CHARTER HALL GROUP — Annual Report 2008

Aug 24, 2008

Annual Results FY08

Charter Hall Group 25 August 2008

Disclaimer

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)). It is a presentation of general background information about the Group’s activities current at the date of this presentation, 25 August 2008. It is a summary and does not purport to be complete. It is to be read in conjunction with the Charter Hall Consolidated Annual Financial Report filed with the Australian Securities Exchange on 25 August 2008. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. A reader should, before making any decisions in relation to their investment or potential investment in the Charter Hall Group, seek their own professional advice. This presentation is not an offer or invitation for subscription or purchase of securities or other financial products.

Indications of, and guidance on, future earnings and financial position and performance are “forward-looking statements”. Due care and attention has been used in the preparation of forecast information. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Group, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements.

Annual Results FY08 2

Agenda

• FY08 Highlights

• Earnings Overview

• Charter Hall Property Trust Review

• • Managed Funds (Core and Core Plus)

• • Charter Hall Limited Review

• • Financial Summary

• • Outlook

Annual Results FY08 3

FY08 Highlights

• Underlying EPS of 12.74 cps - growth of 34%

• 39% increase in funds under management (FUM) to $3.9 billion

• Managed funds have outperformed target IRR

• Crystallised healthy development margins in managed funds – delivering circa $68 million of development profits[1]

• Business platform well established:

• Core Plus Retail Fund (CPRF) off balance sheet

• Charter Hall gearing currently 7%[2]

• 2 new funds established, Charter Hall Umbrella Fund (CHUF) and Charter Hall Retail Fund (CPRF)

• total of 8 unlisted funds under management across risk/return spectrum

NOTES:

1. Profit realised on Charter Hall Group (CHC) managed projects in various funds. 2. Post first close of CPRF in July 2008.

Annual Results FY08 4

FY08 Highlights

	6% $1.12 $1.19 NTA 10% 21% 31% Gearing2 23% $650m $802m Total Group Assets 39% $2.8bn $3.9bn FUM Change At 30 June 07 At 30 June 08 21% 10.44cps 12.60cps DPS 34% 9.51cps 12.74cps Underlying EPS 54% $34.2m $52.7m Underlying NPAT1 36% 12.00cps 16.31cps Basic EPS (AIFRS) 56% $43.2m $67.5m NPAT (AIFRS) Change FY07 FY08

NOTES:

1. Excluding fair value adjustments, gains on sale and unrealised foreign exchange gains. 2. Calculated as Borrowings net of Cash over Total Assets net of Cash.

Annual Results FY08 5

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Earnings Overview

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Annual Results FY08 6

Group Revenue

FY08 revenue growth of 72%[1]

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$88.5m
CHPT Revenue
CHL Revenue
72%
$41.6m
$51.5m
68%
$26.4m
$30.6m
$46.9m
$17.6m
$25.1m
$13.1m
FY06 FY07 FY08
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NOTES:

1. Revenue in this analysis excludes interest income, is net of property expenses and includes the $7.2 million NPAT contribution from CIP

Annual Results FY08 7

Group Revenue

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Revenue composition
$41.6m
FY07 FY08
$26.4m
$20.4m
$12.0m $12.0m $12.3m
$7.5m
$6.7m
$0.8m
$0.3m
1
CHPT Revenue Services fees Performance fees Transaction fees Development
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NOTE: 1. Services fees include fund management, development management and property management fees.

Annual Results FY08 8

Group Revenue

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FY07 revenue breakdown FY08 revenue breakdown
Transaction Development
Development
fees 1%
9%
2% Transaction
fees
Performance 8%
fees
23%
Performance
fees
14%
CHPT Revenue CHPT
51% Revenue
46%
Services fees
Services fees 23%
23%
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Annual Results FY08 9

Group EBITDA

FY08 EBITDA growth of 76%

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$66.8m
CHL EBITDA CHPT EBITDA
76%
$40.4m
$38.0m
$21.8m $25.9m
$17.3m $26.5m
$12.2m
$4.5m
FY06 FY07 FY08
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• Strong EBITDA growth in Charter Hall Limited (CHL) and Charter Hall Property Trust (CHPT)

Annual Results FY08 10

Group EBITDA

Corporate Vs. trust EBITDA split

FY07 EBITDA $38.0 million[1]

FY08 EBITDA $66.8 million[1]

• Annuity style EBITDA contributes 78%

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Corporate EBITDA
(annuity) 15%
Corporate EBITDA
(other) 17%
Trust EBITDA
(annuity) 68%
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Corporate EBITDA
(annuity) 17%
Trust EBITDA
(annuity) 61%
Corporate EBITDA
(other) 22%
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NOTE:

1. Corporate EBITDA (annuity) includes base fund management, development management and property management income. Corporate EBITDA (other) includes all other corporate income streams.

Annual Results FY08 11

Group EPS and DPS

Group Underlying EPS and DPS

• FY08 Underlying EPS growth of 34%

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12.74 12.60
EPS DPS 34%
10.44
9.51
47%
7.10
6.47
FY06 FY07 FY08
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Annual Results FY08 12

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Charter Hall Property Trust

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ONE30 Stirling Street, Perth WA Annual Results FY08 13
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Charter Hall Property Trust

CHPT investments[1]

• 90% of the portfolio revalued independently

• 0.28% expansion in weighted average cap rate offset by strong rental increases and development margin creation

• 0.34% weighted average expansion in valuation discount rate/property IRR

• Like for like change in portfolio valuation +$40 million

	CHPT co-investment	Market cap rate	Fixed rental reviews	Valuer’s discount rate	Passing rent as % of market	Like for like change in cap rate2
	($m)	(%)	(%)	(%)	(%)	(%)
Direct Properties (Chullora)	17	8.25	3.63	8.9	121.5	-
Core Plus Office Fund (CPOF)	193	6.77	4.01	8.8	86.5	0.39
Core Plus Industrial Fund (CPIF)	58	7.09	3.00	8.9	96.5	0.18
Core Plus Retail Fund (CPRF)	155	7.04	3.21	8.8	97.2	0.23
Diversified Property Fund (DPF)	24	7.10	3.39	8.8	89.7	0.11
Charter Hall Umbrella Fund (CHUF)	50	6.98	3.48	8.9	93.5	0.27
Total/average	497	6.98	3.55	8.9	93.1	0.28

NOTES:

1. Post raising of CPRF. 2. Change in cap rate over period from 31 Dec 2007 to 30 June 2008 on assets owned over that whole period. See Appendix F for more detail. Annual Results FY08 14

