CHARTER HALL GROUP — Annual Report 2021

Aug 22, 2021

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Charter Hall GroupCharter Hall Group
2021 Full Year Results2021 Full Year Results
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2021 Full Year Results

Charter Hall Group

23 August 2021

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Acknowledgment of Country

Charter Hall is proud to work with our customers and communities to invest in, develop, and create property assets on land across Australia and New Zealand.

We pay our respects to the traditional owners, their elders past and present and value their care and custodianship of these lands.

Unearthed Purposes This piece depicts our Earth and what it provides tous.

Casey Coolwell @chaboodesigns

Charter Hall Group 2021 Full YearResults

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David Harrison
Managing Director
& Group CEO
Sean McMahon
Chief Investment
Officer
Russell Proutt
Chief Financial
Officer
Charter Hall Group
2021 Full Year Results
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Agenda

1. Highlights and Strategy

2. Property FundsManagement

3. Property Investment

4. Financial Result

5. Outlook and Guidance

6. Additional Information

Cover: MidWest Logistics Hub, Truganina

Left: David Jones Castlereagh Street, Sydney

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Highlights 1 and Strategy

2 Chifley Square, Sydney

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Charter Hall Group Charter Hall Group
2021 Full Year Results2021 Full Year ResultsResults
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Highlights and Strategy

Group highlights[1]

Group Returns Property Investments Funds Management Investment Capacity Operating earnings Property Investment portfolio FUM Group investment capacity[6] $284 million $2.4bn $52.3bn $6.7bn Statutory profit[2] Up 29.0% or $477 million $11.7bn Balance sheet OEPS Total Property Investment return[4] Gross transactions NTA growth 61.0cps 15.0[%] $10.1bn 14.8[%] Return on Contributed Equity[3] Property Investment yield Property Funds Management yield[5] Net balance sheet gearing 16.5[%] 6.1[%] 6.6[%] 5.0[%]

Group Returns

1. Figures and statistics throughout this presentation are for the 12 months to 30 June 2021 unless otherwise stated

2. Attributable to stapled securityholders

3. Return on contributed equity is calculated as total operating earnings post-tax per security divided by the opening contributed equity per security for the 12 months to 30 June 2021

4. Total Property Investment (PI) return is calculated as distributions received from Funds plus growth in investment value divided by the opening investment value of the PI portfolio for the 12 months to 30 June 2021. This excludes investments in new vehicles held for less than a year and investments in Direct funds

5. Property Funds Management (PFM) yield is calculated as PFM operating earnings post tax per security (includes 50% allocation of net interest) divided by the opening NTA per security for the 12 months to 30 June 2021

6. Investment capacity calculated as cash plus undrawn debt facilities for CHC and the funds management platform. At 30 June 2021, platform cash was $1.6bn. Excludes committed and unallotted equity.

Charter Hall Group 2021 Full Year Results

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Highlights and Strategy

Our strategy

We use our property expertise to access, deploy, manage and invest equity in our core real estate sectors to create value and generate superior returns for our customers

1 year 3 years 5 years	Access Accessing equity from listed, wholesale and retail investors Deploy Creating value through attractive investment opportunities Manage Funds management, asset management, leasing and development services Invest Investing along side our capital partners
	Gross equity deployed $5.3bn Gross transactions $10.1bn FUM $52.3bn Increase in Pl $381mUp 18.8% Divestments $2.1bn Acquisitions $8.0bn FUM growth $11.7bn Total PI return 15.0%
	Gross equity deployed $13.8bn Gross transactions $23.3bn FUM growth $29.1bn Increase in Pl $703m Up 41.2% Divestments $3.9bn Acquisitions $19.4bn Total PI return 11.3%
	Gross equity deployed $17.8bn Gross transactions $32.1bn FUM growth $34.8bn Increase in Pl $1.3bnUp 119.4% Divestments $7.2bn Acquisitions $24.9bn Total PI return 13.4%

Charter Hall Group 2021 Full Year Results

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Highlights and Strategy

Operating earnings per security growth

Operating earnings per security growth

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OEPS (pre-tax) cps
OEPS (post-tax) cps 86.6cps
74.2cps
69.3cps
56.3cps
61.0cps
43.5cps
40.5cps 47.4cps
30.4cps 35.9cps [37.7cps]
[27.5cps]
[25.3cps]
20.7cps [22.9cps]
19.2cps
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FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21

Distributions per security growth

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DPS (grossed up)
43.4cps [44.4cps]
DPS (cash paid)
40.0cps
36.9cps
37.9cps
35.7cps
33.7cps
31.8cps
30.0cps
26.9cps
24.2cps
22.3cps
20.2cps
18.2cps
16.5cps
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FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21

