CHARTER HALL GROUP — AGM Information 2010

Nov 9, 2010

Charter Hall Group 2010 Annual General Meeting

10 November 2010

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Agenda

1

Chairman’s address: Mr Kerry Roxburgh

Joint Managing Directors’ address: Mr David Harrison and Mr David Southon

2

3

Questions

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2

Charter Hall Group

Kerry Roxburgh Chairman

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Board composition and changes

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• Independent Chairman and majority Independent Directors

 Thank you to Patrice Derrington who retires from the Board today and welcome to Anne Brennan as Independent Non-Executive Director who joined the Board in October 2010

Kerry Roxburgh Chairman Independent Non-Executive Director

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Colin McGowan
Independent
Non-Executive Director
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Glenn Fraser
Independent
Non-Executive Director
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Roy Woodhouse
Deputy Chairman
Independent
Non-Executive Director
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Anne Brennan
Peter Kahan
Independent
Non-Executive Director
Non-Executive Director
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David Harrison Joint Managing Director

Cedric Fuchs David Southon Executive Director Joint Managing Director

4

Charter Hall Group

David Southon Joint Managing Director David Harrison Joint Managing Director

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Charter Hall Group (ASX:CHC)

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• Leading specialist property fund manager

• Established in 1991 and listed on the ASX in 2005

• Over 240 people in seven offices

• Funds under management in excess of $10 billion across office, retail, industrial and residential property sectors

• Experienced management team with expertise in funds management and development

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6

Transformational acquisition

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• Charter Hall Group acquired the majority of Macquarie Group’s real estate management platform in March 2010

• Acquired co-investments to become the single largest investor in CQO and CQR

• Positioned the Group as one of Australia’s largest specialist real estate fund managers

• Diversified the Group’s equity sources expanding into listed funds

• High quality well resourced platform complementing Charter Hall’s existing team

• Integration is now complete

7

Charter Hall Group business model

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A specialist property fund manager, with $10.2 billion funds under management

• Vertically integrated business model

• Diversified across the risk/reward spectrum within mainstream asset sectors

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Charter Hall Group
Stapled Security
Charter Hall Limited (CHL) Charter Hall Property Trust (CHPT)
Property income through equity co-investments
Fee income streams
Funds Platform
$10.2bn funds under management
 Funds Management $168m co-investment $177m co-investment $237m co-investment
 Asset Management Wholesale Investor Retail Investor Listed Funds
Funds Funds
 Development Management
$2.5bn FUM $1.5bn FUM $6.2bn FUM
 Property Management
 Asset Services Sector
Opportunistic Core Plus Diversified CQO CQR
Specific
 Transaction Services
 Leasing 3 [rd] party wholesale
Single asset funds
mandates
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Charter Hall Group structure

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Joint Managing Directors
David Harrison / David Southon
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Jelte Bakker Cedric Fuchs
Chief Financial Officer Executive Director
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Investment Management

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CQO CQR Wholesale Investment Funds Opportunistic Funds Unlisted Retail
CEO – Adrian Taylor CEO – Steven Sewell Andrew Glass Michael Winnem CEO – Richard Stacker
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Shared services
Asset Management Leasing Services Corporate Finance Finance & Treasury Corporate Affairs Investor Relations
Development Services Property Management Transactions Marketing HR & IT Asset Services
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Charter Hall Group strategy

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 To be Australia’s leading specialist property fund manager

• Maximise long term returns for investors through:

• Focusing on property fundamentals

• Enhancing the quality and performance of property portfolios

• Growth in funds under management

• Position the funds to capture the recovery in the property markets and projected growth of superannuation funds in Australia

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10

Domestic property market is recovering

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 Economic fundamentals showing signs of a recovery

• Unemployment rates have fallen

• Consumer confidence stable

• Supply and demand fundamentals are sound driving higher income

– Tenant demand is increasing, vacancy rates are stabilising and falling

• Limited additional supply over the past three years

• Investment demand for commercial real estate underpinning values

• Capital liquidity improving

• Demand from offshore institutions investing in Australian real estate

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Property values are stabilising

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Capitalisation rates across selected Charter Hall managed funds

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8.50%
CPRF/DRF
CPIF
DPF
8.00%
CQR
CPOF
CQO
7.50%
7.00%
6.50%
6.00%
Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10
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Increasing flows of superannuation

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• Currently $1.26 trillion superannuation funds under management industry wide

