MIRVAC GROUP — Investor Presentation 2004

Oct 11, 2004

Mirvac Group ("Mirvac") is acquiring James Fielding Group ("JFG")...

Transaction endorsed by the JFG Board and senior management

Brings together two culturally aligned organisations

Strategic transaction to create a platform for future growth

Draws upon management expertise and experience of individuals from both Mirvac and JFG

consolidating Mirvac's position as a leading Australian listed group by increasing its market capitalisation to approximately \$3.8 billion and assets under control to \$15 billion

Next phase in the Mirvac Group story

Key offer terms

• JFG securityholders will receive 0.73 Mirvac securities for every JFG Ń, security
• \$3.33 implied offer value¹ 圞
• 16% premium to JFG 12 month VWAP of \$2.86 $\frac{1}{2}$
• 10% premium to JFG 30 day VWAP of \$3.02
• 38% premium to JFG NTA per security of \$2.41
• Implementation agreement has been entered into
• The transaction is to be effected by a court approved scheme of 圞 arrangement and trust merger to be voted on by JFG securityholders

mplied offer value based on close price of Mirvac's securities to Mondav 11 October

• JFG securityholders will rank pari passu with existing Mirvac 鹽 securities from 1 January 2005¹
• Effective H2 FY05 DPS of 12.56 cents, providing a 2.5% increase for JFG and a securityholders
• JFG security holders retain the forecast JFG H1 FY05 DPS of 12.25 cents سند
• JFG security holders therefore receive a total FY05 distribution of 24.81 cents, $\frac{1}{2}$ an increase of 4.2% over the FY04 distribution of 23.80 cents
• Cash out facility of up to \$50 million for JFG security holders at \$3.33 圞 cash per JFG security

1 Assuming a 31 December 2004 implementation date

Acquisition metrics

• The JFG acquisition is predicated on the strategic value of the 圞 business and assets to Mirvac and the platform it creates to capitalise on future growth opportunities
• JFG FY05 forecast: $EPS = DPS = 24.5cps$ 圞
• Equates to a JFG FY05 forecast NPAT of \$35m

Overview of the Mirvae Croup post the acquisition of JFG

Complementary operations and management teams

Delivers a stronger, more diversified property investment to Mirvac and JFG securityholders

Philosophy of the Mirvac Group

"to be the leading, fully integrated property investment, development, funds management

and services business"

Creates an enhanced platform for growth

• Given the relative size of JFG to Mirvac, the acquisition of JFG will not have an immediate earnings impact on Mirvac
• The transaction will substantially enhance Mirvac's existing platform in a 獨 number of different respects:
• provides access to an additional \$1.5 billion investment development pipeline
• growth potential through JFG's funds management, infrastructure, property financing, syndications and financial products businesses and skills
• opportunity to leverage off new strategic alliances broadening the Group's investment horizons
• increased opportunities through diversity

Highly regarded management expertise and experience

• Mirvac will draw upon the management experience and expertise of individuals from both Mirvac and JFG providing an enhanced depth of management in the Australian property sector
• Greg Paramor will be appointed Managing Director of Mirvac
  • brings over 30 years experience in the property and funds management sectors
  • co-founder of Growth Equities Mutual, Paladin Australia and JFG
• Bob Hamilton
  • Executive Director
  • head of the development operations
  • focus attention on enhancing Group skills and knowledge
• Nicholas Collishaw will be appointed CEO of the Investment Division
  • over 20 years experience in property and funds management
  • experienced manager of large scale portfolios

Mirvac Board and Executive Committee

									Mirvac Board of Directors

A Lane	G Paramor	R Hamilton	D Broit	R Fortune	A Buduls	P Biancardi	G Levy	R Webster	di Kab JFG
Chairman	Managing Director	Executive Director	Finance Director	Executive Director	Non- Executive Director	Non- Executive Director	Non- Executive Director	Non- Executive Director	mdecendent independent. ിടാണ്ഡി Board Member to member to 96. l sev appointed appointed

Mirvac Executive Committee

Accessor	R Hamilton	) Broit	R Fortune	AR Coushaw	C Freeman	M O'Brien	R Lynch	B Draffen	A Fini	A Turner	C Langford
Managing Ditactor	Executive Director	Finance Director	Executive Director	re O Investment Division	CEO QLD	CEO NSW	CEO NSW Housing	CEO VIC	CEO WA	CEO Hotels	CEO Retail

Mirvac Group structure post acquisition

Mirvac will have approx \$15 bn of assets under its control

Scale and diversity to feed investment portfolio and fund creation . . .

