2012 HALF YEAR RESULT

29 FEBRUARY 2012

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H1 FY12 overview

― Financial result

― Statutory loss of $2.8 million for H1 FY12, earnings skewed to H2 FY12

― Net assets of $0.8 million negatively impacted by lower Retirement Alliance and interest rates swap valuations

― Simplification of business continuing

― Unmarketable parcels sale facility reduced number of securityholders by approximately 1,714

― 200:1 consolidation of BEC Securities reduced number of shares on issue from 1.5 billion to 7.4 million

― Capital management

― Continuing to work closely with our corporate financier to seek to strengthen the balance sheet

― Market conditions and outlook

― Polarised residential market segments driven by localised demand / supply attributes

― Becton development projects are generally in markets in which fundamentals are sound and much of our stock is at a relatively resilient price point – resulting in steady sales during the period ($82.8 million in contracts exchanged in H1 FY12)

― Retirement Alliance assets impacted by cautious consumer, local residential market conditions, low stock levels and fewer development projects

― Long term fundamentals underpinning demand remain strong

― Focus is now on execution and growth - residential property (including retirement living) in Vic and NSW

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2012 half year result

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Statutory loss significantly reduced

Statutory result― Improvement due to reduction in non-operating costs and impairments

― However result impacted by Retirement valuation decrements of $2.1 million

Operational metrics― Result down significantly from H1 FY11 due to:

• Development and Retirement settlements skewed to H2 FY12

• fewer Retirement development projects and low stock availability

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Key metrics H1 FY12 H1 FY11

Revenue ($m) 44.3 48.3

Group Operating EBT($m) (0.7) 9.1

NPAT from ordinary operations ($m) (0.7) 6.7

Net non-operating items (net of tax) ($m) (2.1) (33.5)

Statutory profit ($m) (2.8) (26.8)For

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Operational performanceDevelopment and Construction

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Settlements skewed to H2 FY12

Settlement revenue ($m) skewed to H2 FY12 Forecast settlements**

$m $m

-5

10 15 20 25 30 35 40 45 50

0

20

40

60

80

100

120

140

160

Exchanged - settle FY12 (Forecast)

Settled (Actual)

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Note – Does not include non-core site sales and excludes the Retirement Alliance sales. •Interest costs incurred that are directly attributable to a project are capitalised**Assumes projects are completed and exchanges proceed to settlement within the forecast period

Construction activity up 106% on H1 FY11

$m

H1 FY10 H1 FY11 H1 FY12

EBT* ($m) skewed to H2 FY12

-

2

4

6

8

10

12

H1 FY10 H1 FY11 H1 FY12

$m

0

10

20

30

40

H1 FY11 H1 FY12

0FY11 FY12 YTD

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Solid ten year $1.2b+ development pipelineof quality projects in target markets

Sector Project FY12 forecast

settlements

FY13 forecast

settlements

FY14and beyond

forecast settlements

Total

Integrated Social / Private Residential Kensington, Vic

$55m $55m

Integrated Social / Private Residential Bonnyrigg, NSW

$21m $88m $577m $686m

Private Residential / Retail Waterloo, $69m $96m $323m $488m

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NSW

Total $145m $184m $900m $1,229m

Liv, Kensington Divercity, WaterlooNewleaf, Bonnyrigg

As at 31 December 2011Forecasts assume projects are completed and exchanges proceed to settlement within the forecast period

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Operational performanceRetirement Living

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Results impacted by low stock levels and fewer development projects

Retirement EBT* First time sales**No. of dwellings

0

10

20

30

40

50

60

70

80

FY09 FY10 FY11 FY12

Sales (F)

Sales (A)

-

2

4

6

$m

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Resales***High occupancy across the portfolio

*Direct interest incurred in the operations of the business are included in EBT, however Group interest is excluded**Forecast assumes projects are completed and exchanges proceed to settlement within the forecast period***Forecast based on reservations and stock available for sale as at 31 December 2011

No. of dwellings

0

20

40

60

80

100

FY09 FY10 FY11 FY12

Resales (F)

Resales (A)

FY09 FY10 FY11 FY12-

H1 FY10 H1 FY11 H1 FY12

95% 97% 97% 96% 97% 100%

-10% 20% 30% 40% 50% 60% 70% 80% 90%

100%

Brighton Malvern Dee Why Bunbury Waverley C.C.

