MIRVAC GROUP — Investor Presentation 2011

May 16, 2011

development by mirvac

17 MAY 2011

era pacific place, chatswood, nsw

agenda

introduction

development strategy presentation

residential Market Update

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nicholas collishaw, Managing director Brett draffen, ceo development

david rees, head of research and consulting, Jones lang lasalle

NSW residential asset tour > 71 Macquarie street, cBd > era, pacific place, chatswood

harold park, glebe

green square town centre, green square

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agenda

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1 MirVac’s deVelopMent BUsiness > residential > commercial

2 iMpaired inVentory Update

3 driVers to 2014

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MirVac’s deVelopMent BUsiness

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MirVac’s deVelopMent BUsiness

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aN iNtegRated developmeNt platfoRm With a 39 yeaR hiStoRy

ReSideNtial developmeNt CommeRCial developmeNt high density = apartMents 80[%][ 1] office, indUstrial, retail 20[%][ 1] low density = hoUses and land

miRvaC’S developmeNt buSiNeSS iS foCuSSed oN dRiviNg RetuRNS to SuStaiNable levelS WhilSt maNagiNg RiSk

• 1) target eBit through cycle.

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strengths of MirVac’s residential and coMMercial deVelopMent BUsiness

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MirVac’s deVelopMent BUsiness

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eNhaNCed RetuRNS fRom iNtegRated platfoRm

sales & acQUisition design deVelopMent constrUction MarKeting / leasing

intellectual property retained internally > standardisation to lower costs > full process control allows adaptability and accurate costing > speed to market – chatswood 9 weeks[ 1]

CoStS aNd time SaviNgS floW StRaight to miRvaC’S gRoSS maRgiN

risK retUrn

StRoNg RelatioNShipS

key StakeholdeRS SupplieRS

iNStitutioNal iNveStoRS

acquisitions

planning managed > confidence in planning outcomes > ability to access major infill sites

lower costs

national procurement > subcontract tender cover > innovation with materials > economies of scale

partnerships

drives roa improvement

fee income

de-risk large land holdings

• 1) state government approval for development to release to market.

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MirVac’s deVelopMent BUsiness

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vaRiety of Capital effiCieNt StRuCtuReS:

WholeSale paRtNeRShipS StRuCtuRed laNd paymeNtS pda JoiNt veNtuRe	defnition capital partnership with small number of investors for development, with development deliverybyMirvacprovided for fees and share in equity profts
	Benefts improved roa, fees
	example Mwrdp
	defnition time effcient method of staged terms for acquisition of land for development assets
	Benefts improved irr, improved roa
	example eastern golf course, Vic
	defnition provision of development services by Mirvac for a return without the transfer of title from the owner, who retains a longterm interest
	Benefts improved irr, access to strategic sites, fees
	example elizabeth hills, nsw
	defnition Undertakinga development in a defnedpartnershipwith a co-investor
	Benefts improved roa, fees
	example Burswood, wa

of total developmeNt 35% Capital

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MirVac’s deVelopMent BUsiness

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RigoRouS aCquiSitioN pRoCeSS ReduCeS RiSk:

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Multi stage review process
New Business Team SUBMITTED State CEO & National CEO IF REJECTED > feasibility studies not reliant
high level review on price escalation
IF APPROVED
National Product Review IF REJECTED > top down & bottom up
IF APPROVED (review by National Development Excomm) research
> return hurdles of average
New Business Team finalises SUBMITTED Development Approval IF REJECTED
18% irr
Approval to Purchase Committee (DAC)
IF APPROVED > projects targeted with
Executive Leadership Team IF REJECTED confidence in planning
(ELT)
outcomes
IF APPROVED
Board IF REJECTED > optimised capital allocation
(if required)
PROJECT PROCEEDS
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MirVac’s deVelopMent BUsiness

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aCquiSitioNS illuStRate RigoRouS pRoCeSS:

				Settlements
project	location	type	lots	from	Why is this a good acquisition for development?
harold park	nsw	apartment	1,250	fy14	> Unique major infll development opportunity
					> iconic inner city site
					> fy14 settlements
new Brighton	nsw	land/housing	257	fy14	> capital effcient pda structure
					> increased exposure to nsw market
					> fy14 settlements
71 Macquarie street	nsw	apartment	approx	tBa	> return to one of Mirvac’s key brand strengths — delivering premium apartments on
			100		iconic inner city site
					> Build on success of Quay grand apartment project
					> allows the hotels business to leverage off developments
green square	nsw	apartment	1,500	fy17	> capital effcient pda structure
town centre					> Unique location — town centre for the southern sydney corridor
					> Multi generational project
hamilton	Qld	apartment	582	fy14	> increased exposure to the affordable market
					> Ulda jurisdiction (ability to fast track approvals)
					> fy14 settlements
eastern golf course	Vic	land/housing	621	fy15	> Unique major infll development opportunity
					> iconic Melbourne’s eastern suburbs site
					> favourable terms and returns
old treasury Building	wa	commercial	n/a	fy15	> increased commercial exposure to perth cBd
					> delivering 50% of a premium asset to Mpt
					> secure 25 year lease with the wa government
total			approx 4,310

