H O L D I N G S L I M I T E D

Presentation of Results for the Half-Year Ended 31 December 2012Half-Year Ended 31 December 2012

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H O L D I N G S L I M I T E D

1. Omni-Channel Strategy2 Gl b l S l R2. Global Sales Revenue3. Franchisee Sales Revenue4. Strategic Advantages of the Harvey Norman Integrated Retail,

Franchise, Property & Digital Operations5. Net Assets6. Key Financial Highlightsy g g7. Review of the Income Statement for the half-year ended 31/12/128. Review of the Balance Sheet as at 31/12/129. Review of the Statement of Cash Flows9. Review of the Statement of Cash Flows10. Segment Analysis11. Outlook12 Questions (limited to 30 minutes)12. Questions (limited to 30 minutes)

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Omni-Channel Strategic PlanH O L D I N G S L I M I T E D

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• The strategic initiatives of the Harvey Norman omni channel strategy requires Harvey Norman franchisees to invest in their people, and deliver the best customer experience by focussing on the core mantras of “Quality”, “Value” and “Service”, in every communication, transaction and service with the customer.

• “Shop with Confidence” marketing campaign launched in February 2013 p g p g ywith critical focus on “best customer experience”.

• The Harvey Norman digital, store and distribution channels are fully integrated. Consumers are clearly supporting the Harvey Norman franchisee click, pay and collect in store capability. The integration of franchisee click, pay and collect in store capability. The integration of digital communication and transactions with physical stores is a significant competitive advantage for Harvey Norman franchisees.

• Launched m-Commerce in August 2012.

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Global Sales RevenueH O L D I N G S L I M I T E D

Global Sales $AUD

Sales from the franchised “Harvey Norman” complexes,

i l di i i & th

Global Sales Increase / (Decrease) %

Sales Growth (%)

commercial divisions & other sales outlets in Australia, New Zealand, Slovenia, Croatia, Ireland & Northern Ireland ( l di Si )(“Gl b l

Total (%) Like for Like(%)

HY Dec-12 HY Dec-12

(excluding Singapore)(“Global Sales”) totalled $2.88 billion for the half-year ended 31 December 2012.

Australia $A (8.6%) (6.3%)

New Zealand $NZ 2.9% 2.3%

Slovenia / Croatia € Euro 11.6% (13.3%)7.3% decrease from PCP5.3% like-for-like decrease from PCP

Ireland € Euro 3.9% 8.7%

Nth. Ireland £ Pound (39.3%) 16.3%

TOTAL in $A (7.3%) (5.3%)Sales from the franchised $ ( ) ( )

Sales Growth (%)

Total (%) Like for Like

Sales from the franchised “Harvey Norman” complexes, commercial divisions & other sales outlets in Australia for the month of January 2013 increased (%)

MTD Jan-13 MTD Jan-13

Australia $A 4.1% 5.8%

month of January 2013 increased 4.1% on January 2012. Like-for-like sales increased 5.8%.Global sales for the month of J 2013 i d 3 8%

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TOTAL in $A 3.8% 5.4%January 2013 increased 3.8% on January 2012. Like-for-like sales increased 5.4%.

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Franchisee Sales RevenueH O L D I N G S L I M I T E D

Franchisee sales revenue was $2.44 billion for HY Dec 2012 vs $2.58 billion for HY Dec 2011, a decrease of 5.3%. Retail sales in Harvey Norman, Domayne and Joyce Mayne complexes in Australia are made by e a sa es a ey o a , o ay e a d Joyce ay e co p e es us a a a e ade byindependently owned franchised business entities that are not consolidated with the consolidated entity’s results.Macroeconomic conditions in Australia remain tough. Whilst the aggressive discounting experienced in the second half of 2012 has stabilised, gg g p ,particularly in the last few months of the first half of 2013, and we are seeing an uptick in sales. The historical lows we are seeing in interest rates and home loans should start moving the consumer back into the buying cycle from the savings cycle. Harvey Norman will be a beneficiary of this given the diverse homemaker categories in which Harvey Norman franchisees y g g yoperate in. Homemaker retail will strengthen as housing and equities improve.The AV/IT categories continue to be challenged with deflationary headwinds affecting average selling prices and margins. The other Homemaker Retail categories of home appliances, furniture and bedding remain stable g pp gand the businesses are well-placed for any upturn in housing startsOur retail franchisees will continue to train and invest in their people to drive sales revenue and enhance the overall customer experience. We will continue to support our franchisees with the provision of tactical support to equip them with the necessary means to manage the difficult p pp q p y gtrading environment. This unique feature of our franchised model promotes the essential strong alliance with our franchisees necessary to beat the competition, grow market share and take advantage of any upturn in the discretionary retail market.

