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21 February 2012

MIRVAC GROUP HALF YEAR RESULTS – 31 DECEMBER 2011

The Mirvac Group (―Mirvac‖) [ASX: MGR] is pleased to release its financial results for the half year ended 31 December 2011.

The financial results pack includes:

Appendix 4D
Mirvac Group Interim Report
Mirvac Property Trust Interim Report
MGR Half Year Results ASX & Investor Presentation
MGR Half Year Results – Additional Information
MGR Property Compendium: located on the website at MGR Property Compendium

The management presentation of the results will be webcast live from 10.00am AEDT at 10.00am.

ENDS

For more information, please contact:

Investor enquiries: Jessica O’Brien Group Investor Relations Manager +61 2 9080 8458

Media enquiries: Rosalie Duff Group Communications Manager +61 2 9080 8397

Appendix 4D – Half Year 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 half year ended 31 December 2011

(Previous corresponding period 31 December 2010)

Results for Announcement to the Market

Results for Announcement to the Market
	$m
Total revenue from continuing operations and other income Down 16% to Profit attributable to the stapled securityholders of Mirvac Up 1491% to Operating profit (profit before specific non-cash and significant items) attributable to the stapled securityholders of Mirvac Up 1% to	805.6 176.6 201.5

Dividends (distributions)	Amount per security	Franked amount per security	Record date
September quarterly distribution paid on 28 October 2011 December quarterly distribution paid on 27 January 2012 Total distribution for the halfyear	2.00 cents 2.00 cents 4.00 cents	- - -	30 September 2011 30 December 2011

Other information relating to the financial statements

1. Ratios

	2011	2010
Profit from continuing operation before income tax / total revenue from continuing operations and other income1 Profit attributable to the stapled securityholders of Mirvac / Total equity	17.8% 3.1%	(4.1%) (0.2%)

2. Earnings per security (EPS)

2. Earnings per security (EPS)
	2011	2010
Basic EPS2 Basic EPS – operating profit (profit before specific non-cash and significant items)2 Diluted EPS3 Diluted EPS – operating profit (profit before specific non-cash and significant items)3 Weighted average number of securities used in calculating basic earnings per security Weighted average number of securities used in calculating diluted earnings per security	5.18 cents 5.91 cents 5.17 cents 5.90 cents 3,409,297,311 3,416,928,931	(0.38 cents) 5.93 cents (0.38 cents) 5.91 cents 3,376,630,289 3,388,131,255

3. NTA Backing

	2011	2010
Net tangible asset backing per ordinary security – excluding EIS securities Net tangible asset backing per ordinary security–including EIS securities	$1.64 $1.63	$1.60 $1.59

1 Prior year calculation restated to exclude discontinued operation.

2 EPS excludes securities issued under the Employee Incentive Scheme (“EIS”).

3 EPS includes securities issued under the EIS, but excludes options and rights issued.

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MIRVAC GROUP InteRIM RePORt FOR the hAlF yeAR ended 31 deCeMbeR 2011

01 Directors’ report

06 Auditor’s independence declArAtion 07 Financial statements
07 consolidAted stAtement of comprehensive income
09 consolidAted stAtement of finAnciAl position
10 consolidAted stAtement of chAnges in equity 11 consolidAted stAtement of cAsh flows
12 notes to the consolidAted finAnciAl stAtements 35 Directors’ Declaration
36 inDepenDent auDitor’s review report to the members oF mirvac limiteD 38 Glossary oF acronyms

InteRIM RePORt

FOR the hAlF yeAR ended 31 deCeMbeR 2011

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).

this interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2011 and any public announcements made by mirvac group during the interim reporting period in accordance with the continuous disclosure requirements of the corporations Act 2001.

cover imAge: Artist impression of hArold pArk, gleBe, nsw

dIReCtORs’ RePORt

the directors of mirvac limited present their report, together with the consolidated report of mirvac group (“mirvac” or “group”) for the half year ended 31 december 2011. mirvac comprises mirvac limited (“parent entity”) and its controlled entities, which includes mirvac property trust (“mpt” or “trust”) and its controlled entities.

Directors

the following persons were directors of mirvac limited during the half year and up to the date of this report, unless otherwise stated:

James mackenzie nicholas collishaw marina darling (appointed as a director on 23 January 2012) peter hawkins James millar penny morris (retired as a director on 17 november 2011) John mulcahy John peters (appointed as a director on 17 november 2011) elana rubin.

review oF operations anD activities

the statutory profit after tax attributable to the stapled securityholders of mirvac for the half year ended 31 december 2011 was $176.6m (december 2010: loss $12.7m). the operating profit (profit before specific non-cash items and significant items) was $201.5m (december 2010: $200.1m).

operating profit is a financial measure which is not prescribed by Australian Accounting standards (“AAs”) and represents the profit under AAs adjusted for specific non-cash items and significant items. the directors consider operating profit to reflect the core earnings of the group. the following table summarises key reconciling items between statutory profit after tax attributable to the stapled securityholders of mirvac and operating profit. the operating profit information included in the table below has not been subject to any specific review procedures by the group’s auditor but has been extracted from note 3 of the accompanying financial statements for the half year ended 31 december 2011, which have been subject to review, refer to pages 36 and 37 for the auditor’s review report on the financial statements.

	31	December	31 december
		2011	2010
		$m	$m
proft/(loss) attributable to the stapled securityholders of mirvac		176.6	(12.7)
specifc non-cash items
net gain on fair value of investment properties and owner-occupied hotel
management lots and freehold hotels		(71.2)	(76.1)
net loss on fair value of investment properties under construction (“ipuc”)		10.3	48.1
net loss/(gain) on fair value of derivative fnancial instruments and
associated foreign exchange movements		52.3	(10.4)
security based payment expense		3.5	2.7
depreciation of owner-occupied investment properties, hotels	and hotel management lots
(including hotel property, plant and equipment)		4.6	4.0
straight-lining of lease revenue		(6.9)	(7.6)
Amortisation of lease ftout incentives		5.2	5.3
net loss/(gain) on fair value of investment properties, derivatives and other specifc non-cash items included in share of net proft of associates and joint ventures		9.0	(1.0)
signifcant items
impairment of loans		6.5	—
provision for loss on inventories		25.0	215.0
net gain from sale of non-aligned assets		(0.4)	—
Business combination transaction costs1		6.0	31.8
tax effect
tax effect of specifc non-cash and signifcant items		(19.0)	1.0
operating proft (proft before specifc non-cash items and	signifcant items)	201.5	200.1

1) current period relates to the costs incurred in relation to the discontinued operations. these costs are included in the consolidated statement of comprehensive income, under the heading profit from discontinued operations.

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

dIReCtORs’ RePORt

Financial anD operational hiGhliGhts

key financial highlights for the half year ended 31 december 2011 included:

profit attributable to the stapled securityholders of mirvac of $176.6m; which includes a net gain on investment properties (including ipuc) of $60.9m and a provision for loss on inventories of $25.0m in respect to Beachside leighton, north fremantle, wA;
operating profit of $201.5m[ 1] , representing 5.9 cents per stapled security;
net tangible assets (“ntA”) per stapled security of $1.63[ 2] ;
total assets of $8,576.3m;
net assets of $5,644.1m; and
distributions of $136.6m, representing 4.0 cents per stapled security.

key operational highlights for the half year ended 31 december 2011 included:

achieved 3.3 per cent like-for-like net operating income growth within the investment division portfolio;
occupancy remained solid at 96.4 per cent within the investment division’s portfolio[ 3] ;
leased 70,983 sqm (5.4 per cent of net lettable area) within the investment division’s portfolio;
disposed of three non-core retail properties within the investment division’s portfolio, realising $127.0m in gross sale proceeds;
exchanged pre-sales contracts for $1,008.1m[ 4] in residential projects and achieved 849 residential lot settlements;
restocked the residential development pipeline with 7,881 lots via the acquisition of googong, nsw, and clyde north, vic; capital efficient terms were secured for each acquisition;
secured first lease at 8 chifley square, sydney, nsw, with corrs chambers westgarth for 42 per cent of net lettable area;
established strategic relationships with k-reit Asia and Aviva investors with the sale of 50 per cent of 8 chifley square, sydney, nsw and 50 per cent of hoxton distribution park, hoxton park, nsw respectively; and
entered into contracts for the sale of the hotel management business, mirvac hotels & resorts to Accor Asia pacific, and various associated investments, to a consortium comprising Accor Asia pacific and Ascendas on 16 december 2011.

capital position anD FunDinG

for the half year ended 31 december 2011, the group has maintained its strong capital and liquidity position with:

no debt maturities in 2012;
$140.0m of debt maturing in January 2013;
over $490.0m in cash and undrawn committed debt facilities on hand; and
conservative gearing at 27.4 per cent[ 5] .

other key highlights included:

extended the maturity of a $150.0m bilateral facility from April 2013 to november 2014;
the group repaid the $505.0m of commercial mortgage backed securities (“cmBs”) acquired as part of the acquisition of westpac office portfolio;
the group’s weighted average debt maturity is currently 3.5 years;
the group’s average borrowing costs increased slightly to 7.42 per cent per annum including margins and line fee;
mirvac comfortably met its covenants; and
maintained its BBB credit rating from standard & poor’s.

Outlook

the volatility created by the european debt crisis and subsequent disruption to global financial markets has resulted in a significant increase to bank funding costs over the past six months.

there will be limited impact of these events on the group’s borrowing costs for 12 months or more, allowing time for conditions to stabilise before any refinancing is required.

the group remains focused on managing its capital position prudently by monitoring and accessing diversified sources of capital, including both domestic and international markets. this ensures it can continue to meet its strategic objectives without increasing its overall risk profile.

operational hiGhliGhts anD Divisional strateGy

investment Division

the investment division has a total portfolio value of $5,850.1m[ 6] , with investments in 67 direct property assets, covering the office, retail, industrial and hotel sectors, as well as investments in other funds managed by mirvac. the asset allocation for mpt invested capital is as follows:

office: 58.7 per cent;
retail: 27.5 per cent; and
other: 13.8 per cent.

for the half year ended 31 december 2011, the investment division’s statutory profit before tax was $242.0m and operating profit before tax was $207.9m.

1) excludes specific non-cash items, significant items and related taxation.
2) ntA per stapled security based on ordinary securities including employee incentive scheme (“eis”) securities.
3) By area, excluding assets under development.

4) total exchange pre-sales contracts as at 8 february 2012. total exchanged pre-sales contracts as at 31 december 2011 of $959.1m, adjusted for mirvac’s share of joint ventures, associates, and mirvac’s managed funds.

5) net debt (at foreign exchange hedged rate) excluding leases/(total tangible assets – cash).
6) By book value as at 31 december 2011, including assets under development and indirect investments.

02 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

dIReCtORs’ RePORt

key highlights for the trust for the half year ended 31 december 2011 included:

achieved 3.3 per cent like-for-like net operating income growth;
disposed of three non-core assets realising $127.0m in gross sale proceeds; and
secured leasing commitments at key office developments:
at 10-20 Bond street, sydney, nsw, resulting in commitments to the building totalling 90.1 per cent
at 8 chifley square, sydney, nsw, secured first lease with corrs chambers westgarth for 42.0 per cent of net lettable area.

occupancy in mpt remained solid at 96.4 per cent, with a weighted average lease expiry of approximately 5.9 years[ 1] .

the trust’s earnings continue to be secure with 67.3 per cent of fy12 rent reviews being fixed or linked to the consumer price index (“cpi”), and 70.7 per cent of revenue derived from multinational, Australian securities exchange (“AsX”) listed and government tenants.

Outlook

the investment division remains focused on providing secure passive income to the group, whilst improving the quality of the portfolio via acquisitions. the division continues to be strategically overweight in the office sector. in spite of some softening in white collar employment created by uncertain financial market conditions, the office portfolio is well placed with a weighted average lease expiry of 6.0 years[ 1] , a high quality portfolio and strong tenant covenants. the division also maintains a focus on prime sub-regional shopping centres located in high growth markets. despite the subdued retail environment, mirvac’s portfolio is comprised of shopping centres that are primarily driven by non-discretionary spend.

hotel Management

mirvac’s hotel management division manages 47 hotels covering 5,853 rooms throughout Australia (44) and new Zealand (three) under a suite of four core brands comprising sea temple (five star resorts), quay west suites (five star all-suite hotels), sebel (four and a half star hotels and resorts), and citigate (four star hotels). during the period, the sea temple surfers paradise, qld, opened.

for the half year ended 31 december 2011, the division achieved a statutory profit before tax of $8.5m and an operating profit before tax of $9.5m.

the reporting period was characterised by a continuing recovery in the hotel operating environment throughout the capital city markets of Australia, supported by uplift in demand from the corporate and conferencing market segments together with minimal new supply in most major hotel markets.

regional resort destinations have not reported the same level of uplift in trading from the conference market segments compared to cBd locations. the division’s four hotels located in the tropical north queensland region have recovered well following the impact of the extreme weather events experienced in 2011.

65 per cent of the hotel business is located in Australian gateway capital cities, with the remaining 35 per cent of hotels in regional locations.

Both portfolio occupancy and average room rate increased during the half year to 79.4 per cent and $184 respectively. revenue per available room was $146, an increase of 7.3 per cent on the prior corresponding period.

Outlook

on 16 december 2011, mirvac announced it had entered into contracts for the sale of its hotel management business, mirvac hotels & resorts, to Accor Asia pacific, together with various associated investments, to a consortium comprising Accor Asia pacific and Ascendas. the contracts are subject to a number of conditions, consents and approvals, including consent from the foreign investment review Board and new Zealand’s overseas investment office. settlement is expected to occur prior to 30 June 2012.

Investment Management

mirvac investment management (“mim”) provides capital for the group’s two core divisions — investment and development — through the establishment of strategic partnerships with wholesale institutional investors. mirvac Asset management (“mAm”) provides asset management services for investment’s portfolio.

for the six months ended 31 december 2011, mim and mAm recorded a statutory loss before tax of $2.7m and an operating loss before tax of $1.3m.

during the reporting period, mim remained focused on its core area of operation, being investment partnerships with wholesale clients. At 31 december 2011, mirvac manages five wholesale funds, being mirvac wholesale hotel fund[ 2] , mirvac wholesale residential development partnership, travelodge investment (tucker Box holdings pty limited), Jf infrastructure yield fund and the Australian sustainable forestry investors fund. it also manages the AsX listed mirvac industrial trust. mim continued with the rationalisation of non-core and unscaleable investments as demonstrated by the disposal of its 25 per cent interest in the mirvac city regeneration partnership and the exit from its investment in the redZed residential mortgage warehouse.

mAm currently manages 77 properties principally located in metropolitan and regional areas on the east coast of Australia.

Outlook

the focus of the division is to continue to support and source capital for the group’s two core divisions — investment and development — through the establishment of strategic relationships with wholesale institutional investors.

1) By area, excluding assets under development. 2) mirvac entered into contracts for the sale of its hotel management business, mirvac hotels & resorts and various associated investments on 16 december 2011.

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

dIReCtORs’ RePORt

Development Division

the group’s development division conducts residential and commercial development across new south wales, victoria, western Australia and queensland. for the half year ended 31 december 2011, the division’s statutory loss before tax was $17.7m and operating profit before tax was $7.6m.

Residential

mirvac’s residential product offering includes masterplanned communities and apartments.

in the group’s core metropolitan markets, the division continued to deliver quality residential product, with new release projects targeted at the right price points and right locations such as:

Apartments

harold park (precinct 1), nsw with over 55 per cent of lots pre-sold; and
the pinnacle, rhodes waterside, nsw with 46.3 per cent of lots pre-sold;

Masterplanned communities

middleton grange, nsw on track to settle 180 lots for fy12; and
elizabeth hills, nsw launch of stage 1 (93 lots) with 52 contracts exchanged[ 1] .

the division secured future income with $1,008.1m[ 2] of residential exchanged pre-sales contracts, a 19.9 per cent increase since the end of december 2010.

for the half year ended 31 december 2011, the division settled 849 residential lots and remains on track to deliver 1,800 lots in fy12.

state based settlements for the half year ended 31 december 2011 were as follows:

state	lots
nsw	610
vic	136
wA	67
qld	36
total	849

state based settlements by product for the half year ended 31 december 2011 were as follows:

	masterplanned
state	communities	Apartments	total
nsw	404	206	610
vic	136	—	136
wA	57	10	67
qld	26	10	36
total	623	226	849

the division also restocked the residential pipeline via the acquisition of googong, nsw (5,774 lots) and clyde north, vic (2,107 lots) expected to deliver combined future revenue of $1,338.6m[ 3] .

the momentum of non-core inventory sales continued with the disposal of magenta shores in August 2011, and the unconditional exchange secured of the royal, newcastle Beach, nsw (stages 1c and 2).

Commercial

mirvac’s commercial development pipeline covers the office, retail, and industrial sectors totalling $1,429.0m[ 4] , with a stated strategy to sell a part share to aligned third parties and retain the remaining share within the investment division’s property portfolio.

key highlights for the half year to 31 december 2011 included:

achieved sale of 50 per cent of 8 chifley square, sydney, nsw to k-reit Asia (capitalisation rate of 6.65 per cent), and secured first lease with corrs chambers westgarth for 42 per cent of net lettable area;
received approval at old treasury Building, perth, wA for 30,000 sqm of prime office space with practical completion in fy15. the development is 100 per cent pre-leased to the western Australian government for 25 years;
progressing stage 2 development application at 190 george street, sydney, nsw with a design excellence competition to select a preferred scheme in early 2012;
the final building at nexus industry park, prestons, nsw, achieved practical completion in october 2011 and is 100 per cent pre-leased to hpm legrand Australia;
sale of 50 per cent interest in hoxton distribution park, hoxton park, nsw, to Aviva investors for $97.4m (capitalisation rate of 7.5 per cent), with settlement expected in march 2012. Achieved practical completion on both warehouses five months ahead of the original program;
development application approved for kawana shoppingworld, Buddina, qld for redevelopment, with a new Aldi supermarket and additional speciality stores, expanding the centre by approximately 9,000sqm;
development application approved for stage 3 expansion of stanhope village, stanhope gardens, nsw, for redevelopment works for kmart mall extension and a new Aldi supermarket. progressing development application plans for stanhope village stage 4 redevelopment to create additional speciality stores and foodcourt;
actively seeking lease pre-commitments at 190 george street, sydney, nsw; and
actively seeking lease pre-commitments at 664 collins street, melbourne, vic, prior to project commencement.
1) total exchanged pre-sales contracts as at 8 february 2012.

2) total exchanged pre-sales contracts as at 8 february 2012. total exchanged pre-sales contracts as at 31 december 2011 of $959.1m, adjusted for mirvac’s share of joint ventures, associates and mirvac’s managed funds.

3) mirvac’s share of forecast total revenue as at 31 december 2011. 4) mirvac’s share of forecast total project cost to complete as at 31 december 2011.

04 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

dIReCtORs’ RePORt

Outlook

the division remains focused and on track towards achieving its 2014 strategy to:

improve earnings to represent a 20 per cent contribution to the group result;
continue to improve key metrics including return on invested capital (“roic”) (10-12 per cent target) and gross margin (18-22 per cent target);
finalise the sale of remaining non-core inventories;
selectively restock the development pipeline to complement existing inventories; and
continue to maintain strong levels of pre-sales to de-risk future earnings.

market anD Group outlook

committed resource projects will continue to underpin Australian economic output, with activity biased towards investment in the resource sector. this will result in lower growth in housing investment and consumer spending.

the volatility created by the european debt crisis and the impact on financial markets and global growth have resulted in a softening in demand for white collar employment. consequently, the demand for office space is likely to ease, particularly in cities with a higher incidence of financial services employment, such as sydney and melbourne. however, the low level of office construction should ensure vacancy rates remain low.

the outlook for the retail sector is subdued. whilst income growth is strong, the labour market has softened and consumers have continued to reduce discretionary spending. the easing in monetary policy will increase spending, with the resource states likely to be the main beneficiaries. Although vacancy rates are expected to remain stable, this is likely to be at the expense of incentives and rental growth.

Both rents and demand were subdued in the industrial sector towards the end of 2011. however, with new supply of industrial property muted, this should lead to moderate rental growth.

factors underpinning the residential property market vary by state. in new south wales, housing approvals have increased strongly over the past 18 months and are dominated by medium density dwellings. in spite of this improvement in supply, there remains a significant dwelling shortfall which is reflected in low vacancy rates and rising rental growth. strong underlying demand for accommodation, in conjunction with a recovery in population growth, is expected to underpin a further improvement in the new south wales housing market. the bias towards medium density dwellings is expected to continue.

the queensland residential property market has been adversely affected by the rising Australian dollar, weak economic conditions and a slowing in population growth. whilst the housing market is expected to remain subdued in the short term, longer term prospects are favourable. resource related activity, in conjunction with an improvement in population growth, is expected to lead to a recovery in the queensland residential property market.

the western Australian residential property market remains muted, as the modest recovery in medium density dwelling construction has been offset by weaker construction of detached houses. property prices in perth continue to fall, although the rate of decline is starting to ease. whilst short term prospects for the residential housing market remain lacklustre, resource related activity is expected to lead to both stronger dwelling demand and prices.

After a period of resilience, the victorian residential property market has become more subdued as evidenced by slowing volumes and falling prices. with investment biased towards the resource states, the victorian property market is expected to underperform relative to other main states (new south wales, queensland and western Australia) in the short term.

auDitor’s inDepenDence Declaration

A copy of the auditor’s independence declaration required under section 307c of the corporations Act 2001 is set out on page 06.

rounDinG oF amounts

mirvac is an entity of the kind referred to in class order 98/0100 issued by the Australian securities and investment commission (“Asic”), relating to the rounding off of amounts in the financial statements. Amounts in the financial statements have been rounded off to the nearest tenth of a million (“m”) dollars in accordance with that class order.

this statement is made in accordance with a resolution of the directors.

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nicholas collishaw director

sydney 21 february 2012

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

AUdItOR’s IndePendenCe deClARAtIOn

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As lead auditor for the review of mirvac limited for the half year ended 31 december 2011, i declare that to the best of my knowledge and belief, there have been:

a) no contraventions of the auditor independence requirements of the corporations Act 2001 in relation to the review; and

b) no contraventions of any applicable code of professional conduct in relation to the review.

this declaration is in respect of mirvac limited and the entities it controlled during the period.

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matthew lunn partner

sydney 21 february 2012

pricewaterhousecoopers

PricewaterhouseCoopers, ABN 52 780 433 757 Darling Park Tower 2, 201 Sussex Street, GPO BOX 2650, SYDNEY NSW 1171 DX 77 Sydney, Australia T +61 2 8266 0000, F +61 2 8266 9999, www.pwc.com.au

liability limited by a scheme approved under professional standards legislation

06 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

FOR the hAlF yeAR ended 31 deCeMbeR 2011

COnsOlIdAted stAteMent OF COMPRehensIVe InCOMe

		31 December	31 december
		2011	2010
	note	$m	$m
revenue from continuing operations
investment properties rental revenue	9	278.1	267.1
hotel operating revenue		—	—
investment management fee revenue		5.7	8.0
development and construction revenue		370.1	454.9
development management fee revenue		12.8	9.5
interest revenue		18.2	24.2
dividend and distribution revenue		1.2	0.3
other revenue		6.4	7.4
total revenue from continuing operations		692.5	771.4
other income
net gain on fair value of investment properties and owner-occupied hotel
management lots and freehold hotels		71.2	76.2
share of net proft of associates and joint ventures accounted
for using the equity method	8	4.7	—
gain on fnancial instruments		35.7	34.2
net gain on sale of investment properties		1.5	—
foreign exchange gain		—	73.8
netgain on sale of investments		—	1.5
total other income		113.1	185.7
total revenue from continuing operations and other income		805.6	957.1
net loss on fair value of ipuc		10.3	48.1
net loss on sale of investments		0.6	—
net loss on sale of investment properties		—	0.7
net loss on sale of property, plant and equipment		0.3	—
foreign exchange loss		24.4	—
investment properties expenses	9	61.6	58.1
hotel operating expenses		0.4	0.3
cost of property development and construction		322.8	402.1
employee benefts expenses		36.8	38.6
depreciation and amortisation expenses		13.5	13.0
impairment of loans		7.4	0.6
finance costs	4	64.9	57.2
loss on fnancial instruments		63.6	97.4
selling and marketing expenses		15.1	10.9
provision for loss on inventories		25.0	215.0
Business combination transaction costs		0.4	31.8
other expenses		15.3	22.9
proft/(loss) from continuing operations before income tax		143.2	(39.6)
income tax beneft		22.1	6.4
proft/(loss) from continuing operations		165.3	(33.2)
proft from discontinued operations		11.3	20.8
proft/(loss) for the halfyear		176.6	(12.4)

As a result of the decision to dispose of the hotel management business and various associated investments, the results of these operations have been included under profit from discontinued operations. the comparative figures have been adjusted. refer to note 7 for further information.

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

FOR the hAlF yeAR ended 31 deCeMbeR 2011

COnsOlIdAted stAteMent OF COMPRehensIVe InCOMe

			31 December	31 december
			2011	2010
		note	$m	$m
proft/(loss) for the halfyear			176.6	(12.4)
other comprehensive income for the half year
increment on revaluation of property, plant and equipment, net of tax			14.0	9.5
exchange differences on translation of foreign operations			3.3	(2.2)
other comprehensive income for the halfyear,net of tax			17.3	7.3
total comprehensive income for the halfyear			193.9	(5.1)
proft/(loss) for the half year is attributable to:
— stapled securityholders of mirvac			176.6	(12.7)
— non controllinginterest(“nci”)			—	0.3
			176.6	(12.4)
total comprehensive income for the half year is attributable to:
— stapled securityholders of mirvac			193.9	(5.4)
— nci			—	0.3
			193.9	(5.1)
earnings per stapled security for proft/(loss) from continuing operations attributable to the stapled securityholders of mirvac
			cents	cents
Basic earnings per stapled security		5	4.85	(1.00)
diluted earningsper stapled security		5	4.84	(1.00)
earnings per stapled security for proft/(loss) securityholders of mirvac	attributable to the stapled
			cents	cents
Basic earnings per stapled security		5	5.18	(0.38)
diluted earningsper stapled security		5	5.17	(0.38)

the above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

08 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

At 31 deCeMbeR 2011

COnsOlIdAted stAteMent OF FInAnCIAl POsItIOn

	31	December	30 June
		2011	2011
	note	$m	$m
current assets
cash and cash equivalents	17	24.3	673.1
receivables		157.8	197.3
derivative fnancial assets		—	0.2
current tax assets		0.7	0.7
inventories	6	532.7	549.5
other fnancial assets at fair value through proft or loss		13.3	15.5
other assets		12.7	23.4
		741.5	1,459.7
Assets classifed as held for sale	7	435.8	3.4
total current assets		1,177.3	1,463.1
non-current assets
receivables		118.8	125.6
inventories	6	1,095.6	988.6
investments accounted for using the equity method	8	231.2	439.8
derivative fnancial assets		—	3.3
other fnancial assets		17.2	—
investment properties	9	5,263.4	5,442.0
property, plant and equipment		315.4	359.3
intangible assets	10	65.7	74.7
deferred tax assets		291.7	241.9
total non-current assets		7,399.0	7,675.2
total assets		8,576.3	9,138.3
current liabilities
payables		239.6	469.2
Borrowings	11	2.7	583.1
derivative fnancial liabilities		1.0	1.7
provisions		75.8	83.0
current tax liability		0.2	—
other liabilities		2.4	2.5
		321.7	1,139.5
liabilities directlyassociated with assets classifed as held for sale	7	30.7	—
total current liabilities		352.4	1,139.5
non-current liabilities
payables		45.3	5.9
Borrowings	11	2,239.2	2,153.2
derivative fnancial liabilities		166.9	142.1
deferred tax liabilities		124.5	97.2
provisions		3.9	4.7
total non-current liabilities		2,579.8	2,403.1
total liabilities		2,932.2	3,542.6
net assets		5,644.1	5,595.7
equity
contributed equity	12	6,327.5	6,327.4
reserves		146.6	125.9
retained earnings		(830.0)	(870.1)
equity, reserves and retained earnings attributable to the stapled securityholders	of mirvac	5,644.1	5,583.2
nci		—	12.5
total equity		5,644.1	5,595.7

the above consolidated statement of financial position should be read in conjunction with the accompanying notes.

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

COnsOlIdAted stAteMent OF ChAnGes In eqUIty

FOR the hAlF yeAR ended 31 deCeMbeR 2011

		Attributable to stapled securityholders of mirvac	Attributable to stapled securityholders of mirvac	Attributable to stapled securityholders of mirvac
	contributed			retained
		equity	reserves	earnings	nci	total
	note	$m	$m	$m	$m	$m
Balance 1 July2011		6,327.4	125.9	(870.1)	12.5	5,595.7
proft for the half year		—	—	176.6	—	176.6
other comprehensive income for the halfyear,net	of tax	—	17.3	—	—	17.3
total comprehensive income for the halfyear		—	17.3	176.6	—	193.9
security based payment transactions		—	3.4	—	—	3.4
security based compensation		—	—	0.1	—	0.1
long term incentives (“lti”) and eis
securities converted, sold, vested or forfeited		0.1	—	—	—	0.1
deconsolidation of entity		—	—	—	(12.5)	(12.5)
dividends/distributionsprovided for orpaid	13	—	—	(136.6)	—	(136.6)
total transactions with owners in
their capacity as owners		0.1	3.4	(136.5)	(12.5)	(145.5)
balance 31 December 2011		6,327.5	146.6	(830.0)	—	5,644.1
Balance 1 July2010		6,098.8	114.3	(768.7)	11.0	5,455.4
(loss)/proft for the half year		—	—	(12.7)	0.3	(12.4)
other comprehensive income for the halfyear,net	of tax	—	7.3	—	—	7.3
total comprehensive income for the halfyear		—	7.3	(12.7)	0.3	(5.1)
security based payment transactions		—	(1.4)	—	—	(1.4)
security based compensation		2.0	—	0.3	—	2.3
lti and eis securities converted, sold, vested or forfeited		2.1	—	—	—	2.1
contributions of equity, net of transaction costs		204.1	—	—	—	204.1
dividends/distributionsprovided for orpaid	13	—	—	(136.6)	(0.3)	(136.9)
total transactions with owners in their capacityas	owners	208.2	(1.4)	(136.3)	(0.3)	70.2
Balance 31 december 2010		6,307.0	120.2	(917.7)	11.0	5,520.5

the above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

10 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

FOR the hAlF yeAR ended 31 deCeMbeR 2011

COnsOlIdAted stAteMent OF CAsh FlOws

		31 December	31 december
		2011	2010
	note	$m	$m
cash fows from operating activities
receipts from customers (inclusive of goods and services tax)		830.7	904.5
payments to suppliers and employees(inclusive ofgoods and services tax)		(854.5)	(775.2)
		(23.8)	129.3
interest received		17.8	16.6
Associates and joint ventures dividends/distributions received		14.8	7.7
dividends/distributions received		1.2	0.3
Borrowing costs paid		(104.0)	(92.9)
income tax refund		—	1.6
net cash(outfows)/infows from operating activities	17(b)	(94.0)	62.6
cash fows from investing activities
payments for property, plant and equipment		(3.5)	(2.7)
proceeds from sale of property, plant and equipment		0.1	0.1
payments for investment properties		(44.7)	(52.9)
proceeds from sale of investment properties and assets classifed as held for sale		123.2	119.0
payments for loans to related entities		(31.7)	(0.5)
proceeds from loans to related entities		20.3	—
payments for loans to unrelated entities		(1.7)	(0.5)
proceeds from loans to unrelated entities		11.6	7.7
contributions to associates and joint ventures		(2.0)	(5.5)
proceeds from associates and joint ventures		6.0	52.0
Acquisition of controlled entities, net of cash acquired		—	(228.0)
cash impact of controlled entities leaving the group		(3.3)	—
proceeds from sale of investments		23.4	10.2
net cash infows/(outfows) from investing activities		97.7	(101.1)
cash fows from fnancing activities
proceeds from borrowings		383.4	1,189.6
repayments of borrowings		(872.8)	(1,008.5)
dividends/distributions paid as part of business combination		—	(8.0)
dividends/distributionspaid		(143.5)	(133.8)
net cash(outfows)/infows from fnancing activities		(632.9)	39.3
net (decrease)/increase in cash and cash equivalents		(629.2)	0.8
cash and cash equivalents at the beginning of the half year		673.1	582.0
effects of exchange rate changes on cash and cash equivalents		0.2	0.4
cash and cash equivalents at the end of the halfyear	17(a)	44.1	583.2

the above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

1 summary oF siGniFicant accountinG policies

this condensed consolidated interim report for the half year reporting period ended 31 december 2011 has been prepared in accordance with Accounting standard AAsB 134 interim financial reporting and the corporations Act 2001. the financial statements of mirvac consist of the consolidated financial statements of mirvac limited (the parent entity) and its controlled entities, which includes mpt and its controlled entities. A mirvac stapled security comprises one mirvac limited share “stapled” to one mpt unit to create a single listed entity traded on the AsX. the stapled securities cannot be traded or dealt with separately.

this condensed consolidated interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2011 and any public announcements made by mirvac during the interim reporting period in accordance with the continuous disclosure requirements of the corporations Act 2001. the accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

a) impact of standards issued but not yet applied by mirvac

aasb 2011-9 amendments to australian accounting standards – presentation of items of other comprehensive income (effective 1 July 2012) in

september 2011, the AAsB made an amendment to AAsB 101 presentation of financial statements which requires entities to separate items presented in other comprehensive income into two groups, based on whether they may be recycled to profit or loss in the future. this will not affect the measurement of any of the items recognised in the consolidated statement of comprehensive income or consolidated statement of financial position in the current or future periods. the group intends to adopt the new standard from 1 July 2012.

aasb 2011-4 amendments to australian accounting standards to remove individual key management personnel Disclosure requirements (effective 1 July 2013) in July 2011, the AAsB decided to remove the individual key management personnel disclosure requirements from AAsB 124 related party disclosures, to achieve consistency with the international equivalent standard and remove a duplication of the requirements with the corporations Act 2001. while this will reduce the disclosures that are currently required in the notes to the financial statements, it will not affect any of the amounts recognised in the financial statements. the amendments apply from 1 July 2013 and cannot be adopted early. the corporations Act 2001 requirements in relation to remuneration reports will remain unchanged for now, but these requirements are currently subject to review and may also be revised in the near future.

offsetting Financial assets and Financial liabilities (amendments to ias 32) and Disclosures-offsetting Financial assets and Financial liabilities (amendments to iFrs 7 Financial instruments: Disclosures) (effective 1 January 2014 and

1 January 2013 respectively) in december 2011, the iAsB made amendments to the application guidance in iAs 32 financial instruments: presentation, to clarify some of the requirements for offsetting financial assets and financial liabilities in the consolidated statement of financial position. these amendments are effective from 1 January 2014. they are unlikely to affect the accounting for any of the entity’s current offsetting arrangements. however, the iAsB has also introduced more extensive disclosure requirements into ifrs 7 which will apply from 1 January 2013. the AAsB is expected to make equivalent changes to AAsB 132 financial instruments: presentation and AAsB 7 financial instruments: disclosures shortly. when they become applicable, the group will have to provide a number of additional disclosures in relation to its offsetting arrangements. the group intends to apply the new rules for the first time from 1 July 2013.

there are no other standards with effective dates in the future that are expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.

b) non-current assets (or disposal groups) classified as held for sale

non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. they are measured at the lower of their carrying amount, and fair value less costs to sell, except for assets such as deferred tax assets, financial assets and investment properties that are carried at fair value. An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current asset (or disposal group) is recognised at the date of derecognition.

non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified as held for sale. interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised. non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from other assets in the consolidated statement of financial position. the liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the consolidated statement of financial position.

12 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

1 summary oF siGniFicant accountinG policies (continueD)

A disposal group is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. the results of a disposal group are shown as discontinued operations and are presented separately in the consolidated statement of comprehensive income. the comparatives in the consolidated statement of comprehensive income are restated to include the profit or loss of the disposal group in discontinued operations.

2 critical accountinG JuDGements anD estimates

Judgements and estimates are continually evaluated, based on historical experience and other factors, including expectations of future events that may have a financial impact and are believed to be reasonable under the circumstances.

a) critical judgements in applying mirvac’s accounting policies

the following are the critical judgements that management has made in the process of applying the group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements:

i) Revenue recognition

the measurement of development revenue, which is recognised when the significant risks and rewards of ownership are transferred to the purchaser, requires management to exercise its judgement in setting selling prices, given due consideration to cost inputs and market conditions. the measurement of construction revenue, which is recognised upon construction contracts on a percentage of completion basis, requires an estimate of expenses incurred to date as a percentage of total estimated costs.

iii) Provision for loss on inventories

mirvac is required to carry inventories at the lower of cost and net realisable value (“nrv”). through the use of project feasibility assessments, which are based on the most reliable evidence available at the time, and incorporate both quantitative and qualitative factors, such as estimated selling rates and costs to complete, judgement is made concerning estimated nrv, which, in some cases, has resulted in the establishment of a provision.

iv) Investment properties and owner-occupied administration properties

mirvac is required to make a judgement to determine whether a property qualifies as an investment property or property, plant and equipment in the cases where part of the building is occupied by the group. each property is considered individually. where more than 10 per cent of the lettable space is occupied by the group, the property is normally treated as owner-occupied and accounted for as part of property, plant and equipment.

v) Fair value estimation

where financial assets and liabilities are carried at fair value, the fair value is based on assumptions of future events and involves significant estimates. the fair values of derivatives reported at the end of the reporting period may differ if there is volatility in market rates, indexes, equity prices or foreign exchange rates in future periods.

vi) security based payment transactions

the group measures the cost of equity settled securities allocated to employees by reference to the fair value of the equity instruments at the date at which they are granted. the fair value is determined by an external valuer using the bionomial simulation pricing method; this method includes a number of judgements and assumptions. these judgements and assumptions relating to security based payments would have no impact on the carrying amounts of assets and liabilities in the consolidated statement of financial position but may impact the security based payment expense taken to profit or loss and equity.

ii) Cost of goods sold

inventories are expensed as cost of goods sold upon sale. management uses its judgement in determining the apportionment of cost of goods sold, through either unit entitlement or percentage of revenue, the quantum of cost of goods sold, which includes both costs incurred to date and forecast final costs, and the nature of cost of goods sold, which may include acquisition costs, borrowing costs and those costs incurred in bringing the inventories to a saleable state.

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

2 critical accountinG JuDGements anD estimates (continueD)

b) key sources of estimation uncertainty

in preparing the financial statements, management is required to make estimations and assumptions. the following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next period:

i) Inventories

the nrv of inventories is the estimated selling price in the ordinary course of business less estimated costs of completion and costs to sell. such estimates take into consideration fluctuations of price or cost directly relating to events occurring after the end of the period to the extent that such events confirm conditions existing at the end of the reporting period. the key assumptions require the use of management judgement and are reviewed quarterly. during the half year mirvac expensed $25.0m (december 2010: $215.0m) in relation to inventories that were carried in excess of the nrv.

ii) Impairment of goodwill

mirvac annually tests whether goodwill has suffered any impairment. determining whether goodwill is impaired requires an estimation of the value in use of the cash generating units (“cgu”) to which goodwill has been allocated. the value in use calculation requires the entity to estimate the future cash flows expected to arise from each cgu and a suitable discount rate in order to calculate the net present value (“npv”). the carrying amount of goodwill at the end of the reporting period was $63.1m (June 2011: $69.4m). there was no impairment loss recognised during the half year (december 2010: $nil).

iii) estimated impairment of investments accounted for using the equity method

the investments are tested for impairment, by comparing recoverable amounts (higher of value in use, and fair value less costs to sell) with the carrying amounts, whenever there is an indication that the investment may be impaired. in determining the value in use of the investment, mirvac estimates the present value of the estimated future cash flows expected to arise from distributions to be received from the investment and from its ultimate disposal.

iv) Fair value of investments not traded in active markets

the fair value of investments not traded in an active market is determined by the unit price as advised by the fund manager. the unit price is determined by npv calculations using future cash flows and an appropriate post-tax discount rate. the carrying value at the end of the reporting period of investments not traded in an active market determined using the above techniques and assumptions was $13.3m (June 2011: $15.5m) and was disclosed as other financial assets at fair value through profit or loss.

v) Valuation of investment properties and owneroccupied properties

mirvac uses judgement in respect of the fair values of investment properties and owner-occupied properties. investment properties and owner-occupied properties are revalued by external valuers on a rotation basis with approximately one-half of the portfolio being valued annually. investment properties which are not subject to an external valuation at the end of the reporting period are fair valued internally by management. the assumptions used in the estimations of fair values include expected future market rentals, discount rates, market prices and economic conditions. the reported fair values of investment properties and owner-occupied properties reflect the market conditions at the end of the reporting period. while this represents the best estimation of fair value at the reporting date, actual sale prices achieved (should the investment properties and owner-occupied properties be sold) may be higher or lower than the most recent valuation. this is particularly relevant in periods of market illiquidity or uncertainty. the carrying value at the end of the reporting period for investment properties was $5,263.4m (June 2011: $5,442.0m) and owner-occupied properties $304.4m (June 2011: $278.3m).

vi) Valuation of IPUC

ipuc are valued at fair value. there are generally no active markets for ipuc and fair value is considered to be the estimated market price that would be paid for the partially completed property, reflecting the expectations of market participants of the value of the property when complete less deductions for the estimated costs to complete with appropriate adjustments for risk and profit. the fair value is determined on the basis of either dcf or residual methods. Both methods require consideration of the project risks which are relevant to the development process, including but not limited to construction and letting risks. the estimated value of future assets is based on the expected future income from the project, using current yields of similar completed properties. the net loss on fair value of ipuc was $10.3m during the period (december 2010: $48.1m). the carrying value of $33.0m (June 2011: $108.0m) at the end of the reporting period was included in investment properties (refer to note 9).

vii) Valuation of security based payment transactions valuation of security based payment transactions are performed using judgements around the fair value of the equity instruments on the date at which they are granted. the fair value is determined using a bionomial simulation. mirvac recognises a security based payment over the vesting period which is based on the estimation of the number of equity instruments likely to vest. At the end of the vesting period, mirvac will assess the total expense recognised in comparison to the number of equity instruments that ultimately vested.

viii) Valuation of derivatives and other financial instruments mirvac uses judgement in selecting the appropriate valuation technique for financial instruments not quoted in an active market. valuation of derivative financial instruments involves assumptions based on quoted market rates adjusted for specific features of the instrument. the valuations of any financial instrument may change in the event of market volatility.

14 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

3 seGmental inFormation

a) Description of business segments

management has determined the segments based on the reports reviewed by the executive leadership team (“elt”) that are used to make strategic decisions. the elt considers the business from both a product, and within Australia a geographic perspective. each division prepares an executive finance report on a monthly basis; this is a detailed report that summarises the following:

historic results of the division, using both statutory profit and operating profit;
future forecast of the division for the remainder of the year; and
key risks and opportunities facing the division.

the elt assesses the performance of the segments based on a number of measures, both financial and nonfinancial, which include a measure of operating profit; the use of capital; and success in delivering against kpis. the elt has identified two core divisions, investment and development. Applying the requirements of AAsB 8 operating segments, mirvac has four reportable segments, as the two business units; investment management (including mAm) and hotels, do not meet the requirements for aggregation and therefore have not be included within investments:

i) Investment

the division is made up solely of mpt which holds investments in properties covering the retail, office, industrial and hotel sectors throughout Australia, held for the purpose of producing rental income, predominately through the trust, its controlled trusts and corporate entities holding investment properties. income is also derived from investments in associates including mirvac industrial trust and mirvac wholesale hotel fund.

ii) hotel Management

hotel management is responsible for management of hotels across Australia and new Zealand.

iii) Investment Management

mim manages listed and unlisted property funds on behalf of retail and institutional investors. mim has been disposing of non-core funds over the past two and a half years in line with the group’s strategy to focus on wholesale investor partnerships, providing capital for the group’s two core divisions, investment and development. mim also includes mAm. mAm manages assets on behalf of mpt and external property owners across the real estate spectrum.

b) inter-segment transfers

segment revenues, expenses and results include transfers between segments. such transfers are on an arm’s length basis and eliminated on consolidation.

c) elimination

the elimination segment includes adjustment to eliminate trading between segments and to transfer balances to reflect correct disclosure of items on a consolidated basis.

d) comparative information

when necessary, comparative information has been reclassified to achieve consistency in disclosure in current period amounts and other disclosures.

e) operating profit

operating profit is a financial measure which is not prescribed by AAs and represents the profit under AAs adjusted for specific non-cash items and significant items which management considers to reflect the core earnings of the group.

f) segment liabilities

the amounts provided to the elt with respect to total liabilities are measured in a manner consistent with that of the financial statements. these liabilities are allocated based on the operations of the segment. the group’s borrowings and derivative financial instruments are not considered to be segment liabilities but rather are managed by the group treasury function.

g) Geographical and customer analysis

mirvac operates predominately in Australia with investments in new Zealand, the united states of America and the united kingdom. materially, all revenue is derived in Australia and all assets are in Australia. no single customer in the current or prior half year provided more than 10 per cent of the group’s revenue.

h) Disposal group and discontinued operations

the segment note presents the results of the group in a format consistent with that of both previous periods and management reporting. An additional column has been presented which details the impact of the reallocation of the results of the disposal group to discontinued operations. refer to note 7 for more information.

iv) development

the division’s primary operations are property development and construction of residential, office, industrial and retail development projects throughout Australia. in addition, project management fees are received from the management of development and construction projects on behalf of associates, joint ventures and residential development funds.

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

3 seGmental inFormation (continueD)

								total inc.
			hotel	investment				discontinued	discontinued	consolidated
	investment management			management	development	unallocated	elimination	operations	operations1	soci
halfyear ended 31 December 2011		$m	$m	$m	$m	$m	$m	$m	$m	$m
revenue from continuing operations
investment properties rental revenue	276.3		—	2.4	—	—	(0.6)	278.1	—	278.1
hotel operating revenue		—	87.1	—	—	—	—	87.1	(87.1)	—
investment management fee revenue		—	—	7.6	—	—	0.1	7.7	(2.0)	5.7
development and construction revenue		—	—	—	370.1	—	—	370.1	—	370.1
development management fee revenue		—	—	—	10.4	—	3.3	13.7	(0.9)	12.8
interest revenue		12.0	0.1	1.5	3.1	2.0	(0.4)	18.3	(0.1)	18.2
dividend and distribution revenue		1.2	—	—	—	—	—	1.2	—	1.2
other revenue		0.9	0.3	1.5	3.9	1.0	(0.9)	6.7	(0.3)	6.4
inter-segment sales		27.7	0.1	7.3	1.1	—	(36.2)	—	—	—
total revenue from continuing operations		318.1	87.6	20.3	388.6	3.0	(34.7)	782.9	(90.4)	692.5
net gain/(loss) on fair value of investment
properties and owner-occupied hotel
management lots and freehold hotels		74.6	—	—	—	—	(3.4)	71.2	—	71.2
share of net proft of associates
and joint ventures accounted for
using the equity method		6.5	—	1.7	2.8	0.2	—	11.2	(6.5)	4.7
gain on fnancial instruments		—	—	—	—	35.7	—	35.7	—	35.7
net gain on sale of
investmentproperties		1.5	—	—	—	—	—	1.5	—	1.5
total other income		82.6	—	1.7	2.8	35.9	(3.4)	119.6	(6.5)	113.1
total revenue from continuing
operations and other income	400.7		87.6	22.0	391.4	38.9	(38.1)	902.5	(96.9)	805.6
net loss on fair value of ipuc		10.3	—	—	—	—	—	10.3	—	10.3
net loss on sale of investments		—	—	0.6	—	—	—	0.6	—	0.6
net loss on sale of property,
plant and equipment		—	—	—	0.2	0.1	—	0.3	—	0.3
foreign exchange loss		0.8	—	—	—	23.6	—	24.4	—	24.4
investment properties expenses		66.3	—	1.5	—	—	(6.2)	61.6	—	61.6
hotel operating expenses		—	27.7	—	0.4	—	(0.9)	27.2	(26.8)	0.4
cost of property development and construction		—	—	—	322.8	—	—	322.8	—	322.8
employee benefts expenses		—	39.7	8.8	8.1	19.7	0.5	76.8	(40.0)	36.8
depreciation and amortisation expenses		9.3	2.5	0.1	1.5	0.7	2.3	16.4	(2.9)	13.5
impairment of loans		—	—	0.9	—	6.5	—	7.4	—	7.4
finance costs		45.3	0.7	9.8	28.9	5.3	(25.1)	64.9	—	64.9
loss on fnancial instruments		22.9	—	—	—	40.7	—	63.6	—	63.6
selling and marketing expenses		—	5.0	0.3	14.7	0.1	—	20.1	(5.0)	15.1
provision for loss on inventories		—	—	—	25.0	—	—	25.0	—	25.0
Business combination transaction costs		0.4	—	—	—	—	—	0.4	—	0.4
other expenses		3.4	3.5	2.7	7.5	12.2	(4.5)	24.8	(9.5)	15.3
proft/(loss) from continuing
operations before income tax	242.0		8.5	(2.7)	(17.7)	(70.0)	(4.2)	155.9	(12.7)	143.2
income tax beneft								20.7	1.4	22.1
proft from continuing operations								176.6	(11.3)	165.3
proft from discontinued operations								—	11.3	11.3
proft attributable to the stapled securityholders of mirvac								176.6	—	176.6

1) reclassification of the results of the assets that form part of the disposal group. refer to note 7 for further information.

16 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

3 seGmental inFormation (continueD)

		hotel	investment
investment		management	management	development	unallocated	elimination	tax	total
halfyear ended 31 December 2011	$m	$m	$m	$m	$m	$m	$m	$m
proft/(loss) attributable to the stapled securityholders of mirvac	242.0	8.5	(2.7)	(17.7)	(70.0)	(4.2)	20.7	176.6
specifc non-cash items
net (gain)/loss on fair value of investment
properties and owner-occupied hotel
management lots and freehold hotels	(74.6)	—	—	—	—	3.4	—	(71.2)
net loss on fair value of ipuc	10.3	—	—	—	—	—	—	10.3
net loss on fair value of derivative
fnancial instruments and associated
foreign exchange movements	23.7	—	—	—	28.6	—	—	52.3
security based payment expense	—	—	—	—	3.5	—	—	3.5
depreciation of owner-occupied investment
properties, hotels and hotel management lots
(including hotel property, plant and equipment)	—	1.0	—	0.3	—	3.3	—	4.6
straight-lining of lease revenue	(6.9)	—	—	—	—	—	—	(6.9)
Amortisation of lease ftout incentives	6.2	—	—	—	—	(1.0)	—	5.2
net loss on fair value of investment properties, derivatives and other specifc non-cash items included in share of net proft of associates	8.2	—	0.8	—	—	—	—	9.0
signifcant items
impairment of loans	—	—	—	—	6.5	—	—	6.5
net (gain)/loss on sale of non-aligned assets	(1.0)	—	0.6	—	—	—	—	(0.4)
provision for loss on inventories	—	—	—	25.0	—	—	—	25.0
Business combination transaction costs	—	—	—	—	6.0	—	—	6.0
tax effect
tax effect of non-cash items and
signifcant items	—	—	—	—	—	—	(19.0)	(19.0)
operating proft/(loss) (proft before specifc non-cash items and signifcant items)	207.9	9.5	(1.3)	7.6	(25.4)	1.5	1.7	201.5

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

3 seGmental inFormation (continueD)

								total inc.
			hotel	investment				discontinued	discontinued	consolidated
halfyear ended 31 december 2010	investment management $m $m			management $m	development $m	unallocated $m	elimination $m	operations $m	operations1 $m	soci $m
revenue from continuing operations
investment properties rental revenue	266.4		—	2.3	—	—	(1.6)	267.1	—	267.1
hotel operating revenue		—	83.1	—	—	—	—	83.1	(83.1)	—
investment management fee revenue		—	—	10.7	—	—	(0.9)	9.8	(1.8)	8.0
development and construction revenue		—	—	—	453.7	—	1.2	454.9	—	454.9
development management fee revenue		—	—	—	9.3	—	0.7	10.0	(0.5)	9.5
interest revenue		13.4	0.1	2.6	3.6	4.8	(0.2)	24.3	(0.1)	24.2
dividend and distribution revenue		0.5	—	—	—	—	(0.2)	0.3	—	0.3
other revenue		—	0.3	1.9	4.5	1.0	—	7.7	(0.3)	7.4
inter-segment sales	25.2		—	8.5	17.7	0.3	(51.7)	—	—	—
total revenue from continuingoperations	305.5		83.5	26.0	488.8	6.1	(52.7)	857.2	(85.8)	771.4
share of net proft/(loss) of associates
and joint ventures accounted for using
the equity method		15.3	—	0.1	0.3	0.2	(0.4)	15.5	(15.5)	—
net gain/(loss) on fair value of investment
properties and owner-occupied hotel
management lots and freehold hotels	83.0		(0.1)	—	—	—	(6.8)	76.1	0.1	76.2
gain on fnancial instruments		11.9	—	—	—	22.3	—	34.2	—	34.2
foreign exchange gain/(loss)		2.8	(0.2)	—	—	71.0	—	73.6	0.2	73.8
netgain/(loss) on sale of investments		—	—	3.1	—	(1.6)	—	1.5	—	1.5
total other income	113.0		(0.3)	3.2	0.3	91.9	(7.2)	200.9	(15.2)	185.7
total revenue from continuing operations
and other income	418.5		83.2	29.2	489.1	98.0	(59.9)	1,058.1	(101.0)	957.1
net loss on fair value of ipuc		48.1	—	—	—	—	—	48.1	—	48.1
net loss on sale of investment properties		0.7	—	—	—	—	—	0.7	—	0.7
net loss on sale of property, plant and equipment		—	0.7	—	—	—	—	0.7	(0.7)	—
investment properties expenses	62.5		—	1.6	—	—	(6.0)	58.1	—	58.1
hotel operating expenses		—	26.3	—	0.3	—	(1.0)	25.6	(25.3)	0.3
cost of property development and construction		—	—	—	419.0	—	(16.9)	402.1	—	402.1
employee benefts expenses		—	40.0	10.3	8.9	19.3	0.7	79.2	(40.6)	38.6
depreciation and amortisation expenses		8.6	2.4	0.1	1.5	1.0	2.1	15.7	(2.7)	13.0
impairment of loans		—	—	0.6	—	—	—	0.6	—	0.6
finance costs	42.7		—	8.6	25.6	5.8	(25.5)	57.2	—	57.2
loss on fnancial instruments		—	—	—	—	97.4	—	97.4	—	97.4
selling and marketing expenses		—	5.2	0.3	10.6	—	—	16.1	(5.2)	10.9
provision for loss on inventories		—	—	—	215.0	—	—	215.0	—	215.0
Business combination transaction costs		16.8	—	—	—	15.0	—	31.8	—	31.8
other expenses		4.4	3.8	6.0	7.6	12.2	(7.4)	26.6	(3.7)	22.9
proft/(loss) from continuing operations
before income tax	234.7		4.8	1.7	(199.4)	(52.7)	(5.9)	(16.8)	(22.8)	(39.6)
income tax beneft								4.4	2.0	6.4
proft/(loss) from continuing operations								(12.4)	(20.8)	(33.2)
proft from discontinued operations								—	20.8	20.8
proft attributable to nci								(0.3)	—	(0.3)
loss attributable to the stapled securityholders		of mirvac						(12.7)	—	(12.7)

1) reclassification of the results of the assets that form part of the disposal group. refer to note 7 for further information.

