CHARTER HALL GROUP — Interim / Quarterly Report 2011

Feb 23, 2011

Charter Hall Group

2011 Half Year Results

24 February 2011

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Contents

1 Results summary

2 Property investment

3 Property funds management

4 Development investment

5 Financials and capital management

6 Outlook and guidance

7 Annexures

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David Harrison Joint Managing Director

David Southon

Joint Managing Director

Jelte Bakker

Chief Financial Officer

2

Charter Hall Group

01 Results summary

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Half year highlights

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Earnings in line with FY11 guidance

• Operating earnings of $30.8m, 118% up on prior corresponding period (pcp)

• Operating EPS of 10.54cps, 30% up on pcp[1]

• DPS of 8.00cps, 25% up on pcp[1]

Property investment – EBITDA of $18.3m, 70% up over pcp

• Fund earnings trending upwards with improving income, higher occupancy and falling debt margins

• Strong performance of property investments

• CQO and CQR total return[2] of 43% and 25%

• Unlisted property portfolio revalued up by $75m (3%)[3]

Property funds management – EBITDA of $10.3m, 273% up over pcp

• 79% of revenue derived from annuity style activities

• Funds under management (FUM) increased to $10.4bn

• Progress in reducing funds’ cost of capital and improving quality of earnings

• Refinanced $1.9bn of debt across the funds and improved weighted average maturity to 2.6 years

Development investment – EBITDA of $2.3m, 123% up over pcp

• Improving outlook for CHC development exposure

Notes:

1. Adjusted to account for 4:1 share consolidation effective 25 November 2010.

2. Source: IRESS. Measured over 20 August 2010 to 21 February 2011.

3. Considers property portfolios of unlisted investment funds in which CHC holds a co-investment.

4

Key metrics

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	1HFY11	1HFY104	Change
Operating earnings1	$30.8m	$14.2m	118%
Operating EPS	10.54cps	8.10cps	30%
DPS	8.00cps	6.40cps	25%
Statutory NPAT	$46.8m	($57.8m)	n/a
	At 31 December 2010	At 30 June 20104	Change
Funds under management	$10.4bn	$10.2bn	2%
Total Group assets	$933m	$976m	(4%)
Total Group net assets2	$769m	$760m	1%
NTA (per security)	$2.21	$2.21	0%
Gearing3	6.8%	7.6%5	(1%)
Look-through gearing	38.6%	37.1%	2%

Notes:

1. Excludes fair value adjustments, gains/losses on sale, non-cash tax benefits and non cash expenses. 2. Total Group net assets excludes group non-controlling interest in DRF.

2. Calculated as total debt net of cash divided by total tangible assets net of cash.

3. Adjusted to account for 4:1 security consolidation effective 25 November 2010.

4. Reported as 6.5% at 1HFY10 presentation. Calculation now excludes intangible assets.

5

Group business model

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 Charter Hall is a diversified property group with a vertically integrated business model

Charter Hall Group (ASX:CHC) Stapled Security

Charter Hall Property Trust (CHPT)

Charter Hall Limited (CHL)

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$163m co-investment $259m co-investment
Wholesale Listed Funds
Unlisted Funds
$3.2bn FUM $5.8bn FUM
$140m co-investment $19m investment
Retail Investor Direct Property
Funds
$1.5bn FUM $19m FUM
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$119m book value (intangible) $27m investment
CIP
 Investment management
 Asset management
50% interest
 Property management
 Development management $31m co-investment
 Leasing services
Wholesale Opportunistic
 Transaction services
Investments in CHOF4 and CHOF5
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6

Group earnings breakdown

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 Operating EBITDA of $30.9m[1] , up from $14.5m on pcp

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$18.3m
Property Investment
EBITDA
$18.3m (60%)
1HFY10
1HFY11
$10.8m [2]
$10.3m
Funds Management
$2.8m $2.3m EBITDA
Development Investment $10.3m (33%)
$1.0m EBITDA
$2.3m (7%)
Property Investment Funds Management Development Investment
EBITDA EBITDA EBITDA
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Notes:

1. DRF earnings included on a net contribution basis. Refer to Annexure H for more detail. The segment categories in the presentation do not match the categories used in Note 6: Segment Information of the Financial Statements.

2. Previously reported as $14.0m in 1HFY10 presentation. Amended to account for CPRF (now DRF) on a net contribution basis, consistent with 1HFY11 analysis.

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Charter Hall Group 02 Property investment

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Property investment

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 CHC invests $581m of equity in direct property ($19m) and managed funds ($562m)

• Half year income of $18.3m reflecting average yield of 6.3%

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Investments (by value) Property income [1] Sector diversity (by value)
Direct Property Direct Property
Retail Investor $19m (3%) Retail Investor $0.1m (1%) Retail
Funds Funds
$177m (31%)
$140m (24%) CQO $5.5m (30%) CQO
$171m (29%) $5.1m (28%)
CQR CQR Office Industrial
$88m (15%) $3.4m (19%) $324m (56%) $79m (14%)
Wholesale Wholesale
Unlisted Funds Unlisted Funds
$163m (28%) $4.1m (23%)
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Notes:

1. $0.1m of income received from investment in Direct Industrial Fund (DIF) not reflected in chart.

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Portfolio metrics

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• Weighted average market capitalisation rate of 8.0%

• Weighted average rent reviews of 3.7%

• Weighted average lease expiry of 6.4 years

Look-through lease expiry profile[1]

57%

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8% 10% 9%
5% 4% 6%
VACANT FY11 FY12 FY13 FY14 FY15 FY16+
Notes:
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Top 10 tenants (31 December 2010)

	Tenant	% Portfolio
		leased
		(by income)
	Wesfarmers	8.2%
	Woolworths Ltd	7.6%
	Australian Governments2	7.1%
	Telstra Corporation	4.1%
	Westpac Group	2.6%
	JP Morgan Chase	1.8%
	Suncorp Metway	1.7%
	Subaru	1.4%
	Macquarie Group Ltd	1.3%
	Wilson Parking	1.1%
	Total	36.8%

1. Shows CHC’s position based on the lease expiry profile of individual funds and CHC’s investment exposure in each fund (weighted on a passing income basis). 2. Includes Federal and State Governments and agencies.

