRUST PORTFOLIO DIVERSIFICATION

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■■■■ COMMERCIAL 42%
■■■■ INDUSTRIAL 5%
■■■■ RETAIL 40%
■■■■ OTHER [3] 3%
■■■■ INDIRECT PROPERTY
INVESTMENTS 10%
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■■■■ NSW 54%
■■■■ VIC 22%
■■■■ QLD 19%
■■■■ WA 1%
■■■■ ACT 4%
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1 BY BOOK VALUE AS AT 30 JUNE 2007. EXCLUDES DEVELOPMENT ASSETS.
2 BY BOOK VALUE AS AT 30 JUNE 2007, EXCLUDES DEVELOPMENT ASSETS AND INDIRECT PROPERTY INVESTMENTS.
3 OTHER – INCLUDES HOTELS AND CARPARKS.

FUNDS MANAGEMENT 10 / 11

INTERNAL FUNDS MANAGEMENT

COMMERCIAL PORTFOLIO

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BAY CENTRE, PIRRAMA ROAD, DARLING HARBOUR, NSW
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■■■■ PREMIUM 15% ■■■■ A GRADE 65% ■■■■ B GRADE 16% ■■■■ C GRADE 4%

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■■■■ NSW 55% ■■■■ VIC 22% ■■■■ QLD 14% ■■■■ ACT 9%

1 BY BOOK VALUE AS AT 30 JUNE 2007. EXCLUDES DEVELOPMENT ASSETS AND INDIRECT PROPERTY INVESTMENTS.

MIRVAC GROUP PROPERTY COMPENDIUM

COMMERCIAL PORTFOLIO

			% OF
			COMMERCIAL	GROSS
			PORTFOLIO	OFFICE RENT
PROPERTY	LOCATION	NLA	BOOK VALUE1	($/SQM)	BOOK VALUE
101 – 103 Miller Street	North Sydney, NSW	37,758sqm	15.1%	$597/sqm	$248.0m
One DarlingIsland	Pyrmont, NSW	22,197sqm	9.5%	$444/sqm	$155.0m
60 Margaret Street	Sydney, NSW	40,567sqm	8.8%	$587/sqm	$144.0m2
40 Miller Street	North Sydney, NSW	12,664sqm	5.8%	$594/sqm	$95.5m
BayCentre Pirrama Road	DarlingHarbour, NSW	15,972sqm	5.4%	$412/sqm	$88.5m
1 Castlereagh Street	Sydney, NSW	11,637sqm	4.4%	$507/sqm	$72.0m
190 George Street	Sydney, NSW	9,498sqm	2.7%	$394/sqm	$45.0m
8 –12 Chif eySquare	Sydney, NSW	13,602sqm	2.0%	$388/sqm	$32.5m2
200 George Street	Sydney, NSW	5,579sqm	1.7%	$406/sqm	$28.0m
St George Centre 60 Marcus Clarke Street	Canberra, ACT	12,165sqm	3.3%	$395/sqm	$54.0m
38 SydneyAvenue	Forrest, ACT	9,099sqm	2.4%	$390/sqm	$39.5m
Arts House 40 Macquarie Street3	Barton, ACT	5,503sqm	1.2%	$328/sqm	$19.0m
Phillips Fox Building54 Marcus Clarke Street	Canberra, ACT	5,276sqm	1.2%	$363/sqm	$19.5m
Perpetual Building10 Rudd Street	Canberra, ACT	4,736sqm	1.2%	$387/sqm	$19.6m
127 Creek Street	Brisbane, QLD	18,408sqm	5.4%	$319/sqm	$89.0m
189 GreyStreet	South Bank, QLD	12,728sqm	4.0%	$328/sqm	$65.0m
John OxleyCentre 339 Coronation Drive	Brisbane, QLD	13,172sqm	3.6%	$321/sqm	$58.5m
Mojo Building164 GreyStreet	South Bank, QLD	3,079sqm	0.9%	$382/sqm	$14.5m
Riverside QuaySouth Bank	Melbourne, VIC	30,585sqm	6.7%	$338/sqm	$109.5m
Royal Domain Centre 380 St Kilda Road	Melbourne, VIC	24,616sqm	5.6%	$355/sqm	$92.5m
Como Centre Cnr Toorak Road & Chapel Street	South Yarra, VIC	25,547sqm	5.7%	$366/sqm	$93.5m
191–197 Salmon Street	Port Melbourne, VIC	21,762sqm	3.5%	$338/sqm	$56.8m2
TOTAL		356,151sqm	100.0%		$1,639.3m1
Glasshouse4	Woden, ACT	14,828sqm	N/A	N/A	$77.2m
WEIGHTED AVERAGE LEASE EXPIRY				4.85	YEARS
OCCUPANCY					99.2%

1 BOOK VALUE AS AT 30 JUNE 2007. EXCLUDES DEVELOPMENT PROJECTS.

2 BOOK VALUE REPRESENTS 50% INTEREST.

3 DISPOSAL SETTLED 1 AUGUST 2007.

4 EXCHANGED CONTRACTS TO ACQUIRE AT 30 JUNE 2007, SETTLED ON 19 JULY 2007.

FUNDS MANAGEMENT 12 / 13

INTERNAL FUNDS MANAGEMENT

COMMERCIAL PORTFOLIO

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101 – 103 MILLER STREET NORTH SYDNEY, NSW

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ONE DARLING ISLAND PYRMONT, NSW

DESCRIPTION

Landmark premium grade offi ce tower and major retail centre, in the heart of the North Sydney CBD with a direct link to North Sydney railway station.

The complex was built in 1992 and will undergo major refurbishment from Sep 07 to July 08.

DESCRIPTION

Developed by Mirvac in 2006, this A Grade facility comprises six offi ce fl oors, with two basement parking levels. Situated on the edge of the CBD close to the waterfront, the building features large fl oors of greater than 4,400sqm and is designed to achieve 4.5 star ABGR energy rating.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Premium Grade	GRADE A Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 37,758 sqm	NLA 22,197
CAR SPACES 561	CAR SPACES 160
ACQUISITION DATE Jun 1994	ACQUISITION DATE Apr 04
BOOK VALUE $248.0m	BOOK VALUE $155.0m
VALUATION $248.0m	VALUATION $124.5m
VALUATION DATE 30 Jun 07	VALUATION DATE 31 Dec 2006
CAPITALISATION RATE 6.50%	CAPITALISATION RATE 5.63%
DISCOUNT RATE 8.25%	DISCOUNT RATE 8.25%
GROSS OFFICE RENT $597/sqm	GROSS OFFICE RENT $444/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
OPTUS 36,340 Oct 07	JOHN FAIRFAX HOLDINGS 22,197 Jun 27
CABLE AND WIRELESS 486 Oct 07

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 98.9%	FY08 0.0%

FY09 0.0%	FY09 0.0%
FY10 0.0%	FY10 0.0%
FY11 0.1%	FY11 0.0%
FY12 0.0%	FY12 0.0%
BEYOND 0.9%	BEYOND 100.0%
WALE 0.39 YEARS	WALE 20.01 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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60 MARGARET STREET SYDNEY, NSW

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40 MILLER STREET NORTH SYDNEY, NSW

DESCRIPTION

An iconic commercial and retail property in the centre of the Sydney CBD with a direct link to Wynard railway station and bus terminal. The complex developed in 1980 has been progressively refurbished, and is now the head offi ce of Mirvac Group.

DESCRIPTION

Developed by Mirvac in 2000, the building is located adjacent to North Sydney railway station and enjoys commanding views of the harbour from all eleven commercial levels. Outdoor balconies provide an added facility for building occupiers.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE A Grade	GRADE A Grade
OWNERSHIP 50% MPT, 50% MTAA	OWNERSHIP 100% MPT
NLA 40,567 sqm	NLA 12,664 sqm
CAR SPACES 141	CAR SPACES 102
ACQUISITION DATE Aug1998	ACQUISITION DATE Mar 1998
BOOK VALUE $144.0m(50% interest)	BOOK VALUE $95.5m
VALUATION $134.0m(50% interest)	VALUATION $95.0m
VALUATION DATE 31 Dec 2005	VALUATION DATE 30 Jun 2006
CAPITALISATION RATE 6.75%	CAPITALISATION RATE 7.00%
DISCOUNT RATE 8.75%	DISCOUNT RATE 8.75%
GROSS OFFICE RENT $587/sqm	GROSS OFFICE RENT $594/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
MIRVAC 6,886 Sep15	UNITED GROUP LIMITED 7,647 Nov 15
REUTERS AUST 5,384 Feb 15	BOULDERSTONE HORNBROOK 3,287 Dec 08

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 1.0%
FY08 35.8%	FY08 2.4%
FY09 7.5%	FY09 26.0%
FY10 7.7%	FY10 7.7%
FY11 4.7%	FY11 0.7%
FY12 4.2%	FY12 1.7%
BEYOND 40.1%	BEYOND 60.5%
WALE 4.16 YEARS	WALE 5.59 YEARS

FUNDS MANAGEMENT 14 / 15

INTERNAL FUNDS MANAGEMENT

COMMERCIAL PORTFOLIO

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BAY CENTRE PIRRAMA ROAD, DARLING HARBOUR, NSW

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1 CASTLEREAGH STREET SYDNEY, NSW

DESCRIPTION

Developed by Mirvac in 2002, the building comprises fi ve offi ce levels and is located adjacent to Darling Harbour. The building has large fl oor plates in excess of 3,000sqm with harbour and city views from all levels.

DESCRIPTION

Located in Sydney’s fi nancial core, the building offers modern accommodation with 549sqm fl oor plates and good natural light on three sides. The 21 level building was fully refurbished in 1992 with progressive refurbishment underway.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE A Grade	GRADE B Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 15,972 sqm	NLA 11,637 sqm
CAR SPACES 127	CAR SPACES 52
ACQUISITION DATE Jun 01	ACQUISITION DATE Dec 1998
BOOK VALUE $88.5m	BOOK VALUE $72.0m
VALUATION $88.0m	VALUATION $65.0m
VALUATION DATE 30 Apr 06	VALUATION DATE 31 Dec 2005
CAPITALISATION RATE 7.00%	CAPITALISATION RATE 7.00%
DISCOUNT RATE 9.00%	DISCOUNT RATE 9.00%
GROSS OFFICE RENT $412/sqm	GROSS OFFICE RENT $507/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
INSURANCE AUST 12,279 Oct 08	AUST SKANDIA LIMITED 2,744 Apr 10
COLLEX P/L 3,097 Dec 12	MAGELLAN 549 Mar 12

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 12.6%
FY08 0.0%	FY08 6.3%

FY09 79.9%	FY09 9.1%
FY10 0.0%	FY10 36.2%
FY11 0.0%	FY11 10.4%
FY12 0.0%	FY12 18.6%
BEYOND 20.1%	BEYOND 6.8%
WALE 2.19 YEARS	WALE 2.62 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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190 GEORGE STREET SYDNEY, NSW

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8-12 CHIFLEY SQUARE SYDNEY, NSW

DESCRIPTION

This is a strategic holding, giving Mirvac a presence in a prominent area of the Sydney CBD, which has potential for commercial redevelopment. The site has been consolidated with the adjoining buildings owned by Mirvac.

DESCRIPTION

Located on a strategic site in the heart of the fi nancial core adjacent to the city’s premium towers. The existing older style building comprises seventeen offi ce fl oors, with two basement parking levels. The site has potential for a new offi ce development.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE B Grade	GRADE C Grade
OWNERSHIP 100% MPT	OWNERSHIP 50% MPT, 50% AUSTRALIANSUPER
NLA 9,498 sqm	NLA 13,602
CAR SPACES 30	CAR SPACES 28
ACQUISITION DATE Aug03	ACQUISITION DATE Apr 06
BOOK VALUE $45.0m	BOOK VALUE $32.5m(50% interest)
VALUATION $44.0m	VALUATION $32.3m(50% interest)
VALUATION DATE 30 Jun 2006	VALUATION DATE 1 Dec 2005
CAPITALISATION RATE 7.00%	CAPITALISATION RATE 6.00%
DISCOUNT RATE 8.00%	DISCOUNT RATE 8.00%
GROSS OFFICE RENT $394/sqm	GROSS OFFICE RENT $388/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
CLIFTONS 1,702 Mar 09	NSW STATE GOVERNMENT 13,602 Jan 08
DOWNER EDI LTD 1,703 Aug11

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 11.0%	FY08 100.0%
FY09 0.0%	FY09 0.0%
FY10 50.8%	FY10 0.0%
FY11 11.3%	FY11 0.0%
FY12 26.9%	FY12 0.0%
BEYOND 0.0%	BEYOND 0.0%
WALE 2.97 YEARS	WALE 0.59 YEARS

FUNDS MANAGEMENT 16 / 17

INTERNAL FUNDS MANAGEMENT

COMMERCIAL PORTFOLIO

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200 GEORGE STREET SYDNEY, NSW

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ST GEORGE CENTRE 60 MARCUS CLARKE STREET, CANBERRA, ACT

DESCRIPTION

The St George centre is one of Canberra’s landmark buildings and was constructed in 1988. It comprises thirteen offi ce levels, under undercover parking to the rear and a four level annex providing podium fl oors of 1,300m and tower fl oors of 900m.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE C Grade	GRADE A Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 5,579 sqm	NLA 12,165 sqm
CAR SPACES 15	CAR SPACES 134
ACQUISITION DATE Oct 01	ACQUISITION DATE Sep1989
BOOK VALUE $28.0m	BOOK VALUE $54.0m
VALUATION $26.5m	VALUATION $53.5m
VALUATION DATE 30 Jun 2006	VALUATION DATE 30 Jun 2006
CAPITALISATION RATE 7.25%	CAPITALISATION RATE 8.00%
DISCOUNT RATE 8.75%	DISCOUNT RATE 8.50%
GROSS OFFICE RENT $406/sqm	GROSS OFFICE RENT $395/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
CLIFTONS 1,248 Mar 09	MALLESONS 1,805 Dec 07
ARAB BANK 1,071 Dec 14	ST GEORGE BANK 1,321 Oct 10

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 16.6%	FY08 24.5%

FY09 51.8%	FY09 17.0%
FY10 11.7%	FY10 14.1%
FY11 0.8%	FY11 33.7%
FY12 0.0%	FY12 8.8%
BEYOND 19.2%	BEYOND 1.9%
WALE 2.70 YEARS	WALE 2.33 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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38 SYDNEY AVENUE FORREST, ACT

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ARTS HOUSE 40 MACQUARIE STREET, BARTON, ACT

DESCRIPTION

Purpose built in 1997 for DCITA, comprising four offi ce levels, with excellent natural light and large fl oor plates of approximately 2,100sqm to 2,400sqm. The building is well located close to the Parliamentary Triangle.

DESCRIPTION

Located close to the Parliamentary Triangle, the building was developed in 1997 and comprises three offi ce levels with fl oor plates of approximately 1,800sqm. Sold Post 30 June 2007.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE A Grade	GRADE A Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 9,099 sqm	NLA 5,503 sqm
CAR SPACES 68	CAR SPACES 66
ACQUISITION DATE Jun 1996	ACQUISITION DATE Dec 1995
BOOK VALUE $39.5m	BOOK VALUE $19.0m
VALUATION $38.0m	VALUATION $18.0m
VALUATION DATE 31 Dec 2006	VALUATION DATE 30 Jun 05
CAPITALISATION RATE 7.75%	CAPITALISATION RATE 8.75%
DISCOUNT RATE 8.75%	DISCOUNT RATE 9.75%
GROSS OFFICE RENT $390/sqm	GROSS OFFICE RENT $328/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
DOCITA 8,975 Nov 12	ATTORNEY GENERAL’S DEPT 3,657 May09
	AUST GOVT SOLICITORS 818 Jun 07

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 0.0%	FY08 0.0%
FY09 0.0%	FY09 66.4%
FY10 0.0%	FY10 0.0%
FY11 1.4%	FY11 8.8%
FY12 0.0%	FY12 14.9%
BEYOND 98.6%	BEYOND 9.9%
WALE 5.38 YEARS	WALE 3.70 YEARS

FUNDS MANAGEMENT 18 / 19

INTERNAL FUNDS MANAGEMENT

COMMERCIAL PORTFOLIO

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PHILLIPS FOX BUILDING 54 MARCUS CLARKE STREET, CANBERRA, ACT

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PERPETUAL BUILDING 10 RUDD STREET, CANBERRA, ACT

DESCRIPTION

Constructed in 1986, the building comprises nine offi ce levels with basement parking and is located in the corporate heart of the CBD. The fl oor plates of approximately 600sqm provide excellent natural light and quality views from upper levels.

DESCRIPTION

Constructed in 1985, this seven-level building is located in the centre of the professional sector of the Canberra CBD. The building features a unique four level atrium and is located adjacent to other Mirvac assets.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE A Grade	GRADE A Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 5,276 sqm	NLA 4,736 sqm
CAR SPACES 48	CAR SPACES 41
ACQUISITION DATE Oct 1987	ACQUISITION DATE Oct 1987
BOOK VALUE $19.5m	BOOK VALUE $19.6m
VALUATION $18.8m	VALUATION $18.0m
VALUATION DATE 31 Dec 2006	VALUATION DATE 30 Jun 2006
CAPITALISATION RATE 8.25%	CAPITALISATION RATE 8.00%
DISCOUNT RATE 9.25%	DISCOUNT RATE 9.00%
GROSS OFFICE RENT $363/sqm	GROSS OFFICE RENT $387/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
PHILLIPS FOX 1,997 Jun 09	BOOZ ALLEN HAMILTON 838 Dec 12
HUDSON GLOBAL RESOURCES 624 Jul 08	LUMLEY GENERAL INSURANCE 592 Aug15

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 0.0%	FY08 33.6%

FY09 51.7%	FY09 0.0%
FY10 22.8%	FY10 10.2%
FY11 6.4%	FY11 9.8%
FY12 19.0%	FY12 7.1%
BEYOND 0.0%	BEYOND 39.3%
WALE 2.57 YEARS	WALE 3.50 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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127 CREEK STREET BRISBANE, QLD

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189 GREY STREET SOUTH BANK, BRISBANE, QLD

DESCRIPTION

The property comprises 26 offi ce fl oors and two levels of basement car parking. The building features 790sqm fl oor plates with good natural light on all slides and is close to Central railway station, Queen Street Mall and the fi nancial heart of the CBD.

DESCRIPTION

This 12 level complex was developed by Mirvac in February 2005. The building features excellent natural light, large effi cient fl oor plates of approximately 1,600sqm, and spectacular river and city views. The Southbank precinct provides the benefi ts of the parklands, retail services and public transport.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE B Grade	GRADE A Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 18,408 sqm	NLA 12,728 sqm
CAR SPACES 123	CAR SPACES 180
ACQUISITION DATE May1998	ACQUISITION DATE Feb 05
BOOK VALUE $89.0m	BOOK VALUE $65.0m
VALUATION $72.0m	VALUATION $65.0m
VALUATION DATE 30 Jun 2006	VALUATION DATE 30 Jun 07
CAPITALISATION RATE 7.50%	CAPITALISATION RATE 7%
DISCOUNT RATE 9.50%	DISCOUNT RATE 8.75%
GROSS OFFICE RENT $319/sqm	GROSS OFFICE RENT $328/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
QLD STATE GOVERNMENT 3,160 Oct 08	IAG 7,281 Mar 15
CORPORATE EXECUTIVE OFFICES 2,370 Jun 18	THIESS PTY LTD 4,659 Feb 13

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 15.7%	FY08 2.2%
FY09 27.1%	FY09 0.0%
FY10 18.1%	FY10 3.6%
FY11 19.5%	FY11 0.0%
FY12 1.5%	FY12 0.4%
BEYOND 18.1%	BEYOND 93.8%
WALE 3.42 YEARS	WALE 6.58 YEARS

FUNDS MANAGEMENT 20 / 21

INTERNAL FUNDS MANAGEMENT

COMMERCIAL PORTFOLIO

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JOHN OXLEY CENTRE 339 CORONATION DRIVE, BRISBANE, QLD

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MOJO BUILDING 164 GREY STREET, SOUTH BANK, BRISBANE, QLD

DESCRIPTION

A campus style commercial offi ce building, with fi ve levels of offi ce accommodation and two levels of basement car parking. Large fl oor plates across two towers connect to provide 2,700sqm fl oor plates. Constructed in 1989, the building is well located on Coronation Drive with views across the river to the CBD.

DESCRIPTION

Developed by Mirvac in 2001, this boutique offi ce building is located in the fringe offi ce market of Southbank. Over three levels, the building offers sensational views across the Brisbane River to the CBD and is the head offi ce to Mirvac Queensland.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE B Grade	GRADE A Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 13,172 sqm	NLA 3,079 sqm
CAR SPACES 319	CAR SPACES 37
ACQUISITION DATE May02	ACQUISITION DATE Jun 01
BOOK VALUE $58.5m	BOOK VALUE $14.5m
VALUATION $58.5m	VALUATION $14.1m
VALUATION DATE 30 Jun 07	VALUATION DATE 31 Dec 2006
CAPITALISATION RATE 7.75%	CAPITALISATION RATE 7.00%
DISCOUNT RATE 9.00%	DISCOUNT RATE 9.00%
GROSS OFFICE RENT $321/sqm	GROSS OFFICE RENT $382/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
ORIGIN ENERGY 6,304 Jun 18	MIRVAC QLD 1,590 May08
AUSTRALIA POST CORPORATION 1,661 Jun 10	MOJO PARTNERS 1,016 Aug07

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 53.2%	FY08 96.9%

FY09 13.8%	FY09 0.0%
FY10 12.6%	FY10 3.1%
FY11 9.7%	FY11 0.0%
FY12 10.7%	FY12 0.0%
BEYOND 0.0%	BEYOND 0.0%
WALE 1.63 YEARS	WALE 0.68 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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RIVERSIDE QUAY SOUTHBANK, MELBOURNE, VIC

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ROYAL DOMAIN CENTRE 380 ST KILDA ROAD, MELBOURNE, VIC

DESCRIPTION

A modern offi ce complex comprising three separate buildings with basement car parking for 164 cars. The buildings have excellent natural light with views across the river to the CBD. A separate building at the rear incorporates a 560 space car park.

DESCRIPTION

This 15 level offi ce building comprises six podium levels of up to 2,800sqm with tower fl oors of 1,200sqm. Prominently located at the city end of St Kilda Road and opposite the Royal Botanical Gardens, the building has excellent natural light and views to the bay.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE A Grade	GRADE A Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 30,585 sqm	NLA 24,616 sqm
CAR SPACES 164	CAR SPACES 489
ACQUISITION DATE Apr 02 (1&3) Sep2003(2)	ACQUISITION DATE Oct 95 (50%) Apr 01 (50%)
BOOK VALUE $109.5m	BOOK VALUE $92.5m
VALUATION $109.5m	VALUATION $92.0m
VALUATION DATE 30 Jun 07	VALUATION DATE 30 Jun 2006
CAPITALISATION RATE 7.25%	CAPITALISATION RATE 7.50%
DISCOUNT RATE 8.75%	DISCOUNT RATE 8.75%
GROSS OFFICE RENT $338/sqm	GROSS OFFICE RENT $355/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
TELSTRA 5,772 Jun 08 – Oct 09	NORTEL 4,986 Aug08
URS AUSTRALIA 3,939 Feb 14	TOLL TRANSPORT 3,951 Jan 13

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 43.5%	FY08 0.8%
FY09 17.8%	FY09 24.7%
FY10 13.8%	FY10 0.6%
FY11 1.1%	FY11 1.2%
FY12 8.9%	FY12 9.6%
BEYOND 14.9%	BEYOND 63.2%
WALE 2.43 YEARS	WALE 5.32 YEARS

FUNDS MANAGEMENT 22 / 23

INTERNAL FUNDS MANAGEMENT

COMMERCIAL PORTFOLIO

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COMO CENTRE, CORNER TOORAK ROAD & CHAPEL STREET, SOUTH YARRA, VIC

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191-197 SALMON STREET PORT MELBOURNE, VIC

DESCRIPTION

The complex includes offi ce accommodation across three towers and a retail centre of 30 shops and a cinema. The fi ve star 107 room Como Hotel and commercial car park compliment the complex.

