MIRVAC GROUP — Interim / Quarterly Report 2014

Apr 30, 2014

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Q3

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1 MAY 2014
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Artist impression of 699 Bourke street, ViC

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101 miller street, nsw
AgENDA
Q3 snApshot operAtionAl suMMArY And inVestor
updAte guidAnce tour
mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 01
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BroAdwAy shopping Centre, nsw
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Q3 sNAPshOT

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 02

Q3 snApshot

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Artist impression of erA, nsw
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• Fy14 EPs guidance of 11.8 to 12.0cpss maintained (8.3% to 10.1% growth)

• strategic portfolio and capital management initiatives:

• Exchanged contracts for 50% of 275 Kent street, sydney above book value for $435.0m[ 1]

• call options granted to Blackstone to acquire seven non-core assets for $391.4 million, above book value[ 1]

• Exchanged contracts for 50% of 699 Bourke street, melbourne for $73m to TIAA-cREF via fund through[ 2]

• maintained strong mPT portfolio metrics through active in-house asset management expertise:

• Occupancy remained high at 97.6%[ 3]

• strong WALE of 4.7 years[ 4]

• 98.8% of Fy14 and 59.1% of Fy15 expected Development EBIT[ 5] now secured through exchanged pre-sales contracts

• On track to achieve >10% Development ROIc and normalised residential gross margin within target range of 18% to 22% for Fy14

• 11.4% total securityholder return since 1 July 2013; ahead of s&P/AsX200 A-REIT index by 1,190 basis points[ 6]

• 1) For further details refer to AsX announcement on 30 April 2014 “mirvac sells 50% of 275 Kent street, sydney and grants call options over a portfolio of non-core assets”.

• 2) For further details refer to AsX announcement on 16 April 2014 “TIAA-cREF acquires 50% of 699 Bourke street, melbourne”.

• 3) By area, excluding IPUc, based on 100% of building NLA as at 31 march 2014.

• 4) By income, excluding IPUc, based on mPT’s ownership as at 31 march 2014.

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

• 6) Total securityholder return during the period of 1 July 2013 to 31 march 2014. source: IREss.

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mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 03
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strAtegic portFolio MAnAgeMent initiAtiVes

strategic transactions improve portfolio quality[ 1]

MPT PROPORTION OF CORE AND NON-CORE ASSETS[ 8]

• Exchanged contracts for 50% of 275 Kent street, sydney for $435.0m and granted call options over $391.4m non-core assets[ 1]

• single asset risk managed; 275 Kent street, sydney represents 10.1% of office portfolio, previously 18.3%[ 2]

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Core 97.7%
Non-core 2.3%
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• Non-core portfolio assets WALE of 3.9 years[ 3] vs. mPT portfolio of 4.7 years[ 4]

• Improved quality of mPT portfolio following strategic transactions[ 5] :

• mPT portfolio increases to 97.7%[ 1] core from 91.9%[ 6 ] on a like-for-like basis

• Office portfolio increases to 90.7% Premium or A grade from 88.9%[ 6]

• Retail portfolio total sales productivity increases by 6.2%[ 6]

exchanged contracts for 50% of 699 Bourke street, Melbourne to tiAA-creF[ 7]

• First asset to seed investment with TIAA-cREF as part of the Australian Office Alliance

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MPT SECTOR DIVERSIFICATION [ 8]
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Office 62.2% Retail 26.4% Industrial 6.1% Other 5.3%

• Asset was exchanged at a 6.5% capitalisation rate with a 50% assumed end value of $73m

• capital efficient structure via development fund through agreement

• 1) For further details refer to AsX announcement on 30 April 2014 “mirvac sells 50% of 275 Kent street, sydney and grants call options over a portfolio of non-core assets”. 2) By book value.

• 3) By income, based on mPT’s ownership as at 31 march 2014.

• 4) By income, excluding IPUc, based on mPT’s ownership and including non-core assets to be disposed via call options with Blackstone as at 31 march 2014. 5) Assuming call options are exercised.

• 6) As at 31 march 2014.

• 7) For further details refer to AsX announcement on 16 April 2014 “TIAA-cREF acquires 50% of 699 Bourke street, melbourne”.

