MIRVAC GROUP — Investor Presentation 2013

May 8, 2013

by mirvac strategic review 9 may 2013

Strategic review

by mirvac

Mirvac’s annual strategic review was driven by a bottom up and top down analysis of its business segments

Bottom up:

• n Examined whether Mirvac has a competitive advantage in:

• Office

• Retail

• Industrial

• Apartments

• Masterplanned communities

• n Assessed drivers of each sectors’ competitive position

Top down:

• n Reaffirmed what AREITs provide to investors

• n Considered expectations for the broader macro environment

• n Analysed medium term capital sources vs requirements

• n Assessed risk and return tolerance – how capital will be allocated between sectors

• n Conducted analysis of macro trends, competitors and markets to determine geographic focus

• n Assessed each sectors’ contribution to the Group’s performance and the merits of the integrated model

• n Determined what we will do and what we won’t do

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Where we will deploy capital and where we will not

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strategic review I 9 May 2013 I page 1

by mirvac sector analysis

strategic review I 9 May 2013 I page 2

Mirvac’s office portfolio

by mirvac

What we determined

Mirvac has a competitive advantage in office. This is evidenced by total return outperformance versus IPD over 1,3 and 5 years[1]

Measures of competitive advantage in office

n[ 1) Quality of assets]

n[ 2) Management performance]

• n[ 3) Development capability]

n[ 4) Weighting to core CBD]

n[ 5) Age of portfolio]

n[ 6) Stakeholder relations]

Geographic considerations

n Resilient markets with strong demand characteristics

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Office total return vs IPD benchmark
12% 11.6
10.7
2.6
1.5
8
6.8
9.2 9.0
2.5
4
4.3
0
1 Year 3 Year 5 Year
MPT outperformance IPD [ 1]
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• n Markets that will not be adversely impacted by long lasting current or forecast over supply

n Large scale, liquid markets with a diverse mix of tenant types

1) IPD office peer group benchmark as at 31 December 2012.

Competitive advantage measures: n Highly competitive n Neutral n Not competitive

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Mirvac has a competitive advantage in office

strategic review I 9 May 2013 I page 3

Mirvac’s office portfolio

by mirvac

Drivers of Mirvac’s competitive advantage

integrated model:

n Internal development capability

n Superior asset management

n Repositioning expertise

n Warehousing assets for commercial development

High quality portfolio:

n Youngest portfolio of AREIT peers

n Sustainable portfolio

n High barrier to entry markets

Constraints to Mirvac’s office performance

n Portfolio underweight to prime grade CBD locations n 5% of the portfolio is classified as non-aligned

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Mirvac re-developed office assets contribution
to overall relative return – 5 years to December 2012 [ 1]
0.5bp Mirvac
0.4
0.3
0.2
0.1
0
101-103 Miller St Bay CentreRiverside Quay10-20 Bond St5 Rider Boulevard 2 23 Furzer St 2 189 Grey St 40 Miller St1 Darling Island
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1) IPD relative performance to 5 year IPD benchmark (MPT office peers).

• 2) MREIT assets acquired in December 2009.

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Mirvac has a competitive advantage in office

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strategic review I 9 May 2013 I page 4

Mirvac’s future office portfolio

by mirvac

Strategic future direction: create and buy

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acquisition mandate
investment Development
asset type strategy strategy Product Geographies
Office Prime grade Long term hold Assets with Passive assets and assets Sydney, Melbourne,
Core CBD 70-80% weighting development / with development / North Sydney, Brisbane,
repositioning repositioning opportunity Perth and Canberra CBDs
95% opportunity
Prime grade Long term hold Assets with Assets with development / Sydney – Rhodes,
non-CBD 20-30% weighting development repositioning opportunity Parramatta, North Ryde/
/ repositioning Macquarie Park
opportunity Melbourne – Southbank,
St Kilda Road, Richmond
Brisbane – city fringe
Office Secondary Sell [1] None No mandate No mandate
Non- assets with no
aligned development
and / or
5% repositioning opportunity
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1) Subject to internal review and sign off.