Charter Hall Property Trust

CHPT investment portfolio metrics

Weighted average lease expiry (By income)

Sector diversification (By income)

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Direct Properties 2.4
DPF 7.6
CPIF 12.6
CPOF 8.0
CPRF 9.0
CHUF 9.5
Weighted Average 8.7
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Industrial
19%
Retail
35%
Office
46%
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Annual Results FY08 15

Charter Hall Property Trust

CHPT investment portfolio metrics

Asset diversification (By value)

Geographical diversification (By value)

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Direct
CHUF Properties DPF
10% 3% 5%
CPIF
12%
CPRF
31%
CPOF
39%
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NZ
3%
WA
17% Qld
25%
SA & ACT
3%
Vic
26% NSW
26%
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Annual Results FY08 16

Charter Hall Property Trust

CHPT’s top 20 tenants

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12.8%
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6.4%
5.2%
4.7% 4.6%
3.3%
2.4%
2.1% 2.0%
1.8%
1.6% 1.5%
1.3% 1.2%
1.0% 1.0% 1.0% 1.0% 0.9% 0.8%
Wesfarmers Telstra St George Coles Woolworths Mercer K&S Freight Volvo Hatch Fastline Westpac
Harvey Norman American Express Aust Government Monash University The Good Guys Central Queensland University Parsons Brinkerhoff Wilson's Parking Double One Furniture
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Annual Results FY08 17

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Managed Funds (Core and Core Plus)

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34 Hunter Street, Sydney NSW Annual Results FY08 18
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Core Plus Retail Fund

Update on CPRF

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CPRF structure prior to first close
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• First close on 30 July 2008

• $250 million equity drawn:

• External wholesale investors $95 million[1]

• CHPT holds remaining $155 million

• Equity raising to continue with progressive closes during FY09

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Debt
CHC
$261m
100% ($435m)
CPRF
Properties
$435m [2]
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• CPRF debt facility is provided by National Australia Bank (NAB) and St George Bank

• CPRF now an off balance sheet fund

NOTES:

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CPRF structure post first close
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Debt External
CHC
$50m investors
62% ($155m) 38% ($95m)
Debt
CPRF
$185m
Properties
$435m [2]
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1. Including $60 million from CHUF. 2. Includes $5 million of transaction costs, unamortised for unit pricing purposes. Accounting total assets of $430 million.

Annual Results FY08 19

Core Plus Retail Fund

Launched July 2008

Key Metrics	At First Close
FUM (Completed Basis)	$495m
Balance sheet assets1	$427m
Number of assets	17
CHPT stake	62%
Total debt1	$182m
Fund gearing2	43%
Debt facility duration	3.0yrs
% of debt hedged	96%
Weighted av. hedge expiry	6.3yrs
Gross IRR to date	N/A
Performance fee payable	FY11
Unit Price	$1.00
Weighted av. cap rate	7.04%
WALE	9.0yrs

Geographical diversification

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Asset diversification

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Vic 39% Qld 31% NSW 16% NZ 8% ACT 5% WA 1%

Bunnings Australia Portfolio, 25% (6 assets) Bluewater Square, Qld 14% Home HQ Nunawading, Vic 14% Mentone Harvey Norman Centre, Vic 13% Menai Central, NSW 8% Home HQ Ipswich, Qld 7% Mentone Showrooms, Vic 5% Foodtown, Auckland NZ 5% Harvey Norman, Dunedin NZ 3% Rothwell Homemaker Centre, Qld 3% Bunnings, Bendigo Vic 2% Bunnings, Kalgoorlie WA 1%

NOTES:

1. Net of $3 million cash. 2. Total debt net of cash divided by balance sheet assets net of cash.

Annual Results FY08 20

Core Plus Office Fund

Launched June 2006

Geographical diversification

Key Metrics	31 July 2008
FUM (Completed Basis)	$1,600m
Balance sheet assets1	$1,428m
Number of assets	17
CHPT stake	23%
Total debt1	$658m
Fund gearing2	46%
% of debt hedged Average debt facilities duration	76% 1.8yrs
Weighted av. hedge expiry	6.6yrs
Gross IRR to date	19.2%
Performance fee payable	FY09
Unit Price	$1.22
Weighted av. cap rate	6.77%
WALE	8.0yrs

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Asset diversification

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NOTES:

1. Net of $22 million cash. 2. Calculated as total debt net of cash divided by balance sheet assets net of cash.

NSW 33% Qld 24% Vic 23% WA 18% SA 2%

Northbank Plaza, Qld 12.4% 11 Exhibition St, Vic 11.8% 275 George St, Qld 11.6% Atrium, NSW 10.0% St George Bank, NSW 8.3% 167 Macquarie St, NSW 5.9% ONE30 Stirling St, WA 5.7% 225 St Georges Tce, WA 5.5% 333 George St, NSW 5.4% 570 Bourke St, Vic 5.0% Monash University, Vic 4.3% 109 St Georges Tce, WA 3.9% 34 Hunter St, NSW 3.0% Hatch, 144 Stirling St, WA 2.9% 150 Queen St,Vic 2.1% Bank SA, SA 1.3% 151 Pirie St, SA 0.9%

Annual Results FY08 21

Core Plus Industrial Fund

Launched April 2007

Key Metrics	31 July 2008
FUM (Completed Basis)	$339m
Balance sheet assets1	$398m
Number of assets	11
CHPT stake	25%
Total debt1	$143m
Fund gearing2	36%
Average debt facilities duration	2.6yrs
% of debt hedged	108%
Weighted av. hedge expiry	7.8yrs
Gross IRR to date	16.1%
Performance fee payable	FY10
Unit Price	$1.10
Weighted av. cap rate	7.09%
WALE	12.6yrs

Geographical diversification

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Asset diversification

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WA 48% Qld 29% Vic 15% NSW 9%

Coles Distribution Centre, WA 19.0% 123-135 Kewdale Rd, WA 4.5% 309 Fitzgerald Rd, Vic 4.2% 375 Eastern Vally Way, NSW 4.0% Melbourne Airport, Vic 3.5% 200 Holt St, Qld % 17 Sugarmill Rd, Qld 6.1% 772-776 Boundary Rd, Qld 5.9% 140-150 Robinson Rd, Qld 2.6% 7 Viola Pl, Qld 1.4% 160 Robinson Rd, Qld 1.1%

NOTES:

1. Net of $9 million cash. Consolidates 100% of the Coles Distribution Centre. 2. Calculated as total debt net of cash divided by balance sheet assets net of cash.