• 8) By book value as at 31 December 2013 post sale of 50% of 275 Kent street and non-core assets as part of the Blackstone transaction dated 30 April 2014.

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 04

cApitAl MAnAgeMent

strategic achievements provide capital management flexibility

• Exchanged contracts for 50% of 275 Kent street, sydney and non-core asset disposals[ 1] :

• Providing flexibility to redeploy capital across the business and new strategic opportunities

• :

• $156.0m of vendor finance on non-core assets to Blackstone at an initial interest rate of 8.0% p.a[ 1]

• Exceeding mirvac’s WAcD and manages dilutionary impact of non-core asset sales

• $148.0m non-core asset sales settled during Q3[ 2] ; $232.6m non-core assets settled year to date[ 3] : — Exceeding target of $100-200m non-core asset sales for Fy14

• Exchanged contracts for 50% of 699 Bourke street, melbourne to TIAA-cREF[ 4] :

• Retaining 100% development profit whilst funding 50% of construction and development costs

• 98.9% of Era, sydney settled to date[ 5] generating over $240m net cashflow in Fy14: — generating strong operating cashflow

• Englobo sales program remains on track for Fy14:

• Focusing on cash repatriation

• 1) For further details refer to AsX announcement on 30 April 2014 “mirvac sells 50% of 275 Kent street, sydney and grants a call option over a portfolio of non-core assets”.

• 2) settlement of non-core assets during the period included 54-60 Talavera Road, NsW, Orange city centre, NsW and gippsland centre, vIc. 3) 1 July 2013 to 31 march 2014.

• 4) For further details refer to AsX announcement on 16 April 2014 “TIAA-cREF acquires 50% of 699 Bourke street, melbourne”.

• 5) As at 30 April 2014.

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Artist impression of 699 Bourke street, ViC
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mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 05

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Artist impression of 200 george street, nsw

Q3 OPERATIONAL UPDATE

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Mpt

• Occupancy remained high across the portfolio at 97.6%[ 1]

• group earnings underpinned with a solid WALE of 4.7 years[ 2]

• 110 leasing deals completed during the period; 25,010sqm and 1.7% of portfolio

in-house asset management and leasing teams deliver strong portfolio metrics

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MPT LEASE EXPIRY PROFILE [ 2]
60%
51.8%
50
40
30
20
10.5% 11.6%
10 9.5% 9.5%
4.2%
2.9%
0
Vacant FY14 FY15 FY16 FY17 FY18 Beyond
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• 1) By area, excluding IPUc, based on 100% of building NLA as at 31 march 2014.

• 2) By income, excluding IPUc, based on mPT’s ownership as at 31 march 2014.

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 07

oFFice — pAssiVe

offiCe Conditions

• vacancy across sydney and melbourne remains high

• Leasing conditions are likely to remain challenging with incentives remaining elevated

mirVAC’s offiCe portfolio

• Occupancy remains strong at 96.0%[ 1]

• Portfolio de-risked by WALE of 4.8 years[ 2]

• 24 leasing deals completed during Q3; 9,272sqm

• De-risking expiries through active leasing:

• Fy14: From 3.7%[ 3] to 1.9% including heads of agreement

• Fy15: From 9.4%[ 3] to 7.9% including heads of agreement

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90 Collins street, ViC
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OFFICE LEASE EXPIRY PROFILE [ 2]
60%
56.7%
50
40
30
20
10 9.3% 10.7% 8.6% 8.7%
3.8% 2.2%
0
Vacant FY14 FY15 FY16 FY17 FY18 Beyond
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• 1) By area, excluding assets under development, based on 100% of building NLA as at 31 march 2014.

• 2) By income, excluding assets under development, based on mPT’s ownership as at 31 march 2014.

• 3) As at 31 December 2013.