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Property investment portfolio

Direct property and co-investments (31 December 2010)

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	Ownership	CHPT	1HFY11	Market cap	Discount	Minimum
		investment1	CHPT	rate	rate	rental
			income			reviews
	(%)	($m)	($m)	(%)	(%)	(%)
Listed Funds
Charter Hall Office REIT (CQO)1	8.8%	170.7	5.1	7.8%	9.0%	3.6%
Charter Hall Retail REIT (CQR)1	8.1%	88.0	3.4	8.1%5	9.2%	4.3%6
Wholesale Investment Funds
Core Plus Office Fund (CPOF)1	16.3%	109.5	2.5	7.7%	9.4%	3.9%
Core Plus Industrial Fund (CPIF)1	21.3%	53.1	1.6	8.3%	9.7%	3.1%
Retail Investor Funds
Direct Retail Fund (DRF)2	65.9%	61.8	3.4	8.3%	9.6%	3.7%
Diversified Property Fund (DPF)3	36.4%	27.3	0.8	8.2%	9.7%	3.6%
Charter Hall Umbrella Fund (CHUF)3	24.9%	41.4	1.0	8.1%	9.6%	3.6%
Charter Hall Direct Property Fund (CHDPF)3	3.6%	9.8	0.3	8.6%	9.4%	3.8%
Direct Property
Mentone Showrooms4	100.0%	19.1	0.1	9.0%	10.0%	3.0%
Total/weighted average		580.6	18.27	8.0%	9.3%	3.7%

Notes:

1. CHPT co-investments in CQO, CQR, CPOF and CPIF are equity accounted.

2. CHPT consolidates DRF as at 31 December 2010. For the purposes of this analysis DRF is equity accounted.

3. CHPT co-investments in DPF, CHUF and CHDPF are fair valued accounted.

4. Mentone Showrooms book value of $18.3m with balance made up of residual holdings in Mentone.

5. Australian and European core properties only.

6. Based on Australian specialty leases only.

7. Excludes co-investment income from DIF ($0.1m).

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Charter Hall Group 03 Property funds management

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Property funds management

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 Funds under management increased from $10.2bn to $10.4bn

30 June 2010

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Wholesale Unlisted
Funds
$2.5bn (25%)
Retail Investor
Funds
$1.5bn (15%)
Listed Funds
$6.2bn (60%)
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31 December 2010
Wholesale Unlisted
Funds
$3.2bn (30%)
Retail Investor
Funds
$1.5bn (14%)
Listed Funds
$5.8bn (55%)
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13

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Funds under management reconciliation

 Acquisitions and revaluations more than offset negative FX movements and disposals

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($169m)
+$605m
($518m)
+$302m
$10.4bn
$10.2bn
2
30-June-2010 Revaluations Acquisitions Disposals FX Movement 31-December-2010
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Notes:

1. FUM includes assets currently under management and is not adjusted for contracted acquisitions of $67m and contracted sales of $364m which have been announced but have not yet settled.

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1. Reflects FX movement of A$-US$ from 0.85 to 1.02 and A$-EUR movement from 0.69 to 0.76.

Funds management income

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 79% of management revenue annuity style

• Average of 72bps of FUM (42bps investment management and 30bps from other services)

• Below average with potential to improve as market recovers

• 28% EBITDA margin with potential for future margin expansion

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$21.9m Funds Management EBITDA ($m) 1HFY10 1HFY11
Revenue 12.2 37.3
Expenses [3] (9.4) (27.1)
Funds Management EBITDA 2.8 10.3
EBITDA Margin 23% 28%
1HFY10 revenue
$7.1m
$7.5m
1HFY11 revenue
$2.9m
$2.6m $2.4m
$2.1m $1.5m
$0.9m $0.5m
nil nil
1 2
Investment Management Property Management Development Management Transaction Services Leasing Services Performance Fees
Annuity style revenue
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Notes:

1. 1HFY10 previously reported as $6.8m (excluding cost recoveries).

2. Property management fees includes property management and asset services income.

3. For category reporting purposes, all CHC expenses have been allocated to funds management division.

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Investment management revenue

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 Strong increase in investment management revenue (up 208%) through diversification of equity sources

1HFY10 - $7.1m

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Wholesale Unlisted
Funds
$5.8m (82%)
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Retail Investor
Funds
$1.3m (18%)
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1HFY11 - $21.9m
Wholesale Unlisted
Funds
$5.6m (26%)
Retail Investor
Funds
$3.9m (18%)
Listed Funds
$12.4m (57%)
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Notes:

1. Listed Funds refers to CQO and CQR.

2. Wholesale Unlisted Funds refers to CPOF, CPIF, CHOF4 and CHOF5. 1HFY10 includes CPRF in wholesale unlisted funds. 3. Retail Investor Funds refers to CHDPF, DPF, DRF, DIF, CHUF, MMPT, MPIF and CHIFs.

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Property management and leasing

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 Charter Hall provides leasing, property management and asset management services across the platform

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Property management [1] Leasing [2]
284,108sqm
Office 89,876sqm
HY Gross Income - $71m
508,697sqm
Retail 13,712sqm
HY Gross Income - $73m
314,169sqm
Industrial 24,380sqm
HY Gross Income - $23m
HY income received $7.5m [3] $2.4m
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Notes:

1. Excludes Australian CQO and CHDPF office portfolios which have come under CHC management from 1 January 2011. 2. Australian portfolio only.

2. Includes property management fees (3% of retail gross income, 1-2% of office and industrial gross income), property management recoveries and asset services income.