Charter Hall Group 2021 Full Year Results

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Highlights and Strategy

30 years of active partnership

’96 Australia’s first institutional ’07 ’14 ’19 opportunistic property fund Launches CPIF, now Launches LWIP and LWHP, Secures Telstra Exchange launched with AMP Capital. A series valued at $7.9bn with a current combined and BP portfolios for of five opportunistic funds follows value of $2.5bn combined value of $1.6bn ’91 ’05 ’11 ’17 ’21 Charter Hall launches in Sydney with an initial focus on commercial Charter Hall lists on the Charter Hall celebrates its Charter Hall FUM Charter Hall celebrates its property advisory work ASX with FUM of $1.0bn 20 year anniversary. grows to $20bn 30 year anniversary. FUM exceeds $12bn FUM exceeds $52bn ’95 ’06 ’12 ’18 First syndicate launched. CHIF1 Launches CPOF, Creation of CHOT, now Charter Hall acquires is the first in a series of high now valued at $8.3bn valued at $3.6bn. Launches FLK $2.6bn FUM quality property syndicates CLP, now valued at $2.4bn ’04 ’10 ’16 ’20 Transfield Holdings acquires 50% Charter Hall acquires IPO of the Charter Hall FUM exceeds $40bn, of Charter Hall. David Harrison joins Macquarie Group’s real Long WALE REIT doubling in 3 years the company as Joint Managing estate platform for $108m (ASX:CLW), now valued Director alongside David Southon plus co-investments at $5.6bn

Charter Hall Group 2021 Full Year Results

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Highlights and Strategy

Charter Hall performance Outperformance relative to AREIT Index

Total Shareholder Return vs S&P/ASX 200 Property Accumulation Index (XPJAI) (Compound Annual Growth Rate)

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64.1% p.a. CHC XPJAI
37.9% p.a.
33.2% p.a.
30.3% p.a.
28.2% p.a.
18.2% p.a.
11.8% p.a.
7.7% p.a.
5.8% p.a.
4.8% p.a.
1
1 Year 3 Years 5 Years 10 Years Since IPO
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1. IPO July 2005 Source: UBS

Charter Hall Group 2021 Full Year Results

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Property Funds 2 Management

Arnott’s, Huntingwood Distribution Facility, Huntingwood 1

Charter Hall Group Charter Hall Group 2021 Full Year Results2021 Full Year Results

Property Funds Management

Group funds management portfolio FUM has increased to $52.3bn

			Portfolio value	Lettable area	No. of	Net rent	WALE	Occupancy	WACR
			($bn)	(m sqm)	Properties	($m)	(years)	(%)	(%)
30	June	2021	52.3	9.0	1,388	2,492	9.1	97.7	4.79
30	June	2020	40.5	7.9	1,104	2,167	8.6	97.5	5.27

FUM by equity source

FUM by sector

WALE by sector

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SC Retail
$3.8bn
Direct (Retail) Equity
$8.2bn Social Infrastructure 7.3% Industrial & Logistics 15.6
15.7% $3.4bn $15.5bn
6.5% 29.7% 13.5
11.0
11.4 year
Anchor WALE
Listed Funds
Office 6.7
$10.8bn $52.3bn $22.8bn $52.3bn 5.5
20.6%
43.6%
Wholesale Equity Long WALE Retail
$33.3bn $6.7bn SC Retail Office Industrial & Long WALE Social
63.7% 12.8% Logistics Retail Infrastructure
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Charter Hall Group 2021 Full Year Results

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Property Funds Management

Diversified tenant customers

The top 20 tenants make up 58% of platform rent

• 24% of platform leases are NNN

• Cross-sector relationships continue to drive platform growth

Top 20 platform tenants by net income

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14.0%
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6.5%
5.8%
4.8% 4.7%
3.2%
2.5%
2.0% 1.9% 1.8% 1.6% 1.5% 1.3% 1.3% 1.1% 1.0% 1.0% 1.0% 0.7% 0.7%
Industrial & Logistics Social Infrastructure
Long WALE Retail Shopping Centre Retail
Office
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Charter Hall Group 2021 Full Year Results

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Property Funds Management

Funds Under Management (FUM) growth 5 year FUM CAGR of 24.5%

FUM growth ($bn)

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$52.3bn
$1.8bn
$4.1bn
$8.0bn ($2.1bn)
$40.5bn
FY20 Acquisitions Divestments Net Capex FY21
revaluations
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FUM by equity source ($bn)

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$52.3bn
$8.2bn
$40.5bn
$10.8bn
$6.1bn
$30.4bn
$8.2bn
$33.3bn
$5.0bn
$23.2bn
$26.3bn
$19.8bn $6.3bn
$2.9bn
$17.5bn
$2.8bn
$4.4bn
$2.5bn $19.1bn
$4.1bn
$2.5bn $15.9bn
$12.4bn $12.9bn
Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21
YoY Growth
13.7% 17.0% 31.1% 33.2% 29.0%
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5-year FUM CAGR

Wholesale 21.8% Listed 33.4%

Retail 27.0%

Charter Hall Group 2021 Full Year Results

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Property Funds Management

Sale and leaseback activity Charter Hall is the market leader in Australian sale and leaseback partnerships

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Charter Hall sale and leaseback
transactions [1] (by tenant industry)
Other
Capital Goods 5%
3%
Food & Staples
Transportation
4% Retailing
24%
Retailing
8%
Household &
Personal
Products $10bn+
8%
in sale & leaseback
transactions [1]
Energy
Government &
17%
Universities
9%
Telecommunication Food &
Services Beverage
10% 12%
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Existing Charter Hall sale and leaseback partnerships

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Government &
universities
Food & beverage
retail and
production
Transportation &
logistics
Fuel &
Packaging convenience
retail
Other major
corporates &
multinationals
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1. Sale and leaseback transactions over the last 7 years

