CHARTER HALL GROUP — Interim / Quarterly Report 2014

Feb 24, 2014

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S PERSONS 25 February 2014 Charter Hall Group

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Half Year Results 6 months to 31 December 2013

Charter Hall Group

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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 to be read in conjunction with the Charter Hall Interim Financial Report filed with the Australian Securities Exchange on 25 February 2014.

NO LIABILITY

The information contained in this presentation has been prepared by the Group in good faith. No representation or warranty, express or implied, is made as to the accuracy, adequacy, reliability or completeness of any statements, estimates, opinions or other information contained in this presentation, any of which may change without notice. This includes, without limitation, any historical financial information and any estimates and projections and other

financial information derived from them (including any forward-looking statement). Nothing contained in this presentation is, or may be relied upon, as a promise or representation, whether as to the past or the future.

To the maximum extent permitted by law, the Group and the underwriters (including their respective unitholders, shareholders, directors, officers, employees, affiliates and advisers) disclaim and exclude all liability for any loss or damage suffered or incurred by any person as a result of their reliance on the information contained in this presentation or any errors in or omissions from this presentation. Neither the underwriters, nor any of their advisers, affiliates, related bodies corporate, directors, officers, partners, employees or agents have caused, permitted to cause or caused the issue, submission, dispatch or provision of this presentation and none of them makes or purports to make any statement in this presentation and there is no statement in this presentation which is based on any statement by any of them. To the maximum extent permitted by law, no party nor any other person accepts any other liability, including without limitation, any liability arising from fault, negligence or lack of care, for any loss or damage arising from the use of this presentation or its contents or otherwise in connection with it.

The underwriters and their advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents make no recommendations as to whether you or your related parties should participate in the Placement nor do they make any representations or warranties to you concerning the Placement, and you represent, warrant and agree that you have not relied on any statements made by any of the underwriters, their advisers or any of their affiliates, related bodies corporate, directors, officers, partners, employees or agents in relation to the Placement and you further expressly disclaim that you are in a fiduciary relationship with any of them.

All information here in is current as at 31 December 2013 unless otherwise stated, and all references to dollars ($) or A$ are Australian Dollars unless otherwise stated.

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

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Disclaimer

Except as required by law, no representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions, or as to the reasonableness of any assumption, contained in this presentation.

The pro forma historical financial information included in this presentation is based on certain assumptions and accounting policies and is subject to certain risks, and does not purport to be in compliance with Article 11 of Regulation S-X of the rules and regulations of the U.S. Securities and Exchange Commission.

Investors should also be aware that certain financial data included in this presentation are “non-GAAP financial measures” under Regulation G of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). The disclosure of such non-GAAP financial measures in the manner included in this presentation would not be permissible in a registration statement under the Securities Act. These nonGAAP financial measures do not have a standardized meaning prescribed by International Financial Reporting Standards and therefore may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with International Financial Reporting Standards. In addition, such measures may not be comparable to similar measures presented by other companies. Although the Group believes these non-GAAP financial measures provide useful information to users in measuring the financial performance and condition of the business, investors are cautioned not to place undue reliance on any non-GAAP financial measures and ratios included in this presentation.

This presentation contains statements that constitute “forward looking statements”. Examples of these forward looking statements include, but are not limited to, statements of plans, objectives or goals and statements of assumptions underlying those statements. Words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “probability”, “risk” and other similar words are intended to identify forward looking statements but are not the exclusive means of identifying those statements. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that such predictions, forecasts, projections and other forward looking statements will not be achieved. A number of important factors could cause the Group’s actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements. As such, undue influence should not be placed on any forward looking statement.

This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained herein shall form the basis of any contract or commitment. In particular, this presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or to any “U.S. person” (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)) (“U.S. Person”). This document may not be distributed or released in the United States or to, or for the account or benefit of, any U.S. Person. The securities in the proposed Placement discussed herein may not be offered or sold in the United States or to, or for the account or benefit of any, U.S. Person except (1) in compliance with the registration requirements of the Securities Act and any other applicable securities laws of any state or other jurisdiction of the United States or pursuant to an exemption from, or in a transaction not subject to, such registration requirements and (2) in transactions that will allow Charter Hall Group to qualify, and to continue to qualify, for the exception provided by Section 3(c)(7) of the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”).

Each individual or institution that reviews this presentation that is in the United States or that is, or is acting for the account or benefit of, a U.S. Person, will be deemed to represent that such entity (and any person on whose behalf such entity is acting) is both a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and a “qualified purchaser” as defined in Section 2(a)(51) of the Investment Company Act. Each such person will also be deemed to acknowledge and agree that it will not copy, forward, deliver or distribute this presentation, electronically or otherwise, to any other person. If you are unable to provide the foregoing representations, warranties and agreements, please do not read this presentation. Please return it immediately to the Group and destroy or delete any copies.

By reading this presentation and to the extent permitted by law, the reader releases each entity in the Group and its affiliates, and any of their respective directors, officers, employees, representatives or advisers from any liability (including, without limitation, in respect of direct, indirect or consequential loss or damage or loss or damage arising by negligence) arising in relation to any reader relying on anything contained in or omitted from this presentation.

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Agenda

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David Harrison Joint Managing Director

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David Southon

Joint Managing Director

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Paul Altschwager

Chief Financial Officer

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• 1 Results summary and Group overview

• 2 Operational performance

• 3 Financial performance

• 4 Equity raising

• 5 Strategy, outlook and guidance

6 Additional information

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

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Results Summary and Group Overview

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Charter Hall Group

Key achievements

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Results summary

OEPS growth 10.0%[1 ] on pcp

DPS growth Total 12.2% on pcp Securityholder Return of 18%[2 ]

$1.9bn transactions $1.0bn of acquisitions $0.9bn of divestments

Australian FUM up 6% to $10.5bn

$702m gross equity inflows

1. 1HY13 is restated to include the non-cash security based benefits expense in operating earnings

2. All statistics are based on 1HY14 except for total securityholder return which is based on the 12 months to 31 December 2013

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Another active half

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Results summary, equity raising and guidance

• Increase in operating earnings per security to 12.42cps, up 10.0%

• Statutory profit after tax of $28.6m

• Operating earnings of $38.1m, up 13.1%[1 ]

• Distribution of 11.0cps, up 12.2% on pcp

• Property funds management operating earnings up 23.3% to $16.7m

• Australian FUM increased by 6% to $10.5bn

• $1.9bn of transactions during 1HY14

• Secured $702m of gross equity during 1HY14, with $213m raised since half year end

• Property funds management EBITDA margin on revenue increased to 36.1% from 34.8%

• Property investments operating earnings up 7.6% to $23.2m

• Property funds investment yield stable at 7.6%

• Charter Hall co-invested a further $99m, partially funded by $61m of recycled capital

• Charter Hall is conducting a $140m fully underwritten institutional placement at a fixed price of $3.80 per security

• Charter Hall has increased its earnings guidance, projecting FY14 Operating Earnings per security growth of 7-9% on the expanded capital base, barring unexpected events

• 1HY13 is restated to include the security based benefits expense for the period in operating earnings.