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Development management services

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 Contribution of $2.9m over half year period

• Generated from projects completed in the first half ($43m) and currently active projects

• Active development book of $1.3bn across range of managed funds

• Current book value of $0.5bn

• Total development book of $1.8bn

($m)	Wholesale and	Wholesale	Listed	Total
	Retail Investor	Opportunity	Funds
	Funds	Funds
1HFY11 development services revenue	0.5	1.5	1.0	2.9
Development book
Active projects - current book value	50	373	121	545
Active projects - forecast on-completion value	180	775	332	1,287
Captive pipeline - current book value	147	33	288	4681
Total development book	327	809	620	1,756

Notes:

1. Potential forecast on completion value of $1.5bn.

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Trends and initiatives

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Trends Initiatives
 Investor preference for geographic and  Re-weight portfolios to Australia
sector specific funds  Simplifying ownership, debt funding and derivative
Listed Funds
 Global investors more relevant structures
 A-REITs closing NTA/price spread  Focus on quality of earnings and earnings growth
 Core investments
 Raised capital in CPOF and CPIF
 Cost of capital advantage
Wholesale  Acquired $304m over half year (continue to acquire
Unlisted Funds  Larger funds focus on direct investment assets at this time in cycle)
and separate mandate / partnership
 Continue to grow separate mandate business
transactions
Wholesale  Leverage off CHC development expertise to
Opportunistic  Separate mandate / partnerships establish separate mandates and partnerships to
Funds pursue development opportunities
 Concentration of managers with equity
 Establish new products with conservative gearing
Retail Investor raising capability in current market
and defined liquidity mechanisms (DIF & DRF)
Funds  Demand for products in line with investor
 Re-open CHDPF
preferences
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 Detailed fund strategies in Annexures E – F

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Charter Hall Group

04 Development investment

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Investments in CHOF4 and CHOF5

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 $31.1m of development co-investments (book value), diversified across seven projects

 Projected equity multiple of 1.6x from existing development investments

• Targeting an equity multiple of >1.7x for future equity commitments

• Equity IRR target of 20%+ required on future development projects

Developments ($m – CHC share)	Current value of	Further equity	Expected equity	Expected realisation
	investment	required	value on completion	date
CHOF4 (CHC share – 3%)
Home HQ North Shore, Artarmon, NSW	0.9	-	1.5	Jul-12
CHOF5 (CHC share – 15%)
40 Creek, Brisbane, Qld	5.7	1.3	7.4	Dec-11
Lacrosse Stage 1, Melbourne, VIC	3.5	1.7	8.2	Sep-12
Workzone, 202 Pier St, Perth, WA	3.2	1.4	8.6	Aug-13
Little Bay, Sydney, NSW	11.3	-	20.8	Jan-15
Hastings, New Zealand1	2.3	0.2	2.7	Jun-12
Aquilo, Oak Avenue, Mentone, VIC2	1.6	1.0	3.8	Dec-12
Total/weighted average	28.63	5.5	53.0

Notes:

1. Converted at AUD / NZD 1.31.

2. Including contribution from CHOF4.

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1. Excludes $2.5m of ‘other’ net assets related to CHOF4 and CHOF5 co-investments.

Case study - Little Bay

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• 13.6 hectare residential development site

• Achieved master plan approval for 66,500sqm of residential area

• Comprises 28 housing lots and 10 superlots

• Commercial & Industrial Property (CIP) has been appointed as the preferred contractor for Stage 1 works

• Forecast to deliver various stages over next five years

• CHOF5 and TA Global Berhad (TAG) have entered into a 50:50 development sponsorship arrangement

• Effective sale of 50% of CHOF5 interest at premium to cost

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Little Bay residential development site, NSW

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Investment in CIP

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• Industrial pre-lease developer in all states of Australia

• 10 year history with 25 years average experience of CIP directors

• Important strategic off market source of investments for CHC funds and mandates

• CIP business is performing well post two GFC impacted years

CIP profit before tax (100% share)

CIP Income statement ($m)	1HFY11
Total revenue	59.9
Project expenses	(49.2)
Overheads	(4.8)
Total expenses	(54.0)
Net profit before tax	5.9
Income tax	(1.8)
Net profit after tax	4.2
CHC profit share (50%)	2.1

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$20.6m
$14.8m
$8.6m
$6.1m $5.9m
$4.4m
FY06 FY07 FY08 FY09 FY10 1HFY11
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Charter Hall Group

05 Financials and capital management

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Income statement

	1HFY11	1HFY11	1HFY10
	(DRF consolidated)	(DRF net contribution basis)	(DRF net contribution basis)
Direct net property income	7.9	0.1	1.2
Indirect property income	14.9	18.2	9.6
Property investment income1	22.7	18.3	10.8
Investment management fees2	21.9	21.9	7.1
Property management fees	7.5	7.5	0.9
Development management fees	2.9	2.9	2.1
Transaction fees	2.6	2.6	0.5
Leasing fees	2.4	2.4	-
Performance fees	0.0	0.0	1.5
Funds management	37.3	37.3	12.2
Development investment income3	2.3	2.3	1.0
Total income	62.3	57.9	23.9
Operating expenses	(27.6)	(27.1)	(9.4)
EBITDA	34.8	30.9	14.5
Depreciation	(0.5)	(0.5)	(0.3)
EBIT	34.3	30.4	14.2
Net interest expense	(2.0)	0.5	(0.1)
Non-controlling interest	(1.4)	-	-
Operating earnings	30.8	30.8	14.2
Weighted number of securities (‘000s)4	292,759	292,759	174,885
Operating EPS (cps)	10.54	10.54	8.10

Notes:

1. Includes income from co-investments and net income contribution from DRF. Refer to Annexure H for more detail. 2. Includes cost recoveries.

2. Includes income from CHOF4, CHOF5 and CIP. Excludes non-operating items in CHOF4 and CHOF5. 4. Excludes ELSP securities.

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Operating earnings reconciliation

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($2.5m)
+$4.8m
+$2.5m
+$11.1m
$46.8m
$30.8m
1 2 3
Operating earnings Postive fair value Net gains on sale Positive non-operating Other Statutory profit
adjustments investment earnings
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Notes:

1. Fair value adjustments includes adjustments to derivatives, gains on re-measurement of equity accounted investments, investments in funds and investment property. 2. Gains/loss on sale includes sale of derivatives and investment property.

