MIRVAC GROUP — Interim / Quarterly Report 2010

Feb 15, 2010

Appendix 4D – Interim Report

MIRVAC GROUP

Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and its controlled entities (including Mirvac Property Trust (ARSN 086 780 645) and its controlled entities).

For the year ended 31 December 2009 (Previous corresponding period 31 December 2008)

Results for Announcement to the Market

Results for Announcement to the Market
	$’000
Revenues and other income up 12% to Net profit attributable to the stapled securityholders of Mirvac up 107% to Operating profit (profit before specific non-cash and significant items) attributable to the stapled securityholders of Mirvac1 up 59% to	907,563 47,160 129,381

1 Operating profit is a financial measure which is not prescribed by Australian Accounting Standards and represents the profit under Australian Accounting Standards adjusted for specific non-cash items and other significant items which management consider to reflect the core earnings of the Group.

Dividends (distributions)	Amount per security	Franked amount per security
September 2009 quarterly distribution (paid 30 October 2009) September 2008 quarterly distribution (paid 24 October 2008) December 2009 quarterly distribution (paid 29 January 2010) December 2008 quarterly distribution (paid 30 January 2009) Record date of determining December 2009 entitlements to the distribution	2.00 cents 5.00 cents 2.00 cents 2.80 cents 31 Dec 2009	- - -

1

Results for Announcement to the Market (continued)

Other information relating to the financial statements

1 Ratios

1 Ratios
	Dec 2009	Dec 2008
Profit/(Loss) before tax / total revenues and other income Consolidated profit/(loss) from ordinary activities before tax as a percentage of total revenues and other income Profit(/Loss) after tax / equity interests Consolidated net loss from ordinary activities after tax attributable to members as a percentage of equity (similarly attributable) at the end of the period	5.5% 0.9%	(81.9%) (15.3%)

2 Earnings per security (EPS)

	Dec 2009	Dec 2008
Basic EPS1 Basic EPS before specific non-cash and other significant items1 Diluted EPS2 Diluted EPS before specific non-cash and other significant items2 Weighted average number of ordinary securities outstanding during the period Weighted average number of securities used in calculating diluted earnings per security	1.67 cents 4.59 cents 1.66 cents 4.56 cents 2,820,810,303 2,836,510,814	(51.96) cents 6.57 cents (51.28) cents 6.48 cents 1,242,648,104 1,259,213,210

1 EPS excludes securities issued under the Executive Incentive Scheme (EIS)

2 EPS includes securities issued under the Executive Incentive Scheme (EIS), but excludes options and rights issued.

3 NTA Backing

3 NTA Backing
	Dec 2009	Dec 2008
Net tangible asset backing per ordinary security (AIFRS) – excluding EIS securities Net tangible asset backing per ordinary security (AIFRS) – includingEIS securities	$1.66 $1.65	$2.47 $2.44

2

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16 February 2010

HALF YEAR RESULTS

Mirvac Group is pleased to release its financial results for the half year ended 31 December 2009.

The financial results pack includes:

• ASX / Media Release

• Results Presentation Slides

• Appendix 4D

• Mirvac Group Interim Report

• Mirvac Property Trust Interim Report

• Property Compendium

A management presentation of the results will be webcast live from 10.00am AEDT at www.mirvac.com

For more information:

Investor enquiries: Adam Crowe Group Investor Relations Manager +61 2 9080 8652

Media enquiries: Kate Lander Group Communications Manager +61 2 9080 8397

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16 February 2010

MIRVAC GROUP HALF YEAR RESULTS – 31 DECEMBER 2009

FINANCIAL HIGHLIGHTS

The following table summarises the key financial results for the six months ended 31 December 2009:

• Statutory profit of $47.2 million

• Operating profit before tax of $129.4 million[1]

• Operating earnings of 4.6 cents per stapled security[1]

• NTA per security of $1.65[2]

• Operating cash flow of $98.7 million

• Total assets of $7.5 billion and net assets of $5.0 billion

• Half year distribution of 4.0 cents per stapled security

OPERATIONAL HIGHLIGHTS

 Successfully increased recurring rental income and enhanced the Group’s earnings with the acquisition of Mirvac Real Estate Investment Trust (“MREIT”), a $915 million[3] diversified Australian portfolio;

• Achieved strong residential sales momentum, with 972 lot settlements, up from 562 lot settlements as at 31 December 2008, and secured future income with $735.8 million of total exchanged contracts ($689.8m of total exchanged contracts as at 31 December 2009)[4] ;

• Achieved $46.0 million sell-out success at recent release of latest masterplanned residential development at an average price of $1.3 million;[5]

• Continued the rationalisation of non-aligned operations by exiting UK operations;

• Expanded the hotel management portfolio with two further contracts adding another 191 rooms to the 5,741-room hotel management portfolio; and

• Activated the non-residential pipeline, entering into an agreement with Woolworths Limited to develop two major distribution centres, covering 140,000 sqm in south western Sydney, for a total cost of $200.0 million and a forecast yield of 8.0 per cent (subject to receiving State planning approval).[5]

1. Diluted earnings excluding specific non cash items, other significant items and related taxation.

2. NTA based on issued securities, including EIS securities.

3. Adjusted for fair value of assets on acquisition and the sale of Pender Place and Doncaster prior to completion of the transaction.

4. Adjusted for Mirvac’s share of JV interest and Mirvac managed funds .

5. Post 31 December 2009.

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Mirvac’s Managing Director, Nick Collishaw said, “Today’s results demonstrate that we are well positioned to deliver our earnings guidance and that we are expanding our residential and commercial development activities.

“Our strategy is clear and consistent, driving value creation from our two core divisions – Investment and Development.

“In addition, our capital management initiatives undertaken over the last 18 months means that we are well positioned to be able to capitalise on opportunities when they arise, consistent with our strategy.”

Capital management

Following the capital management activities undertaken during financial year 2009, Standard & Poor’s upgraded the Group’s credit rating to BBB/A-2, with a positive outlook in July 2009.

As at 31 December 2009, the Group continued to enjoy significant headroom with its debt covenants, and remains in a strong capital position to be able to fund its forecast debt maturities and capital commitments beyond June 2011.

Balance sheet gearing remained low at 23.2 per cent[1] and look-through gearing at 26.6 per cent.

DIVISIONAL RESULTS

Investment Division

Mirvac’s Investment Division (comprising Mirvac Property Trust (“MPT” or “the Trust”) and the recently acquired MREIT portfolio) achieved strong results for the six months ended 31 December 2009, with an operating profit before tax of $150.0 million, and operating EBIT of $136.1 million.

The Division had a total portfolio value of $4.4 billion, with investments in 74 investment grade properties, covering the commercial, retail, industrial and hotel sectors, as well as investments in other funds managed by Mirvac.

As previously announced, valuations on MPT’s assets were undertaken during the six months to 31 December 2009 resulting in a total revaluation decline of $124.6 million[2] , a decrease of 3.0 per cent.

The Trust continued to maintain its stable portfolio metrics with secure tenant covenants, minimal lease expiries and high portfolio occupancy of 96.7 per cent[3] .

The Trust’s earnings remain highly secure with 89.5 per cent of FY10 rent reviews being fixed or CPI linked, and 66.4 per cent of gross income derived from ASX-listed, multinational, national and Government tenants.

Mr Collishaw said, “MPT’s results continue to underpin the Group’s earnings and this has been further strengthened by the successful acquisition of MREIT, a $915 million[4] diversified Australian portfolio.

