1. mypay training CREATING GREAT PLACES FOR LIFE July 2014 Mirvac FY14 Performance and Pay Review – May 2014

2. Agenda Mypay  Elements of Pay  Pay review process  Fixed pay and STI  Key Dates  Using mypay for pay reviews

3. Elements of Pay PurposePayment Form TypeEligibilityMarket Positioning Total Fixed PayTFPActs as a base level reward for a competent level of contribution in the role CashFixedAll employees 50 th percentile, with the ability to work within a range around the median Short-Term Incentive STIUsed to motivate and reward employees for contributing to the delivery of annual business performance CashVariable / At Risk All permanent employees Up to 75 th percentile in the event that both the individual and the business achieve stretch targets Long-Term Incentive LTIFacilitates executive security ownership Equity - Performance Rights Variable / At Risk Senior Executives (Level 6 and above) Employee Exemption Plan EEPSecurity ownershipEquity - Securities with 3 year holding lock Benefit – up to $1,000 worth of securities Permanent employees > 12 months service Note: FY14 is the first year all permanent employees are eligible for STI. A significant increase in budget. A direct link to company and individual performance

4. Pay Review @ Mirvac  On an annual basis through Pay Review process conducted from July – September.  Elements of pay reviewed are:  Total Fixed Pay  forward looking – pay for new financial year from 1 July onwards  Short-Term Incentive reward for performance in past financial year How is pay reviewed at Mirvac? JanFebAugJulAprMayJunMarSeptOctNovDec End of Year Perf Review TFP & STI Review EEP offerLTP offer TFP & STI Payment 3

5. Eligibility and Decision making guidelines Total Fixed Pay Eligibility for review of TFP:  Commenced employment before 1 April 2014  Permanent employee  TFP increases to be based on considerations such as:  Diversity considerations should also be taken into account such as whether males/females are being equivalently compensated for the same role i.e. Is there gender pay parity in your team. Short-term Incentives Eligibility for STI :  Commenced employment before 1 April 2014  Permanent employee (not on Sales Commission or EBAs)  Qualifying period – to be eligible for consideration for a STI payment, employees must have completed a minimum of three months of active service in the performance year to which the STI payment relates excluding any periods of paid or unpaid leave.  Employed at date of STI payment.  STI outcomes are directly related to performance through the individual STI multiplier: 4 RatingIndividual STI multiplier (% of target) 5.125-150% 4.100-125% 3.50-100% 1 or 20%

6. Key dates for FY14 Pay Review 5

7. mypay Learning Objectives 6 As a mypay manager, you can: Review your budget Make your Fixed Pay recommendations for eligible employees Make your STI recommendations for eligible employees Make any special comments to support your recommendations Save and Submit Run your reports

8. mypay – Review your budget

9. mypay – Fixed Pay and STI recommendations

10. mypay – Fixed Pay History

11. Mypay – STI history and comments

12. mypay - Reports

13. Useful contacts and links mypay Intranet page Our People > mypay > Useful Links >Here you can find detailed information around all aspects of the FY14 Pay Review and the mypay review system including the following materials: >Manager User Guide >Manager Cheat sheet >Glossary >Pay Review Discussion guide 12

14. Pay Review Discussion a) Introduction Establish purpose, benefits and meeting process Re-cap performance review discussion to affirm understanding reached on overall rating. b) Explain Total Fixed Pay for year starting 1 July 2014 Talk the employee through how you came to that outcome and what you took into consideration which may include: External market practice Internal relativities Gender Pay Parity Out of cycle movement/promotions Capacity to pay/ budgetary constraints Individual performance – performance rating c) Share STI individual performance multiplier for the FY14 year Explain how you came to the individual multiplier that is linked to the performance rating. d) Discuss link between performance and STI outcome Discuss the link between performance and STI outcome Explain the Group multiplier and Project multipliers (where relevant) e) Closing Review and summarise discussion highlights. 13

15. THANK YOU