Annual Results June 2004 and Stapling Proposal FKP Strategic Vision

Æ Vision to become a fully diversified national property group Æ FKP has previously communicated a number of key strategic objectives – Diversification of operating activities – Growth of recurring earnings – minimum 50% by 2008 – Measured expansion into NSW and Victoria – Build on integrated business model Æ Business environment increasingly dominated by stapled vehicles – Operating flexibility – Balance sheet strength – Low cost of capital

2 Presentation Outline

Æ CEO to present…

Æ Annual results for the 12 months ended 30 June 2004 – FKP exceeds forecast 30% growth in earnings – Record profit driven by strong performance across all divisions

Æ Proposal to staple FKP Limited to FKP Property Trust to form FKP Property Group – Provides optimal platform for FKP to grow and deliver on key strategic objectives – Increased diversification and recurring earnings

3 Overview of Annual Results Overview of Annual Results Year Ended 30 June 2004 Net Profit After Tax ($m) Æ Net profit after tax up 37% to $36.7 million Æ Earnings per share up 31% to 30.8 cents 40 30

Æ Dividend of 15.0 cents per share fully 20 36.7 26.7 +37% franked (up 25% on FY03) 10 12.1 17.1 - 1 Æ Recurring earnings up to 18% of EBIT 2001 2002 2003 2004 Æ Net tangible assets per share up 18% to Dividends per Share (cents) $1.80

Æ Gearing 20 – 51% net debt / equity 15 – 24% net debt / total assets 10 15.0 5 10.0 12.0 +25% 6.0 Æ Summary financials are provided in - Appendix A 2001 2002 2003 2004

1. Recurring earnings includes earnings from property investment, funds management and retirement village management fees and rentals

5 Overview of Annual Results FY04 Operating Highlights FY04 Earnings - Recurring vs Non-Recurring1 Æ Continued success in implementing key

strategic objectives Recurring 18% – Increasing recurring earnings streams – Acquisition of controlling stake in retirement village operator Forest Place Group Non-Recurring – Geographic expansion in NSW and 82% Victoria FY04 Geographic Earnings Composition – Estimated on completion value of development projects in these Tas SA Victoria 3% 2% markets increased to over $250m 8%

– Diversification of operating activities NSW 18% – Purchase of three property assets

Queensland 69%

1. Recurring earnings includes earnings from property investment, funds management and retirement village management fees and rentals

6 Overview of Annual Results Summary of Divisional Profit Contribution

Æ Diversification of operations allows FKP to focus on the sectors that maximise earnings in any given year Æ Appendix B provides detailed FY04 highlights and outlook by division

FY04 Earnings Composition 5 Year Average Earnings Composition

Construction Funds Funds 0% Management Management Residential Units 1% Construction 16% 12% 0% Retirement Retirement Commercial 26% 24% Development Residential Units 7% 19%

Commercial Land Subdivision Development Land Subdivision 50% 17% 28%

7 Overview of Annual Results Outlook

Æ Well positioned to further consolidate retirement sector Æ Large land bank (Peregian, Coolum Ridges) expected to deliver strong earnings growth Æ Newstead Riverpark - $300m mixed-use masterplanned development Æ Commercial and residential development opportunities in NSW and Victoria Æ FKP remains committed to funds management division – opportunities to deliver superior returns through active management Æ Construction - greater overall control of development process

8 Stapling Proposal Stapling Proposal FKP Business Platform

Æ Stapled structure is optimal platform to deliver on key strategic objectives Æ Provides most efficient structure for property investment as a core business activity Æ Maximises value from FKP’s unique business model – Successful, high growth development business – Australia’s largest private retirement owner and operator – Stable revenue streams from FKP Property Trust, Retirement and Funds Management divisions – Integrated business model, with potential development of investment grade property for ownership / funds management – Strong direct property ownership, development and management skills

10 Key Benefits Key Benefits Overview

Æ Stapled structure delivers significant benefits – Financial benefits – increased distributions – Stronger balance sheet, providing optimal platform for growth – Greater earnings diversification – Increased recurring earnings – Increased market capitalisation, free float & liquidity

