MIRVAC GROUP — Interim / Quarterly Report 2014

Feb 19, 2014

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1H14 results

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20 February 2014
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20 bond street, nsW

agenda

1H14 snapsHot Fy14 strategy 1H14 Financial operational scorecard results and capital update progress update management

summary and guidance

mirvac i 1H14 results i 20 February 2014 i 01

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pinnacle, nsW
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1H14 snapsHot

mirvac i 1H14 results i 20 February 2014 i 02

1H14 snapsHot

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8 cHiFleY, nsW
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• 1H14 operating eps of 5.5cpss (statutory earnings of 6.7cpss)[ 1,2] and dps of 4.4cpss

• narrowed Fy14 eps guidance to 11.8 to 12.0cpss (8.3% to 10.1% growth) following 92.2% of Fy14 expected development ebit[ 3] now secured

• $698.4m of strategic acquisitions across office, retail, industrial and residential

• established strategic office alliance with tiaa-creF

• maintained strong mpt portfolio metrics which delivered a 7.9% un-geared total return[ 4]

• record $1.5bn[ 5] of residential exchanged pre-sales contracts

• on track to achieve >10% development roic and normalised gross margin within target of 18% to 22% by Fy14

• continued focus on capital management; mtn issuance, uspp issuance and s&p credit rating upgrade to bbb+

• gearing of 28.8%[ 6] ; within target range of 20% to 30%

• 10.1% total securityholder return in 1H14; ahead of s&p/asX200 a-reit index by 1,264 basis points

• 1) For further details refer to 31 december 2013 financial statements.

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

• 3) development ebit before overheads and sales and marketing.

• 4) measured as at 30 september 2013. direct standing basis only. source: ipd.

• 5) total exchanged pre-sales contracts as at 31 december 2013, adjusted for mirvac’s share of Jvs, associates and mirvac managed funds.

• 6) net debt (at foreign exchange hedged rate) excluding leases/(total tangible assets – cash).

mirvac i 1H14 results i 20 February 2014 i 03

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artist’s impression oF Harold park, nsW
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Fy14 strategy scorecard progress update

mirvac i 1H14 results i 20 February 2014 i 04

mirvac’s vision

setting tHe standard as a World-class australian propertY group tHat attracts tHe best

integrated

leveraging our integrated model to create, own, manage

diversiFied

maintaining an appropriate balance of passive and active invested capital through cycles, retaining capability across four sectors

Focused

deploying capital with discipline and in alignment with our directional mandates

oFFice retail create and buy unlock value

create and buy

industrial create

residential create and sell

• prime grade cbd (development + repositioning + passive)

• prime grade non-cbd

• (development + repositioning)

• neighbourhood

• sub-regional

• cbd / mixed use

• infill ring repositioning and up-zoning

• urban edge tenant driven development

• apartments inner ring

• apartments metropolitan activity centres > masterplanned communities infill ring

• masterplanned communities urban edge

mirvac i 1H14 results i 20 February 2014 i 05

Fy14 strategy scorecard

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FY14 action 1H14 acHievements
> target continued ipd outperformance > outperforming ipd on 3 and 5 year basis [ 1]
office
> substantially complete leasing balance of 8 chifley, nsW > 8 chifley, nsW 97.0% leased
> restock in line with acquisition mandate > strategic acquisitions of 367 and 477 collins street, vic
> pre-lease of commercial development pipeline > leasing at 699 bourke street, vic
> unlock value from ge acquisition > Focused leasing across ge portfolio
retail > target continued ipd outperformance > outperforming ipd on 1 and 3 year basis [ 1]
> unlock value from retail development pipeline > First wave of retail development projects completed; 35% of
retail pipeline completed or underway
industrial > target continued ipd outperformance > outperforming ipd on a 1 year basis [ 1]
> transact on opportunities in line with mandate > acquisition of 60 Wallgrove road, nsW represents
development opportunity
> source strategic acquisitions in office, retail and industrial > $606.9m acquired [ 2] across office, retail and industrial
acquisitions
> $100m to $200m program of non core asset disposals > ahead of program; $232.6m non-core assets disposed [ 3]
and disposals
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1) measured as at 30 september 2013. direct standing basis only. source: ipd.

2) represents settled assets (477 collins street, vic and 367 collins street, vic) and exchanged contracts (60 Wallgrove road, nsW and Harbourside shopping centre, nsW) during the period.

