Slide 1: Key Points
MIRVAC Key Points Net Profit for six months to December 2004 of $123m represents an increase of 5.1% on previous corresponding period Announced Distribution for full year 33.8c increase of 5% investment Division net profit increase of 8.0% on previous corresponding period All Divisions report increa
Slide 2: Key Financial Outcomes
MIRVAC EPS DPS NTA per Security Total Assets iom orf es u | Key Financial Outcomes Dec 2004 17.07¢ 16.60c $3.16 $4,351.8m Excluding James Fielding Group acquisition 2003 17.23¢ 15.90c $3.02 $3,967.8m -0.9% +4.4% +4.6% 49.7%
Slide 3: Trust results
MIRVAC Total Assets Interest Bearing Debt Gearing Net Profit Percentage of Total Excluding James Fielding Group acquisition Trust Dec. 2004 $2,273m $456m 20.1% $70.3m 57.1% Dec. 2003 $2,184m $496m 22.7% $66.9m 57.2%
Slide 4: Mirvac Corporation results
ion t @ f£f i om oF @ S$ u tf ts 200 5 MIRVAC Corporation Dec. 2004 Dec. 2003 Total Assets $2,079m $1,784m Interest Bearing Debt $1,175m $1,025m Exchanged Contracts $623m $926m & Deposits Net Profit after tax $52.7m $50.1m Percentage of Total 42.9% 42.8% Excluding James Fielding Group acquisition
Slide 5: 2000 2004 2002 2003 2004 2000 2004 2002 2003 2004 months to December @
2000 2004 2002 2003 2004 2000 2004 2002 2003 2004 6 months to December @ months to December
Slide 6: Profit & Loss
ion t @ f i om of @ S$ ut ts 200 5 Profit & Loss MIRVAC Dec. 2004 Dec. 2003 $m $m Revenue from $811.1 $691.4 +17.3% Ordinary Activities EBIT $193.6 $173.0 +11.9% Net Profit $123.0 $117.0 + 51% After Tax Total Distributions $120.2 $108.3 +171.0% Retained Earnings $161.9 $128.3 +26.2% Excluding James
Slide 7: Distribution Analysis as at December 2004
MIRVAC ion t e@e rf im Fr e S ou i t S Distribution Analysis as at December 2004 Franked Income Tax Deferred Taxable Total Paid Distribution Franking Credit Total Grossed Up Value Tax Advantaged Distribution Payout Ratio Excluding James Fielding Group acquisition Dec. 2004 cps 6.64c 3.98¢ Dec. 2003
Slide 8: Balance Sheet
ion t e@ f io om MIRVAC Balance Sheet Assets Investments Development Hotels Other Total Assets Liabilities Borrowings net of cash Other Total Liabilities Net Assets NTA NTA Per Security Excluding James Fielding Group acquisition r @ S$ u 0 0 5 Dec. 2004 Dec. 2003 $m $m 2,439.0 2,221.1 1,708.2 1,567.
