MIRVAC GROUP

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30 JUNE 2008

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MIRVAC GROUP

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$27.2 BILLION
ACTIVITIES
UNDER
CONTROL
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MIRVAC GROUP PROPERTY COMPENDIUM 1

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101 MILLER STREET, NORTH SYDNEY, NSW
CORE
INVESTMENT
DEVELOPMENT2DIVISIONS
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2 MIRVAC GROUP PROPERTY COMPENDIUM

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GLOBAL REACH

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INVESTMENT DEVELOPMENT

OVERVIEW 3

MIRVAC'S FOCUS IS TO DRIVE THE CORE PLATFORM – INVESTMENT AND DEVELOPMENT – THROUGH THE USE OF THE FUNDS MANAGEMENT CAPABILITIES AND CONTINUE GROWING IN KEY MARKETS, INCLUDING THE UNITED ARAB EMIRATES.

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4 MIRVAC GROUP PROPERTY COMPENDIUM

$4.1 BILLION

INVESTMENT

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56 INVESTMENTS

INDIRECT REAL ESTATE INVESTMENTS

ONE DARLING ISLAND, PYRMONT, NSW

6MIRVAC GROUPPROPERTY COMPENDIUM INVESTMENT	6MIRVAC GROUPPROPERTY COMPENDIUM INVESTMENT
MIRVAC PROPERTY TRUST PORTFOLIO REPOSITIONING
12 MONTHS TO JUNE 2008 ACQUISITIONS LOCATION SECTOR	ACQUISITION DATE ACQUISITION PRICE INCL. COSTS YIELD ON COST
Glasshouse Woden, ACT Commercial	Jul 07 $77.2m 6.2%
1900 – 2060 Pratt Blvd Chicago, IL, USA Industrial	Dec 07 $46.5m 6.9%
TOTAL	$123.7m
DEVELOPMENT COMPLETIONS LOCATION SECTOR	REVALUED BOOK VALUE DECEMBER 2007 REVALUED BOOK VALUE JUNE 2008 ACQUISITION PRICE INCL. COSTS CAP RATE ON COMPLETION
Nexus Industry Park – Building 3 Prestons, NSW Industrial	$26.0m $25.3m $20.2m 6.50%
Lake Haven Mega Centre Lake Haven, NSW Retail	$47.0m $42.3m $52.1m 6.75%
TOTAL	$73.0m $67.6m $72.3m
DISPOSALS LOCATION SECTOR	SETTLEMENT DATE DISPOSAL PROCEEDS PROCEEDS ABOVE BOOK VALUE 1 PROCEEDS RECOGNISED
127 Creek Street Brisbane, QLD Off ce	Nov 07 $133.0m $41.9m 1H08
40 Macquarie Street ACT Off ce	Aug 07 $24.3m $4.9m 1H08
(50%) 101 Miller Street2 North Sydney, NSW Off ce	Mar 08 $154.1m $28.5m 1H08
(50%) Greenwood Plaza2 North Sydney, NSW Retail	Mar 08 $76.0m $12.8m 1H08
TOTAL	$387.4m $88.1m
1 AFTER COSTS. 2 ASSETS HELD FOR SALE AT 31 DECEMBER 2007.

6MIRVAC GROUPPROPERTY COMPENDIUM INVESTMENT	6MIRVAC GROUPPROPERTY COMPENDIUM INVESTMENT
MIRVAC PROPERTY TRUST PORTFOLIO REPOSITIONING
12 MONTHS TO JUNE 2008 ACQUISITIONS LOCATION SECTOR	ACQUISITION DATE ACQUISITION PRICE INCL. COSTS YIELD ON COST
Glasshouse Woden, ACT Commercial	Jul 07 $77.2m 6.2%
1900 – 2060 Pratt Blvd Chicago, IL, USA Industrial	Dec 07 $46.5m 6.9%
TOTAL	$123.7m
DEVELOPMENT COMPLETIONS LOCATION SECTOR	REVALUED BOOK VALUE DECEMBER 2007 REVALUED BOOK VALUE JUNE 2008 ACQUISITION PRICE INCL. COSTS CAP RATE ON COMPLETION
Nexus Industry Park – Building 3 Prestons, NSW Industrial	$26.0m $25.3m $20.2m 6.50%
Lake Haven Mega Centre Lake Haven, NSW Retail	$47.0m $42.3m $52.1m 6.75%
TOTAL	$73.0m $67.6m $72.3m
DISPOSALS LOCATION SECTOR	SETTLEMENT DATE DISPOSAL PROCEEDS PROCEEDS ABOVE BOOK VALUE 1 PROCEEDS RECOGNISED
127 Creek Street Brisbane, QLD Off ce	Nov 07 $133.0m $41.9m 1H08
40 Macquarie Street ACT Off ce	Aug 07 $24.3m $4.9m 1H08
(50%) 101 Miller Street2 North Sydney, NSW Off ce	Mar 08 $154.1m $28.5m 1H08
(50%) Greenwood Plaza2 North Sydney, NSW Retail	Mar 08 $76.0m $12.8m 1H08
TOTAL	$387.4m $88.1m
1 AFTER COSTS. 2 ASSETS HELD FOR SALE AT 31 DECEMBER 2007.

6MIRVAC GROUPPROPERTY COMPENDIUM INVESTMENT	6MIRVAC GROUPPROPERTY COMPENDIUM INVESTMENT
MIRVAC PROPERTY TRUST PORTFOLIO REPOSITIONING
12 MONTHS TO JUNE 2008 ACQUISITIONS LOCATION SECTOR	ACQUISITION DATE ACQUISITION PRICE INCL. COSTS YIELD ON COST
Glasshouse Woden, ACT Commercial	Jul 07 $77.2m 6.2%
1900 – 2060 Pratt Blvd Chicago, IL, USA Industrial	Dec 07 $46.5m 6.9%
TOTAL	$123.7m
DEVELOPMENT COMPLETIONS LOCATION SECTOR	REVALUED BOOK VALUE DECEMBER 2007 REVALUED BOOK VALUE JUNE 2008 ACQUISITION PRICE INCL. COSTS CAP RATE ON COMPLETION
Nexus Industry Park – Building 3 Prestons, NSW Industrial	$26.0m $25.3m $20.2m 6.50%
Lake Haven Mega Centre Lake Haven, NSW Retail	$47.0m $42.3m $52.1m 6.75%
TOTAL	$73.0m $67.6m $72.3m
DISPOSALS LOCATION SECTOR	SETTLEMENT DATE DISPOSAL PROCEEDS PROCEEDS ABOVE BOOK VALUE 1 PROCEEDS RECOGNISED
127 Creek Street Brisbane, QLD Off ce	Nov 07 $133.0m $41.9m 1H08
40 Macquarie Street ACT Off ce	Aug 07 $24.3m $4.9m 1H08
(50%) 101 Miller Street2 North Sydney, NSW Off ce	Mar 08 $154.1m $28.5m 1H08
(50%) Greenwood Plaza2 North Sydney, NSW Retail	Mar 08 $76.0m $12.8m 1H08
TOTAL	$387.4m $88.1m
1 AFTER COSTS. 2 ASSETS HELD FOR SALE AT 31 DECEMBER 2007.

INVESTMENT 7

MIRVAC PROPERTY TRUST PORTFOLIO EXPIRY PROFILE[1]

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AREA % 70 AREA % 70
60 60
50 50
40 40
30 30
20 20
10 10
�� 0 �� 0
997,225sqm 450,519sqm
WALE 6.27 years WALE 6.52 years
AREA % 70 AREA % 70
60 60
50 50
40 40
30 30
20 20
�� 10 �� 10
�� 0 �� 0
333,466sqm 213,240sqm
WALE 6.49 years WALE 5.40 years
VACANT FY09 FY10 FY11 FY12 FY13 BEYOND VACANT FY09 FY10 FY11 FY12 FY13 BEYOND
VACANT FY09 FY10 FY11 FY12 FY13 BEYOND VACANT FY09 FY10 FY11 FY12 FY13 BEYOND
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1 BY AREA AS AT 30 JUNE 2008.

MIRVAC PROPERTY TRUST PORTFOLIO DIVERSIFICATION

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■COMMERCIAL	41.5%
■INDUSTRIAL	7.2%
■RETAIL	40.6%
■OTHER	3.0%	3
■INDIRECT PROPERTY
INVESTMENTS	7.7%

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■	NSW	53.0%
■	VIC	21.8%
■	QLD	17.2%
■	WA	0.8%
■	ACT	6.0%
■	US	1.2%

1 BY BOOK VALUE AS AT 30 JUNE 2008. EXCLUDES DEVELOPMENT ASSETS.

2 BY BOOK VALUE AS AT 30 JUNE 2008. EXCLUDES DEVELOPMENT ASSETS AND INDIRECT PROPERTY INVESTMENTS. 3 OTHER – INCLUDES HOTELS AND CARPARKS.

8 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

COMMERCIAL PORTFOLIO

60 MARGARET STREET, SYDNEY, NSW

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■	PREMIUM	9.1%
■	A GRADE	76.9%
■	BGRADE	12.1%
■	C GRADE	1.9%

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■	NSW	54.3%
■	VIC	22.9%
■	QLD	9.5%
■	ACT	13.3%

1 BY BOOK VALUE AS AT 30 JUNE 2008. EXCLUDES DEVELOPMENT ASSETS AND INDIRECT PROPERTY INVESTMENTS.

	INVESTMENT9	INVESTMENT9
COMMERCIAL PORTFOLIO
PROPERTY LOCATION NLA % OF COMMERCIAL PORTFOLIO BOOK VALUE1 GROSS OFFICE RENT ($/SQM)	BOOK VALU	E
One Darling Island Pyrmont, NSW 22,197sqm 11.2% $444/sqm	$186.5m
60 Margaret Street Sydney, NSW 40,567sqm 11.1% $642/sqm	$182.8m2
101 – 103 Miller Street North Sydney, NSW 37,758sqm 9.1% N/A	$150.0m2
40 Miller Street North Sydney, NSW 12,664sqm 6.1% $562/sqm	$100.0m
Bay Centre Pirrama Road Darling Harbour, NSW 15,972sqm 6.7% $439/sqm	$111.0m
1 Castlereagh Street Sydney, NSW 11,637sqm 5.3% $550/sqm	$87.5m
190 George Street Sydney, NSW 9,498sqm 2.8% $397/sqm	$46.0m
200 George Street Sydney, NSW 5,579sqm 1.9% $373/sqm	$30.5m
St George Centre 60 Marcus Clarke Street Canberra, ACT 12,165sqm 3.5% $423/sqm	$58.0m
38 Sydney Avenue Forrest, ACT 9,099sqm 2.7% $410/sqm	$44.5m
Glasshouse, 19 Furzer Street Canberra, ACT 14,828sqm 4.5% $365/sqm	$74.0m
Phillips Fox Building 54 Marcus Clarke Street Canberra, ACT 5,276sqm 1.3% $402/sqm	$21.0m
Perpetual Building 10 Rudd Street Canberra, ACT 4,736sqm 1.3% $405/sqm	$22.0m
189 Grey Street South Bank, QLD 12,728sqm 4.4% $345/sqm	$72.0m
John Oxley Centre 339 Coronation Drive Brisbane, QLD 13,172sqm 4.0% $333/sqm	$66.3m
Mojo Building 164 Grey Street South Bank, QLD 3,079sqm 1.2% $475/sqm	$19.0m
Riverside Quay Southbank Melbourne, VIC 30,585sqm 6.7% $352/sqm	$110.0m
Royal Domain Centre 380 St Kilda Road Melbourne, VIC 24,616sqm 7.0% $356/sqm	$115.5m
Como Centre Cnr Toorak Road & Chapel Street South Yarra, VIC 25,547sqm 5.7% $371/sqm	$94.8m
191–197 Salmon Street Port Melbourne, VIC 21,762sqm 3.5% $347/sqm	$57.0m2
TOTAL 333,466sqm 100.0%	$1,648.3m1
WEIGHTED AVERAGE LEASE EXPIRY 6.49 YEARS
OCCUPANCY 97.4%
1 BOOK VALUE AS AT 30 JUNE 2008. EXCLUDES DEVELOPMENT PROJECTS. 2 BOOK VALUE REPRESENTS 50% INTEREST.

10 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

COMMERCIAL PORTFOLIO

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101 – 103 MILLER STREET, NORTH SYDNEY, NSW ONE DARLING ISLAND, PYRMONT, NSW

DESCRIPTION

Landmark premium grade offi ce tower and major retail centre, in the heart of the North Sydney CBD with a direct link to North Sydney Railway Station. The complex was built in 1992 and has recently undergone a major refurbishment.

DESCRIPTION

Developed by Mirvac in 2006, this A grade offi ce campus comprises six offi ce fl oors, with two basement parking levels. Situated on the CBD fringe close to the waterfront, the building features large fl oors of greater than 4,400sqm and is designed to achieve 4.5 star ABGR.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Premium Grade	GRADE A Grade
OWNERSHIP 50% MPT,50% EUREKA	OWNERSHIP 100% MPT
NLA 37,758 sqm	NLA 22,197 sqm
CAR SPACES 561	CAR SPACES 160
ACQUISITION DATE Jun 94	ACQUISITION DATE Apr 04
BOOK VALUE $150.0m(50% interest)	BOOK VALUE $186.5m
VALUATION $124.0m(50% interest)	VALUATION $124.5m
VALUATION DATE 30 Jun 07	VALUATION DATE 31 Dec 06
EXTERNAL VALUER COLLIERS INTERNATIONAL	EXTERNAL VALUER SAVILLS
CAPITALISATION RATE 6.50%	CAPITALISATION RATE 5.63%
DISCOUNT RATE 8.25%	DISCOUNT RATE 8.25%
GROSS OFFICE RENT N/A	GROSS OFFICE RENT $444/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
RTA 15,678 Jul 16	FAIRFAX MEDIA 22,197 Jun 27
COMMONWEALTH OF AUSTRALIA 7,462 Jul 18

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 12.7%		VACANCY 0.0%

FY09 0.3%		FY09 0.0%
FY10 0.0%		FY10 0.0%
FY11 0.0%		FY11 0.0%
FY12 0.0%		FY12 0.0%
FY13 1.0%		FY13 0.0%
BEYOND 86.0%		BEYOND 100.0%
WALE 7.04 YEARS		WALE 19.01 YEARS

INVESTMENT 11

60 MARGARET STREET, SYDNEY, NSW

40 MILLER STREET, NORTH SYDNEY, NSW

DESCRIPTION

This iconic building is situated in the heart of the Sydney CBD and comprises thirty six levels of offi ce accommodation and three levels of retailing with direct access to Wynyard Railway Station and Bus Terminal. Developed in 1980, the complex has been progressively refurbished and is the head offi ce of the Mirvac Group.

DESCRIPTION

Developed by Mirvac in 2000, the building is located adjacent to North Sydney Railway Station and enjoys commanding views of the harbour from all eleven commercial levels. Outdoor balconies provide an additional amenity for building occupiers.

SUMMARY INFORMATION

GRADE		A Grade
OWNERSHIP	50%	MPT,50% MTAA
NLA		40,567 sqm
CAR SPACES		141
ACQUISITION DATE		Aug98
BOOK VALUE	$182.8m(50% interest)
VALUATION	$175.0m(50% interest)
VALUATION DATE		31 Dec 07
EXTERNAL VALUER		SAVILLS
CAPITALISATION RATE		5.50%
DISCOUNT RATE		7.75%
GROSS OFFICE RENT		$642/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
MIRVAC	8,177	Sep15
REUTERS AUST	5,384	Feb 15

SUMMARY INFORMATION
GRADE		A Grade
OWNERSHIP		100% MPT
NLA		12,664 sqm
CAR SPACES		110
ACQUISITION DATE		Mar 98
BOOK VALUE		$100.0m
VALUATION		$100.0m
VALUATION DATE		30 Jun 08
EXTERNAL VALUER	COLLIERS	INTERNATIONAL
CAPITALISATION RATE		6.50%
DISCOUNT RATE		8.50%
GROSS OFFICE RENT		$562/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
UNITED GROUP LIMITED	7,612	Nov 15
TIBCO SOFTWARE AUST	980	Oct 09

LEASE EXPIRY PROFILE % AREA

VACANCY	0.0%
FY09	5.9%
FY10	12.8%
FY11	5.1%
FY12	18.2%
FY13	6.8%
BEYOND	51.1%
WALE	5.09	YEARS

VACANCY	0.0%
FY09	0.0%
FY10	7.7%
FY11	0.7%
FY12	1.7%
FY13	3.5%
BEYOND	86.3%
WALE	6.66 YEARS

12 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

COMMERCIAL PORTFOLIO

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BAY CENTRE PIRRAMA ROAD, DARLING HARBOUR, NSW

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1 CASTLEREAGH STREET, SYDNEY, NSW

DESCRIPTION

Developed by Mirvac in 2002, the building comprises fi ve offi ce levels and is located adjacent to Darling Harbour. The building has large fl oor plates in excess of 3,000sqm with harbour and city views from all levels.

DESCRIPTION

Located in the centre of Sydney's fi nancial core, the building offers modern offi ce accommodation with 549sqm fl oor plates and good natural light on three sides. The twenty one level building was fully refurbished in 1992 with further partial refurbishment completed in 2007.

SUMMARY INFORMATION

GRADE		A Grade
OWNERSHIP		100% MPT
NLA		15,972 sqm
CAR SPACES		127
ACQUISITION DATE		Jun 01
BOOK VALUE		$111.0m
VALUATION		$111.0m
VALUATION DATE		31 Mar 08
EXTERNAL VALUER		CB RICHARD ELLIS
CAPITALISATION RATE		6.50%
DISCOUNT RATE		8.75%
GROSS OFFICE RENT		$439/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
IAG	12,279	Oct 13
COLLEX P/L	3,097	Dec 12

SUMMARY INFORMATION
GRADE		B Grade
OWNERSHIP		100% MPT
NLA		11,637 sqm
CAR SPACES		52
ACQUISITION DATE		Dec 98
BOOK VALUE		$87.5m
VALUATION		$87.0m
VALUATION DATE		31 Dec 07
EXTERNAL VALUER	COLLIERS	INTERNATIONAL
CAPITALISATION RATE		6.00%
DISCOUNT RATE		8.00%
GROSS OFFICE RENT		$550/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
AUST SKANDIA LIMITED	2,744	Apr 10
MAC THORPE	549	Jan 15

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 1.5%

FY09 3.0%	FY09 9.1%
FY10 0.0%	FY10 36.3%
FY11 0.0%	FY11 13.8%
FY12 0.0%	FY12 18.6%
FY13 20.1%	FY13 7.3%
BEYOND 76.9%	BEYOND 13.4%
WALE 5.03 YEARS	WALE 5.21 YEARS

INVESTMENT 13

190 GEORGE STREET, SYDNEY, NSW

200 GEORGE STREET, SYDNEY, NSW

DESCRIPTION

This is a strategic holding, giving Mirvac a presence in a prominent area of the Sydney CBD, which has potential for commercial redevelopment. The site has been consolidated with the adjoining building owned by Mirvac.

DESCRIPTION

SUMMARY INFORMATION

GRADE		B Grade
OWNERSHIP		100% MPT
NLA		9,498 sqm
CAR SPACES		30
ACQUISITION DATE		Aug03
BOOK VALUE		$46.0m
VALUATION		$46.0m
VALUATION DATE		30 Jun 08
EXTERNAL VALUER		KNIGHT FRANK
CAPITALISATION RATE		6.75%
DISCOUNT RATE		8.75%
GROSS OFFICE RENT		$397/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
DOWNER EDI LTD	1,703	Aug11
CLIFTONS	1,702	Mar 09

GRADE		C Grade
OWNERSHIP		100% MPT
NLA		5,579 sqm
CAR SPACES		15
ACQUISITION DATE		Oct 01
BOOK VALUE		$30.5m
VALUATION		$30.5m
VALUATION DATE		30 Jun 08
EXTERNAL VALUER		KNIGHT FRANK
CAPITALISATION RATE		7.00%
DISCOUNT RATE		8.75%
GROSS OFFICE RENT		$373/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
CLIFTONS	1,248	Mar 09
ARAB BANK	1,071	Dec 14

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 9.5%
FY09 18.3%	FY09 50.1%
FY10 42.7%	FY10 20.5%
FY11 11.6%	FY11 0.8%
FY12 27.5%	FY12 0.0%
FY13 0.0%	FY13 0.0%
BEYOND 0.0%	BEYOND 19.2%
WALE 2.11 YEARS	WALE 1.89 YEARS

14 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

COMMERCIAL PORTFOLIO

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ST GEORGE CENTRE 60 MARCUS CLARKE STREET, CANBERRA, ACT

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38 SYDNEY AVENUE, FORREST, ACT

DESCRIPTION

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

DESCRIPTION

Purpose built in 1997 for DOCITA, the building comprises four offi ce levels, with excellent natural light and large fl oor plates of approximately 2,100sqm to 2,400sqm. The building is well located close to the Parliamentary Triangle.

SUMMARY INFORMATION

GRADE		A Grade
OWNERSHIP		100% MPT
NLA		12,165 sqm
CAR SPACES		134
ACQUISITION DATE		Sep89
BOOK VALUE		$58.0m
VALUATION		$58.0m
VALUATION DATE		31 Mar 08
EXTERNAL VALUER	HERRON TODD WHITE
CAPITALISATION RATE		7.50%
DISCOUNT RATE		8.50%
GROSS OFFICE RENT		$423/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
DEEWR	1,331	Apr 11
ST GEORGE BANK	1,321	Oct 10

GRADE		A Grade
OWNERSHIP		100% MPT
NLA		9,099 sqm
CAR SPACES		68
ACQUISITION DATE		Jun 96
BOOK VALUE		$44.5m
VALUATION		$38.0m
VALUATION DATE		31 Dec 06
EXTERNAL VALUER		SAVILLS
CAPITALISATION RATE		7.75%
DISCOUNT RATE		8.75%
GROSS OFFICE RENT		$410/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
DOCITA	8,975	Nov 12

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 3.5%	VACANCY 0.0%

FY09 13.8%	FY09 0.0%
FY10 14.3%	FY10 0.0%
FY11 34.0%	FY11 1.4%
FY12 8.9%	FY12 0.0%
FY13 11.4%	FY13 98.6%
BEYOND 14.1%	BEYOND 0.0%
WALE 2.88 YEARS	WALE 4.38 YEARS

INVESTMENT 15

GLASSHOUSE 19 FURZER STREET, CANBERRA, ACT

PHILLIPS FOX BUILDING 54 MARCUS CLARKE STREET, CANBERRA, ACT

DESCRIPTION

Glasshouse is located in Woden and comprises nine levels of offi ce accommodation, a café on ground level and a 154 bay secured basement car park. The building was completed in 2007 and features A grade services, large fl oor plates with abundant natural light, a north-facing rooftop balcony and is designed to achieve ABGR of 4.5 star.

SUMMARY INFORMATION

DESCRIPTION

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

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE A Grade	GRADE A Grade
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 14,828 sqm	NLA 5,276 sqm
CAR SPACES 154	CAR SPACES 48
ACQUISITION DATE Jul 07	ACQUISITION DATE Oct 87
BOOK VALUE $74.0m	BOOK VALUE $21.0m
VALUATION $74.0m	VALUATION $18.8m
VALUATION DATE 30 Jun 08	VALUATION DATE 31 Dec 06
EXTERNAL VALUER HERRON TODD WHITE	EXTERNAL VALUER SAVILLS
CAPITALISATION RATE 6.75%	CAPITALISATION RATE 8.25%
DISCOUNT RATE 8.75%	DISCOUNT RATE 9.25%
GROSS OFFICE RENT $365/sqm	GROSS OFFICE RENT $402/sqm
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
CASA 8,004 Jan 22	DLA PHILLIPS FOX 1,997 Jun 09
APSC 3,992 Feb 22	HUDSON GLOBAL RESOURCES 624 Jul 13

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY09 0.0%	FY09 39.9%
FY10 0.0%	FY10 22.8%
FY11 0.0%	FY11 6.4%
FY12 1.1%	FY12 16.1%
FY13 0.0%	FY13 3.0%
BEYOND 98.9%	BEYOND 11.8%
WALE 12.58 YEARS	WALE 2.17 YEARS

16 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

COMMERCIAL PORTFOLIO

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PERPETUAL BUILDING 10 RUDD STREET, CANBERRA, ACT

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189 GREY STREET SOUTH BANK, BRISBANE, QLD

DESCRIPTION

Constructed in 1985, this seven-level building is located in the corporate heart of the Canberra CBD. The building features a unique four level atrium and is located adjacent to other Mirvac assets.

DESCRIPTION

This twelve level complex was developed by Mirvac in February 2005. The building features excellent natural light, large effi cient fl oor plates of approximately 1,600sqm and spectacular river and city views. The South Bank precinct provides the benefi ts of the parklands, retail services and public transport.

SUMMARY INFORMATION

SUMMARY INFORMATION
GRADE		A Grade
OWNERSHIP		100% MPT
NLA		4,736 sqm
CAR SPACES		41
ACQUISITION DATE		Oct 87
BOOK VALUE		$22.0m
VALUATION		$22.0m
VALUATION DATE		31 Mar 08
EXTERNAL VALUER	HERRON TODD WHITE
CAPITALISATION RATE		7.75%
DISCOUNT RATE		8.50%
GROSS OFFICE RENT		$405/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
BOOZ ALLEN HAMILTON	838	Dec 12
GPE AND T	690	Jul 09/Jun 13

GRADE		A Grade
OWNERSHIP		100% MPT
NLA		12,728 sqm
CAR SPACES		180
ACQUISITION DATE		Feb 05
BOOK VALUE		$72.0m
VALUATION		$65.0m
VALUATION DATE		30 Jun 07
EXTERNAL VALUER		CB RICHARD ELLIS
CAPITALISATION RATE		7.00%
DISCOUNT RATE		8.75%
GROSS OFFICE RENT		$345/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
IAG	7,281	Mar 15
THIESS PTY LTD	4,659	Feb 13

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%

FY09 0.0%	FY09 0.0%
FY10 18.3%	FY10 3.6%
FY11 13.7%	FY11 2.2%
FY12 7.1%	FY12 0.4%
FY13 48.4%	FY13 36.6%
BEYOND 12.5%	BEYOND 57.2%
WALE 3.93 YEARS	WALE 5.64 YEARS

INVESTMENT 17

JOHN OXLEY CENTRE 339 CORONATION DRIVE, BRISBANE, QLD

MOJO BUILDING 164 GREY STREET, SOUTH BANK, BRISBANE, QLD

DESCRIPTION

A campus style commercial offi ce building with fi ve levels of offi ce accommodation and two levels of basement car parking. Large fl oor plates across the two towers connect to provide approximately 2,700sqm fl oor plates. Constructed in 1989, the building is well located on Coronation Drive with views across the Brisbane River to the CBD.

DESCRIPTION

Developed by Mirvac in 2001, this boutique offi ce building is located in the fringe offi ce market of South Bank. Over three levels, the building offers views across the Brisbane River to the CBD and is the head offi ce of Mirvac Queensland.