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Solid securityholder returns

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Results summary

Total securityholder return for the 12 months to 31 December 2013 : 18.2%

Distribution per security growth

Total performance over 1 and 3 years to 31 December 2013[[1 ]]

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Total performance over 1 and 3 years to 31 December 2013 [[1 ]]
11.00
10.40
9.80
25.0% 9.10 9.10
21.9% 8.00 8.50
20.2%
20.0% 6.15 6.40
18.2%
15.0%
12.0%
10.0% 8.9% 1HY10 2HY10 1HY11 2HY11 1HY12 2HY12 1HY13 2HY13 1HY14
7.1%
Operating earnings per security [2] growth
5.0%
0.0% 12.42
1 Year 3 Year (% pa) 11.63
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12.42
11.29 11.63
10.80
9.83 9.91
9.38
7.72 8.03
1HY10 2HY10 1HY11 2HY11 1HY12 2HY12 1HY13 2HY13 1HY14
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ASX 200 Accumulation Index

ASX 200 Property Accumulation Index

Charter Hall Group Securityholders

1. Source: UBS and S&P/ASX

2. All prior period operating earnings per security restated to include non- cash security based benefits expense

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Our strategy

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Group overview

Our strategy is to use our specialist property expertise to access, deploy, manage and invest equity alongside our partners to create value and provide sustainable returns for our investment partners and Charter Hall securityholders.

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ACCESS DEPLOY MANAGE INVEST
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ACCESS	DEPLOY	MANAGE	INVEST
Access to multiple equity sources $702m gross equity secured during 1HY14 $213m gross equity secured since 31 December 2013	Creating value through attractive investment opportunities $1.0bn property assets acquired during 1HY14 $520m increase in Industrial FUM	Property funds management, asset management, leasing & development services 162,488sqm lettable area leased 7.6% property co-investment yield	Investing alongside our capital partners $622m Charter Hall property investments as at 31 December 2013 $99m additional Charter Hall capital co-invested during 1HY14
Access to multiple equity sources	Creating value through attractive investment opportunities	Property funds management, asset management, leasing & development services	Investing alongside our capital partners
$702m gross equity secured during 1HY14	$1.0bn property assets acquired during 1HY14	162,488sqm lettable area leased	$622m Charter Hall property investments as at 31 December 2013
$213m gross equity secured since 31 December 2013	$520m increase in Industrial FUM	7.6% property co-investment yield	$99m additional Charter Hall capital co-invested during 1HY14

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Office Sector Activity

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Since 30 June 2013

• The $2.3bn CHOT wholesale partnership acquired the remaining 50% of No.1 Martin Place for $220m from a Charter Hall managed syndicate

• The $1.8bn CPOF wholesale pooled fund raised a total of $302m[1 ] in new equity being a combination of replacement equity ($162m Review Event completed) and $140m new equity

• Launched and closed (oversubscribed) the $125m Charter Hall Direct Workzone Trust with $72m of equity raised within 2 months

• Charter Hall has now launched the $66m Charter Hall Direct VA Trust. This syndication is offering an initial income yield of 8.6% pa

• CHIF7 ( Charter Hall 130 Stirling Street Trust ) has exchanged contracts for the sale of the asset providing a realised total return for investors exceeding 15%pa

• Refer to summary of CPOF on page 45 for further details.

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Bankwest Place, Perth, WA

Sector overview	31 Dec 2013	30 Jun 2013	Change
FUM	$6.1bn	$6.1bn	-
No. of properties	53	56	(3)
Occupancy	96.1%	97.1%	(1.0%)
WALE	4.9	5.1	(0.2)
Cap Rate	7.6%	7.9%	(0.3%)
CH Investment	$300m	$311m	($11m)

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Retail Sector Activity

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Since 30 June 2013

• Total Australian[1] retail FUM has increased by 10% to $2.9bn

• Retail asset acquisitions totalled $214m over 1HY14 at an average year 1 yield of 7.7%

• CQR’s $80m institutional equity placement and $8m conditional placement to Charter Hall predominately funded the acquisition of Rosebud Plaza for $100m

• CQR offshore disposals program largely complete following sale of Polish assets and final US asset (post balance date)

• The Group’s direct property holding in the Direct Retail Fund (DRF) was exited during 1HY14, consistent with our previously stated capital recycling strategy

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Rosebud Plaza, Rosebud, VIC

Sector overview	1	31 Dec 2013	30 Jun 2013	Change
FUM		$2.9bn	$2.6bn	$0.3bn
No. of properties		91	93	(2)
Occupancy		97.4%	97.3%	0.1%
WALE		7.0	7.2	(0.2)
Cap Rate		7.8%	8.2%	(0.4%)
CH Investment		$170m	$213m	($43m)

1. Australia only

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Industrial Sector Activity

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Since 30 June 2013

• The Group‘s Industrial FUM has grown by 47% from $1.1bn to $1.6bn

• The $0.6bn[1] Core Logistics Partnership (CLP) continues to grow with additional equity commitments driving acquisition momentum

• The $0.7bn Core Plus Industrial Fund (CPIF) ranked as Australia’s strongest performing unlisted industrial fund over the 5 years to 31 December 2013 according to IPD data

• CPIF closed a $150m equity raise in August 2013. A further equity raise has since opened with an additional $95m of equity commitments secured

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Bannister Road, Canning Vale, WA

• The Direct Industrial Fund No.2 (DIF2), which closed oversubscribed during the half, continues to implement its investment program with capacity for additional acquisitions totalling $100m

• CIP has experienced an increase in pre-lease commitment demand providing product for our range of industrial investment funds

Sector overview	31 Dec 2013	30 Jun 2013	Change
FUM	$1.6bn	$1.1bn	$0.5bn
No. of properties	49	39	10
Occupancy	98.7%	99.9%	(1.2%)
WALE	8.5	10.8	(2.3)
Cap Rate	8.2%	8.1%	0.1%
CH Investment	$152m	$79m	$73m

1. CLP FUM as at 25[th] February 2014

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

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Charter Hall Group

Expertise across risk/return spectrum

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Group overview

A significant manager of wholesale, listed and retail investor capital

Risk vs. Target Return Profile

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Target Return
Development
20% + $0.1bn
Office
Retail
15 – 17% Industrial
Wholesale Partnerships Wholesale Pooled Diversified
11 – 14% $1.8bn $0.7bn
Listed (CQR) Retail Investor
Funds
$0.5bn
$2.3bn
$0.5bn
$0.9bn $1.0bn
9 – 11% $2.1bn $0.7bn
Risk
Core Core Active Opportunistic
Institutional Investors / Institutional Investors / Institutional Investors /
Pension Funds / Individuals Pension Funds Pension Funds
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• Target return = distribution yield + capital appreciation (change in NTA)

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Operational Performance

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Charter Hall Group

Earnings Composition

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Operating earnings

Operating earnings of $38.1m[1] , up 13.1% from $33.7m

Property Investment Earnings Drivers

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Property investments growth of 7.6% 700.0 9.0%
Property funds management growth of 23.3% 600.0
8.0%
500.0
7.0%
$25.0m 400.0
$22.5m
300.0
6.0%
$20.0m $18.8m 200.0
$16.7m 5.0%
100.0
$15.0m $13.6m - 4.0%
Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13
Property Investments Coinvestment Yield (excl DRF) (RHS)
(excl DRF) (LHS)
$10.0m
1HY13 Property Funds Management Earnings Drivers
12.0 40.0%
$5.0m 1HY14 35.0%
$2.7m 10.0
$0.7m 30.0%
- 8.0 25.0%
Direct property Property funds Property funds
investment investment management 6.0 20.0%
15.0%
Property Investments 42% operating 4.0
58% of operating earnings [1 ] earnings [1 ] 10.0%
2.0
5.0%
Operating Earnings of $38.1m includes non-cash security based benefit expense of $1.8m
(1HY13: $1.4m) which is not allocated to any of the segments described above. Graphs are - 0.0%
shown based on Operating Earnings pre the security based expense Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13
Australian FUM (LHS) PFM EBITDA margin (RHS)
Co-investment Yield
Property Investment Portfolio $m
PFM EBITDA Margin
Domestic FUM $bn
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• Property investments growth of 7.6%

