additional information 23 august 2013

by mirvac

additional information i 23 august 2013 i page 1

by mirvac

financial results

2 FY13 statutory to operating profit reconciliation 3 FY12 statutory to operating profit reconciliation
4 FY13 operating profit by segment
5 FY12 operating profit by segment
6 Finance costs
7 Group overhead costs
8 MPT operating EBIT
9 Mirvac statutory income tax calculation
10 FY13 contributions to growth
11 Liquidity profile
12 Debt and hedging profile

Commercial

14 Commercial market update
15 Sector and geographic diversification
16 MPT portfolio snapshot
17 Top ten tenants by income
18 MPT weighted average cap rate
19 Office snapshot
20 Office metrics
21 Office development pipeline
22 Commercial development hypothetical fund through
24 Retail snapshot
25 Retail development pipeline
26 Industrial snapshot
27 Schedule of acquisitions
28 Schedule of disposals

residential

30 Residential market outlook
31 Project pipeline – Apartments
32 Project pipeline – Masterplanned communities

development - invested capital

38 Development invested capital reconciliation New
40 Capital efficient development projects

development - earnings analysis

41 Gross development margin
42 Development operating EBIT analysis New
43 FY13 development earnings model New
44 Development historical information (FY09 – FY13)
45 Capitalised interest New

development - provisions analysis

46 Roll off
47 Projects update New

residential - research and strategy

48 Structural change in housing lifecycle New
50 Mirvac’s residential business: create and sell New
51 Residential development new projects
52 Hypothetical profit making development project – treatment of capitalised costs
53 Hypothetical provisioned development project – treatment of capitalised costs
54 Residential development high density = apartments
55 Residential development low density = masterplanned communities
56 Our markets

Health and safety

58 Health and safety

fY14 calendar

59 FY14 calendar

glossary

residential - lots

disclaimer and important notice

33 FY13 activity detail
34 FY13 settlements New
35 Pre–sales outlook FY14 – FY17
36 Diversification of residential lots/revenue
37 Pre-sale analysis

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Additional information provided for Investors and Analysts

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additional information i 23 august 2013 i page 2

1 FY13 statutory to operating profit reconciliation

by mirvac

Total inc.
Investment
discontinued
Investment Management Development
Unallocated
Elimination
Tax
operations
June 2013
$m
$m
$m
$m
$m
$m
$m
Proft/(loss) attributable to the stapled security holders of Mirvac
464.3
(13.7)
(236.1)
(84.8)
(12.9)
23.1
139.9
Specifc non-cash items
Net (gain)/loss on fair value of investment properties
(56.0)
—
—
—
2.0
—
(54.0)
Net loss/(gain) on fair value of IPUC
5.6
—
—
—
(2.0)
—
3.6
Net loss on fair value of derivative fnancial instruments
and associated foreign exchange movements
2.5
—
—
9.9
—
—
12.4
Security based payment expense
—
—
—
4.1
—
—
4.1
Depreciation of owner-occupied investment properties
—
—
—
—
7.5
—
7.5
Straight-lining of lease revenue
(17.3)
—
—
—
—
—
(17.3)
Amortisation of lease ftout incentives
13.4
—
—
—
(2.5)
—
10.9
Net loss on fair value of investment properties, derivatives and other specifc
non-cash items included in share of net proft of associates and joint ventures
3.6
0.8
—
—
—
—
4.4
Signifcant items
Impairment of investments including associates and joint ventures
—
—
12.3
—
—
—
12.3
Impairment of loans
—
—
18.0
—
—
—
18.0
Provision for loss on inventories
—
—
242.9
—
—
—
242.9
Net loss on sale of non-aligned assets
2.7
1.0
—
—
—
—
3.7
Net gain on sale of Hotel Management business and related assets
—
—
—
(2.0)
—
—
(2.0)
tax effect
Tax effect of non-cash and signifcant adjustments
—
—
—
—
—
(8.8)
(8.8)
Operating proft/(loss) (proft before specifc non-cash and signifcant items) 2
418.8
(11.9)
37.1
(72.8)
(7.9)
14.3
377.6
Segment contribution
110.9%
(3.1%)
9.8%
(19.3%)
(2.1%)
3.8%
100.0%
Add back tax
—
—
—
—
—
(14.3)
(14.3)
Add back interest paid
13.2
16.3
58.6
0.3
(1.3)
—
87.1
Less interest revenue
(1.3)
(0.2)
(0.7)
(3.5)
1.3
—
(4.4)
Earnings before interest and tax
430.7
4.2
95.0
(76.0)
(7.9)
—
446.0
Segment contribution
96.6%
0.9%
21.3%
(17.0%)
(1.8%)
—
100.0%

1) Refer to the financial statements for information on discontinued operations.
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 full year ended 30 June 2013 financial statements, which has been subject to audit by its external auditors.

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EBIT of $446.0m in FY13

additional information i 23 august 2013 i page 3

1 FY12 statutory to operating profit reconciliation

by mirvac

Total inc.
Hotel
Investment
discontinued
Investment Management Management Development
Unallocated
Elimination
Tax
operations
June 2012
$m
$m
$m
$m
$m
$m
$m
$m
Proft/(loss) attributable to the stapled securityholders of Mirvac
495.5
15.5
(9.0)
(10.0)
(99.4)
(31.1)
54.6
416.1
Specifc non-cash items
Net (gain)/loss on fair value of investment properties and
owner-occupied hotel management lots and freehold hotels
(163.4)
—
—
—
—
14.7
—
(148.7)
Net loss on fair value of IPUC
15.8
—
—
—
—
—
—
15.8
Net loss on fair value of derivative fnancial instruments and
associated foreign exchange movements
37.5
—
—
—
44.5
—
—
82.0
Security based payment expense
—
—
—
—
8.5
—
—
8.5
Depreciation of owner-occupied investment properties, hotels and
hotel management lots (including hotel property, plant and equipment)
—
1.7
—
0.2
—
7.6
—
9.5
Straight-lining of lease revenue
(15.9)
—
—
—
—
—
—
(15.9)
Amortisation of lease ftout incentives
16.6
—
—
—
—
(2.2)
—
14.4
Net loss on fair value of investment properties, derivatives and other
specifc non-cash items included in share of net proft of associates
12.0
—
1.7
—
—
—
—
13.7
Signifcant items
Impairment of loans
—
—
—
—
6.0
—
—
6.0
Provision for loss on inventories
—
—
—
25.0
—
—
—
25.0
Net (gain)/loss on sale of non-aligned assets
(1.8)
—
0.6
—
0.4
—
—
(0.8)
Net loss/(gain) on sale of Hotel Management business and related assets
7.4
—
—
—
(29.4)
0.6
—
(21.4)
Tax effect
Tax effect of non-cash and signifcant adjustments
—
—
—
—
—
—
(37.9)
(37.9)
Operating proft/(loss) (proft before specifc
non-cash and signifcant items)
403.7
17.2
(6.7)
15.2
(69.4)
(10.4)
16.7
366.3
Segment contribution
110.2%
4.7%
(1.8%)
4.1%
(18.9%)
(2.9%)
4.6%
100.0%
Add back tax
—
—
—
—
—
—
(16.7)
(16.7)
Add back interest paid
31.7
1.3
19.6
76.4
6.7
(6.5)
—
129.2
Less interest revenue
(11.9)
(0.1)
(0.4)
(0.3)
(1.5)
0.8
—
(13.4)
Earnings before interest and tax
423.5
18.4
12.5
91.3
(64.2)
(16.1)
—
465.4
Segment contribution
91.0%
4.0%
2.7%
19.6%
(13.8%)
(3.5%)
—
100.0%

1) Refer to the financial statements for information on discontinued operations.

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EBIT of $465.4 in FY12

additional information i 23 august 2013 i page 4

FY13 operating profit by segment

by mirvac

Investment
~~Investment Management Development~~
~~Unallocated~~
~~Elimination~~
~~Total~~
June 2013
$m
$m
$m
$m
$m
$m
Revenue from continuing operations
Investment properties rental revenue
560.8
5.0
—
—
—
565.8
Investment management fee revenue
—
9.1
—
—
—
9.1
Development and construction revenue
—
—
820.8
—
2.0
822.8
Development management fee revenue
—
—
25.8
—
(0.5)
25.3
Interest revenue
9.1
0.9
5.5
3.9
(0.6)
18.8
Dividend and distribution revenue
0.9
—
—
—
—
0.9
Other revenue
2.0
2.8
2.5
4.2
(1.8)
9.7
Inter-segment revenue
37.8
15.1
8.2
—
(61.1)
—
Total revenue from continuing operations
610.6
32.9
862.8
8.1
(62.0)
1,452.4
Other income
Share of net proft/(loss) of associates and joint ventures
accounted for using the equity method
14.4
2.9
(0.7)
0.2
—
16.8
Netgain on sale ofproperty, plant and equipment
—
—
0.1
—
—
0.1
Total other income
14.4
2.9
(0.6)
0.2
—
16.9
Total revenue from continuing operations and other income
625.0
35.8
862.2
8.3
(62.0)
1,469.3
Investment properties expenses
145.6
1.9
—
—
(10.9)
136.6
Cost of property development and construction
—
—
703.7
—
—
703.7
Employee benefts expenses
—
18.9
20.9
53.0
—
92.8
Depreciation and amortisation expenses
8.4
0.4
2.5
1.6
—
12.9
Finance costs
42.8
16.3
58.6
0.3
(30.9)
87.1
Selling and marketing expenses
—
0.6
20.6
0.7
—
21.9
Other expenses
9.4
9.6
18.8
25.5
(12.3)
51.0
Operating proft/(loss) from continuing operations before income tax
418.8
(11.9)
37.1
(72.8)
(7.9)
363.3
Income tax beneft
14.3
Operating proft attributable to the stapled securityholders of Mirvac
377.6

