CHARTER HALL GROUP

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25 February 2016

Charter Hall Group Half Year Results

6 months to 31 December 2015

Artist’s Impression Adelaide GPO

Agenda

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1 1H FY16 Results Summary
2 Property Investment
3 Property Funds Management
4 Financial Result
5 Outlook and Guidance
6 Additional Information

David Harrison Managing Director & Group CEO

Paul Altschwager

Chief Financial Officer

Adrian Taylor

Head of Office

Paul Ford Head of Industrial

Greg Chubb Head of Retail

CHARTER HALL GROUP | Half Year Results | 31 December 2015

1H FY16 Results Summary

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CHARTER HALL GROUP | Half Year Results | 31 December 2015

Key Achievements

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1H FY16 Results Summary[1 ]

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9.5% OEPS
FUM up 17.0% 24.5% total return [2]
growth
to $15.9b for 12 months
on pcp
$1.7b in gross
9.9% DPS 8.0% NTA per
transactions
growth security growth
on pcp $1.4b of acquisitions for 6 months
$0.3b of divestments
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Over 400,000sqm leased

283 leasing transactions

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$730m gross
equity inflows
$532m net equity inflows
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Figures and statistics on this slide are for 1H FY16 being the 6 months to 31 December 2015 with prior corresponding period (“pcp”) being the 6 months to 31 December 2014.

Total return is calculated as the growth in property NTA per security plus the distribution paid/payable per security divided by the opening NTA per security for the 12 months to 31 December 2015.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Growth Momentum Maintained

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1H FY16 Results Summary

Increase in operating earnings per security (OEPS) to 15.0cps, up 9.5%

Statutory profit after tax of $143.5m, up 259.6%
Operating earnings of $61.2m, up 26.3%
Distribution per security of 13.3cps, up 9.9%
NTA per security growth of 22cps, up 8.0%

Property Investments (PI) operating earnings of $35.9m, up 26.3%

Charter Hall deployed $97m (net) in Property Investments which together with $89m of net revaluations increased Property Investments to $1,130m
Property Investment yield at 7.2% with a portfolio weighted average cap rate of 6.58%[1 ]

Property Funds Management (PFM) operating earnings of $26.4m, up 24.0%

Secured $730m of gross equity flows and $532m of net equity flows after investor equity returns
FUM increased by 17.0% to $15.9b during the six month period
Property Funds Management EBITDA margin increased from 39.7% to 41.8%
WACR is Weighted Average Cap Rate for the Charter Hall Group’s Property Investment portfolio and is weighted by individual co-investment value as a proportion of total property investments.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Total Securityholder Returns

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1H FY16 Results Summary

Total securityholder return for 1 year to 31 December 2015: 6.1%

Total performance over 3 and 5 years (% pa) to 31 December 2015[1 ]

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25%
20.2%
20%
17.8%
15.9%
15.3%
15%
10.2%
9.6%
10%
5%
0%
3 years p.a. 5 years p.a.
Charter Hall Group securityholders
S&P/ASX 200 Property Accumulation Index
MSCI/IPD Wholesale Pooled Property Funds Index
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Source: MSCI/IPD, UBS and S&P/ASX.
Operating earnings per security prior to FY14 restated to include security-based benefits expense.
Compound annual growth rate (CAGR) from 1H FY10 to 1H FY16.

Operating earnings per security growth[2 ]

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cps
16.0 15.0
13.7
14.0
12.4
11.3
12.0 10.8
9.8
10.0
7.7
8.0
6.0
4.0
2.0
0.0
1H FY10 1H FY11 1H FY12 1H FY13 1H FY14 1H FY15 1H FY16
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Distribution per security growth

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cps
13.3
14.0
12.1
12.0 11.0
9.8
10.0 9.1
8.0
8.0
6.2
6.0
4.0
2.0
0.0
1H FY10 1H FY11 1H FY12 1H FY13 1H FY14 1H FY15 1H FY16
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CHARTER HALL GROUP | Half Year Results | 31 December 2015

Consistent Delivery on Strategy

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1H FY16 Results Summary

Access

Deploy

Manage

Invest

Access to multiple equity sources

Creating value Property funds Investing through attractive management, asset alongside our investment management, leasing capital partners opportunities and development services

$730m gross equity raised

$1.7b transactions $1.4b acquisitions $0.3b divestments

$15.9b FUM 294 properties 2,440 tenants 283 leasing deals

$1,130m of property investments with 6.58% WACR and 8.1% discount rate

$4.5b gross equity raised

$8.4b transactions $5.9b acquisitions $2.5b divestments

$5.9b FUM growth 105 additional properties

WALE[1] increased by 2.7yrs to 8.8yrs

WALE is the Weighted Average Lease Expiry for the Property Investment portfolio which is measured by all tenants’ remaining leases in years, weighted by each tenant’s gross income as a proportion of the total gross income for the portfolio.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Operating Earnings Composition

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1H FY16 Results Summary

Operating earnings of $61.2m[1] , up 26.3% pcp from $48.4m

59% of operating earnings from Property Investment
Property Investment earnings growth of 26.3%
Property Funds Management earnings growth of 24.0%

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1H FY15
$40
1H FY16
$35.9
$35
$30 $28.4
$26.4
$25
$21.3
$20
$15
$10
Property Investment Property Funds
Management
Operating Earnings ($m)
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Operating Earnings of $61.2m includes security-based benefits expense of $1.1m (1H FY15: $1.3m) which is not allocated to any of the segments described above. Graphs are shown based on Operating Earnings pre the security-based benefits expense.

Property Investment Earnings Drivers

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1,200 8%
7%
1,000
6%
800
5%
600 4%
3%
400
2%
200
1%
0 0%
Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
Property Investment Property Investment Yield
(LHS) (RHS)
Co-investment Yield (%)
Property Investment portfolio ($m)
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Property Funds Management Earnings Drivers

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18 45%
16 40%
14 35%
12 30%
10 25%
8 20%
6 15%
4 10%
2 5%
0 0%
Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
Australian FUM (LHS) PFM EBITDA margin (RHS)
Domestic FUM ($bn)
PFM EBITDA Margin (%)
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CHARTER HALL GROUP | Half Year Results | 31 December 2015

Property Investment

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CHARTER HALL GROUP | Half Year Results | 31 December 2015

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Growth in Property Investment Earnings of 26.3%

Property Investment

Charter Hall Group’s balance sheet investments increased by $186m from $944m to $1,130m
Portfolio WALE[1] remained stable at 8.8 years and WACR reduced 42bps to 6.58%[2 ]
Total return[4] for 1 year to 31 December 2015: 24.5%