3) non-core asset sales include settled disposals (manning mall, nsW and logan megacentre, Qld) and exchanged disposals (54-60 talavera road, nsW, orange city centre, nsW and gippsland centre, vic).

mirvac i 1H14 results i 20 February 2014 i 06

Fy14 strategy scorecard

FY14 action

1H14 acHievements

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residential > $100m to $140m in provision release for Fy14 > $24.5m released; on track for $100m to $140m in Fy14
> de-risk forward earnings through pre-sales > record $1.5bn of residential exchanged pre-sales contracts
development
> continue improvement in gross margins > on track to deliver gross margins within target of 18% to 22%
back to 18% to 22% in Fy14
> Focus on restocking pipeline within acquisition mandates > acquired residential projects in bondi, nsW and baldivis, Wa
> englobo disposal program on track with exchanged contracts on
> action englobo disposal program mariner’s peninsula, Qld, Foreshore Hamilton, Qld and Hope
island, Qld
capital > s&p upgrade to bbb+ > s&p upgraded to bbb+
> establish office club > office alliance with tiaa-creF established
management
> continue to diversify debt sources and increase > diversified debt sources through mtn and uspp issuance,
maturity profile extended maturity profile
people > continue roll out of leadership initiatives with insead program > insead program rolled out to senior executives
> learning and training strategy implementation > underway
> refresh diversity program > in progress
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mirvac i 1H14 results i 20 February 2014 i 07

Fy14 strategy scorecard

FY14 action

1H14 acHievements

operational excellence

• continuous process re-engineering through business transformation office

• Hse and sustainability strategy implementation

• 5 projects completed and 16 projects underway

• Hse refined and approved strategy

• “this changes everything” next generation sustainability strategy launched

• shaping the Future of place > create a framework of place by 2015

re-imagining resources

• to be net positive by 2030

enriching communities

• demonstrate community investment within and beyond our boundaries by 2018

smarter thinking

• create the first smart portfolio by 2020

mirvac i 1H14 results i 20 February 2014 i 08

Yarra’s edge, vic

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1H14 Financial results and capital management

mirvac i 1H14 results i 20 February 2014 i 09

1H14 Financial results[ 1]

		1H14 ($m)	1H13 ($m)	% cHange
	statutory proft after tax attributable to group securityholders	246.1	55.2	345.8%
	statutoryeps	6.7cpss	1.6cpss
	includes:
	investment property revaluations (including ipuc)	67.1	67.9
	impairment of loans, investments and inventories	0.9	(273.2)
	derivative fnancial instruments and associated foreign exchange movements	(16.6)	(8.5)
	operating proft after tax attributable to stapled securityholders of mirvac2	200.2	194.2	3.1%
	operating eps3	5.5cpss	5.7cpss
	includes:
	tax (expense) / beneft	(0.2)	4.8
	net interest expense	(54.5)	(36.0)
	total operating ebit	254.9	225.4	13.1%
	net cashfow from operating and investing activities	(443.5)	99.1
	dps	4.4cpss	4.2cpss
	nta4	$1.65	$1.64

1) For further details refer to 31 december 2013 financial statements and additional information.

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

• 3) diluted eps excluding specific non-cash and significant items and related taxation.

4) nta per stapled security, based on ordinary securities including eis securities.

mirvac i 1H14 results i 20 February 2014 i 10

1H14 Financial results

	1H14 TO 1H13 SEGMENTED	1H14 TO 1H13 SEGMENTED	OPERATING EBIT 1
	$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)

• 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

1) For further details refer to 31 december 2013 financial statements and additional information.

mirvac i 1H14 results i 20 February 2014 i 11

capital management update

• 1H14 capital management strategic progress

• s&p credit rating upgraded to bbb+ from bbb

• increased and extended syndicated bank facility to $1.7bn

• issued a$506m of long term uspp and a$200m mtn

• increased average debt maturity to 4.8 years from 3.8 years

1H14 capital management initiatives

• disposed of $232.6m[ 1] non-core assets

		1H14	FY13 3
	balance sheetgearing4	28.8%	23.6%
	covenantgearing5 look-throughgearing	36.9% 29.5%	35.2% 24.4%
	icr6	>4.5x	>5.0x
	total interest bearingdebt7 average borrowingcost8	$2,802.1m 5.6%	$2,260.1m 5.7%
	average debt maturity	4.8yrs	3.8yrs
	s&p credit rating	bbb+	bbb
	Hedgedpercentage average hedge maturity	58.7% 4.2yrs	50.9% 3.6yrs

• drp activation to deliver approximately $46m[ 2]

• established tiaa-creF office alliance

• launched marketing program for sale of 50% of 275 Kent street, nsW

• 1) non-core asset sales include settled disposals (manning mall, nsW and logan megacentre, Qld) and exchanged disposals (54-60 talavera road, nsW, orange city centre, nsW and gippsland centre, vic).

