Isaac Property is a leading national developer of retail, residential and industrial projects.

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1 Isaac Property is a leading national developer of retail, residential and industrial projects. Its Chairman, Tony Isaac, has over 30 years experience and has been involved in the site acquisition and development of well over 100 shopping centres to date. The Company is privately owned and family run, supported by a long-standing and experienced team of design consultants. Working together in close coordination, they have refined the development process through extensive experience gained from an impressive achievement of successfully completed projects. Today, Isaac Property s track record stands as testament to its ability to manage all aspects of the development process.

2 Services Site Acquisition Isaac Property lead by Tony Isaac has forged its reputation on its ability to identify and acquire development sites across all sectors of property. It is a skill that is lacking in many of its competitors who look to open-market transactions to source their pipeline of development stock. Isaac Property prides itself on its ability to create opportunities to value-add and develop profitable projects. Historically, Tony has negotiated the acquisition of numerous parcels to consolidate sites varying from as little as two parcels (Erina Fair Shopping Centre, totaling 88 acres) to 73 parcels (Deep Water Plaza, Woy Woy, NSW). Development & Project Management Through the delivery of well over 100 shopping centres and numerous residential and industrial projects, Isaac Property has refined the delivery process including all facets of Development and Project Management. This varies from the development and project management of its own centres, through to delivery of assets on pre-sales and services undertaken upon engagement by various clients. Isaac Property has a long-standing and trusted team of consultants, many of which have been working together with Isaac Property for close to 30 years. Isaac Property s focus goes beyond simply managing the development process; its long history in what is a specialised field allows it to identify key factors pertaining to the ongoing success of the project past completion. Its attention to tenancy ratios, profiles and layouts, as well as sustainable rents and lease terms is what sets it apart from simply managing the building process. Isaac Property s track record of successfully completed centres is testament to its ability to properly manage the whole development process. Feasibility and Due Diligence Analysis Isaac Property is able to undertake a comprehensive Due Diligence service on any project in the retail, residential and industrial sectors. This service goes beyond addressing the parameters of the site itself, but also includes discussions with the relative planning authorities, market analysis and detailed feasibility analysis using nationally recognised modeling adopted by the Banks and institutional purchasers. Property Finance & Structuring Isaac Property advise clients on current lending criteria of the Banks and Institutions, as well as the negotiation and documentation on clients behalf to establish the best finance structure and pricing for their project. In addition, Isaac Property work with appropriate tax, accounting and legal professionals to tailor investment structures to suite investor s needs varying from simple to highly complex on behalf of high net worth individuals through to large corporates. Sales & Leasing Isaac Property has long standing relationships with the major national retailers including Woolworths, Coles, IGA, Aldi and Bunnings. Through its experience as both a developer and Tony s previous role on Woolworths Property Division Board, Isaac Property has a unique insight to negotiate the best outcome for the client in both the immediate and longer terms. Isaac Property hold real estates licenses in both NSW and QLD. Investment & Joint Venturing Isaac Property have been involved in the design and structuring of many investment vehicles to capture and deliver the returns generated from their developments. Isaac Property along with its long standing legal and tax advisors seek to achieve the most efficient and secure structure both from a tax and management process whilst being able to ascertain and communicate in a transparent manner the performance of each investment. This is vital input into the investment management process and is essential to communication and trust building process which is a foundation of Isaac Property s investment philosophy. Isaac Property have a select group of long standing joint venture partners but have also worked with a variety of investors be they from institutional backgrounds, the private sector or from local government.

3 Company Overview As founder and sole Director of Isaac Property, Tony has overseen the development of well over 100 shopping centres across Australia. Originally from Goulburn in country NSW, Tony started his foray in to property running a successful real estate and valuation practice for 20 years. In 1979, Tony moved to Sydney and joined New World Properties Group. With all funding guaranteed by Coles, New World Properties developed approximately 90 Coles based shopping centres across Australia over a period of 9 years, including the first Kmarts and Super Kmarts in Australia. Following on from Coles and New World Properties, in the mid 80 s Tony formed his own development company to continue developing a number of shopping centres whilst expanding into other sectors including residential, industrial and hotels. In 1995 Tony acted for 5 years as Development Manager and Consultant to Woolworths Property Division Board overseeing the acquisition and development of Woolworths based shopping centre sites including the introduction of the Marketplace concept. During that time, Tony worked on over 150 files and was involved in the acquisition, approval and development of over 40 centres. Ben joined the company in 2003 after completing a Bachelor of Property Economics at UTS and also having previously worked with a residential development company as Acquisitions & Manager. Under the guidance of Tony, Ben s interest quickly turned to retail, culminating in his management of the Logan Mega Centre and IKEA which was developed by Isaac Property and completed in At a combined 60,000m2 of NLA, this was at its time the largest bulky goods centre in Australia and included the largest IKEA in the Southern Hemisphere. Jono joined the company in 2005 after undertaking studies in Real Estate and Property Valuation. Jono maintains a thorough and very hands-on approach on all projects he undertakes in the same vein as his father. Within only a few years of working with Isaac Property, Jono had undertaken and successfully completed a number of major projects for the Group, including a large distribution warehouse facility for Fosters which was pre-sold to Lend Lease, as well as 40 waterfront apartments in Hervey Bay. Jono maintains a strong interest across all sectors of property and continues to be involved in the development and project management of retail, industrial and residential projects under the tutorage of Tony. Since 2000, Tony has continued to develop projects acreoss the various property sectors and has been joined by two of his sons in the family business. Tony maintains strong ties to the country, regularly visiting the family farm and maintains a keen interesting in horse racing through breeding and racing a number of horses.