“We continue to review and refresh our portfolio to ensure we are maximising asset value and earnings growth.”

1. Net debt after CCIR swaps excluding leases / (total tangible assets – cash).

2. Represents revaluation of investment properties excluding fair value adjustments relating to the MREIT acquisition portfolio acquired on 7 December 2009. Gross revaluations including assets classified as owner occupied.

3. Excludes assets held for development .

4 . Adjusted for fair value of assets on acquisition and the sale of Pender Place and Doncaster prior to completion of the transaction.

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Investment Management

As at 31 December 2009, Mirvac’s Investment Management (“MIM”) business unit had approximately $5.6 billion of funds under management. MIM recorded a net operating loss before tax of $1.7 million[1] . MIM’s operating EBIT of $3.9 million[1] represented a significant increase on the previous corresponding period due to the disposal of non-aligned funds.

The rationalisation of non-aligned and unscaleable funds continued during the six months and is expected to be complete by FY10.

Mr Collishaw stated that the focus for MIM is to continue to support the Group’s core activities – Investment and Development – by sourcing capital through the establishment of investment partnerships with global wholesale investors.

Hotel Management

Mirvac Hotels & Resorts continued to expand during the reporting period, with two new hotel management contracts (Citigate Mount Panorama (111 rooms) and Sebel Deep Blue Warrnambool (80 rooms)) bringing the total hotels managed to 45, covering 5,741 rooms across Australasia.

For the six months ended 31 December 2009, Hotels & Resorts achieved an operating profit before tax of $6.6 million.

Mirvac Hotels & Resorts continued to be recognised as a leader in its field, with key achievements including:

• Gained membership with the Global Hotel Alliance which includes 280 international hotels and a loyalty program of approximately 1 million members, and affiliations with 14 Frequent Flyer programs;

• 80 per cent of Mirvac’s Hotels & Resorts ranked in the top three of their respective market competitor sets[2] ; and

• Awarded “Accommodation Chain of the Year” 2009 by HM Awards.

Mr Collishaw stated that the Group will continue with its strategy of expanding its hotel management portfolio, focusing on regions which are under-represented by Mirvac’s existing brands.

Development Division

Mirvac’s Development Division achieved a solid result for the six months ended 31 December 2009, and is on track to deliver their full year results. The Division recorded an operating profit before tax of $5.3 million and operating EBIT of $13.0 million.

Commercial Development

Mirvac’s commercial development pipeline covers the office, retail, industrial and hotel sectors. Eight commercial projects are currently under review for activation that have the potential to add significant value to the Investment and Development Divisions’ earnings.

Post 31 December 2009, Mirvac announced that it had entered into agreement with Woolworths Limited to develop two major distribution centres, subject to receiving State planning approval, on the former Hoxton Park Airport site in south western Sydney. The new facilities will be 100 per cent prelet to Woolworths Limited covering approximately 140,000 sqm of industrial space that will house two major distribution centres for BIG W and Dick Smith, with terms agreed for a 25 year lease and 20 year lease respectively, at a total cost of $200.0 million and a forecast yield on cost of 8.0 per cent.

1. Includes Mirvac Asset Management.

2. STR Global .

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Residential

Mirvac maintained its leading position within the Australian residential market with the settlement of 972 lots as at 31 December 2009 (including Mirvac’s share of joint venture interest and Mirvac managed funds). Key projects included:

Project	Lots	Value ($m)
Rhodes Waterside, NSW	149	93.7
Mariner's Peninsula, Townsville, QLD	91	78.9
Waverley Park, VIC	25	17.3
The Peninsula, Burswood, WA	62	69.1

The Division secured future income with $735.8 million of exchanged contracts (including Mirvac’s share of joint venture interest and Mirvac managed funds) as at February 2010. Key projects included:

Project	Lots	Value ($m)
The Royal, Newcastle, NSW	99	77.9
Springdale, Killara, NSW	11	14.6
Tennyson Reach, Tennyson, QLD	33	40.6
Waterfront, Newstead, QLD	51	168.1
Yarra’s Edge River Homes, Melbourne, VIC	44	104.0
Laureate, Albert Park, VIC	15	28.6
The Point, Mandurah, WA	9	12.3
The Peninsula, Burswood, WA	50	60.7

Mirvac is continuing to see strong demand for its developments and has recently achieved entire sellouts at its latest releases. At the beginning of February 2010, Mirvac released Endeavour 88 , in South Coogee, Sydney, which achieved pre-sales in excess of $46 million, at an average price of $1.3 million, for all 35 freestanding homes within Stage 1.

Mr Collishaw commented that the demand for Mirvac’s latest residential projects were a strong signal that investors and second and third home buyers are back in the market, and importantly, filling the gap left from the retreat of the first home buyer.

“These successes are a further example of Mirvac delivering upon its stated strategy of being Australia’s pre-eminent residential developer and are a strong signal that active residential developers will benefit from increased demand for quality product delivered by a leading brand.

“The Group will continue to utilise its integrated development platform to fast-track developments to meet increased demand from owner occupiers and investors,” Mr Collishaw added.

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OUTLOOK

Mr Collishaw said, “Mirvac is committed to being Australia’s leading developer of residential real estate and providing secure income, linked to contracted growth through our diversified, quality Investment portfolio.

“The realistic direction we set last year, and continue to follow today, ensures the strength of the business into the future.

“Our strategy is clear and consistent and will create value for our Securityholders. We are on track to expand our operations and we have the right team in place to continue to deliver these opportunities.”

Mirvac revised its FY10 EPS guidance to 9.2 cents per stapled security and DPS guidance of 8.0 – 9.0 cents per stapled security.

For more information:

Investor enquiries: Media enquiries: Adam Crowe Kate Lander Group Investor Relations Manager Group Communications Manager +61 2 9080 8652 +61 2 9080 8397

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Mirvac Group 1h10 results presentation

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16 February 2010

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the peninsula, burswood, wa
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disclaiMer and iMportant notice

Mirvac Group comprises Mirvac Limited ABN 92 003 280 699 and Mirvac Property Trust ARSN 086 780 645. This presentation and the annexures thereto (“Presentation”) has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively “Mirvac” or “Mirvac Group”). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$).

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

This Presentation is not financial advice or a recommendation to acquire Mirvac Group stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals.

Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation and Mirvac Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction.

To the extent that any general financial product advice in respect of the acquisition of Mirvac Property Trust units as a component of Mirvac Group stapled securities is provided in this Presentation, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services Licence. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of Mirvac Limited.

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This Presentation contains certain “forward looking” statements. The words “anticipated”, “expected”, “projections”, “forecast”, “estimates”, “could”, “may”, “target”, “consider” and “will” and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forwardlooking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. To the full extent permitted by law, Mirvac Group and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions.

An investment in Mirvac Group stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac Group, including possible delays in repayment and loss of income and principal invested. Mirvac does not guarantee any particular rate of return or the performance of Mirvac Group nor do they guarantee the repayment of capital from Mirvac Group or any particular tax treatment.

Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

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

Mirvac Group 1h10 results presentation 16 February 2010

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aGenda

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> achievements and deliverables

> Financial results

> develo ment p

> investment

> strate and uidance gy g

Mirvac Group 1h10 results presentation 16 February 2010

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1h10 scorecard

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FY10 Target			1H10 Achievements	1H10 Achievements
Group	value driven by two core		> on track to deliver Fy10 earnings48%of guidance achieved
	divisions — investment		> continued simplification of operations:closed UKoperating business,
	and development — in line			purchase agreement executedforMirvac AqUAandacquired MREIT
	with simplifed strategy		>$137.4mof value generated via acquisition of Mreit
			>S&P BBBcredit rating remains onpositive outlook
			> balance sheet gearing23.2%
investment	secure recurring income		> income growth2.7%(like for like)
	via active management		> occupancy rate96.7%1
			> wale5.5 yrs1
			> increased passive income via acquisition of Mreit
			> acquisition of 23 Furzer street$208.8m. newA grade,15 year lease
				toAustralian Government2
development	Focus on large scale projects		> on track for full year,972lots settled 1h10
	with high barriers to entry		>10 of 15non-aligned projects sold — 8 settled, 2 exchanged,
	and expedite release of			returning$99mcapital in Fy10
	capital from zero margin lots		> well advanced with restructure of operating platform to be completed this year
	and non-aligned projects		> Markets continue to improve;sold outstage 1 — endeavour 88, sydney
				and laureate, Melbourne —50 lotsaverage price $1.5m
			> executed heads of agreement for$1.7bn Green Square, sydney
			> agreement to develop$200m3; 140,000 sqmindustrial distribution centre,
				hoxton park, nsw, forecast 8.0% yield on cost

• 1) excludes assets held for development.

• 2) acquired February 2010.

• 3) total forecast value, subject to receiving state planning approval.

Mirvac Group 1h10 results presentation 16 February 2010

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1h10 scorecard

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FY10 Target			1H10 Achievements	1H10 Achievements
hotels	expand australian		> achieved2 new hotel managementcontracts:
	hotel management			—CitigateMount panorama, bathurst, nsw
	in citigate and sebel			— theSebeldeep blue, warrnambool, vic
	brands		> Gained membership ofGlobal Hotel Alliance; world’s largest independent
				reservation network
sustainability,	Maintain leadership		> attracted industry leading talent:
people and	position in			— brad Moore, Group GM human resources (previously Qantas)
communities	sustainable			— sonya harris, company secretary and General counsel (previously brookfield Multiplex)
	management and			— stephen lynn, Group Financial controller (previously babcock and brown)
	development of			— anthony cross, Financial controller, national development (previously land securities)
	australian real estate		> the Mirvac designed bond university Mirvac school of sustainable development awarded
				theworld’s bestexample of low-carbon, sustainable design
				(rics award, london, october 2009)
			> anAustralian frst, harmony 9, waverley park, vic —9.2 starenergy rated,
				zero carbonconcept home

Mirvac Group 1h10 results presentation 16 February 2010

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Mirvac’s deliverables

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Group	>Capitalallocated consistent with simplifed strategy of 2 core divisions:
	Investment and Development
	> diversify sources of capital andextend debt profle
	> completeexit of non-alignedfunds byFY10
investment	> active management toenhance income growth
	— activate commercial development — $1.0bn pipeline
	— seek to recycle capital; target approx $228m
development	> Key residential projects marketed with pre-sale levels achieved for Fy12 and beyond
	> allocate capital torestock in line with strategy
	> exit remaining 5 non-aligned projects
hotels	>Expandaustralian hotel management in theSebel and Citigate brands
sustainability,	> continuecommitment to leadershipin sustainable development
people and	and investment management
communities	> continuerecruitmentof industryleading talent
	> continueparticipation in communitiesin which the Group operates

Mirvac Group 1h10 results presentation 16 February 2010

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Financial results

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justin Mitchell

101 Miller street, north sydney, nsw

Mirvac Group 1h10 results presentation 16 February 2010

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suMMary oF results

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1H10 Operating proft	$129.4m 1
specifcnon-cash items	($207.2m)2
net loss from fair value of:
> investment properties
(>including impact of adopting aasb 140 – investment properties under construction, previously held at cost) > share of associates proft/losses relating to fair value adjustments
net gain from fair value of: > derivative fnancial instruments and associated foreign exchange movements
signifcantitems	$125.0m2
> Gains on business combination(>Gain recognised on Mreit acquisition)
> business combination transaction costs
Statutory netproft	$47.2m
Statutory NTA 3	$1.65
Statutory EPS 4	1.66 cpss
Operating EPS 5	4.56 cpss

1) excluding specific non-cash items, significant items and related taxation. 2) For further detail refer to statutory accounts. 3) nta based on ordinary securities including eis securities. 4) diluted eps. 5) diluted earnings excluding specific non-cash items, significant items and related taxation.

Mirvac Group 1h10 results presentation 16 February 2010

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iMpact oF Mreit acQuisition

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• on 7 december 2009, scheme of arrangement implemented for Mpt to acquire remaining issued units in Mreit

> consistent with strategy of increasing secure australian recurring investment income

acquisition generated $137.4m of value for Mirvac securityholders

net assets acquired at fair value(100% of nta)		$476.0m
Consideration
cash paid	$73.1m
securities issued	$183.6m
Fair value ofpreviouslyheld interest	$91.9m	($348.6m)
Discount on acquisition		$127.4m
Fair value of securities held at the time of acquisition	$91.9m
carrying value of securities prior to the acquisition	($61.0m)	$30.9m
business combination transaction costs		($20.9m)
Total netgains on acquisitions		$137.4m
recognised in:
income statement		$129.8m
equityreserves		$7.6m
		$137.4m

Mirvac Group 1h10 results presentation 16 February 2010

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operatinG result

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> achieved 48% of Fy10 earnings guidance

> no profit contribution from:

— trust asset sales

— residential super lot sales

> no proft contribution from: — trust asset sales — residential super lot sales
	Non-recurring	EBIT	NPAT
	items	1H10	1H10
investment	—	$136.1m	$150.0m
development	($11.4m)	$13.0m	$5.3m
hotels	—	$6.5m	$6.6m
investment Management (includingMaM)	($4.2m)	$3.9m	($1.7m)
corporate overheads,tax and eliminations	($6.3m)	($30.7m)	($30.8m)
NPAT	($21.9m)	$128.8m	$129.4m
Operating EPS 1			4.6 cpss
DPS			4.0 cpss

1) diluted earnings excluding specific non-cash items, significant items and related taxation.

Mirvac Group 1h10 results presentation 16 February 2010

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2 core divisions investMent & developMent

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Investment 1	1H10	1H09	% Change
operating proft before tax2	$150.0m	$116.5m	28.8%
operatingebit3	$136.1m	$123.4m	10.3%
portfolio value	$4.4bn	$3.9bn	14.3%
occupancy4	96.7%	95.9%
Development
operating proft before tax2	$5.3m	$1.2m	341.7%
operatingebit3	$13.0m	$30.1m	(56.8%)
exchanged contracts	$735.8m5	$955.1m6
Gross margin7	9.3%	14.5%
non-recurring items
> restructuring	($11.4m)

• 1) Mpt and corporate entities holding investment properties.

• 2) before tax and minority interest.

• 3) ebit excluding specific non-cash items.

• 4) excludes assets held for development.

• 5) $689.8m of total exchanged contracts as at 31 december 2009, adjusted for Mirvac’s share of jv interest and Mirvac managed funds.

• 6) adjusted for Mirvac’s share of jv interest and Mirvac managed funds.

• 7) see page 51 for further detail.

