MIRVAC GROUP — Interim / Quarterly Report 2013

May 8, 2013

Q3 operational by mirvac update 9 may 2013

Q3 key outcomes

by mirvac

n FY13 operating guidance of 10.7 to 10.8cpss maintained

n MPT continues to deliver strong metrics:

• 98.2% occupancy[ 1]

• 5.3 year WALE[ 2]

• Strong MAT growth of 3.0%

n : Expected Development EBIT already secured[ 3]

– FY13 = 87.2%

• FY14 = 63.9%

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

n Development projects performing well:

– Harold Park, NSW: Precinct 1 and Precinct 2 now 74.5% pre-sold

– Major settlements:

• Yarra’s Edge, Yarra Point, VIC; de-risking FY13 development earnings

• Jane Brook, WA; Middleton Grange, NSW; and Elizabeth Hills, NSW

• Ascot Vale, VIC: acquired 213 lots in March, first release of 65 lots in April now 95% sold

n Continued success on commercial developments

– Office and retail projects remain on track

• 1) By area, excluding assets under development, based on 100% of building NLA. Excludes Hinkler Central (flood affected).

• 2) By income, excluding assets under development, based on MPT’s ownership. Excludes Hinkler Central (flood affected).

• 3) Commercial and residential EBIT before overheads and selling and marketing costs.

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On track to achieve FY13 operating EPS guidance

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Q3 operational update I 9 May 2013 I page 1

by mirvac operational update

Q3 operational update I 9 May 2013 I page 2

Mirvac Property Trust

by mirvac

n Occupancy remains strong across the portfolio at 98.2%[ 1] n Solid WALE of 5.3[ 2] years

n 83 leasing deals completed during the period representing 19,729sqm of portfolio NLA

~~MPT – lease expiry profile and variance to 1H13[2]~~

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60%
55.2%
50
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12.8%
10 9.3% 9.1% 8.3%
2.1% 3.2%
0
Vacant FY13 FY14 FY15 FY16 FY17 Beyond
+10bp -80bp +10bp 0bp -30bp 0bp +90bp
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1) By area, excluding assets under development, based on 100% of building NLA. Excludes Hinkler Central (flood affected).

2) By income, excluding assets under development, based on MPT’s ownership. Excludes Hinkler Central (flood affected).

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Mirvac Property Trust strong portfolio metrics delivering stable income

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Q3 operational update I 9 May 2013 I page 3

Office – Passive

by mirvac

• n Occupancy remains high at 97.2%[ 1]

• n Portfolio is de-risked by strong WALE of 5.5[ 2] years: limited expiry profile risk

n Veolia executed 3,097sqm lease renewal for 5 years at Bay Centre, Pyrmont

Office – Outlook

• n Business conditions remain subdued, with white collar employment conditions challenging

• n Vacancy rates across most CBD office markets have increased since late 2012, however they remain below historical average

• n Demand is likely to remain subdued, with rental growth passive and incentives expected to remain at relatively high levels

• n However, investment demand continues to remain strong, with capital market drivers supportive of yield compression in high quality markets and asset classes

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

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

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Mirvac’s office portfolio continues to outperform

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Q3 operational update I 9 May 2013 I page 4

Office – In development

by mirvac

n 8 Chifley Square, NSW:

• Building now 56.3% pre-committed following QBE 10 year lease

• 87.0% construction complete

n Treasury Building, WA:

• Completed sale of 50.0% interest to Keppel REIT

• Demolition complete, basement formwork underway

n 699 Bourke Street, VIC:

• AGL signed heads of agreement for 15,000sqm

• Design commenced

n 200 George Street, NSW:

• 74.5% of the building under agreement for lease to Ernst & Young

• Demolition commenced in February 2013

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artist iMpression oF 8 CHiFley sQuare, sydney, nsw artist iMpression oF treasury Building, pertH, wa artist iMpression oF 699 BourKe street, MelBourne, viC artist iMpression oF 200 george street, sydney, nsw
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Mirvac’s integrated model delivering results for office

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Q3 operational update I 9 May 2013 I page 5

Retail – Passive

by mirvac

n Occupancy strong at 99.2%[ 1] (exc. bulky goods)

n Occupancy cost manageable at 14.8%[2]

n Strong MAT growth of 3.0% across the portfolio driven by food based retailers and mini majors

n Broadway Shopping Centre Australia’s most productive shopping centre over 45,000sqm by annual turnover per square metre[ 3]

Retail – Outlook

• n Whilst there has been some improvement in retail sales this quarter, conditions are expected to remain difficult for retailers during 2013

