Sample Reports for

Sample Reports for

Inputs Primary data input sheet.

This is where the majority of assumptions regarding project costs, revenues and financing are entered.

Main Inputs for Greenwood Park Estate Option 1 - Subdivision - Subdivision - 179 Lots

Estate Master Licensed to: Estate Master Administration Version 5.3 May 2013

Preliminary

Cash Flow Title Option 1 - Subdivision Description of Option/Stage Subdivision - 179 Lots

Date of First Period: Jun-2007

Cash Flow Rest Period: Monthly

Enter Project Size (a) 14.0 ha

Enter Project Size (b) 179.0 lots

Enter Site Area 14.0 Ha Floor Space Ratio 0 :1 Equated Gross Floor Area= 0.0 Ha

Type Land Subdivision

Status Under Review

Goods and Services Tax (Using General Tax Rule)

N Developer Credits Reclaimed in the Same Month Liability Paid in the Same Month Liability on Sales All Paid by Developer

Goods and Services Tax Rate 10.00% 12.50% 20.00% 0.00%

13,000,000

0.0%

Start Span %Owner All Project Costs To be entered Inclusive of GST- 0 - - Rental Income & Leasing Costs To be entered Inclusive of GST

Sales Revenue To be entered Inclusive of GSTOther Income To be entered Inclusive of GST

Y

1000 Land Purchase & Acquisition Costs

Costs to be entered Inclusive of GST

-

Land Purchase Price 13,000,000

GST Component on Purchase Price -

% of Land Purchase Price AND/OR Month Month Cash Flow GST Included on Land Price? n Total Current Total Current Total Escalated

Code Stage % paid Amount Lump Amount Start Span Period Reclaim All After First Land Payment Costs (exc GST) Costs (inc GST) Cost1002 - Deposit in Trust Account ¹ 0.00% - - 0 - - - - -1003 - Payment 1 10.00% 1,300,000 - 0 1 Jun-07 - Jun-07 1,300,000 1,300,000 1,300,0001004 - Payment 2 40.00% 5,200,000 - 11 1 May-08 - May-08 5,200,000 5,200,000 5,200,0001005 - Payment 3 30.00% 3,900,000 - 19 1 Jan-09 - Jan-09 3,900,000 3,900,000 3,900,0001006 - Payment 4 0.00% - - 0 1 Jun-07 - Jun-07 - - -1007 - Settlement (Balance) 20.00% 2,600,000 27 1 Sep-09 - Sep-09 2,600,000 2,600,000 2,600,0001008 - Stamp Duty ¹ NSW 850,490 0 1 Jun-07 - Jun-07 (Stamp Duty calculated on Land Value of 13,000,000 exc. GST) Stamp Duty 850,490 850,490 850,490

Interest on Deposit in Trust Account 0.00% Interest from deposit shared between parties TOTAL 13,850,490 13,850,490 13,850,490

Profit Share to Land Owner 0.00% Paid progressively as project makes a profit.

Other Acquisition Costs % of Land Price exc Tax AND/OR Month Month Cash Flow Total Current Total Current Total Escalated

Code Stage (to be entered Inclusive of GST) % paid Amount Lump Amount Start Span Period GST Included Remarks Costs (exc GST) Costs (inc GST) Cost1011 - legals and valuation 1.00% 130,000 - L - Jun-07 - Sep-09 Y 118,182 130,000 130,0001012 - . 0.00% - - 0 - - Y - - -1015 - . 0.00% - - 0 - - Y - - -

Manual Input (refer to Cash Flow) - - -

¹ (No GST credit available for Stamp Duty) ² Pro-rata with Land Payments ('L') TOTAL 118,182 130,000 130,000

Cost Escalation

Escalation Rates (Monthly Compounded Escalation) based on Cashflow Period Years commencing

Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16

Professional Fees 2.50% 2.50% 2.50% 2.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Code Construction Costs (Uncategorised) 2.50% 2.50% 2.50% 2.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

SUB Subdivision Costs 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

STG Stage Costs 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

BUI Built Form 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

OT1 Other 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

OT2 Other 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

None Statutory Fees 2.50% 2.50% 2.50% 2.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Miscellaneous Costs 1 2.50% 2.50% 2.50% 2.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%



Land Holding Costs 2.50% 2.50% 2.50% 2.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Selling and Leasing Costs 2.50% 2.50% 2.50% 2.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Finance Costs 2.50% 2.50% 2.50% 2.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

2000 Project Contingency - And / Or 0.00% of Construction, Professional , Statutory Fees, Miscellaneous Costs 1, Miscellaneous Costs 2, Miscellaneous Costs 3 TOTAL -

Estate Master DF Ver 5.3 Page 1 of 5 Pages File: New2.emdf Date of Report: 14/10/2013 12:17 PM


3000 Professional Fees


Code Stage Description% of

Construct. ¹

AND / ORNo. Units

BaseRate / Unit

Escalate(E,R,N)

S-Curve MonthStart²

MonthSpan

Cash Flow Period

% Paid byOwner

GST Included RemarksTotal Current Costs

(exc GST)Total Current Costs

(inc GST)Total Escalated

Cost

3001 - pre construction consultants 0.00% 1 500,000 - - 1 12 Jul-07 - Jun-08 - y 454,545 500,000 500,000

3002 - stage 1 consultants 0.00% 1 100,000 - - 12 8 Jun-08 - Jan-09 - y 90,909 100,000 100,000

3003 - stage 2 consultants 0.00% 1 100,000 - - 20 8 Feb-09 - Sep-09 - y 90,909 100,000 100,000

3004 - stage 3 consultants 0.00% 1 100,000 - - 28 8 Oct-09 - May-10 - y 90,909 100,000 100,000

3005 - . 0.00% - - - - 0 - - - Y - - -

3015 - . 0.00% - - - - 0 - - - Y - - -¹ % Based on Net Costs ² Pro-rata with Construction ('C')

3099 - Development Management 2.00% % of Project Costs (exc Land, Finance & Tax) - P2 - Jul-07 - Nov-10 - y 287,629 316,391 316,391

² Dev Mgmt Fee: Pro-rata with Construction ('C'), Settlements ('S'), Project Costs inc Land ('P1') or exc Land ('P2') Manual Input (refer to Cash Flow) - - -

TOTAL 1,014,901 1,116,391 1,116,391

4000 Construction Costs


Code Stage Description Cost Type UnitsBase

Rate / UnitsEscalate(E,R,N)1

S-Curve MonthStart

MonthSpan

Cash Flow Period

% Paid byOwner




Cost

4001 - stage 1 - - - - - 0 - - - Y - - -

4002 - block 1 apartments - 43 35,000 R - 12 8 Jun-08 - Jan-09 - y 1,368,182 1,505,000 1,553,792

4003 - block 2 - 30 35,000 R - 12 8 Jun-08 - Jan-09 - Y 954,545 1,050,000 1,084,041

4004 - . - - - - - 0 - - - Y - - -

4005 - stage 2 - - - - - 0 - - - Y - - -

4006 - block 3 townhouses - 14 40,000 R - 20 8 Feb-09 - Sep-09 - Y 509,091 560,000 587,752

4007 - block 4 townhouses - 7 40,000 R - 20 8 Feb-09 - Sep-09 - Y 254,545 280,000 293,876

4008 - block 5 houses - 13 45,000 R - 20 8 Feb-09 - Sep-09 - Y 531,818 585,000 613,990



4011 - . - - - - - 0 - - - Y - - -

4012 - stage 3 - - - - - 0 - - - Y - - -

4013 - block 8 houses - 27 45,000 R - 28 8 Oct-09 - May-10 - Y 1,104,545 1,215,000 1,296,377

4014 - block 9 - 6 45,000 R - 28 8 Oct-09 - May-10 - Y 245,455 270,000 288,084

4015 - block 10 - 15 45,000 R - 28 8 Oct-09 - May-10 - Y 613,636 675,000 720,209

4016 - . - - - - - 0 - - - Y - - -

4025 - . - - - - - 0 - - - Y - - -

¹ Escalation ('N' = no escalation, 'E' = escalation to start period, 'R' = escalation to start period and through span) Manual Input (refer to Cash Flow) - - -

4099 Construction Contingency - And / Or 0.00% of Construction Costs (inc GST) Construction Contingency - - -

TOTAL 6,563,636 7,220,000 7,571,642

5000 Statutory Fees


Code Stage Description UnitsBase

Rate / UnitsEscalate(E,R,N)

S-Curve MonthStart

MonthSpan

Cash Flow Period

% Paid byOwner




Cost

5001 - . - - - - 0 - - - N - - -

5002 - DA application / CC 1 80,000 E - 4 1 Oct-07 - Oct-07 - N 80,000 80,000 80,661

5003 - . - - - - 0 - - - N - - -

5004 - section 94 - - - - 0 - - - N - - -

5005 - stage 1 73 15,000 E - 11 1 May-08 - May-08 - N 1,095,000 1,095,000 1,120,068

5006 - stage 2 58 15,000 E - 19 1 Jan-09 - Jan-09 - N 870,000 870,000 904,688

5007 - stage 3 48 15,000 E - 27 1 Sep-09 - Sep-09 - N 720,000 720,000 761,134

5008 - . - - - - 0 - - - N - - -

5009 - infrastructure levy - - - - 0 - - - N - - -

5010 stage 1 73 25,000 - - 11 1 May-08 - May-08 - N 1,825,000 1,825,000 1,825,000

5011 - stage 2 58 25,000 - - 19 1 Jan-09 - Jan-09 - N 1,450,000 1,450,000 1,450,000

5012 - stage 3 48 25,000 - - 27 1 Sep-09 - Sep-09 - N 1,200,000 1,200,000 1,200,000

5013 - . - - - - 0 - - - N - - -

5015 - . - - - - 0 - - - N - - -


TOTAL 7,240,000 7,240,000 7,341,551

6000 Miscellaneous Costs 1


Code Stage Description%of

Construction¹AND / ORNo. Units

Base Rate / UnitEscalate(E,R,N)


MonthSpan

Cash Flow Period

% Paid byOwner




Cost

6001 - Parklands 0.00% 1 500,000 - - 2 12 Aug-07 - Jul-08 - Y 454,545 500,000 500,000

6002 - . 0.00% - - - - 0 - - - Y - - -

6010 - . 0.00% - - - - 0 - - - Y - - -

Manual Input (refer to Cash Flow) - - -¹ Based on net costs. ² Pro-rata with Construction ('C') or Settlements ('S') TOTAL 454,545 500,000 500,000









MonthSpan

Cash Flow Period

% Paid byOwner




Cost

6001 - . 0.00% - - - - 0 - - - Y - - -

6002 - . 0.00% - - - - 0 - - - Y - - -

6010 - . 0.00% - - - - 0 - - - Y - - -

Manual Input (refer to Cash Flow) - - -¹ Based on net costs. ² Pro-rata with Construction ('C') or Settlements ('S') TOTAL - - -







MonthSpan

Cash Flow Period

% Paid byOwner




Cost

6001 - . 0.00% - - - - 0 - - - Y - - -

6002 - . 0.00% - - - - 0 - - - Y - - -

6010 - . 0.00% - - - - 0 - - - Y - - -

Manual Input (refer to Cash Flow) - - -¹ Based on net costs. ² Pro-rata with Construction ('C') or Settlements ('S') TOTAL - - -

7000 Land Holding Costs


Code Stage Description No. UnitsBase Rate/unit/term

Term ¹Escalate(E,R,N)

MonthStart

MonthSpan²

Cash Flow Period

% Paid byOwner

GST Included RemarksTotal Annual Costs

(exc GST)Total Annual Costs


Cost

7001 - Rates and taxes - - Y - 0 - - - N - - -

7002 - council rates 1 5,000 Q e 2 DS Aug-07 - Jan-11 - N 20,000 20,000 54,102

7003 - land tax 1 113,711 Y e 2 DS Aug-07 - Jan-11 - N 113,711 113,711 353,378

7004 - water rates 1 500 Q e 2 DS Aug-07 - Jan-11 - N 2,000 2,000 5,410

7005 - . - - Y - 0 - - - N - - -

7012 - . - - Y - 0 - - - N - - -


¹ Y=Yearly, BA=BiAnnualy, Q=Quarterly, BM=BiMonthly, M=Monthly ² Diminish proportionally with leasing ('DR') or settlements ('DS') TOTAL 135,711 135,711 412,890

Sales and Rental Revenue EscalationEscalation Rates (Monthly Compounded Escalation) based on Cashflow Period Years commencing

Code Category Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16

RS1 Residential - 1 Bedroom Units 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%



RDD Detached Dwelllings Lots 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

RTH Townhouse Lots 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

COM Commerical Office 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

RET Retail Shops 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

IND Industrial Units 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

STW Storage & Warehousing 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

OTH Other 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

Rental escalation occurs up to lease start date. For rent review escalation during lease period refer to the Tenants sheet. S

8000 Selling and Leasing Costs

#####Sales Commission (To be entered Inclusive of GST)

SalesComm¹

% of Comm.Pre-sales²

Deposits (% of Price)³

% Paid byOwner




Cost

8001 RS1 Residential - 1 Bedroom Units 2.25% 0.00% 0.00% - Y 839,761 923,738 963,577

8002 RS2 Residential - 2 Bedroom Units 2.25% 0.00% 0.00% - Y - - -

8003 RS3 Residential - 3 Bedroom Units 2.25% 0.00% 0.00% - Y - - -

8004 RDD Detached Dwelllings Lots 0.00% 0.00% 0.00% - Y - - -

8005 RTH Townhouse Lots 0.00% 0.00% 0.00% - Y - - -

8006 COM Commerical Office 0.00% 0.00% 0.00% - Y - - -

8007 RET Retail Shops 0.00% 0.00% 0.00% - Y - - -

8008 IND Industrial Units 0.00% 0.00% 0.00% ¹ % of Gross Purchase Price - Y - - -

8009 STW Storage & Warehousing 0.00% 0.00% 0.00% ² Percentage of Sales Commission paid at exchange date for pre-sales - Y - - -

8010 OTH Other 0.00% 0.00% 0.00% ³ Percentage of price deposited on exchange (for pre-sales) - Y - - -

TOTAL 839,761 923,738 963,577

Pre-sale Comm are reported as a Project Cost

Interest Rate on Deposits Invested in Trust Account 0.00%

% of Interest retained by Developer upon settlement 0.00%



Other Selling Costs % of AND / OR Base Rate / Escalate Month Month Cash Flow % Paid by Total Current Total Current Total

Code Stage To be entered Inclusive of GST Gross Sales No. Units Unit (E,R,N) Start Span Period Owner GST Included Remarks Costs (exc GST) Costs (inc GST) Escalated Cost

8002 - legals on sale 0.50% - - - S 1 Feb-09 - Jan-11 - Y 186,614 205,275 214,128

8003 - marketing 0.00% - - - 0 - - - Y - - -

8004 - stage 1 0.00% 73 3,000 - 5 12 Nov-07 - Oct-08 - Y 199,091 219,000 219,000

8005 - stage 2 0.00% 58 3,000 - 13 12 Jul-08 - Jun-09 - Y 158,182 174,000 174,000

8006 - stage 3 0.00% 48 3,000 - 21 12 Mar-09 - Feb-10 - Y 130,909 144,000 144,000

8007 - . 0.00% - - - 0 - - - Y - - -

8012 - . 0.00% - - - 0 - - - Y - - -


Pro-rata with Settlements ('S') or Exchanges ('E') TOTAL 674,795 742,275 751,128

Other Leasing Costs % of AND / OR Base Rate / Escalate Month Month Cash Flow % Paid by Total Current Total Current Total

Code Stage To be entered Inclusive of GST Gross Rent No. Units Unit (E,R,N) Start Span Period Owner GST Included Remarks Costs (exc GST) Costs (inc GST) Escalated Cost

8201 - . 0.00% - - - 0 - - - Y - - -

8202 - . 0.00% - - - 0 - - - Y - - -

8211 - . 0.00% - - - 0 - - - Y - - -


Pro-rata with Rental Income ('R') TOTAL - - -

9000 Sales

Sales Revenue to be entered Inclusive of GST

1 2 Current Sales Pre-Sale Exchanges Settlements Sales Rate Land Revenue Total Current Total Current Total Escalated

Code Stage Description No. Units Total Area Sale Calc Month Month Month Month Cash Flow Units / SqM % Split to GST Use Collection Sales Revenue Sales Revenue Sales Revenue

SqM Price Method Start Span Start Span Period per Month Owner Included Code Profile (exc GST) (inc GST)

9001 - stage 1 - - - Per Unit 0 - 0 - - - - Y - - - - -

9002 - block 1 apartments 43 10,750 110,000 Per Unit 2 12 20 8 Feb-09 - Sep-09 3.58 - Y rs1 - 4,300,000 4,730,000 4,803,685

9003 - block 2 apartments 30 7,500 110,000 Per Unit 2 12 20 8 Feb-09 - Sep-09 2.50 - Y rs1 - 3,000,000 3,300,000 3,351,408

9004 - . - - - Per Unit 0 - 0 - - - - Y - - - - -

9005 - stage 2 - - - Per Unit 0 - 0 - - - - Y - - - - -

9006 - block 3 townhouses 14 7,000 220,000 Per Unit 14 12 28 8 Oct-09 - May-10 1.17 - Y rs1 - 2,800,000 3,080,000 3,206,180

9007 - block 4 townhouses 7 3,500 220,000 Per Unit 14 12 28 8 Oct-09 - May-10 0.58 - Y rs1 - 1,400,000 1,540,000 1,603,090

9008 - block 5 13 6,500 310,000 Per Unit 14 12 28 8 Oct-09 - May-10 1.08 - Y rs1 - 3,663,636 4,030,000 4,195,100



9011 - . - - - Per Unit 0 - 0 - - - - Y - - - - -

9012 - stage 3 - - - Per Unit 0 - 0 - - - - Y - - - - -

9013 - block 8 houses 27 27,000 330,000 Per Unit 22 12 36 8 Jun-10 - Jan-11 2.25 - Y rs1 - 8,100,000 8,910,000 9,428,969

9014 - block 9 6 6,000 350,000 Per Unit 22 12 36 8 Jun-10 - Jan-11 0.50 - Y rs1 - 1,909,091 2,100,000 2,222,316

9015 - block 10 15 15,000 395,000 Per Unit 22 12 36 8 Jun-10 - Jan-11 1.25 - Y rs1 - 5,386,364 5,925,000 6,270,105

9016 - . - - - Per Unit 0 - 0 - - - - Y - - - - -

9020 - . - - - Per Unit 0 - 0 - - - - Y - - - - -

Capitalised Sales (refer to Tenants) - - -


TOTAL 37,322,727 41,055,000 42,825,652

9100 Other Income

Other Income to be entered Inclusive of GST

Code Stage Description Land Use Code UnitsBase

Rate / Units MonthStart

MonthSpan

Cash Flow Period

% Split toOwner

GST Included RemarksTotal Current

Income (exc GST)Total Current

Income (inc GST)Total Escalated

Income

9101 - . - - - 0 - - - Y - - -

9102 - . - - - 0 - - - Y - - -

9110 - . - - - 0 - - - Y - - -


TOTAL - - -

10000 FinancingGeneral Notes: All Line Fees are paid during period of debt, in arrears

(Simple Mode) All Profit Share is Paid progressively as project makes a profit.