Annual Results FY08 22

Diversified Property Fund

Launched October 2005

Key Metrics	31 July 2008
FUM (Completed Basis)	$249m
Balance sheet assets1	$239m
Number of assets	12
CHPT stake2	18%
Total debt1	$114m
Fund gearing3	48%
Average debt facilities duration	2.2yrs
% of debt hedged	100%
Weighted av. hedge expiry	5.9yrs
Gross IRR to date	25.5%
Performance fee payable	FY09
Unit Price	$1.217
Weighted av. cap rate	7.10%
WALE	7.6yrs

Geographical diversification

Asset diversification

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WA 42% NSW 32% Vic 22% Qld 4%

Coles Distribution Centre, WA 18.6% Kent St, NSW 18.4% Kings Park Rd, WA 12.0% St Georges Tce WA 11.6% Berry St, NSW 9.6% Foster's Portfolio, Vic 8.2% Corio, Vic 4.9% Tullamarine, Vic 4.3% Glover St, NSW 4.2% St Pauls Tce, Qld 3.6% Mulgrave, Vic 2.6% Mitcham, Vic 2.0%

NOTES:

1. Net of $3 million cash. 2. Stake increases to 24% when including short term bridging loan. 3. Calculated as total debt net of cash divided by balance sheet assets net of cash.

Annual Results FY08 23

Charter Hall Limited

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Atrium, 60 Union Street, Pyrmont NSW
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Funds Management Model

		� � � � � � � � � � � � � � � � � CIP1 � � CPRF � � � DPF � � CHUF � � � CHIF4 � � � CPIF � � � CPOF Direct CHOF53 CHOF42 � � � � Opportunistic Core Plus Core (retail) Charter Hall	� � � � � � � � � � � � � � � � � CIP1 � � CPRF � � � DPF � � CHUF � � � CHIF4 � � � CPIF � � � CPOF Direct CHOF53 CHOF42 � � � � Opportunistic Core Plus Core (retail) Charter Hall	� � � � � � � � � � � � � � � � � CIP1 � � CPRF � � � DPF � � CHUF � � � CHIF4 � � � CPIF � � � CPOF Direct CHOF53 CHOF42 � � � � Opportunistic Core Plus Core (retail) Charter Hall	� � � � � � � � � � � � � � � � � CIP1 � � CPRF � � � DPF � � CHUF � � � CHIF4 � � � CPIF � � � CPOF Direct CHOF53 CHOF42 � � � � Opportunistic Core Plus Core (retail) Charter Hall	� � � � � � � � � � � � � � � � � CIP1 � � CPRF � � � DPF � � CHUF � � � CHIF4 � � � CPIF � � � CPOF Direct CHOF53 CHOF42 � � � � Opportunistic Core Plus Core (retail) Charter Hall	� � � � � � � � � � � � � � � � � CIP1 � � CPRF � � � DPF � � CHUF � � � CHIF4 � � � CPIF � � � CPOF Direct CHOF53 CHOF42 � � � � Opportunistic Core Plus Core (retail) Charter Hall	� � � � � � � � � � � � � � � � � CIP1 � � CPRF � � � DPF � � CHUF � � � CHIF4 � � � CPIF � � � CPOF Direct CHOF53 CHOF42 � � � � Opportunistic Core Plus Core (retail) Charter Hall	� � � � � � � � � � � � � � � � � CIP1 � � CPRF � � � DPF � � CHUF � � � CHIF4 � � � CPIF � � � CPOF Direct CHOF53 CHOF42 � � � � Opportunistic Core Plus Core (retail) Charter Hall	� � � � � � � � � � � � � � � � � CIP1 � � CPRF � � � DPF � � CHUF � � � CHIF4 � � � CPIF � � � CPOF Direct CHOF53 CHOF42 � � � � Opportunistic Core Plus Core (retail) Charter Hall	� � � � � � � � � � � � � � � � � CIP1 � � CPRF � � � DPF � � CHUF � � � CHIF4 � � � CPIF � � � CPOF Direct CHOF53 CHOF42 � � � � Opportunistic Core Plus Core (retail) Charter Hall
		CIP1	CHOF42	CHOF53	CPOF	CPIF	CPRF	DPF	CHUF	CHIF4	Direct
	Investment returns
	Direct property income										�
	Co-investment income				�	�	�	�	�
	Development investment income	�	�	�
	Fees – enhance ROE
	Base fund management fees		�	�	�	�	�	�	�	�
	Property management fees				�	�		�		�
	Development management fees		�	�	�	�	�
	Performance fees		�	�	�	�	�	�	�	�
	Transaction fees							�	�	�

NOTES:

1. Commercial and Industrial Properties Pty Ltd (CIP). 2. Charter Hall Opportunity Fund 4 (CHOF4). 3. Charter Hall Opportunity Fund 5 (CHOF5). 4. Charter Hall Investment Funds (CHIF2-6).

Annual Results FY08 25

Return on Equity (ROE)

Fund management model enhances ROE[1]

g • Return on equity enhanced by fund management fees • Opportunity to improve on ROE – reduce co-investment stakes in Core Plus funds – realise performance fees in Core Plus funds 43.4% DPF 413.0% CHOF4/5 15.3% 20.0% Indicative CHC FY08 ROE Fund CPIF CPOF	CPIF CPOF Indicative FY08 ROE
	45.5 106.3 Average FY08 CHC co-investment
	(1.0) (1.5) Indicative overhead expense2 15.3% 20.0% CHC Indicative ROE excl performance fee 19.2% 25.3% CHC Indicative ROE 8.7 26.9 CHC total annual return potential 1.8 5.6 Pro rata performance fee potential3 3.2 11.9 FY08 valuation uplift on co-investment 8.3% 8.8% CHC yield on co-investment 3.8 9.4 FY08 income to CHC - 0.7 Development management fee 1.6 5.0 Asset management fee 3.2 5.2 Co-investment income

NOTE:

Unless otherwise indicated income in the ROE analysis reflects FY08 actual income. Valuation uplift on co-investment excludes realised capital gain. Indicative ROEs in this analysis calculated by allocating part of Charter Hall’s overhead to each fund.

Performance fee potential equal to 0.5% of average FUM over FY08 actual performance fee achieved may be lower.