SUMMARY INFORMATION

GRADE			B Grade
OWNERSHIP			100% MPT
NLA			13,172 sqm
CAR SPACES			319
ACQUISITION DATE			May02
BOOK VALUE			$66.3m
VALUATION			$58.5m
VALUATION DATE			30 Jun 07
EXTERNAL VALUER		COLLIERS	INTERNATIONAL
CAPITALISATION RATE			7.75%
DISCOUNT RATE			9.00%
GROSS OFFICE RENT			$333/sqm
MAJOR TENANTS	NLA SQM		LEASE EXPIRY
ORIGIN ENERGY		6,304	Jun 18
AUSTRALIA POST CORPORATION		1,661	Jun 10

GRADE		A Grade
OWNERSHIP		100% MPT
NLA		3,079 sqm
CAR SPACES		37
ACQUISITION DATE		Jun 01
BOOK VALUE		$19.0m
VALUATION		$19.0m
VALUATION DATE		31 Dec 07
EXTERNAL VALUER	COLLIERS	INTERNATIONAL
CAPITALISATION RATE		6.75%
DISCOUNT RATE		8.75%
GROSS OFFICE RENT		$475/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
MIRVAC QLD	1,969	May11
PUBLICIS MOJO P/L	1,016	Aug09

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY09 19.1%	FY09 0.0%
FY10 12.6%	FY10 36.1%
FY11 9.6%	FY11 63.9%
FY12 0.0%	FY12 0.0%
FY13 10.7%	FY13 0.0%
BEYOND 48.0%	BEYOND 0.0%
WALE 5.79 YEARS	WALE 2.26 YEARS

18 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

COMMERCIAL PORTFOLIO

==> picture [241 x 143] intentionally omitted <==

RIVERSIDE QUAY SOUTHBANK, MELBOURNE, VIC

==> picture [241 x 143] intentionally omitted <==

ROYAL DOMAIN CENTRE 380 ST KILDA ROAD, MELBOURNE, VIC

DESCRIPTION

A modern offi ce complex comprising three separate buildings with basement car parking for 164 cars. The buildings have excellent natural light with views across the Yarra River and the CBD. A separate building at the rear incorporates a 560 space car park. The ground fl oor retail space is about to undergo a signifi cant refurbishment and reletting program.

This 15 level offi ce building comprises six podium levels of up to 2,800sqm with tower fl oors of 1,200sqm. Prominently located at the city end of St Kilda Road and opposite the Royal Botanical Gardens, the building has excellent natural light and views to Port Phillip Bay.

SUMMARY INFORMATION

GRADE		A Grade
OWNERSHIP		100% MPT
NLA		30,585 sqm
CAR SPACES		164
ACQUISITION DATE		Apr 02 (1&3)
		Sep03(2)
BOOK VALUE		$110.0m
VALUATION		$109.5m
VALUATION DATE		30 Jun 07
EXTERNAL VALUER		M3
CAPITALISATION RATE		7.25%
DISCOUNT RATE		8.75%
GROSS OFFICE RENT		$352/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
TELSTRA	5,048 & 724	Jun 10/11 & Oct 09
URS AUSTRALIA	3,939	Feb 14

SUMMARY INFORMATION
GRADE		A Grade
OWNERSHIP		100% MPT
NLA		24,616 sqm
CAR SPACES		489
ACQUISITION DATE	Oct 95	(50%) Apr 01 (50%)
BOOK VALUE		$115.5m
VALUATION		$114.5m
VALUATION DATE		31 Dec 07
EXTERNAL VALUER		M3
CAPITALISATION RATE		7.00%
DISCOUNT RATE		8.00%
GROSS OFFICE RENT		$356/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
COMPUTER ASSOCIATES	4,313	Aug15
TOLL TRANSPORT	3,951	Nov 12

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 7.2%

FY09 17.0%	FY09 5.2%
FY10 21.6%	FY10 0.6%
FY11 15.8%	FY11 1.2%
FY12 13.9%	FY12 16.8%
FY13 5.8%	FY13 31.2%
BEYOND 26.0%	BEYOND 37.9%
WALE 3.33 YEARS	WALE 4.83 YEARS

INVESTMENT 19

COMO CENTRE, CORNER TOORAK ROAD AND CHAPEL STREET, SOUTH YARRA, VIC

191-197 SALMON STREET PORT MELBOURNE, VIC

DESCRIPTION

The complex includes offi ce accommodation across three towers and a retail centre of 30 shops and a cinema. The fi ve star 107 room Como Hotel and commercial car park complement the landmark complex.

DESCRIPTION

Headquarters for GM Holden Ltd, the building is designed in a "campus style" with fl oor plates greater than 7,000sqm each. The building was purpose built for GM Holden and was completed in April 2005.

SUMMARY INFORMATION

GRADE		A Grade
OWNERSHIP		100% MPT
NLA		25,547 sqm
CAR SPACES		621
ACQUISITION DATE		Aug98
BOOK VALUE		$94.8m
VALUATION		$93.5m
VALUATION DATE		30 Jun 07
EXTERNAL VALUER	COLLIERS	INTERNATIONAL
CAPITALISATION RATE		7.00%
DISCOUNT RATE		8.25%
GROSS OFFICE RENT		$371/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
NETWORK 10	4,557	May12
BUENA VISTA AUST	2,535	Sep12

PROPERTY GRADE		A Grade
OWNERSHIP	50%	MPT,50% MREIT
NLA		21,762 sqm
CAR SPACES		1,055
ACQUISITION DATE		Jul 03
BOOK VALUE	$57.0m(50% interest)
VALUATION	$56.8m(50% interest)
VALUATION DATE		30 Jun 07
EXTERNAL VALUER		M3
CAPITALISATION RATE		6.50%
DISCOUNT RATE		8.25%
GROSS OFFICE RENT		$347/sqm
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
GM HOLDEN LTD	21,762	Apr 20

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 3.7%	VACANCY 0.0%
FY09 14.0%	FY09 0.0%
FY10 20.8%	FY10 0.0%
FY11 10.4%	FY11 0.0%
FY12 28.3%	FY12 0.0%
FY13 17.7%	FY13 0.0%
BEYOND 5.0%	BEYOND 100.0%
WALE 3.32 YEARS	WALE 11.81 YEARS

==> picture [595 x 842] intentionally omitted <==

----- Start of picture text -----

20 MIRVAC GROUP PROPERTY COMPENDIUM
INVESTMENT
INDUSTRIAL PORTFOLIO
32 SARGENTS ROAD, MINCHINBURY, NSW
----- End of picture text -----

INVESTMENT21	INVESTMENT21	INVESTMENT21	INVESTMENT21
INDUSTRIAL PORTFOLIO
PROPERTY LOCATION NLA % OF INDUSTRIAL PORTFOLIO BOOK VALUE1		BOOK VAL	UE
271 Lane Cove Road North Ryde, NSW 6,718sqm 15.3%		$43.5m
James Ruse Business Park Northmead, NSW 26,492sqm 10.8%		$30.8m
64 Biloela Street Villawood, NSW 22,937sqm 9.1%		$25.8m
44 Biloela Street Villawood, NSW 15,839sqm 6.5%		$18.5m
1-47 Percival Street Smithf eld, NSW 21,432sqm 8.9%		$25.3m
Nexus Industry Park, Atlas Prestons, NSW 13,120sqm 7.1%		$20.3m
Nexus Industry Park, EW Prestons, NSW 9,709sqm 5.3%		$15.0m
Nexus Industry Park, Building 3 Prestons, NSW 16,650sqm 8.9%		$25.3m
Mulgrave Business Park Mulgrave, VIC 9,531sqm 7.7%		$21.8m
Hawdon Industry Park Dandenong, VIC 20,812sqm 5.4%		$15.4m
1900 – 2060 Pratt Blvd Chicago, IL, USA 50,000sqm 15.0%		$42.6m
TOTAL 213,240sqm 100.0%		$284.1m1
WEIGHTED AVERAGE LEASE EXPIRY 5.40 YEARS
OCCUPANCY	97.2%
1 BOOK VALUE AS AT 30 JUNE 2008. EX 2 BY BOOK VALUE AS AT 30 JUNE 2008.	�� ���
	■NSW 71.9% ■VIC 13.1% ■ USA 15.0%
	CLUDES DEVELOPMENT PROJECTS. EXCLUDES DEVELOPMENT ASSETS AND INDIRECT PROPERTY INVESTMENT.

22 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

INDUSTRIAL PORTFOLIO

==> picture [241 x 143] intentionally omitted <==

271 LANE COVE ROAD, NORTH RYDE, NSW

==> picture [241 x 143] intentionally omitted <==

JAMES RUSE BUSINESS PARK 6 BOUNDARY ROAD, NORTHMEAD, NSW

DESCRIPTION

The property is situated adjacent to the soon to be completed Macquarie Park Railway Station on the corner of Lane Cove and Waterloo Roads. The site provides future commercial development potential.

DESCRIPTION

A modern multi-tenant estate incorporating fi ve industrial buildings situated on the north-western side of Boundary Road. The site provides convenient access to major road networks, including the M2 and M4 and is only minutes from Parramatta CBD.

PROPERTY DETAILS

PROPERTY DETAILS	PROPERTY DETAILS
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 6,718 sqm	NLA 26,492 sqm
CAR SPACES 227	CAR SPACES 299
ACQUISITION DATE Apr 00	ACQUISITION DATE Jul 94
BOOK VALUE $43.5m	BOOK VALUE $30.8m
VALUATION $43.5m	VALUATION $30.5m
VALUATION DATE 30 Jun 08	VALUATION DATE 31 Dec 06
EXTERNAL VALUER COLLIERS INTERNATIONAL	EXTERNAL VALUER CB RICHARD ELLIS
CAPITALISATION RATE 7.50%	CAPITALISATION RATE 7.50%
DISCOUNT RATE 8.75%	DISCOUNT RATE 9.25%
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
FOXTEL 6,718 Mar 18	YHI 4,915 Jul 13
	CREATIVE 1,820 Mar 12

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 17.8%

FY09 0.0%	FY09 17.4%
FY10 0.0%	FY10 18.2%
FY11 0.0%	FY11 14.5%
FY12 0.0%	FY12 13.5%
FY13 0.0%	FY13 0.0%
BEYOND 100.0%	BEYOND 18.7%
WALE 9.75 YEARS	WALE 2.17 YEARS

INVESTMENT 23

64 BILOELA STREET, VILLAWOOD, NSW

44 BILOELA STREET, VILLAWOOD, NSW

DESCRIPTION

The property comprises an original offi ce/warehouse building of 15,882sqm and a 7,055sqm high clearance warehouse adjacent to the original building that was completed for Visy in 2005.

DESCRIPTION

This prime high clearance warehouse with adjoining offi ce space includes a large awning of 3,200sqm. The building is surrounded by extensive hardstand and there is potential to extend the warehouse by up to 3,000sqm.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP		100% MPT
NLA		22,937 sqm
CAR SPACES		106
ACQUISITION DATE		Feb 04
BOOK VALUE		$25.8m
VALUATION		$25.8m
VALUATION DATE		31 Mar 08
EXTERNAL VALUER	JONES	LANG LASALLE
CAPITALISATION RATE		7.75%
DISCOUNT RATE		9.00%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
VISY INDUSTRIAL PLASTICS	22,937	Sep16

PROPERTY DETAILS
OWNERSHIP		100% MPT
NLA		15,839 sqm
CAR SPACES		170
ACQUISITION DATE		Sep03
BOOK VALUE		$18.5m
VALUATION		$18.5m
VALUATION DATE		31 Mar 08
EXTERNAL VALUER	JONES	LANG LASALLE
CAPITALISATION RATE		7.75%
DISCOUNT RATE		8.75%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
FIRST FLEET	15,839	Nov 08

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY09 0.0%	FY09 100.0%
FY10 0.0%	FY10 0.0%
FY11 0.0%	FY11 0.0%
FY12 0.0%	FY12 0.0%
FY13 0.0%	FY13 0.0%
BEYOND 100.0%	BEYOND 0.0%
WALE 8.22 YEARS	WALE 0.42 YEARS

24 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

INDUSTRIAL PORTFOLIO

==> picture [241 x 143] intentionally omitted <==

1 – 47 PERCIVAL STREET, SMITHFIELD, NSW

==> picture [241 x 143] intentionally omitted <==

NEXUS INDUSTRY PARK (ATLAS) LYN PARADE, PRESTONS, NSW

DESCRIPTION

This property fronts the Cumberland Highway at Smithfi eld and provides direct access to the M4 Motorway. A new offi ce/ warehouse was designed and constructed for Sandvik in 2003. The three original buildings have undergone partial refurbishment and offer future redevelopment potential.

DESCRIPTION

The property forms part of a major industrial development on the former Liverpool Showground site. When fully developed the project will accommodate over 70,000sqm of high quality buildings. This building was purpose built for Atlas Steel in 2006.

PROPERTY DETAILS

PROPERTY DETAILS	PROPERTY DETAILS
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 21,432 sqm	NLA 13,120 sqm
CAR SPACES 207	CAR SPACES 125
ACQUISITION DATE Nov 02	ACQUISITION DATE Aug04
BOOK VALUE $25.3m	BOOK VALUE $20.3m
VALUATION $25.3m	VALUATION $20.3m
VALUATION DATE 31 Mar 08	VALUATION DATE 31 Mar 08
EXTERNAL VALUER SAVILLS	EXTERNAL VALUER SAVILLS
CAPITALISATION RATE 7.50%	CAPITALISATION RATE 6.75%
DISCOUNT RATE 8.75%	DISCOUNT RATE 8.75%
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
SANDVIK AUSTRALIA 11,801 & 4,176 Sep15 & Apr 09	ATLAS STEEL(AUST)PTY LIMITED 13,120 Apr 21
TYCO FLOW CONTROL PACIFIC PTY LTD 5,455 Dec 11

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%

FY09 19.5%	FY09 0.0%
FY10 0.0%	FY10 0.0%
FY11 0.0%	FY11 0.0%
FY12 25.5%	FY12 0.0%
FY13 0.0%	FY13 0.0%
BEYOND 55.1%	BEYOND 100.0%
WALE 5.00 YEARS	WALE 12.81 YEARS

INVESTMENT 25

NEXUS INDUSTRY PARK (EW) LYN PARADE, PRESTONS, NSW

NEXUS INDUSTRY PARK (BUILDING 3) LYN PARADE, PRESTONS, NSW

DESCRIPTION

The property forms part of a major industrial development on the former Liverpool Showground site. When fully developed the project will accommodate over 70,000sqm of high quality buildings. Building 3 was completed in July 2007 offering high quality warehouse space.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP		100% MPT
NLA		9,709 sqm
CAR SPACES		70
ACQUISITION DATE		Aug04
BOOK VALUE		$15.0m
VALUATION		$14.5m
VALUATION DATE		30 Jun 07
EXTERNAL VALUER		SAVILLS
CAPITALISATION RATE		7.00%
DISCOUNT RATE		8.75%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
EW REINFORCEMENT PTY LTD	9,709	Nov 13

PROPERTY DETAILS
OWNERSHIP		100% MPT
NLA		16,650 sqm
CAR SPACES		163
ACQUISITION DATE		Aug04
BOOK VALUE		$25.3m
VALUATION		$26.0m
VALUATION DATE		31 Dec 07
EXTERNAL VALUER		SAVILLS
CAPITALISATION RATE		6.50%
DISCOUNT RATE		8.25%
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
TOTAL CARE TRANSPORT	8,807	Oct 13
DE LONGHI	8,173	Dec 13

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 0.0%
FY09 0.0%	FY09 0.0%
FY10 0.0%	FY10 0.0%
FY11 0.0%	FY11 0.0%
FY12 0.0%	FY12 0.0%
FY13 0.0%	FY13 0.0%
BEYOND 100.0%	BEYOND 100.0%
WALE 5.42 YEARS	WALE 5.42 YEARS

26 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

INDUSTRIAL PORTFOLIO

==> picture [241 x 143] intentionally omitted <==

MULGRAVE BUSINESS PARK, 18-20 & 30-32 COMPARK CIRCUIT & 253 WELLINGTON ROAD, MULGRAVE, VIC

==> picture [241 x 143] intentionally omitted <==

HAWDON INDUSTRY PARK, 4 ABBOTTS ROAD & 333 – 343 FRANKSTON ROAD, DANDENONG, VIC

DESCRIPTION

The property comprises three modern offi ce buildings ranging from two to three offi ce levels with basement and external parking. The complex forms part of a business park, located on the corner of Wellington and Springvale Roads, approximately 20km south east of Melbourne CBD.

DESCRIPTION

Located in the south east Melbourne industrial market, this modern estate comprises four separate buildings. The complex was constructed in 1985 with refurbishment works completed in 2005.

PROPERTY DETAILS

PROPERTY DETAILS	PROPERTY DETAILS
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
NLA 9,531 sqm	NLA 20,812 sqm
CAR SPACES 379	CAR SPACES 216
ACQUISITION DATE Aug 01 (1 & 2) & Jan 03(3)	ACQUISITION DATE Jan 04
BOOK VALUE $21.8m	BOOK VALUE $15.4m
VALUATION $21.8m	VALUATION $15.4m
VALUATION DATE 30 Jun 08	VALUATION DATE 30 Jun 08
EXTERNAL VALUER COLLIERS INTERNATIONAL	EXTERNAL VALUER M3
CAPITALISATION RATE 8.75%	CAPITALISATION RATE 8.00%
DISCOUNT RATE 9.00%	DISCOUNT RATE 9.00%
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
NATIONAL FOODS 4,739 Feb 09/Dec 11	CSR LIMITED 5,852 Jun 15
VEMCO 1,165 Dec 12	ELECTRICAL AGENCIES PTY LTD 4,349 Oct 12

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 12.8%	VACANCY 0.0%

FY09 35.7%	FY09 27.5%
FY10 0.0%	FY10 0.0%
FY11 39.2%	FY11 23.7%
FY12 0.0%	FY12 0.0%
FY13 12.3%	FY13 20.8%
BEYOND 0.0%	BEYOND 28.0%
WALE 1.84 YEARS	WALE 3.65 YEARS

INVESTMENT 27

1900 – 2060 PRATT BOULEVARD, CHICAGO, IL, USA

DESCRIPTION

The Chicago Metropolitan area is the largest industrial market in the USA and this versatile 50,000sqm industrial facility is located adjacent to the O’Hare International Airport, the second busiest airport in the world. The property is currently leased and also provides a medium term redevelopment opportunity.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP		100% MPT
NLA		50,000 sqm
CAR SPACES		1,638
ACQUISITION DATE		Dec 07
BOOK VALUE		$42.6m
VALUATION		$42.0m(USD)
VALUATION DATE		10 Aug07
EXTERNAL VALUER		CB RICHARD ELLIS
CAPITALISATION RATE		6.25%
DISCOUNT RATE		N/A
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
CLEAR LAM PACKAGING	50,000	Dec 14

LEASE EXPIRY PROFILE % AREA

VACANCY	0.0%
FY09	0.0%
FY10	0.0%
FY11	0.0%
FY12	0.0%
FY13	0.0%
BEYOND	100.0%
WALE	6.44	YEARS

==> picture [595 x 842] intentionally omitted <==

----- Start of picture text -----

28 MIRVAC GROUP PROPERTY COMPENDIUM
INVESTMENT
RETAIL PORTFOLIO
BROADWAY SHOPPING CENTRE, SYDNEY, NSW
��
�� [�] �� [�]
■ CONVENIENCE CENTRE 1.6% ■ NSW 49.4%
■ CBD RETAIL 9.9% ■ VIC 19.3%
■ SUB REGIONAL 74.2% ■ QLD 29.4%
■ BULKY GOODS CENTRE 14.3% ■ WA 1.9%
1 BY BOOK VALUE AS AT 30 JUNE 2008. EXCLUDES DEVELOPMENT ASSETS AND INDIRECT PROPERTY INVESTMENTS.
----- End of picture text -----

	INVESTMENT29	INVESTMENT29
RETAIL PORTFOLIO
PROPERTY LOCATION GLA	% OF RETAIL PORTFOLIO BOOK VALUE1 CENTRE MAT2	BOOK VALUE
Greenwood Plaza North Sydney, NSW 8,731sqm	4.9% $68m	$78.5m3
Metcentre Sydney, NSW 5,758sqm	3.2% $43m	$52.3m3
Stanhope Village Stanhope Gardens, NSW 15,451sqm	4.1% $86m	$65.5m
St Marys Village Centre St Marys, NSW 16,170sqm	2.9% $81m	$47.0m
Orange City Centre Orange, NSW 18,066sqm	3.3% $80m	$54.0m
Blacktown Mega Centre Blacktown, NSW 25,746sqm	3.0% N/A	$48.5m
Ballina Central Ballina, NSW 13,546sqm	2.5% $60m	$40.2m
Manning Mall Taree, NSW 10,704sqm	2.0% $40m	$32.5m
Rhodes Shopping Centre Sydney, NSW 32,586sqm	6.9% $178m	$111.5m3
Broadway Shopping Centre Sydney, NSW 48,910sqm	14.1% $359m	$227.0m3
Lake Haven Homemaker Centre Lake Haven, NSW 20,932sqm	2.6% N/A	$42.3m
Logan Mega Centre Logan, QLD 27,102sqm	5.2% N/A	$83.8m
Orion Springf eld Town Centre Springf eld, QLD 33,366sqm	6.2% $112m	$100.0m4
Hinkler Central Bundaberg, QLD 21,049sqm	5.9% $136m	$96.0m
Kawana Shoppingworld Buddina, QLD 29,787sqm	12.1% $231m	$195.0m
Como Centre Retail South Yarra, VIC 6,894sqm	1.8% $17m	$29.3m
Gippsland Centre Sale, VIC 21,694sqm	3.2% $117m	$52.8m
Waverley Gardens Mulgrave, VIC 38,292sqm	9.1% $143m	$147.5m
Moonee Ponds Central Moonee Ponds, VIC 6,244sqm	1.6% $54m	$25.6m
Peninsula Lifestyle Mornington, VIC 32,156sqm	3.5% N/A	$56.0m
Kwinana Hub Kwinana Town Centre, WA 17,336sqm	1.9% $85m	$30.0m
TOTAL 450,519sqm	100.0%	$1,615.1m1
WEIGHTED AVERAGE LEASE EXPIRY	6.52 YEARS
OCCUPANCY5	98.7%
1 BOOK VALUE AS AT 30 JUNE 2008. EXCLUDES DEVELOPMENT PROJECTS. 2 12 MONTHS TO 30 JUNE 2008. IN ACCORDANCE WITH SCCA GUIDELINES. 3 BOOK VALUE REPRESENTS 50% INTEREST. 4 BOOK VALUE REPRESENTS 66.7% INTEREST. 5 EXCLUDES BULKY GOODS CENTRES.

30 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

RETAIL PORTFOLIO

==> picture [241 x 143] intentionally omitted <==

GREENWOOD PLAZA PACIFIC HIGHWAY, NORTH SYDNEY, NSW

==> picture [241 x 143] intentionally omitted <==

METCENTRE 60 MARGARET STREET, SYDNEY, NSW

DESCRIPTION

Greenwood Plaza is a three level centre at the base of North Sydney’s iconic 101 Miller Street. It comprises 105 retail and service outlets. The ground level retail fl ows directly into North Sydney Railway Station.

DESCRIPTION

Metcentre comprises some 70 stores, located in the heart of Sydney CBD at the base of 60 Margaret Street with a direct pedestrian link to Wynyard Station.

SUMMARY INFORMATION

GRADE			CBD Retail
OWNERSHIP	50% MPT,50% EUREKA
GLA			8,731 sqm
CAR SPACES			512
ACQUISITION DATE			Jun 94
BOOK VALUE	$78.5m		(50% interest)
VALUATION	$62.0m		(50% interest)
VALUATION DATE			30 Jun 07
EXTERNAL VALUER	COLLIERS INTERNATIONAL
CAPITALISATION RATE			6.50%
DISCOUNT RATE			8.50%
CENTRE MAT(AS AT 30 JUN 08 – 100% INTEREST)			$68m
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
GREENWOOD HOTEL	856		Nov 12
IGA EXPRESS	713		Dec 17

GRADE			CBD Retail
OWNERSHIP	50%	MPT,50% MTAA
GLA			5,758 sqm
CAR SPACES			N/A
ACQUISITION DATE			Aug98
BOOK VALUE	$52.3m(50% interest)
VALUATION	$52.0m(50% interest)
VALUATION DATE			31 Dec 07
EXTERNAL VALUER			SAVILLS
CAPITALISATION RATE			6.50%
DISCOUNT RATE			8.50%
CENTRE MAT(AS AT 30 JUN 08 – 100% INTEREST)			$43m
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
PRICELINE	680		Sep08

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 3.5%	VACANCY 6.8%

FY09 17.3%	FY09 23.1%
FY10 19.0%	FY10 21.4%
FY11 8.8%	FY11 8.3%
FY12 9.7%	FY12 7.5%
FY13 21.4%	FY13 14.7%
BEYOND 20.4%	BEYOND 18.2%
WALE 3.64 YEARS	WALE 2.59 YEARS

INVESTMENT 31

STANHOPE VILLAGE SENTRY DRIVE, STANHOPE GARDENS, NSW

ST MARYS VILLAGE CENTRE CHARLES HACKET DRIVE, ST MARYS, NSW

DESCRIPTION

Located in the rapidly growing northwest corridor of Sydney, Stanhope Village Stage 1 opened in late 2003, comprising a Coles Supermarket and 30 stores. Stage 2 was opened in March 2007 and included Kmart. Masterplanning is underway for future stages.

DESCRIPTION

Located in the Western Sydney suburb of St Marys, this dominant sub regional centre comprises Woolworths, Target and 50 specialty stores.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Sub Regional	GRADE Sub Regional
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 15,451 sqm	GLA 16,170 sqm
CAR SPACES 694	CAR SPACES 690
ACQUISITION DATE Nov 03	ACQUISITION DATE Jan 03
BOOK VALUE $65.5m	BOOK VALUE $47.0m
VALUATION $65.0m	VALUATION $48.0m
VALUATION DATE 30 Jun 07	VALUATION DATE 31 Dec 07
EXTERNAL VALUER SAVILLS	EXTERNAL VALUER KNIGHT FRANK
CAPITALISATION RATE 6.50%	CAPITALISATION RATE 6.50%
DISCOUNT RATE 8.75%	DISCOUNT RATE 8.50%
CENTRE MAT(AS AT 30 JUN 08) $86m	CENTRE MAT(AS AT 30 JUN 08) $81m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
K-MART 5,060 Mar 22	TARGET 8,023 Jul 11
COLES 3,629 Nov 18	WOOLWORTHS 4,066 Nov 15

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 1.1%	VACANCY 0.3%
FY09 13.6%	FY09 2.2%
FY10 3.2%	FY10 3.7%
FY11 3.5%	FY11 4.5%
FY12 12.1%	FY12 51.7%
FY13 3.5%	FY13 9.8%
BEYOND 63.0%	BEYOND 27.8%
WALE 8.17 YEARS	WALE 4.24 YEARS

32 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

RETAIL PORTFOLIO

==> picture [241 x 143] intentionally omitted <==

ORANGE CITY CENTRE CORNER ANSON STREET AND SUMMER STREET, ORANGE, NSW

==> picture [241 x 143] intentionally omitted <==

BLACKTOWN MEGA CENTRE BLACKTOWN ROAD, BLACKTOWN, NSW

DESCRIPTION

The complex incorporates Myer, together with a recently refurbished Big W, 34 specialty stores, undercover parking for 414 cars and is the dominant centre in Orange, western NSW.

DESCRIPTION

Blacktown Mega Centre is located on the fringe of the Blacktown CBD and comprises a broad range of household and bulky goods stores servicing the growing north western region of Sydney. Refurbishment of the centre was completed in June 2007 including a new Harvey Norman tenancy.

SUMMARY INFORMATION

SUMMARY INFORMATION
GRADE		Sub Regional
OWNERSHIP		100% MPT
GLA		18,066 sqm
CAR SPACES		414
ACQUISITION DATE		Apr 93
BOOK VALUE		$54.0m
VALUATION		$54.0m
VALUATION DATE		31 Mar 08
EXTERNAL VALUER		SAVILLS
CAPITALISATION RATE		7.25%
DISCOUNT RATE		9.25%
CENTRE MAT(AS AT 30 JUN 08)		$80m
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
BIG W	7,017	Nov 26
MYER	6,858	Nov 11

SUMMARY INFORMATION
GRADE		BulkyGoods Centre
OWNERSHIP		100% MPT
GLA		25,746 sqm
CAR SPACES		546
ACQUISITION DATE		Jun 02
BOOK VALUE		$48.5m
VALUATION		$45.0m
VALUATION DATE		30 Jun 07
EXTERNAL VALUER		SAVILLS
CAPITALISATION RATE		7.00%
DISCOUNT RATE		8.75%
CENTRE MAT(AS AT 30 JUN 08)		N/A
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
BUNNINGS	11,606	Oct 19
HARVEY NORMAN	5,888	Mar 17

LEASE EXPIRY PROFILE % AREA

VACANCY 0.5%		VACANCY 2.9%

FY09 2.0%		FY09 3.6%
FY10 5.3%		FY10 7.1%
FY11 2.5%		FY11 8.4%
FY12 40.4%		FY12 5.7%
FY13 2.9%		FY13 1.4%
BEYOND 46.4%		BEYOND 70.8%
WALE 9.26 YEARS		WALE 7.98 YEARS

INVESTMENT 33

BALLINA CENTRAL PACIFIC HIGHWAY, BALLINA, NSW

MANNING MALL TAREE, NSW

DESCRIPTION

Opened in May 2006, this sub-regional centre of over 13,000sqm includes Big W, Supa IGA, 27 specialty stores, a freestanding Hungry Jacks and a Woolworths Petrol outlet.