18 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

3 seGmental inFormation (continueD)

		hotel	investment
investment halfyear ended 31 december 2010 $m		management $m	management $m	development $m	unallocated $m	elimination $m	tax $m	total $m
proft/(loss) for the half year after tax before nci	234.7	4.8	1.7	(199.4)	(52.7)	(5.9)	4.4	(12.4)
less: proft attributable to the nci	—	—	—	—	—	(0.3)	—	(0.3)
proft/(loss) attributable to the stapled securityholders of mirvac	234.7	4.8	1.7	(199.4)	(52.7)	(6.2)	4.4	(12.7)
specifc non-cash items
net (gain)/loss from fair value of investment
properties and owner-occupied hotel
management lots and freehold hotels	(83.0)	0.1	—	—	—	6.8	—	(76.1)
net loss on fair value of ipuc	48.1	—	—	—	—	—	—	48.1
net (gain)/loss on fair value of derivative fnancial instruments and associated
foreign exchange movements	(14.7)	0.2	—	—	4.1	—	—	(10.4)
security based payment ftout expense	—	—	—	—	2.7	—	—	2.7
depreciation of owner-occupied investment
properties, hotels and hotel management lots
(including hotel property, plant and equipment)	—	0.8	—	0.3	—	2.9	—	4.0
straight-lining of lease revenue	(7.6)	—	—	—	—	—	—	(7.6)
Amortisation of lease ftout incentives	6.2	—	—	—	—	(0.9)	—	5.3
net (gain)/loss from fair value of investment properties, derivatives and other specifc non-cash items included in share of net proft of associates	(1.5)	—	0.7	(0.1)	(0.1)	—	—	(1.0)
signifcant items
provision for loss on inventories	—	—	—	215.0	—	—	—	215.0
Business combination transaction costs	16.8	—	—	—	15.0	—	—	31.8
tax effect
tax effect of specifc non-cash items and signifcant items	—	—	—	—	—	—	1.0	1.0
operating proft/(loss) (proft before specifc non-cash items and signifcant items)	199.0	5.9	2.4	15.8	(31.0)	2.6	5.4	200.1

									disposal
								total inc.	group/
			hotel	investment				disposal	discontinued	consolidated
	investment		management	management	development	unallocated	elimination	group	operations1	soFp/soci
		$m	$m	$m	$m	$m	$m	$m	$m	$m
31 December 2011
total assets	6,492.2		145.1	63.3	2,142.0	303.4	(569.7)	8,576.3	—	8,576.3
total liabilities		840.9	30.2	5.1	226.4	2,347.5	(517.9)	2,932.2	—	2,932.2
investments in associates and joint ventures		265.2	—	11.5	240.0	2.5	(32.7)	486.5	(255.3)	231.2
Acquisitions of investments and property,
plant and equipment		60.4	1.3	0.2	28.4	0.5	—	90.8	—	90.8
depreciation and amortisation expenses		9.3	2.5	0.1	1.5	0.7	2.3	16.4	(2.9)	13.5
31 december 2010
total assets		7,057.8	157.7	85.2	1,970.9	165.9	(620.5)	8,817.0	—	8,817.0
total liabilities		1,535.3	27.7	10.2	211.7	2,071.7	(560.1)	3,296.5	—	3,296.5
investments in associates and joint ventures		213.2	—	15.4	223.6	2.1	(42.3)	412.0	—	412.0
Acquisitions of investments and property,
plant and equipment		1,218.1	1.7	0.8	0.9	0.4	—	1,221.9	—	1,221.9
depreciation and amortisation expenses		8.6	2.4	0.1	1.5	1.0	2.1	15.7	(2.7)	13.0

1) reclassification of the assets and liabilities that form part of the disposal group are reclassified for the current reporting period to assets held for sale. for the comparative period only items included in the consolidated statement of comprehensive income are restated. refer to note 7 for further information.

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

4 Finance costs
	31 December		31 december
		2011	2010
		$m	$m
interest and fnance charges paid/payable net of provision release		90.6	79.7
Amount capitalised		(46.0)	(45.6)
interest capitalised in current and prior periods expensed this period net of provision release		18.6	22.3
Borrowingcosts amortised		1.7	0.8
		64.9	57.2
5 earninGs per stapleD security
	31 December		31 december
		2011	2010
		cents	cents
earnings per stapled security
Basic earnings per stapled security
from continuing operations		4.85	(1.00)
from discontinued operations1		0.33	0.62
total basic earningsper stapled securityattributable to the stapled securityholders of mirvac		5.18	(0.38)
diluted earnings per stapled security2
from continuing operations		4.84	(1.00)
from discontinued operations1		0.33	0.62
total diluted earningsper stapled securityattributable to the stapled securityholders of	mirvac	5.17	(0.38)
		$m	$m
basic and diluted earnings per stapled security
proft/(loss) attributable to the stapled securityholders of mirvac used
in calculatingearningsper security		176.6	(12.7)
		number	number
weighted average number of securities used as denominator2		m	m
weighted average number of securities used in calculating basic earnings per security		3,409.3	3,376.6
Adjustment for calculation of diluted earnings per security
securities issued under eis		7.6	11.5
weighted average number of securities used in calculating diluted earnings per security		3,416.9	3,388.1

1) includes the results of the discontinued operations. refer to note 7 for further information.

2) diluted securities do not include the options and rights issued under the current lti plans as the exercise of these equity instruments is contingent on conditions during the vesting period.

20 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

6 inventories

6 inventories
	31 December	30 June
	2011	2011
	$m	$m
current1
development projects
cost of acquisition	263.0	346.4
development costs	311.6	331.2
Borrowing costs capitalised during development	77.8	85.3
provision for loss	(121.9)	(216.2)
	530.5	546.7
construction work in progress (amount due from customers for contract work)
contract costs incurred and recognised profts less recognised losses	74.8	83.0
Borrowing costs capitalised during construction	2.1	—
progress billings	(74.8)	(81.4)
	2.1	1.6
hotel inventories	0.1	1.2
total current inventories	532.7	549.5
non-current1
development projects
cost of acquisition	737.7	700.2
development costs	365.1	295.1
Borrowing costs capitalised during development	141.7	135.5
provision for loss	(149.0)	(142.2)
	1,095.5	988.6
construction work in progress (amount due from customers for contract work)
contract costs incurred and recognised profts less recognised losses	0.1	—
Borrowing costs capitalised during construction	—	—
progress billings	—	—
	0.1	—
total non-current inventories	1,095.6	988.6
aggregate carrying amount of inventories
current	532.7	549.5
non-current	1,095.6	988.6
total inventories	1,628.3	1,538.1

1) lower of cost and nrv.

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

7 assets anD liabilities classiFieD as helD For sale anD DiscontinueD operations

a) Discontinued operations

on 16 december 2011, the group announced that it had entered into contracts for the sale of its hotel management business and various associated investments following a strategic review of this business. the group’s 50 per cent interest in tucker Box holdings pty limited is not part of this contract for sale; however, due to the current intention to ultimately dispose of this investment, it has been included as part of the disposal group and disclosed as part of discontinued operations.

b) assets classified as held for sale

b) assets classifed as held for sale
		31 December	30 June
		2011	2011
	note	$m	$m
Disposal group held for sale (discontinued operations)
cash and cash equivalents	17	19.8	—
receivables		24.3	—
current tax assets		0.1	—
inventories		14.1	—
investments accounted for using the equity method		255.3	—
property, plant and equipment		104.4	—
intangible assets	10	9.0	—
deferred tax assets		3.6	—
other assets		1.8	—
		432.4	—
non-current assets held for sale
investmentproperties	9	3.4	3.4
		3.4	3.4
c) liabilities directly associated with assets classifed as held for sale
		31 December	30 June
		2011	2011
		$m	$m
Disposal group held for sale (discontinued operations)
payables		23.2	—
deferred tax liabilities		5.6	—
provisions		1.9	—
		30.7	—

d) Financial performance and cash flow information

the financial performance and cash flow information for the discontinued operations for the six months ended 31 december 2011 and 31 december 2010 was as follows:

	31 December	december
	2011	2010
	$m	$m
revenue and other income	96.9	101.0
expenses	84.2	78.2
proft before income tax	12.7	22.8
income tax expense	(1.4)	(2.0)
proft from discontinued operations	11.3	20.8

22 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

7 assets anD liabilities classiFieD as helD For sale anD DiscontinueD operations (continueD)

d) Financial performance and cash flow information (continued)

	31 December	31 december
	2011	2010
	$m	$m
proft/(loss) attributable to the stapled securityholders of mirvac from:
continuing operations	165.3	(33.5)
discontinued operations	11.3	20.8
	176.6	(12.7)
cash fows from discontinued operations
net cash infows from operating activities	27.6	4.5
net cash outfows from investing activities	(23.8)	(6.6)
net cash infows from fnancingactivities	—	—
net increase/(decrease) in cash and cash equivalents from discontinued operations	3.8	(2.1)

i) details of the sale

settlement of the disposal has not yet occurred. this is expected to occur prior to 30 June 2012. the total proceeds upon completion of the transaction are up to $327.0m excluding tucker Box holdings pty limited.

8 investments accounteD For usinG the equity methoD

8 investments accounteD For usinG the equity methoD
	31	December	30 June
		2011	2011
	note	$m	$m
consolidated statement of fnancial position
investments accounted for using the equity method
investments in associates	14	10.7	128.6
investments injoint ventures	15	220.5	311.2
		231.2	439.8
	31	December	31 december
		2011	2010
		$m	$m
consolidated statement of comprehensive income
share of net proft of associates and joint ventures accounted for using the equity method
investments in associates		0.6	—
investments injoint ventures		4.1	—
		4.7	—

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

9 investment properties

							Book value	capitalisation rate	capitalisation rate	discount rate	discount rate		last
						31 Dec	30 Jun	31 Dec	30 Jun	31 Dec	30 Jun	date of	external
					date of	2011	2011	2011	2011	2011	2011	last external	valuation
					acquisition	$m	$m	%	%	%	%	valuation	$m
mpt and its controlled entities
1 castlereagh street, sydney nsw					december 1998	71.7	72.8	7.50	7.50	9.50	9.50	June 2010	68.0
1 darling island, pyrmont nsw					April 2004	175.0	175.0	7.00	7.00	9.25	9.25	december 2010	175.0
1 hugh cairns Avenue, Bedford park		sA		1	August 2010	17.9	17.8	9.50	9.50	10.00	10.00	June 2011	17.8
1 woolworths way, nso, Bella vista ns				w1	August 2010	250.7	250.0	7.75	7.75	9.25	9.25	June 2011	250.0
10 Julius Avenue, north ryde nsw	1				december 2009	53.7	53.1	8.50	8.50	9.25	9.25	June 2011	53.1
101-103 miller street & greenwood plaza, north sydney nsw (50% interest)					June 1994	248.8	242.0	6.75-7.00	6.75-7.00	9.00-9.25	9.00-9.25	december 2010	238.5
10-20 Bond street, sydney nsw
(50% interest)1					december 2009	161.5	124.5	6.88	7.50	9.00	9.50	december 2011	162.0
12 Julius Avenue, north ryde nsw	1				december 2009	23.8	23.4	8.50	8.50	9.25	9.25	June 2011	23.4
1-47 percival road, smithfeld nsw					november 2002	28.3	28.1	8.25	8.25	9.75	9.75	december 2011	28.3
189 grey street, southbank qld					April 2004	73.0	72.5	7.63	7.75	9.25	9.25	december 2011	73.0
19 corporate drive, cannon hill ql	d	1			August 2010	24.1	24.0	8.75	8.75	9.75	9.75	June 2011	24.0
190 george street, sydney nsw					August 2003	40.0	35.5	8.00	8.75	9.50	9.50	december 2011	40.0
1900-2060 pratt Boulevard, chicago illinois usA					december 2007	28.1	28.9	7.50	8.00	9.25	9.75	december 2011	28.1
191-197 salmon street, port melbourne vi					c July 2003	102.5	102.3	7.75	7.75	9.50	9.25	June 2010	100.0
200 george street, sydney nsw					october 2001	27.5	26.2	8.00	8.25	9.50	9.50	december 2011	27.5
271 lane cove road, north ryde ns			w		April 2000	33.4	32.5	8.00	8.00	9.50	9.50	June 2010	33.0
275 kent street, sydney nsw1					August 2010	766.0	750.0	6.75	6.75	8.75	8.75	december 2010	745.0
3 rider Boulevard, rhodes nsw1					december 2009	79.8	76.4	8.00	8.00	9.25	9.25	June 2011	76.4
32 sargents road, minchinbury ns	w		1,2		december 2009	23.5	23.5	8.75	8.75	9.50	9.50	June 2011	23.5
33 corporate drive, cannon hill qld			1		August 2010	16.5	16.5	9.00	9.00	9.75	9.75	June 2011	16.5
340 Adelaide street, Brisbane qld	1,	9			december 2009	—	57.0	—	9.00	—	10.00	december 2010	56.0
38 sydney Avenue, forrest Act					June 1996	35.0	35.1	8.50	8.50	9.50	9.50	december 2010	35.0
40 miller street, north sydney ns	w				march 1998	101.2	98.0	7.25	7.25	9.25	9.25	June 2010	93.5
47-67 westgate drive, Altona north vic1,2					december 2009	19.1	19.1	9.50	9.75	9.75	10.00	december 2011	19.1
5 rider Boulevard, rhodes nsw7					January 2007	122.0	—	7.63	—	9.13	—	march 2011	117.6
52 huntingwood drive, huntingwood nsw1,2					december 2009	22.0	22.0	8.50	8.50	9.75	9.75	June 2011	22.0
54 marcus clarke street, canberra	Act				october 1987	16.4	16.1	9.50	9.50	9.75	9.75	december 2010	15.8
54-60 talavera road, north ryde nsw				1	August 2010	45.7	45.5	7.50	7.50	9.50	9.50	december 2010	45.0
55 coonara Avenue, west pennant hills nsw1					August 2010	103.0	102.6	8.50	8.50	9.50	9.50	december 2010	99.0
60 marcus clarke street, canberra	Act				september 1989	49.1	49.0	8.75	8.75	9.50	9.50	June 2011	49.0
64 Biloela street, villawood nsw2					february 2004	19.1	19.1	10.50	10.50	10.75	10.75	June 2011	19.1
Aviation house, 16 furzer street, phillip Act					July 2007	70.3	69.8	7.50	7.50	9.25	9.25	June 2010	67.0
Ballina central, Ballina nsw3					december 2004	—	28.0	—	8.75	—	9.50	June 2011	28.0
Bay centre, pirrama road, pyrmont		ns		w	June 2001	103.5	111.0	7.65	7.50	9.25	9.25	december 2011	103.5
Broadway shopping centre, Broadway nsw (50% interest)					January 2007	231.5	227.5	6.25	6.25	9.00	9.00	June 2010	221.5
cherrybrook village shopping centre, cherrybrook nsw1					december 2009	79.0	78.5	7.50	7.50	9.50	9.50	June 2011	78.5
city centre plaza, rockhampton ql			1		december 2009	48.2	48.0	8.00	8.00	9.75	9.75	June 2011	48.0
como centre, cnr toorak & chapel streets, south yarra vic4					August 1998	127.2	125.0	7.75-8.75	8.00-8.75	9.25-9.75	9.30-10.00	June 2011	125.0
cooleman court, weston Act1					december 2009	46.0	43.0	7.75	7.75	9.50	9.50	december 2011	46.0
gippsland centre, sale vic					January 1994	49.1	50.3	8.25	8.25	9.50	9.50	december 2011	49.1
hinkler central, Bundaberg qld					August 2003	91.0	89.5	7.75	7.75	9.50	9.50	march 2011	89.5
John oxley centre, 339 coronation drive, milton qld may 2002						53.3	52.5	9.00	9.00	10.00	10.00	march 2011	52.5
kawana shoppingworld, Buddina qld		december 1993 (50%) June 1998 (50%)				209.7	203.7	6.75	6.75	9.25	9.25	december 2011	209.7
logan megacentre, logan, qld					october 2005	60.0	60.5	9.25	9.25	10.25	10.25	december 2010	61.5

24 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

9 investment properties (continueD)

					Book value	capitalisation rate	capitalisation rate	discount rate	discount rate		last
				31 Dec	30 Jun	31 Dec	30 Jun	31 Dec	30 Jun	date of	external
			date of	2011	2011	2011	2011	2011	2011	last external	valuation
			acquisition	$m	$m	%	%	%	%	valuation	$m
mpt and its controlled entities (continued)
moonee ponds central (stage moonee ponds vic	ii),		february 2008	40.3	40.0	8.50	8.50	9.75	9.75	June 2010	39.0
moonee ponds central, moonee ponds vi			c may 2003	25.0	24.0	7.75	7.75	9.50	9.50	June 2010	22.8
nexus industry park (Building lyn parade, prestons nsw	1),		August 2004	18.1	17.9	8.25	8.25	9.50	9.50	June 2011	17.9
nexus industry park (Building lyn parade, prestons nsw	2),		August 2004	12.5	12.3	8.50	8.50	9.75	9.75	march 2011	12.3
nexus industry park (Building lyn parade, prestons nsw	3),		August 2004	23.6	23.5	8.25	8.25	9.50	9.50	June 2011	23.5
nexus industry park (Building lyn parade, prestons nsw5	4),		August 2004	31.4	—	8.25	—	9.50	—	—	—
nexus industry park (Building lyn parade, prestons nsw	5),		August 2004	14.3	14.8	8.50	8.50	9.75	9.75	december 2010	14.8
orange city centre, orange nsw			April 1993	49.0	49.5	8.50	8.25	10.00	9.25	december 2011	49.0
orion springfeld town centre, springfeld qld			August 2002	129.0	130.0	6.75	6.75	9.25	9.25	december 2010	136.0
peninsula lifestyle, mornington vi		c3	december 2003	—	44.0	—	9.75	—	10.25	december 2010	45.0
quay west car park, 109-111 harrington street, sydney nsw			november 1989	29.3	29.2	8.50	8.50	10.00	10.00	June 2011	29.2
rhodes shopping centre, rhodes nsw (50% interest)			January 2007	111.5	110.0	7.00	7.00	9.25	9.25	June 2011	110.0
riverside quay, southbank vi	c	April 2002 & July 2003		176.0	170.0	7.75-8.00	7.75-8.25	9.25-10.00	9.25-10.25	december 2011	176.0
royal domain centre, 380 st kilda road, melbourne	vic	october 1995 (50%) April 2001 (50%)		106.9	107.0	8.00	8.00	9.00	9.25	June 2011	107.0
sirius Building, 23 furzer street,
phillip Act			february 2010	236.5	234.9	7.25	7.25	9.25	9.25	June 2010	225.0
st marys village centre, st marys nsw			January 2003	43.0	43.0	7.75	7.75	9.50	9.50	december 2010	43.0
stanhope village, stanhope gardens nsw			november 2003	70.5	66.0	7.50	7.75	9.25	9.25	december 2011	70.5
taree city centre, taree nsw1,3			december 2009	—	53.0	—	8.13	—	9.50	June 2011	53.0
waverley gardens shopping centre, mulgrave vic			november 2002	131.5	128.0	7.75	7.75	9.50	9.25	december 2011	131.5
mirvac limited and its controlled entities
forestry land6			march 2004	—	58.7	—	—	—	—	—	—
5 rider Boulevard, rhodes ns	w7		January 2007	—	117.6	—	7.63	—	9.13	—	—
manningmall, taree nsw			december 2006	34.8	34.8	8.50	8.50	9.50	9.50	december 2011	34.8
total investmentproperties				5,230.4	5,334.0
ipuc
4 dalley street & laneway, sydney nsw			march 2004	—	2.3	6.63	6.75	9.00	9.25	december 2011	—
8 chifey square, sydney nsw	1,8		october 2009	—	49.0	—	6.50	—	9.25	december 2010	36.5
nexus industry park (Building lyn parade, prestons nsw5	4),		August 2004	—	23.7	—	7.88	—	9.50	december 2010	9.0
orion springfeld land, springfeld qld			August 2002	33.0	33.0	6.50-9.25	6.50-9.25	9.25-10.75	9.25-10.75	december 2010	33.0
total ipuc				33.0	108.0
total investment properties and		ipuc		5,263.4	5,442.0

1) date of acquisition represents business combination acquisition date.
2) investment property subject to conditional agreement for sale as at 31 december 2011.
3) investment property disposed of during the half year.

4) external valuation is based on the como centre excluding the hotel. the group’s book value of the como centre excludes the hotel, as the hotel is classified as property, plant and equipment.

5) ipuc completed during the half year and held as investment property.

6) deconsolidated during the half year.

7) investment property held by mirvac limited sold to mpt during the half year.

8) 50 per cent of entity holding ipuc sold during the half year and reclassified to joint ventures.
9) transfer of owner-occupied property to property, plant and equipment.

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

9 investment properties (continueD)

a) reconciliation of carrying amounts of investment properties

9 investment properties (continueD) a) reconciliation of carrying amounts of investment properties
	31 December	30 June
	2011	2011
At fair value	$m	$m
Balance 1 July	5,442.0	4,226.5
Additions	60.4	150.0
Additions resulting from business combination	—	1,152.7
net gain on fair value	60.9	52.9
net gain/(loss) from foreign currency translation	1.7	(6.6)
Assets reclassifed as held for sale or disposal	(125.2)	(111.4)
sale of asset and transfer to equity accounted investments	(49.0)	—
transfer of owner-occupied property to property, plant and equipment	(57.4)	—
deconsolidation of controlled entities	(58.7)	—
Amortisation of lease ftout incentives,leasingcosts and rent incentive	(11.3)	(22.1)
balance 31 December/30 June	5,263.4	5,442.0
b) amounts recognised in proft or loss for investment properties	31 December	31 december
	2011	2010
	$m	$m
investment properties rental revenue	278.1	267.1
investmentproperties expenses	(61.6)	(58.1)
	216.5	209.0

c) valuation basis

i) Investment properties

investment properties are carried at fair value. valuation methods used to determine the fair value include market sales comparison, dcf and capitalisation rate (“cr”). the fair value for a property may be determined by using a combination of these and other valuation methods.

market sales comparison: the sales comparison approach utilises recent sales of comparable properties, adjusted for any differences including the nature, location and lease profile, to indicate the fair value of a property. where there is a lack of recent sales activity, adjustments are made from previous comparable sales to reflect changes in economic conditions.

dcf: dcf projections derived from contracted rents, market rents, operating costs, lease incentives, lease fees, capital expenditure and future income on vacant space are discounted at a rate to arrive at a value. the discount rate is a market assessment of the risk associated with the cash flows, and the nature, location and tenancy profile of the property relative to returns from alternative investments, cpi rates and liquidity risk. it is assumed that the property is sold at the end of the investment period at a terminal value. the terminal value is determined by using an appropriate terminal cr. mirvac’s terminal cr are in the range of an additional nil to 75 basis points above the respective property’s cr.

cr: An assessment is made of fully leased net income based on contracted rents, market rents, operating costs and future income on vacant space. the adopted fully leased net income is capitalised in perpetuity from the valuation date at an appropriate cr. the cr reflects the nature, location and tenancy profile of the property together with current market investment criteria, as evidenced by current sales evidence. various adjustments, including incentives, capital expenditure, and reversions to market rent, are made to arrive at the property value.

ii) IPUC

there are generally no active markets for ipuc; therefore, a lack of comparable transactions for ipuc usually requires the use of estimation models. the two main estimation models used to value ipuc are residual and dcf valuations. the residual method of determining the value of a property uses the estimated total cost of the development, including construction and associated expenditures, finance costs, and an allowance for developer’s risk and profit is deducted from the end value of the completed project. the resultant figure is then adjusted back to the date of valuation to give the residual value.

26 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

9 investment properties (continueD)

d) property portfolio

mirvac’s property portfolio was made up as follows:

9 investment properties (continueD) d) property portfolio mirvac’s property portfolio was made up as follows:
		31 December	30 June
		2011	2011
	note	$m	$m
investment properties per consolidated statement of fnancial position		5,263.4	5,442.0
properties classifed as assets held for sale	7	3.4	3.4
owner-occupied hotel management lots classifed as property, plant and equipment		—	58.3
owner-occupied freehold hotels classifed as property, plant and equipment		25.0	60.3
owner-occupied administrationproperties classifed asproperty, plant and equipment		279.4	218.0
		5,571.2	5,782.0

10 intanGible assets

				other
		management		intangible
		rights	goodwill	assets	total
	note	$m	$m	$m	$m
Balance 1 July 2011		3.2	69.4	2.1	74.7
transfer to assets classifed as held for sale	7	(0.6)	(6.3)	(2.1)	(9.0)
balance 31 December 2011		2.6	63.1	—	65.7
Balance 1 July 2010		10.5	44.4	—	54.9
Acquisition of controlled entities		—	26.7	—	26.7
Acquisition of brands		—	—	2.1	2.1
disposal of controlled entities		(7.3)	(1.7)	—	(9.0)
Balance 30 June 2011		3.2	69.4	2.1	74.7

a) allocation of intangible assets by operating segment

A segment level summary of the intangible asset allocations is presented below:

		hotel	investment
	investment	management	management	total
	$m	$m	$m	$m
management rights — indefnite life1	—	—	2.6	2.6
goodwill	63.1	—	—	63.1
balance 31 December 2011	63.1	—	2.6	65.7
management rights — indefnite life1	—	—	3.2	3.2
goodwill	63.1	6.3	—	69.4
other intangible assets	—	2.1	—	2.1
Balance 30 June 2011	63.1	8.4	3.2	74.7

1) management rights are primarily held in relation to funds established or rights established by entities acquired by mirvac. these funds are considered to be open-ended and therefore have no expiry. the group also holds strategic stakes in these funds in order to protect its interests.

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

10 intanGible assets (continueD)

b) key assumptions used for value in use calculations for goodwill and other intangible assets

the recoverable amount of a cgu is determined using the higher of fair value less costs to sell, and its value in use. the value in use calculation is based on financial budgets and forecasts approved by management covering a five year period. for the hotel management and investment management cgus, cash flows beyond the five year period are extrapolated using the estimated growth rates stated below. for the investment cgu, no forecast growth rate is assumed as the value in use calculations are based on forecast cash flows from existing projects and investment properties. the growth rate has been adjusted to reflect current market conditions and does not exceed the long term average growth rate for the business in which the cgu operates. the discount rates used are pre-tax and reflect specific risks relating to the relevant segments and the countries in which they operate. A terminal growth rate of three per cent has also been applied.

	Growth rate1	Discount rate	growth rate1	discount rate
	31 December	31 December	30 June	30 June
	2011	2011	2011	2011
cgu	%pa	%pa	%pa	%pa
investment	—2	10	—2	10
hotel management	3	13	3	13
investment management	1	13	1	13

1) weighted average growth rate used to extrapolate cash flows beyond the budget period.
2) the value in use calculation is based on financial budgets and forecasts approved by management covering a five year period. no forecast growth rate is assumed as the value in use calculations are based on forecast cash flows from existing projects and investment properties.

the recoverable amount of intangible assets exceeds the carrying value at 31 december 2011. management considers that for the carrying value to exceed the recoverable amount, there would have to be unreasonable changes to key assumptions. management considers the chances of these changes occurring as unlikely.

c) impairment of goodwill

there was no impairment of goodwill recognised during the half year (december 2010: $nil).

d) impairment of intangible assets

there was no impairment of management rights or brands recognised during the half year (december 2010: $nil). management rights are primarily held in relation to funds established or rights established by entities acquired by mirvac. these funds are considered to be open-ended and therefore have no expiry.

11 borrowinGs

11 borrowinGs
		31 December		30 June
			2011	2011
	note		$m	$m
current
Unsecured
Bank loans	11(a)(i)		—	47.5
secured
Bank loans	11(a)(iii)		—	28.0
cmBs	11(a)(iv)		—	505.0
lease liabilities	11(a)(v)		2.7	2.6
			2.7	583.1
non-current
Unsecured
Bank loans	11(a)(i)		1,427.3	1,359.9
domestic mtn	11(a)(ii)		425.0	425.0
foreign mtn	11(a)(vi)		379.2	359.2
secured
lease liabilities	11(a)(v)		7.7	9.1
			2,239.2	2,153.2

28 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

11 borrowinGs (continueD)

a) borrowings

i) Unsecured bank loans

mirvac has unsecured bank facilities totalling $1,880.0m (June 2011: $1,927.5m). mirvac has two syndicated facilities; the first contains one tranche: $140.0m tranche maturing in January 2013. the second facility contains three tranches: a $530.0m tranche maturing in January 2014, a $530.0m tranche maturing in January 2015 and a $530.0m tranche maturing in January 2016. there is also a bilateral bank facility of $150.0m (June 2011: $150.0m) maturing in november 2014. subject to compliance with the terms, each of these bank loan facilities may be drawn at any time.

ii) domestic Mtn

mirvac has a total of $425.0m (June 2011: $425.0m) of domestic mtn outstanding: $200.0m maturing in march 2015 and $225.0m maturing in september 2016. interest is payable either quarterly or semi-annually in arrears in accordance with the terms of the notes.

iii) secured bank loans

no controlled entities have secured bank facilities (June 2011: $28.0m).

iv) CMbs

commercial mortgage backed securities of $505.0m (June 2011: $505.0m) acquired as part of the acquisition of wop were repaid during the half year from cash on hand.

v) lease liabilities

lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default.

vi) Foreign Mtn

mirvac has a us private placement issue, made up of us$275.0m maturing in november 2016 and us$100.0m maturing in november 2018. An additional A$10.0m maturing in november 2016 was also issued in conjunction with this placement. interest is payable semi-annually in arrears for all notes. the notes were issued with fixed and floating rate coupons payable in us dollars and swapped back to Australian dollar floating rate coupons through cross currency principal and interest rate swaps.

b) Financing arrangements

	31 December	30 June
	2011	2011
	$m	$m
total facilities
unsecured bank loans	1,880.0	1,927.5
domestic mtn	425.0	425.0
secured bank loans	—	28.0
cmBs	—	505.0
foreign mtn	379.2	359.2
	2,684.2	3,244.7
used at end of the reporting period
unsecured bank loans	1,427.3	1,407.4
domestic mtn	425.0	425.0
secured bank loans	—	28.0
cmBs	—	505.0
foreign mtn	379.2	359.2
	2,231.5	2,724.6
unused at end of the reporting period
unsecured bank loans	452.7	520.1
domestic mtn	—	—
secured bank loans	—	—
cmBs	—	—
foreign mtn	—	—
	452.7	520.1

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

12 contributeD equity

a) paid up equity

12 contributeD equity a) paid up equity
	31 December		30 June
	2011		2011	31	December	30 June
	securities	securities			2011	2011
	m		m		$m	$m
mirvac limited — ordinary shares issued	3,409.4		3,409.3		1,248.1	1,248.1
mpt — ordinaryunits issued	3,409.4		3,409.3		5,079.4	5,079.3
total contributed equity					6,327.5	6,327.4
b) movements in paid up equity
movements in paid up equity of mirvac for the half year ended 31 december 2011 were as				follows:
			issue price			securities
	issue date			$	m	$m
Balance 1 July 2011					3,409.3	6,327.4
lti and eis securities converted,sold,vested or forfeited	20 december 2011		1.27		0.1	0.1
balance 31 December 2011					3,409.4	6,327.5

c) reconciliation of securities issued on the asX

under AAs, securities issued under the mirvac employee lti plans are required to be accounted for as an option and are excluded from total issued equity, until such time as the relevant employee loans are fully repaid or the employee leaves the group. total ordinary securities issued as detailed above are reconciled to securities issued on the AsX as follows:

31 December	31 December	30 June
	2011	2011
securities		securities
	m	m
total ordinary securities disclosed	3,409.4	3,409.3
securities issued under ltiplan and eis	7.6	7.6
total securities issued on the asX	3,417.0	3,416.9
13 DiviDenDs/Distributions
31 December		31 december
	2011	2010
ordinarystapled securities	$m	$m
quarterly ordinary distributions paid as follows:
2.00 cents per stapled security paid on 28 october 2011 (unfranked distribution)	68.3	—
2.00 cents per stapled security paid on 29 october 2010 (unfranked distribution)	—	68.3
2.00 cents per stapled security paid on 27 January 2012 (unfranked distribution)	68.3	—
2.00 centsper stapled security paid on 28 January2011(unfranked distribution)	—	68.3
total dividend/distribution 4.00 cents (December 2010: 4.00 cents)per stapled security	136.6	136.6

there was no dividend/distribution reinvestment plan in place for either half year. All dividends/distributions were satisfied in cash.

30 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

14 investments in associates

associates accounted for using the equity method

investments in associates are accounted for using the equity method of accounting. All associates were established or incorporated in Australia. information relating to associates is set out below:

			interest
	31	December	30 June	31 December	30 June
		2011	2011	2011	2011
name of entity	principal activities	%	%	$m	$m
Archbold road trust	non-residential development	20	20	—	—
Australian sustainable forestry investors 1 & 21	forestry land	60	—	10.2	—
BAc devco pty limited2	non-residential development	33	33	—	—
freespirit resorts pty limited	investment property	25	25	—	—
mindarie keys Joint venture3	residential development	15	15	0.5	0.5
mirvac city regeneration limited partnership4	non-residential development	—	25	—	—
mirvac industrial trust5	listed property investment trust	14	14	—	—
mirvac wholesale hotel fund6	hotel investment	49	49	—	128.1
				10.7	128.6

1) mirvac equity accounts for this investment as an associate even though it owns more than 50 per cent of the voting or potential voting power due to the fact that unanimous approval is required in respect of the operations of this entity; previously this was a controlled entity. A controlled entity of the group is the manager of this investment.
2) this entity entered into voluntary administration as of 4 may 2010.
3) mirvac equity accounts for this investment as an associate even though it owns less than 20 per cent of the voting or potential voting power due to the fact that it has significant influence over this entity, as a controlled entity of the group is the project manager of this investment.
4) this investment was disposed of during the period.
5) mirvac equity accounts for this investment as an associate even though it owns less than 20 per cent of the voting or potential voting power due to the fact that it has significant influence over this entity, as a controlled entity of the group is the responsible entity for the fund.
6) this entity is part of the disposal group and is included in assets classified as held for sale. refer to note 7 for further information.

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

15 investments in Joint ventures

Joint ventures accounted for using the equity method

investments in joint ventures include those in corporations, partnerships and other entities and accounted for in the financial statements using the equity method of accounting. All joint ventures were incorporated in Australia with the exception of quadrant real estate Advisors limited liability company (“llc”) which was incorporated in the united states. information relating to joint ventures is set out below:

			interest
	31 December		30 June	31 December	30 June
		2011	2011	2011	2011
name of entity	principal activities	%	%	$m	$m
Australian centre for life long learning	non-residential development	50	50	—	—
Bankstown Airport development pty ltd1	non-residential development	—	50	—	—
Bl developments pty ltd	residential development	50	50	46.7	48.2
city west property investments (no.1) trust	non-residential development	50	50	9.3	9.3
city west property investments (no.2) trust	non-residential development	50	50	9.3	9.3
city west property investments (no.3) trust	non-residential development	50	50	9.3	9.3
city west property investments (no.4) trust	non-residential development	50	50	9.3	9.3
city west property investments (no.5) trust	non-residential development	50	50	9.3	9.3
city west property investments (no.6) trust	non-residential development	50	50	9.3	9.3
domaine investment trust	non-residential development	50	50	—	—
ephraim island Joint venture	residential development	50	50	9.8	9.9
fast track Bromelton pty ltd and nakheel spv pty ltd	non-residential development	50	50	27.3	27.1
googong township unit trust	residential development	50	—	26.0	—
green square consortium	residential development	50	—	—	—
hpAl freehold pty limited	non-residential development	50	50	—	—
infocus infrastructure management pty ltd	investment property	50	50	1.0	1.8
J f infrastructure pty limited	infrastructure	50	50	—	—
leakes road rockbank unit trust	residential development	50	50	14.3	13.7
mirvac 8 chifey trust2	investment property	50	—	7.0	—
mirvac lend lease village
consortium/newington olympic village	residential development	50	50	0.7	1.1
mirvac wholesale residential development partnership trust	residential development	20	20	25.7	23.1
mvic finance 2 pty limited	residential development	50	50	—	—
new Zealand sustainable forestry investors 1&2	forestry and environmental asset	33	33	2.1	2.5
quadrant real estate Advisors llc	investment property	50	50	2.4	2.2
swanbourne Joint venture	residential development	50	50	1.4	3.2
tucker Box holdings pty limited3	hotel investment	50	50	—	122.6
walsh Baypartnership	residential development	50	50	0.3	—
				220.5	311.2

1) this entity was deregistered during the period.

2) this entity was previously consolidated. during the period, 50 per cent of the entity was sold and subsequently it is equity accounted as a joint venture.

3) this entity is part of the disposal group and is included in assets classified as held for sale. refer to note 7 for further information.

32 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

16 continGent liabilities

a) contingent liabilities

the group had contingent liabilities at 31 december 2011 in respect of the following:

16 continGent liabilities a) contingent liabilities the group had contingent liabilities at 31 december 2011 in respect of the following:
	31 December	30 June
	2011	2011
	$m	$m
Bank guarantees and performance bonds issued by external parties in respect
of certain performance obligations granted in the normal course of business	92.7	79.3
Asset performance guarantees. the group has provided guarantees to owners
of some managed assets as to the future performance of these assets	3.5	3.4
claims for damages in respect of injury sustained due to health and safety issues have been made during the half year. the potential effect of these claims indicated by legal advice is that if the claims were to be successful against the group,
theywould result in a liability	3.5	1.5

As part of the ordinary course of business of the group, disputes can arise with suppliers, customers and other third parties. where there is a present obligation, a liability is recognised. where there is a possible obligation, which will only be determined by a future event and it is not considered probable that a liability will arise, they are disclosed as a contingent liability. where the possible obligation is remote, no disclosure is given. the group does not provide details of these as to do so may prejudice the group’s position.

b) associates and joint ventures

there are no contingent liabilities relating to associates and joint ventures.

17 notes to the consoliDateD statement oF cash Flows

17 notes to the consoliDateD statement oF cash Flows
		31 December	31 december
		2011	2010
	note	$m	$m
a) reconciliation of cash
cash at the end of the half year as shown in the consolidated statement of cash
fows is reconciled to the consolidated statement of fnancial position,
the detail of which follows:
cash on hand		—	—
cash at bank		43.8	77.7
deposits at call		0.3	0.4
unrestricted cash		44.1	78.1
cash collateralisation		—	505.1
total cash and cash equivalents including disposal group		44.1	583.2
less: Amounts included in assets classifed as held for sale	7	(19.8)	—
cash and cash equivalents		24.3	583.2

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

nOtes tO the COnsOlIdAted FInAnCIAl stAteMents

17 notes to the consoliDateD statement oF cash Flows (continueD)
31	December	31 december
	2011	2010
	$m	$m
b) reconciliation of proft/(loss) attributable to the stapled securityholders
of mirvac to net cash infows from operating activities
proft/(loss) attributable to the stapled securityholders of mirvac	176.6	(12.7)
share of net proft of associates and joint ventures not received as dividends/distributions	(11.1)	(15.5)
net loss/(gain) on sale of investments	0.6	(1.9)
net gain on fair value of investment properties and owner-occupied hotel
management lots and freehold hotels	(71.2)	(76.1)
net loss on fair value of ipuc	10.3	48.1
net (gain)/loss on sale of investment properties	(1.5)	0.7
net loss on sale of property, plant and equipment	0.3	0.7
depreciation and amortisation expenses	16.4	15.7
impairment of loans	7.4	0.6
provision for loss on inventories	25.0	215.0
Business combination transaction costs	0.4	31.8
security based payment expense	3.5	2.7
unrealised loss on fnancial instruments	28.0	63.2
unrealised loss/(gain) on foreign exchange	24.4	(73.6)
distributions from associates and joint ventures	14.8	7.7
change in operating assets and liabilities, net of effects from purchase of controlled entities:
— increase in income taxes payable	0.2	1.5
— decrease in tax effected balances	(20.3)	(4.9)
— (increase)/decrease in receivables	(5.0)	0.8
— increase in inventories	(276.5)	(48.5)
— increase in other assets/liabilities	(1.4)	(4.5)
— decrease in payables	(15.9)	(87.8)
— increase/(decrease)inprovisions for employee benefts	1.0	(0.4)
net cash (outfows)/infows from operating activities	(94.0)	62.6

18 events occurrinG aFter the enD oF the reportinG perioD

no other circumstances have arisen since the end of the half year which have significantly affected or may significantly affect the operations of mirvac, the results of those operations, or the state of affairs of mirvac in future years.

34 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

dIReCtORs’ deClARAtIOn

in the directors’ opinion:

a) the financial statements and the notes set out on pages 7 to 34 are in accordance with the corporations Act 2001, including:
i) complying with Accounting standards, the corporations regulations 2001 and other mandatory professional reporting requirements; and
ii) giving a true and fair view of the consolidated entity’s financial position at 31 december 2011 and of its performance for the half year ended on that date; and
b) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

this declaration is made in accordance with a resolution of the directors.

==> picture [101 x 55] intentionally omitted <==

nicholas collishaw director

sydney 21 february 2012

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

IndePendent AUdItOR’s ReVIew RePORt tO the MeMbeRs OF MIRVAC lIMIted

==> picture [113 x 87] intentionally omitted <==

report on the half-year financial report

we have reviewed the accompanying half year financial report of mirvac limited, which comprises the statement of financial position as at 31 december 2011, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half year ended on that date, selected explanatory notes and the directors’ declaration for the mirvac group (the consolidated entity). the consolidated entity comprises both mirvac limited (the company) and the entities it controlled during that half year, including mirvac funds limited as responsible entity for mirvac property trust and the entities it controlled during that half year.

directors’ responsibility for the half year financial report

the directors of the company are responsible for the preparation of the half year financial report that gives a true and fair view in accordance with Australian Accounting standards (including the Australian Accounting interpretations) and the corporations Act 2001 and for such control as the directors determine is necessary to enable the preparation of the half year financial report that is free from material misstatement whether due to fraud or error.

Auditor’s responsibility

our responsibility is to express a conclusion on the half year financial report based on our review. we conducted our review in accordance with Auditing standard on review engagements Asre 2410 review of an financial report performed by the independent Auditor of the entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 december 2011 and its performance for the half year ended on that date; and complying with Accounting standard AAsB 134 interim financial reporting and the corporations regulations 2001. As the auditor of mirvac limited, Asre 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

PricewaterhouseCoopers, ABN 52 780 433 757 Darling Park Tower 2, 201 Sussex Street, GPO BOX 2650, SYDNEY NSW 1171 DX 77 Sydney, Australia T +61 2 8266 0000, F +61 2 8266 9999, www.pwc.com.au

liability limited by a scheme approved under professional standards legislation

36 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

IndePendent AUdItOR’s ReVIew RePORt tO the MeMbeRs OF MIRVAC lIMIted

==> picture [113 x 87] intentionally omitted <==

Independence

in conducting our review, we have complied with the independence requirements of the corporations Act 2001.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half year financial report of mirvac limited is not in accordance with the corporations Act 2001 including:

a) giving a true and fair view of the consolidated entity’s financial position as at 31 december 2011 and of its performance for the half year ended on that date; and
b) complying with Accounting standard AAsB 134 interim financial reporting and the corporations regulations 2001.

==> picture [157 x 29] intentionally omitted <==

pricewaterhousecoopers

==> picture [116 x 49] intentionally omitted <==

matthew lunn partner

sydney 21 february 2012

PricewaterhouseCoopers, ABN 52 780 433 757 Darling Park Tower 2, 201 Sussex Street, GPO BOX 2650, SYDNEY NSW 1171 DX 77 Sydney, Australia T +61 2 8266 0000, F +61 2 8266 9999, www.pwc.com.au

liability limited by a scheme approved under professional standards legislation

mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

GlOssARy OF ACROnyMs

AAs	Australian Accounting standards
AAsB	Australian Accounting standards Board
Afl	Available for lease
Asic	Australian securities and investments commission
AsX	Australian securities exchange
cr	capitalisation rate
cgu	cash generating unit
cmBs	commercial mortgage backed securities
cpi	consumer price index
dcf	discounted cash fow
eis	employee incentive scheme
elt	executive leadership team
fy	year ending 30 June
iAs	international Accounting standards
iAsB	international Accounting standards Board
ifrs	international financial reporting standards
ipuc	investment properties under construction
kpi	key performance indicator
llc	limited liability company
lti	long term incentives
mAm	mirvac Asset management
mim	mirvac investment management
mpt	mirvac property trust
mtn	medium term note
nci	non-controlling interest
nlA	net lettable area
npv	net present value
nrv	net realisable value
ntA	net tangible assets
pwc	pricewaterhousecoopers
q1	first quarter
roic	return on invested capital
soci	statement of comprehensive income
sofp	statement of fnancial position
wop	westpac offce portfolio

38 mirvac Group interim report for the hAlf yeAr ended 31 decemBer 2011

==> picture [215 x 59] intentionally omitted <==

mIrVac property trUSt and ItS controlled entItIeS InterIm report For the halF year ended 31 december 2011

01 Directors’ report
04 Auditor’s independence declArAtion
05 Financial statements
05 consolidAted stAtement of comprehensive income
07 consolidAted stAtement of finAnciAl position
08 consolidAted stAtement of chAnges in equity
09 consolidAted stAtement of cAsh flows
10 notes to the consolidAted finAnciAl stAtements 25 Directors’ Declaration 26 inDepenDent auDitor’s review report to the unitholDers oF mirvac property trust

InterIm report

For the halF year ended 31 december 2011

the consolidated entity comprises mirvac property trust (Arsn 086 780 645) and its controlled entities.

this interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2011 and any public announcements made by mirvac property trust during the interim reporting period in accordance with the continuous disclosure requirements of the corporations Act 2001.

cover imAge: 275 kent street, sydney, nsw

dIrectorS’ report

the directors of mirvac funds limited (Abn 70 002 561 640), the responsible entity of mirvac property trust (“mpt” or “trust”), present their report, together with the consolidated report of mpt and its controlled entities (“consolidated entity”) for the half year ended 31 december 2011.

mpt and its controlled entities together with mirvac limited and its controlled entities form the stapled entity, mirvac group (“mirvac” or “group”).

responsible entity

the responsible entity of the trust is mirvac funds limited, an entity incorporated in new south wales. the immediate parent entity of the responsible entity is mirvac woolloomooloo pty limited (Abn 44 001 162 205), incorporated in new south wales, and its ultimate parent entity is mirvac limited (Abn 92 003 280 699), incorporated in new south wales.

Directors

the following persons were directors of mirvac funds limited during the half year and up to the date of this report, unless otherwise stated:

review oF operations anD activities

the statutory profit after tax attributable to the stapled unitholders of mpt for the half year ended 31 december 2011 was $248.2m (december 2010: $276.9m). the operating profit (profit before specific non-cash and significant items) was $207.1m (december 2010: $198.5m).

the following table summarises key reconciling items between statutory profit after tax attributable to the stapled unitholders of mpt and operating profit. the operating profit information included in the table below has not been subject to any specific review procedures by the consolidated entity’s auditor but has been extracted from note 3 of the accompanying financial statements for the half year ended 31 december 2011, which have been subject to review, refer to pages 26 and 27 for the auditor’s review report on the financial statements.

refer to pages 26 and 27 for the auditor’s review report on the fnancial statements.	refer to pages 26 and 27 for the auditor’s review report on the fnancial statements.
31 December		31 december
	2011	2010
	$m	$m
proft attributable to the stapled unitholders of mpt	248.2	276.9
specifc non-cash items
net (gain) on fair value of investment properties	(74.6)	(78.2)
net loss/(gain) on fair value of investment properties under construction (“ipuc”)	3.6	(5.6)
net loss/(gain) on fair value of derivative fnancial instruments and foreign exchange movements	23.7	(14.8)
straight-lining of lease revenue	(6.9)	(7.6)
Amortisation of lease ftout incentives	5.9	5.4
net loss/(gain) on fair value of investment properties, derivatives and other specifc non-cash items included in share of net proft of associates and joint ventures	8.2	(1.5)
signifcant items
impairment of goodwill	—	7.1
net (gain) on sale of non-aligned assets	(1.0)	—
business combination transaction costs	—	16.8
operating proft (proft before specifc non-cash items and signifcant items)	207.1	198.5

mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

dIrectorS’ report

Financial anD operational highlights

key financial highlights for the half year ended 31 december 2011 included:

profit attributable to the stapled unitholders of mpt of $248.2m;
operating profit of $207.1m[ 1] , representing 6.1 cents per stapled unit;
increase in net tangible assets (“ntA”) per stapled unit to $1.62[ 2] from $1.59 at 30 June 2011;
total assets of $6,447.1m;
net gain of $74.6m in revaluations of the investment property portfolio;
net loss of $3.6m in revaluations of the ipuc portfolio; and
distributions of $136.6m, representing 4.0 cents per stapled unit.

the consolidated entity had a total portfolio value of $5,815.3m, with investments in 66 direct property assets, covering the office, retail, industrial and hotel sectors, as well as investments in other funds managed by mirvac. the asset allocation for mpt’s invested capital is as follows:

office: 58.7 per cent;
retail: 27.5 per cent; and

— other: 13.8 per cent.

key operational highlights for the consolidated entity for the half year ended 31 december 2011 included:

achieved 3.3 per cent like-for-like net operating income growth;
disposed of three non-core assets, realising $127.0m in gross sale proceeds; and
secured leasing commitments at key office developments:
at 10-20 bond street, sydney, nsw, resulting in commitments to the building, totalling 90.0 per cent; and
at 8 chifley square, sydney, nsw secured first lease with corrs chambers westgarth for 42 per cent of net lettable area.

occupancy in the trust remained solid at 96.4 per cent[ 3] , with a weighted average lease expiry of approximately 5.9 years.

the consolidated entity’s earnings continue to be secure, with 67.3 per cent of the year ending 30 June 2012 (”fy12”) rent reviews being fixed or linked to the consumer price index (“cpi”), and 70.7 per cent of revenue derived from multinational, Australian securities exchange (“AsX”) listed and government tenants.

outlook

the consolidated entity remains focused on providing secure passive income to the group, whilst improving the quality of the portfolio via acquisitions. the consolidated entity continues to be strategically overweight in the office sector. in spite of some softening in white collar employment created by uncertain financial market conditions, the office portfolio is well placed with a weighted average lease expiry of 6.0 years[ 3] , a high quality portfolio and strong tenant covenants. the consolidated entity also maintains a focus on prime sub-regional shopping centres located in high growth markets. despite the subdued retail environment, the consolidated entity’s portfolio is comprised of shopping centres that are primarily driven by non-discretionary spend.

capital position anD FunDing

the consolidated entity’s capital structure is monitored at the group level. key capital position highlights relating to the group for the half year ended 31 december 2011 included:

no debt maturities in 2012;
$140.0m of debt maturing in January 2013;
over $490.0m in cash and undrawn committed debt facilities on hand;
conservative gearing at 27.4 per cent[ 4] ;
extended the maturity of a $150.0m bilateral facility from April 2013 to november 2014;
the group repaid the $505.0m of commercial mortgage backed securities (“cmbs”) acquired as part of the acquisition of westpac office portfolio (“wop”);
the group’s weighted average debt maturity is currently 3.5 years;
the group’s average borrowing costs have increased slightly to 7.42 per cent per annum including margins and line fee;
mirvac comfortably met its covenants; and
maintained its bbb credit rating from standard & poor’s.