Equity Equity Notes: Equity is paying outstanding debt Opening Balances Equity

Developer's Equity Contribution Fixed Amount Percentage Equity is repaid at project end. Totals

Injected in total upfront. 2,000,000 0.00% Fixed Amount Developer's Injections 2,000,000

10001 Interest Charged on Equity 0.00% per annum Nominal - Accrued not Capitalised (Simple) - Interest Charged -

10002 Interest received on Surplus Cash 0.00% per annum received in arrears. - Interest Received -

% of Available Funds to Repay Equity Before Debt 0.00%

Land Owner's Equity Contribution - -



Senior Loan Description Lender Name Senior Loan Notes: Senior Loan is being used as an overdraft facility. Opening Balances Senior Loan

No Limit (use as overdraft facility) - Totals

Drawdown 22,975,215

10007 Interest Rate 7.50% per annum Nominal - Capitalised (Compounded) - Interest Charged 2,454,468

10008 Fees Amount Percentage Month Paid

Application Fee - 0.00% 0 - Application Fees -

Line Fee - 0.00% - Line Fees -

Maintain Leverage on Senior Loan 0.00% % of Future Positive Net Cash Flows

0.00% -

Financing Costs No. of Base Rate / Escalate Month Month Cash Flow % Paid by Total Current Total Current Total

Code Stage (to be entered Inclusive of GST) Units Unit (E,R,N) Start Span Period Owner GST Included Remarks Costs (exc GST) Costs (inc GST) Escalated Cost

10009 - establishment fee 90,000 1 - 2 1 Aug-07 - Aug-07 - n 90,000 90,000 90,000

10010 - . - - - 0 - - - n - - -

10018 - . - - - 0 - - - n - - -


TOTAL 90,000 90,000 90,000

Project Hurdle Rates

Project Discount Rate (target IRR) 20.00% per annum Nominal, on cash flow that includes financing costs but excludes interest and corp tax.

0.00%

Nominate an estimate of IRR 0.00% per ann.

Developer's Target Dev. Margin 25.00% on total development costs (inc selling costs).

Developer's Cost of Equity (for WACC) 0.00%


Tenants Tenancy Schedule input sheet for rental income, outgoings, leasing costs and

incentives, rent reviews, capitalisation rates, etc.

Tenancy Schedule for Commercial Feasbility 110 Boulevard Heights - Commercial Feasibility

12000

Land Total Current Outgoings and Vacancies Pre- Lease Lease Escalated Rent Letting Fee Incentives Residual Pre-Sale Leasing Up Period Total Net Escalated

Code Stage Description Use Area Rent Amount % of Total Commit Month Month at Lease Start % of % paid at Total Rent Free Fit out Month Cap. Exchange Months Discount Rental Income End-Sale

Code SqM /SqM/annum /SqM/annum Rent Per Annum Month Start Span /SqM/annum Gross Rent PreCommit Amount Months Cost Start Rate Month Vacant Rate less Incentives Value

12001 - Mayfair department Store (Anchor) MAL 9,200 250 10 0.00% 92,000 - 34 60 May-14 - Apr-19 276 10.00% 0.00% 253,547 - 50,000 24 9.00% - - 6 10.00% 0.00% - 2,208,000 24,533,333 12,363,363 27,941,328

12002 - Home Decor MAL 5,160 350 - 0.81% 14,561 - 34 60 May-14 - Apr-19 386 10.00% 0.00% 199,090 - - - 8.50% - - - 0.00% 0.00% - 1,791,439 21,075,754 10,078,084 25,148,658

12003 - Pret Coffee MAL 2,205 630 - 0.34% 4,786 - 34 60 May-14 - Apr-19 694 10.00% 0.00% 153,137 - - - 8.50% - - - 0.00% 0.00% - 1,384,364 16,286,635 7,788,717 19,434,037

12004 - Diamond Boutique MAL 2,205 725 - 0.34% 5,508 - 34 60 May-14 - Apr-19 799 10.00% 0.00% 176,229 - - - 8.50% - - - 0.00% 0.00% - 1,593,117 18,742,556 8,963,206 22,364,567

12005 - Il taglio Pizzeria MAL 2,205 670 - 0.34% 5,090 - 34 60 May-14 - Apr-19 739 10.00% 0.00% 162,860 - - - 8.50% - - - 0.00% 0.00% - 1,472,260 17,320,707 8,283,239 20,667,944

12006 - Posh Frocks MAL 2,205 750 - 0.34% 5,698 - 34 60 May-14 - Apr-19 827 10.00% 0.00% 182,306 - - - 8.50% - - - 0.00% 0.00% - 1,648,052 19,388,851 9,272,282 23,135,759

12007 - Sara Fashion MAL 2,205 620 - 0.34% 4,710 - 34 60 May-14 - Apr-19 683 10.00% 0.00% 150,706 - - - 8.50% - - - 0.00% 0.00% - 1,362,390 16,028,117 7,665,087 19,125,561

12008 - Geant Express MAL 2,205 595 - 0.34% 4,520 - 34 60 May-14 - Apr-19 656 10.00% 0.00% 144,629 - - - 8.50% - - - 0.00% 0.00% - 1,307,455 15,381,822 7,356,011 18,354,369

12009 - Geant Express MAL 2,205 595 - 0.34% 4,520 - 34 60 May-14 - Apr-19 656 10.00% 0.00% 144,629 - - - 8.50% - - - 0.00% 0.00% - 1,307,455 15,381,822 7,356,011 18,354,369

12010 - TLC Dry Cleaning MAL 2,205 760 - 0.34% 5,774 - 34 60 May-14 - Apr-19 838 10.00% 0.00% 184,737 - - - 8.50% - - - 0.00% 0.00% - 1,670,026 19,647,369 9,395,913 23,444,235

TOTAL 32,000.00 50,000.00 15,744,559 183,786,964 88,521,913 217,970,826

0%

² End sale value = annual income (net of outgoings) divided by the capitalisation rate Estate Master Licensed to: Estate Master Administration

Rental Income & Capitalised Sales

Cash Flow PeriodSettlement Month

Purchaser's Costs

Current Net Annual Rent

Current End Sale Value²

Estate Master DF Ver 5.3 Page 1 of 1 Pages File: DF_CS015 - Develop and Hold of Shopping Mall Project in UAE.emdf Date of Report: 14/10/2013 12:37 PM

Cash Flow Contains the detailed development cash flow outputs for the developer and land

owner (joint venture).

Cash Flow Table for Greenwood Park Estate Option 1 - Subdivision - Subdivision - 179 Lots

PROJECT CASH FLOW TOTAL GST0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09

SALES SUMMARY

Units Sold 179.00

Cumulative Units Sold

% Units Sold

SqM Sold 95,250.00

Cumulative SqM Sold

% SqM Sold

AUD Sold 42,825,652

Cumulative AUD Sold

% AUD Sold

HANDOVER SUMMARY

Units Handed Over 179.00

Cumulative Units Handed Over

% Units Handed Over

SqM Handed Over 95,250.00

Cumulative SqM Handed Over

% SqM Handed Over

AUD Handed Over 42,825,652

Cumulative AUD Handed Over

% AUD Handed Over

PROJECT CASH FLOW

REVENUE

Gross Sales Revenue 42,825,652

Selling Costs (1,714,705)

Gross Rental Income -

Leasing Costs -

Other Income -

Interest Received* -

GST Payments (Liabilities) (3,893,241)

TOTAL NET REVENUE 37,217,706

COSTS

Land and Acquisition 13,980,490

Professional Fees 1,116,391

Construction Costs 7,571,642

Statutory Fees 7,341,551

Miscellaneous Costs 1 500,000

Miscellaneous Costs 2 -


Project Contingency (Reserve) -

Land Holding Costs 412,890

Pre-Sale Commissions -

Financing Costs (exc Fees) 90,000

GST Refunds (Input Credits) (1,002,976)

TOTAL COSTS 30,009,988

Net Cash Flow (before Interest & Corporate Tax) 7,207,718

Cumulative Cash Flow

Corporate Tax -

Net Cash Flow (before Interest & after Corporate Tax) 7,207,718


FINANCING

Equity

Manual Adjustments (Inject + / Repay -)

Injections 2,000,000

Interest Charged -

Equity Repayment 6,753,250

Less Profit Share -

Equity Balance 4,753,250

Equity Cash Flow 4,753,250

Project Cash Account

Surplus Cash Injection 6,772,733

Cash Reserve Drawdown (6,772,733)

Interest on Surplus Cash -

Surplus Cash Balance

Senior Loan - Lender Name

Drawdown (22,975,215)

Loan Interest Rate (%/ann)

Interest Charged (2,454,468)

Application and Line Fees - -

Interest Paid by Equity -

Loan Repayment 25,429,683

Interest and Fees 2,454,468

Principal 22,975,215

Loan Balance - 3

% of Land Purchase Price.

Senior Loan Cash Flow 2,454,468

Interest Coverage Ratio 12.75

Debt Service Ratio 1.21

Project Overdraft


Total Equity to Debt Ratio 8.71%

Total Debt Interest Coverage Ratio 12.75

Total Debt Service Ratio 1.21

Net Cash Flow (after Interest & Corporate Tax) 4,753,250

Cumulative Cash Flow**

Check Balance -

PROJECT IRR & NPV

Cash Flow that includes financing costs but excludes interest and corp tax.

Static Discount Rate (per ann. nominal) 20.00%

PV for each Month (1,358,831)

NPV of Future Cash Flows

Variable Discount Rate (per ann. nominal) 20.00% 1.67%

NPV (using weighted avg discount rate) (1,358,831) #######

* Includes half interest from deposit on land acquisition plus Interest received from pre-sale deposits

** Cumulative Cash Flow After Interest is revenue less costs (including interest on overdraft)

Estate Master Licensed to: Estate Master Administration

- - 6.08 6.08 6.08 6.08 6.08 6.08 6.08 6.08 6.08 6.08 6.08 6.08 4.83 4.83 4.83 4.83 4.83 4.83 4.83 4.83

- - 6.08 12.17 18.25 24.33 30.42 36.50 42.58 48.67 54.75 60.83 66.92 73.00 77.83 82.67 87.50 92.33 97.17 102.00 106.83 111.67

- - 3.4% 6.8% 10.2% 13.6% 17.0% 20.4% 23.8% 27.2% 30.6% 34.0% 37.4% 40.8% 43.5% 46.2% 48.9% 51.6% 54.3% 57.0% 59.7% 62.4%

- - 1,520.83 1,520.83 1,520.83 1,520.83 1,520.83 1,520.83 1,520.83 1,520.83 1,520.83 1,520.83 1,520.83 1,520.83 2,416.67 2,416.67 2,416.67 2,416.67 2,416.67 2,416.67 2,416.67 2,416.67

- - 1,520.83 3,041.67 4,562.50 6,083.33 7,604.17 9,125.00 10,645.83 12,166.67 13,687.50 15,208.33 16,729.17 18,250.00 20,666.67 23,083.33 25,500.00 27,916.67 30,333.33 32,750.00 35,166.67 37,583.33

- - 1.6% 3.2% 4.8% 6.4% 8.0% 9.6% 11.2% 12.8% 14.4% 16.0% 17.6% 19.2% 21.7% 24.2% 26.8% 29.3% 31.8% 34.4% 36.9% 39.5%

- - 671,926 673,310 674,697 676,087 677,480 678,875 680,273 681,675 683,079 684,486 685,896 687,309 1,380,022 1,382,865 1,385,713 1,388,567 1,391,428 1,394,294 1,397,166 1,400,044

- - 671,926 1,345,237 2,019,934 2,696,021 3,373,500 4,052,375 4,732,649 5,414,324 6,097,403 6,781,888 7,467,784 8,155,093 9,535,115 10,917,979 12,303,692 13,692,260 15,083,687 16,477,981 17,875,147 19,275,190

- - 1.6% 3.1% 4.7% 6.3% 7.9% 9.5% 11.1% 12.6% 14.2% 15.8% 17.4% 19.0% 22.3% 25.5% 28.7% 32.0% 35.2% 38.5% 41.7% 45.0%

- - - - - - - - - - - - - - - - - - - - 9.13 9.13

- - - - - - - - - - - - - - - - - - - - 9.13 18.25

- - - - - - - - - - - - - - - - - - - - 5.1% 10.2%

- - - - - - - - - - - - - - - - - - - - 2,281.25 2,281.25

- - - - - - - - - - - - - - - - - - - - 2,281.25 4,562.50

- - - - - - - - - - - - - - - - - - - - 2.4% 4.8%

- - - - - - - - - - - - - - - - - - - - 1,019,387 1,019,387

- - - - - - - - - - - - - - - - - - - - 1,019,387 2,038,773

- - - - - - - - - - - - - - - - - - - - 2.4% 4.8%

- - - - - - - - - - - - - - - - - - - - 1,019,387 1,019,387

- - - - - (18,250) (18,250) (18,250) (18,250) (18,250) (18,250) (18,250) (18,250) (32,750) (32,750) (32,750) (32,750) (14,500) (14,500) (14,500) (42,533) (54,533)

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - (92,672) (92,672)

- - - - - (18,250) (18,250) (18,250) (18,250) (18,250) (18,250) (18,250) (18,250) (32,750) (32,750) (32,750) (32,750) (14,500) (14,500) (14,500) 884,182 872,182

2,163,490 - - - - - - - - - - 5,252,000 - - - - - - - 3,939,000 - -

- 42,460 45,530 43,252 44,787 43,358 43,252 43,252 43,358 43,252 43,252 99,402 62,220 19,773 21,271 19,006 19,019 19,137 19,045 63,867 19,050 18,960

- - - - - - - - - - - - 327,359 328,034 328,709 329,386 330,065 330,745 331,426 332,109 326,280 326,952

- - - - 80,661 - - - - - - 2,945,068 - - - - - - - 2,354,688 - -

- - 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 41,667 - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - 119,703 - - 5,523 - - 5,523 - - 5,523 - - 119,703 - - 5,523 - - 5,391 -

- - - - - - - - - - - - - - - - - - - - - -

- - 90,000 - - - - - - - - - - - - - - - - - - -

(1,182) (3,860) (7,927) (7,720) (7,859) (9,389) (9,379) (9,379) (9,389) (9,379) (9,379) (19,211) (40,863) (38,384) (34,794) (34,649) (34,712) (33,126) (33,179) (40,861) (35,260) (36,404)

2,162,308 38,600 288,973 77,199 159,256 81,158 75,540 75,540 81,158 75,540 75,540 8,324,448 390,383 351,090 434,889 313,743 314,372 322,279 317,292 6,648,802 315,461 309,508

(2,162,308) (38,600) (288,973) (77,199) (159,256) (99,408) (93,790) (93,790) (99,408) (93,790) (93,790) (8,342,698) (408,633) (383,840) (467,639) (346,493) (347,122) (336,779) (331,792) (6,663,302) 568,721 562,674