$\rm\,H77$

12

Mirvac strategy

Target earnings contribution: Trust 60% / Corporation 40%

Investment	New investment properties developed internally – pipeline now \$2.3bn Seek to acquire a mix of well located, securely leased assets and assets with redevelopment potential Expand retail and industrial portfolio Ħ
Development	Residential - major integrated developments concentrating on housing. Focus on U. lifestyle developments (second homes / retirees) and continue to expand geographically Investment – seek opportunities that will grow and enhance investment portfolio and funds management product where appropriate
Management	Hotels - concentrate on Quay West and Sebel brands W. Property services – provide strategic analysis, capital planning and delivery, on-going B facility and asset management to Mirvac controlled assets and other external clients
EVROL Management	Manage listed and unlisted real property, property securities, debt and infrastructure 军 investments Provide consistent, regular income and capital returns through active management $\mathcal{M}_\mathrm{c}$ Develop creative products attractive to a range of investor classes A

Proforma summary balance sheet as at 30 June 2004

	JFGT	Mirvac	Proforma	Change
Total assets $(\$m)$	565	4.306	4.871	13.1%
Total liabilities (\$m)	203	2.066	2.284
Net assets (\$m)	362	2.240	2.587	15.5%
Gearing 1	27.6%	38.4%	37.5%	$(2.3\%)$
NTA $(\$/$ security) 2	241	3,12 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	3.13 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	0.3%

1 Debt / total assets 2 As at June 30 2004. NTA for Mirvac post transaction adjusting for current securities on issue in each group is \$3.08 3 Assumes \$15 million in transaction costs debt funded and written off against reserves

Investment portfolio diversification

Total investment portfolio of \$2.6 billion as a result of the acquisition 圝

Mirvac Group Geographic diversification by value¹ Proforma

Substantial growth available to investment portfolio from the combined 覆 investment development pipelines from Mirvac and JFG

Source: Mirvac and JFG Annual Reports 1 Includes JF Meridian Trust assets weighted to JFG's 15% equity investment in the vehicle 2 WA is 0.2% of portfolio

Investment development pipeline

Combined investment development pipeline of approximately \$2.3bn 籟

Mirvac Investment Development Pipeline
a a mananga	1930a - Johann John Steffen MAY A LITTLE
George St, Sydney 1	200
Pacific Place, Chatswood 1	130
Darling Island II, Pyrmont	112
Nexus industry Park, Liverpool	100
Waverley Gardens, Mulgrave	52
Hickson Road, Walsh Bay	-60
Bundaberg Retail Centres	42
Thiess Building, Brisbane	41
Stanhope Village Stage 21	25
Waverley Gardens Stage 21	20

JFG Investment Development Pipeline
23000	isan kalenda E MARIE DE CARDON
Sydney Basin Airports (33%)	500
Springfield Stage 2+ (ORION) 2 (66%)	360
Aust. Centre for LifeLong Learning (50%)	175
Springfield Stage 1 (ORION) 2 (66%)	162
Lorimer St. Port Melbourne	100
Marcus Clark St, Canberra (50%)	67.
191-197 Salmon St (Holden HQ) 2 (50%)	50
Network @ Eastern Creek 2 (50%)	50
251 & 261 Salmon St. Port Melbourne	25
Other?	18
Jereman Wilaya

Source: Mirvac 2004 Annual Results Presentation

Source: JFG

1 Planning not finalised

2 Managed on behalf of James Fielding Trust / JF Meridian Trust

3 Includes assets managed on behalf of JF Meridian Trust. Value to JFG is based on its 15% equity interest in JF Meridian Trust

Funds under management

• Mirvac will have a total of \$1.8 billion funds under management as a result of 搦 the transaction
• Mirvac will add a new business 獨 unit to its existing structure
• Creates a platform for future 獨 growth by providing additional flexibility in terms of holding, managing and funding property related opportunities
• Other substantial benefits include: 獨
• Enhanced asset base ستبدأ
• Increased distribution capacity ana. with more than 60,000 investors across both groups
• Accessing new investors