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 08

oFFice — in deVelopMent

• 699 Bourke street, Melbourne

• 100.0% pre-leased to AgL for 10 years

• Fund through with TIAA-cREF executed and construction of first office level has commenced

• treasury Building, perth

• 98.0% pre-leased to WA government for 25 years

• construction is progressing with jump-form currently at level 10

construction progressed to above ground level across these key projects

200 george street, sydney

• 74.3% pre-leased to E&y for 10 years

• Demolition of existing buildings and excavation works now complete and jump-form and basement structure now underway

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699 Bourke street, ViC
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treAsury Building, wA 200 george street, nsw
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mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 09

retAil — pAssiVe

retAil Conditions

mirVAC’s retAil portfolio

• Emerging signs of improving retail sales following low interest rates, improving consumer confidence and the household wealth effect

• Leasing conditions remain challenging

• Broadway shopping centre, NsW remains No. 1 Big gun[ 1] for 2014

• maintained strong occupancy of 99.3%[ 2]

• strong mAT growth of 5.9% driven by supermarkets, food catering and mini majors

• 86 leasing deals completed during Q3; 15,738sqm

• Portfolio sales productivity improved; from $7,578sqm[ 3] to $8,316sqm

BroAdwAy shopping Centre, nsw

			CompArABle	CompArABle
	retAil sAles	totAl mAt	mAt growth	mAt growth
	By CAtegory	Q3 fy14 $m	Q3 fy14 %	1h14 %
	Non-food majors	$271.7m	1.1%	0.0%
	Food majors	$890.4m	5.4%	5.8%
	mini majors	$318.6m	16.4%	16.4%
	specialties	$779.9m	2.3%	1.0%
	Other retail	$206.2m	10.2%	30.4%
	total	$2,466.8m	5.9%	6.1%

• 1) Broadway shopping centre, NsW was ranked number one in shopping centre News’ (“scN”) Big guns Awards 2014 for annual turnover per square metre (“mAT/m2”). 2) By area, based on 100% of building NLA as at 31 march 2014.

• 3) As at 31 December 2013. Including Orange city centre, NsW, gippsland centre, vIc and excluding harbourside shopping centre, NsW.

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 10

retAil — in deVelopMent

35% of deVelopment pipeline Completed And/or underwAy

stanhope Village, stage 4, nsW

• construction commenced in January 2014, with project completion expected may 2015

• strong pre-leasing enquiry for stage 4 development

Kawana shoppingworld, stage 4, Qld

retail development projects remain on track to achieve target returns

• construction well progressed, with project completion expected september 2014

• 88.1% of stage 4 gLA pre-leased

orion springfield central, stage 2, Qld

• construction commenced in march 2014, with project completion expected march 2016

• Pre-leasing agreements entered into with coles, Target, Event cinemas and tavern

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stAnhope VillAge, stAge 4, nsw kAwAnA shoppingworld, stAge 4, Qld orion springfield CentrAl, stAge 2, Qld
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mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 11

industriAl — pAssiVe

industriAl Conditions

• supply is expected to remain limited across sydney and melbourne

• Leasing demand, incentives and rental growth are likely to remain stable

mirVAC’s industriAl portfolio

• Occupancy strong at 99.5%[ 1]

• strong portfolio WALE of 8.2 years[ 2]

• strong pre-lease enquiry on Wallgrove Road, NsW and development approval advanced

• De-risking Fy15 expiries from 7.1%[ 3] to 4.4% including heads of agreement

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wAllgroVe roAd, nsw
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INDUSTRIAL LEASE EXPIRY PROFILE [ 2]
60% 57.7%
50
40
30
20
13.5%
11.7%
10 7.2% 8.2%
0 1.4% 0.3%
Vacant FY14 FY15 FY16 FY17 FY18 Beyond
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• 1) By area, excluding assets under development, based on 100% of building NLA as at 31 march 2014.

• 2) By income, excluding assets under development, based on mPT’s ownership as at 31 march 2014.

• 3) As at 31 December 2013.

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 12

residentiAl — MArKet outlooK[ 1]

• sydney’s residential market supported by limited stock; fostering urgency and driving above average price growth

• strong price growth across sydney has resulted in declining affordability, pressure on rental yields and is facilitating new supply

• Population growth across sydney and melbourne is strong, however, labour market softness and high housing costs may ameliorate the impact of growth

• Affordability, population growth and diversity continue to shift demand towards urban medium density dwellings, complementing mirvac’s residential capabilities

• sydney and melbourne residential markets remain the strongest markets nationally and will support mirvac’s development earnings in the medium term

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NsW vIc QLD WA
Weighting Weighting Weighting Weighting
36.6% 2 36.2% 2 16.8% 2 10.4% 2
1 year + forecast 3 - 5 year forecast 1 year + forecast 3 - 5 year forecast 1 year + forecast 3 - 5 year forecast 1 year + forecast 3 - 5 year forecast
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• 1) management guidance.

