Interim Results- Highlights

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2 Who is FKP? FKP is a leading diversified property and investment group Core business: construction, development, retirement, and funds management Based in Queensland, but with operations in five states Listed on ASX in 1993; entered ASX200 in 2003 History of strong performance and solid returns to shareholders Under the direction of CEO, Peter Brown, FKP has embarked on a new phase of national expansion

3 Interim Results- Highlights Net profit after tax up 40% to $16.5million (2002: $11.74million) Interim dividend of 7 cents per share fully franked, up 27% (2002: 5.5cents) Revenue increased marginally to $144.2million, but produced stronger profit yield Diversified revenue streams all areas performed well

4 Key Financial Results - HY Change (%) Total Revenue ($ 000s) 144, Operating Profit After Tax ($ 000s) 16,476 11, EPS (cents) Dividend (cents) NTA (cents) Level of Franking (%) Gearing (%)

5 Summary Balance Sheet 2003 ($ 000s) 2002 ($ 000s) Current Assets 248, ,480 Non Current Assets 218, ,505 Total Assets 466, ,985 Current Liabilities Non Current Liabilities Total Liabilities 158, , ,144 58,703 33,638 92,341 Net Assets Contributed Equity Reserves Retained Profits Outside Equity Interest Total Equity 196, ,765 6,035 73,241 11, , , ,225 7,189 54, ,644

6 Half Year Results - Profit Growth History EPS (cents)

7 Half Year Results - Profit Mix by Division by Geography Retirement 25% Construction 4% Funds/Asset Management 0% Commercial Development 8% Residential Apartments 18% Victoria 1% Tasmania 4% South Australia 2% New South Wales 12% Land Subdivision 45% Queensland 81%

8 Half Year Results - Revenue Higher yield from stable revenue Recurring revenue increased by 22% Land and retirement divisions strongest performers for the half year Land Subdivision 25% Retirement 17% Construction 7% Other 1% Funds Management 0% Commercial 2% Residential 48%

9 Half Year Results - Dividends Set goal in 2002 to lift EPS and dividends by a minimum of 10% per annum Have consistently exceeded this goal Half Year Dividend Payout History Return on Shareholders' Funds History Cents % Return

10 Half Year in Review - Key Contracts Stage 2 Newstead Riverpark Gateway part of $1 billion landmark urban renewal project 2 distinct precincts - mixed use and commercial in excess of 400 residential apartments 20,000 sqm retail and commercial space end value $300 million

11 Half Year in Review - Key Project Peregian Springs Over 1,700 lot master planned community fully master planned community Sold over 109 lots in the half year Total sales to date 500 of the 1,783 lots 1,283 left to settle Gated community Park Avenue approved 96 prestige residences Coolum Ridges to come on line

12 Half Year in Review - Key Works in Progress Residential Apartments $30M Soho Apartments (Brisbane, QLD) - 88 of 96 sold $32M Seamark on First (Sunshine Coast, QLD) - 60 of 70 sold $30M Inn on the Park (Brisbane, QLD) - 90 of 94 sold $40M 212 Margaret (Brisbane, QLD) - sold out $45M Marquis on Main (Gold Coast, QLD) - 38 of 43 sold $40M Macarthur Chambers (Brisbane QLD) - 51 of 75 sold $20M Rosebery (Sydney, NSW) - 36 units Commercial Developments $18.5M Stage 1 Norwest Business Park (Sydney, NSW) - 8,000sqm $14M Paradise Road (Brisbane, QLD) - 120,000sqm $75M Gateway JV (Brisbane, QLD) - 78,000sqm

13 Half Year in Review - Key Works in Progress Land Subdivisions Peregian Springs (Sunshine Coast, QLD) - 1,283 lots available Emmadale Park (Gladstone, QLD) lots available Ocean Acres (Torquay, VIC) lots available Diamond Creek (Melbourne, VIC) - 50 lots available Castle Hill (Sydney, NSW) - 4 lots available Retirement - FKP Australian Retirement Homes The Domain (Gold Coast, QLD) Bridgeman Downs (Brisbane, QLD) Peregian Springs (Sunshine Coast, QLD) Mingarra (Croydon, VIC) Derwent Waters (Hobart, TAS)

14 Half Year in Review - Corporate Highlights Acquisition of Forest Place Group (FPG) Continued to meet objectives and milestones of the 5 yr growth strategy Rollout of new FKP brands

15 Five Year Strategy - Diversification Strong focus on building recurring income streams - retirement and funds management divisions Adopted diversification strategy to buffer cyclical nature of the property sector FKP has interests across all property sectors Flexibility to invest capital in the division that can maximise profits 21% 20% Profit Mix 17% 4% 19% 3% Construction 0% 21% Funds/Asset Management 17% 6% Retirement Land Subdivision Commercial Development 25% 47% Residential Apartments

16 Five Year Strategy - Recurring Revenue (Retirement) Retirement division profit increased to $7.5 million at 31/12/2003 (2002: $3.2 million) Deferred Management Fees (DMF) increased to $6.7million (2002: $5.4 million) New retirement sales reached $15.3milliion (2002: $6.5million) FKP is well on the way to reaching the 5-year target of 5,000 units: 3,790 independent living units and serviced apartments 150 hostel and nursing home beds 1,062 future development sites available

17 2003/ /03 Five Year Strategy - Retirement Growth in Units No of ILU units No of SA UNITS No of NH & Hostel beds 2001/ / / / / / / / / /93 Years Units

18 Five Year Strategy - Recurring Revenue (Funds Management) FKP Commercial Property Trust 1 annualised 10.6% return Exceeds PDS forecast of 9.3% Entered contract to purchase $41M 31 Queen St, Melbourne (settled in Feb 04) as Property Trust No.2

19 Five Year Strategy - Geographical Expansion Following success in QLD, applying model to NSW and VIC Controlled geographic expansion NSW presence already established and growing Key projects Rosebery (Sydney, NSW) - 36 units Norwest Business Park Stages 2,3 (Sydney NSW) - 30,000 sqm (stage 2-20,000sqm mixed use commercial building) Collingwood strata office (Melbourne, VIC) - 4,500sqm Revenue Mix 1% 2% 0% 12% 5% 1% 1% 14% Queensland New South Wales South Australia Tasmania 85% 79% Victoria

20 Millions Five Year Strategy - Financial Growth To date, FKP has been a strong performer profit, revenue, returns to shareholders Net Profit after Tax / / / /2004 f'cast EPS (cents) /2001 Dividend Payout History / / /2004 f'cast

21 Future profit drivers - Why is FKP a strong investment Solid residential base in SE Qld Residential expansion NSW, VIC Commercial/industrial expansion NSW, VIC Consolidation in retirement industry Growth in funds management

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