• Forecast to grow to a 2020 balance of between $2.5 trillion to $3.0 trillion

• Net inflows of $60 billion per annum with 11% allocation to property

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13

Source: APRA

FY10 results summary

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Operating Earnings	FY10	FY09
Operating earnings1	$34.9m	$34.8m
Operating earnings per security (EPS)	4.11c	7.61c
Distribution per security (DPS)	3.20c	4.96c
Payout ratio	78%	62%
Balance Sheet	At 30 June 10	At 30 June 09
Funds under management	$10.2bn	$3.4bn
Total group assets	$988m	$524m
Total group net assets2	$773m	$494m
Net tangible asset (NTA per unit)	$0.56	$0.71
Gearing3	6.5%	2.4%

1. Excludes fair value adjustments, gains/losses on sale, non-cash tax benefits and non cash expenses

2. Total group net assets excludes group minority interest in CPRF

3. Calculated as borrowings net of cash over total tangible assets net of cash. Increase reflects consolidation of CPRF on balance sheet

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Group operating revenue

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 FY10 operating revenue breakdown ($74.2 million)

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$32.2m FY09 Other
Base corporate
FY10 mgmt revenue
$26.4m fees 30% 27%
$21.7m
$15.8m
Property
Income
$11.1m $10.6m 43%
$4.5m
$2.0m $1.5m $1.1m $2.0m
$0.9m $1.1m $1.1m
Property Income1 Base Management Other Property Performance Fees Property Development Other Corporate
Fees Service Fees2 Management Fees Investment 4 Services 3
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1. Property income includes net property income from CPRF and income from co-investments

2. Other property services fees includes leasing, development management and transaction fees

3. Other corporate services include advisory fees, accounting and other cost recoveries from managed funds

4. Development investment fees includes income from the CHOFs and CIP

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Co-investments

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Sector diversity

At 30 June 2010

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Retail 36%
Office 50%
Industrial
14%
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	Ownership	CHPT
		investment
	(%)	($m)
Listed Funds
Charter Hall Office REIT (CQO)	7.5%1	155.1
Charter Hall Retail REIT (CQR)	7.4%1	82.3
Wholesale Investment Funds
Core Plus Office Fund (CPOF)	16.8%	112.6
Core Plus Industrial Fund (CPIF)	25.0%	55.8
Core Plus Retail Fund (CPRF)	66.0%	103.3
Retail Investor Funds
Diversified Property Fund (DPF)	31.9%	22.1
Charter Hall Umbrella Fund (CHUF)	24.9%	41.6
Charter Hall Direct Property Fund (CHDPF)	3.5%	9.8
Total		582.6

Geographic diversity

Europe 4% Asia 1%

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US 16%
New Zealand
2%
Australia
77%
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1. Interest in CQO increased to 8.28% per the substantial notice lodged 29 October 2010, interest in CQR increased to 7.61% per the substantial notice lodged 20 September 2010

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Look through tenant profile for co-investments

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WALE (years) 30 June 2010

Top 10 tenants (30 June 2010)

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CPOF 6.1
CPIF 9.9
CPRF 7.8
DPF 7.4
CHUF 8.0
CQO 4.7
CQR 6.0
CHDPF 4.8
Weighted average 6.6
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Tenant	% Portfolio
	leased
	(by income)
Wesfarmers	8.9%
Woolworths Ltd	5.7%
Telstra Corporation	5.0%
Australian Government	4.8%
Westpac Group	3.4%
JPMorgan Chase	1.7%
Volkswagen	1.4%
Mercer	1.2%
BHP Billiton	1.0%
Harvey Norman	1.0%
Total	34.1%

Note: Shows CHPT’s position based on the WALEs of individual funds and CHPT’s investment exposure in each fund

17

September 2010 quarter update

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Ongoing equity raising initiatives

• Launched Direct Industrial Fund (DIF) in July and currently raised more than $30 million; over $130 million raised for retail investor funds this calendar year to date

• Wholesale funds now secured $175 million from existing and new investors

• Restructuring Core Plus Retail Fund (CPRF) into Direct Retail Fund (DRF)

Off market acquisitions

• CPOF acquired a 50% interest in 570 Bourke Street, Melbourne ($75 million) and acquired Brisbane Square, Brisbane for $300 million ($150 million – CPOF has a 50% interest in partnership with Telstra Super)

• CPIF acquired Woolworths Distribution Centre with a 25 year lease for $75 million

• DIF acquired Australia Post Distribution Centre in Kingsgrove, NSW and has agreed to acquire GRACE Worldwide Distribution Centre at Willawong in Brisbane, QLD for a combined total of $44 million

Property Performance

• CHPT has an above average WALE of 6.8 years and WARR of 3.5% per annum.

