MIRVAC GROUP — Interim / Quarterly Report 2014

Feb 19, 2014

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1H14 InformatIon

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20 February 2014
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20 bond street, nsW

agenda

Financial results commercial residential health and saFety calendar

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 01

contents

Financial results

• 4 1H14 statutory to operating profit reconciliation

• 5 1H13 statutory to operating profit reconciliation

• 6 1H14 operating profit by segment

• 7 1H13 operating profit by segment

• 8 mirvac ffo and affo based on Pca guidelines — new 9 finance costs

• 10 group overhead costs

• 11 mPt operating ebIt

• 12 mirvac statutory income tax calculation

• 13 1H14 contributions to growth

• 14 liquidity profile

• 15 debt and hedging profile

commercial

• 17 Sector and geographic diversification

• 18 mPt portfolio snapshot

• 19 top ten tenants by income

• 20 mPt weighted average cap rate

• 21 office snapshot

• 22 office metrics

• 23 office development pipeline

residential

• 32 Project pipeline – apartments

• 33 Project pipeline – masterplanned communities

residential — lots

• 34 1H14 activity detail

• 35 1H14 settlements

• 36 Pre–sales outlook 1H14 – fy17

• 37 diversification of residential lots/revenue 38 Pre—sales analysis

development — invested capital

• 39 Invested capital — development reconciliation 40 Invested capital — development reconciliation 41 capital efficient development projects

development — earnings analysis

• 42 gross development margin

• 43 development operating ebIt analysis

• 44 fy13 development earnings model

• 45 development historical information (fy10 – 1H14) 46 capitalised interest

development — provisions analysis

• 47 Provisions — roll off

• 48 Provisions — projects update

residential — research and strategy

• 49 residential development new projects

• 50 Hypothetical profit making development project — treatment of capitalised costs

• 51 Hypothetical provisioned development project — treatment of capitalised costs 52 residential development high density — apartments

• 53 residential development low density — masterplanned communities 54 our markets

health and saFety

• 56 Health and safety

cy14 calendar

58 cy14 calendar

glossary

disclaimer and important notice

• 24 commercial development hypothetical fund through

• 25 commercial development hypothetical fund through

• 26 retail snapshot

• 27 retail development pipeline

• 28 Industrial snapshot

• 29 Schedule of acquisitions

• 30 Schedule of disposals

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 02

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the peninsula, bursWood, Wa
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fInancIal reSultS

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 03

1h14 statutory to operating proFit reconciliation[ 1]

			investment
		investment	management	development	unallocated	elimination	tax	consolidated
	halF year ended 31 december 2013	$m	$m	$m	$m	$m	$m	$m
	proft/(loss) attributable to the stapled securityholders of mirvac	277.9	2.8	26.2	(44.6)	(16.0)	(0.2)	246.1
	specifc non-cash items
	net gain on fair value of investment properties	(72.8)	—	—	—	2.1	—	(70.7)
	net loss on fair value of IPuc	3.6	—	—	—	—	—	3.6
	net loss on fair value of derivative fnancial instruments and
	associated foreign exchange movements	2.4	—	—	14.2	—	—	16.6
	Security based payment expense	—	—	—	2.8	—	—	2.8
	depreciation of owner-occupied properties	—	—	—	—	3.1	—	3.1
	Straight-lining of lease revenue	(6.0)	—	—	—	—	—	(6.0)
	amortisation of lease ftout incentives	6.0	—	—	—	(1.1)	—	4.9
	net (gain)/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	(1.4)	1.3	—	(0.1)	—	—	(0.2)
	signifcant items
	Impairment of loans, investments and inventories	—	—	—	(0.9)	—	—	(0.9)
	net loss from sale of non-aligned assets	0.9	—	—	—	—	—	0.9
	tax effect
	tax effect of non-cash and signifcant adjustments	—	—	—	—	—	—	—
	operating proft/(loss) (proft before specifc non-cash and signifcant items)1	210.6	4.1	26.2	(28.6)	(11.9)	(0.2)	200.2
	Segment contribution	105.2%	2.0%	13.1%	(14.3%)	(5.9%)	(0.1%)	100.0%
	add back tax	—	—	—	—	—	0.2	0.2
	add back interest paid2	27.5	0.3	28.8	0.1	(0.6)	—	56.1
	less interest revenue2	(0.5)	(0.1)	(0.5)	(1.0)	0.5	—	(1.6)
	earnings before interest and tax	237.6	4.3	54.5	(29.5)	(12.0)	—	254.9
	Segment contribution	93.2%	1.7%	21.4%	(11.6%)	(4.7%)	0.0%	100.0%

1) operating profit after tax is a non-IfrS measure. operating profit after tax is profit before specific non-cash items and significant items. operating profit after tax is used internally by management to assess the performance of its business and has been extracted or derived from mirvac’s half year ended 31 december 2013 financial statements, which has been subject to review by its external auditors.

2) Interest paid and interest revenue between segments are eliminated in the individual segment.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 04

1h13 statutory to operating proFit reconciliation[ 1]

			investment
		investment	management	development	unallocated	elimination	tax	consolidated
	halF year ended 31 december 2012	$m	$m	$m	$m	$m	$m	$m
	proft/(loss) attributable to the stapled security holders of mirvac	271.0	(4.2)	(265.2)	(34.5)	1.1	87.0	55.2
	specifc non-cash items
	net gain on fair value of investment properties	(63.7)	—	—	—	(5.1)	—	(68.8)
	net loss on fair value of IPuc	0.9	—	—	—	—	—	0.9
	net (gain)/loss on fair value of derivative fnancial instruments
	and associated foreign exchange movements	(1.0)	—	—	9.5	—	—	8.5
	Security based payment expense	—	—	—	1.9	—	—	1.9
	depreciation of owner-occupied investment properties	—	—	—	—	3.6	—	3.6
	Straight-lining of lease revenue	(8.0)	—	—	—	—	—	(8.0)
	amortisation of lease ftout incentives	6.7	—	—	—	(1.2)	—	5.5
	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	1.6	0.8	—	—	—	—	2.4
	signifcant items
	Impairment of loans, investments and inventories	—	—	273.2	—	—	—	273.2
	net loss on sale of non-aligned assets	2.0	—	—	—	—	—	2.0
	tax effect
	tax effect of non-cash and signifcant adjustments	—	—	—	—	—	(82.2)	(82.2)
	operating proft/(loss) (proft before specifc non-cash and signifcant items)1	209.5	(3.4)	8.0	(23.1)	(1.6)	4.8	194.2
	Segment contribution	107.9%	(1.8%)	4.1%	(11.9%)	(0.8%)	2.5%	100.0%
	add back tax	—	—	—	—	—	(4.8)	(4.8)
	add back interest paid2	7.2	8.8	23.5	0.2	(0.6)	—	39.1
	less interest revenue2	(0.4)	(0.1)	—	(2.9)	0.3	—	(3.1)
	earnings before interest and tax	216.3	5.3	31.5	(25.8)	(1.9)	—	225.4
	Segment contribution	96.0%	2.3%	14.0%	(11.5%)	(0.8%)	0.0%	100.0%

1) operating profit after tax is a non-IfrS measure. operating profit after tax is profit before specific non-cash items and significant items. operating profit after tax is used internally by management to assess the performance of its business and has been extracted or derived from mirvac’s half year ended 31 december 2012 financial statements, which has been subject to review by its external auditors.