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Operating profit of $377.6m in FY13

additional information i 23 august 2013 i page 5

FY12 operating profit by segment

by mirvac

Total inc.
Hotel
Investment
discontinued Discontinued
Investment Management Management Development
Unallocated
Elimination
operations
operations
Total
June 2012
$m
$m
$m
$m
$m
$m
$m
$m
$m
Revenue from continuing operations
Investment properties rental revenue
539.3
—
4.7
—
—
(1.2)
542.8
—
542.8
Hotel operating revenue
—
150.7
—
—
—
—
150.7
(150.7)
—
Investment management fee revenue
—
—
14.8
—
—
(0.8)
14.0
(2.2)
11.8
Development and construction revenue
—
—
—
918.4
—
—
918.4
—
918.4
Development management fee revenue
—
—
—
18.3
—
2.8
21.1
(1.8)
19.3
Interest revenue
14.2
0.1
2.2
6.1
3.6
(0.8)
25.4
(0.2)
25.2
Dividend and distribution revenue
4.8
—
—
—
—
—
4.8
(3.6)
1.2
Other revenue
3.6
0.5
3.1
7.2
2.0
(2.8)
13.6
(0.6)
13.0
Inter-segment revenue
54.7
0.4
14.7
100.8
0.9
(171.5)
—
—
—
Total revenue from continuing operations
616.6
151.7
39.5
1,050.8
6.5
(174.3)
1,690.8
(159.1)
1,531.7
Other income
Share of net proft of associates and joint ventures
accounted for usingthe equitymethod
20.7
—
4.4
0.6
0.3
—
26.0
(8.1)
17.9
Total other income
20.7
—
4.4
0.6
0.3
—
26.0
(8.1)
17.9
Total revenue from continuing operations and other income
637.3
151.7
43.9
1,051.4
6.8
(174.3)
1,716.8
(167.2)
1,549.6
Net loss/(gain) on sale of investments
—
—
—
—
0.9
(0.9)
—
—
—
Net loss on sale of property, plant and equipment
—
—
—
0.3
0.1
—
0.4
—
0.4
Investment properties expenses
137.5
—
2.9
—
—
(13.8)
126.6
—
126.6
Hotel operating expenses
—
46.7
—
—
—
(1.7)
45.0
(45.0)
—
Cost of property development and construction
—
—
—
889.6
—
(84.9)
804.7
—
804.7
Employee benefts expenses
—
69.5
19.2
18.3
48.0
1.1
156.1
(70.3)
85.8
Depreciation and amortisation expenses
8.3
2.7
0.2
2.5
1.4
—
15.1
(2.9)
12.2
Finance costs
79.5
1.3
19.6
76.4
6.7
(54.3)
129.2
—
129.2
Selling and marketing expenses
—
8.7
0.6
27.7
0.4
—
37.4
(8.7)
28.7
Other expenses
8.3
5.6
8.1
21.4
18.7
(9.4)
52.7
(5.5)
47.2
Operating proft/(loss) from continuing operations before income tax 403.7
17.2
(6.7)
15.2
(69.4)
(10.4)
349.6
(34.8)
314.8
Income tax beneft
16.7
7.0
23.7
Operating proft from continuing operations
366.3
(27.8)
338.5
Operating proft from discontinued operations
—
27.8
27.8
Operating proft attributable to the stapled securityholders of Mirvac
366.3
—
366.3

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Operating profit of $366.3m in FY12

additional information i 23 august 2013 i page 6

Finance costs

by mirvac

	~~FY13 ($m)~~ ~~FY12 ($m) % change~~ Interest and fnance chargespaid/payable net ofprovision release 113.7 168.4 (32.5) Amount capitalised (62.0) (93.0) (33.3) Interest capitalised in current and prior periods expensed thisperiod net ofprovision release 32.2 50.2 (35.9) Borrowingcosts amortised 3.2 3.6 (11.1) Total fnance costs 87.1 129.2 (32.6)

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Finance costs profle
$200m 100%
150 75
100 50
50 25
0 0
FY09 FY10 FY11 FY12 FY13
External interest paid/payable
Debt sources
Finance costs expense
Finance costs expense as % of external interest (RHS)
----- End of picture text -----

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n Total finance costs continue to trend down
n Interest and finance charges paid/payable net of provision release has fallen due to a combination of borrowing costs reducing and a reduction in debt following the sale of Mirvac Hotels & Resorts
n The amount of capitalised interest has fallen in FY13 as FY12 included a capitalised interest balance from Hoxton Park (FY12) and Yarra Point (FY13)
n Finance costs profile chart illustrates the gap between interest paid/payable and finance costs expense decreasing due to a change at 1H, to englobo and on-hold certain projects and the increasing impact of capital efficient new business structures

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Finance costs trending down

additional information i 23 august 2013 i page 7

Group overhead costs[ 1]

by mirvac

	~~FY13 ($m)~~ ~~FY12 ($m) % change ~~ Employee benefts expenses 92.8 86.6 7.2% Sellingand marketingexpenses 21.9 28.7 (23.7%) Other expenses 51.0 47.1 8.3% Total overhead expenses 165.7 162.4 2.0% Total assets 9,246.4 8,394.8 10.1% Overhead expenses as apercentage of asset base 1.8% 1.9%

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Overhead expenses profle
% of asset base Total expenses
4.0% $250m
3.0 200
2.0 150
1.0 100
0 50
FY08 FY09 FY10 FY11 FY12 FY13
Expenses as a percentage of asset base Total overhead expenses
Debt sources
----- End of picture text -----

n Overhead expenses have decreased from 3.2% in FY08 to 1.8% in FY13 as efficiency improves
n In FY13 employee benefit expenses have increased 7.2% due to inflation and staff changes
n FY13 selling and marketing expenses have reduced by 23.7% due to smaller project launches in FY13 (FY12 included Chatswood, ERA and Harold Park, Precinct 1)
n Other expenses have increased by 8.3% due to project start up costs for Business Transformation Office projects

1) Expenses are on an operational basis (excluding non-cash items and significant items) excluding Hotel Management business. For further detail see page 4 and 5 of the additional information.

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Group overhead efficiency improving from 3.2% to 1.8%

additional information i 23 august 2013 i page 8

MPT operating EBIT

by mirvac

	~~Detailed breakdown of MPT operating EBIT~~ ~~FY13 ($m)~~ ~~FY12 ($m)~~ Net property income 1 Offce 253.1 242.4 Retail 117.3 116.3 Industrial 36.6 33.6 Other 7.7 8.0 Total netroert income 4147 4003 Increase in Net Property Income is due to GE portfolio acquisition and leasing at 40 Miller Street, NSW and 10-20 Bond Street, NSW	~~Detailed breakdown of MPT operating EBIT~~ ~~FY13 ($m)~~ ~~FY12 ($m)~~ Net property income 1 Offce 253.1 242.4 Retail 117.3 116.3 Industrial 36.6 33.6 Other 7.7 8.0 Total netroert income 4147 4003 Increase in Net Property Income is due to GE portfolio acquisition and leasing at 40 Miller Street, NSW and 10-20 Bond Street, NSW
	ppy . . Investment income2 23.1 27.9 3	Decrease in investment income is due to the sale of Mirvac Wholesale Hotel Fund in FY12
	Other income Other income 2.0 3.6 Overhead expenses (9.1) (8.3) Total MPT operating EBIT 430.7 423.5

1) Excludes straightline of lease revenue and amortisation of lease fitout incentives.
2) Includes income from indirect property investments.
3) Includes revenue from discontinued operations; Mirvac Wholesale Hotel Fund of $11.6m.

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Net property income benefiting from GE acquisition and leasing activity

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additional information i 23 august 2013 i page 9

Mirvac statutory income tax calculation

~~FY13 ($m)~~ Proft before tax 116.8	~~FY13 ($m)~~ Proft before tax 116.8	~~FY13 ($m)~~ Proft before tax 116.8
Less: Trustproft and Groupeliminations (442.0) Corporation loss before tax (325.2) Net add back for non deductible exenses and non assessable income 307		Relates to impairment provision on JV investments and loan balances


p .
Corporation adjusted taxable loss (294.5	) )	During the period Mirvac has assessed the carrying value of its net deferred tax asset position and determined that it is prudent to de-recognise part of its net deferred tax asset position
Tax beneft at 30% (88.4

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Statutory tax benefit of $23.1m in FY13

by mirvac

Relates to impairment provision on JV investments and loan balances During the period Mirvac has assessed the carrying value of its net deferred tax asset position and determined that it is prudent to de-recognise part of its net deferred tax asset position

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additional information i 23 august 2013 i page 10

FY13 contributions to growth

by mirvac

FY12 to FY13 segmented operating EBIT

==> picture [425 x 136] intentionally omitted <==

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$475m
465.4 (36.0)
450 18.9 (6.9) 5.3 (11.9) 11.2 446.0
429.4
425
400
FY12 Hotel FY12 Investment Investment Development Unallocated Elimination FY13
Management (excl. Hotel Management
Management)
----- End of picture text -----

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FY12 to FY13 segmented operating profit
$400m
23.5 (3.5) 5.5 (9.4)
375 377.6
366.3 (27.8) 26.8 (3.8)
350
338.5
325
300
FY12 Hotel FY12 Investment Investment Development Unallocated Elimination Tax FY13
Management (excl. Hotel Management
Management)
----- End of picture text -----

n FY12 has been restated to remove discontinued operations (sales of Mirvac Hotel & Resorts and Mirvac Wholesale Hotel Fund)
n Improvement in investment is driven by lower finance costs (due to debt repayment from Mirvac Wholesale Hotel Fund proceeds) and improvement in Net Operating Income
n Improvement in development is driven by continuing improvements in margins and lower finance costs (due to debt repayment from sale of Mirvac Hotel & Resorts)

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FY13 operating EBIT increase driven by Investment and Development

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additional information i 23 august 2013 i page 11

Liquidity profile[ 1]

by mirvac

	Facility limits Drawn amount Available liquidity Pro forma as at 3 July 2013 ($m) ($m) ($m) Total facilities maturing> 12 months 2,937.92 2,260.02 677.9 Cash on hand 126.4 2 Total liquidity 804.3 Less facilities maturing< 12 months 0.0 Funding headroom 804.3

1) Pro forma as at 3 July 2013 post $1.7 billion syndicated loan transaction.

2) Based on hedged rate not carrying value.

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Over $800m in total liquidity

additional information i 23 august 2013 i page 12

Debt and hedging profile

by mirvac

FY13 breakdown of debt maturities[ 1]

Facility
Drawn
~~limit~~
~~amount~~
Issue / source
Maturity date
$m
$m
MTN III
March 2015
200.0
200.0
Bank facilities
September 2015
680.0
172.1
Bank facilities
January 2016
150.0
150.0
MTN IV
September 2016
225.0
225.0
USPP
November 2016
378.8
378.83
Bank facilities
September 2017
510.0
400.0
MTN V
December 2017
150.0
150.0
Bank facilities
September 2018
510.0
450.0
USPP
November 2018
134.1
134.13
Total
2,937.9
2,260.0

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FY13 hedging and fixed interest profile [2]
$1,500m Fixed Options Swaps Rate
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1,000
4.87%
500 4.68% 4.68% 4.63% 4.50%
0
FY13 FY14 FY15 FY16 FY17
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Drawn debt sources
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Syndicated loans and bank facilities 51.9%
MTN 25.4%
USPP 22.7%
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1) Pro forma as at 3 July 2013 post $1.7 billion syndicated loan transaction.
2) Includes bank callable swap.
3) Based on hedged rate not carrying value.