Annual Results FY08 26

Return On Equity (ROE)

Indicative ROE for DPF, CHOF4 and CHOF5[1]

	(1.0) Indicative overhead expense2 36.2% CHC indicative ROE excl. performance fee 43.4% CHC indicative ROE 4.5 CHC total annual return potential 0.8 Pro rata performance fee potential3 1.0 FY08 valuation uplift on co-investment 26.9% CHC yield on co-investment 2.8 FY08 net income to CHC - Development management fee 1.6 Transaction fee 1.4 Asset management fee 0.8 Co-investment income 10.4 Average FY08 CHC co-investment DPF FY08 indicative ROE	10.1 Performance fee 413.0% CHC indicative ROE 11.9 Total return to CHC (8.0) Indicative overhead expense2 8.3 Development management fee 1.2 Asset management fee 0.3 Co-investment income 2.9 Average FY08 CHC co-investment CHOF FY08 Indicative ROE

NOTE:

1. Unless otherwise indicated income in the ROE analysis reflects FY08 actual income. Valuation uplift on co-investment excludes realised capital gain. 2. Indicative ROEs in this analysis calculated by allocating part of Charter Hall’s overhead to each fund. 3. Calculated as one third of the performance fee of $2.3 million accrued in FY08.

Annual Results FY08 27

Funds Under Management (FUM)

Funds under management of $3.89 billion[1]

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Charter Hall FUM
$3,895m
Wholesale Investor Funds Retail Investor Funds Property
$17m
$3,281m $596m
Opportunistic Core Plus
$847m $2,434m
CHOF4 CHOF5 CPOF CPIF CPRF DPF CHUF CHIFs Chullora
$490m $357m $1,600m $339m $495m $249m $223m $124m $17m
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NOTE: 1.

Post CPRF first close.

Annual Results FY08 28

Group FUM

39% growth in total FUM

	grow n oa 0.28 0.33 0.65 0.83 1.97 0.14 0.19 0.25 $1.06bn $1.35bn $2.81bn 0.60 2005 2006 2007 CHPT Wholesale Retail	143 596 3,895 3,281 17 30 June 08 ($m) Change (%) 66 39% (97) 3.28 0.60 0.02 $3.90bn 2008
	30 June 07 ($m) Funds under management
	595 CHPT
	1,971 Wholesale
	246 Retail
	2,812 Total

Annual Results FY08 29

Wholesale FUM

	66% 3,281 1,971 Total n/a 495 - CPRF 21 339 280 CPIF 60 1,600 999 CPOF 22 847 692 CHOF4 and CHOF5 Change (%) 30 June 08 ($m) 30 June 07 ($m) Wholesale Funds 66% growth in wholesale FUM 0.65 0.61 0.69 0.85 0.23 1.00 1.60 0.28 0.34 0.49 $0.65bn $0.83bn $1.97bn $3.28bn 2005 2006 2007 2008 CHOF CPOF CPIF CPRF

Annual Results FY08 30

Retail FUM

	143% 596 246 Total n/a 223 - CHUF 102 249 124 DPF 2 124 122 CHIF2-6 Change (%) 30 June 08 ($m) 30 June 07 ($m) Retail Funds 143% growth in retail FUM 0.14 0.12 0.12 0.05 0.12 0.25 0.22 $0.14bn $0.19bn $0.25bn $0.60bn 0.14 2005 2006 2007 2008 CHIFs DPF CHUF

Annual Results FY08 31

Capacity to grow FUM

Expertise and acquisition capacity focused on enhanced and opportunistic opportunities

	691 669 22 N/A 621 847 Opportunistic 3,895 2,434 614 334 Core Plus 956 N/A Total Core $3.89bn $0.96bn $1.30bn $0.69bn Current FUM Development pipeline Acquisition capacity Pipeline included in current FUM of $3.89bn Additional pipeline and acquisition capacity of $1.65bn

Annual Results FY08 32

Managed funds performance

Gross equity IRRs (since inception) – Outperformed target returns

CHOF 4 and 5 CPIF CPOF DPF			Hurdle return1 Target return Fund 13% 20% CHOF 4 and 5 10% 11% CPIF 12% 10% 11% 10% CPOF DPF 42.0%
	16.1% 19.2% 25.5%
	Hurdle Return

NOTE: 1.

CHC performance fee is a share of outperformance over hurdle return.

Annual Results FY08 33

Development

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Development Exposure

Charter Hall development exposure

• Charter Hall has experienced and proven in-house development expertise

• All Charter Hall developments undertaken in Core Plus and Opportunistic funds

• Charter Hall derives development investment income from investments in CIP and CHOFs

• No on balance sheet development exposure

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Charter Hall Development
Exposure
Development Investment [1] Development Performance Fees
Management Fees
CIP
Opportunistic Funds Opportunistic Funds
$44m investment [2]
CHOFs
Core Plus Funds Core Plus Funds
$6m investment
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NOTES: 1. As at 30 June 2008. 2. Amount includes $3.8 million of retained earnings. Original investment of $40 million.

Annual Results FY08 35

Development Pipeline

Core plus funds development pipeline

• Value creation counters cap rate expansion

• Long-term portfolio target of 30% exposure to Enhanced and 70% exposure to Core

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$2.0bn
$1.5bn
$0.5bn
Core Plus Opportunistic Total development pipeline
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Project	Fund	Sector	Completion value	Completion date
			($m)	(CY)
Ipswich Home HQ, Ipswich, Qld	CPRF	Bulky goods	35	2008
Harvey Norman Centre, Mentone, Vic	CPRF	Retail	68	2010
Bluewater Plaza, Redcliffe, Qld	CPRF	Retail	62	2008
275 George Street, Brisbane, Qld	CPOF (50%)	Office	187	2009
ONE30 Stirling Street, Perth, WA	CPOF	Office	85	2009
200 Holt Street, Pinkenba, Qld	CPIF	Industrial	22	2009
772-776 Boundary Rd, Richlands, Qld	CPIF	Industrial	18	2009
Total share of Core Plus developments			476

Annual Results FY08 36

Development Case Study

Case 1 – ONE30 Stirling Street, Perth WA (CPOF Project)

Development skills creating value

Project strategy

• Acquired 130-144 Stirling Street in August 2005

• Opportunity to capitalise on demand for in a rapidly growing Perth office market

• Acquisition of core office building with quality tenant (Hatch Building)

• Construction of a new A-grade office building (ONE30 Stirling Street) on existing car park

• 4.5 star Nabers rating and a 4 star Green Star Rating

• 12,000m[2] NLA

• 78% pre-leased to Police & Nurses Credit Union and Commonwealth Government

Project metrics (ONE30 Stirling Street)

• Total project costs $73 million

• Project duration 30 months

• Development margin 16%

• Equity IRR over project period forecast to be 35%

Valuation metrics (ONE30 Stirling Street)