Charter Hall Group 2021 Full Year Results

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Property Funds Management

FY21 transactional activity

$10.1bn of transactional activity, comprising over 100 transactions with 20 active funds/partnerships

Acquisitions ($bn) Divestments ($bn) Net transaction ($bn) Gross transactions ($bn)

Office 2.3 (1.0) 1.3 3.3	Social Infrastructure/ Other 0.7 (0.3) 0.4 1.0	Shopping Centre Retail Total	Shopping Centre Retail Total
		-	8.0
		(0.1)	(2.1)
		(0.1)	5.9
		0.1	10.1

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Coles Ocado, MidWest Logistics Hub, Truganina

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Australian Red Cross, Sydney

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Bunnings Warehouse, Footscray

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Mater, 14 Stratton Street, Newstead

Charter Hall Group 2021 Full Year Results

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Property Funds Management

Development drives FUM growth 94% of Industrial and 66% of Office development WIP is pre-leased

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Completion value($m)

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Completions Committed Uncommitted Total
(last 12 projects projects [3] pipeline [4]
months)
Industrial & Logistics 869 1,490 1,545 3,034
Long WALE Retail - 109 - 109
Office [1] 113 2,627 2,741 5,368
Social Infrastructure 70 171 - 171
Shopping Centre Retail [2] 27 12 95 107
Total 1,078 4,409 4,380 8,789
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1. $2.6bn of uncommitted Office developments have approved DA’s

2. Reflects development spend only and excludes existing centre value 3. Includes potential end value of uncommitted development projects 4. $4.2bn included in FUM at 30 June 2021

Artist impression: 60 King William Street, Adelaide (70% pre-leased to Government)

Charter Hall Group

2021 Full Year Results

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Property Funds Management

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• Strong period of inflows from all equity sources

• Continued growth in Wholesale pooled funds and partnerships

• Growth in equity inflows continues with growth in scale

• Over 45,000 investors across FUM platform

• Direct platform average monthly inflows continue to be approximately $90 million per month

Equity inflows

Equity inflows
($m)	FY18	FY19	FY20	FY21
Wholesale pooled funds	649	1,802	1,272	2,111
Wholesale partnerships	322	219	1,298	1,448
Listed funds	77	692	1,369	659
Direct funds	653	691	1,136	1,107
Gross equity inflows	1,701	3,404	5,076	5,326
Net equity inflows	1,487	3,287	4,585	4,761

Charter Hall Group 2021 Full Year Results

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Property 3 Investment 130 Lonsdale Street, Melbourne

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Charter Hall Group Charter Hall Group
2021 Full Year Results2021 Full Year ResultsResults
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Property Investment

Property Investment portfolio Property Investment WALE increased from 8.7 to 9.1 years

			Portfolio	Value	No. of	WALE	Occupancy	WARR	WACR	WADR
			($bn)		Properties	(years)	(%)	(%)	(%)	(%)
30	June	2021	2.4		1,322	9.1	97.4	3.1	4.86	6.0
30	June	2020	2.0		1,027	8.7	97.6	3.3	5.25	6.5

Sector allocation

Geographic allocation

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SC Retail Industrial & Logistics WA NZ
$188m $348m 10% 1%
7.8%
14.4% TAS
Social Infrastructure ACT 1%
$268m 2%
11.1%
SA
4%
NSW
Long WALE Retail
42%
$2,409m $523m $2,409m
21.7%
VIC
21%
Office
$1,081m
44.9%
QLD
18%
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Charter Hall Group 2021 Full Year Results

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Property Investment

Property investment portfolio movement PI yield of 6.1% remains attractive

Property Investment portfolio movement

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$153m
$2,409m
$228m
$2,028m
Jun-20 Change in Net investments / Jun-21
valuation Other
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Property Investment portfolio yield

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10.0%
$2,409m
8.0%
$2,028m
$1,844m
$1,706m 6.0%
$1,527m
$1,098m 4.0%
2.0%
-
Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21
Portfolio value $m
PI Yield %
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Charter Hall Group 2021 Full Year Results

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Property Investment

Diversified Property Investment earnings No single asset contributes more than 5% of portfolio investments

– 76% repeat and 39% multi-sector customers across 2,524 leases

• Tenant retention rate of 81.3% for the 12 months to 30 June 2021

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Top 10 tenants by net income [1]
15.5%
8.2%
6.1%
5.4%
4.1%
3.4%
2.8% 2.7%
2.2% 2.0%
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Property Investment earnings
(by sector)
SC Retail
Industrial & Logistics
14%
14%
Social
Infrastructure
11%
Long WALE
Retail
19%
2.0%
Office
42%
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1. Proportion of CHPT net income by tenant

Charter Hall Group 2021 Full Year Results

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Property Investment

ESG is a strong focus across the Charter Hall platform We deliver in partnership with tenant customers and investors

Environment:

Climateresilience

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2020 PRI 41MW 100%

LeadersGroup Solar PV Installed Recognitionfor our With potential to work in climate generate 58.9GWh of reporting electricity, equivalent to powering 8,305 homes

renewable For grid supplied electricity. FY21 Industrial, FY22 Office, FY25 Retail