DESCRIPTION

Manning Mall is located approximately 300km north of Sydney in the main retail street of Taree. Redevelopment is currently underway to include new Coles and Target stores and a full centre refurbishment due for completion in March 2009.

SUMMARY INFORMATION

SUMMARY INFORMATION
GRADE		Sub Regional
OWNERSHIP		100% MPT
GLA		13,546 sqm
CAR SPACES		557
ACQUISITION DATE		Dec 04
BOOK VALUE		$40.2m
VALUATION		$40.2m
VALUATION DATE		30 Jun 08
EXTERNAL VALUER		SAVILLS
CAPITALISATION RATE		7.00%
DISCOUNT RATE		8.75%
CENTRE MAT(AS AT 30 JUN 08)		$60m
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
BIG W	7,412	May26
RITCHIES SUPA IGA	3,761	Jun 26

SUMMARY INFORMATION
GRADE	Sub Regional(Development)
OWNERSHIP		100% MPT
GLA		10,704 sqm
CAR SPACES		357
ACQUISITION DATE		Nov 06
BOOK VALUE		$32.5m
VALUATION		$32.5m
VALUATION DATE		31 Dec 07
EXTERNAL VALUER		KNIGHT FRANK
CAPITALISATION RATE		6.00%
DISCOUNT RATE		8.50%
CENTRE MAT(AS AT 30 JUN 08)		$40m
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
BI-LO	1,773	Dec 11

LEASE EXPIRY PROFILE % AREA

VACANCY 1.0%		VACANCY 0.0%
FY09 1.1%		FY09 18.3%
FY10 0.0%		FY10 4.1%
FY11 3.3%		FY11 16.9%
FY12 4.1%		FY12 54.2%
FY13 1.4%		FY13 6.5%
BEYOND 88.9%		BEYOND 0.0%
WALE 15.39 YEARS		WALE 2.77 YEARS

34 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

RETAIL PORTFOLIO

==> picture [241 x 143] intentionally omitted <==

RHODES SHOPPING CENTRE, SYDNEY, NSW

==> picture [240 x 143] intentionally omitted <==

BROADWAY SHOPPING CENTRE SYDNEY, NSW

DESCRIPTION

Acquired in January 2007, the centre is co-located with IKEA in the rapidly developing Rhodes residential precinct and includes Coles, Bi-Lo, cinemas and over 100 specialty stores.

DESCRIPTION

Acquired in January 2007, this dominant regional centre is located on the fringe of the CBD and services the demand of Sydney’s inner west. The centre was recently expanded and refurbished to include Target and a new upmarket fashion level.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Sub Regional	GRADE Sub Regional
OWNERSHIP 50% MPT,50% Perron	OWNERSHIP 50% MPT,50% Perron
GLA 32,586 sqm	GLA 48,910 sqm
CAR SPACES 2,400	CAR SPACES 1,824
ACQUISITION DATE Jan 07	ACQUISITION DATE Jan 07
BOOK VALUE $111.5m(50% interest)	BOOK VALUE $227.0m(50% interest)
VALUATION $99.0m(50% interest)	VALUATION $215.0m(50% interest)
VALUATION DATE 31 Dec 06	VALUATION DATE 31 Dec 06
EXTERNAL VALUER JONES LANG LASALLE	EXTERNAL VALUER JONES LANG LASALLE
CAPITALISATION RATE 5.75%	CAPITALISATION RATE 5.50%
DISCOUNT RATE 8.20%	DISCOUNT RATE 8.20%
CENTRE MAT(AS AT 30 JUN 08 – 100% INTEREST) $178m	CENTRE MAT(AS AT 30 JUN 08 – 100% INTEREST) $359m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
COLES 3,497 Dec 19	K-MART 7,394 Mar 13
BI-LO 2,648 Dec 14	HOYTS MULTIPLEX CINEMAS 4,857 Jul 18

LEASE EXPIRY PROFILE % AREA

VACANCY 0.0%	VACANCY 0.8%

FY09 0.0%	FY09 10.8%
FY10 21.2%	FY10 2.7%
FY11 15.1%	FY11 7.1%
FY12 10.6%	FY12 11.7%
FY13 17.1%	FY13 40.3%
BEYOND 36.0%	BEYOND 26.6%
WALE 5.14 YEARS	WALE 6.38 YEARS

INVESTMENT 35

LAKE HAVEN MEGA CENTRE LAKE HAVEN, NSW

LOGAN MEGA CENTRE, PACIFIC HWY LOGAN, QLD

DESCRIPTION

Lake Haven Mega Centre is a modern bulky goods centre located in the heart of the NSW Central Coast growth corridor, approximately 100km north-east of Sydney and 50km south-west of Newcastle. The centre opened for trading in July 2007 and is anchored by Bunnings and Harvey Norman.

DESCRIPTION

Opened in March 2007, the centre is the premier homemaker facility in Brisbane. Co-located with IKEA, the centre includes 30 of the best homemaker retailers.

SUMMARY INFORMATION

SUMMARY INFORMATION
GRADE		BulkyGoods Centre
OWNERSHIP		100% MPT
GLA		20,932 sqm
CAR SPACES		590
ACQUISITION DATE		Jul 07
BOOK VALUE		$42.3m
VALUATION		$47.0m
VALUATION DATE		31 Dec 07
EXTERNAL VALUER		KNIGHT FRANK
CAPITALISATION RATE		6.75%
DISCOUNT RATE		8.25%
CENTRE MAT(AS AT 30 JUN 08)		N/A
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
BUNNINGS	8,365	Jul 13
HARVEY NORMAN	5,890	Jul 17

SUMMARY INFORMATION
GRADE		BulkyGoods Centre
OWNERSHIP		100% MPT
GLA		27,102 sqm
CAR SPACES		600
ACQUISITION DATE		Sep05
BOOK VALUE		$83.8m
VALUATION		$82.5m
VALUATION DATE		30 Jun 07
EXTERNAL VALUER		CB RICHARD ELLIS
CAPITALISATION RATE		7.00%
DISCOUNT RATE		8.75%
CENTRE MAT(AS AT 30 JUN 08)		N/A
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
SPOTLIGHT	3,509	Sep17
ANACONDA	3,425	Mar 17

LEASE EXPIRY PROFILE % AREA

LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 22.7%	VACANCY 4.9%
FY09 0.0%	FY09 0.0%
FY10 0.0%	FY10 0.0%
FY11 0.0%	FY11 0.0%
FY12 0.0%	FY12 14.2%
FY13 6.0%	FY13 2.4%
BEYOND 71.3%	BEYOND 78.5%
WALE 5.00 YEARS	WALE 6.96 YEARS

36 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

RETAIL PORTFOLIO

==> picture [241 x 143] intentionally omitted <==

ORION SPRINGFIELD TOWN CENTRE, MAIN STREET, SPRINGFIELD, QLD

==> picture [241 x 143] intentionally omitted <==

HINKLER CENTRAL MARYBOROUGH STREET, BUNDABERG, QLD

DESCRIPTION

Located in Brisbane’s rapidly growing south western corridor, the centre was opened in March 2007 and includes Woolworths, Big W and 100 speciality stores. This town centre sets a new benchmark in environmentally sustainable initiatives. Planning for future stages is underway.

DESCRIPTION

Located in the growing town of Bundaberg, the centre is enjoying the benefi ts of the redevelopment completed in June 2006. The centre comprises Woolworths, Coles, Kmart and 70 speciality stores.

SUMMARY INFORMATION

GRADE			Sub regional
OWNERSHIP	67% MPT,33% MREIT
GLA			33,366 sqm
CAR SPACES			2,200
ACQUISITION DATE			Aug02
BOOK VALUE	$100.0m(67% interest)
VALUATION	$103.3m(67% interest)
VALUATION DATE			30 Jun 07
EXTERNAL VALUER		CB RICHARD ELLIS
CAPITALISATION RATE			6.25%
DISCOUNT RATE			8.75%
CENTRE MAT(AS AT 30 JUN 08 – 100% INTEREST)			$112m
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
BIG W	8,044		Mar 27
WOOLWORTHS	4,188		Mar 27

SUMMARY INFORMATION
GRADE		Sub Regional
OWNERSHIP		100% MPT
GLA		21,049 sqm
CAR SPACES		1,046
ACQUISITION DATE		Aug03
BOOK VALUE		$96.0m
VALUATION		$96.0m
VALUATION DATE		31 Mar 08
EXTERNAL VALUER		SAVILLS
CAPITALISATION RATE		6.75%
DISCOUNT RATE		8.75%
CENTRE MAT(AS AT 30 JUN 08)		$136m
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
KMART	6,208	Jul 09
WOOLWORTHS	3,548	Mar 20

LEASE EXPIRY PROFILE % AREA

VACANCY 0.1%		VACANCY 1.1%

FY09 0.0%		FY09 16.8%
FY10 0.5%		FY10 30.6%
FY11 0.0%		FY11 13.8%
FY12 33.4%		FY12 5.9%
FY13 8.2%		FY13 4.9%
BEYOND 57.7%		BEYOND 26.9%
WALE 10.14 YEARS		WALE 3.84 YEARS

INVESTMENT 37

KAWANA SHOPPINGWORLD NICKLIN WAY, BUDDINA, QLD

COMO CENTRE RETAIL, CORNER TOORAK ROAD AND CHAPEL STREET, SOUTH YARRA, VIC

DESCRIPTION

Located on the Queensland Sunshine Coast, this dominant centre comprises Woolworths, Big W, Bi-Lo and 102 specialty stores. Planning is underway for a signifi cant centre expansion.

DESCRIPTION

The Como Centre is a mixed use offi ce, retail and hotel complex, with the retail component comprising 33 specialty stores. The centre is located on the popular retail strip of Chapel Street, Melbourne.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Sub Regional	GRADE CBD Retail
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 29,787 sqm	GLA 6,894 sqm
CAR SPACES 1,710	CAR SPACES 635
ACQUISITION DATE Dec 93(50%)Jun 98(50%)	ACQUISITION DATE Aug98
BOOK VALUE $195.0m	BOOK VALUE $29.3m
VALUATION $195.0m	VALUATION $29.2m
VALUATION DATE 31 Dec 07	VALUATION DATE 30 Jun 07
EXTERNAL VALUER CB RICHARD ELLIS	EXTERNAL VALUER COLLIERS INTERNATIONAL
CAPITALISATION RATE 6.25%	CAPITALISATION RATE 6.25%
DISCOUNT RATE 8.50%	DISCOUNT RATE 8.50%
CENTRE MAT(AS AT 30 JUN 08) $231m	CENTRE MAT(AS AT 30 JUN 08) $17m
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
BIG W 8,383 Jun 21	CINEMA COMO 1,633 Dec 14
WOOLWORTHS 3,648 Nov 14	ECO HAIR PRODUCTS 538 Oct 13
LEASE EXPIRY PROFILE % AREA	LEASE EXPIRY PROFILE % AREA
VACANCY 0.0%	VACANCY 2.1%
FY09 24.1%	FY09 12.3%
FY10 8.9%	FY10 14.8%
FY11 6.5%	FY11 8.4%
FY12 0.6%	FY12 14.9%
FY13 3.9%	FY13 11.0%
BEYOND 56.2%	BEYOND 36.4%
WALE 6.49 YEARS	WALE 3.72 YEARS

38 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

RETAIL PORTFOLIO

==> picture [241 x 143] intentionally omitted <==

GIPPSLAND CENTRE CUNNINGHAME STREET, SALE, VIC

==> picture [241 x 143] intentionally omitted <==

WAVERLEY GARDENS CORNER POLICE AND JACKSONS ROAD MULGRAVE, VIC

DESCRIPTION

Located in the heart of Sale’s CBD, the Gippsland Centre includes Coles, Safeway, Target and 50 specialty stores with abundant on-grade parking.

DESCRIPTION

Waverley Gardens is located adjacent to Mirvac's Waverley Park residential development and the Monash freeway. A major upgrade and expansion was completed in March 2007 and from October 2008 the centre will comprise of Safeway, Coles, Target, Big W, Aldi, Best and Less and over 100 specialty stores.

SUMMARY INFORMATION

SUMMARY INFORMATION
GRADE	Sub Regional
OWNERSHIP	100% MPT
GLA	21,694 sqm
CAR SPACES	1,062
ACQUISITION DATE	Jan 94
BOOK VALUE	$52.8m
VALUATION	$55.7m
VALUATION DATE	30 Jun 07
EXTERNAL VALUER	SAVILLS
CAPITALISATION RATE	7.00%
DISCOUNT RATE	8.50%
CENTRE MAT(AS AT 30 JUN 08)	$117m

SUMMARY INFORMATION
GRADE		Sub Regional
OWNERSHIP		100% MPT
GLA		38,292 sqm
CAR SPACES		2,245
ACQUISITION DATE		Nov 02
BOOK VALUE		$147.5m
VALUATION		$145.0m
VALUATION DATE		30 Jun 07
EXTERNAL VALUER		SAVILLS
CAPITALISATION RATE		6.50%
DISCOUNT RATE		8.75%
CENTRE MAT(AS AT 30 JUN 08)		$143m
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
TARGET	6,796	Jun 20
BIG W	6,770	Mar 27

MAJOR TENANTS	NLA SQM	LEASE EXPIRY
TARGET	7,778	Jun 10
COLES	3,388	Nov 13

LEASE EXPIRY PROFILE % AREA

VACANCY 2.0%		VACANCY 4.3%	VACANCY 4.3%

FY09 9.0%		FY09 1.5%
FY10 41.1%		FY10 2.5%
FY11 3.1%		FY11 9.0%
FY12 1.3%		FY12 7.0%
FY13 6.0%		FY13 7.6%
BEYOND 37.5%		BEYOND 68.1%
WALE 5.48 YEARS		WALE 9.38 YEARS

INVESTMENT 39

MOONEE PONDS CENTRAL HOMER STREET, MOONEE PONDS, VIC

PENINSULA LIFESTYLE NEPEAN HIGHWAY, MORNINGTON, VIC

DESCRIPTION

The centre is located less than 7km north of the Melbourne CBD and is close to the busy Puckle Street retail strip. Coles Supermarket and a strong specialty fresh food offer which anchors the centre.

DESCRIPTION

Completed in 2005, this 32,000sqm bulky goods centre services the growing region of the Mornington Peninsula.

SUMMARY INFORMATION

SUMMARY INFORMATION	SUMMARY INFORMATION
GRADE Convenience Centre	GRADE BulkyGoods Centre
OWNERSHIP 100% MPT	OWNERSHIP 100% MPT
GLA 6,244 sqm	GLA 32,156 sqm
CAR SPACES 402	CAR SPACES 900
ACQUISITION DATE May03	ACQUISITION DATE Jun 04
BOOK VALUE $25.6m	BOOK VALUE $56.0m
VALUATION $25.6m	VALUATION $58.5m
VALUATION DATE 30 Jun 08	VALUATION DATE 30 Jun 07
EXTERNAL VALUER SAVILLS	EXTERNAL VALUER SAVILLS
CAPITALISATION RATE 7.25%	CAPITALISATION RATE 7.50%
DISCOUNT RATE 9.00%	DISCOUNT RATE 9.00%
CENTRE MAT(AS AT 30 JUN 08) $54m	CENTRE MAT(AS AT 30 JUN 08) N/A
MAJOR TENANTS NLA SQM LEASE EXPIRY	MAJOR TENANTS NLA SQM LEASE EXPIRY
COLES 4,000 May12	CLIVE PEETERS 3,203 Aug10
	FANTASTIC FURNITURE 2,280 Aug09

LEASE EXPIRY PROFILE % AREA

VACANCY 4.6%	VACANCY 0.8%
FY09 6.5%	FY09 0.0%
FY10 11.9%	FY10 10.8%
FY11 8.9%	FY11 29.3%
FY12 66.6%	FY12 39.9%
FY13 0.0%	FY13 8.0%
BEYOND 1.5%	BEYOND 11.1%
WALE 3.11 YEARS	WALE 3.35 YEARS

40 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

RETAIL PORTFOLIO

==> picture [241 x 143] intentionally omitted <==

KWINANA HUB GILMORE AVENUE, KWINANA TOWN CENTRE, WA

DESCRIPTION

Located in the outer southern perth suburb of Kwinana, the centre currently comprises Woolworths and Coles. The centre offers future redevelopment potential.

SUMMARY INFORMATION

SUMMARY INFORMATION
GRADE		Sub Regional
OWNERSHIP		100% MPT
GLA		17,336 sqm
CAR SPACES		1,201
ACQUISITION DATE		Sep05
BOOK VALUE		$30.0m
VALUATION		$30.0m
VALUATION DATE		30 Jun 08
EXTERNAL VALUER		M3
CAPITALISATION RATE		7.75%
DISCOUNT RATE		8.75%
CENTRE MAT(AS AT 30 JUN 08)		$85m
MAJOR TENANTS	NLA SQM	LEASE EXPIRY
WOOLWORTHS	3,541	Aug10
COLES	2,670	Sep11

LEASE EXPIRY PROFILE % AREA

VACANCY	0.0%
FY09	18.9%
FY10	18.4%
FY11	27.2%
FY12	18.8%
FY13	16.2%
BEYOND	0.5%
WALE	2.30 YEARS

INVESTMENT41	INVESTMENT41
HOTEL PORTFOLIO
PROPERTY LOCATION OWNERSHIP ROOMS	BOOK VALUE
The Como Melbourne South Yarra, VIC 100% MPT 107	$31.7m1
TOTAL 107	$31.7m

PARKING PORTFOLIO
PROPERTY LOCATION OWNERSHIP TYPE CAR SPACES % OF PARKING PORTFOLIO BOOK VALUE	BOOK VALUE
Quay West Sydney, NSW 100% MPT Commercial 600 53.9%	$48.0m
The Como Centre Melbourne, VIC 100% MPT Commercial/Retail 629 24.7%	$22.0m
Riverside Quay Melbourne, VIC 100% MPT Commercial 560 21.4%	$19.0m
TOTAL 1,789 100.0%	$89.0m
1 BOOK VALUE AS AT 30 JUNE 2008. EXCLUDES FF&E.

INVESTMENT41	INVESTMENT41
HOTEL PORTFOLIO
PROPERTY LOCATION OWNERSHIP ROOMS	BOOK VALUE
The Como Melbourne South Yarra, VIC 100% MPT 107	$31.7m1
TOTAL 107	$31.7m

PARKING PORTFOLIO
PROPERTY LOCATION OWNERSHIP TYPE CAR SPACES % OF PARKING PORTFOLIO BOOK VALUE	BOOK VALUE
Quay West Sydney, NSW 100% MPT Commercial 600 53.9%	$48.0m
The Como Centre Melbourne, VIC 100% MPT Commercial/Retail 629 24.7%	$22.0m
Riverside Quay Melbourne, VIC 100% MPT Commercial 560 21.4%	$19.0m
TOTAL 1,789 100.0%	$89.0m
1 BOOK VALUE AS AT 30 JUNE 2008. EXCLUDES FF&E.

42 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

HOTEL PORTFOLIO

==> picture [241 x 143] intentionally omitted <==

THE COMO MELBOURNE 630 CHAPEL STREET, SOUTH YARRA, VIC

DESCRIPTION

The Como is a 107 room, 5 star boutique hotel which forms part of the mixed use Como development in the sought after inner south-eastern suburb of South Yarra.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP	100% MPT
NO OF ROOMS	107
OCCUPANCY	78%
AVERAGE ROOM RATE	$269.21
STAR RATING	5 star
ACQUISITION DATE	Aug98
BOOK VALUE	$31.7m1
VALUATION	$33.0m2
VALUATION DATE	30 Jun 07
EXTERNAL VALUER	COLLIERS INTERNATIONAL
CAPITALISATION RATE	7.00%
DISCOUNT RATE	10.25%

1 NET OF FF&E. 2 GROSS OF FF&E.

INVESTMENT 43

PARKING PORTFOLIO

==> picture [241 x 143] intentionally omitted <==

QUAY WEST CAR PARK 109 – 111 HARRINGTON STREET, SYDNEY, NSW

==> picture [241 x 143] intentionally omitted <==

COMO CENTRE CAR PARK CHAPEL STREET, SOUTH YARRA, VIC

DESCRIPTION

An eight level commercial car park comprising 600 spaces located under Quay West Suites in The Rocks area and close to the fi nancial district of the CBD and several fi ve star hotels. Three retail outlets are also incorporated at street level.

DESCRIPTION

A multi-level car park comprising 629 spaces servicing the Como Centre complex including offi ce, hotel, cinemas and retail.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP	100% MPT
NUMBER OF BAYS	600
ACQUISITION DATE	Nov 89
BOOK VALUE	$48.0m
VALUATION	$48.0m
VALUATION DATE	31 Mar 08
EXTERNAL VALUER	COLLIERS INTERNATIONAL
CAPITALISATION RATE	7.50%
DISCOUNT RATE	9.25%

PROPERTY DETAILS
OWNERSHIP	100% MPT
NUMBER OF BAYS	629
ACQUISITION DATE	Aug98
BOOK VALUE	$22.0m
VALUATION	$22.0m
VALUATION DATE	30 Jun 07
EXTERNAL VALUER	COLLIERS INTERNATIONAL
CAPITALISATION RATE	8.50%
DISCOUNT RATE	8.75%

44 MIRVAC GROUP PROPERTY COMPENDIUM

INVESTMENT

PARKING PORTFOLIO

==> picture [241 x 143] intentionally omitted <==

RIVERSIDE QUAY CAR PARK CORNER RIVERSIDE QUAY AND SOUTHBANK BOULEVARD, MELBOURNE, VIC

DESCRIPTION

A separate building at the rear of MPT's commercial complex providing a 560 space car park to the adjoining offi ce buildings and surrounding Southbank precinct.

PROPERTY DETAILS

PROPERTY DETAILS
OWNERSHIP	100% MPT
NUMBER OF BAYS	560
ACQUISITION DATE	Apr 02
BOOK VALUE	$19.0m
VALUATION	$19.0m
VALUATION DATE	30 Jun 07
EXTERNAL VALUER	M3
CAPITALISATION RATE	7.50%
DISCOUNT RATE	8.75%

INVESTMENT 45

PARKING MANAGEMENT

PROPERTY	LOCATION	TYPE	CAR SPACES	OWNERSHIP
Quay West	Sydney, NSW	Commercial	600	100% MPT1
Broadway Shopping Centre	Sydney, NSW	Retail	1,850	50% MPT1
Westf eld	Parramatta, NSW	Retail	4,650	Managed
Rhodes Shopping Centre	Rhodes, NSW	Retail	2,400	50% MPT1
Westf eld	Hornsby, NSW	Retail	3,570	Managed
Westf eld	Penrith, NSW	Retail	3,500	Managed
Citigate Central	Sydney, NSW	Hotel/Commercial	600	50% MWHF2
Greenwood Plaza	North Sydney, NSW	Commercial/Retail	561	50% MPT1
Marriott Hotel	Sydney, NSW	Hotel	230	100% MWHF2
Chatswood Chase	Chatswood, NSW	Retail	2,330	Managed
67 Albert Ave	Chatswood, NSW	Commercial	204	Managed
60 Margaret St	Sydney, NSW	Commercial	141	50% MPT1
Warringah Mall	Warringah, NSW	Retail	4,460	Managed
QVB	Sydney, NSW	Commercial/Retail	660	Managed
Westf eld	Woden, ACT	Retail	2,525	Managed
John Oxley Centre	Brisbane, QLD	Commercial	319	100% MPT1
127 Creek Street	Brisbane, QLD	Commercial	150	Managed
The Como Centre	Melbourne, VIC	Commercial/Retail	629	100% MPT
Riverside Quay	Melbourne, VIC	Commercial	560	100% MPT
Citigate Sebel Albert Park	Melbourne, VIC	Hotel/Commercial	570	50% MWHF2
Westpoint	Blacktown, NSW	Retail	4,800	Managed
Section 63	Civic, ACT	Commercial	866	50% Mirvac Projects
TOTAL			36,175

��

==> picture [112 x 107] intentionally omitted <==

■ OWNED 16.1% ■ MANAGED 83.9%

1 MIRVAC PROPERTY TRUST. 2 MIRVAC WHOLESALE HOTEL FUND.

46 MIRVAC GROUP PROPERTY COMPENDIUM

$7.2 BILLION

FUNDS MANAGEMENT

==> picture [290 x 664] intentionally omitted <==

LISTED / RETAIL FUNDS

WHOLESALE FUNDS

JOINT VENTURES

3 RIDER BOULEVARD, RHODES, NSW

48MIRVAC GROUPPROPERTY COMPENDIUM FUNDS MANAGEMENT	48MIRVAC GROUPPROPERTY COMPENDIUM FUNDS MANAGEMENT


RETAIL > FUNDS UNDER MANAGEMENT $3.2 BILLION
LISTED	UNLISTED
MIRVAC REAL ESTATE INVESTMENT TRUST MIRVAC INDUSTRIAL TRUST MIRVAC PFA DIVERSIFIED PROPERTY TRUST MIRVAC TOURIST PARK FUND MIRVAC DEVELOPMENT FUND – SEASCAPES MIRVAC DEVELOPMENT FUND – MEADOW SPRINGS MIRVAC DOMAINE SEQ GROWTH TRUST MIRVAC DOMAINE HUNTER FUND MIRVAC DOMAINE DIVERSIFIED PROPERTY FUND MIRVAC DOMAINE LAND FUND
WHOLESALE > FUNDS UNDER MANAGEMENT $1.9 BILLION
FUNDS	MANDATES
MIRVAC WHOLESALE HOTEL FUND TRAVELODGE GROUP MIRVAC WHOLESALE RESIDENTIAL DEVELOPMENT PARTNERSHIP MIRVAC DOMAINE SEQ GROWTH FUND AUSTRALIANSUPER MIRVAC MEZZANINE CAPITAL FUND
JOINT VENTURES1,4 > FUNDS UNDER MANAGEMENT$2.1 BILLION
AUSTRALIAN – FUNDS	INTERNATIONAL – FUNDS
QUADRANT FUND2 CALIFORNIA COMMUNITY MORTGAGE2 CORE MORTGAGE FUNDS 1 & 22 INSTITUTIONAL COMMERCIAL MORTGAGE FUND NOS 2 TO 52 CITY REGENERATION FUND3 JF INFRASTRUCTURE YIELD FUND AUSTRALIAN SUSTAINABLE FORESTRY INVESTORS NEW ZEALAND SUSTAINABLE FORESTRY INVESTORS JF INFRASTRUCTURE SUSTAINABLE EQUITY FUND MIRVAC AQUA INCOME FUND MIRVAC AQUA HIGH INCOME FUND MIRVAC AQUA ENHANCED INCOME FUND MIRVAC AQUA SENIOR DEBT POOL MIRVAC AQUA CONSTRUCTION DEBT POOL MIRVAC AQUA MEZZANINE DEBT POOL
AUSTRALIAN – MANDATES	INTERNATIONAL – MANDATES
INTERNATIONAL PARKING GROUP TELSTRA DOME PRIVATE CLIENT MANDATES QUADRANT REAL ESTATE ADVISORS
JOINT VENTURE
1 MIRVAC IS A 50 PER CENT OWNER OF THE MANAGEMENT ENTITY. 2 FUNDS MANAGED BY QUADRANT REAL ESTATE ADVISORS. 3 MIRVAC ACQUIRED THE REMAINING 50 PER CENT INTEREST IN THE MANAGEMENT ENTITY ON 1 JULY 2008. 4 FIGURES QUOTED AFTER ADJUSTMENTS FOR JOINT VENTURES BEFORE ADJUSTING FOR JOINT VENTURE INTERESTS FUM IS $9.4 BILLION. 5 CARRYING VALUE REPRESENTS THE TOTAL OF BOTH DEBT AND EQUITY INVESTED. 6 JOINT VENTURE WITH NAKHEEL TO DEVELOP AND DELIVER INDUSTRIAL ASSETS. FORECAST COMPLETION DATE 2018. 7 MIRVAC INDIRECTLY, THROUGH JF INFRASTRUCTURE, HOLDS 13.3 MILLION UNITS IN RIVERCITY MOTORWAY GROUP (CARRIED AT MARKET VALUE) AND A 9.5 PER CENT INTEREST IN CONNECTOR MOTORWAY (LANE COVE TUNNEL) (WRITTEN DOWN TO NIL). JF INFRASTRUCTURE HAS COMMITTED TO ACQUIRING A FURTHER 75 MILLION UNITS IN RIVERCITY MOTORWAY GROUP AT A PRICE OF $1.055 PER UNIT. THIS IS FORECAST TO BE PAYABLE IN JULY 2011. THIS COMMITMENT IS RECOGNISED IN THE BOOKS OF THE JOINT VENTURE AS A DERIVATIVE FINANCIAL INSTRUMENT. BASED ON MIRVAC’S PAST PRACTICE OF FUNDING OBLIGATIONS OF THE JOINT VENTURE MIRVAC HAS RECOGNISED A CONSTRUCTIVE OBLIGATION FOR ITS 50 PER CENT SHARE OF THE NET DERIVATIVE VALUE. 8 HOLDS AN 8 PER CENT INTEREST IN THE QUADRANT FUND. MIRVAC/NAKHEEL BROMELTON JOINT VENTURE

FUNDS MANAGEMENT 49

MIRVAC FUNDS MANAGEMENT MANAGES APPROXIMATELY $7.2 BILLION[4] ON BEHALF OF MORE THAN 36,000 INSTITUTIONAL, RETAIL AND PRIVATE CLIENT INVESTORS, ACROSS LISTED, UNLISTED AND WHOLESALE FUNDS AND JOINT VENTURES.

