MIRVAC GROUP — Interim / Quarterly Report 2014

Oct 21, 2013

by mirvac q operational update

22 october 2013

Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 1

Q1 snapshot

by mirvac

n FY14 operating EPS guidance of 11.7 to 12.0cpss maintained

n S&P credit rating upgrade from BBB to BBB+

n Completed 7 year $200m MTN issuance

n MPT continues to deliver strong metrics:

• Occupancy increased to 98.3%[ 1]

• 5.0 year WALE[ 2]

• 81.2% leased at 8 Chifley following Quantium lease[ 3]

• n Development activity building momentum:

• Achieved 321 residential lot settlements; on track to achieve >2,200 lots for FY14

• $1,162.0m[ 4] in exchanged pre-sales contracts, $247.0m secured in Q1

==> picture [245 x 246] intentionally omitted <==

• On track to achieve >10% Development ROIC in FY14

n Appointment of Shane Gannon as CFO

• 1) By area, excluding assets under development, based on 100% of building NLA.

• 2) By income, excluding assets under development, based on MPT’s ownership.

• 3) Quantium lease at 8 Chifley, NSW signed 21 October 2013.

• 4) Total exchanged pre-sales contracts as at 30 September 2013, adjusted for Mirvac’s share of JVs, associates and Mirvac managed funds.

==> picture [57 x 38] intentionally omitted <==

On track to achieve FY14 operating EPS guidance

==> picture [57 x 38] intentionally omitted <==

Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 2

by mirvac operational update

Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 3

MPT

by mirvac

n Occupancy increased across the portfolio to 98.3%[ 1]

n The portfolio maintained a solid WALE of 5.0 years[ 2]

n 172 leasing deals completed during the period; 69,309sqm and 5.0% of portfolio

==> picture [299 x 233] intentionally omitted <==

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

MPT – lease expiry profile and variance to FY13 [2]
60%
50 48.3%
40
30
20
12.9%
10 8.2% 10.5% 8.3% 9.5%
2.3%
0
Vacant FY14 FY15 FY16 FY17 FY18 Beyond
-40bp -190bp -40bp +10bp +40bp +20bp +200bp
----- End of picture text -----

==> picture [298 x 9] intentionally omitted <==

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

BROADWAY SHOPPING CENTRE, SYDNEY, NSW
----- End of picture text -----

==> picture [298 x 227] intentionally omitted <==

1) By area, excluding assets under development, based on 100% of building NLA.

• 2) By income, excluding assets under development, based on MPT’s ownership.

==> picture [57 x 38] intentionally omitted <==

Strong portfolio metrics continue delivering stable income

==> picture [57 x 38] intentionally omitted <==

Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 4

Office – Passive

by mirvac

Office outlook

• n Office demand currently remains subdued

• n Leading economic indicators suggest 2013 is likely to represent the trough in the current office market cycle

• n Mirvac’s office portfolio continues to be well positioned through fixed rent increases, low vacancy rates and long weighted average lease term

Mirvac's office portfolio

n 24.6% of remaining FY14 expiries committed[1]

n Occupancy increased to 97.3%[2]

• n Portfolio de-risked by WALE of 5.0 years[3]

==> picture [179 x 9] intentionally omitted <==

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

10-20 BOND STREET, SYDNEY, NSW
----- End of picture text -----

==> picture [179 x 262] intentionally omitted <==

==> picture [42 x 41] intentionally omitted <==

• 1) Includes signed leases and Heads of Agreement.

• 2) By area, excluding assets under development, based on 100% of building NLA.

• 3) By income, excluding assets under development and indirect investments, based on MPT’s ownership.

==> picture [57 x 38] intentionally omitted <==

Internal leasing team producing strong leasing deals

==> picture [57 x 38] intentionally omitted <==

Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 5

Office – In development

by mirvac

n 8 Chifley Square, NSW:

• Building reached practical completion in July

• 81.2% leased following Quantium increasing requirement[ 1]

n Treasury Building, WA:

• Demolition of tower and basement formwork complete with second slab now laid

• 98.0% pre-leased to WA Government for 25 year term

n 699 Bourke Street, VIC:

• Construction has commenced with completion expected in early 2015

• 79.0% pre-leased to AGL

n 200 George Street, NSW:

• Demolition of existing buildings complete with construction commencing on site

• 74.0% pre-leased to Ernst & Young

==> picture [156 x 100] intentionally omitted <==

==> picture [156 x 100] intentionally omitted <==

==> picture [155 x 100] intentionally omitted <==

==> picture [155 x 100] intentionally omitted <==

==> picture [636 x 10] intentionally omitted <==

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

8 CHIFLEY SQUARE, SYDNEY, NSW ARTIST IMPRESSION OF TREASURY BUILDING, PERTH, WA ARTIST IMPRESSION OF 699 BOURKE STREET, MELBOURNE, VIC ARTIST IMPRESSION OF 200 GEORGE STREET, SYDNEY, NSW
----- End of picture text -----

• 1) Quantium lease at 8 Chifley, NSW signed 21 October 2013.