Slide 9: Cash Flow
MIBVAL Cash Flow Dec. 2004 $m New Capital ~ Net Borrowings 308.5 Receipts from Customers 657.6 966.1 Hotel Division Costs 47.3 Investment Division Costs 35.6 Development Division Costs 666.7 investment Division Outlays 93.5 Net Borrowing costs paid 50.7 income tax paid 22.5 Distribution paid 49.8 96
Slide 10: Investment Division
ion t @ f£f i m of @ S$ ut ts 200 5 MIRVAC Investment Division Dec. 2004 Dec. 2003 $m $m Total Assets 2,439.0 2,221.1 +9.8% EBIT 89.6 82.4 +8.7% Interest 16.3 15.0 +8.7% Profit Before Tax 73.4 67.4 48.9% Profit After Tax 71.9 66.6 +8.0% Excluding James Fielding Group acquisition
Slide 11: Development Division
MIRVAC Total Assets Revenue EBIT EBIT Margin on cost Interest Net Profit After Tax Settlements* House / Land lots Medium Density Lots Exchanged Contracts and Deposits # includes settlernents frorn JV's m ré@su iil Development Division Dec. 2004 $1,708.2m $638.8m $102.8m 19.2% $32.5m $49.5m $623m t s
Slide 12: Hotel Division
ion t ef i om re sg MIRVAC Hotel Division Dec. 2004 Total Assets $153.8m Profit After Tax $6.2m Average Occupancy 74% Average Room Rate $170 Excluding Jarnes Fielding Group acquisition Dec. 2003 $150.4m $5.8m 75% $171 42.3% +6.9% -0.5%
Slide 13: Debt Management
MIRVAC ion t ef i om rf @ S$ ul Debt Management Dec 2004 Total Net Debt $1,630.6m Total Hedged $1,248.0m Fixed Interest Maturity 4.1yrs Average Borrowing Rate 6.25% (including margin) Excluding James Fielding Group acquisition Dec 2003 $1,519.9m $1,048.0m 4 3yrs 6.16%
Slide 14: Investment
Investm a : A ag Me 2 — ? oy oe Lo a
Slide 15: Six Month Review
MIRVAC ion t ef i om roe GS OU 6 Month Review « EBIT up 5% to $89.6m « Portfolio value up 13% to $2.58b* « Occupancy - Commercial - industrial - Retail * Tenant retention 96%* * Includes James Fielding assets 97.1%" 96.4%" 89.0%
Slide 16: Division - Segmental EBIT Results
MIRVAC $90 $85 $80 $75 $70 $65 $60 $55 $50 a res u tf t gs Division - Segmental EBIT Results Se yo : ye : Oe 8 | LL oe ee Dec. Jun, Des, Jun. Dec. Jun, Dec, Jun. Dec. 2000 2007 2004 2002 2002 2003 2003 2004 2004
Slide 17: Portfolio Growth
MIRVAC Portfolio Growth investment portfolio has grown to $2.58 billion through new acquisitions, development and James Fielding assets Recent acquisitions include : - Nexus Industry Park, Liverpool - $22.0 million - Bundaberg Plaza, Bundaberg - $6.0 million Post 31 December acquisition : - Ballina
Slide 18: Diversification by Asset Value
Onde MIRVAC ion t er im 3 oO oO wi re S$ u ft t §$ 2 Diversification by Asset Value LPT) infra Catpark 3% 3% Retail 24% indust/Other 4% 59% Sector Diversification vic 19% SA 1% QLD 12% ACT NSW 8% 60% Geographic Diversification Note: Above graphs and growth Include James Fielding assets Geographic di
Slide 19: hae
ie i hae ee ae i ae ttn we PON MG.
Slide 20: Commercial & Industrial Market Update
MIBVAC Bh S S wi ion t @ f tom ofr @ S$ u ft t gs Commercial & Industrial Market Update Office Sector stabilised —- demand not supply driven Leasing activity slowly picking up in selected markets resulting in reduced incentives, not rental growth Rental growth a late 2005 story Design & construct pr
Slide 21: Commercial & Industrial Highlights