DESCRIPTION

The headquarters for GM Holden Ltd. The building is designed in a “campus style” with fl oor plates greater than 7,000sqm each. The building was purpose built for GM Holden and was completed in April 2005.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE A Grade	PROPERTY GRADE A Grade
OWNERSHIP 100% MPT	OWNERSHIP 50% MPT, 50% MREIT
NLA 25,547 sqm	NLA 21,762 sqm
CAR SPACES 621	CAR SPACES 1,055
ACQUISITION DATE Aug1998	ACQUISITION DATE Jul 03
BOOK VALUE $93.5m	BOOK VALUE $56.8m(50% interest)
VALUATION $93.5m	VALUATION $56.8m(50% interest)
VALUATION DATE 30 Jun 07	VALUATION DATE 30 Jun 07
CAPITALISATION RATE 8.25% – 8.50%	CAPITALISATION RATE 6.50%
DISCOUNT RATE 9.50% – 9.75%	DISCOUNT RATE 8.25%
GROSS OFFICE RENT $366/sqm	GROSS OFFICE RENT $338/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
NETWORK 10 4,512 May12	GM HOLDEN LTD 21,762 Apr 20
BUENA VISTA AUST 2,535 Sep12

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 4.9%	VACANCY 0.0%
FY08 9.3%	FY08 0.0%

FY09 10.5%	FY09 0.0%
FY10 18.2%	FY10 0.0%
FY11 9.6%	FY11 0.0%
FY12 31.4%	FY12 0.0%
BEYOND 16.1%	BEYOND 100.0%
WALE 3.89 YEARS	WALE 12.82 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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ONE DARLING ISLAND, PYRMONT, NSW
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FUNDS MANAGEMENT 24 / 25

INTERNAL FUNDS MANAGEMENT

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NEXUS INDUSTRY PARK (ATLAS), NSW
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■■■■ NSW 80% ■■■■ VIC 20%

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1 BY BOOK VALUE AS AT 30 JUNE 2007. EXCLUDES DEVELOPMENT ASSETS AND INDIRECT PROPERTY INVESTMENT.

MIRVAC GROUP PROPERTY COMPENDIUM

INDUSTRIAL PORTFOLIO

			% OF
			INDUSTRIAL
			PORTFOLIO
PROPERTY	LOCATION	NLA	BOOK VALUE1	BOOK VALUE
271 Lane Cove Road	North Ryde, NSW	11,516sqm	15.0%	$30.7m
James Ruse Business Park	Northmead, NSW	26,492sqm	14.9%	$30.6m
64 Biloela Street	Villawood, NSW	22,937sqm	12.2%	$25.0m
1-47 Percival Street	Smithf eld, NSW	21,432sqm	11.6%	$23.8m
44 Biloela Street	Villawood, NSW	15,839sqm	9.8%	$20.1m
Nexus IndustryPark, Atlas	Prestons, NSW	13,120sqm	9.5%	$19.5m
Nexus IndustryPark, EWR	Prestons, NSW	9,709sqm	7.1%	$14.5m
Mulgrave Business Park	Mulgrave, VIC	9,531sqm	13.3%	$27.3m
Hawdon IndustryPark	Dandenong, VIC	20,812sqm	6.7%	$13.7m
TOTAL		151,388sqm	100.0%	$205.2m1
WEIGHTED AVERAGE LEASE EXPIRY				5.29 YEARS
OCCUPANCY				87.2%

1 BOOK VALUE AS AT 30 JUNE 2007. EXCLUDES DEVELOPMENT PROJECTS.

FUNDS MANAGEMENT 26 / 27

INTERNAL FUNDS MANAGEMENT

INDUSTRIAL PORTFOLIO

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271 LANE COVE ROAD, NORTH RYDE, NSW

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JAMES RUSE BUSINESS PARK 6 BOUNDARY ROAD, NORTHMEAD, NSW

DESCRIPTION

The property is situated above the soon to be completed Macquarie Park railway station on the corner of Lane Cove and Waterloo Roads. The site currently comprises two free-standing commercial/industrial buildings and has potential for a new offi ce development.

DESCRIPTION

A modern multi-tenanted estate incorporating fi ve industrial buildings situated on the north-western side of Boundary Road. The site provides convenient access to major road networks, including the M2 and M4 and is only minutes from Parramatta CBD.

PROPERTY DETAILS

PROPERTY DETAILS	PROPERTY DETAILS
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 11,516 sqm	NLA 26,492 sqm
CAR SPACES 227	CAR SPACES 299
ACQUISITION DATE Apr 00	ACQUISITION DATE Jul 1994
BOOK VALUE $30.7m	BOOK VALUE $30.6m
VALUATION $30.5m	VALUATION $30.5m
VALUATION DATE 30 Jun 2006	VALUATION DATE 31 Dec 2006
CAPITALISATION RATE 7.75%	CAPITALISATION RATE 7.50%
DISCOUNT RATE 9.00%	DISCOUNT RATE 9.25%
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
FOXTEL 6,718 Mar 18	CREATIVE 1,820 Mar 12
JOHN HOLLAND 1,443 Sep07	MUNTERS 1,223 Jan 08

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 29.1%	VACANCY 39.7%
FY08 12.5%	FY08 14.5%

FY09 0.0%	FY09 14.1%
FY10 0.0%	FY10 18.2%
FY11 0.0%	FY11 0.0%
FY12 0.0%	FY12 13.5%
BEYOND 58.3%	BEYOND 0.0%
WALE 6.30 YEARS	WALE 1.40 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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64 BILOELA STREET VILLAWOOD, NSW

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1 – 47 PERCIVAL STREET, SMITHFIELD, NSW

DESCRIPTION

Major tenant Visy Industrial Plastics, occupies an original offi ce/ warehouse building of 15,882sqm. A 7,055sqm high clearance warehouse adjacent to the original building, was completed for Visy in 2005.

DESCRIPTION

This property fronts the Cumberland Highway at Smithfi eld and provides direct access to the M4 Motorway. A new offi ce/ warehouse was designed and constructed for Sandvik in 2003. The three original buildings have undergone partial refurbishment and offer future redevelopment potential.

PROPERTY DETAILS

PROPERTY DETAILS	PROPERTY DETAILS
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 22,937 sqm	NLA 21,432 sqm
CAR SPACES 106	CAR SPACES 207
ACQUISITION DATE Feb 04	ACQUISITION DATE Nov 02
BOOK VALUE $25.0m	BOOK VALUE $23.8m
VALUATION $25.0m	VALUATION $23.8m
VALUATION DATE 30 Jun 2006	VALUATION DATE 30 Jun 2006
CAPITALISATION RATE 7.75%	CAPITALISATION RATE 8.00%
DISCOUNT RATE 9.00%	DISCOUNT RATE 9.00%
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
VISY INDUSTRIAL PLASTICS 22,937 Sep16	SANDVIK AUSTRALIA 11,801 Sep15
	TYCO FLOW CONTROL PACIFIC PTY LTD 5,455 Dec 11

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 0.0%	FY08 0.0%
FY09 0.0%	FY09 19.5%
FY10 0.0%	FY10 0.0%
FY11 0.0%	FY11 0.0%
FY12 0.0%	FY12 25.5%
BEYOND 100.0%	BEYOND 55.1%
WALE 9.22 YEARS	WALE 6.00 YEARS

FUNDS MANAGEMENT 28 / 29

INTERNAL FUNDS MANAGEMENT

INDUSTRIAL PORTFOLIO

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44 BILOELA STREET VILLAWOOD, NSW

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NEXUS INDUSTRY PARK (ATLAS) LYN PARADE, PRESTONS, NSW

DESCRIPTION

This prime high clearance warehouse with adjourning offi ce space includes a large awning of 3,200sqm. The building is surrounded by extensive hardstand and there is potential to extend the warehouse by up to 3,000sqm.

DESCRIPTION

This property forms part of a major industrial development on the former Liverpool Showground site. When fully developed the project will accommodate over 70,000sqm of high quality buildings. Mirvac has secured two industrial pre-commitments to the site, with a third building currently under construction.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP		100% MPT
NLA		15,839 sqm
CAR SPACES		170
ACQUISITION DATE		Sep03
BOOK VALUE		$20.1m
VALUATION		$20.0m
VALUATION DATE		30 Jun 2006
CAPITALISATION RATE		7.75%
DISCOUNT RATE		10.25%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
1ST FLEET	15,839	Nov 08

PROPERTY DETAILS
OWNERSHIP		100% MPT
NLA		13,120 sqm
CAR SPACES		125
ACQUISITION DATE		Aug04
BOOK VALUE		$19.5m
VALUATION		$19.0m
VALUATION DATE		30 Jun 2006
CAPITALISATION RATE		7.00%
DISCOUNT RATE		9.00%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
ATLAS STEELS(AUST)PTY LIMITED	13,120	Apr 21

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 0.0%	FY08 0.0%

FY09 100.0%	FY09 0.0%
FY10 0.0%	FY10 0.0%
FY11 0.0%	FY11 0.0%
FY12 0.0%	FY12 0.0%
BEYOND 0.0%	BEYOND 100.0%
WALE 1.42 YEARS	WALE 13.81 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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NEXUS INDUSTRY PARK (EWR) LYN PARADE, PRESTONS, NSW

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MULGRAVE BUSINESS PARK, 18-20 & 30-32 COMPARK CIRCUIT & 253 WELLINGTON ROAD, MULGRAVE, VIC

DESCRIPTION

Comprises three modern offi ce buildings ranging from two to three offi ce levels with basement and external parking. The complex forms part of a business park, located on the corner of Wellington and Springvale Roads, approximately 20km south east of Melbourne CBD.

PROPERTY DETAILS

PROPERTY DETAILS	PROPERTY DETAILS
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 9,709 sqm	NLA 9,531 sqm
CAR SPACES 70	CAR SPACES 379
ACQUISITION DATE Aug 04	ACQUISITION DATE Aug 01 (1 & 2) & Jan 03(3)
BOOK VALUE $14.5m	BOOK VALUE $27.3m
VALUATION $14.5m	VALUATION $25.8m
VALUATION DATE 30 Jun 07	VALUATION DATE 30 Jun 2006
CAPITALISATION RATE 7.00%	CAPITALISATION RATE 7.50%
DISCOUNT RATE 8.75%	DISCOUNT RATE 9.00%
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
EW REINFORCEMENT PTY LTD 9,709 Nov 13	HITACHI DATA SYSTEMS AUS 3,431 Dec 07
	NATIONAL FOODS 2,558 Nov 10

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 12.7%
FY08 0.0%	FY08 36.0%
FY09 0.0%	FY09 12.5%
FY10 0.0%	FY10 0.0%
FY11 0.0%	FY11 38.9%
FY12 0.0%	FY12 0.0%
BEYOND 100.0%	BEYOND 0.0%
WALE 6.42 YEARS	WALE 1.82 YEARS

FUNDS MANAGEMENT 30 / 31

INTERNAL FUNDS MANAGEMENT

INDUSTRIAL PORTFOLIO

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HAWDON INDUSTRY PARK, 4 ABBOTTS ROAD & 333 – 343 FRANKSTON ROAD, DANDENONG, VIC

DESCRIPTION

Located in the south east industrial market, this modern estate comprises four separate buildings. The complex was constructed in 1985 with refurbishment works completed in 2005.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP		100% MPT
NLA		20,812 sqm
CAR SPACES		216
ACQUISITION DATE		Jan 04
BOOK VALUE		$13.7m
VALUATION		$13.7m
VALUATION DATE		30 Jun 2006
CAPITALISATION RATE		8.75%
DISCOUNT RATE		9.25%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
CSR LIMITED	5,852	Jun 15
TOY KINGDOM AUSTRALIA LTD	5,736	Feb 10

LEASE EXPIRY PROFILE % AREA

VACANCY	20.5%
FY08	23.8%
FY09	0.0%
FY10	27.6%
FY11	0.0%
FY12	0.0%
BEYOND	28.1%
WALE	3.21	YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

RETAIL PORTFOLIO

			% OF RETAIL
			PORTFOLIO	CENTRE
PROPERTY	LOCATION	GLA	BOOK VALUE1	MAT2	BOOK VALUE
Greenwood Plaza	North Sydney, NSW	8,731sqm	7.8%	$75m	$124.0m
Metcentre	Sydney, NSW	5,758sqm	3.0%	$43m	$47.0m3
Stanhope Village	Stanhope Gardens, NSW	15,451sqm	4.1%	$78m	$65.0m
St Marys Village Centre	St Marys, NSW	16,170sqm	2.8%	$62m	$44.5m
Orange CityCentre	Orange, NSW	18,066sqm	3.3%	$74m	$52.5m
Blacktown Mega Centre	Blacktown, NSW	25,746sqm	2.8%	N/A	$45.0m
Ballina Central	Ballina, NSW	13,546sqm	2.7%	$53m	$42.5m
ManningMall	Taree, NSW	10,704sqm	2.0%	$22m	$32.5m
Rhodes ShoppingCentre	Sydney, NSW	32,586sqm	7.0%	$163m	$111.5m3
BroadwayShoppingCentre	Sydney, NSW	48,910sqm	14.3%	$321m	$226.5m3
Logan Mega Centre	Logan, QLD	27,102sqm	5.2%	N/A	$82.5m
Orion Springf eld Town Centre	Springf eld, QLD	33,366sqm	6.5%	N/A	$103.3m4
Hinkler Central	Bundaberg, QLD	21,049sqm	5.8%	$130m	$92.4m
Kawana Shoppingworld	Buddina, QLD	29,787sqm	11.1%	$217m	$176m
Como Centre Retail	South Yarra, VIC	6,894sqm	1.8%	N/A	$29.2m
Gippsland Centre	Sale, VIC	21,694sqm	3.5%	$106m	$55.7m
WaverleyGardens	Mulgrave, VIC	39,894sqm	9.1%	$121m	$145.0m
Moonee Ponds Central	Moonee Ponds, VIC	6,244sqm	1.6%	$58m	$25.5m
Peninsula Homemaker Centre	Mornington, VIC	32,156sqm	3.7%	N/A	$58.5m
Kwinana Hub	Kwinana Town Centre, WA	17,336sqm	1.9%	$79m	$29.5m
TOTAL		431,189sqm	100.0%		$1,588.6m1

WEIGHTED AVERAGE LEASE EXPIRY OCCUPANCY

6.64 YEARS 99.3%

��

��[�]

==> picture [236 x 160] intentionally omitted <==

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

■■■■ CONVENIENCE CENTRE 2%
■■■■ CBD RETAIL 13%
■■■■ SUB REGIONAL 67%
■■■■ REGIONAL 6%
■■■■ BULKY GOODS CENTRE 12%
----- End of picture text -----

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�� [�]

==> picture [50 x 36] intentionally omitted <==

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

■■■■ NSW 50%
■■■■ VIC 20%
■■■■ QLD 28%
■■■■ WA 2%
----- End of picture text -----

1 BOOK VALUE AS AT 30 JUNE 2007. EXCLUDES DEVELOPMENT PROJECTS.
2 12 MONTHS TO 30 JUNE 2007.
3 BOOK VALUE REPRESENTS 50% INTEREST.
4 BOOK VALUE REPRESENTS 66.7% INTEREST.

FUNDS MANAGEMENT 32 / 33

5 BY BOOK VALUE AS AT 30 JUNE 2007, EXCLUDES DEVELOPMENT ASSETS AND INDIRECT PROPERTY INVESTMENTS.

INTERNAL FUNDS MANAGEMENT

RETAIL PORTFOLIO

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GREENWOOD PLAZA PACIFIC HIGHWAY, NORTH SYDNEY, NSW

==> picture [240 x 143] intentionally omitted <==

METCENTRE 60 MARGARET STREET, SYDNEY, NSW

DESCRIPTION

Greenwood Plaza is a three level centre at the base of North Sydney’s iconic 101 Miller Street. It comprises 105 retail and service outlets. The ground level retail fl ows directly into North Sydney railway station.

DESCRIPTION

Metcentre comprises some 70 stores, located in the heart of Sydney CBD with direct pedestrian link to Wynard Station.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE CBD Retail	GRADE CBD Retail
OWNERSHIP 100% MPT	OWNERSHIP 50% MPT, 50% MTAA
GLA 8,731 sqm	GLA 5,758 sqm
CAR SPACES 512	CAR SPACES N/A
ACQUISITION DATE Jun 1994	ACQUISITION DATE Aug1998
BOOK VALUE $124.0m	BOOK VALUE $47.0m
VALUATION $124.0m	VALUATION $45.0m
VALUATION DATE 30 Jun 07	VALUATION DATE 31 Dec 2005
CAPITALISATION RATE 6.50%	CAPITALISATION RATE 6.50%
DISCOUNT RATE 8.50%	DISCOUNT RATE 8.50%
CENTRE MAT(AS AT 30 JUN 07) $75m	CENTRE MAT(AS AT 30 JUN 07) $43m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
GREENWOOD HOTEL 856 Nov 07	PRICELINE 680 Sep08
IGA EXPRESS 713 Dec 17

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 9.6%
FY08 29.9%	FY08 20.3%

FY09 20.3%	FY09 20.2%
FY10 18.3%	FY10 24.4%
FY11 9.1%	FY11 8.7%
FY12 10.6%	FY12 5.9%
BEYOND 11.8%	BEYOND 10.8%
WALE 2.75 YEARS	WALE 1.84 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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STANHOPE VILLAGE SENTRY DRIVE, STANHOPE GARDENS, NSW

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ST MARYS VILLAGE CENTRE CHARLES HACKET DRIVE, ST MARYS, NSW

DESCRIPTION

Located in the rapidly growing northwest corridor of Sydney, Stanhope Village Stage 1 opened in late 2003, comprising a Coles Supermarket and 30 stores Stage 2 was opened March 2007 including Kmart. Master planning is underway for future stages.

DESCRIPTION

Located in the Western Sydney suburb of St Marys, this dominant sub regional centre comprises Woolworths, Target and 50 specialty stores.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Sub Regional	GRADE Sub Regional
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 15,451 sqm	GLA 16,170 sqm
CAR SPACES 694	CAR SPACES 690
ACQUISITION DATE Nov 03	ACQUISITION DATE Jan 03
BOOK VALUE $65.0m	BOOK VALUE $44.5m
VALUATION $65.0m	VALUATION $43.0m
VALUATION DATE 30 Jun 07	VALUATION DATE 31 Dec 2005
CAPITALISATION RATE 6.50%	CAPITALISATION RATE 7.00%
DISCOUNT RATE 8.75%	DISCOUNT RATE 9.25%
CENTRE MAT(AS AT 30 JUN 07) $78m	CENTRE MAT(AS AT 30 JUN 07) $62m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
K-MART 5,060 Mar 22	TARGET 8,023 Jul 11
COLES 3,629 Nov 18	WOOLWORTHS 4,066 Nov 15

LEASE EXPIRY PROFILE % AREA

VACANCY 2.4%	VACANCY 1.0%
FY08 0.0%	FY08 7.1%
FY09 14.3%	FY09 1.4%
FY10 2.7%	FY10 3.9%
FY11 3.7%	FY11 3.8%
FY12 12.4%	FY12 53.5%
BEYOND 64.5%	BEYOND 29.3%
WALE 8.92 YEARS	WALE 4.65 YEARS

FUNDS MANAGEMENT 34 / 35

INTERNAL FUNDS MANAGEMENT

RETAIL PORTFOLIO

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ORANGE CITY CENTRE CORNER OF ANSON STREET AND SUMMER STREET ORANGE, NSW

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BLACKTOWN MEGA CENTRE BLACKTOWN ROAD, BLACKTOWN, NSW

DESCRIPTION

The dominant centre in the city of Western NSW Orange. The complex incorporates Myer, together with a recently refurbished Big W, 34 specialty shops and undercover parking for 414 cars.

DESCRIPTION

Blacktown Mega Centre is located on the fringe of the Blacktown CBD and comprises a broad range of household and bulky goods stores servicing the growing North Western region of Sydney. The centre refurbishment was completed in June 2007 including a new Harvey Norman tenancy.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Sub Regional	GRADE BulkyGoods Centre
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 18,066 sqm	GLA 25,746 sqm
CAR SPACES 414	CAR SPACES 546
ACQUISITION DATE Apr 1993	ACQUISITION DATE Jun 02
BOOK VALUE $52.5m	BOOK VALUE $45.0m
VALUATION $49.0m	VALUATION $45.0m
VALUATION DATE 30 Jun 2006	VALUATION DATE 30 Jun 07
CAPITALISATION RATE 7.25%	CAPITALISATION RATE 7.00%
DISCOUNT RATE 9.00%	DISCOUNT RATE 8.75%
CENTRE MAT(AS AT 30 JUN 07) $74m	CENTRE MAT(AS AT 30 JUN 07) N/A
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
BIG W 7,017 Nov 26	BBC HARDWAREHOUSE 11,606 Oct 07
MYER 6,858 Nov 11	HARVEY NORMAN 5,888 May17

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 1.5%	FY08 52.1%

FY09 2.5%	FY09 2.6%
FY10 5.9%	FY10 9.9%
FY11 2.5%	FY11 4.4%
FY12 41.4%	FY12 6.3%
BEYOND 46.3%	BEYOND 24.7%
WALE 10.19 YEARS	WALE 3.23 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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BALLINA CENTRAL PACIFIC HIGHWAY, BALLINA, NSW

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MANNING MALL TAREE, NSW

DESCRIPTION

Opened in May 2006, this sub-regional shopping centre of over 13,000sqm, includes Big W, Supa IGA and 27 specialty shops plus a freestanding Hungry Jacks and a Woolworths Petrol outlet.

DESCRIPTION

Manning Mall is located approximately 300kms north of Sydney in the main retail street of Taree. Redevelopment plans have been lodged to include new Coles and Target stores and centre refurbishment.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Sub Regional	GRADE Sub Regional(Development)
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 13,546 sqm	GLA 10,704 sqm
CAR SPACES 557	CAR SPACES 357
ACQUISITION DATE Dec 04	ACQUISITION DATE Nov 06
BOOK VALUE $42.5m	BOOK VALUE $32.5m
VALUATION $41.0m	VALUATION N/A
VALUATION DATE 30 Jun 2006	VALUATION DATE N/A
CAPITALISATION RATE 7.00%	CAPITALISATION RATE N/A
DISCOUNT RATE 9.00%	DISCOUNT RATE N/A
CENTRE MAT(AS AT 30 JUN 07) $53m	CENTRE MAT(AS AT 30 JUN 07) $22m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
BIG W 7,412 May26	KMART 5,705 Jun 06
RITCHIES SUPA IGA 3,761 Jun 26	BILO 1,773 Dec 11

LEASE EXPIRY PROFILE % AREA

VACANCY 0.3%		VACANCY 1.5%
FY08 0.0%		FY08 61.8%
FY09 0.0%		FY09 5.1%
FY10 0.0%		FY10 1.7%
FY11 3.9%		FY11 5.4%
FY12 5.7%		FY12 23.5%
BEYOND 90.1%		BEYOND 1.1%
WALE 16.46 YEARS		WALE 1.64 YEARS

FUNDS MANAGEMENT 36 / 37

INTERNAL FUNDS MANAGEMENT

RETAIL PORTFOLIO

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RHODES SHOPPING CENTRE, SYDNEY NSW

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BROADWAY SHOPPING CENTRE, BROADWAY SYDNEY, NSW

DESCRIPTION

Acquired in January 2007. The centre is co located with IKEA and includes Coles, BiLo and over 100 specialty stores.

DESCRIPTION

Acquired in January 2007, this dominant regional centre is located on the fringe of the CBD and services the demand of Sydney’s inner west. Recently expanded and refurbished to include Target and new upmarket fashion level.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Sub Regional	GRADE Sub Regional
OWNERSHIP 50% MPT, 50% Perron	OWNERSHIP 50% MPT, 50% Perron
GLA 32,586 sqm	GLA 48,910 sqm
CAR SPACES 2,400	CAR SPACES 1,824
ACQUISITION DATE Jan 07	ACQUISITION DATE Jan 07
BOOK VALUE $111.5m	BOOK VALUE $226.5m
VALUATION $99.0m	VALUATION $215.0m
VALUATION DATE 31 Dec 2006	VALUATION DATE 31 Dec 2006
CAPITALISATION RATE 5.75%	CAPITALISATION RATE 5.50%
DISCOUNT RATE 8.20%	DISCOUNT RATE 8.20%
CENTRE MAT(AS AT 30 JUN 07 – 100% INTEREST) $163m	CENTRE MAT(AS AT 30 JUN 07 – 100% INTEREST) $321m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
COLES 3,497 Dec 19	K-MART 6,208 Jul 09
BILO 2,648 Dec 14	HOYTS MULTIPLEX CINEMAS 4,857 Jul 18

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 2.1%	FY08 14.5%

FY09 0.0%	FY09 6.2%
FY10 20.1%	FY10 4.3%
FY11 14.4%	FY11 6.6%
FY12 12.5%	FY12 9.0%
BEYOND 50.9%	BEYOND 59.4%
WALE 5.95 YEARS	WALE 7.19 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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LOGAN MEGA CENTRE, PACIFIC HWY LOGAN, QLD

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ORION SPRINGFIELD TOWN CENTRE, MAIN STREET, SPRINGFIELD, QLD

DESCRIPTION

Opened in March 2007, the centre is the premiere homemaker facility of Brisbane. Co located with IKEA, the centre includes 30 of the best homemaker retailers.

