MIRVAC GROUP — Regulatory Filings 2003

Feb 11, 2003

Mirvac Group

Interim Results

Wed, 12 Feb 2003

Mr Robert Hamilton

Huntis

• Net Profit After Tax up 11.1% to \$100.4m
• EPS up 10.0% to 16.16c
• Distributions up 6.2% to 13.75c
• Investment Division Increases Portfolio by \$307.5m in the last 12 months to a total of \$1.84 billion
• . Investment Division Net Profit After Tax up 9.1% to \$57.3m
• Development Division Net Profit After Tax up 18.9% to \$43.0m • Hotel Division Net Profit After Tax up 4.6% to \$5.6m

Kay Ponts

• Strong Growth with new investment opportunities with a Value over \$400m
• . Investment Portfolio occupancy rate 98.0%
• . Control of over 21,000 dwelling sites with a value in excess of S8.5 billion
• Compound EPS growth last 2 calendar years 8.1% PA
• Compound DPS growth last 2 calendar years 5.1% PA

Capital Raisino

• Placement to fund Investment acquisitions and growth opportunities for Investment Division
• Placement to raise \$200m
• Securities will rank equally for March distribution
• We are confident that the Forecast EPS (29.3c) and DPS (27.5c) for 2003 made in September 2002 will be achieved on enlarged capital

Dennis Broit-Executive Director Finance

Intern Results December 2002

	ANG SI YA'N A GUNDA NA KAMA KANA KA OGA TAGORIAN	TARING TA	Candrattan "
Total Assets	\$1.942m	\$1,942m	SLITT
Interest Bearing Debt	\$366m	S512n	\$550m
Gearing	48.9%	26.4%
Exchanged Contracts			0.085m
Net Profit After Tax		\$57.0m**	S43.4m
Percentage of Total		56.8%	43.2%
Retained Earnings		\$4.1m	SSS.3m

After Group Elimination

• R

** Excluding accounting treatment of simplification

8.8906

Distribution Analysis as at December

	Dec. 2002 CDS	Dec. 2001 CDS
Franked Income	4.03c	4. 16c
Tax Defenedit ree	3.89c	3.796
Taxable	536	5.00c
Distribution for the half	13.750	42 95c
Franking Credit	1.736	1.786
Total Grossed Up Value	15.48c	14.730
Tax Advantaged Distribution	58%	62%

Interim Results December 2002

8.8906

Balance Sheet

entropolita Tanzania		William Corporation of the San William States Carlo Carlo C NASA, NASA CANALUM S. C.		Matallin MAN San C		States Indian K Gra
	Assets
	Development	1,162.4	36%	1,162.4	-36%	784.6	34%
	Hotels	151.8	-5%	151.8	5%	145.6	$6\%$
	Investments	1.877.0	58%	1.877.0	58%	15475	$64\%$
	Other	218		21.8		gra
	Total Assets	3,213,0		3,213.0		2,534.2
	Liabilities
	Borrowings	863.6		1,061.6		629 L
S.	Other	386.5		386.S		194.9
	Total Liabilities	1,250.1		1,448.1		824.1
	Net Assets	1,962.9		1,764.9		1,710.1
	NTA	1,9367		1,738.7		1,682.5
	NTA Per Security	\$2.89		\$2.79		\$2.73	10

Divisional Net Profit After Tax

	Dec 2002 Sn	Dec. 2004 $\mathbb{S}\mathfrak{m}$	Ŵ
Investments	\$57.3	SSL S	4 9 1 %
Developments	\$43.0	\$36.1	-18.9%
Hotels	\$56	\$54	44.6%
Unallocated	(\$5.5)	(\$3.6)	-50.0%

8.89068

Investment Division

	Dets: 2002 Sn	Dec 2001 Sm	M
Total Assets	\$1,877.0	\$1,547.5	-213%
EBIT	\$70.9	\$63.3	$+12.1\%$
Interest	\$13.6	0.00
Profit Before Tax	S573	\$53.3	$+7.7\%$
Profit After Tax	\$573	SA C	+9.1%

Development Division

	Dec. 2002	Dec 2001	Yo.
Total Assets	\$1,162.4m	S784.6m	448.2%
Total Development Revenue	\$420.5m	S452.8m	-7 1 %
EBIT EBIT Margin on cost	S68.7m 20%	S62.6m 16%	43.796
Interest	$\mathbb{S}11$ m	S10.1m
Profit Before Tax	S57 Sn	SS2 5m	AN 196
Unit Settlements	522	459
House / Land Settlements	588	550
Exchanged Contracts	\$1,085n	0885m

