MIRVAC GROUP — Investor Presentation 2010

Jun 22, 2010

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23 June 2010

MIRVAC GROUP CANBERRA UPDATE

Attached for release to the market is a Canberra Update booklet that was provided today as part of an Analyst and Investor tour of Canberra.

For further information please contact:

Investor Enquires: Adam Crowe Group General Manager, External Relations +61 2 9080 8652

ME_85558096_1 (W2003)

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JUNE 2010

MIRVAC GROUP CANBERRA UPDATE

IMPORTANT NOTICE

Mirvac Group comprises Mirvac Limited ABN 92 003 280 699 and Mirvac Property Trust ARSN 086 780 645. This document (“Document”) 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 “Mirvac 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 Document has been obtained from or based on sources believed by Mirvac Group to be reliable. To the maximum extent permitted by law, Mirvac, its affiliates, officers, employees, agents and advisors do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Document 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 Document is not financial advice or a recommendation to acquire Mirvac Group 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 Document and Mirvac 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 Group stapled securities is provided in this Document, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services Licence. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of Mirvac Limited.

This Document 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 Document 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.

An investment in Mirvac Group stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac Group, 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 Group nor do they guarantee the repayment of capital from Mirvac Group or any particular tax treatment.

Past performance information given in this Document is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

This Document is not an offer or an invitation to acquire Mirvac Group 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.

MIRVAC GROUP CANBERRA UPDATE JUNE 2010 1

AUSTRALIAN CAPITAL TERRITORY

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1
2 AUSTRALIAN
WAR MEMORIAL
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WAR MEMORIAL
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CANBERRA CBD
LAKE BURLEY GRIFFIN NATIONAL MUSEUM
OF AUSTRALIA
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NATIONAL GALLERY
ROYAL CANBERRA OF AUSTRALIA
GOLF COURSE
OLD PARLIAMENT
HOUSE
CAPITAL HILL
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1. 54 MARCUS CLARKE STREET, CANBERRA

2. ST GEORGE CENTRE, 60 MARCUS CLARKE STREET, CANBERRA

3. SECTION 63, CIVIC, CANBERRA

4. 38 SYDNEY AVENUE, FORREST

5. COOLEMAN COURT SHOPPING CENTRE, WESTON

6. AVIATION HOUSE, 16 FURZER STREET, CANBERRA

7. 23 FURZER STREET, CANBERRA

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2 MIRVAC GROUP CANBERRA UPDATE JUNE 2010

CANBERRA MARKET

Economic Overview

• Economic growth in the ACT has remained positive, though at a below trend rate.

• Access Economics is forecasting gross state product to grow from 0.9% in 2009 to 1.7% in 2010.

Office Market

• Supply is outpacing net absorption.

• Investment demand is still strong for assets leased to the public sector with long lease terms.

CANBERRA PORTFOLIO

				VALUATION
PROPERTY	LOCATION	NLA	% OF MPT	AT 31 DEC 09
St George Centre,60 Marcus Clarke Street	Canberra,ACT	12,165 sqm	1.2%	$52.0m
38 SydneyAvenue	Forrest,ACT	9,099 sqm	0.9%	$37.5m
Aviation House,16 Furzer Street	Canberra,ACT	14,828 sqm	1.5%	$64.5m
23 Furzer Street	Canberra,ACT	46,167 sqm	5.2%	$208.8m1
Cooleman Court ShoppingCentre	Weston,ACT	10,714 sqm	1.0%	$46.3m
54 Marcus Clarke Street	Canberra,ACT	5,276 sqm	0.4%	$17.0m
Section 63	Civic,Canberra,ACT	128,000 sqm	—	—
TOTAL		226,249 sqm	10.1%	$426.1m

WEIGHTED AVERAGE LEASE EXPIRY 9.9 YEARS

OCCUPANCY 95.6%

1 ACQUIRED 1 FEBRUARY 2010.

MIRVAC GROUP CANBERRA UPDATE JUNE 2010 3

SECTION 63, CIVIC, CANBERRA, ACT

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DESCRIPTION

Mixed use development within Canberra city centre comprising 4 buildings totalling 120,000 sqm space of office, 8,000 sqm of retail space and 1,000 public car park spaces.