==> picture [57 x 38] intentionally omitted <==

Office development pipeline provides earnings visibility

==> picture [57 x 38] intentionally omitted <==

Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 6

Retail – Passive

by mirvac

Mirvac’s retail portfolio

• n Occupancy strong at 99.2%[ 1]

• n Specialty occupancy costs manageable at 15.7%[ 2] ; 15.0% on like-for-like portfolio

• n Strong MAT growth of 5.1% driven by supermarkets and mini majors[ 3]

	Comparable total Comparable Comparable ~~Retail sales~~ ~~MAT $m~~ ~~MAT growth~~ ~~MAT growth~~ by category 3 Q1 FY14 4 Q1 FY14 FY13 Non-food majors $229.4 (0.3%) (0.5%) Food majors $652.8 5.7% 6.3% Mini majors $198.4 15.5% 15.8% Specialties $504.8 (0.1%) (0.2%) Other retail $112.6 24.4% 18.9% Total $1,698.1 5.1% 4.9%

Retail outlook

• n The environment for retailers remains challenging

• n Increased residential house prices and low interest rates have improved consumer sentiment

• n Despite this, spending on discretionary items continues to remain under pressure

• n Retail vacancy rates will remain stable for centres in dominant catchment areas, although rental growth is likely to remain moderate

• n Mirvac’s retail portfolio continues to be biased towards more resilient non-discretionary spending

1) By area, excluding assets under development, based on 100% of building NLA.

2) Includes marketing levy. Specialty occupancy costs excluding CBD centres (including CBD centres 16.7%). Excludes Hinkler Central (flood affected) and assets under development. 3) Woolworths Limited and Wesfarmers Limited (Coles) reported sales in FY13 of 53 weeks.

4) Excludes assets under development, Hinkler Central and Manning Mall (asset disposed).

==> picture [57 x 38] intentionally omitted <==

Non-discretionary spending remains resilient

==> picture [57 x 38] intentionally omitted <==

Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 7

Retail – In development

by mirvac

• n Stanhope Village, NSW

• Stage 3 completed and commenced trading in August 2013, 100% leased

• Stage 4 DA achieved; construction due to commence in February 2014

• n Kawana Shoppingworld, QLD

• Strong leasing period over the quarter with 68.4% of the development GLA now pre-leased[ 1 ]

• Construction commenced January 2013 for July 2014 completion

• n Orion Springfield QLD

• Pad Sites 100% pre-leased[ 1] , expected completion December 2013

• Stage 2 DA finalised with Coles committed

• Stage 3 DA submitted for DDS and Cinema

==> picture [156 x 95] intentionally omitted <==

==> picture [156 x 95] intentionally omitted <==

==> picture [155 x 95] intentionally omitted <==

==> picture [155 x 95] intentionally omitted <==

==> picture [636 x 10] intentionally omitted <==

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

ARTIST IMPRESSION OF STANHOPE VILLAGE, NSW ARTIST IMPRESSION OF KAWANA SHOPPINGWORLD, QLD ORION SPRINGFIELD, QLD ARTIST IMPRESSION OF ORION SPRINGFIELD, QLD
----- End of picture text -----

• 1) By area, includes signed leases and heads of agreements.

==> picture [57 x 38] intentionally omitted <==

Unlocking value in the retail portfolio through active development

==> picture [57 x 38] intentionally omitted <==

Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 8

Industrial – Passive

by mirvac

Mirvac’s industrial portfolio

• n Occupancy increased to 99.5%[1]

• n Portfolio de-risked by WALE of 8.7 years[2]

Industrial outlook

• n Softening demand from Australia’s main trading partners and the depreciating Australian dollar has resulted in slowing demand

• n Limited new supply is likely to result in positive rental growth in the industrial sector, albeit at a subdued rate

==> picture [190 x 9] intentionally omitted <==

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

NEXUS INDUSTRY PARK, PRESTONS, NSW
----- End of picture text -----

==> picture [190 x 220] intentionally omitted <==

• 1) By area, excluding assets under development, based on 100% of building NLA.