% of CHC property investment portfolio by fund type

% of CHC property investment portfolio by fund[3]

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Retail Equity
$55m
5% Listed Fund
$224m
20%
$1,130m
Wholesale
Equity
$851m
75%
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Other/Direct
5%
CHOT
LWIPs 16%
15%
CPOF
16%
CLP $1,130m
12%
RP2
1%
CPIF
RP6
8%
3%
LWHP CQR
4% 20%
Office Retail Industrial Hospitality
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Portfolio WALE calculated as the sum of each fund’s WALE by gross income multiplied by its % of the Property Portfolio.
Refer to slide 31 for NTA and Cap Rate bridge.
Refer to slide 50 for Fund key.
Total return is calculated as the growth in property NTA per security plus the distribution paid/payable per security divided by the opening NTA per security for the 12 months to 31 December 2015

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Portfolio WALE and Lease Expiry

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Property Investment

CHC’s Portfolio composition and upcoming lease expiries are actively managed

Portfolio WALE remained stable at 8.8 years
51% of leases expiring between June 2024 and June 2040

Core Investments WALE and Portfolio WALE[1 ]

Lease Expiry Profile by Sector

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LWIP2 19.6
LWIP 18.8
DIF3 14.0
CLP 10.0
LWHP 9.8
DOF 8.7
CPIF 7.0
CQR 6.8
CPOF 6.6
CHOT 5.6
PFA 5.0
RP2 4.9
RP6 4.6
CHC 8.8
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60%
Retail Office Industrial Hospitality
50%
40%
30%
20%
10%
0%
Vacant FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24-40
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Portfolio WALE calculated as the sum of each fund’s WALE by gross income multiplied by its % of the Property Portfolio.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

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High Occupancy and Strong Tenant Customers

Property Investment

Property Investment portfolio has high occupancy at 98.2%
Strong focus on quality of tenant covenants

Occupancy by Gross Income[1]

Top 10 Tenants by Gross Income[2 ]

CHC CPOF RP6 RP2 CHOT PFA DOF CQR CLP LWHP CPIF LWIP LWIP2 DIF3		98.2% 95.3% 95.6% 97.7% 97.9% 97.9% 98.0% 98.4% 98.7% 99.4% 99.6% 100.0% 100.0% 100.0%

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ALH (Woolworths) 15.1%
Woolworths 6.2%
Government 6.1%
Coles 5.0%
Telstra 3.4%
Bunnings 2.6%
Metcash 1.6%
Aurizon 1.4%
Target 1.3%
Westpac 1.2%
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Portfolio occupancy calculated as the sum of each fund’s occupancy by gross income multiplied by its % of the Property portfolio.

Government tenant classification refers to all Government and Government related tenants.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Property Investment Portfolio Net Returns

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Property Investment

CHC’s current Property Investment portfolio’s Internal Rate of Return (IRR) over the five years to 31 December 2015 is 16.6% per annum, outperforming the MSCI/IPD Unlisted Wholesale Property Fund Index (NAV post fees) which returned 9.6% over the same period
The net return of each core Property Investment has outperformed the sector specific MSCI/IPD index over the same period, particularly in the Industrial and Long WALE sectors

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30%
25% 24.1% 23.9%
21.4%
20%
18.0%
16.5% 16.6%
15%
12.7% 12.7%
12.0% 12.0%
10% 10.3% 10.3% 10.2% 10.3% 8.7% 8.8% 9.2% 9.6%
5%
0%
CPOF 1 CPIF1 CHOT2 CQR2 RP2 & RP6 LWHP CLP LWIPs CHC 3
2010 to 2015 2010 to 2015 2010 to 2015 2010 to 2015 2012 to 2015 2012 to 2015 2012 to 2015 2014 to 2015 2010 to 2015
Office Industrial Office Retail Retail Retail Industrial Diversified Diversified
Net Return (% p.a.) MSCI/IPD Benchmark (% p.a.)
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CPOF and CPIF 5 year net return against MSCI/IPD Unlisted Wholesale Property Fund Index.
CHOT (formerly CQO) and CQR starting value based on security price on ASX.
CHC PI IRR includes all cash flows from 31 December 2010 for the active portfolio only and excludes realised or non-core funds.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Direct Funds Net Returns

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Property Investment

Over calendar year 2015 Charter Hall Direct managed five of the top ten funds ranked by performance in the PCA/IPD Australian Unlisted Retail Property Fund Index

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30%
26.5%
25% 24.2% 23.4%
21.3%
20% 18.6%
18.0%
16.2%
14.5%
15% 12.6% 12.7% 13.3% 13.8% 13.1%
9.5% 9.5% 10.7% 9.5% 9.4% 10.1% 9.3% 10.4% 9.9% 10.7% 11.2% 11.3% 11.6% 11.6% 9.7% 10.5% 9.8%
10% 8.6% 8.8%
5%
0%
2 2 2 3
CHIF1 CHIF2 CHIF3 CHIF4 CHIF5 CHIF6 130 Stirling 144 Stirling WZ Trust BW Trust VA Trust CDC Trust DIF1 DIF2 DOF DOF
1997 to 1997 to 1999 to 2000 to 2001 to 2004 to St Trust St Trust 2014 to 2014 to 2014 to 2014 to 2010 to 2013 to (Wholesale) (Wholesale
2008 2013 2013 2013 2013 2013 2010 to 2012 to 2015 2015 2015 2015 2015 2015 2010 to A)
2014 2015 2015 2014 to
2015
Sydney Melbourne Melbourne Sydney Sydney / Sydney Perth Office Perth Office Perth Office Australian Brisbane Adelaide Australian Australian Australian Australian
Industrial CBD Retail Industrial Office Melbourne Office Retail Office Industrial Industrial Industrial Office Office
Office
Net Return (% p.a.)4 Benchmark (% p.a.)
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Benchmark is MSCI/IPD Unlisted Core Wholesale Property Fund Index.
Returns for investments with bonus units.
Returns for investments under the entitlement offer.
Net return represents IRR. Past performance is not an indicator of future results.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Property Funds Management

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CHARTER HALL GROUP | Half Year Results | 31 December 2015

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Well Diversified Funds Management Portfolio

		Portfolio	Portfolio	No. of	No. of	Gross	WALE2	Occupancy	WACR3
		Value ($b)	Size (m sqm)	Properties	Tenants	Income ($m)	(years)	(%)	(%)
Dec	15	15.9	4.7	294	2,440	1,267	7.9	98.1	6.66
Jun	15	13.6	4.0	276	2,289	1,120	7.9	97.8	7.10

Asset type diversification[1]

