CHARTER HALL GROUP — Interim / Quarterly Report 2013

Feb 25, 2013

26 February 2013

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Charter Hall Group
Half Year Results
6 months to 31 December 2012
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Disclaimer

This presentation has been prepared by Charter Hall Group (being 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)) (the “Group”). It is a presentation of general background information about the Group’s activities as at 31 December 2012 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 Interim Financial Report filed with the Australian Securities Exchange on 26 February 2013. 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 forward looking statements. 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.

Charter Hall funds currently accepting investments

The responsible entity of Charter Hall Direct Property Fund (“CHDPF”), Charter Hall Property Securities Fund (“CHPSF”) and Charter Hall Direct Industrial Fund No.2 (“DIF2”) is Charter Hall Direct Property Management Limited (“CHDPML”) (ABN 56 073 623 784, AFSL 226849). CHDPML has issued a product disclosure statement (“PDS”) for CHDPF dated 20 December 2010, for CHPSF dated 19 November 2010 and for DIF2 dated 17 December 2012. The PDS’ for the aforementioned funds (“Funds”) set out the offer to apply for units in the Funds. If you are considering an investment in a Fund 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 on 1300 652 790. Applicants wishing to acquire an interest in the Funds will need to complete the application form accompanying the PDS.

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

All information herein is current as at 31 December 2012 unless otherwise stated. All references to dollars ($) or A$ are Australian Dollars unless otherwise stated. Exchange rates in this presentation are A$1.00/US$1.04/€0.79/NZ$1.26

1

David Harrison David Southon Paul Altschwager Joint Managing Joint Managing Chief Financial Director Director Officer 1 Results summary and Group overview

• 2 Operational performance 3 Financial performance 4 Strategy, outlook and guidance 5 Additional Information

• 2

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01 Results summary and Group overview

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Results Summary

Key achievements

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• Increase in operating earnings to 11.76cps, up 4.6% on pcp[1]

• Secured $570m of new equity commitments during 1HY13

• Secured $1.3bn of additional property assets delivering 12% growth in FUM to $10.0bn today

• Charter Hall Group realised $41m of equity co-investments and reinvested $53m during 1HY13

• Increased property co-investment earnings yield from 6.7% to 7.4%

• 1HY12 is stated prior to specific items relating to the net CQO transaction fee and restructuring costs which total a net loss of $2.3m. There are no specific items in 1HY13.

4

Results Summary

Half year summary

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• Increase in operating earnings to 11.76cps, up 4.6% on pcp[1]

• Statutory profit after tax of $29.9m, up 52.7% on pcp

• Operating earnings of $35.1m, up 5.7% on pcp[1]

• Distribution of 9.8cps, up 7.7% on pcp

• NTA per security is $2.12, down 1c from 30 June 2012

• 12% growth in FUM over the past 6 months

• Secured $1.3bn of property assets acquisitions and $0.4bn of disposals

• Secured $570m in new equity during 1HY13 and an additional $271m in equity commitments since December 2012

• Proactive capital management has improved returns for investors

• Realised $41m of capital and reinvested $53m into higher returning investments

• Refinanced $0.6bn of debt and extended maturity to 3.2 years within managed funds

• 1HY12 is stated prior to specific items relating to the net CQO transaction fee and restructuring costs which total a net loss of $2.3m. There are no specific items in 1HY13.

5

Results Summary

Solid securityholder returns

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Total securityholder return 1HY13: 48.4%

Distribution per security growth

Solid performance over 1 and 3 years to 31 January 2013[1]

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80.0%
70.3%
60.0%
40.0% 31.7%
20.1% 18.2%
20.0% 11.9%
6.9%
0.0%
1 Year 3 Years
ASX 200 Accumulation Index (%pa)
ASX 200 Property Accumulation Index
Charter Hall Securityholders
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1. UBS and S&P/ASX 2. FY12 OEPS pre-specific items

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9.80
9.10 9.10
8.50
8.00
6.40
6.15
1HY10 2HY10 1HY11 2HY11 1HY12 2HY12 1HY13
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Earnings per security growth[2]

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11.76
11.24
10.54 10.06 10.27
8.10 8.34
1HY10 2HY10 1HY11 2HY11 1HY12 2HY12 1HY13
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6

Group Overview

Our strategy

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Our strategy is to access, deploy and manage equity that is invested in core Australian real estate sectors to create value and provide growing income and capital returns for investors.

ACCESS

Access to multiple equity sources including listed, pooled wholesale, partnership wholesale and direct retail

DEPLOY

Investing capital to create value through identifying attractive acquisition opportunities

MANAGE

Specialist teams in property funds management, asset management, leasing and development services to actively manage those assets to create value

7

Group Overview

Investment strategy

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Our investment strategy, focusing on core property asset sectors, will endure macroeconomic cycles and generate growing income and capital returns, consistent with the investment appetite of investors in the real estate asset class.

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OFFICE
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Artist’s impression of 333 George Street, Sydney, NSW (CPOF)

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9 Castlereagh Street, Sydney, NSW (CPOF)

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RETAIL
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Bunnings Warehouse, Chatswood, NSW (BP)

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Bateau Bay Square, NSW (RP2)

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INDUSTRIAL
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Coles Myer Logistics Centre, Perth Airport, WA (CPIF/DIF/DIF 2)

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Toll Fleet & Auto Logistics Centre, Altona, VIC (DIF)

8

Activity since 30 June 2012

Office

• Equity raising completed for $55m retail investor syndicate (CHIF8) 144 Stirling Street Trust, less than 3 months after launch

• CHOT substantially de-risked with Citigroup, QR National, Government and other new lease / renewals totalling over 40,000m[2]

• CPOF acquired 9 Castlereagh Street in Sydney for $172.5 million in February 2013

• CPOF ranks as the #1 performing wholesale office fund in Australia over 6 months to 31 December 2012[1] and #2 over 3 and 5 years.

• Charter Hall appointed Responsible Entity and manager of PFA Diversified Property Trust comprising $422m of predominantly Australian office assets

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9 Castlereagh Street, Sydney, NSW

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1. Source: IPD / Mercer wholesale pooled property funds index (multi-asset funds).

