1H20 RESULTS PRESENTATION

26 FEBRUARY 2020

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FY19 RESULTS | AUGUST 2019 | 2

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PEET IS WELL POSITIONED TO LEVERAGE ITS UNQIUE MODEL MEDIUM TERM OUTLOOK SUPPORTED BY ONGOING MARKET RECOVERY

1H FY20 result in-line with expectations given significant second half weighting of forecast 1 settlements

Recovery in market conditions demonstrated by 52% increase in sales during 1H20, compared to 2 2H19 3 Previous interest rates cuts and easing of credit availability expected to support ongoing recovery

Significant operating leverage potential with c.80% of the land bank expected to be in 4 development by FY22 Ability to leverage integrated platform, strong brand, cost efficient land bank and flexible funding 5 model

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1H20 RESULTS | FEBRUARY 2020 |

3

LARGEST ‘PURE PLAY’ RESIDENTIAL DEVELOPER IN AUSTRALIA INTEGRATED MODEL WITH PROVEN CAPITAL PARTNERING CAPABILITY

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• Property development company established in 1895

• Listed on the ASX in 2004

• Significant and diversified land bank encompassing more than 49,000 lots across 51 projects

• Integrated platform with broad product expertise across land, medium density townhouses and low rise apartments

• Flexible and unique funding model underpinned by proven capital partnering capability with more than 37,000 lots held in capital efficient arrangements

1H20 RESULTS | FEBRUARY 2020 | 4

BROAD CUSTOMER AND PRODUCT REACH

SCALE PIPELINE WITH LOW COST BASE PROVIDING SOLID EMBEDDED MARGINS

49,058 LOTS

$14.3bn END VALUE NO. OF PROJECTS NT 1 NO. OF NO. OF NO. OF WA PROJECTS VIC PROJECTS NSW PROJECTS 51 19 10 2 PROJECTS NO. OF NO. OF NO. OF QLD PROJECTS ACT PROJECTS SA PROJECTS 12 2 5

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Peet manages a broad property portfolio, encompassing 49,000 lots across 51 projects

Diversified land bank

strategically located in growth corridors of major cities in every mainland state and territory of Australia

Range of affordable product type appealing to all buyer segments with a core focus on first home buyers

1H20 RESULTS | FEBRUARY 2020 | 5

SIGNIFICANT OPERATING LEVERAGE POTENTIAL

c.80% OF LAND BANK EXPECTED TO BE IN PRODUCTION BY FY22

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60,000
c.80%
Pipeline in
50,000 production 49,058 lots
c.65%
Projects: 8
Pipeline in
production Lots: 9,382
39,676 lots
40,000
Projects: 13
Lots: 9,175
30,501 lots
30,000
20,000
Projects: 30
Lots: 30,501
10,000
31 DEC 2019 FY20 – FY22 FY23+
YEAR
NO. OF LOT/UNITS
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1H20 RESULTS | FEBRUARY 2020 |

6

NET ASSET VALUE (NAV)

SIGNIFICANT FUNDS MANAGEMENT PLATFORM VALUE NOT CAPTURED IN NTA

• NET ASSET VALUATION - $2.1bn in Assets Under Management

• PEET CAPITAL THIRD PARTY CAPITAL

• NTA PER SHARE[3] : $1.18 NAV

• PEET INVENTORIES PEET CO-INVESTMENTS FUNDS MANAGEMENT AND JV $539 million[1] $328 million[1] $1,241 million[1] 59%

• 26% 15% of AUM of AUM of AUM

• DEVELOPMENT JV / FM FUNDS MANAGEMENT AND JV • GDV[2] of $2.8bn CO-INVESTMENTS • GDV[2 ] of $11.5bn across 11,872 lots • – Represents Peet’s economic Significant pipeline of 37,186 lots providing long-term earnings visibility

• • Held at lower of interest in syndicates and JV – Represents more than 75% of land bank

• historical cost and projects – net realisable value • Held at lower of historical cost Lowly geared portfolio •