DESCRIPTION

Located in Brisbane’s Southwestern rapidly growing corridor, the centre was opened in March 2007 including Woolworths, Big W and 100 stores. This town centre breaks new ground in terms of environmentally sustainable initiatives. Planning for future stages is underway.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE BulkyGoods Centre	GRADE Regional
OWNERSHIP 100% MPT	OWNERSHIP 67% MPT 33% MREIT
GLA 27,102 sqm	GLA 33,366 sqm
CAR SPACES 600	CAR SPACES 2,200
ACQUISITION DATE Sep05	ACQUISITION DATE Aug02
BOOK VALUE $82.5m	BOOK VALUE $103.3m(67% interest)
VALUATION $82.5m	VALUATION $103.3m(67% interest)
VALUATION DATE 30 Jun 07	VALUATION DATE 30 Jun 07
CAPITALISATION RATE 7.00%	CAPITALISATION RATE 6.25%
DISCOUNT RATE 8.75%	DISCOUNT RATE 8.75%
CENTRE MAT(AS AT 30 JUN 07) N/A	CENTRE MAT(AS AT 30 JUN 07) N/A
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
SPOTLIGHT 3,509 Sep17	BIG W 8,044 Mar 27
ANACONDA 3,425 Mar 17	WOOLWORTHS 4,188 Mar 27

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY08 0.0%	FY08 0.1%
FY09 0.0%	FY09 0.0%
FY10 0.0%	FY10 0.4%
FY11 0.0%	FY11 0.0%
FY12 17.3%	FY12 38.1%
BEYOND 82.7%	BEYOND 61.5%
WALE 8.07 YEARS	WALE 10.14 YEARS

FUNDS MANAGEMENT 38 / 39

INTERNAL FUNDS MANAGEMENT

RETAIL PORTFOLIO

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HINKLER CENTRAL MARYBOROUGH STREET, BUNDABERG, QLD

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KAWANA SHOPPINGWORLD NICKLIN WAY, BUDDINA, QLD

DESCRIPTION

Located in the growing town of Bundaberg, the centre is enjoying the benefi ts of the redevelopment completed in June 2006. The Centre comprises Woolworths, Coles, Kmart and 70 stores.

DESCRIPTION

Located on the Queensland Sunshine Coast, the centre comprises Woolworths, Big W, Bi-Lo and 102 specialty shops. Planning is underway for signifi cant centre expansion.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Sub Regional	GRADE Sub Regional
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 21,049 sqm	GLA 29,787 sqm
CAR SPACES 1046	CAR SPACES 1,710
ACQUISITION DATE Aug03	ACQUISITION DATE Dec 93(50%)Jun 98(50%)
BOOK VALUE $92.4m	BOOK VALUE $176.0m
VALUATION $91.0m	VALUATION $175.0m
VALUATION DATE 30 Jun 2006	VALUATION DATE 31 Dec 2005
CAPITALISATION RATE 6.50%	CAPITALISATION RATE 6.75%
DISCOUNT RATE 9.25%	DISCOUNT RATE 8.75%
CENTRE MAT(AS AT 30 JUN 07) $130m	CENTRE MAT(AS AT 30 JUN 07) $217m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
KMART 6,208 Jul 09	BIG W 8,383 Jun 21
WOOLWORTHS 3,548 Mar 20	WOOLWORTHS 3,648 Nov 14

LEASE EXPIRY PROFILE % AREA

VACANCY 1.3%		VACANCY 0.1%
FY08 1.1%		FY08 15.4%

FY09 17.0%		FY09 8.5%
FY10 30.7%		FY10 9.0%
FY11 13.9%		FY11 6.2%
FY12 6.4%		FY12 0.6%
BEYOND 29.6%		BEYOND 60.3%
WALE 4.73 YEARS		WALE 7.23 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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COMO CENTRE RETAIL, CORNER TOORAK ROAD AND CHAPEL STREET, SOUTH YARRA, VIC

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GIPPSLAND CENTRE CUNNINGHAME STREET, SALE, VIC

DESCRIPTION

The Como Centre is a mixed use offi ce, retail and hotel complex, with the retail component comprising about 30 specialty shops. The centre is located on the popular Chapel Street shopping strip.

DESCRIPTION

Located in the heart of sale’s CBD, the Gippsland Centre includes Coles, Safeway, Target and 50 specialty stores enhanced by on-grade parking.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE CBD Retail	GRADE Sub Regional
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 6,894 sqm	GLA 21,694 sqm
CAR SPACES 635	CAR SPACES 1,062
ACQUISITION DATE Aug1998	ACQUISITION DATE Jan 1994
BOOK VALUE $29.2m	BOOK VALUE $55.7m
VALUATION $29.2m	VALUATION $55.7m
VALUATION DATE 30 Jun 07	VALUATION DATE 30 Jun 07
CAPITALISATION RATE 7.00%	CAPITALISATION RATE 7.00%
DISCOUNT RATE 8.25%	DISCOUNT RATE 8.50%
CENTRE MAT(AS AT 30 JUN 07) N/A	CENTRE MAT(AS AT 30 JUN 07) $106m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
CINEMA COMO 1,633 Dec 14	TARGET 7,778 Jun 10
ECO HAIR PRODUCTS 538 Oct 11	COLES 3,388 Nov 13

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 1.9%
FY08 2.8%	FY08 3.0%
FY09 12.7%	FY09 7.6%
FY10 14.7%	FY10 45.3%
FY11 6.0%	FY11 2.4%
FY12 27.4%	FY12 1.3%
BEYOND 36.3%	BEYOND 38.6%
WALE 4.51 YEARS	WALE 4.15 YEARS

FUNDS MANAGEMENT 40 / 41

INTERNAL FUNDS MANAGEMENT

RETAIL PORTFOLIO

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WAVERLEY GARDENS POLICE ROAD (CORNER JACKSONS ROAD) MULGRAVE, VIC

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MOONEE PONDS CENTRAL HOMER STREET, MOONEE PONDS, VIC

DESCRIPTION

Waverley Gardens sits adjacent to Mirvac’s Waverley Park residential development and the Monash freeway. A major upgrade and expansion was completed in March 2007. The centre now comprises Safeway, Coles, Target, Big W and over 100 specialty stores.

DESCRIPTION

The centre is less than 7km north of the Melbourne CBD and is anchored by a Coles Supermarket and a strong specialty fresh food offer.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Sub Regional	GRADE Convenience Centre
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 39,894 sqm	GLA 6,244 sqm
CAR SPACES 2,245	CAR SPACES 402
ACQUISITION DATE Nov 02	ACQUISITION DATE May03
BOOK VALUE $145.0m	BOOK VALUE $25.5m
VALUATION $145.0m	VALUATION $25.3m
VALUATION DATE 30 Jun 07	VALUATION DATE 30 Jun 2006
CAPITALISATION RATE 6.50%	CAPITALISATION RATE 7.25%
DISCOUNT RATE 8.75%	DISCOUNT RATE 9.50%
CENTRE MAT(AS AT 30 JUN 07) $121m	CENTRE MAT(AS AT 30 JUN 07) $58m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
TARGET 6,796 Jun 20	COLES 4,000 May12
BIG W 6,770 Mar 27

LEASE EXPIRY PROFILE % AREA

VACANCY 1.6%		VACANCY 1.3%
FY08 1.6%		FY08 5.3%

FY09 1.6%		FY09 6.4%
FY10 9.1%		FY10 11.7%
FY11 8.9%		FY11 10.1%
FY12 8.1%		FY12 65.2%
BEYOND 69.1%		BEYOND 0.0%
WALE 9.49 YEARS		WALE 3.94 YEARS

MIRVAC GROUP PROPERTY COMPENDIUM

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PENINSULA HOMEMAKER CENTRE NEPEAN HIGHWAY, MORNINGTON, VIC

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KWINANA HUB GILMORE AVENUE, KWINANA TOWN CENTRE, WA

DESCRIPTION

Completed in 2005, this 32,000sqm bulky goods centre services the growing region of the Mornington Peninsula.

DESCRIPTION

Located in the outer Southern Perth suburb of Kwinana, the centre currently comprises Woolworths and Coles. Redevelopment planning is well advanced.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE BulkyGoods Centre	GRADE Sub Regional
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 32,156 sqm	GLA 17,336 sqm
CAR SPACES 900	CAR SPACES 1,201
ACQUISITION DATE Jun 04	ACQUISITION DATE Sep05
BOOK VALUE $58.5m	BOOK VALUE $29.5m
VALUATION $58.5m	VALUATION $27.3m
VALUATION DATE 30 Jun 07	VALUATION DATE 30 Jun 2006
CAPITALISATION RATE 7.50%	CAPITALISATION RATE 7.75%
DISCOUNT RATE 9.00%	DISCOUNT RATE 10.00%
CENTRE MAT(AS AT 30 JUN 07) N/A	CENTRE MAT(AS AT 30 JUN 07) $79m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
CLIVE PEETERS 3,203 Aug10	WOOLWORTHS LTD 3,541 Aug10
BETTA ELECTRICAL 1,583 Sep10	COLES SUPERMARKETS 2,670 Sep11

LEASE EXPIRY PROFILE % AREA

VACANCY 0.8%		VACANCY 0.0%
FY08 0.0%		FY08 11.7%
FY09 0.0%		FY09 3.0%
FY10 3.9%		FY10 19.6%
FY11 30.6%		FY11 31.0%
FY12 9.1%		FY12 34.1%
BEYOND 55.7%		BEYOND 0.6%
WALE 4.62 YEARS		WALE 2.43 YEARS

FUNDS MANAGEMENT 42 / 43

INTERNAL FUNDS MANAGEMENT

HOTEL PORTFOLIO

PROPERTY	LOCATION	OWNERSHIP	ROOMS	BOOK VALUE
The Como Melbourne	South Yarra, VIC	100% MPT	107	$31.7m1
The Sebel Residence East Perth	East Perth, WA	100% Mirvac Limited	57	$12.3m
TOTAL			164	$41.3m

1 BOOK VALUE AS AT 30 JUNE 2007, EXCLUDING FF & E.

PARKING PORTFOLIO

					% OF PARKING
					PORTFOLIO	BOOK
PROPERTY	LOCATION	OWNERSHIP	TYPE	CAR SPACES	BOOK VALUE1	VALUE1
QuayWest	Sydney, NSW	100% MPT	Commercial	600	52.3%	$45.0m
The Como Centre	Melbourne, VIC	100% MPT	Commercial / Retail	629	25.6%	$22.0m
Riverside Quay	Melbourne, VIC	100% MPT	Commercial	560	22.1%	$19.0m
TOTAL				1,789	100.0%	$86.0m

1 BOOK VALUE AS AT 30 JUNE 2007.

MIRVAC GROUP PROPERTY COMPENDIUM

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THE SEBEL RESIDENCE EAST PERTH, WA
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FUNDS MANAGEMENT 44 / 45

INTERNAL FUNDS MANAGEMENT

HOTEL PORTFOLIO

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THE COMO MELBOURNE 630 CHAPEL STREET, SOUTH YARRA, VIC

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THE SEBEL RESIDENCE EAST PERTH 60 ROYAL STREET, EAST PERTH, WA

DESCRIPTION

The Como is a 107 room, 5 star boutique hotel which forms part of the mixed use Como development in the sought after inner south-eastern suburb of South Yarra.

DESCRIPTION

The Sebel Residence East Perth comprises 57 fully self contained apartments with magnifi cent views of the Swan River, close to Perth’s CBD and fabulous restaurants and cafes.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP	100% MPT
NO OF ROOMS	107
OCCUPANCY	80%
AVERAGE ROOM RATE	$253.65
STAR RATING	5 star
ACQUISITION DATE	Aug1998
BOOK VALUE	$31.7m
VALUATION	$26.0m
VALUATION DATE	30 Jun 05
CAPITALISATION RATE	8.75%
DISCOUNT RATE	11.25%

PROPERTY DETAILS
OWNERSHIP	100% Mirvac Limited
NO OF ROOMS	57
OCCUPANCY	85%
AVERAGE ROOM RATE	$154.32
STAR RATING	41/2 star
ACQUISITION DATE	Oct 03
BOOK VALUE	$12.3m
DIRECTORS VALUATION	$12.3m
VALUATION DATE	30 Jun 2006

MIRVAC GROUP PROPERTY COMPENDIUM

PARKING PORTFOLIO

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QUAY WEST CAR PARK 109 – 111 HARRINGTON STREET, SYDNEY, NSW

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COMO CENTRE CAR PARK CHAPEL STREET, SOUTH YARRA, VIC

DESCRIPTION

An eight level commercial car park comprising 629 spaces located under Quay West Suites in the Rocks area. Close to the fi nancial district of the CBD and several fi ve star hotels. Three retail outlets are also included.

DESCRIPTION

A multi-level car park comprising 629 spaces servicing the Como Centre complex including offi ce, hotel, cinemas and retail.

PROPERTY DETAILS

PROPERTY DETAILS	PROPERTY DETAILS
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NUMBER OF BAYS 600	NUMBER OF BAYS 629
ACQUISITION DATE Nov 1989	ACQUISITION DATE Aug1998
BOOK VALUE $45.0m	BOOK VALUE $22.0m
VALUATION $45.0m	VALUATION $22.0m
VALUATION DATE 30 Jun 2006	VALUATION DATE 30 Jun 07
CAPITALISATION RATE 7.50%	CAPITALISATION RATE 8.50%
DISCOUNT RATE 9.25%	DISCOUNT RATE 8.75%

FUNDS MANAGEMENT 46 / 47

INTERNAL FUNDS MANAGEMENT

PARKING PORTFOLIO

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RIVERSIDE QUAY CAR PARK CNR RIVERSIDE QUAY & SOUTHBANK BOULEVARD, MELBOURNE, VIC

DESCRIPTION

A separate building at the rear of MPT’s commercial complex providing a 560 space car park.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP	100% MPT
NUMBER OF BAYS	560
ACQUISITION DATE	Apr 02
BOOK VALUE	$19.0m
VALUATION	$19.0m
VALUATION DATE	30 Jun 07
CAPITALISATION RATE	7.50%
DISCOUNT RATE	8.75%

MIRVAC GROUP PROPERTY COMPENDIUM

PARKING MANAGEMENT

PROPERTY	LOCATION	TYPE	CAR SPACES	OWNERSHIP
QuayWest	Sydney, NSW	Commercial	600	100% MPT
Westf eld	Chatswood, NSW	Retail	2,900	Managed
Westf eld	Parramatta, NSW	Retail	4,650	Managed
Westf eld	Burwood, NSW	Retail	3,200	Managed
Westf eld	Hornsby, NSW	Retail	3,570	Managed
Westf eld	Liverpool, NSW	Retail	3,600	Managed
Westf eld	Penrith, NSW	Retail	3,500	Managed
Citigate Central	Sydney, NSW	Hotel / Commercial	600	50% MWHF
Optus Centre	North Sydney, NSW	Commercial / Retail	561	100% MPT
Marriott Hotel	Sydney, NSW	Hotel	230	100% MWHF
Chatswood Chase	Chatswood, NSW	Retail	2,330	Managed
67 Albert Ave	Chatswood, NSW	Commercial	204	Managed
60 Margaret St	Sydney, NSW	Commercial	141	50% MPT
AMP	Warringah, NSW	Retail	4,460	Managed
QVB	Sydney, NSW	Commercial / Retail	660	Managed
Westf eld	Woden, ACT	Retail	2,525	Managed
John OxleyCentre	Brisbane, QLD	Commercial	319	100% MPT
127 Creek Street	Brisbane, QLD	Commercial	150	100% MPT
The Como Centre	Melbourne, VIC	Commercial / Retail	629	100% MPT
Riverside Quay	Melbourne, VIC	Commercial	560	100% MPT
Citigate Sebel Albert Park	Melbourne, VIC	Hotel/Commercial	570	50% MWHF
TOTAL			35,959

��

■■■■ MANAGED 92% ■■■■ OWNED 8%

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FUNDS MANAGEMENT 48 / 49

FUNDS MANAGEMENT

$9.1 BILLION

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EXTERNAL
FUNDS
MANAGEMENT
----- End of picture text -----

MIRVAC GROUP PROPERTY COMPENDIUM

> EQUITY FUNDS

> DEBT FUNDS

> INFRASTRUCTURE FUNDS

> HOTEL MANAGEMENT

50 / 51

FUNDS MANAGEMENT

EXTERNAL FUNDS MANAGEMENT

MIRVAC REAL ESTATE EQUITY > FUNDS UNDER MANAGEMENT > $4.8 BILLION

LISTED

WHOLESALE

MIRVAC REAL ESTATE INVESTMENT TRUST TUCKER BOX HOTEL TRUST MIRVAC INDUSTRIAL TRUST MIRVAC WHOLESALE HOTEL FUND AUSTRALIAN HOTEL FUND[2] MIRVAC WHOLESALE RESIDENTIAL DEVELOPMENT PARTNERSHIP DOMAINE SEQ GROWTH FUNDS[5] CHANTREY CITY REGENERATION LIMITED PARTNERSHIP[5]

RETAIL

MIRVAC RETAIL PORTFOLIO[3] MIRVAC INDUSTRIAL FUND[3] MIRVAC TOURIST PARK FUND MIRVAC CHILDCARE FUND[4] MIRVAC DEVELOPMENT FUND – SEASCAPES MIRVAC DEVELOPMENT FUND – MEADOW SPRINGS PFA DIVERSIFIED PROPERTY TRUST[5] DOMAINE HUNTER FUND[5] DOMAINE DIVERSIFIED PROPERTY FUND[5] DOMAINE LAND FUND[5]

MANDATES

AUSTRALIANSUPER QUADRANT REAL ESTATE ADVISORS[5]

MIRVAC REAL ESTATE DEBT > FUNDS UNDER MANAGEMENT > $3.5 BILLION

RETAIL MANDATES

MIRVAC AQUA HIGH INCOME FUND[5] MIRVAC MEZZANINE CAPITAL FUND MIRVAC AQUA ENHANCED INCOME FUND[5] QUADRANT REAL ESTATE ADVISORS[5] MIRVAC AQUA INCOME FUND[5] MIRVAC AQUA SENIOR DEBT POOL[5] MIRVAC AQUA CONSTRUCTION DEBT POOL[5] MIRVAC AQUA MEZZANINE DEBT POOL[5]

WHOLESALE

INSTITUTIONAL COMMERCIAL MORTGAGE FUND NO’S 2 TO 5[6] CALIFORNIA COMMUNITY MORTGAGE FUND[6] CORE MORTGAGE FUNDS 1 AND 2[6] QUADRANT PARALLEL FUND, LLC[6]

INFRASTRUCTURE > FUNDS UNDER MANAGEMENT > $0.8 BILLION

WHOLESALE

MANDATES

JF INFRASTRUCTURE YIELD FUND[5] TELSTRA DOME[5] AUSTRALIAN SUSTAINABLE FORESTRY INVESTORS[5] INTERNATIONAL PARKING GROUP[5] NEW ZEALAND SUSTAINABLE FORESTRY INVESTORS[5] PRIVATE CLIENT MANDATES[5] JF INFRASTRUCTURE SUSTAINABLE EQUITY FUND[5]

MIRVAC GROUP PROPERTY COMPENDIUM

MIRVAC’S EXTERNAL FUNDS MANAGEMENT MANAGES APPROXIMATELY $9.1 BILLION[1] ON BEHALF OF MORE THAN 40,000 INSTITUTIONAL, RETAIL AND PRIVATE CLIENT INVESTORS ACROSS THREE KEY AREAS: REAL ESTATE EQUITY, REAL ESTATE DEBT AND INFRASTRUCTURE.

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■■■■ REAL ESTATE EQUITY – ONSHORE 42%
■■■■ REAL ESTATE EQUITY – OFFSHORE 11%
■■■■ REAL ESTATE DEBT – OFFSHORE 3%
■■■■ REAL ESTATE DEBT – OFFSHORE 35%
■■■■ INFRASTRUCTURE – ONSHORE 9%
----- End of picture text -----

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■■■■ LISTED 24% ■■■■ RETAIL 14% ■■■■ WHOLESALE 21% ■■■■ MANDATES 41%

1 FUNDS UNDER MANAGEMENT IS BEFORE ADJUSTMENT TO JOINT VENTURE INTERESTS.
2 TAKEOVER OFFER ANNOUNCED BY VICAROMA PTY LIMITED ON 9 JULY 2007.
3 SCHEME OF ARRANGEMENT ANNOUNCED BY MIRVAC REAL ESTATE INVESTMENT TRUST ON 7 AUGUST 2007, SECURITYHOLDER APPROVAL PENDING.
4 AUSTOCK PROPERTY MANAGEMENT LIMITED APPOINTED RESPONSIBLE ENTITY ON 16 JULY 2007.
5 MIRVAC IS A 50% OWNER OF THE MANAGEMENT ENTITY.
6 FUNDS MANAGED BY QUADRANT REAL ESTATE ADVISORS.

FUNDS MANAGEMENT 52 / 53

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / LISTED

MIRVAC REAL ESTATE INVESTMENT TRUST

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Listed	1,320	27,000	20% MPT

Mirvac Real Estate Investment Trust (MREIT) is a separately listed diversifi ed property trust trading on the ASX.

MREIT’s major investments are direct property including interests in eight commercial properties, nine shopping centres, six business park / industrial properties and an interest in 12 Travelodge hotels. MREIT also has investments in listed and unlisted property trusts, mortgages, listed Australian equities and cash.

At 30 June 2007 MREIT had gross assets of approximately $1.3 billion and a market capitalisation of approximately $846 million.

				INDEPENDENT
		ASSET	ACQUISITION	VALUATION	INDEPENDENT	BOOK	CAPITALISATION	LETTABLE
PROPERTY	STATE	OWNERSHIP	DATE	DATE	VALUATION	VALUE1	RATE	AREA
COMMERCIAL
10 – 20 Bond Street, Sydney	NSW	50%	Jul 04	Jun 07	$147.5m	$147.5m	5.75%	37,860sqm
3 Rider Boulevard, Rhodes	NSW	100%	Jan 07	Jun 07	$77.0m	$77.0m	6.75%	16,825sqm
340 Adelaide Street, Brisbane	QLD	100%	Sep98	Jun 07	$70.0m	$70.0m	6.75%	13,214sqm
191 – 197 Salmon Street, Port Melbourne	VIC	50%	Jul 03	Jun 07	$56.8m	$56.8m	6.50%	21,762sqm
423 Pennant Hills Road, Pennant Hills2	NSW	100%	Oct 90	Jun 07	$31.5m	$31.5m	8.00%	8,589sqm
48 – 52 Furzer Street, Woden	ACT	100%	Feb 00	Jun 07	$24.0m	$24.0m	10.50%	19,931sqm
591 – 609 Doncaster Road, Doncaster	VIC	100%	Jun 02	Jun 07	$22.0m	$22.0m	7.25%	6,868sqm
12 Cribb Street, Milton	QLD	100%	Apr 99	Jun 07	$17.0m	$17.0m	7.00%	3,311sqm
TOTAL COMMERCIAL					$445.8m	$445.8m	6.71%3 128,360sqm
RETAIL
Cherrybrook Village ShoppingCentre	NSW	100%	Mar 06	Jun 07	$78.0m	$78.0m	6.25%	9,497sqm
			Jul 01 (50%)
Taree CityCentre	NSW	100%	Nov 04(50%)	Jun 07	$65.0m	$65.0m	6.25%	15,524sqm
Orion Springf eld Town Centre	QLD	33%	Jun 03	Jun 07	$51.7m	$51.7m	6.25%	33,366sqm
CityCentre Plaza, Rockhampton	QLD	100%	Dec 06	Jun 07	$50.0m	$50.0m	6.50%	14,109sqm
Alexandra Hills ShoppingCentre	QLD	100%	Aug00	Jun 07	$46.0m	$46.0m	6.75%	12,335sqm
			Jul 01 (50%)
Cooleman Court, Weston	ACT	100%	Nov 04(50%)	Mar 06	$39.0m	$39.4m	7.75%	9,919sqm
Moonee Beach ShoppingCentre	NSW	100%	Feb 07	Dec 06	$31.0m	$31.0m	7.25%	10,979sqm
Kogarah Town Centre4	NSW	100%	Oct 03	Jun 06	$22.8m	$23.0m	7.75%	5,153sqm
Chester Square ShoppingCentre	NSW	100%	Mar 07	Dec 05	$12.0m	$23.7m	8.50%	6,461sqm
Orion Land	QLD	33%	Jun 03	Jun 03	$13.3m5$11.1m		N/A	–
TOTAL RETAIL					$408.8m	$418.9m	6.77%3	117,343sqm

1 SUBJECT TO FINAL AUDIT APPROVAL.
2 MORTGAGEE IN POSSESSION.
3 WEIGHTED AVERAGE CAPITALISATION RATE.
4 CONTRACTS EXCHANGED IN DECEMBER 2006 AND SETTLEMENT EXPECTED AUGUST 2007.
5 REPRESENTS ORIGINAL SITE AREA.