2) management estimate of revenue from lots under control at 31 December 2013, adjusted for mirvac’s share of Jv, associates and mirvac’s managed funds.

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 13

residentiAl — Q3 ActiVitY

• settlement of 606 lots during the period; chatswood Era, NsW (198 lots), googong, NsW (79 lots) and Jane Brook, WA (66 lots) > 1,638 lots settled year to date

• Fy14 target lots upgraded to >2,400; driven by increased contribution from provisioned lots

• $54.2m provision released year to date; Fy14 provision release target of $100m to $140m on track

Q3 LOTS SETTLED BY STATE

Q3 LOTS SETTLED BY PRODUCT

NSW 64.9% Masterplanned Communities 36.8% QLD 17.5% Apartments 63.2% VIC 3.0% WA 14.7% hArCrest groVe, nsw

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 14

deVelopMent — FY14 expectAtions And BeYond

• On track to achieve >10% Development ROIc and normalised residential gross margin within target range of 18% to 22% for Fy14

• 98.8% of Fy14 and 59.1% of Fy15 expected Development EBIT[ 1] secured through exchanged pre-sales contracts

• 656 lots released during the period; 76.8% pre-sold[ 2]

• googong, NsW (280 lots), harcrest, vIc (80 lots) and harold Park, NsW (53 lots)

• 1,800 lots scheduled to be released over the short term expected to drive residential earnings from Fy16

• $1,334.5m[ 3] in residential exchanged pre-sales contracts on hand; $143.7m secured during Q3

• Actively looking at opportunities to re-stock the residential development pipeline

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PRE-SALES — HISTORIC PROFILE
$1.6bn
1.2
10 year average
0.8
0.4
0
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 Q3 FY14
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RECONCILIATION OF MOVEMENT IN EXCHANGED PRE-SALES CONTRACTS TO Q3 FY14
$1,600m
$1,458.5m $267.8m
$143.7m $1,334.5m
1,200
800
400
0
1H14 SETTLED [ 4] NET SALES Q3 FY14
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• 1) Development EBIT before overheads and sales and marketing.

• 2) As at 25 April 2014.

• 3) Total exchanged pre-sales contracts as at 31 march 2014, adjusted for mirvac’s share of Jvs, associates and mirvac managed funds.

• 4) Represents gross settlement revenue adjusted for mirvac’s share of Jvs, associates, and mirvac’s managed funds.

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 15

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8 Chifley sQuAre, nsw
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sUmmARy AND gUIDANcE

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 16

people And eFFectiVeness

investing in our people and increasing operational effectiveness

• continued focus on business transformation projects

• 45 leaders have completed INsEAD program; an additional 100 senior leaders to attend later in the year

• Renewed focus on innovation

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 17

suMMArY And guidAnce

	guidAnCe	fy14
	groupoperating proft	$432 –$443m
	OperatingEPs	11.8 – 12.0cpss
	DPs	8.8 – 9.0cpss
	Weighted average securities	3,674m
	Target Development ROIc in Fy14	>10%

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 18

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20 Bond street, nsw
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INvEsTOR TOUR

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 19

200 george street, nsW

projeCt desCription:

• The 200 george street development site is located at the northern end of the sydney cBD in a key location and incorporates three existing buildings, being 190 and 200 george street and 4 Dalley street

• The completed office tower will comprise 33 office levels and 63 tenant car spaces and is the first building in sydney to use closed cavity facade system

• The development is targeting a 5 star green star Design rating and 5 star NABERs Energy rating and aims to achieve a PcA “Premium grade” rating

• sold 50% of 200 george street, sydney to AmP capital Wholesale Fund via fund through

key projeCt metriCs	key projeCt metriCs
Acquisition date		August 2003
NLA		39,200sqm
Pre-leased to Ernst & young		74.3%
Project cost		$263.5m1
Forecast completion		Fy16
constructionprogress		11.3%

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Artist impression of 200 george street, nsw
35
34
33
32
31
30 HIGH-RISE
29
28
27
26
25
24
23
22
21
20 MID-RISE
19
18
17
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14
13
12
11
10
09
LOW-RISE
08
07
06
05
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03
02
01
GROUND
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1) Represents mirvac’s ownership of total project, includes land and interest costs.

