MIRVAC GROUP — Investor Presentation 2007

Aug 20, 2007

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FY07 Results Presentation 21 August 2007

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Agenda

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Group overview

Financial performance

Divisional performance

• Outlook & strategy

Mirvac platform delivers growth

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Strong full year performance above market guidance

• Restructured divisions into 2 integrated operating units:

• Funds Management internal & external

• Development: residential, commercial, retail and industrial

• Recycling of capital delivered growth across divisions

• Scaleable funds management enhanced stable recurrent earnings stream

Businesses produced resilient earnings

Strong financial performance

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$319.1m 32.97c $7.4bn $3.80
16.3% 4.2% 20.8% 12.5%
Operating [1] EPS [1 ] Total NTA
Profit Assets
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Operational highlights

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• Acquired $1.124bn[1] of assets from Walker and purchased a $328.3m[1] hotel portfolio from Carlton Crest

• External funds management:

• established $655.5m of new wholesale funds

• renewed AustralianSuper mandate through to June 2010

• Mirvac Property Trust delivered growth through $1.1bn of acquisitions, development completions and revaluations

• Restocked development pipeline with 11,903 residential lots - end value of $3.7 billion

• Delivered examples of outstanding sustainable development

$26.3bn activities under control

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Justin Mitchell

Results

Strong earnings across integrated platform

Headline financial result

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	FY07	FY06	Change
Revenue	$2,220.9m	$1,806.0m	23.0%
NPAT	$556.1m	$441.1m	26.1%
EPS	58.65c	52.18c	12.4%
NTA1	$3.80	$3.38	12.5%

Operating performance

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FY07 % split FY06 % split Change Operating profit[1] $319.1m $274.4m 16.3% EPS[1] 32.97c 31.64c 4.2% DPS 31.90c 31.00c 3.0% Divisional operating profit: Funds Management $267.3m 73% $207.6m 69% 28.7% Development $98.6m 27% $91.7m 31% 7.5%

Internal Funds Management[1]

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FY07 FY06 Change Net profit after tax $505.4m $339.0m 49.1% EBIT[2] $288.0m $226.9m 26.9% Portfolio value $4.2bn $3.5bn 20.7% Net income growth (like for like) 3.7% 2.8% Gross revaluations[3] $245.1m $180.2m

External Funds Management

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	FY07	FY06	Change
Net profit after tax	$24.0m	$20.1m	19.6%
EBIT1	$35.9m	$29.8m	20.5%
FUM2	$9.2bn	$7.8bn	16.6%
Hotels	42	27	55.6%
Rooms	5,439	3,124	74.1%

Development
	FY07	FY06	Change
Net profit after tax	$98.6m	$91.7m	7.5%
EBIT1	$211.8m	$203.0m	4.3%
Settlements2	1,958 lots	2,463 lots
Exchanged contracts	$689m	$730m
EBIT margin on cost (residential)3	22%	21%
FY07 Results 1. EBIT excluding non-cash AIFRS adjustments 2. Settlements exclude sales of lots into external funds and mandate 3. EBIT margin on cost includes sales into external funds / mandates	s		12 Page

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Tim Regan Capital Management

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Capital management
	Jun 07	Jun 06
S&P rating	BBB	BBB
Total interest bearing debt	$2,552m	$2,326m
% hedged	79.6%	70.5%
Weighted average hedge maturity	4.5 yrs	4.5 yrs
Average borrowing rate1	6.79%	6.38%
FY07 Results 1. Includes margins & line fees. 2. Interest bearing liabilities (hedged foreign currency debt) less cash / total Gearing2	assets less cash. 35.3%	14 Page 38.0%

Debt maturity profile

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$m
800
Weighted average expiry: 4.2yrs
700
600
500
400
300
200
100
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
CMBS Bank MTN USPP
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Nick Collishaw Funds Management

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Key achievements

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Internal Management

• MPT delivers $1.1bn growth through asset acquisitions, development completions, revaluations, co-investment in external funds

• Re-balancing portfolio through $340.5m disposal of non-core assets

External Management

• 2 wholesale funds launched:

• Mirvac Wholesale Residential Development Partnership (MWRDP)

• Mirvac Wholesale Hotel Fund (MWHF)

• AustralianSuper mandate renewed through to June 2010, $100m p.a

• Rationalisation of non-core funds continued

• Number of hotel rooms across 42 hotels increased to 5,439

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Internal Funds Management

Principal investment realising growth

Expanding stable earnings platform

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$525m $(340)m
$4,163m
$287m
$243m
$3,449m
30 Jun 06 Revaluations Redevelopments & Acquisitions Disposals 30 Jun 07
Capex
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Sector diversification[1]

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MPT development pipeline

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	No. of projects	Area sqm	Transfer value $m
Commercial	0	0	0
Industrial	1	9,709	13
Retail	4	76,875	229
Completions	5	86,584	2421
Commercial	1	19,250	150
Industrial	2	47,650	46
Retail	3	58,244	133
Current	6	125,144	3292
Commercial	2	74,622	340
Industrial	5	66,538	181
Retail	4	77,137	219
Future	11	218,297	7412
Total (current and future)	17	343,441	$1,070m

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External Funds Management

Platform delivering growth through diversified funds

Expanding Mirvac’s platform

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$443m $9,160m
$227m
$193m
$463m
$7,834m
30 Jun 06 MWHF MWRDP MREIT Net movement in 30 Jun 07
other funds
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External funds

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Hotel Management

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Delivering consistent growth

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Number of Hotels under Management
42
25 27
FY05 FY06 FY07
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Average Room Rate
$198
$184
$176
FY05 FY06 FY07
Rooms under Management
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5,439
2,750 3,124
FY05 FY06 FY07
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Diversified scale

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Funds Management strategy

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A suite of entities to satisfy investor needs and facilitate balance sheet activity

• Expand retail product offerings

• Cement existing investor relationships

• Identify suitable international partners to expand Mirvac’s offer

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Adrian Fini

Development

Re-stocking for future growth

Key achievements

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Continued re-stocking with acquisitions of 11,903 residential lots and expanded non residential development pipeline to $1.9bn;

• The Royal at Newcastle NSW

• Leighton Beach WA

• Gainsborough Greens QLD

• Rockbank VIC

• Walker non-residential developments

• $689m exchanged contracts has secured income for FY08

1,958 residential settlements

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Residential activities under control

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Residential pipeline29,016 lots under control

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Lot reconciliation

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11,903 29,016
30,000
25,000
20,715 1,958
1,644
20,000
15,000
10,000
5,000
0
30 Jun 06 Settlements Options not proceeding / Acquisitions 30 Jun 07
changes to projected lots
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Residential market outlook

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Underlying factors are positive

• High immigration, low unemployment

• Dwelling supply below underlying demand

• Rental market tightened in all capital cities – rents rising

• Investors and first home buyers returning to the market

• Issues

• Affordability low, but likely to improve in the medium term

• Cost and delays in bringing product to market

Housing market construction activity through FY08

• Strong: VIC

• Moderate: QLD, WA

Non-residential development pipeline[1]

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	No of projects	Project value
Commercial	5	$362m
Industrial	8	$478m
Retail	5	$291m
Current2	18	$1,130m
Commercial	2	$340m
Industrial	5	$181m
Retail	4	$219m
Future	11	$741m
Total current and future pipeline	29	$1,871m

Divisional outlook

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$680m exchanged contracts

Re-stocking across all sectors

Continue to focus on major integrated developments

• Residential pipeline strong

• Expansion of commercial, industrial, retail and hotel continues

New projects released in FY08 across all markets

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Greg Paramor Outlook and Group Strategy

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The economy

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Economic outlook remains positive

• growth to accelerate in FY08

• inflation pressures contained but need watching

• labour markets extremely strong – recruitment strategies essential

• business investment and construction activity will remain strong

• housing construction to accelerate in 2H 2007 and into 2008

Inter-state outlook

• All states likely to produce higher growth in FY08

• Convergence - NSW expected to improve through FY08 but remains an under-performer

