Mirvac Investor Tour O c t 2 0 0 5 1 Mirvac Homes Division - New - - PDF document

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Mirvac Investor Tour

O c t 2 0 0 5

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Mirvac Homes Division - New South Wales O c t 2 0 0 5

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Robert Lynch

Chief Executive Officer Mirvac Homes

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Homes Division Activities

• Contract home construction
• Medium density, low-rise attached and detached housing
• Residential land subdivisions
• Home and land packages

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Current Projects

$290,000 to $510,000 Mix of integrated lifestyle and retail lots from attached terraces to 600m² lots 615 Panorama Glenfield $355,000 to $370,000 Lifestyle estate – detached, attached & terrace homes 106 Northbrook Hammondville $365,000 to $393,000 Integrated attached homes 255 Mornington Holsworthy Price Category Product Type Yield Name Project

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Current Projects

$340,000 to $675,000 Mix of integrated 3 & 4 bedroom homes and 2 bedroom apartments over garages 260 Auburn $275,000 to $365,000 Mix of integrated attached homes and retail lots for house and land packages 388 Edgewood Woodcroft $395,000 to $450,000 Lifestyle estate – mix of integrated and detached/ attached homes 116 Somersby Acacia Gardens Price Category Product Type Yield Name Project

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Current Projects

$525,000 to $590,000 Mix of attached and detached housing 27 Rosevale Bowral $795,000 to $995,000 Detached manor homes 63 Castle Hill $250,000 to $520,000 Mix of integrated, medium density housing and retail lots 1,781 Newbury Stanhope Gardens Price Category Product Type Yield Name Project

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Current Projects

$260,000 to $440,000 Mix of integrated lifestyle and retail lots consisting of attached terraces to 600m² lots 459 Spring Farm Price Category Product Type Yield Name Project

The majority of stock is within the $350,000 to $500,000 price segment

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Growth Opportunities

• Mirvac has identified growth opportunities to expand the Homes

Division’s operation:

– Regional growth areas of NSW – Victoria & South Australia

• The size of the markets in both States offers excellent opportunities in

low rise medium density, vacant residential land subdivisions and house and land packages, initially in the surrounding suburbs of Melbourne and Adelaide

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Expansion to Hunter Region of New South Wales

Appointment of Paul Hogan as Regional Manager Newcastle Regional Office

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Expansion into Victoria & South Australia

• Victoria’s housing market is larger than that of New South Wales
• The HIA forecast housing starts for homes

31,910 39,390 2007/08 18,440 29,600 2006/07 NSW Victoria

• Based on HIA State Outlook September 2005

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South Australia Homes Division

• Mirvac has secured two residential subdivisions in Adelaide,

which will be utilised to establish a Homes Division in that State

• The South Australian market is smaller than that of Victoria

and New South Wales. However, it is large enough to support a profitable Housing Division

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South Australia Homes Division

The HIA forecast housing starts for homes: 31,910 8,100 2007/08 18,440 7,800 2006/07 NSW SA

• Based on HIA State Outlook September 2005

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Appointment of Regional Managers for Victoria & South Australia

• Mirvac has appointed two Regional Managers for Victoria &

South Australia, both commence duties on 31st October 2005

• The newly appointed Regional Managers have strong industry

backgrounds and extensive experience in their home states

• They will report to Robert Lynch, CEO Mirvac Homes New

South Wales

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Investment Division

O c t 2 0 0 5

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Nicholas Collishaw

Chief Executive Officer Mirvac Investments

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Investment Division oversees a diverse group of property assets Its responsibility covers:

• Principal responsibility for Mirvac Property Trust
• Property and asset management on behalf of JF Meridian commercial,

industrial and retail assets

• Property and asset management on behalf of JF Direct commercial,

industrial and retail assets

• Acquisitions and disposals for all entities
• Facilities management responsibilities of Infocus (50/50 Joint Venture with

Leighton Contractors)

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Mirvac Property Trust Sector Value (Billion) Commercial Assets $1.549 Retail Assets $0.695 Industrial Asset $0.334 Hotel Assets $0.064 Total $2.642 Assets under development $0.116 ($ spent to date) Non direct investments $0.158 New acquisitions (post June 2005) Retail (Kwinana and Springwood) $0.040 Cairns International Hotel $0.042

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Relationship to Other Divisions

Investment

Residential Development Residential Development Non-Residential Development Non-Residential Development Funds Management Funds Management Hotels Hotels

provides asset holding facility

• provides asset property mgmnt
• provides JV partner
• invests in product
• recycle assets
• shares information systems
• provides end purchaser
• creates opportunities
• share information & systems
• shares acquisition expertise
• provides acquisition expertise
• provides equity investment