Activity since 30 June 2012

Retail

• Established a new unlisted wholesale partnership with a global institutional investor to acquire Bateau Bay Square[1] for $164m

• Established a new wholesale partnership with Telstra Super which acquired a $207m Bunnings portfolio located across Australia

• CQR raised $119m equity at a price of $3.45 per unit; the first S&P ASX A-REIT 200 stock to raise growth equity in recent years above the value of its NTA. Deployed capital to acquire $100m three asset portfolio at a 9.6% average yield

• Formerly Bay Village Shopping Centre

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Bateau Bay Square, NSW

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Lake Macquarie Fair, Mount Hutton, NSW

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Activity since 30 June 2012

Industrial

• Direct Industrial Fund 1 (DIF1) equity raising closed oversubscribed at $120m. Deployed capital to secure a $210m portfolio with a 12 year WALE

• DIF2 launched with acquisition of $55m of seed assets, targeting a total portfolio value of $220m

• CPIF ranks as #1 performing wholesale industrial fund in Australia over 1 year and outperforms index over 3 and 5 years[1]

• Established $400m (target AUM) Core Logistics Partnership with two Australian institutional investors and acquired $103m of seed assets

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Coles Myer Logistics Centre, Perth Airport, WA

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Metcash DC, Canning Vale, WA

1. Source: IPD / Mercer wholesale pooled property funds index (industrial - total funds) 31 Dec 2012.

11

Group Overview

Australian focused property platform

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Today, Charter Hall manages a $10bn property portfolio

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NO. OF PROPERTIES NO. OF TENANTS LETTABLE AREA TOTAL ASSETS GROSS INCOME
(SQM) ($M) ($M pa)
195 2,975 2.5m 9,975 [1] 861
Diversification by equity source Diversification by asset type
February 2013 February 2013
Industrial Diversified
Listed REIT (CQR)
Direct Property $1.0bn (10%) Development
$2.2bn (22%)
$0.1bn (1%) $0.4bn (4%)
Retail Retail
Investor Funds $3.0bn (30%)
$1.8bn (18%)
Wholesale Unlisted Funds,
Mandates, Partnerships
Wholesale
$5.5bn (55%) Office
Development Funds
$5.6bn (56%)
$0.4bn (5%)
1. Represents Charter Hall’s total funds management platform. Charter Hall Group property investments are disclosed on pages 16-17.
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12

Group Overview

Expertise across risk/return spectrum

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 A significant manager of wholesale, listed and retail investor clients’ capital
Target Return Risk vs. Target Return Profile
20% + $0.4bn
Office
Development
Retail
15 – 17%
Wholesale Wholesale Industrial
Partnerships Pooled funds
Retail Investor Diversified
11 – 14% Listed (CQR) Funds $0.6bn
$1.7bn
$0.4bn
$2.1bn
$0.5bn $1.5bn $0.3bn
9 – 11% $2.2bn $0.6bn
Risk
CORE CORE ACTIVE OPPORTUNISTIC
Institutional Investors / Institutional Investors / Institutional Investors /
Pension Funds / Individuals Pension Funds Pension Funds
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02 Operational performance

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Operational Performance

Quality of earnings

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 EBITDA of $35.2m[1] , up 2.4% from $34.3m[2] 89% of EBITDA generated from annuity style income

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60% of EBITDA from
property investments
Direct property
investment
Property Funds 8%
Management
40%
Investment in
property funds
52%
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20.0
$18.3m
18.0 $16.7m
Property Funds
16.0
$14.3m $14.2m Management
14.0 40%
12.0
10.0 1H12
8.0 1H13
6.0
$3.4m
4.0 $2.7m
2.0
-
Direct property Investment in Property funds
investment property funds management
Property Investments
1. Excluding non-cash and fair value adjustments, DRF NOI included on a net contribution basis
2. 1HY12 is stated prior to specific items relating to the net CQO transaction fee and restructuring costs which total a net loss of $2.3m. There are no specific items in 1HY13.
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15

Property Investment

Property Investment portfolio

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• Charter Hall’s property investments total $561m[1]

• Delivered HY13 EBITDA of $21.0m [1] , 60% of the total EBITDA

• Annualised property co-investment earnings yield of 7.4%, up from 6.7% pcp

• WALE of 6.1 years and 97.8% occupancy

Property Investments by Equity Source

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Property Investments by Equity Source Property Investments by Sector
Direct
5%
Retail Listed Retail
11% 18% $160m (29%)
Office Industrial
Wholesale $318m (57%) $83m (14%)
66%
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1. Includes Direct Property and Investment in Property Funds, excludes development investments. DRF on a net contribution basis.

Property Investment

Property Investment portfolio

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• Charter Hall securityholders have benefited from improved fund performance and active management of the investment portfolio

• Increase in property co-investment earnings yield to 7.4%, up from 6.7% on pcp

		OWNERSHIP	CHARTER HALL	CHARTER HALL	PROPORTION	MARKET	DISCOUNT	MINIMUM	CHARTER HALL
		STAKE	INVESTMENT	INVESTMENT	OF CHARTER	CAP RATE	RATE	RENTAL	INVESTMENT
				INCOME	HALL		(IRR)	REVIEWS	YIELD2
					INVESTMENT
			($M)	($M)	PORTFOLIO
		(%)			(%)	(%)	(%)	(%)	(%)
	Listed Fund (CQR)	9.0%	99.2	4.4	17.7%	8.4%	9.3%	4.2%5	8.7%
	Wholesale Investment Funds
	(CHOT, CPOF, CPIF, RP2,CLP,	15.8%	370.0	12.3	65.9%	7.9%	9.4%	3.9%	7.3%
	Bunnings)3
	Retail Investor Funds (DPF, CHUF, CHDPF, PFA, DIF and DIF2)3	25.9%	62.8	1.9	11.2%	8.2%	9.6%	3.6%	6.2%
	Total/Weighted average – Property co-investments (1HY13)	15.7%	532.0	18.6	94.7%	8.0%	9.4%	3.9%	7.4%
	Direct Property (DRF1)	65.9%	29.5	2.7	5.2%	9.6%	10.7%	3.5%	11.5%
	Total/weighted average – 1HY13	18.4%	561.5	21.34	100.0%	8.1%	9.5%	3.9%	7.8%

1. Charter Hall consolidates DRF. For the purposes of this analysis DRF is included on a net contribution basis

2. Calculated based on 1HY13 earnings (annualised) generated by CHC equity investment divided by monthly equity investment

3. Does not include any funds / mandates / partnerships where CHC has no co-investment 4. Excludes $0.3m of trust expenses

4. Australian specialty leases only

17

Property Investment

Property Investment portfolio metrics

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Lease expiry profile[1 ] (31 December 2012)

Top 10 tenants (31 December 2012)

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47.7%
16.0%
13.2%
9.7%
7.4%
3.8%
2.2%
Vacant FY13 FY14 FY15 FY16 FY17 FY18+
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	TENANT	% PORTFOLIO LEASED
		(BY GROSS INCOME)
	Australian Governments	9.9
	Wesfarmers	9.0
	Woolworths	6.0
	Telstra	6.0
	Macquarie Group	3.1
	Westpac Group	2.7
	BHP Billiton	1.9
	Citigroup	1.4
	Metcash	1.2
	Wilson Parking	1.2
	Total	42.4

1. Charter Hall Group’s position based on the lease expiry profile and investment exposure in each fund / partnership (weighted on a passing gross income basis).

