MIRVAC GROUP — Interim / Quarterly Report 2012

Apr 30, 2012

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fy12 q3 operational update 1 may 2012

artist impression of rhodes pinnaCLe, sydney, nsw

agenda

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fy12 q3 o erational u date p p

nicholas Collishaw, managing director — mirvac group

investor day: mirvac property trust and sustainability

mpt strate ic overview g

andrew Butler, Ceo – investment

integrated model > acquisitions and development > Leasing and marketing > portfolio management > property and facilities management

Chris Luscombe, general manager — mirvac asset management

sustainabilit at mirvac y

alicia maynard, manager — sustainability

CBd asset tour

Ben hindmarsh, general manager — office and industrial susan macdonald, general manager — retail

fy12 q3 operationaL update 1 may 2012

page 1

key q3 aChievements

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grou p

• hotel assets sale is on track

Completed 50% sale of hoxton distribution park > stage 1 of strategic partnership with aviva investors

Continued focus on sustainability > 8 Chifley square awarded a 6 star green star design v2 rating

investment division — mpt

occupancy remains high at 97.8%[ 1]

strong waLe[ 2] of 5.9 years

Broadway shopping Centre ranked #2 in the Big guns[3] for $mat/sqm

develo ment division p

308 lots settled over the quarter > on track to achieve fy12 target of 1,800

95.6% of fy12 eBit[ 4] secured > 41.1% of fy13 eBit[ 4] secured

green square project agreement finalised

• 1) Portfolio occupancy rate by area, excluding assets under development.

• 2) Portfolio WALE by area, excluding assets under development.

• 3) National ranking of shopping centres with a GLA in excess of 45,000sqm. Published in Shopping Centre News, Volume 30, Number 1, 2012.

• 4) Excluding sales and marketing costs, and overheads.

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investment division – mpt

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8 ChifLey square, sydney, nsw

fy12 q3 operationaL update 1 may 2012

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investment division – mpt

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mpt continues to deliver results

high portfolio occupancy rate of 97.8%[ 1]

strong waLe[ 2] of 5.9 years

48,148sqm of lease deals executed over the quarter

Lease expiry profile by area and variance to 1H12[1]

Lease expiry	Lease expiry	profile	by area a	nd varian	ce to 1H12	1
60%							59.2%
50
40
30
20
10			7.7%	9.3%	8.7%	11.1%
0	2.2%	1.8%
	VACANT	FY12	FY13	FY14	FY15	FY16	BEYOND
	-140bp	-160bp	-60bp	+40bp	+10bp	+0bp	+320bp

mpt occupancy[ 1] and waLe[ 2]

	Occupancy	Occupancy	WALE	WALE
Sector	Q3 FY12	Q3 FY11	Q3 FY12	Q3 FY11
offce	97.2%	97.8%	5.9yrs	6.5yrs
retail	99.0%	99.1%	6.0yrs	6.2yrs
industrial	97.2%	97.6%	6.0yrs	4.6yrs
MPT	97.8%	98.2%	5.9yrs	6.0yrs

1) Portfolio occupancy rate by area, excluding assets under development.

2) Portfolio WALE by area, excluding assets under development.

fy12 q3 operationaL update 1 may 2012

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investment division – mpt

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office

> high 97.2%[ 1] occupancy

• maintained strong waLe[ 2] of 5.9 years

secured 22,674sqm[ 3] of leased space

retail

> high occupancy at 99.0%[ 1]

• maintained strong waLe[ 2] of 6.0 years

• non discretionary asset focus at 86.3%[ 4]

• sustainable occupancy costs of 14.3%[ 5]

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20 Bond street, sydney, nsw

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Comparable Comparable
MAT growth MAT growth
MPT Retail sales by category Q3 FY12 Q3 FY11
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	non-food majors	(1.5%)	(3.4%)
	food majors	3.3%	4.6%
	mini majors specialities	(3.7%) 0.6%	(3.5%) (0.7%)
	other retail	4.1%	6.9%
	Total portfolio	1.3%	0.7%

• 1) Portfolio occupancy rate by area, excluding assets under development.

• 2) Portfolio WALE by area, excluding assets under development.

• 3) Includes signed leases and HOAs.

• 4) Includes Sub-regional and Neighbourhood centres.