12 Key Benefits Financial Benefits Earnings Per Security (cents)

Æ Delivers 10% earnings growth for FY05 36 34 Æ Pro forma FY05 DPS yield of 9.3% 32 34.0 +10% 30 – Actual FY05 DPS yield of 8.6% 30.8 28 Æ Distribution strategy for stapled group FY04 FY05 – 100% of trust earnings to be distributed Distributions Per Security (cents) – Approx 75% of post tax company earnings to be distributed 30

20 26.9 10 24.8 15.0 +65% - Notes FY04 FY05 FY05 Pro 1. Based on FKP daily volume weighted average price on 23 August 2004 2. Pro forma DPS Assumes transaction implementation on 1 July 2004 Forma

13 Key Benefits Optimal Platform for Growth Gearing (Debt / Total Assets) Æ Increased balance sheet scale and flexibility 26% 22% – Total assets approaching $600m 18% 24% -12% – Conservative initial gearing provides for 21% future corporate growth 14% Pre 30 Jun 04 Pro Forma Æ Opportunity for cost of capital improvements over time Gearing (Debt / Total Equity) – Potential for reduced borrowing costs – Potential for equity re-rate 60%

40% 51% 20% 34% -33% -% Pre 30 Jun 04 Pro Forma

14 Key Benefits Enhanced Earnings Diversification FY05 Projected Earnings Composition Funds Construction Management 3% 0% Property Æ Property investment becomes a Residential Units 1 Investment 11% core activity for FKP 9% Commercial Development Æ Increased earnings 7% Retirement diversification 29% Æ Enhanced scale and national Land Subdivision presence 41% 5 Year Average Earnings Composition 2001 – 2005F Æ FKP remains committed to the Property 1 Investment growth of the Funds Residential Units 3% 15% Management division Construction 8% Æ Acquisition of value adding Retirement investment properties Commercial 26% Development 13%

1. Property investment earnings of 9% reflects partial year income from retail properties. On an annualised basis, property investment would comprise approximately 11% of FKP Property Group EBIT Land Subdivision 35%

15 Key Benefits Increased Recurring Earnings

Æ Property investment income FY05 Projected Earnings - Recurring vs Non 1 increases earnings stability Recurring Æ Complements existing recurring earnings from Retirement and

Funds Management divisions Recurring 1 29% Æ Recurring earnings increases from 18% in FY04 to 29% of forecast FY05 EBIT1 Non-Recurring +61% 71% Æ On target to reach goal of 50% recurring earnings by 2008

1. Recurring earnings includes earnings from property investment, funds management and retirement village management fees and rentals

16 Key Benefits Increased Market Capitalisation, Free Float & Liquidity

Æ Total market capitalisation increases from $384m to $514m1

Market Capitalisation ($m)1

600

400

514 +34% 200 384

- Pre Post

1. Assumes no change in price of FKP Property Group securities

17 Key Benefits Peer Analysis

FY05 DPS Yield Forecast FY04 – FY05 EPS Growth 12% 12% 10% 10% 8% 8% 6% 9.9% 9.4% 9.3% 8.8% 8.4% 6% 4% 7.7% 7.0% 10.4% 10.4% 4% 3.0% 2% 6.8% -% 2% 1.3% -% Z P L G -% A XG VPG M JF MGR SG (Post) FKP VPG SGP MGR JFG ALZ KP F (Post) Source: Bloomberg Consensus Forecasts, FKP Source: Bloomberg Consensus Forecasts, FKP Note: FKP FY05 DPS presented on Pro Forma basis Note: Multiplex not directly comparable given partly paid in FY04

FY05 EPS Yield Gearing (Net Debt / Total Assets) 12% 40% 10% 30% 8% 6% 11.7% 20% 10.9% 36% 34% 8.6% 29% 4% 8.3% 7.9% 7.4% 7.2% 10% 21% 21% 20% 18% 2% -% -%

) Z P Z ) P L G R L G A PG G A Post MGR V JF MXG SG M VPG JF Post SG MXG ( ( KP KP F F Source: Bloomberg Consensus Forecasts, FKP Source: Company Information, FKP Note: Multiplex gearing quoted on gross debt / total assets basis due to large working capital cash balances

