MIRVAC GROUP — Investor Presentation 2011

May 16, 2011

operational update by mirvac

17 MAY 2011

8 Chifley Square, Sydney, nSW

ContentS

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MirVaC oVerVieW	2
inVeStMent	3
deVelopMent	7
> CoMMerCial
> reSidential
SuStainability update	11
guidanCe and outlook	12

MirVaC operational update 17 May 2011

page 1

MirVaC oVerVieW

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80%[1]

inVeStMent – Mpt invested capital – $5,805m[ 2]

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Office – 57.2%[ 3] retail – 30.6%[ 3 ] Other – 12.2%[ 4]

20%[1]

apartments – 41.7% reSidential $1,463.2m masterplanned cOmmunities – 39.8% deVelopMent 81.0% integrated hOusing – 18.5% invested capital – industrial – 68.8% $1,806m[ 5] CoMMerCial $342.3m Office – 21.1% 19.0% retail – 10.1%

• 1) target operating npat – through cycle.

• 2) by book value as at 31 december 2010, including assets under development and indirect investments.

• 3) by book value as at 31 december 2010, excluding assets under development and indirect investments.

• 4) by book value as at 31 december 2010, includes industrial, indirect investments, carparks and a hotel.

• 5) development division’s total inventories, investments and loans in associates and JVs.

MirVaC operational update 17 May 2011

page 2

Mpt portfolio highlightS

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Mpt

	sector	31 mar 2011 Occupancy	31 mar 2011 like-for-like incomegrowth 1	Wale
	offce	97.8%	4.9%	6.5
	retail	99.1%	4.3%	6.2
	industrial	97.6%	2.7%	4.6
	Mpt	98.2%	4.2%	6.0

• Solid like-for-like net income growth of 4.2 per cent

high portfolio occupancy rate of 98.2 per cent

Strong Wale of 6.0 years

30,125sqm of leased property was executed over the period (2.3 per cent of nla)

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Lease expiry profile – by area
70%
60 57.0%
50
40
30
20
10 6.5% 8.6% 11.8% 12.5%
0 1.8% 1.8%
VACANT FY11 FY12 FY13 FY14 FY15 BEYOND
[[ 2]] 0.0 -0.8 -0.6 0.0 -0.1 +0.2 +1.2
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3 month change[[ 2]]

1) nine month period to 31 March 2011. 2) expiry profile basis point change from 31 december 2010 to 31 March 2011.

MirVaC operational update 17 May 2011

page 3

Mpt portfolio highlightS

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offiCe

Continued strong office performance

achieved 41.6[ 1] per cent occupancy at 10-20 bond Street, Sydney, ahead of 30 June target of 40.0 per cent

	mpt Offce portfolio	mar 11
	% of portfolio premium
	or a grade	88.8%
	fy11 rent reviews fxed or Cpi	96.2%

retail

low tenant specialty occupancy cost of 13.7 per cent

broadway Shopping Centre achieved second highest productivity in australia with $9,841 Mat/sqm[ 2]

			31 mar 2011
		31 mar 2011	comparable
	category	matpsm	matgrowth
	Sub regional	$6,625	0.7%
	Cbd retail	$8,021	2.0%
	neighbourhood	$11,873	0.3%
	totalportfolio	$6,860	0.7% 3

• 1) occupancy for 10-20 bond Street comprised of 30.5 per cent signed leases and 11.1 per cent heads of agreement.

• 2) big guns 2011, Shopping Centre news Vol. 29, number 1, 2011.

• 3) excludes centres that are undergoing or have undergone substantial redevelopment in the past 24 months.

MirVaC operational update 17 May 2011

page 4

key CoMMerCial 3q aChieVeMentS

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redevelo ment p

20 bond Street, Sydney, nSW

total leasing commitment stood at 41.6 per cent[ 1] as at 31 March 2011

post 31 March 2011 leasing momentum maintained

ahead of 30 June 2011 target of 40 per cent

Wholesale partnerships

• 8 Chifley Square, Sydney, nSW

• in exclusive negotiations for the sale of 50 per cent interest

pre-lease negotiations are underway

develo ment p

hoxton park, Sydney, nSW

• Completion of the 43,000sqm dick Smith distribution centre expected for august 2011 – 5 months ahead of program

Completion of the 90,000sqm big W distribution centre in december 2011 – 3 months ahead of program

190-200 george Street, Sydney, nSW

• Stage 1, da approved for a 38,000sqm commercial development

• Stage 2, da being prepared

• 1) occupancy for 20 bond Street comprised 30.5 per cent signed leases and 11.1 per cent heads of agreement.