• 5) Excludes CBD centres. Including CBD centres 14.8%.

fy12 q3 operationaL update 1 may 2012

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CommerCiaL market outLook

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office

weighting short term medium term the slowing in white collar employment has resulted in a softening in office demand, forecast forecast most notably in the financial hubs of sydney and melbourne. however, the limited 58.7%[ 1] supply of office space, particularly in sydney, is expected to underpin further modest rental growth. in addition, the structural shift towards prime grade assets looks set to continue as companies endeavour to change workplace practices, increase staff engagement and improve green credentials.

retail

weighting short term medium term forecast forecast

27.5%[ 1]

the retail sector remains negatively impacted by heightened consumer caution and the strong australian dollar. the strength of the dollar continues to boost leakage to overseas retail markets via travel and online shopping as well as contributing to disinflation. vacancy rates across retail are expected to remain stable for centres in dominant catchments, although rental growth is likely to moderate.

industrial

weighting short term medium term forecast forecast 6.8%[ 1]

the industrial sector entered 2012 with subdued rental and demand growth fundamentals. rental growth is expected to remain relatively flat across most markets. however, with limited supply, particularly in the resource driven markets of Brisbane and perth, investor demand could see a slight firming of investment yields in these markets.

1) By book value as at 31 December 2011, excluding assets under development and including indirect investments.

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deveLopment division

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artist impression of era, Chatswood, nsw
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deveLopment — q3 aCtivity

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development division maintains momentum > $999.3m[ 1] in exchanged pre-sales contracts > 88.5% sold[ 2] at elizabeth hills stage 1 since november 2011 release

green square project agreement finalised > secured 259 lots on capital efficient terms via acquisition of alex avenue, nsw

Forecast settlements of exchanged pre-sales contracts

Movements in exchanged pre-sales contracts

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$364m
$1,008.1m $89.4m $80.6m $999.3m
$288m
$236m
$111m
FY12 FY13 FY14 FY15+ 8 Feb 12 Settled Net sales 31 Mar 12
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2) Includes settlements, unconditional exchanges on hand, and conditional exchanges at 31 March 2012.

1) Total exchanged pre-sales contracts as at 31 March 2012, adjusted for Mirvac’s share of JV’s, associates, and Mirvac’s managed funds.

fy12 q3 operationaL update 1 may 2012

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deveLopment — q3 aCtivity

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development division focused on forward visibility and de-risking > 95.6% of fy12 eBit[ 1] secured

41.1% of fy13 eBit[ 1] secured > on track for fy12 settlement target of 1,800 lots

target lots achieved to date

		Lots settled	fy target % of fy target achieved
q3	fy12	1,157	1,800 64.3%
q3	fy11	920	1,700 54.1%

major projects under construction

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% construction
project stage completed
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waterfront newstead, qLd	park precinct — on track	>95%
yarra’s edge, viC 8 Chifey square, nsw	yarra point — on track fy13 on track fy14	>50% >25%
rhodes waterside, nsw	pinnacle — on track fy14	>10%
Chatswood, nsw	era — on track fy14	5%

1) Excluding sales and marketing costs, and overheads.

waterfront newstead, qLd

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8 ChifLey square, nsw

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yarra’s edge, viC

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rhodes waterside, nsw

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Chatswood, nsw

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fy12 q3 operationaL update 1 may 2012

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residentiaL market outLook

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the demand fundamentals underpinning the residential property market have improved. population growth is gaining momentum, while housing affordability, through declining prices and rising incomes, is making home ownership more attractive. the aging of the population and the preference of new migrants suggests the demand for medium density accommodation will remain strong.