Mirvac Group 1h10 results presentation 16 February 2010

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investMentManaGeMent & hotels

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Hotel Management	1H10	1H09	% Change
operating proft before tax1	$6.6m	$9.1m	(27.5%)
operatingebit2	$6.5m	$9.1m	(28.6%)
average room rate	$168	$184	(8.7%)
occupancyrate	75%	73%	2.7%
number of hotels under management	45	42	7.1%
Investment Management 3
operating proft before tax1	($1.7m)	($34.1m)	95.0%
operatingebit2	$3.9m	($30.6m)	112.7%
non-recurring items
> restructuring	($0.7m)
> uK offce closure costs	($2.7m)
> other	($0.8m)

1) before tax and minority interest.

2) ebit excluding specific non-cash and significant items.

3) includes investment Management and Mirvac asset Management.

Mirvac Group 1h10 results presentation 16 February 2010

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debt proFile

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debt strategy

> improve credit rating

> diversify sources of capital and extend debt profile

	1H10	FY09
s&p rating	bbb	bbb
	(positive outlook)1
total interest bearingdebt	$2,038m	$2,145m
avgborrowingrate2	7.03%	6.72%
wtd avgdebt maturity (drawn)	3.0yrs	3.3yrs
% hedged	63.4%	60.3%
wtd avghedged maturity3	5.9yrs	6.4yrs
balance sheetgearing4	23.2%	18.7%	5
look-throughgearing	26.6%	23.4%
covenantgearing6	33.4%	34.2%
icr7	> 3.0x	> 3.0x

• 1) rating upgraded 16 july 2009.

• 2) includes margins and line fees.

• 3) includes bank cancellable swaps and a swaption.

• 4) net debt after ccir swaps excluding leases/(total tangible assets – cash).

• 5) adjusted for retail proceeds from 4 june 2009 capital raising, received post 30 june 2009 and uspp debt at hedge rate.

Drawn debt facility maturity profile[ 8]

1,000 $m

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800
600
400
200
0
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
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DRAWN:

BANK – SECURED BANK USPP MTN

• 6) total liabilities/total tangible assets (per statutory accounts).

• 7) adjusted ebitda/(interest expense per statutory accounts + lease expenses), covenant <55%.

• 8) For facility limits please see page 35.

Mirvac Group 1h10 results presentation 16 February 2010

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liQuidity proFile

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> liquidity profile; able to meet all forecast debt maturities and capital commitments in 2h10 and Fy11

> assumes:

• reduction in Mtns

• a reduction in june 2011 bank syndicate

• no distribution reinvestment plan

				Forecast	Forecast
			available	assumed	available
Fundingsource	Facilitylimit	drawn amount	liquidity	reduction	liquidity
Feb 10 – non recourse fund debt	$32.5m	$32.5m	$0.0m	($0.0m)
Mar 10 – Mtn	$300.0m	$300.0m	$0.0m	($150.0m)
sep10 – Mtn	$200.0m	$200.0m	$0.0m	($50.0m)
jun 11 – bank	$1,162.5m	$87.7m	$1,074.8m	($321.3m)1
Facilities rolling post jun 112	$1,417.9m	$1,417.9m	$0.0m	($0.0m)
Total	$3,112.9m	$2,038.1m	$1,074.8m	($521.3m)	$553.5m
Cash on hand					$411.9m
Forecast net cash fow(Jan 10 – Jun 11) including distributions					$122.9m
Forecast available liquidity					$1,088.3m

Forecast available liquidity

1) assumes reduction in facility limit of 27.6%, in line with February 2009 tranche a bank syndicate reduction. 2) For further details see page 35.

Mirvac Group 1h10 results presentation 16 February 2010

paGe 13

developMent

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brett draFFen

Mariner’s peninsula, townsville, Qld

Mirvac Group 1h10 results presentation 16 February 2010

paGe 14

developMent Model

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integrated residential development value chain > Flexibility to Meet demand

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

sales and
acQuisition desiGn developMent construction
MarKetinG
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Fy10 target	1h10 achievement	1h10 achievement
commence residential and	> 7 residential projects made available to be fast tracked
commercial projects to meet expected	> executed heads of agreement for $1.7bn Green square, sydney
demand in Fy11 and beyond	> $46m exchanged contracts added to Fy12 through sell out stage 1, endeavour 88
	> agreement to develop $200m1, 140,000 sqm industrial distribution centre,
		hoxton park, nsw, forecast 8.0% yield on cost
	> 8 commercial projects under review for activation
centralise operations	> Mirvac design centralised as a centre of excellence in sydney
	> nsw homes integrated as part of one nsw operation
dispose 15 non-aligned projects	> 10 sold — 8 settled, 2 exchanged, returning $99m in Fy10
settle 1,900 lots	> 972 settled

1) total forecast value, subject to receiving state planning approval.

Mirvac Group 1h10 results presentation 16 February 2010

paGe 15

1h10 settleMents

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972 lot settlements consistingof:	972 lot settlements consistingof:	583 — owned/pda
> > > >	389 — jv/ partnerships1 171 lots sold to First home buyers,26% of homes division settlements,18% of total settlements	389 — jv/ partnerships1
	51.1% of development revenue from zero margin settlements
	Gross margin includingzero margin settlements 9.3%2
	Gross margin excludingzero margin settlements 16.2%2

	House/land lot	Apartment lot	Total lot
	settlements 3	settlements 3	settlements 3
State	1H10	1H10	1H10
nsw	58.1%	47.0%	54.1%
vic	9.0%	0.3%	5.9%
Qld	10.7%	32.6%	18.5%
wa	22.1%	20.2%	21.4%
total	64.3%	35.7%	100%

• 1) Mirvac wholesale residential development partnership.

2) For detail refer to page 51.

• 3) settlement by number.

Mirvac Group 1h10 results presentation 16 February 2010

paGe 16

2h10 Forecast settleMents

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> a rox 72% of forecast 2h10 ro ect ebit re-sold pp p j p

Major 2h10 projects

			Contribution of	2H10 Forecast
State	Project	Ownership	2H10 forecast EBIT 1	pre-sold
nsw	the royal newcastle	100%	9.3%	100%
vic	waverleypark	100%	11.1%	100%
vic	yarra’s edge	100%	19.2%	100%
Qld	tennyson reach	100%	12.0%	52%
wa	the peninsula(includingfees)	50%	7.9%	100%
Total			59.5%

1) includes development management fees.

Mirvac Group 1h10 results presentation 16 February 2010

paGe 17

securinG Future developMent earninGs

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Mirvac’s position as australia’s pre-eminent residential developer is evidenced by $736m[ 1] of exchanged residential pre-sales contracts

of exchanged residential pre-sales contracts
6 month exchanged contract reconciliation
Fy09 exchanged contracts	$759m
net settlements and exchanges	($69m)
1H10 exchanged contracts	$690m
exchangedpost 1h10	$46m
Total exchanged contracts	$736m

Exchanged contracts

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$272m
$198m $185m
$81m
WA NSW VIC QLD
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Forecast settlement of exchanged contracts

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$397m
$293m
$46m
2H10 FY11 FY12
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1) total exchanged value adjusted for Mirvac share of jv interest, Mirvac managed funds and excludes pdas.

Mirvac Group 1h10 results presentation 16 February 2010

paGe 18

apartMent projects available For Fast-tracKinG

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> ability to secure $978.9m of pre-sales for Fy12 and beyond

			Forecast	Forecast
State	Project name	Ownership	lots	revenue 1
nsw	the royal newcastle	100%	127	$169.1m
nsw	rhodes waterside	20%	97	$13.4m
Qld	tennyson reach	100%	81	$122.4m
Qld	waterfront newstead	100%	102	$101.0m
vic	yarra’s edge	100%	350	$359.7m
wa	beachside leighton	100%	62	$158.2m
wa	the peninsula	50%	93	$55.1m
Total			912	$978.9m

1) includes development management fees.