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Mirvac Property Trust in Detail

• 61 assets valued @ 30/06/05

$2,900 million (including principal investment in Hotels)

• Forecast net property income FY05/06

$220.875 million

• After interest & overheads

$159.960 million

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Diversification by Asset Value

Carpark 4% Retail 25% Indust /Other 10% Office 61%

Other (Indirect) 5% Office 40% Industrial 10% Retail 40% Other (direct) 5%

Target Allocation Current Sector Diversification

Note: graphs exclude new acquisitions post 30 June 2005

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Diversification by Asset Value

SA 1% NSW 56% ACT 8% QLD 14% VIC 21%

WA/SA/ACT 10%

VIC 20% QLD 25% O/S 5% NSW 40%

Current Geographic Diversification Target Geographic Diversification

Note: graphs exclude new acquisitions post 30 June 2005

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Portfolio Yield & Leasing Update

Book Value Budgeted Income Return (06/05) (05/06) Commercial/Carpark Portfolio $1,549 million 8.0% Retail Portfolio $695 million 8.1% Industrial Portfolio $334 million 7.3% Total $2,578 million 7.93%

New Acquisitions post June 2005

Kwinana $ 32 million Springwood $ 8 million Cairns International Hotel $ 42 million Total $123 million

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Commercial Market Conditions

Sydney CBD

• Vacancy @ 11.2% and incentives peaked
• White collar employment growth starting to translate to increased demand
• Continue “flight to quality” for well priced “A” and “Premium” grade stock
• Average face rent and incentive level stable

North Shore

• Vacancy (13.4%) and incentives stable in all markets, yet little new activity
• Leighton and Tenex commenced construction without precommitment
• Optus to vacate in October 2007 – will add further pressure to this market
• Tenant demand improved, however, soft for secondary space

* Vacancy Figures PCA

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St Kilda Rd / Southbank / South Yarra

Commercial Market Conditions (Contd.)

• Vacancy rates have decreased with rents beginning to rise
• Good level of demand for quality accommodation - large floor plates
• Stable rents and incentive levels
• Good levels of tenant retention despite opportunities in CBD

Canberra

• Continue low vacancy levels, but new builds could see vacancy rates

move to 20% by 2008

• Major Government lease expiries the key to security of income
• Majority of new stock available in Civic and the Airport Zone
• Minister call is for QIC/Tax = 60,000m2 extra

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Commercial Performance

• Occupancy 97.2%
• Space Leased (incl industrial)

149,000m2

• Leasing transactions completed 109

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Commercial & Industrial Major Occupiers Ranking Tenant Area m2 1. IAG 19,575 2. CSR 15,752 3. DOCITA 13,111 4. DVA 11,352 5. Pacific Dunlop 9,994 6. Brambles 9,764 7. Telstra 9,452 8. ATSIC 8,921 9. Theiss 6,537 10. Origin Energy 6,348

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Retail Market Commentary

• Easing in discretionary consumer spending has seen specialty retail

sales stabilise, however, occupancy costs remain generally affordable

• Yields on retail centres continue to firm
• Heavy competition in budget retail has lead to weaker business

covenants re Warehouse Group, Millers Fashion, etc

• Tenant demand for space remains strong allowing continued rental

growth in the near term

• General housing slow down has reduced demand for household

furniture etc slowing expansion of bulky good retail centres

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Retail Performance - as at September 2005

3.5%

• Supermarket Sales Growth

11.1%

• Speciality Occupancy Cost

(average total portfolio) 3%

• Speciality Sales Growth

$8,415/m2

• Speciality Sales *
• DDS Sales Growth

1.6%

* includes GST Note: excludes Como, Ikon, Stanhope, Metcentre & Waverley

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Retail Performance - as at September 2005

$7,549/m2

• Alexandra Hills (suburban convenience)

$8,810/m2

• Kawana (regional DDS centre)

QLD Centres VIC Centres $5,300/m2

• Gippsland, Sale (country DD centre)
• Waverley & Moonee under development

$5,371/m2

• Cooleman ACT (suburban convenience)

NSW & ACT Centres $7,338/m2

• Rockhampton (regional DDS centre)

$7,000/m2

• Stanhope Village (suburban convenience)

$10,585/m2

• Orange City Centre (country DDS centre)

$10,180/m2

• Greenwood Plaza (CBD centre)

* includes GST

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Acquisition Criteria

Commercial CBD focus in Sydney and Brisbane, suburban locations in Melbourne, Brisbane and Perth. Target passing yield of greater than 6.75% with lease expiry profile greater than 2009. Total return target 9.0% Industrial Occupier focused in Sydney and Brisbane (with Melbourne a secondary choice) with a target passing yield of 7.5% - 8.0% (total return target 10.5%) and lease duration of greater than 8 years. Building design capable of multiple uses and located on major transport links. Retail Neighborhood and sub regional based centres, focused on needs rather than discretionary spending. Target passing yields of 7.25% - 7.5% with a total return target of 10%.