• • Value of ‘capital lite’ fee streams not captured in NTA Generating solid and net realisable value –

• margins High margin profit source across multiple fee streams and projects – Scalable platform operating across seven states and territories

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NOTES:

1. Based on book value of assets at 31 December 2019

2. Gross Development Value

3. NTA before application of AASB 16 Leases. NTA including AASB 16 Leases is $1.17

1H20 RESULTS | FEBRUARY 2020 | 7

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||||
|---|---|---|
|DELIVERING AGAINST OUR STRATEGY|
|PORTFOLIO WELL POSITIONED FOR POSITIVE MEDIUM TO LONG TERM GROWTH AND VALUE CREATION|
|STRATEGY|KEY ACHIEVEMENTS (1H20)|
|•|
|Two medium density townhouse sites and one broadacre|
|Invest in high quality land in strategic|
|INVEST|project secured during 1H20 on attractive terms|
|locations across country|
|•|
|Enhance, plan and create communities|One new project commenced development / sales during 1H20|
|ENHANCE|and homes targeting the low to middle|with a further two commencing in 2H20|
|•|
|market segment|c.65% of landbank under development|
|•|
|Broadened product offering to Medium Density Townhouses and|
|Expand product offering and|
|low rise Apartments|
|EXPAND|geographic presence to appeal to|-|
|Pipeline of approx 1,400 townhouses/low rise apartments|
|wider variety of customers|
|•|
|Flexible funding model: Development, Funds Management, JVs|
|•|
|Disciplined balance sheet utilisation, gearing of 28% within target|
|MAINTAIN|Maintain strong capital management|
|range|
|1H20 RESULTS | FEBRUARY 2020 ||8|

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RESULTS OVERVIEW

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1H20 RESULTS | FEBRUARY 2020 |

9

GROUP 1H20 FINANCIAL RESULTS

RESULT IN LINE WITH EXPECTATIONS GIVEN SIGNIFICANT SECOND HALF SETTLEMENT SKEW

Group sales were up due to improving east coast markets and lower cancellation rates as restrictive lending conditions gradually ease

Reflects the impact of lower sales volumes in FY19 carrying into FY20

1H20 revenue was lower due to settlement volumes and timing of product mix

Group EBITDA[3 ] impacted by lower settlement volumes

Result in line with expectations with a significant weighting to 2H20

NOTES:

1. Includes equivalent lots

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1. Includes share of net profit from associates and JVs

2. EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures

3. Operating profit is a non-IFRS measure that is determined to present the ongoing activities of the Group in a way that reflects its operating performance. Operating profit excludes unrealised fair value gains/(losses) arising from the effect of revaluing assets and liabilities and adjustments for realised transactions outside the core ongoing business activities

4. Fully franked

5. NTA before application of AASB 16 Leases. NTA including AASB 16 Leases is $1.17

1H20 RESULTS | FEBRUARY 2020 |

10

GROUP BALANCE SHEET CONTINUED EXECUTION OF CAPITAL MANAGEMENT STRATEGY

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NET DEBT [6] ($M) AND GEARING [4 ] (%)
28%
25%
23%
19%
247
212
161
141
FY17 FY18 FY19 1H20
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FLEXIBLE AND DIVERSE
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The Group has a flexible and diverse funding profile Long term debt maturity profile including Corporate Bonds

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BALANCE SHEET
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Balance sheet remains strong:

• Total net debt[6] of $247m, including corporate bonds

• Gearing[4] of 28.1% - within target range

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STRATEGY
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Implementing Built Form strategy to improve and diversify portfolio:

• Inventory build up of medium density product

• Inventory capital to be recycled from FY21

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Notes:

• 1 Includes cash at bank of syndicates consolidated under AASB10

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• 2 Includes bank debt of syndicates consolidated under AASB10

• 3 Excluding transaction costs

• 4 (Total interest bearing liabilities (including land vendor liabilities) less cash) / (Total assets less cash, less intangible assets) 5 12 month rolling EBIT / Total interest cost (including capitalised interest). Excludes syndicates consolidated under AASB10 6 Net of transaction costs