2) Interest paid and interest revenue between segments are eliminated in the individual segment.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 05

1h14 operating proFit by segment

	1h14 operating proFit by segment
	mIrvacI1H14 addItIonal InformatIonI20 february 2014I06 investment investment management development unallocated elimination total halF year ended 31 december 2013 $m $m $m $m $m $m revenue from continuing operations Investment properties rental revenue 307.9 2.6 — — — 310.5 Investment management fee revenue — 6.4 — — — 6.4 development and construction revenue — — 530.6 — (11.9) 518.7 development management fee revenue — — 11.9 — 0.3 12.2 Interest revenue 7.6 0.4 2.7 0.9 (0.2) 11.4 other revenue — 1.8 1.0 0.8 (0.2) 3.4 Inter-segment revenue 11.1 8.5 12.8 2.3 (34.7) — total revenue from continuing operations 326.6 19.7 559.0 4.0 (46.7) 862.6 other income Share of netproft of associates andjoint ventures accounted for usingthe equitymethod 9.2 0.6 6.5 0.1 — 16.4 total other income 9.2 0.6 6.5 0.1 — 16.4 total revenue from continuing operations and other income 335.8 20.3 565.5 4.1 (46.7) 879.0 net loss on sale of property, plant and equipment — — 0.1 — — 0.1 Investment properties expenses 79.6 1.0 — — (5.8) 74.8 cost of property development and construction — — 482.4 — (12.4) 470.0 employee benefts expenses — 11.1 5.4 19.9 — 36.4 depreciation and amortisation expenses 4.1 0.2 1.2 1.0 — 6.5 finance costs 35.3 0.3 28.8 2.3 (10.6) 56.1 Selling and marketing expenses — 0.1 13.2 0.1 — 13.4 other expenses 6.2 3.5 8.2 9.4 (6.0) 21.3 operating proft/(loss) from continuing operations before income tax 210.6 4.1 26.2 (28.6) (11.9) 200.4 Income tax expense (0.2) operating proft attributable to the stapled securityholders of mirvac 200.2

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 06

1h13 operating proFit by segment

	1h13 operating proFit by segment
	mIrvacI1H14 addItIonal InformatIonI20 february 2014I07 investment investment management development unallocated elimination total halF year ended 31 december 2012 $m $m $m $m $m $m revenue from continuing operations Investment properties rental revenue 277.3 2.6 — — — 279.9 Investment management fee revenue — 5.5 — — (1.0) 4.5 development and construction revenue — — 317.3 — — 317.3 development management fee revenue — — 9.9 — (0.2) 9.7 Interest revenue 3.3 0.6 2.5 3.0 (0.3) 9.1 dividend and distribution revenue 0.4 — — — — 0.4 other revenue (0.2) 1.7 1.0 3.6 — 6.1 Inter-segment revenue 20.5 7.7 1.6 — (29.8) — total revenue from continuing operations 301.3 18.1 332.3 6.6 (31.3) 627.0 other income Share of netproft of associates andjoint ventures accounted for usingthe equitymethod 7.3 1.6 0.7 0.1 — 9.7 total other income 7.3 1.6 0.7 0.1 — 9.7 total revenue from continuing operations and other income 308.6 19.7 333.0 6.7 (31.3) 636.7 Investment properties expenses 67.3 2.2 — — (6.6) 62.9 cost of property development and construction — — 277.9 — — 277.9 employee benefts expenses — 8.7 8.2 14.9 — 31.8 depreciation and amortisation expenses 4.4 0.2 1.2 0.8 — 6.6 finance costs 23.5 8.8 23.5 0.2 (16.9) 39.1 Selling and marketing expenses — 0.3 11.4 0.3 — 12.0 other expenses 3.9 2.9 2.8 13.6 (6.2) 17.0 operating proft/(loss) from continuing operations before income tax 209.5 (3.4) 8.0 (23.1) (1.6) 189.4 Income tax beneft 4.8 operating proft attributable to the stapled securityholders of mirvac 194.2

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 07

mirvac FFo and aFFo based on pca guidelines

			pca FFo and aFFo
	halF	year ended 31 december 2013	$m
		proft attributable to the stapled securityholders of mirvac	246.1
	a	investmentproperty and inventory
		losses from sales of investment property	0.9
		fair value gain on investment property	(70.7)
		fair value loss on investment property	3.6
		depreciation on owner-occupied investment properties	3.1
	c	Financial instruments
		fair value gain on the mark to market of derivatives	(22.9)
	d	incentives and straight lining
		amortisation of ft-out incentives	4.9
		amortisation of cash incentives	2.8
		amortisation of rent-free periods	4.9
		rent straight lining	(6.0)
	F	other unrealised or one-off items
		net loss on foreign exchange movements	39.5
		net gain on fair value of investment properties, derivatives and other specifc non-cash items included in share of net proft of Joint ventures and associates	(0.2)
		Impairment of loans	(0.9)
		Funds From operations	205.1
	g	other unrealised or one-off items
		maintenance capex	(10.0)
		Incentives given for accounting period (cash and ft-out)	(4.0)
		Incentives given for accounting period (rent-free)	(8.3)
		adjusted Funds From operations	182.8

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 08

Finance costs

		1h14 ($m)	1h13 ($m)	% change
	Interest and fnance charges paid/payable net of provision release	58.0	62.2	(6.8)
	amount capitalised	(17.7)	(37.1)	(52.3)
	Interest capitalised in current and prior periods expensed this period net of provision release	10.6	12.4	(14.5)
	borrowing costs amortised	5.2	1.6	225.0
	total fnance costs	56.1	39.1	43.5

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FINANCE COSTS PROFILE
$100m 125%
80 100
60 75
40 50
20 25
0 0
1H10 1H11 1H12 1H13 1H14
External interest paid/payable ($m)
Finance costs expense ($m)
Finance cost expense as % of external interest
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the decrease in capitalised interest relates to recently acquired capital efficient projects such as googong along with the transition of near term projects from masterplanning to active stage based capitalisation such as Harold Park and gainsborough greens

the corresponding increase in interest expense reflects the point above. Inactive stages for projects are expensed such as Harold Park Precincts 4-6 and capitalised once active

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 09

group overhead costs[ 1]

		1h14 ($m)	1h13 ($m)	% change
	employee benefts expenses	36.4	31.8	14.5
	Selling and marketing expenses	13.4	12.0	11.7
	other expenses	21.3	17.0	25.3
	total overhead expenses	71.1	60.8	16.9
	total assets	9,637.3	8,319.0	15.8
	overhead expenses as apercentage of asset base	0.7%	0.7%

EXPENSES AS A PERCENTAGE OF TOTAL ASSETS

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3.5% $120m
3.0 100
2.5
80
2.0
60
1.5
40
1.0
0.5 20
0 0
1H09 1H10 1H11 1H12 1H13 1H14
Total overhead expenses
Expenses as a percentage of asset base
% of asset base Total expenses
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• the overhead expenses ratio has remained constant at 0.7% compared to the prior period

• the increase in employee benefits expenses is driven by additional overhead following recent acquisitions

• the full year ratio is likely to trend in line with the previous year

1) expenses are on an operational basis (excluding non-cash items and significant items). for further detail see page 6 and 7 of the additional Information.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 10

mpt operating ebit

detailed breakdoWn oF mpt operating ebit 1h14 ($m) 1h13 ($m) net property income1 offce 150.6 125.7 retail 54.6 60.7 Industrial 17.9 19.3 other 4.2 4.1 total netproperty income 227.3 209.8 investment income2 16.3 10.4 overhead expenses (6.0) (3.9) total mpt operating ebit 237.6 216.3

Increase in net Property Income due to acquisition of ge portfolio and leasing at 40 miller Street, nSW and 10-20 bond Street, nSW

decrease in net Property Income for retail and industrial was driven by non-core asset sales

Increase in investment income is due to the 8 chifley Jv and treasury building convertible note interest income

1) excludes straight-lining of lease revenue and amortisation of lease fit out incentives.

2) Includes income from indirect property investments.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 11

mirvac statutory income tax calculation

		1h14 ($m)	1h14 ($m)
	Proft before tax	246.3
	less: trust proft and group eliminations	269.0
	taxable loss before tax	(22.7)
	net add back for non deductible expenses and non assessable income	4.4
	adjusted taxable loss	(18.3)
	tax beneft at 30%	5.5
	de-recognition of net deferred tax asset	(5.7)
	total tax expense	0.2

during the period mirvac has assessed the carrying value of its net deferred tax asset position and determined it prudent to derecognise part of this position

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 12

1h14 contributions to growth

EBIT BY DIVISION — 1H13 TO 1H14

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$280m
270 23.0 (3.7)
(10.1)
260
254.9
250 21.3 (1.0)
240
230 225.4
220
210
200
1H13 Investment Investment Development Unallocated Elimination 1H14
Management (Corporate Services)
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OPERATING PROFIT BY DIVISION — 1H13 TO 1H14

$225m

• 13.1% increase in group operating ebIt in 1H14 from 1H13

• Strong contribution from Investment through like-for-like noI growth and asset purchases

• development earnings underpinned by 8 chifley, nSW and Pinnacle, nSW in 1H14

• corporate Services movement relates to favourable adjustment for bonuses in prior period