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Continued strategy for growth of investments by development

Investment Development Update

* Planning Not Finalised

$754m 100 Nexus Industry Park*

Future

320 George Street, Sydney* 200 81 104 90 60 110 43 25 35 106

• Est. Cost $m

Bundaberg Retail Centre $520m Hoxton Park Industrial* Darling Island II, Pyrmont Springwood Megacentre Kwinana Hub* Orion Ballina Shopping Centre Stanhope Village (Stage 2)* Waverley Gardens, Mulgrave State 2 Waverley Gardens, Mulgrave Stage 1

Current

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Investment Near Term Goals – FY06

• Rebalance of portfolio, disposing of assets not meeting medium term investment

criteria – 107 Mount Street, North Sydney – Ikon Retail, Potts Point – 101 Grenfell Street, Adelaide – Other properties under review

• Acquisition of replacement assets with secure income and extend lease term
• Diversify asset base to include New Zealand opportunities
• Seek corporate opportunities to expand asset base
• Review all and where necessary dispose of non performing business units

– Crown Property Portfolio not renewed – Private Client business wound down.

• Step up tenant retention efforts and agency relations

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Airports

O c t 2 0 0 5

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K i m E l l i s

Chief Executive Officer BAC Airports

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Sydney Basin Airports

M 7 W e s t l i n k

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BAC Airports Company Structure Property

business development, asset management, property management

Aviation

airport operations, aeronautical infrastructure, network business

Corporate Services

finance, legal, Board & Shareholder, HR, environment

BAL HPAL CAL

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Ownership Outline

• BAC Airports lease 313h at Bankstown Airport under BAL
• BAC Airports lease 196h at Camden Airport under CAL
• BAC Airports – CIPL, Westscheme & Mirvac

(via James Fielding Infrastructure Yield Fund)

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Bankstown Airport

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Bankstown 2024/25 Master Plan

Aviation zone: 142.0ha Business zone: 98.9ha Employment zone: 51.8ha Mixed use zone: 9.3ha Environment protection: 6.0ha Open space: 5.3ha Total 313.3ha Aviation zone: 142.0ha Business zone: 98.9ha Employment zone: 51.8ha Mixed use zone: 9.3ha Environment protection: 6.0ha Open space: 5.3ha Total 313.3ha 1 2 3 4 5 6

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Camden Airport

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Camden 2024/25 Master Plan

Aeronautical zone – 100.0ha Camden Airport Business Support zone – 9.6ha Camden Airport (Environmentally Sensitive) Business Support zone – 82.5ha Mixed Aeronautical/ Camden Airport Business Support zone – 3.9ha Total 196.0ha Aeronautical zone – 100.0ha Camden Airport Business Support zone – 9.6ha Camden Airport (Environmentally Sensitive) Business Support zone – 82.5ha Mixed Aeronautical/ Camden Airport Business Support zone – 3.9ha Total 196.0ha

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Airport Capacities

Bankstown Camden Hoxton Park Aircraft Maximum Weight 20t unlimited 50t limited 6 tonne 6 tonne Aviation Movements 04/05 250,000* 60,000** 60,000** Estimated capacity 450,000 200,000 140,000 Runways 3 2 runways 2 Glider strips 1 Terminal 1 200 pax/hr None None

* AirServices Australia ** Estimate

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Regulatory Compliance

• DoTARS
• Airports Act 1996
• NSW OH&S regulations
• Emergency Planning
• Airport Master Plans

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M a r k W e e d e n

GM Business Developments BAC Airports

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BAC Airports at a Glance

• Gross Income

$14.7M (F)

• Number of Tenants

240 (270 Leases)

• Leased Area

500,000 sqm (Excl BAC Devco)

• Average Lease Expiry

10.5 years

• Out-goings

Average $9 per sqm

• Vacancy

Less than 1%

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Tenant Mix

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Tenant Mix by Category

Aviation / Non Aviation by income

Aviation 31% of portfolio Non Aviation 69% of portfolio

Land/Building Leases by Income

Aviation Non Aviation

31% 69%

Building Leases Land Leases

33% 67%

Building Leases 33% Land Leases 67%

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Strategy

Two Central Growth Platforms

• Current portfolio
• Redevelopment

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Aviation Land Use Plan

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Aviation Revenue Opportunities

• Regular Passenger Transport
• Increasing Express Air Freight
• Corporate and Fixed Base Operations