• Valuation on completion $84.5 million

• • Market cap rate 7.25%

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Annual Results FY08 37

Development Pipeline

Opportunistic funds development pipeline

• CHOF4 $165 million equity fully allocated
• CHOF5 $165 million of $300 million equity
commitments allocated		$1.5bn		$2.0bn
• Average Gross IRR over 12 years of 30%	$0.5bn
• CHOF4/5 forecast equity IRR of 42%	Core Plus	Opportunistic		Total development pipeline
Project	Fund	Completion Sector	value	Completion date
			($m)	(CY)
275 George Street, Brisbane, Qld	CHOF4 (50%)	Office	187	2009
Alluvion, 54-58 Mounts Bay Road, Perth, WA	CHOF4 (50%)	Office	103	2010
HOME HQ, North Shore, Sydney, NSW	CHOF4	Bulky goods	132	2009
Home HQ, Gepps Cross, Adelaide, SA	CHOF4 (50%)	Bulky goods	59	2009
Mentone Residential, Mentone Vic	CHOF4	Residential	73	2012
Nelson Park Mega Centre, Hastings, NZ	CHOF5	Bulky goods	56	2009
Whakatu Site, Hastings, NZ	CHOF5	Bulky goods	18	2011
186-202 Pier & Nash Streets, Perth, WA	CHOF5	Office	318	2011
1406-1408 Anzac Parade, Little Bay, NSW	CHOF5	Residential	444	2012
40 Creek St, Brisbane Qld	CHOF5	Office	127	2009
Total share of Opportunistic developments			1,517

Annual Results FY08 38

Development Case Study

Case Study 2 – Northbank Plaza, Brisbane Qld (CHOF4 project)

Significance outperformance through active development management

Project strategy

• Acquired in December 2005

• Opportunity to capitalise on supply and demand dynamics in Brisbane office market

• Complete refurbishment, reposition and re-lease

• Upgraded to an A-grade standard, 4 star Nabers rating

• • 26,740m[2] NLA

• 100% pre-leased at practical completion

• 67% to Telstra with 4.5%pa fixed growth secured

Project metrics (CHOF4)

• Total project costs $62.5 million

• Project duration 28 months

• Development profit $35 million

• Development margin 56%

• Achieved Project equity IRR 97.6%

Sale metrics

• 50% sold at valuation on completion (30 June 08) $97.5 million

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Annual Results FY08 39

CIP

• Development investment • CIP FY08 NPAT of $14.4 million

• • 50% interest in CIP contribution to CHC profit of $7.2 million

• • Completed 175,000m[2] of projects during FY08 – tenants secured include Coles, Toll Holdings, Alinta, Boeing, Fosters, Australian Air Express and Startrack Express

• • Currently 210,000m[2] of projects under construction

• • More challenging market conditions, however CIP well positioned – primarily industrial pre-lease development business

• – predominantly off balance sheet developments with minimal or no equity investment

• – well established client relationships

• • CIP opened a Brisbane office during FY08 in addition to Sydney and Melbourne long-term established locations

• • Projects completed and/or under construction in all capital cities

	CIP income	FY08
	(100%)	($m)
	EBITDA Corporate overhead Gross profit	20.8 (9.8) 30.7
	PBT Interest expense Depreciation and amortisation	20.6 (0.0) (0.2)
	Tax expense	(6.2)
	NPAT	14.4

Annual Results FY08 40

Financial Summary

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Annual Results FY08 41

Income Statement

- 0.9 Unrealised foreign exchangegain 56% 59% 77% 73% 88% 58% Change (%) 43.2 - 11.5 31.7 (1.7) (3.8) 37.1 (14.1) 51.3 25.0 0.4 24.3 0.3 26.3 - 6.5 19.8 FY07 ($m) (22.7) Expenses 67.5 NPAT after fair value adjustments(AIFRS) FY08 ($m) 46.9 Total CHL income 0.2 Other trust income 9.5 Investment income 50.5 NPAT 3.0 Tax (18.3) Net interest expense 39.0 Funds management income 7.5 Development investment income 41.6 Total CHPT income 0.4 Other corporate income 65.8 EBIT 88.5 Total income 0.8 Gains on sale 15.3 Fair value adjustments 31.8 Direct net property income

Annual Results FY08 42

Earnings Reconciliation

	- (0.9) Foreign exchange movements 0.9 2.7 Employee LTIP FY07 ($m) FY08 ($m) 34.2 52.7 Underlying NPAT - (0.8) Gains on sale of investments (11.5) (15.3) Fair value adjustments 0.3 0.4 Amortisation of lease incentives 1.3 (0.8) Other 67.5 NPAT (AIFRS) 43.2

Annual Results FY08 43

Cashflow Reconciliation

• Cash distribution coverage of circa 106%

• Only substantial difference between Underlying NPAT and cashflow is accrual of certain fees

• • $10.2 million of FY08 accrued fees paid by August distribution date

FY08 Cashflow Reconciliation	($m)
Underlying Earnings	52.7
Difference between Underlying Earnings and cashflow from	(7.5)
operations
Net cashflow from operating activities	45.3
FY08 accrued fees paid by August distribution date	10.2
Total cashflow	54.6
Distribution	52.2
Cash distribution coverage	106%
Major items accrued in FY08	($m)	Current Status	Payment date
Dividend from CIP	2.2	Declared	Aug-08
Acquisition fees on CHUF investments	3.0	Invoiced	Aug-08
Performance fee on Northbank project (CHOF 4)	5.0	Invoiced	Aug-08
DPF performance fee	2.3	Forecast	Nov-08
Performance fee on 275 George Streetproject(CHOF 4)	3.0	Forecast	May-09
Total	15.5

Annual Results FY08 44

Capital Management

	7.4% 6.0 yrs 75% 2.0 yrs 43.5% 31.2% $244.8m 30 Jun 08 $41.0m Debt balance (net of $9m cash) 39.1% ‘Look through’ gearing2 160% Portion of net debt hedged Post CPRF close Key Metrics 7.1% Gearing1 7.3% Weighted average fixed rate(includingmargin) 2.7 yrs Weighted average interest hedge duration 3.0 yrs Debt maturity

NOTES:

1. Calculated as Borrowings net of cash over total assets net of cash.

‘Look through’ gearing calculated as follows: Charter Hall direct net debt plus the net debt in funds in which the Group co-invests multiplied by the respective co-investment percentage in each fund gives Charter Hall’s total gross exposure to debt. This grossed net debt figure is divided by grossed up assets (net of cash). Grossed up assets is calculated as direct assets (excluding co-investment stakes) plus assets in funds in which the Group co-invests multiplied by the respective co-investment percentage in each fund.

