MIRVAC GROUP — Investor Presentation 2012

Apr 30, 2012

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INVESTOR DAY 1 MAY 2012

275 KENT STREET, SYDNEY, NSW

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MIRVAC PROPERTY TRUST (MPT) AND SUSTAINABILITY

MPT Strate ic Overview g

Andrew Butler, CEO — Investment

MPT

Office

Retail

Integrated Model

Acquisitions and Development

Leasing and Marketing

Portfolio Management

Property and Facilities Management

Chris Luscombe, General Manager — Mirvac Asset Management

Sustainabilit at Mirvac y

Alicia Maynard, Manager — Sustainability

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MPT STRATEGIC OVERVIEW

ANDREW BUTLER CEO — INVESTMENT

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MIRVAC GROUP

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INVESTMENT — MPT 80%
> Focus on high quality assets:
> Office
> Retail
> Internal portfolio management:
> Sector overweights DEVELOPMENT 20%
> Continuous portfolio upgrade > High quality residential
developments:
> Active asset management > Apartments
> Masterplanned communities
> Utilise Development Division for > Commercial development expertise:
organic portfolio growth > Delivers high quality assets to MPT and earnings contribution from
project part share sell down
STRATEGIC EXTERNAL PARTNERS
Part share sell down of projects to external parties releasing
capital back into the business
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MPT’S MANDATE

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MPT’s mandate: To provide high quality secure income > underpinning the Group’s earnings

Invested capital $5,850.1m 1

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Retail
27.5%
Office
58.7%
Other
13.8%
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1) By book value as at 31 December 2011, including assets under development and indirect investments.

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MPT TRANSFORMATION

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Mirvac has engineered a significant uplift in MPT’s asset quality over the past five years due to strategic decisions and active asset management

MPT portfolio snapshot 1H07	1H12 Peer ranking 1 97.8% 3 2nd 3.3% 2nd 5.9yrs 1st 89.2%
Occupancy2 95.4%
Like-for-like NOIgrowth 2.7%	97.8% 3 2nd
WALE2 5.2yrs Offce — Premium and Agrade 78.9% Retail — Sub-regional weighting 63.5%	3.3% 2nd
	5.9yrs 1st
	89.2%
	78.5%

1) Peer group consists of diversified large cap AREIT’s: Dexus Property Group, GPT Group and Stockland.

2) By area, excluding assets under development.

3) As at 31 March 2012.

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OFFICE — STRATEGIC DECISIONS

ANDREW BUTLER CEO — INVESTMENT

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OFFICE — STRATEGIC DECISIONS

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PORTFOLIO LEVEL

Mirvac made the strategic decision to increase portfolio Office weight: > Office oversold during the GFC compared to other sectors > Office construction subdued during GFC > supply outlook benign

Outcomes:

IPD data shows Office outperformed Retail and Industrial

MPT Office has benefited from strong three year average like-for-like NOI growth of 4.7%[ 1]

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MPT office weighting since 1H08
70%
60%
50%
40%
30%
1H08 1H09 1H10 1H11 1H12
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1H12 annual returns
10.5% Office Retail Industrial
10.0%
9.5%
9.0%
8.5%
8.0%
7.5%
7.0%
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1) Average from 1 July 2008 to 30 June 2011.

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OFFICE — STRATEGIC DECISIONS

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ASSET LEVEL

The Office team has focused on two primary objectives:

1) Improve asset quality through the development pipeline

• 2) Grow and secure passive income

Outcomes:

> Development pipeline delivery:

• 10-20 Bond Street, Sydney, NSW

• 8 Chifley Square, Sydney, NSW

• Old Treasury Building, Perth, WA

> Maintain quality income:

• Average three year like-for-like NOI growth of 4.7%[ 1]

• WALE[ 2] 5.9 years

• High quality tenant covenants

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20 BOND STREET, SYDNEY, NSW

2) By area, excluding assets under development.

1) Average from 1 July 2008 to 30 June 2011.

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RETAIL — STRATEGIC DECISIONS

ANDREW BUTLER CEO — INVESTMENT

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RETAIL — STRATEGIC DECISIONS

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PORTFOLIO LEVEL

Mirvac made the strategic decision to increase portfolio Sub-regional weight:

Sub-regional centres focus on food and value retailers > less risk to consumer confidence and online shopping

Outcomes:

MPT holds the highest weight in Sub-regional’s against listed retail peers

Sub-regional’s outperformed Regional and Neighbourhood centres > Exit of Bulky Goods Retail sector

Retail portfolio diversification by type

Annual performance across retail asset classes

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100% Sub-regional Neighbourhood Regional Other
80
60
40
20
0
MGR SGP CRF CQR CFX WDC WRT GPT
Source: Company data
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12% Capital return Income return Total return
10.7% 10.7%
10.2%
9.7% 9.6% 9.9%
9.1% 9.1%
8%
4%
0%
Sep 11 Dec 11 Sep 11 Dec 11 Sep 11 Dec 11 Sep 11 Dec 11
Sub-regional Regional Neighbourhood Total
Source: IPD Research
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RETAIL — STRATEGIC DECISIONS