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50.9% of debt book hedged in line with policy

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additional information i 23 august 2013 i page 13

commercial

by mirvac

additional information i 23 august 2013 i page 14

Commercial market update

by mirvac

Office

Weighting FY14 Medium term forecast

60.4%[ 2]

Uncertainties surrounding US monetary policy, Chinese economic growth, a softening in white collar employment and the domestic economy transitioning away from mining investment make for a testing office market environment. However, both economic and political stability should result in continued interest for quality products from both domestic and international investors. Mirvac’s office portfolio, with low vacancy rates, high average fixed rent increases, quality tenant profile, manageable expiry profile and long weighted average lease term, continues to be well positioned to deliver strong returns.

Retail

Weighting FY14 Medium term forecast 25.0%[ 2]

The environment for retailers’ remains challenging. Continued consumer caution and a slowing in household income growth have contributed to consumers being more selective. As a result, spending on discretionary items has come under pressure, a trend which looks likely to persist. However, Mirvac’s retail portfolio is strongly biased towards non-discretionary spending, such as food, which has been far more resilient. Retail vacancy rates are expected to remain stable for centres in dominant catchment areas, although rental growth is likely to remain moderate.

Industrial

Weighting FY14 Medium term forecast 6.7%[ 2]

The industrial sector has been impacted by softening in demand among Australia’s main trading partners in tandem with a slowing of the domestic economy. However, because of limited new supply, rental growth in the industrial sector should continue, albeit at a subdued rate.

1) Management guidance.
2) By book value, including assets under development and indirect property investments.

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

Commercial market conditions subdued

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

additional information i 23 august 2013 i page 15

Sector and geographic diversification

Sector diversifcation[1]

	Offce									60.4% 57.6%	60.4% 57.6%
							25.0%
	Retail						27.2%
	Industrial			6.7% 8.3%
	LPT/unlisted funds			6.4%
	/development			5.2%
				1.5%							FY13
	Other			1.7%							FY12
			0%		10%	20%	30%	40%	50%	60%	70%
	~~Geographic diversifcation~~				~~2~~
NSW										60.5% 63.1%
	VIC					12.0% 16.0% 14.5%
	QLD					13.6%
				7.3%
	ACT				8.0%
				3.6%
	WA	0.0%
			0.6%
	USA		0.5%
	SA	0.0% 0.3%									FY13 FY12
			0%		10%	20%	30%	40%	50%	60%	70%

by mirvac

n Mirvac increased exposure to the office sector through the GE portfolio acquisition
n Subsequently the weighting toward the retail portfolio decreased
n Industrial decreased with the combination of the GE portfolio acquisition and the sale of non-core industrial assets
n LPT/unlisted funds/ development increased over the period as 8 Chifley Trust and Treasury Building were added through the JV
n GE portfolio acquisition strategically increased exposure to office in WA and VIC
n Mirvac sold non-core office asset in SA, reducing SA exposure to zero

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

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

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

Office weighting lifted to 60.4% of MPT

additional information i 23 august 2013 i page 16

MPT portfolio snapshot

~~FY13~~
~~FY12~~
Properties owned1
68
66
NLA1
1,433,098sqm
1,423,252sqm
Book value2
$6,776.6m
$6,002.7m
WACR
7.48%
7.48%
Netpropertyincome3
$439.8m
$431.8m
Like-for-like NOIgrowth
3.5%
3.4%
Maintenance capex
$23.5m
$33.8m
Tenant incentives
$12.8m
$16.7m
Occupancy4
97.9%
98.4%
NLA leased
165,188sqm
147,646sqm
% ofportfolio NLA leased
11.5%
10.4%
No. tenant reviews
1,714
1,735
Tenant rent reviews(area)
1,064,884sqm
909,434sqm
WALE(area)4
6.9yrs
7.4yrs
WALE(income)5
5.1yrs
5.6yrs

by mirvac

==> picture [299 x 234] intentionally omitted <==

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

MPT – lease expiry profle and variance to 1H13 [5]
60%
50
46.3%
40
30
20
12.8%
10 10.1% 10.9% 7.9% 9.3%
2.7%
0
Vacant FY14 FY15 FY16 FY17 FY18 Beyond
+70bp +90bp +180bp -30bp -40bp +130bp 0bp
----- End of picture text -----

n MPT metrics include the impact of the GE portfolio acquisition
1) Includes carparks and a hotel.
2) Including assets under development and indirect investments.
3) Includes income from indirect investments and other income.
4) By area, excluding assets under development, based on 100% of building NLA.
5) By income, excluding assets under development and indirect investments, based on MPT’s ownership.

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

MPT income underpins Group earnings

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

additional information i 23 august 2013 i page 17

Top ten tenants by income

by mirvac

Office

~~Rank Tenant~~
~~Percentage 1~~~~S&P Rating~~
1
Westpac BankingCorporation/St George
18.8%
AA-
2
Government
13.3%
AAA
3
Woolworths Limited
5.6%
A-
4
Fairfax Media Limited
3.9%
BB+
5
IBM Australia Limited
3.0%
AA-
6
UGL Limited
2.6%
None
7
GM Holden Limited
2.4%
BB+
8
Origin EnergyServices Limited
2.0%
BBB
9
ANZ BankingGroup
1.6%
AA-
10
WA Bar Chambers
1.3%
None
Total top 10 tenants
54.5% 3

Retail

	~~Rank Tenant~~ ~~Percentage 2~~~~S&P Rating~~ 1 Wesfarmers Limited – Coles 13.3% A- 2 Woolworths Limited 9.5% A- 3 The Reject ShopLimited 1.2% None 4 Westpac BankingCorporation/St George 1.2% AA- 5 Sussan Group 1.0% None 6 Government 1.0% AAA 7 Cotton On Group 1.0% None 8 TerryWhite Chemist 1.0% None 9 ALDI 1.0% None 10 Priceline 0.9% BBB Total top 10 tenants 31.1%

1) Percentage of gross office portfolio income, based on MPT’s ownership.
2) Percentage of gross retail portfolio income, based on MPT’s ownership.
3) Excludes Mirvac tenancy.

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Portfolio well diversified by high quality tenants

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

additional information i 23 august 2013 i page 18

MPT weighted average cap rate

by mirvac

9%
8		7.88%	7.74%
7 7.01%	7.55%			7.56%1	7.55%1	7.49%1	7.48%1	7.45%1	7.48%1	7.43%1
6
5
4
3
2
1
0
1H09	FY09	1H10	FY10	1H11	FY11	1H12	FY12	1H13	FY13	FY13
										(ex. GE)

1) Excludes assets held for development.

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

Cap rate compression in MPT portfolio excluding GE

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

additional information i 23 august 2013 i page 19

Office snapshot

~~FY13~~
~~FY12~~
Properties owned
32
27
NLA
695,076sqm
622,495sqm
Book value1
$4,094.1m
$3,457.6m
WACR
7.52%
7.47%
Netpropertyincome
$253.1m
$242.4m
Like-for-like NOIgrowth
3.9%
4.5%
Maintenance capex
$12.3m
$17.2m
Tenant incentives
$6.6m
$11.1m
Occupancy 2
96.8%
97.8%
NLA leased
66,404sqm
74,735sqm
% ofportfolio NLA leased
9.6%
12.0%
No. tenant reviews
548
580
Tenant rent reviews(area)
563,787sqm
473,054sqm
WALE(area) 2
5.2yrs
5.8yrs
WALE(income) 3
5.2yrs
5.9yrs

n Metrics include the impact of the GE portfolio acquisition

by mirvac

Offce lease expiry profle and variance to 1H13[ 3]

==> picture [291 x 174] intentionally omitted <==

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

60%
53.6%
50
40
30
20
11.6%
10 7.2% 8.9% 9.4%
5.9%
3.4%
0
Vacant FY14 FY15 FY16 FY17 FY18 Beyond
+90bp 0bp +270bp -10bp -10bp +150bp -350bp
----- End of picture text -----

Offce diversifcation by grade[ 1]

Premium grade 24.8% A grade 64.4% B grade 6.3% C grade 4.5%

==> picture [96 x 95] intentionally omitted <==

1) By book value, as at 30 June 2013, excluding assets under development and indirect investments.

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 <==

Strong period of office leasing

additional information i 23 august 2013 i page 20

Office metrics

by mirvac

Book value
Average passing
June 2013
Occupancy 2
gross rent
No. of assets
$m 1
June 2013
$ per sqm
NSW
17
$2,587.6m
96.6%
$649
Sydney CBD
9
$1,448.8m
95.2%
$774
North Sydney
2
$291.7m
100.0%
$751
Sydney Fringe
2
$287.4m
98.7%
$595
Homebush/Rhodes
2
$211.2m
91.0%
$411
Norwest
1
$248.0m
100.0%
$525
Parramatta
1
$100.5m
100.0%
$322
VIC
5
$652.3m
97.4%
$452
Melbourne CBD
2
$342.0m
98.5%
$513
East Melbourne
2
$192.3m
99.1%
$417
St Kilda Road
1
$118.0m
91.9%
$419
ACT
5
$413.3m
97.4%
$434
Canberra
5
$413.3m
97.4%
$434
QLD
4
$209.9m
97.5%
$482
Brisbane ‘Near City’
3
$149.9m
99.2%
$434
Brisbane CBD
1
$60.0m
93.7%
$594
WA
1
$231.0m
93.5%
$852
Perth CBD
1
$231.0m
93.5%
$852
Portfolio
32
$4,094.1m
96.8%
$585

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

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

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

Mirvac’s office portfolio concentrated in NSW

additional information i 23 august 2013 i page 21

Office development pipeline

by mirvac

Under construction

Fee recognition period and under construction Planning Practical completion

Profit recognition profile

Proft recognition profle annng Practical completion	Proft recognition profle annng Practical completion	Proft recognition profle annng Practical completion	Proft recognition profle annng Practical completion	Proft recognition profle annng Practical completion
Ownership FY16 FY17 FY18 Project Pre-leased FY15 FY14 Construction complete
50% 70%1 98.0% 8 Chifley, NSW	$25.1m2, 7.33%3 Sep 10 to Jul 13

74% 50% 4.0% 200 George Street, NSW			$239.8m2, 7.22%3 Jan 13 to May 16
98% 50% 19.3% Treasury Building, WA		$113.0m2, 8.41%3 Aug 12 to Mar 15
100% 79% 2.2% 699 Bourke Street, VIC		$118.3m2, 7.56%3 Aug 13 to Mar 15
100% 1.8% 664 Collins Street, VIC				$142.5m2, 7.45%3 Jul 15 to Nov 16
100% 1 Woolworths Way, NSW			$95.0m2 Jul 14 to Nov 16

1) As at 14 August 2013.
2) Forecast total costs to complete including interest, excluding land acquisition costs, based on MPT’s ownership.

