CHARTER HALL GROUP — Annual Report 2009

Aug 24, 2009

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Charter Hall Group FY09 Annual Results 25 August 2009

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Agenda

• FY09 Summary

• Earnings Overview

• Charter Hall Property Trust

• Charter Hall Managed Funds

• Development

• Financials

• Capital Management

• Outlook and Guidance

• Questions

• Appendices

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Charter Hall Group FY09 Annual Results Presentation

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Section one FY09 Summary

225 St Georges Terrace, Perth WA

FY09 Summary

• Over FY09, CHC has substantially de-risked its balance sheet and managed funds through asset sales and equity raising initiatives

• Eliminated headstock debt

• Asset sales of $228 million across CPOF, CPRF and DPF

• Refinanced $1.1 billion of debt in FY09

• Maintained strong occupancy, weighted average lease expiry (WALE) and weighted average rent review (WARR) metrics across the managed funds investment portfolios

• Attracted a strategic investor in Gandel Group to both CHC and managed funds

• Successfully completed and leased two office projects totalling 52,000m[2] NLA with a combined value of $400 million

• Gained inclusion in the S&P/ASX 200 Index

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Charter Hall Group FY09 Annual Results Presentation

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FY09 Summary

	FY09	FY08
Underlying Earnings1	$34.8m	$52.7m
Underlying EPS2	7.61cps	12.74cps
DPS	4.96cps	12.60cps
NPAT (AIFRS)	($82.2m)	$67.5m
	AT 30 JUNE 09	AT 30 JUNE 08
AUM	$3.4bn	$3.9bn
Total Group Assets	$524m	$802m
Total Group Net Assets	$494m	$492m
NTA	$0.71	$1.19
Gearing3	2%	31%

NOTES:

1. Excluding fair value adjustments, impairments, gains on sale, non-cash tax benefits and non cash expenses. 2. Underlying Earnings redefined in FY09 to exclude income tax benefit.

2. Calculated as borrowings net of cash over total assets net of cash. 30 June 09 gearing reduces to nil after sale of CPOF Units and the Chullora asset.

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Charter Hall Group FY09 Annual Results Presentation

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Section two
Earnings overview
Atrium, 60 Union Street,
Pyrmont NSW
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Group Revenue

� FY09 revenue of $57.9 million[1]

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CHL $88.5m
CHPT
$46.9m
$57.9m
$31.5m
$41.6m
$26.4m
FY09 FY08
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NOTE:

1. Revenue in this analysis excludes interest income and is net of property expenses

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Charter Hall Group

FY09 Annual Results Presentation

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Group Revenue

Revenue composition

FY09 revenue breakdown ($57.9 million)

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$41.6m
Performance
FY08 Development Fees Transaction
Investment
2% Fees
FY09 3%
1%
$28.8m
Development
$26.4m
Management
Fees
19%
$20.4m
CHPT Revenue
45%
Property
Management
and Other Fees
$12.3m
4%
$7.5m
$6.7m
Base Asset
$1.5m
$0.9m $0.4m Management
Fees
CHPT Revenue Services Fees1 Performance Fees Transaction Fees Development 26%
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NOTE:

1. Services fees include base asset management, development management, property management and other fees.

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Charter Hall Group FY09 Annual Results Presentation

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Group EPS and DPS

Underlying EPS of 7.61 cents and DPS of 4.96 cents

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EPS
12.74c 12.60c
DPS
7.61c
4.96c
FY09 FY08
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Charter Hall Group FY09 Annual Results Presentation

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Section three Charter Hall Property Trust

56 Anzac Street, Chullora NSW

Charter Hall Property Trust (CHPT)

• 100% of the portfolio revalued over last six months

• 67 basis points (bps) like-for-like expansion in weighted average capitalisation rate during FY09 and 88bps over 18 months