1H20 RESULTS | FEBRUARY 2020 | 11

GROUP CASH FLOW SUMMARY

OPERATING CASH FLOW IMPACTED BY LOWER SETTLEMENT VOLUMES IN 1H20

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1H20 RESULTS | FEBRUARY 2020 | 12

OPERATING PERFORMANCE

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1H20 RESULTS | FEBRUARY 2020 | 13

GROUP OPERATING PERFORMANCE

• Contribution from eastern states’ projects represented 82% of EBITDA[1,2]

• Contribution driven by low cost VIC Development projects

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8%
18%
28% 11%
EBITDA [1,2]
EBITDA [1,2 ]
40% COMPOSITION BY
COMPOSITION BY
GEOGRAPHY (%)
BUSINESS TYPE (%)
VIC
Development 18%
QLD
Funds Management
JVs WA
NSW/ACT
SA
32% 45%
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Notes:

• 1 EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures 1 EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures 2 Pre-overheads 2 Pre-overheads

• VIC and QLD to benefit most from an improvement in lending conditions

• Approximately 65% of entire land bank is currently in development

• c.80% of the land bank expected to be in development by FY22

• FM/JV business provided solid capital-lite earnings base representing c.60% of Group EBITDA[1,2]

• Continued focus on overhead management and other operational efficiencies

• Targeting 5% overhead cost reduction in FY20

1H20 RESULTS | FEBRUARY 2020 |

14

GROUP SALES AND SETTLEMENT ACTIVITY

• Group sales[1] for 1H20 of 1,012 lots – up 5%

• Group sales were up due to improving east coast markets and lower cancellation rates as restrictive lending conditions gradually ease

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14%
23%
SALES [1 ]
5%
COMPOSITION BY 19%
GEOGRAPHY (LOTS) 28%
SETTLEMENTS [1]
VIC
QLD COMPOSITION BY
5%
WA GEOGRAPHY (LOTS)
NSW/ACT
SA 28% VIC
QLD
30% WA
NSW/ACT
SA
19%
29%
Notes:
Notes:
1 EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures
1 Includes equivalent lots 2 Pre-overheads
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• Customers understanding and preparedness of lending requirements

• Cancellation rates are moderating towards more normalised levels

• Peet expects lending conditions to further improve throughout FY20 due to:

• Low interest rates

• Reduction in income tax rates

• Changes by APRA in relation to loan serviceability thresholds

• Group settlements[1] of 773 lots – down 45%

• Settlements impacted by lower sales volumes in FY19 carrying into 1H20. Full year settlements to be impacted by lower sales activity during FY19

• Timing of Development product mix

1H20 RESULTS | FEBRUARY 2020 |

15

IMPROVING SALES ACTIVITY UNDERPINNING OUTLOOK

DECEMBER QUARTER SALES UP 54% ON PRIOR QUARTER

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QUARTERLY SALES [1 ] (LOTS)
613
505
459
382 399
283
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20
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Strong recovery in sales volumes, albeit off a low base

• Notable uptick in December quarter with sales up 54% on prior quarter

• VIC and QLD seeing strongest recovery

Enquiry levels continue to improve along with conversion rates New projects with expected first settlements in 2H20 and FY21 include

• Palmview and Strathpine in QLD;

• Brabham in WA; and

• Jumping Creek in ACT

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Notes: 1. Includes equivalent lots.