4 Projects The Logan Mega Centre & IKEA, Springwood, QLD Completed in 2007, the bulky goods Mega Centre is centrally located on the Pacific Highway between Brisbane and the Gold Coast with significant exposure to the M1 Motorway. Together with IKEA, the development consists of 60,000m2 of NLA and a 1700 space shared basement car park over a total site of 7 hectares. The site was purchased by Isaac Property and developed jointly with IKEA, with a pre-sale in place to Mirvac for the Logan Mega Centre. Prior to construction, the site was subdivided into two parcels; the first parcel initially retained by the Isaac Group and the second parcel on sold to IKEA with a Development Agreement in place to jointly develop the civil works and shared basement carpark. Isaac Property undertook the Development Application & Approval process, Construction Management, Contract Administration, Development Management and Leasing of the Logan Mega Centre. Designed by The Buchan Group, the Mega Centre was at the fore-front of design for bulky goods centres with the highest level of finishes, being set over 2 levels with convenient internal access to basement car parking. Isaac Property was heavily involved in the leasing of the Centre, appointing and working in conjunction with Brisbane based Ray White Retail, with a strong focus on tenancy mix, profile and favourable lease terms. Major tenants included Spotlight, Anaconda, Freedom, Bay Leather Republic, Snooze, Dick Smith Powerhouse, Oz Design, Sleep City, Everyday Living and the Coffee Club just to name just a few. The completed landmark project represents one of the combined largest bulky goods offerings in Australia and the IKEA at the time of completion was it s largest store in the Southern Hemisphere at 30,000m2.

5 Projects Tingeera Luxury Apartments, Hervey Bay, QLD Tingeera Luxury Apartments is located on the Esplanade in Pialba, Hervey Bay, with uninterrupted views from the ground floor up across Wide Bay to the Heritage Listed Fraser Island. Hervey Bay is one of the Nations fastest growing Cities and is a tourist Mecca for travelers looking to spot humpback whales which travel to the calm waters of the Bay each year. Travellers also head across to Fraser Island to sample the azure freshwater lakes and ancient rainforests. Located in one of the best elevated locations on the waterfront, Tingeera consists of 40 apartments over 6 levels, including 6 penthouse apartments with expansive roof top terraces, resort style facilities including 25m saltwater lap pool, spa, fully equipped gymnasium and outdoor bbq facilities. The complex was designed to cater for both holiday makers and owner occupiers alike, with 8 large boat garages and wash down facilities, as well as on-site management and a high level of finishes to the apartments. Isaac Property successfully sold many of the apartments off the plan to a variety of owner occupiers and investors and continues to hold as investment a number of apartments in the managed letting pool.

6 Projects Fosters Wine Distribution Warehouse, Glendenning, NSW Glendenning is strategically located just to the north of the intersections of the M4 & M7 Motorways making it extremely accessible for distribution companies. One such company, Nexday (a wholly owned subsidiary of Fosters), commissioned Isaac Property to locate, acquire and develop a purpose-built distribution warehouse. As Nexday provided all wine delivery for Fosters, the warehouse was required to be temperature controlled within a strict parameter of 4 degrees Celsius. After locating and acquiring an appropriate site, Isaac Property along with its consultants designed and constructed a new warehouse facility including 6,308m2 of warehouse storage space, 2 level mezzanine office and associated kitchenette and bathroom facilities including a truck driver rest area. Temperature control measures were implemented through the use of imported ThyssenKrupp PIR insulated panels and automated mechanical ventilation system. Isaac Property negotiated a Lease with Nexday before the asset was pre-sold to Lend Lease Real Estate Investment Fund and delivered under a Development Agreement. The project was completed ahead of program and within budget, with the sale price reflecting a record capitalisation rate for the asset class and area.

7 Projects Cooper Peak Apartments, Bellevue Hill, NSW Situated on the corner of Bellevue and Cooper Park Roads, this recently completed Sydney Eastern Suburbs prestige residential complex was constructed on a 2,500m2 site acquired and consolidated by Isaac Property. It comprises only 9 high end apartments each individually designed by renowned architects Melocco & Moore. The apartments are set within 3 separate pavilions over 3 levels to ensure each apartment has its own floor with individual lift access. Interiors were designed by renowned Interni Interior Architects and are of the highest quality. The apartments are expansive and range in area from 273 sq. m. up to house-like size garden apartments over 544 sq. m. The Complex enjoys close proximity to the popular Cooper Park, Double Bay and Bondi Junction shopping, beaches and harbour. City skyline and district views are available to all apartments. Recent sales achieved the highest square metre rate for residential sales in Bellevue Hill; one of Sydney s most prestigious suburbs, testament to the quality and finishes of the product. The project was developed and owned in partnership with Harvey Norman.

8 Investment & Joint Venturing Isaac Property have been involved in the design and structuring of many investment vehicles to capture and deliver the returns generated from their developments. Isaac Property along with their long standing legal and tax advisors seek to achieve the most efficient and secure structure both from a tax and management process whilst being able to ascertain and communicate in a transparent manner the performance of each investment. This is vital input into the investment management process and is essential to communication and trust building process which is a foundation of Isaac Property s investment philosophy. Isaac Property have a select group of long standing joint venture partners but have also worked with a variety of investors be they from institutional backgrounds, the private sector or from local government.

9 Contact Isaac Property Group Level 30, North Point 100 Miller Street North Sydney, NSW 2060 Office: Fax: Post: PO Box 1240 North Sydney NSW 2059 Tony Isaac mob Ben Isaac mob Jono Isaac mob