MIRVAC GROUP PROPERTY COMPENDIUM

				INDEPENDENT
		ASSET	ACQUISITION	VALUATION	INDEPENDENT	BOOK	CAPITALISATION	LETTABLE
PROPERTY	STATE OWNERSHIP		DATE	DATE	VALUATION	VALUE1	RATE	AREA
INDUSTRIAL / BUSINESS PARK
10 Julius Avenue, North Ryde	NSW	100%	Dec 05	Jun 07	$68.5m	$68.5m	6.50%	13,386sqm
32 Sargents Road, Minchinbury	NSW	100%	Feb 04	Jun 07	$30.3m	$30.3m	7.00%	22,378sqm
108 – 120 Silverwater Road, Silverwater	NSW	100%	Mar 00	Jun 07	$30.0m	$30.0m	7.50%	17,830sqm
12 Julius Avenue, North Ryde	NSW	100%	Nov 99	Jun 07	$30.0m	$30.0m	7.00%	7,308sqm
52 Huntingwood Drive, Huntingwood	NSW	100%	Nov 04	Jun 07	$28.0m	$28.0m	7.00%	19,286sqm
Network Old Wallgrove Road,
Eastern Creek	NSW	50%	Jun 04	Jun 04	$11.1m	$7.0m	N/A	–
TOTAL INDUSTRIAL / BUSINESS PARK					$197.9m	$193.8m	6.90 %3	80,188sqm
TRAVELODGE HOTEL GROUP – JOINTLY OWNED BY NRMA 50%, MREIT 49% AND MPT 1%
	NSW / QLD /		Mar 05 –	Jun 06 –
Travelodge – 12 hotels	VIC / WA	49%	Jun 06	Jun 07	$143.3m	$149.3m	7.50 – 11.00%	–
TOTAL TRAVELODGE HOTELS					$143.3m	$149.3m	7.50 – 11.00%	–
TOTAL DIRECT PROPERTY					$1,195.8m	$1,207.8m		325,891sqm

OTHER ASSETS	$M
Listedpropertytrusts(LPT’s)	$73.2m
Equities	$43.1m
Unlisted funds	$25.0m
TOTAL OTHER ASSETS	$141.3m

FUNDS MANAGEMENT 54 / 55

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / LISTED

MIRVAC INDUSTRIAL TRUST

FOCUS	FUM AUD ($M)1	NO OF INVESTORS	MGR OWNERSHIP
Listed	886.0	2,197	9.95% MPT

The Mirvac Industrial Trust (MIX) is an ASX listed property trust. At 30 June 2007 MIX had gross assets of A$886 million, through a 95 per cent interest in 71 industrial assets located in or around the Greater Chicago Region (including Milwaukee and Indiana) and in Grand Rapids, Michigan.

The portfolio has a diverse range of quality tenants and assets. MIX acquired its 95 per cent interest in the portfolio fromCenterPoint Properties Trust, one of the fi rst major REITs in the US to focus on the industrial property market within the Greater Chicago Metropolitan region. Through a joint venture with MIX, CenterPoint retain a fi ve per cent interest in and manage the portfolio.

					INDEPENDENT	INDEPENDENT	BOOK		GROSS
			ASSET	ACQUISITION	VALUATION	VALUATION	VALUE		LETTABLE
PROPERTY	SUB MARKET	OWNERSHIP		DATE	DATE	(AUD)	(AUD)2	YIELD	AREA
GREATER CHICAGO REGION
1750 South Lincoln Drive	McHenryCounty		95%	Nov 05	Dec 05	$20.9m	$19.1m	9.8%	499,200sqft
308 South Division Street	McHenryCounty		95%	May05	Dec 05	$42.4m	$44.0m	10.1%	1,331,727sqft
875 West Diggins Street	McHenryCounty		95%	Jun 06	Jun 06	$8.1m	$8.0m	8.9%	126,304sqft
28160 – 70 North Keith Drive	Lake County		95%	Jul 05	Dec 06	$5.6m	$5.8m	8.2%	77,924sqft
3145 Central Avenue	Lake County		95%	Jul 05	Jun 07	$14.3m	$14.3m	8.6%	292,000sqft
3849 – 3865 Swanson Court	Lake County		95%	Feb 06	Feb 06	$4.7m	$5.6m	2.0%	100,000sqft
1100 Lakeside Drive	Lake County		95%	Jun 06	Jun 06	$4.9m	$5.1m	7.5%	40,000sqft
1810 Northwestern Drive	Lake County		95%	Jun 06	Jun 06	$8.5m	$8.5m	8.2%	122,712sqft
620 South Butterf eld Road	Lake County		95%	Jun 06	Jun 06	$3.9m	$3.9m	6.2%	24,237sqft
5990 West TouhyAvenue	Northeast Cook County		95%	Feb 06	Jun 07	$19.3m	$19.3m	10.5%	302,379sqft
3602 North Kennicott Avenue	Northwest Cook County		95%	Jul 05	Jun 07	$5.8m	$5.8m	Vacant	94,300sqft
1301 Tower Drive	Northwest Cook County		95%	Jun 06	Jun 06	$10.5m	$10.5m	7.8%	50,400sqft
1605 PennyLane	Northwest Cook County		95%	Jun 06	Jun 06	$2.8m	$3.0m	7.9%	27,742sqft
1665 PennyLane	Northwest Cook County		95%	Jun 06	Jun 06	$1.4m	$1.6m	16.8%	20,722sqft
514 – 532 Hicks Road	Northwest Cook County		95%	Jun 06	Jun 06	$4.2m	$4.5m	8.5%	71,100sqft
900 West UniversityDrive	Northwest Cook County		95%	Jun 06	Jun 06	$8.0m	$7.7m	8.4%	86,254sqft
1111 Bowes Road	North Kane County		95%	Jun 06	Jun 06	$10.6m	$11.0m	8.2%	144,578sqft
800 – 850 RegencyDrive	North DuPage County		95%	May05	Jun 07	$4.9m	$4.9m	10.9%	48,230sqft
1445 – 1645 Greenleaf Avenue	O’Hare		95%	May05	Jun 07	$10.6m	$10.6m	8.5%	150,000sqft
1796 Sherwin Avenue	O’Hare		95%	Nov 05	Jun 07	$6.7m	$6.7m	4.0%	100,847sqft
1850 Greenleaf Avenue	O’Hare		95%	Nov 05	Dec 05	$4.5m	$5.5m	7.1%	58,627sqft
2600 Elmhurst Road	O’Hare		95%	Jun 06	Jun 06	$10.4m	$10.6m	7.2%	105,000sqft
2801 – 2881 Busse Road	O’Hare		95%	Jun 06	Jun 06	$23.3m	$23.4m	6.9%	251,076sqft
850 Arthur Avenue	O’Hare		95%	Jun 06	Jun 06	$3.5m	$3.5m	7.4%	42,490sqft
712 North Central Avenue	O’Hare		95%	Jun 06	Jun 06	$7.8m	$7.8m	7.6%	56,897sqft

1 AUD / USD EXCHANGE RATE OF 0.8487.

2 SUBJECT TO FINAL AUDIT APPROVAL.

3 ACQUIRED POST 30 JUNE 2007.

MIRVAC GROUP PROPERTY COMPENDIUM

					INDEPENDENT	INDEPENDENT	BOOK		GROSS
			ASSET	ACQUISITION	VALUATION	VALUATION	VALUE		LETTABLE
PROPERTY	SUB MARKET	OWNERSHIP		DATE	DATE	(AUD)	(AUD)2	YIELD	AREA
1900 North 5th Avenue	Near West Suburbs		95%	Dec 06	Oct 06	$12.7m	$12.7m	7.8%	268,109sqft
100 West Whitehall	Near West Suburbs		95%	Jun 06	Jun 06	$21.4m	$21.8m	6.2%	251,584sqft
342 – 346 Carol Lane	West Suburbs		95%	Jun 06	Jun 06	$8.0m	$8.1m	7.9%	67,935sqft
200 South Mitchell	West Suburbs		95%	Jun 06	Jun 06	$12.1m	$12.3m	7.8%	152,200sqft
5101 Darmstadt Road	West Suburbs		95%	Jun 06	Jun 06	$7.3m	$7.1m	7.6%	61,054sqft
1020 Frontenac Road	Far West Suburbs		95%	Nov 05	Jun 07	$5.4m	$5.4m	8.1%	99,684sqft
1880 CountryFarm Road3	Far West Suburbs		95%	Jul 07	Jul 07	$14.5m	$14.7m	7.6%	162,000sqft
2727 West Deihl Road	Far West Suburbs		95%	May05	Jun 07	$34.3m	$34.3m	7.5%	440,343sqft
920 Frontenac Road	Far West Suburbs		95%	Jul 05	Jun 07	$5.3m	$5.3m	Vacant	121,220sqft
6000 West 73rd Street	Southwest Suburbs		95%	Nov 05	Jun 07	$7.5m	$7.5m	8.4%	148,091sqft
6510 West 73rd Street	Southwest Suburbs		95%	May05	Apr 06	$14.5m	$16.2m	Vacant	306,552sqft
6558 West 73rd Street	Southwest Suburbs		95%	Feb 06	Apr 06	$15.2m	$15.6m	9.9%	301,000sqft
6600 River Road	Southwest Suburbs		95%	Feb 06	Jun 07	$23.7m	$23.7m	9.9%	630,410sqft
6751 South Sayre Avenue	Southwest Suburbs		95%	Nov 05	Jun 07	$12.4m	$12.4m	8.0%	242,690sqft
7200 South Mason Avenue	Southwest Suburbs		95%	Jul 05	Jun 07	$10.0m	$10.0m	8.5%	207,345sqft
9700 Harlem Avenue	Southwest Suburbs		95%	Jul 05	Jun 07	$5.2m	$5.2m	9.9%	101,140sqft
9901 South 78th Avenue	Southwest Suburbs		95%	Feb 06	Jan 06	$5.3m	$5.3m	8.0%	83,096sqft
7447 South Central	Southwest Suburbs		95%	Jun 06	Jun 06	$5.2m	$5.7m	0.0%	118,218sqft
625 Willowbrook Center Parkway	Far Southwest Suburbs		95%	Jun 06	Jun 06	$9.0m	$8.9m	8.9%	41,600sqft
900 East 103rd Street	CitySouth		95%	Jul 05	Dec 05	$20.6m	$21.2m	4.4%	531,461sqft
11601 South Central Avenue	South Suburbs		95%	Feb 06	Apr 06	$12.0m	$12.1m	10.2%	260,000sqft
13040 South Pulaski Avenue	South Suburbs		95%	Nov 05	Apr 06	$16.8m	$16.3m	4.6%	400,076sqft
16750 Vincennes Road	South Suburbs		95%	Jun 06	Jun 06	$7.8m	$7.4m	7.2%	202,510sqft
21399 Torrence Avenue	South Suburbs		95%	Jun 06	Jun 06	$11.5m	$11.4m	6.0%	372,834sqft
5619 – 5625 West 115th Street	South Suburbs		95%	Jun 06	Jun 06	$17.4m	$17.9m	10.1%	399,511sqft
21705 – 21707 West Mississippi Street Joliet Area			95%	Jul 06	Jun 07	$52.1m	$52.1m	7.7%	1,022,554sqft
27413 South Baseline Road	Joliet Area		95%	Jul 05	Jun 07	$26.0m	$26.0m	7.7%	213,500sqft
EC VI – 4507 Columbia	Northwest Indiana		95%	Feb 06	Apr 06	$9.7m	$9.8m	9.5%	256,595sqft
EC VI – 4531 Columbia	Northwest Indiana		95%	Feb 06	Apr 06	$9.5m	$9.7m	11.1%	266,967sqft
8100 100th Street	Kenosha / Racine Counties		95%	Nov 05	Jun 07	$2.7m	$2.7m	7.4%	38,290sqft
8200 100th Street	Kenosha / Racine Counties		95%	Nov 05	Dec 05	$8.4m	$8.4m	8.5%	148,472sqft

FUNDS MANAGEMENT 56 / 57

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / LISTED

MIRVAC INDUSTRIAL TRUST

				INDEPENDENT	INDEPENDENT	BOOK		GROSS
		ASSET	ACQUISITION	VALUATION	VALUATION	VALUE		LETTABLE
PROPERTY	SUB MARKET	OWNERSHIP	DATE	DATE	(AUD)	(AUD)	YIELD	AREA
MILWAUKEE
W165 N5830 Ridgewood Drive	Milwaukee	95%	May05	Jun 06	$20.5m	$21.1m	8.4%	300,120sqft
5110 South 6th Street	Milwaukee	95%	Nov 05	Jun 07	$4.6m	$4.6m	8.7%	58,500sqft
525 West Marquette Avenue	Milwaukee	95%	Nov 05	Jun 07	$6.3m	$6.3m	7.7%	112,144sqft
6736 West Washington	Milwaukee	95%	Nov 05	Oct 05	$6.5m	$7.9m	6.4%	113,620sqft
11100 West Silver SpringRoad	Milwaukee	95%	Jun 06	Jun 06	$8.1m	$7.7m	7.1%	127,400sqft
1500 W Zellman Court	Milwaukee	95%	Jun 06	Jun 06	$3.8m	$3.7m	7.5%	20,800sqft
2003 – 2201 South 114th Street	Milwaukee	95%	Jun 06	Jun 06	$11.4m	$10.9m	5.3%	243,350sqft
301 East Vienna Avenue	Milwaukee	95%	Jun 06	Jun 06	$8.6m	$6.7m	Vacant	116,354sqft
3511 West Green Tree Road	Milwaukee	95%	Jun 06	Jun 06	$7.1m	$6.9m	4.8%	172,000sqft
6400 West Enterprise Drive	Milwaukee	95%	Jun 06	Jun 06	$35.0m	$34.4m	6.6%	487,398sqft
6600 North Industrial Road	Milwaukee	95%	Jun 06	Jun 06	$4.8m	$4.8m	8.6%	110,400sqft
7620 South 10th Street	Milwaukee	95%	Jun 06	Jun 06	$6.7m	$6.6m	8.2%	150,192sqft
N53 W24700 Corporate Circle	Milwaukee	95%	Jun 06	Jun 06	$10.4m	$10.3m	8.1%	192,000sqft
MICHIGAN
5450 Kraft Avenue	Grand Rapids	95%	Jun 06	Jun 06	$3.8m	$4.1m	9.6%	31,854sqft
TOTAL					$805.3m	$809.9m		14,377,919sqft

AUSTRALIAN HOTEL FUND

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Listed	29.9	600	19.9% Mirvac Limited

The Australian Hotel Fund (AHO) is a property trust listed on the ASX. AHO’s two property assets are both in New South Wales (Peppers Anchorage in Port Stephens and Peppers Manor House in the Southern Highlands). The hotels are leased to Peppers Leisure Limited. On 9 July 2007, Vicaroma Pty Limited, announced a conditional takeover offer for all of the AHO Units on issue for 44.25 cents per unit.

			INDEPENDENT
		ASSET	VALUATION	INDEPENDENT	BOOK	NO OF
PROPERTY	STATE	OWNERSHIP	DATE	VALUATION	VALUE1	ROOMS
						80 plus
Peppers Anchorage Resort	NSW	100%	Jun 07	$19.5m	$19.5m	90 berth marina
Peppers Manor House						43 plus
& Mt Broughton Golf Club	NSW	100%	Jun 07	$7.6m	$7.6m	golf course
TOTAL				$27.1m	$27.1m

1 SUBJECT TO FINAL AUDIT APPROVAL.

MIRVAC GROUP PROPERTY COMPENDIUM

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / RETAIL

RETAIL FUNDS

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Unlisted	324.7	2,400	14.5% Mirvac Limited1

Mirvac Funds Management provides a series of sector specifi c unlisted retail funds across retail, industrial, tourist parks, childcare centres and residential development.

		ASSET
FUND	STATE	OWNERSHIP	FUND SIZE	LETTABLE AREA
MIRVAC RETAIL PORTFOLIO2			$132.8m	45,367sqm
Morayf eld SuperCenta, Morayf eld	QLD	100%		22,038 sqm
Mt Sheridan Plaza, Cairns	QLD	100%		7,650 sqm
Mt Sheridan, Lot 4, Cairns	QLD	100%		3,35 ha
Lanyon Marketplace, Conder	ACT	100%		5,464 sqm
Birkdale Fair ShoppingCentre	QLD	100%		5,368 sqm
Pender Place ShoppingCentre	NSW	100%		4,847 sqm
MIRVAC INDUSTRIAL FUND2			$48.3m	33,456sqm
47 – 67 Westgate Drive, Altona North	VIC	100%		25,486 sqm
90 Ashford Avenue, Milperra	NSW	100%		7,970 sqm
MIRVAC TOURIST PARK FUND			$32.5m	14.44ha
FreeSpirit Resort, Darwin	NT	100%		11.25 ha
Fraser Lodge HolidayPark, HerveyBay	QLD	100%		3.19 ha
MIRVAC CHILDCARE FUND3			$31.2m	17,578sqm
31 childcare centres(Various)	SA / QLD	100%		17,578 sqm
MIRVAC DEVELOPMENT FUNDS			$79.9m	1136 lots
Seascapes, Mandurah	WA	100%	$38.9m	529 lots
Meadow Springs, Mandurah	WA	100%	$41.0m	607 lots
TOTAL			$324.7m

1 MIRVAC INDUSTRIAL FUND ONLY.
2 SCHEME OF ARRANGEMENT ANNOUNCED BY MIRVAC REAL ESTATE INVESTMENT TRUST ON 7 AUGUST 2007, SECURITY HOLDER APPROVAL PENDING.
3 AUSTOCK PROPERTY MANAGEMENT LIMITED WERE APPOINTED THE RESPONSIBLE ENTITY OF MIRVAC CHILDCARE FUND IN JULY 2007. MFML WAS THE RESPONSIBLE ENTITY AT 30 JUNE 2007.

FUNDS MANAGEMENT 58 / 59

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / RETAIL

DOMAINE PROPERTY FUNDS

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Retail	209.1	854	N/A1
Wholesale	325.7	11

Mirvac Funds Management acquired a 50 per cent interest in Domaine Property Funds Limited in August 2004.

Domaine Property Funds is a boutique property group with extensive experience in property investment and funds management with gross assets of approximately $534.8 million.

Mirvac Funds Management has exercised its option to acquire the remaining 50 per cent of the management entity which is expected to be completed in August / September.

					INDEPENDENT
				ASSET	VALUATION	INDEPENDENT	BOOK
FUND/ASSET	STATE	SECTOR	OWNERSHIP		DATE	VALUATION	VALUE
DOMAINE SEQ GROWTH FUNDS
333 Ann Street, Brisbane	QLD	Commercial		100%	Jul 06	$122.0m	$26.6m
CB1 and CB2, Brisbane	QLD	Commercial		100%	Apr 07	$107.0m	$107.0m
Calamvale ShoppingCentre, Calamvale	QLD	Retail		100%	Dec 05	$82.0m	$78.1m
Mt Gravatt ShoppingCentre, Mt Gravatt	QLD	Retail		100%	Jun 07	$51.6m	$51.6m
Yatala, Yatala	QLD	Industrial		100%	May 07	$18.9m	$18.9m
DOMAINE HUNTER FUND
The Forum, Charlestown	NSW	Commercial and cinema	complex	100%	Nov 06	$21.3m	$21.3m
Belmont Plaza ShoppingCentre, Belmont	NSW	Retail		50%	Dec 06	$19.0m2	$5.7m
525 High Street, Maitland	NSW	Commercial		100%	Sep06	$6.6m	$6.6m
17 Nelson Road, Cardiff	NSW	Industrial		100%	Apr 07	$5.2m	$5.2m
326 Hillsborough Road, Warners Bay	NSW	Tourism recreation		100%	Dec 06	$5.0m	$5.0m
6 Hartley Drive, Thornton	NSW	Industrial		100%	Sep 06	$4.8m	$4.8m

1 MGR IS A 50% OWNER OF THE MANAGEMENT ENTITY.

2 GROSS REALISATION VALUE.

MIRVAC GROUP PROPERTY COMPENDIUM

				INDEPENDENT
			ASSET	VALUATION	INDEPENDENT	BOOK
FUND/ASSET	STATE	SECTOR	OWNERSHIP	DATE	VALUATION	VALUE
DOMAINE DIVERSIFIED PROPERTY FUND
Mountain Creek ShoppingCentre, Mountain Creek	QLD	Retail	100%	May07	$20.8m	$20.8m
Lot 2, William Angliss Drive, Laverton North	VIC	Industrial	100%	Apr 07	$20.0m	$20.0m
Belmont Plaza ShoppingCentre, Belmont	NSW	Retail	50%	Dec 06	$19.0m1	$5.7m
518 Brunswick Street, Brisbane	QLD	Commercial	100%	Nov 06	$18.0m	$18.0m
Leeton Market Plaza, Leeton	NSW	Retail	100%	Nov 06	$16.3m	$16.3m
BigW Centre, Parkes	NSW	Retail	100%	Dec 05	$8.4m	$8.4m
Lot 31 MurrayDwyer Circuit, West Mayf eld	NSW	Commercial	100%	Dec 05	$6.8m	$6.8m
Lots 3,4,5 and 8
263 Clarence Street, Sydney	NSW	Commercial	100%	Dec 05	$6.5m	$6.5m
19 – 27 Devlin Street, Ryde	NSW	Commercial	100%	Dec 05	$5.1m	$5.1m
DOMAINE LAND FUND
Steel River, Newcastle	NSW	Industrial	100%	69	$56.5m2	$26.7m
Old Punt Road, Tomago	NSW	Industrial	100%	49	$19.8m2	$8.4m
Bulwer Road, Moss Vale	NSW	Residential	100%	65	$12.0m2	$5.4m
Ash Road, Prestons	NSW	Residential	100%	43	$8.3m2	$6.3m
Muswellbrook, Muswellbrook	NSW	Industrial	100%	31	$5.8m2	$2.8m

FUNDS MANAGEMENT 60 / 61

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / RETAIL

PROPERTY FUNDS AUSTRALIA

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Retail	502.8	3,959	N/A1

Mirvac Funds Management acquired a 50 per cent interest in Property Funds Australia (PFA) in August 2004.

PFA is the responsible entity of the PFA Diversifi ed Property Trust (Trust) which is listed on the Bendigo Stock Exchange. The Trust owns a portfolio of Australian investment grade properties valued at approximately $492 million. The portfolio includes retail, offi ce, industrial, entertainment and hotel assets.

Mirvac Funds Management has a call option to acquire the remaining 50 per cent of the management entity, which is expected to be completed in October 2007.