• 2) december 2013 distribution.

• 3) proforma as at 3 July 2013 post $1.7bn syndicated loan transaction.

• 4) net debt (at foreign exchange hedged rate) excluding leases/(total tangible assets – cash).

DRAWN DEBT MATURITIES AS AT 31 DECEMBER 2013

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$700m USPP MTN Bank
600
500
400
300
200
100
0
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
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• 5) total liabilities/total tangible assets (refer to 31 december 2013 financial statements).

• 6) adjusted ebitda/finance cost expense.

• 7) total interest bearing debt (at foreign exchange hedged rate) excluding leases.

• 8) includes margins and line fees.

mirvac i 1H14 results i 20 February 2014 i 12

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Yarra’s edge, vic
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operational update

mirvac i 1H14 results i 20 February 2014 i 13

mpt

• mpt continues to outperform ipd index over three and five years[ 1]

• strong like-for-like noi growth of 3.3%

• occupancy remained high across the portfolio at 97.8%[ 2]

• group earnings underpinned with a solid Wale of 5.0 years[ 3]

• 222 leasing deals completed during the period; 91,251sqm and 6.2% of portfolio

Strong MPT metrics underpin Group earnings

• completed $232.6m in non-core asset sales; ahead of $100m to $200m target[ 4]

			1H14	FY13	1H13			MPT TOTAL	MPT TOTAL	RETURN VS IPD	RETURN VS IPD	BENCHMARK	BENCHMARK
		net valuation uplift5	1.0%	0.8%	1.1%												MPT	IPD1
		like-for-like noi growth	3.3%	3.5%	3.5%				1 Year		8.0%				(0.1%)		7.9%
		occupancy2	97.8%	97.9%	98.2%				3 Year		8.7%						0.8%	9.5%
		Wale3	5.0yrs	5.1yrs	5.5yrs				5 Year		5.8%			1.0%	6.8%
								0	1	2	3	4	5	6	7	8	9	10%

• 1) ipd peer group benchmark as at 30 september 2013. direct standing basis only.

• 2) by area, excluding ipuc, based on 100% of building nla.

• 3) by income, excluding ipuc, based on mpt’s ownership.

• 4) non-core asset sales include settled disposals (manning mall, nsW and logan megacentre, Qld) and exchanged disposals (54-60 talavera road, nsW, orange city centre, nsW and gippsland centre, vic).

• 5) net gain on fair value of investment properties divided by closing fair value from previous corresponding period. on a like-for-like basis the mpt portfolio had a net valuation uplift over the period of 1.4%. 1H14 and 1H13 represents six month movement, Fy13 represents twelve month movement.

mirvac i 1H14 results i 20 February 2014 i 14

oFFice — passive

• office portfolio continues to outperform ipd index over three and five years[ 1]

• strong like-for-like noi growth of 3.4%

• occupancy high at 96.1%[ 2]

• portfolio de-risked by Wale of 5.0 years[ 3]

• acquisitions of 367 and 477 collins street, vic; ability to unlock value via internal leasing capabilities > exceeded June 2014 nabers target; 4.76 star energy and 3.63 star Water

Mirvac’s office portfolio continues to deliver strong results

			1H14	FY13	1H13			OFFICE TOTAL	RETURN VS IPD	RETURN VS IPD	RETURN VS IPD	BENCHMARK	BENCHMARK
		net valuation uplift4	0.8%	0.7%	1.2%												MPT	IPD1
		like-for-like noi growth	3.4%	3.9%	4.2%			1 Year		9.2%					(0.3%)		8.9%
		occupancy2	96.1%	96.8%	97.2%			3 Year		9.2%							1.2%	10.4%
		Wale3	5.0yrs	5.2yrs	5.7yrs			5 Year		5.2%			2.0%		7.2%
								1 0	2	3	4	5	6	7	8	9	10	11%

• 1) ipd peer group benchmark as at 30 september 2013. direct standing basis only.

