MIRVAC GROUP — Investor Presentation 2009

Aug 24, 2009

Mirvac Group FY09 results presentation

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25 auGust 2009

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ephraiM island, qld
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disclaiMer and iMportant notice

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The information made available through this presentation and annexure, including any expression of opinion or forecast, has been obtained from or based on sources believed by Mirvac Group to be reliable. Mirvac Group does not warrant the accuracy, completeness or currency of the information or that the information is suitable for your intended use, and should not be relied upon by you in substitution of you obtaining independent advice. Mirvac Group and its related companies will not be liable for any inaccuracies, omissions or errors in the content nor for any loss or damage arising from action taken in reliance on the information.

Mirvac Group FY09 results presentation 25 auGust 2009

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Market conditions

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Mirvac has operated through many market cycles since 1972 and its continued success is attributable to its ability to adapt to changing market conditions:

australian economic performance has provided rationale to be cautiously optimistic

equity pricing increasingly driven by investors looking beyond FY10

australian residential market well positioned — price stabilisation and increased consumer confidence feeding increased inquiry

australian investment portfolio devaluation close to bottom of cycle — premium to government bonds near long-term average

debt market improving — global investors will provide opportunity to diversify debt funding profile

Mirvac Group FY09 results presentation 25 auGust 2009

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keY achieveMents

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Group	Financial > achieved high end npat earnings guidance > achieved s&p BBB upgrade with positive outlook 3
	capital management > equity issuance: > $1,100m $1.00 cpss — reducing balance sheet gearing to 18.7%1 > $500m $0.90 cpss > revised distribution to refect trust taxable earnings > extended $805m bank syndicated debt facility 3
	Business processes > refocused on core competencies: > investment and development > simplifed operational processes with recurring cost savings in excess of $25m p.a. 3
investment	income security > commercial tenant retention 83.9% > decrease of 74.1% in aged debtors 3
development	positioned for market recovery > preserve cash fow — deferral of projects and commencement of non-core asset sales 3
investment Management	hotel management expansion and rationalisation of non-core fund > expanded hotel management platform to 44 hotels, 5% increase in rooms under management > exit of domaine property Funds and heads of agreement for two funds 3

1) adjusted for retail proceeds from 4 June 2009 capital raising, received post 30 June 2009 and uspp debt at hedged rate.

Mirvac Group FY09 results presentation 25 auGust 2009

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Mirvac Well positioned

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australian focused: 99.2% by asset value

Group earnings underpinned by secure rental income

Balance sheet strength – balance sheet gearing 18.7%[ 1 ]

simplified operating model with 2 core divisions: investment and development positioned to drive earnings growth

targeted earnings mix of 80% trust, 20% corporate; balance risk return — allows Group to expand residential earnings contribution as investment division currently 121% of 30 June 2009 npat

operating model ‘right sized’

Well positioned to pursue growth opportunities consistent with simplified strategy

1) adjusted for retail proceeds from 4 June 2009 capital raising, received post 30 June 2009 and uspp debt at hedged rate.

Mirvac Group FY09 results presentation 25 auGust 2009

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Financial results

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Justin Mitchell

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60 MarGaret street, sYdneY, nsW
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Mirvac Group FY09 results presentation 25 auGust 2009

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operatinG result

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achieved november 2008 npat guidance which equates to high range June 2009 capital raising guidance

• corporate division’s low cycle earnings, resulted in Mirvac property trust accounting for 121% npat

• results reflect core business, no contribution from:

• trust asset sales

• residential super lot sales

> results refect core business, no contribution from: — trust asset sales — residential super lot sales
	FY09 Operating proft	High range FY09 1 Earnings guidance
investment (Mptand MaM)	$242.7m	$243.0m
development	$29.1m	$27.0m
investment Management (includinghotels)	($28.6m)	($29.0m)
corporate overheads, taxand eliminations	($42.4m)	($41.0m)
NPAT	$200.8m	$200.0m
EPS 2	13.4 cpss 3	13.6 cpss
DPS	8 cpss	8 – 9 cpss

• 1) high range operating earnings guidance released to market on 4 June 2009, adjusted for Mirvac asset Management re-allocated to investment (Mpt). 2) diluted earnings excluding specific, non-cash and significant items.

• 3) high range eps earnings guidance based upon capital raising securities being issued 30 June 2009, actual institutional allocation made 24 June 2009.