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Brisbane Square acquisition

• CPOF jointly acquired Brisbane Square for $300 million with Telstra Super

• 57,300 square metres over 37 levels

• 100% leased on over 10 year weighted average lease expiry

• Key tenants Brisbane City Council and Suncorp-Metway

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Brisbane Square, Brisbane, QLD
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Industrial property acquisitions

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• Benefit from strong relationships with tenants and CIP

• September 2010, CPIF acquired the Woolworths Distribution Centre in Tasmania for $75 million on an 8.6% yield

• On completion late 2011 it will be leased to Woolworths for a 25 year term

• November 2010, DIF acquired the Australia Post Distribution Centre in Kingsgrove for $15 million on an 8.0% yield

• On completion in May 2011 it will be leased to Australia Post for a 15 year term

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Australia Post Distribution Centre, Kingsgrove NSW (artists impression on completion)
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20

Development pipeline reignited

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 Total pipeline of $2.3 billion

 Formed alliance to commence development of $600 million residential project at Little Bay

$m	Wholesale Investment	Wholesale Opportunity	Listed Funds	Total
	Funds	Funds
Active Projects1	75	250	292	617
Opportunities1	550	888	274	1,712
Total development pipeline1	625	1,138	566	2,329

1. Represents on completion values.

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Little Bay residential development

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• 13.6 hectare site, southern end of Sydney’s eastern suburbs

• Site acquired by CHOF5 in early 2008

• October 2010, Charter Hall formed an alliance with Malaysian developer and owner, TA Global, to commence development

• $600 million project, over 500 dwellings on completion

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Little Bay residential development site, NSW
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Capital Management

Managed funds as at 30 September 2010[1]

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Debt duration (years)[2]

Gearing within target levels[3]

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3.0 58%
2.9 54%
2.4 45% 47%
43% 43% 43% 44%
38%
1.9 37% 36% 36%
33%
30%
1.4 28%
1.2
0.9
0%
CPOF CPRF CPIF CQO CQR CHDPF DPF
CHC CPOF CPRF CPIF CQO CQR CHDPF DPF
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1. Analysis excludes Charter Hall opportunity funds (CHOF4 and CHOF5) debt facilities

Balance sheet gearing Look through gearing

1. Duration calculated on a weighted average basis

2. CHC, CQO and CQR as at 30 June 2010

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Capturing the recovery story

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Our funds have been positioned for the recovery

• Sold over $3 billion of property to reduce gearing and reposition portfolio

• Predominantly offshore sales in listed REIT’s to re-weight portfolios to Australia

• Repaid or refinanced over $3.5 billion of debt to reduce gearing

• New gearing targets set at lower levels for all funds

• Distribution payout ratios for listed REIT’s adjusted to sustainable levels

What else are we doing?

• Ongoing simplification of capital and ownership structures

• Ongoing strategic asset sales and capital recycling in listed REIT’s

• Continue to re-weight property portfolios back to Australia

• Recycle capital into higher growth investment opportunities

• Buying quality assets at the bottom of the cycle (CPOF, CPIF, DIF and CQR)

• New funds for retail investors to take advantage of this point in the cycle

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Proposed security consolidation

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• 1 for 4 security consolidation if approved, would be effective 12 November 2010[1]

• Number of securities will reduce from 1.2 billion to 306 million

• Deferred settlement trading under ASX code: CHCDA until 25 November 2010[1]

• First day of normal trading 26 November 2010[1]

Benefits for investors:

• Reduction in price volatility; a 1 cent movement in price reflects:

• Pre-consolidation: almost 2.0% value change on a $0.58 security price

• Post consolidation: a 0.4% change in value on a $2.32 security price

• Reduced trading costs for investors

• Better aligns number of securities on issue to sector and peers

• Expected to improve market perception and broaden appeal of the stock

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1. Indicative timetable

Outlook

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Charter Hall Group

• Focused on earnings growth from margin expansion across the business

• Well placed to take advantage of the recovery in the property markets and projected growth in superannuation funds in Australia

• The Group has formulated clear strategies across all funds with a focus on income and capital growth based on property fundamentals

• Medium to long term performance will be underpinned by recovery in property values and growth in equity flows to property, supported by a reputation as a leading specialist property fund manager

Earnings and distribution guidance

• Subject to no material change in market conditions we expect FY11 EPS of 5 cps which represents growth of approximately 20% on FY10