1) excludes specific non-cash items and significant items.

2) ntA per stapled security based on ordinary securities excluding employee incentive scheme (“eis”) securities. 3) by area, excluding assets under development.

4) net debt (at fX hedged rate) excluding leases/(total tangible assets – cash).

02 mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

dIrectorS’ report

outlook

the volatility created by the european debt crisis and subsequent disruption to global financial markets has resulted in a significant increase to bank funding costs over the past six months.

there will be limited impact of these events on the group’s borrowing costs for 12 months or more, allowing time for conditions to stabilise before any refinancing is required.

the group remains focused on managing its capital position prudently by monitoring and accessing diversified sources of capital, including both domestic and international markets to ensure it can continue to meet its strategic objectives without increasing its overall risk profile.

auDitor’s inDepenDence Declaration

A copy of the auditor’s independence declaration required under section 307c of the corporations Act 2001 is set out on page 04.

rounDing oF amounts

the trust is an entity of the kind referred to in class order 98/0100 issued by the Australian securities and investments commission, relating to the “rounding off” of amounts in the financial statements. Amounts in the financial statements have been rounded off to the nearest tenth of a million (“m”) dollars in accordance with that class order.

this statement is made in accordance with a resolution of the directors.

==> picture [101 x 56] intentionally omitted <==

nicholas collishaw director

sydney 21 february 2012

mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

aUdItor’S Independence declaratIon

==> picture [113 x 87] intentionally omitted <==

As lead auditor for the review of mirvac property trust for the half year ended 31 december 2011, i declare that to the best of my knowledge and belief, there have been:

a) no contraventions of the auditor independence requirements of the corporations Act 2001 in relation to the review; and

b) no contraventions of any applicable code of professional conduct in relation to the review.

this declaration is in respect of mirvac property trust and the entities it controlled during the period.

==> picture [116 x 48] intentionally omitted <==

matthew lunn partner

sydney 21 february 2012

pricewaterhousecoopers

PricewaterhouseCoopers, ABN 52 780 433 757 Darling Park Tower 2, 201 Sussex Street, GPO BOX 2650, SYDNEY NSW 1171 DX 77 Sydney, Australia T +61 2 8266 0000, F +61 2 8266 9999, www.pwc.com.au

liability limited by a scheme approved under professional standards legislation

04 mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

For the halF year ended 31 december 2011

conSolIdated Statement oF comprehenSIVe Income

		31 December	31 december
		2011	2010
	note	$m	$m
revenue from continuing operations
investment properties rental revenue	8(b)	276.0	259.6
interest revenue		36.3	38.6
distribution revenue		0.2	0.5
other revenue		1.9	—
total revenue from continuing operations		314.4	298.7
other income
net gain on fair value of investment properties		74.6	78.2
net (loss)/gain on fair value of ipuc		(3.6)	5.6
share of net proft of associates and joint ventures
accounted for using the equity method	7	0.3	—
(loss)/gain on fnancial instruments		(23.0)	11.9
foreign exchange (loss)/gain		(0.7)	2.9
netgain/(loss)on sale of investmentproperties		1.0	(0.7)
total other income		48.6	97.9
total revenue from continuing operations and other income		363.0	396.6
investment properties expenses	8(b)	(65.4)	(61.1)
Amortisation expenses		(8.9)	(7.8)
impairment of goodwill		—	(7.1)
finance costs	4	(43.3)	(37.6)
business combination transaction costs		—	(16.8)
other expenses		(3.4)	(4.3)
proft from continuing operations before income tax		242.0	261.9
income tax expense		(0.1)	(0.3)
proft from continuing operations		241.9	261.6
proft from discontinued operations		6.3	15.3
proft for the halfyear		248.2	276.9

As a result of the decision to dispose of the group’s hotel management business and various associated investments, the results of these operations have been included under profit from discontinued operations. the comparative figures have been adjusted. refer to note 6 for further information.

mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

For the halF year ended 31 december 2011

conSolIdated Statement oF comprehenSIVe Income

		31 December	31 december
		2011	2010
	note	$m	$m
proft for the halfyear		248.2	276.9
other comprehensive income for the half year
increment on revaluation of property, plant and equipment		8.3	—
exchange differences on translation of foreign operations		0.4	(0.8)
other comprehensive income for the halfyear		8.7	(0.8)
total comprehensive income for the halfyear		256.9	276.1
proft for the half year is attributable to:
— stapled unitholders of mpt		248.2	276.9
		248.2	276.9
total comprehensive income for the half year is attributable to:
— stapled unitholders of mpt		256.9	276.1
		256.9	276.1
earnings per stapled unit for proft from continuing operations attributable to the stapled unitholders of mpt
		cents	cents
basic earnings per unit	5	7.10	8.20
diluted earningsper unit	5	7.08	8.17
earnings per stapled unit for proft attributable to the stapled unitholders of	mpt
		cents	cents
basic earnings per unit	5	7.28	8.20
diluted earningsper unit	5	7.26	8.17

the above consolidated statement of comprehensive income (“soci”) should be read in conjunction with the accompanying notes.

06 mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

at 31 december 2011

conSolIdated Statement oF FInancIal poSItIon

		31 December	30 June
		2011	2011
	note	$m	$m
current assets
cash and cash equivalents	16	3.9	536.2
receivables		523.4	621.5
other fnancial assets at fair value through proft or loss		12.7	19.2
other assets		8.4	13.7
		548.4	1,190.6
Assets classifed as held for sale	6	257.0	3.4
total current assets		805.4	1,194.0
non-current assets
receivables		9.4	10.7
investments accounted for using the equity method	7	11.6	249.0
derivative fnancial assets		—	3.3
other fnancial assets		17.2	—
investment properties	8	5,534.0	5,474.0
intangible assets	9	69.5	69.5
total non-current assets		5,641.7	5,806.5
total assets		6,447.1	7,000.5
current liabilities
payables		113.5	146.2
borrowings	10	—	505.0
provisions		68.3	75.2
total current liabilities		181.8	726.4
non-current liabilities
payables		21.4	20.2
borrowings	10	614.2	763.7
derivative fnancial liabilities		29.0	9.9
total non-current liabilities		664.6	793.8
total liabilities		846.4	1,520.2
net assets		5,600.7	5.480.3
equity
contributed equity	11	5,105.6	5,105.5
reserves		38.7	30.0
retained earnings		456.4	344.8
equity,reserves and retained earnings attributable to the stapled unitholders of mpt		5,600.7	5,480.3
total equity		5,600.7	5,480.3

the above consolidated statement of financial position (“sofp”) should be read in conjunction with the accompanying notes.

mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

conSolIdated Statement oF changeS In eqUIty

For the halF year ended 31 december 2011

		Attributable to the stapled unitholders of mpt	Attributable to the stapled unitholders of mpt	Attributable to the stapled unitholders of mpt
	contributed			retained
		equity	reserves	earnings	total
	note	$m	$m	$m	$m
balance 1 July2011		5,105.5	30.0	344.8	5,480.3
proft for the half year		—	—	248.2	248.2
other comprehensive income for the halfyear		—	8.7	—	8.7
total comprehensive income for the halfyear		—	8.7	248.2	256.9
long term incentives (“lti”) and employee incentive scheme
(“eis”) units converted, sold, vested or forfeited		0.1	—	—	0.1
distributionsprovided for orpaid	12	—	—	(136.6)	(136.6)
total transactions with owners in their capacity as owners		0.1	—	(136.6)	(136.5)
balance 31 December 2011		5,105.6	38.7	456.4	5,600.7
balance 1 July2010		4,905.9	7.2	126.7	5,039.8
proft for the half year		—	—	276.9	276.9
other comprehensive income for the halfyear		—	(0.8)	—	(0.8)
total comprehensive income for the halfyear		—	(0.8)	276.9	276.1
contributions of equity, net of transaction costs		186.0	—	—	186.0
lti and eis units converted, sold, vested or forfeited		1.9	—	—	1.9
distributionsprovided for orpaid	12	—	—	(136.6)	(136.6)
total transactions with owners in their capacityas owners		187.9	—	(136.6)	51.3
balance 31 december 2010		5,093.8	6.4	267.0	5,367.2

the above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

08 mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

For the halF year ended 31 december 2011

conSolIdated Statement oF caSh FlowS

		31 December	31 december
		2011	2010
	note	$m	$m
cash fows from operating activities
receipts from customers (inclusive of goods and services tax)		296.7	286.7
payments to suppliers(inclusive ofgoods and services tax)		(90.4)	(96.4)
		206.3	190.3
interest received		38.3	35.3
Associates and joint ventures distributions received		10.3	6.4
borrowing costs paid		(48.8)	(41.2)
income taxpaid		(0.1)	(0.3)
net cash infows from operating activities	16(b)	206.0	190.5
cash fows from investing activities
payments for investment properties		(188.9)	(41.9)
proceeds from sale of investment properties and assets classifed as held for sale		123.2	119.0
proceeds from loans to entities related to responsible entity		100.0	81.8
proceeds from sale of investments		24.5	—
proceeds from other fnancial assets at fair value through proft or loss		1.7	—
Acquisition of controlled entities,net of cash acquired		—	(213.2)
net cash infows/(outfows) from investing activities		60.5	(54.3)
cash fows from fnancing activities
proceeds from borrowings		170.3	820.0
repayments of borrowings		(825.6)	(619.7)
proceeds from issue of stapled units		—	1.9
distributions paid as part of business combination		—	(8.0)
distributionspaid		(143.5)	(133.6)
net cash(outfows)/infows from fnancing activities		(798.8)	60.6
net (decrease)/increase in cash and cash equivalents		(532.3)	196.8
cash and cash equivalents at the beginningof the halfyear		536.2	345.9
cash and cash equivalents at the end of the halfyear	16(a)	3.9	542.7

the above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

noteS to the conSolIdated FInancIal StatementS

1 summary oF signiFicant accounting policies

this condensed consolidated interim report for the half year reporting period ended 31 december 2011 has been prepared in accordance with Accounting standard AAsb 134 interim financial reporting and the corporations Act 2001. the financial statements of the consolidated entity consist of the consolidated financial statements of mpt and its controlled entities. A mirvac stapled security comprises one mirvac limited share “stapled” to one mpt unit to create a single listed entity traded on the AsX. the stapled securities cannot be traded or dealt with separately.

this condensed consolidated interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2011 and any public announcements made by mpt during the interim reporting period in accordance with the continuous disclosure requirements of the corporations Act 2001. the accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

a) impact of standards issued but not yet applied by mpt

aasb 2011-9 amendments to australian accounting standards – presentation of items of other comprehensive income (effective 1 July 2012) in september 2011, the Australian Accounting standards board (“AAsb”) made an amendment to AAsb 101 presentation of financial statements which requires entities to separate items presented in other comprehensive income into two groups, based on whether they may be recycled to profit or loss in the future. this will not affect the measurement of any of the items recognised in the consolidated statement of comprehensive income or the consolidated statement of financial position in the current or future periods. the consolidated entity intends to adopt the new standard from 1 July 2012.

aasb 2011-4 amendments to australian accounting standards to remove individual Key management personnel Disclosure requirements (effective 1 July 2013) in July 2011, the AAsb decided to remove the individual key management personnel disclosure requirements from AAsb 124 related party disclosures, to achieve consistency with the international equivalent standard and remove a duplication of the requirements with the corporations Act 2001. while this will reduce the disclosures that are currently required in the notes to the financial statements, it will not affect any of the amounts recognised in the financial statements. the amendments apply from 1 July 2013 and cannot be adopted early. the corporations Act 2001 requirements in relation to remuneration reports will remain unchanged for now, but these requirements are currently subject to review and may also be revised in the near future.

offsetting Financial assets and Financial liabilities (amendments to ias 32) and Disclosures-offsetting Financial assets and Financial liabilities (amendments to iFrs 7 Financial instruments: Disclosures) (effective 1 January 2014 and 1 January 2013 respectively) in december 2011, the international Accounting standards board (“iAsb”) made amendments to the application guidance in iAs 32 financial instruments: presentation, to clarify some of the requirements for offsetting financial assets and financial liabilities in the consolidated statement of financial position. these amendments are effective from 1 January 2014. they are unlikely to affect the accounting for any of the entity’s current offsetting arrangements. however, the iAsb has also introduced more extensive disclosure requirements into ifrs 7 which will apply from 1 January 2013. the AAsb is expected to make equivalent changes to AAsb 132 financial instruments: presentation and AAsb 7 financial instruments: disclosures shortly. when they become applicable, the consolidated entity will have to provide a number of additional disclosures in relation to its offsetting arrangements. the consolidated entity intends to apply the new rules for the first time from 1 July 2013.

there are no other standards with effective dates in the future that are expected to have a material impact on the consolidated entity in the current or future reporting periods and on foreseeable future transactions.

b) non-current assets (or disposal groups) classified as held for sale

non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified as held for sale. interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised. noncurrent assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from other assets in the consolidated statement of financial position. the liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the consolidated statement of financial position.

10 mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

noteS to the conSolIdated FInancIal StatementS

1 summary oF signiFicant accounting policies (continueD)

b) non-current assets (or disposal groups) classified as held for sale (continued)

2 critical accounting JuDgements anD estimates

a) critical judgements in applying mpt’s accounting policies

the following are the critical judgements that management has made in the process of applying the consolidated entity’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements:

i) Fair value estimation

b) Key sources of estimation uncertainty

ii) estimated impairment of investments accounted for using the equity method

the investments are tested for impairment, by comparing recoverable amounts (higher of value in use and fair value less costs to sell) with the carrying amounts, whenever there is indication that the investment may be impaired. in determining the value in use of the investment, the consolidated entity estimates the present value of the estimated future cash flows expected to arise from distributions to be received from the investment and from its ultimate disposal.

iii) Fair value of investments not traded in active markets

the fair value of investments not traded in an active market is determined by the unit price as advised by the fund manager. the unit price is determined by the npv calculations using future cash flows and an appropriate post-tax discount rate. the carrying value at the end of the reporting period of investments not traded in an active market determined using the above techniques and assumptions was $12.7m (June 2011: $19.2m) and was disclosed as other financial assets at fair value through profit or loss.

iv) Valuation of investment properties

the consolidated entity uses judgement in respect of the fair values of investment properties. investment properties are revalued by external valuers on a rotation basis with approximately one-half of the portfolio being valued annually. investment properties which are not subject to an external valuation at the end of the reporting period are fair valued internally by management. the assumptions used in the estimations of fair values include expected future market rentals, discount rates, market prices and economic conditions. the reported fair values of investment properties reflect the market conditions at the end of the reporting period. while this represents the best estimation of fair value at the reporting date, actual sale prices achieved (should the investment properties be sold) may be higher or lower than the most recent valuation. this is particularly relevant in periods of market illiquidity or uncertainty. the carrying value at the end of the reporting period for investment properties was $5,534.0m (June 2011: $5,474.0m).

i) Impairment of goodwill

the consolidated entity annually tests whether goodwill has suffered any impairment. determining whether goodwill is impaired requires an estimation of the value in use of the cash generating units (“cgu”) to which goodwill has been allocated. the value in use calculation requires the entity to estimate the future cash flows expected to arise from each cgu and a suitable discount rate in order to calculate the net present value (“npv”). the carrying amount of goodwill at the end of the reporting period was $69.5m (June 2011: $69.5m). there was no impairment loss recognised during the half year (december 2010: $7.1m).

mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

noteS to the conSolIdated FInancIal StatementS

2 critical accounting JuDgements anD estimates (continueD)

b) Key sources of estimation uncertainty (continued)

v) Valuation of IpUc

ipuc are valued at fair value. there are generally no active markets for ipuc and fair value is considered to be the estimated market price that would be paid for the partially completed property, reflecting the expectations of market participants of the value of the property when complete less deductions for the estimated costs to complete with appropriate adjustments for risk and profit. the fair value is determined on the basis of either discounted cash flow (“dcf”) or residual methods. both methods require consideration of the project risks which are relevant to the development process, including but not limited to construction and letting risks. the estimated value of future assets is based on the expected future income from the project, using current yields of similar completed properties. the net loss on fair value of ipuc was $3.6m (december 2010: net gain of $5.6m) during the period. the carrying value of $33.0m at the end of the reporting period (June 2011: $108.0m) was included in investment properties (refer to note 8).

vi) Valuation of derivatives and other financial instruments

the consolidated entity uses judgement in selecting the appropriate valuation technique for financial instruments not quoted in an active market. valuation of derivative financial instruments involves assumptions based on quoted market rates adjusted for specific features of the instrument. the valuations of any financial instrument may change in the event of market volatility.

3 segmental inFormation

segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. unallocated items mainly comprise financing and other borrowing costs, indirect investments, and other income and expenses. the consolidated entity operates predominately in one geographic segment, Australia.

segment results are now reported in a manner that is consistent with the internal reporting provided to the chief operating decision maker (“codm”). the codm that makes strategic decisions for the consolidated entity has been identified as the chief executive officer, investment (“ceoi”). the ceoi allocates resources to and assesses the performance of the operating segments of the consolidated entity. net operating income is considered a key indicator of analysis when evaluating the consolidated entity’s ability to pay distributions to stapled unitholders.

a) Description of business segments

individual business segments have been identified on the basis of grouping individual products or services subject to similar risks and returns.

the main business segments of the consolidated entity are the investment in properties which are leased to third parties for the following uses:

office office accommodation;
retail retail accommodation;
industrial factories and other industrial use accommodation;
other
hotel and car park facilities accommodation; and
unallocated

not attributed directly to one of the above segments.

b) inter-segment transfers

segment revenues, expenses and results include transfers between segments. such transfers are on an arm’s length basis and eliminated on consolidation.

c) comparative information

when necessary, comparative information has been reclassified to achieve consistency in disclosure in current period amounts and other disclosures.

d) operating profit

e) segment liabilities

the amounts provided to the ceoi with respect to total liabilities are measured in a manner consistent with that of the financial statements. these liabilities are allocated based on the operations of the segment. the consolidated entity’s borrowings and derivative financial instruments are not considered to be segment liabilities but rather are managed by the group treasury function.

f) geographical analysis

the consolidated entity operates predominately in Australia.

g) customer analysis

in total, 70 per cent of the consolidated entity’s revenue is derived from Australian government, AsX listed and multinational tenants. in the current period, westpac — st george provides 12.5 per cent of the consolidated entity’s revenue (december 2010: westpac provided 13.7 per cent and the Australian government provided 10.1 per cent of the consolidated entity’s revenue).

h) Disposal group and discontinued operations

the segment note presents the results of the consolidated entity in a format consistent with that of both previous periods and management reporting. An additional column has been presented which details the impact of the reallocation of the results of the disposal group to discontinued operations. refer to note 6 for more information.

12 mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

noteS to the conSolIdated FInancIal StatementS

3 segmental inFormation (continueD)

						total inc.
						discontinued	discontinued	consolidated
	offce	retail	industrial	other	unallocated	operations	operations1	soci
halfyear ended 31 December 2011	$m	$m	$m	$m	$m	$m	$m	$m
investment properties rental revenue	159.4	91.8	18.2	6.6	—	276.0	—	276.0
investmentproperties expenses	(36.4)	(33.3)	(3.1)	(1.5)	—	(74.3)	—	(74.3)
netproperty income	123.0	58.5	15.1	5.1	—	201.7	—	201.7
interest revenue	—	—	—	—	36.3	36.3	—	36.3
distribution revenue	—	—	—	—	0.2	0.2	—	0.2
other revenue	—	—	—	—	1.9	1.9	—	1.9
share of net proft of associates and joint
ventures accounted for using the equity method	—	—	—	—	6.6	6.6	(6.3)	0.3
net gain on fair value of investment properties	58.6	13.8	(0.4)	2.6	—	74.6	—	74.6
finance costs	—	—	—	—	(43.3)	(43.3)	—	(43.3)
net loss on fair value of ipuc	(3.6)	—	—	—	—	(3.6)	—	(3.6)
loss on fnancial instruments	—	—	—	—	(23.0)	(23.0)	—	(23.0)
foreign exchange loss	—	—	—	—	(0.7)	(0.7)	—	(0.7)
net gain/(loss) on sale of investment properties	—	1.6	(0.1)	—	(0.5)	1.0	—	1.0
other expenses	—	—	—	—	(3.4)	(3.4)	—	(3.4)
proft/(loss) from continuing operations
before income tax	178.0	73.9	14.6	7.7	(25.9)	248.3	(6.3)	242.0
income tax expense	—	—	—	—	(0.1)	(0.1)	—	(0.1)
proft/(loss) from continuing operations	178.0	73.9	14.6	7.7	(26.0)	248.2	(6.3)	241.9
proft from discontinued operations	—	—	—	—	—	—	6.3	6.3
proft/(loss) attributable to the stapled unitholders of mpt	178.0	73.9	14.6	7.7	(26.0)	248.2	—	248.2

1) reclassification of the results of the assets that form part of the disposal group. refer to note 6 for further information.

	offce	offce	retail	industrial	other	unallocated	total
halfyear ended 31 December 2011		$m	$m	$m	$m	$m	$m
proft/(loss) attributable to the stapled unitholders of mpt	178.0		73.9	14.6	7.7	(26.0)	248.2
specifc non-cash items
net (gain)/loss on fair value of investment properties	(58.6)		(13.8)	0.4	(2.6)	—	(74.6)
net loss on fair value of ipuc		3.6	—	—	—	—	3.6
net loss on fair value of derivative fnancial instruments
and associated foreign exchange movements		—	—	—	—	23.7	23.7
straight-lining of lease revenue		(6.6)	—	(0.3)	—	—	(6.9)
Amortisation of lease ftout incentives		4.9	0.7	0.3	—	—	5.9
net loss on fair value of investment properties, derivatives
and other specifc non-cash items included in share of net
loss of associates and joint ventures		—	—	—	—	8.2	8.2
signifcant items
net (gain)/loss on sale of non-aligned assets		—	(1.6)	0.1	—	0.5	(1.0)
operating proft (proft before specifc
non-cash items and signifcant items)		121.3	59.2	15.1	5.1	6.4	207.1
operating proft
investment properties rental revenue1	152.8		91.8	17.9	6.6	—	269.1
investmentproperties expenses	(31.5)		(32.6)	(2.8)	(1.5)	—	(68.4)
netpropertyincome		121.3	59.2	15.1	5.1	—	200.7
interest revenue		—	—	—	—	36.3	36.3
distribution revenue		—	—	—	—	0.2	0.2
other revenue		—	—	—	—	1.9	1.9
share of net proft of associates accounted for using the equity	method	—	—	—	—	14.7	14.7
finance costs		—	—	—	—	(43.3)	(43.3)
other expenses		—	—	—	—	(3.4)	(3.4)
operating proft (proft before specifc
non-cash items and signifcant items)	121.3		59.2	15.1	5.1	6.4	207.1

1) investment properties rental revenue reconciles to that in the consolidated statement of comprehensive income after adjusting for straight-lining of lease revenue.

mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

noteS to the conSolIdated FInancIal StatementS

3 segmental inFormation (continueD)

						total inc.
						discontinued	discontinued	consolidated
halfyear ended 31 december 2010	offce $m	retail $m	industrial $m	other $m	unallocated $m	operations $m	operations1 $m	soci $m
investment properties rental revenue	139.3	96.0	18.7	5.6	—	259.6	—	259.6
investmentproperties expenses	(31.4)	(33.1)	(3.0)	(1.4)	—	(68.9)	—	(68.9)
netpropertyincome	107.9	62.9	15.7	4.2	—	190.7	—	190.7
interest revenue	—	—	—	—	38.6	38.6	—	38.6
distribution revenue	—	—	—	—	0.5	0.5	—	0.5
share of net proft of associates accounted
for using the equity method	—	—	—	—	15.3	15.3	(15.3)	—
net gain on fair value of investment properties	66.1	6.7	1.2	4.2	—	78.2	—	78.2
net (loss)/gain on fair value of ipuc	(0.9)	6.0	0.5	—	—	5.6	—	5.6
gain on fnancial instruments	—	—	—	—	11.9	11.9	—	11.9
foreign exchange gain	—	—	—	—	2.9	2.9	—	2.9
net loss on sale of investment properties	—	—	—	—	(0.7)	(0.7)	—	(0.7)
finance costs	—	—	—	—	(37.6)	(37.6)	—	(37.6)
impairment of goodwill	—	(7.1)	—	—	—	(7.1)	—	(7.1)
business combination transaction costs	(15.0)	—	(1.8)	—	—	(16.8)	—	(16.8)
other expenses	—	—	—	—	(4.3)	(4.3)	—	(4.3)
proft from continuing operations before income tax	158.1	68.5	15.6	8.4	26.6	277.2	(15.3)	261.9
income tax expense	—	—	—	—	(0.3)	(0.3)	—	(0.3)
proft from continuing operations	158.1	68.5	15.6	8.4	26.3	276.9	(15.3)	261.6
proft from discontinued operations	—	—	—	—	—	—	15.3	15.3
proft attributable to the stapled unitholders of mpt	158.1	68.5	15.6	8.4	26.3	276.9	—	276.9

1) reclassification of the results of the assets that form part of the disposal group. refer to note 6 for further information.

	offce	retail	industrial	other	unallocated	total
halfyear ended 31 december 2010	$m	$m	$m	$m	$m	$m
proft attributable to the stapled unitholders of mpt	158.1	68.5	15.6	8.4	26.3	276.9
specifc non-cash items
net gain on fair value of investment properties	(66.1)	(6.7)	(1.2)	(4.2)	—	(78.2)
net loss/(gain) on fair value of ipuc	0.9	(6.0)	(0.5)	—	—	(5.6)
net gain on fair value of derivative fnancial instruments
and associated foreign exchange movements	—	—	—	—	(14.8)	(14.8)
straight-lining of lease revenue	(7.1)	—	(0.5)	—	—	(7.6)
Amortisation of lease ftout incentives	4.3	1.0	0.1	—	—	5.4
net gain on fair value of investment properties,
derivatives and other specifc non-cash items included
in share of net loss of associates and joint ventures	—	—	—	—	(1.5)	(1.5)
signifcant items
impairment of goodwill	—	7.1	—	—	—	7.1
business combination transaction costs	15.0	—	1.8	—	—	16.8
operating proft (proft before specifc
non-cash items and signifcant items)	105.1	63.9	15.3	4.2	10.0	198.5

14 mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

noteS to the conSolIdated FInancIal StatementS

3 segmental inFormation (continueD)
	offce	retail	industrial	other	unallocated	total
halfyear ended 31 december 2010 (continued)	$m	$m	$m	$m	$m	$m
operating proft
investment properties rental revenue1	132.2	96.0	18.2	5.6	—	252.0
investmentproperties expenses	(27.1)	(32.1)	(2.9)	(1.4)	—	(63.5)
netpropertyincome	105.1	63.9	15.3	4.2	—	188.5
interest revenue	—	—	—	—	38.6	38.6
distribution revenue	—	—	—	—	0.5	0.5
share of net proft of associates accounted
for using the equity method	—	—	—	—	13.8	13.8
net loss on sale of non-aligned assets	—	—	—	—	(0.7)	(0.7)
finance costs	—	—	—	—	(37.6)	(37.6)
other expenses	—	—	—	—	(4.3)	(4.3)
income tax expense	—	—	—	—	(0.3)	(0.3)
operating proft (proft before specifc
non-cash items and signifcant items)	105.1	63.9	15.3	4.2	10.0	198.5

1) investment properties rental revenue reconciles to that in the consolidated statement of comprehensive income after adjusting for straight-lining of lease revenue.

						total inc.
	offce	retail	industrial	other	unallocated	discontinued operations	disposal group1	consolidated soFp/soci
	$m	$m	$m	$m	$m	$m	$m	$m
31 December 2011
total assets	3,431.3	1,608.3	396.6	97.8	913.1	6,447.1	—	6,447.1
total liabilities	7.5	7.5	13.4	—	818.0	846.4	—	846.4
investments in associates and joint ventures	—	—	—	—	265.2	265.2	(253.6)	11.6
Acquisitions of investment properties
including capital expenditures	32.1	132.8	8.6	0.2	—	173.7	—	173.7
Amortisation expenses	6.6	2.0	0.3	—	—	8.9	—	8.9
31 december 2010
total assets	3,243.3	1,686.9	372.9	92.7	1,514.8	6,910.6	—	6,910.6
total liabilities	11.0	12.3	6.0	—	1,514.1	1,543.4	—	1,543.4
investments in associates	—	—	—	—	213.2	213.2	—	213.2
Acquisitions of investment properties
including capital expenditures	1,083.9	7.3	121.5	0.2	—	1,212.9	—	1,212.9
Amortisation expenses	5.6	1.9	0.3	—	—	7.8	—	7.8

mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

noteS to the conSolIdated FInancIal StatementS

4 Finance costs
	31 December	31 december
	2011	2010
	$m	$m
interest and fnance charges paid/payable	42.3	36.9
borrowingcosts amortised	1.0	0.7
	43.3	37.6
5 earnings per stapleD unit
	31 December	31 december
	2011	2010
	cents	cents
earnings per stapled unit
basic earnings per stapled unit
from continuing operations	7.10	8.20
from discontinued operations1	0.18	—
total basic earnings per stapled unit attributable to the stapled unitholders of mpt	7.28	8.20
diluted earnings per stapled unit2
from continuing operations	7.08	8.17
from discontinued operations1	0.18	—
total diluted earnings per stapled unit attributable to the stapled unitholders of mpt	7.26	8.17
	$m	$m
basic and diluted earnings per stapled unit
proft attributable to the stapled unitholders of mpt used in calculatingearningsper unit	248.2	276.9
	number	number
weighted average number of units used as denominator2	m	m
weighted average number of units used in calculating basic earnings per unit	3,409.4	3,376.6
Adjustment for calculation of diluted earnings per unit
units issued under eis	7.6	11.5
weighted average number of units used in calculating diluted earnings per unit	3,417.0	3,388.1

1) includes the results of the disposal group. refer to note 6 for further information.

2) diluted units do not include the options and rights issued under the current lti plan as the exercise of these equity instruments is contingent on conditions during the vesting period.

6 assets classiFieD as helD For sale anD DiscontinueD operations

a) Discontinued operations

on 16 december 2011, the group announced that it had entered into contracts for the sale of its hotel management business and various associated investments following a strategic review of this business. the consolidated entity’s 49 per cent interest in tucker box hotel group is not part of this contract for sale, however, due to the current intention to ultimately dispose of this investment, it has been included as an asset held for sale.

b) assets classified as held for sale

b) assets classifed as held for sale
		31 December	30 June
		2011	2011
	note	$m	$m
Disposal group held for sale
investments accounted for usingthe equitymethod		253.6	—
non-current assets held for sale
investmentproperties	8(d)	3.4	3.4

16 mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

noteS to the conSolIdated FInancIal StatementS

6 assets classiFieD as helD For sale anD DiscontinueD operations (continueD)

c) Financial performance and cash flow information

the financial performance and cash flow information for the discontinued operations presented for the six months ended 31 december 2011 and 31 december 2010 were as follows:

ended 31 december 2011 and 31 december 2010 were as follows:
	31 December	31 december
	2011	2010
	$m	$m
revenue and other income	6.3	15.3
proft before income tax	6.3	15.3
proft from discontinued operations	6.3	15.3
proft attributable to the stapled unitholders of mpt from:
continuing operations	241.9	261.6
discontinued operations	6.3	15.3
	248.2	276.9
cash fows from discontinued operations
net cash infow from operatingactivities	9.1	5.7
net increase in cash and cash equivalents from discontinued operations	9.1	5.7

i) details of the sale

settlement of the disposal has not yet occurred. this is expected to occur prior to 30 June 2012.

7 investments accounteD For using the equity methoD

7 investments accounteD For using the equity methoD
		31 December	30 June
		2011	2011
	note	$m	$m
consolidated statement of fnancial position
investments accounted for using the equity method
investments in associates	13	4.2	249.0
investments injoint ventures	14	7.4	—
		11.6	249.0
		31 December	31 december
		2011	2010
		$m	$m
consolidated statement of comprehensive income
share of net proft of associates and joint ventures accounted for using equity method
investments in associates		0.3	—

mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

noteS to the conSolIdated FInancIal StatementS

8 investment properties

							book value	capitalisation rate	capitalisation rate	discount rate	discount rate		last
						31 Dec	30 Jun	31 Dec	30 Jun	31 Dec	30 Jun	date of	external
					date of	2011	2011	2011	2011	2011	2011	last external	valuation
					acquisition	$m	$m	%	%	%	%	valuation	$m
1 castlereagh street, sydney nsw					december 1998	71.7	72.8	7.50	7.50	9.50	9.50	June 2010	68.0
1 darling island, pyrmont nsw					April 2004	175.0	175.0	7.00	7.00	9.25	9.25	december 2010	175.0
1 hugh cairns Avenue, bedford park sA				2	August 2010	17.9	17.8	9.50	9.50	10.00	10.00	June 2011	17.8
1 woolworths way nso, bella vista		nsw		2	August 2010	250.7	250.0	7.75	7.75	9.25	9.25	June 2011	250.0
10 Julius Avenue, north ryde ns	w2				december 2009	53.7	53.1	8.50	8.50	9.25	9.25	June 2011	53.1
101-103 miller street & greenwood plaza,
north sydney nsw (50% interest)					June 1994	248.8	242.0	6.75-7.00	6.75-7.00	9.00-9.25	9.00-9.25	december 2010	238.5
10-20 bond street, sydney nsw
(50% interest)2					december 2009	162.0	125.0	6.88	7.50	9.00	9.50	december 2011	162.0
12 Julius Avenue, north ryde ns	w2				december 2009	23.8	23.4	8.50	8.50	9.25	9.25	June 2011	23.4
1-47 percival road, smithfeld ns	w				november 2002	28.3	28.1	8.25	8.25	9.75	9.75	december 2011	28.3
189 grey street, southbank qld					April 2004	73.0	72.5	7.63	7.75	9.25	9.25	december 2011	73.0
19 corporate drive, cannon hill ql		d2			August 2010	24.1	24.0	8.75	8.75	9.75	9.75	June 2011	24.0
190 george street, sydney nsw					August 2003	40.0	35.5	8.00	8.75	9.50	9.50	december 2011	40.0
1900-2060 pratt boulevard, chicago illinois usA					december 2007	28.1	28.9	7.50	8.00	9.25	9.75	december 2011	28.1
191-197 salmon street, port melbourne vi					c July 2003	102.5	102.3	7.75	7.75	9.50	9.25	June 2010	100.0
200 george street, sydney nsw					october 2001	27.5	26.2	8.00	8.25	9.50	9.50	december 2011	27.5
271 lane cove road, north ryde	nsw				April 2000	33.4	32.5	8.00	8.00	9.50	9.50	June 2010	33.0
275 kent street, sydney nsw2					August 2010	766.0	750.0	6.75	6.75	8.75	8.75	december 2010	745.0
3 rider boulevard, rhodes nsw2					december 2009	79.8	76.4	8.00	8.00	9.25	9.25	June 2011	76.4
32 sargents road, minchinbury ns		w2,4			december 2009	23.5	23.5	8.75	8.75	9.50	9.50	June 2011	23.5
33 corporate drive, cannon hill ql		d2			August 2010	16.5	16.5	9.00	9.00	9.75	9.75	June 2011	16.5
340 Adelaide street, brisbane qld		2			december 2009	59.7	57.0	9.00	9.00	10.00	10.00	december 2010	56.0
38 sydney Avenue, forrest Act					June 1996	35.0	35.1	8.50	8.50	9.50	9.50	december 2010	35.0
40 miller street, north sydney nsw					march 1998	101.2	98.0	7.25	7.25	9.25	9.25	June 2010	93.5
47-67 westgate drive, Altona north vic2,4					december 2009	19.1	19.1	9.50	9.75	9.75	10.00	december 2011	19.1
5 rider boulevard, rhodes nsw6					september 2011	122.0	—	7.63	—	9.13	—	march 2011	117.6
52 huntingwood drive, huntingwood nsw2,4					december 2009	22.0	22.0	8.50	8.50	9.75	9.75	June 2011	22.0
54 marcus clarke street, canberra		Act			october 1987	16.4	16.1	9.50	9.50	9.75	9.75	december 2010	15.8
54-60 talavera road, north ryde ns			w	2	August 2010	45.7	45.5	7.50	7.50	9.50	9.50	december 2010	45.0
55 coonara Avenue, west pennant hills nsw2					August 2010	103.0	102.6	8.50	8.50	9.50	9.50	december 2010	99.0
60 marcus clarke street, canberra		Act			september 1989	49.1	49.0	8.75	8.75	9.50	9.50	June 2011	49.0
64 biloela street, villawood nsw	4				february 2004	19.1	19.1	10.50	10.50	10.75	10.75	June 2011	19.1
Aviation house, 16 furzer street,
phillip Act					July 2007	70.3	69.8	7.50	7.50	9.25	9.25	June 2010	67.0
ballina central, ballina nsw3					december 2004	—	28.0	—	8.75	—	9.50	June 2011	28.0
bay centre, pirrama road, pyrmont ns				w	June 2001	103.5	111.0	7.65	7.50	9.25	9.25	december 2011	103.5
broadway shopping centre, broadway nsw (50% interest)					January 2007	231.5	227.5	6.25	6.25	9.00	9.00	June 2010	221.5
cherrybrook village shopping centre, cherrybrook nsw2					december 2009	79.0	78.5	7.50	7.50	9.50	9.50	June 2011	78.5
city centre plaza, rockhampton qld			2		december 2009	48.2	48.0	8.00	8.00	9.75	9.75	June 2011	48.0
como centre, cnr toorak road & chapel street, south yarra vic					August 1998	152.2	150.0	7.75-8.75	8.00-8.75	9.25-9.75	9.30-10.00	June 2011	150.0
cooleman court, weston Act2					december 2009	46.0	43.0	7.75	7.75	9.50	9.50	december 2011	46.0
gippsland centre, sale vic					January 1994	49.1	50.3	8.25	8.25	9.50	9.50	december 2011	49.1
hinkler central, bundaberg qld					August 2003	91.0	89.5	7.75	7.75	9.50	9.50	march 2011	89.5
John oxley centre, 339 coronation drive, milton qld					may 2002	53.3	52.5	9.00	9.00	10.00	10.00	march 2011	52.5
kawana shoppingworld, buddina qld		december 1993 (50%) June 1998 (50%)				209.7	203.7	6.75	6.75	9.25	9.25	december 2011	209.7

mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

noteS to the conSolIdated FInancIal StatementS

8 investment properties (continueD)

				book value	capitalisation rate	capitalisation rate	discount rate	discount rate		last
			31 Dec	30 Jun	31 Dec	30 Jun	31 Dec	30 Jun	date of	external
		date of	2011	2011	2011	2011	2011	2011	last external	valuation
		acquisition	$m	$m	%	%	%	%	valuation	$m
logan megacentre, logan qld		october 2005	60.0	60.5	9.25	9.25	10.25	10.25	december 2010	61.5
metcentre & 60 margaret street, sydney nsw (50% interest)		August 1998	220.2	217.6	6.50-7.00	6.50-7.00	9.00-9.25	9.00-9.25	december 2010	217.5
moonee ponds central (stage ii), moonee ponds vic		february 2008	40.3	40.0	8.50	8.50	9.75	9.75	June 2010	39.0
moonee ponds central, moonee ponds vic		may 2003	25.0	24.0	7.75	7.75	9.50	9.50	June 2010	22.8
nexus industry park (building 1), lyn parade, prestons nsw		August 2004	18.1	17.9	8.25	8.25	9.50	9.50	June 2011	17.9
nexus industry park (building 2), lyn parade, prestons nsw		August 2004	12.5	12.3	8.50	8.50	9.75	9.75	march 2011	12.3
nexus industry park (building 3), lyn parade, prestons nsw		August 2004	23.6	23.5	8.25	8.25	9.50	9.50	June 2011	23.5
nexus industry park (building 4), lyn parade, prestons nsw5		August 2004	31.4	—	8.25	—	9.50	—	—	—
nexus industry park (building 5), lyn parade, prestons nsw		August 2004	14.3	14.8	8.50	8.50	9.75	9.75	december 2010	14.8
orange city centre, orange nsw		April 1993	49.0	49.5	8.50	8.25	10.00	9.25	december 2011	49.0
orion springfeld town centre, springfeld qld		August 2002	129.0	130.0	6.75	6.75	9.25	9.25	december 2010	136.0
peninsula lifestyle, mornington vic	3	december 2003	—	44.0	—	9.75	—	10.25	december 2010	45.0
quay west car park, 109-111 harrington street, sydney nsw		november 1989	29.3	29.2	8.50	8.50	10.00	10.00	June 2011	29.2
rhodes shopping centre, rhodes nsw (50% interest)		January 2007	111.5	110.0	7.00	7.00	9.25	9.25	June 2011	110.0
riverside quay, southbank vic		April 2002 & July 2003	176.0	170.0	7.75-8.00	7.75-8.25	9.25-10.00	9.25-10.25	december 2011	176.0
royal domain centre, 380 st kilda road, melbourne vic	october 1995 (50%) April 2001 (50%)		106.9	107.0	8.00	8.00	9.00	9.25	June 2011	107.0
sirius building, 23 furzer street,
phillip Act		february 2010	236.5	234.9	7.25	7.25	9.25	9.25	June 2010	225.0
st marys village centre, st marys nsw		January 2003	43.0	43.0	7.75	7.75	9.50	9.50	december 2010	43.0
stanhope village, stanhope gardens nsw		november 2003	70.5	66.0	7.50	7.75	9.25	9.25	december 2011	70.5
taree city centre, taree nsw2,3		december 2009	—	53.0	—	8.13	—	9.50	June 2011	53.0
waverley gardens shopping centre, mulgrave vic		november 2002	131.5	128.0	7.75	7.75	9.50	9.25	december 2011	131.5
total investmentproperties			5,501.0	5,366.0
ipuc
4 dalley street & laneway, sydney nsw		march 2004	—	2.3	6.63	6.75	9.00	9.25	december 2011	—
8 chifey square, sydney nsw1,2		october 2009	—	49.0	—	6.50	—	9.25	december 2010	36.5
nexus industry park (building 4), lyn parade, prestons nsw5		August 2004	—	23.7	—	7.88	—	9.50	december 2010	9.0
orion springfeld land, springfeld qld		August 2002	33.0	33.0	6.50-9.25	6.50-9.25	9.25-10.75	9.25-10.75	december 2010	33.0
total ipuc			33.0	108.0
total investment properties and ipuc			5,534.0	5,474.0

1) 50 per cent of entity holding ipuc sold during the half year and reclassifed to joint ventures.

2) date of acquisition represents business combination acquisition date.

3) investment property disposed of during the half year.

4) investment property subject to conditional agreement for sale as at 31 december 2011.

5) ipuc completed during the half year and held as investment property.
6) investment property acquired during the half year.

mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

noteS to the conSolIdated FInancIal StatementS

8 investment properties (continueD)

a) reconciliation of carrying amounts of investment properties

	31 December	30 June
	2011	2011
At fair value	$m	$m
balance 1 July	5,474.0	4,212.3
Additions	173.7	134.8
Additions resulting from business combination	—	1,152.7
net gain on fair value	71.0	114.0
net gain/(loss) from foreign currency translation	1.6	(6.6)
Assets classifed as held for sale or disposal	(125.2)	(111.4)
sale of asset and transfer to equity accounted investments	(49.0)	—
Amortisation of lease ftout incentives,leasingcosts and lease incentive	(12.1)	(21.8)
balance 31 December/30 June	5,534.0	5,474.0
b) amounts recognised in proft or loss for investment properties	31 December	31 december
	2011	2010
	$m	$m
investment properties rental revenue	276.0	259.6
investmentproperties expenses	(65.4)	(61.1)
	210.6	198.5

c) valuation basis

i) Investment properties

dcf: dcf projections derived from contracted rents, market rents, operating costs, lease incentives, lease fees, capital expenditure and future income on vacant space are discounted at a rate to arrive at a value. the discount rate is a market assessment of the risk associated with the cash flows, and the nature, location and tenancy profile of the property relative to returns from alternative investments, cpi rates and liquidity risk. it is assumed that the property is sold at the end of the investment period at a terminal value. the terminal value is determined by using an appropriate terminal cr. the consolidated entity’s terminal cr are in the range of an additional nil to 75 basis points above the respective property’s cr.

cr: An assessment is made of fully leased net income based on contracted rents, market rents, operating costs and future income on vacant space. the adopted fully leased net income is capitalised in perpetuity from the valuation date at an appropriate cr. the cr reflects the nature, location and tenancy profile of the property together with current market investment criteria, as evidenced by current sales evidence. various adjustments including incentives, capital expenditure, and reversions to market rent are made to arrive at the property value.

ii) IpUc

d) property portfolio

the consolidated entity’s property portfolio was made up as follows:

		31 December	30 June
		2011	2011
	note	$m	$m
investment properties per consolidated statement of fnancial position		5,534.0	5,474.0
properties classifed as assets held for sale	6(b)	3.4	3.4
		5,537.4	5,477.4

20 mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

noteS to the conSolIdated FInancIal StatementS

9 intangible assets

9 intangible assets
	31 December		30 June
		2011	2011
		$m	$m
balance 1 July		69.5	49.9
Acquisition of controlled entities		—	26.7
impairment		—	(7.1)
balance 31 December/30 June		69.5	69.5

a) allocation of goodwill by business segments

A segment level summary of the goodwill allocations is presented below:

	offce	retail	industrial	other	unallocated	total
	$m	$m	$m	$m	$m	$m
goodwill	44.5	—	7.6	—	17.4	69.5
balance 31 December 2011	44.5	—	7.6	—	17.4	69.5
goodwill	44.5	—	7.6	—	17.4	69.5
balance 30 June 2011	44.5	—	7.6	—	17.4	69.5

b) Key assumptions used for value in use calculations

goodwill is allocated to the consolidated entity’s cgus identified according to business segments.

the recoverable amount of cgus is determined using the higher of fair value less costs to sell, and its value in use. the value in use calculation is based on financial forecasts approved by management covering a five year period. for each business segment cgu, no forecast growth rate is assumed as the value in use calculations are based on forecast cash flows from existing investment properties and other investments. the discount rates used are pre-tax and reflect specific risks relating to the relevant segments.

	growth rate1	Discount rate	growth rate1	discount rate
	31 December	31 December	30 June	30 June
	2011	2011	2011	2011
cgu	%pa	%pa	%pa	%pa
offce	—	10	—	10
retail	—	10	—	10
industrial	—	10	—	10
other	—	10	—	10

1) the value in use calculation is based on financial forecasts approved by management. no forecast growth rate is assumed as the value in use calculations are based on forecast cash flows from existing investment properties.

the recoverable amount of goodwill exceeds the carrying value at 31 december 2011. management considers that for the carrying value to exceed the recoverable amount, there would have to be unreasonable changes to key assumptions. management considers the chances of these changes occurring as unlikely.

c) impairment of goodwill

there was no impairment of goodwill recognised during the half year (december 2010: $7.1m).

10 borrowings

10 borrowings
		31 December		30 June
			2011	2011
	note		$m	$m
current
Secured
cmbs	10(a)(iii)		—	505.0
			—	505.0
non-current
Unsecured
bank loans	10(a)(i)		414.2	563.7
domestic medium term notes(“mtn”)	10(a)(ii)		200.0	200.0
			614.2	763.7

mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

noteS to the conSolIdated FInancIal StatementS

10 borrowings (continueD)

a) borrowings

i) Unsecured bank loans

ii) domestic mtn

the consolidated entity has a total of $200.0m (June 2011: $200.0m) of domestic mtn outstanding, being $200.0m maturing in march 2015. the consolidated entity had no new issue of domestic mtn during the half year. interest is payable semi-annually in arrears in accordance with the terms of the notes.

iii) cmbS

commercial mortgage backed securities of $505.0m (June 2011: $505.0m) acquired as part of the acquisition of wop were repaid during the half year from cash held on hand.

b) assets pledged as security

no controlled entity has debt facilities secured by real property mortgages or a fixed and floating charge.

c) Financing arrangements

		31 December	30 June
		2011	2011
		$m	$m
total facilities
bank loans1		1,880.0	1,927.5
domestic mt	n2	425.0	425.0
cmbs		—	505.0
		2,305.0	2,857.5
used at end	of the reporting period
bank loans1		1,427.3	1,407.4
domestic mt	n2	425.0	425.0
cmbs		—	505.0
		1,852.3	2,337.4
unused at end of the reporting period
bank loans1		452.7	520.1
domestic mt	n2	—	—
cmbs		—	—
		452.7	520.1

1) total bank loan facilities relate to mirvac; these facilities are available to the consolidated entity. the consolidated entity had drawn down $414.2m at 31 december 2011 (June 2011: $563.7m).
2) domestic mtn relate to mirvac. the consolidated entity had domestic mtn outstanding of $200.0m at 31 december 2011 (June 2011: $200.0m).

11 contributeD equity

a) paid up equity

11 contributeD equity a) paid up equity
	31 December	30 June
	2011	201131 December		30 June
	units	units	2011	2011
	m	m	$m	$m
mpt — ordinaryunits issued	3,409.4	3,409.3	5,105.6	5,105.5
total contributed equity	3,409.4	3,409.3	5,105.6	5,105.5

b) movements in paid up equity

movements in paid up equity of mpt for the half year ended 31 december 2011 were as follows:

	issue	issue price		units
	date	$	m	$m
balance 1 July 2011			3,409.3	5,105.5
lti and eis units converted,sold,vested or forfeited	20 december 2011	1.27	0.1	0.1
balance 31 December 2011			3,409.4	5,105.6

22 mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

noteS to the conSolIdated FInancIal StatementS

11 contributeD equity (continueD)

c) reconciliation of units issued on the asX

under AAs, units issued under the mirvac employee lti plans are required to be accounted for as an option and are excluded from total issued equity, until such time as the relevant employee loans are fully repaid or the employee leaves the group. total ordinary units issued as detailed above are reconciled to units issued on the AsX as follows:

31 December	31 December	30 June
	2011	2011
	units	units
	m	m
total ordinary units disclosed	3,409.4	3,409.3
units issued under ltiplan and eis	7.6	7.6
total units issued on the asX	3,417.0	3,416.9
12 Distributions
31 December		31 december
	2011	2010
ordinarystapled units	$m	$m
quarterly ordinary distributions paid as follows:
2.00 cents per stapled unit paid on 28 october 2011	68.3	—
2.00 cents per stapled unit paid on 29 october 2010	—	68.3
2.00 cents per stapled unit paid on 27 January 2012	68.3	—
2.00 centsper stapled unitpaid on 28 January2011	—	68.3
total distribution 4.00 centsper stapled unit (December 2010: 4.00 centsper stapled unit)	136.6	136.6

there was no distribution reinvestment plan in place for either period; all distributions were satisfied in cash.

13 investments in associates

associates accounted for using the equity method

investments in associates are accounted for using the equity method of accounting. information relating to associates is set out below:

			interest1
	31	December	30 June	31 December	30 June
		2011	2011	2011	2011
name of entity	principal activities	%	%	$m	$m
Australian sustainable forestry investors 1 & 22	forestry land	25	—	4.2	—
mirvac industrial trust3	listed property investment trust	14	14	—	—
mirvac wholesale hotel fund4	hotel investment	49	49	—	128.4
tucker box hotel group4	hotel investment	49	49	—	120.6
				4.2	249.0

1) each of the above associates was established in Australia.

2) this investment was previously held as fair value through profit and loss and was reclassified from 1 July 2011 to an investment in associate.

3) the consolidated entity equity accounts for this investment as an associate even though it owns less than 20 per cent of the voting or potential voting power, due to the fact that the responsible entity is mirvac funds management limited, a related party of the responsible entity of the trust.

4) this entity is part of the disposal group and is included in assets classified as held for sale. refer to note 6 for further information.

14 investments in Joint ventures

Joint ventures accounted for using the equity method

investments in joint ventures include those in corporations, partnerships and other entities and accounted for in the consolidated financial statements using the equity method of accounting. All joint ventures were established in Australia. information relating to joint ventures is set out below:

			interest
		31 December	30 June	31 December	30 June
		2011	2011	2011	2011
name of entity	principal activities	%	%	$m	$m
mirvac 8 chifeytrust1	investmentproperty	50	100	7.4	—
				7.4	—

1) this investment was previously held as ipuc. during the period, 50 per cent of the entity was sold and subsequently it is equity accounted as a joint venture.

mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

noteS to the conSolIdated FInancIal StatementS

15 contingent liabilities

a) contingent liabilities

the consolidated entity had contingent liabilities at 31 december 2011 in respect of the following:

	31 December	30 June
	2011	2011
	$m	$m
bank guarantees and performance bonds issued by external parties in respect
of certain performance obligations granted in the normal course of business	0.1	0.1
claims for damages in respect of injury sustained due to health and safety issues have been made during the half year. the potential effect of these claims
indicated by legal advice is that if the claims were to be successful against
the consolidated entity, theywould result in a liability	3.1	1.0

As part of the ordinary course of business of the consolidated entity, disputes can arise with suppliers, customers and other third parties. where there is a present obligation, a liability is recognised. where there is a possible obligation, which will only be determined by a future event and it is considered probable that a liability will arise, it is disclosed as a contingent liability. where the possible obligation is remote, no disclosure is given. the consolidated entity does not provide details of these as to do so may prejudice the consolidated entity’s position.

b) associates and joint ventures

there are no contingent liabilities relating to associates and joint ventures.