MIRVAC ion t @ rf im res u fl t s 20 0 Commercial & industrial Highlights e Commercial and Industrial Portfolio net income has grown 2.3 %* (like for like) Strong commercial portfolio occupancy to 97.1%" * Industrial portfolio occupancy remains stable at 96.4%* ° 78,000m”" (14%) commercial / industr
Slide 22: Commercial & Industrial Highlights (contd)
Fi interim res ul t gs 20 0 MARVAC Commercial & Industrial Highlights (contd) Leasing up of Smithfield vacancy (5,455m? to Tyco for 7yrs) Thiess Building, Brisbane 99.6% leased at Feb 05 practical completion Terms agreed for 13,000m? pre-commitment at Nexus Industry Park, Liverpool Holden HQ, Port M
Slide 23: Commercial & Industrial Major Leases
MEG Commercial & Industrial Major Leases Tenant Property Area m? IAG 189 Grey St, Southbank, Qid 7 320 Tyco 1-47 Percival Rd, Smithfield 5,455 Sony 1 Hargrave St, Sydney 4,395 IBM 8 Brisbane Avenue, Canberra 4,048 Reuters 60 Margaret St, Sydney 3,852 Micropay 67 Albert Avenue, Chatswood 4,939 Fujits
Slide 24: Commercial Vacancy Rates - Market Comparison
ion t er idiom re S$ u fl t sg 20 0 5 MARVAC Commercial Vacancy Rates - Market Comparison Sydney CBD 6.8% 41.2% North Sydney 0.6% 13.4% Chatswood 10.6% 15.9% Parramatta 0.0% 9.0% St Kilda Road 0.0% 10.9% Southbank 4.8% 8.4% Canberra 1.4% 4.0% Brisbane CBD 1.9% 5.0% Brisbane Near City 0.2% 7.5% Adela
Slide 25: Lease Expiry Profile
Lo Beyond 2009 FY 08/09 FY O7/08 ile + Commercial* t iry Prof FY 06/07 i Lease Exp FY 05/06 FY 04/05 = S = =
Slide 26: Kawana Shoppingworld, Queensland
angie Kawana Shoppingworld, Queensland
Slide 27: Retail Market Update
MIRVAC ion t @ f£f i om of @ S$ ut tos Retail Market Update Retail continues to be the best performing sector - consumer spending positive (mixed Xmas) - retailer margins improving - low vacancies across most centres Centres are tightly held ~ yields and values to remain firm Retail outlook remains
Slide 28: Retail Highlights
MIRVAC ion t @ f i om rf es u ft ts Retail Highlights Retail portfolio occupancy remains high at 99.0% Like for like actual net income growth of 5.7% Stage 1 Waverley Garcens leasing well progressed Bundaberg commenced construction February 05 Como Cinemas nearing completion Commence construction fo
Slide 29: Retail Performance
MIRVAC ion t @ f£ if om fF @ S$ YU Retail Performance MAT Growth - Total Centres Specialty Sales MAT Growth- Specialty Shops Specialty Occupancy Cost (average Total Portfolio) 5.6% $8,442 / m2 8.7% 10.7%
Slide 30: MIRVAC
MIRVAC 55% 50% 45% 40% 35% 30% 25% 20% 15% 2004/2005 em op | 2005/2006 m rf 2006/2007 2007/2008 2006/2009 Fi
Slide 31: Investment Development Update
20 0 5 im te riom res ul t investment Development Update MIRVAC Significant current and future development pipeline owned by Trust Bundaberg Retail Centres 42 Construction commenced Feb 05. Completion expected Mar 06 2 Peninsular Homemaker, VIC 50 Project completion expected June 08 us see gunmen 68
Slide 32: Investment Division Summary
MIRVAC ® » investment Division Summary Partfolio in very good shape identified development project for delivery over next 5 years Seeking new investment opportunities to compliment current assets Focus on delivering returns for existing portfolio
Slide 33: atl
ce me atl aa oy a Hh i in MN Le Wy ae oe a ‘ |||) : cA, ae a cine es AMM: ie (nine ei j ann ANTENNA TIEN Bune roochydore.