• Based on FY11 EPS of 5 cps (20 cps post consolidation), FY11 DPS would be 4 cps (16 cps post consolidation) which represents growth of approximately 25% on FY10

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Charter Hall Group Formal Business

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Procedural Matters

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• If there are any Securityholders who are eligible to vote who have not received their yellow voting card, please see a representative from Link Market Services at the registration desk

• Securityholders holding a red card are not eligible to vote but can speak at the meeting

• Visitors holding a blue card are not eligible to vote or speak at the meeting

• Copies of the Notice of Meeting and Annual Report are available from the front desk

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General Business

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 First item of business:

• Consideration of the financial report for the financial year ended 30 June 2010, the report of the directors and the auditor’s report

• No questions for PricewaterhouseCoopers were received

• Mr Rob Baker of PricewaterhouseCoopers will answer any questions relating to the conduct of the 30 June 2010 audit, the preparation of the financial statements, and the independence of the auditor

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General Business

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Formal Resolutions:

All resolutions are proposed as ordinary resolutions, and will be approved if passed by at least 50% of votes cast by members entitled to vote on the resolution. These resolutions will decided on via a show of hands.

Your Directors’ support the resolutions being put to Securityholders, except for situations where they have an interest in that resolution, in which case, they individually make no recommendation.

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Resolution 1

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“That Mr Colin McGowan, a director of CHL retiring in accordance with the Constitution, is re-elected as a director of CHL”.

Resolution 1 is an ordinary resolution, and will be approved if passed by at least 50% of the votes cast by members entitled to vote on the resolution.

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Resolution 1 - Proxies

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FOR: 940,288,815 (98.33%) OPEN: 9,503,001 (0.99%) AGAINST: 6,451,614 (0.67%) ABSTAIN: 228,140

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Resolution 2

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"That Mr Cedric Fuchs, a director of CHL retiring in accordance with the Constitution, is re-elected as a director of CHL."

Resolution 2 is an ordinary resolution, and will be approved if passed by at least 50% of the votes cast by members entitled to vote on the resolution.

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Resolution 2 - Proxies

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FOR: 942,737,869 (98.76%) OPEN: 9,503,001 (1.00%) AGAINST: 2,381,157 (0.25%) ABSTAIN: 228,140

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Resolution 3

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“That Ms Anne Brennan, appointed as a director to the Board by the directors of CHL, is elected as a director of CHL."

Resolution 3 is an ordinary resolution, and will be approved if passed by at least 50% of the votes cast by members entitled to vote on the resolution.

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Resolution 3 - Proxies

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FOR: 926,412,783 (96.90%) OPEN: 9,503,001 (0.99%) AGAINST: 20,141,660 (2.11%) ABSTAIN: 414,126

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Resolution 4

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“That the Remuneration Report included in the Annual Report for the year ended 30 June 2010 be adopted."

Note: The vote on this resolution is advisory only and does not bind the directors of Charter Hall Group.

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Resolution 4 - Proxies

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FOR: 532,715,232 (62.78%) OPEN: 9,461,005 (1.12%) AGAINST: 306,304,380 (36.10%) ABSTAIN: 107,990,953

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Resolution 5

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“That, for the purposes of Rule 43(b) of the Constitution and Listing Rule 10.17, the maximum aggregate remuneration that may be paid to all of the non-executive directors of CHL for their services as non-executive directors of CHL be increased from $575,000 per annum to $800,000 per annum."

Resolution 5 is an ordinary resolution, and will be approved if passed by at least 50% of the votes cast by members entitled to vote on the resolution.

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Resolution 5 - Proxies

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FOR: 920,594,025 (98.85%) OPEN: 6,643,262 (0.71%) AGAINST: 4,036,816 (0.43%) ABSTAIN: 217,781

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Resolution 6

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“That approval is given for all purposes under the Corporations Act and the Listing Rules (in particular, Listing Rule 10.14) for the issue of 2,019,231 options and the issue of 807,692 performance rights to Mr David Southon as described in the Explanatory Memorandum.”

Resolution 6 is an ordinary resolution, and will be approved if passed by at least 50% of the votes cast by members entitled to vote on the resolution.

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Resolution 6 - Proxies

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FOR: 835,451,464 (91.67%) OPEN: 9,338,691 (1.02%) AGAINST: 66,580,258 (7.31%) ABSTAIN: 253,187

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Resolution 7

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“That approval is given for all purposes under the Corporations Act and the Listing Rules (in particular, Listing Rule 10.14) for the issue of 2,019,231 options and the issue of 807,692 performance rights to Mr David Harrison as described in the Explanatory Memorandum.”