• 2) by area, excluding assets under development, based on 100% of building nla. occupancy excluding assets for future re-development is 97.6%.

• 3) by income, excluding assets under development, based on mpt’s ownership. Wale excluding assets for future re-development is 5.2 years.

• 4) net gain on fair value of investment properties divided by closing fair value from previous corresponding period. on a like-for-like basis the office portfolio had a net valuation uplift over the period of 1.3%. 1H14 and 1H13 represents six month movement, Fy13 represents twelve month movement.

mirvac i 1H14 results i 20 February 2014 i 15

oFFice — passive

oFFice conditions

• vacancy rates have increased across most cbd markets

• office supply remains below historical averages in melbourne and sydney

• prime effective rents are close to cyclical lows in sydney and melbourne, expectations of a modest recovery driven by improvements in business confidence

• strong demand for office assets is expected to continue, supporting valuations

OFFICE LEASE EXPIRY PROFILE[ 1]

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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
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mirvac’s response

• mirvac’s internal leasing team focused on:

• maintaining effective rent growth; incentives remain below market at 19.7%

• executing leases; 79 lease deals (28,581sqm) over 1H14

• de-risking expiries through active leasing:

• Fy14: From 7.2% to 3.0% including heads of agreement

• Fy15: From 8.9% to 8.0% including heads of agreement

• leasing across ge acquisition portfolio; 8,669sqm completed

• Future profile well positioned given:

• strong Wale[ 1] of 5.0 years

• young portfolio at 9.6 years

• strong retention rate of 74.1%

• High proportion of fixed rent growth

• office portfolio is weighted toward relatively strong markets of sydney and melbourne

1) by income, excluding assets under development and indirect investments, based on mpt’s ownership.

mirvac i 1H14 results i 20 February 2014 i 16

oFFice — in development

• 1H14 commercial development ebit of $25.1m[ 1] ; major contribution from 8 chifley, nsW

• projects under construction de-risked; 87.9% pre-leased

• office development pipeline increased to $3.1bn[ 2] from $2.2bn[ 2] via income producing strategic restocking

• planning progressing for 477 collins street, vic, riverside Quay, vic and 55 pitt street, nsW

• preferred developer with Jv partner for perth city link, Wa

OFFICE PIPELINE

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Practically complete Under construction Proposed [ 3] Un-let
$1,500m Forecast valuation on completion [ 1]
1,000 Perth City Link, WA
699 Bourke, VIC 664 Collins, VIC Green Square
100% pre-let Riverside Quay, VICNLA: circa commercial, NSW
NLA: 19,300 sqm
40,000 sqm
55 Pitt Street, NSW
500
477 Collins Street, VIC
NLA circa: 200,000 sqm
200 George, NSW
8 Chifley, NSW Treasury Building, WA 74% pre-let
97% pre-let 98% pre-let NLA: 39,200 sqm
0 NLA: 19,300 sqm NLA: 30,800 sqm
FY14 FY15 FY16 FY17 FY18 onwards
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treasurY building, Wa
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1) pre overheads.

• 2) represents 100% of expected end value of office development projects.

• 3) subject to planning approval.

mirvac i 1H14 results i 20 February 2014 i 17

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case study

8 cHiFley, nsW oFFice development

mirvac’s FlagsHip oFFice development complete and aHead oF Feasibility

project results:

• $23.8m profit delivered to development division; $11.9m profit delivered to the group

• $333.5m value on completion

• 8.0% yield on cost

• external valuation post completion at 6.25% capitalisation rate

• 97.0% leased and strong interest for remaining space

• project on time and ahead of feasibility

• 6 star green star — office design v2 certified rating

8 chifley’s success driven by mirvac’s integrated model:

• internal development capability benefits; dynamic ability to adapt building specifications following tenant demand

• superior internal asset management; in-house leasing team de-risked through active leasing program

• aligned interests across mirvac construction, development, design, leasing, investment

• capital efficiency delivers superior outcome

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8 cHiFleY, nsW
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mirvac i 1H14 results i 20 February 2014 i 18

retail — passive

• retail portfolio outperforming ipd index over one and three years[ 1]

• 2.1% like-for-like noi growth

• increased occupancy to 99.6%[ 2]

• specialty occupancy costs manageable at 15.9%[ 3] (15.2% on a like-for-like portfolio basis)

• delivered positive leasing spreads of 4.9%

• strong mat growth of 6.1% driven by supermarkets, food catering and mini majors

