CHARTER HALL GROUP — Investor Presentation 2019

Jun 10, 2019

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CHARTER HALL GROUP DEVELOPMENT SHOWCASE

SYDNEY 11 JUNE 2019

Charter Hall | 2019 Development Showcase

Agenda

1. Welcome and Housekeeping

2.	Charter Hall Research View
3.	Pre-Leased Transactions

4. Office Development Update

5.	Industrial Development Update
6.	Diversified Development Update
7.	Charter Hall Advantage

Philip Cheetham, Head of Investor Relations Sasanka Liyanage, National Research Manager Mark Harrison, Head of Capital Transactions Andrew Borger, Head of Office Development Simon Stockfeld, Regional Development Director VIC / SA Bradley Norris, Regional Development Director QLD / WA Michael West, Development Executive

Andrew Simons, Head of Industrial Development Julian Etter, Development Manager – Industrial Matthew Cox, National Industrial Delivery Manager Ben Dodwell, Head of Diversified Development David Harrison, Managing Director & Group CEO

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Charter Hall |

Welcome and Housekeeping Philip Cheetham, Head of Listed Investor Relations

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Charter Hall |

Charter Hall Research View

Sasanka Liyanage, National Research Manager

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Chullora Logistics Park, 2 Hume Highway, Chullora NSW

Charter Hall | 2019 Development Showcase

Office national market balance

National CBD

Vacancy, net supply and net absorption

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sqm Vacancy (%)
700,000 14.0%
600,000
12.0%
500,000
10.0%
400,000
300,000
8.0%
200,000
6.0%
100,000
- 4.0%
-100,000
2.0%
-200,000
-300,000 0.0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Net Increase in Stock (sqm) Net Absorption (sqm) Vacancy (%)
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Sources: Deloitte Access Economics, Charter Hall Research. At 1Q19.

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Charter Hall | 2019 Development Showcase

Office Sydney & Melbourne market balance

Sydney

Vacancy, supply and withdrawals

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sqm Vacancy (%)
300,000 12.0%
250,000
10.0%
200,000
150,000
8.0%
100,000
50,000 6.0%
-
4.0%
-50,000
-100,000
2.0%
-150,000
-200,000 0.0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Completions (sqm) Withdrawals (sqm) Vacancy (%)
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Melbourne

Vacancy, net supply and net absorption

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sqm Vacancy (%)
250,000 12.0%
200,000
10.0%
150,000
8.0%
100,000
6.0%
50,000
4.0%
-
2.0%
-50,000
-100,000 0.0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Net Increase in Stock (sqm) Net Absorption (sqm) Vacancy (%)
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Vacancy across Sydney and Melbourne has reached the lowest levels since 1989. The markets have been affected by:

• significant stock reductions

• a period of limited supply

• notable growth in occupier demand

• planning amendments

• markedly higher development site costs

Sources: JLL, Charter Hall Research. At 4Q18.

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Charter Hall | 2019 Development Showcase

Office major market rental differentials

Indicative net face rent

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$/sqm p.a.
$1,200
$1,141
$1,024
$1,000
$842
$800
$787
$689
$600 $612 $602 $621
$580
$537
$523
$504 $500
$477
$438 $435
$400 $388 $395
$375
$308
$255
$200
$0
Sydney CBD North Sydney Brisbane CBD Perth CBD Melbourne CBD Parramatta Adelaide CBD
Prime Weighted Average Secondary
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Sources: JLL REIS, Charter Hall Research. At 1Q19.

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Charter Hall | 2019 Development Showcase

Above trend industrial demand

Strong occupier demand activity coupled with steady supply

Occupier demand above historical averages

Industrial gross take-up

Supply in line with long-term averages

National industrial construction

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Gross take-up
(sqm millions)
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Sydney Melbourne Brisbane
Perth Adelaide 10-year annual average
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Supply (sqm
millions)
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Completed Under Construction
Plans Approved 10-year annual average
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• Industrial gross leasing volumes have been above the historical averages since 2015. Annual national leasing volumes have averaged 2.6 million sqm over CY1518; exceeding the 10-year annual average of 2.2 million sqm. Over this period, the majority of activity was concentrated across the Sydney and Melbourne markets. Sydney’s annual leasing volumes have averaged 1.1 million sqm over this period; above its longer-term average of 720,000 sqm. Similarly, total annual take-up volumes in Melbourne have been above trend levels since 2Q15.

• Supply levels have been in line with longer term trend supply. Approximately 1.6 million sqm in new developments were completed over 2018. This was marginally above the 10-year annual average of 1.47 million sqm.

Sources: JLL, Charter Hall Research. At 1Q19.

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Charter Hall | 2019 Development Showcase

Above trend industrial demand

Strong rental growth emerges from increased demand

Lower availabilities of vacant space drive rental growth

National weighted prime rental growth

Broad-based rental growth nationally

Annual prime rental growth by precinct (%)

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Annualised rental
growth (%)
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
-2.0%
-4.0%
-6.0%
-8.0%
Mar-05 Mar-07 Mar-09 Mar-11 Mar-13 Mar-15 Mar-17 Mar-19
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Sydney South 6.0%
Sydney North 5.0%
Melbourne West 4.8%
Sydney Outer Central West 4.3%
Adelaide Outer North 4.3%
National Weighted 4.0%
Brisbane Southern 3.4%
Adelaide North West 3.3%
Adelaide Inner West/ East 3.2%
Adelaide North East 2.6%
Brisbane Northern 2.5%
Melbourne South-East 2.3%
Sydney Outer North West 1.8%
Melbourne North 1.8%
Sydney Inner West 0.7%
Sydney Outer South West 0.0%
Brisbane Trade Coast -0.1%
Perth North -0.7%
Perth South -3.4%
Perth East -4.5%
-6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0%
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• National industrial rents continue to trend upward. The National GSP-weighted prime industrial rent grew at the strongest annual rate since mid-2011. The improved conditions across Brisbane, Perth and Adelaide coupled with the continued growth in Sydney and Melbourne have underpinned headline national growth figures.