Annual Results FY08 45

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Outlook

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Sydney Wharf, Pyrmont NSW Annual Results FY08 46
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Strategy

• CHC co-investment funds management model now well established

• real estate fund manager with co-investments in managed funds

• in-line with stated strategy

• substantially enhances return on equity

• Charter Hall well supported in current market

• meaningful market share in wholesale and retail fund management sector

• continued out-performance of benchmark returns

• • recent substantial fall in swap rates should positively influence buyer and valuer expectations of discount rates and cap rates

• Capitalise on continued demand from investors

• particularly for Enhanced and Opportunistic product in wholesale investor space

• industry consolidation and flight to institutional quality fund managers in retail investor space

• Charter Hall developing new fund initiatives and continue to grow existing funds

• focus on off balance sheet model

• maintain strong investor relationships to secure off balance sheet equity for the establishment and seeding of new fund initiatives

• Continue to retain and recruit specialist real estate skills and strong support team

Annual Results FY08 47

Capital Management

• Target CHC gearing range of 0% to 20%[1]

• Managed funds’ debt facilities all non recourse to CHC

• CHC capital requirements going forward include:

• undrawn equity commitments to managed funds of circa $55 million[2]

• co-investments for new fund initiatives

• no on balance sheet capital expenditure requirements

• Potential CHC capital release includes:

• further CHC selldown of Core Plus co-investment stakes to the 20% stated long-term target

  • CPRF - $105 million

  • CPOF - $28 million

  • CPIF - $12 million

• sale of only remaining direct property (Chullora, $17 million)

NOTES:

1. Measured excluding any potential gearing against directly owned properties. 2. Includes CHC commitments to CPIF ($34 million) and CHOF (estimated maximum requirement of $21 million).

Annual Results FY08 48

EPS and DPS

• Charter Hall targets FY09 underlying EPS growth of approximately 5%

• The Charter Hall Board’s current intention is to maintain FY09 DPS at approximately 12.6 cps, provided it is supported by underlying earnings

Annual Results FY08 49

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Questions

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Appendices

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Annual Results FY08 51

Appendix A – Revenue Contribution

FY08 Revenue contribution

88.5 0.6 7.2 0.8 6.1 5.9 19.9 4.8 10.9 32.4 Total 46.9 0.4 7.2 0.8 5.2 5.5 19.9 1.6 5.7 0.6 CHL Revenue 0.4 0.4 Other income 7.5 7.2 0.3 Development investment income 12.3 0.0 2.3 10.1 Performance fees 6.7 0.1 1.6 5.0 Transaction fees 0.6 0.6 Propertymanagement 9.0 8.3 0.7 Development management fees 10.4 0.6 1.4 0.6 1.2 1.6 5.0 Base fees CHL 41.6 0.2 0.8 0.3 3.2 5.2 31.8 CHPT Revenue 0.2 0.2 Other income 9.5 0.8 0.3 3.2 5.2 Co-investment income 31.8 31.8 Rental income CHPT Total Other CIP CHIFs DPF CHUF CHOFs CPIF CPOF CHPT FY08 Revenue($m)

Annual Results FY08 52

Appendix A – Revenue Contribution

FY07 Revenue contribution

51.5 0.3 1.1 1.4 0.1 19.5 1.9 5.6 21.6 Total 25.1 0.1 1.1 1.0 19.5 0.2 2.6 0.5 CHL Revenue 0.1 0.1 Other income 0.3 0.3 Development investment income 12.0 0.3 11.8 Performance fees 0.8 0.1 0.7 Transaction fees 0.5 0.5 Propertymanagement 6.9 6.9 Development management fees 4.4 0.7 0.3 0.6 0.2 2.6 Base fees CHL 26.4 0.2 0.4 0.1 1.7 3.0 21.1 CHPT Revenue 0.2 0.2 Other income 5.1 0.4 0.1 1.7 3.0 Co-investment income 21.1 21.1 Rental income CHPT Total Other CIP CHIFs DPF CHUF CHOFs CPIF CPOF CHPT FY07 Revenue($m)

Annual Results FY08 53

Appendix B – Balance Sheet

21.2% 31.2% 7.2% Gearing3 $1.12 $1.19 $1.16 NTA($) 409.1 414.0 446.5 Securities on issue(AFIRS) 420.1 437.5 470.0 Securities on issue (all issued)2 461.0 492.3 518.7 Net assets 189.4 309.6 65.1 Total liabilities 30.8 48.6 15.1 Other liabilities 158.6 261.0 50.0 Borrowings 650.4 801.9 583.8 Total assets 76.8 68.5 30.9 Cash,receivables and other assets 0.8 50.3 55.5 Other investments 142.1 243.5 480.2 Investments in funds 430.7 439.6 17.2 Direct property 30 Jun 07 ($m) 30 June 08 ($m) Post CPRF close1 ($m)

NOTES:

1. Post de-consolidation of CPRF, post CHPT investment in CHUF ($50 million) and post DRP raising. 2. Includes securities issued under LTI Plan not recognised under AIFRS. AIFRS ignores LTI securities and interest income generated by Charter Hall on the loans provided to acquire the LTI securities.

Calculated as Borrowings net of Cash over Total Assets net of Cash.

Annual Results FY08 54

Appendix C – Capital Management

• Charter Hall Group debt maturity profile 3 years (evergreen facility)

• • Group gearing 7.1%

• Look-through gearing 39%

• Information current at 31 July 2008

Entity	Drawn balance ($m)	CHC co-invest (%)	Tangible assets ($m)	Gearing level (%)	Gearing limits (%)	Duration remainin g (yrs)	Percentag e hedged (%)	Average term (yrs)	Average rate (%)
8.6% 1.6 59% 1.7 n/a 63% 60 15% 38 CHOF5 8.1% 0.9 27% 1.8 n/a 38% 176 3% 67 CHOF4 7.8% 5.9 100% 2.2 65% 48% 239 18% 114 DPF 8.4% 6.3 96% 3.0 55% 43% 427 62% 182 CPRF 7.4% 7.8 108% 2.6 50% 36% 3982 25% 1432 CPIF 7.6% 6.6 76% 1.8 55% 46% 1,428 23% 658 CPOF 7.3% 2.7 160% 3.0 20% 7% 581 100% 41 CHC

NOTES:

1. Stake increases to 24% when including short term bridging loan. 2. Consolidates 100% of the Coles Distribution Centre.