NSW

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|||||
|---|---|---|---|
|weighting|fy12|medium term|nsw housing approvals increased sharply following the gfC, particularly for medium density accommodation. following|
|forecast|this initial surge, the rate of dwelling approvals subsequently eased. however, the underlying conditions remain strong|
|34.3%|[ 1]|
|and should underpin the property sector. there is a significant dwelling shortfall which is reflected in strong rental growth|
|and a low vacancy rate. in conjunction with a cyclical recovery in population growth, the residential market has scope|
|to improve further.|
|VIC|
|weighting|fy12|medium term|the victorian housing market continued to soften through 2011 and into 2012 with both volumes and prices easing|
|forecast|back. this weakness is due to the combination of high sales and construction activity post gfC and falling international|
|26.8%|[ 1]|
|migration on the victorian economy. in spite of this, auction clearance rates have increased since december with many|
|commentators predicting modest growth in house prices in the short term.|
|QLD|
|weighting|fy12|medium term|the queensland property market has been adversely affected by the rising australian dollar, resulting in weaker tourism,|
|forecast|slower population growth and soft economic conditions. within the state there has been a significant variation in the|
|25.7%|[ 1]|
|residential market between the resource and resort centres. in the short term the residential property market is likely|
|to remain subdued. however, longer term prospects are favourable with the resources boom and the return of interstate|
|migration likely stimulating the residential market.|
|WA|
|weighting|fy12|medium term|following a post gfC recovery, wa dwelling approvals have eased back to be close to their gfC low. in addition, house prices|
|forecast|in perth have declined by a greater extent than the other major australian cities. despite the current fundamentals for the|
|13.2%|[ 1]|
|residential market not being inspiring, the pick-up in population growth and buoyancy of household incomes should provide the|
|catalyst for construction and prices in the short to medium term.|

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1) Forecast revenue from lots under control at 31 December 2011, adjusted for Mirvac’s share of JV, associates and Mirvac’s managed funds.

fy12 q3 operationaL update 1 may 2012

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Corporate responsiBiLity and sustainaBiLity

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artist impression of 8 ChifLey square, sydney, nsw

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Corporate responsiBiLity and sustainaBiLity

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artist impression of 8 ChifLey square, sydney, nsw

mirvac’s focus on corporate responsibility and sustainability is delivering results

key achievements over the quarter:

• 8 Chifley square awarded 6 star green star — office design v2 rating

mpt on track for naBers office energy rating target of 4 star average by december 2012

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fy12 q3 operationaL update 1 may 2012

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guidanCe

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artist impression of haroLd park, gLeBe, nsw
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guidanCe

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	~~guidance~~ ~~fy12~~ forecast group operating profts $360–$364m1 forecast operating eps 10.5–10.6cpss1 forecast dps 8.2–8.4cpss forecast weighted average securities 3,417.8m

1) Assumes full year contribution from Mirvac Hotel and Resorts and associated assets.

fy12 q3 operationaL update 1 may 2012

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by mirvac

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275 kent street, sydney, nsw
fy12 q3 operationaL update 1 may 2012 page 15
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gLossary

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~~term~~	~~meaning~~
Big guns	retail shopping centres in excess of 45,000sqm.
Bp	Basis point
Cpss	Cents per stapled security
dps	distribution per stapled security
eBit	in the current reporting period, mirvac has revised its defnition of earnings Before interest and taxes (“eBit”). mirvac considers interest income from
	joint ventures and interest income from mezzanine loans to be part of a business’s operations and should therefore form part of operating revenue.
	prior to fy11, interest income from joint ventures and interest income from mezzanine loans were shown as part of interest revenue. all historical eBit
	fgures in this presentation have been re-stated to refect the current defnition of eBit for comparability.
eps	earnings per stapled security
fy	financial year
gLa	gross Lettable area
Jv	Joint venture
mat	moving annual turnover
mpt	mirvac property trust
naBers	national australian Built environment rating system — the national australian Built environment rating system
	is a multiple index performance-based rating tool that measures an existing building’s overall environmental
	performance during operation. in calculating mirvac’s naBers offce portfolio average, several properties that meet the following criteria
	have been excluded:
	i) future development — if the asset is held for future (within 4 years) redevelopment.
	ii) operational control — if operational control of the asset is not exercised by mpt (ie tenant operates the building or controls capital expenditure).
	iii) Less than 75% offce space — if the asset comprises less than 75% of naBers rateable offce space by area.
	iv) Buildings with less than 2,000sqm offce space.
nLa	net Lettable area
sqm	square metre
waLe	weighted average Lease expiry

fy12 q3 operationaL update 1 may 2012

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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 advisers 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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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.

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. Forward-looking 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.

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 also includes certain non-IFRS measures including Operating profit. Operating profit is profit before specific non-cash items and significant items. It is used internally by management to assess the performance of its business.

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.

fy12 q3 operationaL update 1 may 2012

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