WahroongaFor

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Development pipeline of quality projects in target markets

Village Location FY12 forecast

settlements

FY13 forecast

settlements

FY14 and beyond forecast

settlements

Total

Waverley Country Club Rowville, Vic 21 24 - 45

The Woniora* Wahroonga, NSW 7 - 50 57

Malvern East Malvern East, Vic - - 75 75

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Total 28 24 125 177

Waverley Country Club, Vic Malvern East, VicThe Woniora, NSW

*Held directly on balance sheet, not in the Retirement Alliance with the Oman Investment FundAll forecasts assume projects are completed and reservations proceed to settlement within the forecast period As at 31 December 2011

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Capital management

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Capital management

Corporate facility ($87.9 million)― Strong relationship exists between Becton and BOS International (Australia) Ltd

― Gearing ratio breach (as at 31 December 2011) waived

― Discussions commenced in relation to March 2013 expiry

Retirement Alliance term debt facility ($73.6 million)― Positive discussions with Suncorp regarding a further medium term extension

― Negotiations continue with new debt providers regarding a longer term refinance

Please refer to notes to the financial accounts for more information

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Capital management – debt summary

FacilitiesDrawn as at

31 December 2011

Lender Maturity Comments

Term Debt $73.6m Suncorp Mar-12Medium term extension being pursued with Suncorp

Waverley $4.4m Bendigo Dec-12 Facility to be repaid in full from project settlements

East Malvern $2.6m Bendigo Dec-12Facility to be repaid in full from Waverley project settlements

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settlements

Wahroonga & Hervey Bay $4.1m Suncorp May-12 To be refinanced by May-12

Kensington $12.9m BOSI Mar-12 Facility to be repaid in full from project settlements

Waterloo $95.7m BOSI Mar-13Construction facility for Divercity Block B. Stage 1 settlements expected in May-12

Corporate debt $87.9m BOSI Mar-13 Working capital facility

Total debt $281.2m

Retirement Alliance debt Becton debt

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Appendix 1 – Profit and loss statementand balance sheet

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Profit and loss statement and balance sheet

$ Millions H1 FY12 H1 FY11

Development & Construction# 4.3 11.1

Funds Management - 2.4

Retirement 2.4 4.7

Property Investment (net OEI) - 0.4

Corporate Overhead (3.2) (3.5)

Group EBIT 3.5 15.1

Net Finance Costs (4.2) (6.3)

PBT (0.7) 8.8

$ Millions Dec 2011 June 2011

Cash 0.4 11.1

Receivables 1.9 34.0

Inventories 157.2 152.0

Retirement JV (equity accounted)

58.7 59.5

Retirement assets (100% owned)

37.9 33.5

Other 54.8 55.4

Total assets 310.9 345.5

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Tax (Expense) / Benefit - (2.1)

Operating NPAT (0.7) 6.7

Movement in retirement properties

(2.1) 0.7

Loss on sale of discontinued operations

- (27.7)

Restructuring costs - (6.5)

Total loss after tax (2.8) (26.8)

Total assets 310.9 345.5

Trade payables 16.5 38.7

Borrowings 200.6 213.0

Retirement obligations (100% owned)

32.5 29.1

Other 60.5 59.0

Total liabilities 310.1 339.8

Net assets 0.8 5.7

Securities on issue (million)**

7.4* 1,474.9

#Includes development profits/losses incurred by on balance sheet Retirement Living development projects* At Annual General Meeting on 25 November 2011, securityholders approved a resolution to consolidate securities on a 200:1 basis**On a fully diluted basis, including all options and preferred equity, a further 14.3 million BEC stapled securities could be issued over the next 5 years

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Appendix 2 – Retirement village metrics

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Retirement Living assets and developmentprojects