2.8km to Parliament House.

UPDATE

Section 63 comprises a staged office and retail development in the Canberra CBD.

5 Star NABERS rating.

OWNERSHIP

CITY WEST – 50% MIRVAC LIMITED, 50% LEIGHTON PROPERTIES LAND PURCHASED IN DECEMBER 2007

CURRENT STATUS

MASTERPLAN AND DEVELOPMENT CONSENTS OBTAINED FOR ALL PROPOSED BUILDINGS. MAY 2010 CITY WEST SHORTLISTED AS A PREFERRED OPTION.

In December 2009 the Commonwealth Department of Employment, Education and Workplace Relations (DEEWR) ran an Expression of Interest(EOI) campaign for the provision of 32,000sqm of office space within Civic. In May 2010 City West was shortlisted as a preferred option.

If City West are successful in obtaining DEEWR’s requirement, construction will be required to commence in September 2010 with completion June 2012. City West are active in the leasing marketplace for pre leasing.

4 MIRVAC GROUP CANBERRA UPDATE JUNE 2010

DEVELOPMENT PIPELINE

				Forecast
		Net	Forecast	estimated
		lettable	cost to	yield on	Forecast
Property	Type	area	complete1	Cost2	completion	Status
10-20 Bond Street	Commercial	37,800 sqm	$30m	7.5%	Feb 11	Under construction
Nexus IndustryPark	Industrial	20,900 sqm	$19m	8.1%	Jun 11	DA approved
Hoxton Park — Woolworths
Distribution Project	Industrial	140,000 sqm	$172m	8.0%	Mar 12	Part 3Apreparation
Orion Town Centre Stage 2A	Retail	33,800 sqm	$56m	—	May12	DA lodged
						Master plan and
	Commercial/					development
Section 63	Retail	128,000 sqm	$340m3	—	Oct 15	consents obtained
Kawana ShoppingCentre	Retail	38,000 sqm	$61m	8.3%	Dec 12	DA lodged
8 ChifeySquare	Commercial	19,000 sqm	$185m	8.0%	Sep13	DA approved/ under review
190-200 George Street	Commercial	34,300 sqm	$340m	7.1%	Oct 15	Early planning
						DA approved/
271 Lane Cove Road	Business Park	33,300 sqm	$144m	7.3%	Jun 16	DA approved
Total		357,100 sqm	$1,347m

Development pipeline increases to $1,347m from $1,007m as at 31 December 2009

1 MIRVAC SHARE, EXCLUDING EXISTING LAND.

2 YIELD ON COST INCLUDING LAND.

3 MIRVAC SHARE, INCLUDING EXISTING LAND.

MIRVAC GROUP CANBERRA UPDATE JUNE 2010 5

ST GEORGE CENTRE 60 MARCUS CLARKE STREET, CANBERRA, ACT

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DESCRIPTION

The St George Centre is one of Canberra’s landmark buildings and was constructed in 1988. It comprises 13 office levels, undercover parking to the rear and a four level annex providing podium floors of 1,300 sqm and tower floors of 900 sqm.

UPDATE

The asset is dominated by private sector tenants. St George Bank has recently signed a new lease until 2020.

SUMMARY INFORMATION – 31 DECEMBER 2009

GRADE		A Grade
OWNERSHIP		100% MPT
NLA		12,165 sqm
CAR SPACES		134
ACQUISITION DATE		Sep89
VALUATION AT 31 DEC 09		$52.0m
VALUER		DIRECTORS VALUATION
LAST EXTERNAL VALUATION	DATE	30 Jun 09
CAPITALISATION RATE		8.50%
DISCOUNT RATE		9.00%
GROSS OFFICE RENT		$445/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
DEST	1,331	Apr 11
ST GEORGE BANK	1,321	Oct 10

Vacancy has been reduced to 7% and the asset WALE has increased to 3.28 years.