18 FKP Property Group FKP Property Group Stapled Structure

Æ FKP Property Trust currently a wholly owned trust of FKP Limited Æ Existing shares in FKP Limited to be FKP Property Group stapled to units in FKP Property Trust to form FKP Property Group stapled securities Æ Approximately $110m will be raised via an institutional placement underwritten FKP Limited FKP Property Trust by Macquarie Equity Capital Markets Æ Following the placement, FKP will also implement a security purchase plan (SPP)

20 FKP Property Group FKP Limited

Æ Corporate offices located in , and Melbourne Æ 28 retirement villages – 4,000 units under management, with 1,000 units to be developed Cairns Æ Over $210m in funds / assets under management1 Gladstone Sunshine Coast Æ 2,292 land lots across 6 estates (8-10 years Brisbane supply) Gold Coast Northern NSW Adelaide Æ 1,318 apartment units being / Sydney Melbourne to be developed FKP Offices Retirement Villages Land Æ $330m in commercial development projects Developments Hobart (estimated value on completion) Construction Projects

1. On completion of retail assets

21 FKP Property Group FKP Property Trust

Æ Portfolio comprised of six assets, with a total value approximately $150m – Three office properties currently owned by FKP Property Trust – Three retail properties contracted to be acquired by September 2005 Æ Refer Appendix C for further detail on individual assets

Net Lettable % Portfolio Assets Location Asset Type Valuation ($m) Cap Rate Area (sqm) (by value) Office Portfolio 31 Queen St Melbourne CBD Office 18,229 46.1 30% 9.8% 8 Spring St Sydney CBD Office 5,132 26.0 18% 7.5% 52 – 58 Clarence St Sydney CBD Office 5,543 21.0 14% 8.5% Retail Portfolio (on completion) Indooroopilly Express Shopping Centre Brisbane Retail 4,384 20.1 13% 7.5% Ferny Grove Shopping Centre Brisbane Retail 4,395 19.0 13% 7.5%

Colmslie Plaza Shopping Centre Brisbane Retail 4,417 18.6 12% 7.8%

Total / Average Diversified Diversified 42,099 150.8 100% 8.3%

22 FKP Property Group FKP Property Trust - Portfolio Attributes

Æ Sub-sector and geographic diversity Office Portfolio – Lease Expiry Profile by Gross Income

Æ Office portfolio occupancy of 95.2% (by area) and 100%

weighted average lease term of 3.8 years (by gross 80%

income) 60%

40%

Æ Weighted average lease term will increase substantially 20% 29% 31% 6% 6% 14% 2% 13% on completion of retail portfolio -% 2005 2006 2007 2008 2009 2010 2011 Æ 15 year leases to Coles / Bi-Lo

Asset Diversity1 Sub-Sector Diversity1 Geographic Diversity1 Major Tenants by Gross Income1

30% Colmslie Plaza 25% 12% 31 Queen St VIC 30% NSW 20% Indooroopilly 30% 32% Express Retail 15% 13% 38% 10%

% of Portfolio NLA 15% 13% 5% 3% 3% 3% Ferny Grove Office 6% 13% 62% -% 52-58 Coles / GIO John Cathay Heath Adecco Clarence St Bi-Lo Swire Pacific Lambert 8 Spring St 14% QLD 18% 38%

1. On completion of retail portfolio

23 FKP Property Group FKP Property Trust - Investment Strategy

Æ Portfolio blends stable cashflows together with the opportunity to deliver additional value through active management Æ Leverages off FKP’s core strengths to deliver superior returns to investors Æ Potential to grow portfolio via – Development of assets in co-operation with FKP Limited – Acquisition of assets from third parties

24 Stapling Implementation Stapling Implementation Transaction Mechanics – Scheme of Arrangement

Æ FKP shareholders’ investment in FKP Property Trust funded by – $0.75 capital return FKP Shareholders – $0.25 fully franked special dividend $0.07 retained by Æ Shareholders automatically subscribe shareholders $1.00 for units in FKP Property Trust at $0.93 – $0.75 capital $0.93 applied to return investment in FKP Property – $0.07 paid to shareholders – $0.25 fully Trust units franked special dividend Æ Units in FKP Property Trust stapled to shares of FKP to form FKP Property FKP Limited FKP Property Trust Group stapled securities

Stapling Deed

26 Stapling Implementation Implications for Shareholders

Æ Following shareholder approval, for every 1 FKP share held, investors will automatically receive – 1 FKP Property Group stapled security – $0.07 (balance of distribution) Æ Receipt of $0.07 provides full funding for potential income tax liability on the special dividend of Australian resident individual shareholders in top marginal tax bracket