18

Property Funds Management

Australian FUM platform growth

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• Group FUM $10.0bn at February 2013

• Australian property FUM has increased by $1.1bn in 6 months

• Offshore property FUM is $0.4bn, in line with June 2012

Total Group FUM Australian FUM by Equity Source

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12.0
$10.7bn
10.0 $10.2bn $10.0bn
$8.5bn $8.9bn $9.6bn
8.0 $7.2bn $8.5bn
6.0 Offshore FUM
$ 8.5bn $8.4bn $8.4bn $9.4bn
Australian FUM
4.0 $3.4bn
2.0
Jun 09 Jun 10 Jun-11 Jun-12 Today
(Feb-13)
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12.0
10.0
8.0
Retail
6.0
Listed
4.0 Wholesale
2.0
Jun 10 Jun-11 Jun-12 Today
(Feb 13)
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19

Property Funds Management

Secured inflows from a range of equity sources

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• Secured $570m in new equity during 1HY13 from a range of equity sources across the funds platform

• A further $271m of equity and equity commitments secured since 1 January 2013

	1HY12 ($M)	2HY12 ($M)	1HY13 ($M)
Wholesale Pooled Funds	154	21	14
Wholesale Partnerships	-	800(2)	207
Listed Funds	-	-	119
Direct Funds	18	35	230(1)
Gross equity secured (Australian FUM)	172	856	570
Net equity secured (Australian FUM)3 137 42(2) 474

1. Includes $185m secured as part of the PFA platform

2. Includes Charter Hall Office Trust where $800m of new wholesale equity was secured to replace outgoing listed equity following privatisation of CQO. 3. Net equity secured represents gross equity inflows less equity outflows related to Australian FUM

20

Property Funds Management

Property funds management

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• Half year property funds management EBITDA of $14.2m

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 Total revenue equates to 86bps of FUM [3 ] (62bps from annuity and 24bps from non-annuity sources)
25.0 Annuity style revenue $M 1HY13 1HY125
Revenue 40.6 39.0
$19.6m
20.0 $19.2m Net Operating Expenses (25.2) (24.7)
-
Restructuring costs (1.2)
Property Funds Management EBITDA 14.2 14.3
15.0
EBITDA Margin on revenue [2] 37.8% 36.6%
EBITDA Margin on cost [2] 58.0% 57.8%
10.0
$6.6m $6.3m
$5.8m
$4.7m
5.0 $4.0m $3.5m $3.4m $3.7m
$1.6m
$1.2m
1HY12
-
Investment Property and Facilities Leasing Services Development & Transaction services Project leasing 1HY13
4 1
Management Management (excl. project leasing) Project Management
1. Includes CIP (1HY12: $0.9m, 1HY13: $0.0m). 4. Investment includes $1.9m of US fees in 1HY12, nil in 1HY13. If exclude US fees, revenue increased by 8.5%.
2. EBITDA margin calculated on like for like basis, excluding restructuring costs of $1.2m in 1HY13. 5. 1HY12 is stated prior to specific items relating to the net CQO transaction fee and restructuring costs which total a net
3. Based on average FUM calculated on an annualised basis. loss of $2.3m. There are no specific items in 1HY13.
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21
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Capital Management

Capital recycling strategy

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  EQUITY RECYCLED ($M) FY12 2 (12mths) 1HY13 (6mths) Total Equity realised Mentone Showrooms 16 - 16 DPF 14 4 18 Excess CQO special distribution1 38 3 41 CHOF5 - 11 11 DRF - 23 23 Total proceeds realised 68 41 109 Equity redeployed CQR Investment 16 - 16 PFA - 5 5 Bay Village 2 18 20 Bunnings - 11 11 Core Logistics Partnership - 14 14 DIF2 - 4 4 WorkZone preferred equity - 1 1 Total Redeployment 18 53 71	We recycle our capital to seed additional high value opportunities for CHC and our clients – Over the past 18 months, $109m has been realised and $71m redeployed – Over the next 2 years, a further $113m has been targeted for recycling Further recycling will see capital redeployed into a range of initiatives to improve economic yield and quality of earnings EQUITY TO BE RECYCLED OVER THE NEXT 18 MTHS $M
	Equity to be realised
	DRF 28
	CHOF4/5 (includes WorkZone preferred equity) 23
	685 La Trobe Street 10
	CHUF 39
	DIF2 4
	DPF 8
	Excess CQO special distribution 1
	Total proceeds to be realised (target) 113
	Equity realised FY12/1H13 but yet to be deployed 38
	Total target proceeds to be realised and available to be redeployed 151

1. Distribution from CQO US sale proceeds less acquisition of additional CQO units.

2. Disclosed in FY12 results presentation.

22

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03
Financial performance
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Financial Performance

Key financial metrics

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	GROUP	1HY13	1HY12	CHANGE
	Statutory profit after tax	$29.9m	$19.6m	52.7%
	Operating earnings (before specific items)2	$35.1m	$33.2m	5.7%
	Operating earnings	$35.1m	$30.9m	13.4%
	Operating earnings per security (before specific items) (EPS)	11.76cps	11.24cps	4.6%
	Operating earnings per security (EPS)	11.76cps	10.47cps	12.3%
	Distribution per security (DPS)	9.80cps	9.10cps	7.7%
	Return on Equity (Average NAV)3	9.6%	9.1%	0.5%
	Return on Equity (Average NTA)3	11.1%	10.5%	0.6%
	BALANCE SHEET	AT 31 DECEMBER 2012	AT 30 JUNE 2012	CHANGE
	Funds under management – Total	$9.8bn	$8.9bn	10.1%
	Funds under management – Australia	$9.3bn	$8.5bn	9.4%
	Total Group assets	$854m	$878m	(2.7%)
	NAV per security	$2.46	$2.46	0.0%
	NTA per security	$2.12	$2.13	(0.2%)
	Balance sheet gearing1	1.4%	1.4%	0.0%
	Look through gearing	31.6%	32.2%	(0.6%)

1. Calculated as total debt net of cash divided by total assets, consolidating DRF. Charter Hall has no gearing on a net contribution basis.