• Property funds management growth of 23.3%

• Operating Earnings of $38.1m includes non-cash security based benefit expense of $1.8m (1HY13: $1.4m) which is not allocated to any of the segments described above. Graphs are shown based on Operating Earnings pre the security based expense

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Property funds management Property funds management

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• Property funds management EBITDA margin on revenue increased to 36.1% from 34.8%

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$25.0m $M 1HY14 1HY13 Growth
+14.6%
$22.0m Revenue 47.4 40.6 16.9%
Net operating expenses (30.3) (26.5) 14.6%
$20.0m $19.2m
Property funds management
17.1 14.2 21.1%
EBITDA [1]
EBITDA margin on revenue 36.1% 34.8% +130bps
EBITDA margin on cost 56.5% 53.5% +300bps
$15.0m
$10.0m 1HY13
+23.1%
+12.3%
$7.7m 1HY14
$7.0m
$6.3m $6.3m +83.1% (6.5%)
$4.9m $5.1m $4.8m
$5.0m
$2.7m (7.2%)
$1.1m $1.0m
$0.0m
Investment Property Management Transaction and 2 Development Leasing ServicesLeasing Facilities and Project
Management performance fees Management (incl Management
CIP)
Revenue $m
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1. As per page 14, property funds management earnings = $16.7m. Difference to EBITDA is $0.4m of depreciation expense 2. No performance fees in 1HY14. $0.4m of performance fees in 1HY13.

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

12 10

Australian FUM platform

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Property funds management

• Total FUM of $10.6bn up $0.3bn or 3%

• Australian property FUM has increased by $0.6bn or 6% over 1HY14 to $10.5bn

• Offshore property FUM has reduced to $0.1bn following the sale of CQR’s Polish portfolio

Total Group FUM

Australian FUM by Equity Source

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12
$10.7bn $10.6bn $10.5bn
$10.3bn
$10.2bn $9.9bn
10 $1.3bn
$8.9bn
$8.5bn $8.4bn $1.6bn
$2.1bn
8 8 $7.2bn $1.5bn $1.5bn
$1.8bn
$1.5bn
6 6 $1.6bn
$3.5bn
$7.2bn $8.5bn $8.4bn $9.9bn $10.5bn $3.2bn
4 4
$7.2bn $3.4bn $8.5bn $8.4bn $9.9bn $10.5bn
2 2
$3.4bn $2.5bn $3.6bn $5.4bn $6.5bn $7.1bn
0 0
Jun-10 Jun-11 Jun-12 Jun-13 Dec-13 Jun-10 Jun-11 Jun-12 Jun-13 Dec-13
Australia FUM Offshore FUM Wholesale Listed RetailDirect
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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

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Secured inflows across the funds platform

Property funds management

• Secured $702m[1] in gross new equity during 1HY14 across all equity sources

• A further $213m[1] of gross equity has been secured since 31 December 2013

1HY13 ($m) 2HY13 ($m)	1HY14 ($m) Since 31 Dec 13 ($m) FY14 YTD ($m)
Wholesale Pooled Funds 14 133	243 148 391
Wholesale Partnerships 207 392	261 0 261
Listed Funds 119 23	94 16 110
Direct Funds 230 58	104 49 153
Gross equity secured (Australian FUM) 570 606	702 213 915
Net equity secured (Australian FUM) 474 529	489 205 694

1. Excludes committed equity that is not yet drawn or received

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

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Charter Hall Group

Property investments earnings growth of 7.6% Charter Hall Group balance sheet property investments

• Charter Hall’s property investments total $622m, up from $603m as at 30 June 2013

• Contributed 1HY14 operating earnings of $23.2m[1] , 58%[2] of total operating earnings

• Annualised property funds investment yield of 7.6%

• WALE of 6.1 years and 97% occupancy

Property Investments by Fund Type

Property Investments by Sector

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Retail Funds and
Syndicates
$26m (4%) Industrial
$152m (25%)
Listed
Wholesale $113m (18%)
$483m (78%)
Office
$300m (48%)
Retail
$170m (27%)
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1. Includes operating earnings from direct property and property funds investment

2. Based on operating earnings pre non-cash security based benefits expense

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Property investment portfolio

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Charter Hall Group balance sheet property investments

	Ownership	Charter Hall	1HY14 Charter	Proportion of	Market	Discount	Weighted	Charter Hall
	stake	investment	Hall Investment	Charter Hall	cap rate	rate	average	investment
	31/12/13	31/12/132	income3	investment			rental	yield
				portfolio			reviews	1HY141
				31/12/13			31/12/13
	(%)	($m)	($m)	(%)	(%)	(%)	(%)	(%)
Listed Fund (CQR)	9.3%	113.0	4.8	18.2%	7.9%	9.5%	4.2%4	8.8%
Wholesale Partnership Funds (CHOT, CLP, BP Fund, RP2, KS)	17.4%	311.0	10.0	50.0%	7.6%	9.1%	3.7%	7.5%
Wholesale Pooled Funds (CPOF, CPIF)	11.9%	172.6	6.1	27.7%	7.9%	9.4%	3.7%	7.1%
Retail Investor Funds (CHDPF, PFA, DIF)	4.0%	11.2	0.4	1.8%	8.2%	9.3%	3.7%	7.9%
Funds to be realised (DPF, CHUF)	23.6%	14.4	0.8	2.3%	8.6%	9.9%	3.2%	6.1%
Total Property Funds Investments	14.3%	622.3	22.1	100.0%	7.8%	9.3%	3.9%	7.6%
Direct property investments (DRF)			0.8
Total Property Investments			22.9

1. Calculated based on 1HY14 earnings (annualised) generated by CHC equity investment divided by weighted average investment

2. Does not include any funds / mandates / partnerships where CHC has no co-investment

3. Per page 16, Property Investment Operating Earnings = $23.2m. Difference is net interest income of $0.4m less $0.1m trust expenses 4. Australian specialty leases only

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

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Charter Hall Group

Capital recycling program substantially completed Capital management of the Charter Hall investment portfolio

CHC capital recycled ($m)	FY12	FY13	1HY14	Total
Equity realised
Mentone Showrooms	16	-	-	16
DPF	14	3	5	22
CQO	38	4	-	42
CHUF	-	8	15	23
CHOF4/5	-	13	1	14
DRF	-	30	40	70
Total proceeds realised	68	58	61	187
CHC capital redeployed
CQR	16	4	11	31
CHOT	-	7	15	22
PFA	-	5	-	5
RP2 (Bateau Bay Square)	2	18	-	20
BP Fund (Bunnings)	-	15	-	15
Core Logistics Partnership	-	11	72	83
DRF minority buyout	-	16	-	16
Keperra Square	-	22	-	22
Other	-	1	1	2
Total Redeployment	18	99	99	216

We recycle our capital to seed additional high value opportunities for Charter Hall and our clients

• Over the past two and a half years, $187m has been realised and $216m redeployed

• Over the next 12 months, a further $48m is targeted for recycling

• Since 31 December 2013, $8m of the equity targeted for recycling has been realised / contracted

CHC capital to be recycled over the next 12 months	$m
Equity to be realised
CHOF4/5	21
685 La Trobe Street	11
CHUF	13
DPF	2
Total proceeds to be realised (target)	48
Completed or contracted since 31 December 2013	8