WALE by sector

Diversification by equity source

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18.9
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Hospitality
Retail Equity Listed Fund
4%
$2.1b $2.5b
13% 16%
Industrial
24%
Office
9.0
$15.9b $15.9b 46% 8.0
6.6
Wholesale Equity Retail
$11.3b 26%
71%
Office Retail Industrial Hospitality
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LWIP is allocated between the Hospitality sector (82% Hotels) and Retail sector (18% Dan Murphy’s and BWS outlets).
WALE for the Property Funds Management portfolio which is measured by all tenants’ remaining leases in years, weighted by each tenant’s gross income as a proportion of the total gross income. 3. WACR for the Property Funds Management portfolio and is weighted by proportion of total property assets.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

FUM Growth of 17% Drives Earnings

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Property Funds Management

FUM growth driven by activity in the Industrial sector and valuation uplift across all sectors

Australian property FUM has increased $2.3b, or 17.0% during 1H FY16 to $15.9b
15.5% CAGR[1] in domestic FUM since June 2010

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Total Group FUM Australian FUM by equity source
$15.9b
16.0
$15.9b
16.0
14.0 $13.6b $2.1b
$13.6b
14.0
12.0 $11.5b $1.9b $2.5b
$10.2b $10.7b $10.3b 12.0 $11.5b
10.0 $2.2b
$8.9b $9.9b $1.7b $11.3b
$9.9b 10.0
8.0 $8.5b $8.4b $1.7b $2.0b $9.5b
$8.5b $8.4b 8.0 $7.2b $1.5b $1.5b $1.8b
$7.2b $7.8b
6.0 6.0 $1.5b $3.5b $1.6b
$6.5b
$3.2b
4.0 $5.4b
4.0
2.0 $3.6b
2.0
$2.5b
0.0
0.0
Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Dec-15
Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Dec-15
Australia FUM Offshore FUM
Wholesale Listed Retail
FUM b
FUM b
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CAGR from 30 June 2010 to 31 December 2015.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Inflows Across the Funds Platform

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Property Funds Management

Diversified equity sources
Secured $730m in gross equity flows[3] ($532m net) during 1H FY16 across all equity sources

	FY14	FY15	1H FY16
	($m)	($m)	($m)
Wholesale Pooled Funds	651	653	166
Wholesale Partnerships	261	598	295
Listed Funds1	260	274	67
Direct Funds2	277	180	201
Gross equity secured (Australian FUM)	1,449	1,705	730
Net equity secured (Australian FUM)	987	1,297	532

Listed Funds include equity raised in CHC and CQR placements and DRP.
Funds and syndicates for retail, SMSF and high net worth investors.
Equity flows includes equity received or returned only and excludes undrawn equity commitments.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Property Transactions

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Property Funds Management

During the 6 months to 31 December 2015, $1.7bn of transactions were completed including $1.4bn of acquisitions and $0.3bn of divestments

Transactions closed during the half year to December 2015

	Office	Industrial	Retail	Hospitality	TOTAL
Acquisitions	$171m	$710m	$495m	$28m	$1,404m
Divestments	$147m	$49m	$93m	-	$289m
Net acquisitions	$24m	$660m	$402m	$28m	$1,114m
WACR (acquisitions)	6.50%	6.63%	6.66%	6.81%	6.62%

900 Ann Street, Brisbane (DOF/CPOF)

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Goulburn Square, Goulburn (CQR)
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AHG, Sydney (CPIF)
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CHARTER HALL GROUP | Half Year Results | 31 December 2015

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Development Adding to Fund Performance

Property Funds Management

Redevelopment opportunities undertaken to enhance both income yield and total returns for managed funds
In-house development skills are a core competency
Development pipeline includes major office pre-leases to WSU Parramatta and Aurizon and a variety of shopping centre expansions and industrial sites

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

Development activity (currentprojects underway)	On completion value
Office3	$666m
Industrial2	$283m
Retail	$223m
Total1	$1,172m

$0.9b included in FUM at 31 December 2015.
Includes current projects pre-leased and under construction. Excludes potential end value of industrial land banks of $0.9b 3. Excludes $0.5b office development at 130 Lonsdale Street, Melbourne that is not yet underway.

Secret Harbour Shopping Centre, WA (CQR)

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Office Sector Activity

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Property Funds Management

6 months to 31 December 2015

Office FUM increased 9% to $7.4b
Completed $171m of acquisitions and $147m of divestments
Acquisition of 900 Ann Street, Fortitude Valley, a $170m (100%) forward funded development leased to Aurizon for a 12 year lease over 18,791sqm (50% CPOF and 50% DOF)
Completed 84 leasing agreements across 164,824sqm increasing portfolio WALE from 6.5 years to 6.6 years. Major leasing deals included:
23,240sqm renewal to Suncorp at 266 George Street (Brisbane Square) Brisbane (BSWF/CPOF)
13,734sqm new lease to Department of Human Services at 570 Bourke Street, Melbourne for 11 years (CPOF)
9,384sqm renewal to Department of Education at 14 Mort Street, Canberra for 10 years (CHOT)
9,281sqm new lease to Amazon Corporate Services at 2 Park Street, Sydney (CHOT)
8,780sqm new lease to State of QLD at 85 George Street, Brisbane (CHOT)

Artist impression of 900 Ann Street, Brisbane (CPOF/DOF)

Sector overview	31 Dec 2015 30 Jun 2015	31 Dec 2015 30 Jun 2015	Change
FUM	$7.4b	$6.8b	$0.6b
Lettable area (sqm)	1.0m	1.0m	-
No. of properties	48	48	-
Gross income	$615m	$569m	$46m
Occupancy	97.2%	96.9%	0.3%
WALE	6.6yrs	6.5yrs	0.1yrs
WACR	6.61%	7.13%	(0.52%)
CHC co-investment	$396m	$372m	$24m

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Industrial Sector Activity

Property Funds Management

6 months to 31 December 2015

Industrial FUM increased 36% to $3.8b
Completed $710m of acquisitions and $49m of divestments
Completed 17 leasing deals totaling 210,514sqm including:
An agreement for lease with Target Australia for a 10 year pre lease of a 62,873 sqm warehouse & distribution facility at Drystone Estate Truganina, Melbourne
An agreement for lease signed with The Reject Shop for a 10 year pre lease of a 37,765 sqm warehouse and distribution facility at Drystone Estate Truganina, Melbourne
CPIF has been actively deploying capital completing $440m in acquisitions
CLP continues to grow, with the acquisition of three assets during the period, with FUM at $1.4b
Charter Hall Direct launched DIF3 in December 2014 and has since settled four assets with a fifth asset exchanged