LEASE EXPIRY PROFILE % AREA AS AT DECEMBER 31 2009

LEASE EXPIRY PROFILE % AREA AS AT DECEMBER 31 2009	LEASE EXPIRY PROFILE % AREA AS AT DECEMBER 31 2009
VACANCY 10.5%
FY10 1.0%
FY11 35.3%
FY12 11.2%
FY13 8.2%
FY14 24.6%
BEYOND 9.2%
WALE 2.29 YEARS

6 MIRVAC GROUP CANBERRA UPDATE JUNE 2010

38 SYDNEY AVENUE, FORREST, ACT

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DESCRIPTION

Purpose built for the Commonwealth Government in 1997, the building comprises four office levels, with excellent natural light and large floor plates of approximately 2,100 sqm to 2,400 sqm. The building is well located close to the Parliamentary Triangle.

SUMMARY INFORMATION – 31 DECEMBER 2009

GRADE		A Grade
OWNERSHIP		100% MPT
NLA		9,099 sqm
CAR SPACES		68
ACQUISITION DATE VALUATION AT 31 DEC 09 VALUER		Jun 96 $37.5m DIRECTORS VALUATION
LAST EXTERNAL VALUATION	DATE	31 Dec 08
CAPITALISATION RATE		8.75%
DISCOUNT RATE		9.25%
GROSS OFFICE RENT		$411/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
DBCDE	8,975	Nov 12

UPDATE

Preliminary discussions to extend the lease have been held with the Department of Broadband (DoB).

The DoB is currently considering multiple tenancy consolidation.

The adjoining site owned by the ACT Government may offer development opportunity for consolidation.

LEASE EXPIRY PROFILE % AREA AS AT DECEMBER 31 2009

VACANCY	0.0%
FY10	0.0%
FY11	1.4%
FY12	0.0%
FY13	98.6%
FY14	0.0%
BEYOND	0.0%
WALE	2.87	YEARS

MIRVAC GROUP CANBERRA UPDATE JUNE 2010 7

AVIATION HOUSE 16 FURZER STREET, CANBERRA, ACT

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DESCRIPTION

Aviation House is well located in Woden and comprises nine levels of office accommodation, a café on ground level and two levels of basement parking. The building was completed in 2007 and features A Grade services, large floor plates, abundant natural light and a north-facing rooftop balcony. The building currently holds a 4.5 star NABERS rating.

UPDATE

The property was acquired as part of an asset swap in 2007 in exchange for 3 non core MPT assets.

SUMMARY INFORMATION – 31 DECEMBER 2009

GRADE		A Grade
OWNERSHIP		100% MPT
NLA		14,828 sqm
CAR SPACES		154
ACQUISITION DATE		Jul 07
VALUATION AT 31 DEC 09		$64.5m
VALUER		CBRE
LAST EXTERNAL VALUATION	DATE	31 Dec 09
CAPITALISATION RATE		8.00%
DISCOUNT RATE		9.25%
GROSS OFFICE RENT		$380/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
CASA	8,004	Dec 22
APSC	3,992	Feb 22

The asset provides stable long term income.

LEASE EXPIRY PROFILE % AREA AS AT DECEMBER 31 2009

VACANCY	0.0%
FY10	0.0%
FY11	0.0%
FY12	1.1%
FY13	0.0%
FY14	0.0%
BEYOND	98.9%
WALE	11.07	YEARS

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23 FURZER STREET, CANBERRA, ACT

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DESCRIPTION

This newly completed campus style office building, purpose built for the Department of Health and Ageing, comprises 10 office levels, each over 4,500 sqm and two levels of basement parking.

The building has been designed to achieve a 4.5 star NABERS rating.