Strategy underway to drive retail portfolio performance

• strategic acquisition of Harbourside shopping centre, sydney cbd[ 4]

• non-core asset sale program on track with $184.6m completed[ 5]

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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|1H14|FY13|1H13|RETAIL TOTAL RETURN VS IPD BENCHMARK|
|MPT|IPD|[ 1]|
|net valuation uplift|[ 6]|1.7%|0.9%|0.7%|
|like-for-like noi growth|2.1%|2.6%|2.7%|
|1 Year|6.9%|1.5%|8.4%|
|occupancy|[ 2]|99.6%|99.2%|99.4%|
|specialty occupancy costs|[ 3]|15.9%|15.7%|14.4%|
|3 Year|8.1%|0.6%|8.7%|
|total leasing spreads|4.9%|2.1%|2.0%|
|comparable centre mat growth|[ 7]|6.1%|4.9%|1.8%|5 Year|6.4%|(0.7%)|5.7%|
|specialties mat growth|[ 7]|1.0%|(0.2%)|(0.2%)|
|0|1|2|3|4|5|6|7|8|9|10%|

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• 1) ipd peer group benchmark as at 30 september 2013. direct standing basis only.

• 2) by area, excluding bulky goods, based on 100% of building nla.

• 3) includes marketing levy. specialty occupancy costs excluding cbd centres (including cbd centres 16.8%). excludes Hinkler central, Qld (flood affected) and assets under development.

• 4) settled during January 2014.

• 5) represents settled disposals (manning mall, nsW and logan megacentre, Qld) and exchanged disposals (orange city centre, nsW and gippsland centre, vic).

• 6) net gain on fair value of investment properties divided by closing fair value from previous corresponding period. on a like-for-like basis the retail portfolio had a net valuation uplift over the period of 1.9%. 1H14 and 1H13 represents six month movement, Fy13 represents twelve month movement.

• 7) 1H14 excludes assets under development and Hinkler (flood affected). 1H13 no properties excluded.

mirvac i 1H14 results i 20 February 2014 i 19

retail — passive

retail conditions

mirvac’s response

• retail conditions continue to be challenging, however improving household wealth is resulting in less caution on discretionary spending in key metropolitan areas

• dominant retail centres with non-discretionary spending focus expected to continue to outperform

• regional markets remain under pressure with respect to sales performance, tenant demand and rental growth

• demand for retail assets has increased and is expected to support valuations

• mirvac’s retail team has been focused on repositioning and uplifting the portfolio quality by:

• Weighting towards densely populated metro markets with an emphasis on food catering;

  • 42.2%[ 1] of the portfolio comprises food based tenants

• non-core asset sales program; exited bulky goods sector and weaker regional markets

• Focused acquisition mandate; Harbourside, sydney, cbd[ 3]

• unlocking value in retail development pipeline

RETAIL PORTFOLIO CORE AND NON-CORE ASSETS[ 2]

RETAIL PORTFOLIO BY LOCALITY[ 2]

RETAIL PORTFOLIO BY GRADE[ 2]

Core assets: 89.9% Non-core assets: 10.1%

Metro: 78.6% Regional: 21.4%

Sub regional: 69.1% CBD retail: 23.3% Neighbourhood: 7.6%

• 1) by base rent, including including Harbourside shopping centre, nsW and excludes gippsland centre, vic and orange city centre, nsW.

• 2) by book value, rent including including Harbourside shopping centre, nsW and excludes gippsland centre, vic and orange city centre, nsW.

• 3) settled January 2014.

mirvac i 1H14 results i 20 February 2014 i 20

retail — in development

unlocking value via $800m[ 1] retail development pipeline

35% of development pipeline completed and underway

stanHope village, nsW

orion springField central, Qld kaWana sHoppingWorld, Qld projects underWaY gla increase 3,100sqm gla increase: padsites 5,108sqm gla increase 8,900sqm incremental noi gla increase: stage 2 31,545sqm anchor aldi supermarket aldi supermarket anchor coles, target, events plus 80 stores anchor and alfresco dining[2] Forecast combined end value $34.1m end value: padsites $19.5m completion: stage 3 completed Forecast end value: stage 2 $166.1m Forecast end value: stage 4 $90.1m $18.6m+ completion: stage 4 may 2015 completion: padsites completed completion sep 2014 completion: supermarket march 2016 underWaY Future stanHope 4 stanHope 5 yield on cost KaWana 4orion 2 (Formerly 2 & 3)orion 2 (Formerly 2 & 3) KaWana 5 7%–8% rHodes broadWay greenWood target development irr (10yr) Harbourside como 3 10%–12% st mary’s HinKler cHerrybrooK metcentre cooleman court

completed

stanHope 3 stanHope 4 orion padsite KaWana 4orion 2 (Formerly 2 & 3)orion 2 (Formerly 2 & 3)

1) represents 100% of expected end value of retail development projects.