(2,162,308) (2,200,908) (2,489,880) (2,567,080) (2,726,336) (2,825,744) (2,919,534) (3,013,324) (3,112,733) (3,206,523) (3,300,313) (11,643,011) (12,051,644) (12,435,483) (12,903,123) (13,249,616) (13,596,738) (13,933,516) (14,265,308) (20,928,610) (20,359,889) (19,797,215)

- - - - - - - - - - - - - - - - - - - - - -

(2,162,308) (38,600) (288,973) (77,199) (159,256) (99,408) (93,790) (93,790) (99,408) (93,790) (93,790) (8,342,698) (408,633) (383,840) (467,639) (346,493) (347,122) (336,779) (331,792) (6,663,302) 568,721 562,674

(2,162,308) (2,200,908) (2,489,880) (2,567,080) (2,726,336) (2,825,744) (2,919,534) (3,013,324) (3,112,733) (3,206,523) (3,300,313) (11,643,011) (12,051,644) (12,435,483) (12,903,123) (13,249,616) (13,596,738) (13,933,516) (14,265,308) (20,928,610) (20,359,889) (19,797,215)

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

2,000,000 - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

(2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000)

(2,000,000) - - - - - - - - - - - - - - - - - - - - -

2,000,000 - - - - - - - - - - - - - - - - - - - - -

(2,000,000) - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

(162,308) (38,600) (288,973) (77,199) (159,256) (99,408) (93,790) (93,790) (99,408) (93,790) (93,790) (8,342,698) (408,633) (383,840) (467,639) (346,493) (347,122) (336,779) (331,792) (6,663,302) - -

7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50%

- (1,014) (1,262) (3,076) (3,578) (4,595) (5,245) (5,864) (6,487) (7,149) (7,780) (8,415) (60,609) (63,542) (66,338) (69,675) (72,277) (74,898) (77,471) (80,029) (122,174) (119,384)

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - 568,721 562,674

- - - - - - - - - - - - - - - - - - - - 568,721 292,142

- - - - - - - - - - - - - - - - - - - - - 270,532

(162,308) (201,922) (492,157) (572,432) (735,266) (839,269) (938,305) (1,037,960) (1,143,855) (1,244,794) (1,346,364) (9,697,477) (10,166,719) (10,614,101) (11,148,078) (11,564,247) (11,983,645) (12,395,322) (12,804,585) (19,547,915) (19,101,369) (18,658,078)

1.25% 1.55% 3.77% 4.36% 5.59% 6.35% 7.07% 7.79% 8.56% 9.28% 10.00% 74.18% 77.32% 80.27% 83.87% 86.54% 89.21% 91.80% 94.35% 145.60% 145.60% 145.60%

(162,308) (38,600) (288,973) (77,199) (159,256) (99,408) (93,790) (93,790) (99,408) (93,790) (93,790) (8,342,698) (408,633) (383,840) (467,639) (346,493) (347,122) (336,779) (331,792) (6,663,302) 568,721 562,674

- - - - - (3.97) (3.48) (3.11) (2.81) (2.55) (2.35) (2.17) (0.30) (0.52) (0.49) (0.47) (0.45) (0.19) (0.19) (0.18) 7.24 7.31

- - - - - - - - - - - - - - - - - - - - 1.55 1.55

(162,308) (201,922) (492,157) (572,432) (735,266) (839,269) (938,305) (1,037,960) (1,143,855) (1,244,794) (1,346,364) (9,697,477) (10,166,719) (10,614,101) (11,148,078) (11,564,247) (11,983,645) (12,395,322) (12,804,585) (19,547,915) (19,101,369) (18,658,078)

1.25% 1.55% 3.77% 4.36% 5.59% 6.35% 7.07% 7.79% 8.56% 9.28% 10.00% 74.18% 77.32% 80.27% 83.87% 86.54% 89.21% 91.80% 94.35% 145.60% 145.60% 145.60%

1232.23% 995.48% 408.26% 352.68% 275.35% 242.21% 217.50% 197.37% 179.74% 165.77% 153.81% 20.74% 19.90% 19.17% 18.34% 17.78% 17.25% 16.76% 16.31% 10.57% 10.57% 10.57%

- - - - - (3.97) (3.48) (3.11) (2.81) (2.55) (2.35) (2.17) (0.30) (0.52) (0.49) (0.47) (0.45) (0.19) (0.19) (0.18) 7.24 7.31

- - - - - - - - - - - - - - - - - - - - 1.55 1.55

(2,162,308) (39,614) (290,235) (80,275) (162,834) (104,004) (99,036) (99,655) (105,896) (100,939) (101,570) (8,351,113) (469,242) (447,382) (533,978) (416,169) (419,398) (411,677) (409,263) (6,743,331) 446,547 443,290

(2,162,308) (2,201,922) (2,492,157) (2,572,432) (2,735,266) (2,839,269) (2,938,305) (3,037,960) (3,143,855) (3,244,794) (3,346,364) (11,697,477) (12,166,719) (12,614,101) (13,148,078) (13,564,247) (13,983,645) (14,395,322) (14,804,585) (21,547,915) (21,101,369) (20,658,078)

- - - - - - - - - - - - - - - - - - - - - -

(2,162,308) (38,600) (288,973) (77,199) (159,256) (99,408) (93,790) (93,790) (99,408) (93,790) (93,790) (8,342,698) (408,633) (383,840) (467,639) (346,493) (347,122) (336,779) (331,792) (6,663,302) 568,721 562,674

(2,162,308) (37,967) (279,576) (73,464) (149,067) (91,523) (84,935) (83,542) (87,095) (80,826) (79,501) (6,955,720) (335,112) (309,619) (371,032) (270,406) (266,455) (254,278) (246,406) (4,867,393) 408,628 397,655

(1,358,831) 816,869 869,726 1,178,011 1,276,130 1,459,309 1,584,696 1,706,461 1,830,255 1,961,825 2,089,875 2,220,059 10,738,804 11,333,227 11,912,351 12,586,323 13,148,364 13,720,410 14,291,475 14,866,988 21,889,129 21,675,748

20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%


Cash Flow Table for Greenwood Park Estate Option 1 - Subdivision - Subdivision - 179 Lots

PROJECT CASH FLOW TOTAL GST22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43

Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11

SALES SUMMARY

Units Sold 179.00

Cumulative Units Sold

% Units Sold

SqM Sold 95,250.00

Cumulative SqM Sold

% SqM Sold

AUD Sold 42,825,652

Cumulative AUD Sold

% AUD Sold

HANDOVER SUMMARY

Units Handed Over 179.00

Cumulative Units Handed Over

% Units Handed Over

SqM Handed Over 95,250.00

Cumulative SqM Handed Over

% SqM Handed Over

AUD Handed Over 42,825,652

Cumulative AUD Handed Over

% AUD Handed Over

PROJECT CASH FLOW

REVENUE

Gross Sales Revenue 42,825,652

Selling Costs (1,714,705)

Gross Rental Income -

Leasing Costs -

Other Income -

Interest Received* -

GST Payments (Liabilities) (3,893,241)

TOTAL NET REVENUE 37,217,706

COSTS

Land and Acquisition 13,980,490

Professional Fees 1,116,391

Construction Costs 7,571,642

Statutory Fees 7,341,551

Miscellaneous Costs 1 500,000



Project Contingency (Reserve) -

Land Holding Costs 412,890

Pre-Sale Commissions -

Financing Costs (exc Fees) 90,000

GST Refunds (Input Credits) (1,002,976)

TOTAL COSTS 30,009,988

Net Cash Flow (before Interest & Corporate Tax) 7,207,718


Corporate Tax -

Net Cash Flow (before Interest & after Corporate Tax) 7,207,718


FINANCING

Equity

Manual Adjustments (Inject + / Repay -)

Injections 2,000,000

Interest Charged -

Equity Repayment 6,753,250

Less Profit Share -

Equity Balance 4,753,250


Project Cash Account

Surplus Cash Injection 6,772,733

Cash Reserve Drawdown (6,772,733)


Surplus Cash Balance

Senior Loan - Lender Name

Drawdown (22,975,215)

Loan Interest Rate (%/ann)

Interest Charged (2,454,468)

Application and Line Fees - -

Interest Paid by Equity -

Loan Repayment 25,429,683

Interest and Fees 2,454,468

Principal 22,975,215

Loan Balance - 3


Senior Loan Cash Flow 2,454,468

Interest Coverage Ratio 12.75

Debt Service Ratio 1.21

Project Overdraft


Total Equity to Debt Ratio 8.71%

Total Debt Interest Coverage Ratio 12.75

Total Debt Service Ratio 1.21

Net Cash Flow (after Interest & Corporate Tax) 4,753,250

Cumulative Cash Flow**

Check Balance -

PROJECT IRR & NPV

Cash Flow that includes financing costs but excludes interest and corp tax.

Static Discount Rate (per ann. nominal) 20.00%

PV for each Month (1,358,831)

NPV of Future Cash Flows

Variable Discount Rate (per ann. nominal) 20.00% 1.67%

NPV (using weighted avg discount rate) (1,358,831) #######

* Includes half interest from deposit on land acquisition plus Interest received from pre-sale deposits

** Cumulative Cash Flow After Interest is revenue less costs (including interest on overdraft)


8.83 8.83 8.83 8.83 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 - - - - - - - - - -

120.50 129.33 138.17 147.00 151.00 155.00 159.00 163.00 167.00 171.00 175.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00 179.00

67.3% 72.3% 77.2% 82.1% 84.4% 86.6% 88.8% 91.1% 93.3% 95.5% 97.8% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

6,416.67 6,416.67 6,416.67 6,416.67 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 - - - - - - - - - -

44,000.00 50,416.67 56,833.33 63,250.00 67,250.00 71,250.00 75,250.00 79,250.00 83,250.00 87,250.00 91,250.00 95,250.00 95,250.00 95,250.00 95,250.00 95,250.00 95,250.00 95,250.00 95,250.00 95,250.00 95,250.00 95,250.00

46.2% 52.9% 59.7% 66.4% 70.6% 74.8% 79.0% 83.2% 87.4% 91.6% 95.8% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

2,879,533 2,885,464 2,891,408 2,897,363 1,488,809 1,491,876 1,494,949 1,498,028 1,501,114 1,504,206 1,507,304 1,510,409 - - - - - - - - - -

22,154,723 25,040,187 27,931,594 30,828,958 32,317,767 33,809,642 35,304,591 36,802,619 38,303,733 39,807,939 41,315,243 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652

51.7% 58.5% 65.2% 72.0% 75.5% 78.9% 82.4% 85.9% 89.4% 93.0% 96.5% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

9.13 9.13 9.13 9.13 9.13 9.13 7.25 7.25 7.25 7.25 7.25 7.25 7.25 7.25 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00

27.38 36.50 45.63 54.75 63.88 73.00 80.25 87.50 94.75 102.00 109.25 116.50 123.75 131.00 137.00 143.00 149.00 155.00 161.00 167.00 173.00 179.00

15.3% 20.4% 25.5% 30.6% 35.7% 40.8% 44.8% 48.9% 52.9% 57.0% 61.0% 65.1% 69.1% 73.2% 76.5% 79.9% 83.2% 86.6% 89.9% 93.3% 96.6% 100.0%

2,281.25 2,281.25 2,281.25 2,281.25 2,281.25 2,281.25 3,625.00 3,625.00 3,625.00 3,625.00 3,625.00 3,625.00 3,625.00 3,625.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00

6,843.75 9,125.00 11,406.25 13,687.50 15,968.75 18,250.00 21,875.00 25,500.00 29,125.00 32,750.00 36,375.00 40,000.00 43,625.00 47,250.00 53,250.00 59,250.00 65,250.00 71,250.00 77,250.00 83,250.00 89,250.00 95,250.00

7.2% 9.6% 12.0% 14.4% 16.8% 19.2% 23.0% 26.8% 30.6% 34.4% 38.2% 42.0% 45.8% 49.6% 55.9% 62.2% 68.5% 74.8% 81.1% 87.4% 93.7% 100.0%

1,019,387 1,019,387 1,019,387 1,019,387 1,019,387 1,019,387 2,093,646 2,093,646 2,093,646 2,093,646 2,093,646 2,093,646 2,093,646 2,093,646 2,240,174 2,240,174 2,240,174 2,240,174 2,240,174 2,240,174 2,240,174 2,240,174

3,058,160 4,077,546 5,096,933 6,116,320 7,135,706 8,155,093 10,248,739 12,342,385 14,436,032 16,529,678 18,623,324 20,716,970 22,810,616 24,904,263 27,144,436 29,384,610 31,624,784 33,864,957 36,105,131 38,345,305 40,585,479 42,825,652

7.1% 9.5% 11.9% 14.3% 16.7% 19.0% 23.9% 28.8% 33.7% 38.6% 43.5% 48.4% 53.3% 58.2% 63.4% 68.6% 73.8% 79.1% 84.3% 89.5% 94.8% 100.0%

1,019,387 1,019,387 1,019,387 1,019,387 1,019,387 1,019,387 2,093,646 2,093,646 2,093,646 2,093,646 2,093,646 2,093,646 2,093,646 2,093,646 2,240,174 2,240,174 2,240,174 2,240,174 2,240,174 2,240,174 2,240,174 2,240,174

(54,533) (54,533) (54,533) (40,033) (40,033) (40,033) (69,575) (69,575) (69,575) (69,575) (69,575) (57,575) (57,575) (57,575) (61,605) (61,605) (61,605) (61,605) (61,605) (61,605) (61,605) (61,605)

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

(92,672) (92,672) (92,672) (92,672) (92,672) (92,672) (190,331) (190,331) (190,331) (190,331) (190,331) (190,331) (190,331) (190,331) (203,652) (203,652) (203,652) (203,652) (203,652) (203,652) (203,652) (203,652)

872,182 872,182 872,182 886,682 886,682 886,682 1,833,739 1,833,739 1,833,739 1,833,739 1,833,739 1,845,739 1,845,739 1,845,739 1,974,917 1,974,917 1,974,917 1,974,917 1,974,917 1,974,917 1,974,917 1,974,917

- - - - - 2,626,000 - - - - - - - - - - - - - - - -

18,973 19,080 18,998 19,011 20,922 56,357 18,181 18,267 18,203 18,214 18,285 18,237 18,248 18,304 - - 596 - - 11 - -

327,626 328,301 328,977 329,655 330,334 331,014 286,013 286,602 287,193 287,784 288,377 288,971 289,566 290,163 - - - - - - - -

- - - - - 1,961,134 - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- 4,997 - - 99,758 - - 3,931 - - 3,121 - - 2,311 - - 31,308 - - 578 - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

(36,467) (36,538) (36,592) (35,336) (35,572) (41,219) (33,979) (34,040) (34,088) (34,143) (34,203) (33,162) (33,217) (33,277) (5,600) (5,600) (5,655) (5,600) (5,600) (5,601) (5,600) (5,600)

310,132 315,840 311,384 313,329 415,442 4,933,287 270,215 274,760 271,308 271,856 275,580 274,046 274,597 277,501 (5,600) (5,600) 26,249 (5,600) (5,600) (5,013) (5,600) (5,600)

562,050 556,342 560,798 573,353 471,240 (4,046,605) 1,563,525 1,558,980 1,562,432 1,561,884 1,558,160 1,571,694 1,571,142 1,568,239 1,980,517 1,980,517 1,948,668 1,980,517 1,980,517 1,979,929 1,980,517 1,980,517

(19,235,165) (18,678,823) (18,118,025) (17,544,673) (17,073,432) (21,120,037) (19,556,512) (17,997,533) (16,435,101) (14,873,217) (13,315,057) (11,743,364) (10,172,221) (8,603,983) (6,623,466) (4,642,949) (2,694,281) (713,763) 1,266,754 3,246,683 5,227,200 7,207,718

- - - - - - - - - - - - - - - - - - - - - -

562,050 556,342 560,798 573,353 471,240 (4,046,605) 1,563,525 1,558,980 1,562,432 1,561,884 1,558,160 1,571,694 1,571,142 1,568,239 1,980,517 1,980,517 1,948,668 1,980,517 1,980,517 1,979,929 1,980,517 1,980,517

(19,235,165) (18,678,823) (18,118,025) (17,544,673) (17,073,432) (21,120,037) (19,556,512) (17,997,533) (16,435,101) (14,873,217) (13,315,057) (11,743,364) (10,172,221) (8,603,983) (6,623,466) (4,642,949) (2,694,281) (713,763) 1,266,754 3,246,683 5,227,200 7,207,718

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - 6,753,250

- - - - - - - - - - - - - - - - - - - - - -

(2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) 4,753,250

- - - - - - - - - - - - - - - - - - - - - 6,753,250

- - - - - - - - - - - - - - - - - - 812,286 1,979,929 1,980,517 -

- - - - - - - - - - - - - - - - - - - - - (4,772,733)

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - 812,286 2,792,216 4,772,733 -

- - - - - (4,046,605) - - - - - - - - - - - - - - - -

7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50%

(116,613) (113,829) (111,063) (108,252) (105,346) (103,059) (128,994) (120,028) (111,035) (101,964) (92,839) (83,681) (74,381) (65,026) (55,631) (43,600) (31,495) (19,512) (7,256) - - -

- - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - -

562,050 556,342 560,798 573,353 471,240 - 1,563,525 1,558,980 1,562,432 1,561,884 1,558,160 1,571,694 1,571,142 1,568,239 1,980,517 1,980,517 1,948,668 1,980,517 1,168,231 - - -

116,613 113,829 111,063 108,252 105,346 - 232,053 120,028 111,035 101,964 92,839 83,681 74,381 65,026 55,631 43,600 31,495 19,512 7,256 - - -

445,437 442,513 449,735 465,100 365,895 - 1,331,472 1,438,951 1,451,397 1,459,920 1,465,321 1,488,013 1,496,761 1,503,212 1,924,886 1,936,917 1,917,173 1,961,005 1,160,975 - - -

(18,212,641) (17,770,129) (17,320,393) (16,855,293) (16,489,399) (20,639,062) (19,204,532) (17,765,580) (16,314,183) (14,854,263) (13,388,942) (11,900,930) (10,404,168) (8,900,956) (6,976,070) (5,039,153) (3,121,980) (1,160,975) - - - -

145.60% 145.60% 145.60% 145.60% 145.60% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73%

562,050 556,342 560,798 573,353 471,240 (4,046,605) 1,563,525 1,558,980 1,562,432 1,561,884 1,558,160 1,571,694 1,571,142 1,568,239 1,980,517 1,980,517 1,948,668 1,980,517 1,168,231 - - -

7.48 7.66 7.85 8.19 8.42 8.60 14.22 15.28 16.51 17.98 19.75 22.06 24.81 28.38 35.50 45.30 62.71 101.22 272.18 - - -

1.55 1.57 1.56 1.55 1.88 - 1.17 1.18 1.17 1.17 1.18 1.17 1.17 1.18 1.00 1.00 1.01 1.00 1.69 - - -

(18,212,641) (17,770,129) (17,320,393) (16,855,293) (16,489,399) (20,639,062) (19,204,532) (17,765,580) (16,314,183) (14,854,263) (13,388,942) (11,900,930) (10,404,168) (8,900,956) (6,976,070) (5,039,153) (3,121,980) (1,160,975) - - - -

145.60% 145.60% 145.60% 145.60% 145.60% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73% 176.73%

10.57% 10.57% 10.57% 10.57% 10.57% 8.71% 8.71% 8.71% 8.71% 8.71% 8.71% 8.71% 8.71% 8.71% 8.71% 8.71% 8.71% 8.71% 8.71% 8.71% 8.71% -

7.48 7.66 7.85 8.19 8.42 8.60 14.22 15.28 16.51 17.98 19.75 22.06 24.81 28.38 35.50 45.30 62.71 101.22 272.18 - - -

1.55 1.57 1.56 1.55 1.88 - 1.17 1.18 1.17 1.17 1.18 1.17 1.17 1.18 1.00 1.00 1.01 1.00 1.69 - - -

445,437 442,513 449,735 465,100 365,895 (4,149,663) 1,434,530 1,438,951 1,451,397 1,459,920 1,465,321 1,488,013 1,496,761 1,503,212 1,924,886 1,936,917 1,917,173 1,961,005 1,973,261 1,979,929 1,980,517 1,980,517

(20,212,641) (19,770,129) (19,320,393) (18,855,293) (18,489,399) (22,639,062) (21,204,532) (19,765,580) (18,314,183) (16,854,263) (15,388,942) (13,900,930) (12,404,168) (10,900,956) (8,976,070) (7,039,153) (5,121,980) (3,160,975) (1,187,714) 792,216 2,772,733 4,753,250

- - - - - - - - - - - - - - - - - - - - - -

562,050 556,342 560,798 573,353 471,240 (4,046,605) 1,563,525 1,558,980 1,562,432 1,561,884 1,558,160 1,571,694 1,571,142 1,568,239 1,980,517 1,980,517 1,948,668 1,980,517 1,980,517 1,979,929 1,980,517 1,980,517

390,702 380,394 377,156 379,278 306,619 (2,589,817) 984,248 965,298 951,576 935,648 918,115 910,908 895,661 879,350 1,092,319 1,074,412 1,039,804 1,039,474 1,022,434 1,005,374 989,186 972,970

21,464,958 21,251,290 21,039,864 20,820,383 20,584,481 20,448,462 24,903,318 23,728,790 22,539,307 21,326,489 20,094,016 18,844,787 17,560,978 16,256,333 14,932,896 13,168,252 11,374,197 9,582,621 7,728,806 5,844,094 3,928,567 1,980,517

20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%


Charts Project Cash Flow charts for the developer and land owner (joint venture).

Cash Flow Charts

Greenwood Park Estate

Option 1 - Subdivision

Subdivision - 179 Lots


-25

-20

-15

-10

-5

0

5

10

AU

D M

illio

ns .

Ju

n-0

7

Ju

l-0

7

Au

g-0

7

Se

p-0

7

Oct-

07

No

v-0

7

De

c-0

7

Ja

n-0

8

Fe

b-0

8

Ma

r-0

8

Ap

r-0

8

Ma

y-0

8

Ju

n-0

8

Ju

l-0

8

Au

g-0

8

Se

p-0

8

Oct-

08

No

v-0

8

De

c-0

8

Ja

n-0

9

Fe

b-0

9

Ma

r-0

9

Ap

r-0

9

Ma

y-0

9

Ju

n-0

9

Ju

l-0

9

Au

g-0

9

Se

p-0

9

Oct-

09

No

v-0

9

De

c-0

9

Ja

n-1

0

Fe

b-1

0

Ma

r-1

0

Ap

r-1

0

Ma

y-1

0

Ju

n-1

0

Ju

l-1

0

Au

g-1

0

Se

p-1

0

Oct-

10

No

v-1

0

De

c-1

0

Ja

n-1

1

Month

Project Cash Flow

Project Overdraft Net Cash Flow Cumulative Net Cash Flow

-25

-20

-15

-10

-5

0

5

10

AU

D M

illio

ns .

Ju

n-0

7

Ju

l-0

7

Au

g-0

7

Se

p-0

7

Oct-

07

No

v-0

7

De

c-0

7

Ja

n-0

8

Fe

b-0

8

Ma

r-0

8

Ap

r-0

8

Ma

y-0

8

Ju

n-0

8

Ju

l-0

8

Au

g-0

8

Se

p-0

8

Oct-

08

No

v-0

8

De

c-0

8

Ja

n-0

9

Fe

b-0

9

Ma

r-0

9

Ap

r-0

9

Ma

y-0

9

Ju

n-0

9

Ju

l-0

9

Au

g-0

9

Se

p-0

9

Oct-

09

No

v-0

9

De

c-0

9

Ja

n-1

0

Fe

b-1

0

Ma

r-1

0

Ap

r-1

0

Ma

y-1

0

Ju

n-1

0

Ju

l-1

0

Au

g-1

0

Se

p-1

0

Oct-

10

No

v-1

0

De

c-1

0

Ja

n-1

1

Month

Project Cumulative Cash Flow

Land Owner's Equity Developer's Equity Loan 1 Loan 2 Loan 3 Senior Loan


Cash Flow Charts





Project Cash Flow

-10

-8

-6

-4

-2

0

2

4

AU

D M

illio

ns .

Ju

n-0

7

Ju

l-0

7

Au

g-0

7

Se

p-0

7

Oct-

07

No

v-0

7

De

c-0

7

Ja

n-0

8

Fe

b-0

8

Ma

r-0

8

Ap

r-0

8

Ma

y-0

8

Ju

n-0

8

Ju

l-0

8

Au

g-0

8

Se

p-0

8

Oct-

08

No

v-0

8

De

c-0

8

Ja

n-0

9

Fe

b-0

9

Ma

r-0

9

Ap

r-0

9

Ma

y-0

9

Ju

n-0

9

Ju

l-0

9

Au

g-0

9

Se

p-0

9

Oct-

09

No

v-0

9

De

c-0

9

Ja

n-1

0

Fe

b-1

0

Ma

r-1

0

Ap

r-1

0

Ma

y-1

0

Ju

n-1

0

Ju

l-1

0

Au

g-1

0

Se

p-1

0

Oct-

10

No

v-1

0

De

c-1

0

Ja

n-1

1

Month

Comparison of Options

Option 1 Option 2 Option 3 Option 4 Option 5 Option 6 Option 7 Option 8


Summary The development financial summary sheets for the developer, including the returns to

the different financiers/investors in the project.

Summary of Project Returns




Time Span: Jun-07 to Jan-11 Project Size: 14. ha

Type: Land Subdivision 1 per 1.0 Ha of Site Area

Status: Under Review Project Size: 179. lots

Site Area: 14. Ha 1 per 0.08 Ha of Site Area

FSR: 0:1 Equated GFA: 0.0 Ha


AUD Total ha Ha of Site Area Total Net Revenue

REVENUE

Quantity SqM AUD/Quantity AUD

Gross Sales Revenue 179 95,250.00 239,249.45 42,825,652 3,058,975 3,058,975 115.1%

Residential - 1 Bedroom Units 179 95,250.00 239,249.45 42,825,652

Less Selling Costs (1,714,705) 122,479 122,479 -4.6%

Less Purchasers Costs - - - 0.0%

NET SALES REVENUE 41,110,947 2,936,496 2,936,496 110.5%

Average Yield SqM AUD/SqM/annum AUD

Gross Rental Income - - - - - - 0.0%

Less Outgoings & Vacancies - - - 0.0%

Less Letting Fees - - - 0.0%

Less Incentives (Rent Free and Fit-out Costs) - - - 0.0%

Less Other Leasing Costs - - - 0.0%

NET RENTAL INCOME - - - 0.0%

Interest Received - - - 0.0%

Other Income - - - 0.0%

TOTAL REVENUE (before GST paid) 41,110,947 2,936,496 2,936,496 110.5%

Less GST paid on all Revenue (3,893,241) 278,089 278,089 -10.5%

TOTAL REVENUE (after GST paid) 37,217,706 2,658,408 2,658,408 100.0%

COSTS

Land Purchase Cost 13,000,000 928,571 928,571 34.9%

Land Acquisition Costs 980,490 70,035 70,035 2.6%

Construction Costs 7,571,642 540,832 540,832 20.3%

Professional Fees 1,116,391 79,742 79,742 3.0%

Statutory Fees 7,341,551 524,396 524,396 19.7%

Miscellaneous Costs 1 500,000 35,714 35,714 1.3%

Miscellaneous Costs 2 - - - 0.0%

Miscellaneous Costs 3 - - - 0.0%

Project Contingency (Reserve) - - - 0.0%

Land Holding Costs 412,890 29,492 29,492 1.1%

Pre-Sale Commissions - - - 0.0%

Finance Charges (inc. Fees) 90,000 6,429 6,429 0.2%

Interest Expense 2,454,468 175,319 175,319 6.6%

TOTAL COSTS (before GST reclaimed) 33,467,432 2,390,531 2,390,531 89.9%

Less GST reclaimed (1,002,976) 71,641 71,641 -2.7%

Plus Corporate Tax - - - 0.0%

TOTAL COSTS (after GST reclaimed) 32,464,456 2,318,890 2,318,890 87.2%

PERFORMANCE INDICATORSAUD Per ha AUD Per Ha of Site Area

1Net Development Profit 4,753,250 339,518 339,518

4,753,250 339,518 339,5183Development Margin (Profit/Risk Margin) Based on total costs (inc selling costs) 13.91%

4Residual Land Value Based on Target Margin of 25% (Exclusive of GST) 10,593,359 756,669 756,669

5Net Present Value Based on Discount Rate of 20% p.a. Nominal (1,358,831)

6Benefit Cost Ratio 0.9405

7Project Internal Rate of Return (IRR) Per annum Nominal 15.60%

8Residual Land Value Based on NPV (Exclusive of GST) 11,415,800 815,414 815,414

Equity IRR Per annum Nominal 34.44%

Equity Contribution 2,000,000

Peak Debt Exposure 20,639,062

Equity to Debt Ratio 8.71%

9Weighted Average Cost of Capital (WACC) 6.90%

10 Breakeven Date for Cumulative Cash Flow Month 41 Nov-201011 Yield on Cost 0.00%12 Rent Cover N.A.13 Profit Erosion N.A.

Footnotes:

1. Development Profit: is total revenue less total cost including interest paid and received

2. Note: No redistribution of Developer's Gross Profit

3. Development Margin: is profit divided by total costs (inc selling costs)

4. Residual Land Value: is the maximum purchase price for the land whilst achieving the target development margin.

5. Net Present Value: is the project's cash flow stream discounted to present value. It includes financing costs but excludes interest and corp tax.

6. Benefit:Cost Ratio: is the ratio of discounted incomes to discounted costs and includes financing costs but excludes interest and corp tax.

7. Internal Rate of Return: is the discount rate where the NPV above equals Zero.

8. Residual Land Value (based on NPV): is the purchase price for the land to achieve a zero NPV.

9. The Weighted Average Cost of Capital (WACC) is the rate that a company is expected to pay to finance its assets.

10. Breakeven date for Cumulative Cash Flow: is the last date when total debt and equity is repaid (ie when profit is realised).

11 Yield on Cost is Current Net Annual Rent divided by Total Costs (before GST reclaimed), including all Selling Costs.

12. The total net development profit divided by the current net annual rental expressed as a a number of years/months.

13. The period of time post practical completion that it can remain unsold (but leased out) until finance and land holding costs erodes the profit for the development to zero.


Summary of Project Returns




Time Span: Jun-07 to Jan-11 Project Size: 14. ha


Status: Under Review Project Size: 179. lots

Site Area: 14. Ha 1 per 0.08 Ha of Site Area



RETURNS ON FUNDS INVESTED Equity Loan 1 Loan 2 Loan 3 Senior Loan Total Debt

Lender Name Lender Name Lender Name Lender Name

1 Funds Invested (Cash Outlay) 2,000,000 - - - 22,975,215 22,975,215% of Total Funds Invested 8.01% 0.00% 0.00% 0.00% 91.99% 91.99%

2 Peak Exposure 2,000,000 - - - 20,639,062 20,639,062Date of Peak Exposure Jun-07 N.A. N.A. N.A. Sep-09 Sep-09Month of Peak Exposure Month 0 Month 27 Month 27Weighted Average Interest Rate N.A. N.A. N.A. N.A. 7.50% 7.50%

Interest Charged - - - - 2,454,468 2,454,468Line Fees Charged - - - - - -Application Fees Charged - - - - - -Profit Share Received - - - - - -

3 Total Profit to Funders 4,753,250 - - - 2,454,468 2,454,4684 Margin on Funds Invested 237.66% N.A. N.A. N.A. 10.68% 10.68%5 Payback Date Jan-11 N.A. N.A. N.A. Oct-10 Oct-10

Month of Payback Month 43 N.A. N.A. N.A. Month 40 Month 406 IRR on Funds Invested 34.44% N.A. N.A. N.A. 7.50% 7.50%7 Equity to Debt Ratio N.A. N.A. N.A. 8.71% 8.71%8 Loan to Value Ratio 4.67% 0.00% 0.00% 0.00% 48.19% 48.19%9 Loan Ratio 15.38% 0.00% 0.00% 0.00% 195.61% 195.61%

of Land Purchase Price. of Land Purchase Price. of Land Purchase Price. of Land Purchase Price. of Land Purchase Price. of Land Purchase Price.

Footnotes:

1. The total amount of funding injected into the project cash flow.

2. The maximum cash flow exposure of that equity/debt facility including capitalised interest.

3. The total repayments less funds invested, including profit share paid or received.

4. Margin is net profit divided by total funds invested (cash outlay).

5. Payback date for the equity/debt facility is the last date when total equity/debt is repaid.

6. IRR on Funds Invested is the IRR of the equity cash flow including the return of equity and realisation of project profits.

7. Equity to Debt Ratio is the amount of equity contributed into the project as a percentage of debt funding.

8. Loan to Value ratio is the Peak Equity/Debt Exposure divided by Total Sales Revenue.

9. Loan Ratio is the total funds invested by the lender (cash outlay) divided by the nominated ratio calculation method. It includes capitalised interest and fees.


Joint Venture The development financial summary for the land owner in a joint venture scenario.

Summary of Investment Returns to Land Owner & Developer

Case Study 1

Land and Profit Share

Option 2

Time Span: Jul-09 to Dec-12 Project Size: 200. Lots


Status: Under Review Project Size:

Site Area: 20. Ha



COSTS & REVENUES Land Owner Developer Joint % byEnter Land Owner

NameEnter Developer Name

Venture Land Owner

REVENUE

Land Sale to Developer 7,000,000

Gross Sales Revenue - 57,042,046 57,042,046 0.0%

Less Selling Costs - (2,921,580) (2,921,580) 0.0%

Less Purchasers Costs - - - N.A.

NET SALES REVENUE 7,000,000 54,120,467 54,120,467 12.9%

Gross Rental Income - - - N.A.

Less Leasing Costs - - - N.A.

NET RENTAL INCOME - - - N.A.

Interest Received - - - N.A.

Other Income - - - N.A.