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267 Doherty Road, Truganina, Melbourne (CLP)
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Sector overview	31 Dec 2015 30 Jun 2015	31 Dec 2015 30 Jun 2015	Change
FUM	$3.8b	$2.8b	$1.0b
Lettable area (sqm)	2.6m	1.9m	0.7m
No. of properties	85	76	9
Gross income	$287m	$219m	$68m
Occupancy	99.3%	98.6%	0.7%
WALE	9.0yrs	9.9yrs	(0.9yrs)
WACR	6.89%	7.43%	(0.54%)
CHC co-investment	$258m	$197m	$61m

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Retail Sector Activity

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Property Funds Management

6 months to 31 December 2015

Retail FUM increased 17% to $4.1b
Completed $495m of acquisitions and $93m of divestments
CQR acquired $228m in assets including Goulburn Plaza, NSW, Katherine Central, NT and a 47.5% interest in RP2 (Bateau Bay Square)
RP6 acquired Bass Hill Plaza, Sydney for $91m being the second asset for the fund
The CH Direct business successfully launched the Direct Automotive Trust (DAT) reaching the target equity raise of $55.6m and acquiring three assets for $102m[2 ]
Completed 182 leasing deals over 41,649sqm with occupancy remaining stable at 98.6%
LWIP’s FUM, gross income and CHC co-investment is allocated between the Hospitality sector (82% Hotels) and Retail sector (18% Dan Murphy’s and BWS outlets).

Bass Hill Plaza, Hume Highway, Sydney (RP6)

Sector overview	31 Dec 2015 30 Jun 2015	31 Dec 2015 30 Jun 2015	Change
FUM	$4.1b	$3.5b	$0.6b
Lettable area (sqm)	1.0m	0.9m	0.1m
No. of properties	102	95	7
Gross income	$328m	$297m	$31m
Occupancy	98.6%	98.6%	-
WALE	8.0yrs	7.8yrs	0.2yrs
WACR	6.62%	6.99%	(0.37%)
CHC co-investment	$335m	$251m	$84m

Based on asset completion value.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Hospitality Sector Activity

Property Funds Management

6 months to 31 December 2015

Hospitality FUM increased 11% to $616m
LWIP2 acquired two high quality assets leased to ALH with a WALE of 19.9yrs located in Victoria and Queensland for $28m
The ALH Group is the market leader in the Australian hotel sector and is 75% owned by Woolworths Limited and 25% by Mathieson Group

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Villa Noosa Hotel, Noosaville (LWIP)
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Sector overview	31 Dec 2015 30 Jun 2015	31 Dec 2015 30 Jun 2015	Change
FUM	$616m	$556m	$60m
Lettable area (sqm)	0.2m	0.2m	-
No. of properties	59	57	2
Gross income	$38m	$36m	$2m
Occupancy	100%	100%	-
WALE	18.9yrs	19.3yrs	(0.4yrs)
WACR	6.21%	6.45%	(0.25%)
CHC co-investment	$141m	$124m	$17m

LWIP’s FUM, gross income and CHC co-investment is allocated between the Hospitality sector (82% Hotels) and Retail sector (18% Dan Murphy’s and BWS outlets).

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Financial Result

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CHARTER HALL GROUP | Half Year Results | 31 December 2015

Profit and Loss by Segment

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Financial Result

26.3% growth in Operating Earnings to $61.2m
PI operating earnings up 26.3% to $35.9m
Invested an additional $97m (net)
Property investment income yield 7.2%
PFM earnings increased by 24.0% to $26.4m with strong revenue growth in all areas
OEPS growth of 9.5% to 15.0cps and DPS growth of 9.9% to 13.3cps
$89m net revaluation growth in statutory profit adds 22cps (8.0%) to NTA

$m	1H FY16	1H FY15	Change %
Property investment	35.9	28.4	26.3%
Property funds management	26.4	21.3	24.0%
Security-based benefits expense	(1.1)	(1.3)	(10.2%)
Operating earnings	61.2	48.4	26.3%
Property valuations (net)1	88.7	4.0
Amortisation and impairment of intangibles	(4.3)	(5.1)
Gain on disposal of investments and inventory1	6.0	0.2
MTM of derivatives1	(1.8)	(7.3)
Income taxes4	(4.0)	0.4
Other non-operating items1 Total non-operating items	(2.3) 82.3	(0.7) (8.5)
Profit after tax	143.5	39.9	259.6%
OEPS (cps)	15.0	13.7	9.5%
DPS (cps)	13.3	12.1	9.9%
Payout ratio	88.7%	88.3%
ROE2(earnings)	10.8%	11.4%	0.6%
ROE3(total return)	24.5%	13.7%	10.8%

Includes the Group's proportionate share of non-operating items of equity accounted investments on a look through basis.
Return on equity (earnings) is calculated as operating earnings divided by opening NTA plus contributed equity during the year.
Return on equity (total return) is calculated as the growth in property NTA per security plus the distribution paid/payable per security divided by the opening NTA per security for the 12 months to 31 December 2015 4. Income taxes are non cash

CHARTER HALL GROUP | Half Year Results | 31 December 2015

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Property Investment Earning Growth of 26.3%

Financial Result

Operating earnings from Property Investment of $35.9m, up 26.3%

$6.9m contribution from increased investments from deployment of capital
$0.9m or 3.1% growth in earnings from the comparable investments held for a comparable period

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$0.9m ($0.3m)
$6.9m
$35.9m
$28.4m
1H FY15 PI earnings Change in invested capital Change in earnings Other 1H FY16 PI earnings
(comparable portfolio)
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CHARTER HALL GROUP | Half Year Results | 31 December 2015

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Property Funds Management Earnings Up 24.0%

Financial Result

PFM operating earnings of $26.4m,up 24.0%
Investment Management revenue growth of 26.7% driven by:
$5.3m increase in fund management fees attributable to the impact of prior year FUM growth now generating recurring fees
$7.2m performance fees recognised in 1H FY16 (1H FY15: $1.2m) offset by;
Transaction fees reducing $1.4m to $10.0m in 1H FY16
Expenses up 14.8%, reflecting impact of FUM growth and investment in customer facing areas
PFM EBITDA margin has expanded 2.1% to 41.8%
The PFM platform is expected to be in a tax payable position from FY17

$m	1H FY16	1H FY15	Change %
Investment management	46.5	36.7	26.7%
Property services	20.0	19.2	4.2%
Total PFM revenue Net operating expenses	66.5 (38.7)	55.9 (33.7)	19.0% 14.8%
PFM EBITDA Depreciation	27.8 (1.4)	22.2 (0.9)	25.2% 55.6%
Income tax	0.0	0.0	-
PFM operating earnings	26.4	21.3	24.0%
PFM EBITDA margin on revenue	41.8%	39.7%	2.1%
PFM EBITDA margin on cost	71.7%	65.8%	5.8%
PFM net expenses / FUM1	49bps	50bps	(1bps)

