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Analyst Presentation

March 2007

Agenda

• Company snapshot• Recent highlights• The Leighton Holdings investment• Overview of financials• Senior executive team• Landmark projects• Outlook• Questions and discussion

Devine Limited – Company snapshot• Brisbane-based, listed company (ASX:DVN)• More than $2 billion projects nationally (value when fully developed

and sold)• Land bank of 3,814 lots at 31/12/06 – on track to exceed 10,000 lots

by mid 2010• Operations – housing, land development, high-rise residential units,

commercial and in-house construction division• Operations in Qld, Vic and SA• Since listing in November 1993, Devine has developed more than

15,700 homes and 2,745 units• In the past two years Devine has established an in-house

construction division, commercial division and a funds management capability

Land Owned / Controlled

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FY03 FY04 FY 05 FY06 HY07

QLD VIC NSW SA

Devine Limited – Recent highlights

• Leighton Holdings Limited’s announcement to acquire 40 per cent of Devine on 1 February 07

• The injection of $95.6 million of new equity will allow Devine to fast track its diversification program

• Strong share price growth: current share price $1.48, a year ago 89 cents


• Sale of First Permanent to Merrill Lynch: to generate $3 million before tax profit in June half 2007

• Announcement of $425 million luxury hotel and apartment complex in Brisbane’s CBD on the just acquired “Carrington” project


• Acquisition of third land parcel for “Hamilton Harbour” project in Brisbane. End value of proposed mixed-use development: $350 million - $400 million

• Entry into North Queensland: purchase of 72 hectare Townsville site for $28 million, expected yield: 900 lots


• Green light to “Hideaway @ Currumbin” on Queensland’s Gold Coast on 28 November 2006. End value: $500 million. Expected to commence construction late 2007

• Devine Construction Division continues to deliver cost and delivery advantages: “Charlotte Towers” 4.5 months ahead of schedule and costs below budget

• Settlements on 416-unit “Charlotte Towers” in Brisbane’s CBD due to commence April 07. End value: $172.6 million


• Presale of management rights of “Charlotte Towers” to Oaks Hotels and Resorts Limited for $7 million

• 333 Ann Street office tower, presold to Domaine Property Trust for $119.5 million, construction commenced January 07

• Current team of 219 employees (post sale of First Permanent) in three states. Recruiting nationally for staff to join Brisbane, Melbourne and Townsville offices

• Recent appointment of key people in Town Planning, Commercial / Industrial Division and Land Development

Devine Limited – Leighton’s investment

• Shareholders to vote on proposed transaction at General Meeting on 26 April 2007

• Devine to issue 94.7 million new shares at price of $1.009 to result in $95.6 million equity injection

• Leighton has the right to nominate two Directors to Devine board

• The composition of the Devine board to remain constant for 4 years – two Leighton nominated Directors plus the current seven Devine Directors (or their replacements)

Devine Limited – Leighton’s investment

• Leighton’s investment subject to a ‘stand still’ clause for a minimum 3.5 years

• Devine and Leighton to explore joint venture development opportunities

• Vote of confidence in Devine’s strategic direction and management

• Equity injection allows Devine to fast-track its diversification and acquisition program

• Will reduce gearing levels

Devine Limited – Financial• Current shares on issue = 142.1 million

– Post Leighton Holdings investment = 236.8 million• Results – on track to exceed 2005/06 full year net profit

of $18.9 million – Full year dividend 8c per share fully franked to be

maintained– Majority of profits will be reported in the June half

2007 – Reported net profit of $6.987 million for Dec half 2006

Devine Limited – Financial

RevenueOperating profit after taxNet profit after tax Net assetsEPS – basic Interim dividend per share(fully franked)

Dec 2006 Dec 2005$241.28m $244.71m$10.21m $15.44m$6.98m $10.69m

$72.53m $65.55m5.1 c 8.4 c4.0 c 4.0 c

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Board of DirectorsDevine Limited

National Management CommitteeDavid DevineKen WoodleyViv Grayson

National Manager Commerical DivisionJim Watson

National Advertising ManagerJim Shapcott

Marketing DirectorKen Woodley

National Marketing Director

Property Development ManagerBrett Gillan

Manager Devine ConstructionsTony McSwaine

Unit & Townhouses ExecutiveManagement Group

David Devine andViv Grayson

Group Finance ManagerScott Taylor

Chief Financial OfficerViv Grayson

State ManagerQLD

Scott McIntosh

State ManagerSA

Steve Weightman

National Construction ManagerRoss Grant

National Land Acquistions ManagerLuke Hartman

National General ManagerHousing & Land & Acting Victorian Manager

Paul Nash

Managing DirectorDavid Devine

Devine - Senior Executive Team

Devine Limited: Landmark projects

Victoria Point Docklands, Melbourne


Festival Towers, Brisbane CBD


Charlotte Towers, Brisbane CBD


333 Ann Street Brisbane CBD


Hamilton Harbour, Inner Brisbane


Hideaway @ Currumbin, Gold Coast


Carrington, Alice Street Brisbane CBD


Edgewater, Coomera, Northern Gold Coast


Adelaide, Maclaren

Devine Limited - Outlook• Remain on track to exceed $18.9 million net profit

recorded in 2005/06 and to pay full year dividend of 8 cents per share fully franked

• Subject to Shareholder approval, expect to issue new shares to Leighton Holdings on 3 May 07

• Escalating pressure on national housing supply – low vacancy rates / tight rental market

Devine Limited - Outlook• A number of exciting potential future development sites

are currently being assessed• Ongoing diversification by sector and location• Commitment to attract and retain leading talent in the

property sector

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