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J e f f B r e e n

Development Director BAC Devco

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Ownership Outline

• BAC Devco Sub-leases 104.7 Ha from BAC Airports
• BAC Devco – Westscheme, Mirvac & Leighton Properties
• Camden has similar participants and lease structure to

Bankstown

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Bankstown Concept Development Plan

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Bankstown Concept Land Use Plan

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Ownership Outline

• HPAL Freehold will own 81.6 Ha of land following airport closure

in Oct 2008

• HPAL Freehold is a Joint Venture between Mirvac and Leighton

Properties

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Hoxton Park Concept Development Plan

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Hoxton Park Concept Land Use Plan

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Mirvac Investor Tour

O c t 2 0 0 5

DISCLAIMER The information made available through this document, including any expression of opinion

• r 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,
• missions or errors in the content nor for any loss or damage arising from action taken in

reliance on the information.

OCTOBER 2005 SUPPORTED BY DEUTSCHE BANK & JP MORGAN

NSW INVESTOR TOUR

CONTENTS

PG 3 FEATURED DEVELOPMENTS 4 ITINERARY 5 FLIGHT ROUTE 6 MIRVAC ATTENDEES 7 EXTERNAL ATTENDEES 8 SYDNEY MOTORWAY SYSTEM 9 DEVELOPMENT INFORMATION 10 Towns Place, Walsh Bay 13 One Darling Island, Pyrmont 16 Saunders Wharf, Darling Island 19 Mornington Estate, Holsworthy 21 Northbrook Estate, Hammondville 21 Bankstown Airport 24 Flight Path - map 27 Panorama, Glenfield 29 Spring Farm 31 Camden Airport 34 Nexus Industry Park 37 Hoxton Park Airport 40 Newbury Estate, Stanhope Gardens 42 Stanhope Village

FEATURED DEVELOPMENTS

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Parramatta M 7 M 5 M 4 ED M 2 F3 LANE COVE TUNNEL Penrith Strathfield Epping Chatswood Wahroonga Gosford North Sydney CBD Port Botany Network, Eastern Creek Spring Farm Camden Airport Startrack Express & Archbold Rd, Minchinbury Newbury Estate, Stanhope Gardens Hoxton Park Airport Nexus Industry Park Bankstown Airport Northbrook Estate, Hammondville Mornington Estate, Holsworthy Towns Place, Walsh Bay & One Darling Island Panorama Glenfield

ITINERARY

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Time Activity Location Tour Guides / Presenters 8:00am Tea & coffee The Sebel Pier 1, Walsh Bay 8:30am Site tour Towns Place, Walsh Bay Gavin Carrier, James Dunn 9:30am Site tour One Darling Island, Pyrmont Jamie Smith Saunders Wharf, Darling Island Simon MacKinnon 11:00am Site tour Mornington Estate, Holsworthy Rob Lynch, Warwick Smith 11:45am Site tour Northbrook Estate, Hammondville Rob Lynch, Warwick Smith 12:30pm Lunch The terminal at Bankstown Airport Group 1 1:30pm Fly over developments See Flight Route (p5) Greg Paramor, Simon MacKinnon, Stuart Penklis, Jamie Stewart, Tim Regan 2:45pm Site tour Bankstown Airport Kim Ellis, Jeff Breen, Rod Moynahan 3:15pm Presentation The terminal at Bankstown Airport Rob Lynch, Nick Collishaw, Kim Ellis, Mark Weeden, Jeff Breen Group 2 1:30pm Presentation The terminal at Bankstown Airport Rob Lynch, Nick Collishaw, Kim Ellis, Mark Weeden, Jeff Breen 2:15pm Site tour Bankstown Airport Kim Ellis, Jeff Breen, Rod Moynahan 2:45pm Fly over developments See Flight Route (p5) Greg Paramor, Simon MacKinnon, Stuart Penklis, Jamie Stewart, Tim Regan 4:00pm Depart Bankstown Airport 5:00pm Post tour drinks ECQ Bar, Quay Grand, East Circular Quay

FLIGHT ROUTE

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Flight Route Bankstown Airport Northbrook Estate, Hammondville Mornington Estate, Holswothy Panorama, Glenfield Spring Farm Camden Airport Nexus Industry Park, Liverpool Hoxton Park Airport Network, Eastern Creek Archbold Rd, Minchinbury (land subdivision) Startrack Express, Minchinbury Newbury Estate, Stanhope Gardens