• n Recent interest rate cuts, whilst boosting consumer incomes, have not translated into broad-based sales growth and category performance is expected to remain mixed

• n Vacancy rates to remain resilient in quality centres (across all sub-sectors); however rental growth continues to moderate

		Total MAT	Comparable	Comparable
	~~Retail sales~~ by category Non-food majors Food majors	~~$m~~ Q3 FY13 $320.4 $895.5	~~MAT growth~~ Q3 FY13 0.2% 4.1%	~~MAT growth~~ 1H13 (0.1%) 3.6%
	Mini majors	$230.6	8.4%	1.5%
	Specialties	$690.2	(0.1%)	(0.2%)
	Other retail	$150.0	10.7%	4.9%
	Total	$2,286.7	3.0%	1.8%

1) By area, excluding bulky goods and assets under development, 100% of centre GLA (including bulky goods 98.7%). Excludes Hinkler Central (flood affected).

2) Specialty occupancy costs excluding CBD centres (including CBD centres 15.6%). Excludes Hinkler Central (flood affected). Includes marketing levy.

• 3) Mirvac’s Broadway Shopping Centre, has ranked number one in Shopping Centre News’ (“SCN”) Big Guns Awards 2013 for annual turnover per square metre (“MAT/m2”).

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Strong retail metrics despite subdued retail environment

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Q3 operational update I 9 May 2013 I page 6

Retail – In development

by mirvac

n Kawana Shoppingworld, QLD

• 8,940sqm increase in GLA to 39,600sqm

• Construction commenced January 2013 for July 2014 completion

n Stanhope Village, NSW

• Stage 3 now 78% leased[ 1] , August 2013 completion

• Stage 4 DA submitted February 2013

n Orion Springfield QLD

• Pad sites

• Stage 1 construction complete, 100% pre-leased[ 1]

• Stage 2 construction commenced with 100% pre-leased[ 1] , expected completion December 2013

• DA finalised for supermarket extension

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artist iMpression oF Kawana sHoppingworld, Qld artist iMpression oF stanHope village, nsw orion springField, Qld artist iMpression oF orion springField, Qld
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• 1) By area, includes signed leases and heads of agreement.

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Integrated model unlocking value in retail

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Q3 operational update I 9 May 2013 I page 7

Industrial

by mirvac

Industrial – Passive

• n Occupancy remains high at 99.4%[ 1]

• n Portfolio is de-risked by strong WALE of 9.0[ 2] years: limited expiry profile risk

Industrial – Outlook

• n Rents remained stable in most markets over the period

• n New construction starts have jumped due to momentum in pre-lease deals from late 2012

• n Rental growth likely in high quality, modern, well located assets

• n Industrial yields for prime assets are expected to remain steady during 2013 with yield compression expected over the medium term

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

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

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Mirvac’s industrial portfolio continues to produce consistent results

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Q3 operational update I 9 May 2013 I page 8

Residential – Q3 activity

by mirvac

n $971.9m[ 1] in exchanged pre-sales contracts

n Harold Park, NSW continues strong momentum and 74.5% pre-sold:

• Precinct 1 86.6% pre-sold

• Precinct 2 54.9% pre-sold[ 2]

n Yarra’s Edge, Array, VIC

• 56.1% pre-sold

• Construction commenced and on track for FY16 settlements

n Successful launches over the quarter

• Ascot Vale, VIC; Glenfield, NSW; Elizabeth Hills, NSW; Meadow Springs, WA

n Major settlements over the quarter

• Yarra Edge, Yarra Point, VIC; Jane Brook, WA; Middleton Grange, NSW; Elizabeth Hills, NSW

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artist iMpression oF Harold parK, sydney, nsw artist iMpression oF yarra’s edge, yarra point, viC artist iMpression oF yarra’s edge, array, viC elizaBetH Hills, sydney, nsw
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• 1) Total exchanged pre-sales contracts as at 31 March 2013, adjusted for Mirvac’s share of JVs, associates and Mirvac managed funds.

• 2) Includes release of building one and building two.

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Strong pre-sales continue to provide visibility of future earnings

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Q3 operational update I 9 May 2013 I page 9

Development – Q3 activity

by mirvac

n 87.2% of FY13 expected Development EBIT[ 1] already secured

n 63.9% of FY14 expected Development EBIT[ 1] already secured

n 1,111 lots settled year to date = on track for 1,600 to 1,700 lots for FY13

n Focus on cash repatriation from impaired projects combined with re-setting price points: – Increase sales rates at Tennyson Reach, QLD; Ephraim Island, QLD; The Peninsula, WA; Waterfront, QLD n Residential markets continue to differ by capital city

– NSW largest exposure and strongest market

1) Commercial and residential EBIT before overheads and sales and marketing.