7 8.9906

Hotels Division

	DGC 2002	Dec. 2001	Mo
Total Assets	S151.8m	\$145.6m	44.3%
Profit After Tax	95.6m	$\mathbb{S}5.4\text{m}$	-4.6%
Average Occupancy	76%	7296
Average Room Rate	\$161	\$161

Hatti Division

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Hotels Division

Average Roma Rate

Average Rudin Occupancy

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• We have restructured our swap profile to increase average maturity from 3.4 to 5.5 years
• Average interest rate including margin has been reduced from 6.55% to a maximum of 6.17% including \$250m in collars ranging from 4.95% - 6.20% including margin
• Total hedges in place amount to \$850m representing over 80% of debt as at December
• The Group will shortly finalise documentation and commence marketing for a public bond issue to fund the development of pre sold projects This programme is expected to produce savings in excess of 0.5% in the costs of funding development projects

Financial Outlook

	Proforma Forecast 2003 Post Placement	Forecast 2003
P E	29 M	29.36
Net Profit	0188m	\$181m
DPS	2750	21 S.C

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Segmental EBIT Results

Investment Division Diversification by Asset Value

Sector Diversification

Geographic Diversification 21

Commentation museum at Pontain Highlights

• Strong portfolio occupancy rates despite challenging leasing conditions
• Commercial portfolio occupancy remains high at 97.3%
• Industrial portfolio occupancy 97.0%
• Strong Tenant Retention 81%
• 54,200 m² leased over last 6 months (50 Tenants)
• Income Growth 3.8% (like for like)
• 15 year lease to Foxtel (6,718m²) at North Ryde
• Sale of 15 London Circuit for \$17.55 million (\$3.55 million up on valuation)

Commercial Industrial Portolio Undate Major Leases

During the 6 months from July to December, major lease deals completed included

Tenant	Euitana	Area
NRMA	Bay Centre, Pyrmont	11.802 m 2
Royal & Sun Alliance	60 Margaret Street, Sydney	2.068 m2
Grey Advertising	55 Lavender Street, Milsons Point	1,272 m2
Foxtel	Lane Cove Road, North Ryde	6.718 m 2
Mt. Eliza Business School	380 St. Kilda Road, Melbourne	3.433 m 2

Commercial Andustral Portolio Commercial Vacancy Rates - Market Comparison

	Mirvac	Market
Sydney CBD	5.9%	84%
North Sydney	1.7%	12.1%
Chatswood	4.6%	11.1%
St Kilda Road	$0.0\%$	$8.9\%$
Southbank. Vic	1.3%	9.1%
Canberra	24%	4.9%
Brisbane Near City	$0.0\%$	12.8%
Pananata	0.0%	7.8%

Source: PCA Data

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Comprete & Intustral Portolio Lease Expiry Profile - Commercial

Optus Expiry

• Retail assets growth of 33.6%
• Retail portfolio occupancy is 99.8% (excluding development affected tenancies)
• Income growth 2.9% (like for like)
• . Strong leasing enquiry throughout portfolio
• Greenwood Plaza Retail fully leased post 40 lease expiries and food court refurbishment
• Gippsland Centre 100% leased
• Completion of Kawana extension 100% leased at above budget rents
• Completion of Metcentre redevelopment

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Raman katika ma Performance

• MAT Growth Total Centres
• · Speciality Sales
• MAT Growth-Specialty Shops

26%

3.0%

\$7.4741 1112

. Speciality Occupancy Cost (average Total Portfolio)

11.7%

S.

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Metal Portolio Lease Expiry Profile by Area

50%
45%
40%
35%
				Communication in
30%
25%
20%
15%
10%
5%
0%
	2002/2003	2003/2004	2004/2005	2005/2006	2006/2007	>2007

Investment Portfolio Growth

. Investment portfolio has grown to \$1.84 billion through new acquisitions and development

Acquisitions / Completed Developments in Calendar Year 2002

	Area	Book Value
	mž	Smill
- Riverside Quay, Southbank, Melbourne	22.651	\$80.7
- John Oxley Centre, Milton, Brisbane	13.141	\$35.4
- Waverley Gardens Shopping Centre, Mulgrave	31285	\$53.8
- 1-47 Percival Road, Smithfield	14.310	\$142
- The Village Centre, St Marys	16.010	\$34.2
Bay Centre $\mathcal{H}$	15.993	\$59.6
- Kawana Redevelopment	5.000	\$216
- Metcentre Redevelopment	5.000	\$80
Total	123,390	\$307.5 29