Annual Results FY08 55

Appendix D – CHPT Investments

CHPT investments

	9 N/A 9 N/A DPF bridging loan 30 June 2008 Post CPRF - -% 50 22% CHUF 497 15 155 58 193 17 CHPT investment ($m) 18%1 62% 25% 23% 100% CHPT stake (%) 683 15 423 58 161 17 CHPT investment ($m) 24% 100% 25% 20% 100% CHPT stake (%) CPRF DPF ordinary equity CPIF CPOF Total Direct Properties

NOTE: 1.

Stake increases to 24% when including short term bridging loan.

Annual Results FY08 56

Appendix E – CHC Securities

Reconciliation of Securities

• Charter Hall has a loan security plan (LSP or LTI) to provide a long-term incentive to staff

• loan provided to employee trust by CHC

• proceeds of loan utilised to acquire CHC securities

• interest on this loan equal to the distribution yield on securities

• securities vest over 3 year period (one third each year) subject to satisfying vesting conditions

• Charter Hall had 437,491,721 securities on issue at 30 June 2008

• includes 23,508,112 securities related to the loan securities plan

• these 23.5 million securities are excluded for the calculation of EPS, DPS and NTA

• the interest income associated with these 23.5 million securities is excluded from CHC’s income statement, neutralising the impact of including or excluding these securities

• the LSP securities will be included for accounting purposes once the loan associated with these securities has been repaid

• CHC securities at 30 June 2008, excluding the LSP securities equals 413,983,609 million securities

• Average number of securities for FY08 equals 413,905,265 securities

Annual Results FY08 57

Appendix F – Property Portfolio

8.84% 8.80% 11.25% 8.70% 8.75% 8.25% 9.00% 9.00% 10.00% 9.25% 9.25% 8.75% 9.00% 8.50% 8.25% 8.75% 8.50% 8.25% Valuer’s Discount Rate/ IRR (%) 4.01% 8.0 0.39% 6.38% 6.77% 1,600.4 Total / weighted average 3.70% 4.1 N/A N/A 7.00% 30-Jun-08 79.8 570 Bourke Street, Melbourne Vic (50%) 3.81% 3.8 0.75% 8.25% 9.00% 30-Jun-08 63.0 109 St Georges Terrace, Perth WA 3.42% 16.0 0.20% 6.00% 6.20% 30-Jun-08 68.6 Monash University, 399 Royal Parade, Parkville Vic 4.10% 1.0 0.50% 6.75% 7.25% 30-Jun-08 33.0 150 Queen Street, Melbourne Vic 4.06% 7.4 0.38% 5.75% 6.13% 30-Jun-08 190.0 11 Exhibition Street, Melbourne Vic 3.00% 13.3 0.25% 7.25% 7.50% 30-Jun-08 21.5 Bank SA, Adelaide SA 3.00% 3.6 0.75% 7.25% 8.00% 30-Jun-08 14.7 51 Pirie Street, Adelaide SA 4.31% 4.5 0.96% 7.50% 8.46% 30-Jun-08 88.5 BHP House, 225 St Georges Tce, Perth (50%) 4.50% 10.7 0.75% 6.50% 7.25% 30-Jun-08 84.5 ONE30 Stirling Street, Perth, WA1 4.30% 2.8 0.25% 7.75% 8.00% 30-Jun-08 47.0 Hatch, 144 Stirling Street, Perth, WA 4.43% 10.7 0.25% 6.00% 6.25% 30-Jun-08 187.0 275 George Street, Brisbane, Qld (50%)1 4.52% 8.3 0.50% 6.00% 6.50% 30-Jun-08 200.0 Northbank Plaza, Brisbane, Qld 3.00% 13.3 0.50% 6.50% 7.00% 30-Jun-08 133.0 St George Bank, Kogarah, NSW 3.99% 1.7 (0.62%) 6.50% 5.88% 30-Jun-08 48.5 34 Hunter Street, Sydney, NSW 3.70% 4.3 0.25% 6.95% 7.20% 30-Jun-08 95.0 167 Macquarie Street, Sydney, NSW 3.70% 2.8 0.05% 6.25% 6.30% 30-Jun-08 86.3 331 & 333 George Street, Sydney, NSW 3.90% 10.9 0.25% 5.75% 6.00% 30-Jun-08 160.1 Atrium, 60 Union Street, Pyrmont, NSW Rent reviews (%) WALE (years) MCR Change (%) Mkt cap rate 31 Dec 07 (%) Mkt cap rate 30 Jun 08 (%) Ind. valuation date Ind. value ($m) Core Plus Office Fund (CPOF)

NOTE:

1. Projects under development. Independent value represents value on completion. Book values for 275 George St: $90.5 million and ONE30 Stirling St: $29.0 million.

Annual Results FY08 58

Appendix F – Property Portfolio

8.89% N/A N/A 9.00% 9.00% 9.00% 9.50% 8.75% 8.75% 9.00% 8.75% 8.75% Valuer’s Discount Rate/ IRR (%) 3.00% 12.6 0.18% 6.91% 7.09% 338.9 Total / weighted average N/A N/A N/A N/A N/A 15-Jul-07 6.9 772-776 Boundary Road, Richlands Qld1 N/A N/A N/A N/A N/A 31-Mar-08 11.2 200 Holt Street, Pinkenba Qld1 3.25% 8.7 0.25% 6.75% 7.00% 30-Jun-08 10.0 Toll, 7 Viola Place, Brisbane Airport Qld 3.00% 6.2 0.25% 7.00% 7.25% 30-Jun-08 28.6 140-160 Robinson Road Geebung, Qld 3.39% 1.8 0.25% 7.25% 7.50% 30-Jun-08 21.7 Citiport Industrial Estate, 17 Sugarmill Rd, Meeandah Qld 3.50% 19.3 0.25% 6.75% 7.00% 30-Jun-08 28.8 309 Fitzgerald Road, Derrimut Vic 3.25% 3.3 0.25% 7.25% 7.50% 30-Jun-08 18.3 130-138 Link Road, Melbourne Airport Business Park (CAT & Primus) Vic 3.50% 8.3 0.10% 7.15% 7.25% 30-Jun-08 8.8 55-65 Sky Road, Melbourne Airport Business Park (Kathmandu) Vic 3.50% 5.2 0.30% 7.20% 7.50% 31-Mar-08 35.0 123-135 Kewdale Road Kewdale WA 2.75% 19.8 -% 6.75% 6.75% 30-Jun-08 138.8 Coles Distribution Centre, 136 Horrie Miller Drive, Perth Airport WA (75%) 3.28% 3.9 N/A N/A 7.50% 30-Jun-08 31.0 Chatswood Business Park, 372 Eastern Valley Way, Chatswood NSW Rent reviews (%) WALE (years) MCR Change (%) Mkt cap rate 31 Dec 07 (%) Mkt cap rate 30 Jun 08 (%) Ind. valuation date Ind. value ($m) Core Plus Industrial Fund (CPIF)

NOTE: 1. Projects under development. Book values for Richlands: $7.8 million and Pinkenba: $12.4 million.

