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ACCOUNTING TREATMENT BY PROJECTProject Interest Accounting methodRenaissance Rise and The Groves, Mernda 100% ConsolidatedSeabreeze, Pottsville 100% ConsolidatedOfficer 100% ConsolidatedHaywards Bay, Wollongong 92% Consolidated with minority interestMirador, Merimbula 92% Consolidated with minority interestForster 92% Consolidated with minority interestMarie Avenue, Taree 92% Consolidated with minority interestAscot Chase, Ascot Vale 75% Consolidated with minority interestKalynda Chase, Townsville 30% Fair value through the P&LPacific Dunes, Port Stephens 19.1% Preferred equity return accounted for as interest incomeSandhurst, Melbourne 26.7% Preferred equity return accounted for as interest incomeSanctuary Lakes, Melbourne 50% Preferred equity return accounted for as interest incomeJacks Point, Queenstown 100% Preferred equity return accounted for as interest incomeHenley Downs, Queenstown 50% Preferred equity return accounted for as interest incomeForrestdale, Perth 25% Equity accounted through PRM holding companyMeve, Perth 7.5% Equity accounted through PRM holding companyBanksia Grove, Perth 15% Equity accounted through PRM holding companyBrennand Road, Dongara 20% Equity accounted through PRM holding company24Note: This table illustrates why consolidated revenue is not the most appropriate measure of portfolioperformance. Differing accounting treatments for each project means that net profit and lot sales aremore appropriate metrics.BLP’s 60% interest in development manager PRM <strong>Group</strong> is consolidated with minority interest
DISTRIBUTIONSFirst Half Second Half Full YearFixed distribution per stapled security FY07 3.75¢ 3.75¢ 7.50¢Fixed distribution per stapled security FY08 4.125¢ 4.125¢ 8.25¢Distribution FY09 and beyondDetermined by Directors based on the performance of portfolio at that point in time25
Page 2 and 3: AGENDA1. Key achievements2. Financi
Page 4 and 5: AGENDA1. Key achievements2. Financi
Page 7: PORTFOLIO SUMMARYCurrent IPO % Chan
Page 10 and 11: DEVELOPMENT CYCLE UPDATEAnticipated
Page 12 and 13: PORTFOLIO MANAGEMENT STRATEGY• Gr
Page 14 and 15: RESIDENTIAL MARKET OUTLOOKAustralia
Page 16 and 17: OUTLOOK FOR BLP• Portfolio divers
Page 18 and 19: APPENDICES1. Financial information2
Page 20 and 21: CONSOLIDATED BALANCE SHEETConsolida
Page 22 and 23: CASH FLOW STATEMENTConsolidatedPeri
Page 26 and 27: APPENDICES1. Financial information2
Page 28: DISCLAIMERThis presentation has bee

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