MIRVAC GROUP — Interim / Quarterly Report 2012

Nov 1, 2011

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2 November 2011

MIRVAC FIRST QUARTER OPERATIONAL UPDATE

Today, Mirvac Group (“Mirvac” or the “Group”) [MGR.ASX] held its FY12 Q1 Operational Update and reaffirmed its forecast operating EPS guidance of 10.5 to 10.6 cents per stapled security (“cpss”) and distribution guidance of 8.2 to 8.4 cpss.

Commenting on the quarter, Mirvac’s Managing Director, Nick Collishaw said, “Mirvac Property Trust has continued to perform well in the current environment with our retail centres recording positive sales growth and maintaining high occupancy levels. Our successful leasing campaign at 10-20 Bond Street, Sydney has continued in the quarter with the building now almost 90 per cent committed, well ahead of our original target. We have also realised $127 million from our FY12 asset sale program at book value, reconfirming their underlying value.”

“We also remain focused on securing development returns via pre-sales and leveraging strategic relationships to demonstrate the Group’s expertise in commercial developments. The Group is well placed on both these objectives with over $925 million in residential exchanged pre-sales and the commencement of strategic relationships with K-REIT Asia and Aviva Investors demonstrating our proactive approach to managing development risk and Mirvac’s capital position.”

Key first quarter highlights for Mirvac Property Trust (“MPT” or the “Trust”) included:

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• high portfolio occupancy rate of 97.8 per cent;

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• maintained strong WALE[1] of 6 years;

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• leased 33,041 sqm of space (2.5 per cent of the net lettable area);

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• asset sales realised book value of $127 million[2] , representing 63.5 per cent of MPT’s FY12 asset sale program;

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• MAT[3] growth from retail centres of 1.5 per cent; and

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• sustainable retail tenant occupancy costs of 13.6 per cent[4] .

Key first quarter highlights for the Development Division included:

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• Introduced strategic relationships to release $251.8 million[5] in capital :-

•  50 per cent sale of 8 Chifley Square, Sydney to K-REIT Asia; and

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•  an agreement to sell 50 per cent of Hoxton Distribution Park to Aviva Investors

• $925.2[6] million held in residential exchanged pre-sale contracts;

• secured 395 lot settlements and on track to achieve 1,800 lot settlements for FY12;

• 54 per cent of forecast FY12 Lot sales secured by settlements and exchanges

• new release projects demonstrably at the right price points and in the right locations, including  Yarra Point, 77 per cent pre sold with $140.1 million[7] in exchanged contracts; and  Over 8,000 registrations of interested parties at Harold Park ahead of the official release.

1 Weighted average lease expiry.

2 Includes Ballina Central which settled for $29.0m on 21/9/ 2011, Taree City Centre which settled for $53.5m on 14/1011 and Peninsula Lifestyle which exchanged for $44.5m and is expected to settle in the Q2 of FY12.

3 Total moving annual turnover.

4 Specialty occupancy cost excludes CBD centres. Including CBD centres 14.4 per cent.

5 Assuming low end of sales price range for 8 Chifley Square, Sydney of $154.4m and $97.4m for Hoxton Distribution Park.

6 Total exchanged pre-sale contracts as at 30/9/11, adjusted for Mirvac’s share of JV’s, associates, and Mirvac managed funds. 7 Total exchanged pre-sales contracts as at 30/9/11.

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Group

Mr Collishaw concluded, “Mirvac remains focused on our two core Divisions, with our Development Division focused on increasing its return on invested capital, while in the Investment Division, optimising the earnings of our portfolio is our priority.”

“Mirvac’s capital position is robust and we are well placed to withstand continued volatility or disruption in overseas financial markets. Our funding needs are met from cash flow and existing debt facilities and we do not have any unfunded debt maturities in FY12,” he said.

Further information in relation to Mirvac’s first quarter performance is contained in the accompanying investor presentation.

ENDS

For more information, please contact:

Investor Enquiries: Media Enquiries: Jessica O’Brien Rosalie Duff Group Investor Relations Manager Group Communications Manager +61 2 9080 8458 +61 2 9080 8397

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2 november 2011

Old Treasury Building, PerTh, Wa

agenda

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grOuP Q1 highlighTs invesTmenT develOPmenT

COmmerCial > residenTial

hOTels sTraTegiC revieW uPdaTe

COrPOraTe resPOnsiBiliTy and susTainaBiliTy Q1 aCTiviTy Fy12 OuTlOOk

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grOuP Q1 highlighTs

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• introduced strategic partners to release $251.8m[1] in capital:

• k-reiT — 50% of 8 Chifley square, and

• aviva investors — 50% of hoxton distribution Park,

• realised book value on $127m[2] of mirvac Property Trust asset sales — 63.5% of $200m Fy12 program

• leased 33,041 sqm (2.5% of nla[ 3] ) during Q1

• $925.2m[4] in residential exchanged pre-sales contracts

• Business simplification continues; strategic review of hotels business progressing to phase two

sustainable model delivers across business cycles

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Defensive
Active
core upside
$5.9bn [5] $1.9bn [6]
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• 1) Assuming low end of sales price range for 8 Chiefly Square of $154.4m to $169.8m; and $97.4m for Hoxton Distribution Park.