20

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Financial Performance

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Charter Hall Group

Key financial metrics

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Financial performance

GROUP	1HY14	1HY13	Change
Statutory profit after tax	$28.6m	$29.9m	(4.3%)
Operating earnings1	$38.1m	$33.7m	13.1%
Operating earnings per security1(OEPS)	12.42cps	11.29cps	10.0%
Distribution per security (DPS)	11.00cps	9.80cps	12.2%
Return on Equity2(NTA basis)	11.6%	11.1%	+50bps
BALANCE SHEET	At 31 December 2013	At 30 June 2013	Change
Funds under management – Total	$10.6bn	$10.3bn	3.3%
Funds under management – Australia	$10.5bn	$9.9bn	6.0%
Total Group assets	$845m	$819m	3.2%
NAV per security	$2.45	$2.45	-
NTA per security	$2.15	$2.13	0.9%
Balance sheet gearing3	3.1%	1.9%	1.2%
Look through gearing	35.0%	34.3%	0.7%

1. 1HY13 operating earnings is restated to include security based benefits expense 2. Return on equity calculated as operating earnings divided by average NTA 3. Gross assets less cash / Debt net of cash

22

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Income statement

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Financial performance by segment

• Operating earnings growth of 13.1%[1] to $38.1m

• Total property investment operating earnings growth of 7.6% to $23.2m

• Property funds management earnings increased by 23.3% to $16.7m

• OEPS growth of 10.0%

• Distribution per security growth of 12.2%

	$M	1HY14	1HY13	Change %
	Direct property investment	0.7	2.7	(76.0%)
	Property funds investment	22.5	18.8	19.5%
	Total property investment	23.2	21.5	7.6%
	Property funds management	16.7	13.6	23.3%
	Security based benefits expense	(1.8)	(1.4)	(25.6%)
	Operating earnings2	38.1	33.7	13.1%
	Other non-operating items	(9.5)	(3.8)
	Statutory profit after tax	28.6	29.9	(4.3%)
	OEPS (cps)	12.42	11.29	10.0%
	DPS (cps)	11.00	9.80	12.2%
	Payout ratio	88.6%	86.8%

1. 1HY13 operating earnings is restated to include non-cash security based benefits expense

23

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

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Charter Hall Group

Property investment earnings growth of 7.6%

Financial performance

• Operating earnings from property funds investments up 7.6% to $23.2m

• Existing funds – $0.4m from NOI growth and reduced borrowing costs

• $3.8m contribution from new investments since 1HY13

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–
($2.7m) from sale of interests / capital redeemed in non-core funds: DRF, CHUF and DPF
–
$0.1m reduction in net interest expense
25.0
$3.8m ($2.7m)
$0.1m
$0.4m
20.0
15.0
$23.2m
10.0
$21.5m
5.0
-
1HY13 Existing funds Growth from new Sale / capital redeemed Reduction in interest 1HY14
investments in non-core funds expense
Half year results 31 December 2013
Not for distribution in the United States or to U.S Persons
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24

Charter Hall Group

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Property funds management earnings growth of 23.3% Financial performance

• Property funds management operating earnings up 23.3%

• Revenue growth of 16.9%

• – $2.8m (14.6%) increase in investment management fees

• $2.2m (83.0%) in development management fees including $1.3m increase in CIP earnings

• $1.4m (23.1%) increase in transaction fees on the back of $1.9bn of transactions for the half

• Property funds management EBITDA margin of 36.1%, up from 34.8%

	$M	1HY14	1HY13	Growth %
	Investment management	22.0	19.2	14.6%
	Property management	7.0	6.3	12.3%
	Transaction and performance fees Development management (incl. CIP)	7.7 4.9	6.3 2.7	23.1% 83.0%
	Leasing Facilities and project management	4.8 1.0	5.1 1.1	(6.5%) (7.2%)
	Total property funds management revenue Net operating expenses	47.4 (30.3)	40.6 (26.5)	16.9% 14.6%
	Property funds management EBITDA	17.1	14.2	21.1%
	Depreciation	(0.4)	(0.6)	(28.6%)
	Property funds management operating earnings	16.7	13.6	23.3%
	EBITDA margin on revenue	36.1%	34.8%	1.2%

25

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Balance Sheet and Cashflow

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Financial position

Balance sheet ($m)	31-Dec-13	30-Jun-13
Cash	14.3	12.2
Property investments	622.3	603.0
Development investments	61.0	59.7
Other tangible assets	55.7	47.8
Intangibles	91.8	96.1
Total assets	845.1	818.8
Borrowings	39.7	27.5
Other liabilities	47.9	51.0
Total liabilities	87.6	78.5
Total equity	757.5	740.3
Shares on issue	309,118	302,262
Net tangible assets per security	2.15	2.13
NAV per security	2.45	2.45
Balance sheet gearing (net of cash)	3.1%	1.9%
Look-through gearing1	35.0%	34.3%
Available liquidity ($m)	39.9	65.2

($2.5m)

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($3.5m)
($2.7m) $2.3m
$38.1m $31.7m $34.0m
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Operating Change in Change in Earnings vs Other Operating Distribution Earnings receivables payables distribution Cashflow received

• Consistent with prior periods, Operating Cashflow for the first half is less than the distribution due to timing differences only

• 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 invests

26

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Group debt platform

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Balance sheet management

• Across fund platform, $2.7bn of new and refinanced debt to 31 December 2013

• Weighted average cost of debt¹ of 5.5%, reduced from 5.7%

• Weighted average maturity[2] of 3.1 years

• $4.3bn of drawn debt across platform, with a further $0.8bn available undrawn capacity from existing facilities

• CHC balance sheet gearing is 3.1% and look through gearing is 35.0%

Gearing

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60%
44%
38% 40% 38%
40% 35% 35% 34%
20%
3% 2.1 years² 3.3 years¹ 4.4 years¹ 1.6 years¹
0%
CHC CQR Wholesale Funds Retail Investor Funds
Balance Sheet Gearing Look Through Gearing
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1. Cost of debt is on a look through basis and includes floating rate, hedge rates, margins, line fees but excludes undrawn line fees and amortised borrowing costs 2. Debt duration is on a look through basis based on facility limits

27

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Equity Raising

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Charter Hall Group

Equity raising

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Strategic rationale

• $140m Institutional Placement is being undertaken to:

• Provide capacity to invest alongside Charter Hall’s capital partners

• Supplement Charter Hall’s capital recycling program

• Continue reweighting Charter Hall’s investment portfolio into long WALE retail and industrial portfolios

• Proceeds will be used to fund investments (either directly, or through repayment of debt) in the following funds:

Sector	Funds Investing alongside our capital partners FUM Growth since 30 June 2013
Industrial	Core Logistics Partnership (CLP) Secured external equity commitments of $460m Growth from $200m to $600m with capacity to grow to $800m. Targeting WALE > 8 years
	Core Plus Industrial Fund (CPIF) Participating in $120m equity raise Growth from $560m to $730m FUM with capacity to grow to approximately $900m
Retail	Charter Hall Retail REIT (CQR) Participated in CQR $88m equity placement & DRP CQR domestic FUM growth from $1.8bn to $2bn since June 2013
Office / Retail / Industrial	Other New Partnership / New Portfolio opportunities Co-invest alongside partners As asset and portfolio opportunities arise

• The investments will drive sustainable property investment and funds management income for Charter Hall

29

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Equity raising

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Strategic rationale

• Proceeds from the Placement will be used to:

• Repay $40m of debt that has funded recent growth initiatives

• Fund $42m of identified investments, which are expected to be fully invested progressively over the remainder of the calendar year

• $58m to support additional wholesale partnering growth opportunities

• The Placement supplements the capital recycling program and Distribution Reinvestment Plan to provide available capacity to invest alongside Charter Hall’s capital partners

Sources of Funds $m Placement 140 Total Sources 140	Uses of Funds Status $m %
	Repayment of drawn debt (primarily CLP investment) Invested 40 29%
	Fund identified investments Committed / Invested 42 30%
	Additional growth capital and transaction costs Uncommitted 58 41%
	Total Uses 140 100%