��[�]

■ LISTED / RETAIL 44.1% ■ WHOLESALE 26.2% ■ JV – AUSTRALIA 7.7% ■ JV – INTERNATIONAL 22.0%

��[�]

■	LISTED FUNDS	30.3%
■	RETAIL FUNDS	15.5%
■	WHOLESALE	27.3%
■	MANDATES	26.9%

50MIRVAC GROUPPROPERTY COMPENDIUM	50MIRVAC GROUPPROPERTY COMPENDIUM	50MIRVAC GROUPPROPERTY COMPENDIUM
FUNDS MANAGEMENT/ LISTED				– RETAIL
MIRVAC REAL ESTATE INVESTMENT TRUST
FOCUS FUM ($M)1			NO OF INVESTORS
Listed 1,479.9			26,296
Mirvac Real Estate Investment Trust (MREIT)		is a separately listed diversif ed property trust trading on the ASX.
MREIT’s major investments are direct property including interests in				eight commercial properties, 13 retail centres, eight business
park/industrial properties and an interest in 13 Travelodge hotels. MREIT also has					investments in listed and unlisted property trusts
and listed Australian equities.
At 30 June 2008 MREIT had gross assets of approximately $1.48 billion and a market capitalisation of approximately $388.9 million.
				INDEPENDENT
		ASSET	ACQUISITION	VALUATION	INDEPENDENT	BOOK	CAPITALISATION	LETTABLE
PROPERTY	STATE OWNERSHIP		DATE	DATE	VALUATION	VALUE 1	RATE	AREA
COMMERCIAL
10 – 20 Bond Street, Sydney	NSW	50%	Jul 04	Jun 08	$150.0m	$150.0m	5.88%	37,860sqm
3 Rider Boulevard, Rhodes	NSW	100%	Jan 07	Jun 08	$77.8m	$77.8m	7.00%	16,714sqm
423 Pennant Hills Road, Pennant Hills2	NSW	100%	Oct 90	Jun 07	$31.5m	$27.2m	9.00%	8,591sqm
340 Adelaide Street, Brisbane	QLD	100%	Sep 98	Jun 08	$77.0m	$77.0m	7.50%	13,290sqm
12 Cribb Street, Milton	QLD	100%	Apr 99	Jun 07	$17.0m	$19.0m	7.25%	3,311sqm
591 – 609 Doncaster Road, Doncaster	VIC	100%	Jun 02	Jun 07	$22.0m	$22.0m	7.50%	6,869sqm
191 – 197 Salmon Street, Port Melbourne	VIC	50%	Jul 03	Jun 07	$56.8m	$57.0m	6.50%	21,762sqm
35 – 45 Furzer Street, Woden	ACT	100%	Feb 00	Jun 08	$18.1m	$18.1m	9.25%	17,884sqm
TOTAL COMMERCIAL					$450.2m	$448.1m	6.89% 3	126,281sqm
RETAIL
Cherrybrook Village Shopping Centre	NSW	100%	Jun 05	Jun 08	$82.0m	$82.0m	6.25%	9,500sqm
			Jul 01 (50%)
Taree City Centre	NSW	100%	Nov 04 (50%)	Jun 08	$65.0m	$65.0m	6.50%	15,553sqm
Moonee Beach Shopping Centre	NSW	100%	Feb 07	Dec 06	$31.0m	$27.3m	7.50%	10,884sqm
Chester Square Shopping Centre	NSW	100%	Mar 07	Jun 08	$33.0m	$33.0m	7.00%	8,167sqm
Pender Place Shopping Centre, Maitland	NSW	100%	Sep 07	Jun 07	$10.0m	$10.0m	7.25%	4,799sqm
Orion Springf eld Town Centre	QLD	33%	Jun 03	Jun 07	$51.7m	$50.0m	6.25%	32,601sqm
City Centre Plaza, Rockhampton	QLD	100%	Mar 04	Jun 08	$51.5m	$51.5m	6.75%	14,111sqm
Morayf eld Supa Centre	QLD	100%	Sep 07	Jun 07	$47.7m	$47.6m	7.75%	22,034sqm
Alexandra Hills Shopping Centre	QLD	100%	Aug 00	Jun 07	$46.0m	$45.5m	7.00%	12,344sqm
Mt Sheridan Plaza, Cairns	QLD	100%	Sep 07	Jun 07	$25.0m	$25.0m	7.25%	7,650sqm
Birkdale Fair Shopping Centre	QLD	100%	Sep 07	Jun 07	$15.0m	$16.0m	7.00%	5,370sqm
Orion Springf eld (vacant land)	QLD	33%	Jun 03	Jun 03	$13.3m 4	$11.1m	N/A	N/A
Mt Sheridan, Cairns (vacant land)	QLD	100%	Sep 07	Jun 07	$3.3m	$3.7m	N/A	N/A
			Jul 01 (50%)
Cooleman Court, Weston	ACT	100%	Nov 04 (50%)	Mar 06	$39.0m	$42.2m	7.75%	9,919sqm5
Lanyon Market Place, Condor	ACT	100%	Sep 07	Jun 07	$27.4m	$27.0m	6.75%	5,460sqm
TOTAL RETAIL					$540.9m	$536.9m	6.88% 3	158,392sqm

FUNDS MANAGEMENT51	FUNDS MANAGEMENT51

PROPERTY ASSET STATE OWNERSHIP ACQUISITION DATE INDEPENDENT VALUATION DATE INDEPENDENT VALUATION BOOK VALUE 1 CAPITALISATION RATE LETTABL ARE	E A
INDUSTRIAL
10 Julius Avenue, North Ryde NSW 100% Dec 05 Jun 08 $65.3m $65.3m 6.75% 13,386sqm
32 Sargents Road, Minchinbury NSW 100% Feb 04 Jun 08 $30.3m $30.3m 7.00% 22,378sqm
12 Julius Avenue, North Ryde NSW 100% Nov 99 Jun 08 $29.7m $29.7m 7.00% 7,308sqm
108 – 120 Silverwater Road, Silverwater NSW 100% Mar 00 Jun 07 $30.0m $29.5m 7.75% 17,830sqm
52 Huntingwood Drive, Huntingwood NSW 100% Nov 04 Jun 08 $27.3m $27.3m 7.25% 19,286sqm
90 Ashford Avenue, Milperra NSW 100% Sep 07 Jun 07 $11.8m $12.8m 7.75% 7,970sqm
Network, Eastern Creek NSW 50% Jun 04 Jun 04 N/A $7.0m N/A	–
47 – 67 Westgate Drive, Altona North VIC 100% Sep 07 Jun 07 $25.5m $26.0m 7.00% 27,081sqm
TOTAL INDUSTRIAL $219.9m $227.9m 7.10 % 3 115,239sqm
TRAVELODGE GROUP – JOINTLY OWNED BY NRMA 50%, MREIT 49% AND MPT 1%
Travelodge – 13 hotels NSW/QLD/ VIC/WA/NZ 49% Mar 05 – Mar 07 Jun 06 – Jun 08 $165.7m $171.3m 8.00 – 12.25%	–
TOTAL TRAVELODGE HOTELS $165.7m $169.7m 8.69% 3 2,043 room	s
TOTAL DIRECT PROPERTY $1,376.7m $1,382.6m 7.15%3 399,912sqm
OTHER ASSETS $M
Listedpropertytrusts(LPT’s) $38.9m6, 7
Equities $33.8m
Unlisted funds $25.4m
TOTAL OTHER ASSETS $98.1m
1 SUBJECT TO FINAL AUDIT AND BOARD APPROVAL. 2 MORTGAGEE IN POSSESSION. 3 WEIGHTED AVERAGE CAPITALISATION RATE. 4 REPRESENTS ORIGINAL SITE AREA. 5 SITE UNDER DEVELOPMENT. REPRESENTS ORIGINAL SITE AREA. 6 INCLUDES MREIT’s 14.5 PER CENT HOLDING IN TRAFALGAR CORPORATE GROUP. 7 LPT AND EQUITIES PORTFOLIOS HAVE BEEN SOLD DOWN SUBSEQUENT TO 30 JUNE 2008 (EXCLUDING THE TRUST'S INVESTMENT IN TRAFALGAR GROUP)

52MIRVAC GROUPPROPERTY COMPENDIUM	52MIRVAC GROUPPROPERTY COMPENDIUM
FUNDS MANAGEMENT/ LISTED – RETAIL
MIRVAC INDUSTRIAL TRUST
FOCUS	FUM AUD ($M)1, 2	NO OF INVESTORS
Listed	716.0	2,334
The Mirvac Industrial Trust (MIX) is an ASX listed property trust. At 30 June 2008 MIX					had gross assets of approximately
A$716.0 million, through a	95 per cent interest in 69 industrial assets located in or around the Greater Chicago Region
(including Milwaukee and Indiana) and in Grand Rapids, Michigan.
The portfolio has a diverse	range of quality tenants and assets. MIX acquired its 95 per cent interest in the						portfolio from
CenterPoint Properties Trust, one of the f rst major REITs in the US to focus on the industrial property market within the Greater
Chicago Region. Through a joint venture with MIX, CenterPoint retain a f ve per cent interest in and						manage the portfolio.
	ASSET			INDEPENDENT	INDEPENDENT	BOOK		GROSS
	SUB MARKET		ACQUISITION	VALUATION	VALUATION	VALUE	CAPITALISATION	LETTABLE
PROPERTY	OWNERSHIP		DATE	DATE	(AUD) 1	(AUD) 1, 2	RATES5	AREA
GREATER CHICAGO REGION
1750 South Lincoln Drive	McHenry County	95%	Nov 05	Jun 08	$15.7m	$15.7m	8.50%	499,200sqft
308 South Division Street	McHenry County	95%	May 05	Jun 08	$28.6m	$28.6m	8.75%1,297,671sqft
875 West Diggins Street	McHenry County	95%	Jun 06	Jun 08	$6.1m	$6.1m	8.00%	126,304sqft
28160 – 70 North Keith Drive	Lake County	95%	Jul 05	Dec 07	$5.3m	$4.5m	7.75%	77,924sqft
3145 Central Avenue	Lake County	95%	Jul 05	Jun 08	$11.4m	$11.4m	7.75%	292,000sqft
3849 – 3865 Swanson Court	Lake County	95%	Feb 06	Dec 07	$4.9m	$4.1m	8.25%	100,000sqft
1100 Lakeside Drive	Lake County	95%	Jun 06	Jun 06	$4.4m	$4.0m	7.50%	40,000sqft
1810 Northwestern Drive	Lake County	95%	Jun 06	Jun 08	$7.1m	$7.1m	8.25%	122,712sqft
620 South Butterf eld Road	Lake County	95%	Jun 06	Jun 08	$3.3m	$3.3m	7.50%	24,237sqft
5990 West Touhy Avenue	Northeast Cook County	95%	Feb 06	Jun 07	$17.0m	$17.3m	8.25%	302,379sqft
3602 North Kennicott Avenue	Northwest Cook County	95%	Jul 05	Jun 08	$5.8m	$5.8m	6.75%	94,300sqft
1301 Tower Drive	Northwest Cook County	95%	Jun 06	Jun 06	$9.2m	$8.6m	7.50%	50,400sqft
1605 Penny Lane	Northwest Cook County	95%	Jun 06	Jun 08	$2.4m	$2.4m	7.75%	27,742sqft
1665 Penny Lane	Northwest Cook County	95%	Jun 06	Jun 08	$2.3m	$2.3m	7.25%	20,757sqft
514 – 532 Hicks Road	Northwest Cook County	95%	Jun 06	Jun 06	$3.7m	$3.9m	7.75%	71,100sqft
900 West University Drive	Northwest Cook County	95%	Jun 06	Jun 08	$6.5m	$6.5m	7.25%	86,254sqft
1111 Bowes Road	North Kane County	95%	Jun 06	Jun 06	$9.3m	$9.8m	7.25%	144,578sqft
800 – 850 Regency Drive	North DuPage County	95%	May 05	Jun 07	$4.4m	$4.7m	8.00%	48,230sqft
1445 – 1645 Greenleaf Avenue	O’Hare	95%	May 05	Jun 07	$9.3m	$8.2m	7.25%	150,000sqft
1796 Sherwin Avenue	O’Hare	95%	Nov 05	Jun 07	$5.9m	$5.7m	7.50%	95,535sqft
1850 Greenleaf Avenue	O’Hare	95%	Nov 05	Dec 07	$4.6m	$4.1m	7.25%	58,627sqft
2600 Elmhurst Road	O’Hare	95%	Jun 06	Dec 07	$9.7m	$7.8m	7.25%	105,000sqft
2801 – 2881 Busse Road3	O’Hare	95%	Jun 06	Jun 06	$20.6m	$21.0m	7.00%	251,076sqft
850 Arthur Avenue	O’Hare	95%	Jun 06	Jun 08	$3.1m	$3.1m	7.25%	42,490sqft
712 North Central Avenue	O’Hare	95%	Jun 06	Jun 06	$6.9m	$5.9m	7.50%	56,897sqft
1 AUD/USD EXCHANGE RATE OF 0.9626.
2 SUBJECT TO FINAL AUDIT AND BOARD APPROVAL.
3 ASSET HELD FOR SALE AT 30 JUNE 2008, SOLD ON 8 JULY 2008.
4 ASSET HELD FOR SALE AT 30 JUNE 2008.
5 INTERNAL AND EXTERNAL CAPITALISATION RATES.

FUNDS MANAGEMENT	53

PROPERTY ASSET SUB MARKET OWNERSHIP ACQUISITION DATE INDEPENDENT VALUATION DATE INDEPENDENT VALUATION (AUD) 1 BOOK VALUE (AUD) 1, 2 CAPITALISATION RATES5 GROS LETTABL ARE	S E A
1900 North 5th Avenue Near West Suburbs 95% Dec 06 Oct 06 $11.2m $11.1m 7.75% 295,362sqft
100 West Whitehall Near West Suburbs 95% Jun 06 Jun 08 $15.2m $15.2m 7.25% 251,584sqft
342 – 346 Carol Lane West Suburbs 95% Jun 06 Jun 06 $7.1m $6.9m 7.25% 67,935sqft
200 South Mitchell West Suburbs 95% Jun 06 Jun 08 $9.5m $9.5m 7.25% 152,200sqft
5101 Darmstadt Road West Suburbs 95% Jun 06 Jun 06 $6.4m $5.9m 7.25% 61,054sqft
1020 Frontenac Road Far West Suburbs 95% Nov 05 Jun 07 $4.8m $4.4m 7.50% 99,684sqft
1880 Country Farm Road Far West Suburbs 95% Jul 07 Dec 06 $12.8m $12.1m 7.00% 162,000sqft
2727 West Deihl Road Far West Suburbs 95% May 05 Jun 07 $30.2m $29.3m 6.75% 440,343sqft
920 Frontenac Road4 Far West Suburbs 95% Jul 05 Jun 07 $4.7m $4.3m 7.50% 121,220sqft
6000 West 73rd Street Southwest Suburbs 95% Nov 05 Jun 08 $6.1m $6.1m 7.50% 148,091sqft
6510 West 73rd Street Southwest Suburbs 95% May 05 Jun 08 $8.6m $8.6m 8.00% 306,552sqft
6558 West 73rd Street Southwest Suburbs 95% Feb 06 Dec 07 $13.2m $10.8m 7.75% 301,000sqft
6600 River Road Southwest Suburbs 95% Feb 06 Jun 07 $20.9m $21.1m 7.75% 630,410sqft
6751 South Sayre Avenue Southwest Suburbs 95% Nov 05 Jun 07 $10.9m $7.8m 8.00% 242,690sqft
7200 South Mason Avenue Southwest Suburbs 95% Jul 05 Jun 07 $8.8m $7.9m 7.50% 207,345sqft
9700 Harlem Avenue Southwest Suburbs 95% Jul 05 Jun 08 $3.1m $3.1m 7.50% 101,140sqft
7447 South Central Southwest Suburbs 95% Jun 06 Jun 08 $3.3m $3.3m 8.00% 118,218sqft
625 Willowbrook Center Parkway Far Southwest Suburbs 95% Jun 06 Jun 06 $7.9m $7.7m 8.00% 41,600sqft
900 East 103rd Street City South 95% Jul 05 Jun 08 $13.2m $13.2m 8.25% 529,215sqft
11601 South Central Avenue South Suburbs 95% Feb 06 Dec 07 $10.2m $9.6m 7.75% 260,000sqft
13040 South Pulaski Avenue South Suburbs 95% Nov 05 Jun 08 $12.1m $12.1m 7.75% 395,412sqft
16750 Vincennes Road South Suburbs 95% Jun 06 Jun 08 $6.6m $6.6m 8.00% 202,510sqft
21399 Torrence Avenue South Suburbs 95% Jun 06 Jun 08 $10.5m $10.5m 8.25% 375,475sqft
5619 – 5625 West 115th Street South Suburbs 95% Jun 06 Dec 07 $15.6m $15.0m 7.75% 399,511sqft
21705 – 21707 West Mississippi Street Joliet Area 95% Jul 05 Jun 07 $45.9m $52.7m 6.25% 1,022,554sqft
27413 South Baseline Road Joliet Area 95% Jul 05 Jun 08 $26.0m $26.0m 6.25% 213,500sqft
EC VI – 4507 Columbia Northwest Indiana 95% Feb 06 Jun 08 $8.6m $8.6m 8.50% 256,595sqft
EC VI – 4531 Columbia Northwest Indiana 95% Feb 06 Jun 08 $8.6m $8.6m 8.50% 266,967sqft
8100 100th Street Kenosha/Racine Counties 95% Nov 05 Jun 07 $2.4m $2.4m 7.50% 38,290sqft
8200 100th Street Kenosha/Racine Counties 95% Nov 05 Jun 08 $7.7m $7.7m 7.50% 148,472sqft

54MIRVAC GROUPPROPERTY COMPENDIUM FUNDS MANAGEMENT/ LISTED – RETAIL	54MIRVAC GROUPPROPERTY COMPENDIUM FUNDS MANAGEMENT/ LISTED – RETAIL
MIRVAC INDUSTRIAL TRUST/ CONTINUED
PROPERTY ASSET SUB MARKET OWNERSHIP ACQUISITION DATE INDEPENDENT VALUATION DATE INDEPENDENT VALUATION (AUD) 1 BOOK VALUE (AUD) 1, 2 CAPITALISATION RATES5 GROSS LETTABLE AREA
MILWAUKEE
W165 N5830 Ridgewood Drive Milwaukee 95% May 05 Dec 07 $18.9m $18.2m 7.50% 300,120sqft
5110 South 6th Street Milwaukee 95% Nov 05 Jun 07 $4.0m $3.5m 7.75% 58,500sqft
525 West Marquette Avenue Milwaukee 95% Nov 05 Jun 07 $5.6m $5.3m 8.00% 112,144sqft
6736 West Washington Milwaukee 95% Nov 05 Jun 08 $6.4m $6.4m 7.50% 113,620sqft
11100 West Silver Spring Road Milwaukee 95% Jun 06 Jun 08 $5.7m $5.7m 7.50% 127,400sqft
1500 W Zellman Court Milwaukee 95% Jun 06 Jun 06 $3.3m $3.0m 8.25% 20,800sqft
2003 – 2201 South 114th Street Milwaukee 95% Jun 06 Jun 08 $8.1m $8.1m 8.00% 243,350sqft
301 East Vienna Avenue Milwaukee 95% Jun 06 Jun 08 $4.5m $4.5m 7.50% 116,354sqft
3511 West Green Tree Road Milwaukee 95% Jun 06 Jun 08 $4.5m $4.5m 8.50% 172,000sqft
6400 West Enterprise Drive Milwaukee 95% Jun 06 Jun 06 $30.9m $30.1m 7.25% 487,398sqft
6600 North Industrial Road Milwaukee 95% Jun 06 Jun 06 $4.3m $3.9m 8.50% 110,400sqft
7620 South 10th Street Milwaukee 95% Jun 06 Jun 06 $5.9m $5.1m 8.25% 150,192sqft
N53 W24700 Corporate Circle Milwaukee 95% Jun 06 Jun 06 $9.1m $7.3m 8.50% 192,000sqft
MICHIGAN
5450 Kraft Avenue Grand Rapids 95% Jun 06 Jun 08 $3.2m $3.2m 8.50% 31,854sqft
TOTAL $674.0m $658.8m 7.53% 6 14,278,474sqft
1 AUD/USD EXCHANGE RATE OF 0.9626. 2 SUBJECT TO FINAL AUDIT AND BOARD APPROVAL. 3 ASSET HELD FOR SALE AT 30 JUNE 2008, SOLD ON 8 JULY 2008. 4 ASSET HELD FOR SALE AT 30 JUNE 2008. 5 INTERNAL AND EXTERNAL CAPITALISATION RATES. 6 WEIGHTED BY BOOK VALUE.

FUNDS MANAGEMENT55	FUNDS MANAGEMENT55	FUNDS MANAGEMENT55
MIRVAC PFA DIVERSIFIED PROPERTY TRUST
FOCUS FUM ($M) 1 NO OF INVESTORS
Listed 651.9 4,294
PROPERTY ASSET STATE OWNERSHIP ACQUISITION DATE INDEPENDENT VALUATION DATE INDEPENDENT VALUATION BOOK VALUE 1 CAPITALISATION RATE Mirvac PFA Diversif ed Property Trust is listed on the Bendigo Stock Exchange. The Trust owns a portfolio of 20 quality Australian properties, diversif ed across the retail, commercial, industrial and hotel sectors.	LETTABL ARE	E A
COMMERCIAL
Civic Tower, Sydney NSW 50% Dec 05 Jun 07 $68.8m $67.4m 6.25%	23,125sqm
The Octagon, Parramatta NSW 50% May 07 Mar 07 $39.0m $38.7m 7.75%	20,839sqm
706 Mowbray Road, Lane Cove NSW 100% Jan 07 Jun 08 $24.1m $24.1m 9.00%	16,937sqm
657 Pacif c Highway St Leonards NSW 100% Oct 07 Sep 07 $19.1m $18.8m 7.00%	3,666sqm
390 St Kilda Road, Melbourne VIC 100% Aug 07 Jul 07 $63.2m $60.6m 7.15%	16,472sqm
Foxtel Building, Moonee Ponds VIC 100% Jun 07 Jun 07 $28.5m $27.0m 7.25%	7,136sqm
AAPT Centre, Richmond VIC 100% Jun 05 Jun 08 $20.5m $20.5m 7.57%	5,501sqm
Anzac Square, Brisbane QLD 100% Apr 99 Jun 08 $38.5m $38.5m 8.00%	6,180sqm
The Precinct, Coorparoo QLD 100% Apr 99 Dec 07 $18.0m $15.9m 7.25%	4,898sqm
Sevenoaks, Cannington WA 100% Feb 05 Jun 08 $50.9m $50.9m 8.00%	20,820sqm
Sevenoaks, Cannington (vacant land)2 WA 100% Feb 05 Jun 08 $4.4m $4.1m N/A	N/A
The Lands Building, Hobart TAS 100% Feb 04 Jun 07 $35.0m $32.7m 7.75%	11,675sqm
TOTAL COMMERCIAL $410.0m $399.2m	137,249sqm
RETAIL Riverdale Centre, Dubbo NSW 100% Sep 02 Mar 08 $12.3m $12.3m 8.28%	6,146sqm
Cairns Hypermart, Cairns QLD 100% Dec 01 Jun 07 $25.5m $23.4m 7.25%	15,292sqm
180 Queen Street, Brisbane QLD 100% Oct 05 Jun 07 $25.5m $21.2m 7.00%	3,652sqm
Centro on James, Fortitude Valley3 QLD 100% Dec 01 Jun 07 $17.9m $17.9m 6.75%	3,870sqm
544 Kessels Road, MacGregor QLD 100% Apr 99 Jun 07 $17.7m $17.7m 7.25%	8,269sqm
Homeworld Centre, Tuggeranong ACT 100% Dec 99 Jun 08 $29.9m $29.9m 9.56%	12,354sqm
TOTAL RETAIL $128.8m $122.3m	49,583sqm
INDUSTRIAL 33 McDowell Street, Welshpool WA 100% Jun 05 Jun 07 $9.8m $8.4m 8.75%	14,036sqm
TOTAL INDUSTRIAL $9.8m $8.4m	14,036sqm
HOTELS
Citigate Perth, Perth WA 100% Jun 07 Mar 08 $61.0m $61.0m 8.50%	278 room	s
Citigate Melbourne, Melbourne VIC 100% Jun 06 Mar 08 $39.3m $39.3m 8.50%	179 room	s
TOTAL HOTELS $100.3m $100.2m
TOTAL PROPERTY PORTFOLIO $648.9m $630.2m	200,868sqm
1 SUBJECT TO FINAL AUDIT AND BOARD APPROVAL. 2 HELD FOR SALE AT 30 JUNE 2008. 3 HELD FOR SALE AT 30 JUNE 2008, SOLD ON 31 JULY 2008.