• elimination refers to the 50% elimination of 8 chifley, nSW

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220
18.2 (5.5)
215
(10.3)
210
205 (5.0)
200 7.5 200.2
195 194.2 1.1
190
185
180
1H13 Investment Investment Development Unallocated Elimination Tax 1H14
Management (Corporate Services)
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mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 13

liquidity proFile

		Facility limits	draWn amount available liquidity	draWn amount available liquidity
	31 december 2013	($m)	($m)	($m)
	total facilities maturing>12 months	3,544.81	2,802.11	742.7
	cash on hand			58.2
	total liquidity			800.9
	less facilities maturing<12 months			0.0
	Funding headroom			800.9

1) based on hedged rate not carrying value.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 14

debt and hedging proFile

			Facility limit	draWn amount
	issue / source	maturity date	$m	$m
	mtn III	march 2015	200.0	200.0
	bank facilities	September 2015	680.0	267.3
	mtn Iv	September 2016	225.0	225.0
	uSPP	november 2016	378.8	378.82
	bank facilities	September 2017	510.0	250.0
	mtn v	december 2017	200.0	200.0
	bank facilities	September 2018	510.0	440.0
	uSPP	november 2018	134.1	134.12
	mtn vI	September 2020	200.0	200.0
	uSPP	december 2022	219.7	219.72
	uSPP	december 2024	136.4	136.42
	uSPP	december 2025	150.7	150.72
	total		3,544.8	2,802.1

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1H14 HEDGING AND FIXED INTEREST PROFILE [ 1]
2,000
1,500
1,000
4.53%
4.47% 4.47% 4.43%
500
4.24%
0
1H14 FY14 FY15 FY16 FY17
Fixed Options Swaps Rate
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DRAWN DEBT SOURCES

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USPP 36.4%
MTN 29.4%
Syndicated loans and bank facilities 34.2%
USPP and MTN 65.8%
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1) Includes bank callable swap.

2) based on hedged rate not carrying value.

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one darling island, nsW
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commercIal

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 16

sector and geographic diversiFication

SECTOR DIVERSIFICATION[ 1]

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64.2%
Office 57.7%
23.5%
Retail 27.6%
6.4%
Industrial 7.4%
LPT/unlisted funds 4.5%
/development 5.6%
1.4%
Other 1.7% 1H14 1H13
0% 10% 20% 30% 40% 50% 60% 70%
GEOGRAPHIC DIVERSIFICATION [ 2]
59.0%
NSW 63.5%
19.5%
VIC 14.7%
10.8%
QLD 13.2%
6.8%
ACT 8.1%
3.4%
WA 0.0%
0.5%
USA 0.5% 1H14 1H13
0% 10% 20% 30% 40% 50% 60% 70%
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• mirvac increased exposure to the office sector through the 2H13 ge portfolio acquisition

• consequently the weighting toward the retail portfolio decreased

• Industrial decreased with the combination of the ge portfolio acquisition and the sale of non-core industrial assets

• lPt/unlisted funds/development decreased over the period due to 8 chifley, nSW reclassified from lPt / unlisted / development to “office”

• ge portfolio acquisition strategically increased exposure to the office sector in Wa and vIc

• 1) by book value including IPuc and indirect investments.

• 2) by book value excluding IPuc and indirect investments.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 17

mpt portFolio snapshot

		1h14	1h13
	Properties owned1	69	61
	nla1	1,466,884sqm	1,347,863sqm
	book value2	$7,169.9m	$6,013.7m
	Wacr	7.34%	7.45%
	netpropertyincome3	$243.6m	$220.2m
	like-for-like noIgrowth	3.3%	3.5%
	maintenance capex	$10.0m	$8.0m
	tenant incentives	$4.0m	$5.8m
	occupancy4	97.8%	98.2%
	nla leased	91,251sqm	85,632sqm
	% ofportfolio nla leased	6.2%	6.4%
	no. tenant reviews	906	865
	tenant rent reviews(area)	477,918sqm	531,274sqm
	Wale(area)4	6.8yrs	7.4yrs
	Wale(income)5	5.0yrs	5.5yrs

MPT — LEASE EXPIRY PROFILE AND VARIANCE TO FY13[ 5]

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60%
52.0%
50
40
30
20
10 10.5% 10.0% 9.9% 9.2%
5.7%
2.7%
0
Vacant FY14 FY15 FY16 FY17 FY18 Beyond
0bp -440bp -40bp -280bp +200bp -10bp +570bp
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• 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 IPuc, development and flood affected tenancies, based on 100% of building nla.

• 5) by income, excluding IPuc, bulky goods, development, flood affected tenancies and indirect investments, based on mPt’s ownership.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 18

top ten tenants by income

oFFice

	rank	tenant	percentage 1	percentage 1	s&p rating
	1	Westpac bankingcorporation/St george	17.0%		aa-
	2	government	12.2%		aaa
	3	Woolworths limited	5.0%		a-
	4	fairfax media limited	3.5%		bb+
	5	Ibm australia limited	2.6%		aa-
	6	ugl limited	2.4%		none
	7	gm Holden limited	2.1%		bb+
	8	origin energyServices limited	1.7%		bbb
	9	optus	1.6%		a
	10	anZ bankinggroup	1.4%		aa-
	total	top 10 tenants	49.5%	3

retail

	rank	tenant	**percentage **	2	s&p rating
	1	Wesfarmers limited – coles	12.4%		a-
	2	Woolworths limited	9.7%		a-
	3	aldI	1.3%		none
	4	the reject Shoplimited	1.3%		none
	5	Westpac bankingcorporation/St george	1.2%		aa-
	6	government	1.1%		aaa
	7	Sussan group	1.1%		none
	8	terryWhite chemist	1.0%		none
	9	Priceline	1.0%		bbb
	10	cotton on group	1.0%		none
	total	top 10 tenants	31.1% 3

• 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 tenancies.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 19

mpt weighted average cap rate

MPT WEIGHTED AVERAGE CAP RATE

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9%
8 7.88% 7.74%
7.55% 7.56% [ 1] 7.55% [ 1] 7.49% [ 1] 7.48% [ 1] 7.45% [ 1] 7.48% [ 1]
7.34% [ 1]
7
6
5
4
3
2
1
0
FY09 1H10 FY10 1H11 FY11 1H12 FY12 1H13 FY13 1H14
----- End of picture text -----

1) excludes assets under development.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 20

oFFice snapshot

		1h14	1h13
	Properties owned	35	25
	nla	762,636sqm	609,846sqm
	book value1	$4,632.5m	$3,471.5m
	Wacr	7.40%	7.45%
	netpropertyincome	$150.6m	$125.7m
	like-for-like noIgrowth	3.4%	4.2%
	maintenance capex	$6.8m	$4.4m
	tenant incentives	$2.3m	$3.2m
	occupancy2	96.1%	97.2%
	nla leased	28,581sqm	35,862sqm
	% ofportfolio nla leased	3.7%	5.9%
	no. tenant reviews	266	209
	tenant rent reviews(area)	356,588sqm	341,519sqm
	Wale(area)2	5.1yrs	5.7yrs
	Wale(income)3	5.0yrs	5.7yrs

OFFICE LEASE EXPIRY PROFILE AND VARIANCE TO FY13[ 3]

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

60% 58.1%
50
40
30
20
10 8.8% 8.1% 8.9% 8.7%
3.7% 3.7%
0
Vacant FY14 FY15 FY16 FY17 FY18 Beyond
+30bp -350bp -10bp -350bp +300bp -70bp +450bp
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OFFICE DIVERSIFICATION BY GRADE[ 1]

Premium grade 25.9% A grade 63.0% B grade 7.1% C grade 4.0%

• 1) by book value, as at 31 december 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.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 21

oFFice metrics

			book value		average passing
			december 2013	occupancy 2	gross rent
		no. oF assets	$m 1	december 2013	$ per sqm
	nsW	18	$2,812.9m	96.7%	$692
	Sydneycbd	10	$1,654.2m	95.8%	$827
	north Sydney	2	$299.8m	100.0%	$779
	Sydneyfringe	2	$295.0m	95.5%	$618
	Homebush/rhodes	2	$213.4m	92.3%	$424
	norwest	1	$250.0m	100.0%	$538
	Parramatta	1	$100.5m	100.0%	$323
	vic	7	$963.4m	93.3%	$483
	melbourne cbd	4	$647.2m	91.7%	$537
	east melbourne	2	$191.6m	97.5%	$422
	St Kilda road	1	$124.6m	91.9%	$425
	act	5	$414.5m	98.3%	$433
	canberra	5	$414.5m	98.5%	$433
	qld	4	$206.0m	97.3%	$486
	brisbane ‘near city’	3	$147.9m	98.3%	$445
	brisbane cbd	1	$58.1m	95.0%	$581
	Wa	1	$235.7m	96.5%	$871
	Perth cbd	1	$235.7m	96.5%	$871
	portfolio	35	$4,632.5m	96.1%	$612