Financial outlook

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• Repricing of risk: short-term pain for long-term gain

• likelihood of further interest rate increases diminished in Australia

• no flow- through to housing market from non-bank mortgage lender problems

• decline in bond yields a positive for commercial sector valuations

• flight to quality will impact real estate as well with implications for secondary grade assets

• Impact on Mirvac:

• no change to strategy- diversification, efficient use of capital, focus on quality assets and growth sectors

Group strategy

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• Business well placed with resilient earnings and appropriate debt levels

• Strong balance sheet capacity to manage risk and capitalise on opportunities

• Further successful asset recycling – assets and development to Funds Management (Mirvac’s second balance sheet)

• Maximise on business model momentum to generate further ROE

• Seek further co-investment with JV partners

• Continue to investigate opportunities in key global markets

Maintain a strong commitment to sustainability

FY08 guidance

EPS DPS

Composition:

34.3 cents (+4%) 32.9 cents (+3%)

Funds Management 70-75% Development 25-30%

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Annexures

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IMAGE TO BE UPDATED
FY07 Results Page 45
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FY07 AIFRS reconciliation

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$m	INT FM EX FM HOT DEV CORP TOTAL
AIFRS included in OEI Operating profit(excl. non-cash AIFRS items) Tax expense Interest expense Tax effect of AIFRS adjustments NPAT (AIFRS) Investment property revaluations Unrealised gains on financial instruments Expensing share based payments Depreciating owner occupied properties Amortising lease incentives Share of associates AIFRS adjustments EBIT(excl. non-cash AIFRS items)	505.4 98.6 - - - - - 8.3 - - - 1.2 9.5 - - (245.8) (72.0) 6.3 14.2 2.3 5.2 - (4.1) - (38.7) - - 6.7 - - - (4.1) 7.0 17.2 - - - - - (0.9) 6.8 556.1 - (239.5) - (24.5) - 2.3 1.2 6.5 - 6.7 - 6.1
	242.8 16.4 8.0 98.6 (46.8) 319.1 0.2 7.4 2.2 42.3 (17.3) 34.8 45.0 1.3 0.5 70.9 15.3 133.1
	211.8 (48.7) 288.0 25.1 10.8 487.0

FY06 AIFRS reconciliation

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$m	INT FM EX FM HOT DEV CORP TOTAL
AIFRS included in OEI Operating profit(excl. non-cash AIFRS items) Tax expense Interest expense1 Tax effect of AIFRS adjustments NPAT (AIFRS) Investment property revaluations Unrealised gains on financial instruments Expensing share based payments Depreciating owner occupied properties Amortising lease incentives Share of associates AIFRS adjustments EBIT(excl. non-cash AIFRS items)	339.0 91.7 - - - - - - - - - - - - - (151.8) (9.7) - (30.2) 8.9 - - 6.2 - - - 5.8 5.6 - - - 6.2 (11.4) 13.6 - - - - - (1.6) 6.5 441.1 - (151.8) - (30.2) - 8.9 2.0 7.8 - 5.6 - (13.1)
	187.1 12.0 8.5 91.7 (24.9) 274.4 1.2 5.6 2.8 39.3 (10.3) 38.6 38.7 0.8 - 72.0 13.9 125.4
	203.0 (21.3) 226.9 18.5 11.3 438.4

Interest reconciliation

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$m	FY07 FY06
Net interest expense Net borrowing costs Less: capitalised interest Capitalised interest expense to COGS Borrowing costs amortised	167.5 (75.2) 49.4 5.4 166.7 (92.0) 55.6 4.6
	147.1 134.9

Intercompany loan (MPT to Mirvac Ltd)

900.0

830.0

Fixed interest maturity profile

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$m
1,800
1,600
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1,200
1,000
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0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
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Commercial overview

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Properties owned 22 NLA 356,151 sqm Asset value $1,639.3m Gross revaluation[1] $145.2m Net income $116.3m Net income growth 1.6% (like for like) Occupancy 99.2%

