M I R V A C G R O U P Annual & General Meetings Thursday, 4 - PowerPoint PPT Presentation

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 M I R V A C G R O U P Annual & General Meetings Thursday, 4 November 2004

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Key Points M I R V A C G R O U P • Net Profit of $252.7m represents an increase of 13% on 2003 profit • Increase in Distribution for 2004 of 11% to 32.2c effective 16% increase after allowance for franking credit • Investment Division net profit increase of 14% on previous period • Greater focus on housing with profit contribution increasing from 25% of development profit to 36% • 2005 distribution of 33.8c a 5% increase on previous corresponding period

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Next phase in Mirvac Group Story M I R V A C G R O U P Over 30 years of delivering innovative, high calibre property related products and services Mirvac formed Mirvac Ltd. Mirvac acquires Proposal to join With $1.5m of listed on ASX management forces with capital with a market rights to James Fielding capitalisation Capital Property Group of $128m Trust with assets of $530m 1972 1982 1987 1992 1996 1999 2004 1972 1982 1987 1992 1996 1999 2004 First Mirvac First Mirvac Mirvac Group unlisted managed formed through property trust property trust listed the merger of launched on ASX as Mirvac Ltd and its Barclays-Mirvac two listed trusts Property Trust with with a market assets $215m capitalisation of $1.7bn

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Mirvac to Acquire JFG M I R V A C G R O U P Key benefits for securityholders in Mirvac Group post acquisition • Increase in assets under control to $15bn • Increase in investment development pipeline to $2.3bn • Access to $1.8bn in funds under management, and expanded distribution network • Increase in total assets to $4.9bn • Increase market capitalisation to approximately $3.8bn, increasing it’s position to the 4 th largest vehicle in the ASX listed property trust sector • Enhance business platform to access growth opportunities • Flexibility for Mirvac to either hold, manage or fund property related opportunities • Potential improved rating to the security price as a result of the transaction • FY05 distribution of 33.8 cents per security • Broaden senior management

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Structure of Mirvac Group M I R V A C G R O U P Mirvac Funds Investment Development Management Management • Property trusts • Residential • Hotels • Listed trusts • Retail • Property services • Syndicates • Commercial • Unlisted property • Industrial funds • Hotels • Debt funds • Properties • Infrastructure $15 billion of assets under control to enhance Mirvac’s operating divisions Investment Residential Investment Hotels Funds under assets Property developments management $2.6bn $8.3bn $2.3bn 3,129 rooms $1.8bn

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Indicative Timetable M I R V A C G R O U P Announcement of Acquisition 12 October 2004 Explanatory Memorandum documentation dispatched Mid November 2004 to JFG securityholders JFG securityholders meeting (special resolution) Late December 2004 Court hearing to approve scheme Late December 2004 Effective date Late December 2004 The timetable set out above is indicative and dates are subject to change.

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Operating Net Profit After Tax by Division M I R V A C G R O U P June 2004 June 2003 Operating Divisions % $m $m Developments 116.0 100.5 +15.4% Investments 135.7 119.5 +13.6% Hotels 9.0 10.4 -13.5%

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Investment Division M I R V A C G R O U P Investment Portfolio - $2.29 billion � $290m growth in FY04 � � Commercial portfolio 97.2% occupied � Retail portfolio 99.3% occupied

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Investment Division - Diversification By Asset Value M I R V A C G R O U P $290m Growth in Assets Sector Diversification Geographic Diversification Carpark VIC 4% Retail 18% 25% QLD 10% Indust NSW /Other ACT 63% Office 10% 9% 61%

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Portfolio Growth Portfolio value has grown from $2.0 billion to $2.29 billion through new M I R V A C G R O U P acquisitions, development and revaluations New acquisitions and developments - Retail Stanhope Village Bundaberg Retail Centres ikon retail Waverley Gardens

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 New Acquisitions and Developments – Commercial M I R V A C G R O U P 190 George St, Sydney Riverside Quay Building 2, Southbank Thiess Building Brisbane Darling Island commercial

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 New Acquisitions and Developments – Industrial M I R V A C G R O U P 44 Biloela St, Villawood (1st Fleet) Nexus Industry Park, Liverpool $22.0 million (post June 30) 64 Biloela St, Villawood (Visy) Abbott & Frankston Rds, Dandenong Percival Street, Smithfield

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Hotel Division M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Hotels Division Rooms Under Management M I R V A C G R O U P 2,735 2,605 Profit of $9m 2,575 2,419 2,365 2,208 1,820 1,450 1,400 June June June June June June June June June 1996 1997 1998 1999 2000 2001 2002 2003 2004

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Hotel Division – Recently Opened M I R V A C G R O U P The Sebel Aqualuna Beach Quay West Resort, Bunker Bay Resort Coffs Harbour The Sebel Residence East Perth Sea Temple Resort & Spa Palm Cove

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Hotel Division – Future Hotels M I R V A C G R O U P Sea Temple Resort & Spa Port Douglas Sebel Kiama The Sebel Harbour Lights Cairns

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Hotel Division – Future Hotels M I R V A C G R O U P The Sebel Queenstown The Sebel Maroochydore

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 M I R V A C G R O U P Development Division

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Development EBIT M I R V A C G R O U P $240 $220.4 $220 $200 $181.5 Annual EBIT $M $180 $160 $140 $120 $108.3 $95.0 $100 $82.0 $79.0 $74.5 $80 $55.0 $60 $40.3 $40 $32.3 $22.2 $12.8 $20 $0 2004 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Financial Year End

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Development Division - Revenue M I R V A C G R O U P WA NSW 8.7% Victoria Developments 23.1% 33.4% Qld 12.6% NSW Housing 22.2% $1,103.6m June 04

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Lots Under Control M I R V A C G R O U P Forecast revenue from lots currently Total No. of Houses/Land - 14,500 controlled - $8.3 billion over 10 years Total No. of Med. Density - 4,750 (no escalation) Total No. of Lots - 19,250 No. of Lots Forecast Revenue $b WA WA 4,900 $1.2 NSW NSW 9,450 $4.2 Vic. Vic. $1.5 $1.5 2,600 Qld. Qld. $1.4 2,300

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 M I R V A C G R O U P New South Wales

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Newington M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 NSW, Walsh Bay M I R V A C G R O U P * Joint Venture

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Pacific Place, Chatswood M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Edgewood, Cabarita M I R V A C G R O U P Edgewood Housing Bayview Apartments

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Marshall Avenue, Warrawee M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Bundock Street, Randwick M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Darling Island Apartments M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Magenta Shores, Central Coast - Residential Lifestyle M I R V A C G R O U P *

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 55 Lavender Street, Milsons Point M I R V A C G R O U P