Slide 1: Peet & Company Limited
pies Le _ Ee se ey Le PEET & COMPANY LIMITED (EST. 1895) ABN 56 008 665 8.
Slide 2: Contents
CONTENTS + Highlights « Overview of Half Year Financial Result « Balance Sheet + Capital Management « Divisional Performance + Land Acquisition Activity + Future Direction & Strategy
Slide 3: Highlights
Highlights » First half net profit after tax of $9.8 million . Half year dividend of 5 cents per share, fully franked (full year forecast dividend 10.9 cents per share) + Optimistic of meeting $31.1m full year prospectus forecast » Total sales from all divisions for the half year up 11% by number an
Slide 4: Half-year financial results
Half-year financial results 31 Dec 2004 31 Dec 2003 $m $m Revenue (excl interest income) 23.4 32.3 Operating expenses (9.5) (9.7) EBITDA 13.9 22.6 Depreciation (0.1) (0.0) EBIT 13.8 22.6 EBIT margin % 59.1% 69.8% Net interest expense (0.1) (0.4) Profit before tax 13.7 22.2 Tax (3.9) (8.1) Net profit
Slide 5: Balance Sheet
Balance Sheet « Land held for development and 31 Dec 2004 30 Jun 2004 resale classified as ‘Inventory’ Assets $m $m « Annual revaluation of real estate Cash 9.1 63 assets to take place as at 30 June Inventory 110.6 99.3 2005 — expected to show land values Receivables 16.4 20.3 significantly higher t
Slide 6: Capital management
Capital management + Total interest bearing debt at 31 Dec 2004 of $75m - facility limit of $137m +» Net Interest Bearing Debt/Total Tangible Assets (adjusted for market value) of 27% » Facility includes $35m available for acquisition of properties for syndication fa] PRET
Slide 7: Current market conditions
Current market conditions + Western Australian demand for land & housing has been solid in the half year ended 31/12/2004 and continues to be so « Victorian and Queensland markets have softened but remain reasonable « Notwithstanding this, overall lot sales at Peet & Co projects for the half year we
Slide 8: Current operating divisions
Current operating divisions fa] PEET Briagiong Lark to | ¢ Western Australia nd development & sales nonin (Owned projects’) Victoria ¢ Victoria # Western Australia 2, Queensland + NSW Returns _ Fees Profit Capital’ Minimal? Land + working capital Notes: 1. Contributed by Peet 2. Peet typically under
Slide 9: Divisional EBIT contribution
Divisional EBIT contribution EBIT Contribution by Division EBIT Contribution by Division 6 months ended 31 Dec 2004 6 months ended 31 Dec 2003 Syndicated Projects 58% Syndicated Projects 48% Owned Projects MN% Owned Projects 49% Joint Joint Venture Venture Projects Projects 3% 0% Proportionally grea
Slide 10: Land development and sales ("Owned Projects")
Land development and sales (“Owned Projects”) -10-
Slide 11: Owned Projects — financial performance
Owned Projects — financial performance Actual (half year) 31 Dec 2004 31 Dec 2003 $m $m Revenue 13.1 15.6 EBIT 6.8 9.3 EBIT margin % 52.1% 59.6% Number of income generating projects 3 1 Total lot sales 180) 128 (1) Only 91 of these fots have contributed to profit in the period Owned Projects Lot Sal
Slide 12: Owned Projects — Greenvale Lakes (Vic)
Owned Projects — Greenvale Lakes (Vic) « Located in the Melbourne suburb of Greenvale, approx 25km north of the CBD + 149 hectare site, expected yield of approximately 1,000 lots « Sales commenced during the half year — 43 lots sold by 31/12/2004 with an average sales price of $149,700 per lot « Con
Slide 13: Owned Projects — Ashton Heights (WA)
Owned Projects — Ashton Heights (WA) « Located in the Perth suburb of Tapping, approx 27km north of the wn C B D + 60 hectare site, expected yield of approximately 600 lots plus medium density « Construction and sales commenced October 2004 + 47 lots sold by 31/12/2004 with an average sales price of
Slide 14: Funds management
Funds management > Syndicated Projects > Income Funds -14-
Slide 15: Funds management — financial performance
Funds management -— financial performance Actual (half year) 31 Dec 2004 31 Dec 2003 $m $m Revenue 9.8 16.7 EBIT 6.6 13.4 EBIT margin % 67.6% 80.4% Number of income generating projects 18 16 Total lot sales 671 725 Syndicated Projects Lot Sales by State 6 months ended 31 Dec 2004 « Syndicate capital