SUMMARY INFORMATION – 31 DECEMBER 2009

GRADE		A Grade
OWNERSHIP		100% MPT
NLA CAR SPACES		46,167 sqm 374
ACQUISITION DATE		Feb 10
ACQUISITION PRICE		$208.8m
GROSS OFFICE RENT		$395/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
DEPT OF HEALTH AND AGEING	45,967	Feb 25

UPDATE

This asset was acquired in 2008 subject to a Development Management Agreement and a lease pre-commitment to the Department of Health and Ageing.

This deal involved an asset swap for the former health buildings and was acquired as part of Mirvac’s MREIT transaction in December 2009.

LEASE EXPIRY PROFILE % AREA AS AT DECEMBER 31 2009

VACANCY	0.0%
FY10	0.0%
FY11	0.0%
FY12	0.0%
FY13	0.0%
FY14	0.0%
BEYOND	100.0%
WALE	15.002	YEARS

1 ACQUIRED 1 FEBRUARY 2010.

2 FROM FEBRUARY 2010.

MIRVAC GROUP CANBERRA UPDATE JUNE 2010 9

COOLEMAN COURT SHOPPING CENTRE, WESTON, ACT

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DESCRIPTION

Cooleman Court was redeveloped in 2009 to include a new Aldi store and second retail level to the existing anchors of Woolworths and Target Country and 47 specialty shops.

UPDATE

This asset was acquired as part of the MREIT acquisition in December 2009.

SUMMARY INFORMATION – 31 DECEMBER 2009

GRADE		Neighbourhood
OWNERSHIP		100% MPT
NLA		10,714 sqm
CAR SPACES		517
ACQUISITION DATE		Dec 09
VALUATION AT 31 DEC 09		$46.3m
VALUER		DIRECTORS VALUATION
LAST EXTERNAL VALUATION	DATE	30 Jun 09
CAPITALISATION RATE		8.00%
DISCOUNT RATE		9.75%
CENTRE MAT		$85m
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
WOOLWORTHS	3,102	Aug13
ALDI FOODS	1,400	Jan 19

Vacancy has reduced to 6.23% with MAT of $93m ($9,736/m[2] ) and growth of 1.75% (comparable).

There has been 23% MAT growth since development completion. Specialty turnover is $6,723/m[2] with an occupancy cost of 11.92%.

LEASE EXPIRY PROFILE % AREA AS AT DECEMBER 31 2009

VACANCY	7.3%
FY10	3.4%
FY11	3.1%
FY12	4.2%
FY13	10.8%
FY14	32.4%
BEYOND	38.8%
WALE	4.55	YEARS

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54 MARCUS CLARKE STREET, CANBERRA, ACT

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DESCRIPTION

Constructed in 1986, the building comprises nine office levels, ground level retail, one level basement parking and is located in the corporate heart of the CBD. The floor plates of approximately 600 sqm provide excellent natural light and quality views from the upper levels.

UPDATE

This asset is considered non core. Recent successful leasing has reduced vacancy to 28% from 43% as at 31 December 2009.

SUMMARY INFORMATION – 31 DECEMBER 2009

GRADE		B Grade
OWNERSHIP		100% MPT
NLA		5,276 sqm
CAR SPACES		48
ACQUISITION DATE		Oct 87
VALUATION AT 31 DEC 09		$17.0m
VALUER		DIRECTORS VALUATION
LAST EXTERNAL VALUATION DATE		31 Dec 08
CAPITALISATION RATE		9.50%
DISCOUNT RATE		9.75%
GROSS OFFICE RENT		$421/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
HUDSON GLOBAL RESOURCES	624	Jul 13
HAYS	624	Sep11

LEASE EXPIRY PROFILE % AREA AS AT DECEMBER 31 2009

VACANCY	43.0%
FY10	6.9%
FY11	10.6%
FY12	18.2%
FY13	3.0%
FY14	11.8%
BEYOND	6.6%
WALE	1.3	YEARS

MIRVAC GROUP CANBERRA UPDATE JUNE 2010 11

NOTES

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