FINBAR GROUP LIMITED — AGM Information 2011

Nov 22, 2011

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Matilda Bay
Market Rise
Blue 2 Bluewater
85 Riverstone Code Chelsea
Sol
Kingston Paddington Place
C ircle
Seville on the Point
V erve
Altair
Reflections
Domus
Au
Adaigo - Symphony City Fairlanes Royale
The Westralian Soho
C osmopolitan Wellington Place
Times 2
The Rise
Infinity One28
1 75 Hay
The Saint
18 on Plain
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Finbar Group Limited Annual General Meeting 2011 - Update

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Important Information

Forward Looking Statements

Some of the information contained in this presentation may contain forward-looking statements or projections that are subject to various risks and uncertainties. Forward-looking statements include those containing such words as ʻestimateʼ, ʻshouldʼ, ʻforecastʼ, ʻanticipatesʼ, ʻexpectsʼ, ʻplansʼ, ʻapproximatelyʼ, ʻcircaʼ, ʻprojectedʼ, or similar expressions. Finbarʼs actual results, performance, approvals, project composition, values, sales, or achievements could be significantly different from the results or objectives expressed in, anticipated or implied by, those forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which refer to circumstances only as at the date of this release.

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About

A Western Australian residential apartment and commercial property developer with interests in Perth and in the Pilbara.

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Metropolitan Perth

• Perth metro population 1.7 million.

• WA fastest growth rate in nation (2.2%).

• Perth experienced stateʼs fastest population growth increasing average 720 people per week (2.3%).

• Govt. forecast addition 560,000 people need accommodation by 2031.

• Demand for 328,000 more homes (av 315 per week).

• 47% (154,000) by way of infill developments.

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Karratha

• Pilbara second fastest-growing to Perth (2.3%).

• Karratha, Powerhouse of the Pilbara.

• 1500 km north of Perth.

• Produces 25% of nations exports.

• Median income twice that of Perth.

• $795,000 median house price.

• $1,750 per week average rent.

• Govt. drive to create City of the North with population of 50,000.

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OPENING STOCK FY12

The following slides detail completed projects where there were unsold lots at the commencement of the current financial year.

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The Edge 8 Hordern Street, Victoria Park

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Project

75 apartments within a 7 storey building. Comprises 2 & 3 bedroom apartments with an average price of $696,000.

Development Structure

Joint land owner and joint venture developer through SPV. Finbar also earns a management fee.

Approximate Project Value $52.2m

Status

Construction completed November 2010

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JV Partners
36%
Finbar
64%
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The Edge (cont.) 8 Hordern Street, Victoria Park

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Sold & settled Sold Available
Lot Sales
Sales by Value
Estimated Construction Timeline
100%
Available Available
1 lot $0.7m
Sold
Sold
2 lots
$1.4m
Sold & settled Sold & settled 0%
72 lots $50.2m
FY11 FY12 FY13 FY14
Total Residential Lots: 75 Total Project Value $52.2m Note
Percentage % Complete
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Sales revenue is recognised on settlement of the remaining lots.

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Times Two

141 Adelaide Terrace, East Perth

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Project

200 apartments and 2 commercial lots within a 10 storey building. Comprises studios, 1, 2, & 3 bedroom apartments with an average price of $466,000.

Development Structure

Joint venture with equal participation through SPV. Finbar earns a management fee.

Approximate Project Value $94.2m

Status

Construction completed March 2011

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Finbar JV Partner
50% 50%
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Times Two (cont.) 141 Adelaide Terrace, East Perth

Lot Sales

Sales by Value

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Sold
Sold $1.6m
2 lots
Sold & settled Sold & settled
200 lots $92.6m
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Total Project Value $94.2m

Total Residential Lots: 202

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Estimated Construction Timeline
100%
0%
FY11 FY12 FY13 FY14
Percentage % Complete
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Note

Sales revenue is recognised on settlement of the remaining lots.

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Under Construction

The following slides detail company projects that are currently under construction.

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Eighteen on Plain 18 Plain Street, East Perth

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Project

29 apartments and 2 commercial lots within a 10 storey building. Comprises 2 bedroom apartments with an average price of $660,000.