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$100M 5.04 star in sustainable NABERS Energy

Debt finance Portfolio Weighted average for office assets

7% reduction in emission intensity (Scope 1 & Scope 2) against the FY17, despite a 37% increase in area (FY17 to FY20)

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2030 #1 largest

21 funds completed GRESB Assessment in 2021

Green Star footprint in Australia

Net zero target For Scope 1 and 2 emissions

240 Green Star rated buildings acrossplatform

Social:

Strong communities

90[%] engagement score From our employees

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Globally pioneering

Human health and wellness in workplace with more than 900,000sqm office space WELL Portfolio rated

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6 star

Green Star ratings

On all new CBD Office developments

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Best Places Employer of Choice to Work for GenderEquality Ranked second in To by Workplace Gender Property, Construction & Equality Agency(WGEA) Transport category in 2021 AFRBest Places to Work list

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$739k

Reconciliation Action Plan

spend with community partnerships Through social enterprises and charitable organisations

Stage One Reflect RAP conditionally endorsed by Reconciliation Australia.

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First Australian

Social procurement

property company

Within the Office portfolio through partnership with Two Good

To Pledge 1% of our time, space and profits to community partners

Governance: Responsible business

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TCFD Alignmentunderway

Cross Sector ESG Committee created to drive platform wide alignment and implementation

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Modern Slavery

Piloted PCA’s supplier prequalification with out top 100 suppliers, with a further 100 suppliers to be added year on year

Charter Hall Group 2021 Full Year Results

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Financial 4 Result

Coles Distribution Centre, Sturton, Adelaide

Charter Hall Group Charter Hall Group 2021 Full Year Results2021 Full Year ResultsResults

Financial Result

Earnings summary

• PI EBITDA increased by 2.5%, with continued recycling of capital into new funds and partnerships

• PFM EBITDA in FY20 included $98m for the CHOT performance fee

• DPS growth of 6.0% on FY20 to 37.9cps

• Distribution payout ratio of 62% in the year

• 6.5cps of franking credits distributed

($m)	FY20	FY21	Change%
PI EBITDA	120.0	123.0	2.5%
DI EBITDA	17.1	34.2	100.0%
PFM EBITDA1	289.0	204.4	(29.3%)
EBITDA	426.1	361.6	(15.1%)
Depreciation	(10.6)	(7.8)	(26.4%)
Interest income/expense	(11.9)	(8.4)	(29.4%)
Operatingearningspre-tax	403.6	345.4	(14.4%)
Tax	(80.8)	(61.1)	(24.4%)
Operatingearningspost-tax	322.8	284.3	(11.9%)
Non operating items
Change in Property Investment valuation2	67.8	228.0	236.3%
Other non-operating items2	(44.7)	(35.5)	(20.5%)
Statutory profit after tax	345.9	476.8	37.8%
OEPSpre-tax (cps)	86.6	74.2	(14.4%)
OEPSpost tax(cps)	69.3	61.0	(11.9%)
OEPSpost tax excludingCHOT	53.9	61.0	13.3%
Distributionper security (cps)	35.7	37.9	6.0%
Payout Ratio	52%	62%

1. In assessing the financial performance of the business, net operating expenses are considered to be primarily related to the Property Funds Management business

2. Includes the Group’s proportionate share of non-operating items of equity accounted investments on a look through basis and investments held at fair value through profit and loss

Charter Hall Group 2021 Full Year Results

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Financial Result

Property funds management

• Funds management fees up 22.5% driven by continued momentum in FUM growth

• Transaction and performance fees in FY20 included $98m for the CHOT performance fee

• Property services revenue up 17.6% to $64.9m

• Total PFM expenses down by 6.7% through cost control measures implemented during the year

• PFM EBITDA margin expansion to 54.5% (excluding Transaction & Performance fees)

($m)	FY20	FY21	Change%
Fund management fees	153.3	187.8	22.5%
Transaction and performance fees	203.8	66.8	(67.2%)
Investment management revenue	357.1	254.6	(28.7%)
Property management fees	17.4	19.3	10.9%
Development fees	16.8	22.8	35.7%
Leasing fees	13.2	15.6	18.2%
Facilities and project management fees	7.8	7.2	(7.7%)
Property services revenue	55.2	64.9	17.6%
PFM revenue	412.3	319.5	(22.5%)
PFM expenses	(90.1)	(85.3)	(5.4%)
Corporate expenses	(33.2)	(29.8)	(10.2%)
Total PFM expenses	(123.3)	(115.1)	(6.7%)
PFM EBITDA	289.0	204.4	(29.3%)

Charter Hall Group 2021 Full Year Results

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Financial Result

Balance sheet and return metrics

• Available cash of $344 million

• Balance sheet gearing of 5.0% post-issuance of the $250m A$MTN in April 2021

• NTA per security growth of 14.8% since June 2020 to $4.91, driven by revaluations and retained earnings

• Investment capacity of $544 million supporting future fund creation and growth

($m)	30 Jun 2020	30 Jun 2021
Cash	237	344
Property investment	2,028	2,409
Development investment	48	76
Other assets1	107	123
Intangibles	119	115
Total assets	2,538	3,067
Borrowings1	232	482
Other liabilities	227	214
Total liabilities	458	696
Total equity	2,080	2,371
Contributed equity per stapled security	$3.71	$3.69
NTA per stapled security2	$4.28	$4.91
Balance sheet gearing	0.0%	5.0%
Look through gearing	29.1%	32.4%
Headstock investment capacity3	437	544

