The Carbon Disclosure Project ("CDP") is an independent not-for-profit organisation providing a coordinating secretariat for institutional investors with a combined $57 trillion of assets under management. On their behalf the CDP seeks information on the business risks and opportunities presented by climate change and greenhouse gas emissions data from the world's largest companies. The CDP is recognised as the gold standard for carbon disclosure methodology and process.

This year, CDP6 was sent to more than 2,800 of the world’s largest quoted companies. It is the third year the ASX100 has been included in the request and again Mirvac has responded.

The 6th Carbon Disclosure Project ("CDP") reporting period coincided with continued growth in public interest in climate change, significant public debate and some dramatic shifts in policy across the Australian economy – Mirvac’s primary market. By ratifying the Kyoto Protocol as its first official act, the Rudd Labor Government sent a clear message that decisive action on climate change is emerging as a high priority in Australia, for Government, businesses and the community alike.

The reporting period also coincided with some significant changes within Mirvac with regard to management of sustainability and climate change issues. Mirvac’s continued delivery of world leading sustainable developments ‘on the ground’ including the 6 star Green Star Orion Springfield shopping centre, was enhanced by the adoption of a Group-wide sustainability strategy structured around six priority areas, with climate change as a key component of the strategy. In December 2008 Mirvac will report progress against the over 100 commitments and targets of the sustainability strategy.

Mirvac’s continued participation on the CDP has allowed it to better quantify the challenges and opportunities presented by climate change, and driven important strategic decisions regarding how we do business. As an extension on previous reporting, this year’s response includes discrete asset-level analysis of the current and targeted performance of commercial office assets across Mirvac Property Trust and Mirvac Real Estate Investment Trust, and strategies to achieve these targets. As Mirvac’s strategic focus sharpens, and data systems continue to improve, similar detail will be provided for the remaining business units.

As an understanding of the economic impacts of carbon pricing increases, Mirvac continues to position its diverse business assets within a framework of strategies and targets to minimise exposure to such impacts and maximise opportunities across the Group.

Mirvac’s total emissions have risen by 216,941 tonnes CO2-e since 2006, representing an increase of approximately 119%. These variances can be attributed to the following factors:

1. Change in property holdings

Since reporting under CDP5, there have been a number of disposals and acquisitions, substantially changing Mirvac’s property holdings.

These include the September 12 acquisition of the remaining 50 per cent stake in Domaine Property Funds Limited. As at 30 June Domaine had $750 million in committed assets under management across five unlisted property trusts.

This also included the October 10 acquisition of the remaining 50 per cent in Property Funds Australia Limited ("PFA"). PFA is the responsible entity of the PFA Diversified Property Trust, a listed trust which owns a portfolio of Australian investment grade assets currently valued at $687 million.

Data from these assets has been included, where possible, in this report.

2. Increased Property Portfolio Coverage

Previously, reports on Mirvac’s property portfolio have only included data from internally-managed assets. This report, Mirvac has also included data from externally managed assets, including 12 properties from the Tuckerbox Hotel Trust, 19 properties from the PFA Diversified Property Trust, and 17 properties under Mirvac Domaine Property Funds Limited.

In total, Mirvac has reported data from 166 properties, up from 63 last year and the year prior, along with other emissions sources.

3. Changes to Emissions Coverage

Along with its standard disclosures, this year, Mirvac has also included flight data from its Hotels Division, and scope 3 emissions from all electricity, gas and fuel purchased. Please download full report for details.

Unfortunately, waste data was available for 53 sites only. Mirvac has recently signed a national waste contract through a single service provider, which moving forward will allow regular and detailed reports on Mirvac’s waste streams, as well as improved waste management .

To more accurately report emissions, Mirvac has elected to report vehicle use data under Scope 1, instead of Scope 3 emissions, as was previously the case. Historical emissions charts included in this report have been updated to reflect this change.

In line with Mirvac’s anticipated growth plans, it is expected that overall emissions may also grow. Mirvac is focusing on the use of emissions intensity metrics as the most accurate assessment of overall performance.

Mirvac Initiatives to Reduce GHG Emissions

Mirvac’s flagship action to reduce GHG emissions from property assets is a commitment to achieve an average 3 star NABERS Energy rating (formerly Australian Building Greenhouse Rating - "ABGR") on all commercial buildings in the sustainability performance management and reporting program across the Mirvac Property Trust ("MPT"), and Mirvac Real Estate Investment Trust ("MREIT").

The NABERS Energy rating scheme has been in place for ten years, and has achieved significant recognition across the property sector. Mirvac was an early adopter of the scheme, and has extensive experience using this tool. A 3 star rating represents current market best practice. An unofficial rating has been calculated for all covered properties, resulting in an average rating of 2.8 stars for MPT and 2.1 stars for MREIT. The upgrade program will focus primarily on electricity and gas reductions through efficiency measures.

Required operational changes and commissioning of the necessary upgrade works to achieve the 3 Star rating are to be complete by September 2008. The bulk of works is expected to be complete by June 2009. Official NABERS Energy ratings will be available 12 months after completion of works.

To focus attention where the greatest gains can be achieved, properties that meet the following criteria have been excluded from the sustainability performance management and reporting program.

• The property is undergoing major refurbishment during FY08
• The property is or will be less than 75% occupied between now and end FY09
• The property is intended to be disposed of or demolished between now and end FY09
• The ownership or leasing structure of the property is such that Mirvac does not have operational control of the base building energy use, or does not have access to the required data

With these exclusions, the project will cover 24 properties totalling almost 300,000m2 of Net Lettable Area ("NLA") of commercial office space.

In total, approximately $2.7 million has been approved for operational and capital upgrades, installation of sub-metering, monitoring and IT services.

By September 2010, Mirvac expects to achieve savings of 12, 341tCO2-e/annum, representing a 29.4% reduction in GHG emissions from properties within the sustainability performance management and reporting program.