	CHPT	MARKET	FIXED	VALUERS’		LIKE FOR LIKE		LIKE FOR LIKE
	CO-INVESTMENT	CAP RATE	RENTAL	DISCOUNT		CHANGE IN		CHANGE IN
			REVIEWS	RATE		CAP RATE		CAP RATE
						12 MONTHS1		18 MONTHS1
	($M)	(%)	(%)	(%)		(%)		(%)
Core Plus Office Fund (CPOF)2	122	7.60%	4.02%	9.32%		0.77%		1.15%
Core Plus Industrial Fund (CPIF)	62	7.88%	3.21%	9.42%		0.73%		0.70%
Core Plus Retail Fund (CPRF)	140	7.59%	3.48%	9.38%		0.51%		0.71%
Diversified Property Fund (DPF)	22	7.95%	3.63%	9.40%		0.90%		1.03%
Charter Hall Umbrella Fund (CHUF)	48	7.72%	3.59%	9.37%		0.70%		0.88%
Total/weighted average	394	7.68%	3.63%	9.37%		0.67%		0.88%

NOTE:

1. Includes only those assets in the current portfolio.

2. Analysis shown on a proforma basis post sale of $30 million of CPOF units.

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Charter Hall Group FY09 Annual Results Presentation

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Charter Hall Property Trust (CHPT)

� Reconciliation of fall in value of CHPT property investment portfolio[1]

• CHPT portfolio falls from $498 million (as reported in August FY08 presentation) to $394 million

• Net fall of $104 million comprises $24 million from net sales and $80 million fall in value of direct property and equity co-investment stakes

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$104m
Net sales [2]
$24m $24m
$2m
$32m
Fall in value of direct
property and equity
co-investment stakes in
$8m
managed funds $80m
17% like-for-like drop
$22m
$5m
$11m
Net negative Net sales over Direct property CPOF CPIF CPRF DPF CHUF
movement of period
CHPT portfolio
Falls in value of direct property and equity co-investment stakes
(Fair value adjustments: non-cash)
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NOTE:

1. Presented on Proforma basis. 2. Net sales of $24 million in CHPT represents: Charter Hall Group • FY09 Annual Results Presentation $55 million of proforma sales representing (Chullora $15 million, CPOF Units: $40 million); less

2. $31 million of acquisitions and draws for equity calls (CPIF: $12 million, CPRF: $7 million, DPF: $3m, CHUF: $9 million)

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CHPT Portfolio Metrics

Weighted average lease expiries (years, by net income)

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CPOF 6.7
CPIF 9.8
CPRF 8.7
DPF 7.6
CHUF 8.2
CHPT 8.2
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Charter Hall Group FY09 Annual Results Presentation

Sector diversification

(by value)

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Industrial,
21%
Office, 34%
Retail, 45%
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CHPT Portfolio Metrics

Asset diversification

(by value)

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CHUF, $48m,
12%
CPOF, $122m,
DPF, $22m, 6% 31%
CPRF, $140m,
35%
CPIF, $62m,
16%
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Geographical diversification

(by value)

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NZ, 3%
SA, 1%
WA, 19%
VIC, 29%
QLD, 27%
NSW, 21%
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Charter Hall Group FY09 Annual Results Presentation

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CHPT Portfolio Metrics

Top 15 tenants

Lease expiry profile

(by income)

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Coles 9.8%
Woolw orths 6.0%
Telstra 5.3%
Westpac / St George 4.8%
Commonw ealth Government 3.1%
American Express 2.6%
Harvey Norman 2.4%
Bunnings 2.3%
Mercer 1.8%
Fastline 1.4%
Good Guys 1.3%
Central QLD Uni 1.3%
Smorgon 1.3%
Double One Furnishing 1.1%
Queensland Gas 1.1%
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Charter Hall Group FY09 Annual Results Presentation

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VACANT 1.5%
FY10 4.2%
FY11 5.5%
FY12 6.0%
FY13 5.5%
FY14 7.4%
FY15 8.7%
FY16 3.7%
FY17 8.3%
FY18 5.6%
FY19+ 36.8%
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Section four Charter Hall Managed Funds

400 Kent Street Sydney NSW

Assets Under Management

� Assets under management (AUM) of $3.38 billion

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Charter Hall AUM
$3,384m
Wholesale Investor Funds Retail Investor Funds
$2,848m $536m
Opportunistic Core Plus
$781m $2,067m
CHOF4 CHOF5 CPOF CPIF CPRF DPF CHUF CHIFs
$423m $358m $1,390m $374m $303m $194m $195m $147m
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Charter Hall Group

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FY09 Annual Results Presentation