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Office strategy: create and buy for continued outperformance

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strategic review I 9 May 2013 I page 5

Mirvac’s retail portfolio

by mirvac

What we determined

Mirvac does not currently have a competitive advantage in retail. This is evidenced by total return underperformance over 3 & 5 years[ 1]

Measures of competitive advantage in retail

n[ 1) Quality of main trade area]

• n[ 2) Quality of tenant mix]

• n[ 3) Quality of centre amenity]

n[ 4) Management performance]

n[ 5) Development capability]

Geographic considerations

n Inner and middle urban ring locations within major capital cities

• n Densely populated markets with high or above average household income and retail expenditure

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Retail total return vs IPD benchmark
10% 9.2
9.2 (0.6)
0.6
4.9
8.6 9.8
(1.9)
5
6.8
0
1 Year 3 Year 5 Year
MPT outperformance MPT underperformance IPD [ 1]
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• n Selected regional exposures where market fundamentals are attractive

1) IPD retail peer group benchmark as at 31 December 2012.

Competitive advantage measures: n Highly competitive n Neutral n Not competitive

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Mirvac does not currently have a competitive advantage in retail

strategic review I 9 May 2013 I page 6

Mirvac’s retail portfolio

by mirvac

Drivers of Mirvac’s performance

integrated model:

n Re-established retail redevelopment capability two years ago

n Increased management focus over past two years driving improvement in portfolio metrics

n Opportunities to access urban markets through mixed use development projects

Defensive portfolio:

n Focus on neighbourhood and sub-regional sectors in key metropolitan markets

n Portfolio weighted towards non-discretionary spend

n Core portfolio is performing strongly due to geography and renewed management capability

Constraints to Mirvac’s retail performance

n Portfolio has been under-invested

n 20% of the portfolio is classified as non-aligned

n Managed withdrawal of bulky goods portfolio

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Mirvac does not currently have a competitive advantage in retail

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strategic review I 9 May 2013 I page 7

Mirvac’s future retail portfolio

by mirvac

$800m accretive development and expansion opportunity embedded in existing portfolio

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commenced Next wave (Fy14-16) [1] ln preparation (Fy17-19) [1]
Stanhope 3 Stanhope 4 Stanhope 5
Kawana 4 Kawana 5
Orion Padsites Orion 2 Orion 3
Rhodes
Broadway
Hinkler
St Mary’s
Greenwood
Cherrybrook
Met Centre
Cooleman Court
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1) Subject to approval.

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Unlock value via $800m retail development pipeline over the next 6 years

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strategic review I 9 May 2013 I page 8

Mirvac’s future retail portfolio

by mirvac

Strategic future direction: unlock value in existing retail portfolio

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acquisition mandate
investment Development
asset type strategy strategy Product Geographies
Retail Sub regional Long term hold Reposition Sub regional and Sydney, Melbourne,
Core Neighbourhood neighbourhood centres in Brisbane, Perth
strong markets
CBD Selected regional
80% Retail within mixed use CBD assets within strong markets with attractive
trade areas, either fundamentals
standalone or as part of
mixed use property
Retail Secondary assets within Sell [1] None No mandate No mandate
Non- sub optimal markets
aligned
20%
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1) Subject to internal review and sign off.

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Retail strategy: unlock value and move towards retail competitive advantage

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strategic review I 9 May 2013 I page 9

Mirvac’s industrial portfolio

by mirvac

What we determined

Mirvac has a niche competitive advantage in industrial when it can leverage the integrated model. This is evidenced by total return outperformance versus IPD over 1,3 and 5 years[ 1]

Measures of competitive advantage in industrial

n[1) Weightings to key locations ]

n[ 2) Quality of assets]

n[ 3) Development capability]

n[ 4) Size and scale]

n[ 5) Management performance]

n[ 6) Tenant relations]

n[ 7) Age of assets]

Geographic considerations

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Industrial total return vs IPD benchmark
10% 9.7
1.5 8.9
0.6
8.2 8.3
5
4.0
0.8
3.2
0
1 Year 3 Year 5 Year
MPT outperformance IPD [ 1]
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n Close proximity to major infrastructure (road, rail, ports and airports)

n Close proximity to blue collar labour markets

n Direct access to end users/customers

1) IPD industrial peer group benchmark as at 31 December 2012.