56MIRVAC GROUPPROPERTY COMPENDIUM
FUNDS MANAGEMENT/ UNLISTED – RETAIL

FOCUS FUM ($M) 1		NO OF INVESTORS
Retail 761.1		1,612
Mirvac Funds Management provides sector specif c and		specialised unlisted funds, across the retail and wholesale markets.
At 30 June 2008, Mirvac Funds Management	had seven active unlisted funds with approximately $761.1 million under				management.
			ASSET
FUND	STATE	SECTOR	OWNERSHIP	FUND SIZE 1	LETTABLE AREA
MIRVAC TOURIST PARK FUND				$36.8m	14.44ha
FreeSpirit Resort, Darwin	NT	Tourist Park	100%		11.25 ha
Fraser Lodge Holiday Park, Hervey Bay	QLD	Tourist Park	100%		3.19 ha
MIRVAC DEVELOPMENT FUNDS				$70.8m	1,161 lots
Seascapes, Mandurah	WA	Residential	100%	$33.4m	529 lots
Meadow Springs, Mandurah	WA	Residential	100%	$37.4m	632 lots
MIRVAC DOMAINE SEQ GROWTH FUNDS				$447.3m	77,972sqm
333 Ann Street, Brisbane	QLD	Commercial	100%		16,625sqm
CB1 and CB2, Brisbane	QLD	Commercial	100%		18,158sqm
ICB Central, Herston	QLD	Commercial	100%		11,260sqm
Calamvale Shopping Centre, Calamvale	QLD	Retail	100%		16,518sqm
Mt Gravatt Shopping Centre, Mt Gravatt	QLD	Retail	100%		7,765sqm
Yatala, Yatala	QLD	Industrial	100%		7,646sqm
MIRVAC DOMAINE HUNTER FUND				$57.1m	28,195sqm
The Forum, Charlestown	NSW	Commercial/Leisure	100%		7,718sqm
525 High Street, Maitland	NSW	Commercial	100%		1,930sqm
Belmont Plaza Shopping Centre, Belmont	NSW	Retail	50%		6,630sqm
17 Nelson Road, Cardiff	NSW	Industrial	100%		4,383sqm
6 Hartley Drive, Thornton	NSW	Industrial	100%		2,422sqm
326 Hillsborough Road, Warners Bay	NSW	Leisure	100%		2,212sqm
309 Charlestown Road, Charlestown	NSW	Commercial	100%		2,900sqm
1 SUBJECT TO FINAL AUDIT AND BOARD APPROVAL.
2 ASSETS HELD FOR SALE AT 30 JUNE 2008.

FUNDS MANAGEMENT57

FUND STATE SECTOR ASSET OWNERSHIP FUND SIZE 1 DEVELOPED ARE	A
MIRVAC DOMAINE DIVERSIFIED PROPERTY FUND $96.3m 35,737sqm
518 Brunswick Street, Brisbane QLD Commercial 100% 2,774sqm
Lot 31, Murray Dwyer Circuit, West Mayf eld NSW Commercial 100% 2,036sqm
Lots 3,4,5 and 8, 263 Clarence Street, Sydney2 NSW Commercial 100% 1,672sqm
19-27 Devlin Street, Ryde NSW Commercial 100% 1,214sqm
Belmont Plaza Shopping Centre, Belmont NSW Retail 50% 6,630sqm
Big W Centre, Parkes2 NSW Retail 100% 5,025sqm
Mountain Creek Shopping Centre, Mountain Creek QLD Retail 100% 5,011sqm
Leeton Market Plaza, Leeton NSW Retail 100% 4,821sqm
Lot 2, William Angliss Drive, Laverton North VIC Industrial 100% 6,554sqm
MIRVAC DOMAINE LAND FUND $52.8m 107.8ha
Steel River, Newcastle NSW Industrial 100% 57.3 ha
Old Punt Road, Tomago NSW Industrial 100% 20.7 ha
Muswellbrook, Muswellbrook NSW Industrial 100% 17.4 ha
Bulwer Road, Moss Vale NSW Residential 100% 8.2 ha
Ash Road, Prestons NSW Residential 100% 4.2 ha

58MIRVAC GROUPPROPERTY COMPENDIUM FUNDS MANAGEMENT/ WHOLESALE	58MIRVAC GROUPPROPERTY COMPENDIUM FUNDS MANAGEMENT/ WHOLESALE
MIRVAC WHOLESALE HOTEL FUND
FOCUS FUM ($M) 1 NO OF INVESTORS
Wholesale 527.7 6
HOTEL STATE ASSET OWNERSHIP ACQUISITION DATE INDEPENDENT VALUATION DATE INDEPENDENT VALUATION BOOK VALUE 1 NO OF ROOMS Mirvac Wholesale Hotel Fund is an open-ended, sector specif c fund with initial equity of $320 million and a portfolio of six Australian hotels located in Sydney, Melbourne, Brisbane and Cairns. Total value of the portfolio is $510.6 million. The Fund’s portfolio consists of four hotels acquired from Carlton Hotel Group in 2007, together with the Marriott Hotel, Sydney and a 50 per cent interest in the Cairns International Hotel both of which were acquired from Mirvac. All six hotels are of a 4.0 to 4.5 star standard and provide a total of 1,824 rooms. Mirvac’s hotel and resorts division, who currently manage over 40 hotels and resorts throughout Australia, New Zealand and the Pacif c are responsible for the hotel management of the portfolio.
The Sebel & Citigate King George Square, Brisbane QLD 100% Feb 07 Dec 07 $148.0m $152.0m 438
Citigate Central, Sydney NSW 100% Feb 07 Mar 08 $88.0m $88.7m 251
The Sebel, Parramatta NSW 100% Feb 07 Mar 08 $42.2m $43.6m 194
The Sebel & Citigate Albert Park, Melbourne VIC 100% Feb 07 Jun 08 $92.0m $92.0m 379
Cairns International Hotel, Cairns QLD 50% Jun 07 Jun 08 $45.0m $45.0m 321
Sydney Marriott Hotel, Sydney NSW 100% Jun 07 Mar 08 $88.6m $89.3m 241
TOTAL $503.8m $510.6m 1,824

TRAVELODGE GROUP
FOCUS FUM ($M) 1 NO OF INVESTORS
Wholesale 374.7 3
ASSET LOCATION ASSET OWNERSHIP ACQUISITION DATE INDEPENDENT VALUATION DATE INDEPENDENT VALUATION BOOK VALUE 1 NO OF ROOMS The Travelodge Group is an open-ended sector specif c wholesale fund that focuses on the 3-3½ star hotel market in Australia and New Zealand. The portfolio currently comprises 13 hotels all of which are leased to Value Lodging Pty Limited a subsidiary of Toga Hospitality.
Travelodge Sydney NSW 100% Mar 05 Jun 08 $75.5m $75.5m 406
Travelodge Wynyard NSW 100% Jun 05 Dec 07 $61.0m $62.7m 277
Travelodge Southbank VIC 100% Mar 05 Dec 07 $55.0m $55.5m 275
Travelodge Perth WA 100% Apr 06 Jun 07 $20.5m $21.7m 122
Travelodge Phillip Street NSW 100% Mar 05 Mar 08 $18.0m $18.2m 86
Travelodge Newcastle City NSW 100% Feb 06 Jun 07 $20.0m $21.0m 130
Travelodge Macquarie NSW 100% Mar 05 Jun 07 $16.0m $16.4m 120
Travelodge Blacktown NSW 100% Mar 05 Jun 07 $13.5m $13.7m 120
Travelodge Bankstown NSW 100% Mar 05 Jun 07 $13.0m $13.3m 108
Travelodge Manly-Warringah NSW 100% Mar 05 Jun 07 $14.5m $14.9m 120
Travelodge Garden City QLD 100% Mar 05 Mar 08 $11.0m $11.1m 120
Travelodge Rockhampton QLD 100% Jun 06 Jun 07 $7.5m $10.3m 74
Travelodge Palmerston North NZ 100% Mar 08 Dec 07 $12.4m $12.5m 85
TOTAL $337.9m $346.8m 2,043
1 SUBJECT TO FINAL AUDIT AND BOARD APPROVAL.

FUNDS MANAGEMENT59	FUNDS MANAGEMENT59	FUNDS MANAGEMENT59
MIRVAC WHOLESALE RESIDENTIAL DEVELOPMENT PARTNERSHIP
FOCUS FUM ($M) 1 END VALUE ($M) NO OF INVESTORS
Wholesale 379.6 2,280 4
STATE LOCATION LOTS/APARTMENTS The Mirvac Wholesale Residential Development Partnership is a closed-end vehicle that has acquired, interests in 10 well located residential development/management programs around Australia that are diversif ed by geography, product type, timing and stage of the development cycle. The portfolio comprises 2,306 lots and 1,173 medium density units. The Partnership has raised equity commitments of $300 million, including Mirvac’s 20 per cent co-investment, of which $267.5 million has been applied to the establishment of the initial portfolio leaving $32.5 million to establish further residential projects that satisfy the Partnership’s development strategy.
New South Wales	Sydney	832 apartments/2 retail lots
Queensland	Brisbane	183 housinglots/99 apartments
	Townsville	101 apartments
	Hope Island	59 lots
Victoria	Melbourne	1105 housinglots
Western Australia	Mandurah	803 housinglots/139 apartments/156 houses
TOTAL		3,479

==> picture [595 x 842] intentionally omitted <==

----- Start of picture text -----

60 MIRVAC GROUP PROPERTY COMPENDIUM
FUNDS MANAGEMENT / WHOLESALE – MANDATES
CITIGATE CENTRAL, SYDNEY, NSW
----- End of picture text -----

	FUNDS MANAGEMENT61	FUNDS MANAGEMENT61	FUNDS MANAGEMENT61
AUSTRALIANSUPER
FOCUS FUM ($M) NO OF INVESTORS
Wholesale 126.4 2
ASSET STATE TYPE AUSTRALIANSUPER MIRVA Mirvac Funds Management manages a separate value-added/opportunistic mandate on behalf of AustralianSuper, a leading Australian super fund with over $29 billion in assets. The mandate is primarily focused on value-add projects including refurbishment and reletting of existing buildings across the commercial, retail, industrial and residential property sectors, property development and Mirvac co-invests with AustralianSuper in each project. At 30 June 2008, AustralianSuper had $126.4 million in equity invested in a total of f ve projects. ASSET OWNERSHIP			C
		AUSTRALIANSUPER MIRVA
8 – 12 Chif ey Square, Sydney NSW Commercial development		50% 50%
18 Marcus Clarke Street, Civic1 ACT Commercial development		40% 10%
The Peninsula, Burswood WA Residential development		50% 50%
Magenta Shores, North Entrance NSW Residential development		50% 50%
664 Collins Street, Melbourne VIC Commercial development		50% 50%
1 DEVELOPMENT OF THE ASSET HAS BEEN COMPLETED. MANDATE REQUIRES AUDITED ACCOUNTS TO BE COMPLETED AND PAYMENT OF ANY FINAL PROCEEDS BEFORE ADOPTING COMPLETION OF THE PROJEC	T.
MIRVAC MEZZANINE CAPITAL FUND
FOCUS FUM ($M) 1 NO OF INVESTORS
Wholesale 75.7m 2
Mirvac Mezzanine Capital Fund consists of two investment mandates between the Government Investment Corporation of Singapore and Mirvac Capital Investments. ASSET FUND SIZE
Mortgages over 5 properties/projects $98.6m
1 THE FUM NUMBER OF $75.7 MILLION REPRESENTS THE GIC CONTRIBUTION ONLY.

62MIRVAC GROUPPROPERTY COMPENDIUM FUNDS MANAGEMENT/ JV AUSTRALIA	62MIRVAC GROUPPROPERTY COMPENDIUM FUNDS MANAGEMENT/ JV AUSTRALIA
MIRVAC / NAKHEEL BROMELTON JOINT VENTURE
FOCUS END VALUE ($M)1 NO OF INVESTORS
Wholesale 720.0 2
Mirvac Wholesale Funds Management Limited manages a joint venture on behalf of Nakheel, one the largest global property developers with more than US$30 billion of projects under development, and Mirvac. The joint venture is primarily focussed on the development of a 196 hectare site into an industry park comprising intermodal, warehousing and manufacturing precincts over the next 10 years. The site is located 70 kilometres south of Brisbane and has direct frontage to the Sydney to Brisbane rail line.
MIRVAC AQUA
FOCUS FUM ($M) 1,2,3 NO OF INVESTORS
Retail/Wholesale 246.8m 1,617
FUND ASSET FUND SIZE 2 Mirvac AQUA is an investment management company equally owned by Mirvac Real Estate Debt Funds Pty Limited and AQUA Funds Management Pty Limited, a wholly owned subsidiary of Balmain NB Corporation Limited. Mirvac AQUA has been engaged by Mirvac Funds Management to provide investment management services in connection with the Funds.
Invests in: Mirvac AQUA Senior Debt Pool Mirvac AQUA Construction Debt Pool Mirvac AQUA High Income Fund Mirvac AQUA Mezzanine Debt Pool $179.5m
Invests in: Mirvac AQUA Senior Debt Pool Mirvac AQUA Construction Debt Pool Mirvac AQUA Enhanced Income Fund Mirvac AQUA Mezzanine Debt Pool $2.1m
Mirvac AQUA Income Fund Invests in Mirvac AQUA Senior Debt Pool $53.8m
Mirvac AQUA Senior Debt Pool Includes investments by Mirvac AQUA Income Fund, High Income Fund and Enhanced Income Fund $52.1m
Mirvac AQUA Construction Debt Pool Includes investments by Mirvac AQUA High Income Fund and Enhanced Income Fund $20.5m
Mirvac AQUA Mezzanine Debt Pool Includes investments by Mirvac AQUA High Income Fund and Enhanced Income Fund $159.3m
1 10-YEAR PROJECT WITH COMPLETION EXPECTED IN 2018. 2 SUBJECT TO FINAL AUDIT AND BOARD APPROVAL. 3 BEFORE ADJUSTING FOR JOINT VENTURE INTERESTS.

	FUNDS MANAGEMENT63	FUNDS MANAGEMENT63
JF INFRASTRUCTURE
FOCUS FUM ($M) 1,2 NO OF INVESTORS
Wholesale 229.7 75
Mandates 638.3 6
JF Infrastructure (JFI) is a 50/50 joint venture between Mirvac and Leighton Holdings Limited (LHL). JFI brings together Mirvac’s and LHL’s complementary expertise in funds management, infrastructure development, construction and investment respectively. JFI’s strategy is to use this combined expertise to capture the signif cant synergies between the property sector and related infrastructure sector, for the benef t of its investors.
WHOLESALE FUNDS
FUND ASSETS GROSS ASSET		S 1,2
JF Infrastructure Yield Fund 20.8% equity interest in International Parking Group the benef cial owner of nine major hospital car parks in Sydney and Brisbane. 33.3% equity interest in BAC Airports Group, which benef cially owns Bankstown and Camden Airports in Sydney. 22.4% equity interest in JF Stadium Trusts which are the owners of Telstra Dome, Melbourne. $87.9m 3
Australian Sustainable Forestry Investors 20,552 hectares of freehold forestry land in Victoria, South Australia and Western Australia. New Zealand Sustainable Forestry Investors 12,881 hectares of freehold forestry land in Gisborne, New Zealand stocked with 8,710 hectares of standing radiata pine. $135.2m 3
JF Infrastructure Sustainable Equity Fund Holds an equity investment in Australian Sustainable Forestry Investors (assets as above). $6.6m
TOTAL WHOLESALE FUNDS $229.7m

MANDATES
MANDATE ASSETS GROSS ASSET		S 1,2
Telstra Dome Telstra Dome, Melbourne $365.0m 3
International Parking Group Leases/Licenses held over nine major hospital car parks $198.9m 3
Private clients Mandates managed on behalf of private clients $74.4m 3
TOTAL MANDATES $638.3m
1 SUBJECT TO FINAL AUDIT AND BOARD APPROVAL. 2 BEFORE ADJUSTING FOR JOINT VENTURE INTERESTS. 3 LAST INDEPENDENT VALUATION 30 JUNE 2008.

	FUNDS MANAGEMENT63	FUNDS MANAGEMENT63
JF INFRASTRUCTURE
FOCUS FUM ($M) 1,2 NO OF INVESTORS
Wholesale 229.7 75
Mandates 638.3 6
JF Infrastructure (JFI) is a 50/50 joint venture between Mirvac and Leighton Holdings Limited (LHL). JFI brings together Mirvac’s and LHL’s complementary expertise in funds management, infrastructure development, construction and investment respectively. JFI’s strategy is to use this combined expertise to capture the signif cant synergies between the property sector and related infrastructure sector, for the benef t of its investors.
WHOLESALE FUNDS
FUND ASSETS GROSS ASSET		S 1,2
JF Infrastructure Yield Fund 20.8% equity interest in International Parking Group the benef cial owner of nine major hospital car parks in Sydney and Brisbane. 33.3% equity interest in BAC Airports Group, which benef cially owns Bankstown and Camden Airports in Sydney. 22.4% equity interest in JF Stadium Trusts which are the owners of Telstra Dome, Melbourne. $87.9m 3
Australian Sustainable Forestry Investors 20,552 hectares of freehold forestry land in Victoria, South Australia and Western Australia. New Zealand Sustainable Forestry Investors 12,881 hectares of freehold forestry land in Gisborne, New Zealand stocked with 8,710 hectares of standing radiata pine. $135.2m 3
JF Infrastructure Sustainable Equity Fund Holds an equity investment in Australian Sustainable Forestry Investors (assets as above). $6.6m
TOTAL WHOLESALE FUNDS $229.7m

MANDATES
MANDATE ASSETS GROSS ASSET		S 1,2
Telstra Dome Telstra Dome, Melbourne $365.0m 3
International Parking Group Leases/Licenses held over nine major hospital car parks $198.9m 3
Private clients Mandates managed on behalf of private clients $74.4m 3
TOTAL MANDATES $638.3m
1 SUBJECT TO FINAL AUDIT AND BOARD APPROVAL. 2 BEFORE ADJUSTING FOR JOINT VENTURE INTERESTS. 3 LAST INDEPENDENT VALUATION 30 JUNE 2008.

64 MIRVAC GROUP PROPERTY COMPENDIUM

64MIRVAC GROUPPROPERTY COMPENDIU
FUNDS MANAGEME
QUADRANT REAL ESTATE ADVI
FOCUS FUM ($M) 1,2
Wholesale Funds 254.2
Mandates 2,856.2
Quadrant Real Estate Advisors, LLC is locate
in Atlanta, Georgia, United States and provid
investment advisory services to institutional i
current assets under management of approx
A$3.1 billion1. Quadrant is a 50/50 joint vent
the senior management of Quadrant and Mir
The management team has been advising i investors since the early 1990s and offers s accounts and commingled (wholesale) fund
public and private debt and equity real esta
Clients include:
• California Public Employees’ Retiremen
(CalPERS)
•AXA – Equitable Life
•TIAA – CREF
•Denver Public Schools Retirement Syst
•Minnesota State Board of Investment.
��

■WHOLESAL
■SEPARATE

1 AUD/USD EXCHANGE RATE OF 0.9626.
2 BEFORE ADJUSTING FOR JOINT VENTURE INTERESTS.

FUNDS MANAGEMENT / JV INTERNATIONAL

QUADRANT REAL ESTATE ADVISORS

Quadrant Real Estate Advisors, LLC is located in Atlanta, Georgia, United States and provides real estate investment advisory services to institutional investors with current assets under management of approximately A$3.1 billion[1] . Quadrant is a 50/50 joint venture between the senior management of Quadrant and Mirvac.

Quadrant’s strategy is to continue to develop leading edge public and private real estate investment products which provide access to targeted sectors of the United States income producing real estate market. In addition, using the expertise of Quadrant, Australian wholesale investors can expect to be offered access to commingled funds which seek relative value across the four quadrants (public and private, debt and equity) of the US real estate investments universe.

The management team has been advising institutional investors since the early 1990s and offers single client accounts and commingled (wholesale) funds across the public and private debt and equity real estate markets.

California Public Employees’ Retirement System (CalPERS)
Denver Public Schools Retirement System

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==> picture [123 x 121] intentionally omitted <==

■	WHOLESALE FUNDS	8%
■	SEPARATE MANDATES	92%

■	COMMERCIAL	33%
■	RETAIL	17%
■	MULTI-FAMILY	19%
■	OTHER	8%
■	INDUSTRIAL	16%
■	HOTELS	7%

1 AUD/USD EXCHANGE RATE OF 0.9626. 2 BEFORE ADJUSTING FOR JOINT VENTURE INTERESTS.

	FUNDS MANAGEMENT65	FUNDS MANAGEMENT65
CITY REGENERATION FUND
FOCUS FUM ($M)1,2 NO OF INVESTORS
Partnership 77.5 3
DEVELOPMENT LOCATIONS ACQUISITION DATE ACQUISITION PRICE ($M) TYPE The GBP £165 million City Regeneration Fund was launched in March 2007 acquiring its f rst property Broadway Chambers in Stratford, London. In August 2007, a major global investor committed to taking 75 per cent of the GBP £50 million equity target. Mirvac has committed to co-invest 20 per cent alongside the UK Senior Management commitment of 5 per cent. HBOS has provided a GBP £115 million debt facility. The Fund is a closed end, six year structure with options to extend by two years, it has acquired its f rst two properties, a third is currently being negotiated and a further property is expected to be acquired before 31 December 2008. The Fund's investment strategy is to acquire commercial income producing properties in key locations around Central London and the Southeast of England for residential led mixed use urban regeneration development.
Broadway Chambers Stratford, London Borough of Newham Apr 07 $26.4m		Residential – mixed use development
Brandon House Borough, London Borough of Southwark Feb 08 $40.2m		Residential – mixed use development
TOTAL $66.6m
1 AUD/GBP EXCHANGE RATE OF 0.4829. 2 BEFORE ADJUSTING FOR JOINT VENTURE INTERESTS.

66MIRVAC GROUPPROPERTY COMPENDIUM
FUNDS MANAGEMENT/ HOTELS
HOTEL MANAGEMENT PORTFOLIO
	STATE	NO OF
PROPERTY	LOCATION	ROOMS	OWNERSHIP
NSW
Quay Grand Suites Sydney	NSW	68	Strata/Management Lot
Quay West Suites Sydney	NSW	107	Strata/Management Lot
The Sebel Pier One Sydney	NSW	160	Managed
Sydney Marriott Hotel	NSW	241	Managed
The Sebel Residence Chatswood	NSW	55	Strata/Management Lot
Citigate Sebel Sydney	NSW	270	Managed
The Sebel Kirkton Park Hunter Valley	NSW	71	Managed
The Sebel Resort & Spa Hawkesbury Valley	NSW	105	Managed
The Sebel Aqualuna Beach Resort Coffs Harbour	NSW	35	Managed/Strata
The Sebel Manly Beach	NSW	83	Strata/Management Lot
Quay West Resort Magenta Shores	NSW	81	Strata/Management Lot
Citigate Central Sydney	NSW	251	Managed
The Sebel Parramatta	NSW	194	Managed
VIC
The Como Melbourne	VIC	107	100% Owned
Quay West Suites Melbourne	VIC	96	Strata/Management Lot
The Sebel Melbourne	VIC	115	Strata/Management Lot
The Sebel Heritage Yarra Valley	VIC	102	Managed/Strata
Citigate Melbourne	VIC	179	Managed
Citigate Albert Park Melbourne	VIC	132	Managed
The Sebel Albert Park Melbourne	VIC	247	Managed
QLD
Quay West Suites Brisbane	QLD	65	Strata/Management Lot
The Sebel Suites Brisbane	QLD	170	Strata/Management Lot
Cairns International Hotel	QLD	321	Managed
The Sebel Maroochydore	QLD	67	Strata/Management Lot
Sea Temple Resort & Spa Palm Cove	QLD	97	Strata/Management Lot
The Sebel Reef House Palm Cove	QLD	69	Managed
The Sebel Resort Noosa	QLD	77	Strata/Management Lot
Sea Temple Resort & Spa Port Douglas	QLD	158	Strata/Management Lot
Citigate King George Square Brisbane	QLD	228	Managed
The Sebel King George Square Brisbane	QLD	210	Managed
The Sebel Cairns Harbour Lights	QLD	101	Strata/Management Lot
WA
Quay West Resort Bunker Bay	WA	150	Strata/Management Lot
The Sebel Residence East Perth	WA	57	Managed
Citigate Perth	WA	278	Managed
SA
The Sebel Playford Adelaide	SA	182	Franchise

		FUNDS MANAGEMENT67

PROPERTY STATE LOCATION NO OF ROOMS		OWNERSHIP
TAS
The Sebel Launceston TAS 50		Managed
NZ
Quay West Suites Auckland NZ 52		Strata/Management Lot
The Sebel Suites Auckland NZ 125		Strata/Management Lot
The Sebel Trinity Wharf Tauranga NZ 121		Managed
VANUATU
The Sebel Vanuatu VAN 74		Managed
TOTAL NUMBER OF ROOMS BY JUNE 2007 5,351

FUTURE HOTELS
PROPERTY NAME STATE LOCATION NO OF ROOMS		OPENING
Quay West Resort Magenta Shores (Stages 1 & 2) NSW 54		2008/2009
The Sebel Mandurah	WA 84	2009
The Sebel Newcastle Beach	NSW 89	2010
Quay West Resort Noosa	QLD 120	2009
The Sebel Leighton Beach Perth	WA 100	2010
Quay West Resort Queenstown	NZ 195	2011
Trilogy Hotel Brisbane	QLD 192	2012
TOTAL HOTEL OPENINGS	834
	�� �� �� ��
	■NSW 32.1% ■VIC 18.3% ■ QLD 29.1% ■WA 9.1% ■SA 3.4% ■TAS 1.0% ■NZ 5.6% ■VAN 1.4% ■STRATA 56.1% ■MANAGED 35.9% ■ OWNED 4.6% ■FRANCHISE 3.4%

68 MIRVAC GROUP PROPERTY COMPENDIUM

BILLION $15.9

RESIDENTIAL DEVELOPMENT

==> picture [318 x 664] intentionally omitted <==

31,295 LOTS

NEWSTEAD RIVER PARK, NEWSTEAD, QLD

70 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

RESIDENTIAL PIPELINE

��

NSW 21.3% VIC 18.0% QLD 26.4% WA 33.7% SA 0.6%

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NSW 21.5% VIC 32.0% QLD 14.0% WA 30.6% SA 1.9%

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DEVELOPMENT 71

RESIDENTIAL FORECAST REVENUE[ 1]

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NSW 21.8% VIC 19.9% QLD 23.4% WA 34.2% SA 0.7%

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NSW 30.8% VIC 24.6% QLD 19.4% WA 23.6% SA 1.5%

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NSW 13.4% VIC 15.6% QLD 27.1% WA 43.9%

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1 REPRESENTS MIRVAC’S SHARE OF DEVELOPMENT REVENUE, EXCLUDING REVENUE ASSOCIATED WITH LOTS NOT HELD ON BALANCE SHEET.