Assets Under Management

� Reconciliation of AUM change over FY09

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+$48m
($330m)
($228m)
$3,895m
$3,384m
FY08 Additions Valuation falls Sales FY09
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Charter Hall Group

FY09 Annual Results Presentation

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Wholesale Investment Funds Update

Core Plus Office Fund (CPOF)

–	CPOF recently completed two projects in Brisbane and Perth, each with 10 year		AUM	$1,390m
	WALEs and a combined $30 million of margin/profit that has mitigated revaluation		Change in AUM1	($210m)
	falls and enhanced portfolio metrics.		CHPT Stake	18%2
–	High quality core portfolio of office assets, plus income producing development		WALE	6.7 years
	inventory positioned to exploit recovery conditions.		Occupancy	97%
Core	Plus Industrial Fund (CPIF)
–	CPIF is a predominantly core portfolio of long WALE investments with 7%		AUM	$374m
	development land bank.		Change in AUM1	+$35m
–	Un-drawn equity of $42 million.		CHPT Stake	25%
			WALE	9.8 years
			Occupancy	98%
Core	Plus Retail Fund (CPRF)
–	Successful de-leveraging sale process that has reduced gearing to sub 30% post		AUM	$303m
	July and August settlements.		Change in AUM1	($191m)
–	Well positioned core portfolio with $165 million of un-drawn debt capacity available		CHPT Stake	65%
	to exploit recovery in retail sector.		WALE	8.7 years
			Occupancy	100%

NOTE:

1. Since July 2008 (as reported in FY08 results presentation, post CPRF close).

2. Post the sale of CPOF units.

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Charter Hall Group FY09 Annual Results Presentation

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Wholesale Opportunistic Funds Update

Charter Hall Opportunity Fund No.4 (CHOF4)

• Fund equity of $165 million fully allocated AUM $423m CHC Stake 3%

• – Six active projects remaining, with two currently under construction • Two office, three bulky goods retail and one residential project

• Focus on leasing, sale of completed product and refinancing where appropriate

Charter Hall Opportunity Fund No.5 (CHOF5)

• Fund equity of $300 million 69% allocated, with $93 million available for allocation to AUM $358m new opportunities CHC Stake 15%

• – Four active projects, with only one currently constructed and in lease-up phase • Two office, one bulky goods retail (NZ) and one residential project

• – Focus on leasing, approvals, refinancing where appropriate and new opportunities

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Charter Hall Group

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FY09 Annual Results Presentation

Retail Equity Funds Update

Diversified Property Fund (DPF)

• Recently completed three asset sales and successfully renewed five leases that were nearing lease expiry, extending the WALE to 7.6 years

• Focus on executing further asset sales to reduce leverage

• – Continues to pay quarterly distributions to retail investors

AUM	$194m
Change in AUM1	($55m)
CHPT Stake	26%
WALE Occupancy	7.6 years 98%

Charter Hall Umbrella Fund (CHUF)

• The position of CHUFs underlying investments continue to strengthen as asset sale programs are executed

• – Fund is re-open to inflows

• – Continues to pay quarterly distributions to retail investors

AUM	$195m
Change in AUM1	($28m)
CHPT Stake	25%
WALE Occupancy	8.2 years 98%

NOTE:

1. Since July 2008 (as reported in FY08 results presentation, post CPRF close).

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Charter Hall Group FY09 Annual Results Presentation

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Section five
Development
130 Stirling Street
Perth WA
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Development Book

• Total value of development book of $825 million, representing projects managed in off-balance sheets funds

• Predominantly in CHOF4 (3% co-investment stake held by CHC) and CHOF5 (15% co-investment stake held by CHC)

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NOTE:
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Residential Retail
Value of projects ‘underway’ of $740 millon [[1]]
25% 25%
–
$163 million currently available for sale
–
$361 million in construction or lease-up phase
–
$217 million with a land sale strategy
Landbank inventory of $85 million Industrial
2%
–
Represents land value plus costs to date
Development construction roll-off [[1]]
Residential
$251m Office
Office
48%
$217m
Retail
$96m
$198m
$156m
$109m
Charter Hall GroupFY09 Annual Results Presentation 2009 2010 2011 23
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• Value of projects ‘underway’ of $740 millon[[1]]

