PEET LIMITED — AGM Information 2016

Nov 22, 2016

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ANNUAL GENERAL MEETING NOVEMBER 2016

IMPROVING FINANCIAL PERFORMANCE

Growth in earnings driven by our focused strategy, market conditions and new projects

• » Fourth consecutive year of operating profit growth

• »

• 3 year EPS CAGR[1 ] of 17%

• »

• FY16 DPS of 4.5cps, fully franked

• Target payout ratio of 50% going forward maintained

OPERATING PROFIT[2] AFTER TAX ($M)

OPERATING EPS (CPS)

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42.6
8.7
8.3
38.5
7.3
31.6
5.4
18.3
FY13 FY14 FY15 FY16 FY13 FY14 FY15 FY16
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DPS (CPS)

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4.5 4.5
3.5
FY13 FY14 FY15 FY16
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Notes:

• 1 CAGR = Compound Annual Growth Rate

• 2 Includes effects of non-cash movements in investments in associates and joint ventures

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 2

CAPITAL MANAGEMENT

Further improvement in capital position

• » ROCE[1] of 13.2%

• » Gearing[2 ] of 28.8%

• Focused strategy on reducing gearing to lower end of target range

• » Improving cash interest coverage[3] to 4.3x

• Cost of debt decreased to 6.7% - down 1%

TOTAL ASSETS ($M)[4] AND ROCE[1]

NET DEBT ($M) AND COVENANT GEARING[2]

INTEREST COVER[3 ] AND CASH COST OF DEBT[5]

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Funds Management Net Debt Covenant gearing Interest Cover Weighted Cost of Debt
Development Projects 13.8% 13.2%
ROCE 34% 8.3%
11.0% 30% 29% 7.7% 7.7% 6.7%
8.7% 883 24%
729 749 775 4.3x
397 285 4.0x
257
303 325 367
194 2.8x
177
426 424 408 486 1.7x
FY13 FY14 FY15 FY16 FY13 FY14 FY15 FY16 FY13 FY14 FY15 FY16
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Notes:

• 1 EBITDA / (average net debt + average total equity)

• 2 (Total interest bearing liabilities (including land vendor liabilities) less cash) / (Total assets adjusted for market value of inventory less cash, less intangible assets). Excluding syndicates consolidated under AASB10 3 EBIT / Total interest cost (including capitalised interest). Excludes syndicates consolidated under AASB10

• 4 Development projects and Funds Management/JV only

• 5 Includes bonds/convertible notes

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 3

KEY HIGHLIGHTS FOR FY16

Focused strategy delivering strong results

GROWTHGROWTH AND AND FY14 ResultFY14 POSITIONING Result POSITIONING

» Diversified pipeline of over 48,000 lots with a low cost base and an on-completion value of

approximately $12 billion

• » Selective acquisitions of land holdings to restock pipeline:

• −Acquisition strategy to focus on eastern states

• −Secured three new projects comprising approximately 3,700 lots/dwellings with GDV[1 ] of circa $930m

  • » Whole Green (VIC), Redbank Plains (QLD), Tonsley (SA)

  • » Introduction of new wholesale/institutional partner

• −Entered into a conditional agreement with University of Canberra for the proposed residential development of approximately 3,300 dwellings with an expected GDV[1 ] of $1.7 billion

• » Sale of Greenvale for $93.1m in August 2015

• −Redeployment of funds into lower cost base acquisitions

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Notes: 1. Gross Development Value

AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 4

KEY HIGHLIGHTS FOR FY16 (CONTINUED)

GROWTH

» Flagstone (QLD) project successfully launched in April 2016

AND

−Solid pre-sales achieved since launch, including a retail shopping centre site

POSITIONING FY14 ResultFY14 Result

−Strong sales enquiry building momentum into FY17

» New $25m Werribee (VIC) retail land syndication successfully completed (oversubscribed)

CAPITAL

• » Business generating solid operating cash flows

MANAGEMENT

−FY16 net operating cash flow (before land acquisitions) of $67m

» Completed $100m Bond issue to refinance convertible notes, diversify the Group’s debt capital structure and to support growth objectives

» Senior debt facility extended to October 2019

» Focused strategy on reducing gearing to lower end of target range (20% - 30%)

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 5

FUNDS MANAGEMENT

Funds Management strategy delivering results

FUNDS & JVs EBITDA[1 ] ($m)

FUNDS MANAGEMENT & JOINT VENTURE GDV[2] ($bn)

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70
60
50
40
30
20
10
0
FY12 FY13 FY14 FY15 FY16
Co-Investment Profits Funds Management/Joint Venture EBITDA
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10
9 9.3
8.9
8 8.7
7 7.5
6
6.2
5
4
3
2
1
0
FY12 FY13 FY14 FY15 FY16
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• » Funds Management strategy delivering strong results