TOTAL REVENUE (before GST paid) 7,000,000 54,120,467 54,120,467 12.9%

Less GST paid on all Revenue (636,364) (5,185,641) (5,822,004) 10.9%

TOTAL REVENUE (after GST paid) 6,363,636 48,934,826 48,298,463 13.2%

COSTS

Opportunity Cost of Land 14,000,000 14,000,000

Land Acquisition Costs 7,434,126 434,126

Construction Costs - 10,924,823 10,924,823 0.0%

Professional Fees - 970,229 970,229 0.0%

Statutory Fees - 8,219,113 8,219,113 0.0%

Project Contingency (Reserve) - 390,824 390,824 0.0%

Land Holding Costs - 216,596 216,596 0.0%

Pre-Sale Commissions - - - N.A.

Finance Charges (inc. Fees) - 350,000 350,000 0.0%

Interest Expense - 1,348,419 1,348,419 0.0%

TOTAL COSTS (before GST reclaimed) 14,000,000 29,854,131 36,854,131 38.0%

Less GST reclaimed - (2,009,701) (2,009,701) 0.0%

TOTAL COSTS (after GST reclaimed) 14,000,000 27,844,430 34,844,430 40.2%

PERFORMANCE INDICATORSDevelopment Profit (before distribution of Profit Share) (7,636,364) 21,090,396 13,454,032

Development Profit (after distribution of Profit Share) 6,072,394 7,381,639 13,454,032

Development Margin (after distribution of Profit Share) 43.37% 23.99% 38.61%

on total development costs (inc selling costs).

Discount Rate 16.00% 20.00%

NPV of Cash Flow (after distribution of Profit Share) 13,204,996

NPV less Land Value (after distribution of Profit Share) (795,004) 932,891

Internal Rate of Return (after distribution of Profit Share) 13.74% 23.61%

* Profit Share distribution includes AUD13,708,757 to Land Owner

LAND OWNER'S SENSITIVITY TABLE Change % Profit * Dev Margin NPV * IRR %

Base Case (No Variation) 0.00% 43.37% 13.74%

Variation to Construction Costs -10.00% 6,869,892 49.07% -317,700 15.12%

-5.00% 6,471,140 46.22% -556,348 14.44%

5.00% 5,675,874 40.54% -1,035,371 13.02%

10.00% 5,279,352 37.71% -1,275,739 12.28%

Variation to Construction Period -20.00% 6,202,754 44.31% -285,445 15.14%

-10.00% 6,145,465 43.90% -544,458 14.41%

10.00% 5,920,550 42.29% -1,116,505 12.91%

20.00% 5,879,587 42.00% -1,358,214 12.34%

Variation to End Sale Values -5.00% 4,451,634 31.80% -1,827,781 10.57%

-3.00% 5,099,938 36.43% -1,414,806 11.87%

3.00% 7,045,395 50.32% -175,620 15.51%

5.00% 7,694,067 54.96% 237,299 16.65%

Variation to Capitalisation Rate -0.50% 6,072,394 43.37% -795,004 13.74%

-0.20% 6,072,394 43.37% -795,004 13.74%

0.20% 6,072,394 43.37% -795,004 13.74%

0.50% 6,072,394 43.37% -795,004 13.74%

Variation to Sales Span -30.00% 6,013,157 42.95% -385,291 14.83%

-20.00% 6,046,450 43.19% -555,073 14.36%

20.00% 6,089,000 43.49% -1,024,929 13.18%

30.00% 6,099,527 43.57% -1,172,814 12.84%

Variation to Rental Levels -20.00% 6,072,394 43.37% -795,004 13.74%

-10.00% 6,072,394 43.37% -795,004 13.74%

10.00% 6,072,394 43.37% -795,004 13.74%

20.00% 6,072,394 43.37% -795,004 13.74%* After opportunity cost of land

The table below is the Sensitivity of the Land Owner's Performance Indicators to changes in the variables. If the table is invisible it is because data has changed since the last time the sensitivity procedure was performed.

Estate Master DF Ver 5.3 Page 1 of 1 Pages File: DF_CS001 - Joint Ventures with a Land Owner.emdf Date of Report: 14/10/2013 12:44 PM

Gantt Chart Gantt chart for viewing and editing the project timeline.

Gantt Chart for Greenwood Park Estate Option 1 - Subdivision - Subdivision - 179 Lots


0 1 2 3 4 5 6 7 8 9 10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

Jun-07

Jul-07

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

1000 Land Purchase & Acquisition CostsMonth Month Cash Flow

Code Stage Start Span Period1003 - Payment 1 0 1 Jun-07 - Jun-07

1004 - Payment 2 11 1 May-08 - May-08

1005 - Payment 3 19 1 Jan-09 - Jan-09

1007 - Settlement (Balance) 27 1 Sep-09 - Sep-09

1008 - Stamp Duty ¹ 0 1 Jun-07 - Jun-07

Other Acquisition Costs Month Month Cash Flow

Code Stage (to be entered Inclusive of GST) Start Span Period1011 - legals and valuation L - Jun-07 - Sep-09

² Pro-rata with Land Payments ('L') TOTAL

3000 Professional Fees

Code Stage Description MonthStart²

MonthSpan

Cash Flow Period

3001 - pre construction consultants 1 12 Jul-07 - Jun-08

3002 - stage 1 consultants 12 8 Jun-08 - Jan-09

3003 - stage 2 consultants 20 8 Feb-09 - Sep-09

3004 - stage 3 consultants 28 8 Oct-09 - May-10

3099 - Development Management P2 - Jul-07 - Nov-10

TOTAL

4000 Construction Costs

Code Stage Description MonthStart

MonthSpan

Cash Flow Period

4001 - stage 1 0 - -

4002 - block 1 apartments 12 8 Jun-08 - Jan-09

4003 - block 2 12 8 Jun-08 - Jan-09

4005 - stage 2 0 - -

4006 - block 3 townhouses 20 8 Feb-09 - Sep-09

4007 - block 4 townhouses 20 8 Feb-09 - Sep-09

4008 - block 5 houses 20 8 Feb-09 - Sep-09



4012 - stage 3 0 - -

4013 - block 8 houses 28 8 Oct-09 - May-10

4014 - block 9 28 8 Oct-09 - May-10

4015 - block 10 28 8 Oct-09 - May-10

TOTAL

5000 Statutory Fees


MonthSpan

Cash Flow Period

5002 - DA application / CC 4 1 Oct-07 - Oct-07

5004 - section 94 0 - -

5005 - stage 1 11 1 May-08 - May-08

5006 - stage 2 19 1 Jan-09 - Jan-09

5007 - stage 3 27 1 Sep-09 - Sep-09

5009 - infrastructure levy 0 - -

5010 stage 1 11 1 May-08 - May-08

5011 - stage 2 19 1 Jan-09 - Jan-09

5012 - stage 3 27 1 Sep-09 - Sep-09

TOTAL


Code Stage Description MonthStart²

MonthSpan

Cash Flow Period

6001 - Parklands 2 12 Aug-07 - Jul-08

TOTAL

7000 Land Holding Costs


MonthSpan²

Cash Flow Period

7001 - Rates and taxes 0 - -

7002 - council rates 2 DS Aug-07 - Jan-11

7003 - land tax 2 DS Aug-07 - Jan-11

7004 - water rates 2 DS Aug-07 - Jan-11

TOTAL

8000 Selling and Leasing Costs

#####Sales Commission (To be entered Inclusive of GST)

8001 RS1 Residential - 1 Bedroom Units

Other Selling Costs Month Month Cash Flow

Code Stage To be entered Inclusive of GST Start Span Period

8002 - legals on sale S 1 Feb-09 - Jan-11

8003 - marketing 0 - -

8004 - stage 1 5 12 Nov-07 - Oct-08

8005 - stage 2 13 12 Jul-08 - Jun-09

8006 - stage 3 21 12 Mar-09 - Feb-10

TOTAL

1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - 1 - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - 1 - - - - - - - - - - - - - - - -

1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

1 - - - - - - - - - - 1 - - - - - - - 1 - - - - - - - 1 - - - - - - - - - - - - - - - -

1 - - - - - - - - - - 1 - - - - - - - 1 - - - - - - - 1 - - - - - - - - - - - - - - - -

- 1 1 1 1 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 - - - - - - - -

- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - 1 - - 1 - -

- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - 1 - - 1 - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - - - - - - - - - -

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- - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 - - - - - - - -

- - - - - - - - - - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - - - - - - -

- - - - 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - 1 - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - 1 - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - 1 - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - 1 - - - - - - - - - - - - - - - -

- - - - 1 - - - - - - 1 - - - - - - - 1 - - - - - - - 1 - - - - - - - - - - - - - - - -

- - 1 1 1 1 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - 1 1 1 1 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - -

- - 1 - - - - - - - - - - - 1 - - - - - - - - - - - 1 - - - - - - - - - - - 1 - - - - -

- - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - -

- - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - - 1 - -

- - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

- - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

- - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - 1 1 1 1 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - 1 1 1 1 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 1 1 1 1 - - - - - - - - - - -

- - - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1


Gantt Chart for Greenwood Park Estate Option 1 - Subdivision - Subdivision - 179 Lots


0 1 2 3 4 5 6 7 8 9 10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

Jun-07

Jul-07

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

9000 Sales

Settlements

Code Stage Description Month Month Cash Flow

Start Span Period

9001 - stage 1 0 - -

9002 - block 1 apartments 20 8 Feb-09 - Sep-09

9003 - block 2 apartments 20 8 Feb-09 - Sep-09

9005 - stage 2 0 - -

9006 - block 3 townhouses 28 8 Oct-09 - May-10

9007 - block 4 townhouses 28 8 Oct-09 - May-10

9008 - block 5 28 8 Oct-09 - May-10

9009 - block 6 28 8 Oct-09 - May-10

9010 - block 7 28 8 Oct-09 - May-10

9012 - stage 3 0 - -

9013 - block 8 houses 36 8 Jun-10 - Jan-11

9014 - block 9 36 8 Jun-10 - Jan-11

9015 - block 10 36 8 Jun-10 - Jan-11

TOTAL

FinancingFinancing Costs Month Month Cash Flow

Code Stage (to be entered Inclusive of GST) Start Span Period

10009 - establishment fee 2 1 Aug-07 - Aug-07

TOTAL

Presales/Exchanges

Settlements

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - 2 2 2 2 2 2 2 2 2 2 2 2 - - - - - - 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - -

- - 2 2 2 2 2 2 2 2 2 2 2 2 - - - - - - 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - 2 2 2 2 2 2 2 2 2 2 2 2 - - 1 1 1 1 1 1 1 1 - - - - - - - -

- - - - - - - - - - - - - - 2 2 2 2 2 2 2 2 2 2 2 2 - - 1 1 1 1 1 1 1 1 - - - - - - - -

- - - - - - - - - - - - - - 2 2 2 2 2 2 2 2 2 2 2 2 - - 1 1 1 1 1 1 1 1 - - - - - - - -

- - - - - - - - - - - - - - 2 2 2 2 2 2 2 2 2 2 2 2 - - 1 1 1 1 1 1 1 1 - - - - - - - -

- - - - - - - - - - - - - - 2 2 2 2 2 2 2 2 2 2 2 2 - - 1 1 1 1 1 1 1 1 - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - 2 2 2 2 2 2 2 2 2 2 2 2 - - 1 1 1 1 1 1 1 1

- - - - - - - - - - - - - - - - - - - - - - 2 2 2 2 2 2 2 2 2 2 2 2 - - 1 1 1 1 1 1 1 1

- - - - - - - - - - - - - - - - - - - - - - 2 2 2 2 2 2 2 2 2 2 2 2 - - 1 1 1 1 1 1 1 1

- - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

- - 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


Financials Report Profit and Loss and Balance Sheet reporting.

Financials Report for Greenwood Park Estate Option 1 - Subdivision - Option 1 - Subdivision

Financial Reporting TOTAL


0 1 2 3 4 5 6 7 8 9

Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08

REVENUE RECOGNITION CALCULATION

Development Costs for WIP Calculation

Land and Acquisition (WIP) 13,968,672

Professional Fees (WIP) 1,072,427

Construction Costs (WIP) 6,883,311

Statutory Fees (WIP) 7,341,551

Miscellaneous Costs 1 (WIP) 454,545

Miscellaneous Costs 2 (WIP) -


Project Contingency (Reserve) (WIP) -

Land Holding Costs (WIP) 412,890

Pre-Sale Commissions (WIP) -

Financing Costs (exc Fees) (WIP) 90,000

Total Development Costs Incurred 30,223,396

Cumulative Total Development Costs Incurred

Other Costs

Selling Costs (WIP) 1,558,823

Leasing Costs (WIP) -

Interest (WIP) 2,511,306

Funding Application and Line Fees (WIP) -

Total Costs 34,293,525

Cumulative Total Costs

Directly Expensed through P&L -

Operating Costs -

Going through to WIP 34,293,525

Current Projected WIP 34,293,525

Cost Accruals/Adjustments (Cumulative)

Accruals

Retentions

Prepayments

Total Cumulative Cost Accruals/Adjustments

Net Movement -

Revenue Accruals/Adjustments (Cumulative)

Net Movement -

% COMPLETE CALCULATIONS

Total Dev Costs Post Adjust. (inc. Land and exc. Op Costs) 30,223,396

Total Expected Development Costs

% Cumulative Development Costs Incurred

Total Expected Revenue

Total Expected Area Sold

Total Sold based on Revenue Sold

PROFIT REALISATION

Revenue Collected Threshold 50.00%

Cumulative Cash Collected 38,932,411

Collections as a % of Total Revenue

Threshold Achieved

% Sold Threshold 80.00%

% Sold based on % Revenue Sold

Threshold Achieved

Construction Completion Threshold 80.00%

Total Cumulative Development Costs ex Interest 30,223,396

% Complete

Threshold Achieved

Profit Realisation Thresholds OK

Profit Realisation Analysis



Profit Realised

Cumulative Profit Realised

2,162,308 - - - - - - - - -

- 38,744 42,094 39,609 41,283 39,723 39,609 39,609 39,723 39,609

- - - - - - - - - -

- - - - 80,661 - - - - -

- - 37,879 37,879 37,879 37,879 37,879 37,879 37,879 37,879

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - 119,703 - - 5,523 - - 5,523 -

- - - - - - - - - -

- - 90,000 - - - - - - -

2,162,308 38,744 289,675 77,488 159,823 83,125 77,488 77,488 83,125 77,488

2,162,308 2,201,052 2,490,727 2,568,215 2,728,038 2,811,163 2,888,650 2,966,138 3,049,263 3,126,750

- - - - - 16,591 16,591 16,591 16,591 16,591

- - - - - - - - - -

- 1,014 1,262 3,076 3,578 4,595 5,245 5,864 6,487 7,149

- - - - - - - - - -

2,162,308 39,758 290,937 80,564 163,401 104,311 99,324 99,943 106,203 101,228

2,162,308 2,202,066 2,493,004 2,573,567 2,736,968 2,841,279 2,940,603 3,040,546 3,146,749 3,247,977

- - - - - - - - - -

- - - - - - - - - -

2,162,308 39,758 290,937 80,564 163,401 104,311 99,324 99,943 106,203 101,228

34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

2,162,308 2,201,052 2,490,727 2,568,215 2,728,038 2,811,163 2,888,650 2,966,138 3,049,263 3,126,750

30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396

7.15% 7.28% 8.24% 8.50% 9.03% 9.30% 9.56% 9.81% 10.09% 10.35%

42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652

95,250 95,250 95,250 95,250 95,250 95,250 95,250 95,250 95,250 95,250

42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652

- - - - - - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE

0.00% 0.00% 1.57% 3.14% 4.72% 6.30% 7.88% 9.46% 11.05% 12.64%


2,162,308 2,201,052 2,490,727 2,568,215 2,728,038 2,811,163 2,888,650 2,966,138 3,049,263 3,126,750

7.15% 7.28% 8.24% 8.50% 9.03% 9.30% 9.56% 9.81% 10.09% 10.35%



0.00% 0.00% 1.57% 3.14% 4.72% 6.30% 7.88% 9.46% 11.05% 12.64%

7.15% 7.28% 8.24% 8.50% 9.03% 9.30% 9.56% 9.81% 10.09% 10.35%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%





0 1 2 3 4 5 6 7 8 9


FIXED ASSETS

Tangible Fixed Assets

Additions (Cost) -

Disposal (Cost) -

Disposal (Area - SqM) -

Asset Revaluation Adjustment

Depreciation Expense

Depreciation Recovered on Fixed Asset Disposal

Proceeds of Sale of Fixed Asset -

Profit (Loss) of Sale of Fixed Asset -

PROFIT AND LOSS STATEMENT

Revenue 38,932,411

Sales Revenue 38,932,411

Rental Income -

Other Income -

Interest Income -


Profit on Sale of Fixed Assets -

Cost of Sales 34,293,525

Development Costs (WIP) 34,293,525

Development Costs (Expensed) -

Loss on Sale of Fixed Assets -

Depreciation Expense -

Amortisation Expense (Write-Back) -

Margin 4,638,886

Operating Expenses -

Profit / (Loss) 4,638,886

CORPORATE TAX STATEMENT

Profit before Tax, Depreciation & Amortisation 4,638,886

Depreciation & Amortisation -

Profit after Depreciation and Amortisation but before Tax 4,638,886

Tax Rate 30.00%

Tax Liability (@ Weighted Avg Tax Rate of 30.00%) 1,391,666

Profit After Tax 3,247,220

CASH FLOW & IRR STATEMENT

Project Cash Flow before Interest, Finance Costs & Tax 7,297,718

IRR 15.86%

Finance Costs (90,000)