2. 1HY12 is stated prior to specific items relating to the net CQO transaction fee and restructuring costs which total a net loss of $2.3m. The are no specific items in 1HY13. 3. Return on Equity uses Operating earnings (before specific items) as the numerator.

24

Financial Performance

Operating earnings

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• Operating earnings growth of 5.7%[2] to $35.1m

• Direct property investment income is reducing as the strategy to selldown DRF portfolio is progressed.

• Strong property funds co-investment growth of 9.6%

• Property funds management earnings in 1HY13 includes $1.2m of FY13 of redundancy cost identified at full year results. Excluding these costs property funds management earnings increased by 7.7%

• Distribution per security growth of 7.7%

• DRP activated at December period end

• $10.6m raised with a participation rate of 36% at price of $3.25

	$M	1HY13	1HY12	GROWTH %
	Direct property investment1	2.7	3.4	(19.5%)
	Investment in property funds	18.3	16.7	9.6%
	Property funds management	14.2	14.3	(0.8%)
	EBITDA2	35.2	34.3	2.4%
	Net Interest Expense and Depreciation Operating earnings before specific items2	(0.1) 35.1	(1.1) 33.2	5.7%
	Specific items (prior period only)2 Operating earnings3	- 35.1	(2.3) 30.9	13.4%
	OEPS	11.76	11.24	4.6%
	DPS	9.80	9.10	7.7%
	Payout ratio	83.3%	81.0%

1. DRF on net contribution basis for segment purposes.

2. 1HY12 is stated prior to specific items relating to the net CQO transaction fee and restructuring costs which total a net loss of $2.3m. There are no specific items in 1HY13. 3. Consistent with prior periods, excludes non-cash LTI share based expense (treated as a non-operating item).

25

Financial Performance

Property funds management earnings

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 Headline property funds management EBITDA flat. – When adjusted for 1HY13 restructuring cost of $1.2m, increased by 7.7%  Revenue growth of 4.3% despite nil contribution from CIP in 1HY13 and loss of investment management fees from US CQO portfolio following sale in FY12  Like for like EBITDA margin of 37.8%. – Expect full year to be in range of 33% to 35% as compared to FY12 actual of 31.8%	$M 1HY13 1HY12 GROWTH %
	Annuity Style Revenue1 29.3 29.4 (0.2%)
	Development and Project Management 3.4 3.9 (13.3%)
	Transaction Services 5.2 3.1 66.1%
	Project leasing 1.6 1.2 36.4%
	CIP - 0.9 (100%)
	Other 1.1 0.5 119.7%
	Property Funds Management Revenue 40.6 39.0 4.3%
	Net Operating Expenses (25.2) (24.7) 2.4%
	Restructuring costs (1.2) -
	Property Funds Management EBITDA (Headline) 14.2 14.3 (0.8%)
	EBITDA margin on revenue – headline 34.8% 36.6%
	EBITDA margin on revenue – like for like2 37.8% 36.6%
	Revenue / Average FUM 0.86% 0.75%

1. Annuity revenue includes investment management fees, property and facilities management fees and leasing fees (excluding project leasing) 2. Excludes $1.2m of 1HY13 restructuring costs 3. Net Operating Expenses as set out in Segment note 2b in Interim Financial Report adjusting for restructuring. Excludes non-cash LTI share based expense (treated as a non-operating item)

26

Financial Performance

Reconciliation of operating earnings to statutor rofit y p

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$3.5m ($1.4m)
($4.8m)
($0.8m)
($1.7m)
$35.1m
$29.9m
1 2
Operating earnings MTM of financial Fair value Non-cash security Amortisation Other Statutory profit after
derivatives adjustments on based costs tax
investments and
property
1. Amortisation of CHOT management rights $3.9m and amortisation of direct property lease incentives.
2. Other includes non-cash items including loss on sale of investments and property ($0.9m), ($0.4m) of non-cash income tax expense and ($0.2m) unwind of discount on deferred consideration relating to earn out payment.
27
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Financial Performance

Balance sheet

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$M	31 DEC 12	30 JUN 12
Cash	25.5	39.3
Property investments	615.1	614.0
Development investments Other tangible assets Intangibles	60.4 53.1 100.0	71.2 54.6 98.7	2.12 2.14 2.16 2.18	$2.13	1.9c	0.9c	(1.7c)	(1.5c)	$2.12
Total assets	854.1	877.8	2.10
Borrowings	37.3	51.5	2.08
Other liabilities	66.1	70.0	2.06
Total liabilities	103.4	121.5	2.04
Net assets attributable to non-controlling interest	(16.2)	(27.4)	2.02
Total equity post non-controlling interest	734.5	728.9	2.00
				NTA - Jun 12	Operating	Fair value	PFA	Other	NTA - Dec 12
Total securities on issue (000s)	298,730	296,168			Surplus	adjustments	management
							rights
Net tangible assets per security (NTA)	$2.12	$2.13		PFA management rights (intangible) acquired August 2012 for $5.2m
Net asset value per security (NAV)	$2.46	$2.46		(1.7 cps)
Look through gearing (non-recourse debt)1	31.6%	32.2%
Balance sheet gearing	1.4%	1.4%
Available liquidity2 ($m)	92.5	106.3
1. Calculated by incorporating Charter Hall’s proportional share of total assets (net of cash) and debt (net				of cash) of the funds in which it		co-invests
2. Available liquidity is defined as cash plus undrawn debt less bank guarantees held for AFSL			licence requirements
28

Financial Performance

Cashflow reconciliation

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($3.4m)
($0.3m)
($1.1m) $0.8m ($2.8m)
$35.1m
$31.2m
$29.8m
$28.4m
Operating Earnings receivablesChange in Change in payables distribution receivedEarnings vs Other 1 Operating Cashflow quarter distributionCHOT September 2 Operating Cashflow(per statutory Distribution
accounts)
1. ‘Other’ includes depreciation and movement in other operating assets and liabilities
2. Operating cash flow per financial statements excludes 1 quarter of distribution of CHOT as CHOT unitholders finalise approval for distribution reinvestment plan. Distribution was not paid pending this approval
29
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Financial Performance

Debt management

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• Across fund platform, $0.6bn of debt refinanced in 1HY13

• Weighted average maturity increased to 3.2 years, from 3.1 years at 30 June 2012