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Strategic Advantages of the Harvey Norman Integrated Retail, H O L D I N G S L I M I T E D

The omni channel strategy, incorporating the Harvey Norman integrated retail, franchise, property & digital platform, provides strategic advantages over competitors including:

Franchise, Property & Digital Operations

1. The ability of Harvey Norman franchisees to diversify the product offering, focus on more profitable product categories. Unlike many competitors which are solely exposed to the challenging AV/IT category, Harvey Norman franchisees operate in a number of different product categories that continue to perform solidly The Harvey Norman franchise operating product categories that continue to perform solidly. The Harvey Norman franchise operating model is flexible and resilient, enabling diversification and tailoring of the product offering of franchisees towards the more profitable homemaker categories.

2 A strong and unique balance sheet underpinned by real tangible property assets As at 2. A strong and unique balance sheet underpinned by real, tangible property assets. As at balance date, we have a total asset base of $4.27 billion which is inclusive of a property portfolio valued at $2.14 billion. Our strong balance sheet affords access to capital and seize opportunities in the marketplace as they arise.

3. Our strong asset position and prudent management of working capital allows us to conservatively manage our debt levels and maintain a low net debt to equity ratio of 27.24%.

4 The Harvey Norman digital store & distribution centre channels are fully integrated with 4. The Harvey Norman digital, store & distribution centre channels are fully integrated with consumers supporting the Harvey Norman franchisee click, pay and collect in store capability.

5. The integration of digital, e-commerce and physical stores, enables complete customer choice and satisfaction with buy on line pick up in store capability

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and satisfaction with buy on-line, pick-up in-store capability.

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Net Assets (5 Years)H O L D I N G S L I M I T E D

Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

Net Assets (5 Years)

Net Assets* $1.96bn $2.10bn $2.14bn $2.23bn $2.29bn

Rate of increase from PCP 4.7% 7.4% 1.9% 4.2% 2.4%

Real Property Assets $1 77bn $1 83bn $1 98bn $2 12bn $2 14bnReal Property Assets $1.77bn $1.83bn $1.98bn $2.12bn $2.14bn

Rate of increase from PCP 13.5% 3.0% 8.4% 7.0% 1.3%

* exclusive of non-controlling interests

we have MORE THAN DOUBLED our net asset base in 9 yearsour net assets were $1.02 billion in Dec-2003 vs $2.29 billion in Dec-2012 included in net assets are real property assets of $2.14 billion valued at fair market value as at Dec 12Dec-12we have a real, tangible asset base as opposed to many of our competitors whose asset value lies in intangibles such as goodwill, brand names & trademarks

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Key Financial HighlightsH O L D I N G S L I M I T E D

HY Dec 12 HY Dec 11 Mvmt on PCP

EBIT (excluding property revaluations) $168.00m $177.05m down 5.1% ( g p p y )

EBIT Margin %1 13.6% 12.7% +90 bps

PBT (excluding property revaluations) $144.52m $152.40m down 5.2%

PBT (including property revaluations) $99.55m $163.47m down 39.1%

NPAT 2 (excluding property revaluations) $113.40m $120.88m down 6.2%

NPAT 2 $81 92m $128 95m down 36 5%NPAT 2 (including property revaluations) $81.92m $128.95m down 36.5%

NPAT Margin %1 6.6% 9.2% -260 bps

Net Assets 3 $2.29bn $2.23bn up 2.4%Net Assets $2.29bn $2.23bn up 2.4%

Net Debt to Equity % 27.24% 29.74%

Dividends Per Share 4.5c 5.0c

EPS 7.71c 12.14c down 36.5%1 EBIT & NPAT Margins are calculated on Total Revenues 2 HY Dec 12 & HY Dec 11 NPAT (NPAT = net profit after tax & non-controlling interests) has been affected by lower tax charges

lti f th Ad d P i i A t ith th ATO HY D 12 h d t b fit d t t f t resulting from the Advanced Pricing Arrangement with the ATO. HY Dec 12 had a tax benefit due to overpayment of tax on exempt foreign transactions.