Investment Development Update

Continued strategy for growth of investments by development $\theta_{\rm c}$

	Area	Et Valte
	m2	Sm.
Stanhope Gardens	7.100	\$22.
Waverley Gardens, Mulgrave *	7.700	\$30.
Thiess Building, Brisbane	12,430	\$43.
Darling Island II, Pyrmont	22.100	\$112
Hickson Road, Walsh Bay	8.885	\$50
Percival Road, Smithfield	6,500	-95
Pacific Place, Chatswood	25.800	\$131
Greenwood Plaza, North Sydney *	$1,700\,$	-98
Total	92.215	\$401

* Planning Not Finalised

Investment Development Update (cont'd)

Case Study

Bay Centre, Pyrmont

Curent NLA :	15.993 m 2
Estimated Value:	S73 mill*
Cap Rate:	8.0%*
Project Cost:	S59.6 mill
Yield on Cost:	9.3%

Leasing Status:

$94\%$ leased to Collex $(3,100 \text{ m}^2)$ and NRMA (11,800 m²)

*Based on market face rents

Investment Development Update (cont'd)

Gase Study

Kawana Shoppingworld
	Current GLA:	29.870 m 2
	Project Completed:	November 2002
	Current Valuation:	S91 mill
	Cost	S21.6 mil
	Es: End Value	S132 mill
	Cap Rate:	8.0%
	Yield on Cost:	10.3%

Leasing Status: Fully Leased

Our Future

Robert Hamilton - Managing Director

Hotels Division

Hotels Division

Development Division

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Current Exchanges as at December 2002

No Profits Yet Brought to Account

Conarate Suumre

Executive Committee

Robert Lynch	Mick O'Brien	Chris Freeman	lan Costlev Adrian Fini	Andrew Turner	Barry Neit	Roder Fortune	Dennis Broit 1
		CEO.	CEO		0 E.D.		Finance
C.C.C.	The College of the College of the College of the College of the College of the College of the College of the		CA O	C 200	Mirvac	EXECUIVO
Mirvac Homes	Mirvac	Mirvac	Development Mirvac - Fint	Mirvac Hotels		Drector	Director
NSW	Victoria	Queensland	NSW WA		mvestments

Average Length of Mirvac Service - 13.7 Years

• Strong Growth with new investment opportunities with a value over \$400m
• . Investment Portfolio occupancy rate 98.0%
• Control of over 21,000 dwelling sites with a value in excess of SB.5 billion
• Compound EPS growth last 2 calendar years 8.1% PA
• Compound DPS growth last 2 calendar years 5.1% PA

Looking Forward

Trust 60%

Corporation 40%

Investment Division

• More A grade properties developed internally
• Acquisition of well located medium to high yielding properties
• with redevelopment potential
• Maximise retail and industrial opportunities

Development Division

• More major integrated developments
• Concentration on prime locations
• Continued geographical expansion

Hotel Division

• Concentration on Quay West and Sebel brands
• Pursue resort opportunities

Placement to Fund Continuati Mirvac Expansion

Details of Security Offering - Summary

• Merrill Lynch, Deutsche Bank and JPMorgan are Joint Lead Managers to the offer. Merrill Lynch is bookrunner.
• •A placement of 49,8m new securities at \$4.02 per unit to raise \$200,0m.
• Placement allows Mirvac to fund investment acquisitions and growth opportunities for the Investment Division;
• $\bullet$ issued at a 2.2% discount to last close and 2.5% discount to 5 day. WAP:
• New securities will rank part passu and be eligible for the March distribution:
• Forecast CY03 gross yield of 7.9% on new securities⁽¹⁾; and
• S&P/ASX Property 200 index weighting increases from 5.7% to 6.1%.

Placement to Fund Continued Mirvac Expansion

Relative Comparison

$-12.3%$

All

Ords:

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$50.0\% -$

40.0%

30.0%

20.0%

10.0%

0.0%

$-10.0\% -20.0\%$

40.2%

SGP.

34.0%

MGR

26.7%

ADP

23.4%

GPT

19.8%

DDE

11.8%

ASX

Property

200

Growth in EPS CY00-CY02®

Growth in DPS CY00-CY02®

(1) Source: IRESS

(2) Source: Merrill Lynch Research. Share prices as at 11 February 2003, except MGR, which is based on the issue price for the new securities (3) Source: Company reports, Merrill Lynch Research estimates

3.8000

Placement to Fund Continued Mirvac Expansion

Offering Timetable⁽¹⁾

Date	Time (Sydney)	Evant
Wednesday 12 February	2.00pm 5.00pm	Books open Books close
Thursday 13 February	8:00an 10:00am	Confirm allocations with investors MGR securities resume trading
Tuesday 18 February		Settlement via DVP (T+3)
Wednesday 19 February		Allotment of new securities (T+4)
Thursday 20 February		Quotation of new securities (T+5)

(1) indicative only