2. ‘Other’ includes non-operating tax expenses, unrealised FX, ELSP expenses and other.

26

Cashflow reconciliation

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 Cashflow from operations weighted to 2HFY11

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10.54cps +$2.9m
($4.9m)
($3.2m)
($2.6m) 8.00cps
$30.8m
$23.0m $23.5m
Operating earnings Reduction in trade Reduction in trade Earnings versus Other 1 Operating cashflow Distribution
receivables payables distribution received
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Notes:

27

1. ‘Other’ includes movement in other operating assets and liabilities.

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Balance sheet

$m	31-Dec-10 (DRF consolidated)	31-Dec-10 (DRF on net contribution basis)1	30-Jun-10 (DRF on net contribution basis)
Cash	14.7	13.3	26.8
Property investments	680.8	580.6	565.5
Development investments	58.0	58.0	52.4
Other tangible assets	60.4	57.7	57.8
Intangibles	119.36	119.36	119.36
Total assets	933.3	828.9	821.8
Borrowings	68.9	0.3	-
Other liabilities	63.9	60.1	61.4
Total liabilities	132.8	60.4	61.4
Net assets attributable to non-controlling interest	(31.9)	-	-
Total equity post non-controlling interest	768.6	768.6	760.4
Total securities on issue (000s)3	293,755	293,755	290,595
Net tangible assets per security	2.21	2.21	2.21
Look through gearing (non-recourse debt)4		38.6%	37.1%
Balance sheet gearing5	6.8%	nil	nil

Notes:

1. See Annexure H for a summary of DRF adjustments.

2. Investments includes financial assets at fair value, investments in controlled entities and equity accounted investments. Investments also includes net contribution from DRF of $62m in balance sheet with DRF shown as net contribution.

3. Excludes 12.6m ELSP securities and options and performance rights per note 4 of Appendix 4D.

4. Calculated by incorporating CHC’s proportional share of tangible assets (net of cash) and debt (net of cash) of the funds in which it co-invests.

5. Calculated as debt net of cash divided by total tangible assets net of cash.

6. Includes $7.5m relating to equity accounted joint-ventures. Reconciles to the statutory accounts by excluding the $7.5m from intangibles and including it as an equity accounted investment.

28

Capital management profile

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• $4.3bn of drawn debt across platform with weighted average maturity of 2.6 years

• $1.9bn of debt refinanced over the half year period

• CHC to maintain balance sheet gearing range of 0-10% with look-through gearing driven by funds’ gearing policy

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Balance sheet gearing
Gearing
43% 43% Look-through gearing 45%
39% 39% 38% 38%
33%
30%
nil
CHC CQO CQR Wholesale Unlisted Funds Retail Investor Funds
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Gearing
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Duration (years)
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3.5
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2.7 2.7
2.4
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CQO
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CQR

Wholesale Unlisted Funds

Retail Investor Funds

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Charter Hall Group

06 Outlook and guidance

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Group strategy

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Property Investment	 Enhance return on equity through recycling co-investment capital – Over time reduce exposure to unlisted wholesale and retail investor funds – Sell 100% owned Mentone Showrooms – Increase core investments in CQO and CQR to 10% – Invest recycled capital in higher return opportunities  Improve quality of funds earnings through improving property metrics, simplifying derivative structures and proactively refinancing debt facilities
Property Funds	 Grow FUM through existing and new products that satisfy current investor appetite  Continue to re-weight FUM platform to Australia – $2.6bn or 25% of FUM offshore relative to 30% as at 30 June 2010 – Post-balance date contracted disposals, offshore exposure will decrease to $2.2bn or 22% of FUM
Management	 Improve profitability through:
Development	– Achieving scale in each domestic sector – Delivering a more efficient service to managed funds – Rationalise number of funds under management  Target growth in development investment earnings  Leverage off in-house development expertise at this point in the cycle
Investment	– Consideration given to level of balance sheet exposure – Access scale through partnering with external capital

31

Outlook and guidance

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Outlook

• Property markets globally are continuing to recover with cap rate compression across most markets

• Expect sustainable NOI growth through reduced vacancies, rental growth and reduction in funding costs in prime markets across sectors in Australia

• Equity flows are increasing to unlisted real estate

• Major equity flows in Australia in 2010 have been directed to core unlisted wholesale funds, expected to move to core-plus/opportunistic vehicles as investors seek higher risk adjusted returns

• Retail investor flows into Charter Hall funds expected to gain further momentum

Earnings and distribution guidance[1]

• We confirm FY11 Operating EPS guidance of 20cps which represents growth of approximately 20% on FY10

• Based on FY11 Operating EPS guidance of 20cps, we expect to distribute FY11 DPS of 16cps which represents growth of approximately 25% on FY10

Notes: 1. Subject to no unforeseen circumstances.

32

Charter Hall Group

07 Annexures

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Annexures

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A Property portfolio movement

B - C Portfolio metrics

D Funds management platform

E – F Fund strategies

G Earnings reconciliation H DRF reconciliation I Capital management J Debt expiry profile

K - O Unlisted property portfolios

34

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Annexure A – Property portfolio movement

31 December 10	Movement	30 June 2010
CHPT stake (%) CHPT investment ($m)	Other movements ($m)1 Acquisitions/ (sales) ($m) Change in accounting treatment ($m)	CHPT stake (%) CHPT investment ($m)
Listed Funds
CQO 9% 170.7	(1.8) 17.3 -	8% 155.1
CQR 8% 88.0	(1.8) 7.4 -	7% 82.3
Wholesale Investment
CPOF 16% 109.5	5.2 - (8.3)2	17% 112.6
CPIF 21% 53.1	1.3 - (4.1)2	25% 55.8
Retail Investor Funds
DRF 66% 61.8	(6.5) (30.2) (4.9)2	66% 103.3
DPF 36% 27.3	0.3 4.9 -	32% 22.1
CHUF 25% 41.4	(0.2) - -	25% 41.6
CHDPF 4% 9.8	0.0 - -	3% 9.8
Direct Property
Mentone Showrooms 100% 19.1	- 19.1 -	-% -
Total 580.6	(3.4) 18.5 (17.2)	582.6

Notes:

1. ‘Other movements’ refers to gain on sales and movement in unit price / NTA over the period.

