MIRVAC GROUP — Interim / Quarterly Report 2008

Feb 11, 2008

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12 February 2008

MIRVAC GROUP ANNOUNCES SOLID HALF YEAR OPERATING PROFIT OF $215.0 MILLION, AN INCREASE OF 41.2 PER CENT

FINANCIAL HIGHLIGHTS

• Half year net profit after tax of $388.4 million, an increase of 86.4 per cent

• Half year operating profit after tax of $215.0 million, an increase of 41.2 per cent

• Half year distribution of 16.45 cents per stapled security, an increase of 3.1 per cent

• 5.8 per cent rise in NTA per stapled security to $4.02 from $3.80 as at 31 December 2006[1]

• Activities under control increased from $26.3 billion at 30 June 2007 to $27.8 billion

• Gearing reduced to 29.8 per cent[2]

Mirvac Group [ASX: MGR] today announced a solid result with net profit after tax of $388.4 million for the six months to 31 December 2007. Operating profit after tax of $215.0 million represented a 41.2 per cent increase on the previous corresponding period.

The half year distribution of 16.45 cents per stapled security was supported by operating earnings per security for the period of 21.02 cents.

Mirvac’s Managing Director, Greg Paramor said: “Today’s solid result clearly demonstrates the quality of Mirvac’s underlying business model. Despite turbulent markets, we have a stable income stream that continues to deliver resilient earnings through our two core divisions, Funds Management and Development.

“Mirvac’s scale allows the Group to benefit from diversification across asset classes and geographies, spreading risk and using our expertise to enter and exit different real estate cycles at the right time.

“The success of our business model has also attracted the attention of international property groups, and the recent $300 million placement with Nakheel further strengthens our balance sheet and positions us to partner with Nakheel in considering a number of significant property opportunities that are starting to emerge in both Australia and off-shore.”

GROUP OPERATIONAL HIGHLIGHTS

• Mirvac Property Trust continued to improve and de-risk the portfolio via $126 million of acquisitions and $306 million[3] of disposals

• Expanded funds management platform via acquisition of remaining 50 per cent of Mirvac PFA and Mirvac Domaine

• Exchanged $1.05[4] billion of contracts on residential projects

• Continued the diversification strategy with growth in non-residential development

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Funds Management

The Group's Funds Management Division performed strongly during the half year achieving a net profit before tax of $395.1 million, a 97 per cent increase on the previous corresponding period, and divisional operating profit before tax was $204.1 million, representing an increase of 44.8 per cent.

As at 31 December 2007, the Funds Management division had $13.5 billion of activities under control across internal and external funds management. Internal Funds Management, with a total portfolio value of $4.2 billion, has investments in 57 properties, covering the commercial, retail, industrial and hotel sectors as well as investments in a number of Mirvac’s other managed funds. The portfolio continued to deliver stable, sustainable cashflows to the broader Group through strong tenant covenants, sustained leasing activity and strategic acquisitions and disposals.

External Funds has real estate and infrastructure funds under management of $9.3 billion, and a managed hotel portfolio of 5,364 rooms across 40 properties in Australia, New Zealand and the Pacific.

External Funds has continued with the rationalisation of non-core and unscaleable activities and the development of new funds management initiatives that complement Mirvac’s core competencies and allows the Group to recycle capital on its balance sheet.

Development

The Group's Development Division performed strongly to 31 December 2007 achieving an operating profit before tax of $51.0 million, a 3.4 per cent increase on the previous 12 months.

At 31 December 2007, the Group’s Development Division had $14.3 billion of activities under control. Development comprises two principal areas; Residential (housing, medium and high density housing, and land sub-division) with $12.1 billion activities under control and a future pipeline of 29,067 lots; and nonresidential with $2.2 billion activities under control. Mirvac is successfully delivering on its strategy of diversifying into more non-residential development across the commercial, industrial and retail sectors.

The Development Division continued to deliver quality residential products resulting in the settlement of 1,072 lots as at 31 December 2007. The Division also secured $1.05 billion[4] in exchanged contracts as at 31 December 2007.

The Division will continue integrating its activities across the broader Mirvac business platform, by providing quality assets for internal funds and developing existing assets for Mirvac’s funds management initiatives.

OUTLOOK

Mirvac reaffirmed its EPS guidance of 34.3 cents and DPS guidance of 32.9 cents for the FY08 year.

For further information, please contact:

Greg Paramor Nick Collishaw Adrian Fini Managing Director Executive Director – Funds Management Executive Director - Development 02 9080-8801 02 9080-8808 0413 120 610

Mirvac is a leading ASX-listed, integrated real estate group with more than $27.8 billion of activities under control across the real estate funds management and development spectrum.

1. NTA based on issued securities excluding EIS securities.

2 Post capital raising, interest bearing liabilities (hedged foreign currency debt) less cash / total assets less cash.

1. Total book value, including assets held for sale.

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

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