GOWING BROS LIMITED — AGM Information 2016

Nov 20, 2016

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148[th] Annual General Meeting

2 1 N o v e m b e r 2 0 1 6

2016 AGM | Investment Philosophy

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The Company’s focus is to preserve and grow the value of its underlying financial and real assets and to grow net income from ordinary activities as the principal source of income to pay ordinary dividends.

Gowings invests across the different asset classes to take advantage of changing economic cycles and to take advantage of unique investment opportunities when they arise.

We balance risk and return in the portfolio through diversification over the long term and will always demand a higher return from more risky investments.

2016 AGM | 40 Year Return

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----- Start of picture text ----- Source: Bloombergand Andex Charts----- End of picture text -----

2016 AGM | 9.8% Total Shareholder Return during FY 2016

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Net Assets per Share (before tax on unrealised gains)

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----- Start of picture text ----- $4.10 $4.02$3.90$3.77$3.70$3.50$3.32$3.30$3.10$2.99$2.90 $2.83$2.70$2.502012 2013 2014 2015 2016----- End of picture text -----

• Prior year net assets per share between 2012 to 2015 have been restated to reflect the 1 for 10 bonus issue made to shareholders in October 2015.

2016 AGM | 9.8% Total Shareholder Return during FY 2016

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----- Start of picture text ----- Movement in Net Assets per Share(before tax on unrealised gains) $4.20 $4.10 -$0.12 $4.00$0.37 $3.90=+ $3.80$4.02 $3.70$3.77 $3.60 $3.5031 July 2015 Portfolio Return Dividends Paid 31 July 2016----- End of picture text -----

2016 AGM | 5 Year Increase in Net Profit After Tax

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Net Profit After Tax ($million)

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----- Start of picture text ----- 25$22.0 20 $19.1 15 $14.1 10$7.3$6.0 5 -2012 2013 2014 2015 2016----- End of picture text -----

2016 AGM | Investment Portfolio

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5 Year Dividends per Share

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----- Start of picture text ----- 12.5c $7,000,00012.0c 12.0c 12.0c $6.4m$6,500,00012.0c11.5c $5.8m $5.8m $6,000,00011.5c$5,500,00011.0c11.0c$4.9m$5,000,000$4.5m10.5c$4,500,00010.0c $4,000,0002012 2013 2014 2015 2016DPS Dividends Distributed----- End of picture text -----

2016 AGM | Investment Portfolio 31 July 2016

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----- Start of picture text ----- OtherPropertyCash$14.0 m$14.9 mPacific Coast Shopping Centres 2016Sub- regional $148m Equity InvestmentsPacific Coast ShoppingNeighbourhood $34m $49.3 mCentres $135.0 mBorrowings ($47m)Total $135mManagedPrivate Equity$2.7 m----- End of picture text -----

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Equity Investments	2016
BoundaryBend	$10.1m
Carlton Investments	$5.5m
Hydration Pharmaceuticals	$2.7m
ANZ BankingGroup	$2.6m
Westpac BankingCorporation	$2.5m
National Australia Bank	$2.2m
BT Investments	$2.1m
TPI Group	$1.9m
DiCE Molecules	$1.3m
Tassal Group	$1.2m
Event Hospitality	$1.2m
Magellan Financial Group	$1.0m
Other holdings$15.0m
Total	$49.3m

2016 AGM | Port Central Shopping Centre

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Option acquired

over adjoining land

to undertake feasibility . into centre expansion

2016 AGM | Kempsey Central Shopping Centre

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Evaluating Private Public Partnership proposal to construct a cinema on top of the centre co-funded by government grant funding.

2016 AGM | Coffs Central Shopping Centre

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City Square upgrade due to Level 1 internal mall commence in May 2017. reconfiguration planned for 2017.

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Hotel Development Application

DA approval for 4,000m2 of new retail and office space. Basement carpark under construction. Intersection works completed.

2016 AGM | Moonee Marketplace

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Gym, Swim School, Childcare Centre and 4 specialties leased during the year. Ongoing leasing and capital upgrade program due for completion in June 2017.

2016 AGM | New Investments and Opportunities

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1. Lyons Road, Coffs Harbour 165 lot residential subdivision in ($8.5m)

2. Jetty foreshore, Coffs Harbour Prime 3,000m2 apartment site ($3m)

3. Organic Lamb Farm and Stud Under negotiation.

4. Direct Private Equity Under negotiation.

2016 AGM | Questions

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