Competitive advantage measures: n Highly competitive n Neutral n Not competitive

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Mirvac has a niche competitive advantage in industrial

strategic review I 9 May 2013 I page 10

Mirvac’s industrial portfolio

by mirvac

Drivers of Mirvac’s competitive advantage

integrated model:

• n Mirvac developed assets have delivered superior returns

• n Warehousing assets on balance sheet for residential/mixed use conversion

• n Superior asset management

High quality portfolio:

n 91.5% of portfolio prime grade

• n Sydney and Melbourne focus – close to major infrastructure with direct access to end users

• n Young average age

Constraints to Mirvac’s industrial performance

n Portfolio underweight core geographic markets n 35% of the portfolio is classified as non-aligned

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North
Ryde St
Leonards
Parramatta
Homebush
Bay
SYDNEY
Eastern
Distributor
South
Marrickville Sydney
Liverpool Botany
Sydney
Airport Port
Botany
Intermodal Terminals
BrownField
GreenField
Upzoning
Campbelltown Frieght Railways
Motorways
syDNey iNDicative Map
Intermodal Terminals
BrownField
Melbourne Campbellfield GreenFieldUpzoning
Airport Frieght Railways
Motorways
Melbourne
Laverton
North
Port
Melbourne
Dandenong
MelbourNe iNDicative Map
M5
Hume
Highway
alde
reeway Highway
Metropolitan
Ring Road
Western
Highway
Citylink
Tollway
Eastern Freeway
M1
Monash Freeway EastLink
y
M4
M7 M2
M7
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Mirvac has a niche competitive advantage in industrial

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strategic review I 9 May 2013 I page 11

Mirvac’s future industrial portfolio

by mirvac

Strategic future direction: create on an opportunistic basis

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acquisition mandate
investment Development
asset type strategy strategy Product Geographies
Industrial Infill Long term Reposition and Industrial assets in: Sydney – Southwest, West
Core re-development hold redevelop B and n Infill ring locations Melbourne – North, West, South-east
C grade assets n Established industrial precincts Select Brisbane and Perth
65% to prime grade assets n Sydney and Melbourne opportunities
Infill up-zoning Long term Pursue residential, Older style, medium sized industrial assets Sydney – Homebush Bay, North Ryde,
hold mixed use re- in infill ring industrial precincts in Sydney St Leonards, Marrickville, Botany
zoning for future and Melbourne Melbourne – Fisherman’s Bend
redevelopment Select Brisbane and Perth
opportunities
Urban edge Long term Develop assets Medium/large plots of land zoned Sydney – Southwest, West
tenant driven hold based on tenant industrial and within close proximity to Melbourne – North, West
developments pre-commitments key infrastructure (subject to tenant pre- Select Brisbane and Perth
commitment or capital efficient structure) opportunities
Passive assets Long term None No mandate No mandate
hold
Industrial Non-aligned Sell [1] None No mandate No mandate
Non-aligned
35%
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1) Subject to internal approval and sign off.

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Industrial strategy: create for continued outperformance

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strategic review I 9 May 2013 I page 12

Mirvac’s residential market definitions

by mirvac

Inner ring (>150 lots per Ha) Infill ring (15 – 50 lots per Ha)

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– Metropolitan activity centre: suburban civic centres in the infill ring Urban edge (12 – 25 lots per Ha) Rural (8 – 12 lots per Ha)

Urban edge boundary

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Defined residential markets

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strategic review I 9 May 2013 I page 13

Mirvac’s residential business

by mirvac

What we determined

Measures of competitive advantage in residential

Mirvac has a competitive advantage in the following areas:

n Apartments in inner ring

n Apartments in metropolitan activity centres

n Masterplanned communities in infill ring locations

Mirvac does not have a competitive advantage in the following areas:

• n Apartments in infill ring (outside metropolitan activity centres)

n Masterplanned communities in urban edge

					all apartments	Mpc infll ring	Mpc urban edge & rural
	1)	Quality	of	location	n	n	n

2) Acquisition price and structure ~~n n n~~

3) Right product to market ~~n n n~~

4) Stakeholder relations ~~n n n~~

• 5) Efficient and effective delivery ~~n n n~~ 6) Strength of brand ~~n n n~~ 7) Cost of delivery to budget ~~n n n~~

n Masterplanned communities in rural

Competitive advantage measures: n Highly competitive n Neutral n Not competitive

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Demonstrated performance in residential inner and infill ring locations