72 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

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SAUNDERS WHARF PYRMONT, NSW
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	■HOUSES / LAND 68.0% ■APARTMENTS 32.0% ■HOUSES / LAND 83.5% ■APARTMENTS 16.5%

1 REPRESENTS MIRVAC’S SHARE OF DEVELOPMENT REVENUE, EXCLUDING REVENUE ASSOCIATED WITH LOTS NOT HELD ON BALANCE SHEET.

DEVELOPMENT 73

NEW SOUTH WALES

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74 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

NEW SOUTH WALES

PROPERTY ACQUISITION DATE LOCATION	PROJECT VALUE (INCL. GST) TOTAL LOTS RELEASED EXCHANGED SETTLED SETTLEMENT DATE FROM	1 TO
NEWINGTON Dec 96 Newington	$389m 598 596 596 549
P1S Zone A – Houses	$66m 108 106 106 106 May 03	Dec 04
P1S Zone B – Houses	$94m 143 143 143 143 Feb 03	Jan 07
P1S Zone C – Houses	$126m 183 183 183 136 Jul 05	Jun 09
Apartments (P1 Zone A and P3)	$103m 164 164 164 164 Mar 05	Sep08
PACIFIC PLACE Aug 98 Chatswood	$428m 561 561 561 561
Completed Stages	$314m 429 429 429 429 Nov 03	Oct 06
Cambridge	$114m 132 132 132 132 Dec 07	May08
ESPERENCE May 03 Randwick	$105m 77 77 77 56
Stage 1	$59m 34 34 34 34 May 05	May07
Stage 2A	$13m 11 11 11 11 Nov 05	Jun 06
Stage 2B	$19m 12 12 12 11 Mar 08	Jul 08
Stage 3	$14m 20 20 20 0	Dec 08
THE SELDON Mar 04 Lindf eld	$102m 74 74 72 72 Jun 04	Dec 08
AVENIR Oct 01 Warrawee	$40m 50 50 50 49 Jan 06	Aug08
SAUNDERS WHARF Dec 04 Pyrmont	$72m 33 33 33 33 Sep 06	Jun 08
SPRINGDALE Jun 03 Killara	$86m 60 60 12 5 Nov 07	Dec 10

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE. 2 CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

DEVELOPMENT 75

CURRENT PRICE RANGE FROM/TO PROJECT PERIOD CONSTRUCTION (CALENDER YEAR) PROGRESS 2 DESCRIPTION	OWNERSHIP STRUCTURE
$430,000 – $750,000	50% Mirvac Limited 50% Lend Lease
mid 2003 – end 2004 100% Houses
end 2003 – early 2007 100% Houses
mid 2005 – mid 2009 100% Houses
mid 2003 – end 2008 100% Apartments
	100% Mirvac Limited
$395,000 – $2.0m mid 2003 – end 2006 100% High rise apartment building
$430,000 – $1.4m mid 2006 – mid 2008 100% High rise apartment building
$1.1m – $2.0m	100% Mirvac Limited
end 2003 – mid 2007 100% Luxury homes and terraces
end 2004 – mid 2006 100% Luxury homes and terraces
end 2006 – mid 2008 100% Luxury homes and terraces
end 2007 – end 2008 100% The land is under contract for sale
$775,000 – $2.2m mid 2004 – mid 2008 100% Spacious apartments designed for empty nesters	100% Mirvac Limited
$525,000 – $1.3m early 2004 – mid 2008 100% Spacious apartments designed for empty nesters	100% Mirvac Limited
$1.0m – $4.3m end 2004 – mid 2008 100% Luxury waterfront apartments designed for owner-occupiers	100% Mirvac Limited
$1.2m – $1.5m early 2006 – early 2008 100% Spacious apartments designed for empty nesters	100% Mirvac Limited

76 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

NEW SOUTH WALES

PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS RELEASED EXCHANGED SETTLED SETTLEMENT DATE FROM	1 TO
MAGENTA SHORES AUSTRALIANSUPER MANDATE Oct 01 North Entrance $421m 414 66 19 19
Villas Stage 2 $50m 69 0 0 0 Feb 09	Dec 11
Houses Stage 2 $54m 44 44 6 6 Nov 07	Dec 10
Houses Stage 3 $31m 26 0 0 0 Jul 11	Jan 12
Houses Stage 4 $63m 55 0 0 0 Jul 12	Jul 13
Houses Stage 5 $53m 45 0 0 0 Sep 13	May14
Houses Stage 6 $50m 44 0 0 0 Jul 12	Apr 13
Houses Stage 7 $91m 81 0 0 0 Apr 10	May12
Houses Stage 8 $21m 28 0 0 0 Mar 09	Jul 10
Villas Stage 1 $2m 6 6 5 5 Dec 06	Nov 08
Houses Stage 1 + 1A $4m 10 10 5 5 Nov 06	Mar 09
Beach Houses (stage 9) $2m 6 6 3 3 Mar 07	Jun 09
ENDEAVOUR HOUSE Apr 03 Coogee $202m 127 0 0 0 Jan 10	May12
NEWCASTLE HOSPITAL Jun 07 Newcastle $431m 321 0 0 0
Stage 1A $100m 72 0 0 0 Jan 10
Stage 1B $103m 75 0 0 0 Jul 10
Stage 1C $164m 127 0 0 0 Feb 12
Stage 2 $64m 47 0 0 0 Jan 14
RHODES WATERSIDE MWRDP Jan 073 Rhodes $544m 825 252 209 92
Stage 4 Amarco $143m 220 0 0 0 Jan 11
Stage 5 Alkira $93m 145 0 0 0 Nov 11
Stage 6 Tandara $112m 157 157 114 0 May 09
Stage 7 Adina $55m 95 95 95 92 Aug 08
Stage 8 Elinya $62m 97 0 0 0 Oct 11
Stage 9 Kiewa $79m 111 0 0 0 Oct 11

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

2 CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION. 3 TRANSACTION DATE.

DEVELOPMENT 77

CURRENT PRICE RANGE	PROJECT PERIOD CONSTRUCTION	PROJECT PERIOD CONSTRUCTION
FROM/TO	(CALENDER YEAR)	PROGRESS2	DESCRIPTION	OWNERSHIP STRUCTURE
				50% Mirvac Limited
$590,000 – $3.4m				50% AustralianSuper
$590,000 – $910,000	end 2006 – mid 2011	47%	69 Villas
$960,000 – $1.6m	end 2006 – end 2010	100%	Golf front homes
$960,000 – $1.6m	early 2008 – early 2012	0%	Golf front homes
$960,000 – $1.6m	mid 2008 – mid 2013	0%	Golf front homes
$960,000 – $1.6m	early 2009 – mid 2014	0%	Golf front homes
$960,000 – $1.6m	end 2009 – early 2013	0%	Golf front homes
$960,000 – $1.6m	mid 2010 – mid 2012	0%	Golf front homes
$1.9m – $2.5m	mid 2007 – mid 2010	33%	Golf front homes
$590,000 – $3.4m	early 2005 – mid 2008	100%	6 Villas
$950,000 – $1.6m	mid 2005 – early 2009	100%	10 Golf front homes
$2.2m – $3.4m	mid 2005 – mid 2009	100%	6 Beach front homes
$1.1m – $2.0m	mid 2008 – mid 2012	0%	Houses	100% Mirvac Limited
$270,000 – $1.7m				100% Mirvac Limited
$500,000 – $1.7m	early 2010	10%	72 Apartments
$330,000 – $1.6m	mid 2010	8%	75 Apartments
$500,000 – $1.6m	early 2012	1%	127 Apartments
$270,000 – $590,000	end 2013 – early 2014	0%	47 Apartments
				100% MWRDP
				(Mirvac Limited 20% equity interest)
$380,000 – $945,000	end 2006 – early 2011	0%	220 Apartments
$395,000 – $1.2m	end 2006 – end 2011	0%	145 Apartments
$395,000 – $1.2m	end 2006 – mid 2009	21%	157 Apartments
$380,000 – $920,000	end 2006 – mid 2008	100%	95 Apartments
$350,000 – $1.0m	end 2006 – end 2011	0%	97 Apartments
$420,000 – $945,000	end 2006 – end 2011	0%	111 Apartments

78 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

NEW SOUTH WALES / HOMES

PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS RELEASED EXCHANGED SETTLED SETTLEMENT DATE FROM	1 TO
PANORAMA Jun 01 Glenf eld $262m 684 150 108 107
Stage 1A $39m 98 98 89 89 Dec 05	Dec 08
Stage 1B $47m 124 52 19 18 Dec 05	Jun 09
Stage 1C $15m 39 0 0 0 Dec 05	Apr 11
Stage 1D $7m 21 0 0 0 Dec 05	Apr 11
Stage 2 $71m 199 0 0 0 Jun 10	Nov 12
Stage 3 $76m 184 0 0 0 Jun 12	Apr 14
Stage 4 JV $3m 11 0 0 0 Jul 08	Jul 10
Display Village $4m 8 6 0 0 Jan 08	Nov 08
NEWBURY ESTATE Dec 99 Stanhope $208m 1,708 1,538 1,485 1,453
Stage 1 $22m 240 234 234 234 Jun 02	Jun 09
Stage 2 $36m 380 380 378 376 Sep 02	May08
Stage 3 $23m 196 192 188 186 Jun 04	Oct 08
Stage 4 $25m 242 230 228 228 Feb 04	Oct 08
Stage 5 $37m 237 232 203 200 Jun 04	Jan 09
Stage 6 $23m 169 160 141 139 Jan 06	Jan 09
Stage 7 $31m 242 108 88 88 Sep 06	Jun 09
School Sites (3 and 5) $10m 2 2 2 2 Jun 06	Nov 09
SOMERSBY Dec 03 Acacia Gardens $47m 117 117 107 90
Stage 1 $10m 26 26 26 25 Jun 06	May07
Stage 2 $10m 27 27 27 27 Oct 06	Jun 08
Stage 3 $11m 30 30 30 30 Jul 07	Jun 08
Stage 4 $7m 17 17 14 7 Jan 08	Oct 08
Stage 5 $6m 16 16 9 0 Mar 08	Oct 08
Reserve $3m 1 1 1 1 Mar 06
EDGEWOOD Apr 03 Woodcroft $121m 388 347 215 205
Stage 1 $25m 79 79 70 70 Feb 06	Dec 08
Stage 2 $5m 16 16 7 6 Sep 06	Jun 09
Stage 3 $23m 74 71 42 40 Nov 06	Nov 09
Stage 4 $23m 73 73 4 0 Jul 07	Nov 09
Stage 5 $45m 146 108 92 89 Jan 07	Nov 10

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE. 2 CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

DEVELOPMENT 79

CURRENT PRICE RANGE	PROJECT PERIOD CONSTRUCTION	PROJECT PERIOD CONSTRUCTION
FROM/TO	(CALENDER YEAR)	PROGRESS2	DESCRIPTION	OWNERSHIP STRUCTURE
			Mix of integrated lifestyle and retail lots, ranging from
$250,000 – $575,000			attached terraces to 800sqm lots
$250,000 – $435,000	mid 08 to mid 10	65%	Mix of integrated lifestyle and retail lots	100% Mirvac Limited
$250,000 – $435,000	early 2008 to end 2008	65%	Mix of integrated lifestyle and retail lots	100% Mirvac Limited
$250,000 – $435,000	end 2005 to end 2008	65%	Mix of integrated lifestyle and retail lots	100% Mirvac Limited
$250,000 – $435,000	end 2005 to end 2009	65%	Mix of integrated lifestyle and retail lots	100% Mirvac Limited
$250,000 – $435,000	end 2005 to mid 2011	0%	Residential lots and spec housing	100% Mirvac Limited
$250,000 – $480,000	end 2005 to mid 2011	0%	Residential lots and housing	100% Mirvac Limited
$250,000 – $250,000	mid 2010 to end 2012	0%	Stage 4 JV Tomarchio	PDA with Tomarchio
$435,000 – $575,000	mid 2012 to mid 2014	85%	Display Village	100% Mirvac Limited
			Mix of integrated lifestyle and retail lots,
			ranging from attached terraces to 700 sqm lots	PDA with Landcom
$250,000 – $325,000	mid 2000 – mid 2009	100%
$290,000 – $310,000	mid 2000 – mid 2009	98%
$250,000 – $410,000	mid 2000 – mid 2009	95%
$300,000 – $410,000	mid 2000 – mid 2009	95%
$250,000 – $475,000	mid 2000 – mid 2009	91%
$265,000 – $530,000	mid 2000 – mid 2009	85%
$250,000 – $530,000	mid 2000 – mid 2009	42%
	mid 2000 – mid 2009	100%
			Life style estate comprising attached 150 sqm product
			and detached 180 sqm four bedroom product	100% Mirvac Limited
$379,000 – $460,000	early 2004 – mid 2006	100%
$395,000 – $460,000	early 2004 – end 2006	100%
$395,000 – $460,000	early 2004 – mid 2007	100%
$359,000 – $405,000	early 2004 – end 2008	100%
$359,000 – $430,000	early 2004 – end 2008	94%
	early 2004 – mid 2006	100%
			Mix of integrated and retail lots	PDA with CSR Limited
$250,000 – $545,000	early 2005 – end 2007	100%
$245,000 – $400,000	early 2005 – mid 2008	100%
$250,000 – $325,000	early 2005 – mid 2008	100%
$250,000 – $260,000	early 2005 – mid 2009	83%
$320,000 – $350,000	early 2005 – mid 2010	68%

80 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

NEW SOUTH WALES / HOMES

PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST)	TOTAL LOTS RELEASED EXCHANGED SETTLED	SETTLEMENT DATE FROM	1 TO
ASHGROVE Jun 02 Auburn $125m	263 110 74 52
Stage 1A $27m	56 56 52 52	Feb 07	Dec 08
Stage 2 $9m	18 15 3 0	Feb 07	Dec 08
Stage 3 $18m	39 39 19 0	Feb 07	Dec 08
Stage 4 $9m	18 0 0 0	Feb 07	Jun 11
Stage 5 $17m	35 0 0 0	Feb 07	Jun 11
Stage 6 $16m	33 0 0 0	Feb 07	Jun 11
Stage 7 $13m	28 0 0 0	Feb 07	Jun 11
Stage 8 $17m	36 0 0 0	Feb 07	Jun 11
ARNOLD AVE Jun 02 Kellyville $6m	1 0 0 0	Jul 08	Jul 08
MORNINGTON Feb 03 Holsworthy $98m	255 255 242 229
Stage 1 $24m	61 61 61 61	Feb 06	Jun 07
Stage 2 $29m	75 75 75 75	Feb 06	Jun 07
Stage 3 $22m	58 58 58 58	Aug 07	Jun 08
Stage 4 $24m	61 61 48 35	Jan 08	Sep08
CHELSEA GARDENS Jun 02 Castle Hill $51m	63 23 19 19	Aug 07	Jun 11
RIVERSTONE Riverstone $60m	202 0 0 0
Riverstone – 7500 Sep 03 $7m	24 0 0 0	Feb 09	Jun 11
Riverstone – 7502 Sep 03 $7m	24 0 0 0	Jul 09	Jul 14
Riverstone – 7504 Mar 04 $18m	57 0 0 0	Jan 10	Nov 11
Riverstone – 7501 Sep 03 $17m	61 0 0 0	Aug 10	Jul 11
Riverstone – 7503 Dec 03 $11m	36 0 0 0	Feb 11	Dec 11
WARRIEWOOD Warriewood $91m	109 0 0 0
Stage A – Sector 8 Apr 03 $20m	25 0 0 0	Jul 08	Jul 10
Stage B – Sector 3 Jul 03 $49m	57 0 0 0	Jan 09	Aug11
Stage C Sectors 101 + 102 Jul 03 $22m	27 0 0 0	Jan 09	Aug11
LEUMEAH Jul 05 Leumeah $33m	92 0 0 0
Stage 1 $10m	27 0 0 0	Feb 09	Apr 10
Stage 2 $23m	65 0 0 0	Jun 08	May10

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

2 CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

DEVELOPMENT 81

CURRENT PRICE RANGE	PROJECT PERIOD CONSTRUCTION	PROJECT PERIOD CONSTRUCTION
FROM/TO	(CALENDER YEAR)	PROGRESS 2	DESCRIPTION	OWNERSHIP STRUCTURE
				100% Mirvac Limited
$280,000 – $600,000	end 2003 – end 2008	100%	120 and 190sqm 2/3 br product and apartments
$280,000 –$280,000	end 2003 – end 2008	43%	Detached 190sqm 3 bedroom product
$280,000 – $600,000	end 2003 – end 2008	28%	Attached 120sqm 2/3 br product and apartments
$280,000 – $600,000	end 2003 – mid 2011	43%	Detached 190sqm 3 br product
$280,000 – $600,000	end 2003 – end 2011	43%	Attached 120sqm 2/3 br product and apartments
$280,000 – $600,000	end 2003 – mid 2011	28%	Detached 190sqm 3 br product
$280,000 – $600,000	end 2003 – mid 2011	43%	Detached 150 and 190sqm 3 br product
$280,000 – $600,000	end 2003 – mid 2011	43%	Attached 120sqm 2/3 br product and apartments
$5.5m	mid 2002 – end 2009	100%	1 x lot – sale of school site	100% Mirvac Limited
			Lifestyle estate comprising a mix of
			integrated lots and duplex housing	100% Mirvac Limited
$365,000 – $390,000	mid 2003 – early 2007	100%
$365,000 – $390,000	mid 2003 – early 2007	100%
$380,000 – $405,000	mid 2003 – mid 2008	100%
$390,000 – $415,000	mid 2003 – late 2008	40%
$695,000 – $860,000	mid 2002 – mid 2011	37%	Lifestyle estate comprising detached homes	100% Mirvac Limited
				100% Mirvac Limited
$260,000 – $260,000	mid 2003 – mid 2011	0%	Retail lots
$260,000 – $260,000	mid 2003 – mid 2014	0%	Retail lots
$260,000 – $260,000	early 2004 – early 2012	0%	Retail lots
$260,000 – $260,000	mid 2003 – end 2011	0%	Retail lots
$260,000 – $260,000	end 2003 – early 2012	0%	Retail lots
				100% Mirvac Limited
$675,000 – $750,000	mid 2003 – mid 2010	4%	Detached homes from 160 sqm to 200 sqm
$695,000 –$765,000	mid 2003 – mid 2011	2%	Detached homes from 160 sqm to 200 sqm
$695,000 – $765,000	mid 2003 – mid 2011	2%	Sector 101,102
			Attached and detached homes
$325,000 – $390,000	mid 2005 – mid 2010	1%		100% Mirvac Limited
$325,000 – $390,000	early 2006 – mid 2010	1%		PDA with Lombardo

82 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

NEW SOUTH WALES / HOMES

PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS RELEASED	EXCHANGED SETTLED	SETTLEMENT DATE FROM	1 TO
SHELLHARBOUR Jul 05 Shellharbour $11m 42 42	42 42	Feb 07	Jan 08
GILLIESTON Jul 06 Gillieston $81m 401 3	1 0
Stage 1 – Display Village $4m 8 0	0 0	Dec 12	Apr 13
Stage 2 – Land $72m 393 3	1 0	Mar 08	Jul 14
DENBIGH Dec 06 Cobbitty $161m 830 0	0 0
Stage 1 $58m 260 0	0 0	Nov 08	Mar 13
Stage 2 $52m 230 0	0 0	Nov 08	Mar 15
Stage 3 $51m 340 0	0 0	Nov 08	Jul 17
GARDEN GATES Apr 07 Mount Annan $4m 17 0	0 0	Jul 08	Jun 09
BURNS ROAD Nov 02 Wahroonga $25m 17 0	0 0	Dec 08	May09
SPRING FARM – JV May 01 Spring Farm $9m 20 0	0 0	Nov 09	Dec 09
SPRING FARM Jun 08 Spring Farm $146m 458 83	12 0	May 07	Nov 11
NELSON BAY Jun 07 Nelson Bay $8m 18 18	8 0	Jul 08	Jan 09
MIDDLETON GRANGE Sep 07 Middleton $277m 1,283 0	0 0
Display Homes $1m 2 0	0 0	Oct 08	Jan 11
Stage 1A $16m 92 0	0 0	Oct 08	May11
Stage 1B $10m 59 0	0 0	Oct 08	May11
Stage 2 $23m 131 0	0 0	Oct 08	May11
Stage 3 $14m 83 0	0 0	Oct 08	May11
Stage 4 $22m 127 0	0 0	Oct 08	May11
Stage 5 $15m 82 0	0 0	Oct 08	May11
Stage 6 $22m 107 0	0 0	Oct 08	May11
South Cecil Hills $154m 600 0	0 0	Jul 10	Oct 12
FLETCHER Dec 07 Fletcher $38m 257 0	0 0	Jul 08	Jan 12

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE 2 CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

DEVELOPMENT 83

CURRENT PRICE RANGE FROM/TO PROJECT PERIOD CONSTRUCTION (CALENDER YEAR) PROGRESS2 DESCRIPTION OWNERSHIP STRUCTURE
$180,000 – $420,000 mid 2005 – end 2007 100% Detached homes from 160 sqm to 200 sqm PDA with Landcom
Retail lots with contract housing 100% Mirvac Limited
$395,000 – $465,000 mid 2007 – early 2014 100% Display village
$149,000 – $350,000 early 2008 – mid 2014 25% Retail lots with contract housing
Retail lots ranging from 450 to 1000sqm PDA with McIntosh Bros Pty Ltd
$210,000 – $290,000 end 06 – mid 2013 0%
$210,000 – $290,000 end 06 – mid 2015 0%
$210,000 – $290,000 end 06 – mid 2017 0%
$300,000 – $345,000 mid 2007 – mid 2009 35% Detached 120sqm homes PDA with Landcom
$1.4m – $2.1m end 2002 – end 2008 0% Detached homes including one heritage house 100% Mirvac Limited
$260,000 – $365,000 mid 2001 – mid 2009 0% Detached housing 50% Mirvac Limited 50% Cornish Group
$248,000 – $415,000 mid 2006 – end 2011 0% Master planned residential community 100% Mirvac Limited
$385,000 – $469,000 mid 2007 – early 2009 65% Detached 130 + 145sqm homes 100% Mirvac Limited
Retail lots with contract housing PDA with Landcom
mid 2007 – mid 2011
$130,000 – $350,000 mid 2007 – mid 2011 6%
$130,000 – $350,000 mid 2007 – mid 2011 6%
$130,000 – $350,000 mid 2007 – mid 2011 0%
$130,000 – $350,000 mid 2007 – mid 2011 0%
$130,000 – $350,000 mid 2007 – mid 2011 0%
$130,000 – $350,000 mid 2007 – mid 2011 0%
$130,000 – $350,000 mid 2007 – mid 2011 0%
$130,000 – $350,000 mid 2007 – end 2012 0%
$180,000 – $220,000 end 2007 – Jan 2012 0% Retail lots with contract housing PDA with Kingston Fletcher Pty Ltd

84 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

EPHRAIM ISLAND, PARADISE POINT, QLD

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■HOUSES / LAND	40.0%	■HOUSES / LAND	69.8%
■APARTMENTS	60.0%	■APARTMENTS	30.2%

1 REPRESENTS MIRVAC’S SHARE OF DEVELOPMENT REVENUE, EXCLUDING REVENUE ASSOCIATED WITH LOTS NOT HELD ON BALANCE SHEET.

DEVELOPMENT 85

QUEENSLAND

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86 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

QUEENSLAND

PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS RELEASED EXCHANGED SETTLED	SETTLEMENT DATE FROM	1 TO
PARK HILL VILLAGE Nov 00 Murarrie $111m 281 281 281 281
Completed Stages $77m 202 202 202 202	Feb 02	Apr 07
Stage 4 $34m 79 79 79 79	Jun 06	Feb 08
WATERLINE Jul 02 Bulimba $132m 141 141 140 137
Stage 1 $65m 66 66 66 66	Sep 04	Jun 07
Stage 2 $56m 56 56 55 52	Mar 06	Dec 08
Stage 3 $10m 18 18 18 18	Oct 05	Sep06
Stage 4 $1m 1 1 1 1	Jul 05
MOSSVALE ON MANLY Mar 01 Wakerley $173m 326 325 324 323
Stage 1 $30m 68 67 67 67	Jun 03	Aug08
Stage 2 $31m 60 60 60 60	Nov 04	Mar 08
Stage 3 $23m 44 44 44 43	Aug 05	Jul 08
Stage 4 $4m 1 1 1 1	Jun 07
Stage 5 $47m 82 82 81 81	May 07	Sep08
Stage 6 $11m 46 46 46 46	Oct 04	Feb 06
Stage 7 $6m 20 20 20 20	May 06	Jan 08
Stage 8 $5m 1 1 1 1	Jun 06
Stage 9 $7m 1 1 1 1	Jun 07
Stage 10 $4m 1 1 1 1	Jun 07
Stage 11 $4m 1 1 1 1	Jun 07
Stage 12 $1m 1 1 1 1	Jun 05
MOSSVALE ON MANLY MWRDP Jun 073 Wakerley $117m 183 23 16 0
Stage 9 $92m 144 0 0 0	May 09	Mar 12
Stage 10 $25m 39 23 16 0	Aug 08	Apr 09
EPHRAIM ISLAND Nov 01 Paradise Point $487m 383 382 291 284
Stage 1 $129m 136 135 135 135	Jun 05	Apr 13
Stage 2 $140m 94 94 84 84	Apr 06	Apr 13
Stage 3 $124m 85 85 57 57	Dec 06	Feb 12
Stage 4 $11m 7 7 0 0	Aug 08	Nov 09
Stage 4B $83m 61 61 15 7	Apr 08	Nov 13

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

2 CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION. 3 TRANSACTION DATE.

DEVELOPMENT 87

CURRENT PRICE RANGE	PROJECT PERIOD CONSTRUCTION	PROJECT PERIOD CONSTRUCTION
FROM/TO	(CALENDER YEAR)	PROGRESS2	DESCRIPTION	OWNERSHIP STRUCTURE
				PDA with Cannon Hill Development
$250,000 – $620,000	end 2000 – mid 2007	100%	Small lot houses, townhouses and vacant land
$215,000 – $710,000	early 2005 – early 2008	100%	Small lot houses and vacant land
				PDA with Roche Group
$680,000 – $3.0m	mid 2002 – mid 2007	100%	Detached houses and riverfront houses
$749,000 – $1.7m	mid 2002 – end 2008	100%	Detached houses and riverfront vacant land
$500,000 – $695,000	end 2002 – end 2006	100%	Apartments
$573,000	mid 2002 – mid 2005	100%	Vacant land
				100% Mirvac Limited
$525,000 – $590,000	mid 2002 – mid 2008	100%	Detached spec houses & display village/sales off ce
$495,000 – $625,000	mid 2003 – mid 2008	100%	Detached spec houses
$500,000 – $715,000	mid 2004 – mid 2008	100%	Detached spec houses and vacant land
$4.3m	mid 2007	100%	Vacant land
$320,000 – $720,000	end 2005 – end 2008	100%	Detached spec homes
$200,000 – $275,000	mid 2004 – early 2006	100%	Vacant land
$205,000 – $655,000	end 2005 – early 2008	100%	Detached spec houses and vacant land
$4.5m	mid 2006	100%	Vacant land
$6.8m	mid 2007	100%	Vacant land
$4.3m	mid 2007	100%	Vacant land
$4.4m	mid 2007	100%	Vacant land
$700,000	mid 2005	100%	Vacant land
				100% MWRDP (Mirvac Limited
				20% Equity Interest)
$600,000 – $642,000	mid 2008 – mid 2012	0%	Detached spec houses and contract homes
$650,000	mid 2007 – mid 2009	33%	Detached spec houses and contract homes
				50% Mirvac Limited
				50% Lewis Land Group of Companies
$1.2m	mid 2003 – end 2005	100%	Apartments and marina berths
$2.1m – $2.9m	mid 2004 – end 2007	100%	Apartments, villas and marina berths
$720,000 – $4.6m	mid 2005 – mid 2007	100%	Apartments, houses and marina berths
$1.4m – $1.7m	mid 2008 – end 2008	100%	Vacant housing lots
$745,000 – $3.4m	early 2007 – early 2008	100%	Apartments and marina berths

88 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

QUEENSLAND

PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS RELEASED EXCHANGED SETTLED	SETTLEMENT DATE FROM	1 TO
THE SANCTUARY ON MOGGILL Sep 04 Moggill $128m 358 117 106 105
Stage 1A $28m 64 61 53 52	Mar 07	Jan 10
Stage 1B $13m 56 56 53 53	Nov 07	Nov 08
Stage 2A $20m 49 0 0 0	Feb 10	Jan 11
Stage 2B $23m 63 0 0 0	Feb 11	Apr 12
Stage 3 $26m 68 0 0 0	May12	Sep13
Stage 4 $18m 58 0 0 0	Aug08	Mar 10
NEWSTEAD RIVER PARK Apr 08 Newstead $704m 532 1 1 1
Lake Precinct $164m 98 0 0 0	Nov 13	Feb 14
Park Precinct $241m 190 0 0 0	Oct 11	Feb 13
Pier Precinct $36m 1 1 1 1	Apr 08
Shore Precinct $118m 98 0 0 0	Nov 12	Feb 13
Waterloo Precinct – Stage 1 $77m 80 0 0 0	Jul 14	Feb 15
Waterloo Precinct – Stage 2 $68m 65 0 0 0	May 12	Feb 13
NEWSTEAD RIVER PARK MWRDP Jun 083 Newstead $350m 99 99 31 0	Aug10	Jul 11
TENNYSON RIVERSIDE DEVELOPMENT Aug 05 Tennyson $607m 393 207 136 0
Softstone & Lushington $191m 115 115 115 0	May 09	Aug09
Farringford $130m 92 92 21 0	Sep 09	Jun 10
Aldworth4 $132m 82 0 0 0	Oct 10	Mar 11
Parsons $100m 67 0 0 0	Jun 11	Nov 11
Somersby $54m 37 0 0 0	Jul 11	Nov 11
BROOKWATER May 06 Springf eld $131m 202 0 0 0
Stage 1 $13m 23 0 0 0	Apr 09	Jun 11
Stage 2 $18m 34 0 0 0	Oct 08	Jun 11
Stage 3 $14m 23 0 0 0	Jul 10	Aug11
Stage 4 $15m 27 0 0 0	Jan 11	Dec 11
Stage 5 $12m 24 0 0 0	Aug11	Jan 12
Stage 6 $24m 29 0 0 0	May09	Jun 11
Stage 7 $35m 42 0 0 0	May10	Dec 11