MirVaC operational update 17 May 2011

page 5

CoMMerCial Market update

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Market evidence supports overweight office strategy

office

Weighting Management the Cbd national office vacancy rate has declined steadily from the peak of 8.2 per cent recorded in mid-2010. by forecast March 2011 the vacancy rate was 7.4 per cent with a further moderate decline expected through to end-2011. Melbourne 57.2%[ 1] is most advanced in the recovery cycle with Sydney following closely, while brisbane and perth have both recorded strong levels of net absorption. overall prime Cbd office capital values rose 4.8 per cent over the year to March 2011, 5.25 per cent in 2010, with further steady rises expected through 2011 and 2012.[ 2] > capitalisation rate compression 22 basis points (march 2010 to march 2011)[ 2] retail Weighting Management retail spending has grown at a below-trend pace since mid-2010. Strong employment growth and a recovery in forecast household balance sheets have been offset by rising interest rates and fragile consumer confidence. rental growth 30.6%[ 1] is accelerating from the trough of 2009, but remains below long-term average rates. overall, however, the sector has once again displayed resilience during economic downturns.[ 2]

> capitalisation rate for regional and sub-regional centres remained unchanged between march 2010 and march 2011[ 2]

industrial

Weighting Management Strong import growth and rising competition between retailers continue to drive a revolution in logistics and inventory forecast management. With rising demand for modern well-located facilities, the sharp fall in new construction through 2008 6.5%[ 1] and 2009 is already evident in tightening markets and the emergence of pre-lease and speculative development activity. Manufacturing, although under pressure from the strong aud, also showed resilience through 2010.[ 2] > capitalisation rate compression 30 basis points for prime assets (march 2010 to march 2011)[ 2]

1) by book value as at 31 december 2010.

2) Source: Jones lang laSalle.

MirVaC operational update 17 May 2011

page 6

SettleMentS and pre-SaleS update

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Mirvac’s position as australia’s pre-eminent residential developer is evidenced by $1,096m of exchanged pre-sales contracts[ 1] up 30 per cent on 31 december 2010

Settlements

fy11 settlement forecast of 1,700 lots

1,011 lots settled by the end of april 2011

496 pre-sold lots to settle by fy11 year end

193 unsecured lots to settle over balance of year

Settlements by lots

Settlements by lots
total 3	apartments	house	land
settled pre-sold apr 11 to settle 2 secured	settled settled pre-sold mar 11 apr 11 to settle 2	settled settled pre-sold mar 11 apr 11 to settle 2	settled settled pre-sold mar 11 apr 11 to settle 2
nSW 591 173 764	80 83 3	469 508 170	— — —
ViC 123 87 210	— — —	104 121 82	1 2 5
Wa 167 173 340	54 56 5	12 13 153	90 98 15
qld 130 63 193	22 33 34	56 63 5	32 34 24
total 1,011 496 1,507	156 172 42	641 705 410	123 134 44

Forecast revenue of exchanged contracts

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400 ($m)
$345m
300 $285m
$263m
200 $202m
100
0
FY11 FY12 FY13 FY14+
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• 1) Mirvac’s share of exchanged contracts as at 12 May 2011 – includes $273.5m of 278 Chatswood lots.

• 2) Mirvac’s share of exchanged contracts as at 30 april 2011.

• 3) Combination of settlements as at april 2011 and pre-sold lots forecast to settle in fy11.

MirVaC operational update 17 May 2011

page 7

key reSidential deVelopMent 3q aChieVeMentS

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residential develo ment p

era, Chatswood, nSW[ 1]

94 per cent sold out at initial release > average price $1.0m per apartment

$273.5m in exchanged contracts

project speed to market — in 9 weeks project moved from planning approval to 94 per cent sold

non core project disposal — projected to return $70m in proceeds

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

1) as at 11 May 2011.

MirVaC operational update 17 May 2011

page 8

reSidential Market outlook

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fundamental mismatch between supply and demand with low levels of completions supporting price and rental levels through 2011