2. Fair value accounted in 30 June 2010 property portfolio. Equity accounted at 31 December 2010.

35

Annexure B – Portfolio metrics

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Weighted average minimum rent reviews

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----- Start of picture text -----

CQO 3.6%
CQR 4.3%1
CPOF 3.9%
CPIF 3.1%
DRF 3.7%
CHUF 3.6%
DPF 3.6%
CHDPF 3.8%
CHPT 3.7%
----- End of picture text -----

Notes:

1. Based on Australian speciality leases only.

36

Annexure C - Portfolio metrics

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 Quality of earnings improving with proactive management of well diversified portfolio

Capitalisation rates

WALE (by income in years)[1]

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----- Start of picture text -----

CQO 7.8%
CQR 8.1%
CPOF 7.7%
CPIF 8.3%
DRF 8.3%
CHUF 8.1%
DPF 8.2%
CHDPF 8.6%
CHC 8.0%
----- End of picture text -----

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----- Start of picture text -----

CQO 4.9
CQR 5.7
CPOF 6.1
CPIF 11.9
DRF 7.2
CHUF 8.6
DPF 7.6
CHDPF 4.8
CHC 6.4
----- End of picture text -----

Notes:

1. Shows CHC’s position based on the WALEs of individual funds and CHPT’s investment exposure in each fund.

37

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Annexure D – Funds management platform

 Funds under management (FUM) of $10.4bn

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----- Start of picture text -----

Listed Funds Wholesale Investor Funds Retail Investor Funds
$5.8bn $3.2bn $1.5bn
($259m co-invested) ($194m co-invested) ($140m co-invested)
Opportunistic Core Plus
CQO [2] CQR [3]
$0.8bn $2.4bn
$3.75bn $2.03bn
($171m / 9%) ($88m / 8%)
CHDPF
CHOF4 CHOF5 CPOF CPIF [4] DPF CHUF
$120m $690m $1.42bn $503m $143m $154m $492m
Direct Property ($1m / 3%) ($30m / 15%) ($110m / 1%) ($53m / 21%) ($27m / 36%) ($41m / 25%) ($10m / 4%)
$19m
Wholesale DRF
CHIFs [5] DIF
mandates $179m
$440m $70m
$433m ($62m / 66%)
Mentone
$19m
----- End of picture text -----

Notes:

1. All numbers as at 31 December 2010.

2. Total look through property value (($3,629.0m), refer to side 11 of the CQO 1HFY11 results presentation) plus 50% of the on completion 171 Collins Street value ($116.1m).

3. Total look through property value (($1,962.3m), refer to slide 16 of the CQR 1HFY11 results presentation) plus on completion value of developments ($68.5m).

4. CPIF includes the book value ($404.4m) on slide 46 plus on completion values of Volkswagen ($28.4m) and Woolworths Launceston ($70.0m). 5. CHIF includes CHIFs, MMPT and MPIF.

38

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Annexure E - Fund strate ies g

Fund	Defined strategies	Progress
CQO $3.8bn ($171m co-invested)	 Improve portfolio metrics	 Increased WALE by 8.1% to 5.1 years
	 Exit non-core offshore markets	 Exit from Europe subject to finalising of Atrium, Berlin  Sale of all Japanese assets
	 Reduce exposure to US	 Co-investment transaction progressed, however, still incomplete  Will explore and evaluate interest from broader group of prospective investors and purchasers
	 Refinance expiring debt facilities	 Refinanced $600m Australian syndicate  US refinancings in advanced stage
	 Reduce NTA to unit price spread	 CQO outperformed AREIT ASX 200 Accumulation index by 38%1
CQR $2.0bn ($88m co-invested)	 Invest in high quality retail properties in Australia	 Contracted six acquisitions for over $200m during CY2010 (one settled 31 Jan 2011)
	 Realise remaining equity in the US	 Sale of Desco portfolio for US$168m  Seven wholly owned assets contracted for sale for US$75m
	 Realise equity following JV dissolution in NZ	 Expect sale of JV interest for NZ$93.5m by 31 March 2011
	 Dispose of low value non-core assets in Australia	 Five assets at various stages of negotiation
	 Reduce NTA to unit price spread	 CQR outperformed AREIT ASX 200 Accumulation index by 20%1

Notes: 1. Source: IRESS. Measured over 20 August 2010 to 21 February 2011.

39

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Annexure F - Fund strate ies g

Fund	Defined Strategies	Progress
Wholesale Investor Funds $3.2bn ($194m co-invested)	 Employ equity raised to acquire new assets and fund development pipeline	 CPOF and CPIF acquired $304m in aggregate
	 Equity raising in CHOF6 and pursue partnership model to enhance development pipeline	 Introduction of TA Global as partner in Little Bay project
	 Grow wholesale mandate business	 Increased to $433m funds under management
Retail Investor Funds $1.5bn ($140m co-invested)	 Raising equity for new Direct Industrial Fund (DIF)	 Raised $44m in equity to date. Fund has acquired $70m of property at balance date
	 Restructure CPRF and launch Direct Retail Fund (DRF)	 Successfully restructured CPRF and launched DRF. Equity raising for DRF underway
	 Re-open CHDPF	 CHDPF re-opened

40

Annexure G – Earnings reconciliation

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$m	1HFY11	1HFY10
Statutory NPAT excludes non-controlling interest	46.8	(57.8)
Fair value adjustments	(11.1)	45.6
DRF consolidation impairment1	-	15.3
Gain/(loss) on sale or purchase	(2.5)	10.5
Other	(2.3)	0.6
Operating earnings	30.8	14.2

Notes: 1. Previously referred to as CPRF consolidation impairment.