• Wholesale/institutional co-investment strategy delivering emerging profits

• Introduction of new wholesale/capital partner(s)

• » GDV trend steadily improving over past 5 years - $9.3 billion at year end, representing almost 80% of the total GDV[2]

• » Fee income growing as FM sales growth increases

Notes:

1 Includes effects of non-cash movements in investments in associates and joint ventures 2 Gross Development Value

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 6

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Operating
performance
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GROUP OPERATING PERFORMANCE

• » Peet’s diversified portfolio of projects has allowed it to capitalise on the eastern states’ strength

• » Contribution from eastern states’ projects increased to 82% of EBITDA[1] (FY15: 68%)

• » Funds Management/Joint Venture business provided solid earnings base

• » Eastern states’ earnings to continue to offset WA and NT weakness

EBITDA[1] COMPOSITION BY BUSINESS TYPE (%)

EBITDA[1] COMPOSITION BY GEOGRAPHY (%)

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100%
22%
29%
33%
80%
30%
60%
30%
36%
40%
48%
20% 41%
31%
0%
FY14 FY15 FY16
Development Funds Management JVs
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100%
7% 6% 8%
6% 5%
16%
80% 12% 16%
2%
10% 7%
60%
26%
34%
56%
40%
20% 39%
32%
18%
0%
FY14 FY15 FY16
WA VIC QLD NSW/ACT NT SA
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Notes: 1 Includes effects of non-cash movements in investments in associates and joint ventures

AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 8

CONTRACTS ON HAND

• » Contracts on hand[1] increased to 2,688 lots since 30 June 2016 – up 11%

• Increase driven by VIC and QLD markets

• Value of contracts on hand increased by a further 12% to $612m since year end - providing solid momentum into FY17

• » Victorian contracts on hand have remained solid since 30 June 2016 as a result of continued strong market conditions

CONTRACTS ON HAND BY GEOGRAPHY (LOTS)[1]

CONTRACTS ON HAND BY GEOGRAPHY (VALUE)[1]

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700
3,000
2,688 $612m
600
2,500 2,426 $546m
2,061 500
2,000 $441m
400
1,500
300
1,000
200
500
100
0 0
FY15 FY16 OCT 16 FY15 FY16 OCT 16
WA VIC QLD NSW/ACT NT SA
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Notes: 1. Includes equivalent lots. Excludes Arena englobo sale

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 9

National Property Portfolio

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NATIONAL REACH

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$12.0bn
48,000
END-VALUE
LOTS
62 1 projectsnationally
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Notes: 1 Not all projects are shown on map

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 11

– KEY PROJECTS FLAGSTONE CITY, QLD

• » Flagstone is a 1,245 hectare greenfield master planned community situated in a key South East Queensland Growth corridor 38 km south west of Brisbane’s CBD

• » Joint Venture with MTAA Super with over 12,000 dwellings

• » Flagstone City will become home to over 30,000 people, with retail, commercial, education & childcare, recreation, health, sporting and community infrastructure

• » Existing Flagstone Rise community of approximately 4,000 residents providing education, childcare and retail amenity

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 12

– KEY PROJECTS FLAGSTONE CITY, QLD

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• » Environmental approvals for the entire development site in place

• » Government catalyst funding to assist with start-up infrastructure funding

• » Solid pre-sales achieved since launch in April 2016 Large display village due to open June 2017 quarter

• » Sale of 1.8ha supermarket site, includes specialty retail and express service station

• » Strong sales enquiry building momentum into FY17 with first settlements forecast to commence in March 2017 quarter

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 13

– KEY PROJECTS FLAGSTONE CITY, QLD

Infrastructure and stage development works under construction including:

• » Completed Sales and Information centre

• » Catalyst funded (Qld government) bridge currently under construction

• » Entry works including main arterial road servicing over 750 lots is 90% complete

• » Construction of first residential stages approximately 60% complete

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 14

– KEY PROJECTS GOOGONG, ACT/NSW

• » Googong is a 790 hectare greenfield master planned community situated 16 km from Canberra CBD

• » Joint Venture with Mirvac

• » The community will accommodate

• Approximately 6,000[1] homes

• Three schools

• Community and childcare facilities

• Major Town Centre and two local Neighborhood Centres

• 30 hectares of sporting facilities linked by 200 hectares of POS

• » Project development commenced May 2012 with approximately 1,300 sales achieved to date

• » In excess of 350 sales achieved during FY16 with approximately 450 homes now occupied

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Notes: 1 Includes equivalent lots

AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 15

– KEY PROJECTS GOOGONG, ACT/NSW

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 16

KEY PROJECTS – THE VILLAGE AT WELLARD, WA

• » The Village at Wellard is a 320 hectare multi-award winning project situated on Perth’s southern suburbs, railway line in the south west corridor 36 km from Perth’s CBD

• » Joint Venture with Western Australian Housing Authority with over 3,100 dwellings

• » Village centre, adjacent to the Wellard train station which includes, Woolworths supermarket, 18 specialty stores

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Southern Railway Line
The Village at Wellard
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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 17

KEY PROJECTS – THE VILLAGE AT WELLARD, WA

• » Almost 70% of homesites completed – over 2,100 settlements achieved since 2004

• » Future childcare centre and Village tavern forecast for completion in next 12 months

• » All approvals for remaining development in place

• » Multi award winning medium density including UDIA State National Winner for Affordable Development

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 18

- KEY PROJECTS ASTON, VIC

• » Aston is a 200 hectare greenfield master planned community located 32 km north of the Melbourne CBD

• » The community will accommodate approximately 2,500 lots along with a range of amenities, including:

• Neighbourhood Activity Centre

• State Government secondary school

• 12 hectares of waterways and parklands

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 19

- KEY PROJECTS ASTON, VIC

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• » Located in major corridor which is evolving into a mature diverse community

• » Strong price growth on residential lots achieved in recent releases

• » Extended landholdings through the amalgamation of land parcels in Aston West (1,000 lots) in 2015

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 20

KEY PROJECTS – LIGHTSVIEW, SA

• » Located 8km north east of the Adelaide CBD, it has become a highly sought after medium to high density suburb outselling all comparable developments in Adelaide

• » Highly innovative infill Joint Venture project with SA Government

• » Project will deliver 3,000 dwellings within 110 hectares including a town centre, retail, community facilities & extensive high quality built form

• » UDIA National Award Winner for “Best Master Planned Development”

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 21

KEY PROJECTS – LIGHTSVIEW, SA

• » Delivers diverse range of product and price points

• » Approximately 50% of the project comprises in-house design built form housing and apartments which is sold as packaged housing

• » Recognised as a leader in the delivery of innovative built form

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 22

KEY PROJECTS – TONSLEY, SA

• » Located 12km South of the Adelaide CBD, Tonsley is the former Mitsubishi vehicle manufacturing plant.

• » Peet has secured 11 hectares under a development agreement with the SA Government for the development of 1,000 terrace homes and apartments

• » 100% of the project comprises in-house design built form housing and apartments which are sold as packaged housing

• » First stage release anticipated 1H18

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 23

KEY PROJECTS – TONSLEY, SA

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• » The site already contains a sub-campus of the nearby Flinders University, Adelaide's major trade training TAFE and various high tech, innovation focused businesses.

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 24

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Outlook
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OUTLOOK

Portfolio well positioned for sustainable long-term growth and value creation

• » Outlook generally supported by market fundamentals with sustained low interest rates and modest economic growth

• Conditions across Victoria, New South Wales/ACT and South Australia are expected to remain supportive, while Western Australia and Northern Territory are expected to remain subdued through FY17 and into FY18

• Activity in the Queensland residential market continues to improve due to its relative affordability, which has been a factor in the recovery in interstate migration

» Peet’s key strategic focus

• Accelerating production where possible and appropriate, and active management of product mix

• Actively managing land bank with a focus on increasing ROCE[1]

• Selective acquisition of projects to restock pipeline, predominantly through funds platform

• Maintain strong balance sheet position

• » The Group has moved into FY17 well-positioned to target earnings growth, subject to market conditions and the timing of settlements, with earnings expected to be weighted to 2H17

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Notes:

1 EBITDA / (average net debt + average total equity)

AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 26

Thank you

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DISCLAIMER

While every effort is made to provide accurate and complete information, Peet does not warrant or represent that the information in this presentation is free from errors or omissions or is suitable for your intended use. This presentation contains forward-looking statements, including statements regarding future earnings and distributions that are based on information and assumptions available to Peet as at the date of this presentation. Actual results performance or achievements could be significantly different from those expressed in, or implied by these forward-looking statements. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond Peet’s control, and which may cause actual results to differ materially from those expressed in the statements contained in the release.

The information provided in this presentation may not be suitable for your specific needs and should not be relied upon by you in substitution of you obtaining independent advice. Subject to any terms implied by law and which cannot be excluded, Peet accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in this presentation. All information in this presentation is subject to change without notice.

This presentation is not an offer or an invitation to acquire Peet securities or any other financial products in any jurisdictions, and is not a prospectus, product disclosure statement or other offering document under Australian law or any other law. It is for information purposes only.

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AGM PRESENTATION ǀ NOVEMBER 2016 ǀ PAGE 28