Development Structure

Joint venture with equal participation in land purchase, working capital, and development profit through SPV. Finbar earns a management fee.

Approximate Project Value $20.5 million

Status

Under Construction

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Finbar JV Partner
50% 50%
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Eighteen on Plain (cont.) 18 Plain Street, East Perth

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Eighteen on Plain (cont.) 18 Plain Street, East Perth

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Lot Sales Sales by Value
Available
8 lots
Available
$6.0m
Sold
$14.5m
Sold
23 lots
Total Lots: 31 Total Project Value $20.5m
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Estimated Construction Timeline
100%
0%
Percentage % Complete FY11 FY12 FY13 FY14
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Note

Pre-sales revenue is recognised at settlement which occurs shortly after completion of construction.

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Fairlanes Apartments 181 Adelaide Terrace, East Perth

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Project

128 apartments located above five levels of office within 27 level building. Comprises 2, & 3 bedroom apartments with an average price of $845,000, plus 7,115 sqm of office.

Development Structure

Wholly owned through subsidiary.

Approximate Project Value

• Residential $108.2m

• Office $50.0m (to be retained for investment)

Status

Under construction.

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Finbar
100%
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Fairlanes (cont.) 181 Adelaide Terrace, East Perth

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Adelaide Terrace Frontage

Looking North from Terrace Road

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Fairlanes (cont.) 181 Adelaide Terrace, East Perth

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Apartments largely complete through to Level 10

Level 26

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Fairlanes (cont.) 181 Adelaide Terrace, East Perth

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Lot Sales Sales by Value
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Available
Available
12 lots $10.3m
Sold Sold
116 lots $97.9m
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Estimated Construction Timeline
100%
0%
FY11 FY12 FY13 FY14
Percentage % Complete
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Note

Total Residential Project Value $20.5m

Total Residential Lots: 128

for Fairlanes Office Leasing Update

Pre-sales revenue is recognised at settlement which occurs shortly after completion of construction.

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Pelago West Corner Sharpe Ave & Warambie Rd, Karratha

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Project

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114 apartments and 1,099 sqm of ground floor retail/office space in 9 storey building. Comprises 1, 2, & 3 bedroom apartments.

Development Structure Wholly owned through subsidiary.

Approximate Project Value $96.6m

Status Under construction

Finbar 100%

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Pelago West (cont.) Corner Sharpe Ave & Warambie Rd, Karratha

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Karratha Town with Pelago West construction clearly visible rising above township

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(Image Courtesy Landcorp)

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Pelago West (cont.) Corner Sharpe Ave & Warambie Rd, Karratha

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Eastern Elevation

Northern Elevation

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Pelago West (cont.) Corner Sharpe Ave & Warambie Rd, Karratha

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Top Floor Views overlooking Nickol Bay & Burrup Peninsula

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Pelago West (cont.) Corner Sharpe Ave & Warambie Rd, Karratha

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Internal Progress & Materials Storage

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Pelago West (cont.) Corner Sharpe Ave & Warambie Rd, Karratha

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Sold & settled Sold Leased Available

Sales/Leasing by Lot

Sales/Leasing by Value

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Available
Available
28 lots
$24.3
Leased
Sold
10 lots Sold Leased
$53.0m
76 lots $8.3m
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Estimated Construction Timeline
100%
0%
FY11 FY12 FY13 FY14
Percentage % Complete
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Estimated Construction Timeline

Total Residential Lots 114

Total Residential Value $85.6m

Note

Pre-sales revenue is recognised at settlement which occurs shortly after completion of construction.

Pelago West also comprises commercial lots. Refer Page 53 for Pelago Commercial Leasing Update.

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Adagio 90 Terrace Road, East Perth

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Project

The first stage of Symphony City (the former ABC site), Adagio yields 113 apartments and 2 commercial lots within a luxury 23 storey building. Comprises 2 & 3 bedroom apartments with penthouse at an average price of $1.52m.

Development Structure

Joint venture with land owner. Land owner contributes land, Finbar contributes one half of land value as working capital, conducts the development, and earns 50% of profit plus a management fee.