27 Stapling Implementation Approvals and Conditionality

Æ Stapling is conditional upon – Approval of the stapling resolutions and the placement by FKP shareholders – Court and regulatory approvals Æ Full details of the stapling strategy will be provided in an Explanatory Memorandum (which also incorporates a Product Disclosure Statement)

28 Stapling Implementation Equity Raising

Æ Following the FKP shareholder meeting approvals, approximately $110m will be raised via an institutional placement Æ The placement is underwritten by Macquarie Equity Capital Markets Æ Following the placement, FKP will also conduct a security purchase plan (SPP) Æ SPP will provide all shareholders with the opportunity to acquire up to $5,000 of stapled securities (in parcels of either $2,500 or $5,000) at least at the same price offered to institutions in placement Æ Funds raised will be used to reduce debt and assist in funding the acquisition of the retail portfolio Æ New stapled securities to rank pari passu from allotment

29 Stapling Implementation Indicative Timetable

Æ This timetable is indicative only and is subject to change

Event Expected Date Announcement 25 August Explanatory Memorandum distributed Expected to be 13 September FKP Shareholder meeting 29 October Court hearing for approval of scheme 3 November Scheme Effective 4 November First trading day of FKP Property Group Stapled 5 November Securities (Deferred Settlement Basis) Investor Roadshow Late October Institutional Placement Late October / Early November Security Purchase Plan Offer November / December

Financial Advisor Sole Lead Manager and Underwriter

30 Questions and Answers? Appendices Appendix A Key Financial Results

FY04 FY03 Change

Total Revenue ($m) 297.2 294.9 +1% Operating profit after tax ($m) 36.7 26.7 +37% EPS (cents) 30.8 23.5 +31% Dividend – full year (cents per share) 15.0 12.0 +25% Net Tangible Assets ($ per Share) $1.80 $1.53 +18% Level of Franking (%) 100% 100% Gearing (Net Debt / Equity) 51% 12% Gearing (Net Debt / Total Assets) 23% 7%

33 Appendix A Summary Balance Sheet

$ millions FY04 FY03 Current Assets 246.0 176.8 Non Current Assets 299.1 120.5 Total Assets 545.1 297.3

Current Liabilities 118.5 80.8 Non Current Liabilities 177.8 40.7 Total Liabilities 296.3 121.5

Net Assets 248.9 175.7

Contributed Equity 152.2 105.5 Reserves 0.0 6.0 Retained Profits 90.2 64.2 Outside Equity Interest 6.4 0.0 Total Equity 248.9 175.7

34 Appendix B Retirement - FY04 Highlights

Æ Acquisition of 85% controlling stake in listed retirement operator Forest Place Group – Delivered further significant scale by adding 1,048 completed units and 528 future developments – Quality assets – Three mature villages delivering strong deferred management fees cashflows – Two villages offer significant development profit and long term deferred management fees opportunities Æ Construction of 158 units commenced in FY04 Æ 97 new units constructed in 5 villages Æ Achieved 147 new sales valued at over $34m Æ Achieved 214 resales for FY2004 generating cash deferred management fees of $9.3m and accrued deferred management fees of $4.0m

35 Appendix B Retirement - Outlook

Æ Australia’s largest private retirement owner and operator, with 4,000 units under management in 28 villages across 5 states Æ Completion of villages under development will provide an additional 1,000 units under management Æ Strongly positioned to further consolidate sector Æ Growth sector – strong underlying demographics

36 Appendix B Commercial Development - FY04 Highlights

Æ Expansion into NSW and Victorian markets Æ Paradise Road Industrial Estate exceeded expectations on timing and profits Æ Norwest Business Park - Stage 1, 75% of area sold exceeding profit projections Æ Projects commenced and completed in FY2004 are set out below

Est. on Site / Project Location Total sqm Status completion value

Norwest Business Park – Stage 1 Sydney, NSW 8,074 Completed $19m

Paradise Road Brisbane, Qld 120,411 Completed $13m

Gateway 2000 (J/V) Pinkenba, Qld 36,000 Commenced $17m

Total 164,485 $49m

37 Appendix B Commercial Development - Outlook Æ Major mixed use residential, office and retail projects e.g. Newstead Riverpark, Brisbane Æ Ability to develop investment grade assets for FKP Property Trust or managed funds Æ Future developments are set out below

