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1 Presentation of Results for the Year Ended 30 June 2012

2 1. Omni-Channel Strategy 2. Franchisee Sales Revenue 3. Strategic Advantages of Our Integrated Retail, Franchise, Property & Digital Operations 4. Net Assets 5. Key Financial Highlights 6. Review of the Income Statement for the year ended 30/06/12 7. Review of the Balance Sheet as at 30/06/12 8. Review of the Statement of Cash Flows 9. Segment Analysis 10. Outlook 11. Questions (limited to 30 minutes) 12. Appendix 1: Selection of Properties as at 30 June

3 Omni-Channel Our Channel Strategy Our Omni Channel strategy is the backbone of the business and we have made strong progress throughout the year. With the successful launch of new online sites in both Australia and New Zealand throughout 2012, we continue to build on our Omni Channel capability. We have made further enhancements through mobile capability & improved functionality in response to ongoing customer feedback. Launched m-commerce in August Online sales are performing to our initial expectations and, whilst low, our digital platform has been established for the future. Our digital, store & distribution centre channels are fully integrated with consumers supporting our buy online, pick-up in-store capability. Our Customer First system which receives and manages communications from consumers across all channels as well as providing the workflow for our online sites has been a very good development throughout Our Omni Channel strategy requires that we provide our franchisees with tactical support, when & where necessary. We continue to develop, support & invest in the skills of our franchisees as well as the information tools of the company for the future. With the natural progression of consumers being more connected, our aim is to continually provide a consistent and quality experience to all Harvey Norman, Domayne and Joyce Mayne customers with a clear focus on our channels & our capability within them. 3

4 Franchisee Sales Revenue Global Sales $AUD Sales from the franchised Harvey Norman complexes, commercial divisions & other sales outlets in Australia, New Zealand, Slovenia, Croatia, Ireland & Northern Ireland (excluding Singapore)( Global Sales ) totalled $5.74 billion for the year ended 30 June % decrease from PY 6.5% like-for-like decrease from PY Global Sales Increase / (Decrease) % Sales Growth (%) Total (%) Like-for-Like (%) FY Jun-12 1Q12 2Q12 3Q12 4Q12 FY Jun-12 Australia $A (-8.1%) (-2.8%) (-9.5%) (-7.7%) (-7.3%) (-7.0%) New Zealand $NZ (-4.0%) (-10.6%) 2.3% (-7.9%) (-3.0%) (-4.7%) Slovenia / Croatia Euro 35.4% (-8.9%) (-19.3%) (-5.0%) (-4.7%) (-10.4%) Ireland Euro 6.3% (-0.5%) 10.0% 1.3% 13.5% 6.3% Nth. Ireland Pound 2.0% (-11.1%) 1.8% 9.3% 11.5% 2.0% TOTAL in $A (-7.0%) (-3.8%) (-8.0%) (-7.5%) (-6.1%) (-6.5%) 4

5 Franchisee Trading Sales Revenue Performance 2012 proceeded to be the most challenging year due to unprecedented price & margin deflation in our television & devices categories. Demise of WOW Sight & Sound (turnover estimated to be approx. $225 million p.a.), closure of numerous Retravision stores & restructure of Dick Smith brand (resulting in a Dick Smith provision of $420 million) created a glut of product being sold at never before seen prices. We continue to see good growth in the stores located near the mining areas of WA, QLD & the Hunter Valley in NSW. The capital cities of Sydney, Melbourne & Brisbane are not yet seeing the flow-on effects of the mining boom but our franchisees are well-placed when that happens. Home appliances, furniture and bedding remain stable and the businesses are well-placed for any upturn in housing starts. Our franchisees will continue to innovate, invest and improve their product offering, online channel, staff training and strategic category enhancements. 5

6 Strategic Advantages of Our Integrated Retail, Franchise, Property & Digital Operations Our Omni Channel strategy, incorporating our integrated retail, franchise, property & digital operations, provides strategic advantages over our competitors including: 1. The ability to diversify the product offering within the franchising operations segment to focus on more profitable product categories. Unlike many of our competitors that are solely exposed to the challenging AV/IT category, we operate in a number of different product categories that continue to perform solidly. The flexibility of our franchising operations segment allows us to diversify and tailor the product offering of our franchisees towards the more profitable Homemaker categories. 2. A strong and unique balance sheet underpinned by real, tangible property assets. As at balance date, we have a total asset base of approximately $4 billion which is inclusive of a property portfolio valued at $2.12 billion. Our strong balance sheet affords quick access to capital and the ability to seize opportunities in the marketplace as they arise. Property ownership offers the distinct advantage of a reliable income stream in an uncertain retail climate. 3. Our strong asset position and prudent management of working capital allows us to conservatively manage our debt levels. Whilst a cautious level of investment in our system is necessary to maintain and grow market share, our debt to equity ratio remains low at 34.16% and our net debt to equity ratio is 26.60%. 4. Our digital, store & distribution centre channels are fully integrated with consumers supporting our buy online, pick-up in-store capability. 6