Calculated as PFM net expense divided by closing FUM.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Balance Sheet Capacity

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Financial Result

Strong balance sheet maintained
Cash position of $61m at 31 December 2015
$186m increase in Property Investments made up of $97m net investments and $89m of net revaluations
Property Investments represent 93% of net tangible assets
$150m total liquidity at 31 December 2015

$m	31 December 2015	30 June 2015
Cash	61	152
Property investments	1,130	944
Development investments	34	47
Deferred tax assets	3	7
Other tangible assets	72	50
Intangibles	74	78
Total assets	1,374	1,278
Borrowings	-	-
Other liabilities	79	78
Total liabilities	79	78
Total equity	1,295	1,200
NTA per security	$2.98	$2.76
NAV per security	$3.17	$2.95
Balance sheet gearing1	0.0%	0.0%
Look through gearing (inc CHC)2	29.2%	23.9%
PI look through gearing (ex CHC)3	35.7%	36.5%
Total liquidity4	$150m	$240m

Debt net of cash / Gross assets less cash.
Calculated as Charter Hall’s debt (net of cash) / total assets (net of cash) of the Property Investments and Charter Hall’s balance sheet. 3. As above excluding Charter Hall balance sheet.
Total liquidity at 30 June 2015 excludes $25m Tranche B of CHC corporate debt facility which expired August 2015.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Property Investments

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Financial Result

The net movement in Property Investments to 31 December 2015 was $186m including:

$71m investment in CQR (including DRP and placement)
$35m investment in CLP and $16m investment in CPIF
$25m net divestment in Direct, CHOT, RP2 and RP6
$89m net revaluation growth

Property Investment Movement

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$89m
$16m ($25m) $1,130m
$35m
$71m
$944m
Jun 2015 CQR CLP CPIF Direct, CHOT, RP2 Net revaluation Dec 2015
and RP6
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CHARTER HALL GROUP | Half Year Results | 31 December 2015

NTA Per Security and Cap Rate Bridge

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Financial Result

NTA per security growth of 22cps (8.0%) primarily due to cap rate compression in existing property investment portfolio
WACR has reduced by 42bps with the following movements by sector:
Office: 52bps decrease to 6.61%
Industrial: 54bps decrease to 6.89%
Retail: 37bps decrease to 6.62%
Hospitality: 25bps decrease to 6.21%

NTA ($ per security)

Weighted Average Cap Rate[1 ]

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$0.01 ($0.01) (0.18%)
$0.22
$2.98 7.00% (0.12%)
(0.08%)
(0.04%)
6.58%
$2.76
Jun 2015 NTA Revaluations Op Earnings net Other Dec 2015 NTA Jun 2015 Office Industrial Retail Hospitality Dec 2015
of distribution WACR WACR
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WACR is Weighted Average Cap Rate for the Charter Hall Group Property Investments portfolio and is weighted by individual co-investment value as a proportion of total property investments.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Outlook and Guidance

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CHARTER HALL GROUP | Half Year Results | 31 December 2015

FY16 Outlook and Earnings Guidance

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Outlook and Guidance

Given volatility across global equity markets, the stable return characteristics of direct property have become increasingly compelling. Because of this, we expect quality assets to continue to be highly sought during 2016.

We expect Charter Hall's co-investment strategy will continue to generate strong results for investors and stakeholders.

Charter Hall continues to focus on portfolio security by investing in assets with strong tenant covenants and lease durations, delivering sustainable income and capital growth prospects.

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Artist impression, WSU Parramatta Campus, NSW (CPOF/DOF)
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Our guidance is as follows:

Absent unexpected events, Charter Hall’s guidance for FY16 operating earnings per security is upgraded to 8-10% growth over FY15.

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

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Brickworks Woolworths Marketplace, Adelaide, SA (CQR)
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CHARTER HALL GROUP | Half Year Results | 31 December 2015

Additional Information

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CHARTER HALL GROUP | Half Year Results | 31 December 2015

Additional Information

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1	Group & Managed Funds Overview	36
2	Property Investment Portfolio	38
3	Fund Updates	39
4	Key Financial Metrics	45
5	Capital Management and Funding	48
6	Fund Key	50

CHARTER HALL GROUP | Half Year Results | 31 December 2015

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Group Overview

Property Funds Management Platform $15.9b FUM

Investment management
• Transaction services • Capital management

FUM	$15.9b
No. of properties	294
Gross income	$1.3b

Asset management
Property management
Development management
Technical services

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Property Funds Management Platform
$1,130m co-investments
OFFICE INDUSTRIAL RETAIL [1 ] HOSPITALITY [1 ]
$396m $258m $335m $141m
(35% of portfolio) (23% of portfolio) (30% of portfolio) (12% of portfolio)
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LWIP is allocated between the Hospitality sector (82% Hotels) and Retail sector (18% Dan Murphy’s and BWS outlets).

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Charter Hall Managed Funds

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FUM as at 31 December 2015

Office $7.4b

Industrial $3.8b

($396m Property Investment) ($258m Property Investment)

Retail $4.1b[2 ] Hospitality $0.6b[2 ] ($335m Property Investments) ($141m Property Investments)

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CHOT CPOF CLP CPIF LWHP RP2 LWIP [2 ] LWIP2
BSWF [3 ]
$2.4b $2.5b $1.4b $1.7b $0.7b $0.1b $0.5b $62m
($186m / 14%) ($180m / 12%) $0.6b ($138m / 16%) ($94m / 8%) ($44m / 11%) ($6m / 5%) ($135m/50%) ($6m/10%)
RP6 Other [2]
CHOF 5 Mandates
$0.2b $0.5b
$83m $0.5b
($32m / 20%) ($29m / 50%)
DOF PFA DIFs/CDC
Workzone DAT BW Trust
$0.7b $0.2b $0.8b
$0.1b $0.1b $84m
($28m / 5%) ($0.2m / 0%) ($26m / 18%)
CHUF
VA CHIF 8
$2m
$79m $59m
($1m / 20%)
CQR [1 ]
$2.5b
($224m /
14%)
Equity
Wholesale
Retail Equity
Listed Equity
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FUM definition includes completion value for development assets.
LWIP is allocated between the Hospitality sector (82% Hotels) and Retail sector (18% Dan Murphy’s and BWS outlets).
Brisbane Square Wholesale Fund (BSWF) includes 67% of Bankwest Place and Brisbane Square.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

