1

Sunland Group Annual Results Presentation

Financial Year Ended 30 June 2007

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In a world where change is constant, Sunland believes that design is the only differential that matters. So as we refine, evolve, explore new horizons and build our brand, we strengthen our position in the marketplace and continue our progress on a clear path of sustained growth.

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/contents 4. Company Highlights

5. Financial Results Summary

6. Financial Performance

8. Balance Sheet

9. Capital Management.

10. Divisional Results

13. Group Portfolio

15. International Development Portfolio

16. Australian Development Portfolio

24. Non-development Operations

26. Palazzo Versace Global Rollout

27. Outlook

28. Annexures 1. AwardsF

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/company highlightsRecord Operating Profit after Tax increases by 21.7% to AUD$88.1 million.

Portfolio Growth.• Successful debut into Funds Management with oversubscription of Sunland Diversified Land Fund, achieving in excess of 20% IRR for investors. • Diversification into commercial sector with the purpose-built national headquarters for global airline Virgin Blue Limited (pre-sold for AUD$61 million).• Delivery of major multi-storey projects; Circle on Cavill and Avalon (value AUD$568 million).• Increasing contribution from Non-Development Operations through Funds Management, Project Services, and Hotel Ownership.

Balance Sheet Strengthened.• Capital raisings via institutional placements of AUD$160 million completed during period.• Gearing reduced to 20% (debt to equity) and 13% (debt to assets).• Net debt to equity was “negative” as at 30 June 2007.*

International Portfolio.• Portfolio growth to AUD$2.8 billion.• Construction commenced in Dubai on Palazzo Versace and D1 (delivery in 2009 and 2010 respectively).• Joint Venture partnership created on two new site acquisitions with Becfar Group (Value AUD$1 billion).

Australian and International Portfolio Continues to Grow.• Urban Development and Residential Housing Portfolios expand in Queensland with two new acquisitions. • Total Group Portfolio $AUD4.827 billion.

Further Recognition for Architectural Design Excellence. Refer Annexure 1.

* “Cash” includes deposits in legal trust accounts for land acquisitions: AUD$47 million Chancellor, Bundoora Vic and AUD$18 million for Dubai Waterfront. Net debt to equity is effectively 10%.

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/financial results summary12 months to 30 June 2007 2006 Movement (AUD$m) (AUD$m)

Total Revenues* 666.3 499.8 +33.3%

Operating Profit Before Tax 124.1 103.3 +20.1%

Operating Profit After Tax 88.1 72.3 +21.7%

Earnings per Share 29.7 cents 28.9 cents +2.8%

Dividend per Share (fully franked)

- Final for FY07 (Payable 24/09/07) 6.75 cents 6.25 cents +8.0%

- Full year (interim & final) 13.50 cents 12.50 cents +8.0%

*Includes: (AUD$ m) - Domestic Development 579.5 - Project Services 21.3 - Funds Management 3.8 - Hotel Ownership 15.5 - Other 14.2 Sub Total 634.3 - Sale of Assets 32.0 Total 666.3

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/financial performance

Earnings per Share growth of 106% over five years despite capital raisings.

Earnings per Share fell in 2005 due to change from AGAAP to AIFRS and capital raising completed in 2004.

Board has focused on improving dividends with an increase of 350% over the last five years.

Payout ratio for 2007 is 46%.All financial performance indicators prior to 2005 are calculated under Australian General Accepted Accounting Practice (AGAAP) and have not been adjusted for the adoption of Australian International Financial Reporting Standards ( AIFRS).

0

2

Dividends (Cents)

3

4

6

8

10

12

14

55

6

6.25

6.25

6.75

6.75

FINAL INTERIM

2003 2004 2005 2006 2007

Earnings Per Share (Cents)

0

5

AGAAP AIFRS

2003 2004 2005 2006

14.4

30.6

29.5

13.5

28.9

2007

10

15

20

25

30

35

29.7

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/financial performance

Return on equity remains strong, reflecting the lower balance sheet gearing and reduction in operational risk profile.

Capital raisings, coupled with normal operations, have strengthened the balance sheet considerably with gearing at a low 20%.

The business is well-positioned for further growth • Building the domestic pipeline • International expansion opportunities through Palazzo Versace global rollout.