30

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Equity raising

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Transaction impact

• Updated guidance has been provided by Charter Hall which includes the impact of the equity raising

• Distribution payout ratio remains unchanged at 85% - 95% of FY14 operating earnings

Key financial metrics	Post placement	Pre placement	Change
Balance Sheet Gearing	0.0%	3.1%	(3.1%)
Look through Gearing	26.8%	35.0%	(8.3%)
Market Capitalisation	$1.36bn	$1.22bn	$0.14bn
Pro-forma NTA / security	$2.32	$2.15	$0.17
Pro-forma NAV / security	$2.59	$2.45	$0.14
Available Capacity	$136.1m1	$39.9m	$96.2m

1. Post placement and committed investments

31

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Equity raising

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Offer details

• $140m fully underwritten institutional placement

• Securities to be issued at a fixed price of $3.80 per security

• Securities will rank equally with existing Charter Hall securities and will be entitled to the full distribution for the six months ending 30 June 2014

	Offer pricing summary	Metric
	Offer price (security)	$3.80
	Discount to close on 24 February 2014	(3.6%)
	Discount to 5-day VWAP	(3.7%)

Indicative Timetable

Indicative Timetable
Event	Date
Institutional offer opens	10:00am (AEDT) Tuesday, 25 February 2014
Institutional offer closes	4.30pm (AEDT) Tuesday, 25 February 2014
Trading in Charter Hall securities resumes	Wednesday, 26 February 2014
Settlement of securities	Monday, 3 March 2014
Allotment and trading of securities	Tuesday, 4 March 2014
Payment of 30 June 2014 distribution	August 2014

32

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Strategy, Outlook and Guidance

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Charter Hall Group

Activity since 31 December 2013

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Since balance date Charter Hall has:

• Successfully closed the $125m Charter Hall Direct Workzone Syndicate with equity raising completed within 2 months of launch

• Launched the $66m Charter Hall Direct VA Trust, an unlisted syndicate investing in Virgin Australia headquarters in Brisbane

• Exchanged contracts for the sale of 130 Stirling Street, Perth being the sole asset in the CHIF7 syndicate. The sale of this asset has resulted in an annualised return exceeding 15% for the unit holders of the fund.

• CPIF has secured $95m of committed equity as part of its current $120m equity raising

• $140m of equity has been raised in CPOF to complement the $162m of replacement equity raised during 1HY14

• Invested $14m into CQR, through the $8m conditional placement and DRP

34

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

FY14 earnings guidance

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Barring unexpected events, our guidance is as follows:

• FY14 OEPS growth of 7 – 9% over FY13

• The distribution payout ratio is expected to be between 85% and 95% of operating earnings per security

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35

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Additional information

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Charter Hall Group

Additional information

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Section	Section	Slide
1	Group overview	38
2	Property funds management platform	40
3	Property investment portfolio	42
4	Fund updates	44
5	Financial information	48
6	Capital management and funding	52
7	Additional information	54
8	Glossary	56

37

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Charter Hall Group

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Group overview

Property Investment

$622m co-investments / $22.5m operating earnings (58% total Group OEPS)[1 ]

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OFFICE
$300m
(48% of portfolio)
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RETAIL
$170m
(27% of portfolio)
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INDUSTRIAL
$152m
(25% of portfolio)
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Property Funds Management

$10.6bn FUM / $16.7m operating earnings (42% total Group OEPS)[1 ]

Access

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14%
20%
Listed investors
Wholesale investors
66%
Retail investors
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1. Based on operating earnings excluding security based benefits expense

Deploy

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15%
27%
58%
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Office

Retail

Industrial

Manage

• Investment management

• Asset management

• Property management

• Development management

• Leasing services

• Transaction services

• Capital management

38

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

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Australian sector focused investment strategy

Group overview

	Portfolio Size	No. of	No. of	Gross income	WALE	Occupancy	Average cap rate
	($bn)	properties	tenants	($m)	(years)	(%)	(%)
Retail	2.9	91	1,545	240	7.0	97.4	7.8
Office	6.1	53	621	556	4.9	96.1	7.6
Industrial	1.6	49	67	131	8.5	98.7	8.2
Total	**10.61 **	**1931 **	2,233	927	6.0	96.8	7.7

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Diversification by equity source
December 2013
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Retail Investor
Funds, Listed,
$1.4bn (14%) $2.1bn (20%)
Wholesale Pooled,
$2.7bn (25%) Wholesale
Partnerships and
Mandates,
$4.4bn (41%)
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1. Represents Charter Hall’s total funds management platform as at 31 December 2013 2. Excludes two residential development projects worth $60m

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Asset type diversification
December 2013
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Industrial
$1.6bn (15%)
Development
Retail
$0.0bn (1%)
$2.9bn (27%)
Office
$6.1bn (57%)
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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

39

Charter Hall Group

Charter Hall managed funds

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As at 31 December 2013

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Listed fund Wholesale Partnerships, Mandates and Pooled funds Retail investor funds
$2.1bn $6.9bn $1.4bn
($113m co-invested) ($484m co-invested) ($11m co-invested)
CQR [1 ] Partnerships + Mandates Pooled CHDPF PFA
$2.1bn $4.4bn $2.5bn $0.5bn $0.3bn
($11m / 4%) ($0.2m / 0%)
($113m / 9.3%)
RP2
CHOT CPOF
(BB Square)
$2.3bn $1.8bn
$0.2bn DIF1&2
($172m / 14%) ($115m / 12%) CHIF 7&8 [3 ]
($19m / 20%) $0.3bn
$0.2bn
($0.2m / 0%)
BP Fund
CLP CPIF
(Bunnings)
$0.5bn $0.7bn
$0.2bn
($82m, 19%) ($57m / 12%) Workzone
($16m / 13%)
$0.1bn
Keperra
Square BSWF [2 ]
$0.1bn $0.6bn
($22m / 36%)
Other
RP1
mandates [4 ]
$0.2bn
$0.3bn
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Funds being realised $0.2bn ($42m equity to be realised)

DPF CHOF5[1 ] $8m $0.1bn ($2m / 20%) ($15m / 15%) 685 LaTrobe CHUF $0.1bn $11m ($13m / 24%) ($11m / 50%)

1. FUM definition includes on completion value for development assets

2. Brisbane Square Wholesale Fund (BSWF) includes 67% of Bankwest Place and Brisbane Square

3. 130 Stirling Street Trust (CHIF7) and 144 Stirling Street Trust (CHIF8)

4. Includes interest in 275 George St (50%), (which is co-owned with CPOF); Riverside Centre and other assets

40

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Charter Hall managed funds

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As at 31 December 2013

As at 31 December 2013
	Total	Sector	Equity	No. of	Lettable	Occupancy	Weighted	WALE	Weighted
	property		Source	properties	area		average rent	(by income	average cap
	assets				(sqm)		review	in years)	rate
	($m)
Top 5 Managed Funds
CQR	2,1381	Retail	Listed	77	530,391	98%	4.2%	7.5	7.9%
CHOT	2,276	Office	Wholesale	18	359,631	95%	3.9%	4.4	7.5%
CPOF	1,817	Office	Wholesale	15	254,136	99%	4.0%	5.2	7.7%
CPIF	731	Industrial	Wholesale	27	552,216	100%	3.2%	8.1	8.3%
CHDPF	472	Office	Retail	8	94,679	93%	3.7%	4.1	8.2%
Other Funds
Wholesale partnerships (RP2, BP Fund, CLP, KS)	987	Retail/Industrial	Wholesale	20	593,777	97%	3.6%	8.4	7.7%
Retail investor funds (DIF1, DIF2, PFA, CHIF 7&8, Workzone)	909	Office/Retail/ Industrial	Retail	24	444,680	97%	3.5%	6.7	8.7%
3rdparty mandates3	1,092	Office/Retail	Wholesale	12	131,253	99%	3.9%	8.5	7.4%
Sub-total / Weighted average	10,423			190	2,971,225	97%	3.8%	6.3	7.8%
Funds being realised (DPF, CHUF, CHOF5)4	206	Residential/Office/ Industrial	-	3	10,462	100%	3.7%	1.7	10.0%
Direct property (685 La Trobe)	11	Office	Direct	-	-	-	-	-	-
Total / Weighted average	10,640			193	2,981,687	97%	3.8%	6.3	7.8%