16 notes to the consoliDateD statement oF cash Flows

31	December	31 december
	2011	2010
	$m	$m
a) reconciliation of cash
cash at the end of the half year as shown in the consolidated statement of cash fows is
reconciled to the consolidated statement of fnancial position, the detail of which follows:
cash at bank and on hand	3.7	37.4
deposits at call	0.2	0.2
unrestricted cash	3.9	37.6
cash collateralisation	—	505.1
cash and cash equivalents	3.9	542.7
b) reconciliation of proft attributable to the stapled unitholders of mpt
to net cash infows from operating activities
proft attributable to the stapled unitholders of mpt	248.2	276.9
net gain on fair value of investment properties	(74.6)	(78.2)
net loss/(gain) on fair value of ipuc	3.6	(5.6)
Amortisation expenses	8.9	7.8
non-cash lease incentives	(7.4)	(9.5)
loss/(gain) on fnancial instruments	23.0	(11.8)
business combination transaction costs	—	15.8
net (gain)/loss on sale of investment properties	(1.5)	0.7
share of net gain of associates and joint ventures not received as distributions	(6.6)	(15.3)
change in operating assets and liabilities, net of effects from purchase of controlled entities:
decrease/(increase) in receivables	8.5	(2.6)
decrease in other assets	5.1	16.1
decrease inpayables	(1.2)	(3.8)
net cash infows from operating activities	206.0	190.5

17 events occurring aFter the enD oF the reporting perioD

no other circumstances have arisen since the end of the half year which have significantly affected or may significantly affect the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in future years.

24 mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

dIrectorS’ declaratIon

in the directors’ opinion:

a) the financial statements and notes set out on pages 5 to 24 are in accordance with the corporations Act 2001, including:
i) complying with Accounting standards, the corporations regulations 2001 and other mandatory professional reporting requirements; and
ii) giving a true and fair view of the consolidated entity’s financial position as at 31 december 2011 and of its performance for the half year ended on that date; and
b) there are reasonable grounds to believe that the consolidated entity will be able to pay its debts as and when they become due and payable.

this declaration is made in accordance with a resolution of the directors.

==> picture [101 x 55] intentionally omitted <==

nicholas collishaw director

sydney 21 february 2012

mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

Independent aUdItor’S reVIew report to the UnItholderS oF mIrVac property trUSt

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report on the half year financial report

we have reviewed the accompanying half year financial report of mirvac property trust, which comprises the statement of financial position as at 31 december 2011, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half year ended on that date, selected explanatory notes and the directors’ declaration for the mirvac property trust group (the consolidated entity). the consolidated entity comprises both mirvac property trust (the trust) and the entities it controlled during that half year.

directors’ responsibility for the half year financial report

the directors of the trust are responsible for the preparation of the half year financial report that gives a true and fair view in accordance with Australian Accounting standards (including the Australian Accounting interpretations) and the corporations Act 2001 and for such control as the directors determine is necessary to enable the preparation of the half year financial report that is free from material misstatement whether due to fraud or error.

auditor’s responsibility

our responsibility is to express a conclusion on the half year financial report based on our review. we conducted our review in accordance with Auditing standard on review engagements Asre 2410 review of an interim financial report performed by the independent Auditor of the entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 december 2011 and its performance for the half year ended on that date; and complying with Accounting standard AAsb 134 interim financial reporting and the corporations regulations 2001. As the auditor of mirvac property trust, Asre 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

PricewaterhouseCoopers, ABN 52 780 433 757 Darling Park Tower 2, 201 Sussex Street, GPO BOX 2650, SYDNEY NSW 1171 DX 77 Sydney, Australia T +61 2 8266 0000, F +61 2 8266 9999, www.pwc.com.au

liability limited by a scheme approved under professional standards legislation

26 mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

Independent aUdItor’S reVIew report to the UnItholderS oF mIrVac property trUSt

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Independence

in conducting our review, we have complied with the independence requirements of the corporations Act 2001.

conclusion

based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half year financial report of mirvac property trust is not in accordance with the corporations Act 2001 including:

a) giving a true and fair view of the consolidated entity’s financial position as at 31 december 2011 and of its performance for the half year ended on that date; and
b) complying with Accounting standard AAsb 134 interim financial reporting and the corporations regulations 2001.

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pricewaterhousecoopers

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matthew lunn partner

sydney 21 february 2012

PricewaterhouseCoopers, ABN 52 780 433 757 Darling Park Tower 2, 201 Sussex Street, GPO BOX 2650, SYDNEY NSW 1171 DX 77 Sydney, Australia T +61 2 8266 0000, F +61 2 8266 9999, www.pwc.com.au

liability limited by a scheme approved under professional standards legislation

mirvac property trust anD its controlleD entities interim report for the hAlf yeAr ended 31 december 2011

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21 February 2012

MIRVAC GROUP HALF YEAR RESULTS – 31 DECEMBER 2011

Today, Mirvac Group (“Mirvac” or the “Group”) [ASX:MGR] reported its half year result for the six months ended 31 December 2011 and reaffirmed its FY12 forecast operating EPS guidance of 10.5 to 10.6 cents per stapled security (“cpss”) and distribution guidance of 8.2 to 8.4cpss.

Financial Highlights:

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profit attributable to the stapled securityholders of Mirvac of $176.6 million; which includes a net gain on investment properties (including IPUC[1] ) of $60.9 million and a provision for loss on inventories of $25.0 million in respect to Beachside Leighton, WA
statutory EPS of 5.2cpss
operating net profit after tax up 0.7 per cent to $201.5 million[2]
operating EPS[3] of 5.9cpss
operating EBIT[4] up 8.5 per cent to $251.9 million
distributions per stapled security of 4.0 cents
net tangible assets (“NTA”) up 2.5 per cent to $1.63[5] per stapled security
balance sheet gearing of 27.4[6] per cent

Operational Highlights:

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3.3 per cent like-for-like increase in net operating income
disposal of three non-core assets realising gross proceeds of $127.0 million
MPT occupancy remains solid at 96.4[7] per cent, with 98.1[8] per cent committed, a Weighted Average Lease Expiry of 5.9[6] years
secured anchor tenant at 8 Chifley Square, NSW for 42 per cent of net lettable area
secured $1,008.1[9] million in exchanged pre-sales contracts
achieved 849 residential lot settlements
acquired 7,881 lots at Googong, NSW and Clyde North, VIC on capital-efficient terms
68.5 per cent of expected 2H12 development operating EBIT is secured
entered into contracts for the sale of the hotel management business and associated investments (“Hotel asset sales”)

Commenting on the result, Mirvac's Managing Director, Nick Collishaw said, “In navigating current economic conditions the Group has delivered a solid first half result. The strong performance of our Investment Division flows from our high quality portfolio and strategic decision, made two years ago, to take an overweight position in the office sector.”

“The Development Division continues to make good progress on improving its return on invested capital. We have achieved a very strong pre-sales result of over $1.0 billion and we continue to expand into midprice point markets, capturing the increasing demand for medium density living.”

“Mirvac’s capital position is strong and we remain well placed to withstand continued volatility in global capital markets. Our funding needs are met from cash flow and existing debt facilities, and we have no debt maturities in calendar year 2012,” he said.

1 Investment Property under construction.

2 Operating net profit after tax is a non-IFRS measure. Operating profit after tax is profit before specific non-cash items and significant items. It is used internally by management to assess the performance of its business and has been extracted by or derived from Mirvac’s half year ended 31 December 2011 financial statements, which has been reviewed by its external auditors.

3 Diluted EPS excluding specific non-cash and significant items and related taxation.

4 Excludes non-cash item 1H12 ($0.0m) and 1H11 ($0.30m).

5 NTA per stapled security, based on ordinary securities including EIS (employee incentive scheme) securities.

6 Net debt (as foreign exchange hedged rate) excluding leases/(total tangible assets –cash).

7 By area, excluding assets under development.

8 Committed incorporates Head of Agreement and executed leases as at 31 January 2012.

9 Total exchanged pre-sales contracts as at 8 February 2012, adjusted for Mirvac’s share of JV’s, associates, and Mirvac’s managed funds.

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SUMMARY OF OPERATING PERFORMANCE FOR MIRVAC’S TWO CORE DIVISIONS INVESTMENT DIVISION

The Investment Division (“MPT or the Trust”) has approximately $5,850.1[10] million of invested capital. For the half year ended 31 December 2011, the Investment Division’s statutory profit before tax was $242.0 million and operating profit before tax was $207.9 million.

Overall, MPT achieved a 3.3 per cent like-for-like increase in net operating income and valuation uplift of 1.4[11] per cent. The Division disposed of three non-core retail assets realising gross proceeds of $127.0 million, at a 1.6 per cent premium to book value.

Occupancy remained solid at 96.4[12] per cent, with 98.1[13] per cent committed and a weighted average lease expiry of 5.9[12] years. Terms were agreed for 22,667sqm, or 1.7 per cent of additional space post 31 December 2011.

The security of MPT’s earnings is enhanced by 67.3 per cent of FY12 rent reviews being fixed or linked to the Consumer Price Index (“CPI”) and 70.7 per cent of revenue derived from multinational, Australian Securities Exchange listed and government tenants.

Office Portfolio:

The office portfolio achieved strong like-for-like growth of 4.2 per cent in net operating income for the half

year ended 31 December 2011 and delivered a net valuation uplift of 1.7[11] per cent.

Occupancy remains solid at 96.3[12] per cent, with a weighted average lease expiry of 6.0[12 ] years. Terms were agreed for a further 6,706 sqm, or 1.0 per cent of total available space post the period. The office portfolio is currently 97.3 per cent committed. The quality of the office portfolio is best demonstrated by its 89.2[14] per cent weighting to premium and A Grade assets; up significantly from 80.0 per cent in 2007.

Commenting on the divisional result, Managing Director, Nick Collishaw said, “Despite some softening in the growth of white collar employment, we have achieved strong leasing results during the half, securing our first lease at 8 Chifley Square, Sydney, with Corrs Chambers Westgarth for 42 per cent of net lettable area. Additionally, the Trust’s office building at 10-20 Bond Street, Sydney, is also now 90.1 per cent committed.”

“Overall MPT is well positioned, with almost 90 per cent of its office portfolio classified as premium or A grade, and strong tenant covenants,” Mr Collishaw said.

Retail Portfolio:

The retail portfolio achieved like-for-like growth of 2.9 per cent in net operating income for the half year ended 31 December 2011 and delivered a 0.9[11] per cent net valuation uplift. Occupancy remains robust at 99.2 per cent, with speciality store occupancy costs remaining sustainable at 14.1[15] per cent in the half year.

Commenting on the division’s retail business, Managing Director, Nick Collishaw said, “While there has been a slow-down in the growth of consumer spending, the performance of our retail portfolio is proving resilient. MAT[16] is positive, asset values are increasing and the core portfolio’s activity is structured correctly for the environment with a weighting towards non discretionary spending.”

10 By book value as at 31 December 2011, including assets under development and indirect investments. 11 Net gain on gain on fair value of investment properties divided by closing fair value at 31 December 2011. 12 By area, excluding assets under development.

13 Committed incorporates Heads of Agreement and executed leases as at 31 January 2012. 14 By book value.

15 Includes marketing levy. Speciality occupancy cost excludes CBD centres (including CBD centres 14.9 per cent). 16 Moving annual turnover.

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DEVELOPMENT

For the half year ended 31 December 2011, the Development Division’s statutory loss before tax was $17.7 million, and the operating profit before tax was $7.6 million.

Residential:

The Residential business continued to deliver quality product in key markets and settled 849 lots for the half year ended 31 December 2011, with an increase in gross margin to 15.8[17] per cent. The Residential business remains on track to deliver 1,800 lot settlements in FY12.

The division has secured future income with $1,008.1[18] million of exchanged residential pre-sales contracts, a 19.9 per cent increase since the end of December 2010. Approximately 68.5 per cent of expected 2H12 development operating EBIT is already secured. Of exchanged pre-sales contracts, 87.8 per cent related to property priced below $1.0 million.

In planning future developments, a further 7,881 lots at Googong, NSW, and Clyde North, VIC, were acquired during the period. Both acquisitions were secured on capital efficient terms and are consistent with Mirvac’s strategy of capturing market demand at the mid price point. Googong and Clyde North are expected to contribute to the Group earnings from FY13 and FY15 respectively.

Provision for loss on inventory:

In 1H12 a provision for loss on inventories of $25.0 million in respect to Beachside Leighton has been taken. This premium priced development, unique in Western Australia, was first marketed in 2007.

The provision relates in part to some pre-sale contracts that have not been completed. A detailed review of those contracts has been conducted and the provision reflects lower expectations regarding the amount and timing of revenues from those sales.

The provision also recognises the protracted delay in the recovery of values at the upper end of the Perth market. An extended marketing period for unsold inventory has been assumed and revenue expectations have been further revised.

Commercial:

During the half year Mirvac progressed various projects within its $1.4 billion commercial development pipeline. Highlights were as follows:-

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sale of 50 per cent of 8 Chifley Square, NSW, to K-REIT Asia (capitalisation rate of 6.65 per cent) and secured first lease with Corrs Chambers Westgarth for 42 per cent of net lettable area;
sale of 50 per cent interest in Hoxton Distribution Park, NSW, to Aviva Investors for $97.4m (capitalisation rate of 7.50 per cent). Settlement expected in March 2012; achieved practical completion on both warehouses five months ahead of the original program;
received approval for the development application at Old Treasury Building, WA, for 30,000 sqm prime office with practical completion expected in FY15. The development is 100 per cent preleased to the Western Australian Government for 25 years;
progressing Stage 2 development application at 190-200 George Street, NSW with a design excellence competition to select a preferred scheme in early 2012;

17 For further detail see page 32 of the additional information presentation.

18 Total exchanged pre-sales contracts as at 8 February 2012, adjusted for Mirvac’s share of JV’s, associates, and Mirvac’s managed funds. Total exchanged pre-sales contracts as at 31 December 2011 of $959.1m, adjusted for Mirvac’s share of JV’s associates, and Mirvac’s managed funds.

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the final building at Nexus Industry Park, NSW, achieved practical completion in October 2011 and is 100 per cent pre-leased to HPM Legrand Australia;

Commenting on the divisional result, Managing Director, Nick Collishaw said, “The Development Division continues to make good progress towards improving its return on invested capital. In support of this objective, we remain focused on delivering the right product, at the right price, in the right location, whilst achieving strong pre-sales.”

“The disposal of non-core englobo assets continues in line with expectations, in terms of both timing and proceeds realised. During the half year, the division continued to deliver on this priority with the sale of Magenta Shores last August and the unconditional exchange on undeveloped land at The Royal, Newcastle (Stages 1C & 2).

“In targeting a higher contribution from commercial developments, we continue to progress various projects within our commercial development pipeline. We have been successful in securing development approval for Old Treasury Building in Perth and expect works to commence in the second half of this financial year.

“We have also progressed design development for 190-200 George Street in Sydney in preparation for commencement of this project in early 2013, subject to pre-leasing,” Mr Collishaw said.

CAPITAL POSITION AND FUNDING

The Group maintains a conservative capital structure as demonstrated by balance sheet gearing of 27.4[19] per cent. The Group also maintains a strong liquidity position with just over $490.0 million in cash and undrawn committed debt facilities on hand.

The Group’s weighted average debt maturity profile is 3.5 years. Whilst average borrowing costs have increased from 7.29 per cent in December 2010 to 7.42 per cent in December 2011, this is not expected to increase further during FY12.

Mirvac has no debt maturities in 2012. The Group’s next debt maturity of $140.0 million is not until January 2013, which is expected to be repaid from the proceeds of the Hotel management business and associated investments.

During the half, the Group extended the maturity profile of a $150.0 million bilateral facility from April 2013 to November 2014 and repaid $505.0 million commercial mortgage backed securities assumed as part of the Westpac Office portfolio.

OUTLOOK AND FY12 GUIDANCE

Mirvac has today reaffirmed its FY12 forecast operating EPS guidance of 10.5 to 10.6cpss and distribution guidance of 8.2 to 8.4cpss.

On the outlook for the remainder of FY12 Nicholas Collishaw said, “The Group’s focus on the investment portfolio ensures that distributions are met from recurring income and reduces the volatility of Mirvac’s profitability through the business cycle. On the development side, we remain focused on expanding our product into the mid-price point market and capturing the increasing demand for medium density living.

“Mirvac’s residential developments continue to attract significant pre-sales. De-risking our Development revenue streams is a key focus. Importantly, 68.5 per cent of budgeted 2H12 development operating EBIT is secured via pre-sales.

19 Net debt (at foreign exchange rate) excluding leases/(total tangible assets-cash).

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“In recognition of the volatility created by the European debt crisis and the impact on financial markets and global growth, the Group will maintain a conservative capital structure and adequate levels of liquidity.

“As we have previously stated in conjunction with the Hotels asset sale, we will look to reinvest the proceeds of asset or business sales towards the best use of capital, including the potential for a security buyback, at the time proceeds are realised. In conjunction with any capital management initiatives, we will also apply a proportion of the sale proceeds towards debt repayment.

“In respect to the Hotel asset sale, we are in the process of securing the various consents and approvals, and expect to achieve financial close prior to 30 June 2012,” Mr Collishaw said.

Further information in relation to the half year financial result is contained in the accompanying investor presentation. The analyst tool kit and additional information can be found on the website at www.mirvac.com.

ENDS

For more information, please contact:

+61 2 9080 8000

Investor enquiries: Jessica O’Brien Group Investor Relations Manager +61 2 9080 8458

Media enquiries: Rosalie Duff Group Communications Manager +61 2 9080 8397

by mirvac 1H12 results

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21 february 2012

artist impression of harold park, Glebe, nsw

aGenda

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mirvac’s strateGy key 1h12 achievements financial hiGhliGhts and capital manaGement corporate responsibility and sustainability two core divisions summary and Guidance

results by mirvac 21 february 2012

paGe 1

mirvac’s strateGy

investment — mpt 80%

20%

development

target average asset unlevered irr of >11%

target average project unlevered irr of >18%

focus on high quality assets:
high quality residential developments:
office
retail
apartments
internal portfolio management:
masterplanned communities
sector overweights
commercial development expertise:
continuous portfolio upgrade
delivers high quality assets to mpt
active asset management and earnings contribution from
utilise development division for project part share sell down organic portfolio growth

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strateGic external partners

part share sell down of projects to external parties releasing capital back into the business

results by mirvac 21 february 2012

paGe 2

key 1h12 achievements

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Grou p

business simplification largely complete > entered into sale contract for hotel assets[ 1]
established strategic partnerships with aviva investors and k-reit asia to release $251.8m[ 2] in capital > maintained low gearing of 27.4%[ 3]

investment division — mpt

achieved solid like-for-like noi growth of 3.3%
execution of mpt non-core asset sale program > $127.0m in gross proceeds at 1.6% premium
secured first leasing deal for 42.0% of 8 chifley square, nsw

develo ment division p

$1,008.1m[4] in exchanged pre-sales contracts > 19.9% increase over 1h11

successful releases of harold park precinct 1, nsw, rhodes pinnacle, nsw and elizabeth hills, nsw

strategic acquisitions > Googong, nsw and clyde north, vic

secured da for old treasury building, wa office development with works forecast to commence 2h12
1) includes mirvac hotels and resorts and various associated investments.
2) assumes low end of sales price range for 8 chifley square of $154.4m to $169.8m and hoxton distribution park sale price of $97.4m.
3) net debt (at foreign exchange hedged rate) excluding leases/(total tangible assets – cash).
4) total exchanged pre-sales contracts as at 8 february 2012, adjusted for mirvac’s share of Jv’s, associates, and mirvac’s managed funds. total exchanged pre-sales contracts as at 31 december 2011 of $959.1m, adjusted for mirvac’s share of Jv’s, associates, and mirvac’s managed funds.

results by mirvac 21 february 2012

paGe 3

financial hiGhliGhts and capital manaGement

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8 chifley square, sydney, nsw

results by mirvac 21 february 2012

paGe 4

financial hiGhliGhts[ 1]

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~~1H12 ($m)~~
~~1H11 ($m)~~
~~% change~~
statutoryeps
5.2
(0.4)
statutory proft after tax attributable to Groupsecurityholders
176.6
(12.7)
net movement from fair value on:
> investmentproperties(includingipuc)
(60.9)
(28.0)
> derivative fnancial instruments and associated
foreign exchange movements
52.3
(10.4)
provision for loss on inventory
25.0
215.0
other
8.5
36.2
operating proft after tax attributable to Groupsecurityholders2
201.5
200.1
> less tax beneft
1.7
5.4
> add interest
52.1
37.1
total operatingebit3
251.9
232.1
8.5%
operatingeps4
5.9 cpss
5.9 cpss
0.0%
dps
4.0 cpss
4.0 cpss
0.0%
nta5
$1.63
$1.59
2.5%

1) for further details refer to 31 december 2011 financial statements.
2) operating profit after tax is a non-ifrs measure. operating profit after tax is profit before specific non-cash items and significant items. operating profit after tax is used internally by management to assess the performance of its business and has been extracted or derived from mirvac’s half year ended 31 december 2011 financial statements, which has been subject to review by its external auditors.
3) excludes nci 1h12 ($0.0m) and 1h11 ($0.3m).
4) diluted eps excluding specific non-cash and significant items and related taxation.
5) nta per stapled security, based on ordinary securities including eis securities.

results by mirvac 21 february 2012

paGe 5

Group overhead costs

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overhead cost reduction is a continued focus

	~~1H12 ($m)~~ ~~1H11 ($m)% change~~ employee beneft expense1 33.6 36.5 (7.9%) sellingand marketingexpense1 15.1 10.9 38.5% other expenses1 15.2 22.8 (33.3%) Total overhead expense1 63.9 70.2 (9.0%) Total assets2 8,431.2 8,659.3 (2.6%) Overhead expenses as apercentage of asset base 3 0.76% 0.81% (6.5%)

1) expenses are on an operational basis (excluding non-cash items and significant item) excluding hotel management. for further detail see page 6 of additional information. 2) total assets, excluding hotel management assets, see 31 december 2011 financial statements for more detail.

3) excluding selling and marketing expenses, 1h12 overhead expenses as a percentage of asset base were 0.58% (1h11: 0.68%).

results by mirvac 21 february 2012

paGe 6

capital manaGement

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maintaining a strong capital position

no debt maturities in cy12 > $140.0m maturing in 2h13 > extended $150.0m bilateral debt facility from april 2013 to november 2014 > repaid $505.0m cmbs

a security buyback is subject to receipt of funds from asset sales and commensurate debt repayment

	~~1H12~~	~~1H11~~
balance sheet gearing1	27.4%	27.3%
covenant gearing2	34.0%	37.7%
look-through gearing	28.9%	29.4%
icr3	>3.5x	>4.0x
total interest bearing debt4	$2,365m	$2,809m
average borrowing cost5	7.42%	7.29%
forecast fy12 average borrowing cost	7.49%	—
average debt maturity	3.5yrs	4.2yrs
s&p rating	bbb	bbb
hedged percentage	75.0%	64.0%
average hedge maturity	4.7yrs	5.0yrs

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

Drawn debt maturity profile
$700m
$600m
$500m
$400m
$300m
$200m
$100m
$0m
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Bank MTN USPP
----- End of picture text -----

1) net debt (at foreign exchange hedged rate) excluding leases/(total tangible assets – cash).
2) total liabilities/total tangible assets (refer to 31 december 2011 financial statements).
3) adjusted ebitda/finance cost expense.
4) total interest bearing debt (at foreign exchange hedged rate) excluding leases.
5) includes margins and line fees.

results by mirvac 21 february 2012

paGe 7

capital manaGement

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mirvac continues to have a self funding model

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

net
sources
uses of cash
of cash
position
fy12
> positive forecast > distribution > Positive
operating cash
> maintenance capex
cash flow [ 1]
flow after interest
> mpt non-core
asset sales
----- End of picture text -----

+ funding headroom circa $500m[ 2]

1) does not include proceeds from sale of hotels business. 2) as at 31 december 2011.

results by mirvac 21 february 2012

paGe 8

corporate responsibility and sustainability

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artist impression of 8 chifley square, sydney, nsw

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results by mirvac 21 february 2012

paGe 9

corporate responsibility and sustainability

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mirvac’s focus on environmental, social and economic responsibilities continues to deliver results

> increased nabers rating:

3.8 star average office nabers rating

continued progress in hse including:

reduction in number and costs of claims

on track for 4.0 star target
- by december 2012
became a major climate partner with the climate institute

1h12 awards:

Green Globe awards (nsw) > 10 year sustainability achievement award (finalist)
city of canada bay council’s sustainability awards > environmental business award > rhodes shopping centre

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

Cost of claims Number of claims
(LHS) (RHS)
$4.0m 200
3.0 150
2.0 100
1.0 50
0 0
FY08 FY09 FY10 FY11 1H12
Net incurred Half year Claim number
----- End of picture text -----

results by mirvac 21 february 2012

paGe 10

mirvac’s two core divisions

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

artist impression of era, chatswood, nsw
----- End of picture text -----

results by mirvac 21 february 2012

paGe 11

investment division — mpt

strong performance delivered by mirvac’s portfolio management

achieved solid like-for-like noi growth of 3.3%

portfolio occupancy[ 1] of 96.4% > committed 98.1%[ 2]

1.4%[3] net valuation uplift for 1h12

strong wale of 5.9 years[ 1]

execution of mpt non-core asset sale program > $127.0m in gross proceeds at 1.6% premium

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invested capital > $5,850.1m[ 4]

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Office 58.7% Retail 27.5% Other 13.8%

1) by area, excluding assets under development.
2) committed incorporates heads of agreement and executed leases as at 31 January 2012.
3) net gain on fair value of investment properties divided by closing fair value at 31 december 2011.
4) by book value as at 31 december 2011, including assets under development and indirect investments.

results by mirvac 21 february 2012

paGe 12

mpt — office hiGhliGhts

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high quality office portfolio delivering results

strong 1h12 like-for-like noi growth of 4.2%

occupancy[ 1] remains solid at 96.3% > committed 97.3%[ 2]

maintained robust wale[ 1] 6.0 year
delivered 1.7%[ 3] net valuation uplift for 1h12
secured first leasing deal for 42.0% of 8 chifley square

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

Lease expiry profile and variance to FY11 [ 1]
60% 58.8%
40
20
13.6%
7.0% 6.7% 7.1%
3.7% 3.1%
0
Vacant FY12 FY13 FY14 FY15 FY16 Beyond
+150bp -430bp -160bp -10bp +80bp +10bp +360bp
----- End of picture text -----

Office portfolio now 89.2%[ 4] Premium or A grade

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

100%
95
90 88.8% 88.7% 89.2%
86.0% 86.3%
85
80.0%
80
75
70
FY07 FY08 FY09 FY10 FY11 1H12
----- End of picture text -----

1) by area, excluding assets under development.
2) committed incorporates heads of agreement and executed leases as at 31 January 2012.
3) net gain on fair value of investment properties divided by closing fair value at 31 december 2011.
4) by book value.

results by mirvac 21 february 2012

paGe 13

case study 10-20 bond street, sydney

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mirvac’s integrated model working to deliver superior returns

16.7% project irr[ 1] $27.5m valuation uplift

Project details:

$60.0m office refurbishment repositioning to a grade
new premium services throughout including tri-generation and active chilled beam
successfully committed approximately 90% (34,508m[2] ) of building over 20 month project

Environmental credentials:

achieved 4 star Green star design rating
targeting 5.0 star nabers energy rating
previously unrated

~~Role of Mirvac as 50.0% owner~~ project related: > design manager > project (development) manager > builder > project leasing ongoing: > property manager > facilities manager	~~Top 5 tenants~~ origin energyservices limited 11.4% australian institute of companydirectors 10.1% the trust company 8.8% hudson Global resources(aust)ptyltd 8.2% Jws services 7.7%

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1) project irr is calculated for the period 1 January 2010 to 31 december 2011 and includes the booked valuation of $324.0m as at 31 december 2011 and incentives expensed during the period.

results by mirvac 21 february 2012

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mpt — retail hiGhliGhts

non-discretionary focused centres remain resilient > solid 1h12 like-for-like noi growth of 2.9% > increased occupancy to 99.2% 1 > delivered 0.9%[ 2] net valuation uplift for 1h12 > sustainable occupancy cost of 14.1%[ 3] 1 > maintained robust wale of 6.0 years

	Total Comparable Comparable MAT MAT growth MAT growth 1H12 1H12 1H11 Retail sales by category $m % % non-food majors 341.1 (1.6) (2.9) food majors 921.7 4.2 4.1 mini majors 227.3 (3.4) (2.2) specialties 736.6 1.0 (0.7) other retail 140.7 5.6 10.7 Total 2,367.4 1.7 1.2

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Domestic retail trade seasonally adjusted
(January 2005 = 100)
150 Food Non-food
140
130
120
110
100
90
2005 2006 2007 2008 2009 2010 2011
Source: ABS, Mirvac Food based
turnover
outperforming
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Retail category by annualised base rent[4]

Food based retailers = 36%

Food majors 14.5% Food catering 11.9% Food mini majors 3.0% Food retail 6.1% Non-food specialties 40.5% Non-food majors 10.4% Non-food mini majors 10.2% Other retail 3.4%

1) by area, excluding assets under development.
2) net gain on fair value of investment properties divided by closing fair value at 31 december 2011.
3) includes marketing levy. speciality occupancy cost excludes cbd centres (including cbd centres 14.9%).
4) includes turnover rent but excludes outgoings and marketing levy.

results by mirvac 21 february 2012

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development — 1h12 activity

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development division on track for 2014

FY12 target target 1,800 settlements build stronger pre-sales continue to improve gross margin

continue to improve residential development operating ebit[ 3]

Achieved in 1H12

on track with 849 residential lots settled $1,008.1m[ 1] in exchanged pre-sales contracts > 19.9% increase over 1h11 increased to 15.8% (1h11: 14.7%)[ 2] achieved a 5.7% increase on 1h11

Continued to improve gross margin

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20%
15.8%
14.2%
11.4%
10
0
FY10 FY11 1H12
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Pre-sales — Historic profile

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$1.2bn
$1.0
$0.8
$0.6
$0.4
$0.2
$0.0
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 1H12
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1) total exchanged pre-sales contracts as at 8 february 2012, adjusted for mirvac’s share of Jv’s, associates, and mirvac’s managed funds. total exchanged pre-sales contracts as at 31 december 2011 of $959.1m, adjusted for mirvac’s share of Jv’s, associates, and mirvac’s managed funds.
2) for further detail see page 34 of additional information.
3) excluding commercial and one off projects.

results by mirvac 21 february 2012

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development — 1h12 activity

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development division

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FY12 target Achieved in 1H12
englobo non-core sales program continued momentum with disposal of magenta shores, nsw and securing
unconditional exchange on the royal, newcastle, nsw (stages 1c & 2)
strategic acquisitions acquired 7,881 lots at Googong, nsw and clyde north, vic:
> profit recognition begins in fy13
> price point “on strategy”
> acquired on capital efficient terms
> key growth markets targeted
continue brand expansion to mid price point > 87.8% of 1h12 settlements at or below $1.0m
> 76.6% of exchanged contracts on hand have an average price below $1.0m
commercial development activity > sold 50.0% interest in hoxton distribution park, nsw
> sold 50.0% interest, secured first lease and commenced construction
of 8 chifley square [1] , nsw
> secured da for old treasury building, wa with works forecast
to commence 2h12 — 100% pre-leased to wa Government
Project update
beachside leighton, wa, stage 1 > $25.0m provision for loss on inventory taken
acquired august 2006 > 68 project lots
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1) agreement signed with corrs chambers westgarth to lease 42.0% of net lettable area for a term of 12 years.

results by mirvac 21 february 2012

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development — 2h12 outlook

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focused on forward visibility and de-risking

68.5% of 2h12 forecast development operating ebit[ 1] already secured > fy12 operating ebit overweight in stronger markets of nsw and vic

Forecast FY12 operating EBIT composition[ 1]

Masterplanned communities 67.5% Commercial 20.8% Apartments 11.7%

top 7 2h12 operating ebit[ 1] contributors

							% 2H12
		~~% 2H12~~	~~Mirvac’s~~			~~2H12~~	~~Operating EBIT~~
Project	Operating EBIT		interest	State	Type	lots	secured
Core projects
waverley park		8.6%	100.0%	vic	masterplanned communities	84	96.4%
middleton Grange		4.6%	100.0%	nsw	masterplanned communities	104	56.4%
mwrdp harcrest		2.9%	20.0%	vic	masterplanned communities	105	55.0%
mwrdp rhodes waterside		1.4%	20.0%	nsw	apartments	32	60.1%
laureate		1.2%	100.0%	vic	masterplanned communities	2	0.0%
Commercial projects
hoxton distribution park		29.4%	100.0%	nsw	commercial	—	100.0%
Previously impaired projects
endeavour house		11.6%	100.0%	nsw	masterplanned communities	55	100.0%

1) before overheads and selling and marketing costs.

results by mirvac 21 february 2012

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case study harold park, Glebe

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mirvac’s integrated model delivering speed to market

project details:

10.6ha site located in sydney’s inner west, approximately 2.5km from cbd
nsw state Government approved the harold park lep > planning consents
council assessing two residential precinct da’s
approximately 1,250 dwellings consisting of 1, 2, 3 bedroom apartments and terraces
over 35% of site to be dedicated as public open space
demolition commenced July 2011
construction of precinct 1 is anticipated to commence may 2012
11 months from acquisition to sales release

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precinct 1 sales update:

released to the market november 2011

current pre-sales over 55% by product and revenue

sales evenly distributed by product type and price point

over 30% of sales to repeat mirvac purchasers

environmental credentials:

buildings to exceed basix requirements by approximately 25%

Grey water re-used on site
energy-efficient fixtures and fittings incorporated
sun shading devices and green roofs providing positive heat load and thermal benefits

results by mirvac 21 february 2012

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riGht product, price and location

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residential development business strategic positioning

positioning towards mid price point in apartments and masterplanned communities

even split between apartments and masterplanned communities

development division product line organisational structure drives strategic positioning

Diversity of product pipeline[ 1]

Masterplanned communities 52.1% Apartments 47.9%

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Average price of Mirvac’s apartments [ 2]
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Average price of Mirvac’s masterplanned communities[ 2] (house and land)

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100%
100%
75%
75%
50%
50%
25% 25%
0% 0%
FY11 FY12 FY13 FY14 FY15 FY11 FY12 FY13 FY14 FY15
< $1.0m $1.0m — $3.0m > $3.0m < $200k $200k – $400k > $400k
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2) based on forecast future lot settlements and associated gross revenue.

1) based on mirvac share of forecast future revenue.

results by mirvac 21 february 2012

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riGht product, price and location

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forecast operating ebit by geographic location[ 1]

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FY14
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FY13

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NSW 31.4% NSW 80.4%
VIC 45.2% VIC 0.7%
QLD 17.3% QLD 13.7%
WA 6.1% WA 5.2%
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overweight in nsw and vic

overweight in nsw

elizabeth hills, nsw
era, chatswood, nsw (97.3% pre-sold)
rhodes pinnacle, nsw (47.6% pre-sold)
harold park precinct 1, nsw (55.4% pre-sold)
yarra’s edge river homes, vic (91.2% pre-sold)
8 chifley square, nsw (50% sold to k-reit asia)
yarra point, vic

FY15

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NSW 31.2%
VIC 19.0%
QLD 16.0%
WA 33.8%
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re-weighting to even distribution

increase exposure to resource driven states
(81.6% pre-sold)

1) based on existing development workbook.

results by mirvac 21 february 2012

paGe 21

development drivers to 2014

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development business forecast to deliver target roic by 2014

fy11

acquisitions:

harold park, nsw > eastern Golf course, vic

englobo non-core sales:

dianella, wa > tennyson reach (stages 3 to 5), qld 20% of fy14 ebit de-risked through exchanged pre-sales contracts

fy12

acquisitions of “on strategy” projects englobo non-core asset sales:

magenta shores, nsw the royal, newcastle, nsw[ 1] pre-sales targets achieved for various projects including harold park precinct 1, nsw part share sell down of commercial development: hoxton distribution park, nsw 8 chifley square, nsw

fy13

fast track projects due for completion: > park precinct waterfront, qld

yarra point, yarra’s edge, vic

englobo non-core asset sales completed under construction:

harold park precinct 1, nsw[ 2]
era, chatswood, nsw > 8 chifley square, nsw

new partners sought for projects

fy14

10-12% roic[ 3]

1) unconditionally exchanged.
2) demolition commenced.
3) excludes future acquisitions.

results by mirvac 21 february 2012

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summary & Guidance

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hoxton distribution park, hoxton park, sydney, nsw
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results by mirvac 21 february 2012

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summary

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business simplification largely complete quality portfolio delivering strong performance development remains on track for 2014 maintaining a robust capital position

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Defensive Active
core upside
$1,977.0m [ 2]
$5,850.1m [ 1]
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delivers across business cycles

1) by book value, including assets under development and indirect investments.
2) development division total inventories, investments and loans in associates and Jv’s as at 31 december 2011.

results by mirvac 21 february 2012

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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.

results by mirvac 21 february 2012

paGe 25

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 after tax. Operating profit after tax is profit before specific non-cash items and significant items. It is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac’s half year ended 31 December 2011 financial statements, which has been subject to review by its external auditors.

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.

results by mirvac 21 february 2012

paGe 26

by mirvac

275 kent street, sydney, nsw

by mirvac additional information

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21 february 2012

artist impression of harold park, Glebe, nsw

financial results

4 1h12 statutory to operating profit reconciliation
5 1h11 statutory to operating profit reconciliation
6 1h12 operating profit by segment 7 1h11 operating profit by segment 8 finance costs — note 4 statutory financial statement 9 mpt operating ebit
10 1h12 contributions to Growth 11 liquidity profile
12 debt and hedging profile

mirvac statutory income tax calculation

14 mirvac statutory income tax calculation

investment mpt

16 commercial market update
17 sector and Geographic diversification
18 mpt portfolio snapshot
19 top ten tenants by income
20 mpt weighted average cap rate
21 office snapshot
22 office metrics
23 retail snapshot
24 industrial snapshot
25 schedule of disposals
26 commercial development pipeline

development

28 development pipeline delivers diversification and visibility
29 residential market outlook
30 development 1h12 activity detail 31 development outlook fy13 – fy15
32 residential development — strategic acquisitions 33 diversification of residential lots/revenue

development (continued)

34 Gross development margin
35 development historical information (fy08 – 1h12)
36 development operating ebit reconciliation
37 mirvac buyer profile
38 Growing preference towards apartments
39 return to normalised performance by 2014
40 provisions
41 hypothetical profit making development project — treatment of capitalised costs
42 hypothetical provisioned development project — treatment of capitalised costs
43 pre-sales analysis
44 our markets
45 combining high + low density projects
46 residential development high density = apartments
47 residential development low density = masterplanned communities
48 mirvac’s development business
49 development risk management

hotel management

51 hotel asset sale
52 hotel asset sale
53 hotel management update
54 hotel management definitions

health safety and wellbeing

56 health safety and wellbeing

2h12 calendar

57 2h12 calendar

Glossary

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additional information by mirvac 21 february 2012

paGe 1

mirvac Group

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20 bond street, sydney, nsw

additional information by mirvac 21 february 2012

paGe 2

mirvac Group

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80%

operating npat through cycle target

Office > 58.7% investment – mpt retail > 27.5% invested capital > $5,850.1m[ 1] Other > 13.8%

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20% operating npat through cycle target
apartments > 50.3%
residential
tarGet 80.0%
development masterplanned cOmmunities > 49.7%
invested capital >
industrial > 77.4%
$1,977.0m [ 2]
commercial
Office > 21.8%
tarGet 20.0%
retail > 0.8%
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2) development division’s total inventories, investments and loans in associates and Jv’s as at 31 december 2011.

1) by book value, including assets under development and indirect investments.

additional information by mirvac 21 february 2012

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1h12 statutory to operatinG profit reconciliation

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								Total inc.
	Investment	Hotel	Investment					discontinued
December 2011	MPT $m	Management $m	Management $m	Development $m	Unallocated $m	Elimination $m	Tax $m	operations $m
proft/(loss) attributable to the stapled security holders of mirvac	242.0	8.5	(2.7)	(17.7)	(70.0)	(4.2)	20.7	176.6
specifc non-cash items
Net (gain)/loss on fair value of investment properties and owner-occupied
hotel management lots and freehold hotels	(74.6)	—	—	—	—	3.4	—	(71.2)
Net loss on fair value of IPUC	10.3	—	—	—	—	—	—	10.3
Net loss on fair value of derivative fnancial instruments and associated
foreign exchange movements	23.7	—	—	—	28.6	—	—	52.3
Security based payment expense	—	—	—	—	3.5	—	—	3.5
Depreciation of owner-occupied investment properties, hotels and
hotel management lots (including hotel property, plant and equipment)	—	1.0	—	0.3	—	3.3	—	4.6
Straight-lining of lease revenue	(6.9)	—	—	—	—	—	—	(6.9)
Amortisation of lease ftout incentives	6.2	—	—	—	—	(1.0)	—	5.2
Net loss on fair value of investment properties, derivatives and other specifc non-cash items included in share of net proft of associates	8.2	—	0.8	—	—	—	—	9.0
signifcant items
Impairment of loans	—	—	—	—	6.5	—	—	6.5
Provision for loss on inventories	—	—	—	25.0	—	—	—	25.0
Net (gain)/loss on sale of non-aligned assets	(1.0)	—	0.6	—	—	—	—	(0.4)
Business combination transaction costs	—	—	—	—	6.0	—	—	6.0
tax effect
Tax effect of non-cash items and signifcant items	—	—	—	—	—	—	(19.0)	(19.0)
Operating proft/(loss) (proft before specifc non-cash items and signifcant items)	207.9	9.5	(1.3)	7.6	(25.4)	1.5	1.7	201.5
Segment contribution	103.2%	4.7%	(0.6%)	3.8%	(12.6%)	0.7%	0.8%	100.0%
Add back NCI	—	—	—	—	—	—	—	—
Add back tax	—	—	—	—	—	—	(1.7)	(1.7)
Add back interest paid	21.1	0.7	9.8	28.9	5.3	(0.9)	—	64.9
Less interest revenue	(12.0)	(0.1)	(0.2)	—	(0.9)	0.4	—	(12.8)
earnings before interest and tax	217.0	10.1	8.3	36.5	(21.0)	1.0	—	251.9
Segment contribution	86.1%	4.0%	3.3%	14.5%	(8.3%)	0.4%	0.0%	100.0%

additional information by mirvac 21 february 2012

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1h11 statutory to operatinG profit reconciliation

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								Total inc.
	Investment	Hotel	Investment					discontinued
December 2010	MPT $m	Management $m	Management $m	Development $m	Unallocated $m	Elimination $m	Tax $m	operations $m
proft/(loss) after tax before nci	234.7	4.8	1.7	(199.4)	(52.7)	(5.9)	4.4	(12.4)
Less NCI	—	—	—	—	—	(0.3)	—	(0.3)
proft/(loss) attributable to the stapled security holders of mirvac	234.7	4.8	1.7	(199.4)	(52.7)	(6.2)	4.4	(12.7)
specifc non-cash items
Net (gain)/loss on fair value of investment properties and
owner-occupied hotel management lots and freehold hotels	(83.0)	0.1	—	—	—	6.8	—	(76.1)
Net loss on fair value of IPUC	48.1	—	—	—	—	—	—	48.1
Net (gain)/loss on fair value of derivative fnancial instruments
and associated foreign exchange movements	(14.7)	0.2	—	—	4.1	—	—	(10.4)
Security based payment expense	—	—	—	—	2.7	—	—	2.7
Depreciation of owner-occupied investment properties, hotels and
hotel management lots (including hotel property, plant and equipment)	—	0.8	—	0.3	—	2.9	—	4.0
Straight-lining of lease revenue	(7.6)	—	—	—	—	—	—	(7.6)
Amortisation of lease ftout incentives	6.2	—	—	—	—	(0.9)	—	5.3
Net (gain)/loss on fair value of investment properties, derivatives and other specifc non-cash items included in share of net loss of associates	(1.5)	—	0.7	(0.1)	(0.1)	—	—	(1.0)
signifcant items
Provision for loss on inventories	—	—	—	215.0	—	—	—	215.0
Business combination transaction costs	16.8	—	—	—	15.0	—	—	31.8
tax effect
Tax effect of non-cash items and signifcant items	—	—	—	—	—	—	1.0	1.0
Operating proft/(loss) (proft before specifc non-cash items and signifcant items)	199.0	5.9	2.4	15.8	(31.0)	2.6	5.4	200.1
Segment contribution	99.5%	2.9%	1.2%	7.9%	(15.5%)	1.3%	2.7%	100.0%
Add back NCI	—	—	—	—	—	0.3	—	0.3
Add back tax	—	—	—	—	—	—	(5.4)	(5.4)
Add back interest paid	17.5	—	8.6	25.6	5.8	(0.3)	—	57.2
Less interest revenue	(13.4)	(0.1)	(0.2)	(2.0)	(4.8)	0.4	—	(20.1)
earnings before interest and tax	203.1	5.8	10.8	39.4	(30.0)	3.0	—	232.1
Segment contribution	87.5%	2.5%	4.7%	17.0%	(13.0%)	1.3%	0.0%	100.0%

additional information by mirvac 21 february 2012

paGe 5

1h12 operatinG profit by seGment

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							Total inc.
Investment		Hotel	Investment				discontinued	Discontinued
December 2011	MPT $m	Management $m	Management $m	Development $m	Unallocated $m	Elimination $m	operations $m	operations $m	Total $m
revenue from continuing operations
Investment properties rental revenue	269.4	—	2.4	—	—	(0.6)	271.2	—	271.2
Hotel operating revenue	—	87.1	—	—	—	—	87.1	(87.1)	—
Investment management fee revenue	—	—	7.6	—	—	0.1	7.7	(2.0)	5.7
Development and construction revenue	—	—	—	370.1	—	—	370.1	—	370.1
Development management fee revenue	—	—	—	10.4	—	3.3	13.7	(0.9)	12.8
Interest revenue	12.0	0.1	1.5	3.1	2.0	(0.4)	18.3	(0.1)	18.2
Dividend and distribution revenue	1.2	—	—	—	—	—	1.2	—	1.2
Other revenue	0.9	0.3	1.5	3.9	1.0	(0.9)	6.7	(0.3)	6.4
Inter-segment sales	27.7	0.1	7.3	1.1	—	(36.2)	—	—	—
total revenue from continuing operations	311.2	87.6	20.3	388.6	3.0	(34.7)	776.0	(90.4)	685.6
Other income
Net gain on fair value of investment properties and owner-occupied hotel management lots and freehold hotels Share of net proft of associates and joint ventures accounted for using the equity method Gain on fnancial instruments	— 14.7 —	— — —	— 2.5 —	— 2.8 —	— 0.2 —	— — —	— 20.2 —	— (14.7) —	— 5.5 —
Netgain on sale of investmentproperties	—	—	—	—	—	—	—	—	—
total other income	14.7	—	2.5	2.8	0.2	—	20.2	(14.7)	5.5
total revenue from continuing operations and other income	325.9	87.6	22.8	391.4	3.2	(34.7)	796.2	(105.1)	691.1
Net loss on fair value on IPUC	—	—	—	—	—	—	—	—	—
Foreign exchange loss	—	—	—	—	—	—	—	—	—
Net loss on sale of investments	—	—	—	—	—	—	—	—	—
Net loss on sale of property, plant and equipment	—	—	—	0.2	0.1	—	0.3	—	0.3
Investment properties expenses	66.3	—	1.5	—	—	(6.2)	61.6	—	61.6
Hotel operating expenses	—	27.7	—	0.4	—	(0.9)	27.2	(26.8)	0.4
Cost of property development and construction Employee benefts expenses	— —	— 39.7	— 8.8	322.8 8.1	— 16.2	— 0.5	322.8 73.3	— (40.0)	322.8 33.3
Depreciation and amortisation expenses	3.1	1.5	0.1	1.2	0.7	—	6.6	(1.6)	5.0
Impairment of loans	—	—	0.9	—	—	—	0.9	—	0.9
Finance costs	45.3	0.7	9.8	28.9	5.3	(25.1)	64.9	—	64.9
Loss on fnancial instruments	—	—	—	—	—	—	—	—	—
Selling and marketing expenses	—	5.0	0.3	14.7	0.1	—	20.1	(5.0)	15.1
Provision for loss on inventories	—	—	—	—	—	—	—	—	—
Business combination transaction costs	—	—	—	—	—	—	—	—	—
Other expenses	3.3	3.5	2.7	7.5	6.2	(4.5)	18.7	(3.5)	15.2
Operating proft/(loss) from continuing operations before income tax	207.9	9.5	(1.3)	7.6	(25.4)	1.5	199.8	(28.2)	171.6
Income tax beneft							1.7	1.7	3.4
Operating proft from continuing operations							201.5	(26.5)	175.0
Operating proft from discontinued operations							—	26.5	26.5
Operating proft attributable to the stapled securityholders of mirvac							201.5	—	201.5

additional information by mirvac 21 february 2012

paGe 6

1h11 operatinG profit by seGment

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							Total inc.
Investment		Hotel	Investment				discontinued	Discontinued
December 2010	MPT $m	Management $m	Management $m	Development $m	Unallocated $m	Elimination $m	operations $m	operations $m	Total $m
revenue from continuing operations
Investment properties rental revenue	258.8	—	2.3	—	—	(1.6)	259.5	—	259.5
Hotel operating revenue	—	83.1	—	—	—	—	83.1	(83.1)	—
Investment management fee revenue	—	—	10.7	—	—	(0.9)	9.8	(1.8)	8.0
Development and construction revenue	—	—	—	453.7	—	1.2	454.9	—	454.9
Development management fee revenue	—	—	—	9.3	—	0.7	10.0	(0.5)	9.5
Interest revenue	13.4	0.1	2.6	3.6	4.8	(0.2)	24.3	(0.1)	24.2
Dividend and distribution revenue	0.5	—	—	—	—	(0.2)	0.3	—	0.3
Other revenue	—	0.3	1.9	4.5	1.0	—	7.7	(0.3)	7.4
Inter-segment sales	25.2	—	8.5	17.7	0.3	(51.7)	—	—	—
total revenue from continuing operations	297.9	83.5	26.0	488.8	6.1	(52.7)	849.6	(85.8)	763.8
Other income
Net gain/(loss) on fair value of investment properties and owner-occupied hotel management lots and freehold hotels Share of net proft/(loss) of associates and joint ventures accounted for using the equity method Gain on fnancial instruments	— 13.8 —	— — —	— 0.8 —	— 0.2 —	— 0.1 —	— (0.4) —	— 14.5 —	— (13.9) —	— 0.6 —
Foreign exchange gain/(loss)	—	—	—	—	—	—	—	—	—
Netgain/(loss)on sale of investments	—	—	3.1	—	(1.6)	—	1.5	—	1.5
total other income	13.8	—	3.9	0.2	(1.5)	(0.4)	16.0	(13.9)	2.1
total revenue from continuing operations and other income	311.7	83.5	29.9	489.0	4.6	(53.1)	865.6	(99.7)	765.9
Net loss from fair value adjustments on IPUC	—	—	—	—	—	—	—	—	—
Net loss on sale of investment properties	0.7	—	—	—	—	—	0.7	—	0.7
Net loss on sale of property, plant and equipment	—	0.7	—	—	—	—	0.7	(0.7)	—
Investment properties expenses	62.5	—	1.6	—	—	(6.0)	58.1	—	58.1
Hotel operating expenses	—	26.3	—	0.3	—	(1.0)	25.6	(25.3)	0.3
Cost of property development and construction Employee benefts expenses	— —	— 40.0	— 10.3	419.0 8.9	— 16.6	(16.9) 0.7	402.1 76.5	— (40.6)	402.1 35.9
Depreciation and amortisation expenses	2.4	1.6	0.1	1.2	1.0	0.1	6.4	(1.6)	4.8
Impairment of loans	—	—	0.6	—	—	—	0.6	—	0.6
Finance costs	42.7	—	8.6	25.6	5.8	(25.5)	57.2	—	57.2
Loss on fnancial instruments	—	—	—	—	—	—	—	—	—
Selling and marketing expenses	—	5.2	0.3	10.6	—	—	16.1	(5.2)	10.9
Provision for loss on inventories	—	—	—	—	—	—	—	—	—
Business combination transaction costs	—	—	—	—	—	—	—	—	—
Other expenses	4.4	3.8	6.0	7.6	12.2	(7.4)	26.6	(3.7)	22.9
Operating proft/(loss) from continuing operations before income tax	199.0	5.9	2.4	15.8	(31.0)	2.9	195.0	(22.6)	172.4
Income tax beneft							5.4	2.3	7.7
Operating proft from continuing operations Operating proft from discontinued operations							200.4 —	(20.3) 20.3	180.1 20.3
Operating proft attributable to NCI							(0.3)	—	(0.3)
Operating proft attributable to the stapled securityholders of mirvac							200.1	—	200.1

additional information by mirvac 21 february 2012

paGe 7

finance costs – note 4 statutory financial statement

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	~~1h12 $~~ ~~1h11 $~~
	~~(m)~~ ~~(m)~~ interest and fnance chargespaid/payable net ofprovision release 90.6 79.7
	amount capitalised (46.0) (45.6)
	interest capitalised in current and prior periods expensed in thisperiod net ofprovision release 18.6 22.3
	borrowingcosts amortised 1.7 0.8
	total fnance costs 64.9 57.2

additional information by mirvac 21 february 2012

paGe 8

mpt operatinG ebit

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	~~dtild bkd f mpt ti ebit~~ ~~1h12 $~~ ~~1h11 $~~
	~~eae reaown o operang~~ ~~(m)~~ ~~(m)~~ net property income 1 offce 122.9 109.0 industrial 14.9 15.3 retail 60.7 65.3 other 5.1 4.3
	total netproperty income 203.6 193.9
	investment income2 15.9 14.3
	Other income other income 0.9 (0.7)
	overhead expenses (3.4) (4.4)
	total mpt operating eBit 217.0 203.1

2) includes income from indirect property investments.