• Landbank inventory of $85 million

� Development construction roll-off[[1]]

1. On completion value.

Section six Financials

Sydney Wharf Pyrmont NSW

Income Statement

$M	FY09	FY08
Direct net property income	2.0	31.8
Co-investment distributions	24.4	9.5
Other trust income Development investment income Total CHPT income	1.5 26.4 -	7.5 41.6 0.2
Funds management income – Base fees	15.8	10.4
Funds management income – Development management	10.8	9.0
Funds management income – Performance fees	0.9	12.3
Funds management income – Transaction fees	0.4	6.7
Property management income	1.1	0.6
Other corporate income	1.0	0.4
Expenses1 Total CHL income Total income	(20.8) 57.9 31.5	(20.0) 88.5 46.9
Net interest expense EBIT	(2.3) 37.1	(18.3) 68.5
Tax expense2	-	2.6
Underlying earnings	34.8	52.7
Securities on issue for EPS calculation(million)	457.4	413.9
Underlying EPS	7.61cps	12.74cps

NOTES: Charter Hall Group 1. Excludes employee LTIP non-cash expense. FY09 Annual Results Presentation

1. Underlying Earnings redefined in FY09 to exclude income tax benefit.

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Underlying Earnings Reconciliation

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FY09
+$17.6m +$1.8m 7.61cps
4.96cps
+$97.6m
$34.8m
$24.7m
$82.2m
AIFRS loss Property and CIP investment Other items Underlying Distribution
Investments FV impairment Earnings
adjustments
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Charter Hall Group FY09 Annual Results Presentation

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Operating Cashflow Reconciliation

� Underlying earnings and distribution covered by net operating cashflow

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+$10.6m
($4.3m)
$34.8m
FY09 underlying Decrease in trade Other
earnings debtors
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$41.1m
$24.7m
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FY09 net cashflow Distribution from operating activities

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Charter Hall Group FY09 Annual Results Presentation

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Balance Sheet

		PROFORMA	PROFORMA	30 JUNE 2009	30 JUNE 2008
		JUNE 20091		($M)	($M)
		($M)
Cash		32.7		1.9	16.2
Direct property		-		15.0	439.6
Indirect property investments		394.1		433.6	243.5
Other investments		43.3		43.3	50.3
Receivables and other assets		29.7		29.7	52.3
Total assets		499.8		523.5	801.9
Borrowings		-		14.2	261.0
Other liabilities		15.3		15.3	48.6
Total liabilities		15.3		29.5	309.6
Net assets		484.5		494.0	492.3
Securities on issue(AIFRS,million)		698.0		698.0	414.0
NTA($)		0.694		0.708	1.19
Gearing2		nil		2.4%	31.2%
Look through gearing		32.8%		42.8%	43.5%

NOTES:

1. Adjusted for sale of 56 Anzac Street, Chullora and sale of CPOF Units.

2. Calculated as net debt over total assets net of cash.

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Charter Hall Group FY09 Annual Results Presentation

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Section seven Capital management

WORKZONE, 202 Pier Street, Perth WA

Capital Management

DEBT FACILITY1	CHC	CPOF	CPRF	CPIF	DPF
Asset values ($m)2	467	1,228	282	377	195
Net debt drawn ($m)	-	605	78	133	112
Duration (years)3	2.0	2.7	2.0	2.4	2.4
GEARING METRICS
Current LVR3	nil	49%	28%	35%	58%
LVR Covenant4	25%	57%	55%	55%	65%
LVR headroom5	N/A	13%	47%	35%	15%

NOTES:

1. Analysis excludes development related debt.

2. Asset values shown net of cash.

3. Calculated on a weighted average basis

4. Property LVR covenants shown for all facilities.

5. Headroom percentage calculated as the percentage by which asset values can fall before reaching LVR covenants. Calculated on a weighted average basis.