Est. on completion Site / Project Location Total sqm value 1 Norwest Business Park – Stages 2 & 3 Sydney, NSW 24,840 $99m 2 Gateway 2000 (J/V) - Stage 1 & 2 Pinkenba, Qld 59,000 $9m 1 Milton Train Station Milton, Qld 12,500 $36m 1 Smithfield Coles Sydney, NSW 3,352 $14m 1 Newstead Riverpark Brisbane, Qld 19,263 $68m 1 Collingwood Melbourne, Vic 4,800 $16m 1 Warriewood Warriewood, NSW 8,140 $24m 1 St Marys St Marys, NSW 58,227 $15m 1 Redbank Plains Ipswich, Qld 16,200 $38m

Rocklea Brisbane, Qld 24,800 $13m Total 231,122 $332m

1. Subject to DA 2. FKP share 50%

38 Appendix B Residential Apartments - FY04 Highlights

Æ $148m in unconditional pre-sales, $61m to be booked in FY05 Æ Expanded into Sydney market acquiring projects valued in excess of $80m Æ Successful tenderer for landmark stage 2 of Newstead Riverpark Æ Projects commenced and completed in FY2004 are set out below

Est. on completion Site / Project Location No. units No. sold Status value

Seamark on First Sunshine Coast, Qld 72 65 Commenced $31m Inn On The Park Toowong, Qld 92 91 Completed $30m Macarthur Chambers Brisbane, Qld 75 58 Completed $41m Soho Brisbane, Qld 96 88 Commenced $30m Marquis on Main Gold Coast, Qld 43 43 Completed $46m 212 Margaret St Brisbane, Qld 138 138 Commenced $41m Ivory Palms Sunshine Coast, Qld 56 37 Commenced $16m Total 572 520 $235m

39 Appendix B Residential Apartments - Outlook

Æ Continued geographic expansion Æ Demand remains for projects near mature infrastructure Æ Future developments are set out below

Est. on completion Site / Project Location No. units value 1 Airlie Beach Airlie Beach, Qld 81 $37m 1 Horton Park Golf Resort Sunshine Coast, Qld 131 $61m 1 Bulcock Beach Sunshine Coast, Qld 101 $59m 1 Rosebery Sydney, NSW 36 $20m Vue Toowong, Qld 107 $51m 1 Newstead Riverpark Brisbane, Qld 441 $222m 1 Rosebery #2 Sydney, NSW 59 $31m Total 956 $481m

1. Subject to DA

40 Appendix B Land - FY04 Highlights

Æ Strong land sales - 354 lots settling, generating sales revenue of $72.4m Æ Large increase in the sale prices at Peregian Springs Æ Acquired Coolum Ridges, 173ha site adjoining Peregian Springs Æ First land subdivision in Victoria (Ocean Acres) - 38 lots settling, generating sales revenue of $9.1m Æ Lots sold and developed for FY 2004 are set out below

Site / Project Location Settled Sales Castle Hill Castle Hill, NSW 8 1 Diamond Creek Diamond Creek, Vic 16 Emmadale Park Gladstone, Qld 59 Ocean Acres Torquay, Vic 38 Peregian Springs Sunshine Coast, Qld 208 Other 25 Total 354 Note: 1. Development fee received not sales revenue

41 Appendix B Land - Outlook

Æ Future land bank of approximately 2,292 lots across 6 estates (predominately in and Victoria) Æ Actively seeking to expand land bank in NSW and Victoria Æ Land bank to deliver strong earnings growth for 8-10 years - total forecast on completion value in excess of $650m Remaining on Under Future completion Site / Project Location Developed development development value 2

Coolum Ridges1 Sunshine Coast, Qld - - 1,000 $243m Castle Hill Castle Hill, NSW 3 - - $1m Diamond Creek3 Diamond Creek, Vic 33 - 241 $3m Emmadale Park Gladstone, Qld 87 60 59 $25m Ocean Acres Torquay, Vic 24 26 44 $26m Peregian Springs Sunshine Coast, Qld 120 70 992 $373m