• 2) Includes Ballina Central which settled for $29.0m on 21 September 2011, Taree City Centre which settled for $53.5m on 14 October 2011, and Peninsula Lifestyle, which exchanged for $44.5m and is expected to settle in Q2 of FY12.

• 3) Net lettable area.

• 4) Total exchanged pre-sales contracts as at 30 September 2011, adjusted for Mirvac’s share of joint ventures, associates, and Mirvac managed funds.

• 5) By book value as at 30 June 2011, including assets under development and indirect investments.

• 6) Development division invested capital at 30 June 2011 (comprising inventory, and investments/loans in joint ventures and associates).

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invesTmenT — mPT

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275 kenT sTreeT, sydney, nsW
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invesTmenT — mPT Q1 highlighTs

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mPT continues to deliver sustainable results

high portfolio occupancy rate of 97.8%

• strong Wale[ 1] of 6.0 years

• 33,041 sqm leased (2.5% of nla) during Q1

• realised book value on $127m[ 2] of mirvac Property Trust asset sales — 63.5% of $200m Fy12 program

MPT – Lease expiry profile by area[ 3]

MPT – Lease expiry profile by area3
2.2% 6.2% 8.1% 9.7% 8.7% 11.4% 53.7% 0 10 20 30 40 50 60% Vacant FY12 FY13 FY14 FY15 FY16 Beyond Q1 change +0.3 -0.9 -0.7 -1.2 +0.2 +0.2 +2.1
	Occupancy 3 WALE3
	Sector Sep 11 Jun 11 Sep 11 Jun 11
	Offce 97.5% 97.8% 6.3 6.3
	retail 98.8% 99.0% 5.8 6.1
	industrial 97.2% 97.2% 5.6 5.9
	mPT 97.8% 98.1% 6.0 6.2

• 1) Weighted average lease expiry.

• 2) Includes Ballina Central which settled for $29.0m on 21 September 2011, Taree City Centre which settled for $53.5m on 14 October 2011, and Peninsula Lifestyle, which exchanged for $44.5m and is expected to settle in Q2 of FY12.

• 3) By area, excluding assets under development.

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invesTmenT — mPT Q1 highlighTs

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Office

• strong first quarter leasing activity with

• 35.2% of Fy12 expiries committed[ 1]

• 2

• 10-20 Bond street now 89.9% committed

• ahead of 70.0% target by december 2011

• maintained strong office portfolio[3]

• Wale of 6.3 years

retail

• high portfolio occupancy at 98.8%

• non-discretionary portfolio focus of 84.5%[ 4] > sustainable occupancy cost of 13.6%5 ; 6

• low arrears of 0.09%

• 1) Includes signed leases and Heads of Agreement.

• 2) Includes 78.5% signed leases and 11.4% Heads of Agreement.

• 3) Office portfolio WALE by NLA.

• 4) Assets owned at 30 September 2011, by book value as at 30 June 2011, excluding development assets and indirect property investments.

10-20 BOnd sTreeT, sydney, nsW

	Category	30 Sep 11 MAT 7 psm	30 Sep 11 Comparable MAT Growth	30 Jun 11 MAT 7 psm	30 Jun 11 Comparable MAT Growth
	sub regional	$7,038	1.6%	$6,856	2.0%
	CBd retail	$8,120	0.9%	$8,100	2.1%
	neighbourhood	$13,868	0.4%	$13,713	1.8%
	Total Portfolio	$7,301	1.5% 8	$7,120	2.0% 8

• 5) Specialty occupancy cost excludes CBD centres. Including CBD centres 14.4%.

• 6) Aged trade receivables as a proportion of gross monthly billings.

• 7) Total moving annual turnover.

• 8) Excludes centres that are undergoing or have undergone substantial redevelopment in the past 24 months.