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Charter Hall Group FY09 Annual Results Presentation

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Capital Management

� Debt expiry profile by fund[1]

$0m $50m $100m $150m $200m $250m $300m $350m
	~~$333m~~ DPF
	~~$285m~~ CPIF
	CPRF
	$165m ~~CPOF~~
	$97m
	$60m
	1HFY10 2HFY10 1HFY11 2HFY11 1HFY12 2HFY12 1HFY13

NOTE:

1. Analysis excludes development related debt.

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Charter Hall Group

FY09 Annual Results Presentation

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Section eight Outlook and Guidance

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Outlook and Guidance

� CHC is well positioned to pursue opportunities as the market recovers

• Well capitalised after successfully executed capital management initiatives

• Property specialist with products across the risk-return spectrum

� Managed funds positioned for recovery

• Substantially de-risking funds through asset sales and equity raising initiatives

• Opportunity funds with over $90 million of equity capacity

• Investment funds exhibit long WALEs and quality tenants

� CHC has retained “brand quality” with wholesale and retail investors

• On-going support from wholesale investors and financial planners

� FY10 guidance

• Underlying EPS guidance range of 3.75cps to 4.00cps

• DPS guidance 3.00 to 3.20cps, subject to paying out taxable income as a minimum

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Charter Hall Group FY09 Annual Results Presentation

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Questions

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Section ten Appendices

11 Exhibition Street Melbourne Vic

Appendix A – CHPT Co-Investments

30 JUNE 2008 – AUG 08	MOVEMENT	394 48 22 140 62 122 - CHPT investment ($m) 25% 26% 65% 25% 18% CHPT stake (%) 30 JUNE 09 – PROFORMA
CHPT investment ($m) CHPT stake (%)	Acquisitions/ (Sales) ($m) Fair Value Movement ($m)
50 24 155 58 193 17 22% 24% 62% 25% 23% CHUF CPRF DPF CPIF CPOF Direct properties	9 3 7 12 (40) (15) (11) (5) (22) (8) (32) (2)
498 Total	(24) (80)

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Charter Hall Group

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FY09 Annual Results Presentation

Appendix B - Capital Management

FACILITY1	ASSET VALUES ($M)	ASSET VALUES ($M)	DRAWN DEBT2 ($M)	MATURITY	CURRENT LVR	LVR COVENANT3	HEAD ROOM %4	NOTES:	NOTES:
Group facility CHC		467	nil	Jul-11	0%	25%	N/A	1.	Analysis excludes any development related debt facilities.
CPOF								2.	Drawn debt shown net of cash. Cash balance at fund
Portfolio facility		697	358	Jul-12	51%	60%	14%		level used to reduce various
144 & 130 Stirling Street, Perth		117	60	Feb-12	51%	60%	10%		debt facilities.
								3.	Property LVR covenants
King William Street and Pirie Street, Adelaide		35	19	Sep-11	54%	60%	11%		shown for all facilities
Northbank Plaza, Brisbane		165	73	Aug-11	44%	50%	12%		except CHC group facility which is a total liabilities to
St George Bank, Kogarah		129	57	Sep-11	44%	50%	12%		total assets covenant.
								4.	Headroom % calculated as
570 Bourke Street, Melbourne		80	39	Jun-11	48%	55%	12%		the percentage by which
Other assets (ex. cash)		5							asset values can fall before. breaching LVR covenants.
Total CPOF	1,228		605	2.7yrs	49%	57%	13%	5.	Includes assets not secured
CPRF									by debt: Schenker and Smorgan.
Portfolio facility		278	78	Jul-11	28%	55%	47%
Other assets (ex. cash)		5
Total CPRF		282	78	2.0yrs	28%	55%	47%
CPIF
Portfolio facility		186	52	Jul-12	28%	60%	53%
Coles, Perth (75%)		134	73	Jun-11	54%	65%	17%
130-138 Link Road, Melbourne		17	9	Oct-11	50%	55%	9%
Other assets (ex. cash)5		40
Total CPIF		377	133	2.4yrs	35%	55%	35%
DPF
Portfolio facility (NAB)		84	50	Oct-11	60%	65%	8%
Coles, Perth (25%)		45	24	Jun-11	53%	65%	18%
Portfolio facility (AXA)		66	38	Various	58%	65%	10%
Charter Hall Group FY09 Annual Results Presentation Total DPF Other assets (ex. cash)		195 1	112	2.4yrs	58%	65%	15%		37