3 Net Assets is after the exclusion of non-controlling interests primarily relating to Singapore8

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Review of the Income StatementH O L D I N G S L I M I T E D

Revenue Items HY Dec 12 HY Dec 11 Mvmt on PCP

Sales Revenue $676.94m $806.88m down 16.1%

Gross Profit $188.25m $205.00m down 8.2%

Revenues & Other Income $548.82m $584.11m down 6.0%

$Sales Revenue ↓ by $129.94m due to:

nil sales recorded for the former CP & RH stores in HY Dec12 vs $134.41m recorded during HY Dec11 following the restructure of the CP & RH businesses resulting in the closure of 7 stores and the conversion of 18 CP & RH stores to the franchised model during HY Dec11lower sales in Singapore by $4.12m & a reduction in Ireland & Northern Ireland sales by $8.88m following rationalisation and reformatting of the Irish businesses during the current half l l i Sl i b $3 51 d t d t i ti t il fid i th E i lower sales in Slovenia by $3.51m due to deteriorating retail confidence in the European region

Offset by:higher sales in NZ by $10.10m due to re-opening of main complex in Christchurch that was damaged last year during the earthquakehigher sales in Croatia by $4.40m due to a full 6-months trade of the 1st store at Zagreb

Gross Profit↓ by $16.75m due to:

price deflation in key categories, aggressive local & overseas competition & heavy discountingcontinue to grow or at least maintain market share in key categories in overseas markets

Revenues & Other Income ↓ by $35 29m due to:

revenue received from franchisees down by $22.33m, on the back of a 5.3% decline in franchise sales revenue, due to deflationary headwinds (particularly in AV/IT) eroding average selling prices & margins, lower retail sentiment resulting from recent destabilisation from aggressive discounting$35.29m due to: lower retail sentiment resulting from recent destabilisation from aggressive discountinginvestment property revaluation increment and reversal of a previous property revaluation decrement of $14.77m recognised in HY Dec11profit of $10.00m recorded in PCP for successful completion & opening of Springvale property

Offset by:increased rental income & interest from other third parties by $8 59m

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increased rental income & interest from other third parties by $8.59mappreciation of $4.88m in the market value of listed public securities relative to PCP

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Review of the Income StatementH O L D I N G S L I M I T E D

Expenses & Profit HY Dec 12 HY Dec 11 Mvmt on PCP

Total Expenses ($646.87m) ($628.03m) up 3.0%

Sh f JV i t t $9 35 $2 39 291 5%Share of JV investments $9.35m $2.39m up 291.5%

Profit Before Tax $99.55m $163.47m down 39.1%

Income Tax Expense ($16.89m) ($32.64m) down 48.2%

Non-Controlling Interests ($0.73m) ($1.89m) down 61.2%

Profit After Tax & NCI $81.92m $128.95m down 36.5%

Total Expenses ↑ by revaluation decrement for Australian investment properties of $44.97m for HY Dec12 $18.84m due to: a higher level of tactical support by $18.50m to assist franchisees to drive sales, maintain or enhance

market share & ensure they invest in their people to provide best customer service over crucial Christmas trading quarter. We have implemented a more productive and wage efficient system for franchisees for the long term which will be upgraded during calendar year 2013. Tactical support for the current period included $7.60 million of tactical support provided to closed Harvey Norman and rebranded ex CP/RH stores. Offset by:lower operating expenses (particularly wages expense) in current period associated with the restructure of the CP & RH businesses in PCP

Share of JV profit ↑by $6.96m due to:

higher JV profits earned by our several mining camp accommodation joint ventures of $6.19m in HY Dec12 vs $1.25m in HY Dec11, an increase of $4.94mby $6.96m due to: Dec12 vs $1.25m in HY Dec11, an increase of $4.94mJV revaluation decrement of $1.62m in HY Dec12 vs decrement of $3.70m in HY Dec11

Lower tax charge by $15.74m due to:

reduction in HY Dec12 profit before tax translating to a decrease in tax liability by ~ $20mtax benefit of $13.60m relating to the overpayment of tax on exempt foreign transactionstax benefit of $1.75m associated with treatment of support payments to Ireland & Nth. Ireland during HY D 12 t b fit f $12 29 i HY D 11 (th HY D 11 l i l t d t 2010 & 2011 FY)