Return metrics

Return metrics
Return on NTA (pre-tax)4	22.2%	17.3%
Return on NTA (post-tax)4	17.8%	14.3%
Return on contributed equity (post-tax)5	18.6%	16.5%

• Note: Balance sheet presented excludes the consolidation of the Charter Hall Direct Long WALE Fund (LWF). Reconciliation to financial statements can be found on slide 41. 1. Net of swap mark-to-market of $37m relating to the USPP notes (representing USPP repayment value of $231.5m)

• Net tangible assets (NTA) per stapled security ($) is calculated using assets less liabilities, net of intangible assets and related deferred tax

• Investment capacity calculated as cash plus undrawn debt

• Return on NTA is calculated as total operating earnings pre-tax/post-tax per security divided by the opening NTA per security for the 12 months to 30 June 2021

• Return on contributed equity is calculated as total operating earnings post-tax per security divided by the opening contributed equity per security for the 12 months to 30 June 2021

Charter Hall Group 2021 Full Year Results

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Financial Result

Capital management

• $6.7bn of available liquidity plus committed and uncalled equity

• $9.1bn of new and refinanced debt facilities agreed in FY21 with no maturities until FY23

• Weighted average gearing across the funds is 26.6%

Funds platform debt metrics1	30 Jun 2020	30 Jun 2021
Total platform facility limits ($m)	16,553	20,089
Total platform undrawn debt ($m)	3,585	5,043
Total platform cash ($m)	1,411	1,634
Look through weighted average debt maturity (yrs)2	4.2	4.4
Look through weighted average cost of debt3	2.5%	2.1%
Look through interest rate hedging (%)	61%	42%

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Gearing by Equity Source
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35.0%
Average Gearing
30.0%
26.6%
29.6%
25.0%
26.3% 25.4%
20.0%
15.0%
10.0%
5.0%
-
Wholesale Direct Listed
% Platform
FUM 64% 16% 20%
Balance Sheet Gearing (%)
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1. Total platform includes Corporate debt facility limits of $712m, drawn to $138m net of cash

2. Duration is based on facility limits

3. Passing cost of debt is on a look through basis and includes floating rate, hedge rate, margins, line fee but excludes undrawn line fees and amortised borrowing costs

Charter Hall Group 2021 Full Year Results

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Outlook and 5 Guidance 10 Shelley Street, Sydney Charter Hall Group Charter Hall Group 2021 Full Year Results 2021 Full YearResults

Outlook and Guidance

FY22 operating earnings guidance

Based on no material adverse change in current market conditions, FY22 guidance is for post-tax operating earnings per security of no less than 75.0cps.

FY22 distribution per security guidance is for 6% growth over FY21.

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Guidance of 23% OEPS
growth to 75cps and 6%
DPS growth
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Woolworths Distribution Centre, Dandenong South

Charter Hall Group 2021 Full Year Results

29

Additional 6 Information

GPO Exchange, 10 Franklin Street, Adelaide

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Charter Hall Group Charter Hall Group
2021 Full Year Results2021 Full Year ResultsResults
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Additional Information

Management bench experience Charter Hall Executive leadership group

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David Harrison Managing Director & Group CEO

34 years industry experience

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Sean McMahon

Chief Investment Officer

• 31 years industry experience

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Russell Proutt Chief Financial Officer

• 31 years industry experience

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Carmel Hourigan Office CEO

• 29 years industry experience

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Richard Stacker Industrial & Logistics CEO

• 27 years industry experience

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Natalie Devlin Chief Experience Officer

• 24 years industry experience

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Sheridan Ware Chief Information & Technology Officer

Greg Chubb

Steven Bennett Direct CEO

Retail CEO

• 31 years industry 20 years industry 21 years industry experience experience experience

Charter Hall Group 2021 Full Year Results

31

Additional Information

Charter Hall Group Property footprint[1]

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$0.1bn
$8.5bn
$4.2bn
$2.4bn
$22.7bn
$12.9bn
$0.3bn
$0.6bn
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Charter Hall Group 2021 Full Year Results

1. Excludes Maxim and other smaller investments

32

Additional Information

Charter Hall managed funds

Wholesale Equity Retail Equity Listed Equity	Industrial & Logistics $15.5bn	Long WALE Retail $6.7bn	Office $22.8bn	Social Infrastructure/ Other $3.4bn	Shopping Centre Retail $3.8bn
	CPIF $7.9bn CLP1 $2.4bn	LWHP $1.9bn LWIPs4 $0.7bn	CPOF6 $8.3bn CHOT $3.6bn BSWF7 $0.6bn	DVAP $0.2bn CHET9 $0.4bn	CPRF $0.3bn RPs10 $0.6bn
	CHALWF2 $0.5bn CHPIP $0.4bn	BPH $0.2bn DVP $0.1bn	CCT $0.5bn Mandates $0.7bn DVP $0.6bn
		Ampol/BP5 $0.8bn DJs $0.1bn	Chifley $1.2bn 242X/201E8 $0.8bn CHAIT $0.4bn
	DIFs $2.5bn Diversified3 $0.1bn	BW Trust $0.1bn Diversified3 $0.2bn	DOF $2.6bn PFA $2.1bn Other3 $0.1bn	Other3 $0.2bn MAXIM $0.3bn
	CLW $1.6bn CQR $0.1bn	CLW $1.8bn CQR $0.6bn	CLW $1.4bn	CQE $1.6bn CLW $0.8bn	CQR $2.9bn