3) Forecast total yield on cost.

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

Office development pipeline robust

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

additional information i 23 august 2013 i page 22

Commercial development hypothetical fund through

by mirvac

Profile of commercial development

n Mirvac has a unique competitive advantage through its internal development capability
n For large commercial development projects Mirvac will look to sell a 50% interest to a capital partner that will fund a portion of the development, matching cash outflows with cash inflows. In turn delivering a higher ROIC
n Development fees typically earned during construction phase and a development management fee earned at practical completion

==> picture [335 x 233] intentionally omitted <==

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

Indicative generic cashfow profle – commercial development – single commercial tower DMA for JV (MPT and partner)
80% Cumulative cash flow
60
Periodic fund through payments
40 Range
relates to
rental
incentives
and rental
20 guarantee
payments
0 Construction costs incurred
Internal design
phase
(20)
Council approval Sell down to costs to date to JV,
phase DMA signed
(40)
(60)
Land Demolition Construction Practical
(80) commences completion
Planning & design(18 Months) Development cashflow
Marketing – secure anchor tenant Demolition & construction
> 50% pre-lease NLA (36 Months)
----- End of picture text -----

During planning phase, design costs are incurred by Mirvac, land is purchased and marketing commences to secure > 50% pre-lease prior to commencement of construction

MPT enter into JV with third party, inventory to date sold down into the JV, DMA commences

MPT enter into JV with third party, At practical inventory to date sold down into the JV, completion, DMA commences deferred revenue payable and Costs incurred during construction inventory are recorded as inventory. Periodic fund released to through payments received from the the P&L as JV are recorded as a deferred revenue Development profit payable “grossing up” impact

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

Capital light commercial development fund through structures

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

additional information i 23 august 2013 i page 23

Commercial development hypothetical fund through

by mirvac

Typical commercial development transaction

n Mirvac Development seek lease commitment from anchor tenant
n Land acquired and held in MPT sub-trust, 50% interest sold to capital partner
n JV enters into Development Agreement with Mirvac Development
n Quarterly payments from JV to Mirvac Development under DMA fund development costs
n DMA payments funded via JV issuing debt and/or equity
n Construction management fee during construction paid to Mirvac Development, potential upfront arrangement fee
n Agreed adjustment on completion to off-set funding cost
n Development profit on completion at agreed end value yield
n Incentive and rental guarantee over vacancy on completion

Cash fow Balance sheet Proft and loss	Development Mirvac Property Trust
	Cash fow neutral duringdevelopment Proceeds to MPT on sell down of interest in sub trust to JVparty
	Quarterly payments under DMA
	Final payment on completion
	Development Mirvac Property Trust
	Construction costs build upin inventory“grossingup” MPT carryingvalue of land at fair value
	Deferred revenuepayable increases for JVpayments “grossingup” Sell down of 50% interest in sub trust to JVparty, MPT interest in JV equityaccounted
	Liabilityrecongised on completion for rentalguarantee and JV fundingcosts capitalised to carryingvalue ofproperty
	incentives on vacancy JV quarterly and fnal DMA payments capitalised to (100% recognised in development) carrying value and fair valued
	JV rental guarantee recognised at fair value
	Development Mirvac Property Trust
	Upfront arranging fee may be negotiated Net gain or loss on sell down of interest in JV
	Construction management feepotential adjustments Share ofproft/ loss on income from JV, includingfair value adjustments
	Proft recognised as revenue less COGS 100% in development, includesprovision rentalguarantees and incentives Convertible note interest on funding DMA payments

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

Capital light commercial development fund through structures

additional information i 23 august 2013 i page 24

Retail snapshot

by mirvac

~~retail sales~~ by category	~~total mat~~ FY13 $m	Comparable ~~mat growth~~ FY13 %	Comparable ~~mat growth~~ FY12%
Non-food majors	$238.9	(0.5%)	(1.1%)
Food majors	$685.3	6.3%	2.7%
Mini majors	$193.8	15.8%	(4.7%)
Specialties	$521.6	(0.2%)	0.0%
Other retail	$110.0	18.9%	3.2%
Total	$1,749.6	4.9%	0.6%

		~~FY13~~	~~FY12~~
Properties owned		19	19
NLA	390,651sqm		388,865sqm
Book value1	$1,696.0m		$1,631.4m
WACR		7.23%	7.25%
Netpropertyincome		$117.3m	$116.3m
Like-for-like NOIgrowth		2.6%	2.6%
Maintenance capex		$9.3m	$15.2m
Tenant incentives		$5.9m	$5.2m
Occupancy 2		98.7%	99.2%
NLA leased	50,902sqm		48,668sqm
% ofportfolio NLA leased		13.0%	12.5%
No. tenant reviews		1,131	1,124
Tenant rent reviews(area)	193,807sqm		228,559sqm
WALE(area) 2		5.5yrs	5.8yrs
WALE(income) 3		3.9yrs	4.2yrs
Specialtyoccupancycost		16.7%	14.9%
Specialtyoccupancycost excludingCBD	centres	15.7%	14.2%
Total comparable MAT	$7,399sqm		$7,359sqm
Total comparable MATgrowth		4.9%	0.6%
Specialties comparable MAT Specialties comparable MATgrowth	$7,410sqm (0.2%)		$7,491sqm 0.0%
New leasingspreads		3.7%	0.1%
Renewal leasingspreads		1.5%	2.4%
Total leasingspreads		2.1%	1.9%

Retail lease expiry profle and variance to 1H13[ 3]

60%

40

==> picture [299 x 71] intentionally omitted <==

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

27.3%
20 18.1% 16.1% 15.2% 13.6%
8.3%
0 1.4%
Vacant FY14 FY15 FY16 FY17 FY18 Beyond
+10bp +500bp +20bp -30bp -40bp +120bp +380bp
----- End of picture text -----

Retail diversifcation by grade[ 1]

Sub regional 79.2% CBD retail 10.1% Neighbourhood 7.8% Bulky goods centre 2.9%

==> picture [86 x 86] intentionally omitted <==

1) By book value, as at 30 June 2013, excluding assets under development and indirect investments.
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 <==

Retail portfolio performing well due to focus on food

additional information i 23 august 2013 i page 25

Retail development pipeline

by mirvac

Under construction Planning

Status FY14 FY15 FY16+ Project 1 FY13	Status FY14 FY15 FY16+ Project 1 FY13	Status FY14 FY15 FY16+ Project 1 FY13	Status FY14 FY15 FY16+ Project 1 FY13
Redevelopment Commenced Kawana Shoppingworld (Stage 4) Buddina, QLD (100%)		$63.8m, 8.04% Jul 12 to Jul 14
Redevelopment Commenced Stanhope Village (Stage 3) Stanhope Gardens, NSW (100%)	$3.4m, 7.65% Aug 12 to Aug 13
Stanhope Village (Stage 4) Stanhope Gardens, NSW (100%)		$ J	15.6m ul 13 to May 15
Redevelopment Commenced Orion Town Centre (Pad Sites) Springfield, QLD (100%)	$9.3m, 6.90% Jul 12 to Dec 1	3
Orion Town Centre (Stage 2) Springfield, QLD (100%)		$67.0m Dec 13	to Mar 15

1) Forecast total costs to complete including interest, excluding land acquisition costs, based on MPT’s ownership.

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

$800m retail development pipeline to unlock value

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

additional information i 23 august 2013 i page 26

Industrial snapshot

by mirvac

~~FY13~~
~~FY12~~
Properties owned
13
16
NLA
346,972sqm
411,494sqm
Book value 1
$452.9m
$499.0m
WACR
7.93%
8.16%
Netpropertyincome
$36.6m
$33.6m
Like-for-like NOIgrowth
5.9%
(0.1%)
Maintenance capex
$1.8m
$1.2m
Tenant incentives
$0.1m
$0.2m
Occupancy 2
99.4%
98.7%
NLA leased
47,752sqm
23,975sqm
% ofportfolio NLA leased
13.8%
5.8%
No. tenant reviews
35
31
Tenant rent reviews(area)
341,050sqm
207,821sqm
WALE(area) 2
12.0yrs
11.1yrs
WALE(income) 3
8.8yrs
8.4yrs

~~Industrial lease expiry profle and variance to 1H13 3~~	~~Industrial lease expiry profle and variance to 1H13 3~~	~~Industrial lease expiry profle and variance to 1H13 3~~	~~Industrial lease expiry profle and variance to 1H13 3~~	~~Industrial lease expiry profle and variance to 1H13 3~~	~~Industrial lease expiry profle and variance to 1H13 3~~	~~Industrial lease expiry profle and variance to 1H13 3~~
60%
							56.5%
40
20
				13.6%		13.0%
0	1.8%	3.7%	8.8%		2.6%
	Vacant +50bp	FY14 -490bp	FY15 +530bp	FY16 +20bp	FY17 0bp	FY18 +50bp	Beyond -90bp

Industrial diversifcation by asset type[ 1]

Industrial warehouse 73.0% Business parks 27.0%

==> picture [89 x 86] intentionally omitted <==

1) By book value as at 30 June 2013, excluding assets under development and indirect investments.
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.
4) By book value as at 30 June 2013. Excluding assets under development and indirect investments.

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

Strong like-for-like growth in Industrial portfolio

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

additional information i 23 august 2013 i page 27

Schedule of acquisitions

by mirvac

FY13 schedule of acquisitions[ 1]

Acquisition
Passing
Actual
~~price~~
~~yield~~
~~settlement~~
Property
State
Sector
Status
Occupancy
Grade
$m
(pre-costs)
date
Allendale Square, Perth
WA
Offce
Settled
93.0%
A
$231.0
8.1%
May2013
90 Collins Street, Melbourne
VIC
Offce
Settled
100.0%2
A
$170.0
7.2%1
May2013
210 George Street, Sydney
NSW
Offce
Settled
97.0%
C
$26.0
8.1%
May2013
220 George Street, Sydney
NSW
Offce
Settled
82.0%
C
$57.0
6.5%
May2013
37 Pitt Street, Sydney
NSW
Offce
Settled
82.0%
C
$67.0
8.0%
May2013
51 Pitt Street, Sydney
NSW
Offce
Settled
87.0%
C
$24.0
9.7%
May2013
6-8 Underwood Street, Sydney
NSW
Offce
Settled
84.0%
C
$9.0
10.5%
May2013
Total
92.0%
$584.0

1) Schedule metrics as at acquisition date.