7 Net Assets (5 Years) Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Net Assets* $1.90bn $2.01bn $2.10bn $2.19bn $2.24bn Rate of increase from PY 12.2% 5.6% 4.8% 4.3% 1.9% Real Property Assets $1.68bn $1.82bn $1.88bn $2.04bn $2.12bn Rate of increase from PY 19.1% 8.1% 3.1% 8.9% 3.6% * exclusive of non-controlling interests we have MORE THAN DOUBLED our net asset base in 8.5 years our net assets were $0.97 billion in Jun-2003 vs $2.24 billion in Jun-2012 included in net assets are real property assets of $2.12 billion valued at fair market value as at Jun-12 we have a real, tangible asset base as opposed to many of our competitors whose asset value lies in intangibles such as goodwill, brand names & trademarks 7

8 Key Financial Highlights FY June 12 FY June 11 Mvmt on PY EBIT (excluding property revaluations) $301.86m $401.46m down 24.8% EBIT Margin % % 14.9% -270 bps PBT (including property revaluations) $227.41m $373.94m down 39.2% NPAT 2 $172.47m $252.26m down 31.6% NPAT Margin % 1 6.9% 9.4% -250 bps Net Assets 3 $2.24bn $2.19bn up 1.9% Net Debt to Equity % 26.60% 21.87% Dividends Per Share 9.0c 12.0c EPS 16.24c 23.75c down 31.6% 1 EBIT & NPAT Margins are calculated on Total Revenues 2 FY June 12 NPAT (NPAT = net profit after tax & non-controlling interests) has been affected by a lower tax charge in the current year resulting from the Advanced Pricing Arrangement with the ATO and the reversal of future tax liabilities previously recognised on certain pre-cgt properties 3 Net Assets is after the exclusion of non-controlling interests primarily relating to Singapore 8

9 Review of the Income Statement Revenue Items FY June 12 FY June 11 Mvmt on PY Sales Revenue $1,407.34m $1,556.38m down 9.6% Gross Profit $381.98m $426.87m down 10.5% Revenues & Other Income $1,061.23m $1,122.46m down 5.5% Sales Revenue by $149.04m due to: Gross Profit by $44.88m due to: Revenues & Other Income by $61.23m due to: the reduction in CP & RH sales by $ million following the restructure of the CP & RH businesses resulting in the closure of 7 stores in Aug-11 and the conversion of 18 CP & RH stores to the franchised model in the first half of 2012 lower sales in NZ by $13.64 million due to store closures in Christchurch (natural disasters in early 2011), severe price deflation & intense discounting in the AV/IT category & the subdued NZ economy Offset by: opening of the 1 st Croatian store in Zagreb in Oct-11 contributing $15.75M sales for the year higher sales in Slovenia due to the new store at Maribor & a full year s trading of the Novo Mesto store price deflation in key categories, aggressive local & overseas competition & heavy discounting continue to grow or at least maintain market share in key categories in overseas markets revenue received from franchisees down by $43.40m due to 4.9% decline in franchise sales revenue [$4.83bn in FY12 vs $5.08bn in FY11] attributed to deflationary headwinds (particularly in AV/IT), a high Australian dollar limiting growth in non-mining related sectors & heavy discounting by competitors investment property & JV revaluation increment of $15.46m recognised in FY11 vs a revaluation decrement of $27.77m in FY12 (recorded in expenses) decline of $10.20m in the market value of listed public securities relative to PY Offset by: increased rental income & interest from other third parties by $7.96m revaluation increment for a store in Slovenia of $2.78m to reverse a previous decrement 9

10 Review of the Income Statement Expenses & Profit FY June 12 FY June 11 Mvmt on PY Total Expenses ($1,227.04m) ($1,193.44m) up 2.8% Share of JV investments $11.24m $18.05m down 37.7% Profit Before Tax $227.41m $373.94m down 39.2% Income Tax Expense ($51.09m) ($114.32m) down 55.3% Non-Controlling Interests ($3.84m) ($7.37m) down 47.8% Profit After Tax & NCI $172.47m $252.26m down 31.6% Total Expenses by $33.60m due to: Share of JV profit by $6.81m due to: Lower tax charge by $63.22m due to: a higher level of tactical support by $63.82m to assist franchisees to manage a challenging retail environment & effectively compete in their local markets revaluation decrement for Australian investment properties of $25.26m restructuring and closure costs associated with the impaired CP & RH brand names of $8.07m higher borrowing costs by $6.47m due to increased utilisation of external facilities & the modification of the Syndicated Facility Agreement during the year JV revaluation decrement of $2.51m in FY12 vs increment of $0.16m in FY11 profit on sale of a development property held by a JV entity of $7.34m in PY reduction in FY12 profit before tax translating to a decrease in tax liability by ~ $40m tax benefit of $16.29m associated with treatment of support payments to Ireland & Nth. Ireland during 2010, 2011 & 2012 as agreed under the terms of an Advance Pricing Agreement with the ATO dated 6 Feb 2012 tax benefit of $6.31m for the reversal of future tax liabilities previously recognised on certain pre-cgt properties 10