Mirvac Group 1h10 results presentation 16 February 2010

paGe 19

developMent division well positioned

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Fy11 forecast lot settlements: approx 2,000

development revenue will be more aligned with operating profit beyond Fy10 as zero margin contribution diminishes

Revenue contribution from zero margin settlements[ 1]

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51.1% 36.9%
11.3%
1H10 2H10 FY11
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• 1) revenue net of recharges.

Mirvac Group 1h10 results presentation 16 February 2010

paGe 20

diversiFied developMent pipeline

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> Fy10 forecast to be the trough for development division earnings

Forecast major apartment/house and land projects

state property type ownership	Forecast lots Forecast revenue pre-sold pre-sold Fy11 Fy12 Fy11 Fy12 Fy11 revenue Fy11 89 33 $84.9m $30.8m $53.4m 63% 74 — $8.7m — — — — 89 — $12.4m — — 20 — $51.2m — $46.1m 90% 28 18 $50.5m $34.9m $28.9m 57% 85 112 $51.6m $57.8m $14.6m 28% 37 46 $4.9m $6.3m — — 56 37 $39.3m $26.2m $35.8m 91% 89 239 $25.7m $66.2m — — 65 — $193.5m — $178.6m 92% 98 23 $56.5m $14.0m $26.0m 46% — 77 — $29.1m — — 641 674 $566.9m $277.7m $383.4m 66%
nsw the royal newcastle apartment 100% rhodes waterside — amarco apartment 20% rhodes waterside — elinya apartment 20%
vic yarra’s edge apartment 100% laureate Mixed 100% waverleypark house and land 100%
Qld Mossvale on Manly house and land 20% waterfront newstead apartment 20% Gainsborough Greens house and land 100%
wa beachside leighton apartment 100% the peninsula Mixed 50% jane brook house and land 100%
Total

Mirvac Group 1h10 results presentation 16 February 2010

paGe 21

investMent

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nicK collishaw

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hoxton parK, nsw (artist’s iMpression)
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Mirvac Group 1h10 results presentation 16 February 2010

paGe 22

Mirvac property trust underpins Group earninGs

provides income stability:

1h10 net income growth 2.7% (like for like)

• retained 91.6% of 1h10 commercial expiries[ 1]

• high portfolio occupancy rate 96.7%[ 1]

• 2.4% 2h10 income at risk

• terms agreed for 37.7% of 2h10 expiries[ 2]

• 66.4% of gross income derived from institutional grade tenants[ 3]

potential for income growth:

commercial 2.8% under rented

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Rent review structure[ 2]

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2H10 FIXED 72.5%
CPI 17.0%
MARKET 7.7%
OTHER 2.8%
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• retail specialty occupancy cost 12.6%

Portfolio expiry profile (WALE 5.5 yrs)

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50% Lettable area sqm 49%
40
30
20
14%
10 8% 9% 11%
6%
3%
0
VACANT 2H10 FY11 FY12 FY13 FY14 BEYOND
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FY11 FIXED 79.2%
CPI 15.8%
MARKET 2.5%
OTHER 2.5%
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• 1) excludes assets under development.

• 2) by gross income.

• 3) includes all government, asx listed, national and multinational tenants.

Mirvac Group 1h10 results presentation 16 February 2010

paGe 23

active ManaGeMent securinG incoMe Growth

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active management of quality portfolio:

• less than 15% p.a. of portfolio expiring to Fy14

• wale – 5.5[ 1] years

• track record of low vacancy

• track record of income growth

Occupancy and expiry profile

Net property income

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

50% Lettable area sqm
40
30
20
10
0
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 Beyond
Expiring area Vacancy rate Forecast vacancy rate
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----- Start of picture text -----

300 $m Forecast [ 2]
250
200
150
100
50
0
FY05 FY06 FY07 FY08 FY09 FY10
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1) by area.

2) post acquisition of Mreit.

Mirvac Group 1h10 results presentation 16 February 2010

paGe 24

Mirvac property trust valuation

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Mirvac believes that australian investment grade values are at or close to cyclical trough > all properties have been valued in the 6 months to 31 december 2009[ 1] > portfolio value declined $124.6m in 1h10

	Book value	WACR 3	WACR 3	WACR 3
Sector	31 Dec 09	31 Dec 09	30 Jun 09	31 Dec 08
commercial	$1,834.5m	7.93%	7.65%	6.99%
retail	$1,767.7m	7.64%	7.28%	6.91%
industrial	$400.8m	8.74%	8.50%	7.66%
portfolio	$4,371.8m2	7.88%	7.55%	7.01%

through cycle cap rate expansion 148bps (dec 07 — dec 09) 23.1% decline

WACR[3 ]

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

9%
8.32%
8% 7.88% 7.79%
7.55%
7% 7.01%
6.55%
6.40%
6%
31 Dec 07 30 Jun 08 31 Dec 08 30 Jun 09 31 Dec 09 31 Dec 09 31 Dec 09
Ex-MREIT assets MREIT
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1) in the 6 months to 31 december 2009 external valuations were performed on 19 assets, representing 25.7% of the portfolio by number and 16.6% by book value. 2) book value includes carparks, a hotel and indirect property investments.

3) weighted average capitalisation rate.

Mirvac Group 1h10 results presentation 16 February 2010

paGe 25

streaMlined investMent ManaGeMent

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on track to complete rationalisation process by 30 june 2010

aligning investment Management with Group’s core competencies

> Mirvac UK— sale of operating company1	Fy10
> Mirvac Real Estate Investment Trust— acquired by Mirvac	Fy10
> AustralianSuper— Mandate terminated2	Fy10
> Mirvac AQUA— executed sale purchase agreement	Fy10
> Mirvac Tourist Park Fund— MFMl retired as responsible entity	Fy10
> Domaine Funds— responsible entity sold to apGF	Fy09
> Australian Hotel Fund— off-market takeover by vicorama	Fy08
> Mirvac Retail Fund— portfolio acquired by Mirvac real estate investment trust via scheme of arrangement	Fy08
> Mirvac Industrial Fund— acquired by Mirvac real estate investment trust via scheme of arrangement	Fy08
> Mirvac Childcare Fund— MFMl retired as responsible entity	Fy08
> Tourism & Leisure Trust— acquired by toga accommodation Fund trust 2	Fy07

1) Mirvac has retained, directly and indirectly, 40% interest in the city regeneration limited partnership.

• 2) development joint venture will continue at the peninsula, burswood, wa and 664 collins street, Melbourne, vic. see property compendium for more detail.

Mirvac Group 1h10 results presentation 16 February 2010

paGe 26

hotel ManaGeMent: Focused on australian expansion

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> secured 2 new hotel management contracts:

• citigate Mount panorama, bathurst, nsw

• the sebel deep blue, warrnambool, vic

> 2 hotel management contracts secured for the next 2 years in present markets

> 75% occupancy (73% 1h09)

> $168 average room rate ($184 1h09)

Hotels under management

Forecast

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

5,741 5,910
5,439 5,351 5,616
47
44 45 [ 1]
40 40
3,124
2,750 27
25
FY05 FY06 FY07 FY08 FY09 1H10 Forecast to FY11
No. of hotels No. of rooms
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• 1) Management of citigate Mount panorama and the sebel deep blue commenced in 1h10; the sebel vanuatu expired in 1h10.