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strategic review I 9 May 2013 I page 14

Mirvac’s residential business

by mirvac

Performance by product type

	capital employed total lots remaining total1 Non- impaired projects impaired projects
All apartments	$827.0m 88% 12% 5,997
Masterplanned communities infll ring	$57.4m 80% 20% 2,714
Masterplanned communities urban edge	$182.1m 69% 31% 2,413
Masterplanned communities rural	$318.3m 49% 51% 20,006

Lessons learnt:

n Overpaying for acquisitions

n Inappropriate deal structures

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Historical weighted IRRs by product type [ 2]
18%
15.7%
15
14.0%
12
9
6 5.5%
3 2.8% 2.8%
0
(0.2%)
(3)
Apartments MPC MPC Apartments MPC Apartment
inner ring infill ring urban edge outside inner regional regional
& rural ring
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n Creating too much higher end product in shallow markets

n Proceeding to build for reasons unrelated to market fundamentals

1) As at 31 December 2012.

2) Projects included are complete or greater than 75% complete.

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Demonstrated performance in residential inner and infill locations

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strategic review I 9 May 2013 I page 15

Mirvac’s future residential business

by mirvac

Strategic future direction: create and sell

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current
product Description portfolio strategy Acquisition mandate
Apartments Inner ring Develop out Inner ring
Metropolitan activity centre projects current pipeline Metropolitan activity
centre projects
Core Masterplanned Infill ring Develop out Infill ring
communities Select urban edge current pipeline Urban edge with characteristics of:
65% n Medium term
n Known rezoning outcome
n Not requiring significant
upfront investment and
‘place making’
Apartments Infill ring (outside metropolitan activity centres) Develop out No mandate
Regional locations current pipeline
Non-
Masterplanned Rural and regional projects Develop out No mandate
aligned communities Urban edge with characteristics of: current pipeline
n Long term
35% n Unknown rezoning outcome
n Requiring significant upfront investment
and ‘place making’
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Residential strategy: create and sell in inner, infill and urban edge locations

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strategic review I 9 May 2013 I page 16

Operational efficiency

by mirvac

Focus on cost:

n Significant cost management program delivered post GFC

n Continue to focus on costs

n Program in place to embed continuous process re-engineering to reduce costs and increase efficiencies (B14 programs)

n Areas of current focus: procurement

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Continued focus on costs

strategic review I 9 May 2013 I page 17

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by mirvac by mirvac

outcome

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strategic review I 9 May 2013 I page 18

Summary of sector findings

by mirvac

New sector directional mandates have been developed to deliver a more focused and disciplined approach

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New directional mandates
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Offce	Create and buy: nPrime grade CBD (development + repositioning + passive) nPrime grade non-CBD (development + repositioning)
Retail	Unlock value: nNeighbourhood nSub-regional nCBD / mixed-use
Industrial	Create: nInfll repositioning and up-zoning nUrban edge tenant driven development
Residential	Create and sell: nApartments inner ring nApartments metropolitan activity centres nMasterplanned communities infll ring nMasterplanned communities urban edge

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A more focused and disciplined approach to growth

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strategic review I 9 May 2013 I page 19

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by mirvac by mirvac

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capital
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strategic review I 9 May 2013 I page 20

Capital allocation

by mirvac

Capital allocation process has been re-engineered Needed to break down silos and encourage competition for capital across the business

n Process, structure and accountability developed and enforced

• n Capital allocation process and structure will drive competitive tension across Divisions for access to capital

• n Capital allocation employs both a top down (annual strategy review) and bottom up

(strategic screening of opportunities) approach

• n Annual review of Group strategy, requisite return hurdles and mandates

n Allocation assessment is on the dual basis of risk adjusted return and maximum active capital allocation

n Capital allocation personnel are incentivised to Group outcome not Divisions

• n Composition of investment committee and capital allocation committee is diversified and representative of whole business