JFG Funds Under Managemnet
LA PERMITENTAL DE LA PRODUCTION DE LA PRODUCTION DE LA PRODUCTION DE LA PRODUCTION DE LA PRODUCTION DE LA PROD LA PRODUCTION DE LA PRODUCTION DE LA PRODUCTION DE LA PRODUCTION DE LA PRODUCTION DE LA PRODUCTION DE LA PRODU
JF Direct	205
JF Capital	73
Hotel Capital Partners	92
JF Infrastructure	351
JF Meridian	795
Perpetual James Fielding	146
Property Funds Australia	131
Domane	48
ktik za	a a

Source: JFG

Mirvac earnings and distributions

• Mirvac will draw upon a more diverse range of profit generating activities as a result of the transaction
• The JFG acquisition will enhance Mirvac's future earnings growth potential by drawing on its funds management business and skills and its investment development pipeline
• Mirvac will pay a FY05 cash distribution of 33.8 cents per security, representing a 5% 蠿 increase over FY04
• Consistent with Mirvac history, management has continued confidence in Mirvac's ability 蠿 to provide security holders with distribution growth underpinned by the generation of sustainable, long term earnings growth
• Mirvac has achieved excellent sales at Cabarita (NSW) and Peninsula (WA) developments, 蠿 however, still too early to forecast FY05 NPAT
• development business actively shifting profit generation from apartment to housing sector $\overline{a}$
  • apartment markets: Vic and NSW slowing: WA and Qld performing consistently
  • housing markets: performing consistently in all states
• shift in development markets from pre-sales to on-completion sales
• Mirvac has \$157 million of retained earnings 蠿

The offer represents value to JFG security holders

• Offer value of \$3.33 provides JFG securityholders with a premium to NTA I. and trading prices
• Further value enhancement arising from potential positive re-rating of Mirvac 醬 securities post transaction

Increase in JFG security holder distributions

• JFG's H2 FY05 equivalent distribution will be increased as a result of the transaction 藰
• Benefit from increased distribution frequency to quarterly 蠿
• Benefit from utilisation of the franked component of Mirvac's distribution which results 蠿 in an equivalent grossed-up H2 FY05 distribution of 14.75 cents per JFG security¹

JFG Equivalent FY05 Distributions

Other key benefits

JFG securityholders will benefit from all the advantages of Mirvac as 圞 a result of the transaction, including:

• A lower cost of capital
• Greater funding flexibility through improved access to debt and equity markets مست
• The financial strength to maximise JFG's ability to capitalise on existing projects ш., and aggressively seek out future growth opportunities
• Continuation of current JFG senior management within Mirvac

Market analysis and timetable

Offer value

• Offer value enhancement above headline \$3.33 per JFG security 糷
• Implied value of \$3.38 per JFG security based on different distribution entitlements سند for the period ending 31 Dec 2004 prior to transaction completion
• Franked Mirvac distribution equates to real cash benefit for JFG securityholders $\overline{a}$
• Positive re-rating potential and a

Offer value metrics
	0.73 Mirvac securities for every 1 JFG security
WA WA WA	\$4.56
1977 - Johann Brett, amerikansk politik (	$1.6$ cents 2
Maria Maria (Maria Maria Maria Maria Maria	\$4.54
s san an an Alban an Alban an Alban an Alban an Alban an Alban an Alban an Alban an Alban an Alban an Alban an An Alban an Alban an Alban an Alban an Alban an Alban an Alban an Alban an Alban an Alban an Alban an Alban an	$$3.31$ (ie \$4.54 x 0.73)
THE MANAGEMENT OF THE REAL PROPERTY.	$7.33$ cents
a sa sa sa mga mga mga mga mga mga mga mga mga mg	$$3.38$ (ie $$3.31 + $0.07$ )

1 Closing price on 11 October 2004

2 Proportion of 8.3 cents per security quarterly distribution accrued within Mirvac security price since last ex-date of 24 September 2004 3 Proportion of 12.25 cents per security half yearly distribution accrued within JFG security price since last ex-date of 24 June 2004

Increased market capitalisation

The acquisition increases Mirvac's market capitalisation to \$3.8 billion, making it the 露 fourth largest listed property group in the S&P/ASX 200 LPT Index

Enhanced index weighting

• The transaction will lead to an increased index weighting for Mirvac and JFG 獨 securityholders
• provides enhanced liquidity $\overline{a}$
• potential for a positive re-rating of Mirvac securities $\overline{a}$