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

2) by area, excluding assets under development, based on 100% of building nla.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 22

oFFice development pipeline

project % construction completed %pre leased oWnership	proFit recognition proFile Fy14 Fy15 Fy16 Fy17 Fy18 $208.6m1, 7.8%2 Jan 13 to may 16 $101.9m1, 8.4%2 aug 12 to Jun 15 $103.1m1, 7.7%2 aug 13 to mar 15 $154.9m1, 7.5%2 Jul 15 to nov 16	proFit recognition proFile Fy14 Fy15 Fy16 Fy17 Fy18 $208.6m1, 7.8%2 Jan 13 to may 16 $101.9m1, 8.4%2 aug 12 to Jun 15 $103.1m1, 7.7%2 aug 13 to mar 15 $154.9m1, 7.5%2 Jul 15 to nov 16	proFit recognition proFile Fy14 Fy15 Fy16 Fy17 Fy18 $208.6m1, 7.8%2 Jan 13 to may 16 $101.9m1, 8.4%2 aug 12 to Jun 15 $103.1m1, 7.7%2 aug 13 to mar 15 $154.9m1, 7.5%2 Jul 15 to nov 16	proFit recognition proFile Fy14 Fy15 Fy16 Fy17 Fy18 $208.6m1, 7.8%2 Jan 13 to may 16 $101.9m1, 8.4%2 aug 12 to Jun 15 $103.1m1, 7.7%2 aug 13 to mar 15 $154.9m1, 7.5%2 Jul 15 to nov 16	proFit recognition proFile Fy14 Fy15 Fy16 Fy17 Fy18 $208.6m1, 7.8%2 Jan 13 to may 16 $101.9m1, 8.4%2 aug 12 to Jun 15 $103.1m1, 7.7%2 aug 13 to mar 15 $154.9m1, 7.5%2 Jul 15 to nov 16
treasurybuilding,Wa 27.2% 98.0% 50%			$101.9m1, 8.4%2 aug 12 to Jun 15
699 bourke Street,vIc 15.3% 100.0% 100%			$103.1m1, 7.7%2 aug 13 to mar 15
200 george Street,nSW 8.7% 74.3% 50%				$208.6m1, 7.8%2 Jan 13 to may 16
664 collins Street,vIc 2.6% 100%					$154.9m1, 7.5%2 Jul 15 to nov 16

fee recognition period under construction Planning

1) total expected costs to complete excluding land and including interest.

2) expected yield on cost including land and interest.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 23

commercial development hypothetical Fund through

proFile oF commercial development

• mirvac has a unique competitive advantage through its internal development capability

• 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 during development

• development fees typically earned during construction phase and a development management fee earned at practical completion

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INDICATIVE GENERIC CASHFLOW PROFILE – COMMERCIAL DEVELOPMENT –
SINGLE COMMERCIAL TOWER DMA FOR JV (MPT AND PARTNER)
80% Cumulative cash flow
60
Periodic fund through payments
40
Range
20 relates to
rental
incentives
and rental
0
guarantee
Internal design Construction costs incurred payments
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 Development cashflow
(18 Months)
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 agreement with third party, inventory to date sold, dma commences

costs incurred during construction recorded as inventory. Periodic fund through payments received by development division from mPt and third party from are recorded as a deferred revenue payable “grossing up” impact

at practical completion, deferred revenue payable and inventory are released to the P&l as development profit

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 24

commercial development hypothetical Fund through

typical commercial development transaction

• mirvac development seek lease commitment from anchor tenant

• land acquired and held in mPt, 50% interest sold to capital partner

• mPt and third party enter into development agreement with mirvac development

• Quarterly payments to mirvac development under dma fund development costs

• construction management fee during construction paid to mirvac development, potential upfront arrangement fee

• agreed adjustment on completion to off-set funding cost

• development profit on completion at agreed end value yield

• Incentive and rental guarantee over vacancy on completion

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

development investment
cash flow > reduced cash flow requirements during development > Payment for purchases of land
> Proceeds to mPt on sell down of interest in land to capital partner
> Quarterly payments under dma
> final payment on completion
balance sheet > construction costs build up in inventory “grossing up” > mPt carrying value of land as investment property under construction at fair value
> deferred revenue payable increases for dma payments “grossing up” > Sell down of 50% interest in sub trust to Jv party, mPt interest in Jv equity accounted
> liability recongised on completion for rental guarantee and incentives on > funding costs capitalised to carrying value of property
vacancy > Quarterly and final dma payments capitalised to (100% recognised in development)
carrying value and fair valued
> rental guarantee recognised at fair value
> upfront fee may be negotiated > net gain or loss on sell down of interest
Profit and loss
> construction management fee potential adjustments > Share of profit/ loss on income, including fair value adjustments
> Profit recognised as revenue less cogS 100% in development, > convertible note interest on funding dma payments
includes provision rental guarantees and incentives (50% of development
profit recognised at a group level)
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mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 25

retail snapshot

		1h14	1h13
	Properties owned	17	19
	nla book value1	357,417sqm $1,685.5m	390,646sqm $1,661.5m
	Wacr	7.04%	7.25%
	netpropertyincome	$54.6m	$60.7m
	like-for-like noIgrowth	2.1%	2.7%
	maintenance capex	$2.6m	$3.0m
	tenant incentives	$1.6m	$2.6m
	occupancy2	99.6%	99.4%
	nla leased	17,654sqm	29,244sqm
	% ofportfolio nla leased no. tenant reviews	4.9% 627	7.5% 645
	tenant rent reviews(area)	82,220sqm	86,527sqm
	Wale(area)2	5.4yrs	5.7yrs
	Wale(income)3 Specialtyoccupancycost4 Specialtyoccupancycost excludingcbd centres4 total comparable mat4	3.8yrs 16.8% 15.9% $1,726.2m	4.1yrs 15.2% 14.4% $2,420.6m
	total comparable matgrowth4 Specialties comparable mat4	6.1% $7,371sqm	1.8% $7,478sqm
	Specialties comparable matgrowth4 new leasingspreads	1.0% 10.1%	(0.2%) 2.3%
	renewal leasingspreads	2.5%	1.9%
	total leasingspreads	4.9%	2.0%

			comparable	comparable
	retail sales	total mat	mat groWth	mat groWth
	by category	1h14 $m	1h14 %	1h13 %
	non-food majors	$328.6m	0.0%	(0.1%)
	food majors	$946.8m	5.8%	3.6%
	mini majors	$250.1m	16.4%	1.5%
	Specialties	$704.6m	1.0%	(0.2%)
	other retail	$191.6m	30.4%	4.9%
	total	$2,421.7m	6.1%	1.8%

RETAIL LEASE EXPIRY PROFILE AND VARIANCE TO FY13[ 3]

40%

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

32.5%
30
20 16.0% 16.4%
12.3% 12.8%
10 9.5%
0 0.6%
Vacant FY14 FY15 FY16 FY17 FY18 Beyond
-80bp -580bp -10bp +120bp -80bp +120bp +510bp
----- End of picture text -----

RETAIL DIVERSIFICATION BY GRADE[ 1]

Sub regional 81.3% CBD retail 10.5% Neighbourhood 8.2%

1) by book value, as at 31 december 2013.

2) by area, excluding IPuc, bulky goods, development and flood affected tenancies, based on 100% of building nla.

3) by income, excluding IPuc, bulky goods, development and flood affected tenancies, based on mPt’s ownership.