1) excludes straightline of lease revenue and amortisation of lease fitout incentives.

additional information by mirvac 21 february 2012

paGe 9

1h12 contributions to Growth

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1H11 to 1H12 segmented operating EBIT growth

$260m

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

$9.0m ($2.0m)
$251.9m
250 $4.3m ($2.5m) ($2.9m)
$13.9m
240
$232.1m
230
220
1H11 Investment Hotel Investment Development Unallocated Elimination 1H12
MPT Management Management
----- End of picture text -----

1H11 to 1H12 segmented operating profit growth

$220m

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

$3.6m ($3.7m)
210 $8.9m ($8.2m)
$5.6m ($1.1m)
($3.7m)
$201.5m
200 $200.1m
190
1H11 Investment Hotel Investment Development Unallocated Elimination Tax 1H12
MPT Management Management
----- End of picture text -----

additional information by mirvac 21 february 2012

paGe 10

liquidity profile

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	facility limits drawn amount available liquidity as at 31 december 2011 ($m) ($m) ($m) total facilities $2,818.01 $2,365.31 $452.7 total $2,818.0 $2,365.3 $452.7 cash on hand 31 december 2011 $44.12 total liquidity 31 december 2011 $496.8 less facilities maturing< 12 months $0.0 funding headroom $496.8

1) based on hedged rate not carrying value. 2) includes cash classified as assets held for sale.

additional information by mirvac 21 february 2012

paGe 11

debt and hedGinG profile

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1h12 breakdown of debt maturities

1H12 hedging and fixed interest profile[ 1]

	total amount issue / source maturity date $m bank facilities January 2013 140.0 bank facilities January 2014 530.0 bank facilities november 2014 150.0 bank facilities January 2015 530.0 mtn iii march 2015 200.0 bank facilities January 2016 530.0 mtn iv september 2016 225.0 uspp november 2016 378.82 uspp november 2018 134.12 total 2,818.0

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

$2,000m Fixed Options Swaps Rate
1,500
1,000
5.82%
5.66% 5.67% 5.67% 5.67% 5.70%
500
0
1H12 FY12 FY13 FY14 FY15 FY16
----- End of picture text -----

Debt sources

Syndicated loans and bank facilities 60.3% MTN 18.0% USPP 21.7%

1) includes bank callable swaps and a swaption. 2) based on hedged rate not carrying value.

additional information by mirvac 21 february 2012

paGe 12

mirvac statutory income tax calculation

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

artist impression of harold park, Glebe, nsw
----- End of picture text -----

additional information by mirvac 21 february 2012

paGe 13

mirvac statutory income tax calculation

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	~~continuing operations~~ ~~1h12 ($m)~~ proft before tax 143.2 less: trust proft (233.4) add intergroupeliminations 7.5 corporation loss before tax (82.7) net add back non-deductable expenses and non-assessable income 8.8 corporation adjusted taxable loss (73.9) tax beneft at 30% 22.2 effective tax rate 27%

additional information by mirvac 21 february 2012

paGe 14

investment — mpt

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==> picture [664 x 385] intentionally omitted <==

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

275 kent st, sydney, nsw
----- End of picture text -----

additional information by mirvac 21 february 2012

paGe 15

commercial market update

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office

weighting fy12 medium term forecast

58.7%[ 1]

office markets continue to benefit from falling vacancy rates, limited supply, positive net absorption, prime gross face rental growth and stable investment yields. whilst volatility in financial markets and the european debt crisis continue to impact on business confidence and muted white collar employment growth, the low level of construction activity underpins continuing low vacancy rates.

retail

weighting fy12 medium term forecast

27.5%[ 1]

the outlook for the retail sector remains subdued. the labour market has softened and consumers have continued to pare back on discretionary spending. the easing in monetary policy will boost spending, although the resource states are likely to be the main spending beneficiaries. although vacancy rates are likely to remain stable, rental growth is likely to moderate.

industrial

weighting fy12 medium term forecast

6.8%[ 1]

the industrial sector ended the year on a subdued rent and demand note. however, new supply was also muted, leading to expectations for moderate rental growth.

1) by book value, including assets under development and indirect investments.

additional information by mirvac 21 february 2012

paGe 16

sector and GeoGraphic diversification

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Sector diversification[ 1]

LPT/		4.8%						1H12
unlisted funds		4.1%						1H11
	1.7%
Other	1.7%
				27.7%
Retail				30.6%
		6.8%
Industrial		6.5%
							59.0%
Office							57.1%
	0%	10%	20%	30%	40%	50%	60%	70%

Geographic diversification[ 2]

		0.5%									1H12
USA		0.6%									1H11
		0.3%
SA		0.3%
			8.2%
ACT			8.3%
				13.8%
QLD				14.1%
				14.5%
VIC				15.3%
										62.7%
NSW									61.4%
	0%		10%	20%	30%	40%	50%	60%			70%

1) by book value, excluding assets under development.
2) by book value, excluding assets under development and indirect investments.

additional information by mirvac 21 february 2012

paGe 17

mpt portfolio snapshot

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~~1h12~~
~~1h11~~
properties owned1
67
70
nla
1,313,194sqm
1,337,501sqm
book value2
$5,850.1m
$5,384.3m
wacr
7.49%
7.56%
netpropertyincome3
$220.5m
$208.2m
like-for-like noigrowth
3.3%
4.2%
maintenance capex
$19.1m
$9.3m
cash tenant incentives
$4.9m
$5.8m
occupancy4
96.4%
98.2%
nla leased
70,983sqm
52,526sqm
% ofportfolio nla leased
5.4%
3.9%
no. tenant reviews
937
986
tenant rent reviews(area)
477,163sqm
554,814sqm
wale(area)4
5.9yrs
6.2yrs
wale(income)5
5.4yrs
5.9yrs

MPT — lease expiry profile and variance to FY11[ 4]

60%
							56.1%
50
40
30
20
10			8.3%	8.9%	8.6%	11.1%
0	3.6%	3.4%
	Vacant	FY12	FY13	FY14	FY15	FY16	Beyond
	+170bp	-360bp	-50bp	-190bp	+10bp	-10bp	+450bp

1) includes car parks and a hotel.
2) including assets under development and indirect investments.
3) includes income from indirect investments.
4) by area, excluding assets under development.
5) by income, excluding assets under development.

additional information by mirvac 21 february 2012

paGe 18

top ten tenants by income

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office

~~rank tenant~~
~~percentage 1 s&prating~~
1
westpac bankingcorporation/st George
19.4%
aa-
2
Government
15.8%
aaa
3
woolworths limited
5.7%
a-
4
fairfax media limited
3.8%
bb+
5
ibm australia limited
3.0%
a+
6
Gm holden limited
2.4%
bb+
7
uGl limited
2.2%
none
8
origin energyservices limited
1.9%
bbb+
9
Genworth financial
1.4%
aa-
10
suncorpcorporate services
1.3%
a+
total top 10 tenants
56.9% 3

retail

~~rank tenant~~
~~percentage 2 s&prating~~
1
wesfarmers limited - coles
13.3%
a-
2
woolworths limited
10.1%
a-
3
the reject shoplimited
1.3%
none
4
Government
1.2%
aaa
5
westpac bankingcorporation - st George
1.1%
aa-
6
sussan Group
1.0%
none
7
specialtyfashion Grouplimited
1.0%
none
8
cotton on Group
0.9%
none
9
Just Group
0.9%
none
10
terrywhite chemist
0.9%
none
total top 10 tenants
31.7%

1) percentage of gross office portfolio income.
2) percentage of gross retail portfolio income.
3) excludes mirvac tenancy.

additional information by mirvac 21 february 2012

paGe 19

mpt weiGhted averaGe cap rate

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==> picture [512 x 278] intentionally omitted <==

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

9%
8 7.88% 7.74%
7.55% 7.56% [1] 7.55% [ 1] 7.49%
7 7.01%
6
5
4
3
2
1
0
1H09 FY09 1H10 FY10 1H11 FY11 1H12
----- End of picture text -----

1) excludes 10–20 bond street, sydney, nsw.

additional information by mirvac 21 february 2012

paGe 20

office snapshot

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~~1h12~~
~~1h11~~
properties owned
29
29
nla
638,268sqm
603,648sqm
book value
$3,431.3m
$3,211.2m
wacr
7.45%
7.50%
netpropertyincome
$124.3m
$109.0m
like-for-like noigrowth
4.2%
4.0%
maintenance capex
$7.5m
$5.4m
cash tenant incentives
$2.9m
$2.5m
occupancy1
96.3%
98.0%
nla leased2
42,590sqm
25,078sqm
% ofportfolio nla leased2
6.7%
4.2%
no. tenant reviews
269
287
tenant rent reviews(area)
311,509sqm
317,093sqm
wale(area)1
6.0yrs
6.7yrs
wale(income)3
5.9yrs
6.5yrs

Office lease expiry profile and variance to FY11[ 1]

60%						58.8%
50
40
30
20
					13.6%
10		7.0%	6.7%	7.1%
0 3.7%	3.1%
Vacant	FY12	FY13	FY14	FY15	FY16	Beyond
+150bp	-430bp	-160bp	-10bp	+80bp	+10bp	+360bp

Office diversification by grade[ 4]

==> picture [142 x 142] intentionally omitted <==

Premium grade 27.2% A grade 62.0% B grade 10.0% C grade 0.8%

1) by area, excluding assets under development.
2) by area, including signed leases at 10-20 bond street (based on 50% ownership).
3) by income, excluding assets under development.
4) by book value, as at 31 december 2011. excludes development assets and indirect property investments.

additional information by mirvac 21 february 2012

paGe 21

office metrics

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Book value
average passing
december 2011
Occupancy 1
gross rent
no. of assets
$m
december 2011
$ per sqm
nsW
14
2,331.4
97.2%
607.0
north sydney
2
270.0
100.0%
684.8
sydney cbd
6
1,227.4
95.4%
746.2
sydney fringe
2
278.5
100.0%
559.0
norwest
1
250.7
100.0%
442.8
homebush/rhodes
2
201.8
92.5%
394.5
parramatta
1
103.0
100.0%
306.0
Vic
4
448.1
96.2%
406.8
melbourne cbd
1
155.0
90.6%
434.5
st kilda road
1
106.9
94.8%
396.9
east melbourne
2
186.2
100.0%
396.5
act
5
407.3
98.5%
411.6
canberra
5
407.3
98.5%
411.6
Qld
5
226.6
92.4%
445.2
brisbane cbd
1
59.7
83.4%
551.0
brisbane ‘near city’
4
166.9
95.7%
407.1
sa
1
17.9
100.0%
358.3
adelaide fringe
1
17.9
100.0%
358.3
total
29
3,431.3
96.3%
533.7

1) by area, excluding assets under development.

additional information by mirvac 21 february 2012

paGe 22

retail snapshot

~~1h12~~
~~1h11~~
properties owned
19
23
nla
391,327sqm
474,035sqm
book value
$1,610.1m
$1,716.5m
wacr
7.29%
7.45%
netpropertyincome
$60.7m
$65.3m
like-for-like noigrowth
2.9%
5.4%
maintenance capex
$11.3m
$3.5m
cash tenant incentives
$2.2m
$3.2m
occupancy1
99.2%
98.9%
nla leased
22,782sqm
27,448sqm
% ofportfolio nla leased
5.8%
5.8%
no. tenant reviews
656
690
tenant rent reviews(area)
99,271sqm
150,931sqm
wale(area)1
6.0yrs
6.4yrs
wale(income)2
4.4yrs
4.9yrs
specialtyoccupancycost
14.9%
13.4%
specialtyoccupancycost excludingcbd centres
14.1%
12.6%
total comparable matgrowth
1.7%
1.2%
specialties comparable matgrowth
1.0%
(0.7%)

1) by area, excluding assets under development.
2) by income, excluding assets under development.

==> picture [68 x 49] intentionally omitted <==

Retail lease expiry profile and variance to FY11[ 1]

60%
50						51.7%
40
30
20
10		10.0%	9.7%	10.6%	12.1%
	5.1%
0 0.8%
Vacant	FY12	FY13	FY14	FY15	FY16	Beyond
-20bp	-430bp	+10bp	-70bp	0.0bp	+10bp	+500bp

Retail diversification by grade[ 3]

==> picture [136 x 137] intentionally omitted <==

Sub regional 78.5% CBD retail 10.0% Neighbourhood 7.8% Bulky goods centre 3.7%

3) by book value, excluding assets under development and indirect property investments.

additional information by mirvac 21 february 2012

paGe 23

industrial snapshot

~~1h12~~
~~1h11~~
properties owned
15
14
nla
283,202sqm
259,818sqm
book value
$396.6m
$363.9m
wacr
8.37%
8.38%
netpropertyincome
$15.0m
$15.3m
like-for-like noigrowth
(5.4%)
3.2%
maintenance capex
$0.2m
$0.4m
cash tenant incentives
$0.0m
$0.1m
occupancy1
92.7%
97.4%
nla leased
5,612sqm
0
% ofportfolio nla leased
2.0%
0.0%
no. tenant reviews
12
9
tenant rent reviews(area)
66,383sqm
86,790sqm
wale(area)1
5.7yrs
4.9yrs
wale(income)2
5.4yrs
5.3yrs

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Industrial lease expiry profile and variance to FY11[ 1]

==> picture [299 x 175] intentionally omitted <==

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

60%
55.6%
50
40
30
20
13.0%
10 7.3% 8.9% 9.1%
4.2%
1.9%
0
Vacant FY12 FY13 FY14 FY15 FY16 Beyond
+450bp -20bp +100bp -800bp -80bp -60bp +410bp
----- End of picture text -----

2) by income, excluding assets under development.

1) by area, excluding assets under development.

additional information by mirvac 21 february 2012

paGe 24

schedule of disposals

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previous
Gross
proceeds
actual
~~book value~~
~~sale price~~
~~above book~~
~~settlement~~
property
state
sector
status
$m
$m
value $m
date
ballina central,ballina
nsw
retail
settled
28.0
29.0
1.0
september 11
taree citycentre,taree
nsw
retail
settled
53.0
53.5
0.5
october 11
peninsula homemaker
centre,mornington
vic
retail
settled
44.0
44.5
0.5
november 11
total 1h12
125.0
127.0
2.0

additional information by mirvac 21 february 2012

paGe 25

commercial development pipeline[ 1]

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$1.4bn commercial development pipeline to be undertaken in-house by mirvac

Active	Project	Type	Status		FY13	FY14		FY15	FY16+
✔	Hoxton Distribution Park, Hoxton Park, NSW (100%)	Industrial	100% pre-leased	$17m, 8.01% Jun 10 to Mar	12
✔	8 Chifley Square, Sydney, NSW (50% with K-REIT Asia)	Office	Re-development commenced			$114m 2, 7.34% Sep 10 to Jul 13
	Stanhope Village,					$21m
	Stanhope Gardens, NSW (100%)	Retail				Jun 12		to Dec 13
	Orion Town Centre,					$67m
	Springfield, QLD (100%)	Retail				Jul	12 to Dec 13
	664 Collins Street,								$195m
	Melbourne, VIC (100%)	Office							May 13 to Jul 15
	Kawana Shoppingworld,							$75m
	Buddina, QLD (100%)	Retail						Jul 12 to Jun 14
	1 Woolworths Way,							$95m
	Norwest, NSW (100%)	Office						Jan 13 to Jun 15
	Old Treasury Building,						$350m
	Perth, WA (100%)	Office					Mar 12 to Mar 15
	190-200 George Street,								$495m
	Sydney, NSW (100%)	Office							Jul 13 to May 16

1) forecast costs to complete, including interest.

2) figure represents mpt’s share of future contributions to mirvac 8 chifley trust.

additional information by mirvac 21 february 2012

paGe 26

development

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==> picture [664 x 385] intentionally omitted <==

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

artist impression of harold park, Glebe, nsw
----- End of picture text -----

additional information by mirvac 21 february 2012

paGe 27

development pipeline delivers diversification and visibility

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diversification and	visibility
	proft recognitionprofle 1 fY12 fY13 fY14 fY15 fY16 project status key
project stage Ownership
commercial projects currently marketing part share sell down of commercial projects hoxton distribution park,nsw2 50% 8 chifeysquare,sydney,nsw 50% old treasurybuilding,wa 100% 664 collins street,vic 100% 190-200 George street,nsw 100% residential projects – apartments rhodes waterside,nsw elinya 20% rhodes waterside,nsw water’s edge 20% waterfront newstead,qld park precinct 100% yarra’s edge,vic yarra point 100% rhodes waterside,nsw pinnacle 20% chatswood,nsw era 100% harold park,nsw precinct 1 100% townsville,qld mariner’s peninsula 100% harold park,nsw precinct 2 100% hamilton,qld stages 1 to 3 100% yarra’s edge,vic array (previouslytower 6/7) 100% residential projects – masterplanned communities endeavour house,nsw all stages 100% yarra’s edge,vic river homes(stage 2,3 & 4) 100% middleton Grange,nsw all stages 100% elizabeth hills,nsw all stages pda Jane brook,wa all stages 100% Gainsborough Greens,qld precincts 1 to 7 100% waverleypark,vic all stages 100% harcrest,vic all stages 20% Googong,nsw stage 1 & 2 50% eastern Golf club,vic3 all stages 100% rockbank,vic stage 1 50% clyde north,vic stage 1 100% settlements have commenced marketing under construction planning active under negotiation 107 lots 109 lots 114 lots 35 lots 102 lots 363 lots 201 lots 651 lots 231 lots 204 lots 295 lots 1,035 lots 296 lots 452 lots 86 lots 789 lots 164 lots 1,248 lots 546 lots 128 lots 205 lots 572 lots 210 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. settlement expected 2h12.

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

additional information by mirvac 21 february 2012

paGe 28

residential market outlook

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the fundamentals underpinning the housing sector are improving. population growth is starting to pick up while, the combination of declining property prices, rising incomes and lower borrowing costs, has resulted in an improvement in housing affordability. the changing preference of new migrants and the aging of the population, suggest the growing preference towards medium density living will continue.

nsw

weighting fy12 medium term nsw housing approvals have increased strongly over the past 18 months; dominated by medium density dwellings. forecast in spite of this improvement in supply, there remains a significant dwelling shortfall which is reflected in low vacancy 34.3%[ 1] rates and rising rental growth. strong underlying demand for accommodation, in conjunction with a recovery in population growth, should ensure a further improvement in the housing market, with the bias remaining towards medium density dwellings. vic weighting fy12 medium term after a period of buoyancy, the victorian property market has become more subdued, with volumes slowing and forecast prices falling back. with the national economy continuing to accommodate the resources boom and, with it, the 26.8%[ 1] elevated domestic currency, the victorian property market is likely to underperform the other main states in the short term. qld weighting fy12 medium term the queensland residential property market has been adversely affected by the rising australian dollar, weak forecast economic conditions and a slowing in population growth. even though conditions in the short term are likely to keep 25.7%[ 1] the housing market subdued, longer term prospects are favourable. the unfolding resources boom and a recovery in population growth should stimulate a recovery in the residential property market in the medium term. wa weighting fy12 medium term the wa residential property market remains restrained, with the mild recovery in medium density dwelling forecast construction being offset by weaker construction of detached houses. property prices in perth are showing signs of 13.2%[ 1] stabilisation. even though the short-term prospects for the wa residential housing market remain uninspiring, the unfolding resources boom should herald both stronger dwelling demand and prices.

1) forecast revenue from lots under control at 31 december 2011, adjusted for mirvac’s share of Jv, associates and mirvac’s managed funds.

additional information by mirvac 21 february 2012

paGe 29

development 1h12 activity detail

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849 lot settlements consisting of:

	~~total~~ ~~apartments~~ ~~masterplanned communities~~ settlement bylots lots % lots % lots % nsw 610 71.8% 206 24.2% 404 47.6% vic 136 16.0% — — 136 16.0% wa 67 8.0% 10 1.3% 57 6.7% qld 36 4.2% 10 1.1% 26 3.1% total 849 100.0% 226 26.6% 623 73.4%

1H12 lot breakdown

NSW 71.8% VIC 16.0% QLD 4.2% WA 8.0%

Masterplanned communities 73.4% Apartments 26.6%

100% Mirvac inventory 56.9% MWRDP 34.5% DA 5.9% JVs and associates 0.8% Development funds 1.9%

additional information by mirvac 21 february 2012

paGe 30

development outlook fy13–fy15

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$1,008.1m[1] of exchanged residential pre-sales contracts

settlement
lots
revenue
released division project
stage
status
Ownership
commences
lots
pre-sold
$m 2
✔
vic
yarra’s edge river homes
stage 3 & 4
under construction
100%
fy13
34
91.2%
100.9
✔
vic
yarra’s edge towers
yarra point
under construction
100%
fy13
201
81.6%
192.1
✔
qld
waterfront newstead
park precinct
under construction
100%
fy13
102
36.3%
107.0
✔
qld
townsville
mariner’s peninsula
marketing
100%
fy14
86
27.9%
100.5
✔
nsw
chatswood
era
under construction
100%
fy14
295
97.3%
307.7
✔
nsw
rhodes
pinnacle
under construction
20%
fy14
231
47.6%
33.9
✔
nsw
harold park
precinct 1
under construction
100%
fy14
296
55.4%
259.6
✔
qld
hamilton
stage 1
marketing
100%
fy15
263
0.0%
148.5
nsw
Googong
stage 1 (neighbourhood 1a)
planning
50%
fy13
337
0.0%
41.6
vic
yarra’s edge towers
array(formerlytower 6/7)
marketing
100%
fy15
205
0.0%
218.3
total
2,050
54.4%3
1,510.1

Reconciliation of movement in exchanged pre-sales contracts to FY11

Forecast settlement of exchanged pre-sales contracts

==> picture [481 x 114] intentionally omitted <==

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

$1,250m $470m
$421m
$980.3m $310.6m $338.4m $1,008.1m
1,000
$302m
$272m $287m
750 $236m
500
250
30 Jun 11 Settled [ 4] Net sales 8 Feb 12 FY12 FY13 FY14+
As at 30 Jun 2011 As at 8 Feb 2012
----- End of picture text -----

46.6% of pre-sales on hand relate to fy14 and later

1) total exchanged contracts as at 8 february 2012, adjusted for mirvac’s share of Jv’s, associates, and mirvac’s managed funds.
2) mirvac’s share of forecast gross revenue, adjusted for Jv interest, associates and mirvac managed funds.
3) percentage pre sold as at 8 february 2012 for projects that have been released.
4) represents gross settlement revenue adjusted for mirvac’s share of Jv’s, associates, and mirvac’s managed funds.

additional information by mirvac 21 february 2012

paGe 31

residential development — strateGic acquisitions

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acquired 7,881 lots in 1h12

key growth markets targeted

profit recognition profile both near and medium term

price points “on strategy ”

all acquisitions completed under capital efficient structures

	Googong, nsw clyde north, vic acquisitions (50% mGr owned) (100% mGr owned) lots 5,774 2,107 market masterplanned communities masterplanned communities firstproft recognition fy13 fy15 averagepricepoint $250k $250k deferred payment structure Jv terms,on balance sheet mGr share ofgross revenue $872.6m $466.0m

additional information by mirvac 21 february 2012

paGe 32

diversification of residential lots/revenue

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28,436 lots under control

Lots by structure

Mirvac share of forecast revenue by state

100% Mirvac inventory 39.3% NSW 34.3% MWRDP 6.8% VIC 26.8% PDA’s 10.3% QLD 25.7% JV’s & associates 42.1% WA 13.2% Development funds 1.5%

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Average price of lots under control

Apartments

Masterplanned communities

==> picture [53 x 25] intentionally omitted <==

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

< $1m 57.8%
$1m — $3m 39.7%
> $3m 2.5%
----- End of picture text -----

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

< $200k 27.6%
$200k — $400k 62.6%
> $400k 9.8%
----- End of picture text -----

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==> picture [137 x 119] intentionally omitted <==

additional information by mirvac 21 february 2012

paGe 33

Gross development marGin

==> picture [68 x 49] intentionally omitted <==

development
cost of property
Gross
Gross
and construction
development and
development
development
revenue
construction
margin
margin
$m
$m
$m
%
1h12
adjusted for zero margin settlements
120.3
(97.8)
22.5
18.7
commercialprojects
0.0
0.0
provisionprojects
179.3
(154.5)
adjusted
299.6
(252.3)
47.3
15.8
cost recoveryactivities
70.5
(70.5)
mirvac consolidated statement of comprehensive income
370.1 1
(322.8) 2
47.3
12.8
1h11
adjusted for zero margin settlements
273.8
(227.5)
46.3
16.9
commercialprojects
26.1
(21.2)
provisionprojects
50.0
(49.6)
adjusted
349.9
(298.3)
51.6
14.7
cost recoveryactivities
105.0
(103.8)
mirvac consolidated statement of comprehensive income
454.9
(402.1)
52.8
11.6

1) total development and construction revenue — see page 6 of additional information
2) total cost of property development and construction — see page 6 of additional information

additional information by mirvac 21 february 2012

paGe 34

development historical information (fy08 – 1h12)

==> picture [68 x 49] intentionally omitted <==

	~~1h12~~ ~~fY11~~ ~~fY10~~ ~~fY09~~ ~~fY08~~ development and construction revenue ($m) 370.1 958.1 862.2 1,090.8 1,180.5 Gross margin 15.8% 14.2% 11.4% 16.5% 21.9% Gross residential margin (excludingzero margin) 18.7% 17.9% 17.6% 20.5% 21.9% ebit ($m) 36.5 86.7 51.3 75.1 218.6 operating proft (proft before non-cash and signifcant items) ($m) 7.6 34.0 20.1 29.1 154.1

	1h12 fY11 fY10 fY09 fY08 settlements lots lots lots lots lots > apartments 226 230 636 406 466 > masterplanned communities 623 1,494 1,169 1,168 1,623 lots settled 849 1,724 1,805 1,574 2,089

additional information by mirvac 21 february 2012

paGe 35

development operatinG ebit reconciliation

==> picture [68 x 49] intentionally omitted <==

development
$m
revenue
development and construction revenue
370.1
development management fee revenue
10.4
interest revenue
3.1
other revenue
3.9
inter-segment sales
1.1
Other income
share of net proft of associates and joint ventures accounted
for usingthe equitymethod
2.8
total revenue from continuingoperations and other income
391.4
net loss on sale of property, plant and equipment
0.2
hotel operating expenses
0.4
cost of property development and construction
322.8
employee benefts expenses
8.1
depreciation and amortisation expenses
1.2
selling and marketing expenses
14.7
other expenses
7.5
operatingebit
36.5
finance costs
28.9
operating proft/(loss) (proft before specifc non-cash and signifcant items)
7.6
coGs
(excl. capitalised interest)
selling and
marketing costs
interest expense +
previously capitalised
interest released
on settlements

additional information by mirvac 21 february 2012

paGe 36

mirvac buyer profile

mirvac’s 1h12 settlements

75.5% upgraders/empty nesters and investors > mirvac average price:

house $622,000[ 1]
land $274,000[ 2]
apartments $850,000[ 3]

buyer profile — 1h12

upgraders/empty nesters 48.3% > investors 27.2% > fhb 24.5%

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Housing finance: market shares

==> picture [299 x 177] intentionally omitted <==

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

80% Investor First home buyer Repeat buyer
60
40
20
0
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12
Source: ABS and Mirvac
----- End of picture text -----

1) 313 housing lots settled, achieving gross revenue of $194.7m
2) 310 land lots settled, achieving gross revenue of $84.8m
3) 226 apartment lots settled, achieving gross revenue of $192.0m

additional information by mirvac 21 february 2012

paGe 37

GrowinG preference towards apartments

==> picture [68 x 49] intentionally omitted <==

demand by migrants for apartments has significantly increased

	migrant	households1
dwelling structure	2003 to 20082	prior to 2003	2
separate house	46%	76%
semi-detached/row or terrace house/townhouse	18%	9%
flat,unit or apartment	36%	15%
all households	100%	100%

source: survey of income and housing, 2007-08 (June 2011), mirvac

2) year of arrival, of the household reference person.

1) households where the reference person was born overseas.

additional information by mirvac 21 february 2012

paGe 38

return to normalised performance by 2014

==> picture [68 x 49] intentionally omitted <==

“on strategy” projects and new acquisitions will deliver improved performance

==> picture [589 x 234] intentionally omitted <==

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

$1.4bn
1.2 Average Margin 18-22%
Harold Park
Yarra Towers
Era, Chatswood
1.0 Clyde North
Average Margin 15%-20%
Jane Brook
0.8 Gainsborough Greens
Yarra's Edge River Homes Forecast
Laureate
Waverley Park inventory
0.6 balance
Average Margin <5%
0.4 Bridgewater
Brendale
Tennyson Reach
The Royal, Newcastle
0.2 Beachside Leighton Stg 1
0.0
FY11 FY12 FY13 FY14
Existing Provisioned Near term projects Near term and acquisitions
----- End of picture text -----

additional information by mirvac 21 february 2012

paGe 39

provisions

==> picture [68 x 49] intentionally omitted <==

englobo sales disposal program

0
$100m
$200m
$300m
Forecast provision release1
FY16
FY15
FY13
FY14
2H12
1H12
Actual build out release
Closing provision balance
Forecast Englobo release
Forecast build out release
Actual Englobo release
~~project~~
~~target sales date~~
~~update~~
dianella, wa
June 2011
settled as forecasted
tennyson (stages 3–5), qld
June 2011
settled as forecasted
magenta shores, nsw
september 2011
settled august 2011 — ahead of forecast
the royal, newcastle (stages 1c & 2), nsw
June 2012
on track — unconditionallyexchanged
bridgewater, wa
november 2012
on track — marketingto commence

1) based on forecast revenue, market conditions, expenditure and interest costs over project life.

additional information by mirvac 21 february 2012

paGe 40

hypothetical profit makinG development proJect – treatment of capitalised costs

	~~project metrics~~ ~~total~~ sales revenue 100 land (25) cost of property development and construction (50) sales & marketing expenses (10) interest costs (10) total project return 5 cash flow Year 1 Year 2 Year 3 sales revenue 100
	land (25) cost of property development and construction (17) (33) sales & marketing expenses (5) (5) interest costs (3) (5) (2) net cash fow (50) (38) 93 p&l Year 1 Year 2 Year 3 sales revenue 100 coGs (75) Gross margin — — 25 sales & marketing expenses (5) — (5) eBit (5) — 20 interest and fnance charges paid/payable — — (2) interest capitalised in current and prior years expensed this year — — (8) total fnance costs — — (10) Operating netproft (5) — 10 Balance sheet Year 1 Year 2 Year 3 cost of acquisition 25 25 — development costs 17 50 — borrowingcosts capitalised duringdevelopment 3 8 —

	Gross inventory 45 83 —

==> picture [68 x 49] intentionally omitted <==

during construction all interest costs are capitalised to inventory. these are released in the p&l on settlement through ‘borrowing costs capitalised during development’.

upon the completion of construction interest costs are expensed directly to the p&l

upon settlement capitalised acquisition (land) and development (construction) costs are released in the p&l through ‘coGs’.

additional information by mirvac 21 february 2012

paGe 41

hypothetical provisioned development proJect – treatment of capitalised costs

~~project metrics~~ ~~total~~ sales revenue 100 land (25) cost of property development and construction (50) sales & marketing expenses (10) interest costs (25)	~~project metrics~~ ~~total~~ sales revenue 100 land (25) cost of property development and construction (50) sales & marketing expenses (10) interest costs (25)
total project return (10)
cash fow Year 1 Year 2 Year 3 Year 4 Year 5 sales revenue 100 land (25) cost of property development and construction (5) (10) (15) (20) sales & marketing expenses (5) (5) interest costs (3) (5) (7) (8) (2) net cash fow (38) (15) (22) (28) 93
p&l Year 1 Year 2 Year 3 Year 4 Year 5 sales revenue 100 coGs (75) Gross margin — — — — 25 sales & marketing expenses (5) — — — (5) eBit (5) — — — 20 interest and fnance charges paid/payable (2) interest and fnance charges paid/payable - provision release 2 interest capitalised in current and prior years expensed this year – provision release (23) interest capitalised in current and prior years expensed this year – provision release 3 total fnance costs — — — — (20) Operating net proft (5) inventoryimpairment (5) statutory net proft (5) (5) — — — Balance sheet Year 1 Year 2 Year 3 Year 4 Year 5 cost of acquisition 25 25 25 25 — development costs 5 15 30 50 — borrowing costs capitalised during development 3 8 15 23 — Gross inventory 33 48 70 98 — provision for loss — (5) (5) (5) —
net inventory 33 43 65 93 —

==> picture [68 x 49] intentionally omitted <==

this is the same project but it has suffered from a 2 year delay in construction, increasing interest costs and resulting in a negative project return.

in year 2 when the construction delays become apparent, an inventory impairment is taken to reflect the reduced net realisable value of the project.

the inventory is not written down at the time of the impairment but a provision for loss is added to the balance sheet. this provision is released against interest costs upon settlement.

additional information by mirvac 21 february 2012

paGe 42

pre-sales analysis

==> picture [68 x 49] intentionally omitted <==

Exchanged contracts — by division[ 1]

==> picture [230 x 126] intentionally omitted <==

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

$596m
$325m
$76m
$11m
NSW VIC QLD WA
----- End of picture text -----

Age of exchanged pre-sale contracts

==> picture [301 x 153] intentionally omitted <==

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

1 — 2yrs 24.8%
< 1yr: 75.2%
Masterplanned communities 36.1%
Apartments 63.9%
----- End of picture text -----

75.2% of exchanged pre-sale contracts on hand less than 1 year old

76.6% of exchanged pre-sale contracts on hand priced at less than $1m

72.4% of apartment exchanged pre-sale contracts on hand priced at less than $1m > 98.4% exchanged pre-sale contracts on hand priced at less than $2m

1) total exchanged contracts as at 8 february 2012, adjusted for mirvac’s share of Jv’s, associates, and mirvac’s managed funds.

additional information by mirvac 21 february 2012

paGe 43

our markets

==> picture [68 x 49] intentionally omitted <==

==> picture [665 x 20] intentionally omitted <==

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

sector description sub-market example developments
----- End of picture text -----

sector	description sub-market example developments
residential	parkbridGe, middleton GranGe, nsw harcrest, wantirna south, vic masterplanned communities > land subdivision > completed housing1 > packaged housing2 > integrated housing > first home buyers > 2nd/3rd home buyers > investors > typical price range: > land $170k — $300k > housing $350k — $600k > integrated housing $375k — $1m
	era, chatswood, nsw yarra’s edGe, vic apartments > mid market > high end > often as part of larger scale urban renewal projects (multiple stages) > owner occupiers (60%) > investors (40%) > typical price range: > 1 bed $400k — $550k > 2 bed $600k — $900k > 3 bed $800k — $2.0m > penthouse $1.5m — > $6m
commercial	offce / industrial / retail > investment grade development suitable for mpt or third party

hoxton distribution park, nsw 8 chifley square, sydney, nsw

1) mirvac build and sell houses on completion.

2) packaged housing comprises land sale plus construction of a house with progress payments on purchase.

additional information by mirvac 21 february 2012

paGe 44

combininG hiGh + low density proJects

==> picture [68 x 49] intentionally omitted <==

diversification

different demand drivers across products:

high density: Government requires supply from urban high density supply to meet population growth

low density: first home buyers and upgraders

balance cash flows

long lead times of high density balanced with faster delivery from low density

staff

reduces volatility of earnings large contributions offset by smaller stable volume

NSW projects profile[[ 1]]

==> picture [343 x 160] intentionally omitted <==

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

NSW projects profile [[ 1]]
Masterplanned communities
Era Chatswood Chatswood
Era
Harold Park
Rhodes Waterside
Rhodes ELINYA
& WATER’S EDGE
Harold Park
Rhodes PINNACLE
Endeavour
Middleton Grange
Elizabeth Hills
Hoxton Park residential
FY12 FY13 FY14
----- End of picture text -----

multi skilled workforce

1) mirvac’s share of forecast revenue.

additional information by mirvac 21 february 2012

paGe 45

residential development hiGh density = apartments

==> picture [68 x 49] intentionally omitted <==

profile of high density

high barriers to entry > acceptable risk return profile
larger quantum of return
more capital intensive
longer cash conversion cycle — approximately 2-3 years
complex skill set
pre-sales for de risking

==> picture [457 x 352] intentionally omitted <==

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

Generic profile — Single stage, 200 unit apartment projects
Month 35
Month 6 Month 12 Month 15 Practical
DA submitted DA approved Construction commences completion
50.0%
Land Settlement of
30.0% payment unsold stock
10.0%
Internal Council
0.0% design phase approval phase
Settlement of
(10.0%) pre-sold stock
Initial marketing& pre-release Sales Civils, carparks &basement works
(30.0%)
Finishing of
(50.0%) lower levels
Finishing of
(70.0%) upper levels
Planning & design Marketing Construction Settlement
(9 months) (6 months) (20 months) (6 months)
profit & loss impact
100% project marketing sales commissions 100% of profit recognised
expensed expensed on settlement
development agreements mirvac share of equity accounted sales mirvac share of equity profits
and marketing expenses recognised on settlement
Fee stream cost based fees – billed for design, marketing and construction costs revenue based fees
50% joint venture 50% of equity accounted sales and 50% of equity profits
marketing expenses recognised on settlement
Fee stream cost based fees – billed for design, marketing and construction costs revenue based fees
Wholesale partnership mirvac share of equity accounted sales mirvac share of equity profits
and marketing expenses recognised on settlement
Fee stream cost based fees – billed for design, marketing and construction costs revenue based fees
CUMULATIVE CASH FLOW
----- End of picture text -----

additional information by mirvac 21 february 2012

paGe 46

residential development low density = masterplanned communities

==> picture [68 x 49] intentionally omitted <==

profile of low density

lower capital commitment
smoother earnings
delivery less complicated
flexibility of stock and staging
shorter cash conversion cycle
approximately 6-12 months
risk in planning at acquisition

Generic profile — multi stage, 1,000 lot masterplanned community

==> picture [448 x 201] intentionally omitted <==

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

Month 6 Month 24 Month 36
DA submitted DA approved First settlement
80.0%
40.0%
Negotiations Settlement
between Period of period
authoritiescouncil civil works Indicative profile
of each stage
0.0%
Break
even point
Staged
(40.0%) land payment First profit recognition
Sales
Internal Initial civils
design & infrastructure
phase
(80.0%)
Planning & design Civils & settlements
(24 months) (continues for remainder of project)
CUMULATIVE CASH FLOW
----- End of picture text -----

profit & loss impact

Wholesale partnership Fee stream cost based fees cost based fees cost based fees revenue & cost based fees revenue & cost based fees revenue & cost based fees mirvac share of equity profts recognised on settlement 50% of equity profts recognised on settlement mirvac share of equity profts recognised on settlement 100% of proft recognised on settlement marketing expenses marketing expenses marketing expenses marketing expenses 100% project development agreements Fee stream 50% joint venture Fee stream	Wholesale partnership Fee stream cost based fees cost based fees cost based fees revenue & cost based fees revenue & cost based fees revenue & cost based fees mirvac share of equity profts recognised on settlement 50% of equity profts recognised on settlement mirvac share of equity profts recognised on settlement 100% of proft recognised on settlement marketing expenses marketing expenses marketing expenses marketing expenses 100% project development agreements Fee stream 50% joint venture Fee stream	marketing expenses	100% of proft recognised on settlement
	artnership	marketing expenses	mirvac share of equity profts recognised on settlement
	cost based fees		revenue & cost based fees

additional information by mirvac 21 february 2012

paGe 47

mirvac’s development business

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variety of capital efficient structures:

WhOlesale relatiOnships structured land paYments deVelOpment aGreement JOint Venture	defnition capital relationships with small number of investors for development, with development deliverybymirvacprovided for fees and share in equity profts
	benefts improved roic, fees
	example mwrdp
	defnition time effcient method of staged terms for acquisition of land for development assets
	benefts improved irr, improved roic
	example eastern Golf course, vic
	defnition provision of development services by mirvac to the local owner eg. project development agreement (pda)
	benefts improved irr, access to strategic sites, fees
	example elizabeth hills, nsw
	defnition undertakinga development in a defned relationshipwith a co-investor
	benefts improved roic, fees
	example burswood, wa

36%[1]

Of tOtal deVelOpment capital

1) as at 31 december 2011.

additional information by mirvac 21 february 2012

paGe 48

development risk manaGement

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superiOr Brand leVeraGed

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hiGher pre-sales

price repeat premium customers $ achieved

aBilitY tO driVe returns in a flat macrO market

better access to capital

national procurement

brand drives pre-sales and price premium
increased market share
conservative assumptions via acquisition process

settlement manaGement

robust sales contracts from 39 years of experience

default rates average 3% medium term
contracts “full recourse” and unconditional
sales and marketing team employed and trained in-house

additional information by mirvac 21 february 2012

paGe 49

hotel manaGement

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the royal, newcastle, nsw
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paGe 50

additional information by mirvac 21 february 2012

hotel asset sale

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operating proft from discontinuing hotels operations	Investment	Hotel	Investment
	MPT	Management	Management	Development	Unallocated	Elimination	Total
December 2011	$m	$m	$m	$m	$m	$m	$m
revenue from discontinuing operations
Hotel operating revenue	—	87.1	—	—	—	—	87.1
Investment management fee revenue	—	—	2.0	—	—	—	2.0
Development management fee revenue	—	—	—	0.9	—	—	0.9
Interest revenue	—	0.1	—	—	—	—	0.1
Other revenue	—	0.3	—	—	—	—	0.3
total revenue from discontinued operations	—	87.5	2.0	0.9	—	—	90.4
Share of netproft of associates andjoint ventures accounted for usingthe equitymethod	14.5	—	—	—	0.2	—	14.7
total other income	14.5	—	—	—	0.2	—	14.7
total revenue from discontinued operations and other income	14.5	87.5	2.0	0.9	0.2	—	105.1
Hotel operating expenses	—	26.8	—	—	—	—	26.8
Employee benefts expenses	—	39.6	0.4	—	—	—	40.0
Depreciation and amortisation expenses	—	1.5	—	0.1	—	—	1.6
Selling and marketing expenses	—	5.0	—	—	—	—	5.0
Other expenses	—	3.3	0.1	—	0.1	—	3.5
Operating proft from discontinued operations before income tax	14.5	11.3	1.5	0.8	0.1	—	28.2
Income tax expense							(1.7)
Operating proft from discontinued operations							26.5
Operating proft from discontinued operations before income tax derived from:
Tucker Box Holdings Pty Limited	6.4	—	—	—	0.2	—	6.6
Mirvac Wholesale Hotel Fund	8.1	—	—	—	—	—	8.1
Hotel Management business	—	11.3	1.5	0.8	(0.1)	—	13.5
	14.5	11.3	1.5	0.8	0.1	—	28.2

additional information by mirvac 21 february 2012

paGe 51

hotel asset sale

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detail of hotel disposal group	Hotel	Mirvac	Tucker Box
December 2011	Management business1 $m	Wholesale Hotel Fund $m	Holdings Pty Limited $m	Total $m
assets classifed as held for sale
Cash and cash equivalents	19.8	—	—	19.8
Receivables	24.3	—	—	24.3
Current tax assets	0.1	—	—	0.1
Inventories	14.1	—	—	14.1
Investments accounted for using the equity method	—	130.4	124.9	255.3
Property, plant and equipment	104.4	—	—	104.4
Intangible assets	9.0	—	—	9.0
Deferred tax assets	3.6	—	—	3.6
Otherassets	1.8	—	—	1.8
	177.1	130.4	124.9	432.4
liabilities directly associated with assets classifed as held for sale
Disposal group held for sale
Payables	23.2	—	—	23.2
Deferred tax liabilities	5.6	—	—	5.6
Provisions	1.9	—	—	1.9
	30.7	—	—	30.7

1) hotel management business includes assets and liabilities of the disposal group from all segments, excluding the Joint venture and associate.

additional information by mirvac 21 february 2012

paGe 52

hotel manaGement update

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> strong increase in average room rate and occupancy

	~~hotel management~~ ~~1h12~~ ~~1h11~~ ~~%~~ average room rate $184 $176 4.5 occupancyrate 79.4% 77.3% 4.5 revpargrowth 7.3% 8.1%

Average room rate and occupancy

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$198
$184 $182 $184 $177 $168 $168 $176 $176 $184
72.0% 74.0% 72.0% 73.0% 73.0% 75.1% 73.9% 77.3% 76.5% 79.4%
FY06 FY07 FY08 1H09 FY09 1H10 FY10 1H11 FY11 1H12
Average occupancy rate Average room rate
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additional information by mirvac 21 february 2012

paGe 53

hotel manaGement definitions

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managed and managed/strata strata/managed lot Owned franchise
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defnition	mirvac manages hotels on behalf of third party hotel owners. mirvac provides a reservations system, sales and marketing function and conducts the day to day management of the business. mirvac is remunerated in the form of a management fee.	mirvac operates the hotels under a lease agreement with individual apartment owners and owns the hotel business.	mirvac owns the land, building and hotel business.	the hotel is owned and operated by a third party who utilises mirvac’s central reservation system, brand and marketing platform.