• 2) represents incremental noi at completion of projects Kawana 4, stanhope 4 and orion 2.

• 3) irr on incremental development from completion.

mirvac i 1H14 results i 20 February 2014 i 21

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case study

stanHope village, nsW — stage 3 retail development

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tHe First project in mirvac’s $800m[ 1] retail development pipeline complete and aHead oF Feasibility

project results:

• prior to development asset valued at $73.8m[ 2]

• spend of $14.8m delivering $97.0m value on completion

• 8.0% initial yield on cost and 7.25% capitalisation rate (25bp compression) > $1.2m net incremental income

stanhope village’s success driven by mirvac’s integrated model:

• mirvac internal asset, development and construction teams delivered aldi supermarket and extension of existing Kmart mall on time and ahead of feasibility

• mirvac’s internal leasing team ensured project was fully leased by opening

• total centre mat to december 2013 increased 6.7% and foot traffic up 4.8% despite construction disruptions

• strong comparable specialty mat of $8,013sqm with specialty occupancy cost at 10.9%

• Following the success of stage 3, mirvac has accelerated stage 4. Works commenced in January 2014 with completion of the project expected by may 2015

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stanHope village, nsW
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• 1) represents 100% of expected end value of active retail development projects.

• 2) 30 June 2012.

mirvac i 1H14 results i 20 February 2014 i 22

industrial — passive

• industrial portfolio outperforming ipd index over one year[ 1]

• occupancy strong at 99.5%[ 2]

• 5.2% like-for-like noi growth

• strong portfolio Wale of 9.3[ 3] years

• acquisition of 60 Wallgrove road, nsW; strategic income producing asset with development potential > non-core asset sale program on track with $48.0m completed[ 4]

Industrial portfolio performing well

			1H14	FY13	1H13			INDUSTRIAL	INDUSTRIAL	TOTAL RETURN VS	TOTAL RETURN VS	IPD	BENCHMARK	BENCHMARK
		net valuation uplift5	0.8%	1.8%	2.1%												MPT		IPD1
		like-for-like noi growth	5.2%	5.9%	5.9%				1 Year	9.2%						0.3%			9.5%
		occupancy2	99.5%	99.4%	99.4%				3 Year	8.7%						0.0%		8.7%
		Wale3	9.3yrs	8.8yrs	9.2yrs				5 Year	4.4%	(0.8%)		3.6%
								0	1	2	3	4	5	6	7	8		9	10%

• 1) ipd peer group benchmark as at 30 september 2013. direct standing basis only.

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

• 3) by income, excluding assets under development, based on mpt’s ownership.

• 4) represents exchanged disposals (54-60 talavera road, nsW).

• 5) net gain on fair value of investment properties divided by closing fair value from previous corresponding period. on a like-for-like basis the industrial portfolio had a net valuation uplift over the period of 0.7%. 1H14 and 1H13 represents six month movement, Fy13 represents twelve month movement.

mirvac i 1H14 results i 20 February 2014 i 23

industrial — passive

industrial conditions

• leasing demand for industrial is currently stable, however improvements expected in line with business and consumer confidence

• supply remains in check, particularly in prime locations

• improving fundamentals should result in modest rental growth in line with cpi

• investor demand for quality assets has increased, supporting valuations

mirvac’s response

• 92.2% of mirvac’s industrial exposure is held in strongest markets sydney and melbourne

• strategic acquisition mandate and continued non-core disposal program

• Future lease expiry profile well positioned given:

• portfolio age of 11.1 years

• robust expiry profile; Fy14 0.3% and Fy15 7.1%

• strong Wale[ 1] of 9.3 years

• High proportion of fixed rent growth

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60 Wallgrove road, nsW
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m 7
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1) by income, excluding assets under development, based on mpt’s ownership.

