PEET LIMITED — AGM Information 2017

Nov 28, 2017

~~NOVEMBER 2017~~

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AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 1

KEY PERFORMANCE METRICS FOR FY17

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OPERATIONAL
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FINANCIAL
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CAPITAL
MANAGEMENT
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STRATEGIC
GROWTH
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$44.8m FY17 operating
3,077 settlements 21.4% gearing Two new wholesale
profit after tax
Up 7% Down 7% funds established
Up 5%
Preferred partner for
2,186 lots 9.1 cents EPS $161.4m net debt
WA State Government
Under contract with a
Up 5% Down 17%
JV 3,000 + Lots
value of $546m
$91.1m EBITDA $99.6m FY17 net
$50m corporate bond
Up 2% with 13.2% ROCE operating cash inflows
issue completed
EBITDA margin of 29% (before land payments)
FY17 fully franked
Three new projects to
Three new projects
dividend of 4.75cps 4.5x ICR
commence selling in
commenced in FY17
Up 6% FY18
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AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 2

OPERATING RESULTS

Strategic initiatives continue to drive earnings growth

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

• » Contribution from eastern states’ projects increased to 86% of EBITDA[1] (FY16: 82%)

• » FY17 Operating EPS up 5% to 9.1 cps

• » FY17 DPS of 4.75 cps, fully franked - up 6%

OPERATING EPS (CPS)

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9.1
8.7
8.3
7.3
5.4
FY13 FY14 FY15 FY16 FY17
Notes:
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OPERATING PROFIT AFTER TAX ($M)

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44.8
42.6
38.5
31.6
18.3
FY13 FY14 FY15 FY16 FY17
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DPS (CPS)

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4.75
4.50 4.50
3.50
FY13 FY14 FY15 FY16 FY17
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1 Includes effects of non-cash movements in investments in associates and joint ventures

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AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 3

CONTRACTS ON HAND

Contracts on hand underpin momentum into FY18

• » Contracts on hand[1] have increased 5% since 30 June 2017 to 2,291 lots with an 11% increase in value to $608m

• Contract value underpinned by price growth across VIC, QLD and NSW/ACT

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CONTRACTS ON HAND [1 ] (LOTS) CONTRACTS ON HAND [1 ] ($M)
3000
700
608
2500 2,426 600
546 546
2,291
2,186
2000 1,956 1,990 2,061 500 462 468 441
400
1500
300
1000
200
500
100
0 0
FY13 FY14 FY15 FY16 FY17 OCT 17 FY13 FY14 FY15 FY16 FY17 OCT 17
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Notes: 1. Includes equivalent lots. Excludes englobo sales

AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 4

CAPITAL MANAGEMENT

Continued focus on capital employed and reduction in debt

INTEREST COVER[3 ] AND CASH COST OF DEBT[4]

• » ROCE[1] of 13.2%

• Increased FM capital employed with establishment of two 2,184 new wholesale funds

• » Gearing[2] of 21.4%, down 7%

• Focused strategy on gearing reduction

• » Improved cash interest coverage[3] of 4.5x

• Cost of debt[4 ] steady at 6.8%

• » Disciplined approach to pipeline replenishment

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Interest cover Weighted cost of debt
8.3%
7.7% 7.7%
6.7% 6.8%
4.3 4.5
4.0
2.8
1.7
FY13 FY14 FY15 FY16 FY17
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TOTAL ASSETS ($M)[5] AND ROCE[1]

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NET DEBT ($M) AND COVENANT GEARING [2]
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Development projects Funds ROCE
13.8%
13.2% 13.2%
11.0%
8.7%
397
303 325 367 439
486
426 424 408 368
FY13 FY14 FY15 FY16 FY17
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Net debt Covenant gearing
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34%
30%
29%
24%
21%
285
257
194
177 161
FY13 FY14 FY15 FY16 FY17
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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 Includes bonds/convertible notes

• 5 Development projects and Funds Management/JV only. Excludes cash and corporate assets

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AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 5

– FUNDS MANAGEMENT DELIVERY ON STRATEGIC OBJECTIVES

FUNDS MANAGEMENT & JVs EBITDA[1 ] ($M)

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60
50
40
30
20
10
0
FY12 FY13 FY14 FY15 FY16 FY17
Co-Investment Profits Funds Management/Joint Venture EBITDA
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GDV[2] BY BUSINESS SEGMENT ($bn)

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14
12 9.3
8.9
8.7
10
8 11.6
6.2 9.3
7.5 8.9 8.7
6
6.2
4
2
2.6 3.0 2.6 2.6 2.7 2.2
0
FY12 FY13 FY14 FY15 FY16 FY17
Company Owned Funds Management / JVs
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» Funds Management strategy delivering consistent results

• Funds Management/Joint Venture business provided solid capital-light earnings base representing circa 57% of Group EBITDA[1]