Interest Earned -

Interest Paid (2,511,306)

Finance Application and Line Fees -

Project Cash Flow after Interest but before Tax 4,696,412

IRR 10.16%

Corporate Tax (1,391,666)

Project Cash Flow after Interest & Tax 3,304,746

IRR 7.31%


IRR 27.53%

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

- - - - - - - - - -

- - - - - - - - - -

(2,162,308) (38,600) (198,973) (77,199) (159,256) (99,408) (93,790) (93,790) (99,408) (93,790)

- - (90,000) - - - - - - -

- - - - - - - - - -

- (1,014) (1,262) (3,076) (3,578) (4,595) (5,245) (5,864) (6,487) (7,149)

- - - - - - - - - -

(2,162,308) (39,614) (290,235) (80,275) (162,834) (104,004) (99,036) (99,655) (105,896) (100,939)

- - - - - - - - - -

(2,162,308) (39,614) (290,235) (80,275) (162,834) (104,004) (99,036) (99,655) (105,896) (100,939)

(2,000,000) - - - - - - - - -

0





0 1 2 3 4 5 6 7 8 9


BALANCE SHEET

ASSETS

Current Assets

Cash and Bank

Accrued Income

Work In Progress

Prepayments,Deposits and Other Receivables

GST Receivable

Total Current Assets

Long Term Assets

Tangible Fixed Assets - Cost (Owned Assets)

Tangible Fixed Assets - Revaluation Adj. (Owned Assets)

Less - Acc.Dep (Owned Assets) & Amortisation

Long Term Assets Total

TOTAL ASSETS

LIABILITIES

Current Liabilities

Accounts Payables

Deferred Income

Accrued Expenses

GST Payable

Total Current Liabilities

Long Term Liabilities

Long Term Loans

Intercompany Loans

Total Long Term Liabilities

TOTAL LIABILITIES

NET ASSETS

SHAREHOLDERS' EQUITY

Project Capital -

Asset Revaluation Reserve

Dividends

Retained Earnings (Accumulated Deficit)

P&L - Current Year

TOTAL SHAREHOLDERS' EQUITY

Check Balance -

SUPPORTING CALCULATIONS

Work In Progress / (Accrued Expenses)

Deferred Income - Short Term / (Accrued Income)

Intercompany Loans / (Dividends)

Interest on Equity

Charged

Paid

Cumulative

Calculate P+L for Current Financial Year

Tax on Sales

Tax on Rents

Tax on Other Income

Tax on Selling Costs

Tax on Leasing Costs

Cumulative Manual inputs - Sales Revenue

Corporate Tax Liability

Paid Monthly

Paid Quarterly

Paid Bi-Annually

Paid Annually

Selected Option

Realise Tax Benefit at time of Loss

Roll forward loss until profit is realised

Selected Option

With Reforecasting

Last Period used in Financials Sheet 43

- - - - - - - - - -

- - - - - - - - - -

2,162,308 2,201,922 2,492,157 2,572,432 2,735,266 2,839,269 2,938,305 3,037,960 3,143,855 3,244,794

- - - - - - - - - -

- - - - - - - - - -

2,162,308 2,201,922 2,492,157 2,572,432 2,735,266 2,839,269 2,938,305 3,037,960 3,143,855 3,244,794

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

2,162,308 2,201,922 2,492,157 2,572,432 2,735,266 2,839,269 2,938,305 3,037,960 3,143,855 3,244,794

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

162,308 201,922 492,157 572,432 735,266 839,269 938,305 1,037,960 1,143,855 1,244,794

- - - - - - - - - -

162,308 201,922 492,157 572,432 735,266 839,269 938,305 1,037,960 1,143,855 1,244,794

162,308 201,922 492,157 572,432 735,266 839,269 938,305 1,037,960 1,143,855 1,244,794

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

- - - - - - - - - -

2,162,308 2,201,922 2,492,157 2,572,432 2,735,266 2,839,269 2,938,305 3,037,960 3,143,855 3,244,794

- - - - - - - - - -

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

FALSE TRUE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - 1,659 1,659 1,659 1,659 1,659

- - - - - - - - - -

- - - - - - - - - -

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE





- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -





10 11 12 13 14 15 16 17 18 19

Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09
















Other Costs








Operating Costs -




Accruals

Retentions

Prepayments


Net Movement -


Net Movement -








PROFIT REALISATION




Threshold Achieved



Threshold Achieved



% Complete

Threshold Achieved





Profit Realised


- 5,247,273 - - - - - - - 3,935,455

39,609 100,862 58,028 19,298 20,932 18,461 18,475 18,604 18,503 67,401

- - 297,599 298,212 298,827 299,442 300,059 300,677 301,296 301,917

- 2,945,068 - - - - - - - 2,354,688

37,879 37,879 37,879 37,879 - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- 5,523 - - 119,703 - - 5,523 - -

- - - - - - - - - -

- - - - - - - - - -

77,488 8,336,604 393,506 355,389 439,461 317,903 318,534 324,804 319,800 6,659,460

3,204,238 11,540,842 11,934,349 12,289,738 12,729,199 13,047,103 13,365,637 13,690,441 14,010,241 20,669,700

16,591 16,591 16,591 29,773 29,773 29,773 29,773 13,182 13,182 13,182

- - - - - - - - - -

7,780 8,415 60,609 63,542 66,338 69,675 72,277 74,898 77,471 80,029

- - - - - - - - - -

101,858 8,361,610 470,706 448,704 535,572 417,352 420,584 412,883 410,453 6,752,670

3,349,835 11,711,445 12,182,151 12,630,855 13,166,428 13,583,779 14,004,363 14,417,246 14,827,699 21,580,369

- - - - - - - - - -

- - - - - - - - - -

101,858 8,361,610 470,706 448,704 535,572 417,352 420,584 412,883 410,453 6,752,670

34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

3,204,238 11,540,842 11,934,349 12,289,738 12,729,199 13,047,103 13,365,637 13,690,441 14,010,241 20,669,700

30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396

10.60% 38.19% 39.49% 40.66% 42.12% 43.17% 44.22% 45.30% 46.36% 68.39%

42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652

95,250 95,250 95,250 95,250 95,250 95,250 95,250 95,250 95,250 95,250

42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652

- - - - - - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%


14.24% 15.84% 17.44% 19.04% 22.26% 25.49% 28.73% 31.97% 35.22% 38.48%


3,204,238 11,540,842 11,934,349 12,289,738 12,729,199 13,047,103 13,365,637 13,690,441 14,010,241 20,669,700

10.60% 38.19% 39.49% 40.66% 42.12% 43.17% 44.22% 45.30% 46.36% 68.39%



14.24% 15.84% 17.44% 19.04% 22.26% 25.49% 28.73% 31.97% 35.22% 38.48%

10.60% 38.19% 39.49% 40.66% 42.12% 43.17% 44.22% 45.30% 46.36% 68.39%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%





10 11 12 13 14 15 16 17 18 19


FIXED ASSETS


Additions (Cost) -

Disposal (Cost) -








Revenue 38,932,411


Rental Income -

Other Income -

Interest Income -









Margin 4,638,886







Tax Rate 30.00%





IRR 15.86%


Interest Earned -




IRR 10.16%



IRR 7.31%


IRR 27.53%

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

- - - - - - - - - -

- - - - - - - - - -

(93,790) (8,342,698) (408,633) (383,840) (467,639) (346,493) (347,122) (336,779) (331,792) (6,663,302)

- - - - - - - - - -

- - - - - - - - - -

(7,780) (8,415) (60,609) (63,542) (66,338) (69,675) (72,277) (74,898) (77,471) (80,029)

- - - - - - - - - -

(101,570) (8,351,113) (469,242) (447,382) (533,978) (416,169) (419,398) (411,677) (409,263) (6,743,331)

- - - - - - - - - -

(101,570) (8,351,113) (469,242) (447,382) (533,978) (416,169) (419,398) (411,677) (409,263) (6,743,331)

- - - - - - - - - -





10 11 12 13 14 15 16 17 18 19


BALANCE SHEET

ASSETS

Current Assets

Cash and Bank

Accrued Income

Work In Progress


GST Receivable


Long Term Assets





TOTAL ASSETS

LIABILITIES

Current Liabilities

Accounts Payables

Deferred Income

Accrued Expenses

GST Payable



Long Term Loans

Intercompany Loans


TOTAL LIABILITIES

NET ASSETS


Project Capital -


Dividends


P&L - Current Year


Check Balance -





Interest on Equity

Charged

Paid

Cumulative


Tax on Sales

Tax on Rents

Tax on Other Income





Paid Monthly

Paid Quarterly

Paid Bi-Annually

Paid Annually

Selected Option



Selected Option

With Reforecasting


- - - - - - - - - -

- - - - - - - - - -

3,346,364 11,697,477 12,166,719 12,614,101 13,148,078 13,564,247 13,983,645 14,395,322 14,804,585 21,547,915

- - - - - - - - - -

- - - - - - - - - -

3,346,364 11,697,477 12,166,719 12,614,101 13,148,078 13,564,247 13,983,645 14,395,322 14,804,585 21,547,915

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

3,346,364 11,697,477 12,166,719 12,614,101 13,148,078 13,564,247 13,983,645 14,395,322 14,804,585 21,547,915

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

1,346,364 9,697,477 10,166,719 10,614,101 11,148,078 11,564,247 11,983,645 12,395,322 12,804,585 19,547,915

- - - - - - - - - -

1,346,364 9,697,477 10,166,719 10,614,101 11,148,078 11,564,247 11,983,645 12,395,322 12,804,585 19,547,915

1,346,364 9,697,477 10,166,719 10,614,101 11,148,078 11,564,247 11,983,645 12,395,322 12,804,585 19,547,915

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

- - - - - - - - - -

3,346,364 11,697,477 12,166,719 12,614,101 13,148,078 13,564,247 13,983,645 14,395,322 14,804,585 21,547,915

- - - - - - - - - -

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

FALSE FALSE FALSE TRUE FALSE FALSE FALSE FALSE FALSE FALSE

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

1,659 1,659 1,659 2,977 2,977 2,977 2,977 1,318 1,318 1,318

- - - - - - - - - -

- - - - - - - - - -






- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -





20 21 22 23 24 25 26 27 28 29

Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09
















Other Costs








Operating Costs -




Accruals

Retentions

Prepayments


Net Movement -


Net Movement -








PROFIT REALISATION




Threshold Achieved



Threshold Achieved



% Complete

Threshold Achieved





Profit Realised


- - - - - - - 2,623,636 - -

18,509 18,411 18,425 18,542 18,453 18,467 20,552 59,208 17,561 17,655

296,618 297,229 297,842 298,455 299,070 299,686 300,303 300,922 260,012 260,548

- - - - - - - 1,961,134 - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

5,391 - - 4,997 - - 99,758 - - 3,931

- - - - - - - - - -

- - - - - - - - - -

320,518 315,640 316,266 321,994 317,523 318,153 420,613 4,944,900 277,573 282,133

20,990,219 21,305,859 21,622,125 21,944,119 22,261,642 22,579,795 23,000,407 27,945,307 28,222,880 28,505,013

38,666 49,576 49,576 49,576 49,576 36,394 36,394 36,394 63,250 63,250

- - - - - - - - - -

122,174 119,384 116,613 113,829 111,063 108,252 105,346 103,059 128,994 120,028

- - - - - - - - - -

481,359 484,599 482,455 485,399 478,161 462,799 562,352 5,084,353 469,817 465,412

22,061,728 22,546,327 23,028,782 23,514,181 23,992,343 24,455,142 25,017,493 30,101,846 30,571,663 31,037,075

- - - - - - - - - -

- - - - - - - - - -

481,359 484,599 482,455 485,399 478,161 462,799 562,352 5,084,353 469,817 465,412

34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

20,990,219 21,305,859 21,622,125 21,944,119 22,261,642 22,579,795 23,000,407 27,945,307 28,222,880 28,505,013

30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396

69.45% 70.49% 71.54% 72.61% 73.66% 74.71% 76.10% 92.46% 93.38% 94.31%

42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652

95,250 95,250 95,250 95,250 95,250 95,250 95,250 95,250 95,250 95,250

42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652

926,715 1,853,430 2,780,145 3,706,860 4,633,576 5,560,291 6,487,006 7,413,721 9,317,036 11,220,350

2.38% 4.76% 7.14% 9.52% 11.90% 14.28% 16.66% 19.04% 23.93% 28.82%


41.74% 45.01% 51.73% 58.47% 65.22% 71.99% 75.46% 78.95% 82.44% 85.94%

FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE TRUE TRUE

20,990,219 21,305,859 21,622,125 21,944,119 22,261,642 22,579,795 23,000,407 27,945,307 28,222,880 28,505,013

69.45% 70.49% 71.54% 72.61% 73.66% 74.71% 76.10% 92.46% 93.38% 94.31%

FALSE FALSE FALSE FALSE FALSE FALSE FALSE TRUE TRUE TRUE


41.74% 45.01% 51.73% 58.47% 65.22% 71.99% 75.46% 78.95% 82.44% 85.94%

69.45% 70.49% 71.54% 72.61% 73.66% 74.71% 76.10% 92.46% 93.38% 94.31%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%





20 21 22 23 24 25 26 27 28 29


FIXED ASSETS


Additions (Cost) -

Disposal (Cost) -








Revenue 38,932,411


Rental Income -

Other Income -

Interest Income -









Margin 4,638,886







Tax Rate 30.00%





IRR 15.86%


Interest Earned -




IRR 10.16%



IRR 7.31%


IRR 27.53%

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

- - - - - - - - - -

- - - - - - - - - -

568,721 562,674 562,050 556,342 560,798 573,353 471,240 (4,046,605) 1,563,525 1,558,980

- - - - - - - - - -

- - - - - - - - - -

(122,174) (119,384) (116,613) (113,829) (111,063) (108,252) (105,346) (103,059) (128,994) (120,028)

- - - - - - - - - -

446,547 443,290 445,437 442,513 449,735 465,100 365,895 (4,149,663) 1,434,530 1,438,951

- - - - - - - - - -

446,547 443,290 445,437 442,513 449,735 465,100 365,895 (4,149,663) 1,434,530 1,438,951

- - - - - - - - - -





20 21 22 23 24 25 26 27 28 29


BALANCE SHEET

ASSETS

Current Assets

Cash and Bank

Accrued Income

Work In Progress


GST Receivable


Long Term Assets





TOTAL ASSETS

LIABILITIES

Current Liabilities

Accounts Payables

Deferred Income

Accrued Expenses

GST Payable



Long Term Loans

Intercompany Loans


TOTAL LIABILITIES

NET ASSETS


Project Capital -


Dividends


P&L - Current Year


Check Balance -





Interest on Equity

Charged

Paid

Cumulative


Tax on Sales

Tax on Rents

Tax on Other Income





Paid Monthly

Paid Quarterly

Paid Bi-Annually

Paid Annually

Selected Option



Selected Option

With Reforecasting


- - - - - - - - - -

- - - - - - - - - -

22,028,084 22,511,508 22,992,787 23,476,989 23,953,969 24,415,584 24,976,405 30,052,783 30,521,567 30,985,931

- - - - - - - - - -

- - - - - - - - - -

22,028,084 22,511,508 22,992,787 23,476,989 23,953,969 24,415,584 24,976,405 30,052,783 30,521,567 30,985,931

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

22,028,084 22,511,508 22,992,787 23,476,989 23,953,969 24,415,584 24,976,405 30,052,783 30,521,567 30,985,931

- - - - - - - - - -

926,715 1,853,430 2,780,145 3,706,860 4,633,576 5,560,291 6,487,006 7,413,721 9,317,036 11,220,350

- - - - - - - - - -

- - - - - - - - - -

926,715 1,853,430 2,780,145 3,706,860 4,633,576 5,560,291 6,487,006 7,413,721 9,317,036 11,220,350

19,101,369 18,658,078 18,212,641 17,770,129 17,320,393 16,855,293 16,489,399 20,639,062 19,204,532 17,765,580

- - - - - - - - - -

19,101,369 18,658,078 18,212,641 17,770,129 17,320,393 16,855,293 16,489,399 20,639,062 19,204,532 17,765,580

20,028,084 20,511,508 20,992,786 21,476,989 21,953,969 22,415,584 22,976,405 28,052,783 28,521,567 28,985,931

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

- - - - - - - - - -

22,028,084 22,511,508 22,992,787 23,476,989 23,953,969 24,415,584 24,976,405 30,052,783 30,521,567 30,985,931

926,715 1,853,430 2,780,145 3,706,860 4,633,576 5,560,291 6,487,006 7,413,721 9,317,036 11,220,350