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

2 CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

3 TRANSACTION DATE.

4 FORMERLY KNOWN AS PAMPHLETT.

DEVELOPMENT 89

CURRENT PRICE RANGE	PROJECT PERIOD CONSTRUCTION	PROJECT PERIOD CONSTRUCTION
FROM/TO	(CALENDER YEAR)	PROGRESS2	DESCRIPTION	OWNERSHIP STRUCTURE
			Detached spec houses, contract homes and vacant land	100% Mirvac Limited
$190,000 – $540,000	mid 2003 – early 2010	100%
$220,000 – $260,000	early2003 – end 2008	100%
$220,000 – $250,000	early2003 – early2011	16%
$250,000 – $270,000	early2003 – mid 2012	13%
$240,000 – $300,000	early2003 – end 2013	13%
$220,000 – $545,000	early2003 – early2010	15%
			Apartments	100% Mirvac Limited
$1.7m – $1.7m	early2001 – early2014	0%
$878,000 – $1.6m	early2001 – early2013	0%
$36.0m	mid 2001 – mid 2008	100%
$1.0m – $1.6m	mid 2001 – early2013	0%
$930,000 – $1.0m	mid 2001 – early 2015	0%
$960,000	mid 2001 – early 2013	0%
				100% MWRDP (Mirvac Limited
$1.9m – $14.5m	end 2007 – mid 2011	21%	Apartments	20% EquityInterest)
			Apartments and State Tennis Centre	100% Mirvac Limited
$943,000 – $4.9m	end 2005 – mid 2009	52%	Apartment tower
$828,000 – $5.2m	end 2005 – end 2010	32%	Apartment tower
$850,000 – $4.5m	end 2005 – mid 2011	0%	Apartment tower
$1.1m – $3.4m	end 2005 – end 2011	0%	Apartment tower
$975,000 – $3.2m	early 2005 – end 2011	0%	Apartments
				100% Mirvac Limited
$455,000 – $700,00	end 2007 – mid 2011	10%	Townhouses
$455,000 – $650,000	end 2008 – mid 2011	0%	Townhouses
$550,000 – $700,000	mid 2009 – mid 2011	0%	Townhouses
$455,000 – $690,000	mid 2009 – end 2011	0%	Townhouses
$455,000 – $590,000	mid 2010 – early2012	0%	Townhouses
$695,000 – $890,000	early2008 – mid 2011	0%	Houses
$695,000 – $890,000	early2008 – end 2011	0%	Houses

90 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

QUEENSLAND

PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS RELEASED EXCHANGED SETTLED SETTLEMENT DATE FROM	1 TO
MARINER’S PENINSULA Jun 06 Townsville $150m 102 5 1 1
Lot 100 $8m 1 1 1 1 Jun 07
Lot 103 $97m 83 0 0 0 Dec 10	Sep11
Lot 104 $35m 14 0 0 0 Oct 10	Feb 11
Lot 106 Houses $10m 4 4 0 0 Apr 09	Jun 09
MARINER’S PENINSULA MWRDP Jun 073 Townsville $89m 101 101 96 0 Jun 07	Jun 09
GAINSBOROUGH GREENS Oct 06 Pimpama $1.3bn 2,264 0 0 0 Aug 09	Oct 16
HOPE ISLAND Jan 07 Hope Island $97m 133 24 21 22
Harbour Village $57m 60 – – – Jan 09	May10
Entitlements $2m 43 – – – Dec 08	Jan 09
Golf Maintenance $8m 1 1 1 1 Dec 07
Magnolia New $2m 1 1 1 1 Jun 07
Neighbourhood 7 South $5m 6 – – – Jan 09	Apr 09
Remaining Stock $11m 20 20 18 18 Mar 07	Aug08
Site Maintenance $10m 1 1 1 1 Jun 07
The Links $2m 1 1 1 1 Jun 07
HOPE ISLAND MWRDP Jun 073 Hope Island $32m 59 59 43 33
Magnolia New $3m 6 6 2 2 Jan 08	Jul 08
7th Fairway4 $15m 37 37 28 28 Jan 08	Jun 08
The Links $14m 16 16 13 3 Jun 08	Sep08

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

2 CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

3 TRANSACTION DATE.

4 FORMERLY KNOWN AS SITE MAINTENANCE.

DEVELOPMENT 91

CURRENT PRICE RANGE	PROJECT PERIOD CONSTRUCTION	PROJECT PERIOD CONSTRUCTION
FROM/TO	(CALENDER YEAR)	PROGRESS 2	DESCRIPTION	OWNERSHIP STRUCTURE
			Apartments and houses	100% Mirvac Limited
$8.4m	mid 2007	100%	Sale price to MWRDP
$400,000 – $2.5m	mid 2006 – end 2011	0%	Apartments
$1.2m	mid 2006 – early 2011	0%	Houses
$2.6m – $2.7m	mid 2006 – mid 2009	22%	Houses
				100% MWRDP (Mirvac Limited
$615,000 – $2.7m	mid 2006 – mid 2009	48%	Apartments	20% Equity Interest)
				50% Mirvac Limited
$330,000 – $1.1m	mid 2006 – end 2016	0%	Houses, townhouses and vacant land	50% City Pacif c Pty Ltd
			Houses, townhouses and vacant land	100% Mirvac Limited
$380,000 – $1.3m	early 2007 – mid 2010	0%
$50,000 – $50,000	early 2007 – early 2009	100%
$7.5m – $7.5m	early 2007 – end 2007	100%
$1.7m – $1.7m	early 2007 – mid 2007	100%
$900,000 – $900,000	early 2007 – mid 2009	100%
$570,000 – $830,000	early 2007 – mid 2008	100%
$8.6m – $8.6m	early 2007 – mid 2007	100%
$1.8m – $1.8m	early 2007 – mid 2007	100%
				100% MWRDP (Mirvac Limited
		100%	Townhouses and vacant land	20% Equity Interest)
$510,000	mid 07 – mid 08	100%
$275,000 – $470,000	mid 07 – mid 08	100%
$853,000 – $880,000	mid 07 – mid 08	100%

92 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

YARRA’S EDGE DOCKLANDS, VIC

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	■HOUSES / LAND 59.4% ■APARTMENTS 40.6% ■HOUSES / LAND 91.0% ■APARTMENTS 9.0%

1 REPRESENTS MIRVAC’S SHARE OF DEVELOPMENT REVENUE, EXCLUDING REVENUE ASSOCIATED WITH LOTS NOT HELD ON BALANCE SHEET.

DEVELOPMENT 93

VICTORIA

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94 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

VICTORIA

PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS RELEASED EXCHANGED SETTLED SETTLEMENT DATE FROM	1 TO
WAVERLEY PARK Dec 01 Mulgrave $662m 1,249 674 651 578
Stage 1 $68m 135 135 135 135 Nov 03	Mar 07
Stage 2 $60m 134 134 134 134 Oct 04	Mar 07
Stage 3 $28m 60 60 60 60 Nov 05	Sep07
Stage 4 $44m 141 139 139 139 Jan 06	May08
Stage 5 $76m 118 13 0 0 Jul 09	Apr 10
Stage 7 $58m 128 54 54 36 Nov 07	Apr 11
Stage 11 $90m 157 139 129 74 Sep 06	Jun 09
Future stages $237m 376 0 0 0 Dec 09	Oct 14
ABINGDON Dec 02 Canterbury $57m 64 64 64 64 Dec 05	Feb 08
LORNE CHALET Mar 03 Lorne $35m 42 42 36 36 Oct 06	Aug09
YARRA’S EDGE Various Docklands $1.6bn 1,890 954 886 841
Completed stages Nov 99 $371m 569 569 569 569 Aug 02	Feb 08
T5 Mar 02 $198m 191 191 191 191 Apr 05	Jun 08
Marina N/A $21m 149 149 87 81 Jan 05	Apr 12
Park Precinct Sep 08 $550m 490 0 0 0 Dec 11	Nov 15
River Precinct Lowrise N/A $194m 82 45 39 0 Dec 09	Sep11
River Precinct Highrise Aug 143 $328m 409 0 0 0 Jun 16	Jun 20
THE COAST @ THE SANDSN/A Torquay $44m 126 126 106 104 Mar 05	Jun 09
BRIDGE INN ROAD Feb 07 Doreen $35m 1 1 1 0 Aug 08	Dec 09
WATERWAYS BRAESIDE MWRDP Apr 064 Braeside $72m 145 40 26 0 Sep 08	Jan 11
ROCKBANK Nov 06 Rockbank $966m 6,500 0 0 0 Jul 12	Apr 32
PICKLES STREET Jul 07 Port Melb $84m 43 0 0 0 Jul 10	Dec 10
STUD ROAD AUSTRAL BRICKS MWRDP Feb 084 Scoresby $747m 960 0 0 0 Jun 10	May17

2 CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

3 OPTION TO PURCHASE.

4 TRANSACTION DATE.

DEVELOPMENT 95

CURRENT PRICE RANGE	PROJECT PERIOD CONSTRUCTION	PROJECT PERIOD CONSTRUCTION
FROM/TO	(CALENDER YEAR)	PROGRESS2	DESCRIPTION	OWNERSHIP STRUCTURE
				100% Mirvac Limited
$400,000 – $625,000	mid 2002 – early 2007	100%	Housing
$350,000 – $620,000	mid 2003 – mid 2007	100%	Housing
$350,000 – $600,000	end 2005 – mid 2007	100%	Housing
$245,000 – $575,000	mid 2004 – early 2008	100%	Housing and land
$515,000 – $875,000	mid 2008 – mid 2010	5%	Housing
$370,000 – $720,000	mid 2006 – mid 2011	30%	Housing
$385,000 – $885,000	mid 2005 – mid 2009	50%	Housing
$485,000 – $825,000	mid 2009 – late 2014	0%	Housing and apartments
$520,000 – $1.7m	early 2003 – early 2008	100%	Luxury apartments for empty nesters	100% Mirvac Limited
$400,000 – $1.5m	mid 2003 – mid 2009	100%	Apartments in coastal holiday town	100% Mirvac Limited
				100% Mirvac Limited
$300,000 – $1.6m	end 1999 – mid 2008	100%	Luxury high rise apartment tower
$475,000 – $3.5m	early 2002 – mid 2008	100%	Luxury high rise apartments
$120,000 – $225,000	mid 2004 – mid 2012	100%	Marina berths for boats
$550,000 – $6.0m	mid 2008 – end 2015	0%	Luxury high rise apartment towers
$900,000 – $5.3m	early 2007 – end 2011	15%	Luxury housing and terrace development
$600,000 – $4.0m	mid 2013 – mid 2020	0%	Luxury high rise apartment towers
				PDA with Goldenwood Pty
$350,000 – $560,000	early 2004 – mid 2009	100%	Golf course estate in Torquay	Limited/Handbury
$35m	end 2005 – late 2009	N/A	Housing subdivisional land – sold as one lot	100% Mirvac Limited
				100% MWRDP (Mirvac
$405,000 – $610,000	mid 2006 – mid 2011	22%	Housing project	Limited 20% equity interest)
				50% Mirvac Limited
$100,000 – $200,000	end 2006 – mid 2032	0%	Greenf elds subdivisional site in outer west growth corridor	50% Jayaland Corporation
$1.3m – $2.0m	mid 2008 – end 2010	0%	Inner city townhouse development	100% Mirvac Limited
				100% MWRDP (Mirvac
$485,000 – $855,000	end 2007 – end 2017	0%	Housing project	Limited 20% equity interest)

96 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

THE PENINSULA, BURSWOOD, WA

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■ HOUSES / LAND 33.3% ■ HOUSES / LAND 84.6%
■ APARTMENTS 66.7% ■ APARTMENTS 15.4%
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1 REPRESENTS MIRVAC’S SHARE OF DEVELOPMENT REVENUE, EXCLUDING REVENUE ASSOCIATED WITH LOTS NOT HELD ON BALANCE SHEET.

DEVELOPMENT 97

WESTERN AUSTRALIA

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98 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

WESTERN AUSTRALIA

PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS RELEASED EXCHANGED SETTLED	SETTLEMENT DATE FROM	1 TO
QUAY WEST RESORT BUNKER BAY Nov 01 Margaret River $61m 153 153 153 153	Jun 04	Feb 08
MINDARIE KEYS Jan 96 Mindarie $302m 1,541 1,540 1,522 1,522
Mindarie Land Estate $167m 1,302 1,302 1,302 1,302	Jun 03	Dec 08
Stage 1 $12m 43 43 43 43	Aug 03	Dec 03
Stage 2 $16m 58 58 58 58	Mar 04	Jun 05
Stage 3 $2m 6 6 6 6	Sep 05	Oct 05
Stage 4 $9m 27 27 27 27	Feb 05	Sep05
Stage 5A $51m 60 59 59 59	Jun 06	Aug08
Stage 5B (i) $16m 23 23 19 19	Dec 06	Jun 09
Stage 5B (ii) $29m 22 22 8 8	Jun 08	Mar 09
THE PENINSULA AUSTRALIANSUPER MANDATE Feb 03 Burswood $883m 654 327 322 140
Allegro – Tower 1 $1m 2 0 0 0	Dec 08	Jul 09
Axis – Tower 2 $27m 29 28 28 28	May 07	Mar 11
Aqua – Tower 3 $83m 89 89 86 77	Jun 08	Nov 08
Aurora – Tower 4 $162m 133 93 93 0	Feb 10	Jul 10
Tower 5 $85m 64 45 43 0	Jun 10	Nov 10
The Fairway Stage 1 (Lot 23) $45m 26 26 26 25	May 08	Aug08
The Fairway Stage 2 (Lot 24) $49m 29 29 29 0	Oct 08	Dec 08
Lot 4 $1m 1 1 1 1	May 07
Lot 8B $8m 8 8 8 8	Jul 08	Aug08
Lot 8C $6m 6 0 0 0	Jun 10	Aug10
Lot 14 $11m 7 7 7 0	Aug 08	Sep08
Lot 15 $8m 8 0 0 0	Jul 10	Sep10
Lot 18 $8m 7 0 0 0	Jul 09	Sep09
Lots 9 + 25 $13m 1 1 1 1	Jun 07
Lot 16 $13m 9 0 0 0	Jan 11	Mar 11
Lot 17 $14m 10 0 0 0	Sep 10	Dec 10
Lot 21 $72m 37 0 0 0	Sep 10	Dec 10
Lot 22 $70m 35 0 0 0	Feb 11	Apr 11
Lot 3 $8m 7 0 0 0	Feb 13	Apr 13
Tower 6 (Lot 10) $127m 92 0 0 0	May 11	Oct 11
Tower 7 (Lot 1) $73m 54 0 0 0	Jan 12	Jun 12

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

2 CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

DEVELOPMENT 99

	CURRENT PRICE RANGE FROM/TO PROJECT PERIOD CONSTRUCTION (CALENDER YEAR) PROGRESS 2 DESCRIPTION	OWNERSHIP STRUCTURE
	$280,000 – $825,000 mid 2002 – early2008 100% Hotel at Bunker Bay near Dunsborough	PDA with Bunker Bay Developments Pty Ltd
	0% Land subdivision north of Perth	15% Joint Venture Various
	$1.0m – $2.7m mid 1996 – early 2009
	$210,000 – $795,000 end 2002 – end 2003
	$185,000 – $550,000 mid 2003 – mid 2005
	$240,000 – $280,000 mid 2005 – end 2005
	$240,000 – $800,000 mid 2004 – end 2005
	$305,000 – $12.5m mid 2005 – end 2008
	$553,000 – $880,000 end 2006 – end 2008
	$1.0m – $1.8m mid 2007 – mid 2009
	$385,000 – $2.7m	50% Mirvac Limited 50% AustralianSuper Fund
	$450,000 – $750,000 early 2003 – mid 2009 100% Commercial units
	$615,000 – $2.3m end 2004 – mid 2011 100% Highrise residential lots
	$530,000 – $3.5m mid 2005 – end 2008 97% Highrise residential lots
	$850,000 – $3.5m mid 2006 – mid 2010 28% Highrise residential lots
	$750,000 – $3.3m early 2007 – mid 2010 4% Highrise residential lots
	$1.2m – $2.5m end 2006 – mid 2008 98% Midrise luxury lots
	$1.1m – $2.7m early 2007 – end 2008 77% Midrise luxury lots
	$950,000 mid 2007 100% Housing lots
	$690,000 – $1.1m early 2005 – mid 2008 100% Housing lots
	$875,000 – $1.0m mid 2009 – mid 2010 0% Luxury housing
	$1.4m – $1.6m end 2006 – end 2008 96% Luxury housing
	$900,000 – $1.0m early 2009 – end 2010 0% Housing lots
	$1.0m – $1.3m early 2007 – mid 2009 7% Luxury housing
	$13.0m mid 2007 0% Mixed use lots
	$1.3m – $1.5m mid 2009 – mid 2011 0% Luxury housing
	$1.3m – $1.5m early 2009 – end 2010 0% Luxury housing
	$1.5m – $2.8m end 2008 – mid 2011 0% Midrise luxury lots
	$1.5m – $2.8m mid 2008 – end 2011 0% Midrise luxury lots
	$1.1m – $1.3m mid 2011 – mid 2013 0% Housing lots
	$725,000 – $3.6m mid 2008 – end 2011 0% Highrise residential lots
	$665,000 – $3.6m early 2010 – mid 2012 0% Highrise residential lots

100 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

WESTERN AUSTRALIA

PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS RELEASED EXCHANGED	SETTLED SETTLEMENT DATE FROM	1 TO
MANDURAH SYNDICATES MWRDP Mandurah $515m 1,100 45 9	6
Bridgewater MWRDP Jun 073 $83m 317 20 9	6 Jun 08	Mar 10
Meadow Springs MWRDP Syndicate Jun 073 $123m 488 6 0	0 Dec 08	Sep12
Seascapes Town Centre MWRDP Syndicate Jun 083 $310m 295 19 0	0 Sep 08	Jun 12
MANDURAH SYNDICATES MIRVAC FUNDS MANAGEMENT Mandurah $272m 1,162 579 542	477
Mirvac Development Fund – Seascapes Dec 05 $139m 530 282 264	260 Mar 06	Jun 11
Mirvac Development Fund – Meadow Springs Jun 06 $133m 632 297 278	217 Dec 06	Aug10
MEADOW SPRINGS HOUSING Aug 03 Mandurah $105m 186 155 135	112
Bellavista $21m 84 84 80	80 May 07	Sep08
Eden Springs (Builtform – Lot 575) $530,000 1 1 0	0 Aug 09
Eden Springs $14m 18 18 18	18 May 06	Jun 08
Portrush Green $34m 70 40 25	3 May 08	Aug09
Portrush Green (Land) $2m 11 11 11	11 Mar 07	Aug07
R60 Site (House and Land) $16m 1 0 0	0 Jun 08	Jun 10
Northern Golf Course Island (Land, Builtform, Retirement Village) $17m 1 1 1	0 Jun 08
KENNEDY BAY Port Kennedy $513m 659 0 0	0
Long Beach Estate Jun 02 $7m 21 0 0	0 Sep 09	Feb 10
Future Stages (Excl. Long Beach Estate) Jul 02 $506m 638 0 0	0 Sep 09	Apr 15
THE POINT Dec 05 Mandurah $235m 153 148 103	0
Building A $63m 28 23 3	0 Apr 09	Oct 09
Building B $101m 78 78 68	0 Oct 08	Oct 09
Building C $71m 47 47 32	0 Oct 08	Oct 09

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE.

2 CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION. 3 TRANSACTION DATE.

DEVELOPMENT 101

CURRENT PRICE RANGE	PROJECT PERIOD CONSTRUCTION	PROJECT PERIOD CONSTRUCTION
FROM/TO	(CALENDER YEAR)	PROGRESS 2	DESCRIPTION	OWNERSHIP STRUCTURE
				100% MWRDP (Mirvac
$179,000 – $1.9m				Limited 20% Equity Interest)
$200,000 – $250,000	early 2007 – mid 2010	20%	Land lots
$179,000 – $215,000	mid 2007 – mid 2012	12%	Land lots
			Coastal village featuring apartments, houses, retail,
$350,000 – $1.9m	mid 2008 – mid 2012	0%	restaurants & café
$195,000 – $330,000
				100% Mirvac Development
$290,000 – $330,000	early2005 – mid 2011	54%	Land lots	Fund – Seascapes
				100% Mirvac Development
$195,000 – 230,000	mid 2006 – mid 2010	48%	Land lots	Fund – Meadow Springs
			Architecturally designed homes located within
			Meadow Springs Land Estate	100% Mirvac Limited
$425,000 – $610,000	mid 2004 – mid 2009	99%	Construction contract
$530,000	mid 2007 – end 2009	4%	Land and house lot
$410,000 – $580,000	mid 2003 – mid 2008	100%	Land and house lots
$380,000 – $645,000	mid 2003 – mid 2009	59%	Construction of Housing
$197,000 – $213,000	mid 2003 – mid 2007	0%	Land and Builtform Project
$380,000 – $640,000	mid 2006 – mid 2011	18%	Land
$17.2m	mid 2008	0%	Land subdivision in Mandurah
			Coastal village featuring houses, mixed use and
			short stay apartments	PDA with WABGR
$630,000 – $1.4m	mid 2005 – early 2010	81%	Land development and residential
$800,000 – $1.6m	mid 2005 – early 2015	0%	Land development and residential
			Two apartment towers and a hotel.
			Majority of apartments will have ocean, marina and/or estuary views	100% Mirvac Limited
$950,000 – $4.3m	end 2005 – end 2009	38%	Hotel and apartments
$695,000 – $4.0m	end 2005 – end 2009	91%	Residential tower
$695,000 – $4.0m	end 2005 – end 2009	85%	Residential tower

102 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

WESTERN AUSTRALIA

PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INCL. GST) TOTAL LOTS RELEASED EXCHANGED	SETTLED SETTLEMENT DATE FROM	1 TO
SWANBOURNE Jun 05 Swanbourne $215m 125 51 46	46
Stage 1 $53m 51 51 46	46 Nov 07	Apr 09
Stage 2 $20m 8 0 0	0 Mar 10	Dec 10
Stage 3 $13m 7 0 0	0 Mar 10	Dec 10
Stage 4 $15m 7 0 0	0 Mar 10	Dec 10
Stage 5 $114m 52 0 0	0 Jun 10	Oct 10
BINNINGUP Jan 08 Binningup $550m 2,000 0 0	0 Jul 10	Feb 25
HOLLYWOOD May 05 Nedlands $63m 74 74 74	72
Residential Homesites $38m 57 57 57	57 May 06	Aug06
Executive Terraced Homes $25m 17 17 17	15 Feb 08	Aug08
PRESTON BEACH May 06 Preston Beach $633m 3,000 0 0	0 Jan 11	Dec 29
BEACHSIDE LEIGHTON Aug 06 Leighton $537m 154 60 60	0
Stage 1 $219m 68 60 60	0 Sep 10	Dec 10
Stage 2 $264m 84 0 0	0 Sep 11	Dec 11
Stage 3 $54m 2 0 0	0 Sep 11	Jul 12
DIANELLA Dec 06 Dianella $40m 81 0 0	0 Mar 10	Jun 10
JANE BROOK Jul 06 Jane Brook $64m 177 0 0	0 Jul 09	Nov 10
WATERLINE BRIDGEWATER NORTH Aug 03 Mandurah $517m 392 0 0	0 Jun 09	Mar 13
LENNOX LAND Jun 06 Coolbellup $15m 36 35 23	23 Feb 08	Dec 08

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE. 2 CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

DEVELOPMENT 103

CURRENT PRICE RANGE	PROJECT PERIOD CONSTRUCTION	PROJECT PERIOD CONSTRUCTION
FROM/TO	(CALENDER YEAR)	PROGRESS 2	DESCRIPTION	OWNERSHIP STRUCTURE
			Land subdivision along with houses and apartments.	50% Mirvac Limited
			JV with WA State Government land developer.	50% Landcorp
$840,000 – $2.0m	mid 2005 – mid 2009	100%
$2.5m	early 2008 – end 2010	4%
$1.8m – $2.0m	early 2008 – end 2010	5%
$1.9m – $2.5m	early 2008 – end 2010	5%
$1.5m –$3.1m	early 2008 – end 2010	4%
			Land subdivision south west portion of WA,
$180,000 – $700,000	mid 2007 – mid 2025	0%	north of Bussleton	PDA with Binningup Nominees
			Land subdivision in joint venture with
			WA State Government land developer.	PDA with Landcorp
$540,000 – $900,000	mid 2005 – mid 2006	100%
$1.3m – $1.7m	mid 2005 – mid 2008	100%
$200,000 – $300,000	mid 2006 – end 2029	0%	Land estates approx 90min south of Perth	PDA with MAP Nominees
			Coastal village featuring apartments,
			houses, hotel and restaurants	100% Mirvac Limited
$1.4m – $9.0m	mid 2007 – end 2010	2%	Apartments and commercial
$1.6m – $9.1m	mid 2007 – end 2011	1%	Apartments
$12.9m – $41.0m	end 2008 – mid 2012	0%	Hotel and commercial
$420,000 – $575,000	end 2006 – mid 2010	0%	Land to be redeveloped into homesites	100% Mirvac Limited
$240,000 – $650,000	mid 2006 – end 2010	0%	65ha land subdivision approx. 20kms north-east of Perth	100% Mirvac Limited
			Houses and apartments located within
$450,000 – $3.0m	mid 2006 – early 2013	0%	Bridgewater land estate	100% Mirvac Limited
$395,000 – $443,000	mid 2006 – end 2008	98%	Land subdivision works for Ministry of Housing	PDA with Ministry of Housing

104 MIRVAC GROUP PROPERTY COMPENDIUM

RESIDENTIAL DEVELOPMENT

SOUTH AUSTRALIA

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PROJECT ACQUISITION VALUE TOTAL SETTLEMENT DATE[1] PROPERTY DATE LOCATION (INCL. GST) LOTS RELEASED EXCHANGED SETTLED FROM TO VICTOR HARBOUR Apr 05 Victor Harbour $79m 599 0 0 0 Jul 09 May 16

1 SETTLEMENT DATES MAY VARY AS CIRCUMSTANCES CHANGE. 2 CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

DEVELOPMENT 105

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CURRENT PRICE RANGE PROJECT PERIOD CONSTRUCTION
FROM/TO (CALENDER YEAR) PROGRESS [2] DESCRIPTION OWNERSHIP STRUCTURE
$130,000 – $150,000 2005 – 2013 0% Residential subdivision in coastal town 100% Mirvac Limited
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106 MIRVAC GROUP PROPERTY COMPENDIUM

$3.0 BILLION

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NON-RESIDENTIAL DEVELOPMENT

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COMMERCIAL > $1.7 BILLION RETAIL > $0.4 BILLION INDUSTRIAL > $0.9 BILLION

NEXUS INDUSTRY PARK, PRESTONS, NSW

108 MIRVAC GROUP PROPERTY COMPENDIUM

NON-RESIDENTIAL DEVELOPMENT

MPT PORTFOLIO

		DEVELOPMENT		EXPECTED
PROPERTY	LOCATION	COST	SECTOR	COMPLETION	OWNERSHIP
8-12 Chif ey Square	NSW	$348.0m	Commercial	Feb 11	50% MPT, 50% AustralianSuper
Network at Eastern Creek	NSW	$43.8m	Industrial	May 10	50% MPT, 50% MREIT
Nexus Industry Park – Stage 5	NSW	$16.9m	Industrial	Jul 08	100% MPT
Manning Mall	NSW	$51.0m	Retail	Sep 09	100% MPT
Moonee Ponds	VIC	$96.4m	Retail	Mar 09	100% MPT

MIRVAC LIMITED PORTFOLIO

PROPERTY LOCATION	FORECAST VALUE ON COMPLETION1	SECTOR EXPECTED COMPLETION OWNERSHIP
Rhodes Off ce Tower NSW	$118.0m	Commercial Jun 08 100% Mirvac Limited
Sydney Water NSW	$45.4m	Commercial May 09 100% Mirvac Limited
Section 63, Civic ACT	$754.5m	Commercial Aug16 50% Leighton Properties 50% Mirvac Limited
Hayles Wharf QLD	$210.7m	Commercial Sep 11 20% Asolo Investments Pty Ltd 80% Mirvac Limited
Education City Stage 1A QLD	$95.6m	Commercial Completed 50% Springf eld Land Corp 50% Mirvac Limited
664 Collins Street VIC	$319.4m	Commercial Jun 11 50% Mirvac Limited 50% AustralianSuper
Burwood Road VIC	$120.5m	Commercial Dec 11 100% Mirvac Limited
Wesley WA	$126.7m	Commercial/Retail Dec 08 Redevelopment on behalf of UCA
Bankstown Airport NSW	$287.6m	Industrial Dec 09 33% Leighton Properties 33% Westscheme 33% Mirvac Limited
Hoxton Park Airport NSW	$217.8m	Industrial Dec 09 50% Leighton Properties 50% Mirvac Limited
Greenacre Industrial NSW	$71.9m	Industrial Sep 08 100% Mirvac Limited
Denison Road, Hillsdale NSW	$64.6m	Industrial Dec 11 100% Mirvac Limited
South Pine Road, Brendale QLD	$51.3m	Industrial Apr 09 100% Mirvac Limited
Boundary Road, Mackay QLD	$156.0m	Industrial Oct 12 100% Mirvac Limited
600 Lorimer Street VIC	$113.0m	Industrial May 11 100% Mirvac Limited
Ormeau Shopping Centre – Stage 1 QLD	–	Retail – 100% Mirvac Limited
Nambour Shopping Centre QLD	–	Retail – 100% Mirvac Limited

1 REPRESENTS 100% SHARE.

DEVELOPMENT 109

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101 MILLER STREET, NORTH SYDNEY, NSW

110 MIRVAC GROUP PROPERTY COMPENDIUM

NON-RESIDENTIAL DEVELOPMENT

MPT PORTFOLIO

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8-12 CHIFLEY SQUARE, SYDNEY, NSW

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NETWORK AT EASTERN CREEK OLD WALLGROVE EASTERN CREEK, NSW

DESCRIPTION

Located on a strategic site in the heart of the fi nancial core, adjacent to the city’s premium towers. The new building will provide boutique premium space with a commitment to Environmentally Sustainable Development.