• Wholesale/institutional co-investment strategy delivering emerging profits

• A number of wholesale/institutional ventures commencing development which will contribute to FM/JV growth in next 3 years+

• Two new wholesale funds established in FY17

• » Funds Management/JV GDV[2] trend steadily increasing over past 5 years - $11.6 billion at year end, representing almost 85% of the total GDV[2]

• » Future fee income from Funds Management business not reflected in NTA

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 2017 ǀ PAGE 6

NATIONAL REACH

51,726 LOTS

$13.8bn END-VALUE

57 1

projects nationally

1 Not all projects are shown on map

Notes:

OVERVIEW OF PEET’S LAND BANK

Land bank represents approximately 17 years’ lot supply based on current sales rates

• » Diversified land bank across all mainland states and territories

• Pipeline of approximately 52,000 lots with an on completion value of approximately $13.8 billion

• Product mix is diverse and consistent with strategy

• FM and JV projects account for more than 80% of the Group’s land bank

• Strong exposure to a number of eastern states’ growth corridors

• Strategically located projects near amenity and infrastructure

• » QLD land bank provides significant exposure to an improving market cycle

• » Approximately 70% of the entire land bank was in development by the end of FY17

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LANDBANK COMPOSITION BY BUSINESS TYPE (LOTS [1] )
60,000
51,726
50,000
40,000
29,292
30,000
20,000
12,713
9,721
10,000
0
Funds Management Joint Ventures Development Total
Total funds management /
JVs = 42,005
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• Increasing to more than 80% by FY19

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Notes: 1. Includes equivalent lots

AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 8

NEW PROJECTS SUPPORTING GROWTH

Pipeline of approximately 52,000 lots providing visibility of future earnings

• » Targeting medium term earnings growth driven by current portfolio

• Not dependent on acquisitions

• » Three new projects commenced development/sales in FY17 FY14 ResultFY14

• »

• Up to five new projects to commence development within the next two years Result

• Approximately 95% of the lots in these projects sit within the Funds Management/JV business

• Average project duration of circa 8.8 years providing visibility of future earnings and cash flows

• » Land portfolio well balanced across key growth corridors

• » Operating cash and financing facilities support funding of current portfolio and future growth opportunities

FY18 – FY20 PROJECT RELEASE SCHEDULE	FY18 – FY20 PROJECT RELEASE SCHEDULE	FY18 – FY20 PROJECT RELEASE SCHEDULE	FY18 – FY20 PROJECT RELEASE SCHEDULE	FY18 – FY20 PROJECT RELEASE SCHEDULE	FY18 – FY20 PROJECT RELEASE SCHEDULE
Project	State	Segment	First Sales	Lots1	Project Life (Years)
Tonsley	SA	JV	2018	850	9yrs
Palmview	QLD	Owned	2018	438	4yrs
AtriaApartments	ACT	JV	2018	151	2yrs
University ofCanberra	ACT	JV	2019	3,300	18yrs
Brabham	WA	JV	2019	3,333	11yrs
Total 8,072 Ave 8.8

1 Refers to lots and/or dwellings

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Notes:

AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 9

PROJECT OVERVIEW

Flagstone - QLD

• » 1,245 hectare 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

• » Total yield of more than 12,000 lots with a GDV[1 ] of more than $3.4 billion

• » Flagstone City will support retail, commercial, education and childcare, recreation, health, sporting and community infrastructure

• » Bridge completed in 1H18 providing greater access across estate

• » Commenced selling in 1H17

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Notes: 1 Gross Development Value

AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 10

PROJECT OVERVIEW

Flagstone - QLD

• » Sold 310 residential lots to date. First stage settled in January 2017

• » Flagstone’s city centre will support the region’s expected population of more than 120,000

• » Commercial sites settled to date:

• Supermarket site to Coles, including specialty retail Child care

• Site for service station, medical and food convenience

• » A number of other commercial opportunities are currently under negotiation including school site and bistro site

• » Additional amenity provided by completion of Stage 1 & 2 of the 10 hectares Regional Recreation Park

• » Expected settlement period FY17 – FY41

• » Price range $129,000 to $235,000

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AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 11

PROJECT OVERVIEW

Aston - VIC

• » 209 hectare master planned community located 32 km north of the Melbourne CBD, in the northern growth corridor

• » Total yield of more than 2,500 lots with a GDV[1 ] of $696 million

• » The community will accommodate a range of amenities, including:

• Neighbourhood Activity Centre

• State Government secondary school

• 8 hectares of sporting fields

• 12 hectares of waterways and parklands

• » Settled 1,184 residential lots to date

• » Approximately 1,300 lots remaining to settle

• » Expected settlement period FY12 – FY27

• » Price range $260,000 to $505,000

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Notes: 1 Gross Development Value

AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 12

PROJECT OVERVIEW

Googong - ACT

• » 780 hectare master planned community situated 16 km from Canberra CBD

• » Joint Venture with Mirvac Group

• » Total yield of approximately 6,000 dwellings with a GDV[1 ] of $1.8 billion

• » The community will accommodate three schools, community and childcare facilities, two local Neighborhood Centres, a Major Town Centre and 30 hectares of sporting facilities linked by 200 hectares of open space

• » Sold approximately 1,600 dwellings to date

• » More than 4,200 dwellings remaining

• » Expected settlement period FY12 – FY33

Tonsley - SA

• » 11 hectare site located 9 km south west of Adelaide CBD

• » First sales release Q2 FY18

• » A total yield of more than 800 dwellings with a GDV[1] of $265 million

• » High density mixed use development in Tonsley Innovation District

• » Expected settlement period FY18 – FY27

Notes:

1 Gross Development Value

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AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 13

PROJECT OVERVIEW

Eden’s Crossing - QLD

• » 122 hectare master planned community situated 30 km from Brisbane CBD

• » Joint Venture with Supalai Australia Holdings Pty Ltd

• » Total yield remaining of approximately 1,030 dwellings with a GDV[1 ] of $220 million

• » Settled 70 residential lots to date

• » Expected settlement period FY17 – FY23

• » Price range $171,000 to $280,000

Yanchep - WA

• » 150 hectare greenfield master planned community situated in a key Northern Growth Corridor 50km north of Perth’s CBD

• » Total yield of approximately 2,000 lots with a GDV[1 ] of more than $280 million

• » Sold 408 lots to date

• » 4.5km of golf course frontage

• » Close proximity to future Yanchep Train Station (Metronet Stage 1)

• » Approximately 1,600 lots remaining to settle

• » Expected settlement period FY17 – FY27

• » Price range $154,000 to $224,000

• Notes: 1 Gross Development Value

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AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 14

PROJECT OVERVIEW

Newhaven - VIC

• » 121 hectare master planned community situated 26 km from Melbourne CBD

• » Joint Venture with Supalai Australia Holdings Pty Ltd

• » Total yield of approximately 1,750 dwellings with a GDV[1 ] of $469m

• » Settled 319 residential lots to date

• » Approximately 1,435 lots remaining to settle

• » Expected settlement period FY18 – FY23

• » Price range $110,000 to $428,000

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Notes: 1 Gross Development Value

AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 15

PROJECT OVERVIEW

Lightsview (Housing Product) & Apartments

• » Located 8km north east of the Adelaide CBD

• » Highly innovative infill Joint Venture project with SA Government

• » Project will deliver approximately 2,300 lots within 110 hectares including a town centre, retail, community facilities & extensive high quality built form

• » 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

• » Settled 1,737 residential lots to date

• » Approximately 530 lots remaining to settle

• » Expected settlement period FY17 – FY21

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Urban Garage

Urban Garage

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Lightsview Apartment Product

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AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 16

PROJECT OVERVIEW

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AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 17

PROJECT OVERVIEW

Brabham - WA

• » 220 hectare landholding, 22 km from the Perth CBD

• » Peet nominated as preferred proponent by the Western Australian Government in July 2017

• » Total yield of 3,333 dwellings with a GDV[1 ] of approximately $800 million

• » Integrated transit orientated development aligning with the WA Government’s Metronet plans

• » Contract negotiations expected to be finalised by December 2017

• » First sales release expected to commence FY19

• » Expected settlement period FY19 – FY30

University of Canberra - ACT

• » 20 hectare site located 8 km north of Canberra CBD

• » Conditional agreement with the University of Canberra for a proposed residential development

• Negotiations of conditions precedent are progressing

• » A total yield of approximately 3,300 dwellings with an expected GDV[1 ] of $1.3 billion

• » Development to comprise a mix of units and townhouses

• » First sales release expected 2019

• » Expected settlement period FY20 – FY38

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Notes:

1 Gross Development Value

AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 18

PRIORITIES AND STRATEGIC FOCUS

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Portfolio well positioned to target on-going growth and value creation Accelerating production where possible and appropriate, and active management of product mix Delivery of affordable product targeted at the low and middle market segments Selective acquisition of projects to restock pipeline, predominantly through funds platform Focus on securing low cost projects to ensure delivery of affordable product Maintain strong balance sheet and cash flow position

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AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 19

OUTLOOK

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

Positive outlook underpinned by contracts on hand and new project commencements

Conditions across Victoria, Queensland and New South Wales/ACT are expected to remain supportive

Well-placed to capitalise on a WA market recovery

The Group has moved into FY18 in a solid position to target growth on FY17 earnings, subject to market conditions and the timing of settlements

Earnings anticipated to be slightly weighted to the second half of FY18, with first half expected to be up compared to the previous corresponding period

New projects commencing, and already under construction, provide positive outlook for FY19

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AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 20

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 2017 ǀ PAGE 21