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

FALSE FALSE FALSE FALSE FALSE TRUE FALSE FALSE FALSE FALSE

92,672 92,672 92,672 92,672 92,672 92,672 92,672 92,672 190,331 190,331

- - - - - - - - - -

- - - - - - - - - -

3,867 4,958 4,958 4,958 4,958 3,639 3,639 3,639 6,325 6,325

- - - - - - - - - -

- - - - - - - - - -






- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -





30 31 32 33 34 35 36 37 38 39

Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10

FIXED ASSETS


Additions (Cost) -

Disposal (Cost) -








Revenue 38,932,411


Rental Income -

Other Income -

Interest Income -









Margin 4,638,886







Tax Rate 30.00%





IRR 15.86%


Interest Earned -




IRR 10.16%



IRR 7.31%


IRR 27.53%

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - 38,524,919 365,566 - - 41,166 -

- - - - 38,524,919 365,566 - - 41,166 -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - 33,934,587 322,008 - - 36,261 -

- - - - 33,934,587 322,008 - - 36,261 -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - 4,590,332 43,558 - - 4,905 -

- - - - - - - - - -

- - - - 4,590,332 43,558 - - 4,905 -

- - - - 4,590,332 43,558 - - 4,905 -

- - - - - - - - - -

- - - - 4,590,332 43,558 - - 4,905 -

30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

- - - - 1,377,100 13,067 - - 1,472 -

- - - - 3,213,233 30,491 - - 3,434 -

1,562,432 1,561,884 1,558,160 1,571,694 1,571,142 1,568,239 1,980,517 1,980,517 1,948,668 1,980,517

- - - - - - - - - -

- - - - - - - - - -

(111,035) (101,964) (92,839) (83,681) (74,381) (73,633) (64,373) (52,397) (40,347) (28,429)

- - - - - - - - - -

1,451,397 1,459,920 1,465,321 1,488,013 1,496,761 1,494,606 1,916,144 1,928,120 1,908,321 1,952,088

- - - - (1,377,100) (13,067) - - (1,472) -

1,451,397 1,459,920 1,465,321 1,488,013 119,662 1,481,538 1,916,144 1,928,120 1,906,850 1,952,088

- - - - - - - - - -





30 31 32 33 34 35 36 37 38 39


BALANCE SHEET

ASSETS

Current Assets

Cash and Bank

Accrued Income

Work In Progress


GST Receivable


Long Term Assets





TOTAL ASSETS

LIABILITIES

Current Liabilities

Accounts Payables

Deferred Income

Accrued Expenses

GST Payable



Long Term Loans

Intercompany Loans


TOTAL LIABILITIES

NET ASSETS


Project Capital -


Dividends


P&L - Current Year


Check Balance -





Interest on Equity

Charged

Paid

Cumulative


Tax on Sales

Tax on Rents

Tax on Other Income





Paid Monthly

Paid Quarterly

Paid Bi-Annually

Paid Annually

Selected Option



Selected Option

With Reforecasting


- - - - - - - - - -

- - - - 17,787,995 16,250,246 14,213,725 12,177,203 10,181,848 8,145,326

31,437,848 31,881,243 32,319,237 32,734,539 - - - - - -

- - - - - - - - - -

- - - - - - - - - -

31,437,848 31,881,243 32,319,237 32,734,539 17,787,995 16,250,246 14,213,725 12,177,203 10,181,848 8,145,326

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

31,437,848 31,881,243 32,319,237 32,734,539 17,787,995 16,250,246 14,213,725 12,177,203 10,181,848 8,145,326

- - - - - - - - - -

13,123,665 15,026,980 16,930,295 18,833,609 - - - - - -

- - - - 793,494 706,793 586,415 478,014 386,075 301,641

- - - - - - - - - -

13,123,665 15,026,980 16,930,295 18,833,609 793,494 706,793 586,415 478,014 386,075 301,641

16,314,183 14,854,263 13,388,942 11,900,930 11,781,268 10,299,730 8,383,586 6,455,466 4,548,617 2,596,528

- - - - - - - - - -

16,314,183 14,854,263 13,388,942 11,900,930 11,781,268 10,299,730 8,383,586 6,455,466 4,548,617 2,596,528

29,437,848 29,881,243 30,319,237 30,734,539 12,574,763 11,006,523 8,970,001 6,933,480 4,934,691 2,898,170

2,000,000 2,000,000 2,000,000 2,000,000 5,213,233 5,243,723 5,243,723 5,243,723 5,247,157 5,247,157

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - 3,243,723 3,243,723 3,243,723

- - - - 3,213,233 3,243,723 3,243,723 - 3,434 3,434

2,000,000 2,000,000 2,000,000 2,000,000 5,213,233 5,243,723 5,243,723 5,243,723 5,247,157 5,247,157

- - - - - - - - - -

31,437,848 31,881,243 32,319,237 32,734,539 (793,494) (706,793) (586,415) (478,014) (386,075) (301,641)

13,123,665 15,026,980 16,930,295 18,833,609 (17,787,995) (16,250,246) (14,213,725) (12,177,203) (10,181,848) (8,145,326)

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

FALSE FALSE FALSE FALSE FALSE FALSE FALSE TRUE FALSE FALSE

190,331 190,331 190,331 190,331 190,331 190,331 203,652 203,652 203,652 203,652

- - - - - - - - - -

- - - - - - - - - -

6,325 6,325 6,325 5,234 5,234 5,234 5,600 5,600 5,600 5,600

- - - - - - - - - -

- - - - - - - - - -






- - - - 1,377,100 13,067 - - 1,472 -

- - - - 1,377,100 13,067 - - 1,472 -

- - - - 1,377,100 13,067 - - 1,472 -

- - - - 1,377,100 13,067 - - 1,472 -

- - - - 1,377,100 13,067 - - 1,472 -





30 31 32 33 34 35 36 37 38 39

















Other Costs








Operating Costs -




Accruals

Retentions

Prepayments


Net Movement -


Net Movement -








PROFIT REALISATION




Threshold Achieved



Threshold Achieved



% Complete

Threshold Achieved





Profit Realised


- - - - - - - - - -

17,585 17,597 17,675 17,622 17,634 17,695 - - 650 -

261,084 261,622 262,161 262,701 263,242 263,784 - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - 3,121 - - 2,311 - - 31,308 -

- - - - - - - - - -

- - - - - - - - - -

278,669 279,220 282,957 280,323 280,877 283,790 - - 31,958 -

28,783,683 29,062,902 29,345,859 29,626,182 29,907,058 30,190,849 30,190,849 30,190,849 30,222,806 30,222,806

63,250 63,250 63,250 52,341 52,341 52,341 56,004 56,004 56,004 56,004

- - - - - - - - - -

111,035 101,964 92,839 83,681 74,381 73,633 64,373 52,397 40,347 28,429

- - - - - - - - - -

452,955 444,433 439,046 416,345 407,599 409,764 120,378 108,402 128,309 84,433

31,490,030 31,934,463 32,373,509 32,789,854 33,197,453 33,607,217 33,727,595 33,835,996 33,964,305 34,048,738

- - - - - - - - - -

- - - - - - - - - -

452,955 444,433 439,046 416,345 407,599 409,764 120,378 108,402 128,309 84,433

34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525 34,293,525

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

28,783,683 29,062,902 29,345,859 29,626,182 29,907,058 30,190,849 30,190,849 30,190,849 30,222,806 30,222,806

30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396 30,223,396

95.24% 96.16% 97.10% 98.02% 98.95% 99.89% 99.89% 99.89% 100.00% 100.00%

42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652

95,250 95,250 95,250 95,250 95,250 95,250 95,250 95,250 95,250 95,250

42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652 42,825,652

13,123,665 15,026,980 16,930,295 18,833,609 20,736,924 22,640,239 24,676,760 26,713,282 28,749,803 30,786,325

33.71% 38.60% 43.49% 48.38% 53.26% 58.15% 63.38% 68.61% 73.85% 79.08%

FALSE FALSE FALSE FALSE TRUE TRUE TRUE TRUE TRUE TRUE

89.44% 92.95% 96.47% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%


28,783,683 29,062,902 29,345,859 29,626,182 29,907,058 30,190,849 30,190,849 30,190,849 30,222,806 30,222,806

95.24% 96.16% 97.10% 98.02% 98.95% 99.89% 99.89% 99.89% 100.00% 100.00%


FALSE FALSE FALSE FALSE TRUE TRUE TRUE TRUE TRUE TRUE

89.44% 92.95% 96.47% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

95.24% 96.16% 97.10% 98.02% 98.95% 99.89% 99.89% 99.89% 100.00% 100.00%

0.00% 0.00% 0.00% 0.00% 98.95% 0.94% 0.00% 0.00% 0.11% 0.00%

0.00% 0.00% 0.00% 0.00% 98.95% 99.89% 99.89% 99.89% 100.00% 100.00%





40 41 42 43

Oct-10 Nov-10 Dec-10 Jan-11
















Other Costs








Operating Costs -




Accruals

Retentions

Prepayments


Net Movement -


Net Movement -








PROFIT REALISATION




Threshold Achieved



Threshold Achieved



% Complete

Threshold Achieved





Profit Realised


- - - -

- 12 - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- 578 - -

- - - -

- - - -

- 590 - -

30,222,806 30,223,396 30,223,396 30,223,396

56,004 56,004 56,004 56,004

- - - -

16,228 3,952 - -

- - - -

72,233 60,546 56,004 56,004

34,120,971 34,181,517 34,237,521 34,293,525

- - - -

- - - -

72,233 60,546 56,004 56,004

34,293,525 34,293,525 34,293,525 34,293,525

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

30,222,806 30,223,396 30,223,396 30,223,396

30,223,396 30,223,396 30,223,396 30,223,396

100.00% 100.00% 100.00% 100.00%

42,825,652 42,825,652 42,825,652 42,825,652

95,250 95,250 95,250 95,250

42,825,652 42,825,652 42,825,652 42,825,652

32,822,847 34,859,368 36,895,890 38,932,411

84.31% 89.54% 94.77% 100.00%

TRUE TRUE TRUE TRUE

100.00% 100.00% 100.00% 100.00%

TRUE TRUE TRUE TRUE

30,222,806 30,223,396 30,223,396 30,223,396

100.00% 100.00% 100.00% 100.00%

TRUE TRUE TRUE TRUE

TRUE TRUE TRUE TRUE

100.00% 100.00% 100.00% 100.00%

100.00% 100.00% 100.00% 100.00%

0.00% 0.00% 0.00% 0.00%

100.00% 100.00% 100.00% 100.00%





40 41 42 43


FIXED ASSETS


Additions (Cost) -

Disposal (Cost) -








Revenue 38,932,411


Rental Income -

Other Income -

Interest Income -









Margin 4,638,886







Tax Rate 30.00%





IRR 15.86%


Interest Earned -




IRR 10.16%



IRR 7.31%


IRR 27.53%

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- 760 - -

- 760 - -

- - - -

- - - -

- - - -

- - - -

- - - -

- 669 - -

- 669 - -

- - - -

- - - -

- - - -

- - - -

- 91 - -

- - - -

- 91 - -

- 91 - -

- - - -

- 91 - -

30.00% 30.00% 30.00% 30.00%

- 27 - -

- 63 - -

1,980,517 1,979,929 1,980,517 1,980,517

- - - -

- - - -

(16,228) (3,952) - -

- - - -

1,964,289 1,975,978 1,980,517 1,980,517

- (27) - -

1,964,289 1,975,951 1,980,517 1,980,517

- - - 5,304,746





40 41 42 43


BALANCE SHEET

ASSETS

Current Assets

Cash and Bank

Accrued Income

Work In Progress


GST Receivable


Long Term Assets





TOTAL ASSETS

LIABILITIES

Current Liabilities

Accounts Payables

Deferred Income

Accrued Expenses

GST Payable



Long Term Loans

Intercompany Loans


TOTAL LIABILITIES

NET ASSETS


Project Capital -


Dividends


P&L - Current Year


Check Balance -





Interest on Equity

Charged

Paid

Cumulative


Tax on Sales

Tax on Rents

Tax on Other Income





Paid Monthly

Paid Quarterly

Paid Bi-Annually

Paid Annually

Selected Option



Selected Option

With Reforecasting


- 1,343,712 3,324,229 -

6,108,805 4,073,043 2,036,522 -

- - - -

- - - -

- - - -

6,108,805 5,416,755 5,360,750 -

- - - -

- - - -

- - - -

- - - -

6,108,805 5,416,755 5,360,750 -

- - - -

- - - 0

229,409 169,534 113,530 57,526

- - - -

229,409 169,534 113,530 57,526

632,239 - - -

- - - -

632,239 - - -

861,648 169,534 113,530 57,526

5,247,157 5,247,220 5,247,220 (57,526)

2,000,000 2,000,000 2,000,000 -

- - - -

- - - (3,304,746)

3,243,723 3,243,723 3,243,723 3,243,723

3,434 3,497 3,497 3,497

5,247,157 5,247,220 5,247,220 (57,526)

- - - -

(229,409) (169,534) (113,530) (57,526)

(6,108,805) (4,073,043) (2,036,522) 0

2,000,000 2,000,000 2,000,000 (3,304,746)

- - - -

- - - -

- - - -

FALSE FALSE FALSE FALSE

203,652 203,652 203,652 203,652

- - - -

- - - -

5,600 5,600 5,600 5,600

- - - -

- - - -

TRUE TRUE TRUE TRUE




TRUE TRUE TRUE TRUE

- 27 - -

- 27 - -

- 27 - -

- 27 - -

- 27 - -


Sensitivity The Sensitivity Tables and Two-way What-if charts.

Sensitivity Analysis





SENSITIVITY TABLEChange % Net Dev. Profit NPV Dev. Margin Project IRR Equity IRR

Base Case (No Variation)

Land Acquisition Costs -5.0% 5,583,180 (796,918) 16.74% 17.38% 37.78%

-3.0% 5,251,291 (1,021,628) 15.59% 16.66% 36.49%

3.0% 4,254,961 (1,696,200) 12.27% 14.56% 32.25%

5.0% 3,922,516 (1,921,205) 11.20% 13.87% 30.68%

Construction Costs -10.0% 5,532,326 (877,854) 16.56% 17.15% 37.58%

-5.0% 5,142,788 (1,118,342) 15.22% 16.37% 36.06%

5.0% 4,363,712 (1,599,320) 12.62% 14.82% 32.74%

10.0% 3,974,173 (1,839,809) 11.37% 14.05% 30.93%

Construction Period * -20.0% 5,446,071 239,162 16.37% 20.99% 44.63%

-10.0% 5,038,314 (726,120) 14.91% 17.42% 38.35%

10.0% 4,305,163 (2,231,985) 12.40% 13.54% 29.68%

20.0% 3,856,673 (3,060,790) 10.92% 11.98% 25.55%

End Sale Values -5.0% 2,769,080 (2,456,321) 8.09% 11.83% 24.50%

-3.0% 3,564,779 (2,017,325) 10.42% 13.36% 28.90%

3.0% 5,940,492 (700,337) 17.39% 17.77% 39.10%

5.0% 6,729,412 (261,341) 19.71% 19.17% 41.84%

Capitalisation Rate -0.5% 4,753,250 (1,358,831) 13.91% 15.60% 34.44%

-0.2% 4,753,250 (1,358,831) 13.91% 15.60% 34.44%

0.2% 4,753,250 (1,358,831) 13.91% 15.60% 34.44%

0.5% 4,753,250 (1,358,831) 13.91% 15.60% 34.44%

Sales Span ** -30.0% 4,779,009 (1,085,918) 14.06% 16.29% 36.26%

-20.0% 4,860,387 (1,040,014) 14.30% 16.45% 36.62%

20.0% 4,646,692 (1,670,675) 13.52% 14.85% 32.46%

30.0% 4,728,854 (1,625,864) 13.76% 14.99% 32.79%

Rental Levels -20.0% 4,753,250 (1,358,831) 13.91% 15.60% 34.44%

-10.0% 4,753,250 (1,358,831) 13.91% 15.60% 34.44%

10.0% 4,753,250 (1,358,831) 13.91% 15.60% 34.44%

20.0% 4,753,250 (1,358,831) 13.91% 15.60% 34.44%

Debt Interest Rates -2.0% 5,456,035 (1,358,831) 16.30% 15.60% 37.29%

-1.0% 5,109,247 (1,358,831) 15.11% 15.60% 35.92%

1.0% 4,387,832 (1,358,831) 12.70% 15.60% 32.85%

3.0% 3,625,129 (1,358,831) 10.27% 15.60% 29.21%

Discount Rate 18.0% (770,951)

19.0% (1,070,799)

20.0% (1,358,831)

21.0% (1,635,451)

* Variation to Construction Period in sensitivity table delays span dates for Construction and start and span for Professional Fees, Statutory Contributions and Misc. Costs.Delays start but not span date for Sales, Rental and Other Income. Delays the span for Land Holding costs. Has no effect on Land Purchase or Finance costs (except interest).

