Announcement PDF 27 October 2015 FY15 Annual Results Summary & Development Update 1 Net Profit  $25.9m net profit. NPAT  29% reduction of NPAT in FY15 over last years record result. 40 35  19th consecutive year of 30 profitability. 25 20 $m 15 10 5 2 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07 FY06 FY05 FY04 FY03 FY02 FY01 FY00 FY99 FY98 FY97 FY96 -5 FY95 0 Earnings Per Share & Dividends  Maintained record ful ly fr anked dividend of $0.10 per share attributable to the year. 18  11th consecutive year of dividends. 14 16 12  11.5c EPS being 87% payout ratio 10 in FY15. 8 Retained Final Cents per share 6 Interim 4 2 0 3 Cash Position  Strong year end record cash position of $69m.  Well positioned to fund working capital requirements and equity contributions for current project pipeline. CASH 80 70 60 50 $m 40 30 20 10 0 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Half Year Full Year 4 Source of Earnings FY15  Core business of property development generated 84% of earnings.  50% owned Spr ing View Tower , Toccata and Subi Str and projects were largest contributors.  8% contribution from rental income. 5 Project Return on Cost & Sales Average Return On Completed Development Projects  Retur n on cost consistently above internal target of 25%. 45 6 year average return on cost 32.8% 40  Consistently operating within band of 19-26% retur n on gross sales. 35 30 25% targeted return on cost 25 20 6 year average return on gross sales 22.3% 15 10 5 0 % FY10 FY11 FY12 Return on Cost FY13 FY14 FY15 Return on Gross Sales 6 Segment Contributions FY15 Development Activity 45.00 Rental Property Other Revaluations Admin PROFIT 40.00 35.00 30.00 25.00 $m 20.00 15.00 Positive Impact 10.00 Negative Impact 5.00 Profit 0.00 7 Corporate Administration Costs  Administration costs overhead as percentage of net equity is 3.2%. Net Equity ($m) Administration Costs 5% 250 4% 200 150 8 FY15 FY14 FY13 FY12 FY11 FY10 FY15 FY14 FY13 0% FY12 0 FY11 1% FY10 50 FY09 2% 100 FY09 $m 3% FY08  Finbar’s agility remains a major competitive advantage 300 FY08  Outsourcing model ensures company is scal able and efficient.  Small close team of 19 FTEs ensures efficient transfer of information, quick response, retention of IP, and corporate agility. Admin Costs as % of Net Equity Current Project Debt & Coverage Debt & Pre-sales Coverage  $164.5m in finance facilities repaid since 1 July 2014. 250 $164.5m 200  All debt remains project specific 0 REPAID 50 REPAID 100 REPAID 150 REPAID  100%+ debt cover age on remaining project facilities. $m REPAID  No debt on residual stock.  No corporate line  No fixed and floating charge over parent ~Project Revenue Presales Facility Limit Facility Drawn 9 Income Producing Investment Property 10 Investment Property Values & Gearing Profile Value & Gearing on Investment Assets  Loan to Value Ratio across investment property is 43.6% $140  Facilities with Australian Major Banks (CBA & NAB). $120 Equity $100 Debt $80 Millions $60 $40 $20 43.6% LVR Sold $0 Gateway Fairlanes Pelago TOTAL 11 Investment Property Leasing 9,000  Fairlanes 92% leased. 8,000  Pelago Commercial 64% leased. 7,000  Pelago Residential 83% leased. 6,000 Sqm NLA 5,000 4,000 3,000 2,000 1,000 0 Fairlanes Office Pelago Commercial Leased Pelago Residential Vacant 12 Development Update 13 FY15 Progress Highlights Completions  Spring View Towers $99.8m  Toccata $84.9m  Subi Strand $163.9m Acquisitions & JVs  JV Civic Triangle, South Perth ~$414.2m  JV 63 Adelaide Terrace, East Perth~$161.7m  5 Harper Terrace, South Perth ~$51.6m Approval s  DA Civic Heart ~$414.2m  DA Aurelia ~$134.6m  DA Linq~$66.1m  DA Motive~$81.8 Commencements  Concerto, East Perth ~$198.9m  Unison on Tenth, Maylands~$83.3m  Linq, Northbridge~$66.1m  Aurelia, South Perth~$134.6m 14 FY16 Year to Date Development Progress Completions  Norwood $35.7m Acquisitions & JVs  2 Homelea Court, Springs~$82.8m Approval s  DA Sunago~$71.8m  DA Anchorage (Stage 1)~$77.3m  DA Aire West Perth~$116.9m  31 Rowe Avenue Rivervale ~$97m Commencements  Motive ~$81.8m 15 Project Update 16 Lime Apartments 185 Swansea Street, East Victoria Park Project: 95 residential apartments plus 16 street front commercial lots. Comprises 2 bedroom apartments with an average price of $469,000.  