Approximate Project Value $175 million

Status

Under construction

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Finbar Land Owner
50% 50%
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Adagio (cont.) 90 Terrace Road, East Perth

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Looking Down from Fairlanes
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Looking North from Street Frontage

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Adagio (cont.) 90 Terrace Road, East Perth

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Lots Sales Sales by Value
Sold
Sold
46 lots
$76.5m
Available
Available
$98.3m
69 lots
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Total Project Value $174.8m

Total Lots 115

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Estimated Construction Timeline
100%
0%
Percentage % Complete FY11 FY12 FY13 FY14 FY15
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Note

Pre-sales revenue is recognised at settlement which occurs shortly after completion of construction.

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Lime

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185 Swansea Street, East Victoria Park

Project

95 residential apartments plus 16 street front commercial lots in three storey building. Comprises 2 bedroom apartments with an average price of $455,000.

Development Structure

Joint venture with equal participation in land purchase, working capital, and development profit through SPV. Finbar earns a management fee.

Status

Under construction.

Approximate Project Value $51.5 million

Finbar JV Partner 50% 50%

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Lime (cont.) 185 Swansea Street, East Victoria Park

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Lime (cont.) 185 Swansea Street, East Victoria Park

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Lot Sales Sales by Value
Sold Sold
36 lots $16.0m
Available Available
75 lots $35.5m
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Estimated Construction Timeline

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100%
0%
FY11 FY12 FY13 FY14
Percentage % Complete
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Total Lots 111
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Total Project Value $51.5m

Note

Pre-sales revenue is recognised at settlement which occurs shortly after completion of construction.

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Future Projects The following slides detail company projects that have been secured, and are at various levels of preconstruction progress.

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St Marks 369 Stirling Street, Highgate

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Project

130 one, two, & three bedroom apartments in 5 storey building. $509,000 approximate average price.

Development Structure Wholly owned through subsidiary.

Approximate Project Value $66.2m.

Status

Development approval received. Marketing commenced September 2011.

Finbar 100%

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St Marks (cont.) 369 Stirling Street, Terrace, Highgate

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Lot Sales
Sales by Value
Sales
Sold
38 lots
$20.1m
Available
Available
92 lots
$46.1m
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Total Residential Value $66.2m

Total Lots 130

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Estimated Construction Timeline
100%
0%
Percentage % Complete FY11 FY12 FY13 FY14
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Note

Pre-sales revenue is recognised at settlement which occurs shortly after completion of construction.

St Marks also comprises a commercial component. Refer Page 54 for additional information.

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Au311& Au208

311 Hay Street & 208 Adelaide Tce, Perth

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Project

194 one, two, & three bedroom apartments plus 2 ground floor commercial lots. Frontages to both Hay Street and Adelaide Terrace. Average price is $555,000.

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Development Structure

A joint venture SPV acquired one half of the land and will carry out the development, sharing profit with the land owner. Finbar will also earn a management fee.

Approximate Project Value $109m

Status

Marketing commenced in October 2011. Land Owner JV Partner Profit Share 30% 25%

Finbar 45%

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Au311 & Au208 (cont.) 311 Hay Street & 208 Adelaide Tce, East Perth

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Lot Sales Sales by Value
Sold Sold
19 lots $10.1m
Available
Available
175 lots
$97.7m
Total Lots 194 Total Project Value $109m
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Estimated Construction Timeline
100%
0%
FY11 FY12 FY13 FY14
Percentage % Complete
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Note

Pre-sales revenue is recognised at settlement which occurs shortly after completion of construction.

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Knightsgate 17 Sunlander Drive, Currambine

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Project

43 apartments in a three storey 'walk-up' project located 200 meters from Currambine train station. The project comprises one and two bedroom apartments with average price of $330,000.

Development Structure

Joint venture with land owner. Finbar provides nominal working capital, conducts development, and earns 50% of profit.

Approximate Project Value $14.2m.

Status

Marking commenced July 2011.

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Finbar Land Owner
50% 50%
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Knightsgate (cont.) 17 Sunlander Drive, Currambine

Sales by Lots

Sales by Value

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Sold Sold
14 lots $4.5m
Available
Available
29 lots
$9.7m
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Total Project Value $14.2m

Total Lots 43

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Estimated Construction Timeline
100%
0%
FY11 FY12 FY13 FY14
Percentage % Complete
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Note

Pre-sales revenue is recognised at settlement which occurs shortly after completion of construction.