Slide 34: Hotel Division
ponterim re S$ uf to s 200 5 MIBVAC Hotel Division Quay West Resort Bunker Bay Sebel Queenstown Sebel Harbour Lights Cairns Quay West Resort Magenta Shores
Slide 35: Hotel Division
. 1999 Dec. 2000 PF @ S$ u Hotel Division 100% 75% 50% 25% —— 0% Dec. 2004
Slide 36: Hotel Division - Rooms Under Management
LD Dec. 2004 Dec. 2003 Dec. 2002 — S ivision Rooms Under Management € Hotel D Dec. 2001 Dec. 2000 _ i. se a Soe = Dec. 1998 Dec. 1999 2 = & =
Slide 37: Cabarita
, Cabarita wood S a = =
Slide 38: Development Division - Development Highlights
i nm t @ rf bom r@s ul ts 200 5 MIRVAC Development Division - Development Highlights Dec Dec 2004 2003 Net Profit After Tax $49.5m $45.4m +9.0% Revenue $638.8m $534.2m +19.6% Settlements# House / Land lots 843 825 Medium Density Lots 96 360 # Includes settlernents frorn JV's Excluding James Fieiding
Slide 39: Residential Development - State of The Market
ion t e@ fr bom fr @ S$ uw tf t § 2 MIRVAC Residential Development - State of The Market Dernand » Underlying demand remains strong » Population increasing . Headship rate decreasing (No. per household) » Investor market slower » Perception of oversupply affecting demand » Market expectation of inte
Slide 40: Residential Development - Revenue
MIRVAC Residential Development - Revenue WA WA 17.0% 5.6% Stet NSW NSW vee wth Developments veo Developments 21.9% ue 42.6% Old Qd 17.1% 11.8% NSW Housing NSW Housing 20.4% 16.3% $638.8m $534.2m Dec. 2004 Dec. 2003
Slide 41: Residential Development - Lots Under Control
in te rf fom s u | t s 20 0 Fi MAC Residential Development - Lots Under Control Total No. of Houses 4,800 Total No. of Medium density 13,900 Total No. of Lots 18,700 No. of Lots WA 4,950 Vic. 2,650 Qld. 2,200 Forecast revenue from lots currently controlled - 7.9 billion over 10 years (no escalation)
Slide 42: Major Developments - NSW
iat @rim res u ft t s 20 0 5 Major Developments - NSW LTT Ne TG Gi ” ee -Engenoodh Cabarita atitude, Milsons Point ryori Road, L indfietd Saunders Whart, Darling Island
Slide 43: Major Developments - Victoria
ibomt erm res uf t 8 200 5 Mapae Major Developmenis - Victoria Waverley Park Beacon Cove" %, Coast, Torquay. Hawthorn “SV
Slide 44: Major Developments - Queensland
erim res uf tos 200 5 Indooroopilly Golf Club “SV
Slide 45: Major Developments - WA
i om t @ pf im ofr @ 8 u ft ts 2090 5 Major Developments - WA DEVELOPMENT CONCEPT PLAN : ie In Peninsula (Burswood” Maylands Peninsula (Mandurah) Mindaries Seascapes, Mandurah Meadow Springs, Mandurah Bridgewater, Mandurah “SV
Slide 46: Development Division - NSW Housing
3 MIARVAC ee $s 20 0 5 Development Division - NSW Housing : A ee oS ae ae _ . yy ey Shy oo ee oe MG: cs eS L. ye: Bee
Slide 47: NSW Housing Projects
NO oO oO Fi erim r @ s MIBVAT Sanctuary Gardens oodcroft* Cascades Seaview Rise, Belrose Forestview, Belrose Sorrento, Bateau Bay
Slide 48: nde
nde MIRVAC EULESS echt No profits yet brought to account Greater focus on land, housing and low rise apartments will involve less pre-selling Fi
Slide 49: Mirvac Strategy
ion t @ pF im r@ $ u ft tos 20 0 5 Mirvac Strategy nde MIRVAT
Slide 50: Non Residential Development Pipeline
MIRVAC ion t @ fF tom fr @ S$ u ft tos Non Residential Development Pipeline Future Investrnent Developments owned by Corporation Sydney Basin Airports (33%) Aust. Centre for Lifelong Learning (60%) Lorimer St, Port Melbourne Marcus Clark St, Canberra (50%) Other Total $500m $175m $100m $67m $18m $86
Slide 51: Important Information About This Presentation
ion t @ f iom re S$ u ft tos 20 05 MIRVAC important Information About This Presentation In making an investment decision, investors must rely on their own examination of the information in this presentation, including the merits and risks involved. Investors should consult with their own legal, tax,