Status: Construction Completed  Owner ship: 50% owned JV through SPV  Val ue: $52 million  Completed: FY 13  Sales: Val ue ($m) For Sale 0 Under Contract 0 Settled 52 Under Contract 0 Lots For Sale 0 Settled 111 17 Adagio 90 Terrace Road, East Perth Project: Adagio comprises 113 one and two bedroom apartments and 2 commercial lots within a luxury 23 level building with an average price of $1.43 million.  Status: Construction Completed  Owner ship: 50% JV with Land Owner  Val ue: $164.5m  Completed: FY 13  Sales: Val ue ($m) For Sale 0 Under Contract 0 Settled 164.5 Under Contract 0 Lots For Sale 0 Settled 115 18 Knightsgate 9 Citadel Way, Currambine Project: 43 apartments in a three level 'walk-up' project located 200 metres from Currambine train station. The project comprises one and two bedroom apartments with average price of $346,000.  Status: Construction Completed  Owner ship: 50% owned JV with Land Owner  Val ue: $14.9 million  Completed: FY 14  Sales: Val ue ($m) For Sale 0 Under Contract 0 Settled 14.9 Under Contract 0 Lots For Sale 0 Settled 43 19 St Marks 131 Harold Street, Highgate Project: 131 one, two & three bedroom apartments with an average price of $513,000. St Marks won two prestigious UDIA Awards in 2014 the High Density Development Award and the Urban Renewal Award. Status: Construction Completed  Owner ship: Wholly owned through subsidiary  Val ue: $70.6 million  Completed: FY 14  Sales: Val ue ($m) For Sale 0 Under Contract 0 Settled 70.6 Under Contract 0 Lots For Sale 0 Settled 131 Winner UDIA Awards for Excellence - High Density & Urban Renewal Awards 20 52 Mill Point Rd 52 Mill Point Road, South Perth Project: 8 luxury apartments in 8 storey building. $2.1million average price.  Status: Construction Completed  Owner ship: 50% share of profit through project management agreement with land owner  Val ue: $16.8 million  Completion: FY 14  Sales: Val ue ($m) Under Contract 0 For Sale 0 Settled 16.8 Under Contract 0 Lots For Sale 0 Settled 8 21 Au 208 Adelaide Terrace & 311 Hay Street, East Perth Project: 192 one, two & three bedroom apartments plus 2 ground floor commercial lots. Average price of $555,000.  Status: Construction Completed  Owner ship: 45% through joint venture equity partners and joint land owner  Val ue: $107.7 million  Completion: FY 14  Sales: Val ue ($m) Under Contract 0 Settled 107.7 For Sale 0 Under Contract 0 Lots For Sale 0 Settled 194 22 Ecco 262 Lord Street, Perth Project: 90 one, two & three bedroom apartments plus 8 commercial lots with an average price of $527,551.  Status: Construction Completed  Owner ship: 50% JV with land owner  Val ue: ~$51.7 million  Completion: FY 14  Sales: Val ue ($m) For Sale 3.1 Under Contract 0 Settled 48.6 Under Contract 0 Lots For Sale 4 Settled 94 23 Spring View Towers 3 Homelea Court, Rivervale Project: 188 apartments in two residential towers (8 & 16 levels respectively). $530,851 average price.  Status: Construction Completed  Owner ship: 50% JV through SPV  Val ue: ~$99.9 million  Completion: FY 15  Sales: Lots Val ue ($m) For Sale 3.2 Settled 96.7 For Sale 6 Settled 182 24 Subi Strand 28 Hood Street, Subiaco Project: 245 one, two and three bedroom apartments plus 19 ground floor commercial lots. $620,083 average price.  