11 Review of the Balance Sheet (5 Years) June 08 June 09 June 10 June 11 June 12 Total Assets $3.37bn $3.66bn $3.70bn $4.00bn $3.95bn Return on Total Assets % 10.65% 5.86% 6.25% 6.30% 4.36% Total Liabilities $1.42bn $1.60bn $1.55bn $1.78bn $1.68bn Net Assets $1.95bn $2.06bn $2.16bn $2.23bn $2.27bn Total Assets steady increase in total assets over the above 5-year period small reduction in total assets in Jun-12 due to the property revaluation decrement recorded during the year, the restructure of the CP & RH businesses & FX deterioration reducing the value of assets in Ireland & Slovenia upon translation to AUD strength of the asset base is in the ownership of real, tangible property assets comprising $2.12bn in Jun-12 balance sheet not clouded by intangible assets pinned to the underlying worth of the business solid cash reserves of $172.46m as at Jun-12 ($140.09m net of bank overdraft) Total Liabilities reduction of $90.61m in total liabilities from Jun-11 to Jun-12 attributed to the reduction in franchisee trade creditors due to more effective inventory & working capital management & the restructure of the CP & RH businesses offset by an increase in interest-bearing liabilities following increased utilisation of external financing facilities despite higher utilisation of facilities, debt levels remain low and gearing ratios continue to be conservative rise in total liabilities over the 5-year period is slower than the growth in total assets Net Assets We have MORE THAN DOUBLED our net asset base in 8.5 years 11

12 Review of the Balance Sheet: Net Debt to Equity Ratio (%) June 08 June 09 June 10 June 11 June 12 TOTAL DEBT $566.94m $586.68m $501.17m $651.76m $779.35m Less: CASH RESERVES ($64.66m) ($157.91m) ($157.24m) ($162.78m) ($172.46m) NET DEBT $502.28m $428.77m $343.93m $488.98m $606.89m TOTAL EQUITY* $1.95bn $2.06bn $2.16bn $2.24bn $2.28bn Net Debt to Equity Ratio % 25.80% 20.82% 15.94% 21.87% 26.60% * excluding acquisition reserve Net Debt To Equity Ratio 25.80% 20.82% 21.87% 26.60% 15.94% Jun-2008 Jun-2009 Jun-2010 Jun-2011 Jun

13 Review of the Statement of Cash Flows FY June 12 FY June 11 Mvmt on PY Operating Cash Flows $200.95m $358.97m down 44.0% Operating cash flows by $158.03m due to: 1) Reduction in net receipts from franchisees by $180.33m due to the following: lower revenue received from franchisees by $43.40m (franchise fees & interest) due to difficult retail trading conditions a higher net outflow by the franchisor for working capital advances to franchisees by $135.55m relative to PY primarily due to a lower rate of reduction in franchisee loan balances from reduced cash receipts from franchisee sales & a higher level of tactical support provided to franchisees which offset the reduced outflows from more effective inventory & working capital management the aggregate amount of tactical support for the current year was $ million compared to $60.37 million for the previous year, an increase of $63.82 million. 2) Reduction in receipts from customers by $171.65m due to conversion of CP & RH businesses from company operated stores to franchised stores during the year & lower sales by NZ stores 3) Higher payments for GST by $11.67m & interest by $6.30m & lower distributions received from JV s by $24.57m (PY included proceeds from sale of a development property) 4) Offset by: lower payments to supplier & employees by $165.16m despite heavy investment in our Omni-channel of approximately $30.40m during the year (digital, on-line, photo centres, software on-demand kiosks, E- commerce & wireless); lower income tax payments by $69.91m due to lower profits generated & tax benefit of support payments to Ireland & Nth. Ireland 13

14 Review of the Statement of Cash Flows FY June 12 FY June 11 Mvmt on PY Investing Cash Flows ($171.07m) ($345.24m) down 50.4% Financing Cash Flows ($8.51m) $4.09m down 308.2% Net Increase in Cash Flows $21.36m $17.82m up 19.9% Cash & Cash Equivalents At Beginning of the Year $118.73m $100.91m Cash & Cash Equivalents At End of the Year $140.09m $118.73m up 18.0% Investing cash flows by $174.17m due to: Financing cash flows by $12.60m due to: prior year included the payment of $55m for the purchase of the CP & RH assets reduction in payments for investment properties by $84.08m as the prior period included several large property acquisitions including the At Home Centre at Penrith & extensive costs for the construction of the Springvale development & the Space Asian showroom in Singapore decrease in payments for purchase of equity investments as PY balance included capital contributions for a mining camp JV in Queensland of $4.76m down due to lower rate of increase in the utilisation of the Syndicated Facility & other external debt relative to PY reduction in dividends paid by HNHL by $21.25m 14