Mirvac Group FY09 results presentation 25 auGust 2009

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suMMarY oF results

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FY09 Operating proft	$200.8m 1
specifc non-cash items	($756.4m)2
net loss from fair value of:
> investment properties > derivative fnancial instruments > share of associates proft/losses
other signifcant items3	($522.5m)2
impairments:
> loans
> investments
> inventory
> Management rights
> properties under construction
Statutory net loss	($1,078.1m)
NTA 4	$1.72
EPS	(64.5) cpss 5
1) excluding specifc, non-cash and other signifcant items.
2) For further detail refer to statutory accounts.
3) includes the effect of non-cash and signifcant adjustments.
4) nta based on issued securities, including eis securities.
5) diluted statutory earnings.

Mirvac Group FY09 results presentation 25 auGust 2009

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deBt proFile

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	FY09	FY08
s&p rating	BBB	BBB
	(positive outlook)1
total interest bearingdebt	$2,145m	$2,453m
avgborrowingrate2	6.72%	7.07%
Wtd avgdebt maturity	3.3yrs	3.8yrs
% hedged	60.3%	79.7%
Wtd avghedged maturity3	6.4yrs	4.4yrs
Balance sheetgearing4	18.7%5	33.9%
covenantgearing	34.2%6	43.0%
look-throughgearing	23.4%	36.6%

Drawn debt facility maturity profile

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$m
1000
800
600
400
200
0
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
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DRAWN: BANK – SECURED USPP BANK MTN

• 1) as at 16 July 2009.

• 2) includes margins and line fees.

• 3) includes bank cancellable swaps and a swaption.

• 4) adjusted for uspp debt at hedge rate.

• 5) adjusted for retail proceeds from 4 June 2009 capital raising, received post 30 June 2009 and uspp debt at hedge rate.

• 6) assuming cash on hand utilised to pay down debt, covenant gearing of 24.3% would result.

Mirvac Group FY09 results presentation 25 auGust 2009

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liquiditY proFile

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strong liquidity profile; able to meet all debt maturities and capital commitments in FY10 and beyond FY11

assume no trust asset sales, no distribution reinvestment plan and no rollover of Mtns

			available	assumed facility	Forecast available
Funding source	Facility limit ($m)	drawn amount ($m)	liquidity ($m)	reduction ($m)	liquidity ($m)
Feb 10 – non recourse fund debt	32.5	32.5	0.0	(0.0)
Mar 10 – Mtn	300.0	300.0	0.0	(300.0)
Jun 10 – Bank	90.0	90.0	0.0	(90.0)
sep 10 – Mtn	200.0	200.0	0.0	(200.0)
Jun 11 – Bank	1,162.5	104.1	1,058.4	(321.3)1
Facilities rolling post Jun 11	1,417.9	1,417.9	0.0	0.0
Total	3,202.9	2,144.5	1,058.4	(911.3)	147.1
Cash on hand					896.5
Net cash fow
(Jun 09 – Jun 11)					200.0
Funding headroom					1,243.6

1) assumes reduction in facility limit of 27.6%, in line with February 2009 tranche a bank syndicate reduction.

Mirvac Group FY09 results presentation 25 auGust 2009

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Finance update

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Key debt covenants	Defnition	Covenant	FY09
	total liabilities/total
	tangible assets
covenantgearing	(per stat accounts)	<55.0%	34.2%
	adjusted eBitda /
	(interest expense per stat
interest cover ratio (icr)	accounts + lease expenses)	>2.25:1	3.42:1

FY09 Activities	FY10 Focus
Capital management
re-fnanced $805m bank syndicated facility	diversify and extend debt profle
upgraded s&p credit rating to BBB with positive outlook	achieve s&p BBB+ credit rating
revised distribution policy to trust taxable earnings	accelerate capital repatriation — via sale of impaired
	inventory and work in hand
equity issuance of $1,100m at $1.00 cpss (Jun 09)	Maintain suffcient liquidity via positive cashfow
and $500m at $0.90 cpss (nov 08)

Mirvac Group FY09 results presentation 25 auGust 2009

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developMent

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Brett draFFen

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the peninsula, BursWood, Wa
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Mirvac Group FY09 results presentation 25 auGust 2009