Mirvac Group 1h10 results presentation 16 February 2010

paGe 27

strateGy

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waverley parK, MulGrave, vic
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Mirvac Group 1h10 results presentation 16 February 2010

paGe 28

value creation Generated by 2 core divisions

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Growth in stabilised investment earnings will be balanced, through cycle, b activation and strate ic ac uisition of develo ment inventor y g q p y

outlooK

strateGy

• investMent investMent > australian investment grade asset values > improve quality, secure income at or close to cyclical trough > $1bn organic asset generation via internal development capacity

• acquisitions of quality australian properties

• developMent developMent > demand for residential density supported > activation of 7 apartment projects – 912 lots, by strong net immigration, supply constraints $978.9m of revenue and economic growth > acquisition of projects, in line with strategy; securing earnings

Mirvac Group 1h10 results presentation 16 February 2010

paGe 29

earninGs Guidance

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	Fy10 guidance
Guidance	released 25 august 2009	revised Fy10guidance
Group	$253.0m1	$268.8m1
Groupeps/dps
eps	9.0 cpss2	9.2 cpss2
dps	8.0 – 9.0 cpss	8.0 – 9.0 cpss

assuming no material change to market conditions

1) excluding specific non-cash items, significant items and related taxation.

2) diluted earnings per share excluding specific non-cash items, significant items and related taxation.

Mirvac Group 1h10 results presentation 16 February 2010

paGe 30

annexures

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seascapes town centre, Mandurah, wa
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Mirvac Group 1h10 results presentation 16 February 2010

paGe 31

1h10 aiFrs reconciliation

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Development Investment

				Investment
			Hotel	Management/
		MPT	Management	MAM	Unallocated	Elimination	Tax	Totals
	$m	$m	$m	$m	$m	$m	$m	$m
Net proft after tax before non-controlling interest	5.1	51.5	5.9	(2.7)	(16.1)	6.0	(0.7)	49.0
Less non-controllinginterest	—	(1.4)	—	—	—	(0.4)	—	(1.8)
Netproft attributable to the stapled securityholders of the Group	5.1	50.1	5.9	(2.7)	(16.1)	5.6	(0.7)	47.2
Specifc non-cash items
Net losses/(gains) from fair value of investment properties (excluding owner-occupied)	0.1	124.6	—	—	—	(8.7)	—	116.0
Net losses from fair value of investment properties under construction	—	86.3	—	—	—	—	—	86.3
Net (gains) on fair value of derivative fnancial instruments
and associated foreign exchange movements	—	(0.9)	—	(0.1)	(15.0)	(0.7)	—	(16.7)
Expensing of security based payments	—	—	—	—	2.5	—	—	2.5
Depreciation of owner-occupied investment properties, hotels and hotel
management lots (including hotel property, plant and equipment)	0.2	—	0.7	—	—	2.5	—	3.4
Straight line of lease revenue	—	(0.3)	—	—	—	—	—	(0.3)
Amortisation of lease incentives	—	5.8	—	—	—	(1.0)	—	4.8
Net losses from fair value of investment properties, derivatives and other specifc non-cash items included in share of associates profts/losses	—	8.3	—	—	—	2.9	—	11.2
Signifcant items
Net gain from sale of non-core assets	(0.1)	(0.8)	—	—	—	—	—	(0.9)
Discount arising on business combination	—	(119.8)	—	—	—	—	—	(119.8)
Net gain on re-measurement of equity interest	—	(25.3)	—	1.1	—	(6.7)	—	(30.9)
Business combination transaction costs	—	22.0	—	—	—	—	—	22.0
Tax effect
Tax effect of non-cash and signifcant adjustments	—	—	—	—	—	—	4.6	4.6
Operating proft(proft before specifc non-cash and signifcant items)	5.3	150.0	6.6	(1.7)	(28.6)	(6.1)	3.9	129.4
Add back non-controlling interest	—	1.4	—	—	—	0.4	—	1.8
Add back tax	—	—	—	—	—	—	(4.6)	(4.6)
Add back interest paid	11.2	(0.6)	—	8.4	7.3	(0.1)	—	26.2
Less interest received	(3.5)	(14.7)	(0.1)	(2.8)	(3.1)	0.2	—	(24.0)
Operating proft — Earnings before interest and tax	13.0	136.1	6.5	3.9	(24.4)	(5.6)	(0.7)	128.8

Mirvac Group 1h10 results presentation 16 February 2010

paGe 32

1h09 aiFrs reconciliation

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Development Investment

					Investment
				Hotel	Management/
			MPT	Management	MAM	Unallocated	Elimination	Tax	Totals
		$m	$m	$m	$m	$m	$m	$m	$m
Net proft after tax before non-controlling interest		(119.1)	(369.9)	8.5	(168.2)	(28.4)	13.7	14.8	(648.6)
Less non—controllinginterest		—	1.7	—	—	1.2	—	—	2.9
Net(loss)attributable to the stapled securityholders of the Group		(119.1)	(368.2)	8.5	(168.2)	(27.2)	13.7	14.8	(645.7)
Specifc non—cash items
Net losses/(gains) from fair value of investment properties (excluding owner—occupied)		—	236.3	—	—	—	(20.9)	—	215.4
Net losses/(gains) on fair value of derivative fnancial instruments
and associated foreign exchange movements		—	151.5	(0.1)	0.9	1.2	0.5	—	154.0
Expensing of security based payments		—	—	—	—	5.8	—	—	5.8
Depreciation of owner-occupied investment properties,
hotels and hotel management lots (including hotel property, plant and equipment)		—	—	0.7	—	—	2.5	—	3.2
Amortisation of lease incentives		—	4.5	—	—	—	(0.9)	—	3.6
Net losses from fair value of investment properties, derivatives and other specifc non-cash items included in share of associates losses		—	95.8	—	0.6	—	—	—	96.4
Net gains from fair value of investment properties, derivatives and other specifc
non-cash items included in non-controlling interests		—	(3.4)	—	—	—	—	—	(3.4)
Signifcant items
Impairment of investments and loans included in share
of net loss of associates and joint ventures		—	—	—	5.1	—	—	—	5.1
Impairment of goodwill, management rights and other intangibles	120.3		—	—	127.5	—	—	—	247.8
Tax effect
Tax effect of non—cash and signifcant adjustments		—	—	—	—	—	—	(0.6)	(0.6)
Operating proft(proft before specifc non—cash and signifcant items)		1.2	116.5	9.1	(34.1)	(20.2)	(5.1)	14.2	81.6
Add back non-controlling interest		—	(1.7)	—	—	(1.2)	—	—	(2.9)
Add back tax		—	—	—	—	—	—	0.6	0.6
Add back interest paid		32.7	8.9	—	7.7	6.4	(8.7)	—	47.0
Less interest received		(3.8)	(0.3)	—	(4.2)	(3.4)	0.5	—	(11.2)
Operating proft — Earnings before interest and tax		30.1	123.4	9.1	(30.6)	(18.4)	(13.3)	14.8	115.1