15 Segment Analysis: Franchising Operations Segment Franchising Operations FY June 12 FY June 11 Mvmt on PY Segment Revenue $858.01m $938.93m down 8.6% Segment EBITDA $202.81m $332.46m down 39.0% Segment Result Before Tax $126.98m $254.59m down 50.1% Franchising Operations Margin % 2.63% 5.01% -238 bps FO segment revenue by $80.92m due to: FO segment EBITDA by $129.65m due to: FO segment result before tax by $127.61m lower franchise fees received due to tough retail trading conditions experienced by franchisees, price deflation particularly in AV/IT categories & aggressive competition & discounting reduction partially offset by the conversion of 18 former CP & RH stores to the franchised model & the opening of 4 new franchised complexes during the year comprises 34.6% of total revenue for FY12 (FY11: 34.8%) profitability of franchisees adversely affected by falling product margins (price deflation and heavy discounting) resulting from their attempt to maintain & grow market share a higher level of tactical support payments made to franchisees during the year to enable them to effectively compete in their local markets the aggregate amount of tactical support provided to franchisees was $ million in the current year compared to $60.37 million in the previous year comprises 55.1% of total EBITDA for FY12 (FY11: 65.4%) lower funding costs allocated to the FO segment in FY12 despite higher total funding costs in FY12 due to a reduction in FO segment assets (lower utilisation of debt by the FO segment) reduction in FO depreciation expense in FY12 due to fully-depreciated assets comprises 55.8% of consolidated profit before tax for FY12 (FY11: 68.1%) 15

16 Segment Analysis: Total Property Segments Total Property** FY June 12 FY June 11 Mvmt on PY Segment Revenue $205.43m $174.53m up 17.7% Revaluation Increment/(Decrement) ($24.99m) $15.46m down 261.7% Segment EBITDA $116.53m $136.55m down 14.7% Segment Result Before Tax $84.44m $112.02m down 24.6% ** refer to Appendix 1 for an analysis of selected properties within the Harvey Norman Property Portfolio Property segment revenue by $30.90m due to: Property segment EBITDA by $20.02m due to: Property segment result before tax by $27.58m rent & outgoings received from owned properties in Australia increased by $13.79m recognition of property development income of $10.00m on the successful completion & opening of the Springvale development reversal of a previous revaluation decrement relating to a property in Slovenia of $2.78m recognition of $1.78m in rental income following the opening of the flagship Space showroom in Singapore comprises 8.3% of total revenue for FY12 (FY11: 6.5%) increase in property-related expenses proportional to the rise in property revenue revaluation decrement of $25.26m for investment properties in Australia & decrement of $2.51m for joint venture properties higher expenses associated with the opening of several large developments during the year comprises 31.7% of total EBITDA for FY12 (FY11: 26.9%) higher funding costs allocated to the property segment by $6.92m due to the expansion of the property portfolio & construction/opening of large property developments comprises 37.1% of consolidated profit before tax for FY12 (FY11: 30.0%) 16

17 Segment Analysis: Company-Operated Retail Operations Total Retail Operations FY June 12 FY June 11 Mvmt on PY Segment Revenue $1,433.34m $1,585.89m down 9.6% Segment EBITDA $35.11m $16.76m up 109.6% Segment Result Before Tax $9.70m ($10.59m) up 191.6% Retail Ops segment revenue by $152.55m due to: Retail Ops segment EBITDA by $18.36m due to Retail Ops segment result before tax by $20.29m decrease in CP & RH revenue by $148.43m due to closure of 7 stores in Aug-11 & conversion of 18 stores to the franchised model in first half of 2012 decreased NZ revenue by $15.44m due to the subdued state of NZ economy, price deflation in AV/IT categories, competitive pressures & the impact of the earthquakes in Christchurch decrease of $5.77m in the other non-franchised retail segment due to the challenging nature of the discretionary retail sector in Australia Offset by: higher revenue in Slovenia & Croatia following new store openings (the Maribor store in Slovenia and the Zagreb store in Croatia, both in Oct-11) & a full year s trading of the Novo Mesto store sales generated by 14 stores in Ireland & 2 stores in Nth. Ireland similar to PY in AUD reduction in the trading losses (excluding restructure & closure costs) incurred by the CP & RH businesses by $34.35m following the closure of 7 stores & conversion of 18 stores to franchised model reduction in expenses incurred by stores in Ireland & Nth. Ireland flowing from operational efficiencies & effective cost management Offset by: higher costs incurred by Slovenia & Croatia due to start-up investment costs of new store openings closure & restructuring costs incurred by the CP & RH businesses of $8.07 million 17