Total 264 156 2,292 $671m

1. Subject to DA 2. Based on current estate selling prices 3. Development fee received not sales revenue

42 Appendix B Funds Management - FY04 Highlights

Æ FKP Commercial Property Trust No. 1 continues to outperform PDS forecasts Æ Acquisition of three office assets in FY04 for $94.2m (including costs) – 31 Queen St, Melbourne – 8 Spring St, Sydney – 52 – 58 Clarence St, Sydney Æ Acquired assets to be utilised (along with other suitable acquisitions) in proposed stapled FKP Property Trust

43 Appendix B Funds Management - Outlook

Æ Responsible Entity of the proposed stapled FKP Property Trust Æ Funds Management team enlarged to provide platform and resources for expanded operations - high quality personnel with extensive industry experience Æ FKP remains committed to the growth of the Funds Management division Æ Utilise strengths in development, construction & active asset management to add value to investment products Æ Access to product - potential pipeline of product through FKP developments

44 Appendix B Construction - FY04 Highlights

Æ Increased sub-contractor database to offset increases in construction costs Æ Delivered timely and quality product, winning 18 industry awards – Won the National and NSW Master Builders Award – Won the Lifestyle Housing for Seniors in Purpose Built Dwellings for our Minkara project – The Outrigger Hervey Bay project won 5 state awards – Won the National and State Rider Hunt Award for the William Buck Centre, its 7th award Æ 86% of turnover was attributed to projects delivered internally Æ NSW team has been enlarged to provide for geographic expansion

45 Appendix B Construction - Outlook

Æ Continue to provide construction services to development & retirement divisions Æ External projects undertaken on an invitation basis only (no tenders) Æ Continue to manage increasing construction costs through our increased sub- contractor base Æ Allows FKP to retain greater overall control of development process – Quality of projects delivered – Timing of projects delivered – Construction risk management Æ $85m in work for FY2005 booked to date, with $30m worth of projects in negotiation stage

46 Appendix C 31 Queen Street, Melbourne

Property details

Description The building provides office accommodation over 21 levels and includes car spaces for 172 cars. Location Located within the mid-town precinct of the Melbourne CBD on the southern side of Collins Street in Melbourne, Victoria. Construction Originally constructed in 1974 with a ground floor refurbishment in 1995. NLA (approximate sqm) Office 18,155 Other 74 Total 18,229 Car spaces 172

Ownership details Ownership interest 100% freehold Acquisition date 2 February 2004 Acquisition price (including costs) $43,650,428 Valuation details Tenancy details Valuation $46,100,000 Occupancy 93.4% Valuer Knight Frank Weighted average lease terms by 4.5 from 1 August 2004 income (years) Valuation date 31 July 2004 Major tenants Tenant Area (sqm) % NLA Lease expiry Rent review profile Valuation per sqm of NLA $2,540 Adecco 1,546 8.5% 30 September Annual 5% fixed increases Capitalisation rate 9.75% 2006/30 June 2007 Discount rate 10.25% Lease support facility Nil Terminal yield 10.50%

47 Appendix C 8 Spring Street, Sydney

Property details

Description Office building comprising 12 levels of office accommodation, 21 car spaces and ground floor retail. Location Located in the financial core of Sydney’s CBD, NSW. Construction Originally constructed in 1963 with a major refurbishment in 1999. NLA (approximate sqm) Office 4,546 Retail 586 Total 5,132 Car spaces 21

Ownership details Ownership interest 100% freehold Acquisition date 1 July 2004 Acquisition price (including costs) $28,448,360 (includes $1 million lease support facility) Tenancy details Valuation details Occupancy 96.2% Valuation $26,000,000 Weighted average lease terms by 2.3 from 1 August 2004 income (years) Valuer Ernst & Young Major tenants Tenant Area (sqm) % NLA Lease expiry Rent review profile Valuation date 31 July 2004 John 2,639 51.4% February 2007, Annual 2.5% fixed increase Valuation per sqm of NLA $5,066 Swire 2 + 2 option Capitalisation rate 7.45% Cathay 1,169 22.8% February 2007, Annual 2.5% fixed increase Pacific 2 + 2 option Discount rate 10.00% Lease support facility $1.0 million facility, drawn down to support 7.5% yield Terminal yield 7.75%

48 Appendix C 52-58 Clarence Street, Sydney

Property details

Description Office building comprising 11 levels of office accommodation, ground floor retail and basement car parking for 28 cars over two levels.