				INDEPENDENT
			ASSET	VALUATION	INDEPENDENT	BOOK
ASSET	STATE	SECTOR	OWNERSHIP	DATE	VALUATION	VALUE
Civic Tower, Sydney	NSW	Commercial	50%	Oct 05	$54.4m	$58.9m
Citigate Perth, Perth	WA	Hotel	100%	Apr 07	$52.0m	$52.0m2
Sevenoaks, Cannington	WA	Commercial	100%	Jun 06	$48.8m	$48.8m
The Octagon, Parramatta	NSW	Commercial	50%	Mar 07	$39.0m	$39.0m2
Homeworld Centre, Tuggeranong	ACT	Retail / Off ce	100%	Jun 06	$34.7m	$34.7m
Citigate Melbourne, Melbourne	VIC	Hotel	100%	Mar 06	$34.0m	$37.1m
706 MowbrayRoad, Lane Cove	NSW	Industrial / Off ce	100%	Dec 06	$29.3m	$29.3m2
The Lands Building, Hobart	TAS	Commercial	100%	Mar 04	$29.0m	$29.0m
Foxtel Building, Moonee Ponds	VIC	Commercial	100%	Jun 07	$28.5m	$28.5m2
Anzac Square, Brisbane	QLD	Commercial	100%	Jun 05	$24.0m	$24.0m
Cairns Hypermart, Cairns	QLD	Retail / Industrial / Off ce	100%	Jun 06	$20.0m	$20.0m
180 Queen Street, Brisbane	QLD	Off ce / Retail	100%	Sep05	$18.0m	$19.3m
Riverdale Centre, Dubbo	NSW	Retail / Entertainment	100%	Jun 06	$15.8m	$15.8m
AAPT Centre, Richmond	VIC	Industrial / Off ce	100%	Jun 05	$15.3m	$16.6m
Centro on James – Stage 3,
Fortitude Valley	QLD	Retail / Entertainment	100%	Jun 06	$14.7m	$14.7m
The Precinct, Coorparoo	QLD	Off ce / Retail	100%	Jun 06	$13.9m	$13.9m
544 Kessels Road, MacGregor	QLD	Retail / Industrial	100%	Jun 06	$13.7m	$13.7m
33 McDowell Street, Welshpool	WA	Industrial	100%	May05	$6.9m	$7.5m
TOTAL					$492.0m	$502.8m

1 MGR IS A 50% OWNER OF THE MANAGEMENT ENTITY.

2 PURCHASE PRICE.

MIRVAC GROUP PROPERTY COMPENDIUM

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / WHOLESALE

TUCKER BOX HOTEL TRUST

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Wholesale	331.2	3	1% MPT

Mirvac Funds Management provides funds management and asset management services to the Travelodge Group which is 49 per cent owned by Mirvac Real Estate Investment Trust, 50 per cent NRMA Motoring and Services and 1 per cent by Mirvac Property Trust.

Tucker Box Hotel Trust owns 12 hotel assets with a total gross value (including brand names) of $310.8 million.

The Travelodge Hotel Portfolio is leased to Value Lodging Pty Limited.

				INDEPENDENT
		ASSET	ACQUISITION	VALUATION	INDEPENDENT	BOOK	NO OF
ASSET	STATE	OWNERSHIP	DATE	DATE	VALUATION	VALUE	ROOMS
Travelodge Sydney	NSW	100%	Mar 05	Jun 06	$70.7m	$71.5m	406
Travelodge Wynyard	NSW	100%	Jun 05	Jun 06	$46.4m	$51.9m	275
Travelodge Southbank	VIC	100%	Mar 05	Jun 06	$46.8m	$51.1m	275
Travelodge Perth	WA	100%	Apr 06	Jun 07	$20.5m	$20.5m	122
Travelodge PhillipStreet	NSW	100%	Mar 05	Jun 06	$16.0m	$16.3m	86
Travelodge Newcastle City	NSW	100%	Feb 06	Jun 07	$20.0m	$20.0m	130
Travelodge Macquarie	NSW	100%	Mar 05	Jun 07	$16.0m	$16.0m	120
Travelodge Blacktown	NSW	100%	Mar 05	Jun 07	$13.5m	$13.5m	120
Travelodge Bankstown	NSW	100%	Mar 05	Jun 07	$13.0m	$13.0m	108
Travelodge Manly-Warringah	NSW	100%	Mar 05	Jun 07	$14.5m	$14.5m	120
Travelodge Garden City	QLD	100%	Mar 05	Jun 06	$7.9m	$9.0m	120
Travelodge Rockhampton	QLD	100%	Jun 06	Jun 07	$7.5m	$7.5m	72
TOTAL					$292.8m	$304.8m	1,954

FUNDS MANAGEMENT 62 / 63

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / WHOLESALE

MIRVAC WHOLESALE HOTEL FUND

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Wholesale	463.0	5	49% MPT

Mirvac Wholesale Hotel Fund is an open-ended, sector specifi c Fund with initial equity of $320 million and a portfolio of six Australian hotels located in Sydney, Melbourne, Brisbane and Cairns. Total value of the portfolio is $457 million.

The Fund’s initial portfolio consists of four hotels recently acquired from Carlton Hotel Group, together with the Marriott Hotel, Sydney and a 50 per cent interest in the Cairns International Hotel both of which were acquired from Mirvac. All six hotels are of a 4.0 to 4.5 star standard and provide a total of 1,819 rooms.

Mirvac’s hotel and resorts division, who currently manage 40 hotels and resorts throughout Australia, New Zealand and the Pacifi c are responsible for the hotel management of the portfolio.

				INDEPENDENT
		ASSET	ACQUISITION	VALUATION	INDEPENDENT	BOOK	NO OF
HOTEL	STATE	OWNERSHIP	DATE	DATE	VALUATION	VALUE	ROOMS
The Sebel & Citigate KingGeorge Square, Brisbane	QLD	100%	Mar 07	Mar 07	$131.0m	$131.0m	438
Citigate Central, Sydney	NSW	100%	Mar 07	Mar 07	$79.7m	$79.7m	251
The Sebel, Parramatta	NSW	100%	Mar 07	Mar 07	$38.0m	$38.0m	194
The Sebel & Citigate Albert Park, Melbourne	VIC	100%	Mar 07	Mar 07	$79.5m	$79.5m	374
Cairns International Hotel, Cairns	QLD	50%	Jun 07	Feb 07	$43.4m	$43.4m	321
SydneyMarriott Hotel, Sydney	NSW	100%	Jun 07	Feb 07	$85.6m	$85.6m	241
TOTAL					$457.2m	$457.2m	1,819

MIRVAC WHOLESALE RESIDENTIAL DEVELOPMENT PARTNERSHIP

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Wholesale	192	4	20% Mirvac Limited

The Mirvac Wholesale Residential Partnership is a close-end vehicle that has acquired, from Mirvac, interests in seven well located residential development projects around Australia that are diversifi ed by geography, product type, timing and stage of the development cycle. The initial portfolio comprises 1,185 lots and 928 medium density units.

The Partnership has raised equity commitments of $300 million, including Mirvac’s 20 per cent co-investment, of which $138 million has been applied to the acquisition of the initial portfolio leaving $162 million to acquire further residential projects that satisfy the Partnership’s investment strategy.

		ASSET	LOTS/
DEVELOPMENT	STATE	OWNERSHIP	APARTMENTS	VALUE	TYPE
Mossvale on Manly, Brisbane	QLD	100%	180 lots	$19.9m	Housing
Waterways Braeside, Melbourne	VIC	100%	145 lots	$14.3m	Housing
Mariner’s Peninsula, Townsville	QLD	100%	103 apartments	$8.4m	Apartments
Bridgewater, Mandurah	WA	100%	314 lots	$35.5m	Land subdivision
Meadow Springs, Mandurah	WA	100%	485 lots	$33.3m	Land subdivision
Hope Island, Hope Island	QLD	100%	59 lots	$12.1m	Land subdivision / Apartments
Rhodes Waterside, Rhodes	NSW	100%	825 apartments / 2 retail lots $67.5m		Apartments
TOTAL				$191.0m

MIRVAC GROUP PROPERTY COMPENDIUM

EXTERNAL FUNDS MANAGEMENT REAL ESTATE EQUITY / MANDATES

AUSTRALIAN SUPER

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Wholesale	121.3	2	See below

Mirvac Funds Management manages a separate value-added / opportunistic mandate on behalf of AustralianSuper, a leading Australian super fund with over $28 billion in assets.

The mandate is primarily focused on value-add projects including refurbishment and reletting of existing buildings across the commercial, retail, industrial and residential property sectors and property development. Mirvac co-invests with AustralianSuper in each project.

At 30 June 2007, AustralianSuper had $121.3 million in equity invested in a total of six products.

			ASSET
ASSET	STATE	TYPE	OWNERSHIP	AUSTRALIANSUPER	MIRVAC
8 – 12 Chif eySquare, Sydney	NSW	Commercial development	100%	50%	50%
18 Marcus Clarke Street, Civic	ACT	Commercial development	50%	40%	10%
177 Salmon Street, Port Melbourne	VIC	Land subdivision – Industrial	100%	80%	20%
SpringFarm, Camden	NSW	Residential subdivision and housingdevelopment	100%	80%	20%
The Peninsula, Burswood	WA	Residential development	100%	50%	50%
a Shores, North Entrance	NSW	Residential development	100%	50%	50%

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MAGENTA SHORES, NORTH ENTRANCE, NSW
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FUNDS MANAGEMENT 64 / 65

EXTERNAL FUNDS MANAGEMENT REAL ESTATE DEBT / MANDATES / JOINT VENTURES

MIRVAC MEZZANINE CAPITAL FUND

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Wholesale	143.8	2	20% Mirvac Limited

Mirvac Mezzanine Capital Fund is an investment mandate between the Government Investment Corporation of Singapore (80 per cent) and Mirvac Capital Investments (20 per cent).

ASSET			FUND SIZE
Mortgages over	9	properties / projects	$143.8m

MIRVAC AQUA

FOCUS	FUM ($M)	NO OF INVESTORS	MGR OWNERSHIP
Retail / Wholesale	195.4	1,435	N/A1

Mirvac AQUA is an investment management company equally owned by Mirvac Real Estate Debt Funds Pty Limited and AQUA Funds Management Pty Limited, a wholly owned subsidiary of Balmain NB Corporation Limited. Mirvac AQUA has been engaged by Mirvac Funds Management to provide investment management services in connection with the Funds.

FUND	ASSET	FUND SIZE
	Invests in Mirvac AQUA Debt Pool
	Invests in Mirvac AQUA Construction Debt Pool
Mirvac AQUA High Income Fund	Invests in Mirvac AQUA Senior Debt Pool and Cash	$135.6m
	Invests in Mirvac AQUA Debt Pool
	Invests in Mirvac AQUA Construction Debt Pool
Mirvac AQUA Enhanced Fund	Invests in Mirvac AQUA Senior Debt Pool and Cash	$0.1m
Mirvac AQUA Income Fund	Invests in Mirvac AQUA Senior Debt Pool	$49.3m
Mirvac AQUA Senior Debt Pool	Includes investments byMirvac AQUA Income Fund	$42.5m
Mirvac AQUA Construction Debt Pool	Includes investments byMirvac AQUA High Income Fund	$18.0m
Mirvac AQUA Mezzanine Debt Pool	Includes investments byMirvac AQUA High Income Fund	$110.3m

1 MGR IS A 50% OWNER OF THE MANAGEMENT ENTITY.

MIRVAC GROUP PROPERTY COMPENDIUM

EXTERNAL FUNDS MANAGEMENT REAL ESTATE DEBT / MANDATES / JOINT VENTURES

QUADRANT REAL ESTATE ADVISORS

FOCUS	FUM ($M)	FUND OWNERSHIP
Wholesale Funds	$3471	N/A2
Mandates	$2,9111

Quadrant Real Estate Advisors, LLC is located in Atlanta, Georgia and provides real estate investment advisory services to institutional investors with current assets under management of approximately A$3.3 billion. Quadrant is a 50/50 joint venture between the senior management of Quadrant and Mirvac.

The management team has been advising institutional investors since the early 1990’s and offers single client accounts and commingled (wholesale) funds across the public and private debt and equity real estate markets.

Quadrant’s strategy is to continue to develop leading edge public and private real estate investment products which provide access to discreet sectors of the United States income producing real estate market. In addition, using the expertise of Quadrant, Australian wholesale investors can expect to be offered access to commingled funds which seek relative value across the four quadrants (public and private, debt and equity) of the US real estate investments universe.

Key client list includes:

California Public Employees’ Retirement System (CalPERS)
AXA – Equitable Life
TIAA – CREF
Denver Public Schools Retirement System
Minnesota State Board of Investment.

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■■■■ WHOLESALE FUNDS 11%
■■■■ SEPARATE MANDATES 89%
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■■■■ COMMERCIAL 42%
■■■■ RETAIL 15%
■■■■ MULTI-FAMILY 15%
■■■■ OTHER 13%
■■■■ INDUSTRIAL 8%
■■■■ HOTELS 7%
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1 AUD/USD EXCHANGE RATE OF 0.8487.
2 MGR IS A 50% OWNER OF THE MANAGEMENT ENTITY.

FUNDS MANAGEMENT 66 / 67

EXTERNAL FUNDS MANAGEMENT INFRASTRUCTURE / WHOLESALE / MANDATES

FOCUS FUM ($M) NO OF INVESTORS
Wholesale 227.5 73
Mandates 596.9 6
JF Infrastructure (JFI) is a 50/50 joint venture between Mirvac and Leighton Holdings Limited (LHL).
JFI brings together Mirvac’s and LHL’s complementary expertise in funds management, infrastructure development,
construction and investment respectively.
JFI’s strategy is to use this combined expertise to capture the signif cant synergies between the property sector
and related infrastructure sector, for the benef t of its investors.

WHOLESALE FUNDS

WHOLESALE FUND	ASSETS	GROSS ASSETS
	– 20.8% equity interest in International Parking Group the benef cial owner
	of nine major hospital car parks in Sydney and Brisbane (including one
	under construction).
	– 33.3% equity interest in BAC Airports Group, which benef cially
	owns Bankstown and Camden Airports in Sydney.
	– 22.4% equity interest in JF Stadium Trusts which are the majority
JF Infrastructure Yield Fund	owners of Telstra Dome, Melbourne.	$88.7m
	20,552 hectares of freehold forestry land in Victoria,
Australian Sustainable Forestry Investors	South Australia and Western Australia.
	12,881 hectares of freehold forestry land in Gisborne, New Zealand
New Zealand Sustainable ForestryInvestors	stocked with 8,726 hectares of standingradiatapine.	$132.6m
	Holds an equity investment in Australian Sustainable Forestry Investors
JF Infrastructure Sustainable Equity Fund	(assets as above).	$6.2m
TOTAL WHOLESALE FUNDS		$227.5m
MANDATES

MANDATE	ASSETS	GROSS ASSETS
Telstra Dome	Telstra Dome, Melbourne	$354.0m
	Leases / Licenses held over nine major hospital car parks
International ParkingGroup	(includingone under construction)	$172.9m
Private clients	Mandates managed on behalf ofprivate clients	$70.0m
TOTAL MANDATES		$596.9m

MIRVAC GROUP PROPERTY COMPENDIUM

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12 JULIUS AVENUE, NORTH RYDE , NSW
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FUNDS MANAGEMENT 68 / 69

EXTERNAL FUNDS MANAGEMENT

HOTEL MANAGEMENT PORTFOLIO

	STATE	NO OF
PROPERTY NAME	LOCATION	ROOMS	OWNERSHIP
QuayGrand Suites Sydney	NSW	67	Strata / Management lot
QuayWest Suites Sydney	NSW	113	Strata / Management lot
The Sebel Pier One Sydney	NSW	160	Managed
SydneyMarriott Hotel	NSW	241	Managed
The Sebel Residence Chatswood	NSW	56	Strata / Management lot
Citigate Sebel Sydney	NSW	270	Managed
The Sebel Kirkton Park Hunter Valley	NSW	71	Managed
The Sebel Resort & Spa HawkesburyValley	NSW	105	Managed
Aqualuna Beach Resort Coffs Harbour	NSW	40	Managed / Strata
The Sebel ManlyBeach	NSW	83	Strata / Management lot
QuayWest Resort Magenta Shores	NSW	83	Strata / Management lot
Citigate Central Sydney	NSW	251	Managed
The Sebel Parramatta	NSW	194	Managed
The Como Melbourne	VIC	107	100% Owned
QuayWest Suites Melbourne	VIC	105	Strata / Management lot
The Sebel Melbourne	VIC	115	Strata / Management lot
The Sebel Heritage Yarra Valley	VIC	96	Managed / Strata
Citigate Melbourne	VIC	179	Managed
Citigate Albert Park Melbourne	VIC	132	Managed
The Sebel Albert Park Melbourne	VIC	242	Managed
QuayWest Suites Brisbane	QLD	65	Strata / Management lot
The Sebel Suites Brisbane	QLD	165	Strata / Management lot
Cairns International Hotel	QLD	321	Managed
The Sebel Maroochydore	QLD	67	Strata / Management lot
Sea Temple Resort & Spa Palm Cove	QLD	126	Strata / Management lot
The Sebel Reef House & Spa Palm Cove	QLD	69	Managed
The Sebel Resort Noosa	QLD	77	Strata / Management lot
Sea Temple Resort & Spa Port Douglas	QLD	194	Strata / Management lot
Citigate KingGeorge Square Brisbane	QLD	228	Managed
The Sebel KingGeorge Square Brisbane	QLD	210	Managed
Hope Island Boardwalk Tavern	QLD	–	Owned
Hope Island Golf	QLD	–	Owned
The Sebel Harbour Lights Cairns	QLD	114	Strata / Management lot

MIRVAC GROUP PROPERTY COMPENDIUM

	STATE	NO OF
PROPERTY NAME	LOCATION	ROOMS	OWNERSHIP
QuayWest Resort Bunker Bay	WA	150	Strata / Management lot
The Sebel Residence East Perth	WA	57	100% Owned
Citigate Perth	WA	278	Managed
The Sebel Playford Adelaide	SA	182	Franchise
The Sebel Launceston	TAS	49	Managed
QuayWest Suites Auckland	NZ	54	Strata / Management lot
The Sebel Suites Auckland	NZ	129	Strata / Management lot
The Sebel TrinityWharf Tauranga	NZ	120	Managed
The Sebel Vanuatu	VAN	74	Managed
TOTAL NUMBER OF ROOMS AT 30 JUNE 2007		5,439

FUTURE HOTEL OPENINGS

		NO OF
PROPERTY NAME	LOCATION	ROOMS	OPENING
The Sebel Mandurah	WA	90	2008
The Sebel Newcastle Beach	NSW	80	2009
QuayWest Resort Queenstown	NZ	195	2010
The Sebel Leighton Beach Perth	WA	60	2010
TOTAL HOTEL OPENINGS		425

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■■■■ NSW 32% ■■■■ VIC 18% ■■■■ QLD 30% ■■■■ WA 9% ■■■■ SA 3% ■■■■ TAS 1% ■■■■ NZ / VAN 7%

■■■■ STRATA 35% ■■■■ MANAGED 59% ■■■■ OWNED 3% ■■■■ FRANCHISE 3%

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FUNDS MANAGEMENT 70 / 71

DEVELOPMENT

$11.1 BILLION

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RESIDENTIAL
DEVELOPMENT
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MIRVAC GROUP PROPERTY COMPENDIUM

> 29,016 LOTS

DEVELOPMENT 72 / 73

RESIDENTIAL DEVELOPMENT

RESIDENTIAL PIPELINE

ACTIVITIES UNDER CONTROL

■■■■ NSW 23% ■■■■ VIC 24% ■■■■ QLD 26% ■■■■ WA 26% ■■■■ SA 1%

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LOTS UNDER CONTROL

■■■■ NSW 21% ■■■■ VIC 33% ■■■■ QLD 16% ■■■■ WA 27% ■■■■ SA 3%

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$11.1 BILLION

29,016 LOTS

MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL FORECAST REVENUE[1]

TOTAL

FORECAST REVENUE

■■■■ NSW 26% ■■■■ VIC 26% ■■■■ QLD 27% ■■■■ WA 20% ■■■■ SA 1%

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HOUSES AND LAND $4.4 BILLION

■■■■ NSW 32% ■■■■ VIC 32% ■■■■ QLD 19% ■■■■ WA 16% ■■■■ SA 1%

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$8.8 BILLION

APARTMENTS $4.4 BILLION

■■■■ NSW 21% ■■■■ VIC 19% ■■■■ QLD 35% ■■■■ WA 25%

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1 REPRESENTS MIRVAC’S SHARE OF DEVELOPMENT REVENUE, EXCLUDING REVENUE ASSOCIATED WITH LOTS NOT HELD ON BALANCE SHEET.

DEVELOPMENT 74 / 75

RESIDENTIAL DEVELOPMENT

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LATITUDE LAVENDER BAY, NSW
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■■■■ HOUSES / LAND 60% ■■■■ APARTMENTS 40%

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■■■■ HOUSES / LAND 78% ■■■■ APARTMENTS 22%

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1 REPRESENTS MIRVAC’S SHARE OF DEVELOPMENT REVENUE, EXCLUDING REVENUE ASSOCIATED WITH LOTS NOT HELD ON BALANCE SHEET.

MIRVAC GROUP PROPERTY COMPENDIUM

NEW SOUTH WALES

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DEVELOPMENT 76 / 77

RESIDENTIAL DEVELOPMENT

NEW SOUTH WALES

			PROJECT
	ACQUISITION		VALUE	TOTAL				SETTLEMENT DATE1
PROPERTY	DATE	LOCATION	(INCL. GST)	LOTS	RELEASED	EXCHANGED	SETTLED	FROM	TO
NEWINGTON	Dec 96	Newington	$385m	645	546	540	501
P1S Zone A – Houses			$67m	108	106	106	106	May03	Dec 04
P1S Zone B – Houses			$94m	143	143	143	143	Feb 03	Jan 07
P1S Zone C – Houses			$121m	182	133	129	96	Jul 05
Apartments(P1 Zone A and P3)			$103m	212	164	162	156	Mar 05
WALSH BAY	Sep 97	Walsh Bay	$760m	356	356	356	356
Completed Stages			$650m	291	291	291	291	Feb 02	Jun 07
Towns Place			$110m	65	65	65	65	May06	Dec 06
PACIFIC PLACE	Aug98	Chatswood	$425m	561	561	561	429
Completed Stages(Altura/B2e)			$144m	201	201	201	201	Nov 03	Jun 05
Epica			$170m	228	228	228	228	May05	Oct 05
Cambridge			$111m	132	132	132	0	Dec 07	May08
ESPERENCE	2003	Randwick	$117m	77	45	45	45
Stage 1			$59m	34	34	34	34	May05	May07
Stage 2			$13m	11	11	11	11	Nov 06	Jun 06
Stage 2B			$17m	12	0	0	0	Mar 08	Jul 08
Stage 3			$28m	20	0	0	0	Feb 08	Sep08
THE SELDON	Mar 04	Lindf eld	$103m	74	74	56	56	Jun 04	Aug08
AVENIR	Oct 01	Warrawee	$41m	50	50	27	27	Jan 06	Dec 08
LATITUDE	Jun 04	Lavender Bay	$187m	117	117	111	111	Jul 06	Jun 08
SAUNDERS WHARF	Dec 04	Pyrmont	$75m	33	33	29	29	Sep 06	Jun 08
SPRINGDALE	Jun 03	Killara	$87m	60	0	0	0	Nov 07	Jan 09

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

	CONSTRUCTION	CONSTRUCTION
CURRENT PRICE RANGE	PROJECT PERIOD	PROGRESS
FROM / TO	(CALENDER YEAR)	AS AT 30/6/07	DESCRIPTION	OWNERSHIP STRUCTURE
				50% Mirvac Limited
$430,000 – $750,000				50% Lend Lease
	mid 2003 – mid 2007	100%	Houses
	mid 2003 – mid 2007	100%	Houses
	mid 2005 – mid 2009	65%	Houses
	mid 2003 – mid 2009	100%	Apartments
				50% Mirvac Limited
$845,000 – $3.5m	2000 – 2006			50% Transf eld
	mid 2000 – mid 2006
$845,000 – $3.5m	mid 2004 – mid 2006	100%	Luxuryapartment building,part of Walsh Bay
$395,000 – $2.0m				100% Mirvac Limited
$395,000 – $720,000	mid 2004 – early2005	100%	High rise apartment building
$420,000 – $2.0m	mid 2003 – mid 2005	100%	High rise apartment building
$430,000 – $1.4m	mid 2006 – end 2008	100%	High rise apartment building
$1.1m – $1.9m				100% Mirvac Limited
	end 2003 – early2006	100%	Luxuryhomes and terraces
	mid 2004 – mid 2006	100%	Luxuryhomes and terraces
	end 2006 – mid 2008	0%	Luxuryhomes and terraces
	mid 2007 – early2009	0%	Luxuryhomes and terraces
$775,000 – $2.2m	2005 – 2006	100%	Spacious apartments designed for empty nesters	100% Mirvac Limited
$525,000 – $1.3m	2004 – 2007	100%	Spacious apartments designed for empty nesters	100% Mirvac Limited
$460,000 – $4.9m	2005 – 2007	100%	High rise apartment building	100% Mirvac Limited
$1.9m – $4.2m	2004 – 2006	100%	Luxury waterfront apartments designed for owner-occupiers	100% Mirvac Limited
$1.2m – $1.5m	2006 – 2008	90%	Spacious apartments designed for empty nesters	100% Mirvac Limited