4) 1H14 excludes Hinkler central (flood affected) and assets under development. 1H13 no properties excluded.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 26

retail development pipeline

project status Fy13 Fy14 Fy15 Fy16+ Kawana Shoppingworld (Stage 4) buddina, Qld (100%) redevelopment underway Stanhope village (Stage 4) Stanhope gardens, nSW (100%) commenced february 2014 orion town centre (Stage 2) Springfeld, Qld (100%) commences march 2014 $35.8m1, 7.8%2 Jul 12 to Sep 14 $18.7m1, 7.1%2 feb 14 to may 15 $154.3m1, 7.3%2 mar 14 to mar 16	project status Fy13 Fy14 Fy15 Fy16+ Kawana Shoppingworld (Stage 4) buddina, Qld (100%) redevelopment underway Stanhope village (Stage 4) Stanhope gardens, nSW (100%) commenced february 2014 orion town centre (Stage 2) Springfeld, Qld (100%) commences march 2014 $35.8m1, 7.8%2 Jul 12 to Sep 14 $18.7m1, 7.1%2 feb 14 to may 15 $154.3m1, 7.3%2 mar 14 to mar 16	project status Fy13 Fy14 Fy15 Fy16+ Kawana Shoppingworld (Stage 4) buddina, Qld (100%) redevelopment underway Stanhope village (Stage 4) Stanhope gardens, nSW (100%) commenced february 2014 orion town centre (Stage 2) Springfeld, Qld (100%) commences march 2014 $35.8m1, 7.8%2 Jul 12 to Sep 14 $18.7m1, 7.1%2 feb 14 to may 15 $154.3m1, 7.3%2 mar 14 to mar 16	project status Fy13 Fy14 Fy15 Fy16+ Kawana Shoppingworld (Stage 4) buddina, Qld (100%) redevelopment underway Stanhope village (Stage 4) Stanhope gardens, nSW (100%) commenced february 2014 orion town centre (Stage 2) Springfeld, Qld (100%) commences march 2014 $35.8m1, 7.8%2 Jul 12 to Sep 14 $18.7m1, 7.1%2 feb 14 to may 15 $154.3m1, 7.3%2 mar 14 to mar 16	project status Fy13 Fy14 Fy15 Fy16+ Kawana Shoppingworld (Stage 4) buddina, Qld (100%) redevelopment underway Stanhope village (Stage 4) Stanhope gardens, nSW (100%) commenced february 2014 orion town centre (Stage 2) Springfeld, Qld (100%) commences march 2014 $35.8m1, 7.8%2 Jul 12 to Sep 14 $18.7m1, 7.1%2 feb 14 to may 15 $154.3m1, 7.3%2 mar 14 to mar 16
Kawana Shoppingworld (Stage 4) buddina, Qld (100%) redevelopment underway			$35.8m1, 7.8%2 Jul 12 to Sep 14
Stanhope village (Stage 4) Stanhope gardens, nSW (100%) commenced february 2014				$18.7m1, 7.1%2 feb 14 to may 15
orion town centre (Stage 2) Springfeld, Qld (100%) commences march 2014				$154.3m1, 7.3%2 mar 14 to mar 16

1) forecast total costs to complete including interest, excluding land acquisition costs, based on mPt’s ownership. 2) yield on cost.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 27

industrial snapshot

		1h14	1h13
	Properties owned	13	13
	nla	346,433sqm	346,972sqm
	book value1	$460.5m	$445.9m
	Wacr	7.78%	8.00%
	netpropertyincome	$17.9m	$19.3m
	like-for-like noIgrowth	5.2%	5.9%
	maintenance capex	$0.4m	$0.7m
	tenant incentives	$0.0m	$0.0m
	occupancy2	99.5%	99.4%
	nla leased	45,015sqm	20,526sqm
	% ofportfolio nla leased	13.0%	5.9%
	no. tenant reviews	13	11
	tenant rent reviews(area)	39,110sqm	88,394sqm
	Wale(area)2	11.9yrs	12.4yrs
	Wale(income)3	9.3yrs	9.2yrs

INDUSTRIAL LEASE EXPIRY PROFILE AND VARIANCE TO FY13[ 3]

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

70% 66.6%
60
50
40
30
20
13.2%
10 7.1% 8.0%
3.4%
0 1.4% 0.3%
Vacant FY14 FY15 FY16 FY17 FY18 Beyond
-40bp -340bp -170bp -1,020bp +540bp +20bp +1,100bp
----- End of picture text -----

INDUSTRIAL DIVERSIFICATION BY ASSET TYPE[ 1]

Industrial warehouse 73.8% Business parks 26.2%

• 1) by book value as at 31 december 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.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 28

schedule oF acquisitions

1h14 schedule oF acquisitions[ 1]

						acquisition	passing	actual	actual
						price	yield	settlement
	property	state	sector	status	occupancy	$m	(pre-costs)	date
	477 collins Street	vIc	offce	Settled	40.9%	72.0	5.0%	nov 2013
	367 collins Street	vIc	offce	Settled	100.0%2	227.8	7.8%	nov 2013
	60 Wallgrove road	nSW	Industrial	Settled	100.0%	55.1	6.1%	Jan 2014
	Harbourside Shopping centre	nSW	retail	Settled	97.0%	252.0	6.7%	Jan 2014
	total					606.9

1) Schedule metrics as at acquisition date.

2) Includes 12 month vendor rental guarantee on current vacancy of 11%.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 29

schedule oF disposals

1h14 schedule oF disposals

					previous	gross	proceeds	actual
					book value	sale price	above book	settlement
	property	state	sector	status	$m1	$m	value $m 1	date
	non-core asset disposals
	manning mall	nSW	retail	Settled	31.8	32.6	0.8	Jul 2013
	logan mega centre	Qld	retail	Settled	49.5	52.0	2.5	aug 2013
	54-60 talavera road2	nSW	Industrial	exchanged	47.1	48.0	0.9	mar 2014
	orange city centre2	nSW	retail	exchanged	48.3	49.5	1.2	mar 2014
	gippsland centre2, 3	vIc	retail	exchanged	48.5	50.5	2.0	mar 2014
	total				225.3	232.6	7.3

1) as at 30 June 2013.

• 2) assets held for sale as at 31 december 2013.

• 3) Includes 349 raymond Street, gippsland.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 30

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==> picture [99 x 6] intentionally omitted <==

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

yarra’s edge, docklands, vic
----- End of picture text -----

reSIdentIal

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 31

project pipeline – apartments

project stage settlements commencing % pre-sold **oWnership **		proFit recognition proFile 1	proFit recognition proFile 1	proFit recognition proFile 1
	Fy14	Fy15	Fy16	Fy17	Fy18
era, nSW era 2H14 100.0% 100%	294 lots
Harold Park, nSW Precinct 1 1H15 99.7% 100%		298 lots
Harold Park, nSW Precinct 2 1H15 97.3% 100%		184 lots
yarra’s edge, vIc array 2H15 78.5% 100%		205 lots
Harold Park, nSW Precinct 3 2H16 82.9% 100%			345 lots
green Square, nSW all stages 2H16 not released 25%			518 lots
Harold Park, nSW Precinct 4 1H17 not released 100%				158 lots
Harold Park, nSW Precinct 6 1H17 not released 100%				84 lots
bondi, nSW Stage 1 1H17 not released 100%				213 lots
Waterfront, Qld Skyring 1H17 not released 100%				140 lots
dallas brooks Hall, vIc all stages 2H18 not released Pda					72 lots
Harold Park, nSW Precinct 5 1H18 not released 100%					241 lots

	apartments project pipeline analysis	apartments project pipeline analysis
	% of total fy14 expected
	provision lots to settle	15%-20%
	% of total fy14
	expected lots to settle
	from apartments	20%-30%

under construction Planning under negotiation future stages

1) Project lot settlements over ebIt contributing period.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 32

project pipeline – masterplanned communities

project stage settlements commencing type **oWnership **	proFit recognition proFile 1 Fy14 Fy15 Fy16 Fy17 Fy18 206 lots 359 lots 119 lots 242 lots 669 lots 1,638 lots 216 lots 293 lots 274 lots 450 lots 374 lots 500 lots 174 lots	proFit recognition proFile 1 Fy14 Fy15 Fy16 Fy17 Fy18 206 lots 359 lots 119 lots 242 lots 669 lots 1,638 lots 216 lots 293 lots 274 lots 450 lots 374 lots 500 lots 174 lots	proFit recognition proFile 1 Fy14 Fy15 Fy16 Fy17 Fy18 206 lots 359 lots 119 lots 242 lots 669 lots 1,638 lots 216 lots 293 lots 274 lots 450 lots 374 lots 500 lots 174 lots	proFit recognition proFile 1 Fy14 Fy15 Fy16 Fy17 Fy18 206 lots 359 lots 119 lots 242 lots 669 lots 1,638 lots 216 lots 293 lots 274 lots 450 lots 374 lots 500 lots 174 lots	proFit recognition proFile 1 Fy14 Fy15 Fy16 Fy17 Fy18 206 lots 359 lots 119 lots 242 lots 669 lots 1,638 lots 216 lots 293 lots 274 lots 450 lots 374 lots 500 lots 174 lots
elizabeth Point, nSW all stages 1H14 House & land 100%	206 lots
elizabeth Hills, nSW all stages 1H14 land Pda	359 lots
Jane brook, Wa all stages 1H14 land 100%	119 lots
Waverley Park, vIc all stages 1H14 House & land 100%	242 lots
Harcrest, vIc all stages 1H14 land 20%	669 lots
googong, nSW Stage 1 & 2 1H14 land 50%	1,638 lots
enclave, vIc Stage 1 1H14 House & land 50%	216 lots
alex avenue, nSW Precinct 1 & 2 2H14 House & land 100%	293 lots
new brighton golf course, nSW all stages 1H16 land Pda			274 lots
rockbank, vIc Stage 1 1H16 land 50%			450 lots
eastern golf course, vIc all stages 2H16 House & land 100%			374 lots
Smith’s lane, vIc Stage 1 2H17 land 100%			500 lots
donnybrook road, vIc all stages 1H17 land 100%				174 lots

	masterplanned communities pipeline analysis	project
	% of total fy14 expected
	provision lots to settle	20%-25%
	% of total fy14 expected
	lots to settle from
	masterplanned communities	70%-80%

active under construction Planning

1) Project lot settlements over ebIt contributing period.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 33

