RUN Corp Ltd December 2005 Half Year Results Presentation 22 February 2006

1. RUNCorp Ltd December 2005 Half Year Results Presentation 22 February 2006 Paul Villanti - CEO & MD David Holden - CFO & Company Secretary

2. CONTENTS • Highlights • Business Update • Financial Results • Strategy Update • Outlook for 2006 • Conclusion

3. HIGHLIGHTS • RUN has become the largest property company in Australia with approximately 22,000 properties under management (approx 1.5% of the market). • RUN has built strategic alliance relationships with some of Australia’s leading real estate agencies. • 19 acquisitions of rent rolls ( approx 19,000 properties ) settled in line with Prospectus forecast. • New acquisitions of 1,800 properties under contract and approximately 5000 under review or negotiation • Successful transition of over 9,500 properties (43%) onto RUN IT platform to date. • Transition of remaining Melbourne / Sydney properties by June 2006 • December 2005 half NPAT loss in line with Prospectus expectations. • $25 million IPO share issue and ASX listing.

4. BUSINESS UPDATE Acquisitions Settled In Line With Prospectus Forecast

5. BUSINESS UPDATE PUM Growth In Properties Under Management 2005 2006

6. BUSINESS UPDATE Properties Under Management Business Profile as at 31 December 2005

7. BUSINESS UPDATE –Operations • Successful integration of over 9,500 properties on RUN technology platform to date. • 2 remaining Melbourne rent rolls to be transitioned by early April 2006. • 4 Sydney rent rolls to be transitioned by end of June 2006 • Strong demand for properties in excess of expectations - evidenced by rising residential rents and low vacancy rates. Additional resources allocated to manage. • Properties under Managed Service offering higher than expected • Attrition of property management rights in line with expectations – generally RUN does not pay where attrition occurs within retention period • Independent monitoring and benchmarking of customer service and satisfaction levels commenced • 100% systems availability (excluding planned outages)

8. FINANCIAL RESULTS –Summary • Actual NPAT loss (pre and post amortisation) in line with Prospectus forecast. • Small EBITDA shortfall of $0.4million due to: - 5% lower number of properties largely due to removal of ‘inactive’ properties from acquired rent rolls - higher number of properties under managed service arrangement resulting in higher agency fees payable but lower amortisation and interest expense - initially higher staffing levels to remotely manage business, integrate with RUN and remediate data, processes and authorities for acquired rent rolls • Lower amortisation and interest expense due to lower number of acquired properties. • Tax benefit of $0.4million from recognition of 30 June 2005 tax loss. • Higher than expected number of properties under managed service offering conserves capital and debt funding ( unused facilities of $40m )

9. FINANCIAL RESULTS –Income Statement Summary December 2005 Half Year

10. FINANCIAL RESULTS –Income Statement Details December 2005 Half Year

11. FINANCIAL RESULTS –Balance Sheet $Million

12. CAPITAL STRUCTURE AS AT IPO AND ESCROW

13. FINANCIAL RESULTS –Cashflow Statement December 2005 Half Year

14. STRATEGY UPDATE –Growth RUN plans to grow its market share of the property management business primarily through : • (1) RUN ACQUISITION Program • RUN purchases strategically located rent rolls through a combination of debt and equity. • (2) RUN MANAGED SERVICE Offering • RUN manages an Estate Agency’s rent roll for an recurrent fee. • (3) RUN ORGANIC GROWTH Program • RUN acquires additional properties from current and new property owners directly though strategic alliances and direct marketing supported by a dedicated new business leasing team. • (4) RUN PRODUCT EXTENSION Program • RUN leverages its customer base of tenants and property owners to provide additional products and services

15. GROWTH - (1) Acquisition Program • Currently 1,800 additional properties under contract and subject to due diligence, expected to settle March 2006 • Additional 5,000 properties under review or negotiation • Commercial property management platform established ( 734 properties ) and looking to expand

16. GROWTH - (2) Managed Service Offering • RUN manages an Estate Agency’s rent roll for a recurrent fee • Benefit of incremental revenue through management commission and letting fees without using capital or debt • Financial implications of Managed Service Offering (compared with Acquisitions): - lower EBITDA due to payment of agency related expenses - marginally lower NPAT pre amortisation but frees up balance sheet capacity for further acquisitions - higher NPAT since no amortisation or interest expense • 2,808 properties currently operating under Managed Service. This will reduce short term as Agencies secure authorities

17. GROWTH – (3) Organic Growth Program • RUN DIRECT GROWTH • RUN obtains additional properties from current and new landlords though direct marketing and a dedicated new business team. • RUN STRATEGIC ALLIANCE Program • RUN Real Estate Partner agencies - long term contracts to continue to refer new property managements to RUN • RUN Alliance program – referrals of new property managements from accountants, financial planners and other businesses

18. GROWTH – (4) Product Extension Program • Utility connection services – established and operational • Insurance services for owners and tenants – tender to be issued shortly. • Commercial property management platform established (734 properties ) and looking to expand

19. STRATEGY UPDATE – Service Model RUN’s service model incorporates : • 28 outlets including : (a) RUN branded local leasing offices in key strategic locations (Richmond, South Yarra, Mt Waverley, Edgecliff, Bondi etc ) (b) RUN partner agency “ KEYosks” that provide additional local support (tenancy booklet distribution, key management) • Centralisation of certain functions to generate scale economies (trust accounting, telephone reception, HR, training, marketing, arrears, administration). These functions are managed from Port Melbourne

20. STRATEGY UPDATE – Cost Efficiencies • Staff numbers are currently higher than Prospectus levels due to : - remote management pending transition to RUN technology platform - facilitate smooth integration - remediation of data, processes and authorities for acquired rent rolls - rental demand exceeding expectations, requiring additional leasing function resources • Plan is to meet Prospectus staff cost levels for the projected level of 27,000 properties under management by 30 June 2006

21. OUTLOOK FOR 2006 • Current Forecast NPAT loss (pre and post amortisation) in line with Prospectus forecast for year end 30 June 2006 ( $4.3m and $6.0m respectively ) • Current Forecast is for EBITDA to improve from a December 2005 half loss to a June 2006 half profit • Current Forecast full year EBITDA shortfall of approximately $1.5 million due to:- • Higher managed service business ( but offsetting benefit at NPAT line ) • Lower startpoint of properties at listing • Deferred acquisitions by 1-2 months to focus on integration work • Higher initial staff levels due to remote management workload and effective integration • Current Forecast assumes additional 5,000 properties under management by June 2006 i.e. Prospectus Forecast of 27,000 achieved • Amortisation and interest expense forecast to continue below Prospectus forecast due to managed service business and deferred acquisitions.

22. CONCLUSION • RUN CORP • is POSITIONED AS “FIRST MOVER” TOFACILITATE CHANGE AND CONSOLIDATION in the property management industry which generates over $1100m pa in commissions and fees • is the LARGEST PLAYER with 22,000 properties under management (approx 1.5% of the market) • has GROWTH POTENTIAL through market penetration and product extension • has RECURRENTINCOME STREAMS • is projecting STRONG FINANCIAL PERFORMANCE in FY 2007: • has brought together a STRONG AND DIVERSE BOARD and MANAGEMENT TEAM • is supported by LEADING INDUSTRY PARTICIPANTS

23. QUESTIONS RUN . THERE IS NO FINISH LINE.