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developMent Model

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residential development value chain

acquisition desiGn developMent construction

sales and MarketinG

Mirvac’s competitive advantage

premium brand driving repeat customers, allows apartment de-risking via pre-sales

superior product quality and design, established over 37 years of residential development

integrated delivery model allows speed to market to meet change in demand

FY09

outperformed divisional high range guidance $29.1m[ 1]

implemented business transformation; introduced shared services platform significantly reducing costs > driving future margin growth

looking forward

Minimum of 1 significant project per state identified for fast-tracking, ensuring integrated development platform delivers stock to market to meet above forecast demand – fixed overhead cost utilised to expedite design and planning process

15 non-core projects identified as part of impairment, allowing a forecast $140m capital repatriation and reinvestment in large scale projects where competitive advantage exists

concentrated approach on large scale, master planned, integrated, generational projects

ability to grow market share (currently 1.1%)[ 2] , as competitors find finance increasingly difficult to obtain

1) excluding specific, non-cash and other significant items.

• 2) Year to 30 June 2009 total settlement divided by year to 30 June 2009 aBs completions for australian states where Mirvac operates.

Mirvac Group FY09 results presentation 25 auGust 2009

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residential pipeline

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residential > committed and in progress

lots > 4,398 (17.3% pipeline)

no funding commitments for non-residential developments are in progress[ 1]

diversified residential pipeline of 25,353 lots[ 2] > 35.0%: 100% owned

• 25.4%: 50% joint venture

• 12.7% held through managed funds (2 syndicates, MWrdp)

27.0% held through project development agreements

1) Mirvac development division is undertaking a refurbishment of Manning Mall, taree on behalf of Mirvac property trust; due for completion october 2009.

2) a decrease of 3,297 lots in the six months to 30 June 2009 attributable to projects marketed as englobo land.

Mirvac Group FY09 results presentation 25 auGust 2009

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FY09 settleMents

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1,574 lot settlements consisting of: 777 — 100% owned

1h09 — 562 95 — joint ventures > 2h09 — 1,012 259 — MWrdp 443 — project development agreements

nsW homes division positioned to deliver capital repatriation, entry level price point set to drive volume

Gross margin of 16.5%[ 1] achieved and excluding dilutionary impact of impaired projects results in a gross margin of 20.5%

post 30 June 09, 2nd and 3rd home buyer activity gaining momentum, albeit from a cyclical low

	House/land settlements 2	Apartment settlements 2	Total settlements 2
State	(Year to 30 June 09)	(Year to 30 June 09)	(Year to 30 June 09)
nsW	47.5%	11.1%	58.6%
vic	8.0%	0.3%	8.3%
qld	7.4%	7.2%	14.6%
Wa	11.4%	7.1%	18.5%
total	74.2%	25.8%	100.0%

1) For detail refer to page 46.

2) settlement by number.

Mirvac Group FY09 results presentation 25 auGust 2009

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securinG Future earninGs

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Mirvac’s position as australia’s pre-eminent residential developer is evidenced by $759m[ 1] of exchanged residential pre-sales contracts

6 month exchanged contract reconciliation

1h09 exchanged contracts	$955m
net settlements and exchanges	($196m)
FY09 exchanged contracts	$759m
State Exchanged contracts as at 30 Jun 09 nsW $127m vic $166m qld $130m Wa $336m	Forecast settlement of Settlement date exchanged contracts
	FY10 $421m
	FY11 $331m
	FY12 $8m

Forecast settlement of exchanged contracts

Forecast settlement of exchanged contracts
500
400 $421m
$331m 300
200
100
0	$8m
FY10 FY11	FY12

1) total exchanged value adjusted for Mirvac share of Jv interest, Mirvac managed funds and excludes pdas.

Mirvac Group FY09 results presentation 25 auGust 2009

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MaJor FY10 proJects

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top 10 projects make up 65% of development division’s forecast FY10 eBit

53%[ 1] of development division’s budgeted FY10 eBit is contracted pre-sales FY10 concludes restructuring as division will be ‘right sized’ and streamlined to pursue next cycle opportunities FY10 focused on driving capital repatriation via conversion of impaired inventory – approx $140m

FY10 Major projects	FY10 Forecast EBIT	Pre-sold 1
tennyson reach, qld	$15.6m	82%
Yarra’s edge river homes, vic	$12.3m	100%
the peninsula, Burswood, Wa	$11.0m	91%
the royal, newcastle, nsW	$5.9m	56%
rhodes Waterside, nsW	$5.5m	60%

FY10 total forecast lot settlements >2,000

$14.7m forecast restructuring cost is included in FY10 operating profit

1) percentage pre-sold relates to FY10 forecast eBit and includes exchanged contracts, development construction and management fees.