** Varies span date for Pre-Sale Exchange and Settlement periods, but not commencement dates.

Notes: Two-Way What-If Charts do not take into consideration any variations to the Corporate Tax caused by the change in the 2 selected variables.This is due to Finance Fess and/or Interest Charges being set in the Preferences to be allocated to Works in Progress (WIP) for Profit and Loss reporting.

0%

5%

10%

15%

20%

25%

Pro

ject IR

R (

%)

-10.0% -5.0% 0.0% 5.0% 10.0%

Construction Cost

End Sale Value down 5%

End Sale Value down 3%

End Sale Value no change

End Sale Value up 3%

End Sale Value up 5%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Deve

lopm

ent P

rofit (,

000's

)

-5.0% -3.0% 0.0% 3.0% 5.0%

Land Cost

Construction Cost down 10%

Construction Cost down 5%

Construction Cost no change

Construction Cost up 5%

Construction Cost up 10%


Probability The Probability Analysis inputs and distribution profiles of the Development Margin

and IRR.

Probability Settings

SUMMARY OF PROBABILITY VARIABLES

Profile Profile Name 100%? EnableRandom Value

1 Land Acquisition Costs OK Yes -2.5%

2 Construction Costs OK Yes -5.0%

3 End Sale Values OK Yes 0.0%

4 Construction Period OK Yes 0.0%

5 Sales Span Period OK Yes 15.0%

6 Capitalisation Rate OK Yes -0.3%

7 Rental Income OK Yes 30.0%

8 All Debt Interest Rates OK Yes 0.0%

9 For Advanced Excel Users OK Yes 0.0%

PROBABILITY PROFILES

Probability Profile No. 1 Probability Profile No. 2 Probability Profile No. 3Land Acquisition Costs Construction Costs End Sale Values

Prob(%) Values Prob(%) Values Prob(%) Values

5.0% -7.5% 5.0% -15.0% 5.0% -7.5%

10.0% -5.0% 10.0% -10.0% 10.0% -5.0%

20.0% -2.5% 20.0% -5.0% 20.0% -2.5%

30.0% 0.0% 30.0% 0.0% 30.0% 0.0%

20.0% 2.5% 20.0% 5.0% 20.0% 2.5%

10.0% 5.0% 10.0% 10.0% 10.0% 5.0%

5.0% 7.5% 5.0% 15.0% 5.0% 7.5%

0.0% 0.0% 0.0%

TOTAL 100% TOTAL 100% TOTAL 100%

Probability Profile No. 4 Probability Profile No. 5 Probability Profile No. 6Construction Period Sales Span Period Capitalisation Rate


5.0% -30.0% 5.0% -45.0% 5.0% -0.8%

10.0% -20.0% 10.0% -30.0% 10.0% -0.5%

20.0% -10.0% 20.0% -15.0% 20.0% -0.3%

30.0% 0.0% 30.0% 0.0% 30.0% 0.0%

20.0% 10.0% 20.0% 15.0% 20.0% 0.3%

10.0% 20.0% 10.0% 30.0% 10.0% 0.5%

5.0% 30.0% 5.0% 45.0% 5.0% 0.8%

0.0% 0.0% 0.0%


Probability Profile No. 7 Probability Profile No. 8 Probability Profile No. 9Rental Income All Debt Interest Rates For Advanced Excel Users


5.0% -30.0% 5.0% -3.0% 100.0%

10.0% -20.0% 10.0% -2.0% 0.0%

20.0% -10.0% 20.0% -1.0% 0.0%

30.0% 0.0% 30.0% 0.0% 0.0%

20.0% 10.0% 20.0% 1.5% 0.0%

10.0% 20.0% 10.0% 3.0% 0.0%

5.0% 30.0% 5.0% 4.5% 0.0%

0.0% 0.0% 0.0%


This table allows you to select which variable inputs you wish to apply the random generator to. If one of the items are known (ie fixed value), deselect the Random Generator option.

These tables below are the probability tables for the variable inputs. You can only change the blue font cells. The right column percentages are the degrees of variation from the most likely estimate whilst the left column of percentages is the probability assigned to each of the variations.


Probability Profiles of Returns





Development Margin Internal Rate of Return

First Decile 5.58% First Decile 9.71%

First Quartile 9.16% First Quartile 12.77%

Median 13.50% Median 15.30%

Third Quartile 17.82% Third Quartile 19.37%

Last Decile 21.45% Last Decile 22.86%

Average 13.35% Average 16.02%

Standard Deviation 6.32% Standard Deviation 5.25%

Target Margin = 25%

Target IRR = 20%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Probability

< -10 -5 0 5 10 15 20 25 30 35 40 45+

Development Margin (%)

Probability Distribution of Development Margin

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Probability

< -10 -5 0 5 10 15 20 25 30 35 40 45+

IRR (%)

Probability Distribution of IRR


Comparison Store and compare up to 8 different development scenarios or options.

Comparison of Options

TRUE 1 TRUE 1 TRUE 1

Case Study 1

Warning! - Information in the Report is not up to date.

Recommend you store the current option/stage.


REVENUE

Gross Sales Revenue

Less Selling Costs

Less Purchasers Costs

NET SALES REVENUE

Gross Rental Income

Less Outgoings & Vacancies

Less Letting Fees

Less Incentives (Rent Free and Fit Out Costs)

Less Other Leasing Costs

NET RENTAL INCOME

Interest Received

Other Income

TOTAL REVENUE (before GST paid)

Less GST paid on all Revenue

TOTAL REVENUE (after GST paid)

COSTS

Land Purchase Cost

Land Acquisition Costs

Construction (inc. Construct. Contingency)

Professional Fees

Statutory Fees

Miscellaneous Costs 1



Project Contingency (Reserve)

Land Holding Costs

Pre-Sale Commissions

Finance Charges (inc. Line Fees)

Interest Expense

TOTAL COSTS (before GST reclaimed)

Less GST reclaimed

Plus Corporate Tax

TOTAL COSTS (after GST reclaimed)

PERFORMANCE INDICATORS1

Gross Development Profit2

Net Developer's Profit after Profit Share3

Development Margin (Profit/Risk Margin)

Target Development Margin4

Residual Land Value (Target Margin)

5

Breakeven Date for Cumulative Cash Flow

Discount Rate (Target IRR)6

Net Present Value8

Benefit Cost Ratio9

Project Internal Rate of Return (IRR)10

Residual Land Value (NPV)

Peak Debt Exposure

Date of Peak Debt Exposure11

Breakeven Date for Project Overdraft

Total Equity Contribution

Peak Equity Exposure

Date of Peak Equity Exposure12

IRR on Equity

Weighted Average Cost of Capital (WACC)

YIELD ANALYSIS Qty Area Qty Area Qty Area

SALES SqM SqM SqM

Residential - 1 Bedroom Units 200 3,720 200 3,720 120 2,232

TOTAL 200 3,720 200 3,720 120 2,232

TENANCIES SqM SqM SqM

TOTAL 0 0 0

Footnotes (based on current Preferences):


2. Developer's Net Profit after distribution of profit share.




6. Net Present Value: is the Developer's cash flow stream discounted to present value.

It includes financing costs but excludes interest and corp tax.






1 2 3

Deferred Land Payment JV

Land and Profit Share Percentage of Sales JV

Summary of Comparison of Options

Option 1 Option 2 Option 3

200. Lots 200. Lots 200. Lots

- - -

20. Ha 20. Ha 20. Ha

Land Subdivision Land Subdivision Land Subdivision

Under Review Under Review Under Review

57,042,046 57,042,046 34,225,228

(2,921,580) (2,921,580) (2,921,580)

- - -

54,120,467 54,120,467 31,303,648

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

54,120,467 54,120,467 31,303,648

(5,185,641) (5,185,641) (3,111,384)

48,934,826 48,934,826 28,192,264

20,000,000 7,000,000 -

1,267,308 434,126 -

10,924,823 10,924,823 10,924,823

970,229 970,229 970,229

8,219,113 8,219,113 8,219,113

- - -

- - -

- - -

390,824 390,824 390,824

216,596 216,596 216,596

- - -

350,000 350,000 350,000

2,335,569 1,348,750 2,677,394

44,674,463 29,854,462 23,748,981

(3,202,263) (2,009,701) (1,367,552)

- - -

41,472,200 27,844,761 22,381,428

7,462,626 21,090,065 5,810,836

7,462,626 7,381,523 5,810,836

16.81% 23.99% 22.96%

22.00% 22.00% 22.00%

18,127,345 8,013,704 194,688

Aug-2012 Apr-2012 Jul-2012

20.00% 20.00% 20.00%

37,969 932,347 758,302

1.001 1.045 1.047

20.12% 23.61% 22.95%

20,057,885 10,228,866 1,170,918

32,937,718 17,943,424 20,698,993

Jul-2011 Jul-2011 Jun-2011

Dec-2012 Dec-2012 Dec-2012

6,627,942 7,627,942 1,363,399

6,000,000 7,000,000 1,000,000

Jan-2010 Jan-2010 Jan-2010

33.64% 31.70% 72.04%

7.06% 12.81% 10.23%

Estate Master DF Ver 5.3 Page 1 of 1 Pages File: DF_CS001 - Joint Ventures with a Land Owner.emdf Date of Report: 14/10/2013 12:27 PM

Consolidate Consolidates up to 8 input sheets into a consolidated summary and cash flow chart.

Ideal for staged developments.

Consolidation of Stages

TRUE 1 TRUE 1 TRUE 1 TRUE 1 TRUE 1 TRUE 1 TRUE 1 TRUE 1

TOTAL

Stanwell Gardens

Warning! - Information in the Report is not up to date.

Recommend you store the current option/stage.


REVENUE

Gross Sales Revenue

Less Selling Costs

Less Purchasers Costs

NET SALES REVENUE

Gross Rental Income

Less Outgoings & Vacancies

Less Letting Fees

Less Incentives (Rent Free and Fit Out Costs)

Less Other Leasing Costs

NET RENTAL INCOME

Interest Received

Other Income

TOTAL REVENUE (before GST paid)

Less GST paid on all Revenue

TOTAL REVENUE (after GST paid)

COSTS

Land Purchase Cost

Land Acquisition Costs

Construction (inc. Construct. Contingency)

Professional Fees

Statutory Fees




Project Contingency (Reserve)

Land Holding Costs

Pre-Sale Commissions

Finance Charges (inc. Line Fees)

Interest Expense

TOTAL COSTS (before GST reclaimed)

Less GST reclaimed

Plus Corporate Tax

TOTAL COSTS (after GST reclaimed)

PERFORMANCE INDICATORS1

Gross Development Profit2

Net Developer's Profit after Profit Share3

Development Margin (Profit/Risk Margin)

Target Development Margin4

Residual Land Value (Target Margin)

5

Breakeven Date for Cumulative Cash Flow

Discount Rate (Target IRR)6

Net Present Value @ Start of Stage

Date of Commencement

Holding Discount Rate -7

NPV at Start of Consolidated Cash Flow8

Benefit Cost Ratio9

Project Internal Rate of Return (IRR)10

Residual Land Value (NPV) @ Start of Stage

Peak Debt Exposure

Date of Peak Debt Exposure11

Breakeven Date for Project Overdraft

Total Equity Contribution

Peak Equity Exposure

Date of Peak Equity Exposure12

IRR on Equity

Weighted Average Cost of Capital (WACC)

YIELD ANALYSIS Qty Area Qty Area Qty Area Qty Area Qty Area Qty Area Qty Area Qty Area Qty Area

SALES SqKm SqKm SqKm SqKm SqKm SqKm SqKm SqKm SqKm

Residential - 1 Bedroom Units 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 8 0



Detached Dwelllings Lots 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 8 0

Townhouse Lots 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 8 0

TOTAL 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 40 0

TENANCIES SqM SqM SqM SqM SqM SqM SqM SqM SqM

TOTAL 0 0 0 0 0 0 0 0 0

Footnotes (based on current Preferences):


2. Developer's Net Profit after distribution of profit share.




6. Net Present Value: is the project's cash flow stream discounted to present value.

It includes financing costs but excludes interest and corp tax.

7. Net Present Value of each stage at commencement of the consolidated cash flow using the Holding Discount Rate.






1 2 3 4 5 6 7 8

Precinct 1 Precinct 2 Precinct 3 Precinct 4 Precinct 5 Precinct 6 Precinct 7 Precinct 8

Summary of Stages and Consolidated Project

Proposal to Bank Proposal to Bank Proposal to Bank Proposal to Bank Proposal to Bank Proposal to Bank Proposal to Bank Proposal to Bank

- - - - - - - -

29. No. of Lots 14. No. of Lots 13. No. of Lots 20. No. of Lots 29. No. of Lots 10. No. of Lots 12. No. of Lots 2. No. of Lots

89,716. SqM 48,193. SqM 44,891. SqM 64,268. SqM 87,880. SqM 88,812. SqM 97,775. SqM 32,426. SqM

Land Subdivision Land Subdivision Land Subdivision Land Subdivision Land Subdivision Land Subdivision Land Subdivision Land Subdivision

Under Review Under Review Under Review Under Review Under Review Under Review Under Review Under Review

31,994,053 16,605,960 15,510,020 21,851,120 29,879,200 30,196,080 33,243,500 9,285,080 188,565,013

(1,846,277) (715,357) (667,628) (949,525) (1,305,634) (1,234,691) (1,363,649) (382,654) (8,465,414)

- - - - - - - - -

30,147,777 15,890,603 14,842,392 20,901,595 28,573,566 28,961,389 31,879,851 8,902,426 180,099,599

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

30,147,777 15,890,603 14,842,392 20,901,595 28,573,566 28,961,389 31,879,851 8,902,426 180,099,599

- - - - - - - - -

30,147,777 15,890,603 14,842,392 20,901,595 28,573,566 28,961,389 31,879,851 8,902,426 180,099,599

4,800,000 2,563,042 2,387,433 3,417,957 4,673,711 4,723,278 5,199,956 1,724,508 29,489,885

256,525 127,900 117,802 177,058 249,263 252,114 279,523 79,684 1,539,868

5,962,831 2,775,826 2,585,637 3,701,716 5,061,723 5,115,404 5,631,656 1,867,677 32,702,469

1,278,583 247,875 230,892 330,555 452,001 456,794 502,894 166,779 3,666,373

1,027,954 737,201 686,691 983,098 1,344,287 1,358,544 1,495,650 496,016 8,129,441

805,257 373,116 346,809 521,781 743,549 400,038 458,442 116,007 3,765,000

4,839,875 2,514,556 2,342,269 3,353,298 4,585,297 4,633,926 5,101,586 1,691,885 29,062,692

400,000 142,639 132,866 190,217 260,103 262,862 289,390 95,973 1,774,051

- 606,306 564,764 808,543 1,105,600 1,117,326 1,230,087 407,945 5,840,571

380,250 158,035 147,942 429,601 283,929 312,867 348,678 127,598 2,188,899

- - - - - - - - -

- - - - - - - - -

936,417 654,583 735,273 1,596,376 3,011,622 3,344,404 4,179,093 1,418,927 15,876,696

20,687,692 10,901,081 10,278,379 15,510,200 21,771,085 21,977,555 24,716,955 8,192,998 134,035,946

- - - - - - - - -

- - - - - - - - -

20,687,692 10,901,081 10,278,379 15,510,200 21,771,085 21,977,555 24,716,955 8,192,998 134,035,946

9,460,084 4,989,522 4,564,012 5,391,395 6,802,480 6,983,834 7,162,896 709,428 46,063,653

9,460,084 4,989,522 4,564,012 5,391,395 6,802,480 6,983,834 7,162,896 709,428 46,063,653

41.98% 42.95% 41.70% 32.76% 29.48% 30.09% 27.46% 8.27% 32.33%

15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%

Not Computed Not Computed Not Computed Not Computed Not Computed Not Computed Not Computed Not Computed -

May-2008 Mar-2009 Oct-2009 Nov-2010 Jun-2012 May-2013 Feb-2014 May-2014 Dec-2012

20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%

5,865,068 2,243,651 1,640,594 603,690 (739,641) (1,071,365) (1,806,589) (1,010,565)

Jan-07 Jan-07 Jan-07 Jan-07 Jan-07 Jan-07 Jan-07 Jan-07

5,865,068 2,243,651 1,640,594 603,690 (739,641) (1,071,365) (1,806,589) (1,010,565) 5,724,843

1.331 1.272 1.232 1.062 0.935 0.888 0.819 0.673

60.87% 42.19% 35.59% 23.19% 17.52% 16.49% 14.80% 9.82% 24.07%

Not Computed Not Computed Not Computed Not Computed Not Computed Not Computed Not Computed Not Computed -

19,711,413 10,809,499 10,252,229 15,066,810 20,819,715 21,604,356 24,253,066 8,191,910 48,611,002

Jan-2008 Nov-2008 Jul-2009 Jan-2010 Mar-2011 Nov-2012 Jul-2013 Apr-2014 May-2014

May-2008 Mar-2009 Oct-2009 Nov-2010 Jun-2012 May-2013 Feb-2014 May-2014

- - - - - - - - -

- - - - - - - - -

N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Jan-1900

N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. #NUM!

8.50% 7.20% 7.20% 7.20% 7.20% 7.20% 7.20% 7.20%


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