MIRVAC ATTENDEES

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Greg Paramor Managing Director Mirvac Group Nick Collishaw CEO Investment Jamie Smith National Leasing Manager- Commercial Investment Stuart Penklis Manager- Industrial Acquisitions & Development Investment Mick O’Brien CEO NSW Development Simon MacKinnon Development Director- Commercial & Industrial NSW Development Gavin Carrier Development Director NSW Development James Dunn Development Manager NSW Development Jamie Stewart Development Manager NSW Development Rod Moynahan Development Manager NSW Development Robert Lynch CEO Mirvac Homes Warwick Smith Development Director Mirvac Homes Tim Regan CFO Corporate Services Melanie Buffier Manager, Investor Relations Corporate Services Kim Ellis CEO BAC Airports Mark Weeden General Manager, Business & Development BAC Airports Mario Bayndrian Airport Compliance & Operations Manager BAC Airports Jeff Breen Development Director BAC DEVCO

EXTERNAL ATTENDEES

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ABN Amro Ross McGlade Alliance Capital Management Limited Stuart Keighran Challenger John White Citigroup Peter Cashmore Citigroup Asset Management Stuart Cartledge Colonial First State Vinay Narsi Concord Capital Martin Hickling Credit Suisse Asset Management David Scott Deutsche Asset Management Chris Robinson Deutsche Bank Bhupen Master Deutsche Bank Troy Derwin Glebe Asset Management Benita Ong Goldman Sachs JB Were James Cornell IAG Asset Management Limited Jade Ong ING Investment Management Hugo Machin Investors Mutual Jason Teh JP Morgan James Inwood JP Morgan Simon Shakesheff Macquarie Asset Management Limited David Kivell Macquarie Research Anthony Shields Merrill Lynch John Spencer Merrill Lynch Asset Mgt Paul Juniper Pengana Capital Limited Ern Koh Perennial Investment Partners Limited Damian Cottier Perpetual James Fielding Nick Thomson Portfolio Partners Limited Davina Machin Renaissance Asset Management Damien Barrack Resolution Capital Rachel Weld Suncorp Investment Management Bernard Machen UBS Asset Management Limited Andrew Nicholas UBS Warburg Simon Garing

SYDNEY MOTORWAY SYSTEM

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DEVELOPMENT INFORMATION

DEVELOPMENT INFORMATION

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TOWNS PLACE, WALSH BAY

DEVELOPMENT INFORMATION

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TOWNS PLACE, WALSH BAY

LOCATION Millers Point, NSW ADDRESS 1-5 Towns Place DESCRIPTION Luxury apartment complex, part of Walsh Bay redevelopment (JV 50/50 Mirvac/Transfield). Towns Place includes 65 high end apartments, comprising 2x1 Bed, 25x2 Bed, 31x3 Bed and 7x3 Bed penthouses. Two prime ground level retail lots are contained within the complex. A commercial carpark within the basement has also been completed and has settled. The Towns Place apartments will be equal in finish to the other high end Walsh Bay apartments. Total Residential lots 65 Retail lots 2 Commercial Carpark 1 (191 spaces) Residential lots exchanged / released as at 19 Oct. 36/65 Ownership 99 year lease from Waterways Authority - to commence at Practical Completion of Construction COST / REVENUE SUMMARY $M Total Projected Net Revenue 100.5 WIP as at 30 September 2005 55.0 (approx.) Current price range: One Bed (incl 1 car space) $655-$695K Two Bed (+media where applicable + 1 car space + storage) $765K-$1.595M 3 Bed (+media where applicable, + 2 car spaces + storage) $995K-$2.050M 3 Bed Penthouse (+ media where applicable + 2 car spaces + storage) $1.825-$3.650M (also available additional individual carspaces @ $75K & additional storage) PROJECT TIMING Land acquisition Walsh Bay PDA executed September 1997. Design commencement Masterplan Approved October 1997, Towns Place initial DA approved August 2002. Construction period Excavation commenced Feb 04. Commercial Carpark completed Sep 05 and final PC due Mar/Apr 06 CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 75% % Forecast construction progress at 30 June 2006 100% PROJECT UPDATE Towns Place is the final new residential release within Walsh Bay. Walsh Bay has already won around 65 awards and Towns Place is expected to continue that tradition. Apartments within Walsh Bay are at the high end of the spectrum of Mirvac's quality finish and specification. Towns Place will be no exception to this and the design, views, state of the art finishes, amenity, quality of construction and prime location will ensure the project cap's off the Walsh Bay success story. Development Manager James Dunn Development Director Gavin Carrier

NOTES

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DEVELOPMENT INFORMATION

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ONE DARLING ISLAND, PYRMONT

DEVELOPMENT INFORMATION

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ONE DARLING ISLAND, PYRMONT

LOCATION Pyrmont, NSW ADDRESS 1 Darling Island Road DESCRIPTION "A" grade commercial office building comprising 22,175 sqm over five levels with basement carparking and ground floor retail. The building is designed with two separate floor plates on the north and south of a central core, creating flexibility to accommodate tenants of various sizes. The typical floor size for the northern building is 1,450 sqm and the southern building is 2,630 sqm. Lettable area 22,175 m2 Car parking spaces 161 Ownership 100% Title 99 Year leasehold on completion of construction works Major tenant / NLA sqm / Term Leasing campaign underway COST/REVENUE SUMMARY $M Land (inc. costs) 9.1