2) Includes 2 year rental guarantee on current vacancy of 45%.

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

Strategic acquisition of $584m GE portfolio

additional information i 23 august 2013 i page 28

Schedule of disposals

by mirvac

FY13 schedule of disposals

Previous
Gross
Proceeds
Actual
~~book value~~
~~sale price~~
~~above book~~
~~settlement~~
Property
State
Sector
Status
$m
$m
value $m
date
None-core asset disposals
64 Biloela Street, Villawood
NSW
Industrial
Settled
23.5
23.8
0.3
October 2012
32 Sargents Road, Minchinbury
NSW
Industrial
Settled
22.0
22.3
0.3
October 2012
52 Huntingwood Drive, Huntingwood
NSW
Industrial
Settled
19.1
19.2
0.1
October 2012
1 Hugh Cairns Avenue, Bedford Park
SA
Offce
Settled
23.9
23.3
(0.6)
October 2012
19 Corporate Drive, Cannon Hill
QLD
Offce
Settled
16.5
16.5
0.0
December 2012
ManningMall, Taree1
NSW
Retail
Settled
31.8
32.5
0.7
July2013
Logan Mega Centre1
QLD
Retail
Settled
49.5
52.0
2.5
August 2013
Other asset disposals
200 George Street, Sydney(50%)
NSW
Offce
Settled
37.3
37.3
0.0
June 2013
Total
223.6
226.9
3.3

1) Assets held for sale as at 30 June 2013.

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Non core investment program on track

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

additional information i 23 august 2013 i page 29

residential

by mirvac

additional information i 23 august 2013 i page 30

Residential market outlook 1

by mirvac

In response to strong underlying fundamentals both residential property prices and volumes steadily strengthened through the course of 2013. Furthermore, the backdrop of an improvement in housing affordability, strong population growth and a low rental vacancy rate should result in a further uplift in the residential property market. Even so, a softening labour market and greater consumer caution will ensure the uplift is relatively muted.

NSW

NSW
Weighting 37.8%2	FY14	Medium term forecast	The low rental vacancy rate and strong rental growth are evident of solid underlying demand in NSW. In conjunction with strong property market fundamentals and a number of state-based measures to boost both supply and demand, a further improvement in the residential housing market is likely to be forthcoming.
VIC

Weighting 37.6%2	FY14	Medium term forecast	The Victorian property market has been impacted by the past strength of Australian dollar and a period of robust dwelling supply when population growth slowed. The easing back in the domestic currency and a moderation in supply, against a backdrop of a high net overseas migration should lead to improving volumes and prices.
QLD

Weighting 14.7%2	FY14	Medium term forecast	There are growing signs the infuences which underpin the Queensland property market are becoming increasingly more tangible. This points to a medium term improvement in the property market, although state government spending and employment measures are serving to suppress the near-term recovery in the housing market.
WA

Weighting 9.9%2	FY14	Medium term forecast	In response to the sharp uplift in population growth, the WA property market continues to experience a strengthening in both dwelling volumes and pricing. Short-term prospects for the property market remain favourable, as the buoyancy of demand is absorbed. Longer term prospects remain dependant on the extent and duration of the resources cycle.

1) Management guidance.

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

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Residential market showing early signs of improvement

additional information i 23 august 2013 i page 31

Project pipeline – Apartments

by mirvac

~~Apartments project pipeline analysis~~
FY13 average price	$945k
FY13 gross margin1	20.4%
% of total FY14 expected provision lots to settle	15%
% of total FY14 expected lots to settle from apartments	20% - 30%

Under construction Planning Future stage	Proft recognition profle 2
	FY14 FY15 FY16 FY17 FY18
Project Stage Settlement % pre-sold Ownership commencing	Expected lots to FY18
Rhodes Waterside, NSW Pinnacle 1H14 94.8% 20%	233 lots
Chatswood, NSW Era 2H14 99.0% 100%	294 lots
Harold Park, NSW Precinct 1 2H14 93.6% 100%	298 lots
Harold Park, NSW Precinct 2 1H15 78.8% 100%	184 lots
Yarra’s Edge, VIC Array 1H16 64.9% 100%	205 lots
Harold Park, NSW Precinct 3 2H16 Not released 100%	343 lots
Green Square, NSW All stages 2H16 Not released 25%	518 lots
Harold Park, NSW Precinct 4 1H17 Not released 100%	149 lots
Harold Park, NSW Precinct 5 1H18 Not released 100%	203 lots
Dallas Brooks Hall, VIC All stages 2H18 Not released Development Agreement	84 lots

1) Excluding provisioned and zero margin projects.

2) Project lot settlements over EBIT contributing period.

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Robust pipeline of Apartment projects

additional information i 23 august 2013 i page 32

Projects pipeline – Masterplanned communities

by mirvac

Masterplanned communities project pipeline analysis

~~Masterplanned communities project pipeline analysis~~	~~Masterplanned communities project pipeline analysis~~
Proft recognition profle 2 FY14 FY15 FY16 FY17 FY18 Under construction Planning Active FY13 average price - house $677k FY13 average price - land $260k FY13 gross margin1 20.4% % of total FY14 expected provision lots to settle 20% % of total FY14 expected lots to settle from masterplanned communities 70 - 80%
	FY14 FY15 FY16 FY17 FY18
Project Stage Settlement Type Ownership commencing	Expected lots to FY18
Elizabeth Point, NSW All stages 1H14 House 100%	206 lots
Elizabeth Hills, NSW All stages 1H14 Land Development Agreement	358 lots
Jane Brook, WA All stages 1H14 Land 100%	119 lots
Waverley Park, VIC All stages 1H14 House 100%	242 lots
Harcrest, VIC All stages 1H14 Land 20%	669 lots
Googong, NSW Stage 1 & 2 1H14 Land 50%	1,798 lots
Alex Avenue, NSW Precinct 1 & 2 1H14 House & land 100%	293 lots
Enclave, VIC Stage 1 1H14 House & land 50%	213 lots
New Brighton Golf Course, NSW All stages 2H15 Land Development Agreement	294 lots
Rockbank, VIC Stage 1 1H16 Land 50%	450 lots
Eastern Golf Course, VIC All stages 2H16 House 100%	374 lots
Smith’s Lane, Clyde North, VIC Stage 1 1H17 Land 100%	500 lots
Donnybrook Road, VIC All stages 2H17 Land 100%	174 lots

1) Excluding provisioned and zero margin projects.
2) Project lot settlements over EBIT contributing period.

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Robust pipeline of Masterplanned Communities projects

additional information i 23 august 2013 i page 33

FY13 activity detail

by mirvac

1,809 lot settlements consisting of:

	~~Total~~ ~~Apartments~~ ~~Masterplanned Communities~~ Settlement by lots Lots % Lots % Lots % NSW 779 43.1% 14 0.8% 765 42.3% VIC 386 21.3% 170 9.4% 216 11.9% WA 364 20.1% 68 3.8% 296 16.4% QLD 280 15.5% 80 4.4% 200 11.0% Total 1,809 100.0% 332 18.4% 1,477 81.6%

FY13 lot breakdown

NSW 43.1% VIC 21.3% WA 20.1% QLD 15.5%

Masterplanned communities 81.6% Apartments 18.4%

100% Mirvac inventory 60.6% MWRDP 13.1% PDA 13.3% JVs and associates 6.9% Development funds 6.1%

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Non provision settlements 63.0%
Provision settlements 37.0%
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FY13 residential lot settlements driven by overweight to NSW

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additional information i 23 august 2013 i page 34

New FY13 settlements

by mirvac

Mirvac’s FY13 settlements

n 69.8% upgraders/empty nesters and investors
n Mirvac average price:
House $677,000[ 1]
Land $260,000[ 2]
Apartments $945,000[ 3]

Buyer profle — FY13

n	Upgraders/empty nesters	43.7%
n	Investors	26.2%
n	FHB	30.1%

	~~Key FY13 settlements by product~~ ~~Product type~~ ~~Lots~~ Elizabeth Hills, NSW Masterplanned Communities 184 Middleton Grange, NSW Masterplanned Communities 171 Yarra’s Edge, Yarra Point, VIC Apartments 170 Waverley Park, VIC Masterplanned Communities 97 Jane Brook, WA Masterplanned Communities 72 Yarra’s Edge,River Homes,VIC Masterplanned Communities 25 Total 719

Average price of Mirvac apartments[ 4]

Average price of Mirvac masterplanned communities[ 4]

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

100%
80
60
40
20
0
FY13 FY14 FY15 FY16 FY17
< $1.2m $1.2m – $3.0m > $3.0m
----- End of picture text -----

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100%
80
60
40
20
0
FY13 FY14 FY15 FY16 FY17
< $250k $250k – $500k > $500k
----- End of picture text -----

1) 371 housing lots settled.
2) 1,106 land lots settled.
3) 332 apartment lots settled.
4) Based on forecast future lot settlements and associated gross revenue.

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Settlements driven by upgraders/empty nesters

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additional information i 23 august 2013 i page 35

Pre-sales outlook FY14 – FY17

by mirvac

Settlement
Lots
Revenue
Released Project
State
Stage
Status
Ownership
period
Lots
pre-sold
$m 1

Rhodes
NSW
Pinnacle
Under construction
20%
FY14
233
94.8%
34.9

Chatswood
NSW
ERA
Under construction
100%
FY14
294
99.0%
297.9

Harold Park
NSW
Precinct 1
Under construction
100%
FY14-FY15
298
93.6%
261.2

Harold Park
NSW
Precinct 2
Under construction
100%
FY15
184
78.8%
190.4

Yarra’s Edge Towers
VIC
Array
Under construction
100%
FY16
205
64.9%
219.3

Googong
NSW
Stages 1, 2, 3
Under construction
50%
FY14-FY16
509
60.3%
69.9

Elizabeth Point
NSW
Stages 1, 2, 3
Active
100%
FY14-FY15
206
1.6%
47.9

Enclave
VIC
Stages 3, 4
Under construction
50%
FY14-FY17
213
38.0%
65.0

Jane Brook
WA
Stages 4, 5
Active
100%
FY14-FY16
119
13.4%
27.6
Total
2,261
65.3%2
1,214.1

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

Reconciliation of movement in exchanged
pre-sales contracts to FY13
$1,250m
$732.5m $1,005.4m
1,000 $907.7m $634.8m
750
500
250
FY12 Settled [ 3] Net sales FY13
----- End of picture text -----

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Expected settlement of exchanged
pre-sales contracts
$579m
$500m $153m increase
driven by
Harold Park
$300m Precinct 2
$175m
$98m $126m
FY14 FY15 FY16+
As at 1H13 As at FY13
----- End of picture text -----

1) Mirvac’s share of forecast gross revenue, adjusted for JV interest, associates and Mirvac managed funds.