Location Located in the western corridor of Sydney’s CBD (NSW), the building is easily accessible from the north via the Sydney Harbour Bridge and west via the Western Distributor. It is also ideally located close to public transport, being adjacent to Wynyard railway station and Wynyard bus station on York Street.

Construction Originally constructed in 1972 with cosmetic refurbishment of the ground floor and lobby in 1999.

NLA (approximate sqm) Office 5,180 Retail 363 Total 5,543

Car spaces 28

Ownership details

Ownership interest 100% freehold

Acquisition date 1 July 2004

Acquisition price (including costs) $22,117,165

Tenancy details Valuation details

Occupancy 100% Valuation $21,000,000

Weighted average lease terms by 3.3 from 1 August 2004 Valuer Ernst & Young income (years) Valuation date 31 July 2004 Major tenants Tenant Area (sqm) % NLA Lease expiry Rent review profile Valuation per sqm of NLA $3,789 GIO 5,180 sqm 94.2% 16 February Biannual to market with a 2008 ratchet being the 2nd, 4th Capitalisation rate 8.45% and 8th anniversary of commencement date Discount rate 10.00%

Lease support facility Nil Terminal yield 9.00%

49 Appendix C Indooroopilly Express Shopping Centre

Property details

Description Neighbourhood shopping centre comprising a 2,550 sqm Coles supermarket with 12 associated specialty tenancies. Location Inner western suburbs of metropolitan Brisbane at 96-112 Coonan Street, Indooroopilly QLD. Expected completion date 29 November 2004 GLA (approximate sqm) 4,384 Car spaces 165

Ownership details Ownership interest 100% freehold Acquisition date 1 December 2004 Acquisition price $20,911,617

Tenancy details Valuation details Number of tenants 13 + 2 ATMs Valuation $20,100,000 Occupancy 100% (Rental Guarantee) Valuer Colliers International Major tenants Tenant Area (sqm) % NLA Lease expiry Rent review profile Valuation date 29 November 2004 Coles 2,550 58.2% 15 years from Every 5 years to the Valuation per sqm of NLA 4,585 practical average of (base rental plus completion turnover rental) over the Capitalisation rate 7.50% preceding 3 years Discount rate 9.75% Lease support facility 6 months gross rent over the specialty tenants vacancies from practical completion, capped at $125,000 Terminal yield 7.75%

50 Appendix C Ferny Grove Shopping Centre

Property details

Description Neighbourhood shopping centre comprising a 2,350 sqm Bi-Lo with 22 associated specialty tenancies. Location North western suburbs of metropolitan Brisbane at 51 McGinn Street, Ferny Grove QLD. Expected completion date 26 October 2004 GLA (approximate sqm) 4,395 Car spaces 219

Ownership details Ownership interest 100% freehold Acquisition date Expected to be 1 November 2004 Acquisition price $19,770,367

Tenancy details Valuation details Number of tenants 23 + 2 ATMs Valuation $19,000,000 Occupancy 100% (Rental Guarantee) Valuer Colliers International Major tenants Tenant Area (sqm) % NLA Lease expiry Rent review profile Valuation date 26 October 2004 Bi-Lo 2,550 53.5% 15 years from Every 5 years to the Valuation per sqm of NLA 4,323 practical average of (base rental plus completion turnover rental) over the Capitalisation rate 7.50% preceding 3 years Discount rate 9.50% Lease support facility 9 months gross rent over the specialty tenants vacancies at practical completion, capped at $375,000 Terminal yield 7.75%

51 Appendix C Colmslie Plaza Shopping Centre

Property details

Description Neighbourhood shopping centre comprising a 3,000 sqm Coles supermarket with associated specialty tenancies. Location Eastern suburbs of metropolitan Brisbane at Junction Road, Morningside QLD Expected completion date 1 September 2005 GLA (approximate sqm) 4,417 Car spaces 231

Ownership details Ownership interest 100% freehold Acquisition date Land expected to be 31 December 2004 Final instalment expected to be 1 September 2005 Acquisition price $18,783,992