• Weighted average cost of debt at 6.2%, down from 6.9% at 31 December 2011

• $3.7bn of drawn debt across platform with $0.7bn available undrawn capacity from existing facilities

• CHC balance sheet gearing is 1.4%, and look through gearing is 31.6%

Gearing

Balance sheet gearing Look-through gearing

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43%
42%
39% 39% 40% 41%
32%
1.3 years [1] 3.0 years [1] 4.1 years [1] 1.5 years [1]
1%
CHC CQR Wholesale Unlisted Funds Retail Investor Funds
1. Weighted average debt maturity
30
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04
Strategy, outlook and guidance
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Strategy

FY13 Progress on strategic objectives

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Strategy	FY 13 Objectives		Progress on FY13 Objectives
ACCESS	• Continue to achieve the investment objectives of our investors. • Enhance return on equity		• 5 new partnerships and funds added • Improved performance across fund platform • ROE up from 9.1% to 9.6% (NAV basis)
	• Source equity to invest into core real estate sectors targeting growth in the Australian FUM platform by 6-10% pa		• $841m of new equity raised since June 2012 • 12% FUM growth since June 2012 • Secured $1.3bn of property assets
DEPLOY	• Realise and redeploy a further $100m of capital in property and development investments over the next 2 years		• $41m (7%) of capital realised • $53m (9%) of capital reinvested
	• Drive further growth in property investment portfolio earnings and capital value		• Property co-investment earnings yield up from 6.7% to 7.4%
MANAGE	• Diversify sources of debt funding for the managed funds platform		• Refinanced $0.6bn of debt
	• Continue to capitalise on a scalable operating platform to service FUM growth		• Operating EPS up 4.6% to 11.76cps

32

Outlook

FY13 earnings guidance

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Barring unexpected events, we forecast:

• FY13 operating earnings to be in the range of 22.5 to 23.5 cps, representing 5% to 9% growth over FY12

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33

Further information

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

David Harrison Joint Managing Director +61 2 8908 4033 david.harrison@charterhall.com.au

Nick Kelly

Head of Investor Relations +61 2 8908 4028 nick.kelly@charterhall.com.au

Paul Altschwager Chief Financial Officer +61 2 8295 1004 paul.altschwager@charterhall.com.au

34

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Annexure
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	1 Additional Information 1 PropertyFunds Management Platform 2 2 PropertyInvestment Highlights 4 3 Financial Information 10 4 Development 14 5 Capital management and funding 15

Property funds management

Charter Hall managed funds

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Listed Fund Wholesale Funds, Mandates, Partnerships Retail Investor Funds Development Funds
$2.2bn $5.5bn $1.8bn $0.4bn
($99m co-invested) ($371m co-invested) ($63m co-invested) ($18m co-invested)
CQR [1] Partnerships Pooled CHDPF PFA CHOF4 [1]
$2.2bn $3.2bn $2.3bn $0.5bn $0.4bn $0.1bn
($11m / 4%) ($0.2m / 0%) ($1m / 3%)
($99m / 9%)
RP2
CHOT CPOF
(Bay Village)
$2.1bn $1.7bn DIF1&2 DPF CHOF5 [1]
$0.2bn
($157m / 15%) ($116m / 14%) $0.2bn $0.1bn $0.3bn
($18m / 20%)
Direct Property ($5.2m / 4%) ($8m / 20%) ($17m / 15%)
BP Fund
($30m co-invested) (Bunnings) CLP CPIF
$0.2bn $0.1bn $0.6bn CHUF CHIFs [2]
($14m, 30%) ($55m / 18%) $0.1bn
DRF ($11m / 10%) $0.5bn
($39m/27%)
$82.7m
Wholesale
($30m / 66%)
mandates
$0.6bn
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1. FUM definition includes on completion value for development assets 2. CHIF includes CHIFs, 1MPT and CHPSF

2

Property funds management

Charter Hall managed funds

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		TOTAL	SECTOR	EQUITY	NO. OF	LETTABLE	OCCUPANCY	WEIGHTED	WALE	WEIGHTED
		PROPERTY		SOURCE	PROPERTIES	AREA (SQM)		AVERAGE	(BY INCOME	AVERAGE
		ASSETS ($M)						RENT REVIEW	IN YEARS)	CAP
										RATES
Top 5 Managed Funds
CQR		2,181	Retail	Listed	91	692,033	97.3%	4.2%1	6.4	8.4%
CHOT		2,051	Office	Wholesale	17	323,952	99.0%	4.2%	4.6	7.8%
CPOF		1,681	Office	Wholesale	13	263,875	97.5%	4.0%	5.2	7.8%
CPIF		626	Industrial	Wholesale	19	430,723	99.1%	3.2%	11.0	8.2%
CHDPF		523	Office	Retail	9	103,519	95.3%	4.0%	4.2	8.4%
Other Funds
Wholesale Partnerships (RP2,BP Fund,CLP)		473	Retail / Industrial	Wholesale	11	175,777	99.7%	3.8%	8.3	7.8%
Retail Funds (CHIF’s, DPF, CHUF, PSF, DIF1, DIF2,PFA,1MPT)		1,273	Office / Retail / Industrial	Retail	31	382,172	97.2%	3.7%	5.5	8.3%
Development Funds (CHOF 4&5)		423	Residential / Office / Retail	Wholesale	-	-	-	-	-	-
3rd party Mandates2		652	Office / Retail	Wholesale	1	120,337	99.4%	3.5%	8.2	7.5%
Direct Property (685 La Trobe, DRF)		92	Office / Retail	Direct	3	35,138	99.1%	3.5%	4.9	9.6%
Total / Weighted Average		9,975			195	2,527,525	98.9%	4.0%	6.1	8.2%

3

1. 2.	Based on Australian specialty leases only Includes 50% interest in 275 George St and Brisbane Square (co-owned with CPOF), 50% of CQR/Telstra JV and Riverside. No. of properties excludes properties already in CPOF and CQR