Index	JFG	Mirvac	Proforma
S&P/ASX 200 LPT	$0.57\%$	4.75%	$5.44\%$
S&P/ASX 200	$0.05\%$	0.45%	$0.52\%$
S&P/ASX 100	in/a	0.48%	0.55%
$S\&P/ASX50$	n/a	$0.56\%$	$0.64\%$
MSCL	n/a	0.54%	0.62%

Estimates based on estimated market capitalisation resulting from the transaction and assuming 100% index weighting post merger

Potential re-rating

• Mirvac currently trades at a 44bps premium to the average of its LPT peers 獨
• Stockland is trading 73bps below Mirvac $\frac{1}{2}$
• Potential exists for a re-rating resulting from the transaction 獨

Transaction announcement First court hearing Explanatory memorandum available JFG scheme meeting (special resolution) Second court hearing Effecitve date

12 October 2004 Early November 2004 Mid November 2004 Late December 2004 Late December 2004 Late December 2004

Note: timetable is indicative and subject to change

Summary of Mirvac

• Mirvac is a diversified property group operating across three main divisions Property B Investment, Property Development and Hotel Management
• Established in 1972, Mirvac has over 30 years of experience in the property industry 整 and has an unmatched reputation for delivering quality product and services across all of its businesses

Key statistics		Financial snapshot	2004	2003	Change
200000000000000000000000000000000000000	720m	a kasan da wasan ƙwallon ƙafa ta ƙasar Ing	\$1,400m	\$1,424m	(1.7)%
MAGERIA SHIBI	\$4.56	Elijas valdības saites saites saites saites saites saites saites saites saites saites saites saites saites sai	\$393m	\$336m	16.8%
Kabupatén Suma	\$3.2 0	Sie Ma	\$253m	S223m	13.2%
Hereda Andria Ba	33.80 cents	a di kacamatan ing Kabupatèn Bandaran	36.67cps	34.87 cps	$5.2\%$
Maria Alexandria (h. 1888).	5.80 cents	an di Kabupatén Tanah Kabupatén Jawa Kalénder Grégorius. Pada kaléndar Jawa Kabupatén Jawa Kabupatén Jawa Kabupatén Jawa Kabupatén Jawa Kabupatén Jawa Kabupatén Jawa K	32.20cps	29.00 cps	11.0%
na a chun chun chun chun chun chun chun chun	39,60 cents	1972 - Andrew Marshall, amerikan	88%	83%	n/a
an an 17 an amp ann an amacanan Tha Maria Maria an an amacanan	7.4%	Marita de Santo Constituido de Caractería. Militar de Santo Marita de Santo Caractería.	\$3.12	\$2.98	4.7%
Merketer i det beginn i den	8.7%	San Barat (Carolina)	\$3,974m	\$3.609m	10.1%
			\$157m	\$120m	31.5%

Source: Mirvac 2004 annual results presentation, IRESS, Mirvac

JAMES

FIELDING GROUP

Olosing price as at 11 October 2004

Summary of Mirvac

Property Investment

• Mirvac's investment property portfolio includes $\pmb{u}$ 50 commercial, retail, industrial, car park and hotel investments spread across Australia
• * Total portfolio value of \$2.35bn
• * Occupancy levels:
• Commercial 97.2% И
• Retail 99.3% M
• Industrial 96.4% M

	FY04 results overview
		\$2.349m
		\$167.8m
		\$31.0m
		\$136.7m
		\$135.7m

Property Development

• " Mirvac is one of Australia's leading property developers
• " Operations focussed on all asset classes (including housing) with management based in NSW, Vic. Old and WA
• " Forecast revenue from 19.250 lots currently controlled is \$8.3bn over 10 years (no escalation)
• \$625m of exchanged & deposited contracts no realised profit yet brought to account

FY04 results overview a katika ma $$1437_II$ Maritim ya mwaka 1994 alia 2009
Maritim alikuwa mwaka 2009 \$1.104m ENERATORIA
Antonio $$225.7_π$ a sa mga mga mga mga mga $23%$ nganangin
Manahina \$116 Om Tarajayaya ya Karal Ing 2.993

Hotel Management

• * Mirvac manages a portfolio of 24 hotels and serviced apartment properties located throughout Australia
• * Mirvac's main brands are 'Sebel' and 'Quay West'
• * 2,735 rooms under management

Summary of JFG

• A fully integrated property investment, funds management, development and management 医 business
• Listed on ASX in Nov 2001 $\blacksquare$
• Funds under management approx \$1.8bn $\blacksquare$
• Property development pipeline more than \$1.5bn $\blacksquare$