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 20

hArold pArK, nsW

projeCt desCription:

• harold Park is a multi-stage residential precinct in the vibrant suburb of glebe in sydney’s inner west

• Located just 2.5km from the sydney cBD and surrounded by parks that extend to the sydney harbour foreshore, harold Park’s contemporary 1, 2 and 3 bedroom apartments and terrace homes offer a rare combination of convenient living and ample outdoor space

stAge settlements CommenCing % pre-sold **ownership **		hArold pArk profit reCognition profile 1	hArold pArk profit reCognition profile 1	hArold pArk profit reCognition profile 1	hArold pArk profit reCognition profile 1
	fy14	fy15	fy16	fy17	fy18
Precinct 1 1h15 100.0% 100%		298 lots
Precinct 2 1h15 99.5% 100%		184 lots
Precinct 3 2h16 91.0% 100%			345 lots
Precinct 4 2h16 Not released 100%			158 lots
Precinct 6 1h17 Not released 100%			84 lots
Precinct 5 1h18 Not released 100%					241 lots

Under construction Under negotiation Future stages

1) Expected project lots settlements over EBIT contributing period.

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Artist impression of hArold pArk, nsw
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mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 21

hArBourside shopping centre, nsW

Asset summary:

Asset metriCs

• harbourside is a three-level 20,820sqm cBD retail centre

• Focus on food, restaurant and entertainment categories: 66% of gross rent from food based retailers

• harbourside attracts approximately 13.7 million visitors annually and well positioned to benefit from the $3bn urban regeneration of the precinct

• strategically located within the Darling harbour precinct

	settlement date Acquisition price	January 2014 $252.0m
	Occupancy1 specialty occupancy costs2	97.5% 16.5%
	specialty mAT2	$10,368sqm
	Total centre mAT2	$175.9m

darling harbour precinct redevelopment:

• $2.5bn Darling harbour Live project to deliver new hotel, improved entertainment facilities and surrounding amenities

• $500m redevelopment of ImAX site

• Improved connectivity between central station, Ultimo and Darling harbour

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hArBourside shopping Centre, nsw
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• 1) By area, based on 100% of building NLA, as at 31 march 2014.

2) As at 31 march 2014.

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 22

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dArling hArBour liVe: A ‘once in A generAtion’ opportunitY For sYdneY, $3 Billion urBAn regenerAtion

internAtionAl ConVention And exhiBition Centre opening deCemBer 2016

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“the haymarket” high class entertainment centre, 40,000sqm exhibition new convention centre
new urban neighbourhood, home to over 2,000 people with ‘the theatre’, opportunity for red space with 8,000sqm of with capacity for more
high-tech businesses, apartments, student accommodation, carpet arrivals meeting space than 12,000 people
cafes, restaurants and a new urban square
new 650 room
hotel complex
–
“the goods line”
500m pedestrian
and bicycle corridor
linking central –
ultimo – darling
harbour. stage 1
under construction
Mirvac’s harbourside
completing nov 2014
shopping centre
darling Quarter increasing the overall public open space
redevelopment of iMAx site “the
59,000sqm office including an upgrade to tumbalong park
ribbon” 20 storey, premium tower of
developed 2011, occupied that will allow for crowds of up to 27,000
approximately 49,000sqm
by commonwealth Bank to attend live events
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mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 23

disclAiMer And iMportAnt notice

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

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

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

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

To the extent that any general financial product advice in respect of the acquisition of mirvac Property Trust units as a component of mirvac stapled securities is provided in this Presentation, it is provided by mirvac Funds Limited. mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial services 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.

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 31 march 2014. 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 31 march 2014, unless otherwise noted.

Elements of this presentation regarding the mirvac Property Trust portfolio composition has been prepared on a pro-forma basis assuming Blackstone exercises the call options over all non-core assets during the options exercise period.

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.

mIRvAc gROUP I Q3 OPERATIONAL UPDATE I 1 mAy 2014 I 24

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ThANK yOU

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