FY20 RESULTS | FEBRUARY 2020 | 16

CONTRACTS ON HAND

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CONTRACTS ON HAND [1 ] (LOTS)
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2,257
1,496
1,257
FY18 FY19 1H20
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CONTRACTS ON HAND (VALUE)
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CONTRACTS ON HAND REFLECT IMPROVING MARKET CONDITIONS

Contracts on hand[1] have increased by 19% since 30 June 2019 to 1,496 lots

• Reflects gradually improving market conditions across eastern states

• Restrictive lending conditions easing

• Improved conversion timeframes

Contracts value of $390m – up 16% since 30 June 2019

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$616m
$390m
$336m
FY18 FY19 1H20
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Notes:
1. Includes equivalent lots.
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Lower contracts on hand as at 30 June 2019 to impact lot settlements in FY20

• The number of cancellations is moderating and is expected to improve over the balance of FY20 and to normalised levels during FY21

FY20 RESULTS | FEBRUARY 2020 | 17

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OUTLOOK
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1H20 RESULTS | FEBRUARY 2020 | 18

MARKET VOLUMES AND OUTLOOK

CONDITIONS EXPECTED TO IMPROVE ACROSS MOST MARKETS PEET SUMMARY

QUEENSLAND 1H20

VICTORIA 1H20

• Solid economic growth, with • Strengthening population significant Government growth via interstate investment in infrastructure migration

• Economic outlook and population growth to underpin dwelling demand

• Affordability advantage over Sydney and Melbourne

• Enquiry and sales have marginally improved during 1H20

• Sales volumes improving as restrictive lending conditions ease

WESTERN AUSTRALIA 1H20

• Despite ongoing challenges in WA, market conditions have stabilised

• Sales volumes and prices generally stable during 1H20

• Rental vacancy and rents improving

AUSTRALIAN CAPITAL SOUTH AUSTRALIA TERRITORY 1H20 1H20

• Sales volumes and prices steady

• Continued growth in employment and wages supporting a steady market

• Continued Government investment in defence / shipbuilding will support an increase in population

• Volumes down in 1H20 primarily due to restrictive lending conditions

• Rental vacancy and rents improving

MARKET OUTLOOK

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VICTORIA
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• Volumes expected to improve through the course of FY20 and into FY21 off low base

• Prices showing early signs of increases

• QUEENSLAND WESTERN AUSTRALIA

• • Balanced market conditions • Volumes expected to show expected to continue in FY20 modest growth in 2H20 from

• • SEQ to benefit most from an a low base

• SEQ to benefit most from an improvement in lending conditions due to affordability

• Current price stability expected to continue

Decelerating

Modest growth

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ACT
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• Tight supply to underpin demand in the short to medium term

• Modest price growth forecast for FY21

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SOUTH AUSTRALIA
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• Outlook for SA economy is continued steady growth

• Volumes and price growth expected to be steady in FY20 but improve into FY21

Maintained

Strong growth

FY20 RESULTS | FEBRUARY 2020 | 19

NEW PROJECTS PROVIDE MEDIUM TERM EARNINGS VISIBILITY

PIPELINE OF APPROXIMATELY 49,000 LOTS PROVIDING VISIBILITY OF FUTURE EARNINGS

FY20 – FY22 NEW PROJECT RELEASE SCHEDULE

Up to seven new land projects and six medium density townhouse sites to commence development within the next two years

• Approximately 86% of the lots in these projects sit within the FM/JV business

• Average project duration of c.seven years providing visibility of future earnings and cash flows

New projects will be fully funded from internally generated cash flows, existing debt facilities and third party capital

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Notes: 1 Refers to lots and/or dwellings

1H20 RESULTS | FEBRUARY 2020 | 20

STRONG PLATFORM FOR SUSTAINABLE GROWTH, THROUGH CYCLES TRACK RECORD OF GROWING SHAREHOLDER VALUE OVER THE LONG-TERM

SCALE

LAND BANK

• Strategic land bank provides long term earnings visibility

• Counter-cyclical acquisition strategy has allowed the Group to capitalise on value accretive opportunities

• • Expect c.80% of land bank to be in production by FY22 from 65% currently

SOLID EMBEDDED MARGINS

• Solid embedded margins given pipeline age, location and acquisition terms achieved

• • Average age of land bank is 9 years

• More than 90% of lot acquisitions since FY12 have been secured on capital-efficient terms

• Leading national operating platform across development, marketing, acquisitions and sales