18 Outlook We continue to execute our Omni-channel strategic plan to deliver improved performance from the Australian franchisees & company-operated stores internationally. Our integrated retail, franchise, property & digital operations are the backbone of our Omni Channels. Online operations across Australia & NZ will continue to develop & will deliver incremental revenue in the year ahead. We continue to implement our merchandising & supply-chain improvements program which will deliver improved information from both our suppliers & customers & provide a seamless customer experience across all channels. We anticipate that the Home Entertainment & Technology category of the franchising operations segment will continue to remain volatile & uncertain however, with further retailer & supplier rationalisation occurring, there is the opportunity for improvement. The strong performance of the Home Appliance, Furniture & Bedding categories will continue to deliver results. We are cautiously optimistic of consolidating & increasing our market shares in the technology categories & geographies in which we compete. 18

19 Outlook (continued) Our New Zealand operation remains strong and will be positively supported by the re-opening of the main complex within Christchurch in late Our Irish business has improved & we expect this to continue in the year ahead within this challenged economy. We have a strong position with both Irish consumers & suppliers that is supporting the ongoing improvements to this business. Within central Europe, Slovenia has a solid position for growth & we expect that the investment in the initial store in Croatia will develop positively throughout the year. The flagship homemaker centre at Maroochydore in Queensland will open as scheduled in November 2012 adding to the strong asset base of the company s property portfolio. The balance sheet of the company remains strong through conservative fiscal management. The low net debt to equity ratio of 26.60% with tangible property assets in excess of $2.12 billion has the company well-positioned to manage the core business within the respective territories & take advantage of opportunities in the future. 19

20 Questions (limited to to minutes) minutes) 20

21 APPENDIX Questions (limited 1: Selection to 30 minutes) of Properties as at 30 June 2012 Harvey Norman Albury Centre is a modern bulky goods retail centre constructed in It occupies a prominent position on the northern side of the Riverina Highway and provides 25,222.5m 2 of single level retail accommodation. The retail mix includes Harvey Norman, Joyce Mayne, Spotlight, Freedom Furniture, BCF, Godfreys, Focus on Furniture, Curtain Wonderland and Beacon Lighting. Domayne Alexandria is located in the inner-city suburb of Sydney. It occupies a prominent position on O Riordan Street, in the established homemaker and car dealership precinct of Alexandria. This iconic property comprises a substantial modern bulky goods development constructed circa Recently refurbished, it provides premium retail accommodation over ground, first and second floors with parking for approximately 439 vehicles over ground and basement levels. The centre is anchored by Domayne, Harvey Norman, Space Furniture, Poliform & Caesar Stone. Located in the suburb of western Sydney, the Domayne centre occupies a prominent position of the northern side of Parramatta Road. It forms part of the established Auburn/Lidcombe bulky goods retail precinct. The complex comprises a modern bulky goods centre arranged in three buildings with a warehouse to the rear. It is occupied by Domayne, Harvey Norman, Floors Dominion, Auburn Aquarium and the Salvation Army. Lo cat io n: A lb ury, N SW 25,222.5m² Lo cat io n: A lexand ria, N SW 19,365m² Locat ion: Auburn, NSW 100%freehold 13,365m² Jun-10 Valuation as at 30/06/2012 $38.9million Capitalisation rate: 9.00% Car parking spaces: 520 Jun-11 Valuation as at 30/06/2012 $54.18 million Capitalisation rate: 8.50% Car parking spaces: Approximately 439 Dec-10 $34.5million Capitalisation rate: 8.70% Car parking spaces: 277 Harvey Norman Franchisees 8,473 Joyce M ayne Franchisees 4,313 Spotlight 3,504 Freedom Furniture 1,149 BCF 1,104 Domayne Franchisees 12,665 Harvey Norman Franchisees 2,662 Space Furniture 3,150 Poliform 1,134 Caesarstone 310 Domayne Franchisees 12,077 Auburn Aquarium 449 Floor Dominion 200 Salvation Army 481 Café

22 APPENDIX Questions (limited 1: Selection to 30 minutes) of Properties as at 30 June 2012 Harvey Norman Cambridge Park TAS Located between Condamine Street and Roseberry Street, within the established Balgowlah/Manly Vale bulky goods and light industrial precinct, this modern bulky goods centre provides ground and first floor retail showroom accommodation and a two level car park to the south. It is occupied by a large Harvey Norman store which was recently refurbished. Located in the city of Clarence, Harvey Norman Centre Cambridge Park is well accessible to Hobart Central Business District and the surrounding suburbs. The centre is contemporary in design and anchored by a number of high profile national traders including the largest Harvey Norman retail store in TAS, K&D Hardware, Anaconda, Super Cheap Auto, Godfreys, Drummond Golf and Workout World. This property includes surplus development land comprising an area of approximately 185,000 sqm. Situated on the western side of Albany Highway within the southern suburb of Cannington, approximately 10 kilometres from the Perth CBD, and located opposite Westfield Carousel Shopping Centre, this complex comprises two separate buildings, one being a large Harvey Norman showroom and the other anchored by Motor Xtreme, Fitness First and Nodic Fitness. Lo cat io n: B alg o wlah, N SW 11,553m² Lo cat io n: C amb rid g Park, T A S 40,450m² Lo cat io n: C anning t o n, W A 14,023m² Dec-10 $32 million Capitalisation rate: 8.51% Car parking spaces: 267 Jun-12 Valuation as at 30/06/2012 (incl surplus land) $54 million Capitalisation rate: 9.75% Car parking spaces: 145 Dec-09 $32.6 million Capitalisation rate: 8.75% Car parking spaces: 347 Harvey Norman Franchisees 11,464 Café 89 Harvey Norman Franchisees 9,992 K&D Hardware 8,856 Anaconda 3,501 Bennetts Furniture 1,501 Shiploads 1,395 Super Cheap Auto 749 Harvey Norman Franchisees 10,096 Fitness First 3,498 M otor Xtreme 186 Nodic Fitness