ReStoCkiNg foR futuRe eaRNiNgS

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80% ReSideNtial = apartMents, hoUses and land

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strengths of MirVac’s residential deVelopMent BUsiness

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residential deVelopMent

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SupeRioR bRaNd leveRaged

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higher presales

price repeat preMiUM cUstoMers $ achieVed

ability to dRive RetuRNS iN a flat maCRo maRket

Better access to capital

national procurement

Brand drives pre-sales and price premium

• increased market share

conservative assumptions via acquisition process

pRoduCt diveRSity loWeRS RiSk[ 1]

60[%] 23[%] 17[%] apartMents land hoUses

1) Mirvac’s share of revenue as at 31 december 2010.

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residential deVelopMent

geogRaphiC diveRSity[ 1]

short term skew to nsw

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FY12 FY13 FY14 FY15
NSW
QLD
VIC
WA
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SettlemeNt maNagemeNt

robust sales contracts from 39 years of experience > default rates average 3% medium term > contracts “full recourse” and unconditional > sales and marketing team employed and trained in-house

• 1) forecast eBit.

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high density = apartMents

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residential deVelopMent high density = apartMents

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pRofile of high deNSity

high barriers to entry > acceptable risk return profile

• larger quantum of return

• More capital intensive

• longer cash conversion cycle — approximately 2-3 years

• complex skill set

• pre-sale for de risking

Generic Profile — Single Stage, 200 Unit Apartment

CUMULATIVE CASH FLOW			Month 6 DA Submitted Month 12 DA Approved Month 15 Construction Commences Month 35 Practical Completion	Month 6 DA Submitted Month 12 DA Approved Month 15 Construction Commences Month 35 Practical Completion	Month 6 DA Submitted Month 12 DA Approved Month 15 Construction Commences Month 35 Practical Completion	Month 6 DA Submitted Month 12 DA Approved Month 15 Construction Commences Month 35 Practical Completion	Month 6 DA Submitted Month 12 DA Approved Month 15 Construction Commences Month 35 Practical Completion	Month 6 DA Submitted Month 12 DA Approved Month 15 Construction Commences Month 35 Practical Completion	Month 6 DA Submitted Month 12 DA Approved Month 15 Construction Commences Month 35 Practical Completion	Month 6 DA Submitted Month 12 DA Approved Month 15 Construction Commences Month 35 Practical Completion
	50.0%
	30.0%		Land Payment							Settlement of Unsold Stock
	10.0%
	0.0%		Internal Design Phase	Council Approval Phase
	(10.0%)									Settlement of Presold Stock
	(30.0%)			Initial Marketing & Pre-release			Sales	Civils, Carparks & Basement Works
	(50.0%)							Finishing of Lower Levels
	(70.0%)									Finishing of UpperLevels
			Planning & Design (9 Months)			Marketing (6 Months)				Settlement (6 Months)
								Construction (20 Months)
	Wholesale partnership Fee Stream cost based fees – billed for design, marketing and construction costs Mgr share of equity accounted sales and marketing expenses cost based fees – billed for design, marketing and construction costs 50% of equity accounted sales and marketing expenses cost based fees – billed for design, marketing and construction costs Mgr share of equity accounted sales and marketing expenses Marketing expensed sales commissions expensed 100% project proft & loss impact pda Fee Stream 50% Joint venture Fee Stream
					Marketing expensed		sales commissions expensed			100% of proft recognised on settlement
					Mgr share of equity accounted sales and marketing expenses					Mgr share of equity profts recognised on settlement
		cost based fees – billed for design, marketing and construction costs								revenue based fees
					50% of equity accounted sales and marketing expenses					50% of equity profts recognised on settlement
		cost based fees – billed for design, marketing and construction costs								revenue based fees
					Mgr share of equity accounted sales and marketing expenses					Mgr share of equity profts recognised on settlement
		cost based fees – billed for design, marketing and construction costs								revenue based fees

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residential deVelopMent high density = apartMents

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StRiCt loCatioN CRiteRia geNeRatioNal pRoJeCtS plaNNiNg SpeCialiSed Skill Set SkeW to mid maRket

capital city focus

Multi stage – product adaptation and overhead savings planning visibility sought pre acquisition

strong track record and integrated model

less cyclical

deeper market > government requires supply from urban high density > generational preference shift to high density

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residential deVelopMent high density = apartMents

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leSS CompetitioN

exit of peers

pRe-SaleS

Brand — 39 year track record

construction subject to internal pre-sales limits > strong customer network – Vip database

Presales — Historic 10yr Profile

$1.4bn

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$1.2
$1.0
$0.8
$0.6
$0.4
$0.2
$0.0
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 [ 1]
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ReCeNt aCquiSitioNS

harold park, nsw green square, nsw hamilton, Qld

1) as at 12 May 2011.