Mirvac Group FY09 results presentation 25 auGust 2009

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positioned For residential recoverY

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FY10, including one-off restructuring charges, forecast to be the low point of the cycle for development division’s operating earnings

Settlement date	Lots settled	Operating proft 1
FY06	2,463	$91.7m
FY07	1,958	$140.1m
FY08	2,089	$154.1m
FY09	1,574	$29.1m

FY11 Majorprojects Middleton Grange,nsW the peninsula,Burswood,Wa Beachside leighton,Wa Waverleypark,vic the royal,newcastle,nsW Waterfront,newstead,qld FY11 total forecast lot settlements approx 2,000	Drivers ofproft
	— settlement volume — settlement ownership composition — Margin — impairment (0% margin lots)

1) excluding specific, non-cash and other significant items.

Mirvac Group FY09 results presentation 25 auGust 2009

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investMent

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nick collishaW

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60 MarGaret street, sYdneY, nsW
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Mirvac Group FY09 results presentation 25 auGust 2009

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Mirvac propertY trust valuation

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all properties have been valued in the 6 months to 30 June 2009[ 1] in the year to 30 June 2009 the portfolio weighted average capitalisation rate (Wacr) has expanded by 100 basis points external valuations were undertaken on 83.0% of the portfolio in the year to 30 June 2009

Sector	Value ($m)	WACR 30 JUN 09	WACR 31 DEC 08	WACR 30 JUN 08
commercial	$1,598	7.65%	6.99%	6.54%
retail	$1,448	7.28%	6.91%	6.42%
industrial	$262	8.50%	7.66%	7.38%
portfolio	$3,6902	7.55%	7.01%	6.55%

115 basis point capitalisation rate expansion

WACR

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8%
7.55%
7% 7.01%
6.55%
6.40%
6%
31 Dec 07 30 Jun 08 31 Dec 08 30 Jun 09
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1) in the 6 months to 30 June 2009, internal valuations (director valuations) were performed on 23 assets representing 39.7% of portfolio by number and 33.1% by book value. in the 12 months to 30 June 2009, external valuations were performed on 45 assets representing 77.6% of portfolio by number and 83.0% by book value. 2) including carparks, indirect investments and a hotel.

Mirvac Group FY09 results presentation 25 auGust 2009

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Mirvac propertY trust underpins Group earninGs

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• 56.8% of revenue derived from australian Government, asX listed and multinational tenants

• earnings highly visible with 94% of rent reviews fixed or cpi

• commercial portfolio 3.3% under rented[ 1]

• 26% of FY10 portfolio gross income expiry secured, limiting income at risk to 6.76% of portfolio from 9.14%

• portfolio geographically well positioned, 98.1% weighted to australian eastern seaboard

• retail portfolio specialty occupancy cost of 13.0%, with 3.8%[ 2] moving annual turnover growth

> retailportfolio specialty	occupancycost of 13.0%,w	ith 3.8%2moving	annual turnoverg	rowth
						WALE
Sector	NSW	VIC	ACT	QLD	WA	(by area)
commercial	57.9%	21.8%	12.0%	8.3%	—	6.1
retail	47.2%	21.4%	—	29.6%	1.7%	5.9
industrial	72.3%	12.1%	—	—	—	5.1
portfolio	53.8%	22.1%	5.6%	16.5%	0.7%	5.8

Portfolio expiry profile[3]

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50
46%
40
30
20
10 10% 7% 11% 10% 12%
4%
0
VACANT FY10 FY11 FY12 FY13 FY14 BEYOND
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• 1) Management estimates.

• 2) comparable moving annual turnover growth.

• 3) By area.