1. Includes offshore portfolio

2. Remaining statistics Australia only

3. Includes interest in 275 George St (50%), BankWest Place (67%) and Brisbane Square (67%), co-owned with CPOF; 50% of RP1, co-owned with CQR; Riverside Centre and other assets. No. of properties excludes properties already in CPOF and CQR

4. Statistics are for DPF only

41

Half year results 31 December 2013

Not for distribution in the United States or to U.S Persons

Charter Hall Group

Property investment portfolio

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As at 31 December 2013

Ownership stake (%) Charter Hall investment ($m) HY14 Charter Hall investment income ($m) Proportion of Charter Hall investment portfolio (%) Market cap rate (%) Discount rate (%) Minimum rental reviews (%) HY14 Charter Hall investment yield (%) FY13 Charter Hall investment yield (%)	Ownership stake (%) Charter Hall investment ($m) HY14 Charter Hall investment income ($m) Proportion of Charter Hall investment portfolio (%) Market cap rate (%) Discount rate (%) Minimum rental reviews (%) HY14 Charter Hall investment yield (%) FY13 Charter Hall investment yield (%)
Listed Fund 113.0 4.8 18.2
Charter Hall Retail REIT (CQR) 9.3 113.0 4.8 18.2 7.9 9.5 4.2 8.8 8.9
Wholesale Partnership Funds 311.0 10.0 50.0
Charter Hall Office Trust (CHOT) 14.3 172.0 6.2 27.6 7.5 9.0 3.9 7.2 7.7
Retail Partnership No. 2 – Bateau Bay (RP2) 20.0 19.1 0.8 3.1 7.8 9.3 4.8 8.8 7.7
BP Fund (Bunnings) 13.0 15.6 0.6 2.5 7.4 9.3 3.1 8.5 6.8
Core Logistics Partnership (CLP) 19.1 82.2 1.3 13.2 7.9 9.1 3.3 6.8 6.1
Keperra Square (KS) 35.62 22.1 1.0 3.6 7.5 9.3 3.0 9.1 n/a
Wholesale Pooled Funds 172.6 6.1 27.7
Core Plus Office Fund (CPOF) 12.1 115.3 3.9 18.5 7.7 9.2 4.0 6.8 6.7
Core Plus Industrial Fund (CPIF) 11.5 57.2 2.2 9.2 8.3 9.9 3.2 7.7 7.0
Retail Investor Funds 11.2 0.4 1.8
Charter Hall Direct Property Fund (CHDPF) 4.1 10.8 0.4 1.8 8.2 9.3 3.7 7.9 8.1
Direct Industrial Fund (DIF) 0.2 0.2 0.0 0.0 7.9 9.6 3.3 7.9 8.0
PFA Diversified Property Trust (PFA) 0.1 0.2 0.0 0.0 9.3 9.8 3.5 9.9 7.4
Funds being realised 14.4 0.8 2.3
Diversified Property Fund (DPF) 19.6 1.9 0.1 0.3 10.0 10.1 3.7 5.9 6.8
Charter Hall Umbrella Fund (CHUF) 24.2 12.5 0.8 2.0 8.4 9.9 3.1 6.1 5.7
Investment Trust costs (CHPT expenses)	(0.1)
Total/ Weighted Average: Property Funds Investment 14.1 622.3 22.1 100.0 7.8 9.3 3.9 7.6 7.5
Direct property investments (DRF) 100.0 - 0.8 - - - - - 11.7
Total/ Weighted Average: Property Investments 22.0 622.31 22.9 100.0 7.8 9.3 3.9 7.6 7.8

1. Total property investments excludes development investments (co-investments in CHOF4/5, 685 La Trobe and CIP)

2. Includes $21.2m preferred equity notes (PENS) and $1.2m equity (10%)

Not for distribution in the United States or to U.S Persons

42

Half year results 31 December 2013

Charter Hall Group

Property investment portfolio metrics

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Property investment

Lease expiry profile[1 ] (31 December 2013)

Top 10 tenants (31 December 2013)

0% 10% 20% 30% 40% 50% 60%	Vacant FY14 FY15 FY16 FY17 FY18 FY19+ 3.3% 5.8% 12.4% 8.1% 11.7% 10.7% 48.1%	Tenant % Portfolio leased (By gross income)
		Wesfarmers 9.5
		Australian Governments 8.5
		Woolworths 7.6
		Macquarie Group 5.3
		Telstra 5.1
		Metcash 2.5
		Westpac Group 2.5
		BHP Billiton 2.1
		Commonwealth Bank 1.4
		Wilson Parking 1.3
		Total 45.8

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)

43

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Charter Hall Office Trust (CHOT)

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Key events during 1HY14

• Portfolio occupancy of 95% and a WALE of 4.4 years

• Total leasing of 21,423sqm, including leases with Regus, Chubb, and Hall Chadwick at 2 Park St, Sydney across a combined 5,297sqm, and new leases at 171 Collins Street, Melbourne to McGrath Nicol and Vic Super totalling 4,412sqm.

• $103m equity raising in August 2013 from existing investors (prorata)

• An additional $200m debt facility secured in August 2013 with remaining weighted term to maturity of 2.7 years (across three tranches)

CHOT)	CHOT)
Portfolio characteristics Key metrics
Grosspropertyassets	$2.28 billion
Total debt	$1.06 billion
Gearing (look-through)	44.0%
Number of assets	18
Occupancy	95%
Weighted average lease expiry	4.4 years
CBD assets	83%
Prime grade assets	95%
Weighted average cap rate	7.5%
Weighted average rent review (next 12 months)	3.9%
Charter Hall co-investment	$172.0m / 14.3%

• Top tenants include Australian Government, Macquarie Group, Telstra, Citigroup, Aurizon, Allianz and Wilson Parking

CHOT debt expiry profile (by facility limit)

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600
500
400
300
200
100
0
FY14 FY15 FY16 FY17 FY18 FY19
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44

Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Core Plus Office Fund (CPOF)

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Key events during 1HY14

• Completed the Fund’s 2013 Review Event with 83% of Unit Holders remaining in the Fund for a further 7 year term. The next Review Event occurs in 2020. Redeeming investors were funded by a $162m equity raising which was fully subscribed by existing Unit Holders.

• Opened and progressed an additional $200m equity raising which was fully committed / reserved since 31 December 2013 ($140m committed with $60m reserved and in due diligence).

• Progressed value enhancement strategy with the redevelopment of 331 & 333 George Street, Sydney . The project involves the complete demolition of the existing buildings and the construction of a modern 14,550 sqm A-Grade tower, incorporating 15 levels of office space, 3 levels of premium retail and basement parking for 17 cars.