DEVELOPMENT 78 / 79

RESIDENTIAL DEVELOPMENT

NEW SOUTH WALES

			PROJECT
	ACQUISITION		VALUE	TOTAL				SETTLEMENT DATE1
PROPERTY	DATE	LOCATION	(INCL. GST)	LOTS	RELEASED	EXCHANGED	SETTLED	FROM	TO
MAGENTA SHORES	Oct 01	North Entrance	$130m	112	112	112	112
Villas – Stage 1			$60m	76	76	76	76	Dec 06	Sep07
Houses – Stage 1 & 1A			$46m	32	32	32	32	Nov 06	Dec 07
Beach Houses – Stage 9			$24m	4	4	4	4	Mar 07	Nov 07
MAGENTA SHORES
AUSTRALIANSUPER
MANDATE	Jun 07	North Entrance	$421.6m	414	66	17	14
Villas – Stage 2			$49m	69	0	0	0	Dec 08	Jun 09
Houses Stage 2			$54m	44	44	3	0	Nov 07	Aug08
Houses Stage 3			$31m	26	0	0	0	Feb 08	Jan 09
Houses Stage 4			$63m	55	0	0	0	Nov 09	Mar 10
Houses Stage 5			$53m	45	0	0	0	Mar 10	Jul 10
Houses Stage 6			$50m	44	0	0	0	Sep10	Dec 10
Houses Stage 7			$93m	81	0	0	0	May11	Mar 12
Houses Stage 8			$20m	28	0	0	0	Aug08	Nov 08
Villas Stage 1			$2m	6	6	5	5	Dec06	Sep07
Houses Stage 1 + 1A			$4m	10	10	7	7	Nov 06	Dec 07
Beach Houses(stage 9)			$2m	6	6	2	2	Mar 07	Nov 07
ENDEAVOUR HOUSE	Apr 03	Coogee	$191m	127	0	0	0	Sep 08	May 12
NEWCASTLE HOSPITAL	Jun 07	Newcastle	$319m	274	0	0	0	–
Stage 1A			$90m	72	0	0	0	Dec 09	–
Stage 1B			$89m	75	0	0	0	Jul 10	–
Stage 1C			$140m	127	0	0	0	Feb 12	–
RHODES WATERSIDE
MWRDP	Jun 07	Rhodes	$492m	825	95	51	0
Stage 4 Karee			$127m	220	0	0	0	Jan 11	–
Stage 5 Alkira			$83m	145	0	0	0	Nov 10	–
Stage 6 Tandara			$97m	157	0	0	0	Jul 08	–
Stage 7 Adina			$55m	95	95	51	0	Apr 08	–
Stage 8 Elinya			$57m	97	0	0	0	Dec 09	–
Stage 9 Kiewa			$73m	111	0	0	0	Dec 09	–

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

	CONSTRUCTION	CONSTRUCTION
CURRENT PRICE RANGE	PROJECT PERIOD	PROGRESS
FROM / TO	(CALENDER YEAR)	AS AT 30/6/07	DESCRIPTION	OWNERSHIP STRUCTURE
$590,000 – 3.4m	2005 – 2007			100% Mirvac Limited
$590,000 – $3.4m	mid 2005 – mid 2007	100%	76 Villas
$950,000 – $1.6m	mid 2005 – mid 2007	100%	32golf front homes
$2.2m – $3.4m	mid 2005 – mid 2007	100%	4 beach front homes
				50% Mirvac Limited
$590,000 –$3.4m	2006 – 2011			50% AustralianSuper
$590,000 – $910,000	end 2006 – mid 2008	10%	69 Villas
$960,000 – $1.6m	end 2006 – mid 2008	30%	Golf front homes
$960,000 – $1.6m	early2008 – early2009	0%	Golf front homes
$960,000 – $1.6m	mid 2008 – end 2009	0%	Golf front homes
$960,000 – $1.6m	early2009 – mid 2010	0%	Golf front homes
$960,000 – $1.6m	end 2009 – early2011	0%	Golf front homes
$960,000 – $1.6m	mid 2010 – end 2011	0%	Golf front homes
$1.9m – $2.5m	mid 2007 – mid 2008	5%	Golf front homes
$590,000 – $3.4m	mid 2005 – mid 2007	100%	6 Villas
$950,000 – $1.6m	mid 2005 – mid 2007	100%	10 Golf front homes
$2.2m – $3.4m	mid 2005 – mid 2007	100%	6 Beach front homes
$1.1m – $2.0m	mid 2008 – mid 2012	0%	Houses	100% Mirvac Limited
				100% Mirvac Limited
$500,000 – $1.7m	end 2009 – early2010	0%	72 Apartments
$330,000 – $1.6m	mid 2010 – end 2010	0%	75 Apartments
$500,000 – $1.6m	early2012 – end 2012	0%	127 Apartments
				100% MWRDP
			Mirvac Wholesale Residential Development Partnership	(Mirvac Limited 20% equity interest)
$380,000 – $945,000	end 2006 – end 2012	0%	220 Apartments
$3.2m – $9.5m	end 2006 – mid 2012	0%	145 Apartments
$395,000 – $1.2m	end 2006 – mid 2008	0%	157 Apartments
$380,000 – $920,000	end 2006 – mid 2008	15%	95 Apartments
$350,000 – $1.0m	end 2006 – end 2009	0%	97 Apartments
$420,000 – $945,000	end 2006 – end 2009	0%	111 Apartments

80 / 81

DEVELOPMENT

RESIDENTIAL DEVELOPMENT

NEW SOUTH WALES / HOMES

			PROJECT
	ACQUISITION		VALUE	TOTAL				SETTLEMENT DATE1
PROPERTY	DATE	LOCATION	(INCL. GST)	LOTS	RELEASED	EXCHANGED	SETTLED	FROM	TO
PANORAMA	Jun 01	Glenf eld	$270m	675	88	57	54
Stage 1			$115m	273	88	57	54	Dec 05	Aug12
Stage 2			$72m	199	0	0	0	Jun 10	Dec 12
Stage 3			$75m	184	0	0	0	Jun 12	Jul 14
Stage 4			$3m	11	0	0	0	Jul 08	Sep08
DisplayVillage			$5m	8	0	0	0	Jan 08	Aug08
ROSEVALE	Jun 01	Bowral	$14m	27	27	27	26	Apr 05	Aug07
NEWBURY ESTATE	Dec 09	Stanhope	$328m	1,725	1,428	1,328	1,283
Stage 1			$36m	241	234	230	228	Jun 02	Nov 09
Stage 2			$67m	384	376	376	376	Sep02	Nov 09
Stage 3			$43m	196	178	172	169	Jun 04	Nov 09
Stage 4			$45m	241	228	221	215	Feb 04	Nov 09
Stage 5			$61m	243	194	182	179	Jun 04	Nov 09
Stage 6			$32m	175	141	98	71	Jun 06	Nov 09
Stage 7			$44m	243	75	47	43	Sep06	Nov 09
School Sites				2	2	2	2	Jun 06	Nov 09
SOMERSBY	Dec 03	Acacia Gardens	$47m	117	72	59	51
Stage 1			$10m	26	26	26	26	Jun 06	May07
Stage 2			$10m	27	27	27	24	Oct 06	Aug07
Stage 3			$11m	30	18	5	0	Jul 07	Jun 08
Stage 4			$7m	17	0	0	0	Jan 08	Jun 09
Stage 5			$6m	16	0	0	0	Mar 08	Jun 09
Reserve			$3m	1	1	1	1	Mar 06	Mar 06

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

	CONSTRUCTION	CONSTRUCTION
CURRENT PRICE RANGE	PROJECT PERIOD	PROGRESS
FROM / TO	(CALENDER YEAR)	AS AT 30/6/07	DESCRIPTION	OWNERSHIP STRUCTURE
			Mix of integrated lifestyle & retail lots, ranging
			from attached terraces to 800 sqm lots	100% Mirvac Limited
$250,000 – $510,000	mid 2001 – mid 2012	57%
$250,000 – $435,000	mid 2001 – end 2012	0%
$250,000 – $450,000	mid 2008 – early2014	0%
$250,000 – 250,000	mid 2007 – mid 2008	0%
$450,000 – $600,000	mid 2007 – early2008	0%
$525,000 – $570,000	mid 2001 – early 2005	100%	Single storey, three bedroom product	100% Mirvac Limited
			Mix of integrated lifestyle and retail lots,
			rangingfrom attached terraces to 700 sqm lots	PDA with Landcom
$250,000 – $520,000	mid 2000 – mid 2009	100%
$250,000 – $520,000	mid 2000 – mid 2009	98%
$250,000 – $520,000	mid 2000 – mid 2009	91%
$250,000 – $520,000	mid 2000 – mid 2009	95%
$250,000 – $520,000	mid 2000 – mid 2009	80%
$250,000 – $520,000	mid 2000 – mid 2009	81%
$250,000 – $520,000	mid 2000 – mid 2009	31%
	mid 2000 – mid 2009	100%
			Life style estate comprising attached 150 sqm product
			and detached 180 sqm four bedroom product	100% Mirvac Limited
$379,000 – $460,000	early2004 – mid 2006	100%
$395,000 – $460,000	early2004 – end 2006	100%
$395,000 – $460,000	early2004 – mid 2007	60%
$359,000 – $405,000	early2004 – end 2008	10%
$359,000 – $405,000	early2004 – end 2008	0%
	early2004 – mid 2006	100%

DEVELOPMENT 82 / 83

RESIDENTIAL DEVELOPMENT

NEW SOUTH WALES / HOMES

			PROJECT
	ACQUISITION		VALUE	TOTAL				SETTLEMENT DATE1
PROPERTY	DATE	LOCATION	(INCL. GST)	LOTS	RELEASED	EXCHANGED	SETTLED	FROM	TO
EDGEWOOD	Apr 03	Woodcroft	$117m	388	171	118	103
Stage 1			$25m	79	79	71	64	Feb 06	Dec 07
Stage 2			$4m	16	0	0	0	Sep06	Sep08
Stage 3			$20m	74	16	8	0	Nov 06	Nov 08
Stage 4			$19m	73	0	0	0	Jul 07	Nov 09
Stage 5			$49m	146	76	39	39	Jan 07	Nov 10
AUBURN	Jun 02	Auburn	$122m	263	34	13	0	Feb 07	Sep 11
ARNOLD AVE	Jun 02	Kellyville	$4m	1	0	0	0	Dec 09
NORTHBROOK	Jul 03	Hammondville	$38m	106	106	92	86
Stage 1			$15m	41	41	41	41	Jun 06	Jun 07
Stage 2			$11m	31	31	31	31	Jun 06	Jun 07
Stage 3			$12m	34	34	20	14	Jul 07	Jan 08
MORNINGTON	Feb 03	Holsworthy	$94m	255	194	192	136
Stage 1			$23m	61	61	61	61	Feb 06	Jun 07
Stage 2			$28m	75	75	75	75	Feb 06	Jun 07
Stage 3			$21m	58	58	56	0	Aug07	Jun 08
Stage 4			$22m	61	0	0	0	Jan 08	Jun 08
CASTLE HILL	Jun 02	Castle Hill	$49m	63	11	9	0	Aug07	Nov 09
RIVERSTONE	Sep 03	Riverstone	$65m	202	0	0	0	Nov 08	Jun 09
SPRING FARM –
AUSTRALIANSUPER	Jun 06	SpringFarm	$157m	457	14	3	3	May 07	Nov 11

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

	CONSTRUCTION	CONSTRUCTION
CURRENT PRICE RANGE	PROJECT PERIOD	PROGRESS
FROM / TO	(CALENDER YEAR)	AS AT 30/6/07	DESCRIPTION	OWNERSHIP STRUCTURE
			Mix of integrated and retail lots	PDA with CSR Limited
$250,000 – $285,000	early2005 – end 2007	100%
$245,000 – $245,000	early2005 – mid 2008	100%
$250,000 – $250,000	early2005 – mid 2008	95%
$250,000 – $250,000	early2005 – mid 2009	0%
$320,000 – $340,000	early2005 – mid 2010	65%
$280,000 – $570,000	end 2003 – mid 2011	22%	3 Bedroom product	100% Mirvac Limited
$4.4m – $4.4m	mid 2002 – end 2009	100%	1 x lot – sale of school site	100% Mirvac Limited
			Lifestyle estate comprisingdetached homes	100% Mirvac Limited
$350,000 – $380,000	end 2003 – mid 2007	100%
$350,000 – $380,000	end 2003 – mid 2007	100%
$350,000 – $380,000	end 2003 – early2008	100%
			Lifestyle estate comprisingdetached homes	100% Mirvac Limited
$365,000 – $390,000	mid 2003 – early2007	100%
$365,000 – $390,000	mid 2003 – early2007	100%
$380,000 – $405,000	mid 2003 – mid 2008	95%
$390,000 – $415,000	mid 2003 – mid 2008	35%
$695,000 – $845,000	mid 2002 – mid 2009	25%	Lifestyle estate comprisingdetached homes	100% Mirvac Limited
$295,000 – $295,000	mid 2003 – mid 2009	0%	Retail lots	100% Mirvac Limited
				20% Mirvac Limited
$248,000 – $425,000	mid 2006 – end 2010	1%	Lifestyle estate comprisingdetached homes	80% AustralianSuper

DEVELOPMENT 84 / 85

RESIDENTIAL DEVELOPMENT

NEW SOUTH WALES / HOMES

			PROJECT
	ACQUISITION		VALUE	TOTAL				SETTLEMENT DATE1
PROPERTY	DATE	LOCATION	(INCL. GST)	LOTS	RELEASED	EXCHANGED	SETTLED	FROM	TO
WARRIEWOOD
STAGE A – SECTOR 8	Apr 03	Warriewood	$19m	26	0	0	0	Jul 08	Feb 09
WARRIEWOOD
STAGE B – SECTOR 101 + 3Jul 03		Warriewood	$59m	84	0	0	0	Jan 09	Mar 10
LEUMEAH	Jul 05	Leumeah	$10m	27	0	0	0	Feb 09	Jun 09
LEUMEAH	Jul 05	Leumeah	$23m	65	0	0	0	Jun 08	Sep 09
SHELLHARBOUR	Jul 05	Shellharbour	$14m	42	42	42	21	Feb 07	Nov 07
GILLIESTON	Jul 06	Gillieston	$69m	401	0	0	0	Sep 07	Mar 13
DENBIGH	Dec 06	Cobbitty	$30m	750	0	0	0	Nov 08	Jan 15
MOUNT ANNAN	Apr 07	Mount Annan	$4m	17	0	0	0	Jul 08	Dec 08
BURNS ROAD	Nov 02	Wahroonga	$24m	17	0	0	0	Dec 08	May 09
SPRING FARM JV	May 01	SpringFarm	$9m	20	0	0	0	Nov 09	Dec 09
SPRING FARM
DISPLAY VILLAGE	Jun 07	SpringFarm	$6m	14	0	0	0	Aug07	Dec 10

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

	CONSTRUCTION	CONSTRUCTION
CURRENT PRICE RANGE	PROJECT PERIOD	PROGRESS
FROM / TO	(CALENDER YEAR)	AS AT 30/6/07	DESCRIPTION	OWNERSHIP STRUCTURE
$675,000 – $750,000	mid 2003 – end 2008	4%	Detached homes from 160 sqm to 200 sqm	100% Mirvac Limited
$695,000 –$765,000	mid 2003 – mid 2010	2%	Detached homes from 160 sqm to 200 sqm	100% Mirvac Limited
$325,000 – $390,000	mid 2005 – early 2009	1%	Attached and detached homes	100% Mirvac Limited
$325,000 – $390,000	mid 2006 – end 2008	1%	Attached and detached homes	PDA with Lombardo
$180,000 – $420,000	mid 2005 – mid 2007	100%	Detached homes from 160 sqm to 200 sqm	PDA with Landcom
$140,000 – $390,000	mid 2005 – end 2012	10%	Retail lots with contract housing	100% Mirvac Limited
$260,000 – $400,000	end 2006 – early 2015	0%	Retail lots rangingfrom 450 to 1000sqm	PDA with McIntosh Bros
$300,000 – $300,000	mid 2007 – mid 2008	0%	Detached 120sqm homes	PDA with Landcom
$1.4m – $1.9m	end 2002 – end 2008	0%	Detached homes includingone heritage house	100% Mirvac Limited
				50% Mirvac Limited
$260,000 – $365,000	mid 2001 – mid 2009	0%	Retail lots	50 % Cornish Group
$350,000 – $470,000	mid 2007 – end 2010	0%	Detached display homes	100% Mirvac Limited

DEVELOPMENT 86 / 87

RESIDENTIAL DEVELOPMENT

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■■■■ HOUSES / LAND 35% ■■■■ APARTMENTS 65%

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■■■■ HOUSES / LAND 69%
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■■■■ APARTMENTS 31%
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1 REPRESENTS MIRVAC’S SHARE OF DEVELOPMENT REVENUE, EXCLUDING REVENUE ASSOCIATED WITH LOTS NOT HELD ON BALANCE SHEET.

MIRVAC GROUP PROPERTY COMPENDIUM

QUEENSLAND

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DEVELOPMENT 88 / 89

RESIDENTIAL DEVELOPMENT

QUEENSLAND

			PROJECT
	ACQUISITION		VALUE	TOTAL				SETTLEMENT DATE1
PROPERTY	DATE	LOCATION	(INCL. GST)	LOTS	RELEASED	EXCHANGED	SETTLED	FROM	TO
PARK HILL VILLAGE	Nov 00	Murarrie	$110m	281	281	281	276
Stage 1			$5m	15	15	15	15	Feb 02	Jun 03
Stage 2			$13m	41	41	41	41	Feb 03	May04
Stage 3			$21m	42	42	42	42	Jun 03	May05
Stage 4			$17m	51	51	51	51	Nov 03	Apr 04
Stage 5			$16m	38	38	38	38	Mar 06	Oct 06
Stage 6			$34m	79	79	79	74	Jun 06	Oct 07
Stage 7			$4m	15	15	15	15	Nov 06	Apr 07
WATERLINE	Jul 02	Bulimba	$133m	141	141	129	127
Stage 1			$65m	66	66	66	66	Sep04	Jun 07
Stage 2			$57m	56	56	44	42	Mar 06	May08
Stage 3			$10m	18	18	18	18	Oct 05	Sep06
Stage 4			$1m	1	1	1	1	Jul 05	Jul 05
MOSSVALE ON MANLY	Mar 01	Wakerley	$151m	322	295	263	250
Stage 1			$30m	68	68	66	64	Jun 03	Jun 11
Stage 2			$31m	60	60	58	57	Nov 04	Jun 08
Stage 3			$22m	44	38	38	36	Aug05	Jun 08
Stage 5			$46m	82	66	36	28	Feb 07	Feb 09
Stage 6			$11m	46	46	46	46	Oct 04	Dec 05
Stage 7			$5m	20	18	17	17	May06	Oct 07
Stage 8			$5m	1	1	1	1	Jun 06	Jun 06
Stage 12			$1m	1	1	1	1	Jun 05	Jun 05
MOSSVALE ON MANLY
MWRDP			$107m	180	0	0	0
Stage 4			$21m	39	0	0	0	Jun 08	Mar 09
Stage 9			$38m	62	0	0	0	Feb 10	May11
Stage 10			$25m	39	0	0	0	Jun 11	Mar 12
Stage 11			$23m	40	0	0	0	Apr 09	Jan 10

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

	CONSTRUCTION	CONSTRUCTION
CURRENT PRICE RANGE	PROJECT PERIOD	PROGRESS
FROM / TO	(CALENDER YEAR)	AS AT 30/6/07	DESCRIPTION	OWNERSHIP STRUCTURE
				PDA with Cannon Hill Development
$280,000 – $355,000	end 2000 – mid 2003	100%	Small lot houses
$250,000 – $450,000	end 2001 – end 2003	100%	Townhouses
$400,000 – $620,000	mid 2002 – mid 2006	100%	Small lot houses
$280,000 – $415,000	mid 2002 – mid 2004	100%	Townhouses
$378,000– $498,000	mid 2004 – end 2006	100%	Townhouses
$215,000 – $710,000	early2005 – end 2007	100%	Vacant land and small lot houses
$275,000 – $350,000	mid 2006 – mid 2007	100%	Vacant land
				PDA with Roche Group
$680,000 – $3m	mid 2002 – mid 2007	100%	Detached houses and riverfront houses
$749,000 – $1.7m	mid 2002 – mid 2008	95%	Detached houses and riverfront vacant land
$500,000 – $695,000	end 2002 – end 2006	100%	Apartments
$575,000 – $575,000	mid 2002 – mid 2002	100%	Vacant land
				100% Mirvac Limited
$525,000 – $675,000	mid 2002 – mid 2011	95%	Detached spec houses & village / sales off ce
$580,000 – $625,000	mid 2003 – mid 2008	95%	Detached spec houses
$570,000 – $575,000	mid 2004 – mid 2008	80%	Detached spec houses and vacant land
$515,000 – $640,000	end 2005 – early2009	35%	Detached spec and contract homes
$200,000 – $275,000	mid 2004 – early2006	100%	Vacant land
$205,000 – $450,000	end 2005 – mid 2007	95%	Detached spec houses and vacant land
$4.5m – $4.5m	mid 2006 – mid 2007	100%	Vacant land
$700,000 – $700,000	mid 2005 – mid 2005	100%	Vacant land
				100% MWRDP
			Mirvac Wholesale Residential Development Partnership	(Mirvac Limited 20% equity interest)
$540,000 – $540,000	end 2006 – mid 2009	0%	Detached spec houses
$540,000 – $540,000	end 2006 – mid 2011	0%	Detached spec houses
$540,000 – $540,000	end 2006 – mid 2012	0%	Detached spec houses
$540,000 – $540,000	end 2006 – early2010	0%	Detached spec houses

DEVELOPMENT 90 / 91

RESIDENTIAL DEVELOPMENT

QUEENSLAND

			PROJECT
	ACQUISITION		VALUE	TOTAL				SETTLEMENT DATE1
PROPERTY	DATE	LOCATION	(INCL. GST)	LOTS	RELEASED	EXCHANGED	SETTLED	FROM	TO
EPHRAIM ISLAND	Nov 01	Paradise Point	$564m	498	445	350	339
Stage 1			$140m	136	135	135	135	Jun 05	Dec 07
Stage 2			$153m	94	94	84	84	Apr 06	May09
Stage 3			$138m	85	85	47	45	Dec 06	Jun 08
Stage 4			$122m	68	35	8	0	Jan 09	Jun 09
Marina			$11m	115	96	76	75	Jun 05	Jun 09
THE SANCTUARY
ON MOGGILL	Sep 04	Moggill	$125m	359	63	29	21
Stage 1			$40m	120	63	29	21	Jun 07	Nov 12
Stage 2			$39m	112	0	0	0	Jun 09	Jul 11
Stage 3			$25m	68	0	0	0	Jun 11	Oct 12
Stage 4			$21m	59	0	0	0	Aug12	Oct 13
NEWSTEAD RIVER PARK	Jul 01	Newstead	$730m	584	0	0	0	Nov 09	Feb 16
TENNYSON RIVERSIDE
DEVELOPMENT	Aug05	Tennyson	$538m	389	115	0	0	Mar 09	Nov 11
BROOKWATER	May 06	Springf eld	$119m	202	0	0	0	Sep 08	Jun 12
MARINERS PENINSULA2	Jun 06	Townsville	$119m	89	0	0	0	Feb 09	Jun 11
MARINERS PENINSULA2
MWRDP	Jun 06	Townsville	$85m	101	0	0	0	Feb 09	Mar 09
GAINSBOROUGH
GREENS	Oct 06	Pimpama	$710m	1,601	0	0	0	Aug09	Oct 16
PADDY’S FARM	Oct 06	Pimpama	$170m	618	0	0	0	May 09	Dec 12
HOPE ISLAND	Jan 07	Hope Island	$142m	261	20	10	8
Entitlements			$2m	43	0	0	0	Jun 08
Golf Maintenance			$15m	35	0	0	0	Oct 08	Feb 09
Harbour Village			$109m	153	0	0	0	Apr 09	Mar 12
Neighbourhood 7 South			$5m	10	0	0	0	Jan 09	Mar 09
RemainingStock			$11m	20	20	10	8	Jan 07	Aug08
HOPE ISLAND
MWRDP			$30m	59	8	2	0
Magnolia New			$3m	6	0	0	0	Dec 07	Jan 08
Site Maintenance			$14m	37	0	0	0	Aug07	Jan 08
The Links			$13m	16	8	2	0	Mar 08	Aug08