• Est. development, construction

& finance costs 94.7 Total development costs 103.8 Forecast net income

• n completion

8.8 Capitalisation rate 7.50% Forecast value on completion 117.3 PROJECT TIMING Land acquisition Apr-04 Design commencement Nov-04 Construction period 24 months Forecast completion Feb / Mar 06 CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 80% % Forecast construction progress at 30 June 2006 100% PROJECT UPDATE Major construction works are substantially complete with the focus now on finishes trades and commissioning

• f building services. Basement carpark painting and sealing is also underway. Externally - the entry forecourt

and public domain works are taking shape and are on program for the forecast completion date. Development Manager Adrian Checchin Development Director Simon Mackinnon

NOTES

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DEVELOPMENT INFORMATION

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SAUNDERS WHARF, DARLING ISLAND

DEVELOPMENT INFORMATION

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SAUNDERS WHARF, DARLING ISLAND

LOCATION Pyrmont, NSW ADDRESS 8-14 Wharf Crescent DESCRIPTION Boutique waterfront luxury apartment building featuring 27 x 3 bed oversize apartments all with through East/West aspects and city views. 6 ground floor commercial suites are also included. Total Residential lots 27 Commercial lots 6 Carparking 2 per apartment / 1 per commercial suite Sales & Marketing not yet released. Target launch date March 2006. COST / REVENUE SUMMARY $M Total Projected Net Revenue 75.0 WIP as at 30 September 2005 18.0 (approx) Indicative price range: 3 beds starting from in excess of mid $2.0million PROJECT TIMING Land acquisition July 2005 Construction period Commenced July 2005. Expected completion August 2006. CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 40% % Forecast construction progress at 30 June 2006 90% PROJECT UPDATE The building structure was recently completed ahead of program. Roof works and finishing trades have commenced an are on program. Stage 1 of the public domain to the south of Saunders Wharf is scheduled for completion shortly. Development Manager Adrian Checchin Development Director Simon MacKinnon

NOTES

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DEVELOPMENT INFORMATION

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MORNINGTON ESTATE, HOLSWORTHY

LOCATION Holsworthy, NSW ADDRESS Cnr Heathcote Road and Macarthur Drive DESCRIPTION Mix of integrated lifestyle attached homes Total dwellings 255 Exchanged / released as at 30 September 2005 Stage 1 - 13 deposits, 7 exchanged, 20 released Stage 2 - 11 deposits, 16 released Ownership Mirvac Homes (NSW) Pty Limited, 100% COST / REVENUE SUMMARY $M Total project value 93.1 WIP as at 30 September 2005 33.3 (including land) Current price range $365,000 to $393,000 PROJECT TIMING Land acquisition Feb-03 Design commencement Feb-03 Construction period Commenced November 2004, completion October 2007 CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 20% % Forecast construction progress at 30 June 2006 55% PROJECT UPDATE Stage 1 earthworks are complete, with Stage 2 earthworks due for completion end November 2005. Stage 1 construction is 75% complete with substage 1a comprising 20 lots released and sold Development Manager Peter Lawrence Development Director Warwick Smith

NOTES

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DEVELOPMENT INFORMATION

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NORTHBROOK ESTATE, HAMMONDVILLE

LOCATION Hammondville, NSW ADDRESS Cantello Avenue DESCRIPTION Lifestyle estate comprising detached, attached & terrace homes Total dwellings 106 Exchanged / released as at 30 September 2005 Not released Ownership Mirvac Homes (NSW) Pty Limited, 100% COST / REVENUE SUMMARY $m Total project value 37.9 WIP as at 30 September 2005 18.9 (including land) Current price range $355,000 to $370,000 PROJECT TIMING Land acquisition Jul-03 Design commencement Jun-04 Construction period January 2005 to July 2006 CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 50% % Forecast construction progress at 30 June 2006 90% PROJECT UPDATE Civil works for Stages 1 & 2 have completed. Dwelling construction for Stage 1 is nearing completion First sales release anticipated November 2005. Stage 2 dwelling construction is progressing in a timely manner, due for completion February 2006. Stage 3 civil and building works are yet to commence and will be timed for completion in line with sales forecasts Development Manager Matthew Curnow Development Director Warwick Smith