2) Percentage pre-sold as at 30 June 2013 for projects that have been released.

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

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Strong pre-sales for future pipeline projects

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additional information i 23 august 2013 i page 36

Diversification of residential lots/revenue

by mirvac

30,942 lots under control

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Forecast future revenue by product

Masterplanned Communities 56.3% Apartments 43.7%

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Average price of lots under control

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

Apartmentss
----- End of picture text -----

< $1.2m 93.2% $1.2m – $3m 6.7% > $3m 0.1%

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Lots under control by structure
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100% Mirvac inventory 39.6%
MWRDP 5.2%
PDA’s 8.8%
JV’s & associates 45.6%
Development funds 0.8%
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~~Average price of lots under control~~

Masterplanned Communities

< $250k 60.2% $250k – $500k 34.4% > $500k 5.4%

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Mirvac share of forecast revenue by State

NSW 37.8% VIC 37.6% QLD 14.7% WA 9.9%

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Strategic overweight to NSW to continue

additional information i 23 august 2013 i page 37

Pre-sales analysis

by mirvac

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

Exchanged contracts – by State [ 1]
$791m
$193m
$13m $8m
NSW VIC WA QLD
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----- Start of picture text -----

1yr: 56.7%
1 – 2yrs 26.5%
< 2yr: 16.8%
Masterplanned Communities 34.1%
Apartments 22.6%
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Exchan ed re-sales contracts on hand less than 1 ear old 56.7% g p y Exchanged pre-sales contracts on hand priced at < $1m 85.0% Apartment exchanged pre-sales contracts on hand priced at < $1m 73.5% Exchanged pre-sales contracts on hand priced at < $2m 99.5%

1) Total exchanged contracts as at 30 June 2013, adjusted for Mirvac’s share of JVs, associates, and Mirvac’s managed funds.

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Mid-price points targeted

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additional information i 23 august 2013 i page 38

New

Invested capital – Development reconciliation

by mirvac

	Items excluded Gross Fund through Net from Development Development adjustments Deferred land Development ~~Reconciliation to Development~~ ~~invested capital~~ ~~invested capital~~ ~~(deferred revenue)~~ ~~adjustments~~ ~~Invested capital~~ invested capital $m $m $m $m $m $m Cash and cash equivalents 72.8 (72.8) — — — — Receivables 193.9 (61.9) 132.0 — — 132.0 Inventories – Gross 1,811.0 — 1,811.0 (267.5) (118.5) 1,425.0 Inventories – Provision for loss (329.1) — (329.1) — — (329.1) Other assets 1.1 (1.1) — — — — Investments accounted for using the equity method 212.6 — 212.6 — — 212.6 Other fnancial assets 42.0 — 42.0 — — 42.0 Property, plant and equipment 7.1 (7.1) — — — — Deferred tax assets 111.9 (111.9) — — — — Total 2,123.3 (254.8) 1,868.5 (267.5) (118.5) 1,482.5

n Mirvac remains on track to deliver a >10% ROIC for FY14 as measured by EBIT divided by gross Development invested capital. (Adjusted for FY13 development provision)

Mirvac’s believe the following adjustments should be made to Invested Capital to provide a more accurate balance

deferred terms – masterplanned communities example

n Capital efficient structures require “grossing-up” to full value of inventory despite a proportion of cash expended on deferred payment terms
n The non-cash balance is offset by a payable amount
n The non-cash balance is excluded for ROIC

deferred terms – Commercial development example

n Commercial fund-through development structures obtain reimbursements for construction costs during development
n These amounts are recorded as Deferred Revenue “grossing-up” the inventory and deferred revenue payable
n The balance of inventory is excluded for ROIC

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Mirvac is moving to net development invested capital definition

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additional information i 23 august 2013 i page 39

Invested capital – Development reconciliation

by mirvac

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

Apartments: 61.8%
Residential: 87.9%
development Masterplanned communities: 38.2%
invested capital
Office: 73.1%
Commercial: 12.1% Industrial: 25.1%
$1,483m [ 1]
Retail: 1.8%
Development invested capital $1,483m [ 1] By structure
100%
100% balance sheet 52.9%
Commercial Structured land payment 24.0%
12.1% JV & Associates 19.3%
Provisions PDA 3.8%
32.0%
75 Capital efficient [ 1]
Masterplanned 47.1%
communities
33.6%
50 By state
NSW 51.8%
Non-provisions QLD 20.6%
100% 68.0% VIC 13.9%
WA 13.7%
25 Apartments Balance sheet
54.3% 52.9%
0
By product line By structure Provision / non-provision
----- End of picture text -----

1) Capital efficient by structure includes capital invested in Development Agreement’s, JVs, MWRDP, structured land payments and loans.

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Invested capital diversified by type, state and structure

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additional information i 23 august 2013 i page 40

Capital efficient development projects

by mirvac

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 Example	Improved ROIC, fees MWRDP
	Defnition	Time effcient method of staged terms for acquisition of land for development assets
	Benefts Example	Improved IRR, Improved ROIC Donnybrook, VIC
	Defnition Benefts Example	Provision of development services by Mirvac to the local owner Eg. Project Development Agreement(PDA) Improved IRR, access to strategic sites, fees Elizabeth Hills, NSW; Green Square, NSW
	Defnition Benefts	Undertakinga development in a defned relationshipwith a co-investor Improved ROIC, fees,project specifc debt
	Example	Googong, NSW

47%

[1] of total development capital

1) As at 30 June 2013.

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Increasing exposure of capital efficient projects

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additional information i 23 august 2013 i page 41

Gross development margin

by mirvac

development
Cost of property
gross
gross
and construction
development and
development
development
revenue
construction
margin
margin
$m
$m
$m
%
fY13
Adjusted for zero margin settlements
534.5
(425.4)
109.1
20.4
Commercialprojects
0.0
0.0
Provisionprojects
167.4
(159.5)
Project revenue
701.9
(584.9)
117.0
16.7
Cost recoveryactivities
118.9
(118.8)
Mirvac consolidated statement of comprehensive income
820.8 1
(703.7) 2
117.1
14.3
fY12
Adjusted for zero margin settlements
323.5
(265.4)
58.1
17.9
Commercialprojects
100.2
(84.9)
Provisionprojects
365.0
(325.6)
Project revenue
788.7
(675.9)
112.8
14.3
Cost recoveryactivities
129.7
(128.8)
Mirvac consolidated statement of comprehensive income
918.4
(804.7)
113.7
12.4

n Gross margin improvements driven by greater contribution of post GFC strategic projects
n Gross margins consistent between apartments and masterplanned communities
n Gross margin trending to target 18 to 22%
n 23.8% of project revenue from provisioned projects (37.0% of FY13 lot settlements provisioned)

1) Total development and construction revenue — see page 4 of additional information.

2) Total cost of property development and construction — see page 4 of additional information.

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Gross margin trending back to 18 to 22%

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additional information i 23 august 2013 i page 42

New Development operating ebIt analysis

	FY13 FY12 $m $m % change	FY13 FY12 $m $m % change
	Development and construction revenue - non recharge projects 701.9 788.7 Cost of development and construction - non recharge projects 584.9 675.9 Gross margin - non recharge projects 117.0 112.8 Development and construction revenue - recharge projects 118.9 129.7 Cost of development and construction - recharge projects 118.8 128.8 Gross margin 117.1 113.7 Development management fee revenue 25.8 18.3 41.0% Share of net proft of associates and joint ventures


	accounted for using the equity method (0.7) 0.6 Selling and marketing expenses (20.6) (27.7) (25.6%)
	Overheads (42.8) (42.7) 0.2% Other 16.2 29.1 Operating EBIT 95.0 91.3 4.1% Less operatingfnance costs 58.6 76.4 Interest revenue (0.7) (0.3) Operating proft 37.1 15.2	b O F c r o e t I c
	Interest revenue (0.7) (0.3)
	Operating proft 37.1 15.2

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

by mirvac

COGS (excl. capitalised interest) net of provision release

Development management fee revenue increased due to the Treasury Building, WA project fee of circa $10m. Development management and fee revenue is in line with $20-25m range and Mirvac expect this to continue for FY14

Share of net profit of associates and joint ventures decreasing driven by 50% share up selling and marketing expenses at Googong, NSW

Selling and marketing expenses, net of provision release, were higher in FY12 due to Harold Park and Chatswood releases. Selling and marketing is expected to be between $20-$25m for FY14

Overheads were consistent with FY12 and we expect this trend to continue for FY14

Other consists of interest revenue, inter-company sales, other revenue and other expenses. Higher in FY12 due to Hoxton Park

Interest expense + previously capitalised interest released on settlements, net of provision release. (Refer to page 6)

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Development operating EBIT of $95m in FY13

additional information i 23 august 2013 i page 43

New

FY13 Development earnings model

by mirvac

This model has been prepared as a suggested guide for investors and analysts to model Mirvac’s development business

Note this information is provided in the analyst toolkit in excel

FY13 Development FY13 Lots Provision Non provision 100% B/S earnings model settled lots settled lots settled and PDA	FY13 Development FY13 Lots Provision Non provision 100% B/S earnings model settled lots settled lots settled and PDA	FY13 Development FY13 Lots Provision Non provision 100% B/S earnings model settled lots settled lots settled and PDA
Lots 1,809 669 1,140 (A) 900 (A*B)		p
% of lots 100.0% 37.0% 63.0% 79.0% (B)

settled $m Elizabeth Hills, NSW 100.0% 184 $_._m
Middleton Grange, NSW 100.0% 171 $_._m
Yarra’s Edge, VIC 100.0% 170 $_._m
WaverleyPark, VIC 100.0% 97 $_._m
Yarra’s Edge, River Homes, VIC 100.0% 25 $_._m
Total