Brighton Classic

Residences

Menzies Malvern

Dee Why

Gardens

Woodstock West

Waverley Country Club

The Woniora#

Malvern East

Total number of units under management

371 124* 237 123 * 111 * 50 * -

Average age – ILUs / SAs

84 / 87 83 82 /85 77 74 75 -

Average value – ILUs / SAs

$630k / $311k $1071k $468k / $173k $372k $488k $778k -

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*Villages comprised entirely of ILUs#Village held on balance sheet, not in Retirement Alliance with the Oman Investment Fund^Includes two units currently being used as display suite and sales office

As at 31 December 2011Total units comprise both Independent Living Units (ILUs) and Serviced Apartments (SAs)

Development time frame

- - - - FY12 to FY13 FY12 to FY15 FY12 to FY15

Project Status Complete Complete Complete Complete 111 complete, 108 settled/ reserved, 30 more to build

52^ complete, 50 settled/

reserved, 50 more to build

DA obtained for 75 units,

first release in H1 FY13

Occupancy 95% 97% 97% 96% 97% 100% -

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Appendix 3 - Development projects and retirement development projects

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Quality residential projects leveraging Becton’s expertise

Kensington, VIC Bonnyrigg, NSW Waterloo, NSW

Australia’s first major redevelopment of an inner city public housing estate by a Public Private Partnership (PPP)

Redevelopment of the 81ha Bonnyrigg public housing estate in

Western Sydney comprising 18 stages

Contemporary mixed use urban renewal project spanning 3.6ha just

3.9km from the Sydney CBD

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Number of dwellings:• 722 units: 512 private & 210 public

Average dwelling value:• $468,000

Development status*:• 593 dwellings completed• 722 dwellings sold• Final 129 dwellings under

construction

Settlement timeframe:• FY12

stages

Number of dwellings:• 2,332 homes: 1499 private & 833

public

Average dwelling value:• $395,000

Development status*:• 133 dwellings completed• 336 dwellings sold• 71 dwellings under construction

Settlement timeframe:• FY12 to FY21

Number of dwellings:• 645 apartments & 17,000m2

commercial space

Average dwelling value:• $650,000

Development status*:• 325 dwellings sold• First 289 dwellings under

construction

Settlement timeframe:• FY12 to FY16

*As at 31 December 2011

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Quality retirement projects leveraging Becton’s expertise

Premium quality focus: best locations, best built form and best service offering

Waverley, VIC Wahroonga, NSW*Malvern East, VIC

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Location • Rowville, Victoria

(35 km from Melbourne CBD)

Project status:• 111 units complete, 108

settled/reserved, 23 more to build

Balance of Project • Gross realisable value –

$20 million• Dwelling values –

$542,000 Development timeframe:• FY12 to FY13

Location: • Wahroonga, NSW

(22 km from Sydney CBD)

Project Status:• 52 units complete, 50

settled/reserved, 50 more to build (DA pending)

Balance of Project: • Gross realisable value –

$44 million• Dwelling values –

$830,000Development timeframe:• FY12 to FY15

Location: • East Malvern, Victoria

(18 km from Melbourne CBD)

Project status:• DA obtained for 75 units.

First release in H1 FY13Project: • Gross realisable value –

$59 million• Dwelling values –

$791,000 Development timeframe:• FY12 to FY15

All numbers as at 31 December 2011 *Project not in the Retirement Alliance with the Oman Investment Fund

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Disclaimer

The content of this presentation is general only. It does not purport to contain all the information that an investor may require to evaluate an investment in the Becton Property Group. Before a person makes an investment decision on the basis of this information, they should determine for themselves or obtain professional advice as to whether any investment is appropriate for their particular needs, investment objectives and financial situation.

None of Becton Property Group, its directors, employees or advisers make any representation or warranty as to the accuracy, reliability or completeness of the information contained in this presentation.

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Any forecasts or other forward looking statements contained in this presentation are based on assumptions concerning future events and market conditions. Actual results may vary from forecasts and any variations may be materially positive or negative.

Statements made in this presentation are made as of the date of the presentation unless otherwise stated.

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