23 APPENDIX Questions (limited 1: Selection to 30 minutes) of Properties as at 30 June 2012 Harvey Norman Fyshwick is the second largest retail store in Australia. It is situated on a prominent position on the corner of Barrier and Ipswich Streets, located in the established bulky goods precinct of Fyshwick. Erected on the land is a modern bulky goods showroom building constructed in 1994 and extended in The property comprises a 12,911m 2 Harvey Norman showroom with associated office/warehouse accommodation arranged over part basement and ground floor levels. Harvey Norman Gepps X forms part of South Australia s largest purpose-built bulky goods developments. It commenced trading in June Located on the eastern side of Main North Road, with access from two of Adelaide s major northern industrial carriageways, this modern centre comprises the largest Harvey Norman retail store in SA, Spotlight, Radio Rentals, Nick Scali, BCF, Forty Winks, Barbeques Galore, Baby Bunting, Workout World and other retail tenancies. The Harvey Norman Lower Hutt Centre is a modern bulky goods retail centre constructed in It occupies a prominent corner position on Rutherford Street and Melling Link on the western fringe of the Lower Hutt CBD. It provides 13,789.6m 2 of high end retail accommodation over three levels. The retail mix includes Harvey Norman, Smiths City, Danske Mobler, Pet Centre, LV Martin, Beds R Us, Lighting Plus and Godfreys. Lo cat io n: F yshwick, A C T 12,911m² Locat ion: Gepps Cross, SA 50%Joint Venture 28,880m² Lo cat io n: Lo wer Hut t, N ew Z ealand 13,789.6m² Dec-11 $29.5 million Capitalisation rate: 8.45% Car parking spaces: 281 Jun-10 Valuation as at 30/06/2012 $32.5m (50%of total value) Capitalisation rate: 8.50% Car parking spaces: 767 Jun-11 NZ $34 million Capitalisation rate: 8.87% Car parking spaces: 302 Harvey Norman Franchisees 12,911 Harvey Norman Franchisees 12,332 Spotlight 2,978 Radio Rentals 1,889 Nick Scali 1,812 BCF 1,360 Forty Winks 1,265 Harvey Norman Franchisees 7,175 Smiths City 2,297 Danske M obler 1,177 Pet Centre 826 LV M artin 707 Beds R Us 692 Lighting Plus 476 Godfreys

24 APPENDIX Questions (limited 1: Selection to 30 minutes) of Properties as at 30 June 2012 The centre is situated on a prominent location on Rosamond Road in Maribyrnong, located opposite Highpoint Shopping Centre, one of Australia's largest shopping centres. The complex is anchored by Harvey Norman, Officeworks, AMF Bowling and Bunnings Warehouse. Harvey Norman Midland is located centrally in the south eastern sector of Midland within the Midland Redevelopment Authority Area and occupies a prominent position along the northern side of Clayton Street. This modern bulky good accommodation is anchored by Harvey Norman, a Harvey Norman seconds store, Forty Winks and Furniture Bazaar. Located 28 kilometres north of Adelaide s CBD, this modern bulky goods complex has been built in two stages. The original Harvey Norman Showroom was constructed in circa 2000, and a significant extension was completed circa October 2006 which incorporated six new retail showrooms. The Centre is anchored by Harvey Norman, Fantastic Furniture, JB Hi-Fi, Forty Winks, Super Cheap Auto and Beacon Lighting. Lo cat io n: M arib yrno ng, V IC 23,668m² Lo cat io n: M id land, W A 12,964m² Locat ion: M unno Para, SA 100%freehold 16,624m² Dec-10 $35.8 million Capitalisation rate: 8.75% Car parking spaces: 303 Jun-11 $26.5 million Capitalisation rate: 8.75% Car parking spaces: 230 Jun-12 $26.2million Capitalisation rate: 9.25% Car parking spaces: 432 Harvey Norman Franchisees 9,495 Bunnings 9,243 Officeworks 2,381 AM F Bowling 2,549 Tenant s Harvey Norman Franchisees 7,745 Forty Winks 1,218 Harvey Norman Franchisees (second) 970 Furniture Bazaar 3,031 Harvey Norman Franchisees 8,254 Fantastic Furniture 2,381 JB Hi Fi 1,459 Forty Winks 1,075 Super Cheap Auto 628 Beacon Lighting