Mirvac Group FY09 results presentation 25 auGust 2009

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secure portFolio

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stable investment division is well positioned to deliver FY10 earnings

Key FY10 assumptions for MPT

rental abatement contingency increased

high proportion of fixed and cpi reviews and benefit of development completions

18% decrease in profits from joint ventures and associates

no significant deterioration in tenant defaults

no forecast asset sales or acquisitions

Looking forward

capitalisation rate stability will lead to re-emergence of capital growth

disposal of non-core assets will continue

internal development capacity allows for portfolio improvement and growth

Mirvac Group FY09 results presentation 25 auGust 2009

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streaMlininG investMent ManaGeMent

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pro ressin ali nment of investment Mana ement with Grou ’s core com etencies g g g g p p

• domaine Funds – responsible entity disposed

• Mirvac aqua – heads of agreement has been entered into to dispose of the joint venture

• Mirvac tourist park Fund – deed of appointment and retirement entered into, subject to a unitholder meeting in september 2009

• Mirvac industrial trust [asX: MiX] – Management is currently reviewing strategies including expressions of interest in connection to a realisation of the trust

rationalisation process to be completed by 30 June 2010

Mirvac Group FY09 results presentation 25 auGust 2009

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hotel ManaGeMent

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• achieved 5 new management contracts in the year to 30 June 2009

achieved 73% occupancy

• achieved $177 average room rate

• Focused on australian expansion in existing sub-markets — 4 hotels over next 2 years

	hotels as at	rooms as at
Mirvac hotels & resorts brand	30 June 09	30 June 09
the sebel	25	3,175
citigate	5	1,072
quayWest suites	7	606
sydneyMarriott	1	241
sea temple resorts	2	235
the como	1	107
quayGrand suites	1	66
the lindrum	1	59
harbour rocks	1	55
Total	44	5,616
Future (FY10–FY11)	4	406

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the seBel Mandurah, Wa
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Mirvac Group FY09 results presentation 25 auGust 2009

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strateGY

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101 Miller street, north sYdneY, nsW
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Mirvac Group FY09 results presentation 25 auGust 2009

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strateGY a siMpliFied approach

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> investment

• secure recurring income through ownership of australian investment grade assets

• active portfolio management, maximising returns

• recycle assets that face income, obsolescence or asset class risk

> development

• Maintain pre-eminent residential brand and integrated development model

• Focus on large scale projects with high barriers to entry

• expedite release of capital from first home buyer inventory and non-core projects

• secure next cycle residential product via capital efficient means

> investment Management

• Finalise exit of non-core and unscaleable businesses

• Grow wholesale investor platform

• expand hotel management in existing markets

> Group

• corporate earnings in a normalised market will be retained to fund activities driving future earnings growth

• earnings skewed to australian investment portfolio — normalised target 80% trust, 20% corporate

• enhance operational processes

• diversify and extend debt expiry profile

• Maintain balance sheet gearing target 20 – 30%[ 1]

• 1) net debt after ccir swaps / (tt assets — cash).

Mirvac Group FY09 results presentation 25 auGust 2009

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FY10 operatinG earninGs Guidance

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Guidance	FY10guidance
Group	$253m1
Groupeps / dps
eps	9 cpss2
dps	8 – 9 cpss
	assuming no material change to market conditions

2) diluted earnings excluding specific, non-cash and other significant items.

1) excluding specific, non-cash and other significant items.

Mirvac Group FY09 results presentation 25 auGust 2009

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our strateGY

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our strategy continues to be realistic and relevant, it brings simplicity to our model, focusing on our two core divisions, Investment and Development with Investment Management . facilitating capital interaction

Mirvac has operated through many market cycles since 1972 and its continued success is attributable to its ability to adapt to changing market conditions. the actions of this next year and our direction today ensures the strength of the business into the future.

Mirvac Group FY09 results presentation 25 auGust 2009

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anneXures

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neWinGton, nsW
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Mirvac Group FY09 results presentation 25 auGust 2009