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FY13 expected Development EBIT on track

Q3 operational update I 9 May 2013 I page 10

Summary and guidance

by mirvac

	~~Guidance~~ ~~FY13~~ Groupoperating proft $366 – $370m OperatingEPS 10.7 – 10.8cpss DPS 8.5 – 8.7cpss Weighted average securities 3,432m Expected Development ROIC in FY14 >10%

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Mirvac Group maintains guidance for FY13

Q3 operational update I 9 May 2013 I page 11

Residential market outlook[ 1]

by mirvac

Whilst the outlook for residential markets continues to differ by capital city, the underlying property fundamentals remain sound. The combination of low borrowing costs, rising incomes and weak property prices has resulted in a significant improvement in affordability, while the strength of population growth continues to provide a solid underpinning to demand. Against this backdrop, a further improvement in the residential property market should eventuate, with the trend towards medium density living continuing, particularly in the south eastern states.

NSW

NSW	NSW
Weighting 39.4%2		FY13		Medium term forecast		A low rental vacancy rate and strong rental growth is indicative of robust underlying demand for residential property in the state. With population growth also increasing, housing affordability having improved signifcantly and policy measures directed at boosting both supply and demand for new dwellings, a further improvement in the residential housing market should be forthcoming.
VIC
Weighting 34.7%2		FY13		Medium term forecast		Activity and employment in Victoria has been impacted by the strength of Australian dollar. Even though dwelling supply has eased back in recent years, medium density approvals have remained strong. The Victorian property market is likely to underperform the other main states particularly in some segments where supply has been strong.
QLD
Weighting 15.4%2		FY13		Medium term forecast		There are growing signs the fundamentals underpinning the residential property market is being translated in to stronger activity. This points to a medium term improvement in the property market, although it remains the case state government spending and employment measures will continue to suppress the uplift in the short term.
WA
Weighting 10.5%2		FY13		Medium term forecast		The rapid acceleration in population growth, against the backdrop of a tight rental market, has resulted in a strengthening of both dwelling volumes and a pick-up in property prices. Short-term prospects for the property market are likely to remain favourable as demand in absorbed. Longer term prospects will remain dependant on the extent and duration of the resources cycle.

1) Management forecast.

• 2) Forecast revenue from lots under control at 31 December 2012 , adjusted for Mirvac’s share of JVs, associates and Mirvac’s managed funds.

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Q3 operational update I 9 May 2013 I page 12

Disclaimer and important notice

by mirvac

Mirvac Group comprises Mirvac Limited ABN 92 003 280 699 and Mirvac Property Trust ARSN 086 780 645. This presentation (“Presentation”) has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively “Mirvac” or “the Group”). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$).

The information contained in this Presentation has been obtained from or based on sources believed by Mirvac to be reliable. To the maximum extent permitted by law, Mirvac, its affiliates, officers, employees, agents and advisers do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation or that the information is suitable for your intended use and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).

This Presentation is not financial advice or a recommendation to acquire Mirvac stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals.

Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation and the Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction.

To the extent that any general financial product advice in respect of the acquisition of Mirvac Property Trust units as a component of Mirvac stapled securities is provided in this Presentation, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services License. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of Mirvac Limited.

An investment in Mirvac stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac, including possible delays in repayment and loss of income and principal invested. Mirvac does not guarantee any particular rate of return or the performance of Mirvac nor do they guarantee the repayment of capital from Mirvac or any particular tax treatment.

This Presentation contains certain “forward looking” statements. The words “anticipated”, “expected”, “projections”, “forecast”, “estimates”, “could”, “may”, “target”, “consider” and “will” and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. To the full extent permitted by law, Mirvac Group and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current year amounts and other disclosures.

The Presentation also includes certain non-IFRS measures including operating profit. Operating profit is a financial measure which is not prescribed by Australian Accounting Standards (“AAS”) and represents the profit under AAS adjusted for specific non-cash items and significant items which management consider to reflect the core earnings of the Group. The Operating profit information has not been subject to any specific audit procedures by the Group’s auditor.

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 31 March 2013, unless otherwise noted.

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Q3 operational update I 9 May 2013 I page 13

Thank you

by mirvac

Follow us on TwiTTeR @MiRvACiR MiRvAC MiRvAC invesToR 1H13 RelATions PRoPeRTY websiTe CoMPendiuM

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