Earnings from remaining Apartments
non provisioned lots % of lots settled 0.0%
Nonprovision lots minus key projects 0
	~~253~~ $._m .% $.m $.m (D) $.m (E) ($.m) (F) ($._m) (G) $_._m (C+D+E+F+G)
Averageprice $_._m
Gross margin .%
Gross margin from remainingnonprovisioned lots $_._m
Development management fee revenue
Sellingand marketingexpenses
Overheads
Development EBIT

Page 30 and 31 give detail on the split of provision and non provision lots for FY14

~~Mirvac expects 65-70%~~ of non provisioned lots to be 100% balance sheet and Development Agreement lots

FY14 key projects can be found on page 22 of the FY13 Results presentation

Take the product of % of lots forecast to settle and subtract key project ~~lots highlighted above.~~ Split for FY14 is 30% Apartment lots and 70% Masterplanned Communities

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Earnings model available on Mirvac Investor Relations website

additional information i 23 august 2013 i page 44

Development historical information (FY09 – FY13)

by mirvac

FY13
FY12
FY11
FY10
FY09
Development and construction revenue
820.8
918.4
958.1
862.2
1,090.8
Gross margin
16.7%
14.3%
14.2%
11.4%
16.5%
Gross residential margin (excludingzero margin)
20.4%
17.9%
17.9%
17.6%
20.5%
EBIT
95.0
91.3
86.7
51.3
75.1
Operating proft (proft before non-cash and signifcant items)
37.1
15.2
34.0
20.1
29.1
FY13
FY12
FY11
FY10
FY09
Settlements
lots
lots
lots
lots
lots
> Apartments
332
353
230
636
406
> Masterplanned communities
1,477
1,454
1,494
1,169
1,168
Lots settled
1,809
1,807
1,724
1,805
1,574

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Gross margin trending back towards 18 to 22%

additional information i 23 august 2013 i page 45

New Capitalised interest

by mirvac

Capitalised interest profle

==> picture [303 x 170] intentionally omitted <==

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

$300m
250 $28.1m $33.7m
$230.2m $224.6m
200
6.2%
150
100
22.0%
50
0
1H13 Interest COGS FY13
capitalised interest
----- End of picture text -----

Future stages (eg. Harold Park, Precinct 3, NSW) Major FY14 settlements (eg. Harold Park, Precinct 1, NSW) Provisioned projects

Operating proft to EBIT ratio

==> picture [300 x 204] intentionally omitted <==

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

$100m 0
80 20
60 40
40 60
20 80
0 100%
FY09 FY10 FY11 FY12 FY13
EBIT (LHS)
Operating profit (LHS)
Operating profit to EBIT ratio (RHS)
----- End of picture text -----

n Capitalised interest now represents 12.4% of gross inventory, down from 12.8 at 1H13
n Capitalised interest is 6.2% as a percentage of gross inventory for non-provisioned projects, and 22.0% for provisioned projects
n 69.7% of the capitalised interest balance is accounted for provision projects
n Operating profit to EBIT ratio trending back towards normalised levels – expect a range of 40-55% through cycle depending on product mix and contribution of different capital structures

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Operating profit to EBIT gap improving, due to capital efficient structures and post GFC projects

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

additional information i 23 august 2013 i page 46

1 Provisions – roll off

by mirvac

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

Provision balance profile
$400m
300
200
100
0
FY13 FY14 FY15 FY16 FY17
----- End of picture text -----

Provision release profile

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

$400m
300
200
----- End of picture text -----

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

100
0
FY13 FY14 FY15 FY16 FY17
Unsold / workout Englobo
----- End of picture text -----

n Total FY13 provision release of $109.3m n FY13 release from englobo sales of $42.8m

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

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Provision balance now $329m

additional information i 23 august 2013 i page 47

New Provisions – projects update

by mirvac

~~Provision projects update~~
Engloboproject sales
Product line
Status
Brendale, QLD
Commercial
Sold
Penrith, NSW
Commercial
Sold
Swanbourne JV, WA
Masterplanned Communities
Sold
Englobo update
Product line
Update
Spring Farm, NSW (stages 4 and 5)
Masterplanned Communities
Exchanged FY14
Hope Island, QLD
Masterplanned Communities
On track FY14
Belmont Aero, NSW
Commercial
On track FY14
Mackay, QLD (stages 2 and 3)
Commercial
On track FY14
Mariner’s Peninsula, QLD
Apartment
On track FY15
Foreshore Hamilton, QLD
Apartment
On track FY16
Unsold stock update
Product line
Update
Newcastle, NSW
Apartment
Sold out
Leighton Beach, WA
Apartment
Sold out of apartments, 2 terraces remaining to be sold
The Point, Mandurah, WA
Apartment
Sold out, 1 lot remaining to exchange and settle
Ephraim Island, QLD
Apartment
4 lots remaining
Tennyson, QLD
Apartment
Selling ahead of forecast
Waterfront, Park Precinct, QLD
Apartment
Selling ahead of forecast
Burswood, WA
Apartment
Sellingahead of forecast

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

Provision release ahead of schedule

additional information i 23 august 2013 i page 48

New

Structural change in housing lifecycle

by mirvac

n Residential markets have experienced a structural change to the housing lifecycle

n This structural change has resulted in increased demand for higher density dwellings in inner ring locations Current housing lifecycle

~~Age~~
~~Lifestyle~~
~~Housing preference~~
20-24years
Increase inyoungadults studying
Stayat home withparents
25-34years
Increased migrationgrowth,fewer children Willingto accept higher densityhousing
35-44years
Havingfewer children
Willingto accept higher densityhousing
45-54years
Bothparents working
Better located,larger more spacious housing
55-64years
Older children not leavinghome
Keepingthe familyhome longer
65+years
Increased workforceparticipation
Haltingaged housing

Traditional housing lifecycle

~~Age~~
~~Lifestyle~~
~~Housing preference~~
20-24years
Enter the workforcepost study
Move out of familyhome as a renter
25-34years
Singles become couples
Buyfrst home
35-44years
Couples start a family
Buyfamilyfriendlyhomes
45-54years
Familiesgrow
Buymore spacious familyhomes
55-64years
Children leave the familyhome
Trigger smaller,secure homes
65+years
Retirement
Age appropriate housing

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Structural change in housing demand

additional information i 23 august 2013 i page 49

New Structural change in housing lifecycle

by mirvac

n A snapshot of the housing population in 2011 indicates that the single biggest segment of the market relates to traditional families living in detached housing, but this only represents 31%
n Mirvac has the competitive ability to capture all elements of the market and is not limited by detached housing targeted at traditional families
n Traditional families living in traditional detached housing only grew by 4% between 2006 and 2011, whereas traditional families living in attached housing grew by 26% over the same period

Snapshot of the household population in 2011

	~~Housing type~~ Household type Detached High density Traditional(owner occupierparents with children) 31% 12% Non traditional(loneparent,renters) 28% 29%

Growth in households from 2006 to 2011

	~~Housing type~~ Household type Detached High density Traditional(owner occupierparents with children) 4% 26% Non traditional(loneparent,renters) 34% 36% Total 38% 62%

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High density demand growing faster than detached housing

additional information i 23 august 2013 i page 50

New

Strategy – Mirvac’s residential business: create and sell

by mirvac

n Mirvac’s unique competitive advantage in apartment projects (inner ring and metropolitan activity centres) and masterplanned community projects (infill ring locations) is capitalising on the change in residential market fundementals

Product
Description
Current portfolio
Acquisition
strategy
mandate
Apartments
Masterplanned
communities
Apartments
Masterplanned
communities
Inner ring
Metropolitan activity centre
projects (eg. Harold Park, NSW)
Infll ring
Select urban edge
(eg. Middleton Grange, NSW)
Infll ring
(outside metropolitan
activity centres)
Regional locations
Rural and regional projects
Urban edge with
characteristics of:
n Long term
n Unknown rezoning outcome
n Requiring signifcant
upfront investment
and ‘place making’
Develop out current
pipeline
Develop out current
pipeline
Develop out current
pipeline
Develop out current
pipeline
Inner ring
Metropolitan activity
centre projects
Infll ring
Urban edge with
characteristics of:
n Medium term
n Known rezoning outcome
n Not requiring signifcant
upfront investment and
‘place making’
No mandate
No mandate

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Urban edge boundary

Inner ring (>150 lots per Ha) Infill ring (15 – 50 lots per Ha) – Metropolitan activity centre: suburban civic centres in the infill ring Urban edge (12 – 25 lots per Ha) Rural (8 – 12 lots per Ha)

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Focus on Mirvac’s competitive advantage

additional information i 23 august 2013 i page 51

Strategy – residential development new projects

by mirvac

n 3,341 new lots

n Key growth markets targeted n Profit recognition profile both near and medium term n Price points on strategy n All new projects are under capital efficient terms

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

Alex Avenue Alex Avenue
Glenfield Sacco Enclave Precinct 1 Precinct 2 Eastern Golf Course Green Square Dallas Brooks Hall
(100% MGR owned) (50% MGR owned) (100% MGR owned) (100% MGR owned) (100% MGR owned) (25% MGR share) (100% MGR owned)
----- End of picture text -----

Lots	25	213	259	39	622	1,926	257
Market	Infll ring	Infll ring	Urban edge	Urban edge	Infll ring	Inner ring	Inner ring
	MPC	MPC	MPC	MPC	MPC	Apartments	Apartments
First proft recognition	FY14	FY14	FY14	FY15	FY16	FY16	FY18
Average price point	324k	610k	364k	351k	645k	648k	1,070k
Structure	Deferred land	JV	Deferred land	Deferred land	Deferred land	Development	Development
	payment		payment	payment	payment	Agreement	Agreement
Mirvac share of gross revenue	$8.1m	$65.0m	$94.2m	$13.7m	$401.0m	$312.2m	$275.1m

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Restocking pipeline with strategic acquisitions

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additional information i 23 august 2013 i page 52

Hypothetical profit making development project – treatment of capitalised costs

by mirvac

	~~Project metrics~~ ~~Total~~ Sales revenue 120 Land (20) Cost of property development and construction (60) Sales & marketing expenses (10) Interest costs (10) Totalproject return 20 Cash Flow Year 1 Year 2 Year 3 Sales revenue 120	During construction all interes costs are capitalised to inventory. These are released the P&L on settlement throug ‘Borrowing costs capitalised during development’. Upon settlement capitalised acquisition (land) and development (construction) costs are released in the P&L through ‘COGS’. Upon the completion of construction interest costs are expensed directly to the P&L
	Land (20) Cost of property development and construction (20) (40) Sales & marketing expenses (5) (5) Interest costs (3) (5) (2) Net cash fow (48) (45) 113 P&L Year 1 Year 2 Year 3 Sales revenue 120 COGS (80) Gross margin — — 40 Sales & marketing expenses (5) — (5) EBIT (5) — 35 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) — 25 Balance Sheet Year 1 Year 2 Year 3 Cost of acquisition 20 20 —

	Development costs 20 60 — Borrowingcosts capitalised duringdevelopment 3 8 — Gross inventory 43 88 —

During construction all interest costs are capitalised to inventory. These are released in the P&L on settlement through ‘Borrowing costs capitalised during development’.