1h14 activity detail

1,032 lot settlements consisting of:

	1,032 lot settlements consisting of:
						masterplanned
			total	apartments		communities
	settlement by lots	lots	%	lots	%	lots	%
	nSW	692	67.1%	233	22.6%	459	44.5%
	Qld	147	14.2%	64	6.2%	83	8.0%
	Wa	113	10.9%	4	0.4%	109	10.6%
	vIc	80	7.8%	20	1.9%	60	5.8%
	total	1,032	100.0%	321	31.1%	711 68.9%

1h14 lot breakdoWn

NSW: 67.1% QLD: 14.2% WA: 10.9% VIC: 7.8%

Masterplanned communities: 68.9% Apartments: 31.1%

100% Mirvac inventory: 44.2% Non provision settlements: 74.7% MWRDP: 29.6% JVs and associates: 11.5% Provision settlements: 25.3% PDA: 9.6% Development funds: 5.1%

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 34

1h14 settlements

mirvac’s 1h14 settlements

• 77.7% upgraders/empty nesters and investors

• mirvac average price:

• House $415,000[ 1]

• land $262,000[ 2]

• apartments $882,000[ 3]

buyer profile — 1h14

>	upgraders/empty nesters	37.7%
>	Investors	40.0%
>	fHb	22.3%

	key 1h14 settlements
	by product	product type	lots
	Pinnacle,nSW	apartments	233
	elizabeth Point,nSW	masterplanned communities	104
	googong,nSW	masterplanned communities	63
	elizabeth Hills,nSW	masterplanned communities	58
	total		458

AVERAGE PRICE OF MIRVAC APARTMENTS[4]

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

100% >$3.0 $1.2m - $3.0m <$1.2m
80
60
40
20
0
FY14 FY15 FY16 FY17 FY18
----- End of picture text -----

AVERAGE PRICE OF MIRVAC MASTERPLANNED COMMUNITIES[4]

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

100% >$500k $250k - $500k < $250k
80
60
40
20
0
FY14 FY15 FY16 FY17 FY18
----- End of picture text -----

• 1) 154 housing lots settled.

• 2) 557 land lots settled.

• 3) 321 apartment lots settled.

• 4) based on forecast future lot settlements and associated gross revenue.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 35

pre-sales outlook 1h14 – Fy17

							settlement		lots	revenue
	released	project	state	stage	status	oWnership	period	lots	pre-sold	$m 1
		era	nSW	era	under construction	100%	fy14	294	100.0%	300.4
		Harold Park	nSW	Precinct 1	under construction	100%	fy15	298	99.7%	261.1
		Harold Park	nSW	Precinct 2	under construction	100%	fy15	184	97.3%	189.7
		yarra’s edge towers	vIc	array	under construction	100%	fy15-fy16	205	78.5%	228.0
		Harold Park	nSW	Precinct 3	marketing	100%	fy16-fy17	345	82.9%	302.7
		elizabeth Point	nSW	Stages 1, 2, 3	active	100%	fy14-fy15	206	68.4%	66.0
		googong	nSW	Stages 1, 2, 3	active	50%	fy14-fy18	595	69.6%	68.5
		enclave	vIc	Stages 3-5	active	50%	fy14-fy17	216	66.2%	66.5
		Jane brook	Wa	Stages 4, 5	active	100%	fy14-fy16	119	52.9%	40.9
		total						2,462	80.3%2	1,523.8

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RECONCILIATION OF MOVEMENT IN EXCHANGED PRE-SALES CONTRACTS TO FY14
$1,600m
$670.2m $1,458.5m
1,200
$1005.4m $217.1m
800
400
0
FY13 SETTLED [ 3] NET SALES 1H14
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EXPECTED SETTLEMENT OF EXCHANGED PRE-SALES CONTRACTS

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As at FY13 As at 1H14
$579m $571m
$522m
$365m
$300m
$126m
FY14 FY15 FY16+
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• 1) mirvac’s share of forecast gross revenue, adjusted for Jv interest, associates and mirvac managed funds.

• 2) Percentage pre-sold as at 31 december 2013.

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

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 36

diversiFication oF residential lots/revenue

31,368 lots under control

FORECAST FUTURE REVENUE BY PRODUCT

LOTS UNDER CONTROL BY STRUCTURE

MIRVAC SHARE OF FORECAST REVENUE BY STATE

Masterplanned communities 51.7% Apartments 48.3%

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100% Mirvac inventory 43.8%
MWRDP 3.4%
PDA’s 7.6%
JV’s & associates 44.6%
Development funds 0.6%
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==> picture [49 x 41] intentionally omitted <==

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

NSW 36.6%
VIC 36.2%
QLD 16.8%
WA 10.4%
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AVERAGE PRICE OF LOTS UNDER CONTROL AVERAGE PRICE OF LOTS UNDER CONTROL

Apartments Masterplanned communities < $1.2m 94.9% < $250k 60.1% $1.2m – $3m 5.1% $250k – $500k 35.0% > $500k 4.9%

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 37

pre-sales analysis

exchanged pre-sales contracts on hand less than 1 year old 74.1% > exchanged pre-sales contracts on hand priced at < $1m 84.4% > apartment exchanged pre-sales contracts on hand priced at < $1m 68.9% > exchanged pre-sales contracts on hand priced at < $2m 99.5%

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EXCHANGED CONTRACTS – BY STATE [ 1] EXCHANGED CONTRACTS – BY AGE [ 1]
$1,170m
< 1yr: 74.0% Masterplanned
1-2yrs: 14.9% communities: 45.0%
> 2yr: 11.1% Apartments: 29.0%
$255m
$24m $11m
NSW VIC WA QLD
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1) total exchanged contracts as at 31 december 2013, adjusted for mirvac’s share of Jvs, associates, and mirvac’s managed funds.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 38

invested capital – development reconciliation

			items excluded		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	12.1	(12.1)	—	—	—	—
	receivables	207.3	(83.5)	123.9	—	—	123.9
	Inventories – gross	1,883.5	—	1,883.5	(96.8)	(102.1)	1,684.6
	Inventories – Provision for loss	(304.7)	—	(304.7)	—	—	(304.7)
	other assets	1.2	(1.2)	—	—	—	—
	Investments accounted
	for using the equity method	219.7	—	219.7	—	—	219.7
	other fnancial assets	52.0	—	52.0	—	—	52.0
	Property, plant and equipment	6.3	(6.3)	—	—	—	—
	deferred tax assets	111.9	(111.9)	—	—	—	—
	total	2,189.3	(215.0)	1,974.4	(96.8)	(102.1)	1,775.5

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 at 31 december 2013 and new business acquired throughout the target period)

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

deferred terms – masterplanned communities example

• capital efficient structures require “grossing-up” to full value of inventory despite a proportion of cash expended on deferred payment terms

• the non-cash balance is offset by a payable amount

• the non-cash balance is excluded for roIc

deferred terms – commercial development example

• commercial fund-through development structures obtain reimbursements for construction costs during development

• these amounts are recorded as deferred revenue “grossing-up” the inventory and deferred revenue payable