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COmmerCial markeT OuTlOOk

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Office

Offce
Weighting 57.0%1		Fy12	medium term forecast		Offce markets nationally continue to beneft from falling vacancy rates, positive net absorption and prime gross face rental growth. Whilst volatility in fnancial markets and eurozone debt issues have impacted business confdence, the low
					level of construction activity should ensure the vacancy rate declines further.
retail
Weighting 30.2%1		Fy12	medium term forecast		retail sector fundamentals remain mixed. Personal income growth continues to be solid, while markets now factor in further interest rate declines. Consumers however remain cautious, which has resulted in a rise in the saving ratio. against this backdrop there is unlikely to be a signifcant change in the retail
					sector vacancy rate over the following six months.

industrial

Weighting Fy12 medium term demand in the industrial sector continues to improve with supply growing forecast at a subdued rate. This has resulted in modest upward pressure on rents, 6.4%[ 1] while vacancy rates have exhibited some tightening; trends which are expected to continue.

1) By book value as at 30 June 2011, excluding assets under development and indirect investments.

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develOPmenT

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hOxTOn disTriBuTiOn Park, sydney, nsW
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COmmerCial develOPmenT aCTiviTy

1 8 Chifley Square, Sydney, NSW (Office)

sale achieved for $154.4m to $169.8m and construction commenced

Currently in advanced leasing negotiations

2 Old Treasury Building, Perth, WA (Office)

• development application approved for 30,000 sqm prime office with practical completion in Fy15

100% pre-leased to Wa government for 25 year term

3 190-200 George Street, Sydney, NSW (Office)

stage 1, development application approved for 38,000 sqm office development

• stage 2, development application being prepared with leading architects short-listed

4 Hoxton Distribution Park, Sydney, NSW (Industrial)

sale of 50% interest to aviva investors for $97.4m (capitalisation rate of 7.5%) > settlement expected in march 2012

5 Nexus Industry Park (Building 4), Prestons, NSW (Industrial)

Practical completion achieved in October 2011

100% pre-leased to hPm legrand australia

6 Kawana Shopping World, Buddina, QLD (Retail)

development application underway for redevelopment with new aldi supermarket and additional specialities

Construction expected to commence in Fy12

7 Stanhope Village, Stanhope Gardens, NSW (Retail)

development application approval sought for redevelopment works to kmart mall extension and new aldi supermarket

Construction expected to commence in Fy12

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1 4
2 5
6
3 7
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residenTial develOPmenT Q1 aCTiviTy

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$925.2m[1] in residential exchanged pre-sales contracts

• 395 lots settled and on track to achieve 1,800 lot settlements for Fy12

54% of Fy12 lots secured by settlements and exchanges

• new release projects are at the right price points in the right locations: > yarra Point — 77% pre sold, $140.1m[2] in exchanged contracts > harold Park — 8,000 registrations of interest ahead of release

12 month historical pre-sales

Forecast settlements of exchanged contracts[ 1 ]

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$980m $925m $306m $308m $311m
$841m
$814m
31 Dec 10 31 Mar 11 30 Jun 11 30 Sep 11 FY12 FY13 FY14+
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• 1) Total exchanged pre-sales contracts as at 30 September 2011, adjusted for Mirvac’s share of joint ventures, associates, and Mirvac managed funds. 2) Total exchanged pre-sales contracts as at 30 September 2011.

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develOPmenT PiPeline

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					Proft recognitionprofle 1	Proft recognitionprofle 1
			FY12	FY13	FY14	FY15	FY16
Project	**Stage **	Ownership		Project status	key
				Settlements have commenced		Under construction	Active
Commercial projects	Currently marketing part share sell down of commercial projects			Marketing		Planning	Under negotiation
Hoxton Park Distribution Centre, NSW2			100%
Variousprojects		N/A
8 Chifey Square Sydney, NSW		50%
Old Treasury Building, WA		100%
664 Collins Street, VIC		100%
Residential projects – Apartments
Rhodes Waterside, NSW	Elinya	20%	107 lots
Rhodes Waterside, NSW	Water’s Edge	20%	114 lots
Waterfront Newstead, QLD	Park Precinct	100%		102 lots
Yarra’s Edge, VIC	Yarra Point	100%		201 lots
Chatswood, NSW	Chatswood, Era	100%			295 lots
Rhodes Waterside, NSW	Pinnacle	20%			231 lots
Townsville, QLD	Mariner’s Peninsula	100%			71 lots
Hamilton, QLD	Stages 1 to 3	100%			580 lots
Harold Park, NSW	Precinct 1 & 2	100%			460 lots
Yarra’s Edge, VIC	Towers 6, 7 and 9	100%				306 lots
Residential projects – Land
Endeavour House, NSW	All stages	100%	109 lots
Yarra’s Edge, VIC	River Homes (stages 3 & 4)	100%	35 lots
Middleton Grange, NSW	All stages	100%	361 lots
Jane Brook, WA	All stages	100%	204 lots
Gainsborough Greens, QLD	Precincts 1 to 7	100%	1,147 lots
Waverley Park, VIC	All stages	100%	478 lots
Harcrest, VIC	All stages	20%	796 lots
Elizabeth Hills, NSW	All stages	PDA	651 lots
Eastern Golf Club, VIC3	All stages	100%				267 lots
Rockbank, VIC	Stage 1	50%				568 lots

• 1) Project lot settlements over EBIT contributing period.