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HY Dec12 vs tax benefit of $12.29m in HY Dec11 (the HY Dec11 claim related to 2010 & 2011 FY)tax benefit of $7.25m for the reversal of future tax liabilities previously recognised on certain pre-CGT properties in HY Dec 11

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Review of the Balance Sheet (5 Years)H O L D I N G S L I M I T E D

Dec 08 Dec 09 Dec 10 Dec 11 Dec 12

Total Assets $3.78bn $3.82bn $4.06bn $4.23bn $4.27bn$ $ $ $ $

Return on Total Assets % 2.63% 4.15% 3.25% 3.05% 1.92%

Total Liabilities $1.76bn $1.67bn $1.87bn $1.96bn $1.96bn

Net Assets $1.96bn $2.10bn $2.14bn $2.23bn $2.29bn

Total Assets steady increase in total assets over the above 5-year periodgrowth in plant & equipment & investment property assets following new store openings (Maroochydore development & acquisition of former Retravision stores in regional areas), renovations & refurbishments of existing stores offset by the property revaluation decrement recorded in the current periodstrength of the asset base is in the ownership of real, tangible property assets comprising $2.14bn in Dec12balance sheet not clouded by intangible assets pinned to the “underlying worth” of the business

$ $solid cash reserves of $201.19m as at Dec-12 ($174.83m net of bank overdraft)

Total Liabilities reduction of $8.97m in total liabilities from Dec-11to Dec-12 - higher interest-bearing loans & borrowings due to increased utilisation of external financing facilities (to fund working capital & assist franchisees) offset by a reduction in franchisee trade creditors due to more effective inventory & working capital management, the restructure of the CP & RH businesses & lower deferred tax liabilities resulting from the management, the restructure of the CP & RH businesses & lower deferred tax liabilities resulting from the property revaluation decrement recorded in the current perioddespite higher utilisation of facilities, debt levels remain low and gearing ratios continue to be conservativerise in total liabilities over the 5-year period is slower than the growth in total assets

N t A t W h MORE THAN DOUBLED t t b i 9

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Net Assets We have MORE THAN DOUBLED our net asset base in 9 years

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Review of the Balance Sheet: Net Debt to Equity Ratio (%)H O L D I N G S L I M I T E D

Dec 08 Dec 09 Dec 10 Dec 11 Dec 12

TOTAL DEBT $655.24m $579.57m $682.77m $799.40m $835.79m$ $ $ $ $

Less: CASH RESERVES ($159.67m) ($166.35m) ($132.92m) ($122.47m) ($201.19m)

NET DEBT $495.57m $413.22m $549.85m $676.93m $634.60m

TOTAL EQUITY* $2.02bn $2.15bn $2.19bn $2.28bn $2.33bn

Net Debt to Equity Ratio % 24.55% 19.20% 25.12% 29.74% 27.24%

* excluding acquisition reserve

Net Debt To Equity Ratio

24.55% 25.12%

29.74%27.24%

19.20%

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Dec-2008 Dec-2009 Dec-2010 Dec-2011 Dec-2012

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Review of the Statement of Cash FlowsH O L D I N G S L I M I T E D

HY Dec 12 HY Dec 11 Mvmt on PCP

Operating Cash Flows $133.89m $19.88m 573.6%

Operating cash flows ↑ by

1) increase in net receipts from franchisees by $77.73m due to the following:a lower increase in net outflow by the franchisor for working capital advances to franchisees by $114 73m flows ↑ by

$114.01m due to:

a lower increase in net outflow by the franchisor for working capital advances to franchisees by $114.73m relative to PY predominantly due to franchisees reducing their working capital requirements in relation to their inventory holding. Additionally, the prior year comparative included a loan to franchisees to fund the purchase of $35m of computer hardware and Digital SLR inventory in the second quarter of the 2012 financial year to cater for the component shortage as a result of the Thailand floods.

Offset by:Offset by:lower revenue received from franchisees by $22.33m (franchise fees & interest) due to difficult retail trading conditionsthe aggregate amount of tactical support for the current half year was $63.80m compared to $45.30m for the previous corresponding period, an increase of $18.50m.

2) lower payments for GST by $5.74m & lower distributions received from JV’s by $1.88m2) lower payments for GST by $5.74m & lower distributions received from JV s by $1.88m3) lower payments to supplier & employees by $165.03m due to the closure of CP & RH stores.4) lower income tax payments by $5.42mOffset by:5) reduction in receipts from customers by $140.41m due to the closure of CP & RH stores.