NOTES

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DEVELOPMENT INFORMATION

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BANKSTOWN AIRPORT

FLIGHT PATH MAP

DEVELOPMENT INFORMATION

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BANKSTOWN AIRPORT

LOCATION Bankstown ADDRESS Cnr Milperra Road and Henry Lawson Drive, Bankstown, NSW DESCRIPTION Development of 104Ha (gross) of land surplus to the aeronautical requirements of the Airport. Gross Site Area 104 Ha Estimated build out BAC Devco 510,000sqm Ownership Consortium: Mirvac- 33.3% Leighton Properties- 33.3% Westscheme- 33.3% Title Leasehold Major tenant / NLA sqm / Term n/a COST/REVENUE SUMMARY (PROJECT 100%) $M Land (inc. costs) 98.0

• Est. development,

construction & finance costs 162.0 Total development costs 260.0 Expected project IRR- Land only Budget 15% Target 20% PROJECT TIMING Land acquisition Dec-03 Master Plan approved Mar-05 Development Master Plan completion Dec-05 Construction period market driven PROJECT UPDATE Masterplanning underway and detailed design of stage 1 of the ring road and Toll site services have

• commenced. 4Ha sold to Toll Holdings with a further option for 5 Ha provided.

Development Manager Rod Moynahan Development Director Jeff Breen - JV Project Director

NOTES

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DEVELOPMENT INFORMATION

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PANORAMA ESTATE, GLENFIELD

LOCATION Glenfield, NSW ADDRESS Glenfield Road DESCRIPTION Mix of integrated lifestyle and retail lots, ranging from attached terraces to 600sqm lots Total lots 615 Exchanged / released as at 30 September 2005 10 Ownership Mirvac Homes (NSW) Pty Limited, 100% COST / REVENUE SUMMARY $M Total project value 270.7 WIP as at 30 September 2005 84.9 Current price range $290,000 to $510,000 (land and land/house packages) PROJECT TIMING Land acquisition Jun-01 Design commencement Jul-01 Construction period October 2004 to December 2009 CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 15% % Forecast construction progress at 30 June 2006 25% PROJECT UPDATE Rezoning complete for all 3 neighbourhoods/stages. First stage of subdivision works in Neighbourhood 1 complete (Stage 1A) Housing construction in Stage 1A 40% complete. Subdivision works for Stage 1B commencing Development Manager Trevor Jensen Development Director Warwick Smith

NOTES

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DEVELOPMENT INFORMATION

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SPRING FARM

LOCATION Spring Farm, NSW ADDRESS Encircled by Richardson Rd, Spring Rd and Camden Bypass DESCRIPTION Mix of integrated lifestyle and retail lots, ranging from attached terraces to 600 sqm lots Total lots 459 Exchanged / released as at 30 September 2005 Not released Ownership Mirvac Homes (NSW) Pty Limited 100% Earmarked for future Land Fund COST / REVENUE SUMMARY $M Total project value 162.6 WIP as at 30 September 2005 17.8 (including land) Estimated price range $260,000 to $440,000 (land and land/house packages) PROJECT TIMING Land acquisition Option entered May 2001, Settlement October 2003 Design commencement May-01 Construction period Commencing January 2006 to May 2009 CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 0% % Forecast construction progress at 30 June 2006 15% PROJECT UPDATE Development applications currently under consideration by Camden Council Earthworks expected to commence January 2006. Development Manager Peter Lawrence Development Director Warwick Smith

NOTES

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DEVELOPMENT INFORMATION

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CAMDEN AIRPORT

DEVELOPMENT INFORMATION

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CAMDEN AIRPORT

LOCATION Camden, NSW ADDRESS Aerodrome Road DESCRIPTION An assessment of future development potential at Camden Airport is currently being undertaken. Gross Site Area 10 Ha Ownership Consortium: Mirvac - 23% Leighton Properties - 23% BAC Airports - 54% COST/REVENUE SUMMARY $M Land (inc. costs) nil (land cost included in Bankstown Airport acquisition price) PROJECT TIMING Land acquisition Dec-03 PROJECT UPDATE Development land identified in March 2005 approved Master Plan. Development Manager Jamie Stewart Development Director Jeff Breen - JV Project Director

NOTES

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DEVELOPMENT INFORMATION

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NEXUS INDUSTRY PARK

DEVELOPMENT INFORMATION

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NEXUS INDUSTRY PARK

LOCATION Prestons, NSW ADDRESS Corner Lynn Parade and Kurrajong Road DESCRIPTION Former Liverpool Showground site of 17 hectares is zoned 4(a) Industrial. It adjoins the new M7 Westlink at Prestons. The site when fully developed can accommodate up to 70,000 sqm of industrial facilities. In September 2005, Mirvac commenced the construction of the first facility with a pre-commitment from Atlas Group. Early in October 2005, a non-binding Heads of Agreement was executed for the site's second pre-commitment Lettable area up to 70,000 m2 Car parking spaces n/a Ownership 100% Title Freehold Major tenant / NLA sqm / Term Atlas Group Limited, 13,000 sqm, 15 years Heads of Agreement signed October 2005 (non-binding);