Mirvac Group 1h10 results presentation 16 February 2010

paGe 33

Mreit acQuisition

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total $m	allocated to
	nci purchase $m $m
Net assets acquired at fair value cash 55.2 trade receivables 4.1 other fnancial assets 30.4 investments accounted for using the equity method 204.2 investment properties 690.7 payables (32.1) borrowings (452.5) derivative fnancial liabilities (17.7) provision for distribution (6.3)	— 55.2 — 4.1 — 30.4 55.8 148.4 — 690.7 — (32.1) — (452.5) — (17.7) — (6.3)
Net identifable assets acquired 476.0	55.8 420.2
Total purchase consideration cash paid 73.1 securities issued 183.6 Fair value ofpreviouslyheld interest 91.9	13.8 59.3 34.4 149.2 — 91.9
Total amountpaid 348.6	48.2 300.4
discount on acquisition 127.4 Fair value of previously held interest Fair value of securities held at the time of acquisition 91.9 carryingvalue of securitiesprior to the acquisition 61.0	7.6 119.8 — 91.9 — 61.0
Gain on revaluing securities held aspart of the acquisition 30.9	— 30.9
business combination costs (20.9) Total net gains on acquisitions 137.4 recognised in: income statement 129.8 equity reserves 7.6	— (20.9) 7.6 129.8 — 129.8 7.6 —

Mirvac Group 1h10 results presentation 16 February 2010

paGe 34

detailed debt proFile

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		Total	Amount	Unused
	Maturity	amount	drawn	amount
Issue	date	**$m **	**$m **	$m
Current
asiF	Feb2010	32.5	32.5	—
Mtn ii	Mar 2010	300.0	300.0	—
Mtn i	sep2010	200.0	200.0	—
Non-current
bank Facilities	jun 2011	1,162.5	87.7	1,074.8
bank Facilities	jan 2012	905.0	905.0	—
uspp	nov 2016	378.8	378.8	—
uspp	nov 2018	134.1	134.1	—
		3,112.9	2,038.1	1,074.8

Mirvac Group 1h10 results presentation 16 February 2010

paGe 35

hedGinG proFile

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Hedging Profile as at 31 December 2009[1]

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

2,000 $m Weighted average hedged maturity 5.9 yrs
6.25%
1,500
6.09% 6.09% 6.09% 6.09% 6.09%
6.03% 6.03% 6.03%
1,000
500
250
0
31 Dec 09 30 Jun 10 30 Jun 11 30 Jun 12 30 Jun 13 30 Jun 14 30 Jun 15 30 Jun 16 30 Jun 17
Fixed Options Swaps Rate
----- End of picture text -----

1) includes bank callable swaps and a swaption.

Mirvac Group 1h10 results presentation 16 February 2010

paGe 36

acQuired investMents via Mreit acQuisition

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travelodge

acquired additional 49% of unlisted fund through Mreit takeover (previously 1%)

• hotel sector specific wholesale fund offering exposure to thirteen 3-3.5 star, mainly cbd based hotels, located across australia and new Zealand

nrMa (50%), actively markets brand to 1.9m members

properties leased to toga hospitality Group

occupancy rate 81.9% (83.3% ih09) > average room rate $111.3 ($113.6 ih09)

Mirvac wholesale hotel Fund

• acquired additional 7.3% of unlisted fund through Mreit takeover (previously 41.9%) > hotel sector specific fund with a portfolio of seven 4.0–4.5 star hotels located in sydney, brisbane, Melbourne and cairns

• occupancy rate 79.7% (76.5% ih09) > average room rate $142.8 ($156.7 ih09)

Mirvac Group 1h10 results presentation 16 February 2010

paGe 37

Mpt sector diversiFication[ 1]

31 Dec 09[ 2]

31 Dec 09

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NSW 55% ACT 5% VIC 20% QLD 18% WA 1% US 1%

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COMMERCIAL 43% INDUSTRIAL 9% RETAIL 41% HOTEL AND CAR PARKS 2% INDIRECT PROPERTY INVESTMENTS 5%

1) by book value. excludes development.

2) excluding indirect property investments.

Mirvac Group 1h10 results presentation 16 February 2010

paGe 38

investMent property acQuisitions (Mreit acQuisition)

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	State	**Type **	Ownership	Book value
10-20 bond street,sydney	nsw	commercial	50%	$85.0m
3 rider boulevard,rhodes	nsw	commercial	100%	$71.0m
10 julius avenue,north ryde	nsw	industrial	100%	$55.0m
32 sargents road,Minchinbury	nsw	industrial	100%	$23.9m
12 julius avenue,north ryde	nsw	industrial	100%	$24.5m
108-120 silverwater road,silverwater	nsw	industrial	100%	$23.8m
52 huntingwood drive,huntingwood	nsw	industrial	100%	$22.8m
cherrybrook village shoppingcentre,cherrybrook	nsw	retail	100%	$72.5m
taree citycentre,taree	nsw	retail	100%	$54.0m
Moonee beach shoppingcentre,coffs harbour	nsw	retail	100%	$12.0m
chester square shoppingcentre,chester hill	nsw	retail	100%	$27.3m
cooleman court,weston	act	retail	100%	$46.3m
340 adelaide street,brisbane	Qld	commercial	100%	$58.0m
12 cribb street,Milton	Qld	commercial	100%	$13.3m
orion town centre,springfeld	Qld	retail	33%	$45.0m
citycentre plaza,rockhampton	Qld	retail	100%	$43.0m
Morayfeld supacentre,Morayfeld	Qld	retail	100%	$38.5m
197 salmon street,port Melbourne	vic	commercial	50%	$46.5m
47-67 westgate drive,altona north	vic	industrial	100%	$19.0m

Mirvac Group 1h10 results presentation 16 February 2010

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Mpt property disposals

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	State	**Type **	Saleprice 1	Date
1H10 settlements
perpetual building, 10 rudd st, canberra	act	commercial	$18.7m	30/09/2009
30-32 compark circuit, Mulgrave	vic	industrial	$7.2m	6/10/2009
Mojo building, 164 Grey st, southbank	Qld	commercial	$15.0m	10/11/2009
Total 1H10 settlements			$40.9m
Post 31 Dec 09 settlements 2
44 biloela street, villawood	nsw	industrial	$13.2m	31/03/2010
Kwinana hub shopping centre, Kwinana	wa	retail	$25.0m	31/03/2010
Kwinana surplus land	wa	—	$3.4m	—
Total sales			$41.6m

2) unconditional contracts for sale, exchanged at 31 december 2009.

1) before disposal costs.

Mirvac Group 1h10 results presentation 16 February 2010

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Mpt developMent pipeline

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				Forecast
		Net	Forecast	estimated
		lettable	cost to	yield on	Forecast
Property	**Type **	area	complete 1	Cost 2	completion	Status
10-20 bond street	commercial	37,800 sqm	$30m	7.5%	Feb 11	under construction
nexus industrypark	industrial	20,900 sqm	$19m	8.1%	jun 11	da approved
hoxton park — woolworths
distribution project	industrial	140,000 sqm	$172m	8.0%	Mar 12	part 3apreparation
orion town centre stage 2a	retail	33,800 sqm	$56m	—	May12	da lodged
Kawana shoppingcentre	retail	38,000 sqm	$61m	8.3%	dec 12	da lodged
8 chifeysquare	commercial	19,000 sqm	$185m	8.0%	sep13	da approved/ under review
190-200 George street	commercial	34,300 sqm	$340m	7.1%	oct 15	early planning
						da approved/
271 lane cove road	business park	33,300 sqm	$144m	7.3%	jun 16	da approved
Total		**357,100 sqm **	$1,007m

2) yield on cost including land.

1) Mirvac share, excluding existing land.