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

2 FORMERLY BREAKWATER QUAYS.

MIRVAC GROUP PROPERTY COMPENDIUM

	CONSTRUCTION	CONSTRUCTION
CURRENT PRICE RANGE	PROJECT PERIOD	PROGRESS
FROM / TO	(CALENDER YEAR)	AS AT 30/6/07	DESCRIPTION	OWNERSHIP STRUCTURE
				50% Mirvac Limited
				50% Lewis Land Group
				of Companies
$1.2m – $1.2m	mid 2003 – mid 2007	100%	Apartments
$1.2m – $3.0m	mid 2004 – mid 2009	100%	Apartments, villas
$720,000 – $5.0m	mid 2005 – mid 2008	100%	Apartments, houses
$810,000 – $4.8m	mid 2005 – mid 2009	40%	Apartments, houses
$120,000 – $180,000	mid 2003 – mid 2009	100%	Marina berths
				100% Mirvac Limited
$195,000 – $540,000	mid 2003 – end 2013	53%	Detached spec houses, contract homes and vacant land
$205,000 – $240,000	early2008 – mid 2011	0%	Contract homes and vacant land
$225,000 – $280,000	early2010 – end 2012	0%	Contract homes and vacant land
$250,000 – $265,000	mid 2010 – end 2013	0%	Contract homes and vacant land
$460,000 – $4.5m	mid 2001 – mid 2016	5%	Apartments	100% Mirvac Limited
$695,000 – $4.3m	mid 2005 – early 2012	5%	Apartments and state tennis centre	100% Mirvac Limited
$395,000 – $860,000	mid 2006 – mid 2012	0%	Houses, townhouses	100% Mirvac Limited
$655,000 – $2.3m	mid 2006 – mid 2011	5%	Apartments / houses	100% Mirvac Limited
				100% MWRDP
$580,000 – $2.5m	mid 2006 – mid 2009	5%	Mirvac Wholesale Residential Development Partnership	(Mirvac Limited 20% equity interest)
				50% Mirvac Limited
$260,000 – $980,000	end 2006 – end 2016	0%	Houses, townhouses, vacant land	50% City Pacif c Pty Ltd
				50% Mirvac Limited
$140,000 – $640,000	end 2006 – mid 2013	0%	Houses and vacant land	50% City Pacif c Pty Ltd
				100% Mirvac Limited
$2.2m – $2.2m	Jan 07 – Jun 08	100%
$295,000 – $485,000	Jan 07 – Feb 09	0%	Vacant land
$620,000 – $1.5m	Jan 07 – Apr 12	0%	Apartments and marina berths
$550,000 – $550,000	Jan 07 – Mar 09	0%	Land
$240,000 – $810,000	Jan 07 – Aug08	100%	Vacant land
				100% MWRDP
			Mirvac Wholesale Residential Development Partnership	(Mirvac Limited 20% equity interest)
$500,000 – $500,000	Jan 07 – Jan 08	0%	Vacant land
$275,000 – $445,000	Jan 07 – Jan 08	0%	Golf course vacant land
$825,000 – $885,000	Jan 07 – Aug08	5%	Apartments

92 / 93

DEVELOPMENT

RESIDENTIAL DEVELOPMENT

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WAVERLEY PARK, MULGRAVE, VIC
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■■■■ HOUSES / LAND 63% ■■■■ HOUSES / LAND 88%
■■■■ APARTMENTS 37% ■■■■ APARTMENTS 12%
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1 REPRESENTS MIRVAC’S SHARE OF DEVELOPMENT REVENUE, EXCLUDING REVENUE ASSOCIATED WITH LOTS NOT HELD ON BALANCE SHEET.

MIRVAC GROUP PROPERTY COMPENDIUM

VICTORIA

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DEVELOPMENT 94 / 95

RESIDENTIAL DEVELOPMENT

VICTORIA

			PROJECT
	ACQUISITION		VALUE	TOTAL				SETTLEMENT DATE1
PROPERTY	DATE	LOCATION	(INCL. GST)	LOTS	RELEASED	EXCHANGED	SETTLED	FROM	TO
WAVERLEY PARK	Dec 01	Mulgrave	$645m	1,427	568	544	484
Stage 1			$68m	135	135	135	135	Nov 03	Mar 07
Stage 2			$60m	134	134	134	134	Oct 04	Mar 07
Stage 3			$28m	60	60	60	60	Nov 05	Sep07
Stage 4			$44m	139	135	132	123	Jan 06	Jan 08
Stage 11			$79m	155	69	53	32	Sep06	Jan 09
Stage 7			$53m	133	35	30	0	Mar 08	Sep10
Future stages			$313m	671	0	0	0	Various	Jun 12
ABINGDON	Dec 02	Canterbury	$57m	64	64	61	51	Dec 05	Jan 08
LORNE CHALET	Mar 03	Lorne	$35m	42	42	31	28	Oct 06	Dec 08
YARRA’S EDGE	Various	Docklands	$1,561m	1,958	914	832	813
Completed stages	Nov 99		$173m	326	326	326	326	N/A	N/A
T4	Nov 00		$90m	114	114	114	114	Nov 03	Feb 08
T3	Jun 00		$108m	140	140	140	140	Feb 04	Mar 07
T5	Mar 02		$199m	194	194	179	174	Apr 05	Dec 08
Marina	N/A		$21m	149	149	81	78	Jan 05	Dec 11
Park Precinct	Sep07		$492m	544	0	0	0	Jul 10	Nov 15
River Precinct Lowrise	Apr 07		$150m	82	0	0	0	Jul 08	Sep10
River Precinct Highrise	Aug142		$328m	409	0	0	0	Jul 16	Jun 20
SY21 – MALCOLM	May 97	South Yarra	$48m	96	96	96	96	Jan 04	Oct 06

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

2 OPTION TO PURCHASE.

MIRVAC GROUP PROPERTY COMPENDIUM

	CONSTRUCTION	CONSTRUCTION
CURRENT PRICE RANGE	PROJECT PERIOD	PROGRESS
FROM / TO	(CALENDER YEAR)	AS AT 30/6/07	DESCRIPTION	OWNERSHIP STRUCTURE
				100% Mirvac Limited
$400,000 – $625,000	mid 2002 – mid 2007	100%	Housing
$350,000 – $620,000	mid 2003 – mid 2007	100%	Housing
$350,000 – $600,000	end 2005 – mid 2007	100%	Housing
$245,000 – $575,000	mid 2004 – early2008	100%	Housingand land
$350,000 – $720,000	mid 2005 – mid 2009	30%	Housing
$350,000 – $650,000	mid 2006 – mid 2010	5%	Housing
$350,000 – $800,000	mid 2007 – mid 2013	0%	Housing
$520,000 – $1.7m	early 2003 – early 2008	100%	Luxury apartments for empty nesters	100% Mirvac Limited
$400,000 – $1.5m	mid 2003 – late 2008	100%	Apartments in coastal holiday town	100% Mirvac Limited
				100% Mirvac Limited
$300,000 – $1.6m	end 1999 – mid 2003	100%	Luxuryhigh rise apartment tower
$480,000 – $1.5m	end 2000 – early2008	100%	Luxuryhigh rise apartment tower
$345,000 – $1.5m	mid 2000 – mid 2008	100%	Luxuryhigh rise apartment tower
$475,000 – $3.5m	mid 2002 – mid 2008	100%	Luxuryhigh rise apartment tower
$120,000 – $225,000	mid 2004 – end 2011	100%	Marina berths for boats
$500,000 – $3.0m	mid 2008 – late 2015	0%	Luxuryhigh rise apartment towers
$800,000 – $4.5m	early2008 – mid 2010	0%	Luxuryhousingand terrace development
$500,000 – $2.0m	mid 2013 – mid 2020	0%	Luxuryhigh rise apartment towers
$375,000 – $1.2m	early 1998 – mid 2006	100%	Apartments in inner ringsuburb of South Yarra	100% Mirvac Limited

DEVELOPMENT 96 / 97

RESIDENTIAL DEVELOPMENT

VICTORIA

			PROJECT
	ACQUISITION		VALUE	TOTAL				SETTLEMENT DATE1
PROPERTY	DATE	LOCATION	(INCL. GST)	LOTS	RELEASED	EXCHANGED	SETTLED	FROM	TO
THE COAST
@ THE SANDS	Jan 04	Torquay	$59m	126	126	84	81
Stage 1A			$15m	32	32	32	32	Jun 05	Jul 05
Stage 1B			$9m	20	20	15	15	Dec 05	Dec 07
Stage 1C			$9m	18	18	17	17	Dec 06	Aug07
Stage 1D			$16m	32	32	9	9	Apr 07	Dec 08
Stage 2A			$6m	14	14	8	5	Mar 06	Jun 07
Stage 2B			$4m	10	10	3	3	Dec 06	Dec 08
HAWTHORN	Mar 04	Hawthorn	$46m	52	0	0	0	Nov 09	Aug10
BRIDGE INN ROAD	Feb 07	Doreen	$60m	360	0	0	0	Nov 07	May 12
WATERWAYS BRAESIDE
MWRDP	Apr 06	Braeside	$72m	145	0	0	0	Nov 07	May 09
THE HEATH STAGE 5	Mar 99	Heatherton	$54m	112	112	112	112	May 04	Sep 06
BEACON COVE
STAGE 8	Mar 00	Port Melbourne	$130m	108	108	108	108	Nov 05	Jul 06
ROCKBANK	Nov 06	Rockbank	$965m	6,500	0	0	0	Jul 12	Jun 32
KEW	Jan 07	Kew	$312m	301	0	0	0	Jan 11	Aug13
PICKLES STREET	Jul 07	Port Melb	$66m	47	0	0	0	Sep 09	May 10

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

	CONSTRUCTION	CONSTRUCTION
CURRENT PRICE RANGE	PROJECT PERIOD	PROGRESS
FROM / TO	(CALENDER YEAR)	AS AT 30/6/07	DESCRIPTION	OWNERSHIP STRUCTURE
				PDA with Goldenwood Pty
				Limited / Handbury
$350,000 – $550,000	early2004 – mid 2005	100%	Golf Course estate in Torquay
$375,000 – $560,000	mid 2004 – end 2007	100%	Golf Course estate in Torquay
$380,000 – $560,000	mid 2004 – end 2006	100%	Golf Course estate in Torquay
$380,000 – $550,000	mid 2004 – end 2008	80%	Golf Course estate in Torquay
$350,000 – $480,000	mid 2005 – mid 2007	100%	Golf Course estate in Torquay
$350,000 – $480,000	mid 2005 – end 2008	100%	Golf Course estate in Torquay
$500,000 – $1.4m	early 2008 – mid 2010	0%	Luxury apartments in the inner eastern suburb	100% Mirvac Limited
$140,000 – $180,000	end 2005 – mid 2012	0%	Housingsubdivision	100% Mirvac Limited
				100% MWRDP
$405,000 – $610,000	mid 2006 – mid 2009	0%	Mirvac Wholesale Residential Development Partnership	(Mirvac Limited 20% equity interest)
$370,000 – $550,000	mid 2003 – end 2006	100%	Medium density integrated housingdevelopment	100% Mirvac Limited
$400,000 – $4.5m	end 2003 – mid 2006	100%	Luxury apartments and beach homes	100% Mirvac Limited
				50% Mirvac Limited
$100,000 – $200,000	end 2006 – mid 2032	0%	Greenf elds subdivisional site in outer westgrowth corridor	50% Jayaland Corporation
$1.1m – $1.5m	end 2008 – mid 2013	0%	Medium density housingproject in inner suburb	100% Mirvac Limited
$1.0m –$1.9m	mid 2008 – mid 2010	0%	Inner city townhouse development	100% Mirvac Limited

DEVELOPMENT 98 / 99

RESIDENTIAL DEVELOPMENT

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THE PENINSULA, BURSWOOD WA
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■■■■ HOUSES / LAND 38% ■■■■ HOUSES / LAND 83%
■■■■ APARTMENTS 62% ■■■■ APARTMENTS 17%
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1 REPRESENTS MIRVAC’S SHARE OF DEVELOPMENT REVENUE, EXCLUDING REVENUE ASSOCIATED WITH LOTS NOT HELD ON BALANCE SHEET.

MIRVAC GROUP PROPERTY COMPENDIUM

WESTERN AUSTRALIA

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DEVELOPMENT 100 / 101

RESIDENTIAL DEVELOPMENT

WESTERN AUSTRALIA

			PROJECT
	ACQUISITION		VALUE	TOTAL				SETTLEMENT DATE1
PROPERTY	DATE	LOCATION	(INCL. GST)	LOTS	RELEASED	EXCHANGED	SETTLED	FROM	TO
QUAY WEST RESORT
BUNKER BAY	Nov 01	Margaret River	$61m	153	153	152	142	Jun 04	Jun 07
MINDARIE KEYS	Jan 96	Mindarie	$291m	1,541	1,541	1,541	1,509	Jun 03	Apr 08
THE PENINSULA	Feb 03	Burswood	$291m	219	219	219	219
Allegro – Tower 1			$63m	85	85	85	85	Jun 06	Nov 06
Axis – Tower 2			$66m	87	87	87	87	Apr 07	Jul 07
Lot 4			$5m	6	6	6	6	Mar 07	Jun 07
Lot 5			$10m	13	13	13	13	Apr 06	Jun 06
Lots 6 & 7			$23m	25	25	25	25	Aug05	Apr 06
Lot 8A			$2m	3	3	3	3	May06	Jun 06
THE PENINSULA
AUSTRALIANSUPER MANDATE			$891m	705	272	272	26
Allegro – Tower 1			$1m	2	0	0	0	Jun 06	Nov 06
Axis – Tower 2			$27m	29	27	27	24	Apr 07	Jul 07
Aqua – Tower 3			$79m	89	80	80	0	Aug08	Dec 08
Aurora – Tower 4			$160m	133	94	94	0	Mar 10	Oct 10
The FairwayStage 1(Lot 23)			$45m	26	26	26	0	May08	May08
The FairwayStage 2(Lot 24)			$49m	29	29	29	0	Aug08	Sep08
Lot 4			$1m	1	1	1	1	Mar 07	Jun 07
Lot 8B			$8m	8	8	8	0	Mar 07	Sep07
Lot 8C			$5m	6	0	0	0	Sep08	Apr 10
Lot 15			$7m	8	0	0	0	Sep08	Apr 10
Lot 18			$7m	6	0	0	0	Mar 09	May09
Lots 9 & 25			$13m	1	1	1	1	Jun 07	Jun 07
Future stages			$489m	367	6	6	0	Various	TBA
MEADOW SPRINGS
LAND	Aug03	Mandurah	$176m	1,560	1,555	1,555	1,555	Mar 04	Aug13
SEASCAPES
TOWN CENTRE	Aug03	Mandurah	$245m	283	0	0	0
Apartments			$106m	95	0	0	0	Jan 10	Oct 11
Housing			$139m	188	0	0	0	Aug08	Jun 11

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

	CONSTRUCTION	CONSTRUCTION
CURRENT PRICE RANGE	PROJECT PERIOD	PROGRESS
FROM / TO	(CALENDER YEAR)	AS AT 30/6/07	DESCRIPTION	OWNERSHIP STRUCTURE
				PDA with
$280,000 – $825,000	mid 2002 – mid 2007	100%	Hotel at Bunker Bay near Dunsborough	Bunker Bay Developments Pty Ltd
$305,000 – $670,000	mid 1996 – mid 2008	95%	Land subdivision north of Perth	15% JV
	2002 – 2007	100%	Apartments and luxury homes.	100% Mirvac Limited
$385,000 – $2.3m	ealry2003 – late 2006	100%	First apartment buildingat The Peninsula
$475,000 – $2.3m	mid 2003 – mid 2007	100%	Second apartment buildingat The Peninsula
$690,000 – $1.1m	end 2003 – mid 2007	100%	Luxuryhousing
$690,000 – $1.1m	end 2006 – mid 2006	100%	Luxuryhousing
$690,000 – $1.1m	early2003 – early2006	100%	Luxuryhousing
$690,000 – $1.1m	end 2003 – mid 2006	100%	Luxuryhousing

	2002 – 2015			50% Mirvac Limited
$450,000 – $750,000	ealry2003 – end 2006	100%	Remainingcommecial units
$475,000 – $2.3m	mid 2003 – mid 2007	100%	Second apartment buildingat The Peninsula
$530,000 – $2.7m	mid 2005 – end 2008	45%	Third apartment buildingat The Peninsula
$850,000 – $2.5m	mid 2006 – end 2010	5%	Fourth apartment buildingat The Peninsula
$1.5m – $2.5m	mid 2005 – mid 2008	39%	Golf course low rise apartments
$1.1m – $2.7m	mid 2006 – end 2008	18%	Golf course low rise apartments
$950,000	end 2003 – mid 2007	100%	Luxuryhousing
$690,000 – $1.1m	early2005 – end 2007	100%	Luxuryhousing
$690,000 – $1.1m	ealry2008 – early2010	4%	Luxuryhousing
$690,000 – $1.1m	ealry2008 – early2010	0%	Luxuryhousing
TBA	early2007 – ealry2009	7%	Mid rise apartments
$13.4m	mid 2006 – mid 2007	100%	Commercial
TBA	TBA	TBA	TBA
$150,000 – $180,000	mid 2003 – mid 2013	95%	Land estate 1hr south of Perth	100% Mirvac Limited
		8%	Town centre includinghomes and apartments	100% Mirvac Limited
TBA	early2008 – end 2011
TBA	mid 2006 – mid 2011

DEVELOPMENT 102 / 103

RESIDENTIAL DEVELOPMENT

WESTERN AUSTRALIA

			PROJECT
	ACQUISITION		VALUE	TOTAL				SETTLEMENT DATE1
PROPERTY	DATE	LOCATION	(INCL. GST)	LOTS	RELEASED	EXCHANGED	SETTLED	FROM	TO
MEADOW SPRINGS
SYNDICATE 1 – MFM PDF	Jun 06	Mandurah	$114m	609	249	244	42	Nov 06	Jun 12
MEADOW SPRINGS
MWRDP	Jun 07	Mandurah	$111m	485	0	0	0	Sep 07	Nov 15

SEASCAPES
SYNDICATE 1 – MFM PDF	Dec 06	Mandurah	$107m	530	255	254	227	Mar 06	Apr 10
BRIDGEWATER
MWRDP	Jun 07	Mandurah	$91m	314	0	0	0	Mar 08	Sep 10
MEADOW SPRINGS
HOUSING	Aug03	Mandurah	$282m	547	83	83	47
Eden Springs			$14m	30	28	28	27	Apr 06	Jul 10
Bellavista			$23m	42	40	40	11	Sep06	Aug09
Portrush Green
(Hotel Site)– land			$2m	11	11	11	9	Feb 07	Jul 09
Portrush Green
(Hotel Site)– built form			$35m	70	4	4	0	Feb 07	Jan 09
Future stage 1			$186m	350	0	0	0	Sep09	Jan 13
Future stage 2			$21m	44	0	0	0	Jan 08	Apr 09
KENNEDY BAY	Jul 02	Port Kennedy	$513m	660	0	0	0
LongBeach Estate			$7m	21	0	0	0	Feb 08	Jun 10
Future Stages
(Excl. LongBeach Estate)			$506m	639	0	0	0	Jul 09	Apr 15
BARDON
WATERSIDE	Feb 04	Maylands	$11m	13	13	13	9	Jun 07	Jun 07
THE POINT	Dec 05	Mandurah	$231m	153	99	99	0
Residential Apartments			$174m	125	99	99	0	Jul 08	Nov 09
Hotel			$57m	28	0	0	0	Oct 08	Dec 09
SWANBOURNE	Jun 05	Swanbourne	$182m	123	0	0	0	Aug07	Oct 09

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

	CONSTRUCTION	CONSTRUCTION
CURRENT PRICE RANGE	PROJECT PERIOD	PROGRESS
FROM / TO	(CALENDER YEAR)	AS AT 30/6/07	DESCRIPTION	OWNERSHIP STRUCTURE
			Property Development Fund co-ordinated
$200,000 – $215,000	mid 2006 – mid 2012	44%	by Mirvac Funds Managment	100% MFM
				100% MWRDP (Mirvac Limited
TBA	mid 2007 – end 2015	36%	Mirvac Wholesale Residential Development Partnership	20% equity interest)

			Property Development Fund co-ordinated
$290,000 – $330,000	end 2005 – mid 2010	43%	by Mirvac Funds Management	100% MFM
				100% MWRDP (Mirvac Limited
$175,000	early 2007 – mid 2010	46%	Mirvac Wholesale Residential Development Partnership	20% equity interest)
			Architecturally designed homes located
			within Meadow Springs Land Estate	100% Mirvac Limited
$410,000 – $595,000	mid 2003 – mid 2010	95%
$425,000 – $610,000	mid 2004 – mid 2009	73%
$197,000 – $208,000	mid 2003 – mid 2009	100%	Land subdivision in Mandurah
$410,000 – $615,000	mid 2003 – mid 2009	7%
TBA	mid 2007 – early2013	0%
TBA	mid 2006 – mid 2009	2%
		1%	Apartments and houses with ocean and/orgolf course views	PDA with WABGR
TBA	mid 2005 – mid 2010
TBA	mid 2005 – mid 2015
$705,000 – $975,000	mid 2006 – mid 2007	97%	Land subdivision on the Swan River	100% Mirvac Limited
			Two apartment towers and a hotel.
			Majority of apartments will have ocean, marina and/or estuary views	100% Mirvac Limited
$695,000 – $4.0m	end 2004 – end 2009
TBA	end 2004 – end 2009
			Land subdivision along with houses and apartments.	50% Mirvac Limited
TBA	mid 2005 – end 2009	20%	JV with WA State Government land developer.	50% Landcorp

DEVELOPMENT 104 / 105

RESIDENTIAL DEVELOPMENT

WESTERN AUSTRALIA

			PROJECT
	ACQUISITION		VALUE	TOTAL				SETTLEMENT DATE1
PROPERTY	DATE	LOCATION	(INCL. GST)	LOTS	RELEASED	EXCHANGED	SETTLED	FROM	TO
HOLLYWOOD	May 05	Nedlands	$63m	74	73	73	57
Residential Homesites			$38m	57	57	57	57	Jun 06	Aug06
Executive Terraced Homes			$25m	17	16	16	0	Dec 07	Mar 08
PRESTON BEACH	May 06	Preston Beach	$510m	3,000	0	0	0	Jan 10	TBA
BEACHSIDE
LEIGHTON	Aug06	Leighton	$449m	160	0	0	0	Dec 09	Aug12
DIANELLA	Dec 06	Dianella	$40m	81	0	0	0	Jan 09	Aug09
JANE BROOK	Jul 06	Jane Brook	$46m	195	0	0	0	Dec 07	Dec 09
WATERLINE
BRIDGEWATER NORTH	Aug03	Mandurah	$344m	344	0	0	0
Apartments			$253m	243	0	0	0	May10	May13
Houses			$91m	101	0	0	0	Aug09	Mar 11
LENNOX LAND	Jun 06	Coolbellup	$13m	36	0	0	0	Sep 07	Aug12

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

		CONSTRUCTION
CURRENT PRICE RANGE	PROJECT PERIOD	PROGRESS
FROM / TO	(CALENDER YEAR)	AS AT 30/6/07	DESCRIPTION	OWNERSHIP STRUCTURE
			Land subdivision in joint venture with
			WA State Government land developer.	PDA with Landcorp
$540,000 – $900,000	mid 2005 – mid 2006	100%
$1.25m – $1.65m	mid 2006 – mid 2008	22%
TBA	2006 – TBA	0%	Land estates approx 90min south of Perth	PDA with MAP Nominees
			Coastal village featuring apartments,
TBA	end 2006 – mid 2012	13%	houses, hotel, restaurants	100% Mirvac Limited
TBA	mid 2008 – mid 2009	33%	Land to be redeveloped into homesites	100% Mirvac Limited
TBA	end 2006 – end 2009	10%	65ha land subdivision approx. 20kms north-east of Perth	100% Mirvac Limited
		7%		100% Mirvac Limited
			Houses and apartments located within
TBA	mid 2007 – mid 2013		Bridgewater land estate	100% Mirvac Limited
TBA	mid 2007 – mid 2011		Houses located within Bridgewater Estate	100% Mirvac Limited
TBA	end 2006 – mid 2012	41%	Land subdivision Ministry of Housing	PDA with Ministry of Housing