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How a profit making project is shown in financial accounts

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additional information i 23 august 2013 i page 53

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)
Totalproject 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) Operatingnetproft (5) Inventoryimpairment (5) Statutorynetproft (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 —

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by mirvac

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.

Gross margin is not affected by interest (project delay impact) Impairment in this example relates to increased finance costs from time delay. If the impairment related to increased development costs causes the margin to be negative then the impairment is applied to make gross margin zero through COGS provision and COGS interest provision, released on settlement.

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.

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How a provisioned project is shown in the financial accounts

additional information i 23 august 2013 i page 54

Residential development high density = apartments

by mirvac

Profile of high density

n High barriers to entry
n Acceptable risk return profile
n Larger quantum of return
n More capital intensive
n Longer cash conversion cycle – approximately 2-3 years
n Complex skill set
n Pre-sales for de-risking

Generic profile — Single stage, 200 unit Apartment projects

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

Month 35
Month 6 Month 12 Month 15 Practical
DA submitted DA approved Construction commences completion
50.0%
Land Settlement of
unsold stock
30.0% payment
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 expensed Sales commissions expensed 100% of profit recognised on settlement
Development Agreements Mirvac share of equity accounted sales and marketing expenses Mirvac share of equity profits recognised on settlement
Fee stream Cost based fees – billed for design, marketing and construction costs Revenue based fees
50% of equity accounted sales and 50% of equity profits
50% joint venture 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 and marketing expenses Mirvac share of equity profits recognised on settlement
Fee stream Cost based fees – billed for design, marketing and construction costs Revenue based fees
CUMULATIVE CASH FLOW
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Generic Apartment project timeline

additional information i 23 august 2013 i page 55

Residential development low density = masterplanned communities

by mirvac

Profile of low density

n Lower capital commitment

n Smoother earnings

n Delivery less complicated
n Flexibility of stock and staging
n Shorter cash conversion cycle – approximately 6-12 months

n Risk in planning at acquisition

Generic profile — multi stage, 1,000 lot Masterplanned Community

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

Month 6 Month 24 Month 36
DA submitted DA approved First settlement
80.0%
40.0%
Negotiationsbetween Period of Settlementperiod
0.0% authoritiescouncil civil works Indicative profileof each stage
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
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Profit & loss impact

==> picture [440 x 114] intentionally omitted <==

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

100% project Marketing 100% of profit recognised on settlement
expenses
Development Agreements Marketing Mirvac share of equity profits recognised on settlement
expenses
Fee stream Cost based fees Revenue & cost based fees
50% joint venture Marketing 50% of equity profits recognised on settlement
expenses
Fee stream Cost based fees Revenue & cost based fees
Wholesale partnership Marketing Mirvac share of equity profits recognised on settlement
expenses
Fee stream Revenue & cost based fees
----- End of picture text -----

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Generic Masterplanned Community project timeline

additional information i 23 august 2013 i page 56

Our markets

by mirvac

==> picture [665 x 19] intentionally omitted <==

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

Sector Description Sub-market Example developments
----- End of picture text -----

Sector	Description Sub-market Example developments
Residential	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 ELIZABETH HILLS, NSW MIDDLETON GRANGE, NSW
	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 HAROLD PARK, NSW ERA, CHATSWOOD, NSW
Commercial	Offce / Industrial / Retail > Investment grade development suitable for MPT, third party or capital partner

TREASURY BUILDING, WA

200 GEORGE STREET, 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.

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Mirvac has targeted diversified residential exposure

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additional information i 23 august 2013 i page 57

HEALTH and SAFETY by mirvac

additional information i 23 august 2013 i page 58

Health and safety[ 1]

by mirvac

From FY08 to FY13 average time lost through injury days has reduced by 77.6%

From FY08 to FY13 the number of injuries resulting in workers compensation claims has reduced by 87.0%

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

Average time lost through injury in days
FY13 6.5 days
FY12 7 days
FY11 8 days
FY10 21 days
FY09 24 days
FY08 29 days
----- End of picture text -----

==> picture [240 x 192] intentionally omitted <==

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

Number of injuries resulting in workers
compensation claims
FY13 26
FY12 97
FY11 122
FY10 136
FY09 179
FY08 200
----- End of picture text -----

1) Mirvac sold the hotel management business on 22 May 2012. Figures displayed above prior to FY13 will include elements of the hotel management business.

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Health and safety trends improving

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additional information i 23 august 2013 i page 59

FY14 calendar[ 1]

by mirvac

Upcoming conference attendance:


	~~Event~~ ~~Location~~ ~~Date~~ Private Roadshow Sydney 26-27 August 2013
	Private Roadshow Melbourne 29 August 2013
	Private Roadshow Singapore 9 September 2013
	Private Roadshow Netherlands 10 September 2013
	Private Roadshow London 11 September 2013
	BAML Global Real Estate PropertyConference New York 12 September 2013
	Private Roadshow USA 13 September 2013
	Private Roadshow Tokyo 24 September 2013
	CLSA Investors Forum HongKong 25-26 September 2013

Upcoming announcements:

	BAML Global Real Estate PropertyConference New York 12 September 2013 Private Roadshow USA 13 September 2013 Private Roadshow Tokyo 24 September 2013 CLSA Investors Forum HongKong 25-26 September 2013 Upcoming announcements:

	~~Event~~ ~~Location~~ ~~Date~~ Q1 market update Webcast 22 October 2013
	Annual General Meeting Melbourne 14 November 2013

Investor Relations Contact

T: (02) 9080 8000 E: [email protected]

1) All dates are indicative and subject to change.

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Indicative conference, roadshow and Investor event details

additional information i 23 august 2013 i page 60

Glossary

by mirvac

==> picture [313 x 345] intentionally omitted <==

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

Term Meaning
1H First half
A-REIT Australian Real Estate Investment Trust
Bp Basis Points
CBD Central Business District
CGT Capital Gains Tax
COGS Cost of Goods Sold
CPSS Cents Per Stapled Security
DA Development Application — Application from the relevant planning authority to
construct, add, amend or change the structure of a property.
Development Project Delivery Agreement
Agreement
DPS Distribution Per Stapled Security
DMA Development Management Agreement
EBIT In the current reporting period, Mirvac has revised its definition 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 figures in this presentation have been re-
stated to reflect the current definition of EBIT for comparability.
EIS Employee Incentive Scheme
Englobo Group of land lots that have subdivision potential
EPS Earnings Per Stapled Security
FHB First Home Buyer
FY Financial Year
GE GE Real Estate Investments Australia
ICR Interest Cover Ratio
IFRS International Financial Reporting Standards
IPD Investment Property Databank
IPUC Investment properties under construction
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----- Start of picture text -----

Term Meaning
IRR Internal Rate of Return
JV Joint Venture
LPT Listed Property Trust
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 office 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% office space – If the asset comprises less than 75% of NABERS
rateable office space by area.
iv) Buildings with less than 2,000sqm office space
NLA Net Lettable Area
NOI Net Operating Income
NPAT Net Profit After Tax
NRV Net Realisable Value
NTA Net Tangible Assets
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
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additional information i 23 august 2013 i page 61

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 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.

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 June 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 June 2013, unless otherwise noted.

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Thank you

by mirvac

FOLLOW uS ON TWITTER @MIRvACIR

MIRvAC MIRvAC INVESTOR FY13 RELATIONS PROPERTY WEBSITE COMPENDIUM

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AI assistant

MIRVAC GROUP — Interim / Quarterly Report 2013

65328_rns_2013-08-22_ca2cd575-9444-43f2-b240-ca67bc803353.pdf

additional information 23 august 2013

Contents

by mirvac

financial results

Commercial

residential

development - invested capital

development - earnings analysis

development - provisions analysis

residential - research and strategy

Health and safety

fY14 calendar

glossary

residential - lots

disclaimer and important notice

1 FY13 statutory to operating profit reconciliation

by mirvac

1 FY12 statutory to operating profit reconciliation

by mirvac

FY13 operating profit by segment

by mirvac

FY12 operating profit by segment

by mirvac

Finance costs

by mirvac

Group overhead costs[ 1]

by mirvac

MPT operating EBIT

by mirvac

Mirvac statutory income tax calculation

by mirvac

FY13 contributions to growth

by mirvac

~~FY12 to FY13 segmented operating EBIT~~

Liquidity profile[ 1]

by mirvac

Debt and hedging profile

by mirvac

FY13 breakdown of debt maturities[ 1]

commercial

Commercial market update

by mirvac

Office

Retail

Industrial

Sector and geographic diversification

~~Sector diversifcation[1]~~

by mirvac

MPT portfolio snapshot

by mirvac

MPT income underpins Group earnings

Top ten tenants by income

by mirvac

Office

Retail

MPT weighted average cap rate

by mirvac

Office snapshot

by mirvac

~~Offce lease expiry profle and variance to 1H13[ 3]~~

~~Offce diversifcation by grade[ 1]~~

Office metrics

by mirvac

Office development pipeline

by mirvac

Under construction

Profit recognition profile

Commercial development hypothetical fund through

by mirvac

Profile of commercial development

Commercial development hypothetical fund through

by mirvac

Typical commercial development transaction

Retail snapshot

by mirvac

~~Retail lease expiry profle and variance to 1H13[ 3]~~

40

MIRVAC GROUP Interim / Quarterly Report 2013

FY12 to FY13 segmented operating EBIT

Sector diversifcation[1]

Offce lease expiry profle and variance to 1H13[ 3]

Offce diversifcation by grade[ 1]

Retail lease expiry profle and variance to 1H13[ 3]

Retail diversifcation by grade[ 1]

Industrial diversifcation by asset type[ 1]

Masterplanned communities project pipeline analysis

FY13 lot breakdown

Mirvac’s FY13 settlements

Buyer profle — FY13

Average price of Mirvac apartments[ 4]

Average price of Mirvac masterplanned communities[ 4]

Forecast future revenue by product

Average price of lots under control

Mirvac share of forecast revenue by State

Capitalised interest profle

Operating proft to EBIT ratio

Provision release profile