• The fund has progressed with the $111 million redevelopment of the 570 Bourke Street, Melbourne podium and lobby. The project will see 15,550 square metres of A-grade office space added to the building across levels 2 to 11 to create ten contiguous 2,700 sqm floor plates

• Over the 6 months to 31 December 2013 management has leased or renewed 25,074sqm of NLA representing 8.4% of the portfolio by Gross Income. New lease commitments have been struck at a weighted average lease term of 6.6 years

• Core assets

Portfolio characteristics Key metrics	Portfolio characteristics Key metrics
Gross property assets	$1.8 billion
Totaldebt	$839 million
Gearing (look-through)	45.6%
Number of assets	15
Occupancy1	99%
Weighted averagelease expiry1	5.2years
CBDassets1	92%
Prime grade assets	89%
Weighted average caprate	7.7%
Weighted average rent review (next 12months)	4.0%
Rent reviews (FY14)	81% fixed, 18% CPI, 1% market
Charter Hall co-investment	$115.3m / 12.1%

CPOF debt facility expiry profile (by facility limit

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400
350
300
250
200
150
100
50
0
FY14 FY15 FY16 FY17 FY18 FY19 FY20+
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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Core Plus Industrial Fund (CPIF)

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Key events during 1HY14

• CPIF closed a $150m equity raise in August 2013. A further equity raise for $120m has opened with majority of the raising committed / reserved since 31 December 2013

• Outperformed the Industrial component of the IPD/Mercer Wholesale Property Funds Index (total funds) over all time periods to 31 December 2013

• The fund acquired 180 Holt Street, Pinkenba comprising a 18,000sqm generic logistics facility on a site of 6.3 hectares located within the Brisbane's prime Trade Coast Precinct

PIF)	PIF)
Portfolio characteristics Key metrics
Grosspropertyassets	$733 million
Total debt	$173 million
Gearing (look-through)	18.1%
Number of assets	27
Occupancy	100%
Weighted average lease expiry	8.1years
Core assets	92%
Weighted average caprate	8.3%
Weighted average rent review (next 12 months)	3.2%
Charter Hall co-investment	$57.2m / 11.5%

• CPIF acquired a 31,600sqm distribution facility located near the Port of Adelaide and leased to Australian Wool Handlers on a triple net basis. The lease has a further 7.5 years remaining and was acquired for $17.6 million reflecting an initial yield of 8.5%

• The Fund reached practical completion on the development of a 16,500sqm distribution centre leased to Northline Logistics in Smithfield NSW for an initial eight year term. The development has an on completion value of $23.5 million, delivered a yield on cost of approximately 9% and forms part of a larger $80 million estate

Source: IPD/Mercer Wholesale Pooled Property Index (total funds – industrial)

CPIF debt facility expiry profile (by facility limit)

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160
140
120
100
80
60
40
20
0
FY14 FY15 FY16 FY17 FY18 FY19 FY20+
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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Charter Hall Retail REIT (CQR)

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Key events during 1HY14

• Acquired three properties for $193.2 million at average initial yield of 7.7%

• Acquisition of Rosebud Plaza for $100 million was partially funded by fully underwritten institutional placement of $80m and a conditional pro-rata placement to Charter Hall Group of $8 million

• Completed $77 million of redevelopments and commenced $59 million of new projects

• Australian valuations increased by 1.9%[2] following 29 basis points cap rate compression

• Offshore disposals largely complete following sale of Polish assets and final US asset post balance date

• $670 million of debt facilities repaid or refinanced in the period

• Represents CQR’s Australian portfolio only

• Before write off of acquisition costs

QR)	QR)
Portfolio characteristics1 Key metrics
Grosspropertyassets	$1.9 billion
Total debt	$684m
Balance Sheet Gearing	31.6%
Total number of assets	77
Occupancy	98%
Anchor WALE	11.6years
Weighted average caprate	7.85%
Like for like NOIgrowth	2.5%
Weighted averaged rent review (next 12 months)	4.2%
Charter Hall co-investment	$113.0m / 9.3%

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CQR debt expiry profile
400
300
200
100
0
FY 14 FY 15 FY 16 FY 17 FY 18 FY 19
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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Detailed operating earnings

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	1HY14	1HY13	Variance	%
	($000s)	($000s)	($000s)
Direct Property Investment
Direct Property Investment Income	758	5,793	(5,035)	(86.9%)
Interest Expense	(45)	(1,769)	1,724	97.5%
Non-controlling Interest	-	(1,108)	1,108	100.0%
Operating Costs	(63)	(211)	148	70.1%
Operating Earnings: Direct Property Investment	650	2,705	(2,055)	(76.0%)
Property Funds Investment
Property Funds Investment Income	22,175	18,596	3,579	19.2%
Net Interest Income / (Expense)	403	537	(134)	(25.0%)
Operating Costs	(57)	(294)	237	80.6%
Operating Earnings: Property Funds Investment	22,521	18,839	3,682	19.5%
Property Funds Management
Funds Management Income	47,489	40,630	6,859	16.9%
Net Operating Expenses	(30,351)	(26,472)	(3,879)	(14.7%)
Depreciation	(434)	(608)	174	28.6%
Operating Earnings: Property Funds Management	16,704	13,550	3,154	23.3%
Non-cash security based benefits expense	(1,752)	(1,395)	(357)	(25.6%)
Group Operating Earnings	38,123	33,699	4,424	13.1%

1. Operating earnings as detailed in Note 2(b) of the Interim Financial Report

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

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Property funds management operating earnings

	1HY14	1HY13	Variance	%
	($000s)	($000s)	($000s)
Revenue
Fund management fees	22,015	19,207	2,808	14.6%
Property management fees	7,036	6,266	769	12.3%
Transaction and performance fees	7,726	6,274	1,452	23.1%
Development management fees	3,632	2,696	936	34.7%
CIP	1,300	-	1,300	100.0%
Leasing services (excl project fees)	4,790	3,525	1,265	35.9%
Facilities and project management fees	991	1,068	(77)	(7.2%)
Project leasing	-	1,595	(1,595)	(100.0%)
Total funds management revenue	47,489	40,630	6,858	16.5%
Net Operating Expenses
Employee costs	(33,286)	(29,227)	(4,059)	(13.9%)
Non-employee costs	(6,419)	(5,278)	(1,141)	(21.6%)
Recoveries	9,355	8,033	1,322	16.5%
Net Operating Expenses	(30,351)	(26,472)	(3,879)	14.6%
Depreciation	(434)	(608)	174	28.6%
Operating Earnings: Property Funds Management	16,704	13,550	3,154	23.3%

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

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Reconciliation of operating earnings to statutory profit after tax

	1HY14	1HY13
	$000s	$000s
Operating Earnings	38,123	33,699
Fair value adjustments on derivatives1	1,270	(847)
Fair value adjustment on investments and property1	(2,234)	3,470
Amortisation of management rights	(4,230)	(3,919)
Transfer from reserves of cumulative FX losses on disposal of foreign investments1	(494)	(247)
Loss on disposal of investments and property1	(1,478)	(856)
Amortisation of lease incentives and straight-lining of rental income	(180)	(852)
Income tax (expense) / benefit1	(2,301)	79
Other1	123	(659)
Statutory profit after tax attributable to stapled securityholders	28,599	29,868

1. Included non-operating items equity accounted investments on a look-through basis

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Charter Hall Group

Funds under management growth

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	$1.0bn	($0.9bn)
$10.3bn				$0.2bn	$10.6bn
Jun-13	Acquisitions	Disposals	Revaluations / Capex		Dec-13
	FY10	FY11	FY12	FY13	1HY14	CAGR
	($bn)	($bn)	($bn)	($bn)	($bn)	(%)
Australia FUM
(excluding Development Funds)	6.6	7.6	7.8	9.6	10.4	14%
Development FUM	0.6	0.9	0.6	0.3	0.1	(40%)
Total Australian FUM	7.2	8.5	8.4	9.9	10.5	11%
Off-shore	3.0	2.2	0.5	0.4	0.1	(62%)
Total FUM	10.2	10.7	8.9	10.3	10.6	1%