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 39

invested capital – development reconciliation

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

residential > apartments: 64.1%
development
84.0% > masterplanned communities: 35.9%
invested capital
[1] > office: 81.8%
commercial
$1,776m
> Industrial: 15.6%
16.0%
> retail: 2.6%
DEVELOPMENT INVESTED CAPITAL $1,776M [ 1] BY STRUCTURE BY STATE
100%
Commercial 16.0% Provisions 24.1% 100% balance sheet: 55.2% NSW: 54.4%
75 Masterplanned Capital effcient [ 1] 44.8% Structured land payment: 25.1% VIC: 17.2%
communities 30.1% JV & associates: 15.8% QLD: 14.9%
50 PDA: 3.9% WA: 13.5%
Non-provisions 75.9%
25 Apartments 53.9% 100% Balance sheet 55.2%
0
BY PRODUCT LINE BY STRUCTURE PROVISION/NON-PROVISION
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1) capital efficient by structure includes capital invested in development agreement’s, Jvs, mWrdP, structured land payments and loans.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 40

capital eFFicient development projects

wholesale relationships structured land payments development agreement joint venture	defnition benefts example defnition benefts example defnition benefts example defnition benefts example	capital relationships with small number of investors for development, with development delivery by mirvac provided for fees and share in equity profts
		Improved roIc, fees
		mWrdP
		time effcient method of staged terms for acquisition of land for development assets
		Improved Irr, improved roIc
		donnybrook, vIc
		Provision of development services by mirvac to the local owner e.g. Project development agreement (Pda)
		Improved Irr, access to strategic sites, fees
		green Square, nSW
		undertaking a development in a defned relationship with a co-investor
		Improved roIc, fees
		googong, nSW

45% 1 of total development capital

1) as at 31 december 2013.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 41

gross development margin

	development and construction revenue $m	development and construction revenue $m	cost oF property development and construction $m	gross development margin $m	gross development margin %
	1H14
	adjusted for zero margin settlements	139.7	(110.3)	29.4	21.0
	commercial projects	12.61	(12.4)1
	Provision projects project revenue cost recovery activities mirvac consolidated statement of comprehensive income (excluding 8 chifey)	90.2 242.5 44.3 286.8	(82.9) (205.6) (44.3) (249.9)	36.9 36.9	15.2 12.8
	8 chifey	256.4	(232.5)
	mirvac consolidated statement of comprehensive income	543.2 2	(482.4) 3	60.8	11.2
	1H13
	adjusted for zero margin settlements	174.2	(141.2)	33.0	18.9
	commercial projects	0.0	(0.0)
	Provision projects	85.3	(79.1)
	project revenue	259.5	(220.3)	39.2	15.1
	cost recovery activities	57.8	(57.6)
	mirvac consolidated statement of comprehensive income	317.3	(277.9)	39.4	12.4

• gross margins consistent between apartments and masterplanned communities

• gross margin trending to target of 18% to 22% by fy14

• 37.2% of project revenue from provisioned projects (34.0% of 1H14 lot settlements provisioned)

• 1) representing margin derived from commercial projects less intra-group transactions eliminated on consolidation.

• 2) total development and construction and inter-segment revenue — see page 6 of additional Information.

• 3) total cost of property development and construction — see page 6 of additional Information.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 42

development operating ebit analysis

	development operating ebit analysis
	mIrvacI1H14 addItIonal InformatIonI20 february 2014I43 1h14 1h13 $m $m % change development and construction revenue - non recharge projects 486.3 259.5 development and construction revenue - recharge projects 44.3 57.8 total development and construction revenue 530.6 317.3 cost of property development and construction - non recharge projects 438.1 220.3 cost of property development and construction - recharge projects 44.3 57.6 development management fee revenue 11.9 9.9 20.2% Share of net proft of associates and joint ventures accounted for using the equity method 6.5 0.7 Selling and marketing expenses (13.2) (11.4) 15.8% overheads (12.7) (15.3) other 13.8 8.2 operating ebit 54.5 31.5 73.0% less operatingfnance costs 28.8 23.5 Interest revenue (0.5) 0.0 operating proft 26.2 8.0 development management fee revenue increased due to fees from Pinnacle, nSW. development management and fee revenue is in line with annual $20-25m range and mirvac expects this to continue for fy14 Selling and marketing expenses, net of provision release, were higher in 1H14 due to further releases at Harold Park. Selling and marketing is expected to be between $20-$25m for fy14 Share of net proft of associates and joint ventures increased through settlements at Pinnacle, nSW other consists of interest revenue, inter-company sales, other revenue and other expenses Interest expense + previously capitalised interest released on settlements, net of provision release

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 43

Fy13 development earnings model

this model has been prepared as a suggested guide for investors and analysts to model mirvac’s development business.

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)
% of lots 100.0% 37.0% 63.0% 79.0% (b)
key projects ownership lots average price gross margin gross margin settled $m $m
elizabeth Hills, nSW 100.0% 184 $._m .% $._m
middleton grange, nSW 100.0% 171 $._m .% $._m
yarra’s edge, vIc 100.0% 170 $._m .% $._m
WaverleyPark, vIc 100.0% 97 $._m .% $._m
yarra’s edge, river Homes, vIc 100.0% 25 $._m .% $._m
total $_._m (c)
earnings from remaining non provisioned lots apartments mpc
% of lots settled 0.0% 100.0%
nonprovision lots minus key projects 0
	253
averageprice $._m $._m
gross margin .% .%
gross margin from remainingnonprovisioned lots $._m $.m $._m (d)
development management fee revenue $_._m (e)
Sellingand marketingexpenses ($_._m) (f)
overheads ($_._m) (g)
development ebit $_._m (c+d+e+F+g)

Page 34 and 35 give detail on the split of provision and non provision lots for fy14 mirvac expects 65% to 70% of non provisioned lots to be 100% balance sheet and development agreement lots ~~f~~ y14 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 l ~~o~~ ts highlighted above. Split for fy14 is 30% apartment lots and 70% masterplanned communities

note this information is provided in the analyst toolkit in excel.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 44

development historical inFormation (Fy10 – 1h14)

		1h14	Fy13	1h13	Fy12	Fy11	Fy10
	development and construction revenue	543.2	820.8	317.3	918.4	958.1	862.2
	gross margin	15.2%	16.7%	15.1%	14.3%	14.2%	11.4%
	gross residential margin (excluding zero margin)	21.0%	20.4%	18.9%	17.9%	17.9%	17.6%
	ebIt	54.5	95.0	31.5	91.3	86.7	51.3
	operating proft (proft before non-cash and signifcant items)	26.2	37.1	8.0	15.2	34.0	20.1
		1h14	Fy13	1h13	Fy12	Fy11	Fy10
		lots	lots	lots	lots	lots	lots
	apartments	321	332	79	353	230	636
	masterplanned communities	711	1,477	615	1,454	1,494	1,169
	lots settled	1,032	1,809	694	1,807	1,724	1,805

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 45

capitalised interest

• capitalised interest now represents 11.9% of gross inventory, down from 12.4% at fy13

• capitalised interest is 6.0% as a percentage of gross inventory for non-provisioned projects, and 23.0% for provisioned projects

• 67% of the capitalised interest balance is accounted for provision projects

• operating profit to ebIt ratio trending back towards normalised levels – expect a range of 40% to 55% through cycle depending on product mix and contribution of different capital structures

CAPITALISED INTEREST PROFILE

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Provisioned Major pre FY4 settlements Future stages
$300m
250 $224.6m $18.5m $18.4m $224.7m
200 6.0%
150
100 23.0%
0
1H13 INTEREST CAPITALISED COGS INTEREST 1H14
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OPERATING PROFIT TO EBIT RATIO
Operating profit (LHS) Operating profit to EBIT ratio (RHS) EBIT (LHS)
$100m 80%
80
60
40
20
0 0
FY09 FY10 FY11 FY12 FY13
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mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 46

provisions – roll oFF[ 1]

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

PROVISION BALANCE PROFILE
$350m
300
250
200
150
100
50
0
FY13 FY14 FY15 FY16 FY17 FY18
PROVISION RELEASE PROFILE
$120m Englobo Unsold/workout
100
80
60
40
20
0
FY14 FY15 FY16 FY17 FY18
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1) based on forecast revenue, market conditions, expenditure and interest costs over project life.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 47

provisions – projects update

	provision projects update
	engloboproject sales	Product line	Status
	Springfarm, nSW (stages 4 and 5)	masterplanned communities	Sold
	englobo update	Product line	update
	mariner’s Peninsula, Qld	apartment	exchanged 1H14
	foreshore Hamilton, Qld	apartment	exchanged 1H14
	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
	unsold stock update	Product line	update
	leighton beach, Wa	apartment	Sold out
	the Point, mandurah, Wa	apartment	Sold out and settled
	ephraim Island, Qld	apartment	Sold out and settled
	tennyson, Qld	apartment	Selling to forecast
	Waterfront, Park Precinct, Qld	apartment	Selling to forecast
	burswood,Wa	apartment	Sellingto forecast