INTEGRATED PLATFORM

• Broad product expertise across land, medium density townhouses and low rise apartments

• • Funds Management platform provides highly attractive capital-lite earnings representing 60% of Group EBITDA

PROVEN TRACK RECORD

• Proven capital partnering capability provides significant scale benefits and access to external capital

• High quality management team, with significant residential and commercial property market experience

• The Group has delivered an average annual earnings growth of 6% p.a in the last 4 years ending 30 June 2019

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1H20 RESULTS | FEBRUARY 2020 | 21

STRATEGIC OUTLOOK

PORTFOLIO WELL POSITIONED FOR POSITIVE MEDIUM TO LONG TERM GROWTH AND VALUE CREATION

STRATEGY

OUTLOOK

• Selective acquisition of projects as cycles, markets and

• Invest in high quality land in strategic opportunities allow to restock pipeline

• INVEST locations across country • Focus on securing low cost projects, predominantly through funds platform

• • Delivery of affordable product targeted at the low and

• Enhance, plan, and create communities middle market segments

• ENHANCE and homes targeting the low to middle • Accelerating production where possible and appropriate,

• market segment and active management of product mix

• • Up to 7 new land projects and 6 Medium Density Townhouse

• Expand product offering and sites to commence development within the next two years

• EXPAND geographic presence to appeal to • Well-placed to deliver supply to the market as demand

• wider variety of customers improves

• • Continue to strengthen balance sheet through - Recycling of capital from medium density pipeline

• MAINTAIN Maintain strong capital management - Selective deployment of development capital to reflect market conditions and outlook

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MARKET OUTLOOK

FOCUSED ON POSITIONING FOR AN IMPROVING MARKET THROUGH A CONSERVATIVE APPROACH TO PROJECT DELIVERY AND IDENTIFYING GROWTH OPPORTUNITIES

• Steady employment growth, continued low interest rates, income tax cuts and significant Government infrastructure investment are supporting underlying demand

• Market conditions continue to recover notwithstanding subdued consumer confidence

• Cancellation rates are returning to more normalised levels, as restrictive lending conditions ease

• The Group continues to have a strong focus on capital management

• Selective deployment of development capital to reflect market conditions and outlook

• Continued focus on overhead management and other operational efficiencies

• As previously indicated, the Group’s lower contracts on hand going into FY20 will result in earnings being significantly weighted towards the second half of FY20

• Notwithstanding the early indications of a market recovery, we continue to expect FY20 earnings to be down on FY19. However, our pipeline of projects and the underlying fundamentals of the residential property sector means that Peet is well positioned to respond to increasing demand as market conditions improve and lending conditions continue to normalise

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1H20 RESULTS | FEBRUARY 2020 | 23

APPENDICES

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1H20 RESULTS | FEBRUARY 2020 |

24

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FM OPERATING PERFORMANCE
KEY PERFORMANCE STATISTICS 1H20 1H19 VAR (%)
Lot sales [1] 566 474 19%
Lot settlements [1] 408 938 (56%)
Revenue $10.5m $14.8m (29%)
Share of net profit of equity accounted investments $1.1m $6.1m (82%)
EBITDA [2] $5.8m $14.4m (60%)
EBITDA [2 ] margin 50% 69% (19%)
DEC 19 JUN 19 VAR (%)
Contracts on hand [1] 843 685 23%
10% 1%
30% FM SALES [1 ] FM EBITDA [2] 27%
COMPOSITION BY
COMPOSITION BY
GEOGRAPHY (LOTS)
GEOGRAPHY (%)
30%
VIC
VIC
QLD
QLD
WA
SA
SA
72%
30%
Notes:
1 Includes equivalent lots
2 Includes effects of non-cash movements in investments in associates
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FM sales were up due to improving east coast markets and lower cancellation rates as restrictive lending conditions ease