Property investment highlights

Property investment portfolio

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	OWNERSHIP	CHARTER HALL	1HY13	PROPORTION OF	MARKET	DISCOUNT	MINIMUM	CHARTER HALL
	STAKE	INVESTMENT	CHARTER HALL	CHARTER HALL	CAP RATE	RATE	RENTAL	INVESTMENT
			INVESTMENT	INVESTMENT			REVIEWS	YIELD
			INCOME	PORTFOLIO
	(%)	($M)	($M)	(%)	(%)	(%)	(%)	(%)
Listed Fund		99.2	4.4	17.7
Charter Hall Retail REIT (CQR)	9.0%	99.2	4.4	17.7	8.4%	9.3%	4.2%	8.7%
Wholesale Partnership Funds		199.2	6.6	35.5
Charter Hall Office Trust (CHOT)	15.2%	157.1	5.9	28.0	7.8%	9.2%	4.2%	7.9%
Retail Partnership No. 2 – Bateau Bay (RP2)	20.0%	17.7	0.5	3.1	8.0%	9.5%	4.6%	7.2%
BP Fund (Bunnings)	10.0%	10.4	0.1	1.9	7.5%	9.5%	3.1%	7.0%
Core Logisitics Partnership (CLP)	30.4%	14.0	0.0	2.5	8.0%	9.5%	3.0%	n/a
Wholesale Pooled Funds		170.8	5.7	30.4
Core Plus Office Fund (CPOF)	13.7%	115.6	3.8	20.6	7.8%	9.3%	4.0%	6.7%
Core Plus Industrial Fund (CPIF)	18.0%	55.3	1.9	9.8	8.2%	9.9%	3.2%	6.9%
Retail Investor Funds		62.8	1.9	11.1
Diversified Property Fund (DPF)	19.6%	8.2	0.4	1.5	8.4%	9.4%	3.6%	6.9%
Charter Hall Umbrella Fund (CHUF)	27.1%	39.0	1.1	6.9	8.2%	9.7%	3.6%	5.6%
Charter Hall Direct Property Fund (CHDPF)	3.9%	10.7	0.4	1.9	8.4%	9.6%	4.0%	7.8%
Direct Industrial Fund (DIF)	0.2%	0.2	0.0	0.0	8.0%	9.9%	3.2%	8.0%
Direct Industrial Fund 2 (DIF2)	82.1%	4.5	0.0	0.8	7.5%	9.5%	3.3%	n/a
PFA Diversified Property Trust (PFA)	0.1%	0.2	0.0	0.0	9.2%	9.8%	3.5%	7.6%
Investment Trust costs			(0.3)
Investments in Property Funds	15.7%	532.0	18.3	94.7	8.0%	9.4%	3.9%	7.4%
Direct Property		29.5	2.7	5.3
Direct Retail Fund (DRF)1	65.9%	29.5	2.7	5.3	9.6%	10.7%	3.5%	11.5%
Total Property Investments (including Direct)	18.4%	561.52	21.0	100.0	8.1%	9.5%	3.9%	7.8%
1. Charter Hall consolidates DRF. For the purposes of this analysis DRF is based on a net contribution 2. Total property investments excludes development investments (co-investments in CHOF4/5 and CIP) 4

Property investment highlights

Core Plus Office Fund (CPOF)

KEY EVENTS DURING 1HY13

• CPOF outperforms the IPD/Mercer Wholesale Property Funds Index (total office funds) over 1, 3 and 5 year periods to 31 Dec 2012

• Acquisition of 9 Castlereagh Street, Sydney for $172.5m in February 2013

• Independent valuation of all Fund assets delivered 3.3% like for like growth across the portfolio for calendar year 2012

• Re-leased 11,748m2 of space at 11 Exhibition Street to Bupa for a new ten year term, secured 18 months ahead of lease expiry. 5% of portfolio by income

• Finalised the sale of 144 Stirling Street, Perth in line with strategy to sell non-core smaller holdings

• Significant value enhancement potential via expansion /redevelopment strategies with planning consent obtained for a new building at 333 George St, Sydney and an application lodged for significant expansion and upgrade of 570 Bourke St, Melbourne

CPOF Post Fee Returns to 31 December 2012

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12.0%
9.6% 9.3%
10.0%
8.0% 8.2%
8.0%
5.8%
6.0%
3.5%
4.0%
2.0%
0.0%
6 Months 1 Year 3 Years (pa)
CPOF IPD/Mercer Wholesale Office Index
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Source: IPD/Mercer Wholesale Pooled Property Index (total funds – office)

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PORTFOLIO CHARACTERISTICS KEY METRICS	PORTFOLIO CHARACTERISTICS KEY METRICS
Grossproperty assets1	$1.7 billion
Total debt	$543 million
Gearing (look-through)	34.2%
Number of assets1	13
Occupancy	98%
Weighted average lease expiry	5.2 years
CBD assets	92%
Primegrade assets	89%
Weighted average cap rate	7.8%
Weighted average rent review (next 12 months)	4.0%
Rent reviews (FY13)	81% fixed, 18% CPI, 1% market
Charter Hall co-investment	$115.6m / 13.7%

CPOF Debt Expiry Profile (by facility limit)

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$600m
$500m
$400m
$300m
$200m
$100m
$0m
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20+
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5 1. Includes 9 Castlereagh Street, Sydney acquired in February 2013

Property investment highlights

Core Plus Industrial Fund (CPIF)

KEY EVENTS DURING 1HY13

• Outperformed the Industrial component of the IPD/Mercer Wholesale Property Funds Index (total funds) over all time periods to 31 December 2012 (+2.1% pa excess return over 5 years)

• Acquired Hemmant, Port of Brisbane ($16m) in addition to 14 hectares of land-bank holdings for pre-committed developments in Berrinba, Queensland ($14m) and Willawong, Queensland ($10.05m)

• Recent land acquisitions provide for an additional $140m of prime assets to be added to portfolio (following lease pre-commitment) under risk mitigated, preferred equity return development agreement’s

• Leased 49,000sqm or 13% of the portfolio achieving a weighted average new lease term of 5.7 years and WARR of 3.8%

• Secured key tenants Chevron (Kewdale, Perth), Thales Group (Eagle Farm, Brisbane) and Victorian Government (Melbourne Airport) to mitigate vacancy risks out to FY15

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PORTFOLIO CHARACTERISTIC KEY METRICS	PORTFOLIO CHARACTERISTIC KEY METRICS
Grosspropertyassets	$626 million
Total debt	$233 million
Gearing (look-through)	35.9%
Number of assets	19
Occupancy	99%
Weighted average lease expiry	11.0 years
Core assets	90%
Logistics assets	90%
Weighted average caprate	8.2%
Weighted average rent review(next 12 months)	3.2%
Charter Hall co-investment	$55.3m / 18.0%

CPIF Post Fee Returns to 31 December 2012

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12.0%
9.7%
10.0%
8.5%
7.8%
8.0% 6.8%
6.0% 4.9%
4.0% 3.2%
2.0%
0.0%
6 Months 1 Year 3 Years (pa)
CPIF IPD/Mercer Wholesale Industrial Index
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CPIF Debt Expiry Profile (by facility limit)