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case stUdy — high density

eRa, paCifiC plaCe, ChatSWood, NSW

project detail:

site acquired > december 2000

delivered

• 42 story building containing 295 apartments, 4,900sqm of office space

timing

• construction period of three years beginning in July 2011

forecast project irr

• greater than 18%

integrated model at work

• the development division received state government approval for the project in early March 2011, and in nine weeks Mirvac development, Mirvac construction, Mirvac design and Mirvac sales and Marketing released and sold 94%[ 1] of the 295 lot apartment tower

1) as at 11 May 2011.

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low density = hoUses and land

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residential deVelopMent low density = hoUses and land

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pRofile of loW deNSity

• lower capital commitment > smoother earnings

• delivery less complicated

• flexibility of stock and staging

• shorter cash conversion cycle — approximately 6-12 months

• risk in planning at acquisition

Generic Profile - Multi Stage, 1,000 Lot Masterplanned Community

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Month 6 Month 24 Month 36
DA Submitted DA Approved First Settlement
80.0%
40.0%
Nogotiationsbetween Period of SettlementPeriod
Council Civil Works Indicative Profile
Authorities
of Each Stage
0.0%
Break
Even Point
Staged
(40.0%) Land Payment First Profit Recognition
Sales
Internal Initial Civils
Design & Infrastructure
Phase
(80.0%)
Planning & Design Civils & Settlements
(24 Months) (Continues for Remainder of Project)
profit & loss impact
100% project Marketing 100% of profit recognised on settlement
expenses
pda Marketing Mgr share of equity profits recognised on settlement
expenses
Fee Stream cost based fees revenue & cost based fees
50% Joint venture Marketing 50% of equity profits recognised on settlement
expenses
Fee Stream cost based fees revenue & cost based fees
Wholesale partnership Marketing Mgr share of equity profits recognised on settlement
expenses
Fee Stream cost based fees revenue & cost based fees
CUMULATIVE CASH FLOW
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residential deVelopMent low density = hoUses and land

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key StakeholdeR RelatioNShipS

acquisitions and planning

plaNNiNg expeRieNCe

in-house through Mirvac design

houSe deSigN Capability

smaller lots rely on house and land packaged solution > greater yield per site – Zipper lots > design excellence = flexibility

ReCeNt aCquiSitioNS

eastern golf course, Vic newbrighton golf course, nsw rockbank, Vic[ 1 ]

1) Joint venture.

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case stUdy — low density

middletoN gRaNge, NSW

project detail:

site acquired

• pda agreed with landcom in september 2007

• site purchased outright from landcom in december 2010

delivered

• approximately 474 lots in 6 stages — land, house and land packages and speculative product

timing

• due for completion in mid-late 2013

forecast project irr

• greater than 18%

integrated model at work

• Mirvac design created the masterplan and delivered design, approval and construction documents for housing

• Mirvac constructions co-ordinated infrastructure and house build

• Mirvac sales and Marketing sold the product

• Mirvac development managed the development process

• this allows Mirvac to respond to market trends such as small lots and speed of project delivery to market

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coMBining high + low density proJects

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diveRSifiCatioN

• different demand drivers across products

• high density: government requires supply from urban high density urban supply to meet population growth

• low density: first home buyers and upgraders

balaNCe CaSh floWS

long lead times of high density balanced with faster delivery from low density

ReduCeS volatility of eaRNiNgS

large contributions offset by smaller stable volume

NSW Projects Profile[[ 1]]

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NSW Projects Profile [[ 1]]
House/Land
ERA Chatswood Chatswood
ERA
Harold Park
Rhodes Waterside
Rhodes ELINYA
& WATER’S EDGE
Harold Park
Rhodes PINNACLE
Endeavour
Middleton Grange
Elizabeth Hills
Hoxton Park residential
FY12 FY13 FY14
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Staff

Multi skilled workforce

1) Mirvac’s share of forecast revenue.