Hotels under management

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5,908 5,840 5,853
5,439 5,351 5,498 5,616 5,741 5,812
3,124
27 40 40 42 44 45 46 47 46 47
FY06 FY07 FY08 1H09 FY09 1H10 FY10 1H11 FY11 1H12
Total no. of hotels Total no. of rooms
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additional information by mirvac 21 february 2012

paGe 54

health safety and wellbeinG

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additional information by mirvac 21 february 2012

paGe 55

health safety and wellbeinG

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mirvac continues to focus on work health and safety

from fy08 to fy11 average time lost through injury days has reduced by 74.1%

from fy08 to fy11 the number of injuries resulting in workers compensation claims has reduced by 39.5%

Average time lost through injury in days

Number of injuries resulting in workers compensation claims

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1H12 2 days
FY11 7 days
FY10 17 days
FY09 22 days
FY08 27 days
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1H12 65
FY11 121
FY10 136
FY09 180
FY08 200
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additional information by mirvac 21 february 2012

paGe 56

2h12 calendar[ 1]

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	upcoming conference attendance: ~~et~~ ~~lti~~ ~~dt~~
	~~ven~~ ~~ocaon~~ ~~ae~~ private roadshow singapore 5 march 2012
	daiwa investment conference and tokyo roadshow tokyo 6 march 2012
	private roadshow usa 8-9 march 2012
	citi 16th annual Global propertyceo conference florida 11-14 march 2012
	db access asia conference singapore may2012
	macquarie bank australia conference sydney 2-4 may2012
	announcements: ~~et~~ ~~lti~~ ~~dt~~
	~~ven~~ ~~ocaon~~ ~~ae~~ mGr distribution announcement — march 2012
	march 2012quarter indicative distribution ex-date — march 2012
	quarterlyupdate to market sydney 1 may2012
	investor day sydney 1 may2012
	mGr full year results sydney 21 august 2012

investor relations contact t: (02) 9080 8000

e: [email protected]

1) all dates are indicative and subject to change.

additional information by mirvac 21 february 2012

paGe 57

Glossary

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~~term~~	~~meaning~~
abs	australian bureau of statistics
basix	building, sustainability index
caGr	compound annual Growth rate
cmbs	commercial mortgage backed securities
coGs	cost of Good sold
cpi	consumer price index
cpss	cents per stapled security
cy	calender year
da	development application — application from the relevant planning authority to construct, add, amend or change the structure of a property.
diac	department of immigration and citizenship
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.
ebitda	earnings before interest, tax, depreciation and amortisation
eis	employee incentive scheme
englobo	Group of land lots that have subdivision potential
eps	earnings per stapled security
esG	environmental social Governance
fhb	first home buyer
fy	financial year
GhG	Greenhouse Gas
icr	interest cover ratio
iof	investa offce fund
ipd	investment property databank
ipuc	investment properties under construction
irr	internal rate of return
Jll	Jones lang lasalle
Jv	Joint venture
lpt	listed property trust

additional information by mirvac 21 february 2012

paGe 58

Glossary

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~~term~~	~~meaning~~
mat	moving annual turnover
mGr	mirvac Group asx code
mpt	mirvac property trust
mtn	medium term note
mwrdp	mirvac wholesale residential development partnership
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
nci	non-controlling interest
nla	net lettable area
noi	net operating income
npat	net proft after tax
npbt	net proft before tax
nta	net tangible assets
o&i	offce and industrial
rba	reserve bank of australia
revpar	revenue per available room
roic	return on invested capital calculated as earnings before interest and tax divided by invested capital.
sqm	square metre
uspp	us private placement
wacr	weighted average capitalisation rate
wale	weighted average lease expiry
wc	workers compensation
wop	westpac offce portfolio, which was acquired by mirvac Group on 4 august 2010.

additional information by mirvac 21 february 2012

paGe 59

disclaimer and important notice

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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.

additional information by mirvac 21 february 2012

paGe 60

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hoxton distribution park, hoxton park, sydney, nsw
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by mirvac

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INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
PROPERTY COMPENDIUM
31 DECEMBER 2011
DesignDavey
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
MPT
INVESTMENT 67 Investment Grade Assets
MANAGEMENT In Direct Real Estate Investments
HOTEL PORTFOLIO
DesignDavey
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
MIRVAC PROPERTY TRUST PORTFOLIO EXPIRY PROFILE [ 1]
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL
HOTEL
PARKING
BACK NEXT
MIRVAC PROPERTY TRUST PORTFOLIO DIVERSIFICATION
1) BY AREA AS AT 31 DECEMBER 2011.
2) EXCLUDES ASSETS UNDER DEVELOPMENT.
3) BY BOOK VALUE AS AT 31 DECEMBER 2011. EXCLUDES DEVELOPMENT ASSETS.
4) BY BOOK VALUE AS AT 31 DECEMBER 2011. EXCLUDES ASSETS UNDER DEVELOPMENT AND INDIRECT PROPERTY INVESTMENTS.
5) OTHER – INCLUDES HOTELS AND CARPARKS.
DesignDavey
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	PROPERTY COMPENDIUM31 DECEMBER 2011 PROPERTY LOCATION NLA % OF COMMERCIAL PORTFOLIO BOOK VALUE 2 GROSS OFFICE RENT VALUATION AT 31 DEC 2011 101–103 Miller Street North Sydney, NSW 37,472 sqm 4.9% $700/sqm $168.8m3 40 Miller Street North Sydney, NSW 12,665 sqm 2.9% $637/sqm $101.2m 60 Margaret Street Sydney, NSW 40,090 sqm 4.7% $719/sqm $160.2m3 10–20 Bond Street Sydney, NSW 39,076 sqm 4.7% $780/sqm $162.0m3 1 Castlereagh Street Sydney, NSW 11,643 sqm 2.1% $668/sqm $71.7m 190 George Street Sydney, NSW 9,261 sqm 1.2% $411/sqm $40.0m 200 George Street Sydney, NSW 5,579 sqm 0.8% $433/sqm $27.5m 275 Kent Street Sydney, NSW 77,125 sqm 22.5% $805/sqm $766.0m One Darling Island Pyrmont, NSW 22,197 sqm 5.1% $551/sqm $175.0m Bay Centre, Pirrama Road Pyrmont, NSW 15,972 sqm 3.0% $571/sqm $103.5m 3 Rider Boulevard Rhodes, NSW 16,810 sqm 2.3% $396/sqm $79.8m 5 Rider Boulevard Rhodes, NSW 25,073 sqm 3.6% $394/sqm $122.0m 1 Woolworths Way Bella Vista, NSW 44,828 sqm 7.3% $443/sqm $250.7m 55 Coonara Avenue West Pennant Hills, NSW 34,080 sqm 3.0% $306/sqm $103.0m 60 Marcus Clarke Street Canberra, ACT 12,057 sqm 1.4% $446/sqm $49.1m Aviation House, 16 Furzer Street Phillip, ACT 14,814 sqm 2.0% $391/sqm $70.3m Sirius Building, 23 Furzer Street Phillip, ACT 46,167 sqm 6.9% $408/sqm $236.5m 54 Marcus Clarke Street Canberra, ACT 5,283 sqm 0.5% $424/sqm $16.4m 38 Sydney Avenue Forrest, ACT 9,099 sqm 1.0% $412/sqm $35.0m 189 Grey Street Southbank, QLD 12,728 sqm 2.1% $424/sqm $73.0m John Oxley Centre, 339 Coronation Drive Milton, QLD 13,172 sqm 1.6% $407/sqm $53.3m 340 Adelaide Street Brisbane, QLD 13,248 sqm 1.7% $551/sqm $59.7m 33 Corporate Drive Cannon Hill, QLD 4,218 sqm 0.5% $349/sqm $16.5m 19 Corporate Drive Cannon Hill, QLD 6,028 sqm 0.7% $419/sqm $24.1m Riverside Quay Southbank Southbank, QLD 31,348 sqm 4.5% $435/sqm $155.0m Royal Domain Centre, 380 St Kilda Road Melbourne, VIC 24,574 sqm 3.1% $397/sqm $106.9m Como Centre, Cnr Toorak Road & Chapel Street South Yarra, VIC 25,674 sqm 2.4% $408/sqm $83.7m 191–197 Salmon Street Port Melbourne, VIC 21,763 sqm 3.0% $383/sqm $102.5m 1 Hugh Cairns Avenue Bedford Park, SA 6,224 sqm 0.5% $358/sqm $17.9m TOTAL 638,268 sqm 100.0% $3,431.3m4 WEIGHTED AVERAGE LEASE EXPIRY BY AREA 6.0 YEARS4 OCCUPANCY % AREA 96.3%4 EVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER	PROPERTY COMPENDIUM31 DECEMBER 2011 PROPERTY LOCATION NLA % OF COMMERCIAL PORTFOLIO BOOK VALUE 2 GROSS OFFICE RENT VALUATION AT 31 DEC 2011 101–103 Miller Street North Sydney, NSW 37,472 sqm 4.9% $700/sqm $168.8m3 40 Miller Street North Sydney, NSW 12,665 sqm 2.9% $637/sqm $101.2m 60 Margaret Street Sydney, NSW 40,090 sqm 4.7% $719/sqm $160.2m3 10–20 Bond Street Sydney, NSW 39,076 sqm 4.7% $780/sqm $162.0m3 1 Castlereagh Street Sydney, NSW 11,643 sqm 2.1% $668/sqm $71.7m 190 George Street Sydney, NSW 9,261 sqm 1.2% $411/sqm $40.0m 200 George Street Sydney, NSW 5,579 sqm 0.8% $433/sqm $27.5m 275 Kent Street Sydney, NSW 77,125 sqm 22.5% $805/sqm $766.0m One Darling Island Pyrmont, NSW 22,197 sqm 5.1% $551/sqm $175.0m Bay Centre, Pirrama Road Pyrmont, NSW 15,972 sqm 3.0% $571/sqm $103.5m 3 Rider Boulevard Rhodes, NSW 16,810 sqm 2.3% $396/sqm $79.8m 5 Rider Boulevard Rhodes, NSW 25,073 sqm 3.6% $394/sqm $122.0m 1 Woolworths Way Bella Vista, NSW 44,828 sqm 7.3% $443/sqm $250.7m 55 Coonara Avenue West Pennant Hills, NSW 34,080 sqm 3.0% $306/sqm $103.0m 60 Marcus Clarke Street Canberra, ACT 12,057 sqm 1.4% $446/sqm $49.1m Aviation House, 16 Furzer Street Phillip, ACT 14,814 sqm 2.0% $391/sqm $70.3m Sirius Building, 23 Furzer Street Phillip, ACT 46,167 sqm 6.9% $408/sqm $236.5m 54 Marcus Clarke Street Canberra, ACT 5,283 sqm 0.5% $424/sqm $16.4m 38 Sydney Avenue Forrest, ACT 9,099 sqm 1.0% $412/sqm $35.0m 189 Grey Street Southbank, QLD 12,728 sqm 2.1% $424/sqm $73.0m John Oxley Centre, 339 Coronation Drive Milton, QLD 13,172 sqm 1.6% $407/sqm $53.3m 340 Adelaide Street Brisbane, QLD 13,248 sqm 1.7% $551/sqm $59.7m 33 Corporate Drive Cannon Hill, QLD 4,218 sqm 0.5% $349/sqm $16.5m 19 Corporate Drive Cannon Hill, QLD 6,028 sqm 0.7% $419/sqm $24.1m Riverside Quay Southbank Southbank, QLD 31,348 sqm 4.5% $435/sqm $155.0m Royal Domain Centre, 380 St Kilda Road Melbourne, VIC 24,574 sqm 3.1% $397/sqm $106.9m Como Centre, Cnr Toorak Road & Chapel Street South Yarra, VIC 25,674 sqm 2.4% $408/sqm $83.7m 191–197 Salmon Street Port Melbourne, VIC 21,763 sqm 3.0% $383/sqm $102.5m 1 Hugh Cairns Avenue Bedford Park, SA 6,224 sqm 0.5% $358/sqm $17.9m TOTAL 638,268 sqm 100.0% $3,431.3m4 WEIGHTED AVERAGE LEASE EXPIRY BY AREA 6.0 YEARS4 OCCUPANCY % AREA 96.3%4 EVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER	PROPERTY COMPENDIUM31 DECEMBER 2011 PROPERTY LOCATION NLA % OF COMMERCIAL PORTFOLIO BOOK VALUE 2 GROSS OFFICE RENT VALUATION AT 31 DEC 2011 101–103 Miller Street North Sydney, NSW 37,472 sqm 4.9% $700/sqm $168.8m3 40 Miller Street North Sydney, NSW 12,665 sqm 2.9% $637/sqm $101.2m 60 Margaret Street Sydney, NSW 40,090 sqm 4.7% $719/sqm $160.2m3 10–20 Bond Street Sydney, NSW 39,076 sqm 4.7% $780/sqm $162.0m3 1 Castlereagh Street Sydney, NSW 11,643 sqm 2.1% $668/sqm $71.7m 190 George Street Sydney, NSW 9,261 sqm 1.2% $411/sqm $40.0m 200 George Street Sydney, NSW 5,579 sqm 0.8% $433/sqm $27.5m 275 Kent Street Sydney, NSW 77,125 sqm 22.5% $805/sqm $766.0m One Darling Island Pyrmont, NSW 22,197 sqm 5.1% $551/sqm $175.0m Bay Centre, Pirrama Road Pyrmont, NSW 15,972 sqm 3.0% $571/sqm $103.5m 3 Rider Boulevard Rhodes, NSW 16,810 sqm 2.3% $396/sqm $79.8m 5 Rider Boulevard Rhodes, NSW 25,073 sqm 3.6% $394/sqm $122.0m 1 Woolworths Way Bella Vista, NSW 44,828 sqm 7.3% $443/sqm $250.7m 55 Coonara Avenue West Pennant Hills, NSW 34,080 sqm 3.0% $306/sqm $103.0m 60 Marcus Clarke Street Canberra, ACT 12,057 sqm 1.4% $446/sqm $49.1m Aviation House, 16 Furzer Street Phillip, ACT 14,814 sqm 2.0% $391/sqm $70.3m Sirius Building, 23 Furzer Street Phillip, ACT 46,167 sqm 6.9% $408/sqm $236.5m 54 Marcus Clarke Street Canberra, ACT 5,283 sqm 0.5% $424/sqm $16.4m 38 Sydney Avenue Forrest, ACT 9,099 sqm 1.0% $412/sqm $35.0m 189 Grey Street Southbank, QLD 12,728 sqm 2.1% $424/sqm $73.0m John Oxley Centre, 339 Coronation Drive Milton, QLD 13,172 sqm 1.6% $407/sqm $53.3m 340 Adelaide Street Brisbane, QLD 13,248 sqm 1.7% $551/sqm $59.7m 33 Corporate Drive Cannon Hill, QLD 4,218 sqm 0.5% $349/sqm $16.5m 19 Corporate Drive Cannon Hill, QLD 6,028 sqm 0.7% $419/sqm $24.1m Riverside Quay Southbank Southbank, QLD 31,348 sqm 4.5% $435/sqm $155.0m Royal Domain Centre, 380 St Kilda Road Melbourne, VIC 24,574 sqm 3.1% $397/sqm $106.9m Como Centre, Cnr Toorak Road & Chapel Street South Yarra, VIC 25,674 sqm 2.4% $408/sqm $83.7m 191–197 Salmon Street Port Melbourne, VIC 21,763 sqm 3.0% $383/sqm $102.5m 1 Hugh Cairns Avenue Bedford Park, SA 6,224 sqm 0.5% $358/sqm $17.9m TOTAL 638,268 sqm 100.0% $3,431.3m4 WEIGHTED AVERAGE LEASE EXPIRY BY AREA 6.0 YEARS4 OCCUPANCY % AREA 96.3%4 EVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
INVESTMENT D	EVELOPMENT MAP DOWNLOAD EXCEL	PRINT PDF	DISCLAIMER
BACK NEXT MPT INVESTMENT MANAGEMENT HOTEL PORTFOLIO OFFICE INDUSTRIAL RETAIL HOTEL PARKING

1) BY BOOK VALUE AS AT 31 DECEMBER 2011. EXCLUDES DEVELOPMENT ASSETS AND INDIRECT PROPERTY INVESTMENTS. 2) BOOK VALUE AS AT 31 DECEMBER 2011. EXCLUDES ASSETS HELD FOR DEVELOPMENT.
3) BOOK VALUE REPRESENTS 50% INTEREST.
4) EXCLUDES ASSETS HELD FOR DEVELOPMENT.

DesignDavey

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This landmark Premium grade office tower and major retail centre is located in the heart of the North Sydney CBD with a direct link to North Sydney Railway Station. The complex was built in 1992 and underwent a major refurbishment in 2008. The building was the first existing Premium tower to achieve a 5 star GreenStar rating and has achieved a 5 star NABERS Energy rating.

SUMMARY INFORMATION
GRADE		PREMIUM GRADE
OWNERSHIP	50% MPT, 50% EUREKA
NLA		37,472 SQM
CAR SPACES		242
ACQUISITION DATE		JUN 94
LAST EXTERNAL VALUATION DATE		31 DEC 10
VALUATION AT 31 DEC 11		$168.8M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		7.00%
DISCOUNT RATE		9.00%
GROSS OFFICE RENT		$700/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
RTA	15,614	JUL 16
COMMONWEALTH OF
AUSTRALIA	7,492	JUL 18
LEASE EXPIRY PROFILE % AREA

DesignDavey

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SUMMARY INFORMATION
GRADE A GRADE
OWNERSHIP 100% MPT
NLA 12,665 SQM
CARSPACES 110
ACQUISITION DATE MAR 98
LAST EXTERNAL VALUATION DATE 30 JUN 10
VALUATION AT 31 DEC 11 $101.2M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 7.25%
DISCOUNT RATE 9.25%
GROSS OFFICE RENT $637/SQM
MAJOR TENANTS NLA SQM LEASE EXPIRY
UNITED GROUP LIMITED 10,935 NOV 15
TIBCO SOFTWARE
AUSTRALIA 980 OCT 12
LEASE EXPIRY PROFILE % AREA
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DesignDavey

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This iconic building is situated in the heart of the Sydney CBD and comprises 36 levels of office accommodation and three levels of retailing with direct access to Wynyard Railway Station and Bus Terminal. Developed in 1980, the complex has been progressively refurbished and is the head office of Mirvac.

SUMMARY INFORMATION
GRADE		A GRADE
OWNERSHIP	50%	MPT, 50% MTAA
NLA		40,090 SQM
CARSPACES		165
ACQUISITION DATE		AUG 98
LAST EXTERNAL VALUATION DATE		31 DEC 10
VALUATION AT 31 DEC 11		$160.2M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		7.00%
DISCOUNT RATE		9.00%
GROSS OFFICE RENT		$719/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
MIRVAC	8,182	SEP 15
REUTERS AUSTRALIA	5,384	FEB 15
LEASE EXPIRY PROFILE % AREA

DesignDavey

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SUMMARY INFORMATION
GRADE		A GRADE
OWNERSHIP	50% MPT, 50% INVESTA
NLA		39,076 SQM
CARSPACES		172
ACQUISITION DATE		DEC 09
LAST EXTERNAL VALUATION DATE		31 DEC 11
VALUATION AT 31 DEC 11		$162.0M
VALUER	COLLIERS	INTERNATIONAL
CAPITALISATION RATE		6.88%
DISCOUNT RATE		9.00%
GROSS OFFICE RENT		$780/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
ORIGIN ENERGY	4,661	NOV 14
THE TRUST COMPANY	3,444	APR 21
LEASE EXPIRY PROFILE % AREA

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
1 CASTLEREAGH STREET, SYDNEY, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Located in the centre of Sydney's financial core, the building
offers modern office accommodation with 550 sqm floor plates
and direct natural light on three sides. The 21 level building
was fully refurbished in 1991 with further partial refurbishment
completed in 2007.
SUMMARY INFORMATION
GRADE B GRADE
OWNERSHIP 100% MPT
NLA 11,643 SQM
CARSPACES 50
ACQUISITION DATE DEC 98
LAST EXTERNAL VALUATION DATE 30 JUN 10
VALUATION AT 31 DEC 11 $71.7M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 7.50%
DISCOUNT RATE 9.50%
GROSS OFFICE RENT $668/SQM
MAJOR TENANTS NLA SQM LEASE EXPIRY
MAC THORPE SERVICES 627 JAN 15
LIT SUPPORT 550 JUL 15
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
190 GEORGE STREET, SYDNEY, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
This is a strategic holding, giving Mirvac a presence in a
prominent area of the Sydney CBD, which has potential for
commercial redevelopment. The site has been consolidated
with the adjoining building owned by Mirvac.
SUMMARY INFORMATION
GRADE B GRADE
OWNERSHIP 100% MPT
NLA 9,261 SQM
CARSPACES 25
ACQUISITION DATE AUG 03
LAST EXTERNAL VALUATION DATE 31 DEC 11
VALUATION AT 31 DEC 11 $40.0M
VALUER SAVILLS
CAPITALISATION RATE 8.00%
DISCOUNT RATE 9.50%
GROSS OFFICE RENT $411/SQM
MAJOR TENANTS NLA SQM LEASE EXPIRY
CLIFTONS 3,405 DEC 14
PACIFIC GATEWAY
INTERNATIONAL COLLEGE 852 FEB 15
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
200 GEORGE STREET, SYDNEY, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
This is a strategic holding, giving Mirvac a presence in a
prominent area of the Sydney CBD, which has potential for
commercial redevelopment. The site has been consolidated
with the adjoining building owned by Mirvac.
SUMMARY INFORMATION
GRADE C GRADE
OWNERSHIP 100% MPT
NLA 5,579 SQM
CARSPACES 15
ACQUISITION DATE OCT 01
LAST EXTERNAL VALUATION DATE 31 DEC 11
VALUATION AT 31 DEC 11 $27.5M
VALUER SAVILLS
CAPITALISATION RATE 8.00%
DISCOUNT RATE 9.50%
GROSS OFFICE RENT $433/SQM
MAJOR TENANTS NLA SQM LEASE EXPIRY
CLIFTONS 1,787 DEC 14
ARAB BANK AUSTRALIA 1,226 DEC 14
LEASE EXPIRY PROFILE % AREA
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275 KENT STREET, SYDNEY, NSW

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VIEW LARGER MAP
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DESCRIPTION

Completed in 2006, Westpac Place has a total NLA of over 77,000 sqm. The winner of numerous property industry awards, it is one of the largest office buildings in Australia and is located in the rapidly improving Western Corridor of the Sydney CBD. Westpac Place provides Premium grade office accommodation and is the head office of Westpac Banking Corporation. The building has a 4 star NABERS Energy rating.

SUMMARY INFORMATION
GRADE		PREMIUM GRADE
OWNERSHIP		100% MPT
NLA		77,125 SQM
CARSPACES		214
ACQUISITION DATE		AUG 10
LAST EXTERNAL VALUATION DATE		31 DEC 10
VALUATION AT 31 DEC 11		$766.0M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		6.75%
DISCOUNT RATE		8.75%
GROSS OFFICE RENT		$805/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
WESTPAC	75,547	OCT 18
SETTLEMENT BAR	398	OCT 16
LEASE EXPIRY PROFILE % AREA

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
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PARKING
ONE DARLING ISLAND, PYRMONT, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Developed by Mirvac in 2006, this A grade office campus
comprises six office floors, with two basement parking levels.
Situated on the Sydney CBD fringe close to the waterfront, the
building features large floor plates of greater than 4,400 sqm
and has achieved a 5 star NABERS Energy rating.
SUMMARY INFORMATION
GRADE A GRADE
OWNERSHIP 100% MPT
NLA 22,197 SQM
CARSPACES 160
ACQUISITION DATE APR 04
LAST EXTERNAL VALUATION DATE 31 DEC 10
VALUATION AT 31 DEC 11 $175.0M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 7.00%
DISCOUNT RATE 9.25%
GROSS OFFICE RENT $551/SQM
MAJOR TENANTS NLA SQM LEASE EXPIRY
JOHN FAIRFAX HOLDINGS 22,197 JUN 27
LEASE EXPIRY PROFILE % AREA
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Developed by Mirvac in 2002, the building comprises five office levels and is located adjacent to Darling Harbour. The building has large floor plates in excess of 3,000 sqm with harbour and city views from all levels. The building has recently achieved a 4 star NABERS Energy rating.

SUMMARY INFORMATION
GRADE		A GRADE
OWNERSHIP		100% MPT
NLA		15,972 SQM
CARSPACES		118
ACQUISITION DATE		JUN 01
LAST EXTERNAL VALUATION DATE		31 DEC 11
VALUATION AT 31 DEC 11		$103.5M
VALUER	CB	RICHARD ELLIS
CAPITALISATION RATE		7.65%
DISCOUNT RATE		9.25%
GROSS OFFICE RENT		$571/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
JOHN HOLLAND	6,243	DEC 19
VEOLIA	3,574	DEC 12
LEASE EXPIRY PROFILE % AREA

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
3 RIDER BOULEVARD, RHODES, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Located within the Rhodes Waterside development, 3 Rider
Boulevard is a modern, seven level office building with three
retail shops on the ground floor. Completed in late 2005, the
building features large, flexible floor plates and has achieved a
4 star NABERS Energy rating.
SUMMARY INFORMATION
GRADE A GRADE
OWNERSHIP 100% MPT
NLA 16,810 SQM
CARSPACES 305
ACQUISITION DATE DEC 09
LAST EXTERNAL VALUATION DATE 30 JUN 11
VALUATION AT 31 DEC 11 $79.8M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 8.00%
DISCOUNT RATE 9.25%
GROSS OFFICE RENT $396/SQM
MAJOR TENANTS NLA SQM LEASE EXPIRY
AAP 3,642 SEP 20
CARDLINK SERVICES 2,973 MAR 16
LEASE EXPIRY PROFILE % AREA
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SUMMARY INFORMATION
GRADE		A GRADE
OWNERSHIP		100% MPT
NLA		25,073 SQM
CARSPACES		495
ACQUISITION DATE		JAN 07
LAST EXTERNAL VALUATION DATE		31 MAR 11
VALUATION AT 31 DEC 11		$122.0M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		7.63%
DISCOUNT RATE		9.13%
GROSS OFFICE RENT		$394/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
ALCATEL – LUCENT
AUSTRALIA	10,468	DEC 18
DOWNER EDI	2,481	NOV 17
LEASE EXPIRY PROFILE % AREA

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SUMMARY INFORMATION
GRADE		A GRADE
OWNERSHIP		100% MPT
NLA		44,828 SQM
CARSPACES		2,341
ACQUISITION DATE		AUG 10
LAST EXTERNAL VALUATION DATE		30 JUN 11
VALUATION AT 31 DEC 11		$250.7M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		7.75%
DISCOUNT RATE		9.25%
GROSS OFFICE RENT		$443/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
WOOLWORTHS	44,828	OCT 20
LEASE EXPIRY PROFILE % AREA

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SUMMARY INFORMATION
GRADE		B GRADE
OWNERSHIP		100% MPT
NLA		34,080 SQM
CARSPACES		1,770
ACQUISITION DATE		AUG 10
LAST EXTERNAL VALUATION DATE		31 DEC 10
VALUATION AT 31 DEC 11		$103.0M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		8.50%
DISCOUNT RATE		9.50%
GROSS OFFICE RENT		$306/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
IBM	34,080	AUG 15
LEASE EXPIRY PROFILE % AREA

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SUMMARY INFORMATION
GRADE		A GRADE
OWNERSHIP		100% MPT
NLA		12,057 SQM
CARSPACES		133
ACQUISITION DATE		SEP 89
LAST EXTERNAL VALUATION DATE		30 JUN 11
VALUATION AT 31 DEC 11		$49.1M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		8.75%
DISCOUNT RATE		9.50%
GROSS OFFICE RENT		$446/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
AECOM AUSTRALIA	1,529	AUG 16
DEEWR	1,331	OCT 13
LEASE EXPIRY PROFILE % AREA

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Aviation House is well located in Phillip and comprises nine levels of office accommodation, a café on ground level and two levels of basement parking. The building was completed in 2007 and features A grade services, large floor plates, abundant natural light and a north-facing rooftop balcony. the building currently holds a 4.5 star NABERS Energy rating.

SUMMARY INFORMATION
GRADE		A GRADE
OWNERSHIP		100% MPT
NLA		14,814 SQM
CARSPACES		148
ACQUISITION DATE		JUL 07
LAST EXTERNAL VALUATION DATE		30 JUN 10
VALUATION AT 31 DEC 11		$70.3M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		7.50%
DISCOUNT RATE		9.25%
GROSS OFFICE RENT		$391/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
CASA	8,004	JAN 22
APSC	3,992	FEB 22
LEASE EXPIRY PROFILE % AREA

DesignDavey

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This newly completed campus style office building, purpose built for the Department of Health and Ageing, comprises 10 office levels, each approximately 4,500 sqm and two levels of basement parking. The building has been designed to achieve a 4.5 star NABERS Energy rating.

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SUMMARY INFORMATION
GRADE A GRADE
OWNERSHIP 100% MPT
NLA 46,167 SQM
CARSPACES 374
ACQUISITION DATE FEB 10
LAST EXTERNAL VALUATION DATE 30 JUN 10
VALUATION AT 31 DEC 11 $236.5M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 7.25%
DISCOUNT RATE 9.25%
GROSS OFFICE RENT $408/SQM
MAJOR TENANTS NLA SQM LEASE EXPIRY
DEPT OF HEALTH
AND AGEING 45,967 FEB 25
LEASE EXPIRY PROFILE % AREA
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SUMMARY INFORMATION
GRADE		B GRADE
OWNERSHIP		100% MPT
NLA		5,283 SQM
CARSPACES		54
ACQUISITION DATE		OCT 87
LAST EXTERNAL VALUATION DATE		31 DEC 10
VALUATION AT 31 DEC 11		$16.4M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		9.50%
DISCOUNT RATE		9.75%
GROSS OFFICE RENT		$424/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
HUDSON GLOBAL
RESOURCES	624	JUL 13
HAYS PERSONNEL
SERVICES	624	SEP 16
LEASE EXPIRY PROFILE % AREA

DesignDavey

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
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PARKING
38 SYDNEY AVENUE, FORREST, ACT VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Purpose built for the Commonwealth Government in 1997, the
building comprises four office levels, with excellent natural light
and large floor plates of approximately 2,100 sqm to
2,400 sqm. The building is well located close to the
Parliamentary Triangle.
SUMMARY INFORMATION
GRADE A GRADE
OWNERSHIP 100% MPT
NLA 9,099 SQM
CARSPACES 68
ACQUISITION DATE JUN 96
LAST EXTERNAL VALUATION DATE 31 DEC 10
VALUATION AT 31 DEC 11 $35.0M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 8.50%
DISCOUNT RATE 9.50%
GROSS OFFICE RENT $412/SQM
MAJOR TENANTS NLA SQM LEASE EXPIRY
DBCDE 8,975 NOV 12
LEASE EXPIRY PROFILE % AREA
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SUMMARY INFORMATION
GRADE		A GRADE
OWNERSHIP		100% MPT
NLA		12,728 SQM
CARSPACES		146
ACQUISITION DATE		APR 04
LAST EXTERNAL VALUATION DATE		31 DEC 11
VALUATION AT 31 DEC 11		$73.0M
VALUER		JLL
CAPITALISATION RATE		7.63%
DISCOUNT RATE		9.25%
GROSS OFFICE RENT		$424/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
INSURANCE AUSTRALIA	7,281	MAR 15
THIESS PTY LIMITED	4,659	DEC 20
LEASE EXPIRY PROFILE % AREA

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SUMMARY INFORMATION
GRADE		B GRADE
OWNERSHIP		100% MPT
NLA		13,172 SQM
CARSPACES		319
ACQUISITION DATE		MAY 02
LAST EXTERNAL VALUATION DATE		31 MAR 11
VALUATION AT 31 DEC 11		$53.3M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		9.00%
DISCOUNT RATE		10.00%
GROSS OFFICE RENT		$407/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
ORIGIN ENERGY	8,492	JUN 18
LEASE EXPIRY PROFILE % AREA

DesignDavey

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340 Adelaide Street is a modern 17 level office building with two levels of basement parking and is located in the heart of the Brisbane CBD. The building has undergone a refurbishment to increase the NABERS Energy rating to a targeted 4.5 stars.

SUMMARY INFORMATION
GRADE		A GRADE
OWNERSHIP		100% MPT
NLA		13,248 SQM
CARSPACES		100
ACQUISITION DATE		DEC 09
LAST EXTERNAL VALUATION DATE		31 DEC 10
VALUATION AT 31 DEC 11		$59.7M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		9.00%
DISCOUNT RATE		10.00%
GROSS OFFICE RENT		$551/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
XSTRATA COAL
QUEENSLAND	2,406	APR 14
AUSTRALIAN
GOVERNMENT SOLICITOR	1,724	MAR 14
LEASE EXPIRY PROFILE % AREA

DesignDavey

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SUMMARY INFORMATION
GRADE		B GRADE
OWNERSHIP		100% MPT
NLA		4,218 SQM
CARSPACES		302
ACQUISITION DATE		AUG 10
LAST EXTERNAL VALUATION DATE		30 JUN 11
VALUATION AT 31 DEC 11		$16.5M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		9.00%
DISCOUNT RATE		9.75%
GROSS OFFICE RENT		$349/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
WESTPAC	4,218	NOV 14
LEASE EXPIRY PROFILE % AREA

DesignDavey

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 GBRMPA, Google, Whereis(R), Sensis Pty Ltd -
PARKING
19 CORPORATE DRIVE, CANNON HILL, QLD VIEW LARGER MAP
BACK NEXT
DESCRIPTION
This building benefits from its prime location in the Southgate
Corporate Park, 7 km east of the Brisbane CBD. Constructed
in 2007 with over 6,000 sqm of net lettable area and generous
basement parking.
SUMMARY INFORMATION
GRADE B GRADE
OWNERSHIP 100% MPT
NLA 6,028 SQM
CARSPACES 147
ACQUISITION DATE AUG 10
LAST EXTERNAL VALUATION DATE 30 JUN 11
VALUATION AT 31 DEC 11 $24.1M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 8.75%
DISCOUNT RATE 9.75%
GROSS OFFICE RENT $419/SQM
MAJOR TENANTS NLA SQM LEASE EXPIRY
HONEYWELL 2,548 JUN 18
NBN CO. LIMITED 1,870 MAY 16
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
RIVERSIDE QUAY, SOUTHBANK, VIC VIEW LARGER MAP
BACK NEXT
DESCRIPTION
A modern office complex comprising three separate buildings
with ground floor retail and a single level of basement parking.
The buildings have excellent natural light with views across the
Yarra River and the CBD. A separate building at the rear
incorporates a 560 space car park. The ground floor retail
space has undergone a significant refurbishment.
SUMMARY INFORMATION
GRADE A GRADE
OWNERSHIP 100% MPT
NLA 31,348 SQM
CARSPACES 163
ACQUISITION DATE APR 02 ( 1 & 3) JUL 03 (2)
LAST EXTERNAL VALUATION DATE 31 DEC 11
VALUATION AT 31 DEC 11 $155.0M
VALUER SAVILLS
CAPITALISATION RATE 7.75%
DISCOUNT RATE 9.25%
GROSS OFFICE RENT $435/SQM
MAJOR TENANTS NLA SQM LEASE EXPIRY
URS AUSTRALIA 4,663 FEB 14
STA TRAVEL PTY LIMITED 1,566 OCT 19
LEASE EXPIRY PROFILE % AREA
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SUMMARY INFORMATION
GRADE		A GRADE
OWNERSHIP		100% MPT
NLA		24,574 SQM
CARSPACES		482
ACQUISITION DATE	OCT 95 (50%) APR 01 (50%)
LAST EXTERNAL VALUATION DATE		30 JUN 11
VALUATION AT 31 DEC 11		$106.9M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		8.00%
DISCOUNT RATE		9.00%
GROSS OFFICE RENT		$397/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
TOLL TRANSPORT	4,969	NOV 12
CA (PACIFIC) PTY LIMITED	4,313	AUG 15
LEASE EXPIRY PROFILE % AREA

DesignDavey

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SUMMARY INFORMATION
GRADE		A GRADE
OWNERSHIP		100% MPT
NLA		25,674 SQM
CARSPACES		615
ACQUISITION DATE		AUG 98
LAST EXTERNAL VALUATION DATE		30 JUN 11
VALUATION AT 31 DEC 11		$83.7M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		8.29%
DISCOUNT RATE		9.29%
GROSS OFFICE RENT		$408/SQM
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
NETWORK TEN	4,916	JUN 19
TELSTRA	2,676	JUN 12
LEASE EXPIRY PROFILE % AREA

DesignDavey

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
191-197 SALMON STREET, PORT MELBOURNE, VIC VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Headquarters for GM Holden, the building is designed in a
campus style with floor plates greater than 7,000 sqm each.
The building was purpose built for GM Holden and was
completed in April 2005.
SUMMARY INFORMATION
GRADE A GRADE
OWNERSHIP 100% MPT
NLA 21,763 SQM
CARSPACES 988
ACQUISITION DATE JUL 03
LAST EXTERNAL VALUATION DATE 30 JUN 10
VALUATION AT 31 DEC 11 $102.5M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 7.75%
DISCOUNT RATE 9.50%
GROSS OFFICE RENT $383/SQM
MAJOR TENANTS NLA SQM LEASE EXPIRY
GM HOLDEN 21,763 APR 20
LEASE EXPIRY PROFILE % AREA
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DesignDavey

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
1 HUGH CAIRNS AVENUE, BEDFORD PARK, SA VIEW LARGER MAP
BACK NEXT
DESCRIPTION
The building is located 13 km south-east of the Adelaide CBD
in a commercial precinct adjoining Flinders University campus.
Occupied by BT Financial Group, a subsidiary of Westpac, the
building is used as an operations and call centre.
SUMMARY INFORMATION
GRADE B GRADE
OWNERSHIP 100% MPT
NLA 6,224 SQM
CARSPACES 400
ACQUISITION DATE AUG 10
LAST EXTERNAL VALUATION DATE 30 JUN 11
VALUATION AT 31 DEC 11 $17.9M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 9.50%
DISCOUNT RATE 10.00%
GROSS OFFICE RENT $358/SQM
MAJOR TENANTS NLA SQM LEASE EXPIRY
WESTPAC 6,224 OCT 19
LEASE EXPIRY PROFILE % AREA
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DesignDavey

PROPERTY COMPENDIUM 31 DECEMBER 2011

INVESTMENT D	EVELOPMENT MAP DOWNLOAD EXCEL	PRINT PDF	DISCLAIMER
BACK NEXT MPT INVESTMENT MANAGEMENT HOTEL PORTFOLIO OFFICE INDUSTRIAL RETAIL HOTEL PARKING	PROPERTY LOCATION NLA % OF INDUSTRIAL PORTFOLIO BOOK VALUE 2 VALUATION AT 31 DEC 2011 271 Lane Cove Road North Ryde, NSW 11,516 sqm 8.4% $33.4m 10 Julius Avenue North Ryde, NSW 13,341 sqm 13.5% $53.7m 12 Julius Avenue North Ryde, NSW 7,021 sqm 6.0% $23.8m 54-60 Talavera Road North Ryde, NSW 11,323 sqm 11.5% $45.7m 64 Biloela Street Villawood, NSW 22,937 sqm 4.8% $19.1m 1-47 Percival Road Smithfield, NSW 22,545 sqm 7.1% $28.3m Nexus Industry Park (Building 1) Lyn Parade, Prestons, NSW 13,120 sqm 4.6% $18.1m Nexus Industry Park (Building 2) Lyn Parade, Prestons, NSW 9,709 sqm 3.2% $12.5m Nexus Industry Park (Building 3) Lyn Parade, Prestons, NSW 17,267 sqm 6.0% $23.6m Nexus Industry Park (Building 4) Lyn Parade, Prestons, NSW 23,356 sqm 7.9% $31.4m Nexus Industry Park (Building 5) Lyn Parade, Prestons, NSW 12,339 sqm 3.6% $14.3m 52 Huntingwood Drive Huntingwood, NSW 19,286 sqm 5.5% $22.0m 32 Sargents Road Minchinbury, NSW 22,378 sqm 5.9% $23.5m 47-67 Westgate Drive Altona North, VIC 27,081 sqm 4.8% $19.1m 1900-2060 Pratt Boulevard Chicago Illinois, USA 49,982 sqm 7.1% $28.1m TOTAL 283,202 sqm 100.0% $396.6m2 WEIGHTED AVERAGE LEASE EXPIRY BY AREA 5.7 YEARS OCCUPANCY % AREA 92.7%

1) BOOK VALUE AS AT 31 DECCEMBER 2011. EXCLUDES DEVELOPMENT ASSETS AND INDIRECT PROPERTY INVESTMENTS.
2) BOOK VALUE AS AT 31 DECCEMBER 2011. EXCLUDES ASSETS HELD FOR DEVELOPMENT.

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SUMMARY INFORMATION
OWNERSHIP		100% MPT
NLA		11,516 SQM
CARSPACES		289
ACQUISITION DATE		APR 00
LAST EXTERNAL VALUATION DATE		30 JUN 10
VALUATION AT 31 DEC 11		$33.4M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		8.00%
DISCOUNT RATE		9.50%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
FOXTEL	6,718	MAR 18
LEASE EXPIRY PROFILE % AREA

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
10 JULIUS AVENUE, NORTH RYDE, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
The property comprises three separate buildings that were
progressively completed from 2001 to 2005. The buildings are
located within the Riverside Corporate Park and have excellent
access to the Lane Cove Tunnel, M2 Motorway and North
Ryde Railway Station.
SUMMARY INFORMATION
OWNERSHIP 100% MPT
NLA 13,341 SQM
CARSPACES 441
ACQUISITION DATE DEC 09
LAST EXTERNAL VALUATION DATE 30 JUN 11
VALUATION AT 31 DEC 11 $53.7M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 8.50%
DISCOUNT RATE 9.25%
MAJOR TENANTS NLA SQM LEASE EXPIRY
BOC GASES 8,993 NOV 15
SYNTHES AUSTRALIA 2,355 MAY 16
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
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PARKING
12 JULIUS AVENUE, NORTH RYDE, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Located within the Riverside Corporate Park, the property
comprises two multi-level office buildings and basement
parking. The buildings have excellent access to the Lane Cove
Tunnel, M2 Motorway and North Ryde Railway Station.
SUMMARY INFORMATION
OWNERSHIP 100% MPT
NLA 7,021 SQM
CARSPACES 200
ACQUISITION DATE DEC 09
LAST EXTERNAL VALUATION DATE 30 JUN 11
VALUATION AT 31 DEC 11 $23.8M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 8.50%
DISCOUNT RATE 9.25%
MAJOR TENANTS NLA SQM LEASE EXPIRY
REVLON AUSTRALIA 2,551 OCT 14
COMVERSE AUSTRALASIA 856 NOV 14
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
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PARKING
54-60 TALAVERA ROAD, NORTH RYDE, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Located 16 km north-west of the Sydney CBD and 1 km from
Macquarie Park Railway Station, the property is positioned at a
high profile corner site at the junction of Talavera Road and
Khartoum Road.
SUMMARY INFORMATION
OWNERSHIP 100% MPT
NLA 11,323 SQM
CARSPACES 128
ACQUISITION DATE AUG 10
LAST EXTERNAL VALUATION DATE 31 DEC 10
VALUATION AT 31 DEC 11 $45.7M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 7.50%
DISCOUNT RATE 9.50%
MAJOR TENANTS NLA SQM LEASE EXPIRY
WESTPAC 11,323 APR 25
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
64 BILOELA STREET, VILLAWOOD, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
The property comprises an original office/warehouse building
of 15,882 sqm and a 7,055 sqm high clearance warehouse
adjacent to the original building that was completed for Visy in
2005.
SUMMARY INFORMATION
OWNERSHIP 100% MPT
NLA 22,937 SQM
CARSPACES 106
ACQUISITION DATE FEB 04
LAST EXTERNAL VALUATION DATE 30 JUN 11
VALUATION AT 31 DEC 11 $19.1M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 10.50%
DISCOUNT RATE 10.75%
MAJOR TENANTS NLA SQM LEASE EXPIRY
VISY INDUSTRIAL PLASTICS 22,937 SEP 16
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
1-47 PERCIVAL ROAD, SMITHFIELD, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
This property fronts the Cumberland Highway at Smithfield and
provides direct access to the M4 Motorway. A new
office/warehouse was designed and constructed for Sandvik in
2002. The two original buildings have undergone partial
refurbishment. A new building was completed by Mirvac for
Sandvik in June 2010.
SUMMARY INFORMATION
OWNERSHIP 100% MPT
NLA 22,545 SQM
CARSPACES 207
ACQUISITION DATE NOV 02
LAST EXTERNAL VALUATION DATE 31 DEC 11
VALUATION AT 31 DEC 11 $28.3M
VALUER SAVILLS
CAPITALISATION RATE 8.25%
DISCOUNT RATE 9.75%
MAJOR TENANTS NLA SQM LEASE EXPIRY
SANDVIK AUSTRALIA 17,108 JUN 22
TYCO FLOW
CONTROL PACIFIC 5,437 JAN 12
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
NEXUS INDUSTRY PARK (BUILDING 1) VIEW LARGER MAP
BACK NEXT LYN PARADE, PRESTONS, NSW
DESCRIPTION
Developed by Mirvac, this building was purpose built for Atlas
Steel in 2006 and adjoins four other industrial facilities
developed on the former Liverpool Showground site. The site
has excellent exposure and access to the M5 & M7 Motorway.
SUMMARY INFORMATION
OWNERSHIP 100% MPT
NLA 13,120 SQM
CARSPACES 125
ACQUISITION DATE AUG 04
LAST EXTERNAL VALUATION DATE 30 JUN 11
VALUATION AT 31 DEC 11 $18.1M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 8.25%
DISCOUNT RATE 9.50%
MAJOR TENANTS NLA SQM LEASE EXPIRY
ATLAS STEEL (AUST) 13,120 APR 21
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
NEXUS INDUSTRY PARK (BUILDING 2) VIEW LARGER MAP
BACK NEXT LYN PARADE, PRESTONS, NSW
DESCRIPTION
Developed by Mirvac, this building was purpose built for
Natsteel Australia in 2006 and adjoins four other industrial
facilities developed on the former Liverpool Showground site.
The site has excellent exposure and access to the M5 & M7
Motorway.
SUMMARY INFORMATION
OWNERSHIP 100% MPT
NLA 9,709 SQM
CARSPACES 70
ACQUISITION DATE AUG 04
LAST EXTERNAL VALUATION DATE 31 MAR 11
VALUATION AT 31 DEC 11 $12.5M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 8.50%
DISCOUNT RATE 9.75%
MAJOR TENANTS NLA SQM LEASE EXPIRY
NATSTEEL AUSTRALIA 9,709 NOV 13
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
NEXUS INDUSTRY PARK (BUILDING 3) VIEW LARGER MAP
BACK NEXT LYN PARADE, PRESTONS, NSW
DESCRIPTION
Developed by Mirvac, this building was built and subsequently
leased to Clemenger and De Longhi in 2007 and adjoins four
other industrial facilities developed on the former Liverpool
Showground site. The site has excellent exposure and access
to the M5 & M7 Motorway.
SUMMARY INFORMATION
OWNERSHIP 100% MPT
NLA 17,267 SQM
CARSPACES 163
ACQUISITION DATE AUG 04
LAST EXTERNAL VALUATION DATE 30 JUN 11
VALUATION AT 31 DEC 11 $23.6M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 8.25%
DISCOUNT RATE 9.50%
MAJOR TENANTS NLA SQM LEASE EXPIRY
DE'LONGHI AUSTRALIA 11,746 FEB 18
CLEMENGER 5,521 AUG 12
LEASE EXPIRY PROFILE % AREA
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SUMMARY INFORMATION
OWNERSHIP		100% MPT
NLA		23,356 SQM
CARSPACES		212
ACQUISITION DATE		AUG 04
LAST EXTERNAL VALUATION DATE		31 DEC 10
VALUATION AT 31 DEC 11		$31.4M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		8.25%
DISCOUNT RATE		9.50%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
HPM LEGRAND AUSTRALIA	23,356	OCT 21
LEASE EXPIRY PROFILE % AREA

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
NEXUS INDUSTRY PARK (BUILDING 5) VIEW LARGER MAP
BACK NEXT LYN PARADE, PRESTONS, NSW
DESCRIPTION
Developed by Mirvac in 2008 this building adjoins four other
industrial facilities developed on the former Liverpool
Showground site. The site has excellent exposure and access
to the M5 & M7 Motorway.
SUMMARY INFORMATION
OWNERSHIP 100% MPT
NLA 12,339 SQM
CARSPACES 103
ACQUISITION DATE AUG 04
LAST EXTERNAL VALUATION DATE 31 DEC 10
VALUATION AT 31 DEC 11 $14.3M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 8.50%
DISCOUNT RATE 9.75%
MAJOR TENANTS NLA SQM LEASE EXPIRY
— — —
LEASE EXPIRY PROFILE % AREA
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The property comprises a high clearance, modern distribution warehouse which was specifically designed for Exel Australia in 2000. The property has excellent access to the M4 Motorway.

SUMMARY INFORMATION
OWNERSHIP		100% MPT
NLA		19,286 SQM
CARSPACES		106
ACQUISITION DATE		DEC 09
LAST EXTERNAL VALUATION DATE		30 JUN 11
VALUATION AT 31 DEC 11		$22.0M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		8.50%
DISCOUNT RATE		9.75%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
EXEL LOGISTICS
AUSTRALIA	19,286	OCT 12
LEASE EXPIRY PROFILE % AREA

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
32 SARGENTS ROAD, MICHINBURY, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
The property comprises two high clearance warehouses,
purpose built for Star Track Express in 2004 and 2006. The
property is located close to the junction of the M4 and M7
Motorways.
SUMMARY INFORMATION
OWNERSHIP 100% MPT
NLA 22,378 SQM
CARSPACES 202
ACQUISITION DATE DEC 09
LAST EXTERNAL VALUATION DATE 30 JUN 11
VALUATION AT 31 DEC 11 $23.5M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 8.75%
DISCOUNT RATE 9.50%
MAJOR TENANTS NLA SQM LEASE EXPIRY
STAR TRACK EXPRESS 22,378 NOV 14
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
47-67 WESTGATE DRIVE, ALTONA NORTH, VIC VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Purpose built for Pacific Brands in 1996, the property is located
in Melbourne's western industrial precinct strategically serviced
by the major transport routes of the Westgate Freeway,
Western Ring Road and the Princes Freeway.
SUMMARY INFORMATION
OWNERSHIP 100% MPT
NLA 27,081 SQM
CARSPACES 183
ACQUISITION DATE DEC 09
LAST EXTERNAL VALUATION DATE 31 DEC 11
VALUATION AT 31 DEC 11 $19.1M
VALUER SAVILLS
CAPITALISATION RATE 9.50%
DISCOUNT RATE 9.75%
MAJOR TENANTS NLA SQM LEASE EXPIRY
PACIFIC BRANDS 27,081 APR 14
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
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PARKING
1900-2060 PRATT BOULEVARD, VIEW LARGER MAP
BACK NEXT CHICAGO, ILLINOIS, USA
DESCRIPTION
The Chicago Metropolitan area is the largest industrial market
in the USA and this versatile 49,982 sqm industrial facility is
located adjacent to the O'Hare International Airport, the
second busiest airport in the world. The property is currently
leased and also provides a medium-term redevelopment
opportunity.
SUMMARY INFORMATION
OWNERSHIP 100% MPT
NLA 49,982 SQM
CARSPACES 1,638
ACQUISITION DATE DEC 07
LAST EXTERNAL VALUATION DATE 31 DEC 11
VALUATION AT 31 DEC 11 $28.1M
VALUER CB RICHARD ELLIS
CAPITALISATION RATE 7.50%
DISCOUNT RATE 9.25%
MAJOR TENANTS NLA SQM LEASE EXPIRY
CLEAR LAM PACKAGING 49,982 APR 21
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011

INVESTMENT D	EVELOPMENT MAP DOWNLOAD EXCEL	PRINT PDF	DISCLAIMER
BACK NEXT MPT INVESTMENT MANAGEMENT HOTEL PORTFOLIO OFFICE INDUSTRIAL RETAIL HOTEL PARKING	PROPERTY LOCATION NLA % OF RETAIL PORTFOLIO BOOK VALUE 2 CENTRE MAT 3 VALUATION AT 31 DEC 2011 Metcentre Sydney, NSW 6,776 sqm 3.7% $51m $60.0m4 Greenwood Plaza North Sydney, NSW 8,797 sqm 5.0% $77m $80.0m4 Broadway Shopping Centre Broadway, NSW 50,952 sqm 14.3% $410m $231.5m4 Rhodes Shopping Centre Rhodes, NSW 33,393 sqm 6.9% $180m $111.5m4 St Marys Village Centre St Marys, NSW 16,092 sqm 2.7% $94m $43.0m Stanhope Village Stanhope Gardens, NSW 15,369 sqm 4.4% $123m $70.5m Cherrybrook Village Shopping Centre Cherrybrook, NSW 9,494 sqm 4.9% $114m $79.0m Orange City Centre Orange, NSW 17,922 sqm 3.0% $74m $49.0m Manning Mall Taree, NSW 10,931 sqm 2.2% $52m $34.8m Cooleman Court Weston, ACT 10,687 sqm 2.9% $106m $46.0m Logan Megacentre Logan, QLD 27,026 sqm 3.7% N/A $60.0m Orion Springfield Town Centre Springfield, QLD 32,651 sqm 8.0% $179m $129.0m Hinkler Central Bundaberg, QLD 20,750 sqm 5.7% $158m $91.0m Kawana Shoppingworld Buddina, QLD 30,030 sqm 13.0% $242m $209.7m City Centre Plaza Rockhampton, QLD 14,107 sqm 3.0% $88m $48.2m Como Centre South Yarra, VIC 6,624 sqm 1.3% $19m $21.0m Gippsland Centre Sale, VIC 22,776 sqm 3.0% $119m $49.1m Waverley Gardens Shopping Centre Mulgrave, VIC 38,373 sqm 8.2% $181m $131.5m Moonee Ponds Central Moonee Ponds, VIC 18,577 sqm 4.1% $100m $65.3m TOTAL 391,327 sqm 100.0% $1,610.1m2 WEIGHTED AVERAGE LEASE EXPIRY BY AREA 6.0 YEARS OCCUPANCY % BY AREA 99.2%

1) BY BOOK VALUE AS AT 31 DECEMBER 2011. EXCLUDES DEVELOPMENT ASSETS AND INDIRECT PROPERTY INVESTMENTS. 2) BOOK VALUE AS AT 31 DECEMBER 2011. EXCLUDES DEVELOPMENT PROJECTS.
3) 12 MONTHS TO 31 DECEMBER, IN ACCORDANCE WITH SCCA GUIDELINES.
4) BOOK VALUE REPRESENTS 50% INTEREST.