Resolution 7 is an ordinary resolution, and will be approved if passed by at least 50% of the votes cast by members entitled to vote on the resolution.

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Resolution 7 - Proxies

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FOR: 834,785,670 (91.60%) OPEN: 10,010,956 (1.10%) AGAINST: 66,577,758 (7.31%) ABSTAIN: 249,216

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Resolution 8

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“That approval is given for all purposes under the Corporations Act and the Listing Rules (in particular, Listing Rule 10.14) for the issue of 615,385 options and 246,154 performance rights to Mr Cedric Fuchs as described in the Explanatory Memorandum.”

Resolution 8 is an ordinary resolution, and will be approved if passed by at least 50% of the votes cast by members entitled to vote on the resolution.

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Resolution 8 - Proxies

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FOR: 834,767,699 (91.59%) OPEN: 10,010,956 (1.10%) AGAINST: 66,590,729 (7.31%) ABSTAIN: 254,216

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Resolution 9

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"To ratify for all purposes under the Corporations Act and the Listing Rules (in particular, Listing Rule 7.4) the issue of:

• 6,446,500 options and 2,578,000 performance rights issued in June 2010; and

• 8,142,425 options, 3,255,769 performance rights and 1,265,438 service rights issued in September 2010,

to eligible employees of Charter Hall Group, as described in the Explanatory Memorandum.”

Resolution 9 is an ordinary resolution, and will be approved if passed by at least 50% of the votes cast by members entitled to vote on the resolution.

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Resolution 9 - Proxies

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FOR: 871,589,081 (96.97%) OPEN: 10,010,956 (1.11%) AGAINST: 17,219,703 (1.92%) ABSTAIN: 549,242

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Resolution 10

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“To the Performance and Plan for all under approve Rights Options purposes the Corporations Act and the Listing Rules (in particular Listing Rule 7.2, for a of three from the date of this as Exception 9) period years approval, described in the Explanatory Memorandum.”

Resolution 10 is an ordinary resolution, and will be approved if passed by at least 50% of the votes cast by members entitled to vote on the resolution.

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Resolution 10 - Proxies

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FOR: 883,773,161 (96.97%) OPEN: 10,011,893 (1.10%) AGAINST: 17,597,943 (1.93%) ABSTAIN: 240,603

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Resolution 11

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“That, the consolidation of every four ordinary shares on issue in CHL into one ordinary share and, where the number of shares held by a shareholder as a result of that consolidation would be a fraction of a share, the rounding of those fractions up to the nearest whole number, be approved for the purposes of section 254H of the Corporations Act 2001 and for all other purposes.”

Resolution 11 is an ordinary resolution, and will be approved if passed by at least 50% of the votes cast by members entitled to vote on the resolution.

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Resolution 11 - Proxies

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FOR: 945,235,153 (98.89%) OPEN: 10,076,203 (1.05%) AGAINST: 519,258 (0.05%) ABSTAIN: 640,956

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Charter Hall Group

Questions

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Disclaimer

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This presentation has been prepared by Charter Hall Group (Charter Hall Limited (ABN 57 113 531 150) and Charter Hall Funds Management Limited (ABN 31 082 991 786) (AFSL 262861) as the Responsible Entity for Charter Hall Property Trust (ARSN 113 339 147)).

This presentation is not intended as an offer or solicitation with respect to the purchase or sale of any security nor does it constitute an offer or solicitation in any jurisdiction in which such an offer or solicitation is not authorized or to whom it is unlawful to make such solicitation or offer.

Any investment decision with respect to any transaction involving Charter Hall Group should be made based solely upon any offering documents, if applicable, and appropriate due diligence by the prospective investor.

We believe the information provided herein is reliable, as of the date hereof, but do not warrant its accuracy or completeness. In preparing these materials, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources.

Past performance is not a reliable indicator of future performance. This presentation includes forward-looking statements that represent opinions, estimates and projections, which may not be realised. Forecasts, by their very nature, are subject to uncertainty and contingencies, many of which are outside the control of the Charter Hall Group. Actual results may vary from any forecasts and any variation may be materially positive or negative. This presentation includes forward-looking statements that represent opinions, estimates and projections, which may not be realised. We believe the information provided herein is reliable, as of the date hereof, but do not warrant its accuracy or completeness. In preparing these materials, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources.

All information contained herein is current as at 30 June 2010 unless otherwise stated.

• © Charter Hall Group 2010.

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charterhall.com.au

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