Note: Numbers on this page may not add due to rounding 1. DIF4 holds 8.9% of the units in CLP

1. CPIF holds 50% of the units in CHALWF

2. Diversified includes LWF and WPS1. Other includes WPS1

3. LWIPs include LWIP and LWIP2. CLW hold 49.9% of the units in LWIP

4. DOF holds 1% of the units in CPOF

5. CPOF holds 49.9% of the units in the Brisbane Square Wholesale Funds (BSWF)

6. • DVP holds 47.1% of the units in 201E, CPOF and CLW hold 49.9% and 15% respectively, of the units in 242X CLW and LWF hold 50% and 3.7% respectively, of the units in CHET

8. RPs include RP1, RP2 and RP6. CQR holds 50%, 49.9%, and 20% of the units in RP1, RP2 and RP6 respectively

9. CLW and CQR hold 50% and 47.5% respectively, of the units in BP

Charter Hall Group

2021 Full Year Results

33

Additional Information

Wholesale pooled and partnerships

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Gearing 26.3% WALE 8.3yrs CHC investment $1.4bn

FUM $33.3bn

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Occupancy 97.3% Cap rate 4.62%

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2 Market Street, Sydney

Charter Hall Group 2021 Full Year Results

34

Additional Information

Wholesale platform

Wholesale Platform, FUM by Equity Origin

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North America
6%
Middle East
0.4%
Asia Pacific
22%
Europe
12%
$33bn
100 investors
Australia
59%
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Tradecoast Industrial Park, Pinkenba

Charter Hall Group 2021 Full Year Results

35

Additional Information

Major wholesale property investment portfolio returns Relative to sector specific IPD/MSCI Core Wholesale indices

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24.4%
16.1%
14.5%
13.7%
13.2% 13.2%
12.7% 12.8%
11.0% 11.0%
1.0% 1.0%
CHOT CPOF CPIF CLP LWHP LWIP
2016 to 2021 2016 to 2021 2016 to 2021 2016 to 2021 2016 to 2021 2016 to 2021
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Office (% p.a) Long WALE Retail (% p.a) Industrial (% p.a) Benchmark (% p.a)

Charter Hall Group 2021 Full Year Results

36

Additional Information

Listed

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FUM $10.8bn

Occupancy 98.2%

Cap rate 5.23%

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Gearing 25.4% WALE 11.0yrs

CHC investment[1] $0.7bn

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bp, Forestville

1. Held at accounting value not market value

Charter Hall Group 2021 Full Year Results

37

Additional Information

Charter Hall Direct

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FUM $8.2bn

Occupancy 98.6%

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Cap rate 4.89%

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Gearing 29.6% WALE 8.9yrs CHC investment $0.3bn

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Kmart Distribution Centre, Lytton

Charter Hall Group 2021 Full Year Results

38

Additional Information

Direct funds have returned an average of 13.5% p.a. since inception

Outperforming their respective MSCI/IPD indices[1] by over 1.5x

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25.0%
19.9%
20.0%
17.6%
15.8%
15.3%
15.0%
15.0%
11.1%
10.3% 10.4%
10.0%
8.6% 8.5% 8.5% 8.4%
6.7%
6.2%
5.8%
5.0%
3.1%
0.0%
DIF2 (WS) DIF3 (WS) DIF4 PFA (Ordinary) DOF (WSA) BW Trust LWF WPS1
2013-2021 2014-2021 2016-2021 2017-2021 2014-2021 2014-2021 2017-2021 2020-2021
Australian Industrial & Australian Industrial & Australian Industrial & Australian Office Australian Office Australian Diversified Australian Diversified Australian Diversified
Logistics Logistics Logistics / Long WALE / Long WALE / Long WALE
Direct Fund (%p.a.)2 Benchmark (% p.a.) [1]
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1. Benchmark refers to the headline MSCI/IPD Unlisted Core Wholesale Property Fund Index returns series as at June 2021, since the respective fund inception dates. Years shown are indicative of inception year to 30 June 2021, though returns are as at exact inception date. Past performance is not a reliable indicator of future performance.