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Process, structure and accountability

strategic review I 9 May 2013 I page 21

Capital allocation structure

by mirvac

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MGR Board
Annual review of Strategy and Group Mandates
Executive Leadership Team
(Chair – Susan Lloyd-Hurwitz)
Investment Committee
(Chair – Susan Lloyd-Hurwitz)
Due Diligence team formed as a
function of
capital allocation and delivery skill
For capital allocation and resourcing purposes Capital Allocation Committee
(Chair– Brett Draffen)
Commercial New Development New
Corporate/M&A
Business Meeting Business Meeting
Corporate/M&A Passive In Development [ 1] Apartment s MPC
Mandates driven by research, strategy and capital allocation
level 3
approve/ purcHase ApprovAl
oFFer level 2
ApprovAl
NoN-biNDiNg
prioritise
opportuNities
ApprovAl level 1
screeN
opportuNities
pre-investigAtion
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1) For long term hold.

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Process, structure and accountability

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strategic review I 9 May 2013 I page 22

Targets for capital allocation and returns

by mirvac

~~passive invested capital~~

~~active invested capital~~

Target: 80% Minimum: 75%

Target: 20% Maximum: 25%

Target average returns:

n Office

• Average 10 year IRR: 8.5%

n Retail

• Average 10 year IRR: 8.75%

Target average returns:

n Residential development

• Average IRR: 18.0%

n Office and industrial development

– Average IRR: 14.0%[ 1]

n Industrial

• Average 10 year IRR: 9.0%

MPT target return:

Development Division target return: Target ROIC: 12% WACC: 11.5-12.0%

Target ROIC: 8.5% WACC: 7.5-8.0%

1) Subject to lease pre-commit.

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Disciplined approach to allocating capital and driving returns

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strategic review I 9 May 2013 I page 23

Capital sources to deliver strategy

by mirvac

Diversified capital sources to deliver the strategy over the long term Funding sources:

n Retained earnings n Debt

– 20-30% gearing target

– Average debt maturity >3.5 years

n Equity n Capital partnering

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Diversified funding sources

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strategic review I 9 May 2013 I page 24

Capital partnering

by mirvac

Strategy: expand wholesale capital relationships to enable growth through cycles. Mirvac will look to secure a select number of capital partners for each sector of the business

By expanding our relationships with capital partners Mirvac will have the ability to:

n Source capital outside of debt and listed equity markets particularly when equity and debt markets are not competitive

n Participate in mixed use or M&A opportunities that leverage our capabilities across sectors with a passive partner n Access opportunities generated by our partners

Mandate:

n Ensure that we continue to service and support our existing investor relationships

n Moving forward Mirvac will retain a minimum of 50% asset ownership

n Focus on high quality investment partners that will be there over the long term

n Disciplined approach to assets and pricing

n High level of governance

Existing

• n Strong relationship with Keppel REIT. Good progress on the construction of 8 Chifley, Sydney and the Treasury Building, Perth

• n Advanced discussions with a capital partner for 200 George St, Sydney continue

• n Mirvac Wholesale Residential Development Fund

• n Industrial partnerships with Aviva Investors

New ventures

• n Australian Office Partnerships progressing with a select group of capital partners

• n Upto 50% stakes in Westpac Place, Sydney and 699 Bourke Street, Melbourne and 664 Collins St, Melbourne expected to be allocated to capital partners

• n Australian Residential Partnership is progressing with a select group of capital partners

• n Travelodge Joint Venture with NRMA continues to perform well and will continue to grow

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Capital partners to enable growth through cycles over the longer term

strategic review I 9 May 2013 I page 25

Mirvac’s value proposition to investors

by mirvac

Value Proposition

Mirvac’s business model provides investors with a balance of: Stable Income + Focused Growth

Stable income provided by:

n High quality diversified portfolio of passive assets

Focused growth provided by:

n Core development capability n Integrated delivery model

n Integrated management capability n Distributions underpinned by income

75-80% of invested capital

20-25% of invested capital

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Balance of a stable income yield and focused growth

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strategic review I 9 May 2013 I page 26

Mirvac’s vision

by mirvac

Setting the standard as a world-class Australian property group that attracts the best

iNtegrateD

Leveraging our integrated model to create, own, manage

DiversiFieD

Maintaining an appropriate balance of passive and active invested capital through cycles, retaining capability across four sectors