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ASSET LEVEL

The Retail team has focused on two primary objectives:

1) Improve asset quality through the re-development pipeline and sale of non-core assets

• 2) Grow and secure passive income

Outcomes:

> Non-core asset sales > $296.8m sold

• at or above book value over past three years[ 1]

> Re-development pipeline delivery:

• Stanhope Village, Stanhope Gardens, NSW

• Orion Town Centre, Springfield, QLD

• Kawana Shoppingworld, Buddina, QLD

> Maintain quality income:

• Average three year like-for-like NOI growth of 3.1%[ 2]

• WALE[ 3] 6.0 years

• Food based tenant focus

• 1) Three year period to 31 December 2011.

• 2) Average from 1 July 2008 to 30 June 2011.

• 3) By area, excluding assets under development.

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KAWANA SHOPPINGWORLD, BUDDINA, QLD

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MPT FUTURE STRATEGIC DIRECTION

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INTEGRATED MODEL

ANDREW BUTLER CEO — INVESTMENT

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INTEGRATED MODEL

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Integrated model > Mirvac’s competitive advantage

ACQUISITION AND LEASING AND PORTFOLIO PROPERTY AND DEVELOPMENT MARKETING MANAGEMENT FACILITIES MANAGEMENT

Mirvac’s unique end-to-end in-house capability provides:

Cost benefits

Quality control

Enhanced returns

Intellectual property retained in-house > Flexibility of delivery and timing > Relationships maintained in-house

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INTEGRATED MODEL

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Integrated model > Mirvac’s competitive advantage

ACQUISITION AND DEVELOPMENT

LEASING AND PORTFOLIO PROPERTY AND MARKETING MANAGEMENT FACILITIES MANAGEMENT

• Acquisition and development teams identify opportunities via market intelligence and relationship management

• Review process reduces risk by ensuring projects contribute to ROIC and portfolio quality

• Development Division deliveries provide MPT with improved portfolio quality and cost benefits

Strong history > Of MPT’s 67 assets, 37.3% have been built or enhanced by the Development Division

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ONE DARLING ISLAND, PYRMONT, NSW

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INTEGRATED MODEL

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Integrated model > Mirvac’s competitive advantage

ACQUISITION AND LEASING AND PORTFOLIO PROPERTY AND DEVELOPMENT MARKETING MANAGEMENT FACILITIES MANAGEMENT

Mirvac’s Office and Retail leasing team coordinate leasing to maximise rents, minimise downtime and achieve the best result for the asset

Dedicated Retail and Office teams:

Ensures full control and relationships with existing and future tenants

Retail leasing focus particularly on national and chains

426,659sqm of leasing activity over the past three years[ 1]

Development leasing:

8 Chifley Square, NSW

10-20 Bond Street, NSW

Old Treasury Building, WA

• Hinkler Central, QLD

Orion Springfield Town Centre, QLD

• Stanhope Village, NSW

1) 3 year leasing period is from 1 January 2009 to 31 December 2011.

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OLD TREASURY BUILDING, WA

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INTEGRATED MODEL

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Integrated model > Mirvac’s competitive advantage

ACQUISITION AND LEASING AND PORTFOLIO PROPERTY AND DEVELOPMENT MARKETING MANAGEMENT FACILITIES MANAGEMENT

• Partnerships focus of part share asset sell down

• Capital expenditure deployed strategically to enhance the portfolio

• Total return focus

• Active asset management selling non-core assets

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101 MILLER STREET, NORTH SYDNEY, NSW

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PROPERTY AND FACILITIES MANAGEMENT

CHRIS LUSCOMBE

GENERAL MANAGER — MIRVAC ASSET MANAGEMENT

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INTEGRATED MODEL

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Integrated model > Mirvac’s competitive advantage

ACQUISITION AND LEASING AND PORTFOLIO PROPERTY AND DEVELOPMENT MARKETING MANAGEMENT FACILITIES MANAGEMENT

Focus on value add to maximise returns to MPT

• Mirvac’s internal Property and Facilities Management capability acts as a key service provider for both MPT assets and external clients

• Approximately 70 assets housing over 3,700 tenants

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BROADWAY SHOPPING CENTRE, SYDNEY, NSW

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INTEGRATED MODEL

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Property and Facilities Management

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Office and Industrial Retail
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	Offce and Industrial	Retail
Property Management	Tenancy Management Leasing Management	Centre Management Leasing Management
	Capital Expenditure Management	Marketing
	Lease Administration	Lease Administration
Engineering and Operations	Health, Safety, Environment and Sustainability Management Facility Operations and Maintenance
	Risk Management
	Contractor Procurements and Performance Management
	Benchmarking and Reporting
	Lifecycle Management
Finance	Strategic Financial Consultation
	Cash Flow Management
	Budgeting and Business Planning
	Rent Collection and Disbursements
	Auditing

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INTEGRATED MODEL

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An owners approach towards managing assets