Commercial performance

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Leasing transactions 98,290sqm (27.6% of portfolio) Tenant rent reviews 221 (204,516 sqm) WALE 4.9 yrs Disposals $215.5m

Commercial disposals

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$m	Book value Disposal proceeds Proceeds above BV1
Norbery Terrace, Pacific Hwy, Nth Sydney NSW Burns Centre, 28 National Circuit, ACT2 Sony House, 1-19 Hargrave Street, Sydney, NSW2 IBM Building, 8 Brisbane Avenue, Barton, ACT2 9 Help Street, Chatswood, NSW Lovett Tower, 13 Keltie Street, Woden, ACT 67 Albert Avenue, Chatswood, NSW 30 Cowper St, Parramatta, NSW Total	34.0 38.2 73.2 81.3 20.3 0.8 0.8 - 15.6 17.3 1.7 12.0 14.0 2.0 12.5 14.8 2.3 48.0 73.5 19.2 2.2 19.7 7.2 0.4
	259.6 215.5 35.4

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Commercial lease expiry

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40%
35%
30%
25%
20%
15%
10%
5%
0%
Vacant FY08 FY09 FY10 FY11 FY12 Beyond
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Commercial market

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• Underlying demand strong – white collar employment growing above trend

• Supply increasing in most markets but no threat to rental growth – ageing office stock and rising tenant aspirations implies high level of obsolescence in existing stock

• CBD office markets the strong performer in FY07 (especially Sydney CBD) – we expect this trend to continue in FY08, but note that non-CBD markets are the long-term out-performer

• Scope for moderate yield compression in office markets as rents rise, vacancies fall

• Sydney CBD a notably strong performer in FY08 due to limited supply, strong demand for high quality space

• Office market our “top pick” for FY08

Industrial overview

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Properties owned 9 NLA 151,388 sqm Asset value $205.2m Gross revaluation[1] $5.0m Net income $15.9m Net income growth 2.7% (like for like) Occupancy 87.2%

Industrial performance

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Leasing transactions Tenant rent reviews

20,209 sqm (13.3% of portfolio) 24 (100,835 sqm)

WALE Development completion $12.9m[1] Disposal $21.5m

5.3 yrs

Nexus Industry Park EWR, Prestons, NSW 20-30 Scrivener St, Warwick Farm, NSW

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Industrial lease expiry

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50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Vacant FY08 FY09 FY10 FY11 FY12 Beyond
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Industrial market

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• Underlying drivers point to growth in demand for modern, well-located facilities – imports forecast to rise, stock-to-sales ratio in long-term decline, supply chain investment by retailers, wholesalers and transport companies

• Global trend to larger container ships and handling facilities will impact on Australian ports and transport nodes

• On-going task to develop facilities to meet tenant requirements

• Yield compression phase probably now over – increased focus on meeting market requirements

• Real estate a small component in overall distribution cost calculation for most companies – tenants willing to pay for location and efficient purposebuilt facilities

Retail overview

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Retail centres owned 20 GLA 431,189 sqm Asset value $1,588.6m Gross revaluation[1] $82.9m Net income $79.8m Net income growth 6.8% (like for like) Occupancy 99.3% Group MAT 4.2% (like for like) Specialty sales[2] $8,100 per sqm

Retail performance

Leasing transactions Tenant rent reviews Occupancy costs WALE Acquisitions Development completions $228.9m[1]

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124,672sqm (28.9% of portfolio) 835 (187,859 sqm)

11.7%

6.6 yrs

$363.2m

Orion Town Centre, QLD Stanhope Gardens Stg 2, NSW Logan Megacentre, QLD Waverley Gardens Stg 2, VIC Bundaberg Plaza, QLD[2]

Disposal $6.6m

Retail- acquisitions

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Acquisitions Acquisition Date	Total Acquisition Costs Yield on Cost
Nov 06 Total Jan 07 Jan 07 Manning Mall, Taree, NSW Rhodes Shopping Centre, NSW Broadway Shopping Centre, NSW	$32.5m $105.9m $224.8m $363.2m 6.51% 5.60% 5.75%
Development Completions Transfer Date	Transfer Value1 Cap Rate
Orion Town Centre, QLD Mar 07 Stanhope Village Stg 2, NSW Mar 07 Logan Megacentre, QLD Mar 07 Waverley Gardens Stg 2, VIC Mar 07	$86.8m 6.25% $31.1m 6.50% $79.0m 7.00% $32.0m 6.50%