Status: Construction Completed  Owner ship: 50% JV through SPV  Val ue: ~$163.9m  Completion: FY 15  Sales: Val ue ($m) For Sale Under Under 22.8 Contract Contract 13 8.6 Settled 132.5 Lots For Sale 32 Settled 219 25 Toccata 88 Terrace Road, East Perth Project: Toccata comprises 45 luxury apartments plus 2 commercial lots. Average price $1.806 million.  Status: Construction Completed  Owner ship: 50% JV with land owner  Val ue: ~$84.9 million  Completion: FY 15  Sales: Under Val ue ($m) For Sale Contract 12.2 4 Settled 68.7 Under Lots Contract 3 Settled 39 For Sale 5 26 Norwood 280 Lord Street, Perth Project: 59 boutique apartments plus 4 commercial lots in a six level building. Average price $566,666.  Status: Construction Completed  Owner ship: 50% JV with land owner  Val ue: ~$35.7 million  Completion: FY 16  Sales: Val ue ($m) For Sale 8.8 Under Contract 4.9 Settled 22 Lots For Sale 15 Under Contract 8 Settled 40 27 Arbor North 1 Rowe Avenue, Rivervale Project: 154 one and two bedroom apartments with an average price of $490,909.  Status: Under Construction  Owner ship: 50% JV through SPV  Val ue: ~$75.6 million  Est. Completion: FY 16  Sales: Val ue ($m) For Sale 20.7 Under Contract 54.9 Lots Settled 0 For Sale 40 Settled 0 Under Contract 114 28 Unison on Tenth 2 Tenth Avenue, Maylands Project: Unison on Tenth comprises 167 one, two and three bed apartments plus 2 commercial lots. Average price $492,899.  Status: Under Construction  Owner ship: 50% JV with land owner  Val ue: ~$83.3 million  Est. Completion: FY 16  Sales: Lots Val ue ($m) Settled 0 For Sale Under 39.9 Contract 43.4 Settled 0 For Sale Under 82 Contract 87 29 Linq 269 James Street, Northbridge Project: Linq comprises 112 one and two bedroom apartments plus 4 commercial lots. The average price is $569,828. Status: Under Construction  Owner ship: Wholly owned through subsidiary  Val ue: ~$66.1m  Est. Completion: FY16  Sales: Val ue ($m) For Sale 27.7 Lots Settled 0 Under Contract 38.4 Settled 0 For Sale 42 Under Contract 74 30 Concerto 189 Adelaide Terrace, East Perth Project: Concerto will consist of 226 studio, one, two, and three bedroom apartments plus 1 commercial unit. Once complete Concerto will be East Perth’s tallest residential building at 38 stories. Average price $876,211.  Status: Under Construction  Owner ship: 50% JV with land owner  Val ue: ~$198.9 million  Est. Completion: FY 17  Sales: Val ue ($m) Lots Settled 0 Settled 0 For Sale 74.5 Under Contract 124.4 For Sale 85 Under Contract 142 31 Aurelia 96 Mill Point Road, South Perth Project: Aurelia will consist of 118 one, two and three bedroom apartments plus 6 commercial units and 14 office spaces. Average price $975,362.  Status: Under Construction  Owner ship: 50% owned JV through SPV  Val ue: ~$134.6 million  Est. Completion: FY 17  Sales: Lots Val ue ($m) Settled 0 Settled 0 For Sale 42.7 Under Contract 91.9 For Sale 39 Under Contract 99 * Indicative lots and project value only 32 Motive 172 Railway Parade, West Leederville Project: Motive consists of 143 one and two bedroom apartments with an average price of $572,028. Status: Under Construction  Owner ship: 50% JV with land owner  Val ue: ~$81.8 million  Est. Completion: FY18  Sales: Val ue ($m) Settled 0 For Sale 51.3 Lots Under Contract 30.5 Settled 0 For Sale 82 Under Contract 61 33 Sunago 36 Chester Avenue, Dianella Project: Sunago will consist of 163 one and two bedroom apartments. Approximate average price of $440,491.  Status: DA Approved. Launching 2015  Owner ship: 50% owned JV through SPV.  Val ue: ~ $71.8 million  Est. Completion: FY 18  Sales: Val ue ($m) Lots Future Release* 71.8 Future Release* 163 34 * Indicative lots and project value only Harper Terrace 5 Harper Terrace, South Perth Project: Approximately 42 luxury apartments plus approximately 1,800 square metres of ground floor retail and level one office space.  