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FY09 aiFrs reconciliation

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Development Investment	External Hotel Funds Mgt Unallocated Eliminations Tax Total Investment Management
npatbefore oei - aiFrs (354.7) (546.3) (221.0) 12.3 (42.2) 7.4 65.3 (1,079.2)
less: oei 0.1 1.0 1.1
NPAT - AIFRS (354.7) (546.2) (221.0) 12.3 (42.2) 8.4 65.3 (1,078.1)
less: netlossesfrom fair value of investment properties (excluding owner-occupied) 515.6 (28.4) 487.2
net losses on fair value of derivative fnancial instruments and associated foreignexchangemovements 110.3 (6.3) 104.0
expensing ofsecurity based payments 7.1 7.1
depreciation of owner-occupied investment properties, hotels and hotel managementlots (includinghotelproperty, plant and equipment) 1.4 5.0 6.4
straight line of lease revenue (1.2) (1.2)
amortisation of lease incentives 10.1 (1.8) 8.3
net losses from fair value of investment properties, derivatives and other specifc non-cash items included in share of associates losses 0.4 141.2 1.9 7.4 150.9
net gains from fair value of investment properties, derivatives and other specifc non-cash items included in minorityinterest (3.4) (2.9) (6.3)
impairment of investment included in share of net loss of associates andjoint ventures 20.3 12.9 33.2
impairment of investment includingassociates andjoint ventures 10.0 16.3 15.2 0.2 41.7
impairment of loans 40.7 2.0 42.7
provision for loss on inventory 186.5 186.5
impairment ofgoodwill,management rights and other intangibles 125.9 146.7 1.0 273.6
net losses from signifcant other items included in minorityinterest (1.0) (1.0)
tax effect of non-cash and other signifcant adjustments (54.2) (54.2)
OPAT 29.1 242.7 (42.3) 13.7 (41.2) (12.3) 11.1 200.8
add-back oei (0.1) (1.0) (1.1)
add-back tax (11.1) (11.1)
add-back interest 43.9 75.6 6.3 (0.4) 9.2 (69.7) 64.9
Operating proft - EBIT 73.0 318.2 (36.0) 13.3 (32.0) (83.0) 253.5

Mirvac Group FY09 results presentation 25 auGust 2009

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FY08 aiFrs reconciliation

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Development Investment	External Hotel Funds Mgt Unallocated Eliminations Tax Total Investment Management
npatbefore oei - aiFrs (65.8) 404.0	(93.9) 13.6 (40.1) (65.3) 22.9 175.4
less: oei (1.9) (1.7) (3.6)
NPAT - AIFRS (65.8) 402.1 (93.9) 13.6 (40.1) (67.0) 22.9 171.8
less: net gainsfrom fair value of investment properties (excluding owner-occupied) (181.8) (1.2) 36.8 (146.2)
net gains on fair value of derivative fnancial instruments and associatedforeignexchangemovements (19.1) (0.1) 0.4 (32.6) (51.4)
expensing ofsecurity based payments 7.1 7.1
depreciation of owner-occupied investment properties, hotels and hotel managementlots (includinghotelproperty, plant and equipment) 1.3 5.6 6.9
straight line of lease revenue (0.7) (0.7)
amortisation of lease incentives 8.2 8.2
net losses from fair value of investment properties, derivatives and other specifc non-cash items included in share of associates losses 11.5 0.6 12.1
impairment of investment includingassociates andjoint ventures 76.1 76.1
impairment ofgoodwill,management rights and other intangibles 18.9 18.9
provision for loss on inventory 219.9 219.9
impairment of investment included in share of net loss of associates andjoint ventures 85.2 85.2
net losses from signifcant other items included in minorityinterest (0.2) (0.2)
tax effect of non-cash and other signifcant adjustments (55.5) (55.5)
OPAT 154.1 296.3 9.5 15.3 (65.6) (24.8) (32.6) 352.2
add-back oei 1.9 1.7 3.6
add-back tax 32.6 32.6
add-back interest 63.7 43.9 4.9 0.6 7.5 120.6
Operating proft - EBIT 217.8 342.1 14.4 15.9 (58.1) (23.1) 509.0

Mirvac Group FY09 results presentation 25 auGust 2009

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Balance sheet sensitivitY

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Mirvac’s covenant gearing of <55% can withstand significant asset value deterioration

capitalisation rate and inventory sensitivity

Assumed capitalisation rate expansion	Base case	+50bps	+100bps	+150bps
Implied capitalisation rate	7.55%	8.05%	8.55%	9.05%
Development inventory devaluation	0%	10%	15%	20%
Balance sheetgearing1	18.7%	20.0%	21.0%	22.0%
covenantgearing(tl/tta)	34.2%2	36.1%	37.7%	39.3%
pro forma nta3	a$1.72	a$1.57	a$1.47	a$1.38

1) adjusted for retail proceeds from 4 June 2009 capital raising, received post 30 June 2009 and uspp debt at hedge rate.

2) assuming cash on hand utilised to pay down debt, covenant gearing of 24.3% would result.

3) nta based on issued securities, including eis securities.

