MIRVAC GROUP — Capital/Financing Update 2004

May 4, 2004

May 5, 2004

Media and Stock Exchange Announcement

Mirvac Group Acquires Sydney North Shore Development Site

The Mirvac Group today announced it had purchased an 8,989 square metre site in Tryon Road, Lindfield, for \$27.5 million.

Mirvac plans to develop approximately 70 luxury apartments on the site, in five separate "boutique style" buildings of between three and five levels.

The site falls within one of six areas in Ku-ring-gai that were rezoned by the NSW State Government in May last year.

Mirvac managing director Mr Robert Hamilton said Ku-ring-gai had strong unsatisfied demand from local residents seeking quality alternatives to their existing family homes.

The Tryon Road acquisition compliments Mirvac's purchase of a 5866 square metre property in Warrawee in May last year.

"We have been active in the north shore market for more than 30 years and we are confident that this development will be very well received by local purchasers and their families," Mr Hamilton said.

"We will provide a range of secure, highly appointed, spacious two and three bedroom apartments to cater for local owner-occupiers. The site extremely well located, close to local shops and only about 100 metres from the railway station. The apartments will be carefully planned and finished to a high level, with secure underground parking."

The site is north-facing, with district views to the north-east and south-east.

Further Information Peter Kermode $(02)$ 9080 8474