Return On Equity

0

5

2003 2004 2005 2006

28.9

%

29.4

%

13.0

%

25.6

%

2007

10

15

20

25

30

18.0

%

175%

25%

Gearing (Debt to Equity)

0

50%

2003 2004 2005 2006

157%

113%

161%

125%

2007

100%

150%

20%

125%

75%

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/balance sheet12 months to 30 June 2007 2006 (AUD$m) (AUD$m)Assets - Cash 115.9 55.5 - Inventory 503.0 598.2 - Other 161.5 132.9Total Assets 780.4 786.6

Liabilities - Debt 98.0 354.2 - Tax 48.8 73.4 - Other 133.4 105.1Total Liabilities 280.2 503.7

Net Assets/Equity 500.2 282.9

Net Tangible Assets (cents) 156.6c 111.0c

Return on Equity 17.6% 25.5%

Gearing - Debt to Equity 19.6% 125.2% - Debt to Assets 12.6% 45.0% - Net debt to Equity nil 105.6%

• Increase in net assets attributed to capital raisings and settlement of multi-storey projects.

• Net debt has decreased to a “negative” at the financial reporting date due to settlement of multi-storey projects.

• Net debt to equity increased effectively to 10% – AUD$65 million allocated to land acquisitions.

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/capital management

Significant balance sheet capacity to fund future growth • Gearing target of 50% (debt to equity)

Recycling capital via • Funds Management • Joint Ventures

Growth in United Arab Emirates (UAE) largely funded by “off the plan” sales

Well-positioned for growth and market opportunities

Hurdle rate of 20% return on cost for developments • Hurdle rate is being achieved on Australian projects despite isolated market pressures. • International projects achieve premiums to the hurdle rates.

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/divisional results

Operational Division Revenue EBIT EBIT Margin Comment (AUD$m) (AUD$m) (%)

Development EBIT Margin down 29% from - Domestic 579.5 146.0 25.2 PCP due to timing of staged - Dubai — — — completion of various developments.

Project Services 21.3 6.6 31.0 Primarily Project Services for Joint Ventures.

Funds Management 3.8 2.5 65.8 Resulting from initial fund launch.

Hotel Ownership 15.5 1.3 8.4 Will grow in line with global rollout commencing in Dubai (EBIT forecast for Palazzo Versace Dubai AUD$25m).

Other 14.2 — — Mainly childcare operational revenue, credit interest & sundry contributions.

Total 634.3 156.4 24.6

Sale of Assets 32.0 — Net profit on sale of assets to MFS Ltd: Sunkids $15.9m & Sunleisure Shares $9.0m. SH&R $6.7m & Other $0.4m.

Total 666.3

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/divisional results

EBIT Margin by Division

0.0%

Mul

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%

Res

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ng7%

Urb

an

Dev

.37

%

Pro

ject

S

ervi

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31%

20.0%

70.0%

Fund

s M

gnt.

65%

50.0%

30.0%

60.0%

40.0%

Oth

er

Hot

el8%

10.0%

2%

EBIT by Division (AUD$156.4 million)

0

Mul

ti-S

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13.3

Res

. H

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ng$4

.8

Urb

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Dev

.$2

7.9

Pro

ject

S

ervi

ces

$6.6

$20.0

$120.0

Fund

s M

gnt.

$2.5

$80.0

$40.0

$100.0

$60.0

Oth

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Hot

el$1

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/divisional results

Revenue by Location

0.0%QLD

82.0

%

NSW

3.0%

40.0%

90.0%

70.0%

50.0%

80.0%

60.0%

30.0%

20.0%

10.0%

12.0

%

VIC Dubai

3.0%

Revenue by Division (AUD$634.3 million)

0

Mul

ti-S

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y$4

30.0

Res

. H

ousi

ng$7

3.4

Urb

an

Dev

.$7

6.1

Pro

ject

S

ervi

ces

$21.

3

200

450

Fund

s M

gnt.

$3.8

350

250

400

300

Oth

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Hot

el$1

5.5

150

$14.

2

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/group portfolioPortfolio Division Number of Value Portfolio % of Dwellings* (100% of projects) Total Portfolio (AUD$m) (AUD$m)

Development Australia: Portfolio - Urban Development 5005 1,130.3 1,899.7 39.3% - Residential Housing 680 298.9 - Multi-Storey 375 394.2 - Commercial/Industrial 54 76.3 International - Multi-Storey 1639 2,528.2 2,528.2 52.4%

Non-Development Project Services 139.1 154.4 3.2% Operations Funds Management 1 Fund 15.3

Hotel Ownership Palazzo Versace 245.5 5.1% - Gold Coast 205 rooms 100.0 - Dubai (Opening 2009) 215 rooms 145.5

Total Portfolio 8173 4,827.5 100%

*Number of dwellings represent lots that are yet to be settled, sold, released or developed. Refer project compendium for details.