Tenancy details Valuation details Number of tenants Subject to change Valuation $18,600,000 Occupancy 100% (Rental Guarantee) Valuer Colliers International Major tenants Tenant Area (sqm) % NLA Lease expiry Rent review profile Valuation date 1 September 2005 Coles 3,000 68.0% 15 years from Every 5 years to the Valuation per sqm of NLA 4,211 practical average of (base rental plus completion turnover rental) over the Capitalisation rate 7.75% preceding 5 years Discount rate 9.50% Lease support facility 12 months gross rent over the specialty tenants vacancies at practical completion, capped at $500,000 Terminal yield 7.75%

52 Appendix D FKP Property Group – Management Structure

MD & CEO Peter Brown

Company Corporate Funds CFO Retirement Land Development Construction Secretary Services Management David Lamond Charles Scott Ponton Darryl Guihot Trevor Toner Glen Brown Bryan Jackson Tim Russell Angus Morton MacDonald Evian Delfabbro Matthew Miller

QLD QLD QLD QLD QLD

NSW NSW NSW NSW NSW

VIC VIC VIC VIC VIC

SA

TAS

53 Disclaimer

This presentation is not and does not constitute an offer, invitation or recommendation to subscribe for, or purchase any securities and neither this presentation nor anything contained in it shall form the basis of any contract or commitment. This presentation is not a disclosure document under Australian law.

As part of the stapling strategy, FKP Funds Management Limited (ABN 17 089 800 082 AFS licence no. 222273) (“Responsible Entity”) will be the issuer of units in FKP Property Trust and intends to issue the units under a product disclosure statement (“PDS”) under Part 7.9 of the Corporations Act. The PDS will be made available as part of an explanatory memorandum (“Explanatory Memorandum”) to be distributed to FKP shareholders by FKP Limited (ABN 28 010 729 950) and the Responsible Entity (“the Issuers”). The Explanatory Memorandum is expected to be distributed to FKP shareholders in September 2004 and will be available at that time from the Issuers at Level 5, 120 Edward Street, Brisbane, Queensland and from www.fkp.com.au. The Explanatory Memorandum should be carefully considered in deciding whether to approve the stapling strategy and consequently acquire units in FKP Property Trust.

This presentation does not constitute an offer or invitation in any jurisdiction where, or to any person to whom, such an offer would be unlawful. This presentation is not intended as an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in the United States or to a US person (as defined in Regulation S under the US Securities Act of 1933 as amended) or to any person to whom it is unlawful to make such an offer or solicitation. The securities in the proposed offering have not been and will not be registered under the US Securities Act of 1933 as amended. Neither this presentation nor any copy thereof may be transmitted in the United States or distributed, directly or indirectly, in the United States or to any US person including (1) any US resident, (2) any partnership or corporation or other entity organised or incorporated under the laws of the United States or any state thereof, (3) any trust of which any trustee is a US person, or (4) any agency or branch of a foreign entity located in the United States.

Reliance should not be placed on the information or opinions contained in this presentation. The information in this presentation is general information only and does not take into consideration the individual investment objectives, financial situation or needs of any particular investor. Consequently you should decide whether the information is appropriate in light of your objective financial situation and needs. To obtain advice or more information you should speak to an Australian financial services licensee or an authorised representative.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, FKP Limited and the Responsible Entity and their affiliates and related bodies corporate, and their respective officers, directors, employees and agents disclaim any liability (including, without limitation any liability arising from fault or negligence) for any loss arising from any use of this presentation or its contents or otherwise arising in connection with it.

The Directors’ forecasts and other forward-looking statements set out in this presentation are based on a number of estimates, assumptions and pro forma adjustments that are subject to business, economic and competitive uncertainties and contingencies, with respect to future business decisions, which are subject to change and in many cases outside the control of FKP Limited, the Responsible Entity and each of their directors (“Directors”). The Directors believe that they have prepared the Directors’ forecasts with due care and attention and consider all best estimate assumptions when taken as a whole to be reasonable at the time of preparing the presentation. However, the Directors’ forecasts included in this presentation may vary from actual financial results, and these variations may be material and, accordingly, neither FKP Limited, the Responsible Entity nor the Directors can give any assurance that the forecast performance in the Directors’ forecasts or any forward-looking statement contained in this presentation will be achieved.

54