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Ecco Apartments Corner Lord, Summers, & Coolgardie Streets, Perth

Project

90 residential apartments plus 8 commercial lots in 5 storey building comprising 1, 2, & 3 bedroom apartments. Targeting average price of $540,000.

Development Structure

Joint venture with land owner. Land owner contributes land, Finbar contributes one half of land value as working capital, conducts the development, and earns 50% of profit plus a management fee.

Approximate Project Value $53 million.

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Status

Development approval received. Marketing to commence early 2012.

Finbar JV Partner 50% 50%

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Ecco Apartments (cont.) Corner Lord, Summers, & Coolgardie Streets, Perth

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Ecco Apartments (cont.) Corner Lord, Summers, & Coolgardie Streets, Perth

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Lot Sales Sales by Value
To launch To launch
98 lots $53.0m
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Estimated Construction Timeline
100%
0%
FY11 FY12 FY13 FY14
Percentage % Complete
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Total Lots 98

Total Project Value $53m

Note

Pre-sales revenue is recognised at settlement which occurs shortly after completion of construction.

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Dianella

36 Chester Avenue, Dianella

Proposed Project

82 residential lots in three storey building. Comprising 1, 2, & 3 bedroom apartments. Targeting average price of $440,000.

Development Structure

Joint venture with equal participation in land purchase, working capital, and development profit through SPV. Finbar earns a management fee.

Approximate Project Value $36 million

Status

Development application currently before SAT for technical ruling.

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7,842 sqm adjoining Dianella Plaza Shopping Centre

Profit Share Finbar JV Partner 50% 50%

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Dianella (cont.) 36-40 Chester Avenue, Dianella

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Lot Sales Sales by Value
To launch To launch
82 lots $36.0m
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Total Project Value $36m

Total Lots 82

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Estimated Construction Timeline
100%
0%
FY11 FY12 FY13 FY14
Percentage % Complete
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Note

Pre-sales revenue is recognised at settlement which occurs shortly after completion of construction.

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Pelago East Corner Sharpe Ave & Warambie Rd, Karratha

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Project

178 apartments in 9 storey building. Comprises 1, 2, & 3 bedroom apartments, along with 1,683 sqm of ground floor commercial space.

Development Structure Wholly owned through subsidiary.

Approximate Project Value $157 million

Status

Development approval received. Marketing to commence in January 2012

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Finbar
100%
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Pelago East (cont.) Corner Sharpe Avenue & Warambie Rd, Karratha

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Lot Sales Sales by Value
To launch
To launch
178 lots
$140.6m
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Estimated Construction Timeline
100%
0%
FY11 FY12 FY13 FY14
Percentage % Complete
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Total Lots 178

Total Residential Project Value $140.6m

Note

Pelago East also contains commercial lots to be leased. Refer Page 53 for further information.

Pre-sales revenue is recognised at settlement which occurs shortly after completion of construction.

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Concerto

193 Adelaide Terrace, East Perth

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Project

Stage 2 of the Symphony City redevelopment, Concerto is in early stages of design and is provides flexibility for mixed use potential.

Development Structure

Joint venture with land owner. Land owner contributes land, Finbar contributes one half of land value as working capital, conducts the development, and earns 50% of profit plus a management fee.

Approximate Project Value $150 million.

Status

In planning concept and Heritage proposal discussions.

Finbar Land Owner 50% 50%

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Concerto (cont.) 193 Adelaide Terrace, East Perth

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Sales by Value

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To launch
$150.0m
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Estimated Construction Timeline
100%
0%
FY12 FY13 FY14 FY15
Percentage % Complete
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Total Residential Project Value $150m

Note

Pre-sales revenue is recognised at settlement which occurs shortly after completion of construction.

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Harmony 187 Adelaide Terrace, East Perth

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Project

Harmony comprises the heritage listed buildings forming part of the Symphony City development and will be refurbished as part of stage 2. Eventual uses may include music studios (its former use) and/

Development Structure

Joint venture with land owner. Land owner contributes land, Finbar contributes one half of land value as working capital, conducts the development, and earns 50% of profit plus a management fee.