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Retail lease expiry

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60%
50%
40%
30%
20%
10%
0%
Vacant FY08 FY09 FY10 FY11 FY12 Beyond
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Retail market

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• Consumer spending to grow around 5% through FY08 – close to trend levels

• Short term, impact of another interest rate hike may offset other positives – wages growth, low unemployment, strong household balance sheet

• Supply pipeline strong but will not impact rents in most markets – considerable investment in upgrades of existing space, not sqm expansion

• Best performance likely from sub-regionals, neighbourhood centres due to upgrade potential; long term demographics favour smaller centres, nonmetropolitan locations

• Limited scope for further yield compression – focus now on centre management, marketing and location selection

Other disposals

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$m	Book value Disposal proceeds Proceeds above BV1
Industrial Hotel Hotel Retail 20-30 Scrivener St, Warwick Farm, NSW Sydney Marriott Hotel, 26 & 36 College St, NSW Cairns International Hotel, Cairns, QLD2 Bundaberg Plaza, Bundaberg, QLD3 Total	21.5 78.7 26.5 79.6 18.4 7.5 18.1 6.6 4.6 0.4 0.3 0.8
	132.1 125.0 6.1

1. Proceeds above book value after costs.

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1. Funds under management before adjustment to joint venture interests. 2. Takeover offer announced by Vicaroma Pty Limited on 9 July 2009.

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Residential pipeline$8.8bn forecast revenue

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Re-stocking during FY07

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Project	Project	Total	Description
	value1	lots2
Beachside Leighton, WA	$449m	160	Mix use coastal village
Jane Brook, WA	$47m	195	Residential subdivision
Dianella, WA	$40m	81	Residential subdivision
Gainsborough Greens, QLD	$710m	1,601	Residential community
Paddys Farm, QLD	$170m	618	Residential community
Hope Island, QLD	$142m	323	Residential community
Gillieston, NSW	$69m	401	Retail lots/ package housing
Rhodes Waterside, NSW	$492m	825	Integrated waterfront community
Denbigh	$30m	750	Residential community
Rockbank, VIC	$965m	6,500	Residential community
Kew, VIC	$312m	301	Residential community
Newcastle Hospital, NSW	$319m	274	Apartments
Mount Annan, QLD	$4m	17	Detached homes
Total	$3,749m	11,9032

Residential pipeline- lots under control[1]

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	Houses/Land % split % split Total % split Apartments
NSW VIC WA QLD Total SA	25% 6,123 9,499 7,969 4,672 753 22% 26% 27% - 20% 21% 33% 27% 16% 3% 35% 28% 14% 3% 4,790 8,321 6,598 3,209 753 1,333 1,178 1,371 1,463 0
	29,016 100% 100% 100% 23,671 5,345

Residential pipeline- forecast revenue[1]

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	Houses/Land % split % split Total % split Apartments
NSW VIC WA QLD Total SA	21% $2,311m $2,261m $1,812m $2,358m $71m 19% 26% 26% 20% 27% 1% 25% 35% - 32% 32% 16% 19% 1% $1,397m $1,419m $695m $824m $71m $914m $842m $1117m $1,534m -
	$8,813m 100% 100% 100% $4,406m $4,407m

Recycling into funds/mandates

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Profit on $m Sale[1] Magenta Shores, NSW & Burswood, WA- partnership with AustralianSuper 27.1 7 residential developments sold into MWRDP[2] 53.0 Rhodes Waterside, NSW Mossvale on Manly, QLD Mariner’s Peninsula, Townsville, QLD Hope Island Resort, QLD Waterways, Braeside, VIC Bridgewater, Mandurah, WA Meadow Springs, Mandurah, WA

Total

80.1