Status: Development application being submitted October 2015.  Ownership: Wholly owned through subsidiary  Value: ~$51.6 million  Est. Completion: FY 18  Sales: Val ue ($m) Lots Future Release* 51.6 Future Release* 42 35 31 Rowe Avenue 31 Rowe Avenue, Rivervale Project: 31 Rowe Avenue will consist of 183 one, two and three bedroom apartments plus 7 commercial units to be constructed on 4,000m 2 development site situated at the main entrance to the Springs precinct. Status: Development approval received  Owner ship: 50% JV through SPV  Val ue: ~$97 million  Est. Completion: FY 18  Sales: Val ue ($m) Lots Future Release* 97.0 Future Release* 190 * Indicative project value only 36 Unison on Kennedy 1 Kennedy Street, Maylands Project: Unison on Kennedy is the second stage to the Unison development. Unison on Kennedy will consist of 180 one, two and three bedroom apartments plus 2 commercial lots. Status: DA Approval  Ownership: 50% JV through SPV  Value: ~$85 million  Est. Completion: FY 18  Sales: Val ue ($m) Lots Future Release* 85.0 Future Release* 182 * Indicative lots and project value only 37 Aire West Perth 647-659 Murray Street, West Perth Project: Aire West Perth will consist of 178 one, two and three bedroom apartments plus 64 serviced apartments as well as 2 ground floor commercial units.  Status: DA Approved. Launching 2015.  Owner ship: 50% JV through SPV  Val ue: ~$116.9 million  Est. Completion: FY 18  Sales: Val ue ($m) Lots Future Release* 116.9 Future Release* 244 * Indicative lots and project value only 38 Arbor South Lots 1002 & 1003 Rowe Avenue, Rivervale Project: Arbor South will consist of approximately 132 apartments to be constructed on the balance of 286 unit development site. To comprise 1 & 2 bedroom apartments.  Status: In Planning  Owner ship: 50% JV through SPV  Val ue: ~$60.9 million  Est. Completion: FY 18  Sales: Val ue ($m) Lots Future Release* 60.9 Future Release* 132 * Indicative lots and project value only 39 Belmont 239 Great Eastern Highway, Belmont Project: Approximately 194 apartments plus 2 ground floor commercial lots to be constructed on 5,692m 2 development site in Belmont . Status: DA submitted  Ownership: Wholly owned through subsidiary  Value: ~$84.1 million  Est. Completion: FY 19  Sales: Val ue ($m) Lots Future Release* 84.1 Future Release* 196 * Indicative lots and project value only 40 East Perth 63 Adelaide Terrace, East Perth Project: 63 Adelaide Terrace will consist of 247 one, two and 3 bedroom apartments plus 3 commercial units and 2 office units. Status: DA Submitted  Owner ship: 50% JV through SPV  Val ue: ~$161.7 million  Est. Completion: FY 19  Sales: Val ue ($m) Lots Future Release* 161.7 Future Release* 252 * Indicative lots and project value only 41 2 Homelea Court Cnr Rowe Avenue and Homelea Court, Rivervale Project: 2 Homelea Court will consist of approximately 185 apartments with in 10 level building. The site is comprised of four vacant blocks totaling 3,770 square metres. Status: In Planning  Owner ship: Wholly owned through subsidiary  Val ue: ~$82.8 million  Est. Completion: FY 19  Sales: Val ue ($m) Lots Future Release* 82.8 Future Release* 185 * Indicative lots and project value only 42 Civic Triangle 1 Mends Street, South Perth Project: The Civic Triangle will consist of 294 one, two, three bed apartments plus 19 commercial units that consists of a supermarket, commercial grade gym, medical suites, child care facilities, retail and office spaces. Average price $1.324 million. Status: Marketing commenced. Launched the 12th of September  Owner ship: 50% JV through SPV  Val ue: ~$414.2 million  Est. Completion: FY 19  Sales: Value ($m) Settled 0 For Sale 331.5 Under Contract 82.68 Settled 0 Lots Under Contract 68 For Sale 245 43 * Indicative project value only Springs Office Lot 1020 Rowe Avenue Rivervale Project: 6 level office building comprising 6,250m 2 NLA. 86 residential apartments option.  