CHC Property Investment Portfolio

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As at 31 December 2015

	Ownership Stake Charter Hall Investment Charter Hall Investment Income WALE Market Cap Rate Discount Rate Average rental reviews Charter Hall Investment Yield 3
	(%) ($m) ($m) (years) (%) (%) (%) (%)
Listed	224 7.0
Charter Hall Retail REIT (CQR)1	14.3% 224 7.0 6.8 6.9% 8.4% 4.1% 8.2%
Wholesale	851 26.1
Charter Hall Office Trust (CHOT)	14.3% 186 5.0 5.6 6.4% 7.6% 3.6% 6.3%
Charter Hall Core Plus Office Fund (CPOF)	11.8% 180 4.6 6.6 6.5% 7.9% 3.9% 5.4%
Long WALE Investment Partnership (LWIP)	50.0% 165 6.0 18.8 6.2% 8.1% 2.5% 8.1%
Core Logistics Partnership (CLP)	15.6% 138 4.0 10.0 6.7% 8.1% 3.1% 6.7%
Charter Hall Core Plus Industrial Fund (CPIF)	8.2% 94 2.9 7.0 7.0% 8.4% 3.0% 7.7%
Long WALE Hardware Partnership (LWHP)	11.3% 44 1.3 9.8 6.1% 8.0% 2.6% 6.9%
Retail Partnership No. 6 Trust (RP6)1	20.0% 32 0.7 4.6 6.1% 8.2% 3.7% 5.8%
Retail Partnership No. 2 (RP2)1	5.0% 6 1.5 4.9 6.5% 8.3% 4.6% 7.7%
Long WALE Investment Partnership 2 (LWIP2)	10.0% 6 0.1 19.6 6.5% 9.0% 2.5% 7.0%
Direct	54 2.8
Direct Office Fund (DOF)	5.4% 28 1.9 8.7 6.6% 7.8% 3.6% 9.7%
PFA Diversified Property Trust (PFA)	0.1% 0 0.0 5.0 8.3% 8.8% 2.9% 8.9%
Direct Industrial Fund No. 3 (DIF3)	17.6% 26 0.9 14.0 7.2% 8.8% 3.0% 7.5%
Other	1 0.1
Diversified Property Fund (DPF)	19.6% 0 0.0 3.9 9.3% 10.0% 2.6% n/a
Charter Hall Umbrella Fund (CHUF)	24.2% 1 0.0 3.9 9.3% 10.0% 2.6% n/a
Other	- 0.1
Total2	1,130 36.0 8.8 6.6% 8.1% 3.4% 7.2%

Average rent reviews is contracted weighted average rent increases of specialty tenants.
Weighted average property statistics based on the funds where CHC has an investment as at 31 December 2015.
Yield = Operating earnings divided by starting investment value (MTM) at start of the year adjusted for investments / divestments. Excludes MTM movements in NTA during the year.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Core Plus Office Fund (CPOF)

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Property Investment Portfolio

	Portfolio characteristics	Key metrics
	Grosspropertyassets1 Total debt(look through) Gearing (look through)	$2.5b $0.8b 32.4%
	Number of assets Occupancy2 Weighted average lease expiry2	18 95.3% 6.6years
	CBD and CBD fringe assets	97%
	Agrade assets	99%
	Weighted average caprate	6.53%
	Weighted average rent review(next 12 months)	3.9%
	Charter Hall co-investment	$180m / 11.8%

Key events during 1H FY16

CPOF settled contracts to acquire 55 King Street, Melbourne for $78.5m in February 2016
The fund agreed terms with CIMIC group to acquire the development rights for 130 Lonsdale Street, Melbourne (Wesley Place) for a potential 55,000sqm office project
Assets currently under construction include 333 George Street, Sydney, 169 Macquarie Street, Parramatta (WSU campus) and 900 Ann Street, Fortitude Valley (new Aurizon headquarters)
Significant leasing achieved at 570 Bourke Street, Melbourne taking occupancy from 44% to 93% and at 333 George Street, Sydney with over 60% of lettable space now committed

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Geographic allocation
SA
(by GAV) 7%
WA NSW
17% 31%
VIC
24% QLD
22%
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Debt expiry profile (by facility limit)

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600 $550m
500
400
$300m
300
$239m
200 $150m
100
0
FY16 FY17 FY18 FY19 FY20+
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Represents 31 December 2015 book values including the completion value of WSU, Parramatta and 900 Ann St, Fortitude Valley. 2. Occupancy and WALE based on the core portfolio, which excludes 333 George Street, Sydney (under construction).

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Charter Hall Office Trust (CHOT)

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Property Investment Portfolio

Key events during 1H FY16

CHOT’s return for CY15 was 26% making CHOT the best performing wholesale office fund in Australia over each of the past 4 years[1 ]
The portfolio was independently valued at $2.4b as at 31 December 2015 representing a gross increase of 11.8% against December 14 valuations. CHOT’s non-core sales campaign is well advanced with one asset exchanged and progressing on three others.
Significant leasing activity was achieved with 67,081sqm (18% of portfolio) executed including major new leases to Amazon at Park St (9,250sqm) and Expedia at 1 Martin Place (5,400sqm)

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Geographic allocation
(by GAV) WA ACT
2% 2%
QLD
9%
VIC NSW
26% 62%
1. Source: MSCI/IPD Wholesale Office Property Funds Index.
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	Portfolio characteristics	Key metrics
	Grosspropertyassets Total debt Gearing (balance sheet)	$2.4b $1.1b 46.2%
	Number of assets	15
	Occupancy	97.9%
	Weighted average lease expiry	5.6years
	CBD assets	85%
	Primegrade assets	94%
	Weighted average caprate	6.41%
	Weighted average rent review(next 12 months)	3.6%
	Charter Hall co-investment	$186m / 14.3%

Debt expiry profile (by facility limit)

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450
$400m $400m $400m
400
350
300
250
200
150
100
50
0
FY16 FY17 FY18 FY19 FY20+
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CHARTER HALL GROUP | Half Year Results | 31 December 2015

Core Plus Industrial Fund (CPIF)

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Property Investment Portfolio

Key events during 1H FY16

CPIF is one of the highest ranked unlisted wholesale property funds[1] (all sectors) over the 3 years to 31 December 2015 according to MSCI/IPD Wholesale Pooled Property Funds Index benchmark data
During the 6 months to December the Fund reached $1.7b in gross asset value and is now diversified across 43 assets with 99.6% occupancy and a 7.0 year WALE
CPIF controls a 58ha land bank spread across multiple sites with capacity to deliver up to 263,000sqm of investment product