• 9,500sqm, 7 years plus a 5 year option

COST/REVENUE SUMMARY $M Land (inc. costs) 23.2

• Est. development,

construction & finance costs 56.9 Total development costs 80.1 Forecast net income

• n completion

7.0 Capitalisation rate 8.00% Forecast value on completion 87.5 PROJECT TIMING Land acquisition Aug-04 Servicing commencement Sep-04 Atlas construction commencement Aug-05 Atlas facility construction period 7 months Forecast completion Mar-06 Project Status Construction commenced CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 Atlas -10% % Forecast construction progress at 30 June 2006 Atlas - 100% PROJECT UPDATE Bulk Earthworks completed for the whole site. Lynn Parade being jointly constructed by Mirvac and Liverpool City Council. Development Manager Greg Bain Development Director Simon MacKinnon

NOTES

36

DEVELOPMENT INFORMATION

37

HOXTON PARK AIRPORT

DEVELOPMENT INFORMATION

38

HOXTON PARK AIRPORT

LOCATION Hoxton Park, NSW ADDRESS Intersection of M7 and Cowpasture Road DESCRIPTION Development of 82 Ha (gross) made available by the closure of the Airport in October 2008. Gross Site Area 82 Ha Developable land 60 Ha Ownership Consortium: Mirvac- 50.0% Leighton Properties- 50.0% Title To be Freehold in Oct 2008 Major tenant / NLA sqm / Term n/a COST/REVENUE SUMMARY $M Land (inc. costs) 38.0

• Est. development,

construction & finance costs 79.2 Total development costs 117.2 Forecast net income

• n completion

n/a Expected project IRR - Land only Budget 15% Target 20% PROJECT TIMING Land acquisition Dec-03 Design commencement Mar-05 Construction period market driven CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 0% % Forecast construction progress at 30 June 2006 0% PROJECT UPDATE Masterplanning underway to facilitate rezoning and services. Development Manager Jamie Stewart Development Director Jeff Breen - JV Project Director

NOTES

39

DEVELOPMENT INFORMATION

40

NEWBURY ESTATE, STANHOPE GARDENS

DEVELOPMENT INFORMATION

41

NEWBURY ESTATE, STANHOPE GARDENS

LOCATION Stanhope Gardens, NSW ADDRESS Old Windsor Road DESCRIPTION Combination of medium density and integrated housing & retail lots. Total lots 1,781 Exchanged / released as at 30 September 2005 924/1057 (land only) Ownership Landcom/Mirvac Project Development - Joint Venture COST / REVENUE SUMMARY $M Total project value 890.0 Current price range $250,000 to $520,000 (land and land/house packages) PROJECT TIMING Land acquisition 1999 Design commencement 2000 Construction period 2000-2008 CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 70% % Forecast construction progress at 30 June 2006 80% PROJECT UPDATE Newbury consists of 7 neighbourhoods. Neighbourhoods 1 & 2 are complete. Civil works for Neighbourhoods 3-7 are complete. 27 homes in Neighbourhood 3 are due to be completed in November 2005. 37 homes commencing construction. Development Manager Cameron Holt Development Director Warwick Smith

DEVELOPMENT INFORMATION

42

STANHOPE VILLAGE

DEVELOPMENT INFORMATION

43

STANHOPE VILLAGE

LOCATION Stanhope Gardens, NSW ADDRESS Sentry Drive DESCRIPTION Developed by Mirvac, Stanhope Village opened in late 2003. The centre is anchored by a Coles Supermarket currently trading @ $32M MAT (Sept 05) and comprises 21 specialty shops. Stage 2 - 15,400 sqm. Discount department store and second supermarket. SUMMARY INFORMATION Grade: Convenience Centre Ownership: 100% Area : 7,259 sqm Acquisition Date: November 2003 Valuation: $24.0M Valuation Date: 31 March 2004 Book Value: $26.5M (includes Stage 2 early works) Capitalisation Rate: 7.75% Discount Rate: 10.25% Centre MAT(psqm): $6,409 Percentage change: 130.10% Car Spaces: 355 MAJOR TENANTS Coles 3,629 sqm LEASE EXPIRY PROFILE Vacant 0% FY06 0% FY07 0% FY08 0% FY09 33% FY10 6% Beyond 60%

NOTES

44

DISCLAIMER The information made available through this document, 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.