NSW

NSW
Weighting	Management		after several years of under-performance, stronger population growth in nSW is evident as interstate migration to queensland
22.8%	forecast		slows. a relatively strong year for residential construction in 2010 and 2011 is expected to be followed by further growth in 2012. offsetting this, affordability remains tightly balanced given outlook for further interest rate increases.1
VIC
Weighting	Management		Victoria has produced consistently strong growth in residential construction in recent years, supported by a strong
28.6% QLD	forecast		economy and population growth. further growth is expected in 2012, although the pace is likely to slow from strong 2011 levels. Melbourne recorded the strongest house price growth of all capital cities over the year to March 2011 (1.1 per cent) and over a fve year period.1
Weighting	Management		the weak queensland economy has been a negative for development activity through 2010 and 2011. natural disasters
27.8%	forecast		will temporarily further disrupt activity but a recovery in activity is expected into 2012 as reconstruction work commences. longer term, queensland is a high growth state, which will be refected in the pace of residential
WA			construction1.
Weighting	Management		after a sharp downturn linked to land speculation and the uncertainty around the Mining tax, perth is poised for
20.8%	forecast		a recovery. 2011 is likely to show modest growth in residential construction, with the pace accelerating in 2012. the commodity cycle remains robust, with long-term commitments from major resource companies and rising confdence in Western australia. the 2 per cent decline in house prices recorded in the year to december 2010 is likely
			to be reversed as the fundamental under-supply situation re-asserts itself.1

1) Source: Jones lang laSalle.

MirVaC operational update 17 May 2011

page 9

MaJor Current and near terM proJeCtS

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73.9 per cent of next 12 months project pre-sales to be released into stable markets of nSW and Victoria

							Settlement		lots	net revenue1
released	division	project	Stage		Status	ownership	year	lots	pre-sold	$m
4	ViC	harcrest	Stage 1 & 2	under	Construction	20%	fy12	187	63%	$18.4
4	nSW	rhodes	Water’s edge	under	Construction	20%	fy12	111	74%	$17.1
4	nSW	rhodes	elinya	under	Construction	20%	fy12	107	89%	$14.7
4	nSW	Chatswood	era		Marketing	100%	fy14	295	94%	$300.5
4	qld	Mariner’s peninsula	the point apartments		Marketing	100%	fy14	86	13%	$100.6
4	qld	Waterfront newstead	park precinct	under	Construction	100%	fy13	102	30%	$107.2
4	ViC	yarra’s edge river homes	Stage 3 & 4	under	Construction	100%	fy13	34	88%	$100.9
4	ViC	yarra’s edge	yarra point	under	Construction	100%	fy13	201	66%	$191.3
	nSW	rhodes	pinnacle		Marketing	20%	fy13	145		$19.0
	ViC	yarra’s edge	tower 6/7		planning	100%	fy15	203		$198.5
	qld	hamilton	Stage 1		da	100%	fy14	263		$150.2
	nSW	harold park	precinct 1		planning	100%	fy14	296		$236.0
	nSW	elizabeth hills	Stage 1	under	Construction	100%	fy12-fy15	100		$20.3
	total							2,130	69.3% 2	$1,474.8

> all projects are profit contributing

2) percentage pre-sold for projects that have been released.

1) Mirvac’s share of forecast revenue, adjusted for JV interest and Mirvac managed funds.

MirVaC operational update 17 May 2011

page 10

key SuStainability aChieVeMentS

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Mirvac will continue to lead in sustainable firsts due to its comprehensive sustainability program, including a top-down focus, with 188 publicly communicated sustainability objectives.

some achievements include:

first office tower in australia built to commit to a 4 Star australian building greenhouse rating — 40 Miller Street, north Sydney, nSW > first 9.2 Star zero carbon home by an australian commercial developer — harmony 9, ViC

• first australian 6 Star green Star Shopping Centre — orion Springfield, qld

• first 6 Star green Star education facility — the Mirvac School of Sustainable development, bond university, qld

first in the property sector ftSe4good eSg ratings

• recognised as a “Sustainability leader” in the dow Jones Sustainability index

• founding member of the City of Sydney’s better buildings partnership formed earlier this year

ftSe4good

• Mirvac was the top ranking property company in the new ftSe4good environmental, Social and governance (“eSg”) ratings

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rank	company	country
1	mirvac group	au
2	gpt group	au
3	CfS retail propertytrust	au
4	hammerson	uk
5	boston property	uSa
6	Capital ShoppingCentres group	uk
7	CapitaMall trust	Si
8	Commonwealth propertyoffce fund	au
9	klepierre	fra
10	Shaftesbury	uk

MirVaC operational update 17 May 2011

page 11

guidanCe and outlook

guidance

fy11

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– forecast group operating npat $356 $365m – forecast implied epS growth 11.8 14.0% – forecast operating epS 10.4 10.6cpss – forecast dpS 8.0 9.0cpss forecast weighted average securities 3,423m

fy12 outlook

Continued contribution from commercial development earnings > Momentum maintained via residential pre-sale launches > Security buyback considered post asset sales, if highest and best use of capital

MirVaC operational update 17 May 2011

page 12

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.

MirVaC operational update 17 May 2011

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Thank you