One team — strategically aligned with a sense of ownership > Provide operational design and end user input to Development Division > In-house management is cost effective and flexible > Staff are the face of Mirvac to tenants

275 KENT STREET, SYDNEY, NSW

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INTEGRATED MODEL

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Driving asset performance for environmental benefits

• NABERS energy assessments > 68 assets to date

• On target for an average Office energy rating of 4 Star by December 2012 Building Energy Efficiency Disclosure (BEED) assessments

22 assessments to date

100% of Mirvac’s requirement

Average Office NABERS energy rating

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4.5
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4.0
3.5
3.0
FY09 FY10 FY11 1H12 1H13
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INTEGRATED MODEL

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Driving asset performance for environmental benefits

Energy Efficiency Opportunities (EEO) assessments > 82 assets to date

• Over 80% of Mirvac’s load

• 100% of Mirvac’s reporting requirement

Key achievements:

• Green Building Funding — $5.4m to date[ 1]

• Ongoing Energy Savings — $3.9m[ 2]

• 101 Miller Street — the first Tri-Generation retrofit in a commercial Office tower

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Tonnes of CO [2]
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300,000
280,697
234,257
200,000 207,731
100,000
0
2009 2010 2011
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101 MILLER STREET, NORTH SYDNEY, NSW

2) Based on Mirvac’s current purchase prices for electricity and gas over FY09 to FY11.

1) Grants from the Australian Government’s Green Building Fund.

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SUMMARY

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SUSTAINABILITY AT MIRVAC

ALICIA MAYNARD MANAGER — SUSTAINABILITY

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SUSTAINABILITY AT MIRVAC

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Mirvac’s commitment to Sustainability is outcomes-based, innovative and founded on the belief that we have a wider responsibility for the impact of our operations on the community and the environment

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Outcomes
based
Sustainability
Wider
Innovative
responsibility
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SUSTAINABILITY AT MIRVAC

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Outcomes based

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Deliver measurable results

• MPT targeting 4 Star NABERS Office energy rating by December 2012

23% reduction in Mirvac Group’s carbon emissions through our energy efficiency program

• Annual Corporate Responsibility & Sustainability report — GRI framework, A+ Level of disclosure

• Climate Change risk review used to inform due diligence processes

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SUSTAINABILITY AT MIRVAC

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Innovative
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Recognised leader

A history of “firsts”:

• 2000: First Solar Suburb — Newington, NSW

• 2007: First 6 Star Green Star Shopping Centre — Orion, QLD — 2009: First Carbon Zero Home — Harmony 9, VIC

• 8 Chifley Square awarded 6 Star Green Star Design v2 rating — “World Leadership”

• Top Real Estate ranking in Carbon Disclosure Project — for both CDLI and CPLI

• MirvacPlus Residential Development Scorecard — minimum standards for Sustainability

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SUSTAINABILITY AT MIRVAC

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Wider responsibility

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Creating lasting legacy

Launched second cohort of Mirvac Masters of Real Estate (Sustainable Development) with Bond University > Signatory to City of Sydney: Better Buildings Partnership > Major Climate Partner with The Climate Institute

Developing a sustainable supply chain procurement program for Mirvac Group

Initiating National Community Engagement program within Development

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by mirvac

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275 KENT STREET, SYDNEY, NSW
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GLOSSARY

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~~Term~~	~~Meaning~~
BEED	Building Energy Effciency Disclosure
CDLI	Carbon Disclosure Leadership Index
CFX	CFS Retail Property Trust
CPLI	Carbon Performance Leadership Index
CQR	Charter Hall Retail REIT
CRF	Centro Retail Australia
EEO	Energy Effciency Opportunities
GFC	Global Financial Crisis
GPT	GPT Group
GRI	Global Reporting Initiative
IPD	Investment Property Databank
MGR	Mirvac Group
MPT	Mirvac Property Trust
NABERS	National Australian Built Environment Rating system — The National Australian Built Environment Rating System
	is a multiple index performance-based rating tool that measures an existing building’s overall environmental
	performance during operation. In calculating Mirvac’s NABERS offce portfolio average, several properties that meet the following criteria
	have been excluded:
	i) Future development — If the asset is held for future (within 4 years) redevelopment.
	ii) Operational control — If operational control of the asset is not exercised by MPT (ie tenant operates the building or controls capital expenditure).
	iii) Less than 75% offce space — If the asset comprises less than 75% of NABERS rateable offce space by area.
	iv) Buildings with less than 2,000sqm offce space.
NOI	Net Operating Income
NTA	Net Tangible Assets
ROIC	Return on Invested Capital
SGP	Stockland
SQM	Square Metre
WALE	Weighted Average Lease Expiry
WDC	Westfeld Group
WRT	Westfeld Retail Trust

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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 advisers 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.

Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation and the 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 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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An investment in Mirvac stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac, 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 nor do they guarantee the repayment of capital from Mirvac or any particular tax treatment.

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. 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.

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.

INVESTOR DAY 1 MAY 2012

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