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Review of the Statement of Cash FlowsH O L D I N G S L I M I T E D

HY Dec12 HY Dec 11 Mvmt on PCP

Investing Cash Flows ($122.06m) ($116.42m) (4.8%)g ($ ) ($ ) ( )

Financing Cash Flows $22.91m $65.55m (65.0%)

Net Increase in Cash Flows $34.74m ($31.00m) 212.0%

Cash & Cash Equivalents At Beginning of the Period $140.09m $118.73m 18.0%

Cash & Cash Equivalents At f $ 83 3End of the Period $174.83m $87.73m 99.3%

Investing cash flows ↓ by $5.64m due to:

increase in commercial loans granted by $39.25mincrease in payments for investment properties by $10.36m due to the acquisition of the remaining ↓ by $5.64m due to: increase in payments for investment properties by $10.36m due to the acquisition of the remaining 50% interest in a complex located in Browns Plains, Queensland.

Offset by:reduction in payments for property, plant and equipment and intangibles by $41.54m predominantly due to higher payments in the prior period attributable to the opening of 2 new owned stores in Maribor, Slovenia and Zagreb, Croatia gincrease in proceeds from sale of listed securities of $3.73m

Financing cash flows ↓ by $42.63m due to:

down due to lower rate of increase in the utilisation of the Syndicated Facility, Working Capital Facility and other external debt relative to PY by $75.9mOffset by:

reduction in dividends paid by HNHL by $21 25m

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reduction in dividends paid by HNHL by $21.25mreduction in payment for purchase of shares in a controlled entity of $11.97m

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Segment Analysis: Franchising Operations SegmentH O L D I N G S L I M I T E D

Franchising Operations HY Dec 12 HY Dec 11 Mvmt on PCP

Segment Revenue $444.38m $466.26m down 4.7%

Segment EBITDA $109.21m $134.88m down 19.0%

Segment Result Before Tax $71.01m $95.51m down 25.6%

Franchising Operations Margin % 2 91% 3 70% 79 bpsFranchising Operations Margin % 2.91% 3.70% -79 bps

FO segmentrevenue ↓ by $21.88m due to:

lower franchise fees received as macroeconomic conditions remain toughretail trading conditions experienced by franchisees are challenged by price deflation particularly in AV/IT categories, aggressive competition & discounting

ff f 8 f C & freduction partially offset by the conversion of 18 former CP & RH stores to the franchised model in the previous half & the opening of 7 new franchised complexes during the periodcomprises 35.9% of total revenue for HY Dec12 (HY Dec11: 33.4%)

FO segment EBITDA ↓ by $25.67m due

profitability of franchisees adversely affected by falling product margins (price deflation and heavy discounting, particularly AV/IT) resulting from their attempt to maintain & grow market share↓ by $25.67m due

to:discounting, particularly AV/IT) resulting from their attempt to maintain & grow market sharethe aggregate amount of tactical support provided to franchisees was $63.80 million in the current half compared to $45.30 million in the previous half. $7.60 million of the $63.80 million provided to closed Harvey Norman and rebranded ex CP/RH stores. We have implemented a more productive and wage efficient system for franchisees for the long term which will be upgraded during calendar year 2013.ythis unique feature of our franchised model promotes the essential strong alliance with our franchisees necessary to grow market share and take advantage of any upturn in the discretionary retail market.

FO segment result before tax ↓ by

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before tax ↓ by $24.50m

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Segment Analysis: Total Property SegmentsH O L D I N G S L I M I T E D

Total Property HY Dec12 HY Dec 11 Mvmt on PCP

Segment Revenue $110.41m $116.61m down 5.3% g $ $

Revaluation Increment/(Decrement) ($44.97m) $11.07m down 506.2%

Segment EBITDA $28.85m $83.37m down 65.4%

Segment Result Before Tax $14.00m $68.77m down 79.6%

Property segmentrevenue ↓ by

Australian investment property revaluation increment of $11.90m for HY Dec11 vs nil increment in HY Dec12 (net Australian investment property revaluation decrement of $43 35m recognised in revenue ↓ by

$6.20m due to:Dec12 (net Australian investment property revaluation decrement of $43.35m recognised in expenses)recognition of property development income of $10.00m in PCP on the successful completion & opening of the Springvale development vs nil in current halfreversal of a previous revaluation decrement relating to a property in Slovenia of $2.87m in HY Dec-1111.