Key statistics		Financial snapshot	2004	2003	Change
a kacamatan ing Kabupatèn Bandaran	143,607,662	Karatan Pa	\$88.5m	\$47.1m	87.9%
Martin Martin Martin	\$3.13	an an Dùbhlachadh	\$28.0m	\$13.0m	115.4%
Martin Carl (1988), martin Carl (1988), martin Carl (1988), martin Carl (1988), martin Carl (1988), martin C	\$449.5m	Elizabeth Communication and the communication of the communication of the communication of the communication	22.68cps	$15.27$ cps	48.5%
an ang pangangang	24.5 cents	1991) – Maria Barriotta (h. 1981) 1991 - Daniel Schale, filosof de Maria Barriotta, filosof estadounidense (h. 1983) 1992 - Alexandria Barriotta, filosof de filosof (h. 1982)	23.80cps	23.00 cps	3.5%
en de la format de la format. Maria esta de la formata de la forma	7.8%	an di kacamatan sebagai kecamatan dan di kacamatan di kacamatan di kacamatan di kacamatan di kacamatan di kaca Kacamatan di kacamatan di kacamatan di kacamatan di kacamatan di kacamatan di kacamatan di kacamatan di kacama	82.41	\$2.32	3.9%
		tan dan sana	\$564.9m	\$378.0m	49.4%
		e de la componenzación de la componenzación de la componenzación de la componenzación de la componenzación de En la componenzación de la componenzación de la componenzación de la componenzación de la componenzación de la	\$156.0m	\$84.0m	86.0%
		Attribute	27.6%	$22.2\%$	24.3%

1 Closing price as at 11 October 2004 2 Debt / total assets

a dheeraa ah ah ah ah ah ah ah ah ah ah ah ah a

Integrated model

Summary of JFG

Investments -James Fielding Trust

• Invests in office, retail, industrial and property related $\mathbf{B}$ infrastructure
• 15% strategic stake in the ASX-listed JF Meridian Trust 置
• Key portfolio details $\blacksquare$
• High occupancy 98.9%
• Weighted average lease durations (by net income) $-5.6$ years

Developments -James Fielding Developments

Principal developer that $\tilde{\mathbf{z}}$

¥

• supplies development management services and
• utilises own capital allocation to acquire and develop $\mathbf{r}$ projects for profit
• Strong development pipeline more than \$1.5bn
• Developments across office, retail, industrial and education

Funds Management

• FUM \$1.8bn
• Manages listed property trusts, unlisted property funds, infrastructure funds, property securities and property debt funds
• Office, retail, industrial, economic and social infrastructure, $\mathbf{z}$ residential sub-divisions, alternative assets (childcare, tourist parks)

Property Services

• Integrated property services strategic planning, asset and × facilities management
• Key clients include Crown Property Portfolio, JFG entities, 崔 Uniting Church, GE Real Estate
• 148 properties with \$219m rent roll under management ¥

Important information about this presentation

This presentation has been prepared jointly by Mirvac and JFG for general information purposes only, without taking into account any investor's objectives, financial position or needs. This presentation is not investment advice or a recommendation to any investor.

In making an investment decision, each investor must rely on its own assessment of the information in this presentation and all other relevant information in relation to the proposal, including the advantages and disadvantages and risks involved and having regard to each investor's objectives, financial position and needs.

Investors should consult with their own legal, tax, business and financial advisors about any investment decision.

This presentation has been prepared in good faith, but Mirvac Limited, Mirvac Funds Limited, James Fielding Holdings Limited and James Fielding Funds Management Limited (and their respective Directors, officers, advisers and representatives) make no representation or warranty (express or implied) about the accuracy, adequacy, reliability or completeness of any information in it and each of those persons disclaims any and all liability for any loss or damage (whether from negligence or otherwise) which arises from any information contained in or omitted from this presentation. Any of the information in this presentation may change, without notice and without any obligation on the part of Mirvac or JFG to update the information.

Past performance information provided in this presentation may not be a reliable indication of future performance. No representation or warranty as to the accuracy or achievability of any prospective financial information is given or made since the information is subject to risks, uncertainties and assumptions which are beyond the control of Mirvac and JFG and which could cause actual results to differ materially from the information in this presentation. Deviations are normal and are to be expected.

This information is not a prospectus, a PDS or an offer or invitation of securities for subscription or sale.

A notice of meeting and explanatory memorandum will be made available to JFG security holders in due course.