Appendix C - Development Book

OFF BALANCE SHEET PROJECTS	FUND	SECTOR	COMPLETION VALUE	COMPLETION DATE
CURRENTLY UNDERWAY			($M)	(CY)
Projects Currently Available for Sale
275 George St, Brisbane, Qld (50%)	CHOF4	Office	163	2009
Projects Currently Underway
Alluvion, 54-58 Mounts Bay Road, Perth WA (50%)	CHOF4	Office	96	2010
Home HQ North Shore, Artarmon NSW	CHOF4	Retail	108	2010
Gepps Cross Centre, Adelaide SA	CHOF4	Retail	48	2010
40 Creek St, Brisbane Qld	CHOF5	Office	109	2009
Projects with Land Sale Strategy
Home HQ Hastings, Hastings New Zealand	CHOF5	Retail	19	2011
1406-1408 Anzac Parade, Little Bay NSW	CHOF5	Residential	198	2013
Total			740

	OFF-BALANCE SHEET LANDBANKS	FUND	SECTOR	BOOK VALUE
				($M)
	Harvey Norman Centre, Mentone Vic	CPRF	Retail	26
	200 Holt Street, Pinkenba Qld	CPIF	Industrial	13
	772-776 Boundary Rd, Richlands Qld	CPIF	Industrial	6
	Gepps X Trade Centre, Adelaide SA	CHOF4	Retail	0
	Mentone Residential, Mentone Vic	CHOF4	Residential	9
	Whakatu Site, Hastings, NZ	CHOF5	Retail	4
	WORK/ZONE 202 Pier Street, Perth, WA	CHOF5	Office	29
	Charter Hall Group ~~FY09 Annual Results Presentation~~ Total			85

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Appendix D – Revenue Contribution

FY09 UNDERLYING	CHPT	CPOF	CPIF	CPRF	CHOFs	CHUF	DPF	CHIFs	CIP	Other	Total
REVENUE($m)
CHPT
Rental income	2.0										2.0
Co-investment income		7.5	3.3	8.9		3.4	1.3				24.4
Other income
CHPT Revenue	2.0	7.5	3.3	8.9		3.4	1.3				26.4
CHL
Development investment income					(0.6)				2.1		1.5
Base fees		6.7	2.2	1.8	2.1	0.8	1.5	0.6		0.1	15.8
Development management fees		1.1	0.1	1.4	8.3						10.8
Performance fees					0.4		0.5				0.9
Transaction fees						0.2	0.1				0.4
Propertymanagement	0.1	0.5	0.1	0.1				0.2			1.1
Other income						0.3	0.1			0.7	1.1
CHL Revenue	0.1	8.3	2.4	3.3	10.1	1.3	2.2	0.8	2.1	0.9	31.5
Total	2.2	15.8	5.7	12.2	10.1	4.7	3.5	0.8	2.1	0.9	57.9

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Appendix E – Property Portfolio

CORE PLUS OFFICE FUND (CPOF)	30 JUNE 09	MKT CAP	MKT CAP	MCR CHANGE	VALUER’S	WALE	MIN. RENT
	VALUE	RATE	RATE		DISCOUNT	(YEARS)	REVIEWS
		30 JUNE 09	30 JUNE 08	(%)	RATE/ IRR
		(%)	(%)		(%)		(%)
	($M)
AMEX Atrium, Pyrmont, NSW	142.4	7.50%	6.00%	1.50%	9.25%	9.6	4.0%
331 & 333 George St, Sydney, NSW	82.0	6.88%	6.30%	0.58%	8.75%	3.3	3.9%
167 Macquarie St, Sydney, NSW	82.0	7.75%	7.20%	0.55%	9.00%	3.5	3.8%
34 Hunter St, Sydney, NSW	38.0	6.75%	5.88%	0.88%	8.75%	1.5	4.3%
St George Bank, Kogarah, NSW	129.0	7.25%	7.00%	0.25%	8.75%	12.2	3.0%
Northbank Plaza, Brisbane, Qld1	165.0	7.75%	6.50%	1.25%	9.25%	8.2	4.5%
275 George St, Brisbane, Qld (50%)1	162.5	7.25%	6.25%	1.00%	9.00%	10.0	4.5%
Hatch, 144 Stirling St, Perth, WA	47.3	8.75%	8.00%	0.75%	9.75%	2.3	3.9%
130 Stirling St, Perth, WA1	77.0	8.00%	7.25%	0.75%	10.00%	8.3	4.6%
BHP House, 225 St Georges Terrace, Perth, WA (50%)	88.5	8.75%	8.50%	0.25%	9.75%	3.9	3.9%
109 St Georges Terrace, Perth, WA	60.5	9.50%	9.00%	0.50%	12.00%	3.3	4.0%
51 Pirie St, Adelaide, SA	14.5	8.50%	8.00%	0.50%	9.25%	2.5	3.0%
Bank SA, Adelaide, SA	20.0	8.25%	7.50%	0.75%	9.75%	12.2	3.0%
11 Exhibition St, Melbourne, Vic	173.3	6.75%	6.13%	0.63%	9.00%	6.4	4.0%
150 Queen St, Melbourne, Vic	30.6	7.75%	7.25%	0.50%	9.25%	0.7	4.6%
570 Bourke St, Melbourne, Vic (50%)	77.7	7.50%	7.00%	0.50%	9.50%	2.6	4.0%
Total/weighted average	1,390.2	7.60%	6.83%	0.77%	9.32%	6.7	4.0%