Mixed-use elements of the Dubai projects include the following • 23000sqm of commercial office space • 12000sqm of retail space • Management and Letting Rights operations with the potential for 700 keys under management.

Current strategy is to sell the commercial and retail areas to realise development profits.

Strategy for Management and Letting Rights to be assessed.

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/group portfolio - AUD$4.827 billionNon-Development Operations

Hotel Owenership

Development Portfolio - InternationalDevelopment Portfolio - Australia

3.2%

5.1%

52.4%

39.3%

Non-Development Operations

Hotel Owenership

Development Portfolio - InternationalDevelopment Portfolio - Australia

3.2%

5.1%

52.4%

39.3%

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Project Name Yield Retail Office Project m² m² (AUD$m)

Palazzo Versace Dubai 215 854.9 Dubai UAE (2009) 169

D1 Dubai 529 577.3 Dubai UAE (2010)

Bridgewater House 119 1,713 12,841 134.7 Business Bay Dubai UAE (2009)

Dubai Waterfront 652 9,708 8,965 941.1 Dubai UAE (2011)

Culture Village 170 165.7 Dubai UAE (2009)

Totals 1854 11,421 21,806 2673.7

/international development portfolio

Palazzo Versace Dubai

D1 Dubai

Bridgewater House

Key Notes (Financial Year Ended 30 June 2007)

• 382 sales achieved between Palazzo Versace and D1 with a combined value of AUD$688.5m.

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/australian development portfolioF

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Project Name Yield Project Unsettled Unsettled (AUD$m) Lots (AUD$m)

Q1 525 408.5 23 38.1 Surfers Paradise Queensland

Circle on Cavill 644 455.1 179 150.8 Surfers Paradise Queensland

Avalon 170 104.0 79 45.6 Surfers Paradise Queensland Q1 Queensland

/multi-storey

Avalon Queensland

Circle on Cavill Queensland

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/multi-storeyProject Name Yield Project Unsettled Unsettled (AUD$m) Lots (AUD$m)

Yve 210 176.4 2 3.7 St Kilda Road Victoria

Balencea 85 105.9 85 105.9 St Kilda Road Victoria (2009)

95 Cammeray Road 2 9.0 1 4.5 Cammeray New South Wales

36 Louisa Road 6 45.6 6 45.6 Birchgrove New South Wales (2009)

Total 1642 1304.5 375 394.2

Louisa Road New South Wales

Cammeray Road New South Wales

Balencea Victoria

Yve Victoria

Key Notes (Financial Year Ended 30 June 2007)

• 189 sales. • 578 settlements. • A further 145 executed contracts (AUD$181.3m) awaiting settlement. • 230 residential apartments (AUD$212.9m) available for sale.

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Project Name Yield Project Unsettled Unsettled (AUD$m) Lots (AUD$m)

Jefferson 64 22.2 64 22.2 Coomera Queensland

Greenvue 44 14.9 44 14.9 Pacific Pines Queensland (2008)

The Parc 187 82.9 187 82.9 Tugun Queensland (2008)

Jardin Residences 62 25.7 9 3.9 Sanctuary Lakes Victoria

Arbour Residences 179 54.2 179 54.2 Burnside Victoria (2008)

The Collection 8 19.2 8 19.2 Prince Henry New South Wales

/residential housing

Arbour Residences Victoria

Jefferson Queensland

The Parc Queensland

The Collection New South Wales

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Project Name Yield Project Unsettled Unsettled (AUD$m) Lots (AUD$m)

Casa 19 7.5 1 0.4 Acacia Gardens New South Wales

Castel 51 33.8 51 33.8 Castle Hill New South Wales

Emery 79 42.5 79 42.5 Narwee New South Wales (2008)

Elysia 58 24.9 58 24.9 Penrith New South Wales (2008)

Total 751 327.8 680 298.9

/residential housing

Emery New South Wales

Castel New South Wales

Casa New South Wales

Key Notes (Financial Year Ended 30 June 2007)• 224 sales. • 144 settlements. • A further 175 executed contracts awaiting settlement. • 505 residential homes (AUD$183.9m) available for sale.