Offset by:Increase in rent & outgoings received from owned properties in Australia by $9.23mcomprises 8.9% of total revenue for HY Dec12 (HY Dec11: 8.3%)

Property segment $

revaluation decrement of $43.35m for investment properties in Australia & decrement of $1.62m for EBITDA ↓ by $54.52m due to:

joint venture properties higher expenses associated with the opening of several large developments during the current halfcomprises 17.2% of total EBITDA for HY Dec12 (HY Dec11: 36.1%)

Property segment result before tax ↓

comprises 14.1% of consolidated profit before tax for HY Dec12 (HY Dec11: 42.1%)

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result before tax ↓by $54.77m

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Segment Analysis: Company-Operated Retail OperationsH O L D I N G S L I M I T E D

Total Retail Operations HY Dec 12 HY Dec 11 Mvmt on PCP

Segment Revenue $682.16m $822.53m down 17.1% g $ $

Segment EBITDA $19.43m $9.94m up 95.5%

Segment Result Before Tax $6.73m ($1.14m) up 692.2%

Retail Ops segmentrevenue ↓ by $140.37m due to:

nil sales for CP & RH stores in HY Dec12 vs revenue of $142.41m in PCP due to closure of 7 stores & conversion of 18 stores to the franchised model in HY Dec11 (all sales post-restructure are made by independent franchisees & not consolidated into the group’s results)Decreased revenue in Ireland & Northern Ireland by $9.46m due to rationalisation of the business and the reformat of certain stores to focus on the more profitable furniture & bedding categoriesthe reformat of certain stores to focus on the more profitable furniture & bedding categoriesdecrease of $3.67m in Asian revenue, primarily due to the reduced retail sentiment in Singapore

Offset by:higher revenue in NZ stores of $10.63m mainly due to the re-opening of the Christchurch complex that was damaged in the earthquake last year

Retail Ops segment EBITDA ↑ by $9.49m due to

reduction in the trading losses (inclusive of restructure & closure costs) incurred by the CP & RH businesses by $9.52m following the closure of 7 stores & conversion of 18 stores to franchised modelreduction in the losses (inclusive of restructuring costs of $1.49m) incurred by stores in Ireland & Nth. Ireland by $2.23m from rationalisation of the business, operational efficiencies & effective cost management

$improvement of $0.55m in Slovenia & Croatia.Offset by:

a reduction of the profitability of our company-operated stores located in Asia (-$0.83m) and our “other non-franchised’ retail operations in Australia (-$1.30m)

Retail Ops segment

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Retail Ops segment result before tax ↑by $7.87m

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OutlookH O L D I N G S L I M I T E D

Digital operations developing well to support and enhance the store network for the Australian franchisees and company operated stores internationallyAustralian franchisees and company operated stores internationally

The experience of the customer is at the centre of our omni channel strategic plan

Customer First Program we continue to develop and deliver improved integration of the Customer First Program we continue to develop and deliver improved integration of the digital operations & the physical stores & will invest in systems to improve productivity of the franchisees & company-operated stores to enhance overall customer engagement

Merchandising & supply chain improvements program Expect to deliver 1st stage of the Merchandising & supply chain improvements program Expect to deliver 1st stage of the program during FY13. The improvement in the supply chain & information through integration and collaboration from both our suppliers and customers will enhance the customer experience across all channels.

Australian franchising operations segment The Entertainment & Technology category continues to be challenging with opportunity for improved performance through product rationalisation & improved market share. Furniture, Bedding & Home Appliance categories continue to outperform the market continue to outperform the market.

New Zealand operations remain strong due to re-opening of the main complex in Christchurch & increasing consumer confidence

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Outlook (continued)H O L D I N G S L I M I T E D

Ireland Solid period of improvement & we expect this to continue in the year ahead. Our Customer First strategy has us in a strong position with Irish consumers & we have positive expectations for ongoing improvement in the Ireland result.

Property portfolio enhanced by the opening of the flagship homemaker centre in Maroochydore, Queensland in November 2012

Property portfolio continue to look for opportunities to invest in the development of the key asset base of the company where it is fiscally appropriate in the future

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Questions (limited to 30 minutes)Questions (limited to 30 minutes)H O L D I N G S L I M I T E D

( )

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