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coMMercial deVelopMent

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20% office retail indUstrial

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coMMercial deVelopMent

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pRofile of CommeRCial developmeNt

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offiCe > Mid to high rise, predominantly cBd locations
> complex skill set
> longer time to delivery
> capital intensive
> pre-sale/lease to de-risk
example: 8 chifley square, nsw; old treasury Building, wa
Retail > opportunities from residential inventory
> complex skill set
> Medium time to delivery
> capital intensive
> pre-sale/lease to de-risk
example: stanhope gardens, nsw; orion springfield town centre, Qld
iNduStRial > leverage relationships for selected opportunities
> shorter time to deliver
> less capital intensive
> pre-sale/lease to de-risk
example: hoxton park, nsw; nexus industrial park, nsw
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coMMercial deVelopMent

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• commercial developments delivered at cost to Mpt > part share asset sell down provides earnings to development division

miRvaC’S StReNgthS

iNtegRated model beNefitS

rapid and efficient response to opportunities and market demands

full process control allows adaptability and accurate costing

tRaNSfeRable Skill Set

Multi skilled workforce can shift across project types (e.g. apartments)

deliveRy of pRoduCt to mpt

Quality, time and cost benefits – better than market yields

RelatioNShipS

Value creation through part share sell down to partners — common goal driving profit maximisation

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case stUdy — coMMercial deVelopMent

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hoxtoN diStRibutioN CeNtRe, NSW

project detail

site acquired

• acquired former hoxton park airport in July 2010

deliverables

• circa 140,000 sqm of industrial space and houses two major distribution centres

• 100 per cent pre-leased to woolworths limited

timing

• completion of the dick smith distribution facility anticipated august 2011 — 5 months ahead of program, completion of the Big w distribution facility in december 2011 — 3 months ahead of program

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forecast project irr

• greater than 18%

integrated model at work

• project involved resources from all departments within Mirvac; development, design, investment and corporate services teams, working together to maximise this opportunity for Mirvac

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iMpaired inVentory Update

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iMpaired inVentory Update

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pRogReSS of eNglobo SaleS ahead of SChedule:

project	target sales dates	update
dianella,wa	June 2011	on track — terms agreed,sales date in line with forecast
Magenta shores,nsw	september 2011	on track — terms agreed,sales date in line with forecast
Brendale,Qld	december 2011	on track — marketingunderway
the royal,stage 2,nsw	January2012	on track — marketingunderway
Bridgewater,wa	november 2012	on track — marketingcampaign to be undertaken in fy12

Provision release roll off[ 1 ]

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$350m
Build Out Release
$300 Englobo Release
Q311 Projected Provision Balance
$250 Previous Projected Provision Balance
$200
$150
$100
$50
$0
FY11 FY12 FY13 FY14 FY15
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• Mirvac remain confident that there are no current outstanding provisions to carrying value

• the exception remains tennyson reach (carrying value $80.8m), was adversely affected by the Queensland floods. as soon as Mirvac has a reasonable basis to forecast the impact of these events, the group will inform the market if the impact is assessed to be material

• 1) Based on forecast revenue, market conditions, expenditure, and interest cover over project life.

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driVers to 2014

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driVers to 2014

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impaCt of ReCeNt aCquiSitioNS:

> new acquisitions will provide material incremental impact on fy14 returns

5 Year Net Inventory Profile

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$1.4bn
$1.2 Average Margin 18%-22%
Now includes 2H11 acquisitions:
Chatswood, Eastern Golf Club, Old Treasury
$1.0
$0.8
$0.6
$0.4 Average Margin 15%-20%
Laureate / Waverley Park
Middleton Grange Average Margin <5%
$0.2 Newcastle / Magenta
The Point, Mandurah
$0.0
Dec 10 Dec 11 Dec 12 Dec 13 Dec 14
New & Fast Tracked (as at 17 May 2011) Existing
New & Fast Tracked as at 1H11 Provisioned
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1) gross margin = (revenue – cost of goods sold)/revenue.

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driVers to 2014

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2008 – 2010

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process iMproVeMent

• $40m overhead cost savings

• centralise Mirvac design

• further improve acquisitions process

2011 – 2012

transition

• acquisitions recommence > englobo sales + build out

• capital recycling

• re-activate commercial development

• Build up pre-sales

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2013

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deliVer sUstainaBle earnings growth

• significant apartment completions: chatswood, nsw, harold park, nsw, hamilton, Qld

• diversify capital and geography

• commercial development providing meaningful eBit contributions

pRe-SaleS iS a key Competitive advaNtage foR miRvaC

• $285m of pre-sold revenue at May 2011 represents approximately 25% of fy14 forecast development revenue

potential to supplement this via harold park and hamilton releases expected by calendar year end 2011

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sUMMary

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• integrated platform allows flexibility and adaptability

• superior brand delivers pre-sales > diversified across geography, product and capital structure

• = Right model

• Very strong pre-sales — $1.1bn

• acquisitions and portfolio profile deliver for fy14

• transition on track for provision projects and englobo sales

• =[ SuStaiNable ] RetuRNS

oN tRaCk foR fy14

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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 advisors 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.

To the extent that any general financial product advice in respect of the acquisition of Mirvac Property Trust units as a component of Mirvac stapled securities is provided in this Presentation, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services Licence. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of Mirvac Limited.

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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. Forwardlooking 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 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.

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Questions