41

Annexure H – DRF reconciliation

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CHC P&L – DRF related line items	DRF on a net contribution basis	DRF on a consolidated basis
Direct property income	-	7.8
Indirect property income	3.4	-
Operating expenses	-	(0.5)
Net interest expense	-	(2.4)
Non-controlling interest	-	(1.4)
Operating earnings impact	3.4	3.4
CHC Balance Sheet – DRF related items	DRF on a net contribution basis	DRF on a consolidated basis
Cash	-	1.4
Investments	61.8	18.9
Investment property	-	143.2
Other tangible assets	-	2.7
Total assets	61.8	166.2
Borrowings	-	68.6
Other liabilities	-	3.9
Total liabilities	-	72.4
Equity	61.8	93.7
Less: non-controlling interest	-	(31.9)
Equity of CHG securityholders	61.8	61.8

42

Annexure I - Capital management

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($m)	CHC	1	CQO	CQR	CPOF	CPIF	DRF	CHUF	DPF	CHDPF	CHOF4	CHOF5
Asset values2	n/a		3,177	1,884	1,332	460	165	154	150	494	109	305
Net debt drawn2	nil		1,058	728	550	146	67	nil	73	202	66	115
Duration3 (years)	n/a		2.7	3.5	2.9	2.3	2.9	n/a	1.1	2.8	n/a	n/a
Gearing
Balance sheet	nil		33%	39%	41%	32%	41%	nil	49%	41%	61%	38%
Look-through	39%		43%	43%	43%	29%	46%	39%	55%	42%	61%	38%
Target gearing4	0-10%		35-45%	30-40%	35-45%	35-45%	35-45%	nil	50%	35-45%	n/a	n/a

Notes:

1. DRF deconsolidated as per slide 28 - DRF net contribution basis balance sheet. DRF balance sheet assets reflect two equity accounted investments. Look-through asset balance is $181m.

2. Total tangible assets and debt values shown net of cash. Represent balance sheet book values. Differences with FUM figures used in this presentation due to use of on completion values and treatment of capital expenditure.

3. Calculated on a weighted average basis. CQR: adjusted for credit approved terms on Polish debt refinance.

4. Balance sheet gearing.

43

Annexure J - Debt expiry profile

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 Refinanced $1.9bn over half year period

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----- Start of picture text -----

$1,200m
$1,145m
CQO
$983m CQR
Wholesale Unlisted Funds
Retail Investor Funds
$800m
$630m $621m
$512m
$400m
$256m
$0m
FY11 FY12 FY13 FY14 FY15 FY16+
----- End of picture text -----

44

Annexure K – Unlisted portfolio detail

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CORE PLUS OFFICE FUND (CPOF)	BOOK VALUE	INDEPENDENT	MKT CAP	MKT CAP	MCR	VALUER’S	WALE	MIN. RENT
		VALUATION	RATE	RATE	CHANGE	DISCOUNT		REVIEW
		DATE	31 DEC 10	30 JUN 10		RATE/ IRR
	($m)		(%)	(%)	(%)	(%)	(YEARS)	(%)
331 & 333 George St, Sydney, NSW	73.5	31-Dec-10	7.38%	7.50%	-0.12%	9.25%	2.3	3.84%
New York Hotel, Pyrmont, NSW	1.3	30-Jun-10	6.50%	6.50%	0.00%	N/A	1.3	4.00%
167 Macquarie St, Sydney, NSW	83.5	30-Jun-10	7.25%	7.25%	0.00%	9.25%	4.9	3.79%
34 Hunter St, Sydney, NSW	35.1	31-Mar-10	7.25%	7.25%	0.00%	9.50%	0.8	4.36%
St George Bank, Kogarah, NSW	117.1	30-Jun-10	8.25%	8.25%	0.00%	9.00%	10.7	3.00%
Northbank Plaza, Brisbane, QLD1	164.5	30-Jun-10	7.75%	7.75%	0.00%	9.50%	6.7	4.48%
275 George St, Brisbane, QLD (50%)2	170.5	31-Dec-10	7.00%	7.00%	0.00%	9.00%	8.5	4.47%
Hatch, 144 Stirling St, Perth, WA	50.0	31-Dec-10	8.00%	8.75%	-0.75%	9.75%	8.4	3.74%
225 St Georges Tce, Perth, WA (50%)	89.5	30-Jun-10	8.25%	8.25%	0.00%	9.50%	3.0	5.15%
109 St Georges Tce, Perth, WA	63.4	31-Dec-10	8.75%	9.25%	-0.50%	10.00%	2.8	3.76%
51 Pirie St, Adelaide, SA	13.9	30-Jun-10	9.75%	9.75%	0.00%	10.50%	1.3	3.79%
Bank SA, Adelaide, SA	19.8	30-Jun-10	9.00%	9.00%	0.00%	10.50%	10.7	3.00%
11 Exhibition St, Melbourne, VIC	171.5	30-Jun-10	7.00%	7.00%	0.00%	9.25%	5.1	4.12%
150 Queen St, Melbourne, VIC	24.6	30-Jun-10	8.75%	8.75%	0.00%	10.00%	0.8	3.77%
570 Bourke St, Melbourne, VIC	162.7	30-Jun-10	8.00%	8.00%	0.00%	9.75%	3.9	3.52%
Brisbane Square, Brisbane, QLD (50%)	181.3	01-Nov-10	7.25%	N/A	N/A	9.00%	10.6	3.44%
Total / Average	1,422.1		7.65%	7.76%	-0.11%	9.37%	6.1	3.91%

Notes:

1. Current book value. Independent valuation is $165.0m. 2. Current book value. Independent valuation is $172.5m.

45

Annexure L – Unlisted portfolio detail

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CORE PLUS INDUSTRIAL FUND (CPIF)	BOOK	INDEPENDENT	MKT CAP	MKT CAP	MCR	VALUER’S	WALE	MIN. RENT
	VALUE	VALUATION	RATE	RATE	CHANGE	DISCOUNT		REVIEW
		DATE	31 DEC 10	30 JUN 10		RATE/ IRR
	($m)		(%)	(%)	(%)	(%)	(YEARS)	(%)
372 Eastern Valley Way, Chatswood, NSW	29.9	30-Jun-10	8.25%	8.25%	0.00%	9.50%	5.6	3.54%
56 Anzac Street, Chullora, NSW	18.5	31-Dec-10	8.75%	9.75%	-1.00%	10.25%	1.9	3.75%
55-65 Sky Rd, MABP (Kathmandu), VIC	7.4	31-Dec-10	9.25%	9.25%	0.00%	10.00%	5.8	3.50%
130-138 Link Rd, MABP, VIC	14.5	31-Dec-10	9.50%	10.00%	-0.50%	10.25%	3.3	3.00%
309 Fitzgerald Rd, Derrimut, VIC	27.7	31-Dec-10	8.00%	8.00%	0.00%	9.50%	16.9	3.50%
Schenker, MABP, VIC	11.6	30-Jun-10	9.00%	9.00%	0.00%	10.00%	8.4	3.50%
Coles RDC, Perth Airport, WA (75%)	126.0	30-Jun-10	7.90%	7.90%	0.00%	9.75%	17.4	2.75%
123-135 Kewdale Rd Kewdale, WA	33.0	30-Jun-10	8.25%	8.25%	0.00%	9.75%	4.5	4.00%
17 Sugarmill Rd, Meeandah, QLD	18.7	30-Jun-10	9.00%	9.00%	0.00%	9.75%	1.7	3.50%
140 -160 Robinson Rd, Geebung, QLD	24.8	31-Dec-10	8.75%	8.30%	0.45%	10.00%	4.1	3.22%
Toll, 7 Viola Place, Brisbane Airport, QLD	8.5	31-Dec-10	9.37%	9.15%	0.22%	9.75%	6.2	3.25%
Smorgon, 30 Main Beach Rd, Pinkenba QLD	25.2	30-Jun-10	8.00%	8.00%	0.00%	9.50%	13.0	3.25%
Volkswagen, Chullora, NSW1	35.6	31-Dec-10	7.75%	N/A	N/A	9.50%	13.03	3.25%
Woolworths, Launceston, TAS4	7.5	30-Sep-10	8.50%	N/A	N/A	9.75%	25.03	2.80%
200 Holt St, Pinkenba, QLD2	9.7	31-Dec-10	N/A	N/A	N/A	N/A	N/A	N/A
772-776 Boundary Rd, Richlands, QLD2	5.9	30-Jun-10	N/A	N/A	N/A	N/A	N/A	N/A
Total / Average	404.4		8.28%	8.34%	-0.06%	9.73%	11.9	3.13%

Notes:

1. Book value. On completion value is $64.0m.

2. Development Project.

3. Reflect on forecast on completion WALE.

4. Book value. On completion value is $77.5m.

46

Annexure M – Unlisted portfolio detail

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DIRECT RETAIL FUND (DRF)	BOOK	INDEPENDENT	MKT CAP	MKT CAP	MCR	VALUER’S	WALE	MIN. RENT
	VALUE	VALUATION	RATE	RATE	CHANGE	DISCOUNT		REVIEW
		DATE	31 DEC 10	30 JUN 10		RATE/ IRR
	($m)		(%)	(%)	(%)	(%)	(YEARS)	(%)
Menai Central, Sydney, NSW	36.9	30-Jun-10	8.50%	8.50%	0.00%	9.50%	6.3	3.26%
Home HQ, Whitehorse Rd, Nunawading, VIC (50%)	31.1	30-Jun-10	8.50%	8.50%	0.00%	10.00%	5.6	3.53%
Bunnings, Stafford, QLD	18.6	30-Jun-10	7.25%	7.25%	0.00%	9.00%	8.5	3.00%
Home HQ, 339 Brisbane St, Ipswich, QLD	27.1	30-Jun-10	8.25%	8.25%	0.00%	9.50%	6.7	3.98%
Foodtown, Auckland, NZ (in $Am)1	18.2	31-Dec-10	8.25%	9.00%	-0.75%	10.00%	8.5	2.00%
Wiley Group, Stafford, QLD	11.6	30-Jun-10	8.50%	8.50%	0.00%	9.75%	8.5	4.00%
Lake Macquarie Shopping Centre (50%)	30.0	30-Sep-10	8.25%	N/A	N/A	9.50%	8.8	4.45%
Mount Hutton Shopping Centre, NSW (50%)	5.2	30-Sep-10	9.00%	N/A	N/A	10.00%	2.9	4.90%
Total / Average	178.6		8.28%	8.35%	-0.07%	9.62%	7.2	3.68%

Notes:

1. NZ value is NZ$23.6m.

47

Annexure N – Unlisted portfolio detail

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DIVERSIFIED PROPERTY FUND (DPF)	BOOK	INDEPENDENT	MKT CAP	MKT CAP	MCR	VALUER’S	WALE	MIN. RENT
	VALUE	VALUATION	RATE	RATE	CHANGE	DISCOUNT		REVIEW
		DATE	31 DEC 10	30 JUN 10		RATE/ IRR		(%)
	($m)		(%)	(%)	(%)	(%)	(YEARS)
400 Kent St, Sydney, NSW (75%)	40.1	30-Jun-10	7.50%	7.50%	0.00%	9.25%	5.8	3.75%
53 Berry St, North Sydney, NSW	19.8	31-Dec-10	8.50%	8.50%	0.00%	9.50%	2.8	4.07%
1-5 & 15 Jets Ct, Tullamarine VIC	9.3	30-Jun-10	9.37%	9.37%	0.00%	10.00%	2.6	3.75%
22-28 Compark Circuit, Mulgrave, VIC	6.0	31-Dec-10	9.00%	8.75%	0.25%	10.50%	2.3	3.00%
46-50 Kings Park Rd, West Perth, WA	26.3	30-Jun-10	8.50%	8.50%	0.00%	9.75%	2.7	3.98%
181 St Georges Tce, Perth, WA	25.0	31-Dec-10	8.50%	8.50%	0.00%	10.00%	6.1	4.94%
Coles, Horrie Miller Dr, Perth Airport, WA (25%)1	16.7	30-Jun-10	7.90%	7.90%	0.00%	9.75%	17.4	2.75%
Total / Average	143.2		8.18%	8.17%	0.01%	9.68%	7.6	3.63%