NOTE:

1. Projects under development. Value represents value on completion. Book values: 275 George Street: $151.1 million and 130 Stirling Street: $69.4 million.

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Appendix E – Property Portfolio

CORE PLUS INDUSTRIAL FUND (CPIF)	30 JUNE 09	MKT CAP	MKT CAP	MCR	VALUER’S	WALE	MIN. RENT
	VALUE	RATE	RATE	CHANGE	DISCOUNT		REVIEWS
		30 JUNE 09	30 JUNE 08		RATE/ IRR
	($M)	(%)	(%)	(%)	(%)	(YEARS)	(%)
Chatswood Business Park, 372 Eastern Valley	28.8	8.50%	7.50%	1.00%	9.50%	3.8	3.2%
Way, Chatswood, NSW
56 Anzac St. Chullora, NSW	15.0	9.25%	8.75%	0.50%	10.00%	1.4	3.6%
Coles, Horrie Miller Drive, Perth Airport, WA (75%)	133.9	7.30%	6.75%	0.55%	9.25%	18.9	2.8%
Myer, 123-135 Kewdale Rd Kewdale WA	30.2	9.00%	7.50%	1.50%	10.25%	4.2	4.0%
55-65 Sky Rd, MABP (Kathmandu), Vic	8.1	8.00%	7.25%	0.75%	9.50%	7.3	3.5%
130-138 Link Rd, MABP (Caterpillar & Primus), Vic	17.5	8.00%	7.50%	0.50%	9.25%	2.4	3.3%
309 Fitzgerald Rd, Derrimut, Vic	27.9	7.50%	7.00%	0.50%	9.25%	18.4	3.5%
Schenker, Cnr Link & South Centre Rds, MABP	12.7	7.75%	7.00%	0.75%	9.25%	9.8	3.5%
Vic1
Citiport Industrial Estate, 17 Sugarmill Rd,	19.8	8.50%	7.50%	1.00%	9.50%	1.4	3.8%
Meeandah, Qld
140 -160 Robinson Road, Geebung, Qld	26.5	8.00%	7.25%	0.75%	9.25%	5.3	3.1%
Toll, 7 Viola Place, Brisbane Airport, Qld	9.3	8.30%	7.50%	0.80%	9.50%	7.7	3.3%
Smorgon, Main Beach Rd, Pinkenba Qld	24.8	7.70%	N/A	N/A	9.30%	14.5	3.3%
200 Holt St, Pinkenba, Qld	12.5	N/A	N/A	N/A	N/A	N/A	N/A
772-776 Boundary Rd, Richlands, Qld	6.0	N/A	N/A	N/A	N/A	N/A	N/A
Total / Average	372.6	7.88%	7.15%	0.73%	9.42%	9.8	3.3%

NOTE:

1. Project currently under development. Independent value represents value on completion. Book value for Schenker: $10.8 million.