FocuseD

Deploying capital with discipline and in alignment with our directional mandates

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oFFice
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Create and buy

• n Prime grade CBD (development + repositioning + passive)

• n Prime grade non-CBD (development + repositioning)

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retail
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Unlock value

n Neighbourhood

n Sub-regional

n CBD / mixed use

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iNDustrial
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resiDeNtial
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Create and sell

Create

n Infill ring repositioning and up-zoning

n Apartments inner ring

• n Urban edge tenant driven n Apartments metropolitan activity development centres

• n Masterplanned communities infill ring n Masterplanned communities urban edge

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Stable income and focused growth via balance of passive and active capital

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strategic review I 9 May 2013 I page 27

additional information

by mirvac

strategic review I 9 May 2013 I page 28

Sector and geographic diversification

by mirvac

~~Sector diversification[1]~~

Office								58.9% 59.0%
				28.1%
Retail				27.7%
Industrial		7.5% 6.8%
LPT/		3.8%
unlisted funds		4.8%
	1.7%								IH13
Other	1.7%								IH12
	0%	10%	20%	30%	40%	50%	60%		70%

~~Geographic diversification[2]~~

NSW									63.5% 62.7%
VIC			14.7% 14.5%
			13.2%
QLD			13.8%
		8.1%
ACT		8.2%
	0.5%
USA	0.5%
0.0% 0.3% SA									1H13 1H12
0%		10%		20%	30%	40%	50%	60%	70%

• 1) By book value, excluding assets under development and including indirect investments.

2) By book value, excluding assets under development and indirect investments.

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strategic review I 9 May 2013 I page 29

MPT portfolio snapshot

by mirvac

~~1H13~~ ~~1H12~~ Properties owned1 61 67 NLA1 1,347,863sqm 1,313,194sqm Book value2 $6,013.7m $5,850.1m WACR 7.45% 7.49% Netpropertyincome3 $220.2m $220.5m Like-for-like NOIgrowth 3.5% 3.3% Maintenance capex $8.0m $19.1m Tenant incentives $5.8m $4.9m Occupancy4 98.2% 96.4% NLA leased 85,632sqm 70,983sqm % ofportfolio NLA leased 6.4% 5.4% No. tenant reviews 865 937 Tenant rent reviews(area) 531,274sqm 477,163sqm WALE(area)4 7.4yrs 5.9yrs WALE(income)5 5.5yrs 5.5yrs

~~MPT – lease expiry profile and variance to FY12[5]~~

60%
							54.3%
50
40
30
20
					13.1%
10			9.2%	9.1%		8.3%
		4.0%
	2.0%
0
	Vacant	FY13	FY14	FY15	FY16	FY17	Beyond
	+10bp	-580bp	-20bp	-10bp	+40bp	-10bp	+560bp

• 1) Includes carparks and a hotel.

• 2) Including assets under development and indirect investments.

• 3) Includes income from indirect investments and other income.

• 4) By area, excluding assets under development, based on 100% of building NLA.

• 5) By income, excluding assets under development and indirect investments, based on MPT’s ownership.

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strategic review I 9 May 2013 I page 30

Office snapshot

by mirvac

~~1H13~~ ~~1H12~~ Properties owned 25 29 NLA 609,846sqm 638,268sqm Book value1 $3,471.5m $3,431.3m WACR 7.45% 7.45% Netpropertyincome $125.7m $122.9m Like-for-like NOIgrowth 4.2% 4.2% Maintenance capex $4.4m $7.5m Tenant incentives $3.2m $2.8m Occupancy 2 97.2% 96.3% NLA leased 35,862sqm 42,590sqm % ofportfolio NLA leased 5.9% 6.7% No. tenant reviews 209 269 Tenant rent reviews(area) 341,519sqm 311,509sqm WALE(area) 2 5.7yrs 6.0yrs WALE(income) 3 5.7yrs 6.1yrs

~~Office lease expiry profile and variance to FY12[ 3]~~

70%
						65.0%
60
50
40
30
20
10		7.2%	6.2%	11.7%
0 2.5%	1.4%				6.0%
Vacant	FY13	FY14	FY15	FY16	FY17	Beyond
+40bp	-610bp	-10bp	+40bp	+10bp	+20bp	+510bp

~~Office diversification by grade[ 1]~~

Premium grade 29.2% A grade 63.4% B grade 7.4%

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• 1) By book value, as at 31 December 2012, excluding assets under development and indirect investments.