Mirvac Group FY09 results presentation 25 auGust 2009

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Mpt sector diversiFication[ 1]

30 Jun 09[ 2]

30 Jun 09

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NSW 53.8% VIC 22.1% WA 0.7% QLD 16.5% ACT 5.6% US 1.2%

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COMMERCIAL 44.4% RETAIL 40.3% INDIRECT PROPERTY INVESTMENTS 5.2% INDUSTRIAL 7.3% HOTELS AND CAR PARKS 2.8%

2) excluding indirect property investments.

1) By book value. excluding development.

Mirvac Group FY09 results presentation 25 auGust 2009

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Mpt FY10 rental revieW structure BY Gross incoMe

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FY10 review types	Percentage
cpi linked	17.5%
Fixed reviews	76.4%
Market reviews	5.4%
other/miscellaneous reviews	0.6%

Mirvac Group FY09 results presentation 25 auGust 2009

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Mpt top ten tenants BY Gross incoMe

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Rank	Tenant	Percentage
1	Government	8.1%
2	coles Group	5.1%
3	Woolworths limited	4.2%
4	Fairfax holdings limited	3.2%
5	insurance australia limited	2.3%
6	GM holden limited	2.2%
7	united Group	1.8%
8	telstra corporation limited	1.2%
9	Genworth Financial	1.1%
10	reuters australia	0.9%
Total		29.9%

Mirvac Group FY09 results presentation 25 auGust 2009

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Mpt staBle earninGs platForM

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

$4,102m ($521m)
($121m) $229m $3,690m
30 Jun 08 Revaluations Equity Develoments, 30 Jun 09
accounted CAPEX and
investments incentives
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Mirvac Group FY09 results presentation 25 auGust 2009

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Mpt coMMercial overvieW

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properties owned	21
nla	359,634 sqm
asset value	$1,597.6m
Gross revaluation	($118.1m)
net incomegrowth	5.8%(like for like)
occupancy	98.1%

Mirvac Group FY09 results presentation 25 auGust 2009

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Mpt coMMercial perForMance

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leasing transactions 82,877 sqm (23.0% of portfolio)

tenant rent reviews 261 (210,976 sqm) Wale (area) 6.05 yrs Wale (income) 5.96 yrs

Mirvac Group FY09 results presentation 25 auGust 2009

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Mpt coMMercial lease eXpirY

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60% LETTABLE AREA SQM
50
40
30
20
10
0
VACANT FY10 FY11 FY12 FY13 FY14 BEYOND
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Mirvac Group FY09 results presentation 25 auGust 2009

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Mpt industrial overvieW

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pro erties owned 12 p nla 221,957 sqm asset value $261.6m Gross revaluation ($31.9m) net income growth (5.2%)[ 1] (like for like)

occupancy

90.8%

• 1) excluding 44 Biloela street, villawood, nsW like for like increases to 8.6% as asset is currently vacant.

Mirvac Group FY09 results presentation 25 auGust 2009

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Mpt industrial perForMance

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leasing transactions 31,087 sqm (14.0% of portfolio)

tenant rent reviews 25 (107,645 sqm) Wale (area) 5.09 yrs Wale (income) 5.01 yrs

Mirvac Group FY09 results presentation 25 auGust 2009

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Mpt industrial lease eXpirY

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60% LETTABLE AREA SQM
50
40
30
20
10
0
VACANT FY10 FY11 FY12 FY13 FY14 BEYOND
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Mirvac Group FY09 results presentation 25 auGust 2009

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Mpt retail overvieW

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retail centres owned	21
Gla	467,430 sqm
asset value	$1,448.3 m
Gross revaluation	($123.7m)
net incomegrowth
> shoppingcentres	0.3%(like for like)
> Bulky goods centres	(1.6%) (like for like)
> total retail	(0.3%) (like for like)
occupancy1	97.8%
Mat	3.8%(like for like)
specialtysales2	$7,379per sqm

1) excluding bulky goods. 2) includes Gst.

Mirvac Group FY09 results presentation 25 auGust 2009

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Mpt retail perForMance

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leasing transactions 46,026 sqm (9.8% of portfolio)

tenant rent reviews 1,077 (265,761 sqm) occu anc costs 13.0% p y

Wale (area) 5.89 yrs

Wale (income) 4.55 yrs

Mirvac Group FY09 results presentation 25 auGust 2009

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Mpt retail lease eXpirY

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50% LETTABLE AREA SQM
40
30
20
10
0
VACANT FY10 FY11 FY12 FY13 FY14 BEYOND
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Mirvac Group FY09 results presentation 25 auGust 2009

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residential activities under control

Total project forecast revenue[1] $9.6bn

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NSW 21.1% VIC 5.6% QLD 32.5% WA 40.6% SA 0.2%

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Mirvac’s share of forecast revenue $6.1bn

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NSW 22.3% VIC 8.4% QLD 43.9% WA 25.1% SA 0.2%

1) represents Mirvac’s total share of development revenue associated with lots not held on balance sheet.