2. DIF2, DIF3, DIF4, LWF, DAT, DAT2, DOF – returns assume Bonus Units or Entitlement Offer as per respective PDS

Charter Hall Group

39

2021 Full Year Results

Additional Information

CHPT Property Investment portfolio

	Industrial & Logistics	Ownership stake (%) Charter Hall Investment ($m) Charter Hall PI Income ($m) WALE (years) WACR (%) WADR (%) WARR1 (%) PI Yield2 (%)
	Charter Hall Prime Industrial Fund(CPIF)	1.8 118.8 6.0 10.8 4.3 5.7 2.9 4.8
	Core Logistics Partnership (CLP)	4.8 76.2 4.2 9.1 4.2 5.9 3.0 6.0
	Charter Hall PGGM Industrial Partnership (CHPIP)	12.0 25.7 0.9 10.6 4.5 5.7 2.5 5.5
	Long WALE Retail
	LongWALE Hardware Partnership (LWHP)	14.1 167.4 7.2 8.0 4.5 5.9 2.7 5.3
	CH DJ Trust(CHDJT)3	25.0 73.6 1.4 19.7 5.0 6.8 2.5 6.0
	Ampol Service Stations(CHAPF)	5.0 39.7 1.1 18.6 4.7 5.2 1.0 4.8
	Other LongWALE Retail investments	29.3 1.6 n/a n/a n/a n/a n/a
	Office
	Charter Hall Prime Office Fund(CPOF)	5.1 270.6 14.4 6.8 4.7 6.0 3.7 4.8
	Charter Hall Office Trust(CHOT)	15.7 270.8 17.4 6.6 4.6 6.0 3.6 6.3
	Charter Hall Direct Office Fund(DOF)	7.7 141.1 0.6 8.2 4.9 6.0 3.5 4.7
	Charter Hall Direct PFA Fund(PFA)	7.9 104.0 1.1 7.3 5.2 6.3 3.3 7.9
	Brisbane Square Wholesale Fund(BSWF)	16.8 102.4 9.0 7.4 5.4 6.5 3.5 8.6
	Other Office investments4	61.4 4.6 n/a n/a n/a n/a n/a
	Social Infrastructure
	Charter Hall Social Infrastructure REIT(ASX:CQE)5	8.8 98.9 5.1 15.2 5.5 n/a 2.9 5.6
	Charter Hall Exchanges Trust(CHET)	13.9 59.4 3.3 19.1 3.8 5.6 3.1 6.6
	Shopping Centre Retail
	Charter Hall Retail REIT(ASX:CQR)5	10.6 238.5 15.6 7.5 5.8 6.5 4.16 7.4
	Diversified
	Charter Hall LongWALE REIT(ASX:CLW)5	11.3 369.7 18.5 13.2 4.8 5.7 3.0 6.4
	Charter Hall Direct LongWALE Fund(LWF)	32.3 51.3 3.4 6.8 5.4 6.2 2.6 6.1
	Charter Hall DVP Fund(DVP)	11.5 49.0 1.5 6.6 4.9 5.9 3.4 4.0
	Other investments7	60.7 6.1 n/a n/a n/a n/a n/a
	Property Investment Total	6.78 2,408.7 123.0 9.1 4.9 6.0 3.1 6.1

1. CPI is assumed at 2.6% over the forecast period

2. PI Yield is calculated as operating earnings divided by weighted average investment during the period. Excludes MTM movements in NTA during the year

3. Ownership stake reflects look-through ownership of the property via 50% ownership in CH DJ Trust

4. Held at accounting value not market value

5. Refers to contracted weighted average rent reviews of the specialty tenants only

   • Includes DVAP, Maxim, CPRF and RP2

7. 6.7% reflects CHPT percentage of total equity under management

8. Includes 242X, 201E, CHAB247, CHAIT and CCT Charter Hall Group

2021 Full Year Results

40

Additional Information

Statutory balance sheet reconciliation

($m) Statutory Balance Sheet Adj. 1: Reclassify LWF as Equity Accounted investment Adj 2: Reclassify mark-to-market on derivatives Investor Presentation (slide 26)	($m) Statutory Balance Sheet Adj. 1: Reclassify LWF as Equity Accounted investment Adj 2: Reclassify mark-to-market on derivatives Investor Presentation (slide 26)	($m) Statutory Balance Sheet Adj. 1: Reclassify LWF as Equity Accounted investment Adj 2: Reclassify mark-to-market on derivatives Investor Presentation (slide 26)	($m) Statutory Balance Sheet Adj. 1: Reclassify LWF as Equity Accounted investment Adj 2: Reclassify mark-to-market on derivatives Investor Presentation (slide 26)	($m) Statutory Balance Sheet Adj. 1: Reclassify LWF as Equity Accounted investment Adj 2: Reclassify mark-to-market on derivatives Investor Presentation (slide 26)
Cash 352 (8) - 344
Property Investment 2,343 66 - 2,409
Development Investment 76 - - 76
Investment Properties 193 (193) - -
Other assets 206 (46) (37) 123
Intangibles 115 - - 115
Total assets 3,285 (181) (37) 3,067
Borrowings 558 (40) (37) 482
Other liabilities 218 (4) - 214
Total liabilities	776	(44)	(37)	696
Total equity	2,509	(138)	-	2,371