DESCRIPTION

Strategically located 6 hectare industrial site in close proximity to the new M7 Westlink.

The site will accommodate approximately 30,000sqm of high quality industrial development.

OWNERSHIP

50% MPT, 50% AUSTRALIANSUPER

OWNERSHIP

50% MPT, 50% MREIT

COST/REVENUE SUMMARY	TOTAL(100%)
LAND(INCL. COSTS)	$64.4m
EST. DEVELOPMENT,
CONSTRUCTION & FINANCE COSTS	$283.6m
TOTAL DEVELOPMENT COSTS	$348.0m
FORECAST NET INCOME
ON COMPLETION	$22.4m1
CAPITALISATION RATE	6.00%
FORECAST VALUE ON COMPLETION	$387.0m

	COST/REVENUE SUMMARY	TOTAL(100%)
	LAND(INCL. COSTS)	$11.6m
	EST. DEVELOPMENT,
	CONSTRUCTION & FINANCE COSTS	$32.2m
	TOTAL DEVELOPMENT COSTS	$43.8m
	FORECAST NET INCOME ON COMPLETION	$3.0m1
	CAPITALISATION RATE	7.00%
	FORECAST VALUE ON COMPLETION	$44.0m
	PROJECT TIMING
	LAND ACQUISITION	Dec 02
	COMMENCEMENT DATE	Dec 06
	CONSTRUCTION PERIOD	24 months
	FORECAST COMPLETION	May10

PROJECT TIMING

PROJECT TIMING
LAND ACQUISITION	Apr 06
COMMENCEMENT DATE	Aug08
CONSTRUCTION PERIOD	34 months
FORECAST COMPLETION	Aug11

PROJECT UPDATE

This stage 2 development application was lodged in March 2008 with determination anticipated late 2008.

PROJECT UPDATE

Servicing to the site is now completed and masterplanning concepts are being fi nalised.

0% 50% 100% 0% 50% 100% ESTIMATED CONSTRUCTION PROGRESS 0% AT 30 JUNE 2008 ESTIMATED CONSTRUCTION PROGRESS 4% AT 30 JUNE 2008

AT 30 JUNE 2008

1 NET OPERATING INCOME.

DEVELOPMENT 111

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NEXUS INDUSTRY PARK LYN PARADE PRESTONS, NSW

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MANNING MALL, TAREE, NSW

DESCRIPTION

Former Liverpool Showground site rezoned for general 4(a) Industrial. The site when fully developed will accommodate over 70,000sqm of Industrial assets.

DESCRIPTION

The reconfi guration of the existing Bi-Lo supermarket and Kmart to incorporate a new Coles supermarket Target and specialty stores.

Mirvac has completed three industrial facilities with a fourth currently underway.

OWNERSHIP

OWNERSHIP	OWNERSHIP
100% MPT COST/REVENUE SUMMARY CURRENT	100% MPT COST/REVENUE SUMMARY TOTAL
STAGE 5 – LAND(INCL. COSTS) $5.5m	LAND(INCL. COSTS) $32.7m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $11.4m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $18.3m
TOTAL DEVELOPMENT COSTS $16.9m	TOTAL DEVELOPMENT COSTS $51.0m
FORECAST NET INCOME ON COMPLETION $1.3m1	FORECAST NET INCOME ON COMPLETION $3.5m1
CAPITALISATION RATE 7.25%	CAPITALISATION RATE 6.75%
FORECAST VALUE ON COMPLETION $17.4m	FORECAST VALUE ON COMPLETION $51.9m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Aug04	LAND ACQUISITION Dec 06
COMMENCEMENT DATE Nov 07	COMMENCEMENT DATE Mar 08
FORECAST COMPLETION Jul 08	CONSTRUCTION PERIOD 18 months
	FORECAST COMPLETION Mar 09

PROJECT UPDATE

Construction of a 11,500sqm offi ce/warehouse facility nearing completion.

PROJECT UPDATE

Demolition is complete and construction of Stage 1 is well underway and due for completion in March 2009.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 95%

ESTIMATED CONSTRUCTION PROGRESS 25%

AT 30 JUNE 2008

112 MIRVAC GROUP PROPERTY COMPENDIUM

NON-RESIDENTIAL DEVELOPMENT

MPT PORTFOLIO

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MOONEE PONDS CENTRAL, MOONEE PONDS, VIC

DESCRIPTION

The development of a key infi ll site and adjoining retail areas to deliver a new Kmart, 1st Choice liquor store and 47 specialty tenancies.

OWNERSHIP

100% MPT

COST/REVENUE SUMMARY	TOTAL
LAND(INCL. COSTS)	$35.0m
EST. DEVELOPMENT,
CONSTRUCTION & FINANCE COSTS	$61.4m
TOTAL DEVELOPMENT COSTS	$96.4m
FORECAST NET INCOME
ON COMPLETION	$6.4m1
CAPITALISATION RATE	6.50%
FORECAST VALUE ON COMPLETION	$48.2m

PROJECT TIMING

PROJECT TIMING
LAND ACQUISITION	Jan 07
COMMENCEMENT DATE	Mar 07
CONSTRUCTION PERIOD	24 months
FORECAST COMPLETION	Mar 09

PROJECT UPDATE

Construction works on programme, leasing campaign in progress.

0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 75%

AT 30 JUNE 2008

1 NET OPERATING INCOME.

DEVELOPMENT 113

MIRVAC LIMITED PORTFOLIO

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RHODES OFFICE TOWER 5 RIDER BOULEVARD, RHODES, NSW

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SYDNEY WATER, SURRY HILLS, NSW

DESCRIPTION

All 4 green star offi ce accommodation over 9 levels and 4.5 ABGR rating.

DESCRIPTION

Mixed use development located in Sydney CBD fringe. Comprises of approximately 2,500sqm of offi ce space and 2,200sqm retail.

OWNERSHIP

100% MIRVAC LIMITED 100% MIRVAC LIMITED

COST/REVENUE SUMMARY TOTAL	COST/REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) $35.5m	LAND(INCL. COSTS) $19.2m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $79.9m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $18.1m
TOTAL DEVELOPMENT COSTS $115.4m	TOTAL DEVELOPMENT COSTS $37.3m
FORECAST NET INCOME ON COMPLETION $2.6m1	FORECAST NET INCOME ON COMPLETION $8.1m1
CAPITALISATION RATE 7.00%	CAPITALISATION RATE 7.00%
FORECAST VALUE ON COMPLETION $118.0m	FORECAST VALUE ON COMPLETION $45.4m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Jan 07	LAND ACQUISITION Jan 08
COMMENCEMENT DATE Jan 07	COMMENCEMENT DATE Jan 08
CONSTRUCTION PERIOD 16 months	CONSTRUCTION PERIOD 10 months
FORECAST COMPLETION Jun 08	FORECAST COMPLETION May09

PROJECT UPDATE

Tenant's fi tout is underway and occupation certifi cate received.

PROJECT UPDATE

Demolition works nearing completion with main building works now commenced.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 100%

ESTIMATED CONSTRUCTION PROGRESS 4%

AT 30 JUNE 2008

114 MIRVAC GROUP PROPERTY COMPENDIUM

NON-RESIDENTIAL DEVELOPMENT

MIRVAC LIMITED PORTFOLIO

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SECTION 63, CIVIC, CANBERRA, ACT

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HAYLES WHARF, QLD

DESCRIPTION

Mixed use development within Canberra city centre. The new buildings will total 128,000sqm space.

DESCRIPTION

Hayles Wharf is a mixed use development in Townsville, comprising 19,000sqm of commercial, 1,600sqm retail, 84 hotel rooms and 97 apartments.

OWNERSHIP

50% MIRVAC LIMITED, 50% LEIGHTON PROPERTIES

OWNERSHIP

80% MIRVAC LIMITED, 20% ASOLO INVESTMENTS PTY LTD

COST/REVENUE SUMMARY TOTAL	COST/REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) $98.5m	LAND(INCL. COSTS) $7.3m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $531.6m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $190.3m
TOTAL DEVELOPMENT COSTS $630.1m	TOTAL DEVELOPMENT COSTS $197.6m
FORECAST NET INCOME ON COMPLETION $124.4m2	FORECAST NET INCOME ON COMPLETION $13.1m2
CAPITALISATION RATE –	CAPITALISATION RATE –
FORECAST VALUE ON COMPLETION $754.5m	FORECAST VALUE ON COMPLETION $210.7m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Jan 08	LAND ACQUISITION Sep07
COMMENCEMENT DATE Jan 08	COMMENCEMENT DATE Sep07
CONSTRUCTION PERIOD 87 months	CONSTRUCTION PERIOD 22 months
FORECAST COMPLETION Aug16	FORECAST COMPLETION Sep11

PROJECT UPDATE

Staged commercial offi ce development in Canberra. CBD comprising 5 buildings. Masterplan lodged for approval, construction commencement subject to tenant lease precommitment.

PROJECT UPDATE

Development approval will be submitted September 2008.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 10%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 30 JUNE 2008

1 NET OPERATING INCOME. 2 NET DEVELOPMENT PROFIT. 3 DESIGN COMMENCEMENT.

DEVELOPMENT 115

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EDUCATION CITY – STAGE 1A SINNATHAMBY BOULEVARD, SPRINGFIELD, QLD

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664 COLLINS STREET, MELBOURNE, VIC

DESCRIPTION

Education City is an 18ha campus for multi-educational use. The campus includes University of Southern Queensland, TAFE, an English college, a vocational training college, an ABC Childcare centre, a retail centre and 110 student accommodation rooms. Stage 2 will include a primary, secondary school and additional commercial buildings.

DESCRIPTION

An A grade commercial building located in a prime CBD location adjacent to the Southern Cross Railway Station. The building to be developed in Joint Venture with AustralianSuper will have a 6 star energy rating and will comprise 47,000sqm of net lettable area over 11 levels.

OWNERSHIP

50% MIRVAC LIMITED, 50% SPRINGFIELD LAND CORPORATION LIMITED

OWNERSHIP

50% MIRVAC LIMITED, 50% AUSTRALIANSUPER

COST/REVENUE SUMMARY STAGE 1(100%)	COST/REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) $5.7m	LAND(INCL. COSTS) $30.0m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $73.2m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $247.7m
TOTAL DEVELOPMENT COSTS $78.9m	TOTAL DEVELOPMENT COSTS $277.7m
FORECAST NET INCOME ON COMPLETION $7.1m1	FORECAST NET INCOME ON COMPLETION $41.7m2
CAPITALISATION RATE 7.43%	CAPITALISATION RATE 6.25%
FORECAST VALUE ON COMPLETION $95.6m	FORECAST VALUE ON COMPLETION $319.4m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Mar 05	LAND ACQUISITION Nov 07
COMMENCEMENT DATE3 Apr 05	COMMENCEMENT DATE3 Nov 07
CONSTRUCTION PERIOD 18 months	CONSTRUCTION PERIOD 25 months
FORECAST COMPLETION Dec 06	FORECAST COMPLETION Jun 11

PROJECT UPDATE

Stage 1 is now complete. Stage 2 works in Design for further 8,500sqm.

PROJECT UPDATE

Finalising building contract.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 100%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 30 JUNE 2008

116 MIRVAC GROUP PROPERTY COMPENDIUM

NON-RESIDENTIAL DEVELOPMENT

MIRVAC LIMITED PORTFOLIO

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291 BURWOOD ROAD, HAWTHORN, VIC

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WESLEY, WA

DESCRIPTION

An A grade commercial building development with signifi cant ground fl oor show room. When completed the building will comprise 18,888sqm over 5 levels of large corporate campus style fl oor plates with a central atrium.

DESCRIPTION

A 6900sqm site located in the heart of the Perth CBD which will include the $107m redevelopment of the Wesley Arcade, QBE & Queens Buildings into retail and commercial space on behalf of the Uniting Church in Australia (UCA).

OWNERSHIP

100% MIRVAC LIMITED

OWNERSHIP

NIL

COST/REVENUE SUMMARY TOTAL	COST/REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) $20.0m	LAND(INCL. COSTS) $27.7m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $92.1m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $48.1m
TOTAL DEVELOPMENT COSTS $112.1m	TOTAL DEVELOPMENT COSTS $75.8m
FORECAST NET INCOME ON COMPLETION $8.4m1	FORECAST NET INCOME ON COMPLETION $8.8m3
CAPITALISATION RATE 6.75%	CAPITALISATION RATE 7.00%
FORECAST VALUE ON COMPLETION $120.5m	FORECAST VALUE ON COMPLETION $126.7m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Nov 07	LAND ACQUISITION N/A
COMMENCEMENT DATE2 Nov 07	COMMENCEMENT DATE Jul 072
CONSTRUCTION PERIOD 18 months	CONSTRUCTION PERIOD 17 months
FORECAST COMPLETION Dec 11	FORECAST COMPLETION Dec 08

PROJECT UPDATE

Awaiting planning permit.

PROJECT UPDATE

Construction is progressing.

0% 50% 100%	0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 0% AT 30 JUNE 2008	ESTIMATED CONSTRUCTION PROGRESS 40% AT 30 JUNE 2008

1 NET DEVELOPMENT PROFIT.

2 DESIGN COMMENCEMENT. 3 NET FEE REVENUE.

DEVELOPMENT 117

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BANKSTOWN AIRPORT CORNER MILPERRA ROAD AND HENRY LAWSON DRIVE, BANKSTOWN, NSW

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HOXTON PARK AIRPORT INTERSECTION OF M7 AND COWPASTURE ROAD, HOXTON PARK, NSW

DESCRIPTION

Development and sale of 104ha (gross) of land surplus to the aeronautical requirements of the Airport. Figures assume land subdivision and sell only.

DESCRIPTION

Development of 82ha (gross) made available by the closure of the Airport in Oct 2008.

OWNERSHIP

CONSORTIUM: 33.3% MIRVAC LIMITED, 33.3% LEIGHTON PROPERTIES, 33.3% WESTSCHEME.

CONSORTIUM: 50% MIRVAC LIMITED, 50% LEIGHTON PROPERTIES

33.3% WESTSCHEME.
COST/REVENUE SUMMARY	TOTAL(100%)
LAND(INCL. COSTS)	$98.0m
EST. DEVELOPMENT,
CONSTRUCTION & FINANCE COSTS	$141.6m
TOTAL DEVELOPMENT COSTS	$239.6m
FORECAST NET INCOME
ON COMPLETION	$48.0m1
CAPITALISATION RATE	–
FORECAST VALUE ON COMPLETION	$287.6m

	COST/REVENUE SUMMARY	TOTAL (100%)
	LAND(INCL. COSTS)	$38.0m
	EST. DEVELOPMENT,
	CONSTRUCTION & FINANCE COSTS	$120.3m
	TOTAL DEVELOPMENT COSTS	$159.0m
	FORECAST NET INCOME
	ON COMPLETION	$59.5m1
	CAPITALISATION RATE	–
	FORECAST VALUE ON COMPLETION	$217.8m
	PROJECT TIMING
	LAND ACQUISITION	Dec 03
	COMMENCEMENT DATE2	Jul 05
	CONSTRUCTION PERIOD	12 months
	FORECAST COMPLETION	Dec 09

PROJECT TIMING

PROJECT TIMING
LAND ACQUISITION	Dec 03
COMMENCEMENT DATE2	Jan 06
CONSTRUCTION PERIOD	30 months
FORECAST COMPLETION	Dec 09

PROJECT UPDATE

Site services are being constructed and lots are being sold progressively. Sales to date Toll and Bankstown Grammar School.

PROJECT UPDATE

Stage 1 – Early release area constructed and land sales commenced. Balance of site subject to rezoning.

0% 50% 100% 0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 40%

ESTIMATED CONSTRUCTION PROGRESS 20%

AT 30 JUNE 2008

118 MIRVAC GROUP PROPERTY COMPENDIUM

NON-RESIDENTIAL DEVELOPMENT

MIRVAC LIMITED PORTFOLIO

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GREENACRE INDUSTRIAL 57 – 67 ROBERTS RD, GREENACRE, NSW

==> picture [255 x 143] intentionally omitted <==

DENISON ROAD, HILLSDALE, NSW

DESCRIPTION

An existing Industrial multi unit complex. Development consent has been for the upgrade and expansion of this site.

DESCRIPTION

Strata Industrial unit development comprising approximately 20,000sqm of total saleable area.

OWNERSHIP

100% MIRVAC LIMITED

OWNERSHIP

100% MIRVAC LIMITED

COST/REVENUE SUMMARY TOTAL	COST/REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) $34.3m	LAND(INCL. COSTS) $19.3m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $42.2m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $41.8m
TOTAL DEVELOPMENT COSTS $76.5m	TOTAL DEVELOPMENT COSTS $61.1m
FORECAST NET INCOME ON COMPLETION NIL	FORECAST NET INCOME ON COMPLETION $3.5m2
CAPITALISATION RATE N/A	CAPITALISATION RATE –
FORECAST VALUE ON COMPLETION $76.5m	FORECAST VALUE ON COMPLETION $64.6m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Jan 07	LAND ACQUISITION Jun 07
COMMENCEMENT DATE1 May07	COMMENCEMENT DATE1 Sep07
CONSTRUCTION PERIOD 10 months	CONSTRUCTION PERIOD 12 months
FORECAST COMPLETION Sep08	FORECAST COMPLETION Dec 11

PROJECT UPDATE

Masterplanning being undertaken.

PROJECT UPDATE

Strata industrial units and child care centre.

0% 50% 100%	0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 95% AT 30 JUNE 2008	ESTIMATED CONSTRUCTION PROGRESS 10% AT 30 JUNE 2008

1 DESIGN COMMENCEMENT. 2 NET DEVELOPMENT PROFIT.

DEVELOPMENT 119

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SOUTH PINE ROAD, BRENDALE, QLD

==> picture [255 x 143] intentionally omitted <==

BOUNDARY ROAD, MACKAY, QLD

DESCRIPTION

Located in the established industrial locale of Brendale in the northern suburbs of Brisbane, this 29,500sqm quality institutional grade business park will comprise of seven industrial business units.

DESCRIPTION

This prime industrial site is located south of the City of Mackay. The development will be a multi stage industrial project comprising a combination of land subdivision and built form.

OWNERSHIP

OWNERSHIP	OWNERSHIP
100% MIRVAC LIMITED COST/REVENUE SUMMARY TOTAL	100% MIRVAC LIMITED COST/REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) $13.3m	LAND(INCL. COSTS) $32.5m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $29.5m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $98.1m
TOTAL DEVELOPMENT COSTS $42.8m	TOTAL DEVELOPMENT COSTS $130.6m
FORECAST NET INCOME ON COMPLETION $8.5m2	FORECAST NET INCOME ON COMPLETION $25.4m2
CAPITALISATION RATE 7.00%	CAPITALISATION RATE 7.00%
FORECAST VALUE ON COMPLETION $51.3m	FORECAST VALUE ON COMPLETION $156.0m
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Oct 07	LAND ACQUISITION Oct 07
COMMENCEMENT DATE1 Nov 07	COMMENCEMENT DATE1 Nov 07
CONSTRUCTION PERIOD 12 months	CONSTRUCTION PERIOD 60 months
FORECAST COMPLETION Apr 09	FORECAST COMPLETION Oct 12

PROJECT UPDATE

Masterplan approved.

PROJECT UPDATE

Finalisation of masterplan.

0% 50% 100%	0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 20% AT 30 JUNE 2008	ESTIMATED CONSTRUCTION PROGRESS 0% AT 30 JUNE 2008

120 MIRVAC GROUP PROPERTY COMPENDIUM

NON-RESIDENTIAL DEVELOPMENT

MIRVAC LIMITED PORTFOLIO

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600 LORIMER STREET PORT MELBOURNE, VIC

==> picture [255 x 143] intentionally omitted <==

ORMEAU SHOPPING CENTRE – STAGE 1

DESCRIPTION

Former General Motors Holden land totalling 4ha which will be redeveloped into a quality industrial business park. The park will consist of approximately 30 industrial offi ce and warehouse units.

DESCRIPTION

A signifi cant town centre development on the Gold Coast, South East Queensland. Stage 1 a neighbourhood shopping centre incorporating a 3,500sqm supermarket and approximately 2,800sqm of specialty fl oor space.

OWNERSHIP

100% MIRVAC LIMITED

OWNERSHIP

100% MIRVAC LIMITED

COST/REVENUE SUMMARY TOTAL	COST/REVENUE SUMMARY TOTAL
LAND(INCL. COSTS) $17.0m	LAND(INCL. COSTS) $6.1m
EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS $84.0m	EST. DEVELOPMENT, CONSTRUCTION & FINANCE COSTS TBA
TOTAL DEVELOPMENT COSTS $101.0m	TOTAL DEVELOPMENT COSTS TBA
FORECAST NET INCOME ON COMPLETION $12.0m1	FORECAST NET INCOME ON COMPLETION –
CAPITALISATION RATE 7.00%	CAPITALISATION RATE 6.50%
FORECAST VALUE ON COMPLETION $113.0m	FORECAST VALUE ON COMPLETION –
PROJECT TIMING	PROJECT TIMING
LAND ACQUISITION Dec 05	LAND ACQUISITION Jan 07
COMMENCEMENT DATE2 Dec 06	COMMENCEMENT DATE2 TBA
CONSTRUCTION PERIOD 36 months	CONSTRUCTION PERIOD TBA
FORECAST COMPLETION May11	FORECAST COMPLETION TBA

PROJECT UPDATE

Planning completed, Stage 1 planning permit granted.

PROJECT UPDATE

Planning underway.

0% 50% 100%	0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 0% AT 30 JUNE 2008	ESTIMATED CONSTRUCTION PROGRESS 0% AT 30 JUNE 2008

1 NET DEVELOPMENT PROFIT. 2 DESIGN COMMENCEMENT.

DEVELOPMENT 121

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NAMBOUR SHOPPING CENTRE

DESCRIPTION

The development of the vacated Morton Sugar Mill in the heart of Nambour, into a sub regional shopping centre.

OWNERSHIP

100% MIRVAC LIMITED

COST/REVENUE SUMMARY	TOTAL
LAND(INCL COSTS)	$3.7m
EST. DEVELOPMENT,
CONSTRUCTION & FINANCE COSTS	TBA
TOTAL DEVELOPMENT COSTS	TBA
FORECAST NET INCOME
ON COMPLETION	–
CAPITALISATION RATE	6.25%
FORECAST VALUE ON COMPLETION	–
PROJECT TIMING
LAND ACQUISITION	Jan 07
COMMENCEMENT DATE2	TBA
CONSTRUCTION PERIOD	TBA
FORECAST COMPLETION	TBA

PROJECT UPDATE

Planning underway.

0% 50% 100%

ESTIMATED CONSTRUCTION PROGRESS 0%

AT 30 JUNE 2008

122 MIRVAC GROUP PROPERTY COMPENDIUM

NOTES

123

HEAD OFFICE / Level 26, 60 Margaret Street Sydney NSW 2000 SYDNEY / 02 9080 8000 PARRAMATTA / 02 9893 8800 MELBOURNE / 03 9645 9400 BRISBANE / 07 3859 5888 PERTH / 08 8424 9900 www.mirvac.com

PAPER STOCK

This document is printed on Monza Satin Recycled, an FSC accredited paper, manufactured using Elemental Chlorine Free pulp that contains 55% Recycled fi bre (30% Preconsumer Fibre/25% Post Consumer fi bre). The mill is certifi ed under ISO 14001 and IPPC environmental management systems.

FSC Chain of Custody (CoC) promotes responsible forest management. FSC has developed principles for certifying the management of forest holdings, and a system of tracing, verifying and labeling timber and wood products which originate from FSC certifi ed forests.

ISO 14001 The standard published by the International Standards Organisation specifying the requirements of an environmental management system.

IPPC Integrated Pollution Prevention and Control. IPPC seeks to prevent or minimise air, water and soil pollution by emissions from industrial installations in the community.

DISCLAIMER

The information made available through this property compendium, including any expression of opinion or forecast, has been obtained from or based on sources believed by Mirvac Group to be reliable. Mirvac Group does not warrant the accuracy, completeness or currency of the information. Mirvac Group and its related companies will not be liable for any inaccuracies, omissions or errors in the content nor for any loss or damage arising from action taken in reliance on the information.

==> picture [9 x 4] intentionally omitted <==

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55%
----- End of picture text -----

Mixed Sources Product group from well-managed forests, controlled sources and recycled wood or fibre

AI assistant

MIRVAC GROUP — Management Reports 2008

65328_rns_2008-08-25_dac88184-7a33-4cb6-a873-10d7c7039e07.pdf

GLOBAL REACH

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MIRVAC PROPERTY TRUST PORTFOLIO EXPIRY PROFILE[1]

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38 SYDNEY AVENUE, FORREST, ACT

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PHILLIPS FOX BUILDING 54 MARCUS CLARKE STREET, CANBERRA, ACT

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MIRVAC GROUP Management Reports 2008

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