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$600m
$500m
$400m
$300m
$200m
$100m
$0m
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20+
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Source: IPD/Mercer Wholesale Pooled Property Index (total funds – industrial)

6

Property investment highlights

Charter Hall Office Trust (CHOT)

KEY EVENTS DURING 1HY13

• Portfolio nearing full occupancy at 99% (incl. HOA)

• Net Tangible Assets increased by $78m (8%), to $1.1bn, due largely to Dec-12 Independent Revaluation uplift of $63m

• Like for like NOI growth of 4%

• Total leasing of 40,570sqm for the half (13% of portfolio)

• Charter Hall Group co-investment increased from 15.0% to 15.2%, due to participation in Jun-12 Dividend Reinvestment Plan

• New offshore bank substituted into existing $1bn syndicated debt facility

• Top tenants include Government, Macquarie, Telstra, Citigroup, Allianz, Wilson Parking and Gilbert and Tobin

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PORTFOLIO CHARACTERISTICS KEY METRICS	PORTFOLIO CHARACTERISTICS KEY METRICS
Grosspropertyassets	$2.1 billion
Total debt	$957 million
Gearing (look-through)	44.6%
Number of assets	17
Occupancy	99%
Weighted average lease expiry	4.6years
CBD assets	77%
Primegrade assets	94%
Weighted average caprate	7.8%
Weighted average rent review(next 12 months)	4.2%
Rent reviews(FY13)	70% fixed
Charter Hall co-investment	$157.1m / 15.2%

CHOT Debt Expiry Profile (by facility limit)

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$600m
$500m
$400m
$300m
$200m
$100m
$0m
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20+
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7

Property investment highlights

Wholesale Partnerships and Mandates

KEY EVENTS DURING 1HY13

• Retail Partnership No.2 Bay Village acquisition – Acquired Bateau Bay[1] in Bateau Bay, Central Coast NSW for $164m, reflecting an 8% cap rate (20% Charter Hall Group, 80% global institutional investor). The asset is a 29,162 square metre modern sub-regional shopping centre anchored by Woolworths, Coles, Kmart and Aldi

• BP Fund acquisition – Acquired $207m portfolio of Bunnings properties for a 7.6%

• acquisition yield (10% Charter Hall Group, 90% Telstra Super)

• Core Logistics Partnership – Establishment of $400m wholesale core industrial partnership with two Australian institutional investors with two seed assets totalling $103m

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PORTFOLIO CHARACTERISTICS2 KEY METRICS	PORTFOLIO CHARACTERISTICS2 KEY METRICS
Charter Hall partnerships Gross AUM 31 December 2012	$473 million
Charter Hall external mandates Gross AUM 31 December 2012	$652 million
Total undrawn equity commitments	$236m
Number of assets	25
Number of partnerships / mandates	7
Charter Hall’s co-investments inpartnerships
Core Logistics Partnership3	$14.0m / 5.3%
RP2 (Bateau Bay)	$17.7m / 20.0%
BP Fund (Bunnings)	$10.4m / 10.0%

Wholesale Partnerships Debt Expiry Profile (by facility limit)

1. Formerly known as Bay Village Shopping Centre 2. Excludes CHOT 3. Represents ownership stake at February 2013. Ownership % at 31 December 2012 is 30.4%

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160.0
140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
FY13 FY14 FY15 FY16 FY17+
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8

Property investment highlights

Charter Hall Retail REIT (CQR)

KEY EVENTS DURING 1HY13

• Successfully raised $119 million of new equity for accretive transactions

• Acquired three properties for $101m at an average yield of 9.6%

• Construction underway on $97 million of redevelopment projects

• Like for like Australian NOI growth of 3%

• Australian portfolio increased to 92% of the REIT’s NTA

• Sold one non-core household retail asset for $43.8 million

• Reduced balance sheet gearing by 1.7% and increased liquidity by $56 million from 30 June 2012

CQR Returns to 31 December 2012

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60.0% 54.4%
50.0% 45.6% ASX 200
Accumulation
40.0% 33.0% Index
31.0% 30.5%
30.0% 25.7% Charter Hall Retail
REIT
20.0%
10.0%
0.0%
1 Year 2 Years 3 Years
Source: IRESS/ASX (%pa) (%pa)
1. Statistics are for Australian portfolio only
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PORTFOLIO CHARACTERISTICS KEY METRICS	PORTFOLIO CHARACTERISTICS KEY METRICS
Grosspropertyassets	$2.2 billion
Total debt	$902 million
Gearingbalance sheet	38.7%
Australian Gearing	30.6%
Total number of assets	91
Number of Australian assets	75
Occupancy1	98.5%
Anchor weighted average lease expiry1	10.6years
Weighted average caprate	8.41%
Like for like NOIgrowth1	3.0%
Weighted averaged rent review(next 12 months)1	4.2%
Charter Hall co-investment	$99.2m / 9.0%

CQR Debt Maturity Profile

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400
300
200
100
0
FY13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20+
A$ CMBS Polish bank debt
German bank debt Multi-Currency Bank Debt
US$ Debt Other A$ bank debt
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9

Financial information

Detailed operating earnings

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($M)	1HY13	1HY12
Net rental income	5.8	7.4
Property funds investment income	18.6	16.9
Property investment income	24.4	24.3
Investment management fees	19.2	19.6
Property and facilities management fees	6.6	5.8
Leasing fees (excluding project leasing)	3.5	4.0
Annuity style funds management income	29.3	29.4
Development and project management fees	3.4	3.9
Transaction and performance fees	5.2	3.1
Project leasing fees	1.6	1.2
CIP	0.0	0.9
Other	1.1	0.5
Non-annuity style funds management income	11.3	9.6
Funds and property management income	40.6	39.0
Total income	65.0	63.3
Operating expenses	(33.8)	(31.6)
Restructuring costs	(1.2)	0.0
Recovery of operating expenses	8.0	6.5
Net operating expenses	(27.0)	(25.2)
EBITDA	38.0	38.1
Depreciation	(0.6)	(0.6)
EBIT	37.4	37.5
Net interest expense	(1.2)	(3.0)
Non-controlling interest	(1.1)	(1.3)
Operating earnings before specific items	35.1	33.2
Specific items	0.0	(2.3)
Operating earnings after specific items	35.1	30.9
Operating EPS (before specific items)	11.76	11.24
Operating EPS (after specific items)	11.76	10.47
DPS (cps)	9.80	9.10