Reflects the impact of lower sales volumes in FY19 carrying into FY20

1H20 revenue lower due to settlement volumes impacting performance fees

Equity accounted profit impacted by lower settlement volumes

1H20 RESULTS | FEBRUARY 2020 | 25

JV OPERATING PERFORMANCE

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KEY PERFORMANCE STATISTICS 1H20 1H19 VAR (%)
Lot sales [1] 194 205 (5%)
Lot settlements [1] 197 262 (25%)
Revenue $19.5m $18.8m 4%
Share of net profit of equity accounted investments $1.3m $2.4m (46%)
EBITDA [2] $5.0m $5.9m (15%)
EBITDA [2 ] margin 24% 28% (4%)
DEC 19 JUNE 19 VAR (%)
Contracts on hand [1] 358 361 (1%)
2% 3%
18%
26%
27%
JV SALES [1 ] JV EBITDA [2 ]
30%
GEOGRAPHY (LOTS) COMPOSITION BY
GEOGRAPHY (%)
QLD QLD
WA WA
NSW/ACT NSW/ACT
14% SA SA
NT 16% NT
36%
28%
Notes:
1 Includes equivalent lots
2 Includes effects of non-cash movements in investments in JVs
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Reflects the impact of lower sales volumes in FY19 carrying into FY20

Equity accounted profit impacted by lower settlement volumes

1H20 RESULTS | FEBRUARY 2020 | 26

DEVELOPMENT OPERATING PERFORMANCE

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KEY PERFORMANCE STATISTICS 1H20 1H19 VAR (%)
Lot sales [1] 252 285 (12%)
Lot settlements [1] 168 217 (23%)
Land only 131 193 (32%)
Medium Density product 37 24 54%
Revenue $56.1m $73.3m (23%)
EBITDA $7.2m $21.6m (67%)
EBITDAmargin 13% 29% (16%)
DEC 19 JUN 19 VAR (%)
Contracts on hand [1] 295 211 40%
8% 7%
2%
23%
DEVELOPMENT DEVELOPMENT 12%
SETTLEMENTS [1 ] 36% EBITDA COMPOSITION
COMPOSITION BY BY GEOGRAPHY (%)
GEOGRAPHY (LOTS)
31% VIC
VIC
QLD
QLD
WA
WA
NSW/ACT
SA
SA
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25%
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56%
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Lower sales reflect first phase of Aston (VIC) project developing out

Reflects the impact of lower sales volumes in FY19 carrying into FY20

1H20 revenue lower due to settlement volumes and timing of product mix from Aston (VIC)

Impacted by lower settlement volumes and product mix from Aston (VIC). Next stage of Aston expected to improve 2H20 EBITDA.

Notes: 1 Includes equivalent lots

1H20 RESULTS | FEBRUARY 2020 | 27

SUMMARY INCOME STATEMENT

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Notes:

1 Includes AASB10 Syndicates, unallocated and elimination entries

2 Finance costs includes interest and finance costs expensed through cost of sales 3 Attributable to the owners of Peet Limited

1H20 RESULTS | FEBRUARY 2020 |

28

SUMMARY BALANCE SHEET

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NOTES:

1H20 RESULTS | FEBRUARY 2020 | 29

1. NTA before application of AASB 16 Leases. NTA including AASB 16 Leases is $1.17

LAND BANK FUNDS MANAGEMENT KEY PROJECTS

PROJECT LIFECYCLE

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Notes:

1 Gross Development Value 2 Equivalent lots as at 31 December 2019

1H20 RESULTS | FEBRUARY 2020 | 30

LAND BANK DEVELOPMENT KEY PROJECTS

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Notes:

1 Gross Development Value 2 Equivalent lots as at 31 December 2019

1H20 RESULTS | FEBRUARY 2020 |

31

LAND BANK JOINT VENTURE KEY PROJECTS

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Notes:

1 Gross Development Value

2 Equivalent lots as at 31 December 2019 3 Googong represents 50% share of project 4 Conditional agreement

1H20 RESULTS | FEBRUARY 2020 |

32

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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1H20 RESULTS | FEBRUARY 2020 | 33