25 APPENDIX Questions (limited 1: Selection to 30 minutes) of Properties as at 30 June 2012 Just 5 minutes from Penrith CBD and at the foothills of the Blue Mountains, Penrith Homemaker Centre is located at Pattys Place, Penrith. The centre is supported by extensive car parking and is anchored by Spotlight, JB Hi-Fi, Plush, Baby Bunting, Anaconda and 20 specialty stores. This property was purchased in 2010 and now forms part of the Harvey Norman Penrith Homemaker Centre. Lo cat io n: Penrit h, N SW 25,370m² Acquisition Date Sep-10 Book Value as at 30/06/2012 $60.5million Car parking spaces: 1,013 Tenant s Spotlight 3,726 JB Hi Fi 1,313 Anaconda 3,206 Fantastic Furniture 1,528 Baby Bunting 1,703 Penrith is a regional centre on the western outskirts of the Sydney metropolitan area situated approximately 55 kilometres west of Sydney CBD. The centre comprises four Strata lots within a complex of five forming a large bulky goods retail/showroom complex. Its is anchored by Harvey Norman, Domayne, Lindcraft, Focus On Light, Super Cheap Auto and a freestanding Bunnings Warehouse. In 2010, Harvey Norman acquired the adjoining Penrith Homemaker Centre making this centre, the largest of its kind in NSW. Lo cat io n: Penrit h, N SW 34,441m² Jun-10 $57.7million Capitalisation rate: 9.00% Car parking spaces: 650 Harvey Norman Franchisees 11,305 Domayne Franchisees 6,790 Bunnings 12,394 Lindcraft 2,043 Super Cheap Auto 804 Focus on Light 661 The Perth City West Centre is located in West Perth, an inner suburb of Perth s metropolitan area. It is situated opposite a train station on the Perth CBD fringe. The Perth City West Centre comprises a two level retail/office development and theatre room. Tenants include Harvey Norman, SciTech, Vehicle Licensing Centre, City West Function Centre, Ruah Community Services, STH Architects and another 40 specialty tenancies. Additionally the MacMahon Building is a multi level office building completed in Total open car parking across both lots is approximately 478 open bays along with 443 undercover bays. The land size of 4.6 HA provides a significant opportunity for high rise residential, office and retail development within the site, subject to Council approval. Lo cat io n: Pert h, W A 50%Joint Venture 37,067m² Last independent valuat ion Date: Jun-10 Valuation: $51m(50%of the total value) Capitalisation rate: 8.00% Discount rate: 9.50% Car parking spaces: 921 Domayne Franchisees 7,929 SciTech 5,148 M acm ahon Contractor 4,622 25

26 APPENDIX Questions (limited 1: Selection to 30 minutes) of Properties as at 30 June 2012 Harvey Norman Rutherford NSW Space Furniture in Singapore Harvey Norman Rutherford occupies a prominent position on the corner of the New England Highway and Shipley Drive in the established bulky goods precinct of Rutherford on the fringe of the Maitland CBD. Construction of this centre was completed in 2007 which delivered a modern bulky goods centre anchored by Harvey Norman, Joyce Mayne, Spotlight, BCF, Forty Winks, and Capt Snooze. Lo cat io n: R ut herf o rd, N SW 100%freehold 21,321m² Last independent valuat ion Date: Dec-11 Valuation: $33.16 million Capitalisation rate: 9.00% Car parking spaces: 472 Harvey Norman Franchisees 8,780 Joyce M ayne Franchisees 3,238 Spotlight 3,520 BCF 1,310 Capt'n Snooze 1,110 Forty Winks 1,081 The modern, cutting-edge design and mixture of conservation restoration have created the new iconic Asian hub for Space Furniture in Singapore. The site in the very heart of Singapore s arts district was purchased in The intense design and construction programme was completed in 2011 and delivered a world class showroom. In November 2011 this new Space Furniture store was opened, the 3,876 square-metre multiplex carries the very best designer brands from around the world. Locat ion: Bencoolen St reet, Singapore Leasehold for 99 years from M arch ,876m² Jun-12 Valuation/($/m²): SGD $ 60 million Capitalisation rate: 4.75% Tenant s Space Furniture 3,876 Springvale Homemaker Centre is a landmark development that showcases for the first time the joint retail powers of Harvey Norman and IKEA together under one roof, forming the largest combined Bulky Goods Centre in Australia. Construction of the integrated IKEA and Harvey Norman centre was completed in late 2011 which delivered a modern and unique retail ambiance for a bulky goods centre. It houses Harvey Norman, Domayne, Anaconda, Nick Scali, JB Hi-Fi and 20 specialty stores. The centre is supported by 2,754 car parks apportioned over two undercroft levels. Locat ion: Springvale, V IC Note: IKEA is under a separate ownership 100%freehold 39,521m² (excluding Ikea) Jun-11 $132,207,828 Capitalisation rate: 8.00% Car parking spaces: 2,754 (shared with IKEA) Harvey Norman Franchisees 10,155 Domayne Franchisees 3,875 Anaconda 2,503 Nick Scali 1,996 JB Hi Fi 1,229 26