• 2) Binding agreement for sale of 50% entered into with Aviva Investors on 30 September 2011.

• 3) Contract is subject to vendor being granted planning approval on their future site.

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residenTial markeT OuTlOOk

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The national dwelling shortfall continues to increase even as population growth slows. housing affordability, the changing ethnic mix of migrants and an ineffective transport system is continuing to increase the preference of higher density living, particularly apartments. NSW

NSW
Weighting 29.0%1		Fy12		medium Term Forecast	in nsW the culmination of weak residential building activity, solid population growth and a greater availability of mortgage fnance (post the global fnancial crisis) has resulted in a recovery in nsW dwelling construction. however, this improvement has been dominated by medium density dwellings; a trend that looks likely to continue.
VIC
Weighting		Fy12		medium Term	The victorian market has delivered strong growth in construction over the past few years, aided by continuing
24.8%1				Forecast	land release, state grants and robust population growth. more recently, the strength of dwelling construction has been driven by medium density dwellings. although economic conditions in the state remain favourable,
QLD					more moderate population growth points to a slower pace of construction activity in the future.
Weighting		Fy12		medium Term	The Qld residential property market has been adversely impacted by a combination of weak interstate migration,
27.2%1				Forecast	a slowing in net overseas migration, soft economic conditions and natural disasters. The near-term prospects remain uninspiring however, longer term, the signifcant investment by resource companies, in tandem with a pick-
WA					up in population growth, should lead to improvement in the residential housing market.
Weighting		Fy12		medium Term	The Wa residential property market remains subdued. although the short-term prospects for the residential
19.0%1				Forecast	housing market remain soft, the second resources investment boom which is starting to unfold, should herald stronger dwelling demand and, with it, a strengthening of prices.

1) Forecast revenue from lots under control at 30 June 2011, adjusted for Mirvac’s share of joint venture, associates and Mirvac’s managed funds

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uPdaTe TO sTraTegiC revieW OF hOTels

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mirvac commenced a strategic review of its hotels business in June 2011

• initial phase of review closed in september 2011

strength of interest resulted in phase two of the review being explored

• mirvac will update market once an outcome is known

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COrPOraTe resPOnsiBiliTy and susTainaBiliTy Q1 aCTiviTy

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mirvac demonstrates its ongoing commitment to sustainability and the development of its people

• in partnership with Bond university, the mirvac masters Program was relaunched in september 2011

• This program offers a master of real estate (sustainable development), which supports mirvac’s drive for sustainable excellence

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BOnd universiTy, Qld
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JOhn Oxley CenTre, Qld

• Continued progress towards target of 4 star naBers energy by december 2012

• mPT achieved naBers energy rating upgrades to 4 star for 340 adelaide street, Brisbane, Qld and John Oxley Centre, Qld (from 1.5 star and 3 star respectively)

340 adelaide sTreeT, BrisBane, Qld

• mPT received $2.5m in federal government grants from round 7 of the australian government’s green Building Fund for 5 assets

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Fy12 OuTlOOk

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	~~guidance~~ ~~Fy12~~ Forecast group operating profts $360—$363m1 Forecast operatingePs 10.5— 10.6cpss1 ForecastdPs 8.2 —8.4cpss Forecastweighted average securities 3,427m

1) Subject to change based on strategic review of hotel division.

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arTisT imPressiOn OF harOld Park, sydney, nsW

by mirvac

Calendar[ 1]

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upcoming conference attendance:

	upcoming conference attendance:
	~~Et~~ ~~Lti~~ ~~Dt~~
	~~ven~~ ~~ocaon~~ ~~ae~~ merrill lynch 2nd australian reiT Conference(asset tour) sydney monday7 november 2011
	merrill lynch 2nd australian reiT Conference(residentialpanel) sydney Wednesday9 november 2011

announcements:

	~~Lti~~ ~~Dt~~
	~~ocaon~~ ~~ae~~ annual general meeting Perth Thursday17 november 2011
	mgr estimated distribution announcement — monday19 december 2011
	december 2011Quarter distribution ex date — Thursday22 december 2011
	1h12 results announcement sydney Tuesday21 February2012
	investor relations Contact T: (02) 9080 8000 e: investor_relations@mirvac.com

1) All dates are indicative and subject to change.

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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 (“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 “the 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 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 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 the 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 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 stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac, 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 nor do they guarantee the repayment of capital from Mirvac 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.

Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current year amounts and other disclosures.

This Presentation is not an offer or an invitation to acquire Mirvac 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.

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