Mirvac Group FY09 results presentation 25 auGust 2009

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Gross MarGin

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	revenue ($m)	costs ($m)	Margin ($m)	Margin (%)
adjusted	721,988	(602,551)	119,437	16.5%
cost recoveryactivities	494,458	(494,458)
eliminations	(125,637)	125,819
Groupp&l	1,090,809	(971,190)	119,619	11.0%

Mirvac Group FY09 results presentation 25 auGust 2009

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inventorY carrYinG values

• carrying value assessment:

• Forecast cost < net realisable value (forecast revenue) — results in profit

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• Forecast cost > net realisable value — results in impairment

FY08 Mirvac impaired $219.9m or 11.5% of gross inventory year end balance[ 1]

FY09 Mirvac impaired $186.5m or 10.0% of gross inventory year end balance[ 1]

FY09 net realisable value assessed with majority of impairment attributable to bringing forward exit assumptions for non-core inventory to:

• reduce future capital expenditure

• expedite capital release

• reduce overhead cost

• 1) pre-impaired inventory balance.

Mirvac Group FY09 results presentation 25 auGust 2009

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residential pipeline – 25353 lots under control ,

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House/Land Apartments 21,342 lots 4,011 1 NSW 16.2% NSW 23.8% VIC 36.0% VIC 25.0% WA 30.9% WA 19.7% QLD 14.1% QLD 31.4% SA 2.8%

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Mirvac Group FY09 results presentation 25 auGust 2009

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investMent ManaGeMent

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FUNDS MANAgEMENT REVENUE SOURCE SUMMARY BY FUND / MANDATE	REVENUE
	Equity Management Transaction Interest accounted fees fees1 income2 income
RETAIL/ LISTED
Mirvac Real Estate Investment Trust	4 4 I
Mirvac Industrial Trust	4 4 I
Mirvac PFA Diversifed PropertyFund	4 4
Mirvac Tourist Park Fund	4 4
Mirvac Development Fund - Seascapes	4 4
Mirvac Development Fund - Meadow Springs	4 4
Mirvac AquA Funds	4
WHOLESALE
Mirvac Wholesale Residential Development Partnership	4 4 4 D
Travelodge Group	4 4 I
Mirvac Wholesale Hotel Fund	4 4 I
Australian Mezzanine Capital Fund	4 4 4
AustralianSuper	4 4 D
CityRegeneration Fund	4 4 IM

• 1) transaction fees are defined as a acquisition, disposal, establishment and / or performance fees.

• 2) interest earned on loans to related parties or mezzanine capital loans. interest on related party loans charged at market rates. iM) investment Management.

• i) investment (Mpt).

d) development.

Mirvac Group FY09 results presentation 25 auGust 2009

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investMent ManaGeMent

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FUNDS MANAgEMENT REVENUE SOURCE SUMMARY BY FUND / MANDATE	REVENUE
	Equity Management Transaction Interest accounted fees fees1 income2 income
JOINT VENTURES
International ParkingGroup	4
JF Infrastructure Yield Fund	4 I
JF Stadium Trust	4
JF Infrastructure Sustainable EquityFund	4 I
Australian Sustainable ForestryInvestors	4 IM
New Zealand Sustainable ForestryInvestors	4 IM
Private Mandates	4
JF Infrastructure PtyLimited	IM
Mirvac AquA PtyLimited	4 IM
quadrant Real Estate Advisors LLC	4 IM
New Forests PtyLimited	IM
Free Spirit Resorts PtyLimited	IM

• 1) transaction fees are defined as a acquisition, disposal, establishment and / or performance fees.

• 2) interest earned on loans to related parties or mezzanine capital loans. interest on related party loans charged at market rates. iM) investment Management.

i) investment (Mpt).

d) development.

Mirvac Group FY09 results presentation 25 auGust 2009

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~~www.mirvac.com~~

Mirvac Group FY09 results presentation 25 auGust 2009

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