DEVELOPMENT 106 / 107

RESIDENTIAL DEVELOPMENT

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VICTOR HARBOUR, SA (LOCATION)
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			PROJECT
	ACQUISITION		VALUE	TOTAL				SETTLEMENT DATE1
PROPERTY	DATE	LOCATION	(INCL. GST)	LOTS	RELEASED	EXCHANGED	SETTLED	FROM	TO
VICTOR HARBOUR	Apr 05	Victor Harbour	$77m	550	0	0	0	Jul 09	May 16

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

MIRVAC GROUP PROPERTY COMPENDIUM

SOUTH AUSTRALIA

				ADELAIDE CBD
				��
		CONSTRUCTION
CURRENT PRICE RANGE	PROJECT PERIOD	PROGRESS
FROM / TO	(CALENDER YEAR)	AS AT 30/6/07	DESCRIPTION	OWNERSHIP STRUCTURE
$130,000 – $150,000	2005 – 2016		Residential subdivision	100% Mirvac Limited

DEVELOPMENT 108 / 109

DEVELOPMENT

$1.9 BILLION

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NON-RESIDENTIAL
DEVELOPMENT
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MIRVAC GROUP PROPERTY COMPENDIUM

COMMERCIAL > $0.7 BILLION RETAIL > $0.5 BILLION INDUSTRIAL > $0.7 BILLION

DEVELOPMENT 110 / 111

NON-RESIDENTIAL DEVELOPMENT

MPT

		DEVELOPMENT		EXPECTED
PROPERTY	LOCATION	COST	SECTOR	COMPLETION	OWNERSHIP
Nexus IndustryPark – Stage 3	NSW	$20.2m	Industrial	Jul 07	100% MPT
Network at Eastern Creek	NSW	$43.8m	Industrial	May08	50% MPT, 50% MREIT
Lake Haven Homemaker Centre	NSW	$48.5m	Retail	Aug07	100% MPT
ManningMall	NSW	$18.4m	Retail	Mar 09	100% MPT
Moonee Ponds	VIC	$76.0m	Retail	Mar 09	100% MPT

MIRVAC LIMITED

		FORECAST VALUE		EXPECTED
PROPERTY	LOCATION	ON COMPLETION1	SECTOR	COMPLETION	OWNERSHIP
					33% Leighton Properties
					33% Westscheme
Bankstown Airport	NSW	$291.7m	Industrial	–	33% Mirvac Limited
					50% Leighton Properties
Hoxton Park Airport	NSW	$202.0m	Industrial / Residential	Dec 12	50% Mirvac Limited
Rhodes Off ce Tower	NSW	$148.8m	Commercial	Jul 08	100% Mirvac Limited
Greenacre Industrial	NSW	$60.6m	Industrial	Dec 09	100% Mirvac Limited
Denison Road, Hillsdale	NSW	$62.3m	Industrial	Feb 09	100% Mirvac Limited
					10% Mirvac Limited,
18 Marcus Clarke Street	ACT	$152.0m	Commercial	Oct 07	90% AustralianSuper
					50% Springf eld
					Land Corporation,
Education CityStage 1A	QLD	$95.2m	Commercial	–	50% Mirvac Limited
Ormeau ShoppingCentre	QLD	$46.3m	Retail	Nov 10	100% Mirvac Limited
Nambour ShoppingCentre	QLD	$111.0m	Retail	Nov 10	100% Mirvac Limited
					20% Mirvac Limited,
177 Salmon Street	VIC	$18.1m	Industrial	Jun 08	80% AustralianSuper
600 Lorimer Street	VIC	$108.1m	Industrial	May11	100% Mirvac Limited
					Redevelopment on
Wesley	WA	–	Commercial / Retail	Oct 08	behalf of UCA

1 REPRESENTS 100% SHARE.

MIRVAC GROUP PROPERTY COMPENDIUM

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RHODES OFFICE TOWER, RHODES, NSW
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DEVELOPMENT 112 / 113

NON-RESIDENTIAL DEVELOPMENT

MPT PORTFOLIO

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NEXUS INDUSTRY PARK LYN PARADE PRESTONS, NSW

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NETWORK AT EASTERN CREEK OLD WALLGROVE EASTERN CREEK, NSW

DESCRIPTION

Former Liverpool Showground site 4(a) Industrial. The site when fully developed will accommodate over 70,000sqm of Industrial assets. Mirvac has secured two industrial pre-commitments to the site with a third facility (16,650sqm) currently under construction.

DESCRIPTION

Strategically located 6 hectare industrial site in close proximity to the new M7 Westlink.

The site will accommodate approximately 30,000sqm of high quality industrial development.

OWNERSHIP

100% MPT

OWNERSHIP

50% MPT, 50% MREIT

COST / REVENUE SUMMARY	CURRENT
	STAGE 3
LAND(INCL. COSTS)	$7.2m
EST. DEVELOPMENT,
CONSTRUCTION & FINANCE COSTS	$13.0m
TOTAL DEVELOPMENT COSTS	$20.2m
FORECAST NET INCOME
ON COMPLETION	$1.7m
CAPITALISATION RATE	7.25%
FORECAST VALUE ON COMPLETION	$24.0m
PROJECT TIMING
LAND ACQUISITION	Aug04
COMMENCEMENT DATE	–
FORECAST COMPLETION	Jul 07

COST / REVENUE SUMMARY	TOTAL(100%)
LAND(INCL. COSTS)	$11.6m
EST. DEVELOPMENT,
CONSTRUCTION & FINANCE COSTS	$32.2m
TOTAL DEVELOPMENT COSTS	$43.8m
FORECAST NET INCOME
ON COMPLETION	$3.0m
CAPITALISATION RATE	7.00%
FORECAST VALUE ON COMPLETION	$44.0m
PROJECT TIMING
LAND ACQUISITION	Dec 02
COMMENCEMENT DATE	Dec 06
CONSTRUCTION PERIOD	24 months
FORECAST COMPLETION	May08

PROJECT UPDATE

Construction of a 1,650sqm offi ce / warehouse facility is nearing completion.

PROJECT UPDATE

Servicing to the site is now completed and masterplanning concepts are being fi nalised.

0% 50% 100% 0%

50% 100%

ESTIMATED CONSTRUCTION PROGRESS 98%

ESTIMATED CONSTRUCTION PROGRESS 4%

AT 30 JUNE 2007

MIRVAC GROUP PROPERTY COMPENDIUM

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LAKE HAVEN HOMEMAKER CENTRE – STAGE 1 CNR PACIFIC HWY AND LAKE HAVEN DRIVE, LAKE HAVEN, NSW

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MANNING MALL, TAREE, NSW

DESCRIPTION

Stage 1 of the Lake Haven Homemaker Centre will be anchored by Bunnings and Harvey Norman and supported by 10 specialty retail stores occupying almost 7,000sqm. Stage 2 will comprise an additional 6,560sqm of specialty retail space.

OWNERSHIP

100% MPT

DESCRIPTION

The reconfi guration of the existing BiLo supermarket and Kmart to incorporate a new Coles supermarket Target and specialty stores.

OWNERSHIP

100% MPT

COST/REVENUE SUMMARY TOTAL	COST/REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) –	LAND(INCL. COSTS) –
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $48.5m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $18.4m
TOTAL DEVELOPMENT COSTS $48.5m	TOTAL DEVELOPMENT COSTS $18.4m
FORECAST NET INCOME ON COMPLETION –	FORECAST NET INCOME ON COMPLETION –
CAPITALISATION RATE –	CAPITALISATION RATE –
FORECAST VALUE ON COMPLETION $48.5m	FORECAST VALUE ON COMPLETION $18.4m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION –	LAND ACQUISITION Dec 06
COMMENCEMENT DATE –	COMMENCEMENT DATE Mar 08
CONSTRUCTION PERIOD –	CONSTRUCTION PERIOD –
FORECAST COMPLETION Aug07	FORECAST COMPLETION Mar 09

PROJECT UPDATE

Project under development by Vendor. The Harvey Norman and Bunnings tenancies were completed and opened on the 9th July 2007.

PROJECT UPDATE

A development application has been lodged with Greater Taree City Council.

0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 30 JUNE 2007

ESTIMATED CONSTRUCTION PROGRESS 90%

AT 30 JUNE 2007

DEVELOPMENT 114 / 115

NON-RESIDENTIAL DEVELOPMENT

MPT PORTFOLIO

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MOONEE PONDS, VIC

DESCRIPTION

The development of a key infi ll site and adjoining retail areas to deliver a new Kmart, 1st Choice liquor store and 47 specialty tenancies.

OWNERSHIP

OWNERSHIP
100% MPT
COST/REVENUE SUMMARY	TOTAL
LAND(INCL. COSTS)	$9.6m
EST. DEVELOPMENT,
CONSTRUCTION & FINANCE COSTS	$66.4m
TOTAL DEVELOPMENT COSTS	$76.0m
FORECAST NET INCOME
ON COMPLETION	$5.0m
CAPITALISATION RATE	–
FORECAST VALUE ON COMPLETION	$76.0m
PROJECT TIMING
LAND ACQUISITION	Jan 07
COMMENCEMENT DATE	Mar 07
CONSTRUCTION PERIOD	–
FORECAST COMPLETION	Mar 09

PROJECT UPDATE

Construction works on programe, piling and retention works commenced.

50%

100%

ESTIMATED CONSTRUCTION PROGRESS 8%

AT 30 JUNE 2007

MIRVAC GROUP PROPERTY COMPENDIUM

MIRVAC LIMITED PORTFOLIO

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BANKSTOWN AIRPORT CORNER MILPERRA ROAD AND HENRY LAWSON DRIVE, BANKSTOWN, NSW

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HOXTON PARK AIRPORT

INTERSECTION OF M7 AND COWPASTURE ROAD, HOXTON PARK, NSW

DESCRIPTION

Development and sale of 104Ha (gross) of land surplus to the aeronautical requirements of the Airport. Figures assume land subdivision and sell only.

DESCRIPTION

Development of 82 Ha (gross) made available by the closure of the Airport in Oct 2008.

OWNERSHIP

OWNERSHIP	OWNERSHIP	OWNERSHIP	OWNERSHIP
CONSORTIUM: 33.3% MIRVAC LIMITED, 33.3% LEIGHTON PROPERTIES,		CONSORTIUM: 50% MIRVAC LIMITED, 50% LEIGHTON PROPERTIES
33.3% WESTSCHEME.
COST/REVENUE SUMMARY	TOTAL(100%)	COST/REVENUE SUMMARY	TOTAL(100%)
LAND(INCL. COSTS)	$98.0m	LAND(INCL. COSTS)	$38.0m
EST. DEVELOPMENT,		EST. DEVELOPMENT,
CONSTRUCTION & FINANCE COSTS	$149.1m	CONSTRUCTION & FINANCE COSTS	$121.0m
TOTAL DEVELOPMENT COSTS	$247.1m	TOTAL DEVELOPMENT COSTS	$159.0m
FORECAST NET INCOME		FORECAST NET INCOME
ON COMPLETION	$44.6m	ON COMPLETION	$43.0m
CAPITALISATION RATE	–	CAPITALISATION RATE	–
FORECAST VALUE ON COMPLETION	$291.7m	FORECAST VALUE ON COMPLETION	$202.0m

PROJECT TIMING

PROJECT TIMING
LAND ACQUISITION	Dec 03
DESIGN COMMENCEMENT	Jan 06
CONSTRUCTION PERIOD	48 months
FORECAST COMPLETION	N/A

PROJECT TIMING

PROJECT TIMING
LAND ACQUISITION	Dec 03
DESIGN COMMENCEMENT	–
CONSTRUCTION PERIOD	TBA
FORECAST COMPLETION	Dec 12

PROJECT UPDATE

Masterplanning underway. Stage 1 ring road completed. 9 Ha sold to Toll Holdings. 1 Ha sold to Bankstown Grammar School. 2 Ha sold to Southern Steel.

PROJECT UPDATE

Masterplanning for services and rezoning underway. Rezoning process underway and fi rst Stage of 8Ha industrial subdivision is to be completed by end of 2007.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 25%

ESTIMATED CONSTRUCTION PROGRESS 2%

AT 30 JUNE 2007

DEVELOPMENT 116 / 117

NON-RESIDENTIAL DEVELOPMENT

MIRVAC LIMITED PORTFOLIO

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RHODES OFFICE TOWER 5 RIDER BOULEVARD

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GREENACRE INDUSTRIAL 57 – 67 ROBERTS RD, GREENACRE, NSW

DESCRIPTION

All 4 green star offi ce accommodation over 9 levels and 4.5 ABGR rating.

DESCRIPTION

An existing Industrial multi unit complex. Development consent has been for the upgrade and expansion of this site.

OWNERSHIP

100% MIRVAC LIMITED 100% MIRVAC LIMITED

COST / REVENUE SUMMARY TOTAL	COST / REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) $35.4m	LAND(INCL. COSTS) $37.5m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $78.3m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $20.3m
TOTAL DEVELOPMENT COSTS $113.7m	TOTAL DEVELOPMENT COSTS $57.9m
FORECAST NET INCOME ON COMPLETION $9.3m	FORECAST NET INCOME ON COMPLETION $3.3m
CAPITALISATION RATE 6.25%	CAPITALISATION RATE 7.00%
FORECAST VALUE ON COMPLETION $148.8m	FORECAST VALUE ON COMPLETION $60.6m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Jan 07	LAND ACQUISITION Jan 07
COMMENCEMENT DATE Jan 07	COMMENCEMENT DATE May07
CONSTRUCTION PERIOD 16 months	CONSTRUCTION PERIOD 12 months
FORECAST COMPLETION Feb 09	FORECAST COMPLETION Dec 09

PROJECT UPDATE

Building structure currently at level 7. Building ‘Top Off’ scheduled for Sep 2007 completion due mid 2008.

PROJECT UPDATE

Currently reviewing approved masterplan.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 35%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 30 JUNE 2007

MIRVAC GROUP PROPERTY COMPENDIUM

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DENISON ROAD, HILLSDALE, NSW

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18 MARCUS CLARKE STREET CANBERRA, ACT

DESCRIPTION

Strata Industrial unit development comprising approximately 20,000sqm of total saleable area.

DESCRIPTION

A Grade offi ce building comprising 27,683sqm NLA with 231 car spaces located in the Canberra CBD.

OWNERSHIP

100% MIRVAC LIMITED

OWNERSHIP

10% MIRVAC LIMITED, 90% AUSTRALIAN SUPER

COST/REVENUE SUMMARY TOTAL	COST/REVENUE SUMMARY TOTAL(100%)
LAND(INCL. COSTS) $19.2m	LAND(INCL. COSTS) $8.4m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $32.0m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $98.8m
TOTAL DEVELOPMENT COSTS $51.2m	TOTAL DEVELOPMENT COSTS $107.2m
FORECAST NET INCOME ON COMPLETION $11.1m	FORECAST NET INCOME ON COMPLETION $44.8m
CAPITALISATION RATE –	CAPITALISATION RATE 7.50%
FORECAST VALUE ON COMPLETION $62.3m	FORECAST VALUE ON COMPLETION $152.0m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Depositpaid	LAND ACQUISITION Jul 05
COMMENCEMENT DATE May07	CONSTRUCTION PERIOD 22 months
CONSTRUCTION PERIOD 12 months	FORECAST COMPLETION Oct 07
FORECAST COMPLETION Feb 09

PROJECT UPDATE

Design development underway with Development Application submission to occur in September 2007.

PROJECT UPDATE

Agreement for lease executed with Department of Agriculture, Forestries and Fisheries to lease all offi ce levels. Construction contract awarded to Thiess with commencement 31 January 2006. Pre-sold to ISPT.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 3%

ESTIMATED CONSTRUCTION PROGRESS 95%

AT 30 JUNE 2007

DEVELOPMENT 118 / 119

NON-RESIDENTIAL DEVELOPMENT

MIRVAC LIMITED PORTFOLIO

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EDUCATION CITY – STAGE 1A SINNATHAMBY BOULEVARD, SPRINGFIELD, QLD

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ORMEAU SHOPPING CENTRE – STAGE 1

DESCRIPTION

Education City is an 18 hectare campus for multi-educational use. The campus includes University of Southern Queensland, TAFE, an English college, a vocational training college, an ABC Childcare centre, a retail centre and 110 student accommodation rooms. Stage 2 will include a primary, secondary school and additional commercial buildings.

OWNERSHIP

50% MIRVAC LIMITED, 50% SPRINGFIELD LAND CORPORATION LIMITED

DESCRIPTION

A signifi cant town centre development on the Gold Coast, South East Queensland. Stage 1 a neighbourhood shopping centre incorporating a 3,500sqm supermarket and approximately 2,800sqm of specialty fl oor space.

OWNERSHIP

100% MIRVAC LIMITED

COST / REVENUE SUMMARY STAGE 1(100%)	COST / REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) $5.7m	LAND(INCL. COSTS) $11.2m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $73.2m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $35.1m
TOTAL DEVELOPMENT COSTS $78.9m	TOTAL DEVELOPMENT COSTS $46.3m
FORECAST NET INCOME ON COMPLETION $7.1m	FORECAST NET INCOME ON COMPLETION –
CAPITALISATION RATE 7.43%	CAPITALISATION RATE –
FORECAST VALUE ON COMPLETION $95.2m	FORECAST VALUE ON COMPLETION $46.3m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION –	LAND ACQUISITION Jan 07
DESIGN COMMENCEMENT –	COMMENCEMENT DATE Dec 08
CONSTRUCTION PERIOD –	DEVELOPMENT PERIOD –
COMPLETION –	FORECAST COMPLETION Nov 10

PROJECT UPDATE

Stage 1 is now complete. Further stages of the project are now being planned.

PROJECT UPDATE

A Development Application is currently being prepared.

0% 50%

100% 0%

50% 100%

ESTIMATED CONSTRUCTION PROGRESS 100%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 30 JUNE 2007

MIRVAC GROUP PROPERTY COMPENDIUM

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NAMBOUR SHOPPING CENTRE

==> picture [254 x 143] intentionally omitted <==

177 SALMON STREET PORT MELBOURNE, VIC

DESCRIPTION

The Development of the vacated Morton Sugar Mill in the heart of Nambour, into a sub regional shopping centre.

DESCRIPTION

12-Lot light industrial land sub-division.

OWNERSHIP

100% MIRVAC LIMITED

OWNERSHIP

20% MIRVAC LIMITED, 80% AUSTRALIAN SUPER

COST/REVENUE SUMMARY TOTAL	COST/REVENUE SUMMARY TOTAL(100%)
LAND(INCL COSTS) $24.3m	LAND(INCL COSTS) $12.3m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $86.7m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $5.8m
TOTAL DEVELOPMENT COSTS $111.0m	TOTAL DEVELOPMENT COSTS $18.1m
FORECAST NET INCOME ON COMPLETION –	FORECAST NET INCOME ON COMPLETION –
CAPITALISATION RATE –	CAPITALISATION RATE –
FORECAST VALUE ON COMPLETION $111.0m	FORECAST VALUE ON COMPLETION $18.1m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Jan 07	LAND ACQUISITION Dec 04
COMMENCEMENT DATE Dec 08	CONSTRUCTION PERIOD –
CONSTRUCTION PERIOD –	FORECAST COMPLETION Jun 08
FORECAST COMPLETION Nov 10

PROJECT UPDATE

Preparation of a Development Application for a sub regional shopping centre is underway.

PROJECT UPDATE

Civil works completed December 2005. 2 x lots sold, 2 x lots under offer, 8 x lots available.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 0%

ESTIMATED CONSTRUCTION PROGRESS 100%

AT 30 JUNE 2007

DEVELOPMENT 120 / 121

NON-RESIDENTIAL DEVELOPMENT

MIRVAC LIMITED PORTFOLIO

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600 LORIMER STREET PORT MELBOURNE, VIC

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WESLEY, WA

DESCRIPTION

Former General Motors Holden land totalling 4 hectares which will be redeveloped into a quality industrial business park. The park will consist of approximately 30 industrial offi ce and warehouse units.

DESCRIPTION

A 6900sqm site located in the heart of the Perth CBD which will include the $107m redevelopment of the Wesley Arcade, QBE & Queens Buildings into retail and commercial space on behalf of the Uniting Church in Australia (UCA).

OWNERSHIP

OWNERSHIP	OWNERSHIP
100% MIRVAC LIMITED COST/REVENUE SUMMARY TOTAL	NIL COST/REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) $17.0m	LAND(INCL. COSTS) –
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $79.0m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS –
TOTAL DEVELOPMENT COSTS $96.0m	TOTAL DEVELOPMENT COSTS –
FORECAST NET INCOME ON COMPLETION $7.8m	FORECAST NET INCOME ON COMPLETION –
CAPITALISATION RATE 7.25%	CAPITALISATION RATE –
FORECAST VALUE ON COMPLETION $108.1m	FORECAST VALUE ON COMPLETION –
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Dec 05	LAND ACQUISITION N/A
COMMENCEMENT DATE Feb 08	COMMENCEMENT DATE Jul 07
CONSTRUCTION PERIOD 32 months	CONSTRUCTION PERIOD 15 months
FORECAST COMPLETION Oct 10	FORECAST COMPLETION Oct 08

PROJECT UPDATE

Construction commencing in early 2008.

0% 50%

100% 0% 50%

100%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 30 JUNE 2007

MIRVAC GROUP PROPERTY COMPENDIUM

HEAD OFFICE / Level 26, 60 Margaret Street Sydney NSW 2000 SYDNEY / 02 9080 8000 PARRAMATTA / 02 9893 8800 MELBOURNE / 03 9645 9400 BRISBANE / 07 3859 5888 PERTH / 08 8424 9900 www.mirvac.com.au

PAPER STOCK

This document is printed on Monza Satin Recycled, an FSC accredited paper, manufactured using Elemental Chlorine Free pulp that contains 55% Recycled fi bre (30% Preconsumer Fibre / 25% Post Consumer fi bre). The mill is certifi ed under ISO 14001 and IPPC environmental management systems.

FSC Chain of Custody (CoC) promotes responsible forest management. FSC has developed principles for certifying the management of forest holdings, and a system of tracing, verifying and labeling timber and wood products which originate from FSC certifi ed forests.

DISCLAIMER

The information made available through this property compendium, including any expression of opinion or forecast, has been obtained from or based on sources believed by Mirvac Group to be reliable. Mirvac Group does not warrant the accuracy, completeness or currency of the information. Mirvac Group and its related companies will not be liable for any inaccuracies, omissions or errors in the content nor for any loss or damage arising from action taken in reliance on the information.

ISO 14001 The standard published by the International Standards Organisation specifying the requirements of an environmental management system.

IPPC Integrated Pollution Prevention and Control. IPPC seeks to prevent or minimise air, water and soil pollution by emissions from industrial installations in the community.

Cert no. SGS-COC-3047

DEVELOPMENT 122 / 123

AI assistant

MIRVAC GROUP — Fund Information / Factsheet 2007

65328_rns_2007-08-20_d0827984-1245-42eb-8d3e-79d0ca203dcb.pdf

PROPERTY COMPENDIUM

26.3

$13.3 BILLION

$13.0 BILLION

$4.2 BILLION

MIRVAC PROPERTY TRUST PORTFOLIO REPOSITIONING

12 MONTHS TO 30 JUNE 2007

MIRVAC PROPERTY TRUST PORTFOLIO EXPIRY PROFILE[1]

MIRVAC PROPERTY TRUST PORTFOLIO DIVERSIFICATION

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INTERNAL FUNDS MANAGEMENT

COMMERCIAL PORTFOLIO

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COMMERCIAL PORTFOLIO

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190 GEORGE STREET SYDNEY, NSW

DESCRIPTION

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COMMERCIAL PORTFOLIO

DESCRIPTION

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38 SYDNEY AVENUE FORREST, ACT

DESCRIPTION

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COMMERCIAL PORTFOLIO

DESCRIPTION

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COMMERCIAL PORTFOLIO

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MIRVAC GROUP Fund Information / Factsheet 2007

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