Mirvac Group 1h10 results presentation 16 February 2010

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Mpt top ten tenants by Gross incoMe[ 1]

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Rank	Tenant	Percentage
1	Government	7.4%
2	wesfarmers — coles	5.7%
3	woolworths	4.9%
4	Fairfax holdings	2.6%
5	insurance australia	1.9%
6	GM holden	1.8%
7	united Group	1.6%
8	alcatel — lucent australia	1.4%
9	Genworth Financial	1.0%
10	telstra	0.9%
Total		29.2%

1) excluding Mirvac occupied space.

Mirvac Group 1h10 results presentation 16 February 2010

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Mpt Fy10–Fy11 rental review structure by Gross incoMe

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Review types	2H10	FY11
cpi linked	17.0%	15.8%
Fixed reviews	72.5%	79.2%
Market reviews	7.7%	2.5%
other/miscellaneous reviews	2.8%	2.5%

Mirvac Group 1h10 results presentation 16 February 2010

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Mpt portFolio Metrics

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properties owned 74 nla 1,329,423 sqm book value $4,371.8m1 netincome growth 2.7% (likefor like) occupancy 96.7%2 leasing transactions 116,973 sqm(8.8% ofportfolio) tenantrentreviews 807(532,909 sqm) wale(area) 5.47yrs1 wale(income) 5.08 yrs1	60% Lettable area sqm Lease expiry
	50 49%
	40
	30
	20
	10 8% 9% 11% 14%
	0 3% 6%
	Vacant 2H10 FY11 FY12 FY13 FY14 Beyond

2) excludes assets under development.

1) book value includes carparks and a hotel.

Mirvac Group 1h10 results presentation 16 February 2010

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Mpt coMMercial Metrics

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properties owned 24 nla 436,595 sqm book value $1,834.5m netincome growth 5.2% (likefor like) occupancy 96.8%1 leasing transactions 25,638 sqm(5.9% ofportfolio) tenantrentreviews 165 (180,220 sqm) wale(area) 5.77yrs1 wale(income) 5.68 yrs1	60% Lettable area sqm Lease expiry
	50 51%
	40
	30
	20
	10 8% 12% 12%
	0 3% 6% 6%
	Vacant 2H10 FY11 FY12 FY13 FY14 Beyond

1) excludes assets under redevelopment.

Mirvac Group 1h10 results presentation 16 February 2010

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Mpt retail Metrics

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retailcentres owned 28 Gla 558,799 sqm book value $1,767.7m netincome growth 3.1% (likefor like) occupancy 96.9%2 Mat 4.1% (likefor like)1 specialty sales $7,652persqm1 leasing transactions 49,417sqm(8.8% ofportfolio) tenantrentreviews 617(172,281sqm) occupancy costs 12.6%1,2 wale(area) 5.71yrs wale(income) 4.69 yrs	60% Lettable area sqm Lease expiry
	50
	40 47%
	30
	20
	10 8% 10% 11% 11% 10%
	0 3%
	Vacant 2H10 FY11 FY12 FY13 FY14 Beyond

2) excludes bulky goods centres.

1) excludes assets under redevelopment.

Mirvac Group 1h10 results presentation 16 February 2010

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Mpt industrial Metrics

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properties owned 18 nla 334,029 sqm book value $400.8m netincome growth (5.0%) (likefor like) occupancy 96.0% leasing transactions 41,919 sqm(12.5% ofportfolio) tenantrentreviews 25 (180,409 sqm) wale(area) 4.70 yrs wale(income) 4.59 yrs	60% Lettable area sqm Lease expiry
	50 51%
	40
	30
	20 23%
	10 10%
	0 4% 2% 5% 6%
	Vacant 2H10 FY11 FY12 FY13 FY14 Beyond

Mirvac Group 1h10 results presentation 16 February 2010

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hotel ManaGeMent

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	hotels as at	rooms as at
Mirvac hotels & resorts brand	31 dec 09	31 dec 09
the sebel	24	3,088
citigate	6	1,183
Quaywest suites	7	608
sydneyMarriott	1	241
sea temple resorts	2	236
the como	1	107
cairns harbour lights	1	99
QuayGrand suites	1	65
the lindrum	1	59
harbour rocks	1	55
Total	45	5,741
Future (FY11)	2	189

Mirvac Group 1h10 results presentation 16 February 2010

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residential activities under control

Total project forecast revenue[1] $11.2bn

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NSW 16.5% VIC 28.9% QLD 24.1% WA 30.5%

Mirvac’s share of forecast revenue $7.2bn

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NSW 17.2% VIC 30.1% QLD 32.5% WA 20.3%

1) represents Mirvac’s total share of development revenue associated with lots not held on balance sheet.

Mirvac Group 1h10 results presentation 16 February 2010

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residential pipeline – 23662 lots under control ,

House/Land 19,978 lots

Apartments 3,684 lots

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NSW 15.8% VIC 38.2% WA 31.5% QLD 14.5%

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NSW 21.8% VIC 25.3% WA 21.3% QLD 31.6%

Mirvac Group 1h10 results presentation 16 February 2010

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Gross MarGin

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	revenue	costs	Margin	Margin (%)
Adjusted for zero margin settlements	$127.063m	($106.432m)	$20.632m	16.2%
provisionprojects	$132.954m	($129.341m)
Adjusted	$260.018m	($235.773m)	$24.245m	9.3%
cost recoveryactivities	$121.903m	($121.903m)
Group P&L	$381.921m	($357.676m)	$24.245m	6.3%

Mirvac Group 1h10 results presentation 16 February 2010

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seGMent inForMation Gross MarGin calculation

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	sources of	development	elimination	totals
	development revenue	$’000	$’000	$’000
Revenue
development and construction revenue	100% owned	382,270	(349)	381,921	a
development management fee revenue	Mwrdp & pda	18,546	(1,875)	16,780	b
Cost
cost of property development and construction		374,561	(16,885)	357,676	c
employee benefts expense		19,112	(37)	90,125	d
depreciation and amortisation		1,713	1,521	14,858	e
Finance costs expense		11,258	(27,077)	26,244	F
selling and marketing		6,120	—	11,052	G
share of net (proft)/losses of associates and joint
ventures using equity method	< 50% owned	(9,250)	3,228	(7,192)	h
other expenses		15,349	(6,215)	34,715	i

Gross margin: (a – c) / a

adjusted gross margin: ((a – cost recovery[ 1] ) — (c + cost recovery[ 1] ) / (a – cost recovery[ 1] ))

Gross margin excludes : b, d, e, F, G, h & i

1) $121.9m of cost recovery activities undertaken on behalf of development partnerships. see page 51 for further detail.

Mirvac Group 1h10 results presentation 16 February 2010

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inventory carryinG values

• carrying value assessment:

• Forecast cost < net realisable value (forecast revenue) — results in profit

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• Forecast cost > net realisable value — results in impairment

Fy08 Mirvac impaired $219.9m or 11.5% of gross inventory year end balance[ 1]

Fy09 Mirvac impaired $186.5m or 10.0% of gross inventory year end balance[ 1]

• Fy09 net realisable value assessed with majority of impairment attributable to bringing forward exit assumptions for non-aligned inventory to:

• reduce future capital expenditure

• expedite capital release

• reduce overhead cost

1h10 no inventory impairment taken

• 1) pre-impaired inventory balance.

Mirvac Group 1h10 results presentation 16 February 2010

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~~www.mirvac.com~~

Mirvac Group 1h10 results presentation 16 February 2010

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