• 2) By income, excluding assets under development, based on MPT’s ownership.

==> picture [57 x 38] intentionally omitted <==

Solid industrial portfolio produces consistent results

==> picture [57 x 38] intentionally omitted <==

Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 9

Residential – Market outlook[ 1]

by mirvac

n Volumes and prices increased through FY13 and into the current financial year

NSW

Weighting FY14 Medium term forecast n Housing affordability, population growth, rental growth and a low vacancy 37.8%[ 2] rate should ensure a further improvement in residential demand through FY14 n Even so, modest personal income growth and a softening of the labour VIC market suggests the housing market uplift will be moderate Weighting FY14 Medium term forecast n NSW continues to be the strongest residential market while Victoria 37.6%[ 2] continues to perform solidly in most areas n Perth’s recovery has plateaued and southeast Queensland is in the initial QLD stages of recovery Weighting FY14 Medium term n Mirvac’s strategic overweight position in NSW and Victoria continues to forecast drive earnings 14.7%[ 2]

n Housing affordability, population growth, rental growth and a low vacancy rate should ensure a further improvement in residential demand through FY14

• n Perth’s recovery has plateaued and southeast Queensland is in the initial stages of recovery

WA

Weighting FY14 Medium term forecast 9.9%[ 2]

• 1) Management forecast.

• 2) Management estimate of revenue from lots under control at 30 June 2013, adjusted for Mirvac’s share of JV, associates and Mirvac’s managed funds.

==> picture [57 x 38] intentionally omitted <==

Mirvac’s NSW overweight exposure continues to support earnings

==> picture [57 x 38] intentionally omitted <==

Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 10

Development – Q1 activity

by mirvac

Development Q1 activity update

• n On track to achieve >10% Development ROIC

• n >75% of FY14 expected Development EBIT[ 1] secured

• n Focus on cash repatriation from impaired projects releasing $16.3m of provision, on track for $100m - $140m

Residential Q1 activity update

• n $1,162.0m[ 2] in exchanged pre-sales contracts, $247.0m secured in Q1

• n Exposure to NSW market driving pre-sales

• n Settled 321 lots over the quarter; on track to achieve >2,200 lots for FY14

• n Major settlements over the quarter included Elizabeth Point, NSW (44 lots), Elizabeth Hills, NSW (43 lots), Middleton Grange, NSW (11 lots)

==> picture [240 x 214] intentionally omitted <==

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

Reconciliation of movement in exchanged
pre-sales contracts to FY13
$1,200m $247.0m $1,162.0m
$1,005.4m $90.4m
900
600
300
0
FY13 Settled [ 3] Net Sales Q1FY14
----- End of picture text -----

• 1) Development EBIT before overheads and sales and marketing.

• 2) Total exchanged pre-sales contracts as at 30 September 2013, adjusted for Mirvac’s share of JVs, associates and Mirvac managed funds.

• 3) Represents gross settlement revenue adjusted for Mirvac’s share of JVs, associates, and Mirvac’s managed funds.

==> picture [57 x 38] intentionally omitted <==

Clear visibility for FY14 Development EBIT

==> picture [57 x 38] intentionally omitted <==

Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 11

summary and guidance

by mirvac

Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 12

Summary and guidance

by mirvac

	~~Guidance~~ ~~FY14~~ Groupoperating proft $428 – $443m OperatingEPS 11.7 – 12.0cpss DPS 8.8 – 9.0cpss Weighted average securities 3,673m Expected Development ROIC in FY14 >10%

==> picture [57 x 38] intentionally omitted <==

Mirvac Group well positioned to deliver FY14 stated targets

==> picture [57 x 38] intentionally omitted <==

Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 13

Disclaimer and important notice

by mirvac

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 License. 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.

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 financial statements ended 30 September 2013. 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.

The information contained in this presentation is current as at 30 September 2013, unless otherwise noted.

==> picture [720 x 38] intentionally omitted <==

Thank you

by mirvac

FOLLOW US ON TWITTER @MIRVACIR

MIRVAC INVESTOR RELATIONS WEBSITE

==> picture [69 x 70] intentionally omitted <==