• 2) By area, excluding assets under development, based on 100% of building NLA.

• 3) By income, excluding assets under development and indirect investments, based on MPT’s ownership.

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strategic review I 9 May 2013 I page 31

Retail snapshot

by mirvac

~~1H13~~ ~~1H12~~ Properties owned 19 19 NLA 390,646sqm 391,327sqm Book value1 $1,661.5m $1,610.1m WACR 7.25% 7.29% Netpropertyincome $60.7m $60.7m Like-for-like NOIgrowth 2.7% 2.9% Maintenance capex $3.0m $11.3m Tenant incentives $2.6m $2.2m Occupancy 2 98.9% 99.2% NLA leased 29,244sqm 22,782sqm % ofportfolio NLA leased 7.5% 5.8% No. tenant reviews 645 656 Tenant rent reviews(area) 86,527sqm 99,271sqm WALE(area) 2 5.7yrs 6.0yrs WALE(income) 3 4.1yrs 4.4yrs Specialtyoccupancycost 15.2% 14.9% Specialtyoccupancycost excludingCBD centres 14.4% 14.1% Total comparable MAT $7,403sqm $7,260sqm Total comparable MATgrowth 1.8% 2.3% Specialties comparable MAT $7,478sqm $7,519sqm Specialties comparable MATgrowth (0.2%) 1.8% New leasingspreads 2.3% 1.4% Renewal leasingspreads 1.9% 3.3% Total leasingspreads 2.0% 2.8%

~~Retail lease expiry profile and variance to FY12[ 3]~~

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40%
30.6%
30
20
15.9% 15.5%
14.0%
13.1%
10 9.6%
1.3%
0
Vacant FY13 FY14 FY15 FY16 FY17 Beyond
+10bp -510bp -70bp +20bp +50bp +60bp +440bp
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~~Retail diversification by grade[ 1]~~

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Sub regional 78.8% CBD retail 10.3% Neighbourhood 7.8% Bulky goods centre 3.1%

• 1) By book value, as at 31 December 2012, excluding assets under development and indirect investments.

• 2) By area, excluding assets under development, based on 100% of building NLA.

• 3) By income, excluding assets under development and indirect investments, based on MPT’s ownership.

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strategic review I 9 May 2013 I page 32

Industrial snapshot

by mirvac

~~1H13~~ ~~1H12~~ Properties owned 13 15 NLA 346,972sqm 283,202sqm Book value 1 $445.9m $396.6m WACR 8.00% 8.37% Netpropertyincome $19.3m $14.9m Like-for-like NOIgrowth 5.9% (5.4%) Maintenance capex $0.7m $0.2m Tenant incentives $0.0m $0.0m Occupancy 2 99.4% 92.7% NLA leased 20,526sqm 5,612sqm % ofportfolio NLA leased 5.9% 2.0% No. tenant reviews 11 12 Tenant rent reviews(area) 88,394sqm 66,383sqm WALE(area) 2 12.4yrs 5.7yrs WALE(income) 3 9.2yrs 5.4yrs

~~Idil l i fil d i FY12 3~~	~~Idil l i fil d i FY12 3~~
80% ~~nustra ease expry proe an varance to ~~
60	69.9%
40
20
0 1.3%	0.7% 8.6% 3.5% 13.4% 2.6%
Vacant -160bp	FY13 FY14 FY15 FY16 Beyond FY17 -620bp +130bp -480bp +200bp -490bp +1,430bp

• 1) By book value as at 31 December 2012, excluding assets under development and indirect investments.

• 2) By area, excluding assets under development, based on 100% of building NLA.

• 3) By income, excluding assets under development and indirect investments, based on MPT’s ownership.