Annual Results FY08 59

Appendix F – Property Portfolio

8.85% 9.50% 9.50% 8.75% 9.00% 8.50% 9.00% 9.25% 8.75% 9.00% 9.00% 8.75% 8.75% 8.50% 8.25% 8.25% 8.50% 9.00% Valuer’s Discount Rate/ IRR (%) 0.23% 0.25% 0.25% -% 0.50% -% -% 0.25% -% 0.25% -% 0.25% 0.25% 0.50% -% 0.25% 0.25% 0.25% MCR Change (%) 6.81% 7.25% 8.50% 7.00% 6.25% 7.00% 6.50% 7.00% 7.25% 7.00% 7.25% 6.50% 6.50% 6.25% 6.75% 6.50% 6.25% 6.75% Mkt cap rate 31 Dec 07 (%) 1.50% 11.0 7.50% 30-Jun-08 22.2 Foodtown, Auckland New Zealand 3.21% 9.0 7.04% 494.7 Total/ weighted average Rent reviews (%) WALE (years) Mkt cap rate 30 Jun 08 (%) Ind. valuation date Ind. value ($m) Core Plus Retail Fund (CPRF) 2.80% 5.1 8.75% 30-Jun-08 14.2 Harvey Norman, Dunedin New Zealand N/A N/A 7.00% 31-Dec-07 68.3 Mentone Harvey Norman Centre, 61 Nepean Hwy, Mentone Vic1 N/A N/A 6.75% 30-Jun-08 61.5 Bluewater Square, Redcliffe Qld1 N/A N/A 7.00% 31-Dec-07 34.6 Home HQ, 339 Brisbane St, Ipswich Qld1 3.00% 8.6 6.50% 30-Jun-08 17.3 Home HQ, Rothwell Qld 3.00% 4.4 7.25% 30-Jun-08 39.0 Menai Central, Sydney NSW 3.15% 5.2 7.25% 30-Jun-08 24.6 Mentone Showrooms, 25 Nepean Hwy, Mentone Vic 3.70% 7.5 7.25% 30-Jun-08 69.0 Home HQ Nunawading, Whitehorse Rd, N’wading Vic 3.00% 8.5 7.25% 30-Jun-08 6.6 Bunnings, Kalgoorlie WA 3.00% 11.0 6.75% 30-Jun-08 18.8 Bunnings, Nerang Qld 3.00% 11.0 6.75% 30-Jun-08 21.3 Bunnings, Stafford Qld 3.00% 11.0 6.75% 30-Jun-08 25.6 Bunnings, Penrith NSW 3.00% 11.0 6.75% 30-Jun-08 13.8 Bunnings, South Nowra NSW 3.00% 11.0 6.75% 30-Jun-08 23.5 Bunnings, Belconnen ACT 3.00% 11.0 6.50% 30-Jun-08 25.4 Bunnings, Box Hill Vic 3.00% 8.5 7.00% 30-Jun-08 9.1 Bunnings, Bendigo Vic

NOTE:

1. Projects under development. Independent value represents value on completion. Book values for Ipswich: $12.5 million; Redcliffe: $53.2 million; and Mentone: $26.7 million.

Annual Results FY08 60

Appendix F – Property Portfolio

8.85% 8.75% 8.25% 8.75% 8.25% 9.00% 9.00% 9.00% 9.25% 8.75% 9.25% 9.25% 9.00% Valuer’s Discount Rate/ IRR (%) 2.75% 19.8 -% 6.75% 6.75% 30-Jun-08 46.3 Coles Distribution Centre, Horrie Miller Drive, Perth Airport WA (25%) 3.39% 7.6 0.11% 6.99% 7.10% 249.3 Total/ weighted average Rent reviews (%) WALE (years) MCR Change (%) Mkt cap rate 31 Dec 07 (%) Mkt cap rate 30 Jun 08 (%) Ind. valuation date Ind. value ($m) Diversified Property Fund (DPF) 3.00% 4.2 -% 7.50% 7.50% 15-Aug-07 6.4 22-28 Compark Circuit, Mulgrave Vic 3.75% 9.0 -% 7.25% 7.25% 21-Dec-07 20.5 Foster's Portfolio, Abbotsford Vic 2.93% 2.0 -% 6.25% 6.25% 27-Sep-07 23.9 53 Berry Street, North Sydney NSW 3.30% 4.4 (0.13%) 7.88% 7.75% 30-Jun-08 10.8 Melbourne Airport Business Park, South Centre Road & Jets Court, Tullamarine Vic 3.00% 2.7 (0.10%) 7.85% 7.75% 30-Jun-08 10.5 EMI, 98-100 Glover Street, Cremorne NSW 3.30% 6.0 0.12% 7.38% 7.50% 30-Jun-08 5.2 615-619 Maroondah Highway, Mitcham Vic 3.00% 2.2 (0.25%) 8.00% 7.75% 31-Mar-08 12.1 420 Princes Highway, Corio (Geelong) Vic 3.75% 8.2 0.25% 6.25% 6.50% 30-Jun-08 45.8 400 Kent Street, Sydney NSW (75%) 3.76% 3.3 0.50% 7.00% 7.50% 30-Jun-08 9.0 385 St Pauls Terrace, Brisbane Qld 4.09% 2.8 0.25% 7.25% 7.50% 30-Jun-08 29.0 181 St Georges Terrace, Perth WA 3.79% 2.5 0.25% 7.50% 7.75% 30-Jun-08 30.0 46-50 Kings Park Road, West Perth WA

Annual Results FY08 61

Further Information

David Harrison Joint Managing Director +61 2 8908 4033 davidh@charterhall.com.au David Southon Joint Managing Director +61 2 8908 4025 davids@charterhall.com.au

Peter Roberts Chief Financial Officer +61 2 8908 4047 peterr@charterhall.com.au

Charter Hall Group Level 11 / 333 George Street Sydney NSW T +61 2 8908 4000 F +61 2 8908 4040 www.charterhall.com.au