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
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PARKING
METCENTRE, SYDNEY, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
The Metcentre comprises over 75 stores, located in the centre
of the Sydney CBD at the base of 60 Margaret Street with a
direct pedestrian link to Wynyard Railway Station.
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SUMMARY INFORMATION
GRADE		CBD RETAIL
OWNERSHIP	50%	MPT, 50% MTAA
GLA		6,776 SQM
CARSPACES		N/A
ACQUISITION DATE		AUG 98
LAST EXTERNAL VALUATION DATE		31 DEC 10
VALUATION AT 31 DEC 11		$60.0M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		6.50%
DISCOUNT RATE		9.25%
CENTRE MAT		$51M
SPECIALTY OCCUPANCY COST		22.1%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
WOOLWORTHS	696	MAR 29
FLORESHEIM	267	OCT 13
LEASE EXPIRY PROFILE % AREA

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
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PARKING
GREENWOOD PLAZA, NORTH SYDNEY, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Greenwood Plaza is a three level centre at the base of North
Sydney's iconic 101-103 Miller Street. It comprises over 100
retail and service outlets with the ground level retail flowing
directly into North Sydney Railway Station.
SUMMARY INFORMATION
GRADE CBD RETAIL
OWNERSHIP 50% MPT, 50% EUREKA
GLA 8,797 SQM
CARSPACES 266
ACQUISITION DATE JUN 94
LAST EXTERNAL VALUATION DATE 31 DEC 10
VALUATION AT 31 DEC 11 $80.0M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 6.75%
DISCOUNT RATE 9.25%
CENTRE MAT $77M
SPECIALTY OCCUPANCY COST 19.0%
MAJOR TENANTS NLA SQM LEASE EXPIRY
GREENWOOD HOTEL 856 NOV 12
IGA 713 APR 17
LEASE EXPIRY PROFILE % AREA
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	PROPERTY	PROPERTY	COMPENDIUM31 DECEMBER 2011 ©2012 Google - Terms of Use Earth Ter Sat Map DISCLAIMER	COMPENDIUM31 DECEMBER 2011 ©2012 Google - Terms of Use Earth Ter Sat Map DISCLAIMER	COMPENDIUM31 DECEMBER 2011 ©2012 Google - Terms of Use Earth Ter Sat Map DISCLAIMER	COMPENDIUM31 DECEMBER 2011 ©2012 Google - Terms of Use Earth Ter Sat Map DISCLAIMER
INVESTMENT D	EVELOPMENT MAP DOWNLOAD EXCEL	PRINT PDF		DISCLAI	MER
BACK NEXT MPT INVESTMENT MANAGEMENT HOTEL PORTFOLIO OFFICE INDUSTRIAL RETAIL HOTEL PARKING	BROADWAY SHOPPING CENTRE, BROADWAY, NSW DESCRIPTION This dominant sub regional centre is located on the fringe of the CBD and services the growing catchment of Sydney's inner city and inner west. The centre was expanded and refurbished in 2007 to add Target and a new fashion level to the existing major tenancies of Kmart, Coles, BI-LO and Rebel Sport. SUMMARY INFORMATION GRADE SUB REGIONAL OWNERSHIP 50% MPT, 50% PERRON GLA 50,952 SQM CARSPACES 1,852 ACQUISITION DATE JAN 07 LAST EXTERNAL VALUATION DATE 30 JUN 10 VALUATION AT 31 DEC 11 $231.5M VALUER DIRECTORS VALUATION CAPITALISATION RATE 6.25% DISCOUNT RATE 9.00% CENTRE MAT $410M SPECIALTY OCCUPANCY COST 16.4% MAJOR TENANTS NLA SQM LEASE EXPIRY KMART 7,394 MAR 13 HOYTS 4,857 JUL 18 LEASE EXPIRY PROFILE % AREA VIEW LARGER MAP
			Map	Sat	Ter	Earth
					©2 T

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SUMMARY INFORMATION
GRADE		SUB REGIONAL
OWNERSHIP	50% MPT, 50% PERRON
GLA		33,393 SQM
CARSPACES		2,450
ACQUISITION DATE		JAN 07
LAST EXTERNAL VALUATION DATE		30 JUN 11
VALUATION AT 31 DEC 11		$111.5M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		7.00%
DISCOUNT RATE		9.25%
CENTRE MAT		$180M
SPECIALTY OCCUPANCY COST		16.0%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
TARGET	3,795	NOV 24
COLES	3,497	DEC 19
LEASE EXPIRY PROFILE % AREA

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
ST MARYS VILLAGE CENTRE, ST MARYS, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Located in the western Sydney suburb of St Marys, this sub
regional centre comprises Woolworths, Target and over 40
specialty stores. The centre provides convenient shopping
over a single level with easily accessible on-grade parking.
The centre has a NABERS Energy rating of 3.5 Stars.
SUMMARY INFORMATION
GRADE SUB REGIONAL
OWNERSHIP 100% MPT
GLA 16,092 SQM
CARSPACES 551
ACQUISITION DATE JAN 03
LAST EXTERNAL VALUATION DATE 31 DEC 10
VALUATION AT 31 DEC 11 $43.0M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 7.75%
DISCOUNT RATE 9.50%
CENTRE MAT $94M
SPECIALTY OCCUPANCY COST 12.2%
MAJOR TENANTS NLA SQM LEASE EXPIRY
TARGET 8,023 JUL 21
WOOLWORTHS 4,066 NOV 15
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
STANHOPE VILLAGE, STANHOPE GARDENS, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Located in the rapidly growing north-west corridor of Sydney,
Stanhope Village Stage 1 opened in late 2003, comprising a
Coles supermarket and 30 stores. Stage 2 was opened in
March 2007 and included Kmart. The centre is conveniently
located adjacent to the area's busy leisure centre and pool
facility. The centre has a NABERS Energy rating of 3.5 Stars.
SUMMARY INFORMATION
GRADE SUB REGIONAL
OWNERSHIP 100% MPT
GLA 15,369 SQM
CARSPACES 698
ACQUISITION DATE NOV 03
LAST EXTERNAL VALUATION DATE 31 DEC 11
VALUATION AT 31 DEC 11 $70.5M
VALUER CB RICHARD ELLIS
CAPITALISATION RATE 7.50%
DISCOUNT RATE 9.25%
CENTRE MAT $123M
SPECIALTY OCCUPANCY COST 11.4%
MAJOR TENANTS NLA SQM LEASE EXPIRY
KMART 5,060 MAR 22
COLES 3,629 NOV 18
LEASE EXPIRY PROFILE % AREA
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	PROPERTY	PROPERTY	PROPERTY	PROPERTY	PROPERTY	PROPERTY
INVESTMENT D	EVELOPMENT MAP DOWNLOAD EXCEL	PRINT PDF		DISCLAI	MER
BACK NEXT MPT INVESTMENT MANAGEMENT HOTEL PORTFOLIO OFFICE INDUSTRIAL RETAIL HOTEL PARKING	CHERRYBROOK VILLAGE SHOPPING CENTRE, CHERRYBROOK, NSW DESCRIPTION This single level, neighbourhood centre was originally constructed in 1989 and was extensively refurbished and expanded in 2004. The centre is anchored by a Woolworths supermarket and over 50 specialty tenancies including a strong fresh food precinct. SUMMARY INFORMATION GRADE NEIGHBOURHOOD OWNERSHIP 100% MPT GLA 9,494 SQM CARSPACES 474 ACQUISITION DATE DEC 09 LAST EXTERNAL VALUATION DATE 30 JUN 11 VALUATION AT 31 DEC 11 $79.0M VALUER DIRECTORS VALUATION CAPITALISATION RATE 7.50% DISCOUNT RATE 9.50% CENTRE MAT $114M SPECIALTY OCCUPANCY COST 14.5% MAJOR TENANTS NLA SQM LEASE EXPIRY WOOLWORTHS 3,832 MAR 25 MARTELLI'S FRUIT MARKET 679 AUG 14 LEASE EXPIRY PROFILE % AREA Map data ©2012 Google, Whereis(R), Sensis Sat Map VIEW LARGER MAP
			Map	Sat	Ter	Earth
					©2 Pty Ltd -T

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
ORANGE CITY CENTRE, ORANGE, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Orange City Centre is the dominant centre in the strong
regional city of Orange. The centre incorporates a Myer
department store, a Big W and over 30 speciality stores as well
as undercover parking. The centre has a NABERS Energy
rating of 4.0 Stars.
SUMMARY INFORMATION
GRADE SUB REGIONAL
OWNERSHIP 100% MPT
GLA 17,922 SQM
CARSPACES 414
ACQUISITION DATE APR 93
LAST EXTERNAL VALUATION DATE 31 DEC 11
VALUATION AT 31 DEC 11 $49.0M
VALUER SAVILLS
CAPITALISATION RATE 8.50%
DISCOUNT RATE 10.00%
CENTRE MAT $74M
SPECIALTY OCCUPANCY COST 11.9%
MAJOR TENANTS NLA SQM LEASE EXPIRY
BIG W 7,017 NOV 26
MYER 6,858 NOV 16
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
MANNING MALL, TAREE, NSW VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Manning Mall is located approximately 300 km north of Sydney
in the main retail street of Taree. The centre was extended and
refurbished in 2009 to include a new Target store and a Coles
supermarket.
SUMMARY INFORMATION
GRADE SUB REGIONAL
OWNERSHIP 100% MPT
GLA 10,931 SQM
CARSPACES 420
ACQUISITION DATE DEC 06
LAST EXTERNAL VALUATION DATE 31 DEC 11
VALUATION AT 31 DEC 11 $34.8M
VALUER COLLIERS INTERNATIONAL
CAPITALISATION RATE 8.50%
DISCOUNT RATE 9.50%
CENTRE MAT $52M
SPECIALTY OCCUPANCY COST 11.7%
MAJOR TENANTS NLA SQM LEASE EXPIRY
COLES 3,650 SEP 24
TARGET 3,500 NOV 18
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
PARKING
COOLEMAN COURT, WESTON, ACT VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Cooleman Court was redeveloped in 2009 to include a new
Aldi store and second retail level to the existing anchors of
Woolworths and Target Country. The centre has over 35
specialty shops.
SUMMARY INFORMATION
GRADE NEIGHBOURHOOD
OWNERSHIP 100% MPT
GLA 10,687 SQM
CARSPACES 497
ACQUISITION DATE DEC 09
LAST EXTERNAL VALUATION DATE 31 DEC 11
VALUATION AT 31 DEC 11 $46.0M
VALUER JLL
CAPITALISATION RATE 7.75%
DISCOUNT RATE 9.50%
CENTRE MAT $106M
SPECIALTY OCCUPANCY COST 12.9%
MAJOR TENANTS NLA SQM LEASE EXPIRY
WOOLWORTHS 3,102 AUG 13
ALDI 1,400 JAN 19
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 GBRMPA, Google, Whereis(R), Sensis Pty Ltd -
PARKING
LOGAN MEGACENTRE, LOGAN, QLD VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Opened in March 2007, the centre is the premier homemaker
facility for Brisbane's growing south-west corridor. Co-located
with IKEA, the centre has excellent exposure to the M1
Motorway.
SUMMARY INFORMATION
GRADE BULKY GOODS CENTRE
OWNERSHIP 100% MPT
GLA 27,026 SQM
CARSPACES 600
ACQUISITION DATE OCT 05
LAST EXTERNAL VALUATION DATE 31 DEC 10
VALUATION AT 31 DEC 11 $60.0M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 9.25%
DISCOUNT RATE 10.25%
CENTRE MAT N/A
SPECIALTY OCCUPANCY COST N/A
MAJOR TENANTS NLA SQM LEASE EXPIRY
SPOTLIGHT 3,509 SEP 17
ANACONDA 3,425 MAR 17
LEASE EXPIRY PROFILE % AREA
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SUMMARY INFORMATION
GRADE SUB REGIONAL
OWNERSHIP 100% MPT
GLA 32,651 SQM
CARSPACES 2,091
ACQUISITION DATE AUG 02
LAST EXTERNAL VALUATION DATE 31 DEC 10
VALUATION AT 31 DEC 11 $129.0M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 6.75%
DISCOUNT RATE 9.25%
CENTRE MAT $179M
SPECIALTY OCCUPANCY COST 14.8%
MAJOR TENANTS NLA SQM LEASE EXPIRY
BIG W 8,198 MAR 27
WOOLWORTHS 4,471 MAR 27
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 GBRMPA, Google, Whereis(R), Sensis Pty Ltd -
PARKING
HINKLER CENTRAL, BUNDABERG, QLD VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Located in the strong regional centre of Bundaberg, the centre
comprises Woolworths, Coles, Kmart and over 70 specialty
stores. On site parking is provided for 1,070 vehicles including
770 basement level bays.
SUMMARY INFORMATION
GRADE SUB REGIONAL
OWNERSHIP 100% MPT
GLA 20,750 SQM
CARSPACES 1,070
ACQUISITION DATE AUG 03
LAST EXTERNAL VALUATION DATE 31 MAR 11
VALUATION AT 31 DEC 11 $91.0M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 7.75%
DISCOUNT RATE 9.50%
CENTRE MAT $158M
SPECIALTY OCCUPANCY COST 11.9%
MAJOR TENANTS NLA SQM LEASE EXPIRY
KMART 6,224 JUL 15
WOOLWORTHS 3,548 MAR 20
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 GBRMPA, Google, Whereis(R), Sensis Pty Ltd -
PARKING
KAWANA SHOPPINGWORLD, BUDDINA, QLD VIEW LARGER MAP
BACK NEXT
DESCRIPTION
Located on Queensland's Sunshine Coast, this dominant
centre comprises Woolworths, Big W, BI-LO and over
100 specialties stores. Planning is underway for further centre
expansion.
SUMMARY INFORMATION
GRADE SUB REGIONAL
OWNERSHIP 100% MPT
GLA 30,030 SQM
CARSPACES 1,720
ACQUISITION DATE DEC 93 (50%) JUN 98 (50%)
LAST EXTERNAL VALUATION DATE 31 DEC 11
VALUATION AT 31 DEC 11 $209.7M
VALUER CB RICHARD ELLIS
CAPITALISATION RATE 6.75%
DISCOUNT RATE 9.25%
CENTRE MAT $242M
SPECIALTY OCCUPANCY COST 13.7%
MAJOR TENANTS NLA SQM LEASE EXPIRY
BIG W 8,383 JUN 21
WOOLWORTHS 3,648 NOV 14
LEASE EXPIRY PROFILE % AREA
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL ©2012 Google -
HOTEL Map data ©2012 GBRMPA, Google, Whereis(R), Sensis Pty Ltd -
PARKING
CITY CENTRE PLAZA, ROCKHAMPTON, QLD VIEW LARGER MAP
BACK NEXT
DESCRIPTION
City Centre Plaza is situated on the fringe of Rockhampton's
CBD. The single level sub regional shopping centre was
modernised and upgraded during 2008. The centre is
anchored by a Target store and a Coles supermarket with over
35 specialty shops.
SUMMARY INFORMATION
GRADE SUB REGIONAL
OWNERSHIP 100% MPT
GLA 14,107 SQM
CARSPACES 495
ACQUISITION DATE DEC 09
LAST EXTERNAL VALUATION DATE 30 JUN 11
VALUATION AT 31 DEC 11 $48.2M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 8.00%
DISCOUNT RATE 9.75%
CENTRE MAT $88M
SPECIALTY OCCUPANCY COST 12.1%
MAJOR TENANTS NLA SQM LEASE EXPIRY
TARGET 6,910 JUL 15
COLES 3,670 OCT 13
LEASE EXPIRY PROFILE % AREA
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Como Centre is a mixed use office, retail and hotel complex, with the retail component comprising over 25 specialty stores and an Art House cinema. The centre is located on the popular retail strip of Chapel Street, Melbourne.

SUMMARY INFORMATION
GRADE		CBD RETAIL
OWNERSHIP		100% MPT
GLA		6,624 SQM
CARSPACES		632
ACQUISITION DATE		AUG 98
LAST EXTERNAL VALUATION DATE		30 JUN 11
VALUATION AT 31 DEC 11		$21.0M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE		8.00%
DISCOUNT RATE		9.25%
CENTRE MAT		$19M
SPECIALTY OCCUPANCY COST		12.7%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
CINEMA COMO	1,911	FEB 20
ECO HAIR PRODUCTS	538	OCT 13
LEASE EXPIRY PROFILE % AREA

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Located in the heart of Sale's CBD, some 260 kms east of Melbourne, the Gippsland Centre includes Coles, Safeway, Target and over 35 specialty stores with abundant on � grade parking. The centre has a NABERS Energy rating of 4.0 stars.

SUMMARY INFORMATION
GRADE		SUB REGIONAL
OWNERSHIP		100% MPT
GLA		22,776 SQM
CARSPACES		1,066
ACQUISITION DATE		JAN 94
LAST EXTERNAL VALUATION DATE		31 DEC 11
VALUATION AT 31 DEC 11		$49.1M
VALUER	CB	RICHARD ELLIS
CAPITALISATION RATE		8.25%
DISCOUNT RATE		9.50%
CENTRE MAT		$119M
SPECIALTY OCCUPANCY COST		12.2%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
TARGET	7,778	JUL 20
AUSTRALIAN SAFEWAY	3,362	NOV 27
LEASE EXPIRY PROFILE % AREA

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SUMMARY INFORMATION
GRADE		SUB REGIONAL
OWNERSHIP		100% MPT
GLA		38,373 SQM
CARSPACES		2,200
ACQUISITION DATE		NOV 02
LAST EXTERNAL VALUATION DATE		31 DEC 11
VALUATION AT 31 DEC 11		$131.5M
VALUER		SAVILLS
CAPITALISATION RATE		7.75%
DISCOUNT RATE		9.50%
CENTRE MAT		$181M
SPECIALTY OCCUPANCY COST		15.2%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
TARGET	6,796	JUN 20
BIG W	6,770	MAR 27
LEASE EXPIRY PROFILE % AREA

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SUMMARY INFORMATION
GRADE SUB REGIONAL
OWNERSHIP 100% MPT
GLA 18,577 SQM
CARSPACES 914
ACQUISITION DATE MAY 03 & FEB 08
LAST EXTERNAL VALUATION DATE 30 JUN 10
VALUATION AT 31 DEC 11 $65.3M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 7.75% – 8.50%
DISCOUNT RATE 9.50% – 9.75%
CENTRE MAT $100M
OCCUPANCY COST 16.3%
MAJOR TENANTS NLA SQM LEASE EXPIRY
KMART 4,728 MAR 24
COLES 4,000 MAY 22
LEASE EXPIRY PROFILE % AREA
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	PROPERTY COMPENDIUM31 DECEMBER 2011	PROPERTY COMPENDIUM31 DECEMBER 2011	PROPERTY COMPENDIUM31 DECEMBER 2011
INVESTMENT D	EVELOPMENT MAP DOWNLOAD EXCEL	PRINT PDF	DISCLAIMER
BACK NEXT MPT INVESTMENT MANAGEMENT HOTEL PORTFOLIO OFFICE INDUSTRIAL RETAIL HOTEL PARKING	PROPERTY LOCATION OWNERSHIP ROOMS BOOK VALUE The Como Melbourne South Yarra, VIC 100% MPT 107 $25.0m TOTAL 107 $25.0m

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PROPERTY DETAILS
OWNERSHIP 100% MPT
NO OF ROOMS 107
OCCUPANCY 81.0%
AVERAGE ROOM RATE $216
STAR RATING 5 STAR
ACQUISITION DATE AUG 98
LAST EXTERNAL VALUATION DATE 30 JUN 11
VALUATION AT 31 DEC 11 $25.0M
VALUER DIRECTORS VALUATION
CAPITALISATION RATE 7.75%
DISCOUNT RATE 9.75%
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PROPERTY COMPENDIUM 31 DECEMBER 2011

INVESTMENT D	EVELOPMENT MAP DOWNLOAD EXCEL	PRINT PDF	DISCLAIMER
MPT	PROPERTY LOCATION OWNERSHIP TYPE CAR SPACES % OF PARKING PORTFOLIO BOOK VALUE BOOK VALUE Quay West Sydney, NSW 100% MPT Commercial 598 40.3% $29.3m The Como Centre South Yarra, VIC 100% MPT Commercial/Retail 615 30.9% $22.5m Riverside Quay Southbank, VIC 100% MPT Commercial 560 28.8% $21.0m TOTAL 1,773 100% $72.8m
BACK NEXT INVESTMENT MANAGEMENT HOTEL PORTFOLIO OFFICE INDUSTRIAL RETAIL HOTEL PARKING

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PROPERTY DETAILS
OWNERSHIP	100% MPT
NUMBER OF BAYS	598
ACQUISITION DATE	NOV 89
LAST EXTERNAL VALUATION DATE	30 JUN 11
VALUATION AT 31 DEC 11	$29.3M
VALUER	DIRECTORS VALUATION
CAPITALISATION RATE	8.50%
DISCOUNT RATE	10.00%

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter
MPT
INVESTMENT
MANAGEMENT
HOTEL PORTFOLIO
OFFICE
INDUSTRIAL
RETAIL
HOTEL
PARKING
COMO CENTRE CAR PARK VIEW LARGER MAP
BACK NEXT CHAPEL STREET, SOUTH YARRA, VIC
DESCRIPTION
A multi-level car park comprising 615 spaces servicing the
Como Centre complex including office, hotel, cinemas and
retail.
PROPERTY DETAILS
OWNERSHIP 100% MPT
NUMBER OF BAYS 615
ACQUISITION DATE AUG 98
LAST EXTERNAL VALUATION DATE 30 JUN 11
VALUATION AT 31 DEC 11 $22.5M
VALUER DIRECTOR VALUATION
CAPITALISATION RATE 8.75%
DISCOUNT RATE 9.75%
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	PROPERTY COMPENDIUM31 DECEMBER 2011 INVESTMENT MANAGEMENT WHOLESALE FUNDS UNDER MANAGEMENT$1.3 BILLION FUNDS MIRVAC WHOLESALE HOTEL FUND TRAVELODGE GROUP MIRVAC WHOLESALE RESIDENTIAL DEVELOPMENT PARTNERSHIP RETAIL FUNDS UNDER MANAGEMENT$0.5 BILLION LISTED UNLISTED MIRVAC INDUSTRIAL TRUST MIRVAC DEVELOPMENT FUND – SEASCAPES MIRVAC DEVELOPMENT FUND – MEADOW SPRINGS JOINT VENTURES 1,2 FUNDS UNDER MANAGEMENT$3.1 BILLION AUSTRALIAN – FUNDS INTERNATIONAL – FUNDS JF INFRASTRUCTURE YIELD FUND QUADRANT FUND3 AUSTRALIAN SUSTAINABLE FORESTRY INVESTORS CALIFORNIA COMMUNITY MORTGAGE3 NEW ZEALAND SUSTAINABLE FORESTRY INVESTORS INSTITUTIONAL COMMERCIAL MORTGAGE FUND NO 53 JF INFRASTRUCTURE SUSTAINABLE EQUITY FUND INTERNATIONAL – MANDATES QUADRANT REAL ESTATE ADVISORS HEALTH SUPER PTY LTD INVESTMENT MANAGEMENT / WHOLESALE MIRVAC WHOLESALE HOTEL FUND FOCUS FUM($M) 4 NO OF INVESTORS Wholesale 549.3 5 Mirvac Wholesale Hotel Fund was launched in 2007 and is an open-ended wholesale fund with total investor equity of $341 million and a portfolio of seven hotels located in Sydney, Melbourne, Brisbane and Cairns. Total value of the portfolio is $534.3 million. The Fund's portfolio consists of four hotels acquired from Carlton Hotel Group in 2007, together with the Marriott Hotel Sydney and a 50 per cent interest in The Sebel Cairns, both of which were acquired from Mirvac in June 2007. The Fund acquired the Courtyard by Marriott Hotel at North Ryde in August 2009. All seven hotels are of a 4 to 5 star standard and provide a total of 2,024 rooms. Details of the Fund's investment portfolio are available fromwww.mirvac.com/mwhf. On 16 December 2011, Mirvac announced that it had entered into contracts for the sale of its hotel management business, Mirvac Hotels & Resorts, and various associated investments to a consortium comprising Accor Asia Pacific ("Accor") and Ascendas. The sale process at 31 December 2011 was still being finalised and is expected to occur prior to 30 June 2012. TRAVELODGE GROUP FOCUS FUM($M) 4 NO OF INVESTORS Wholesale 420.3 2 The Travelodge Group is a sector specific wholesale fund established in March 2005 and focuses on the 3 to 3.5 star hotel market in Australia and New Zealand. The portfolio comprises 13 hotels and 2,048 rooms with a value of $394.3 million all of which are leased to Value Lodging Pty Limited, a subsidiary of Toga Hospitality. Details of the Travelodge Group's investment portfolio are available fromwww.mirvac.com/travelodge-group. MIRVAC WHOLESALE RESIDENTIAL DEVELOPMENT PARTNERSHIP FOCUS FUM($M) 5,6 END VALUE($M) 5 NO OF INVESTORS Wholesale 287.5 2,017.1 4 The Mirvac Wholesale Residential Development Partnership is a closed-end vehicle that has acquired well-located residential development/management projects around Australia, that are diversified by geography, product type, timing and stage of the development cycle. The portfolio comprised 2,186 lots and 1,150 medium density units. The Partnership has raised equity commitments of $300 million, including Mirvac's 20 per cent co-investment, of which $287.5 million has been applied to the establishment of the current portfolio. Details of the Partnership's investment portfolio are available fromwww.mirvac.com/mwrdp. INVESTMENT MANAGEMENT / LISTED – RETAIL MIRVAC INDUSTRIAL TRUST FOCUS FUM($M) 7,8 NO OF INVESTORS Retail 432.9 1,891 Mirvac Industrial Trust ("MIX") is an ASX listed property Trust. The portfolio consists entirely of industrial assets leased to a diverse range of quality tenants in and around the Greater Chicago region. Details of MIX's investment portfolio are available from the Trust's website www.mirvac.com/mix. UNLISTED – RETAIL MIRVAC DEVELOPMENT FUNDS – SEASCAPES & MEADOW SPRINGS FOCUS FUM($M) 4 NO OF INVESTORS Retail 53.3 440 At 31 December 2011, Mirvac Investment Management had two active unlisted funds with approximately $53.3 million under management. Details of the unlisted fund portfolio are available fromwww.mirvac.com/investmentmanagement. INVESTMENT MANAGEMENT / JV AUSTRALIA JF INFRASTRUCTURE FOCUS FUM($M) 4,9 NO OF INVESTORS Wholesale 136.2 40 JF Infrastructure ("JFI") is a 50/50 joint venture between Mirvac and Leighton Holdings Limited. WHOLESALE FUNDS FUND ASSETS GROSS ASSETS($M) 4,9 JF Infrastructure Yield Fund The Fund completed the sale of its 20.8% equity interest in International Parking Group on 15 August 2011. 33.3% equity interest in BAC Airports Group, which beneficially owns Bankstown and Camden Airports in Sydney. 22.4% equity interest in Melbourne Stadium Trusts which are the owners of Etihad Stadium, Melbourne. 59.110 New Zealand Sustainable Forestry Investors Australian Sustainable Forestry Investors 20,522 hectares of freehold forestry land in Victoria, South Australia and Western Australia. 68.911 JF Infrastructure Sustainable Equity Fund MPT owns 100% JFISEF. JFISEF holds a 25% equity investment in Australian Sustainable Forestry Investors (assets as above). 8.2 TOTAL WHOLESALE FUNDS 136.2 INVESTMENT MANAGEMENT / JV INTERNATIONAL QUADRANT REAL ESTATE ADVISORS FOCUS FUM($M) 9,12 Wholesale funds 58.7 Mandates 5,935.7 Quadrant Real Estate Advisors, LLC has offices in the United States (Atlanta, Georgia) and in Sydney. Quadrant provides institutional investors a full range of commercial real estate advisory services across the public and private, debt and equity sectors. As at 31 December 2011, Quadrant has approximately A$6.0 billion9of commercial and multi-family real estate assets under management. Quadrant's management team has been advising institutional investors since the early 1990s and develops and manages tailored investment strategies on behalf of a wide range of US and Australian institutional (wholesale) investors across the public and private debt and equity real estate markets. Clients include: — Health Super Pty Limited — California Public Employees' Retirement System ("CalPERS") — AXA – Equitable Life — Colorado Public Employees Retirement Association — Minnesota State Board of Investment Quadrant's strategy is to continue to develop leading public and private real estate investment products which provide access to targeted sectors of the US and Australian income producing commercial and multi-family real estate markets. DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER	PROPERTY COMPENDIUM31 DECEMBER 2011 INVESTMENT MANAGEMENT WHOLESALE FUNDS UNDER MANAGEMENT$1.3 BILLION FUNDS MIRVAC WHOLESALE HOTEL FUND TRAVELODGE GROUP MIRVAC WHOLESALE RESIDENTIAL DEVELOPMENT PARTNERSHIP RETAIL FUNDS UNDER MANAGEMENT$0.5 BILLION LISTED UNLISTED MIRVAC INDUSTRIAL TRUST MIRVAC DEVELOPMENT FUND – SEASCAPES MIRVAC DEVELOPMENT FUND – MEADOW SPRINGS JOINT VENTURES 1,2 FUNDS UNDER MANAGEMENT$3.1 BILLION AUSTRALIAN – FUNDS INTERNATIONAL – FUNDS JF INFRASTRUCTURE YIELD FUND QUADRANT FUND3 AUSTRALIAN SUSTAINABLE FORESTRY INVESTORS CALIFORNIA COMMUNITY MORTGAGE3 NEW ZEALAND SUSTAINABLE FORESTRY INVESTORS INSTITUTIONAL COMMERCIAL MORTGAGE FUND NO 53 JF INFRASTRUCTURE SUSTAINABLE EQUITY FUND INTERNATIONAL – MANDATES QUADRANT REAL ESTATE ADVISORS HEALTH SUPER PTY LTD INVESTMENT MANAGEMENT / WHOLESALE MIRVAC WHOLESALE HOTEL FUND FOCUS FUM($M) 4 NO OF INVESTORS Wholesale 549.3 5 Mirvac Wholesale Hotel Fund was launched in 2007 and is an open-ended wholesale fund with total investor equity of $341 million and a portfolio of seven hotels located in Sydney, Melbourne, Brisbane and Cairns. Total value of the portfolio is $534.3 million. The Fund's portfolio consists of four hotels acquired from Carlton Hotel Group in 2007, together with the Marriott Hotel Sydney and a 50 per cent interest in The Sebel Cairns, both of which were acquired from Mirvac in June 2007. The Fund acquired the Courtyard by Marriott Hotel at North Ryde in August 2009. All seven hotels are of a 4 to 5 star standard and provide a total of 2,024 rooms. Details of the Fund's investment portfolio are available fromwww.mirvac.com/mwhf. On 16 December 2011, Mirvac announced that it had entered into contracts for the sale of its hotel management business, Mirvac Hotels & Resorts, and various associated investments to a consortium comprising Accor Asia Pacific ("Accor") and Ascendas. The sale process at 31 December 2011 was still being finalised and is expected to occur prior to 30 June 2012. TRAVELODGE GROUP FOCUS FUM($M) 4 NO OF INVESTORS Wholesale 420.3 2 The Travelodge Group is a sector specific wholesale fund established in March 2005 and focuses on the 3 to 3.5 star hotel market in Australia and New Zealand. The portfolio comprises 13 hotels and 2,048 rooms with a value of $394.3 million all of which are leased to Value Lodging Pty Limited, a subsidiary of Toga Hospitality. Details of the Travelodge Group's investment portfolio are available fromwww.mirvac.com/travelodge-group. MIRVAC WHOLESALE RESIDENTIAL DEVELOPMENT PARTNERSHIP FOCUS FUM($M) 5,6 END VALUE($M) 5 NO OF INVESTORS Wholesale 287.5 2,017.1 4 The Mirvac Wholesale Residential Development Partnership is a closed-end vehicle that has acquired well-located residential development/management projects around Australia, that are diversified by geography, product type, timing and stage of the development cycle. The portfolio comprised 2,186 lots and 1,150 medium density units. The Partnership has raised equity commitments of $300 million, including Mirvac's 20 per cent co-investment, of which $287.5 million has been applied to the establishment of the current portfolio. Details of the Partnership's investment portfolio are available fromwww.mirvac.com/mwrdp. INVESTMENT MANAGEMENT / LISTED – RETAIL MIRVAC INDUSTRIAL TRUST FOCUS FUM($M) 7,8 NO OF INVESTORS Retail 432.9 1,891 Mirvac Industrial Trust ("MIX") is an ASX listed property Trust. The portfolio consists entirely of industrial assets leased to a diverse range of quality tenants in and around the Greater Chicago region. Details of MIX's investment portfolio are available from the Trust's website www.mirvac.com/mix. UNLISTED – RETAIL MIRVAC DEVELOPMENT FUNDS – SEASCAPES & MEADOW SPRINGS FOCUS FUM($M) 4 NO OF INVESTORS Retail 53.3 440 At 31 December 2011, Mirvac Investment Management had two active unlisted funds with approximately $53.3 million under management. Details of the unlisted fund portfolio are available fromwww.mirvac.com/investmentmanagement. INVESTMENT MANAGEMENT / JV AUSTRALIA JF INFRASTRUCTURE FOCUS FUM($M) 4,9 NO OF INVESTORS Wholesale 136.2 40 JF Infrastructure ("JFI") is a 50/50 joint venture between Mirvac and Leighton Holdings Limited. WHOLESALE FUNDS FUND ASSETS GROSS ASSETS($M) 4,9 JF Infrastructure Yield Fund The Fund completed the sale of its 20.8% equity interest in International Parking Group on 15 August 2011. 33.3% equity interest in BAC Airports Group, which beneficially owns Bankstown and Camden Airports in Sydney. 22.4% equity interest in Melbourne Stadium Trusts which are the owners of Etihad Stadium, Melbourne. 59.110 New Zealand Sustainable Forestry Investors Australian Sustainable Forestry Investors 20,522 hectares of freehold forestry land in Victoria, South Australia and Western Australia. 68.911 JF Infrastructure Sustainable Equity Fund MPT owns 100% JFISEF. JFISEF holds a 25% equity investment in Australian Sustainable Forestry Investors (assets as above). 8.2 TOTAL WHOLESALE FUNDS 136.2 INVESTMENT MANAGEMENT / JV INTERNATIONAL QUADRANT REAL ESTATE ADVISORS FOCUS FUM($M) 9,12 Wholesale funds 58.7 Mandates 5,935.7 Quadrant Real Estate Advisors, LLC has offices in the United States (Atlanta, Georgia) and in Sydney. Quadrant provides institutional investors a full range of commercial real estate advisory services across the public and private, debt and equity sectors. As at 31 December 2011, Quadrant has approximately A$6.0 billion9of commercial and multi-family real estate assets under management. Quadrant's management team has been advising institutional investors since the early 1990s and develops and manages tailored investment strategies on behalf of a wide range of US and Australian institutional (wholesale) investors across the public and private debt and equity real estate markets. Clients include: — Health Super Pty Limited — California Public Employees' Retirement System ("CalPERS") — AXA – Equitable Life — Colorado Public Employees Retirement Association — Minnesota State Board of Investment Quadrant's strategy is to continue to develop leading public and private real estate investment products which provide access to targeted sectors of the US and Australian income producing commercial and multi-family real estate markets. DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER	PROPERTY COMPENDIUM31 DECEMBER 2011 INVESTMENT MANAGEMENT WHOLESALE FUNDS UNDER MANAGEMENT$1.3 BILLION FUNDS MIRVAC WHOLESALE HOTEL FUND TRAVELODGE GROUP MIRVAC WHOLESALE RESIDENTIAL DEVELOPMENT PARTNERSHIP RETAIL FUNDS UNDER MANAGEMENT$0.5 BILLION LISTED UNLISTED MIRVAC INDUSTRIAL TRUST MIRVAC DEVELOPMENT FUND – SEASCAPES MIRVAC DEVELOPMENT FUND – MEADOW SPRINGS JOINT VENTURES 1,2 FUNDS UNDER MANAGEMENT$3.1 BILLION AUSTRALIAN – FUNDS INTERNATIONAL – FUNDS JF INFRASTRUCTURE YIELD FUND QUADRANT FUND3 AUSTRALIAN SUSTAINABLE FORESTRY INVESTORS CALIFORNIA COMMUNITY MORTGAGE3 NEW ZEALAND SUSTAINABLE FORESTRY INVESTORS INSTITUTIONAL COMMERCIAL MORTGAGE FUND NO 53 JF INFRASTRUCTURE SUSTAINABLE EQUITY FUND INTERNATIONAL – MANDATES QUADRANT REAL ESTATE ADVISORS HEALTH SUPER PTY LTD INVESTMENT MANAGEMENT / WHOLESALE MIRVAC WHOLESALE HOTEL FUND FOCUS FUM($M) 4 NO OF INVESTORS Wholesale 549.3 5 Mirvac Wholesale Hotel Fund was launched in 2007 and is an open-ended wholesale fund with total investor equity of $341 million and a portfolio of seven hotels located in Sydney, Melbourne, Brisbane and Cairns. Total value of the portfolio is $534.3 million. The Fund's portfolio consists of four hotels acquired from Carlton Hotel Group in 2007, together with the Marriott Hotel Sydney and a 50 per cent interest in The Sebel Cairns, both of which were acquired from Mirvac in June 2007. The Fund acquired the Courtyard by Marriott Hotel at North Ryde in August 2009. All seven hotels are of a 4 to 5 star standard and provide a total of 2,024 rooms. Details of the Fund's investment portfolio are available fromwww.mirvac.com/mwhf. On 16 December 2011, Mirvac announced that it had entered into contracts for the sale of its hotel management business, Mirvac Hotels & Resorts, and various associated investments to a consortium comprising Accor Asia Pacific ("Accor") and Ascendas. The sale process at 31 December 2011 was still being finalised and is expected to occur prior to 30 June 2012. TRAVELODGE GROUP FOCUS FUM($M) 4 NO OF INVESTORS Wholesale 420.3 2 The Travelodge Group is a sector specific wholesale fund established in March 2005 and focuses on the 3 to 3.5 star hotel market in Australia and New Zealand. The portfolio comprises 13 hotels and 2,048 rooms with a value of $394.3 million all of which are leased to Value Lodging Pty Limited, a subsidiary of Toga Hospitality. Details of the Travelodge Group's investment portfolio are available fromwww.mirvac.com/travelodge-group. MIRVAC WHOLESALE RESIDENTIAL DEVELOPMENT PARTNERSHIP FOCUS FUM($M) 5,6 END VALUE($M) 5 NO OF INVESTORS Wholesale 287.5 2,017.1 4 The Mirvac Wholesale Residential Development Partnership is a closed-end vehicle that has acquired well-located residential development/management projects around Australia, that are diversified by geography, product type, timing and stage of the development cycle. The portfolio comprised 2,186 lots and 1,150 medium density units. The Partnership has raised equity commitments of $300 million, including Mirvac's 20 per cent co-investment, of which $287.5 million has been applied to the establishment of the current portfolio. Details of the Partnership's investment portfolio are available fromwww.mirvac.com/mwrdp. INVESTMENT MANAGEMENT / LISTED – RETAIL MIRVAC INDUSTRIAL TRUST FOCUS FUM($M) 7,8 NO OF INVESTORS Retail 432.9 1,891 Mirvac Industrial Trust ("MIX") is an ASX listed property Trust. The portfolio consists entirely of industrial assets leased to a diverse range of quality tenants in and around the Greater Chicago region. Details of MIX's investment portfolio are available from the Trust's website www.mirvac.com/mix. UNLISTED – RETAIL MIRVAC DEVELOPMENT FUNDS – SEASCAPES & MEADOW SPRINGS FOCUS FUM($M) 4 NO OF INVESTORS Retail 53.3 440 At 31 December 2011, Mirvac Investment Management had two active unlisted funds with approximately $53.3 million under management. Details of the unlisted fund portfolio are available fromwww.mirvac.com/investmentmanagement. INVESTMENT MANAGEMENT / JV AUSTRALIA JF INFRASTRUCTURE FOCUS FUM($M) 4,9 NO OF INVESTORS Wholesale 136.2 40 JF Infrastructure ("JFI") is a 50/50 joint venture between Mirvac and Leighton Holdings Limited. WHOLESALE FUNDS FUND ASSETS GROSS ASSETS($M) 4,9 JF Infrastructure Yield Fund The Fund completed the sale of its 20.8% equity interest in International Parking Group on 15 August 2011. 33.3% equity interest in BAC Airports Group, which beneficially owns Bankstown and Camden Airports in Sydney. 22.4% equity interest in Melbourne Stadium Trusts which are the owners of Etihad Stadium, Melbourne. 59.110 New Zealand Sustainable Forestry Investors Australian Sustainable Forestry Investors 20,522 hectares of freehold forestry land in Victoria, South Australia and Western Australia. 68.911 JF Infrastructure Sustainable Equity Fund MPT owns 100% JFISEF. JFISEF holds a 25% equity investment in Australian Sustainable Forestry Investors (assets as above). 8.2 TOTAL WHOLESALE FUNDS 136.2 INVESTMENT MANAGEMENT / JV INTERNATIONAL QUADRANT REAL ESTATE ADVISORS FOCUS FUM($M) 9,12 Wholesale funds 58.7 Mandates 5,935.7 Quadrant Real Estate Advisors, LLC has offices in the United States (Atlanta, Georgia) and in Sydney. Quadrant provides institutional investors a full range of commercial real estate advisory services across the public and private, debt and equity sectors. As at 31 December 2011, Quadrant has approximately A$6.0 billion9of commercial and multi-family real estate assets under management. Quadrant's management team has been advising institutional investors since the early 1990s and develops and manages tailored investment strategies on behalf of a wide range of US and Australian institutional (wholesale) investors across the public and private debt and equity real estate markets. Clients include: — Health Super Pty Limited — California Public Employees' Retirement System ("CalPERS") — AXA – Equitable Life — Colorado Public Employees Retirement Association — Minnesota State Board of Investment Quadrant's strategy is to continue to develop leading public and private real estate investment products which provide access to targeted sectors of the US and Australian income producing commercial and multi-family real estate markets. DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
INVESTMENT	DEVELOPMENT MAP DOWNLOAD EXCEL	PRINT PDF	DISCLAIMER

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1) FIGURES QUOTED ARE AFTER ADJUSTMENTS FOR JOINT VENTURE INTERESTS. 2) MIRVAC IS A 50 PER CENT OWNER OF THE MANAGEMENT ENTITY.
3) FUNDS MANAGED BY QUADRANT REAL ESTATE ADVISORS.
4) SUBJECT TO FINAL AUDIT AND BOARD APPROVAL.
5) THE FUM NUMBER REPRESENTS CONTRIBUTED EQUITY.
6) FUM AND END VALUE ARE FORECAST TO 31 DECEMBER 2011.
7) AS AT 30 JUNE 2011.
8) SUBSEQUENT TO 30 JUNE 2011, A NUMBER OF SIGNIFICANT EVENTS OCCURRED IN RELATION TO MIX'S DEBT FACILITIES AND PROPERTY ASSETS. FOR FURTHER INFORMATION REFER TO THE ASX ANNOUNCEMENTS MADE BY MIX SINCE 30 JUNE 2011.
9) BEFORE ADJUSTING FOR JOINT VENTURE INTERESTS.
10) LATEST INDEPENDENT VALUATION 31 DECEMBER 2011. 11) LATEST INDEPENDENT VALUATION 30 JUNE 2011. 12) AUD/USD EXCHANGE RATE OF 1.0156 AS AT 31 DECEMBER 2011.

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	PROPERTY COMPENDIUM31 DECEMBER 2011 HOTEL PORTFOLIO PROPERTY STATE NO OF ROOMS OWNERSHIP NSW Citigate Central Sydney NSW 255 Managed Citigate Mt Panorama Bathurst NSW 118 Managed Harbour Rocks Hotel NSW 59 Managed Q Station Sydney Harbour National Park NSW 79 Managed Quay Grand Suites Sydney NSW 65 Strata/Managed Lot by mirvac Quay West Resort Magenta Shores NSW 96 Strata/Managed Lot by mirvac Quay West Suites Sydney NSW 99 Strata/Managed Lot by mirvac Sydney Marriott Hotel NSW 241 Managed by mirvac The Sebel Harbourside Kiama NSW 83 Managed/Strata The Sebel Kirkton Park Hunter Valley NSW 71 Managed The Sebel Manly Beach NSW 83 Strata/Managed Lot The Sebel Newcastle Beach NSW 88 Owned by mirvac The Sebel Parramatta NSW 194 Managed The Sebel Pier One Sydney NSW 160 Managed The Sebel Residence Chatswood NSW 57 Strata/Managed Lot by mirvac The Sebel Resort & Spa Hawkesbury Valley NSW 105 Managed The Sebel Surry Hills Sydney NSW 271 Managed VIC Citigate Albert Park Melbourne VIC 137 Managed Citigate Melbourne VIC 179 Managed Hotel Lindrum VIC 59 Managed Quay West Resort & Spa Falls Creek VIC 50 Managed/Strata Quay West Suites Melbourne VIC 104 Strata/Managed Lot by mirvac The Como Melbourne VIC 107 Owned The Sebel Albert Park Melbourne VIC 242 Managed The Sebel Deep Blue Warrnambool VIC 80 Managed The Sebel Heritage Yarra Valley VIC 102 Managed/Strata The Sebel Melbourne VIC 115 Strata/Managed Lot QLD Cairns Harbour Lights QLD 94 Strata/Managed Lot Citigate King George Square Brisbane QLD 228 Managed Quay West Suites Brisbane QLD 54 Strata/Managed Lot by mirvac Sea Temple Resort & Spa Palm Cove QLD 80 Strata/Managed Lot Sea Temple Resort & Spa Port Douglas QLD 126 Strata/Managed Lot Sea Temple Surfers Paradise QLD 48 Managed The Sebel Cairns QLD 321 Managed The Sebel King George Square Brisbane QLD 210 Managed The Sebel Maroochydore QLD 46 Strata/Managed Lot The Sebel Resort Noosa QLD 75 Strata/Managed Lot The Sebel Suites Brisbane QLD 167 Strata/Managed Lot by mirvac WA Citigate Perth WA 277 Managed Quay West Resort Bunker Bay WA 150 Strata/Managed Lot by mirvac The Sebel Mandurah WA 89 Owned by mirvac The Sebel Residence East Perth WA 57 Managed by mirvac SA The Sebel Playford Adelaide SA 182 Franchise TAS The Sebel Launceston TAS 51 Managed NZ Quay West Suites Auckland NZ 51 Strata/Managed Lot by mirvac The Sebel Suites Auckland NZ 126 Strata/Managed Lot The Sebel Trinity Wharf Tauranga NZ 122 Managed TOTAL NUMBER OF ROOMS AT 31 DECEMBER 2011 5,853 EVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER	PROPERTY COMPENDIUM31 DECEMBER 2011 HOTEL PORTFOLIO PROPERTY STATE NO OF ROOMS OWNERSHIP NSW Citigate Central Sydney NSW 255 Managed Citigate Mt Panorama Bathurst NSW 118 Managed Harbour Rocks Hotel NSW 59 Managed Q Station Sydney Harbour National Park NSW 79 Managed Quay Grand Suites Sydney NSW 65 Strata/Managed Lot by mirvac Quay West Resort Magenta Shores NSW 96 Strata/Managed Lot by mirvac Quay West Suites Sydney NSW 99 Strata/Managed Lot by mirvac Sydney Marriott Hotel NSW 241 Managed by mirvac The Sebel Harbourside Kiama NSW 83 Managed/Strata The Sebel Kirkton Park Hunter Valley NSW 71 Managed The Sebel Manly Beach NSW 83 Strata/Managed Lot The Sebel Newcastle Beach NSW 88 Owned by mirvac The Sebel Parramatta NSW 194 Managed The Sebel Pier One Sydney NSW 160 Managed The Sebel Residence Chatswood NSW 57 Strata/Managed Lot by mirvac The Sebel Resort & Spa Hawkesbury Valley NSW 105 Managed The Sebel Surry Hills Sydney NSW 271 Managed VIC Citigate Albert Park Melbourne VIC 137 Managed Citigate Melbourne VIC 179 Managed Hotel Lindrum VIC 59 Managed Quay West Resort & Spa Falls Creek VIC 50 Managed/Strata Quay West Suites Melbourne VIC 104 Strata/Managed Lot by mirvac The Como Melbourne VIC 107 Owned The Sebel Albert Park Melbourne VIC 242 Managed The Sebel Deep Blue Warrnambool VIC 80 Managed The Sebel Heritage Yarra Valley VIC 102 Managed/Strata The Sebel Melbourne VIC 115 Strata/Managed Lot QLD Cairns Harbour Lights QLD 94 Strata/Managed Lot Citigate King George Square Brisbane QLD 228 Managed Quay West Suites Brisbane QLD 54 Strata/Managed Lot by mirvac Sea Temple Resort & Spa Palm Cove QLD 80 Strata/Managed Lot Sea Temple Resort & Spa Port Douglas QLD 126 Strata/Managed Lot Sea Temple Surfers Paradise QLD 48 Managed The Sebel Cairns QLD 321 Managed The Sebel King George Square Brisbane QLD 210 Managed The Sebel Maroochydore QLD 46 Strata/Managed Lot The Sebel Resort Noosa QLD 75 Strata/Managed Lot The Sebel Suites Brisbane QLD 167 Strata/Managed Lot by mirvac WA Citigate Perth WA 277 Managed Quay West Resort Bunker Bay WA 150 Strata/Managed Lot by mirvac The Sebel Mandurah WA 89 Owned by mirvac The Sebel Residence East Perth WA 57 Managed by mirvac SA The Sebel Playford Adelaide SA 182 Franchise TAS The Sebel Launceston TAS 51 Managed NZ Quay West Suites Auckland NZ 51 Strata/Managed Lot by mirvac The Sebel Suites Auckland NZ 126 Strata/Managed Lot The Sebel Trinity Wharf Tauranga NZ 122 Managed TOTAL NUMBER OF ROOMS AT 31 DECEMBER 2011 5,853 EVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER	PROPERTY COMPENDIUM31 DECEMBER 2011 HOTEL PORTFOLIO PROPERTY STATE NO OF ROOMS OWNERSHIP NSW Citigate Central Sydney NSW 255 Managed Citigate Mt Panorama Bathurst NSW 118 Managed Harbour Rocks Hotel NSW 59 Managed Q Station Sydney Harbour National Park NSW 79 Managed Quay Grand Suites Sydney NSW 65 Strata/Managed Lot by mirvac Quay West Resort Magenta Shores NSW 96 Strata/Managed Lot by mirvac Quay West Suites Sydney NSW 99 Strata/Managed Lot by mirvac Sydney Marriott Hotel NSW 241 Managed by mirvac The Sebel Harbourside Kiama NSW 83 Managed/Strata The Sebel Kirkton Park Hunter Valley NSW 71 Managed The Sebel Manly Beach NSW 83 Strata/Managed Lot The Sebel Newcastle Beach NSW 88 Owned by mirvac The Sebel Parramatta NSW 194 Managed The Sebel Pier One Sydney NSW 160 Managed The Sebel Residence Chatswood NSW 57 Strata/Managed Lot by mirvac The Sebel Resort & Spa Hawkesbury Valley NSW 105 Managed The Sebel Surry Hills Sydney NSW 271 Managed VIC Citigate Albert Park Melbourne VIC 137 Managed Citigate Melbourne VIC 179 Managed Hotel Lindrum VIC 59 Managed Quay West Resort & Spa Falls Creek VIC 50 Managed/Strata Quay West Suites Melbourne VIC 104 Strata/Managed Lot by mirvac The Como Melbourne VIC 107 Owned The Sebel Albert Park Melbourne VIC 242 Managed The Sebel Deep Blue Warrnambool VIC 80 Managed The Sebel Heritage Yarra Valley VIC 102 Managed/Strata The Sebel Melbourne VIC 115 Strata/Managed Lot QLD Cairns Harbour Lights QLD 94 Strata/Managed Lot Citigate King George Square Brisbane QLD 228 Managed Quay West Suites Brisbane QLD 54 Strata/Managed Lot by mirvac Sea Temple Resort & Spa Palm Cove QLD 80 Strata/Managed Lot Sea Temple Resort & Spa Port Douglas QLD 126 Strata/Managed Lot Sea Temple Surfers Paradise QLD 48 Managed The Sebel Cairns QLD 321 Managed The Sebel King George Square Brisbane QLD 210 Managed The Sebel Maroochydore QLD 46 Strata/Managed Lot The Sebel Resort Noosa QLD 75 Strata/Managed Lot The Sebel Suites Brisbane QLD 167 Strata/Managed Lot by mirvac WA Citigate Perth WA 277 Managed Quay West Resort Bunker Bay WA 150 Strata/Managed Lot by mirvac The Sebel Mandurah WA 89 Owned by mirvac The Sebel Residence East Perth WA 57 Managed by mirvac SA The Sebel Playford Adelaide SA 182 Franchise TAS The Sebel Launceston TAS 51 Managed NZ Quay West Suites Auckland NZ 51 Strata/Managed Lot by mirvac The Sebel Suites Auckland NZ 126 Strata/Managed Lot The Sebel Trinity Wharf Tauranga NZ 122 Managed TOTAL NUMBER OF ROOMS AT 31 DECEMBER 2011 5,853 EVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
RESIDENTIAL
COMMERCIAL Residential Development 28,436 Lots
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
RESIDENTIAL PIPELINE
RESIDENTIAL
COMMERCIAL
NEW SOUTH WALES
QUEENSLAND
VICTORIA RESIDENTIAL FORECAST REVENUE
WESTERN AUSTRALIA
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	PROPERTY COMPENDIUM31 DECEMBER 2011	PROPERTY COMPENDIUM31 DECEMBER 2011	PROPERTY COMPENDIUM31 DECEMBER 2011	PROPERTY COMPENDIUM31 DECEMBER 2011
INVESTMENT D	EVELOPMENT MAP DOWNLOAD EXCEL	PRINT PDF	DISCLAIMER
BACK NEXT RESIDENTIAL COMMERCIAL NEW SOUTH WALES QUEENSLAND VICTORIA WESTERN AUSTRALIA	PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS RELEASED EXCHANGED SETTLED SETTLEMENT DATE FROM1 SETTLEMENT DATE TO1 CURRENT PRICE RANGE FROM/TO PROJECT PERIOD (CALENDER YEAR) CONSTRUCTION PROGRESS2 DESCRIPTION OWNERSHIP STRUCTURE IN PROGRESS THE ROYAL Jun 07 Newcastle $154m 167 167 148 146 Apartments 100% Mirvac Limited Stage 1A $87m 94 94 84 82 Apr 10 Sep 13 $500,000 – $4.2m mid 2007 – mid 2013 100% Stage 1B $67m 73 73 64 64 Apr 10 Sep 13 $330,000 – $4.5m mid 2007 – mid 2013 100% RHODES WATERSIDE MWRDP Jan 073 Rhodes $644m 933 933 791 667 Apartments 100% MWRDP (Mirvac Limited 20% equity interest) Completed Stages $170m 259 259 259 259 May 08 May 10 $380,000 – $1.4m end 2006 – mid 2010 100% Stage 4 Amarco $145m 222 222 222 222 Dec 09 Nov 11 $453,000 – $1.0m early 2008 – end 2011 100% Stage 5 Pinnacle $170m 231 231 107 0 Oct 13 Aug 14 $420,000 – $1.5m mid 2011 – mid 2014 0% Stage 8 Elinya $73m 107 107 104 104 Jul 11 Jun 12 $350,000 – $1.2m mid 2010 – mid 2012 100% Stage 9 Waters Edge $86m 114 114 99 82 Dec 11 Jul 12 $420,000 – $1.4m early 2011 – mid 2012 100% ENDEAVOUR 88 Apr 03 Coogee $215m 141 141 141 86 Housing 100% Mirvac Limited Stage 2 $50m 35 35 35 35 Mar 11 Jul 11 $1.2m – $1.6m end 2009 – mid 2011 100% Stage 3 $69m 46 46 46 46 Jul 11 Nov 11 $1.2m – $1.7m end 2010 – end 2011 100% Stage 4 $49m 31 31 31 5 Nov 11 Apr 12 $1.4m – $1.8m early 2011 – early 2012 75% Stage 5 $47m 29 29 29 0 Apr 12 Jun 12 $1.3m – $1.8m mid 2011 – mid 2012 35% CHATSWOOD, ERA Jun 08 Chatswood $289m 295 295 287 0 May 14 Apr 15 $495,000 – $2.1m early 2011 – end 2015 5% Apartments 100% Mirvac Limited HAROLD PARK PRECINCT 1 Dec 104 Glebe $260m 296 296 296 153 Feb 14 Jul 14 $495,000 – $1.7m early 2012 – mid 2014 0% Mix of apartments and terraces 100% Mirvac Limited PANORAMA Jun 01 Glenfield $203m 545 468 439 413 100% Mirvac Limited Completed Stages $97m 250 250 250 250 Dec 05 Sep 10 $250,000 – $500,000 mid 2001 – mid 2011 100% Mix of residential and retail lots Stage 2A $52m 132 128 128 128 Jun 10 Aug 12 $245,000 – $510,000 mid 2001 – mid 2012 95% Residential lots and spec houses Stage 2B $24m 64 43 33 8 Jul 11 Mar 13 $225,000 – $510,000 mid 2001 – early 2013 100% Residential lots and spec houses Stage 4 $2m 27 27 27 27 Jul 11 Jul 11 $1.6m – $1.6m early 2007 – mid 2011 100% Land Stage 5 $28m 72 20 1 0 Feb 12 Dec 13 $285,000 – $500,000 mid 2011 – early 2014 50% Residential lots and spec houses NEWBURY ESTATE Dec 99 Stanhope $229m 1,761 1,720 1,713 1,703 Mix of residential and retail lots PDA with Landcom Completed Stages $198m 1,641 1,641 1,641 1,641 Jun 02 Apr 10 $150,000 – $550,000 mid 2000 – end 2010 100% Stage 8 $31m 120 79 72 62 Jun 11 Nov 13 $300,000 – $525,000 early 2011 – end 2013 55% ASHGROVE Jun 02 Auburn $127m 263 263 263 263 Feb 07 Jul 11 $185,000 – $615,000 end 2003 – mid 2011 100% Residential estate 100% Mirvac Limited GILLIESTON Jul 06 Gillieston $83m 403 177 136 128 Mar 08 Oct 17 $135,000 – $465,000 early 2008 – early 2018 50% Residential estate 100% Mirvac Limited SPRING FARM Jun 08 Spring Farm $90m 323 284 232 218 100% Mirvac Limited Completed Stages $1m 1 1 1 1 Jun 10 Jun 10 $450,000 mid 2008 – mid 2010 100% Lot sale Stage 1 $39m 124 124 114 114 Oct 08 Jul 12 $175,000 – $410,000 mid 2008 – mid 2012 100% Residential estate Stage 2A $15m 56 56 52 50 Nov 09 Apr 12 $160,000 – $370,000 mid 2008 – mid 2012 95% Built form and land lots Stage 2B $13m 47 47 44 40 Dec 10 Feb 12 $160,000 – $390,000 mid 2008 – mid 2012 100% Built form and land lots Stage 2C $7m 29 29 20 13 Apr 11 May 12 $175,000 – $350,000 mid 2008 – mid 2012 100% Built form and land lots Stage 3 $15m 66 27 1 0 Apr 12 Apr 13 $160,000 – $400,000 mid 2008 – mid 2013 70% Built form and land lots MIDDLETON GRANGE Dec 10 Middleton Grange $147m 479 282 228 192 Residential 100% Mirvac Limited Stage 1–2 $18m 56 52 50 41 Dec 10 Oct 12 $180,000 – $415,000 end 2010 – end 2012 80% Stage 3 $26m 67 67 63 63 Jan 11 Mar 12 $190,000 – $470,000 end 2010 – early 2012 90% Stage 4 $40m 141 136 111 88 Jun 11 Apr 12 $200,000 – $440,000 end 2010 – mid 2012 90% Stage 5 $25m 83 27 4 0 Apr 12 Dec 12 $215,000 – $470,000 end 2010 – end 2012 50% Stage 6 $38m 132 0 0 0 Aug 12 Jul 13 $220,000 – $415,000 end 2010 – mid 2013 40% FLETCHER Dec 07 Fletcher $40m 268 178 142 130 Nov 08 Oct 14 $160,000 – $515,000 end 2007 – end 2014 80% Residential estate PDA with Kingston Fletcher ELIZABETH HILLS Sep 07 Elizabeth Hills $55m 217 93 8 0 Residential estate PDA with Landcom Stage 1 $26m 100 93 8 0 Jan 12 Jun 12 $300,000 – $550,000 mid 2010 – end 2012 95% Stage 2 $29m 117 0 0 0 Jul 12 May 13 $235,000 – $410,000 mid 2010 – end 2013 50% PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS PROJECT PERIOD (CALENDER YEAR) DESCRIPTION OWNERSHIP STRUCTURE PROPOSED HAROLD PARK Dec 104 Glebe $813m 915 mid 2012– early 2019 Apartments and terraces 100% Mirvac Limited PANORAMA Jun 01 Glenfield $79m 237 mid 2012– end 2015 Mix of residential and retail lots 100% Mirvac Limited SPRING FARM Jun 08 Spring Farm $27m 108 mid 2013– mid 2014 Houses 100% Mirvac Limited ELIZABETH HILLS Sep 07 Elizabeth Hills $126m 431 end 2012– end 2015 Land lots PDA with Landcom ELIZABETH POINT (PREVIOUSLY KNOWN AS HOXTON PARK) Dec 10 Elizabeth Point $86m 246 end 2012– end 2015 Mix of residential and retail lots 100% Mirvac Limited NEW BRIGHTON GOLF COURSE Dec 10 New Brighton $117m 294 end 2014– end 2017 Integrated housing PDA with New Brighton Golf Club GOOGONG Dec 11 Googong $1.7m 5,774 early 2013– mid 2033 Land JV with CIC Australia Ltd

1) SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.
2) CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.
3) TRANSACTION DATE.
4) DATE OPTION ENTERED INTO, SETTLEMENT OCCURRED JULY 2011.