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Geographic allocation
(by GAV) TAS SA
NT 3% 2%
2% NSW
WA 31%
16%
QLD
20%
VIC
26%
1. Source: MSCI/IPD Wholesale Pooled Property Funds Index – multi asset funds.
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	Portfolio characteristics	Key metrics
	Gross property assets	$1.7b
	Total debt	$0.4b
	Gearing (look through)	26.7%
	Number of assets	43
	Occupancy	99.6%
	Weighted average lease expiry	7.0 years
	Weighted average cap rate	7.02%
	Weighted average rent review (next 12 months)	3.0%
	Charter Hall co-investment	$94m / 8.2%

Debt expiry profile (by facility limit)

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700 $650m
600
500
400
300
200
100
$24m
0
FY16 FY17 FY18 FY19 FY20+
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CHARTER HALL GROUP | Half Year Results | 31 December 2015

Core Logistics Partnership (CLP)

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Property Investment Portfolio

Key events during 1H FY16

Acquired or completed circa $320m of assets during 1H FY16 with a further $175m to settle early 2HY16. Divested $33m during 1H FY16.
Portfolio net revaluation uplift of $63m at 31 December 2015 representing a 5.3% GAV increase
Significant leasing activity with circa 120,000sqm executed or under heads of agreement

	Portfolio characteristics	Key metrics
	Gross property assets	$1.4b
	Total debt	$0.4b
	Gearing (balance sheet)	28.0%
	Number of assets	24
	Occupancy	98.7%
	Weighted average lease expiry	10.0 years
	Weighted average cap rate	6.66%
	Weighted average rent review (next 12 months)	3.1%
	Charter Hall co-investment	$138m / 15.6%

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Geographic allocation
(by GAV) SA NSW
TAS 8%
8%
4%
WA
8%
QLD
12%
VIC
60%
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Debt expiry profile (by facility limit)

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500
$450m
400
300
200
100
0
FY16 FY17 FY18 FY19 FY20+
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CHARTER HALL GROUP | Half Year Results | 31 December 2015

Charter Hall Retail REIT (CQR)

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Property Investment Portfolio

Key events during 1H FY16

Acquired $228m in assets at an average initial yield of 7.0%
Continuing disposal of non-core assets including Collie and Ballajura post balance date
USPP issued for 10 year duration increasing weighted average debt maturity to 6.7 years[2 ]
First two deals completed with Aldi entering into centres in WA and SA

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Geographic allocation
(by GAV) ACT
WA 4%
15%
NT
1%
VIC NSW
11% 42%
TAS
1%
SA
6%
QLD
20%
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For specialty stores only.

	Portfolio characteristics	Key metrics
	Grosspropertyassets Total look through debt(net of cash)	$2.5b $0.9b
	Gearing (look through)	35.4%
	Total number of assets	76
	Occupancy (weighted on GLA)	98.4%
	Anchor WALE	10.3years
	Weighted average caprate	6.89%
	SamepropertyNOIgrowth(1H FY16)	2.4%
	Weighted averaged rent review1 (next 12 months)	4.1%
	Charter Hall co-investment	$224m / 14.3%

Debt expiry profile (by facility limit)

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450 $429m
400 $335m
350 $315m
300
250
200
150
100
50
0
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24+
USPP Syndicated Debt Facility
Non-recourse JV A$ bank debt Undrawn
Bi-lateral Bank Debt Facility
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Weighted average debt maturity post February 2016 USPP.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Long WALE Investment Portfolio (LWIP)

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Property Investment Portfolio

Key events during 1H FY16

$675m portfolio of 54 ALH leased hotels including 18 Dan Murphy’s
Portfolio WALE of 18.8 years at December 2015 with CPI annual rental increases
31 December 2015 weighted average cap rate of 6.17%

	Portfolio characteristics	Key metrics
	Gross property assets1 Total debt Gearing (balance sheet) Number of assets	$0.7b $0.3b 51.4% 54
	Occupancy	100%
	Weighted average lease expiry	18.8 years
	Weighted average cap rate	6.17%
	Weighted average rent review (next 12 months)	CPI
	Charter Hall co-investment	$165m / 50.0%

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Geographic allocation
(by GAV) SA NSW
TAS
7% 3%
3%
WA
11%
VIC
39%
QLD
37%
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Debt expiry profile (by facility limit)

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180 $170m $170m
160
140
120
100
80
60
40
20
0
FY16 FY17 FY18 FY19 FY20+
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December 2015 Independent valuation.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Key Financial Metrics

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Financial Performance

Group	1H FY16	1H FY15	Change
Statutory profit after tax	$143.5m	$39.9m	259.6%
Operating earnings	$61.2m	$48.4m	26.3%
Operating earnings per security (OEPS)	15.0cps	13.7cps	9.5%
Distribution per security (DPS)	13.3cps	12.1cps	9.9%
Return on Equity1(earnings)	10.8%	11.5%	(0.6%)
Return on Equity2(total return)	24.5%	13.7%	10.8%
Balance Sheet	At 31 Dec 2015	At 30 Jun 2015	Change
Funds under management	$15.9b	$13.6b	17%
Total Group assets	$1,374m	$1,278m	7.5%
NAV per security	$3.17	$2.95	7.5%
NTA per security	$2.98	$2.76	8.0%
Balance sheet gearing3	0.0%	0.0%	-
Look through gearing (inc CHC)4	29.2%	23.9%	5.3%
PI look through gearing (ex CHC)5	35.7%	36.5%	(0.8%)

Return on equity (earnings) is calculated as operating earnings divided by opening NTA plus contributed equity during the year.
Return on equity (total return) is calculated as the growth in property NTA per security plus the distribution paid/payable per security divided by the opening NTA per security. 3. Debt (net of cash) / Gross assets (less cash)
Calculated as Charter Hall’s debt (net of cash) / total assets (net of cash) of the Property Investments and Charter Hall’s balance sheet.
As above excluding Charter Hall balance sheet

CHARTER HALL GROUP | Half Year Results | 31 December 2015

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Property Funds Management Operating Earnings

Financial Performance

$m	1H FY16	1H FY15	Change	Change %
Revenue
Fund management fees	29.3	24.1	5.2	21.9%
Transaction and performance fees	17.2	12.6	4.6	36.0%
Investment management	46.5	36.7	9.8	26.7%
Property management fees	8.1	7.5	0.6	8.3%
Development management fees (Inc. CIP)	4.7	5.9	(1.2)	(19.3%)
Leasing fees	5.3	4.7	0.6	12.9%
Facilities and project management fees	1.9	1.1	0.8	66.2%
Property services	20.0	19.2	0.8	4.2%
Total funds management revenue	66.5	55.9	10.6	19.0%
Net operating expenses	(38.7)	(33.7)	(5.0)	14.8%
Depreciation	(1.4)	(0.9)	(0.5)	55.6%
Operating earnings: Property Funds Management1	26.4	21.3	5.1	24.0%