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Property funds debt programs

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TOP 5 MANAGED FUNDS

($M)	CHC 1 CQR CHOT CPOF CPIF CHDPF ALL FUNDS	CHC 1 CQR CHOT CPOF CPIF CHDPF ALL FUNDS
Asset values2	831 2,088 2,302 1,850 731 499	11,276
Net debt drawn2	26 789 1,021 1,850 133 227	4,290
Debt duration³ (years)	1.6 3.3 2.9 3.5 1.6 1.7	3.1
Gearing
Balance sheet	3% 35% 45% 40% 13% 45%	37%
Look-through	35% 38% 44% 45% 18% 45%	38%

1. CHC figures on a balance sheet basis. CHC duration is the CHC headstock facility only.

2. Total look through assets and debt values shown net of cash as per the 31 December 2013 financial statements. 3. Duration calculated on a weighted average basis

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

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Charter Hall Group

Group and CHC look through debt maturity profile (by facility limit)

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Total platform CHC look through
debt maturity profile debt maturity profile
1,600 250
1,400
$1,330m
200
1,200
$1,075m $175m
1,000
$886m 150
$862m
$131m
$773m
800
100
600 $90m $89m
$78m
400
50
200
$82m
$43m $6m
- -
FY14 FY15 FY16 FY17 FY18 FY19 FY20+ FY14 FY15 FY16 FY17 FY18 FY19 FY20+
Retail Investor Funds - Wholesale Unlisted Funds CQR CHC Retail Investor Funds Wholesale Unlisted Funds CQR CHC
$m $m
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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Additional information

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International offer restrictions

This document does not constitute an offer of New Securities in any jurisdiction in which it would be unlawful. New Securities may not be offered or sold in any country outside Australia except to the extent permitted below.

HONG KONG

WARNING: This document has not been, and will not be, authorized by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the "SFO"). No action has been taken in Hong Kong to authorize this document or to permit the distribution of this document or any documents issued in connection with it. Accordingly, the New Securities have not been and will not be offered or sold in Hong Kong other than to “professional investors" (as defined in the SFO).

No advertisement, invitation or document relating to the New Securities has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the New Securities which are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors as defined in the SFO and any rules made under that ordinance.

The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice.

NORWAY

This document has not been approved by, or registered with, any Norwegian securities regulator under the Norwegian Securities Trading Act of 29 June 2007. Accordingly, this document shall not be deemed to constitute an offer to the public in Norway within the meaning of the Norwegian Securities Trading Act of 2007.

The New Securities may not be offered or sold, directly or indirectly, in Norway except to "professional clients" (as defined in Norwegian Securities Regulation of 29 June 2007 no. 876 and including nonprofessional clients having met the criteria for being deemed to be professional and for which an investment firm has waived the protection as non-professional in accordance with the procedures in this regulation).

SINGAPORE

This document has not been registered as a prospectus with the Monetary Authority of Singapore ("MAS") and, accordingly, statutory liability under the Securities and Futures Act, Chapter 289 (the "SFA") in relation to the content of prospectuses does not apply, and you should consider carefully whether the investment is suitable for you. The issuer is not authorised or recognised by the MAS and the New Securities are not allowed to be offered to the retail public. This document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the New Securities may not be circulated or distributed, nor may the New Securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except to "institutional investors" (as defined in the SFA), or otherwise pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA.

This document has been given to you on the basis that you are an "institutional investor" (as defined under the SFA). In the event that you are not an institutional investor, please return this document immediately. You may not forward or circulate this document to any other person in Singapore.

Any offer is not made to you with a view to the New Securities being subsequently offered for sale to any other party. You are advised to acquaint yourself with the SFA provisions relating to resale restrictions in Singapore and comply accordingly.

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Additional information

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International offer restrictions

SWITZERLAND

The New Securities may not be distributed in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the New Securities may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering or marketing material relating to the New Securities have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of New Securities will not be supervised by, the Swiss Financial Market Supervisory Authority (FINMA), and the offer of New Securities has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes ("CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of New Securities.

This document is personal to the recipient only and not for general circulation in Switzerland.

UNITED KINGDOM

Neither the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA")) has been published or is intended to be published in respect of the New Securities. This document is issued on a confidential basis to "qualified investors" (within the meaning of section 86(7) of FSMA) in the United Kingdom, and the New Securities may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any other document, except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) FSMA. This document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom.

Any invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) received in connection with the issue or sale of the New Securities has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of FSMA does not apply to Charter Hall.

In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 ("FPO"), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (together "relevant persons"). The investments to which this document relates are available only to, and any invitation, offer or agreement to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

The New Securities are being marketed in the United Kingdom without written notice being given to the Financial Conduct Authority under regulation 59 of Alternative Fund Manager Regulations 2013 SI 2013/1773 (the "AIFMD Regulations") on the basis that the marketing of the New Securities benefit from the transitional provisions contained in Part 9 of the AIFMD Regulations.”

NEW ZEALAND

This document has not been registered, filed with or approved by any New Zealand regulatory authority under or in accordance with the Securities Act 1978 (New Zealand). The New Securities are not being offered or sold in New Zealand, or allotted with a view to being offered for sale in New Zealand, and no person in New Zealand may accept a placement of New Securities other than to:

• persons whose principal business is the investment of money or who, in the course of and for the purposes of their business, habitually invest money; or

• persons who are each required to (i) pay a minimum subscription price of at least NZ$500,000 for the securities before allotment or (ii) have previously paid a minimum subscription price of at least NZ$500,000 for securities of Charter Hall ("initial securities") in a single transaction before the allotment of such initial securities and such allotment was not more than 18 months prior to the date of this document.”

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Fund Key

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Listed entities	Funds being realised
CHC Charter Hall Group	CHOF4 Charter Hall Opportunity Fund 4
CQR Charter Hall Retail REIT	CHOF5 Charter Hall Opportunity Fund 5
Wholesale pooled funds	DPF Diversified Property Fund
CPOF Core Plus Office Fund	CHUF Charter Hall Umbrella Fund
CPIF Core Plus Industrial Fund	CHIF 3 & 6 Charter Hall Investment Funds
Partnerships	DRF Direct Retail Fund
CHOT Charter Hall Office Trust	1MPT No1 Martin Place Trust
BP Fund Bunnings Portfolio Fund	Retail investor funds
CLP Core Logistics Partnership	CHDPF Charter Hall Direct Property Fund
RP1 Retail partnership No.1	DIF1 & 2 Direct Industrial Fund 1 & 2
RP2 Retail partnership No.2 – Bateau Bay Square	CHIF7 130 Stirling Street Trust
KS Keperra Square	CHIF8 144 Stirling Street Trust
BSWF Brisbane Square Wholesale Fund	PFA PFA Diversified Fund
	Workzone Charter Hall Direct Workzone Syndicate

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

Charter Hall Group

Further information

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

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

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

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

About Charter Hall Group:

Charter Hall Group (ASX:CHC) is one of Australia’s leading fully integrated property groups, with over 22 years’ experience managing high quality property on behalf of institutional, wholesale and retail clients. As at 30 June 2013 Charter Hall had $10.3 billion of funds under management across the office, retail and industrial sectors. The Group has offices in Sydney, Melbourne, Brisbane, Adelaide and Perth.

The Group’s success is underpinned by a highly skilled and motivated team with diverse expertise across property sectors and risk-return profiles. Sustainability is a key element of its business approach and by ensuring its actions are commercially sound and make a difference to its people, customers and the environment, Charter Hall can make a positive impact for its investors, the community and the Group.

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Half year results 31 December 2013 Not for distribution in the United States or to U.S Persons

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