Slide 16: Syndicated Projects — Burns Beach (WA)
Syndicated Projects — Burns Beach (WA) . Located in the Perth suburb of Burns Beach, approx 25km north of the CBD . 147 hectares of prime beachfront land, expected yield of approximately 1,600 lots + Construction and sales scheduled to commence in April 2005 . Projected average sales price per lot o
Slide 17: Syndicated Projects — Warner Lakes (Qld)
Syndicated Projects — Warner Lakes (Qld) « Located in the Brisbane suburb of Warner, approx 19km north of the CBD + 206 hectare site, expected yield of approximately 1,200 lots plus a group housing site and mixed use sites totalling 5.9 hectares « Construction and sales commenced during the half yea
Slide 18: Syndicated Projects — Tarneit Gardens (Vic)
Syndicated Projects — Tarneit Gardens (Vic) « Located in the Melbourne suburb of Tarneit, approx 25km west of the CBD + 125 hectare site, expected yield of approximately 1,100 lots « Commercial and community precinct of 3.8 hectares « Primary and secondary school sites totalling 11.9 hectares « Cons
Slide 19: Syndicated Projects — The Ridge (WA)
Syndicated Projects — The Ridge (WA) « Located in Baldivis in the south western suburbs growth corridor in Perth « 39 hectare site, expected yield of approximately 332 lots « Neighbourhood shopping centre + Construction and sales commenced during the half year — 61 lots sold by 31/12/2004 with an av
Slide 20: Joint Ventures
Joint Ventures ~-20-
Slide 21: Joint Ventures — financial performance
Joint Ventures — financial performance Actual (half year) + Growing earnings contribution 91 Dec 2004 ar pee 2008 achieved from this division in the period Revenue 0.6 - ts . EBIT o4 (01) + Initial income now being 7 EBIT margin % 66.7% nla generated by two of the three joint Number of income ventur
Slide 22: Joint Ventures — The Village at Wellard (WA)
Joint Ventures — The Village at Wellard (WA) « Master planned community being developed with the State Government of WA agency, Landstart + Located in the Perth suburb of Wellard, approx 35 km south of the CBD « 321 hectare site, expected yield approximately 2,700 lots « Good sales being achieved ee
Slide 23: Land acquisition activity
Land acquisition activity « Brigadoon (WA) — 800 hectare site approx 30km east of Perth acquired for $5.2m « Greenvale (Vic) — 1.5 hectare site acquired from Melbourne Water for $1.1m — under review for retirement housing « Range of other land opportunities under review -23-
Slide 24: Current landbank and industry position
Current landbank and industry position Eien. Stockiand " Delfin Lend Peet&Co Mirvac Investa Australand Cedar Lease Woods Source: UBS (February 2005) -24-
Slide 25: Future direction & strategy
Future direction & strategy Syndicated Projects: » Expect approximately two syndicates launched each year » Syndication of Tarneit Rise project planned for second half Owned Projects: » Strategic acquisitions on deferred terms with rezoning conditions » Buying long options on prospective land « Gree
Slide 26: Future direction & strategy
Future direction & strategy Expanded funds management focus: - Launch of first property investment fund, the Peet Income Property Fund, in April 2005 + TO pursue several retirement housing development opportunities already identified within Peet’s current development portfolio + Further opportunitie
Slide 27: Future direction & strategy
Future direction & strategy Joint Ventures: « Substantial earnings growth expected in 2006 financial year from current Joint Venture projects » Further Joint Venture opportunities being pursued fe) PEET ~27-
Slide 28: Disclaimer of Liability
()} PERT PEET & COMPANY LIMITED (EST. 1895) ABN 56 G08 6685 834 Disclaimer of Liability While every effort is made to provide accurate and complete information, Peet & Co does not warrant or represent that the information in this presentation is free from errors or omissions or is suitable for the i