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 48

residential development new projects

• 1,100 new lots

• Key growth markets targeted

• Profit recognition profile both near and medium term

• Price points on strategy

			bondi, nsW		elizabeth hills, nsW		enclave, vic		brideWater, Wa		baldivis, Wa
			(100% mgr oWned)		(100% mgr oWned)		(100% mgr oWned)		(100% mgr oWned)		(100% mgr oWned)
	lots		>200		229		17		267		388
			Inner ring		urban edge		Infll ring		urban edge		Infll ring
	market		apartments		mPc		mPc		mPc		mPc
	first proft recognition		fy17		fy14		fy15		fy14		fy16
	average price point		$960k		$289k		$642k		$176k		$200k
			100% balance		100% balance		100% balance		100% balance		100% balance
	Structure		sheet		sheet		sheet		sheet		sheet
	mirvac share of
	gross revenue		>$200m		$78.4m		$10.9m		$47.1m		$79.2m

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 49

hypothetical proFit making development project – treatment oF capitalised costs

project metrics total	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 land (20) cost of property development and construction (20) (40) Sales & marketing expenses (5) (5) Interest costs (3) (5) (2)
					during construction all interest costs are capitalised to inventory. these are released in the P&l on settlement through ‘borrowing costs capitalised during development’.
	(5) (2)
net cash fow (48) (45)	113
P&l year 1 year 2	year 3
					upon the completion of construction interest costs are expensed directly to the P&l.
Sales revenue cogS gross margin — — Sales & marketing expenses (5) — ebIt (5) — Interest and fnance charges paid/payable — — Interest capitalised in current and prior years expensed this year — — total fnance costs — —	120 (80) 40 (5) 35 (2) (8) (10)
operating netproft (5) —	25
balance Sheet year 1 year 2	year 3
					upon settlement capitalised acquisition (land) and development (construction) costs are released in the P&l through ‘cogS’.
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’.

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

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

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 50

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)
	totalproject return						(10)
	cash fow Sales revenue land cost of property development and construction	year 1 (25) (5)	year 2 (10)		year 3 (15)	year 4 (20)	year 5 100
	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 cogS gross margin Sales & marketing expenses	— (5)		— —	— —	— —	100 (75) 25 (5)
	ebIt Interest and fnance charges paid/payable	(5)		—	—	—	20 (2)
	Interest and fnance charges paid/payable – provision release Interest capitalised in current and prior years						2
	expensed this year – provision release						(23)
	Interest capitalised in current and prior years expensed this year – provision release total fnance costs	—		—	—	—	3 (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	—

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 ~~impai~~ rment 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 ~~b~~ ut a provision for loss is added to the balance sheet. this provision is released against interest costs upon settlement.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 51

residential development high density = apartments

proFile oF high density

• High barriers to entry

• acceptable risk return profile

• larger quantum of return

• more capital intensive

• longer cash conversion cycle – approximately 2-3 years

• complex skill set

• Pre-sales for de-risking

GENERIC PROFILE — SINGLE STAGE, 200 UNIT APARTMENT PROJECTS

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Month 6 Month 12 Month 15 Month 35
DA submitted DA approved Construction commences Practical completion
50.0%
Land Settlement of
30.0% payment unsold stock
10.0%
Internal Council
0.0% design phase approval phase
Settlement of
(10.0%) pre-sold stock
(30.0%) Initial marketing& pre-release Sales Civils, carparks &basement works
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% joint venture 50% of equity accounted sales and marketing expenses 50% of equity profits 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
----- End of picture text -----

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 52

residential development low density = masterplanned communities

proFile oF low density

• lower capital commitment

• Smoother earnings

• delivery less complicated

• flexibility of stock and staging

• Shorter cash conversion cycle – approximately 6 to 12 months

• 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%
Settlement
Negotiations Period of period
0.0% authoritiesbetweencouncil civil works Indicative profileof each stage
Break
(40.0%) Staged even point
land payment First profit recognition
(80.0%) Internaldesignphase Sales Initial civils& infrastructure
Planning & design Civils & settlements
(24 months) (continues for remainder of project)
proFit & loss impact
100% project marketing expenses 100% of profit recognised on settlement
development agreements marketing expenses mirvac share of equity profits recognised on settlement
fee stream cost based fees revenue & cost based fees
50% joint venture marketing expenses 50% of equity profits recognised on settlement
fee stream cost based fees revenue & cost based fees
Wholesale partnership marketing expenses mirvac share of equity profits recognised on settlement
fee stream revenue & cost based fees
CUMULATIVE CASH FLOW
----- End of picture text -----

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 53

our markets

• sector description sub-market residential masterplanned communities > first home buyers > land subdivision > 2nd/3rd home buyers > completed housing[ 1] > Investors > Packaged housing[ 2] > typical price range: > Integrated housing > land $170K – $300K > Housing $350K – $600K > Integrated housing $375K – $1m

example developments

middleton grange, nSW

elizabeth Hills, nSW

• apartments > owner occupiers (60%) > mid market > Investors (40%) > High end > typical price range: > often as part of larger > 1 bed $400K – $550K scale urban renewal > 2 bed $600K – $900K projects (multiple stages) > 3 bed $800K – $2.0m > Penthouse $1.5m – > $6m

commercial

• office / industrial / retail

Harold Park, nSW

era, chatswood, nSW

• 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.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 54

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HealtH and Safety

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

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 55
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health and saFety[ 1]

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AVERAGE TIME LOST THROUGH INJURY IN DAYS from fy09 to fy13
average tIme loSt
tHrougH InJury dayS
1H14 2.3 days
HaS reduced by
FY13 6.5 days
FY12 7 days
FY11 8 days
72.9%
FY10 21 days
FY09 24 days
NUMBER OF INJURIES RESULTING IN WORKERS COMPENSATION CLAIMS from fy09 to fy13 tHe
number of InJurIeS
reSultIng In WorKerS
1H14 7
comPenSatIon claImS
FY13 26 HaS reduced by
FY12 97
FY11 122
FY10 136 85.5%
FY09 179
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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.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 56

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calendar

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 57

cy14 calendar[ 1]

upcoming conFerence attendance:

	upcoming conFerence attendance:
	event	location	date
	Private roadshow	Sydney	21 and 25 february2014
	Private roadshow	melbourne	24 february2014
	Private roadshow	Singapore	27 february2014
	Private roadshow	HongKong	28 february2014
	citi global Propertyceo conference	florida	3-4 march 2014
	Private roadshow	uSa	5-7 march 2014
	upcoming announcements:
	event	location	date
	Q3 market update	Webcast	1 may2014
	fy14 annual report	Sydney	21 august 2014

Investor relations contact t: (02) 9080 8000 e: investor_relations@mirvac.com

1) all dates are indicative and subject to change.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 58

glossary

term meaning

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1H first half
a-reIt australian real estate Investment trust
affo adjusted funds from operations
bP basis Points
cbd central business district
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.
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
ffo funds from operations
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
Irr Internal rate of return
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term meaning
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
Pca Property council of australia
Pda Project delivery agreement. Provision of development services by mirvac to the local land owner
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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mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 59

disclaimer and important notice

mirvac group comprises mirvac limited (abn 92 003 280 699) and mirvac Property trust (arSn 086 780 645). this presentation (“Presentation”) has been prepared by mirvac limited and mirvac funds limited (abn 70 002 561 640, afSl number 233121) as the responsible entity of mirvac Property trust (collectively “mirvac” or “the group”). mirvac limited is the issuer of mirvac limited ordinary shares and mirvac funds limited is the issuer of mirvac Property trust ordinary units, which are stapled together as mirvac group stapled securities. all dollar values are in australian dollars (a$).

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

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

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

to the extent that any general financial product advice in respect of the acquisition of mirvac Property trust units as a component of mirvac stapled securities is provided in this Presentation, it is provided by mirvac funds limited. mirvac funds limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. directors and employees of mirvac funds limited do not receive specific payments of commissions for the authorised services provided under its australian financial Services licence. they do receive salaries and may also be entitled to receive bonuses, depending upon performance. mirvac funds limited is a wholly owned subsidiary of mirvac limited.

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 31 december 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 31 december 2013, unless otherwise noted.

mIrvac I 1H14 addItIonal InformatIon I 20 february 2014 I 60

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tHanKyou

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