Approximate Project Value $15 million.

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Status

In planning concept and Heritage discussions.

Finbar Land Owner 50% 50%

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Harmony (cont.) 187 Adelaide Terrace, East Perth

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Lot Sales
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Sales by Value

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To launch
1 lots
Total Lots 1
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To launch
$15.0m
Total Project Value $15m
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Estimated Construction Timeline
100%
0%
FY12 FY13 FY14 FY15
Percentage % Complete
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Note

Pre-sales revenue is recognised when project construction is 100% Complete.

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Toccata

88 Terrace Road, East Perth

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Project

The final stage of the Symphony City project, Toccata will comprise 43 luxury half floor apartments and two commercial lots in a 22 level building.

Development Structure

Joint venture with land owner. Land owner contributes land, Finbar contributes one half of land value as working capital, conducts the development, and earns 50% of profit plus a management fee.

Status

Development approval has been received. Marketing launch anticipated following launch of Concerto.

Approximate Project Value

$120 million

Finbar Land Owner 50% 50%

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Profit Share
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Tocatta (cont.) 88 Terrace Road, East Perth

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Lot Sales Sales by Value
To launch To launch
45 lots $120.0m
Total Lots 1 Total Project Value $120m
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Estimated Construction Timeline
100%
0%
FY12 FY13 FY14 FY15
Percentage % Complete
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Note

Pre-sales revenue is recognised at settlement which occurs shortly after completion of construction.

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Project Pipeline $304 million pre-sales on $1.15 billion project pipeline

Edge										Sold &	settled
X2										Pre-sold
18 on Plain										Available
Fairlanes Resi										To launch
Palago West
Adagio
Lime
St Marks
Au311 & Au208
Knightsgate
Lord Street
Dianella
Palago East
Concerto
Harmony
Toccata
	0		50			100		150		200
						$ million

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INVESTMENT PROPERTY

The following slides detail company projects which are being retained for investment income purposes.

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Gateway 59 Albany Highway, Victoria Park

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Project

7 storey office building with ground floor retail.

NLA

12,717 sqm.

Status Construction complete.

Leasing 96% leased, 10 year WALE.

Approximate Market Value $70 million

Fully Leased Rental Income $5.2 million per annum

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JV Partners
36%
Finbar
64%
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Commerical Leases (sqm)

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Under Offer
530 sqm
Available
573 sqm
Leased
11,614 sqm
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Total Commercial 12,717 sqm

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181 Adelaide Terrace, East Perth

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Project

6 level office building below Fairlanes Residential building. 5 levels of office above two level private lobby.

NLA

7,115 sqm

Status

Under construction. Due for completion FY 2012.

Leasing Leasing campaign underway.

Commerical Leases (sqm)

Approximate Market Value $50 million.

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Leased
1,123 sqm
Available
3,146 sqm
Under Offer
2,856 sqm
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Estimated Fully Leased Rental Income

$4.1 million per annum.

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Profit Share
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Finbar 100%

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Total Commercial 7,115 sqm

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Pelago East & West Commercial Corner Sharpe Ave & Warambie Rd, Karratha

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Project

22 ground floor retail and office lots located in Pelago Apartment project.

NLA

2,750 sqm

Status

Under construction. Pelago West due for completion FY13. Pelago East due for completion FY14.

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Pelago West
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Leased
126 sqm
Under Offer
126 sqm
Available
815 sqm
Total Commercial 1,067 sqm
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Leasing

Pelago West leasing campaign underway.

Approximate Market Value $25 million.

Estimated Fully Leased Income $2.2 million per annum.

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Profit Share Finbar
100%
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Pelago East
To launch
1,683 sqm
Total Commercial 1,683 sqm
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St Marks Heritage Commercial 369 Stirling Street, Highgate

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Project

Refurbishment of existing two storey heritage building located on portion of St Marks residential project land.

NLA

1,104 sqm

Status

Construction scheduled to commence FY12, and due for completion FY13.

Leasing

Will be offered for lease on completion.

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Leasing

Approximate Market Value $5 million

Estimated Fully Leased Rental Income $350,000 per annum

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To launch
1,104 sqm
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Total Commercial 1,104 sqm

Finbar 100%

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Further Information

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