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Arbour on the Park Victoria

/urban developmentProject Name Yield Project Unsettled Unsettled (AUD$m) Lots (AUD$m)

Clover Hill 138 34.4 10 2.4 Mudgeeraba Queensland

Bushland Beach 1680 261.1 1,222 206.1 Townsville Queensland

Allure 33 11.4 16 6.4 Coolum Queensland

Highfields 104 14.2 90 12.3 Toowoomba Queensland

Peregian 1700 556.0 1,700 556.0 Sunshine Coast Queensland

Arbour on the Park 335 48.0 2 0.3 Burnside Victoria

Bluestone Green 1057 105.5 973 97.0 Werribee Victoria

Highfields Queensland

Clover Hill Queensland

Allure Queensland

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/urban developmentProject Name Yield Project Unsettled Unsettled (AUD$m) Lots (AUD$m)

The Province 272 52.2 272 52.2 Highton Victoria

Chancellor 408 116.8 408 116.8 Bundoora Victoria (2008)

Palms Estate 119 27.3 82 18.5 Forster New South Wales

Tahmoor 230 62.3 230 62.3 Tahmoor New South Wales

Total 6076 1289.2 5005 1130.3

Palms Estate New South Wales

The Province Victoria

Bluestone Green Victoria

Key Notes (Financial Year Ended 30 June 2007)• 285 sales and a further 324 sales were recorded for the diversified land fund. • 289 settlements and a further 268 settlements were recorded for the diversified land fund. • A further 193 executed contracts (AUD$23.0m) awaiting settlement. • 4812 land allotments (AUD$1107.0m) available for release.

Chancellor Victoria

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/commercial industrial portfolio

Project Name Yield Project Unsettled Unsettled (AUD$m) Lots (AUD$m)

Virgin HQ 1 61.1 1 61.1 Bowen Hills QLD

Everett (2008) 53 15.2 53 15.2 Townsville QLD

Total 54 76.3 54 76.3

Virgin HQ Queensland

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/non-development operations: project services

Generated from Joint Venture and Funds Management projects.

Project Services income forecast to generate AUD$129.5 million over the medium term.

Cash is received ahead of profit, as a portion of the profit generated is deferred for accounting purposes.

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/non-development operations: funds management

Responsible entity, Sunland Funds Management established.

Initial fund for AUD$39 million (equity raising of AUD$19.8 million) launched in August 2006: Sunland Diversified Land Fund.

Fund is tracking ahead of PDS forecast and has resulted in a return of capital of AUD$0.40 per unit to June 2007.

Achievement to date is largely the result of the rate of sale of the lots being ahead of forecast and increased sales revenues • 380 sales (AUD$55.7m) • 68.1% of the total number of lots available have been sold to date.

Launch of new fund scheduled within 6 months.

Focus will be on development opportunities closely aligned with core business.

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/palazzo versace global rollout

Exclusive License agreement with House of Versace to develop a further 15 resorts in key international destinations under the Palazzo Versace brand.

License in place for 30 years providing strong growth platform to expand into further geographic markets (similar to Dubai model).

Global rollout will continue to enhance both Development and Non-Development portfolios.

Palazzo Versace Gold Coast was completed in September 2000, with Palazzo Versace Dubai due for completion late 2009.

Hotel management is retained along with hotel ownership.

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/outlook

NPAT guidance for FY08 is $95 million (12% earnings growth).

Continued growth across Australian and International Development Portfolios.

Development profits from International Development Portfolio will contribute from FY09.

Earnings from International Development Portfolio will continue to increase through FY08 from Project Services Income.

New development funds to be launched through the Funds Management platform.

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/awardsSUNLAND – AWARD WINNING DESIGNER, DEVELOPER AND HOTELIER

Year Development Award 1996 Suncity UDIA – Excellence in Highrise

1997 Carmel by the Sea UDIA – Excellence in Highrise

2000 Palazzo Versace UDIA – Excellence in Highrise

2003 Aria Winner 2003 Building of the Year – RAIA Gold Coast Regional Architecture Awards

2004 Palazzo Versace Winner Queensland Tourism Awards – Luxury Accommodation 2004 Palazzo Versace Winner 'The Australian' Tourism and Travel Awards – Luxury Accommodation

2005 Palazzo Versace Winner Australian Tourism Awards – Luxury Accommodation

2006 Yve RAIA Victorian Architectural Medal 2006 Yve RAIA Winner Harold Desbrowe – Annear Award – Residential 2006 Q1 RAIA Gold Coast Regional Architecture Awards Building of the Year 2006 Newstead Terraces Regional Commendation, Queensland Architectural Awards 2006 Cammeray HIA NSW 2006 Apartment Project of the Year – Under 10 Storeys

2007 Circle on Cavill UDIA Qld Winner – Best Urban Renewal Project 2007 Northbridge Residences Master Builders Winner – Low-rise, Multi Residential Housing over AUD$2m.

Annexure A

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