Slide 1: 2005 Annual Results
CEDAR WOODS ae PROPERTIES LIMITED 2005 Annual Results ne TT Presentation Outline Company objectives Financial highlights Operating highlights Outlook and 2006 Forecast
Slide 2: Company Objectives / Financial Highlights — Profit & Loss
Company Objectives Primary objective — growth in earnings per share Aim to be in the top half of listed companies CWPL’s current benchmark is 10% pa earnings growth Gearing (net debt to equity) — new target range 20% to 75% Return on equity — minimum of 12% —— Financial Highlights — Profit & Loss FY
Slide 3: Financial Highlights — Profit & Loss
Oooo §s === es Financial Highlights — Profit & Loss *Strong revenue growth from all projects *Lower margins on early stages FY2005 | FY2004 EBIT/Sales 26% 28% ROE 23% 21% ROC 21% 23% Total shareholder return 42% 82% aa aa a Profit Growth Profit ($m} 2001 2002 2003 2004 2005 2006F (55 Net profit Divi
Slide 4: Share Price vs NPAT plus Realised Reserves
Cedar Woods Share Price vs NPAT plus Realised Reserves + $2.50 + $2.00 + $1.50 r $1.00 Share Price #039;s + $0.80 NPAT and Realised Reserves $m r $0.00 200% 2002 2003 2004 2005 HEPAT BRB Roalisad Resorve Snare Price Year Financial Highlights — Balance Sheet June 2005 Dec 2004 June 2004 Total Assets $m
Slide 5: Financial Highlights — Balance Sheet
SS rrrrhhr—“—sr—r—~—~—SC Financial Highlights — Balance Sheet * Gearing expected to stay at upper end of preferred range until June 2006. * Apartment funding to cause higher gearing from time to time. * Nautilus settlements October 2006. |. tsi‘(ié(é.OwtiCOiiCiCCONNC(i(C(iiiCCOiC(C(C(iéisC. Statemen
Slide 6: Cashflows
CO re Cashflows Development expenditure $42m New land purchases $7m $4.3m positive operating cash flow in 24 half Settlement income $15m received in July/August 2005 Perth Projects aa d Melbourne Project
Slide 7: Project Life
Oooo §s === es Project Life FY2006 FY2007 FY2008 FYZ009 FY2010 FY2044 FY2012 FY2013 FY20t4 FY2015 Balcatta Rivergums Cambritige Waters Mariners Cove Mandurah Country Ciub Aria Nautilus Kestrels Helena Vailey Laverton Palm Beach Port Mandurah (Sutton) Forrestdale Lots Under Option aa aa a Port Mandur
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Slide 9: Mariners Cove dry lots to be developed
Mariners Cove 55 dry lots to be developed Canal Stages 1& 2 — all but sold out Canal Stage 3 — under construction Future group housing sites in canal zone under design Awarded “Best Residential Estate in Australia” SoM earsiiaaiynre
Slide 10: Rockingham - Aria
Rockingham - Aria * 10 storey, 32 apartment tower plus ground floor commercial * $16m project * All apartments sold — completed June 2005 10
Slide 11: Rockingham - Nautilus
Rockingham - Nautilus Council approval obtained for 62 apartments and 24 town houses 4 Ground floor commercial units Marketing to continue next summer 80% (Stage 1) presold Construction commenced (Stage 1) Completion October 2006 (Stage 1) 11
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fi i ie j ie # . — Ai ) Sen apg dione : Lo) a : AUTILUS Ce ee 6 a tf - Je be, _ ae Z
Slide 13: Palm Beach
Palm Beach ALD * Rockingham Beach front * 12 waterfront apartments and cafe * Commence development FY 2007/2008 Palm Beach 13
Slide 14: The Rivergums, Baldivis
The Rivergums, Baldivis 120ha project to yield 800 lots More than 320 lots sold Stages 1, 2, 3 and 4 sold out Stage 4 under construction Project life of 7-10 years 14
Slide 15: Cambridge Waters, Canning Vale
OOaa...==-S™=El_CC Cambridge Waters, Canning Vale 8.35ha located 17km south of Perth Subdivision approval for 57 lots and 160 apartments Marketing commenced, proceeding well. Anticipated profit contribution in FY2006-2009. 15
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Slide 17: Forrestdale
Qa Forrestdale 15 hectares 140-lot residential subdivision Rezoning almost complete Commence development FY 2007/2008 Seeking additional land 17
Slide 18: The Axis, Balcatta
: Ny Seay 2S Le, The Axis, Balcatta 6.5ha, 12km north of Perth 16 lot subdivision Showroom, commercial or bulky goods Fully sold Profit contributions in FY2005 and FY2006 18
Slide 19: The Kestrels, Tapping
The Kestrels, Tapping Adjacent lake Joondalup 51 hectares, 540 lots Greensmart Accreditation Stages 1, 2 and 3 all but sold out Stage 4 to be pre-released August Display village open Dream Home promotion 19
Slide 20: Laverton, Melbourne
Laverton, Melbourne 275ha, 18km (20 mins) west of Melbourne. Mixed used project planning complete. Residential, commercial and retail uses. $22m freeway interchange with construction commencing by January 2006. Project commencement anticipated 2006. 20
Slide 21: Economic Outlook
L a Vv e r t oO n Economic Outlook Australian & WA economies set for further growth Consumer confidence remains strong Property market has softened but market remains resilient Waterfront and coastal property in demand WA property remains affordable 21
Slide 22: Forecasts
Forecasts FY2005 FY2006 Australia (GDP %) 2.0 3.0 Western Australia (GSP %) 5.25 4.5 Australian Dwelling 152,000 147,000 Commencement (#) Affordability - March 2005 Income to Repay Average —s— income to Repay Average Loan —e— Madian House Price WA vic NSW AUSTRALIA Median House Price 22
Slide 23: Company Outlook
ss. Company Outlook * Strong sales continuing. * Further growth provided by new projects. * New projects undergoing due diligence. * $45m acquisition and development funding facility plus $23m apartment facilities. * Focused on delivery of 10% pa eps growth. * Forecasting approximately $13.5m net pr