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strategic review I 9 May 2013 I page 33

Diversification of residential lots/revenue

by mirvac

31,130 lots under control

~~Forecast future revenue by product~~

Masterplanned Communities 53.7% Apartments 46.3%

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~~Lots by structure~~

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100% Mirvac inventory 39.6% MWRDP 5.5% PDA’s 9.3% JV’s & associates 44.6% Development funds 1.0%

~~Mirvac share of forecast revenue by State~~

NSW 39.4% VIC 34.7% QLD 15.4% WA 10.5%

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~~Average price of lots under control~~

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Apartmentss
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< $1.2m 94.0% $1.2m – $3m 5.0% > $3m 1.0%

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~~Average price of lots under control~~

Masterplanned Communities

< $200k 37.6% $200k – $400k 55.6% > $400k 6.8%

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~~Pipeline diversity of product[ 1]~~

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Masterplanned Communities 53.7% Apartments 46.3%

1) Based on Mirvac share of forecast future revenue.

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strategic review I 9 May 2013 I page 34

FY13 calendar[ 1]

by mirvac

Upcoming conference attendance:

	Upcoming conference attendance:
	~~Event~~ ~~Location~~ ~~Date~~ Private Roadshow Sydney 26 - 27 August 2013
	Private Roadshow Melbourne 29 August 2013

Upcoming announcements:

	Upcoming announcements:
	~~Event~~ ~~Location~~ ~~Date~~ Annual General Meeting Melbourne 14 November 2013
	MGR Distribution Announcement — 19 June 2013
	June 2013 Indicative Distribution Ex Date — 24 June 2013
	FY13 Results Presentation Sydney 23 August 2013

Investor Relations Contact T: (02) 9080 8000

E: investor_relations@mirvac.com

1) All dates are indicative and subject to change.

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strategic review I 9 May 2013 I page 35

Glossary

by mirvac

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Term Meaning
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A-REIT	Australian Real Estate Investment Trust
Bp	Basis Points
CBD	Central Business District
CPSS	Cents Per Stapled Security
DA	Development Application — Application from the relevant planning authority to
	construct,add,amend or change the structure of aproperty.
DPS	Distribution Per Stapled Security
EBIT	In the current reporting period, Mirvac has revised its defnition of Earnings Before
	Interest and Taxes (EBIT). Mirvac considers interest income from joint ventures and
	interest income from mezzanine loans to be part of a business’s operations and
	should therefore form part of operating revenue. Prior to FY11, interest income
	from joint ventures and interest income from mezzanine loans were shown as part of interest revenue. All historical EBIT fgures in this presentation have been re- stated to refect the current defnition of EBIT for comparability.
Englobo	Groupof land lots that have subdivisionpotential
EPS	Earnings Per Stapled Security
FY	Financial Year
GFC	Global Financial Crisis
GLA	Gross Lettable Area
Ha	Hectare
IFRS	International Financial ReportingStandards
IPD	Investment PropertyDatabank
IRR	Internal Rate of Return

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Term Meaning
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JV	Joint Venture
LPT	Listed PropertyTrust
MAT	MovingAnnual Turnover
MPC	Masterplanned Communities
MPT	Mirvac PropertyTrust
MWRDP	Mirvac Wholesale Residential Development Partnership
NLA	Net Lettable Area
NOI	Net OperatingIncome
PDA	Project DeliveryAgreement
ROIC	Return on Invested Capital calculated as earnings before interest and tax divided
	byinvested capital.
SQM	Square Metre
WACC	Weighted Average Cost of Capital
WACR	Weighted Average Capitalisation Rate
WALE	Weighted Average Lease Expiry

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strategic review I 9 May 2013 I page 36

Disclaimer and important notice

by mirvac

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 License. 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.

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.

The Presentation also includes certain non-IFRS measures including operating profit. Operating profit is a financial measure which is not prescribed by Australian Accounting Standards (“AAS”) and represents the profit under AAS adjusted for specific non-cash items and significant items which management consider to reflect the core earnings of the Group. The Operating profit information has not been subject to any specific audit procedures by the Group’s auditor.

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.

The information contained in this presentation is current as at 31 March 2013, unless otherwise noted.

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strategic review I 9 May 2013 I page 37

by mirvac by mirvac Thank you

FoLLow us oN TwiTTEr @MirvAcir MirvAc MirvAc iNvEsTor 1H13 rELATioNs ProPErTy wEbsiTE coMPENDiuM

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strategic review I 9 May 2013 I page 38