DesignDavey

	PROPERTY	PROPERTY	PROPERTY	PROPERTY	PROPERTY
INVESTMENT D	EVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF		DISCLAI	MER
BACK NEXT RESIDENTIAL COMMERCIAL NEW SOUTH WALES QUEENSLAND VICTORIA WESTERN AUSTRALIA	THE ROYAL 1 – 7 KING STREET, NEWCASTLE, NSW DESCRIPTION The Royal, Newcastle Beach, is located on the site of the former Royal Newcastle Hospital. Landcom was commissioned to create a Concept Plan in 2003 and when the final concept plan was approved expressions of interest were called from companies wishing to partner with Landcom in developing the site. Mirvac Group was selected in 2007. Mirvac developed the site in various stages which includes 3 buildings being the Nickson, Hannell and McCaffrey buildings. Nickson and Hannell were part of the first stage of the development and contain 94 apartments. The two buildings were designed by multi award winning Tzannes Associates. The third building, McCaffrey, is a 16 storey building containing 73 apartments. The building includes a 4.5 star hotel, The Sebel Newcastle Beach, which occupies the first 5 floors of the building. The site also includes 4 retail outlets being a bar, cafe, day spa and restaurant. SUMMARY INFORMATION– 31 DECEMBER 2011 IN PROGRESS ACQUISITION DATE JUN 07 LOCATION NEWCASTLE PROJECT VALUE (INCL. GST) $154M TOTAL LOTS 167 PROJECT PERIOD (CALENDAR YEAR) MID 2007–MID 2013 OWNERSHIP STRUCTURE 100% MIRVAC LIMITED UPDATE ~~Map~~ Map data ©2012 Google, Whereis(R), Sensis ~~Sat~~ Map VIEW LARGER MAP	Map	~~Map~~ ~~Sat~~	~~Sat~~ ~~Ter~~	~~Ter~~ ~~Earth~~
				©20 Pty Ltd -T

Stages 1a & 1b are complete. Marketing activity will continue until the remaining stock has sold. Marketing of the retail lots will commence early 2012. Mirvac entered into a put and call in December 2011 in relation to the Hotel. The put and call has not yet been exercised.

The site incorporating Stages 1C and 2 was sold in December 2011 with settlement to occur in July 2012.

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
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BACK NEXT RHODES WATERSIDE MWRDP VIEW LARGER MAP
SHORELINE DRIVE, RHODES, NSW
DESCRIPTION
Rhodes Waterside is located in a fast growing area of Sydney
on the Parramatta River adjacent to significant infrastructure
including Rhodes railway station, Millennium Parklands,
Sydney Olympic Park and Rhodes Shopping Centre. The
completed Rhodes Waterside development will comprise 1,469
dwellings developed over 10 stages (933 lots to be developed
by Mirvac; the remainder were developed by Walker prior to
our acquisition of the site in January 2007).
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE JAN 07 [ 1]
LOCATION RHODES
PROJECT VALUE (INCL. GST) $644M
TOTAL LOTS 933
PROJECT PERIOD (CALENDAR
YEAR) END 2006 – MID 2014
100% MWRDP
(MIRVAC LIMITED
OWNERSHIP STRUCTURE 20% EQUITY INTEREST)
UPDATE
The final building of 231 apartments, Pinnacle, commenced
construction late in 2011 and completion is currently forecast
for the end of 2013.
1) TRANSACTION DATE.
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Endeavour 88 is a 6.74ha site located on Moverly Road, South Coogee, between Maroubra and Coogee Beaches. Mirvac acquired the land in April 2003. The Masterplan features a central park with 141 lots comprising attached and detached homes.

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SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE APR 03
LOCATION COOGEE
PROJECT VALUE (INCL. GST) $215M
TOTAL LOTS 141
PROJECT PERIOD (CALENDAR
YEAR) END 2009 – MID 2012
OWNERSHIP STRUCTURE 100% MIRVAC LIMITED
UPDATE
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All development approvals have been received from Randwick City Council. Construction of Stages 4 and 5 are on program to complete in mid 2012.

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
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BACK NEXT HAROLD PARK VIEW LARGER MAP
74 ROSS STREET, GLEBE, NSW
DESCRIPTION
The site is located in the inner western suburbs approximately
2.5 kilometres from the Sydney CBD and is surrounded by the
suburbs of Glebe, Annandale and Forest Lodge. The location
is one of the sites key attributes as it has close proximity to:
> The light rail system (Jubilee Station is connected to the site)
> Major bus routes direct to the city that pass the site
> Sydney Harbour
> Two of Sydney's largest universities – The University of
Sydney and The University of Technology
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE DEC 10 [ 1]
LOCATION GLEBE
PROJECT VALUE (INCL. GST) $260M
TOTAL LOTS 296
PROJECT PERIOD (CALENDAR
YEAR) EARLY 2012 – MID 2019
OWNERSHIP STRUCTURE 100% MIRVAC LIMITED
UPDATE
Mirvac's proposed scheme incorporates approximately
1,250 medium density dwellings, adaptive reuse of the former
Rozelle Tram depot, and will include the dedication of
3.8 hectares of public open space to the City of Sydney
Council.
Development of the site is scheduled to commence in early
2012, with settlements forecast from financial year 2014.
1) DATE OPTION ENTERED INTO, SETTLEMENT OCCURRED JULY 2011
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
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BACK NEXT PANORAMA VIEW LARGER MAP
23 BODDINGTONS ROAD, GLENFIELD, NSW
DESCRIPTION
Panorama is located West of Liverpool and South of Casula
within a minutes drive of the M7/M5 intersection and Glenfield
railway station.
The site is bordered to the South by Hurlstone Agricultural
High School, Campbelltown Rd and Glenfield Rd and sits
within the Campbelltown City Council Glenfield Rd Area DCP
(total approx 1100 lots).
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE JUN 01
LOCATION GLENFIELD
PROJECT VALUE (INCL. GST) $203M
TOTAL LOTS 545
PROJECT PERIOD (CALENDAR
YEAR) MID 2001 – EARLY 2014
OWNERSHIP STRUCTURE 100% MIRVAC LIMITED
UPDATE
The majority of Stage 1 is complete and settled.
Stage 2 subdivision works are now complete with the majority
of housing construction forecasted to be finished in FY12.
Stage 3 is presently undeveloped. The first stages of
construction of stage 3 will begin early 2012.
Glenfield Circuit Stage 1 is currently under construction with
settlements expected in FY12. Stage 2 will start construction in
March 2012 with settlements starting in FY13.
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PROPERTY COMPENDIUM 31 DECEMBER 2011
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BACK NEXT NEWBURY ESTATE VIEW LARGER MAP
OLD WINDSOR ROAD, STANHOPE GARDENS, NSW
DESCRIPTION
Newbury Estate is a 156ha Masterplanned Community Title
estate complete with 3 proposed schools, playing fields and a
local Retail District. It is situated at Stanhope Gardens within
Blacktown City Council. The Estate is made up of dwellings in
seven separate Community Title subdivisions each having
their own Community Facility comprising a clubhouse, tennis
court, pool, spa and BBQ.
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE DEC 99
LOCATION STANHOPE
PROJECT VALUE (INCL. GST) $229M
TOTAL LOTS 1,761
PROJECT PERIOD (CALENDAR
YEAR) MID 2000 – END 2013
OWNERSHIP STRUCTURE PDA WITH LANDCOM
UPDATE
All land and houses in neighbourhoods 1-7 are settled.
Civil works for the final stage commenced in February 2012
and the DA for the 37 homes was lodged in December 2011
with construction forecast to commence May 2012.
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PROPERTY COMPENDIUM 31 DECEMBER 2011
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BACK NEXT ASHGROVE VIEW LARGER MAP
CNR CHISHOLM & KIRKTON ROAD, AUBURN, NSW
DESCRIPTION
The Ashgrove is a community title masterplanned estate with
263 dwellings consisting of freestanding homes, attached
dwellings and 2-bedroom apartments above garages. The
Estate also has a swimming pool, tennis courts and a bbq
pavilion. The Estate also incorporates a sophisticated
stormwater system which collects and treats roofwater, 70% of
stormwater falling on roads within the Estate as well as
additional stormwater from the existing Council drainage
system.
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE JUN 02
LOCATION AUBURN
PROJECT VALUE (INCL. GST) $127M
TOTAL LOTS 263
PROJECT PERIOD (CALENDAR
YEAR) END 2003 – MID 2011
OWNERSHIP STRUCTURE 100% MIRVAC LIMITED
UPDATE
All lots have been developed and settled. Minor works
remaining for the Storm water harvesting system which will
occur in February/March 2012.
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PROPERTY COMPENDIUM 31 DECEMBER 2011
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13 BELMONT AVE, SPRING FARM, NSW
DESCRIPTION
Spring Farm is located within the Camden LGA in Sydney's
South – West, approximately 65km from the Sydney CBD. The
project incorporates residential lots, both speculative and
packaged housing, over 5 stages. The development also
includes the retention of existing ecology and a park.
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE JUN 08
LOCATION SPRING FARM
PROJECT VALUE (INCL. GST) $90M
TOTAL LOTS 323
PROJECT PERIOD (CALENDAR
YEAR) MID 2008 – MID 2013
OWNERSHIP STRUCTURE 100% MIRVAC LIMITED
UPDATE
Stages 1, 2 and 3 have been released for sale to the market,
and settlements for Stage 3 are forecast to commence mid
2012. Construction of the park is anticipated to commence by
mid 2012.
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDFDirections Search nearbyDISCLAIMERmore
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CNR OF STIRLING STREET & FEODORE DRIVE,
CECIL HILLS, NSW
DESCRIPTION
Elizabeth Hills is located on the eastern side of the M7
motorway adjacent to the established suburb of Cecil Hills, a
highly desirable neighbourhood 10 minutes from the Liverpool
CBD. The 56Ha estate is being developed as a masterplanned
community to be delivered in 6 stages with a diverse range of
lot sizes and medium density product.
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE SEP 07
LOCATION ELIZABETH HILLS
PROJECT VALUE (INCL. GST) $55M
TOTAL LOTS 217
PROJECT PERIOD (CALENDAR
YEAR) MID 2010 – END 2013
OWNERSHIP STRUCTURE PDA WITH LANDCOM
UPDATE
Stage 1 was released to the market in November 2011 with an
overwhelming response.
Stage 3 is currently under construction and is programmed for
completion in March 2012.
Stage 4 development consent has been approved, with Stage
2, 5, and 6 expected in the fist half of 2012.
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	PROPERTY COMPENDIUM31 DECEMBER 2011	PROPERTY COMPENDIUM31 DECEMBER 2011	PROPERTY COMPENDIUM31 DECEMBER 2011	PROPERTY COMPENDIUM31 DECEMBER 2011
INVESTMENT D	EVELOPMENT MAP DOWNLOAD EXCEL	PRINT PDF	DISCLAIMER
BACK NEXT RESIDENTIAL COMMERCIAL NEW SOUTH WALES QUEENSLAND VICTORIA WESTERN AUSTRALIA	PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS RELEASED EXCHANGED SETTLED SETTLEMENT DATE FROM1 SETTLEMENT DATE TO1 CURRENT PRICE RANGE FROM/TO PROJECT PERIOD (CALENDER YEAR) CONSTRUCTION PROGRESS2 DESCRIPTION OWNERSHIP STRUCTURE IN PROGRESS MOSSVALE ON MANLY MWRDP Jun 07 3 Wakerley $120m 180 113 88 85 Houses 100% MWRDP (Mirvac Limited 20% equity interest) Completed Stages $26m 39 39 39 39 Oct 08 Jan 10 $620,000 – $740,000 mid 2007 – early 2010 100% Stage 9 $94m 141 74 49 46 Feb 10 Jan 14 $595,000 – $765,000 early 2009 – early 2014 70% EPHRAIM ISLAND Nov 01 Paradise Point $527m 383 382 333 333 50% Mirvac Limited 50% Lewis Land Group of Companies Completed Stages $185m 101 101 101 101 Apr 06 Feb 10 $755,000 – $4.9m mid 2004 – early 2010 100% Apartments, villas, marina berths and land Stage 1 $140m 136 135 135 135 Jun 05 Jun 14 $525,000 – $2.8m mid 2003 – mid 2014 100% Apartments and marina berths Stage 3 $125m 85 85 72 72 Dec 06 Apr 13 $495,000 – $4.5m mid 2005 – mid 2013 100% Apartments, houses and marina berths Stage 4B $77m 61 61 25 25 Apr 08 Apr 15 $525,000 – $4.7m mid 2006 – mid 2015 100% Apartments and marina berths THE SANCTURY ON MOGGILL Sep 04 Moggill $84m 289 283 239 225 100% Mirvac Limited Completed Stages $55m 178 178 178 178 Mar 07 Mar 10 $175,000 – $650,000 mid 2006 – mid 2010 100% Houses and land Stage 2A $13m 50 50 48 47 Sep 10 Apr 12 $220,000 – $285,000 early 2010 – mid 2012 100% Land Stage 2B $16m 61 55 13 0 Jan 12 Sep 13 $240,000 – $290,000 mid 2011 – end 2013 95% Land TENNYSON REACH Aug 05 Tennyson $280m 207 206 161 159 Apartments 100% Mirvac Limited Softstone and Lushington $189m 115 114 111 111 May 09 Oct 12 $895,000 – $4.9m mid 2007 – end 2012 100% Farringford $91m 92 92 50 48 Mar 10 Apr 16 $685,000 – $5.2m end 2007 – mid 2016 100% BROOKWATER May 06 Springfield $28m 57 41 21 21 Townhouses 100% Mirvac Limited Stage 1 $12m 23 23 21 21 Jul 09 Jun 12 $400,000 – $715,000 end 2007 – mid 2012 100% Stage 2 $16m 34 18 0 0 Jun 12 Nov 13 $395,000 – $570,000 mid 2010 – end 2013 30% MARINER'S PENINSULA Jun 06 Townsville $27m 19 17 11 4 100% Mirvac Limited Completed Stages $10m 4 4 4 4 Jun 09 May 10 $2.3m – $2.6m mid 2006 – mid 2010 100% Houses The Point $17m 15 13 7 0 Feb 12 Mar 13 $1.0m – $1.2m mid 2011 – early 2013 90% Vacant land MARINER'S PENINSULA MWRDP Jun 07 3 Townsville $88m 101 101 101 101 Jul 09 Dec 11 $610,000 – $2.5m mid 2007 – end 2011 100% Apartments 100% MWRDP (Mirvac Limited 20% equity interest) GAINSBOROUGH GREENS Oct 06 Pimpama $65m 253 210 83 24 Vacant land and houses 100% Mirvac Limited Precinct 2 – Terrace Green $32m 119 119 72 24 Dec 10 Aug 13 $170,000 – $590,000 end 2006 – mid 2013 100% Precinct 6.1 – Green Park $12m 46 22 2 0 Jan 12 Jun 13 $220,000 – $265,000 mid 2011 – mid 2013 95% Precinct 6.2 – Green Park $21m 88 69 9 0 Jan 12 Jun 13 $190,000 – $350,000 mid 2011 – mid 2013 95% JOYNER Jan 10 Joyner $11m 32 32 31 31 Feb 10 Mar 12 $320,000 – $600,000 early 2010 – early 2012 100% Vacant land & completed house 100% Mirvac Limited WATERFRONT Apr 08 Newstead $107m 102 102 34 0 Oct 12 Mar 14 $480,000 – $2.4m mid 2010 – mid 2014 60% Apartments 100% Mirvac Limited WATERFRONT MWRDP Jun 08 3 Newstead $352m 99 99 50 50 Mar 11 Jun 14 $2.0m – $14.2m mid 2008 – mid 2014 100% Apartments 100% MWRDP (Mirvac Limited 20% equity interest) PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS PROJECT PERIOD (CALENDER YEAR) DESCRIPTION OWNERSHIP STRUCTURE PROPOSED THE SANCTURY ON MOGGILL Sep 04 Moggill $18m 68 end 2012– end 2014 Land 100% Mirvac Limited WATERFRONT Apr 08 Newstead $843m 591 mid 2014– early 2024 Apartments 100% Mirvac Limited BROOKWATER May 06 Springfield $85m 129 mid 2012– end 2016 Townhouses and houses 100% Mirvac Limited MARINER'S PENINSULA Jun 06 Townsville $84m 71 mid 2012– early 2015 Apartments 100% Mirvac Limited GAINSBOROUGH GREENS Oct 06 Pimpama $649m 1,953 mid 2012– mid 2021 Vacant land 100% Mirvac Limited HOPE ISLAND Jan 07 Hope Island $28m 52 end 2012– end 2014 Vacant land 100% Mirvac Limited HAMILTON Jun 10 Hamilton $323m 582 end 2012– mid 2017 Apartments 100% Mirvac Limited

1) SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.
2) CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

3) TRANSACTION DATE.

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DESCRIPTION Mossvale on Manly is a 503 lot residential subdivision consisting primarily of Mirvac built spec homes on traditional allotments. The project includes over 10ha of parklands with recreational facilities and tranquil waterways for residents of the estate. Mossvale on Manly is centrally located in Wakerley near shops, schools and recreational facilities and is approximately 14 kilometres east of the Brisbane CBD and 5 kilometres from Moreton Bay. MWRDP purchased Stage 9 and 10 (180 lots) from Mirvac in 2007. SUMMARY INFORMATION – 31 DECEMBER 2011 IN PROGRESS ACQUISITION DATE JUN 07[1] LOCATION WAKERLEY PROJECT VALUE (INCL. GST) $120M TOTAL LOTS 180 PROJECT PERIOD MID 2007 – EARLY 2014 100% MWRDP (MIRVAC LIMITED 20% OWNERSHIP STRUCTURE EQUITY INTEREST) UPDATE Stage 10 (39 lots) was completed January 2010. Civil works are complete and titles registered for all Stages. The main construction and sales focus is currently on Stage 9a (82 lots) with the first house construction starts moving to the final Stage, Stage 9b (59 lots) in February 2012. As at 31 Dec 2011 85 lots had settled with project completion forecast for early 2014.

1) TRANSACTION DATE.

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Construction on Ephraim island was completed in April 2008. The Promontory Precinct was recently sold out, with the last remaining house settled in December 2011.

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PROPERTY COMPENDIUM 31 DECEMBER 2011
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BACK NEXT THE SANCTUARY ON MOGGILL VIEW LARGER MAP
4 SANCTUARY WAY, MOGGILL, QLD
DESCRIPTION
The Sanctuary on Moggill is located 18km West of the
Brisbane CBD. The development contains large residential lots
ranging in size from 706m [2] – 1411m [2] . The estate has a large
park and a cricket oval at its heart and is surrounded by semi
rural properties and natural bushland while remaining in close
proximity to amenities such as local schools, sporting facilities
and shopping centres.
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE SEP 04
LOCATION MOGGILL
PROJECT VALUE (INCL. GST) $84M
TOTAL LOTS 289
PROJECT PERIOD MID 2006 – END 2013
OWNERSHIP STRUCTURE 100% MIRVAC LIMITED
UPDATE
This development is comprised of 6 stages. 3 stages are
complete.
Civil works within stage 2B are complete and the stage is
awaiting title registration. Civil works in the final stage is
scheduled to commence in late 2012. The project is expected
to be complete by October 2014.
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RESIDENTIAL – TENNYSON REACH

207 apartments over 3 buildings up to 11 storeys > Stage 1 comprises 115 apartments, released in June 2007 with 111 exchanged. The average price point was $1.65m and gross revenue of $188 million. Stage 1 was completed in April 2009 with settlements commencing in May 2009. 111 apartments have settled to date and there are 4 apartments remaining for sale.
Stage 2 comprises 92 apartments, released December 2007 with in excess of $57 million sold to date, 50 contracts exchanged and a total forecast revenue of $91 million. Construction was completed in January 2010 and settlements commenced in March 2010.

SUMMARY INFORMATION– 31	DECEMBER 2011
IN PROGRESS
ACQUISITION DATE		AUG 05
LOCATION		TENNYSON
PROJECT VALUE (INCL. GST)		$280M
TOTAL LOTS		207
PROJECT PERIOD	MID	2007–MID 2016
OWNERSHIP STRUCTURE	100% MIRVAC LIMITED
UPDATE

The Brisbane flood in January 2011 entered nine ground floor apartments in Stage 1 and the common basement area across both Stages. Mirvac undertook clean-up and rectification works on Common Property on behalf of the Tennyson Reach Body Corporate, and most residents were able to re-occupy their apartments by March, 2011. At Mirvac's cost (approx $1.8m), the nine ground floor apartments were rectified and handed over in May/June 2011.

In mid 2011 Mirvac made the decision to sell the balance of underdeveloped land parcels to Brisbane City Council as parkland. The sale to Council settled in June 2011 and Mirvac plans to commence parkland construction works in April, 2012. The new parkland will be directly adjacent to Stage 2, which contains the majority of our unsold stock. The Sales Centre reopened on 3 January, 2012, supported by a media campaign.

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PROPERTY COMPENDIUM 31 DECEMBER 2011
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CUNNINGHAM STREET, NEWSTEAD, QLD
DESCRIPTION
Waterfront, Newstead is a premium residential, retail and
parkland development, located on a prime 10.5 hectare, north-
east facing riverfront site. The site is located in the inner city
suburb of Newstead which is 2km from the Brisbane CBD and
8km for the Brisbane Airport.
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE APR 08
LOCATION NEWSTEAD
PROJECT VALUE (INCL. GST) $107M
TOTAL LOTS 102
PROJECT PERIOD MID 2010 – MID 2014
OWNERSHIP STRUCTURE 100% MIRVAC LIMITED
UPDATE
Stage 2, is a 8-16 storey building comprising 102, 1,2 and
3 bedroom apartments and 400sqm of retail space on the
ground floor. Park has an eastern aspect overlooking the
parklands and represents the entry price point for Waterfront
with prices starting just under $500k. The target market is both
investors and owner occupiers. Park was released on 29
March 2010 and there have been 37 apartments sold to date.
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PROPERTY COMPENDIUM 31 DECEMBER 2011
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1 NEWSTEAD TERRACE, NEWSTEAD, QLD
DESCRIPTION
Waterfront, Newstead is a premium residential, retail and
parkland development, located on a prime 10.5 hectare, north-
east facing riverfront site. The site is located in the inner city
suburb of Newstead which is 2km from the Brisbane CBD and
8km for the Brisbane Airport.
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE JUN 08 [1]
LOCATION NEWSTEAD
PROJECT VALUE (INCL. GST) $352M
TOTAL LOTS (APPROX) 99
PROJECT PERIOD MID 2008 – MID 2014
100% MWRDP
OWNERSHIP STRUCTURE (MIRVAC LIMITED 20%
(EXCLUDES PIER STAGE) EQUITY INTEREST)
UPDATE
Stage 1, comprises 99 luxury 3 and 4 bedroom and penthouse
apartments across 2 buildings. The Pier buildings are located
with a north-east aspect fronting the Brisbane River and
represent the most prestigious apartments to be offered at
Waterfront. The size of the apartments range from 180sqm to
380sqm (net) with he Grand Penthouse over 500 sqm.
Construction was completed in March 2011. 50 lots have
settled to date with 49 lots remaining.
1) TRANSACTION DATE.
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	PROPERTY COMPENDIUM31 DECEMBER 2011	PROPERTY COMPENDIUM31 DECEMBER 2011	PROPERTY COMPENDIUM31 DECEMBER 2011	PROPERTY COMPENDIUM31 DECEMBER 2011
INVESTMENT D	EVELOPMENT MAP DOWNLOAD EXCEL	PRINT PDF	DISCLAIMER
BACK NEXT RESIDENTIAL COMMERCIAL NEW SOUTH WALES QUEENSLAND VICTORIA WESTERN AUSTRALIA	PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS RELEASED EXCHANGED SETTLED SETTLEMENT DATE FROM1 SETTLEMENT DATE TO1 CURRENT PRICE RANGE FROM/TO PROJECT PERIOD (CALENDER YEAR) CONSTRUCTION PROGRESS2 DESCRIPTION OWNERSHIP STRUCTURE IN PROGRESS WAVERLEY PARK Dec 01 3 Mulgrave $626m 1,158 1,008 994 889 Houses 100% Mirvac Limited Completed Stages $294m 623 623 623 623 Nov 03 Mar 11 $245,000 – $945,000 mid 2002 – mid 2011 100% Stage 5 $82m 118 114 114 114 Oct 09 Mar 11 $495,000 – $900,000 end 2008 – mid 2011 100% Stage 6 $36m 52 25 25 25 Mar 11 Sep 13 $495,000 – $800,000 mid 2010 – end 2013 50% Stage 7 $46m 93 54 54 54 Apr 08 Jun 16 $370,000 – $775,000 end 2007 – early 2016 60% Stage 8 $66m 108 28 24 0 Jun 12 Apr 13 $550,000 – $800,000 end 2011 – mid 2013 10% Stage 10 $73m 123 123 119 73 Jun 11 Jun 12 $495,000 – $825,000 end 2010 – mid 2012 85% Stage 12 $29m 41 41 35 0 Jun 12 Jul 12 $495,000 – $1.0m mid 2011 – end 2012 70% YARRA'S EDGE Mar 04 Docklands $411m 432 432 339 143 100% Mirvac Limited Marina $19m 149 149 100 96 Jan 05 Jun 15 $120,000 – $225,000 mid 2004 – Dec 2008 100% Marina berths River Precinct Lowrise $219m 82 82 78 47 May 10 Dec 12 $885,000 – $7.0m early 2007 – end 2012 85% Luxury houses including marina berths Yarra Point $192m 201 201 161 0 Apr 13 Mar 14 $500,000 – $2.4m mid 2008 – mid 2014 35% Luxury highrise apartments ARGYLE AT WATERWAYS MWRDP Apr 06 3 Braeside $82m 145 145 145 144 Oct 08 Feb 12 $500,000 – $850,000 mid 2007 – early 2012 100% Houses 100% MWRDP (Mirvac Limited 20% equity interest) LAUREATE Jul 07 Port Melbourne $95m 46 46 44 44 Apr 11 Mar 12 $1.4m – $3.2m mid 2007 – late 2011 100% Inner city townhouses 100% Mirvac Limited HARCREST MWRDP Feb 08 3 Wantirna South $142m 285 175 151 86 Houses and land 100% MWRDP (Mirvac Limited 20% equity interest) Stage 1 $56m 104 82 78 37 Jun 11 Oct 14 $325,000 – $950,000 end 2010 – end 2014 50% Stage 2 $37m 83 70 66 49 Oct 11 Sep 12 $310,000 – $610,000 end 2010 – mid 2012 30% Stage 3 $49m 98 23 7 0 May 12 Jun 13 $340,000 – $950,000 Mid 2012 – mid 2013 5% PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS PROJECT PERIOD (CALENDER YEAR) DESCRIPTION OWNERSHIP STRUCTURE PROPOSED WAVERLEY PARK Dec 01 Mulgrave $89m 149 early 2014– end 2016 Integrated housing 100% Mirvac Limited YARRA'S EDGE Dec 09 Docklands $842m 746 early 2012– early 2019 Apartments 100% Mirvac Limited ROCKBANK Nov 06 Rockbank $1.1bn 5,780 mid 2014– end 2031 Land subdivision 50% Mirvac Limited 50% Jayaland Corporation HARCREST MWRDP Feb 08 3 Wantrina South $307m 556 early 2012– mid 2016 Houses and Land 100% MWRDP (Mirvac Limited 20% equity interest) SMITHS LANE Nov 11 Clyde North $466m 2,107 mid 2015– early 2026 Land Subdivision 100% Mirvac Limited

1) SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.
2) CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

3) TRANSACTION DATE.

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PROPERTY COMPENDIUM 31 DECEMBER 2011
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BACK NEXT WAVERLEY PARK VIEW LARGER MAP
GOODISON COURT, MULGRAVE, VIC
DESCRIPTION
Waverley Park is a masterplanned community located in the
South Eastern suburb of Mulgrave, approximately 23
kilometres from the Melbourne CBD. The site was previously
an Australia Rule Football venue. The oval and a portion of the
stadium have been retained and converted into a retail
precinct, now home to the Hawthorn Football Club. The site is
over 80 hectares.
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE DEC 01 [1]
LOCATION MULGRAVE
PROJECT VALUE (INCL. GST) $626M
TOTAL LOTS 1,158
PROJECT PERIOD MID 2002 – EARLY 2016
OWNERSHIP STRUCTURE 100% MIRVAC LIMITED
UPDATE
The project was launched in 2003. Housing construction on
Stages 10 and 12 are scheduled for completion in July 2012
and construction of the first homes in Stage 8 commenced in
December 2011. In early 2012 Waverley Park reached the
1,000 sales milestone.
1) TRANSACTION DATE.
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PROPERTY COMPENDIUM 31 DECEMBER 2011
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35 SOUTH WHARF DRIVE, DOCKLANDS, VIC
DESCRIPTION
Yarra Point is a 31 level residential tower of 201 apartments
located within the Park Precinct of Mirvac's Yarra's Edge
development at Melbourne's Docklands. The site benefits from
views to the City, Yarra River and Port Phillip Bay.
Also located at Yarra's Edge is River Homes Precinct which
consists 82 strata-free homes across a mix of Riverfront,
Terrace and Home Office product offerings, River Precinct is
just minutes from Melbourne's CBD and benefits from
incredible views of the river and city skyline.
A 149 berth marina is located on the river to the north of the
residential component.
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE MAR 04
LOCATION DOCKLANDS
PROJECT VALUE (INCL. GST) $411M
TOTAL LOTS 432
PROJECT PERIOD MID 2004 – MID 2014
OWNERSHIP STRUCTURE 100% MIRVAC LIMITED
UPDATE
Yarra Point was launched in October 2010 and over 80% of
the apartments are now sold. Construction commenced in
December 2010 with completion expected in FY13.
Construction on River Homes Stages 1 & 2 is complete and 47
of the 48 homes are sold and settled. The final Stages of River
precinct (Stages 3 & 4) are currently under construction and
are anticipated to be completed and settled in FY13. To date
31 of the 34 homes in Stages 3 & 4 are sold.
Of the 149 marina berths, 96 are settled and a further
4 exchanged, construction was completed Dec 2008.
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PROPERTY COMPENDIUM 31 DECEMBER 2011
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CNR OF HARCREST BLVD & APPLEDALE WAY,
WANTIRNA SOUTH, VIC
DESCRIPTION
Harcrest is a 56 hectare infill development, comprising vacant
land and integrated housing. Nestled amongst well established
suburbs, Harcrest offers buyers a unique opportunity to buy or
build a brand new home at the foothills of the Dandenong
Ranges. Formally the Austral Bricks Quarry, Harcrest is
currently undergoing extensive filling works.
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE FEB 08 [1]
LOCATION WANTIRNA SOUTH
PROJECT VALUE (INCL. GST) $142M
TOTAL LOTS 285
PROJECT PERIOD END 2010 – END 2014
100% MWRDP
(MIRVAC LIMITED 20%
OWNERSHIP STRUCTURE EQUITY INTEREST)
UPDATE
Sales commenced in October 2010 and first settlements were
receieved in FY11. Land lots within the first two stages are
now complete, and construction of Mirvac housing and the
retail village are underway. Civil construction is currently taking
place on Stage 3 with the first lots in this stage due to settle in
April 2012. Earthworks on the balance of the site are
continuing, with all works to be completed and ready for further
development in mid 2012. Formal project launch is schedule
for February 2012.
1) TRANSACTION DATE.
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	PROPERTY COMPENDIUM31 DECEMBER 2011	PROPERTY COMPENDIUM31 DECEMBER 2011	PROPERTY COMPENDIUM31 DECEMBER 2011	PROPERTY COMPENDIUM31 DECEMBER 2011
INVESTMENT D	EVELOPMENT MAP DOWNLOAD EXCEL	PRINT PDF	DISCLAIMER
BACK NEXT RESIDENTIAL COMMERCIAL NEW SOUTH WALES QUEENSLAND VICTORIA WESTERN AUSTRALIA	PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS RELEASED EXCHANGED SETTLED SETTLEMENT DATE FROM1 SETTLEMENT DATE TO1 CURRENT PRICE RANGE FROM/TO PROJECT PERIOD (CALENDER YEAR) CONSTRUCTION PROGRESS2 DESCRIPTION OWNERSHIP STRUCTURE IN PROGRESS MINDARIE KEYS Jan 96 Mindarie $298m 1,541 1,541 1,538 1,538 Land subdivision 15% Equity Share Completed Stages $273m 1,519 1,519 1,519 1,519 Jun 03 Apr 10 $185,000 – $12.7m early 1996 – mid 2010 100% Stage 5B ii $25m 22 22 19 19 Jun 08 Jun 12 $790,000 – $1.8m mid 2007 – mid 2012 100% THE PENINSULA BURSWOOD Feb 03 Burswood $473m 396 386 346 341 50% Mirvac Limited 50% AustralianSuper Fund Completed Stages $217m 168 168 168 168 May 07 Mar 10 $540,000 – $13.4m early 2003 – early 2010 100% Apartments, housing, commercial land lots Allegro–Tower 1 $2m 2 1 1 1 Apr 09 Oct 13 $450,000 – $825,000 early 2003 – mid 2013 100% Apartments Axis–Tower 2 $27m 29 28 28 28 Apr 09 Jun 13 $475,000 – $2.3m early 2003 – mid 2013 100% Apartments Aurora–Tower 4 $150m 133 125 99 97 Dec 09 Jun 15 $590,000 – $4.2m mid 2006 – mid 2015 100% Apartments Aquarius–Tower 5 $77m 64 64 50 47 Jun 10 Apr 14 $550,000 – $3.0m early 2007 – mid 2014 100% Apartments MANDURAH SYNDICATES MWRDP Mandurah $104m 465 297 208 206 100% MWRDP (Mirvac Limited 20% equity interest) Bridgewater MWRDP Jun 073 $35m 157 79 38 38 Jun 08 Sep 13 $170,000 – $285,000 mid 2007 – end 2013 100% Land Meadow Springs MWRDP Syndicate Jun 073 $46m 234 187 151 150 Mar 09 Jul 13 $149,000 – $240,000 mid 2007 – end 2013 90% Land Seascapes Town Centre MWRDP Syndicate Jun 083 $23m 74 31 19 18 Mar 09 Oct 13 $160,000 – $2.3m mid 2008 – end 2013 100% Mix of residential and retail lots MANDURAH SYNDICATES MIRVAC FUNDS MANAGEMENT Mandurah $229m 1,004 836 782 778 Mirvac Development Fund–Seascapes Dec 05 $138m 553 416 383 381 Jun 06 Nov 14 $120,000 – $400,000 mid 2006 – end 2014 85% Land 100% Mirvac Development Fund – Seascapes Mirvac Development Fund – Meadow Springs Jun 06 $91m 451 420 399 397 Dec 06 Oct 12 $130,000 – $3.1m mid 2006 – mid 2012 95% Land 100% Mirvac Development Fund – Meadow Springs MEADOW SPRINGS HOUSING Aug 03 Mandurah $92m 183 183 182 182 100% Mirvac Limited Completed Stages $61m 113 113 113 113 Mar 07 Dec 11 $145,000 – $17.2m mid 2003 – end 2011 100% Architecturally designed homes and Golf Course Portrush Green $31m 70 70 69 69 May 08 Jan 12 $350,000 – $675,000 mid 2003 – early 2012 100% Houses THE POINT Dec 05 Mandurah $162m 138 136 109 109 100% Mirvac Limited Building A $17m 13 13 8 8 Jun 09 Apr 16 $600,000 – $4.3m end 2005 – mid 2016 100% Hotel and apartments Building B $87m 78 78 68 68 Dec 08 Jun 16 $295,000 – $3.6m end 2005 – mid 2016 100% Apartments Building C $58m 47 45 33 33 Dec 08 Jun 16 $520,000 – $3.6m end 2005 – mid 2016 100% Apartments SWANBOURNE Jun 05 Swanbourne $59m 58 58 55 55 Land subdivision & houses 50% Mirvac Limited 50% Landcorp Completed Stages $49m 51 51 51 51 Nov 07 Jun 09 $840,000 – $1.9m mid 2005 – mid 2009 100% Stage 2 $10m 7 7 4 4 Mar 11 Jun 12 $1.3 – $1.6m early2008 – mid 2012 100% BINNINGUP Jan 08 Binningup $9m 42 40 13 13 Land lots PDA with Binningup Nominees Stage 5 – Lakewood Shores $3m 18 17 6 6 Jul 09 Jun 13 $145,000 – $180,000 mid 2009 – mid 2013 100% Stage 6 – Lakewood Shores $6m 24 23 7 7 Feb 10 Jun 13 $210,000 – $250,000 mid 2009 – mid 2013 100% BEACHSIDE LEIGHTON Aug 06 North Fremantle $174m 68 64 54 40 100% Mirvac Limited Stage 1–Lot 2 $158m 61 57 53 40 Nov 10 Apr 15 $1.0m – $8.9m mid 2006 – mid 2015 100% Apartments / Retail Stage 1A–Lot 2 $16m 7 7 1 0 Oct 12 Jun 15 $2.3m – $2.6m mid 2007 – mid 2015 100% Terraces KENNEDY BAY 4 Oct 06 Port Kennedy $161m 445 0 0 0 Dec 13 Jul 23 $240,000 – $610,000 end 2006 – mid 2023 10% Land subdivision PDA with WABGR JANE BROOK Jul 06 Jane Brook $10m 38 36 22 21 Jun 11 Feb 15 $250,000 – $270,000 mid 2010 – early 2015 100% Urban land lots 100% Mirvac Limited PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS PROJECT PERIOD (CALENDER YEAR) DESCRIPTION OWNERSHIP STRUCTURE PROPOSED JANE BROOK Jul 06 Jane Brook $60m 178 mid 2010– early 2016 Land 100% Mirvac Limited BEACHSIDE LEIGHTON Aug 06 North Fremantle $267m 89 mid 2007– mid 2019 Houses, hotel and apartments 100% Mirvac Limited BINNINGUP Jan 08 Binningup $347m 1,303 mid 2013– end 2026 Land PDA with Binningup Nominees SWANBOURNE Jun 05 Swanbourne $58m 36 end 2008– early 2018 Houses and land JV with Landcorp THE PENINSULA BURSWOOD Feb 03 Burswood $305m 273 end 2010– end 2019 Housing and apartments JV with AustralianSuper Fund MANDURAH SYNDICATES MWRDP Bridgewater MWRDP Jun 07 Mandurah $46m 160 mid 2013–early 2015 Land PDA with MWRDP Mirvac Limited 20% equity interest Meadow Springs MWRDP Jun 07 Mandurah $57m 244 mid 2007–end 2016 Land PDA with MWRDP Mirvac Limited 20% equity interest Seascapes Town Centre MWRDP Jun 08 Mandurah $36m 97 early 2013–early 2016 Land PDA with MWRDP Mirvac Limited 20% equity interest MANDURAH SYNDICATES MIRVAC FUNDS MANAGEMENT Mirvac Development Fund –Meadow Springs May 02 Mandurah $39m 194 mid 2012–end 2015 Land 100% Mirvac Development Fund – Meadow Springs

1) SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE

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PROPERTY COMPENDIUM 31 DECEMBER 2011
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BACK NEXT MANDURAH SYNDICATES MWRDP VIEW LARGER MAP
DESCRIPTION
The Mandurah Syndicates MWRDP comprises the
masterplanned communities of Meadow Springs, Seascapes
Village and Bridgewater. Mirvac Limited has a 20% ownership
in the MWRDP. The developments are all located in the
Mandurah metro area and provide amenity in the form of golf
course lifestyle for Meadow Springs, coastal living for
Seascapes Village and estuary residences for Bridgewater.
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE JUN 07 [1]
LOCATION MANDURAH
PROJECT VALUE (INCL. GST) $104M
TOTAL LOTS 465
PROJECT PERIOD MID 2007 – END 2013
100% MWRDP
(MIRVAC LIMITED 20%
OWNERSHIP STRUCTURE EQUITY INTEREST)
UPDATE
Each project is actively being developed and targeted towards
1st, 2nd and 3rd homebuyers. Meadow Springs is expected to
benefit from the soon to be opened Quarry Park and
development is progressing at the retail site at Seascapes.
ADDRESSES
Meadow Springs
1 Glendale Street, Meadow Springs WA 6210
Seascapes Village
1 Boardwalk Boulevard, Seascapes WA 6210
Bridgewater
2 Bridgewater Boulevard, Erskine, WA 6210
1) TRANSACTION DATE.
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PROPERTY COMPENDIUM 31 DECEMBER 2011
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MIRVAC FUNDS MANAGEMENT
DESCRIPTION
The Mandurah Syndicates Mirvac Funds Management
comprises the master planned communities of Meadow
Springs and Seascapes. The developments are all located in
the Mandurah metro area and provide amenity in the form of
golf course lifestyle for Meadow Springs, and coastal living for
Seascapes.
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE DEC 05
LOCATION MANDURAH
PROJECT VALUE (INCL. GST) $229M
TOTAL LOTS 1,004
PROJECT PERIOD MID 2006 – END 2014
100% MIRVAC
OWNERSHIP STRUCTURE DEVELOPMENT FUND
UPDATE
Each project is actively being developed and targeted towards
1st, 2nd and 3rd homebuyers. Meadow Springs is expected to
benefit from the soon to be opened Quarry Park and
development is progressing at the retail site at Seascapes.
ADDRESSES
Meadow Springs
1 Glendale Street, Meadow Springs WA 6210
Seascapes Village
1 Boardwalk Boulevard, Seascapes WA 6210
Bridgewater
2 Bridgewater Boulevard, Erskine, WA 6210
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PROPERTY COMPENDIUM 31 DECEMBER 2011
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LAKES PARADE, BINNINGUP, WA
DESCRIPTION
Mirvac has entered into a development services agreement to
transform 270 hectares of land located alongside the existing
Binningup town site (in Western Australia's South West region)
into a vibrant coastal community. The site features over 3kms
of frontage to the Indian Ocean and an existing nine-hole golf
course. Mirvac is currently working through the structure
planning process to deliver a vision for the site including a mix
of land lots and a coastal village featuring a range of mixed
use facilities.
SUMMARY INFORMATION – 31 DECEMBER 2011
IN PROGRESS
ACQUISITION DATE JAN 08
LOCATION BINNINGUP
PROJECT VALUE (INCL. GST) $9M
TOTAL LOTS 42
PROJECT PERIOD MID 2009 – MID 2013
PDA WITH
OWNERSHIP STRUCTURE BINNINGUP NOMINEES
UPDATE
Activity in progress consists of existing land subdivision at
Lakewood Shores. In July 2011, proposed masterplanned
community received its EPBC Federal Environmental Approval
and was rezoned to "Residential Development". The Local
Structure Plan will be advertised in February 2012 and is
expected to be formally adopted in May 2012.
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BACK NEXT RESIDENTIAL COMMERCIAL	PROPERTY LOCATION OWNERSHIP 8 Chifley Square Sydney, NSW 50% MPT, 50% K-REIT Hoxton Distribution Park Hoxton Park, NSW 100% Mirvac Limited

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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
RESIDENTIAL
COMMERCIAL
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8 CHIFLEY SQUARE, SYDNEY, NSW VIEW LARGER MAP
IN PROGRESS
DESCRIPTION
A premium grade commercial office development on a
landmark Sydney CBD site. Key to the design is the innovative
tenancy "villages" concept. The tower comprises seven unique
villages each providing unparalleled connectivity, interaction
and amenity through vertical intergration. The villages range in
size from 1,800 to 2,650 sqm and are separated by single
floors, with a total net lettable area of over 19,100 sqm.
OWNERSHIP
50% MPT, 50% K-REIT
SUMMARY INFORMATION
VALUATION AS AT
31 DECEMBER 2011 $81.7M [1]
VALUER SAVILLS
LAST EXTERNAL VALUATION 31 DEC 11
PROJECT COST $154.4M [2]
CAPITALISATION RATE N/A
ACQUISITION DATE APR 06
FORECAST COMPLETION FY14
PROJECT UPDATE
Leasing program commenced; Agreement for lease executed
on 16th December with Corrs Chambers Westgarth to lease
8,080 square metres (42% of net lettable area).
1) REPRESENTS THE VALUATION FOR 100% OF THE BUILDING.
2) MPT SHARE OF TOTAL PROJECT COSTS.
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Map Sat Ter Earth
RESIDENTIAL
COMMERCIAL
BACK
©2012 Google -
Map data ©2012 Google, Whereis(R), Sensis Pty Ltd - Terms of Use
HOXTON DISTRIBUTION PARK, VIEW LARGER MAP
INTERSECTION OF M7 AND COWPASTURE ROAD,
HOXTON PARK, NSW
IN PROGRESS
DESCRIPTION
Major industrial project comprising two distribution centres
100% preleased to Woolworths Limited. Building 1 comprises
a 90,000 sqm state of the art purpose built facility for BIG W.
Building 2 is a 43,500 sqm national distribution centre which
will house Dick Smith.
OWNERSHIP
100% Mirvac Limited
SUMMARY INFORMATION
VALUATION AS AT
31 DECEMBER 2011 N/A
VALUER N/A
LAST EXTERNAL VALUATION N/A
PROJECT COST $192.4M [1]
YIELD ON COST 8.01%
ACQUISITION DATE JUL 10
FORECAST COMPLETION FY12
PROJECT UPDATE
Practical completion achieved in August 2011 for Building 2
(Dick Smith) and October 2011 for Building 1 (BIG W),
5 months ahead of the original development plan for both.
Binding agreement entered into in September with AVIVA to
sell a 50% interest in both warehouses for $97.4m. Settlement
expected at the end of March 2012.
1) INCLUDES COSTS ASSOCIATED WITH THE RESIDUAL LAND LOT
(SETTLED JUNE 11).
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PROPERTY COMPENDIUM 31 DECEMBER 2011
INVESTMENT DEVELOPMENT MAP DOWNLOAD EXCEL PRINT PDF DISCLAIMER
Disclaimer
Mirvac Group comprises Mirvac Limited ABN 92 003 280 699 and Mirvac Property Trust ARSN 086
780 645. This Property Compendium has been prepared by Mirvac Limited and Mirvac Funds
Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property
Trust (collectively "Mirvac" or "Mirvac Group"). Mirvac Limited is the issuer of Mirvac Limited
ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units,
which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian
dollars (A$).
The information contained in this Property Compendium 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 Property
Compendium 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 Property Compendium 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 Property Compendium 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 Property
Compendium, 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.
This Property Compendium 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, valuations and estimates provided in this Property Compendium 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.
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 Property Compendium is given for illustrative purposes
only and should not be relied upon as (and is not) an indication of future performance.
This Property Compendium 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.
DesignDavey
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MIRVAC GROUP — Interim / Quarterly Report 2012

65328_rns_2012-02-20_5232c3a7-ab9e-4586-bf3f-f8e804e185db.pdf

MIRVAC GROUP HALF YEAR RESULTS – 31 DECEMBER 2011

ENDS

Appendix 4D – Half Year Report

MIRVAC GROUP

For the half year ended 31 December 2011

Results for Announcement to the Market

Other information relating to the financial statements

1. Ratios

2. Earnings per security (EPS)

3. NTA Backing

01 Directors’ report

InteRIM RePORt

FOR the hAlF yeAR ended 31 deCeMbeR 2011

Directors

review oF operations anD activities

Financial anD operational hiGhliGhts

capital position anD FunDinG

Outlook

operational hiGhliGhts anD Divisional strateGy

investment Division

Outlook

hotel Management

Outlook

Investment Management

Outlook

Development Division

Residential

Apartments

Masterplanned communities

Commercial

Outlook

market anD Group outlook

auDitor’s inDepenDence Declaration

rounDinG oF amounts

COnsOlIdAted stAteMent OF COMPRehensIVe InCOMe

COnsOlIdAted stAteMent OF COMPRehensIVe InCOMe

COnsOlIdAted stAteMent OF FInAnCIAl POsItIOn

COnsOlIdAted stAteMent OF CAsh FlOws

1 summary oF siGniFicant accountinG policies

a) impact of standards issued but not yet applied by mirvac

aasb 2011-9 amendments to australian accounting standards – presentation of items of other comprehensive income (effective 1 July 2012) in

offsetting Financial assets and Financial liabilities (amendments to ias 32) and Disclosures-offsetting Financial assets and Financial liabilities (amendments to iFrs 7 Financial instruments: Disclosures) (effective 1 January 2014 and

b) non-current assets (or disposal groups) classified as held for sale

1 summary oF siGniFicant accountinG policies (continueD)

2 critical accountinG JuDGements anD estimates

a) critical judgements in applying mirvac’s accounting policies

i) Revenue recognition

iii) Provision for loss on inventories

iv) Investment properties and owner-occupied administration properties

v) Fair value estimation

vi) security based payment transactions

ii) Cost of goods sold

2 critical accountinG JuDGements anD estimates (continueD)

b) key sources of estimation uncertainty

i) Inventories

ii) Impairment of goodwill

iii) estimated impairment of investments accounted for using the equity method

iv) Fair value of investments not traded in active markets

v) Valuation of investment properties and owneroccupied properties

vi) Valuation of IPUC

3 seGmental inFormation

a) Description of business segments

i) Investment

ii) hotel Management

iii) Investment Management

b) inter-segment transfers

c) elimination

d) comparative information

e) operating profit

f) segment liabilities

g) Geographical and customer analysis

h) Disposal group and discontinued operations

iv) development

3 seGmental inFormation (continueD)

3 seGmental inFormation (continueD)

3 seGmental inFormation (continueD)

3 seGmental inFormation (continueD)

MIRVAC GROUP Interim / Quarterly Report 2012