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Appendix E – Property Portfolio

CORE PLUS RETAIL FUND (CPRF)	30 JUNE 09	MKT CAP	MKT CAP	MCR	VALUER’S	WALE	MIN. RENT
	VALUE	RATE	RATE	CHANGE	DISCOUNT		REVIEW
		30 JUNE 09	30 JUNE 08		RATE/ IRR
	($M)	(%)	(%)	(%)	(%)	(YEARS)	(%)
Bunnings, Stafford, Qld	20.0	7.50%	6.75%	0.75%	9.00%	10.0	3.0%
Home HQ Nunawading, Whitehorse Rd, Nunawading, Vic	70.6	7.50%	7.25%	0.25%	9.25%	6.4	3.8%
Mentone Showrooms, 25 Nepean Highway, Mentone, Vic	23.7	7.50%	7.25%	0.25%	9.25%	4.4	3.0%
Menai Central, Sydney, NSW	37.0	7.75%	7.25%	0.50%	9.50%	6.5	3.6%
Home HQ Ipswich, 339 Brisbane Street, Ipswich, Qld1	30.5	7.50%	N/A	N/A	9.25%	7.6	3.5%
Bluewater Square Shopping Centre, Redcliffe, Qld1	52.8	7.25%	6.75%	0.50%	9.25%	14.5	4.2%
Mentone Harvey Norman Centre, 61 Nepean Highway,	49.0	7.50%	N/A	N/A	9.25%	8.8	N/A
Mentone, Vic1
Foodtown, Auckland, New Zealand (in AUD$m)	20.1	9.00%	7.50%	1.50%	11.00%	10.0	1.7%
Total / Average	303.7	7.59%	7.08%	0.51%	9.38%	8.8	3.3%

NOTE:

1. Projects currently under development. Independent value represents value on completion. Book values for Home HQ Ipswich: $28 million, Bluewater Square: $51 million, Mentone Harvey Norman Centre: $25.7 million.

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Appendix E – Property Portfolio

DIVERSIFIED PROPERTY FUND (DPF)	30 JUNE 09	MKT CAP	MKT CAP	MCR	VALUER’S	WALE	MIN. RENT
	VALUE	RATE	RATE	CHANGE	DISCOUNT		REVIEW
		30 JUNE 09	30 JUNE 08		RATE/ IRR
	($M)	(%)	(%)	(%)	(%)	(YEARS)	(%)
46-50 Kings Park Road, West Perth, WA	29.0	8.50%	7.75%	0.75%	9.50%	2.4	4.3%
181 St Georges Terrace, Perth, WA	28.0	8.75%	7.50%	1.25%	10.25%	6.1	4.0%
385 St Pauls Terrace, Brisbane, Qld	8.6	8.00%	7.50%	0.50%	9.25%	2.3	3.8%
400 Kent Street, Sydney, NSW (75%)	38.3	7.80%	6.50%	1.30%	9.00%	7.4	3.7%
EMI, 98-100 Glover Street, Cremorne, NSW	8.7	8.25%	7.75%	0.50%	9.50%	1.8	3.0%
Melbourne Airport Business Park, South Centre Road	10.1	8.12%	7.75%	0.37%	9.50%	4.0	2.9%
& Jets Court, Tullamarine Vic
53 Berry Street, North Sydney, NSW	20.9	7.50%	6.25%	1.25%	9.25%	1.6	4.5%
22-28 Compark Circuit, Mulgrave, Vic	6.2	8.25%	7.50%	0.75%	9.00%	3.8	3.0%
Coles, Horrie Miller Drive, Perth Airport, WA (25%)	44.6	7.30%	6.75%	0.55%	9.25%	18.9	2.8%
Total / Average	194.4	7.95%	7.05%	0.90%	9.40%	7.6	3.6%

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FY09 Annual Results Presentation

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Further information

David Harrison Joint Managing Director +61 2 8904 4033 davidh@charterhall.com.au David Southon Joint Managing Director +61 2 8908 4025 davids@charterhall.com.au Jelte Bakker Chief Financial Officer +61 2 8908 4035 jelteb@charterhall.com.au

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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 2009. It is a summary and does not purport to be complete. It is to be read in conjunction with the Charter Hall Consolidated Half Yearly Financial Report filed with the Australian Securities Exchange on 25 August 2009. 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 forwardlooking 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.

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