PEET LIMITED — Investor Presentation 2012

May 15, 2012

Goldman Sachs Emerging Companies Conference

May 2012

Success through experience

Key messages

» Expect FY12 operating profit to be at upper end of guidance of $15‐20 million» Contracts on hand of 1,028 lots for $267M as at 30 April 2012 » FY12 settlement risks largely mitigated » Since the release of Peet's 1H12 results, trading conditions continue to h ll iGROUPPERFORMANCEprove challenging: » Market conditions remained mixed although WA has improved since December 2011d l d UPDATE» Consumers remain cautious due to employment concerns and conflicting interest rate signals » Sentiment remains fragile, challenged by domestic and global economic uncertainty – this is expected to flow into 1H13 » Recent RBA interest rate cuts helpful, although too early to see any improvement in confidence » B k an s appear more cautious in resid ti l identialmortgage l di en ng » Key focus for Peet in short‐term is reduction of debt » Non‐coreasset sales progressing in an orderly process

Key messages (continued)

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Landbank by geography (%)

• » Countercyclical repositioning of land bank to longer term growth states of dWAand QLD
• » Significant re‐weighting to improving marketsover the

Group Business model

Significant expansion of funds management business

• » Recurrentearnings base
• » Delivered on strategy identified three years ago of growing a wholesale fundsplatform
• » Have partnered with significant wholesale investors who are invested acrossfour funds
• » GDV of wholesale now $3bn1, representing 48% of funds management GDV
• » Securessignificant future earnings

Historical FundsManagement EBITDA

Notes:1 Intoday's dollars. Assumes 100% of lots in each syndicate / joint venture

Residential marketoverview

Peet has product with geographic balance and positioned at price points to achieve volume from improving markets

• » The affordable to mid‐market segment is maintaining price stability, whilst the higher end of the market has seen a decline
• » Rents areincreasing and interest rates are trending down
• » More positive indicators in the medium to long‐term ‐ household savings high, dwelling approvals below long‐term average, population growth, shortage of skilled labour, wages growth and low unemployment

CVI
Weighting	»	h‐fokeHiginintt yperrmgmarrecenears
20%	»	kefdiallyduinM1H12ttetearsonemarrg
	»	luiceddeinPrtsanvomesmorag
WA	»	fudalsdLoin‐tetangerrmnmenremasoun
Weighting	»	delkeflowdodwlldfallhoiiain2–inininiceRe1H1ttttatssnmarsoswnegsrangmeprs
42%	»	fudalsludlahPoiiveicininiottattseconomnmencggppoppunggrow
	»	dbohelabokedhSinininininintrotottttngmganengeergsecrsosgurmarancomegrow
	»	kekeindicainhe"bin"fhekedhefMtttottotttottttatosymarrspoomgomaransroarecovery
	»	hleshekeMtetrottarcquarrsasngacrossmar
QLD	»	del rl viia1.6%Rettate<snenacancyra
Weighting	»	fokeffeheflddflowffePoininFY11inimisattttutetsorperrmgmarsurgpaconarasrsan‐onec–
38%	»	fuihdlodalsStrotot‐tetangresourcesecr wgoongerrmnmen
Notes:	»	irylevlsbdudbudyEnttequesuesa
hted bStaeigtewy	land bankby	lotlenivats equ

Landbank – key projects

Prjt noecame	Loiotcan	GDV	1 riningLoLots(tsema)31De11tac	FY12	FY13	FY14	FY15	FY16
Owdjectsnepro
leGreenva	VIC	$402m	1,943
Craigieburn	VIC	$313m	1,645
ldaGstone	QLD	$011m	433
Chase	WA	$87m	506
doBrigaon	WA	$120m	214
heOtr		$1,721m	9,629
ldjecTotatsownepro		$2,744m	14370,
dsFuMantnnageme
lagCitFstoney	QLD	$872m1,	12997,
lagFEasstotne	QLD	$52m	273
lkimAos	WA	$786m	2,924
helfYaGoEstatencp	WA	$345m	1,477
kelandsLa	WA	$269m	1,866
boltuCaore	QLD	$189m	1,320
icVillagBotane	VIC	$129m	0061,
kfordOa	WA	$179m	1,001
bolCraCentrnurnea	VIC	$156m	831
hBuBernsac	WA	$361m	771
boCraWestnurne	VIC	$141m	744
daleFostrre	WA	$139m	719
Other		$191,5m	6,367
lToFMjectatspro		$5,813m	32296,
intJoVentures
llardWe	WA	$372m	2,040
QulueVaattros	WA	$27m	133
lToJVjectatspro		$399m	2,173
TOTALPIPELINE		$8,956m	48839,
Notes:

Key projects underpinning outlook for FY13 and beyond

Lotsremaining: 3,588 GDV: $715m

Greenvale Lakes Aston Craigieburn

• » Locatedcorridor
• » Historical acquisitions – low underlying costbase
• in the strong Hume growth » Range of product types and price points g p yp p p having broad market appeal

Key projects underpinning outlook for FY13 and beyond

Lotsremaining: 13,270 GDV: $1,924m

$

• » Fast‐trackedplanning under ULDA

• » Government assistance with start‐up infrastructure

• » Opportunity to drive long‐term value from a large, integrated master‐planned community

• funding » Owned in 50/50 JV with MTAA Super

Key projects underpinning outlook for FY13 and beyond

Funds Management

Shorehaven

Lotsremaining: 2,924 GDV: $786m Lots remaining: 1,477 GDV: $345m Lots remaining: 1,320 GDV: $189m

• » Located in the City of Wanneroo, in the north western coastal growth corridorof Perth
• » Strong project commencement commencement.Compelling overall project vision – 256 lots settled with a further 118 undercontract
• » Coastal stages and village centre detailed design and negotiations with builder/bulk purchaser partners being progressed now to deliver the coastalvision

• » Attractive location in the north western coastal growth corridor of Perth
• »Bordering the Yanchep Country Club
• » Pre‐releasesales have commenced

at Alkimos, WA Yanchep Golf Estate, WA Riverbank Caboolture, QLD

• » Unique project location, adjacent to the existing town centre and bordering the Caboolture river with extensiveparklands
• » Affordable housing corridor, with the project assisted by the Federal Government's Housing Affordability Fund
• » Access bridge to be completed in 2H FY12, with buyer access and retail salescommencing in FY13

Australiahas a large and growing shortage of housing

N t H i l ti t l ll f i d d lli ith ' l id t b t' (i h lid h t ) Note: Housing supply estimates also allow for unoccupieddwellings with'usualresidentabsent'(ie holiday homes etc.)Source:National Housing Supply Council State of Supply Report (December 2011).

Excessmortgage repayments

• » Households aresaving more by choosing to pay down debt faster than required
• » Borrowers continue tomake substantial excess principal repayments
• »Average excess repayment is currently equivalent to around three‐quarters of the selected total repayment
• » These excess repayments generally build up 'buffers' that can be drawn down in the future if required
  • » Availableequity can be used to upgrade

Household

Saving ratio Excess Mortgage Repayments

*Per cent of owner‐occupier households with mortgages

** Per cent of scheduled (principal plus interest) repayments; excludes repayments due to sales and refinancing

Sources:

Housing shortage to push rents higher

Source: ABS, ANZ

Rebound in net overseas migration will underpin housing demand p g completions

Population growth vs. dwelling p

Source: ABS, ANZ

Affordability continues to improve

• » Incomes growing faster than housing prices
• » Resource states most affordable
• » Renters are tired of renting – they want to own their own home
• » C t diff ti l b t ti Cost differential between renting and owning has narrowed
• » Peet affordable product is attractive to this customer segment

Mortgage repayments as % of household income

Source: ABS RBA REIA ABS, RBA,

Outlook

CY12 to remain challenging with signs that the residential market is approaching the bottomof the cycle

• » Improved cash flow expected over next 18 months which will significantly reduce gearing
  • »Recommencing key projects which will increase revenue, significant capex already spent
  • » No incremental balance sheet capital commitments – Peet's existing land bank is well diversifiedand will support profitability in the medium‐term
  • » Sale of non‐core assets andsuper lots will be used to reduce debt over next 18 months
• » Diversified pipeline ensures Peet is well placed for steady improvements in the residential property market
• » Funds Management division continues to support profitability in a difficult operating environment

Success through experience

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. 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 information in this presentation. All information in this presentation is subject to change without notice.