mirvac i 1H14 results i 20 February 2014 i 24

residential — 1H14 activity

• 1H14 residential ebit of $44.2m[ 1] ; settlement of 1,032 lots

• record $1.5bn[ 2] of residential exchanged pre-sales contracts; $670.2m secured in 1H14 > 1,097 lots released in 1H14 with 87.5% pre-sold

• strategic acquisitions of >1,100 lots across nsW, vic and Wa

Residential pipeline providing earnings visibility

• Fy14 provision release target of $100 to $140m on track

keY acQuisitions

PRE-SALES — HISTORIC PROFILE

	baldivis, Wa	bondi, nsW
lots	388	>200
market	urban edge mpc	inner ring apartments
	100%	100%
structure	balance sheet	balance sheet
proft recognition	Fy16	Fy17

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$1.6bn
1.2
10 year average
0.8
0.4
0
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 1H14
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• 1) development ebit before overheads and sales and marketing.

• 2) total exchanged pre-sales contracts as at 31 december 2013, adjusted for mirvac’s share of Jvs, associates and mirvac managed funds.

mirvac i 1H14 results i 20 February 2014 i 25

development — Fy14 expectations

• on track to achieve >10% development roic and normalised gross margin within target of 18% to 22%

• 92.2% of Fy14 expected development ebit[ 1] secured

• strong price growth and sales volume in mpc north west and south west corridors of nsW

• offset by 46 Harold park precinct 1 settlements moving into 1H15

• increased Fy14 lots target to >2,300; higher contribution from mpc and provision projects

• large 2H14 ebit skew due to strong contribution from era, nsW (settlements commencing late February 2014)

FY14 EXPECTED DEVELOPMENT EBIT COMPOSITION By product[ 1]

FY14 EXPECTED DEVELOPMENT EBIT COMPOSITION By state[ 1]

Apartments 59.9% MPC 27.8% Commercial 12.3%

NSW 80.7% VIC 7.9% QLD 7.7% WA 3.7%

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cHatsWood, era, nsW
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1) development ebit before overheads and sales and marketing.

mirvac i 1H14 results i 20 February 2014 i 26

residential — market outlook[ 1]

• Fundamentals underpinning the housing market remain supportive of both prices and volumes

• construction activity continues to remain strong across melbourne and sydney

• affordability, weak labour market conditions and consumer caution will make for a subdued uplift

• nsW housing demand remains strong, state based measures to boost land supply suggest a further uplift in the housing market, albeit less than 2013

• mirvac is in a position to capture residential market uplift through nsW and vic exposures

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nsW vic Qld
Weighting Weighting Weighting
36.6% 2 36.2% 2 16.8% 2
Fy14 medium term forecast Fy14 medium term forecast Fy14 medium term forecast
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Wa
Weighting
10.4% 2
Fy14 medium term forecast
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1) management forecast.

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 i 1H14 results i 20 February 2014 i 27

residential — mirvac’s outlook

• Fy15 expected development ebit 56.6% secured

• $453m new exchanged pre-sales contracts to be settled in Fy15 and Fy16:

• Harold park, precinct 3, nsW (82.9% pre-sold)

• yarra’s edge, array, vic (78.5% pre-sold)

• recent pre-sales success provides confidence for upcoming apartment releases:

• 1,800 lots to be released over next 18 months, driving earnings in Fy16 and beyond

• diversified nationally

	upcoming FY15 releases	lots	First release
	green square,nsW	518	Fy15
	Harold park,precinct 4 and 6,nsW	367	Fy15
	Waterfront,skyringprecinct, Qld	279	Fy15
	yarra’s edge,bolte precinct,vic	241	Fy15
	bondi,nsW	>200	Fy15
	leighton beach,stage 2,Wa	206	Fy15

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EXPECTED SETTLEMENT OF EXCHANGED PRE-SALES CONTRACTS
$600m As at FY13 As at 1H14
400
200
0
FY14 FY15 FY16+
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mirvac i 1H14 results i 20 February 2014 i 28

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8 cHiFleY, sYdneY, nsW
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summary and guidance

mirvac i 1H14 results i 20 February 2014 i 29

summary and guidance

	guidance	FY14
	groupoperating proft	$432 –$443m
	operatingeps	11.8 – 12.0cpss
	dps	8.8 – 9.0cpss
	Weighted average securities	3,673m
	target development roic in Fy14	>10%

mirvac i 1H14 results i 20 February 2014 i 30

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.

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 results i 20 February 2014 i 31

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tHanKyou

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