1. DRF consolidated in Interim Financial Report

10

Financial information

DRF reconciliation of balance sheet: 31 December 2012

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$M	31 DEC 2012	31 DEC 2012	DRF	31 DEC 2012
	(DRF CONSOLIDATED)	DRF BALANCE SHEET	ADJUSTMENTS	(DRF ON NET
				CONTRIBUTION BASIS)
Cash	25.5	(1.6)	-	23.9
Property investments	615.8	(82.7)	29.5	562.6
Development investments	53.8	-	-	53.8
Other tangible assets	59.0	(1.3)	-	57.7
Intangibles	100.0	-	-	100.0
Total assets	854.1	(85.6)	29.5	798.0
Borrowings	37.3	(37.3)	-	-
Other liabilities	66.1	(3.5)	-	62.5
Total liabilities	103.4	(40.8)	-	62.5
Net assets attributable to non-controlling interest	(16.2)	-	15.2	(1.0)
Total equity post non-controlling interest	734.5	(44.8)	44.8	734.5
Total securities on issue (000s)	298,730	-	-	298,730
Net tangible assets per security	$2.12			$2.12
Look through gearing (non-recourse debt)	31.8%			31.8%
Balance sheet gearing	1.4%			0.0%
11

Financial information

Reconciliation of operating earnings to statutory profit after tax

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	1HY13	1HY12
	$000s	$000s
Operating earnings before specific items	35,094	33,203
Specific items1	-	(2,261)
Operating earnings	35,094	30,942
Fair value adjustments on derivatives	(847)	(8,933)
Fair value adjustment on investments and property, including re-measurement gains	3,470	6,883
Transfer from reserves of cumulative FX losses on disposal of foreign investments	(247)	(674)
Security based benefits expense	(1,395)	(1,287)
Amortisation2	(4,777)	(1,388)
Gains / (Losses) on disposal of investments, property and derivatives	(856)	(2,118)
Other3	(574)	(3,864)
Statutory profit after tax attributable to stapled securityholders	29,868	19,561

1. Prior year specific items of $2.3m net loss relating to net CQO transaction fee and restructuring costs. There are no specific items in 1HY13

2. Amortisation of CHOT management rights ($3.9m) and amortisation of direct property lease incentives

3. Other includes non-cash items including income tax expense ($0.4m), and unwind of discount on deferred considerations ($0.2m)

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Financial information

Funds under management reconciliation

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		$1.1bn	($0.4bn)		$0.2bn
	$0.2bn
				$9.8bn		$10.0bn
	$8.9bn
	30‐Jun‐12 Revaluations Acquisitions		Disposals	31‐Dec‐12	Acquisitions	Today
		FY10	FY11	FY12	1HY13	TODAY
		($BN)	($BN)	($BN)	($BN)	($BN)
Australia FUM (excluding Development Funds)		6.6	7.6	7.8	9.0	9.2
Development FUM		0.6	0.9	0.6	0.4	0.4
Total Australian FUM		7.2	8.5	8.4	9.4	9.6
Off-shore		3.0	2.2	0.5	0.4	0.4
Total FUM		10.2	10.7	8.9	9.8	10.0
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Development

Development book and pipeline

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PROJECT	PROJECT	STATUS	FUND	SECTOR	PROJECT VALUE	COMPLETION DATE
					($M)
Investment Funds
CQR projects		Active	CQR	Retail	133	FY13-FY15
171 Collins Street, Melbourne		Active	CHOT	Office	135	FY13
175 Eagle Street, Brisbane		Active	CHOT	Office	25	FY16-FY17
333 George Street, Sydney		Active	CPOF	Office	250	FY16
570 Bourke Street, Sydney		Active	CPOF	Office	130	FY15
CQR future projects		Future	CQR	Retail	80	FY14-FY15
Total active developments (investment funds)					753
Opportunistic Funds
Lacrosse Stage 1, LaTrobe Street, Docklands		Completed	CHOF5	Opportunistic	150	FY13
The Park Megacentre, Hastings		Completed	CHOF5	Opportunistic	36	FY13
Aquilo, Mentone		Active	CHOF5	Opportunistic	70	FY13
Little Bay Cove		Active	CHOF5	Opportunistic	70	FY14
Workzone, 202 Pier Street, Perth		Active	CHOF5	Opportunistic	220	FY14
Total opportunistic developments					543
Total development book					1,296

1. CQR current projects include Singleton, Murwillumbah and Rockhampton. Future projects include South Headland, Mackay, Lansell Plaza and Carnes Hill.

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Capital management & funding

Property funds debt programmes

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			DIRECT PROPERTY		TOP 5 MANAGED	TOP 5 MANAGED	FUNDS		OTHER FUNDS	OTHER FUNDS
	($M)	CHC 1	DRF	CHOT	CQR	CPOF	CPIF	CHDPF	WHOLESALE	RETAIL	DEVELOPMENT
									PARTNERSHIPS	FUNDS	FUNDS
	Asset values2	7453	84	2,017	1,520	1,520	620	529	452	907	309
	Net debt drawn2	(25)	36	899	868	520	222	243	138	394	136
	Duration4 (years)	1.3	0.9	3.3	3.0	5.9	2.0	2.7	3.7	1.4	1.2
	Gearing
	Balance sheet	1.4%	43%	45%	39%	31%	37%	46%	30%	43%	44%
	Look-through	32%	43%	45%	42%	34%	36%	46%	30%	44%	44%

1. DRF deconsolidated - DRF net contribution basis balance sheet.

2. Total assets and debt values shown net of cash. Represent look through debt and book values for those funds CHC as in investment in. Differences with FUM figures used in this presentation compared to individual managed fund disclosures is due to use of on completion values and treatment of capital expenditure

3. Total consolidated assets less DRF assets less cash

4. Calculated on a weighted average basis.

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Capital management & funding

Look through debt expiry profile (by facility limit) as at 31 December 2012

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$1,600m
CHC
CQR
$1,400m $1,338m
$1,251m Wholesale Development Funds
$1,200m Wholesale Unlisted Funds
Retail Investor Funds
$1,000m
$823m $900m
$800m
$600m
$400m
$200m $139m
$0m
FY13 FY14 FY15 FY16 FY17+
21
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Further information

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

David Harrison Joint Managing Director +61 2 8908 4033 david.harrison@charterhall.com.au

Nick Kelly

Head of Investor Relations +61 2 8908 4028 nick.kelly@charterhall.com.au

Paul Altschwager Chief Financial Officer +61 2 8295 1004 paul.altschwager@charterhall.com.au

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