27 APPENDIX Questions (limited 1: Selection to 30 minutes) of Properties as at 30 June 2012 The Silverwater warehouse complex comprises the whole block bounded by Carvarvon Street, Suttor Street, Derby Street and Stubbs Street. It is located within the Silverwater Industrial Area, a mid-western suburb of Sydney. This large brick warehouse and office building comprises ground and basement warehouse areas with first floor office and basement parking, it is tenanted by Harvey Norman, Domayne, David Jones, Caesar Stone and Rebel Sport. Harvey Norman Toowoomba is a modern bulky goods complex which is located in south Toowoomba. The complex comprises Harvey Norman, Capt n Snooze, Petbarn, House & Garden, Super Cheap Auto, Spotlight, Trade Secret, Sportscene, Crazy Clark, Howards Storage World and Zen Crema Café. The Noble Park Harvey Norman warehouse is located on the southern side of Summit Road and is approximately 24 km south-east of Melbourne's central business district. The property has seven loading bays. It is occupied by Harvey Norman Springvale, Domayne Springvale and Domayne Melbourne QV. Lo cat io n: Silverwat er, N SW 100%freehold 66,923m² Locat ion: Toowoomba, QLD 16,004m² Lo cat io n: N o b le Park, V IC 9,140.6m² Dec-09 $38.95 million Capitalisation rate: 10.80% Car parking spaces: 60 Dec-10 $27.6 million Capitalisation rate: 8.75% Car parking spaces: 612 Jun-12 $6.3million Capitalisation rate: 9.25% Harvey Norman Franchisees 19,610 Domayne Franchisees 3,334 David Jones 26,377 Rebel Sports 4,568 Caesar Stone 3,212 Harvey Norman Franchisees 4,193 Spotlight 3,030 Capt'n Snooze 1,213 Trade Secret 2,467 Super Cheap Auto 696 Sportscene 1,494 Crazy Clarkes 1,114 Harvey Norman Springvale Franchisees 5,000 Domyane Springvale Franchisees 1,700 Domyane M elbourne QV Franchisees 1,500 27

28 APPENDIX Questions (limited 1: Selection to 30 minutes) of Properties as at 30 June 2012 Harvey Norman Broadmeadows is situated on the western side of Pascoe Vale Road, approximately 16 kilometres north of Melbourne s CBD. This large modern bulky goods showroom is surrounded by other bulky goods retailers and the Broadmeadows Shopping Centre. It is supported by an onsite warehouse and at-grade car parking with easy access. Harvey Norman Townsville is a modern, single level bulky goods store which is located on the northern side of Stock Route Way, in Garbutt (Townsville). The complex forms part of an integrated bulky goods/retail precinct which includes Domain Central. Additional storage and adequate car parking is provided on site. Situated on the northern side of Burnside Road, in Stapylton, the modern commercial showroom consists of a ground floor showroom, first floor office and a large warehouse component with a maximum clearance of approximately 8 metres. The complex additionally provides concrete hardstand for car parking and approximately 11,550 square metres vacant land at the rear of the property. Lo cat io n: B ro ad mead o ws, V IC 7,283m² Locat ion: Townsville, QLD 8,403m² Lo cat io n: St ap ylt o n, QLD 11,020m² Dec-09 $10.97million Capitalisation rate: 8.75% Harvey Norman Franchisees 7,283 Dec-10 $11 million Capitalisation rate: 9.25% Car parking spaces: 174 Harvey Norman Franchisees 8,403 Dec-10 $13.5million Capitalisation rate: 9.00% Harvey Norman Franchisees 11,020 28

29 APPENDIX Questions (limited 1: Selection to 30 minutes) of Properties as at 30 June 2012 Space Furniture Richmond VIC Harvey Norman Auburn NSW Space Furniture occupies a prominent position on the eastern side of Church Street within an established furniture and homewares retail strip in the inner-eastern suburb of Richmond. It is a purpose built, modern furniture showroom, comprising ground floor and two split levels of showroom plus car parking within the ground and basement level. Auburn located approximately 18 kilometres west of Sydney. This modern two storey air-conditioned bulky goods complex has extensive frontage of around 155 metres to Parramatta Road and is well situated within a leading bulky goods retail precinct. The Centre has ample parking located at the lower ground, upper and lower basement parking areas with access between levels provided via escalators and lifts. Tenants include the largest Harvey Norman store, Energy Specialist and Auburn Café. Lo cat io n: R ichmo nd, V IC 1,319m² Lo cat io n: A ub urn, N SW 100%freehold 15,359m² Jun-11 $5.4million Capitalisation rate: 7.25% Space Furniture 1,319 Last independent valuation date: Dec-09 $37.5m Capitalisation rate: 9.10% Car parking spaces: 349 Harvey Norman Franchisees 14,736 Energy Specialist 402 Auburn Café