Charter Hall Group 2021 Full Year Results

41

Additional Information

Portfolio performance fee testing frequency

Fund	Testing frequency
Brisbane Square Wholesale Fund (BSWF)	3 yearly – FY22, FY25, etc
Charter Hall Direct Industrial Fund No. 4 (DIF4)	5 yearly – FY22, FY27, etc
Charter Hall Prime Industrial Fund (CPIF)	3 yearly – FY22, FY25, etc
Long WALE Hardware Partnership (LWHP)	7 yearly – FY22 plus individual asset divestment performance fees
Retail Partnership No. 2 (RP2)	7 yearly – FY22, etc
Retail Partnership No. 6 (RP6)	7 yearly – FY22, etc
Charter Hall Direct Industrial Fund No. 3 (DIF3)	FY22
Core Logistics Partnership (CLP)	FY23 plus individual asset divestment performance fees
Charter Hall Direct Long WALE Fund (LWF)	5 yearly – FY23, etc
Charter Hall PFA Fund (PFA)	5 yearly – FY23, etc plus individual asset divestment performance fees
Charter Hall Prime Office Fund (CPOF)	3 yearly – FY24, etc
Charter Hall Direct BW Trust (BW Trust)	FY24
Counter Cyclical Trust (CCT)	FY25
Direct Office Fund (DOF)	5 yearly – FY25, etc

Charter Hall Group 2021 Full Year Results

42

Additional Information

Fund key and glossary

	Listed entities
	ASX:CHC Charter Hall Group
	ASX:CLW Charter Hall Long WALE REIT
	ASX:CQR Charter Hall Retail REIT
	ASX:CQE Charter Hall Social Infrastructure REIT

Wholesale funds

Wholesale funds
BSWF	Brisbane Square Wholesale Fund
CCT	Charter Hall Counter Cyclical Trust
CHAIT	Charter Hall Australian Investment Trust
CHOT	Charter Hall Office Trust
CPOF	Charter Hall Prime Office Fund
CHALWF	Charter Hall ALDI Logistics Wholesale Fund
CLP	Core Logistics Partnership
CHPIP	Charter Hall PGGM Industrial Partnership
CPIF	Charter Hall Prime Industrial Fund
CPRF	Charter Hall Prime Retail Fund
RP1, RP2, RP6	Retail Partnership series
DVP	Charter Hall DVP Fund
CHET	Charter Hall Exchanges Trust
CHAPF	Charter Hall Ampol Property Fund
BPH	Charter Hall BP Holding Trust
BPP	Charter Hall bp Partnership
LWHP	Long WALE Hardware Partnership
LWIP, LWIP2	Long WALE Investment Partnership series

Direct funds

Direct funds
DOF	Charter Hall Direct Office Fund
PFA	Charter Hall Direct PFA Fund
DIF2, DIF3, DIF4	Charter Hall Direct Industrial Fund series
BW Trust	BW Trust
LWF	Charter Hall Direct Long WALE Fund
WPS1	Charter Hall Wholesale Property Series No.1

Glossary

CAGR	Compound Annual Growth Rate
DI	Development Investments
FUM	Funds Under Management
NTA	Net Tangible Assets
OEPS	Operating Earnings per Security
PFM	Property Funds Management
PI	Property Investments
WACR	Weighted Average Cap Rate
WADR	Weighted Average Discount Rate
WALE	Weighted Average Lease Expiry
WARR	Weighted Average Rent Review

Charter Hall Group 2021 Full Year Results

43

Additional Information

Further information

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David Harrison Managing Director & Group CEO

Charter Hall Group

+61 2 8651 9142 david.harrison@charterhall.com.au

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Sean McMahon Chief Investment Officer Charter Hall Group

+61 2 8651 9147 sean.mcmahon@charterhall.com.au

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Russell Proutt Chief Financial Officer

Charter Hall Group

+61 2 8651 9493 russell.proutt@charterhall.com.au

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Philip Cheetham Head of Listed Investor Relations Charter Hall Group

+61 2 8651 9214 philip.cheetham@charterhall.com.au

Presentation authorised by the Board

Charter Hall Group 2021 Full Year Results

44

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charterhall.com.au/chc

IMPORTANT NOTICE & DISCLAIMER

This presentation has been prepared by Charter Hall Funds Management Limited ACN 082 991 786)) (together, with its related bodies corporate, the Charter Hall Group).

This presentation has been prepared without reference to your particular investment objectives, financial situation or needs and does not purport to contain all the information that a prospective investor may require in evaluating a possible investment, nor does it contain all the information which would be required in a product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Commonwealth) (Corporations Act). Prospective investors should conduct their own independent review, investigations and analysis of the information contained in or referred to in this presentation and the further due diligence information provided.

Statements in this presentation are made only as of the date of this presentation, unless otherwise stated. Charter Hall Group is not responsible for providing updated information to any prospective investors. Any forecast or other forward looking statement contained in this presentation may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these differences may be material.

In making an investment decision, prospective investors must rely on their own examination of the Charter Hall Group, and any other information they consider relevant. All information is provided as indicative only.

None of Charter Hall Group, its officers, employees, advisers or securityholders (together, the Beneficiaries) guarantee or make any representation or warranty as to, or take responsibility for, the accuracy, reliability or completeness of the information contained in this presentation. Nothing contained in this presentation nor any other related information made available to prospective investors is, or shall be relied on, as a promise, representation, warranty or guarantee, whether as to the past, present or the future. To the extent permitted by law, the Beneficiaries disclaim all liability that may otherwise arise due to any information contained in this presentation being inaccurate, or due to information being omitted from this document, whether by way of negligence or otherwise. Neither the Beneficiaries nor any other person guarantees the performance of an investment with or managed by Charter Hall Group.

All information contained herein is current as at 30 June 2021 unless otherwise stated. All references to dollars ($) are to Australian dollars, unless otherwise stated.