Status: Development approved. Pre-leasing  Owner ship: 50% JV through SPV  Val ue: ~$37.6 million  Est. Completion: FY 19  Pre-Leasing: NLA m2 6250 0 2000 4000 6000 Leased Available 8000 44 Anchorage (Stage 1) Lot 452 Sutherland & Morgans Street, Port Hedland Project: The first stage of the proposed redevelopment of 3.15ha site into approximately 700 apartments plus ground floor commercial lots over four stages. Purchase subject to viability. Status: DA Approval  Owner ship: 50% JV through SPV  Val ue: ~$77.3 million  Est. Completion: FY 19  Sales: Val ue ($m) Lots Future Release* 77.3 Future Release* 115 * Indicative lots and project value only 45 Pipeline Summary 46 Pipeline Estimated Completion Summary Note: Anchorage Port Hedland Stages 2, 3, & 4, not included in this Summary 47 Residential Sales Contract Activity Subi Strand  531 sales worth $378.4m in FY15 being average of 1.45 sales / $1.04 mil l ion per day.  154 sales worth $131.6m in financial year to date being average of 1.3 sales / $1.1m per day average.  Boost from the release of new stock at Unison, Motive, Linq, Aurelia, & Civic Heart. Aurelia Linq 120 52 Mill Pt 100 Concerto Arbor North Spring View Towers 80 Norwood Toccata Civic Heart Unison 10th Motive 60 40 20 0 Lots $m Linear ($m) Project Marketing Launch Date 48 Accrued Presales Total St Marks 52 Mill Pt Millions Subi Strand $600 Pelago East $500 $400 Toccata Au Pelago West Ecco Spring View Towers Norwood FY15 FY16 Adagio Lime $300 $200 $100 FY13 FY14 $m Project Settlement Date 49 Cumulative Units Sold 8000 7000  4494 units developed to date. 6000  Anticipating to develop and settle an additional 3057 over next four years. 5000 Units 4000 3000 2000 1000 0 9697 989900 01 03 04 05 07 08 09 10 11 12 13 14 15 16 17 18 Year 50 19 Further information, please visit www.finbar.com.au 51 Important Notice Some of the information contained in this presentation may contain forward-looking revenue, timeline, and general statements that are subject to various risks, uncertainties, and changes. Forward-looking statements include those containing such words (or symbols) such as ‘estimate’, ‘should’, ‘may’, ‘forecast’, ‘anticipates’, ‘expects’, ‘plans’, ‘approximately’, ‘circa’, ‘~’, or similar expressions. Finbar’s actual results, performance, approvals, project composition, values, sales, or achievements could be significantly different from the results or objectives expressed in, anticipated or implied by, those forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which refer to circumstances, estimates, and projections only as at the date of this release and which are subjected to changes as a result of changing market conditions, construction timelines, amended project planning, statutory approval delays, and revisions to company strategies. The information contained in this presentation has been obtained from sources believed to be reliable. To the maximum extent permitted by law Finbar, its offices, employees, agents and advisors do not make any warranty express or implied, as the accuracy, reliability or completeness of the information in this Presentation or that the information is suitable for your intended use and disclaim all responsibility and liability. This Presentation is not an offer or an invitation to acquire Finbar securities and is not a product disclosure document or a prospectus under Australia law. It is for general information purposes only. 52