Excludes security-based benefits expense.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

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Reconciliation of Operating Earnings to Statutory Profit

Financial Performance

$m	1H FY16	1H FY15
Operating earnings	61.2	48.4
Net fair value loss on financial derivatives1	(1.8)	(7.3)
Net value adjustments on investments1	88.7	4.0
Amortisation and impairment of intangibles	(4.3)	(5.1)
Income taxes (non-cash)	(4.0)	0.4
Gain on disposal of investments and inventory1	6.0	0.2
Other1	(2.3)	(0.7)
Statutory profit after tax attributable to stapled securityholders	143.5	39.9

Includes the Group's proportionate share of non-operating items of equity accounted investments on a look through basis.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Group Debt Management

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Capital Management and Funding

Substantial funding capacity available across the funds platform
$6.9bn of debt facilities across 26 funds and the Group
$1.5bn available undrawn debt plus $0.2bn of cash
$0.9bn of new debt facilities and $0.8bn of refinanced debt in HY16
Group weighted average debt maturity¹ of 3.3 years, up from 3.2 years
WACD² is to 4.72% down from 4.88%
Interest rate hedging to 71%, down from 79% across the funds platform
Since 30 June 2015 $0.5b of debt facilities raised from new sources
28% of group debt facilities unsecured
Debt duration is based on facility limits.
Passing cost of debt is on a look through basis and includes floating rate, hedge rate, margins, line fee but excludes undrawn line fees and amortised borrowing costs.

Key Debt Metrics	Dec 15	Jun 15
Group facility limit ($m)	6,901	6,336
Group undrawn debt ($m)	1,459	1,667
Total group cash ($m)	206	262
Look through gearing (%)	29.2%	23.9%
Look through weighted average debt maturity (yrs)1	3.3 yrs	3.2 yrs
Look through weighted average cost of debt2	4.72%	4.88%
Look through interest rate hedging (%)	71%	79%

Look through Debt Facility by Sector[1 ]

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3,500 38.3%
3,000 Undrawn
Drawn
2,500
2,000 37.3%
27.9%
1,500
1,000
500 49.4%
29.2%
0
Corporate Office Retail Industrial Hospitality
Debt Facility ($m)
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CHARTER HALL GROUP | Half Year Results | 31 December 2015

Debt Maturity Profile

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Capital Management and Funding

CHC look through weighted average maturity at 31 December 2015 is 3.3 years

Total Group

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2,000
1,800
1,632
1,600
1,400 1,331
1,275 1,258
1,200
964
1,000
800
600
400 363
200
78
-
FY16 FY17 FY18 FY19 FY20 FY21 FY22+
Corporate Office Retail Industrial Hospitality
Debt Facilities ($m)
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CHC look through

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300
250 206
217
198
200
159
150
100 86
50 40
9
-
FY16 FY17 FY18 FY19 FY20 FY21 FY22+
Corporate Office Retail Industrial Hospitality Series7
Debt Facilities ($m)
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CHARTER HALL GROUP | Half Year Results | 31 December 2015

Fund Key

Listed Entities
CHC	Charter Hall Group
CQR	Charter Hall Retail REIT

Wholesale (Pooled and Partnerships)	Wholesale (Pooled and Partnerships)
BSWF	Brisbane Square Wholesale Fund
CHOT (Partnership)	Charter Hall Office Trust
CLP (Partnership)	Core Logistics Partnership
CPIF (Pooled)	Core Plus Industrial Fund
CPOF (Pooled)	Core Plus Office Fund
LWHP	Long WALE Hardware Partnership
LWIP	Long WALE Investment Partnership
LWIP2	Long WALE Investment Partnership No. 2
RP1	Retail Partnership No.1
RP2	Retail Partnership No.2
RP6	Retail Partnership No.6

Funds being realised
CHOF5	Charter Hall Opportunity Fund 5
CHUF	Charter Hall Umbrella Fund
DPF	Diversified Property Fund

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Direct Funds
BW Trust	BW Trust (Direct syndicate)
CDC	Charter Hall Direct CDC Trust
CHIF8	144 Stirling Street Trust
DIF, DIF2, DIF3	Direct Industrial Fund series
DOF	Direct Office Fund (Formerly Charter Hall Direct Property Fund)
PFA	PFA Diversified Fund
VA	Charter Hall Direct VA Trust
DAT	Charter Hall Direct Automotive Trust
Other
CAGR	Compound Annual Growth Rate
Cap Rate	Capitalisation Rate
FUM	Funds Under Management
NTA	Net Tangible Assets
OEPS	Operating Earnings per Security
PFM	Property Funds Management
PI	Property Investments
WACR	Weighted Average Cap Rate
WALE	Weighted Average Lease Expiry

CHARTER HALL GROUP | Half Year Results | 31 December 2015

About Charter Hall Group

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Charter Hall Group (ASX:CHC) is one of Australia’s leading fully integrated property groups, with over 24 years’ experience managing high quality property on behalf of institutional, wholesale and retail clients. As at 31 December 2015 Charter Hall had $15.9 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.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Contact Us

David Harrison Managing Director & Group CEO

Charter Hall Group

T: +61 2 8651 9142 [email protected]

Richard Stacker Head of Corporate Office (Head of IR) Charter Hall Group

T: +61 2 8651 9260 [email protected]

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 2015 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 Financial Report filed with the Australian Securities Exchange on 26 August 2015. 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.

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Paul Altschwager Chief Financial Officer

Charter Hall Group

T: +61 2 8651 9242 [email protected]

Nick Kelly Head of Direct Property

Charter Hall Group

T: +61 2 8651 9235 [email protected]

Indications of, and guidance on, future earnings and financial position and performance are “forwardlooking 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. All information here in is current as at 31 December 2015 unless otherwise stated, and all references to dollars ($) or A$ are Australian Dollars unless otherwise stated.

CHARTER HALL GROUP | Half Year Results | 31 December 2015

Sydney Head Office Level 20, No.1 Martin Place, Sydney, NSW, 2000 T: +61 2 8651 9000

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AI assistant

CHARTER HALL GROUP — Interim / Quarterly Report 2016

64645_rns_2016-02-24_631cb74a-c2a6-4356-9f13-b03369bc3d9e.pdf