Notes:

1. DPF’s interest in the Perth RDC Trust has been equity accounted. Asset valuation is $42m.

48

Annexure O – Unlisted portfolio detail

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DIRECT PROPERTY FUND (CHDPF)	BOOK	INDEPENDENT	MKT CAP	MKT CAP	MCR CHANGE	VALUER’S	WALE
	VALUE	VALUATION	RATE	RATE		DISCOUNT
		DATE	31 DEC 10	30 JUN 10	(%)	RATE/ IRR
	($m)		(%)	(%)		(%)	(YEARS)
2 Wentworth St, Parramatta, NSW	34.3	1-Dec-10	9.30%	8.50%	0.80%	9.25%	3.0
68 Pitt St, Sydney, NSW	94.2	1-Dec-10	7.50%	7.90%	-0.40%	9.00%	5.4
154 Pacific Hwy, St Leonards, NSW	24.6	1-Dec-10	9.50%	9.75%	-0.25%	9.75%	3.3
165 Walker St, North Sydney, NSW	24.8	1-Dec-10	9.00%	9.10%	-0.10%	9.50%	2.8
504 Pacific Hwy, St Leonards, NSW	32.5	1-Dec-10	9.75%	9.25%	0.50%	9.50%	2.6
1 Nicholson St, Melbourne, VIC	60.6	1-Dec-10	8.25%	8.25%	0.00%	9.75%	7.1
71 Queens Rd, Melbourne, VIC	22.6	1-Dec-10	9.50%	9.25%	0.25%	9.50%	2.5
200 Queen St, Melbourne, VIC	95.6	1-Dec-10	8.00%	8.25%	-0.25%	9.75%	6.2
300 Adelaide St, Brisbane, QLD	51.8	1-Dec-10	10.00%	9.00%	1.00%	9.25%	3.6
Kohoku, Tokyo, Japan (45% interest)	13.3	31-Dec-10	N/A	N/A	N/A	N/A	13.3
Total / Average	454.3		8.61%	8.61%	0.00%	9.45%	4.8

49

Disclaimer

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This presentation has been prepared by Charter Hall Group (Charter Hall Limited (ABN 57 113 531 150) and Charter Hall Funds Management Limited (ABN 31 082 991 786) (AFSL 262861) as the responsible entity for Charter Hall Property Trust (ARSN 113 339 147). It is a presentation of general background information about the Group’s activities as at 31 December 2010 unless otherwise stated. It is a summary and does not purport to be complete. It is to be read in conjunction with the Charter Hall Consolidated Full Year Financial Report filed with the Australian Securities Exchange in February 2011. 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.

50

Disclaimer

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Charter Hall fund’s currently accepting investments

The responsible entity of Charter Hall Direct Industrial Fund (“DIF”), Charter Hall Direct property Fund (“CHDPF”) and Charter Hall Direct Retail Fund (“DRF”) is Charter Hall Direct Property Management Limited (“CHDPML”) (ABN 56 073 623 784, AFSL 226849). CHDPML has issued a product disclosure statement (“PDS”) for DIF dated 13 July 2010 and for CHDPF dated 20 December 2010 and DRF dated 22 December 2010. The responsible entity of Charter Hall Diversified Property Fund (“DPF”) is Charter Hall Funds Management Limited (“CHFML”) (ABN 31 082 991 786). CHFML has issued a product disclosure statement (“PDS”) for DPF dated 25 July 2008 together with a Supplementary PDS dated 13 July 2010. The PDSs for all of the aforementioned funds (“Funds”) set out the offer to apply for units in the Funds. If you are considering an investment in a Fund or Funds you should read the relevant PDS in its entirety and consider the information set out in the PDS in relation to the offer. You can request a copy of a Fund’s PDS, free of charge, by calling CHDPML or CHFML, as the case may be, on 1300 652 790.

This information has been made available to the recipient for information purposes only. It is not intended to be, and does not constitute a product disclosure statement, prospectus, short form prospectus or profile statement as those terms are defined in the Corporations Act. It does not constitute an offer for the issue, sale or purchase of any securities, or any recommendation in relation to investing in any asset. This document has been prepared without taking account of any particular investor’s objectives, financial situation or needs. For this reason, it is important that you consider the PDS for the offer and consider whether to seek appropriate professional advice before making any investment decision.

Entities within the Charter Hall Group may receive fees for managing the assets of, and providing resources to each Fund. For more detail on fees, see the relevant PDS.

51

Fund Key

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Fund Key
Listed Funds
CQO	Charter Hall Office REIT
CQR	Charter Hall Retail REIT
Wholesale Unlisted Funds
CPOF	Core Plus Office Fund
CPIF	Core Plus Industrial Fund
Wholesale Opportunistic Funds
CHOF4	Charter Hall Opportunity Fund 4
CHOF5	Charter Hall Opportunity Fund 5
Retail Investor Funds
DPF	Diversified Property Fund
CHUF	Charter Hall Umbrella Fund
CHIFs	Charter Hall Investment Funds
CHDPF	Charter Hall Direct Property Fund
MMPT	Macquarie Martin Place Trust
MPIF	Macquarie Property Income Fund
DRF (previously CPRF)	Direct Retail Fund

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Further information

David Southon Joint Managing Director +61 2 8908 4025 david.southon@charterhall.com.au

Jelte Bakker Chief Financial Officer +61 2 8908 4035 jelte.bakker@charterhall.com.au

David Harrison Joint Managing Director +61 2 8908 4033 david.harrison@charterhall.com.au Kylie Ramsden Head of Listed Investor Relations +61 2 8295 1016 kylie.ramsden@charterhall.com.au

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charterhall.com.au

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