Sources: JLL, Charter Hall Research. At 1Q19.

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Charter Hall | 2019 Development Showcase

Industrial construction snapshot

Robust construction activity in the Sydney and Melbourne markets

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Supply (sqm SYDNEY
millions)
1.2
1.0
0.8
0.6
0.4
0.2
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Completed Under Construction
Plans Approved 10-year annual average
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Supply (sqm
millions) MELBOURNE
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Completed Under Construction
Plans Approved 10-year annual average
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Supply (sqm BRISBANE
millions)
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Completed Under Construction
Plans Approved 10-year annual average
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Supply (sqm
millions) PERTH
0.4
0.3
0.3
0.2
0.2
0.1
0.1
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Completed Under Construction
Plans Approved 10-year annual average
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Sources: JLL, Charter Hall Research. At 4Q18.

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Charter Hall | 2019 Development Showcase

Industrial land value growth accelerates

Increased industrial demand and development generates land value growth

Sydney and Melbourne land value growth

Annualised Growth (serviced land)

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(%)
50%
40%
30%
20%
10%
0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
-10%
-20%
-30%
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• A shortage of serviced land and increased development activity has resulted in the accelerated growth in the land values in both markets

• Sydney 2-5 ha land value growth has been normalising since 4Q17, where annual land value growth reached 36%

• Melbourne 2-5 ha land values have continued to climb. At 1Q19, annual land value growth reached 37%

2-5 ha land value growth ($/sqm)

	Sydney	Melbourne
Mar-14	$232	107
Mar-19	$560	233
Growth (%)	141%	118%

Sydney Melbourne

Source: JLL REIS, Charter Hall Research. At 4Q18.

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Charter Hall |

Pre-Leased Transactions

Mark Harrison, Head of Capital Transactions

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Dandenong Distribution Centre, 225 Glasscocks Road, Dandenong South VIC

Charter Hall | 2019 Development Showcase

Office transactions - commercial pre-commitment sales

Overview

• Pre-committed market transactions are generally offered through either a Fund Through or Takeout structure. The asset is either partial or fully pre-committed to a high quality covenant with income support over any vacant space (3 – 5 years)

• Since 2016, there has been circa 3,700,000 sqm of take up and circa $55.27 billion of institutional grade commercial sales Nationally

• Pre-committed sales of 50% interests dominate as institutional developers sell down 50% to improve ROIC over remaining interest

• The average Premium Grade asset is trading at between 4.50% - 4.75% and the average A-Grade asset is trading at between 4.625% - 5.25%

• When analysing the recent pre-commitment sales, the market has applied a premium of 0.125% - 0.375% yield compression on high quality de-risked pre-committed investments

Market Observations: 1 Esplanade, Perth – Chevron Pre - Lease

• Opportunity to acquire a 50% freehold interest was presented on market via agents appointed by developer Brookfield Properties

• Premium Grade office fund-through development extending 56,420 sqm of NLA, with target completion mid 2023 and providing extensive building amenities (childcare, gym, retail, F&B)

• Chevron (S&P AA- credit rating) pre-committed to 60% - 80% (expansion & contraction rights) of total NLA for a 15 year lease term

• The development and delivery risk to be taken by Brookfield, with the market viewing this transaction as an attractive de-risked acquisition structure with 5 year vendor income support from PC

• Pricing expectations were c.$400 million (5.50%) to acquire a 50% freehold interest

• It is understood the asset is in due diligence at c.$440 million (c. 5.00%). A clear display that the market is willing to pay a significant premium for high quality de-risked pre-committed investment opportunities and highlights lack of long WALE acquisition opportunities

Pre-Commitment Take-Up

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500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
-
2016 2017 2018 2019
National NSW VIC
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Charter Hall | 2019 Development Showcase

Office transactions - commercial pre-commitment sales

	1 Esplanade,	118 Mount Street,	183 – 185 Clarence	275 George Street,	80 Ann Street,	Quay Quarter Tower,	Wynyard Place,	105 Phillip Street,
	Perth WA	North Sydney NSW	Street, Sydney NSW	Sydney NSW	Brisbane QLD	Sydney NSW	Sydney NSW	Parramatta NSW
Vendor	Brookfield	Zurich	Built	John Holland Group	Mirvac	AMP	Brookfield	Dexus
Purchaser	Ongoing	Ongoing	TH Real Estate	TH Real Estate	M&G Real Estate	REST Super	AMP & UniSuper	Charter Hall
Sale Price$M	$440(50%)	$350 -$375	$180	$236	$418(50%)	$912(33%)	$1,900(49.9%)	$229
Rate$/sqm	$7,800	$17,000 -$18,000	$22,000	$31,000	$13,800	$29,000	$25,500	$9,000
Tenant	Chevron	Zurich	Built	5-year RG	Suncorp	AMP	NAB	WSU
WALE	15.0years	10.0years	5.7years	5.0years	10.0years	10.0years	10.0years	12.0years
Sale Date	Jun-19	Jun-19	Nov-18	Aug-18	Jul-18	Mar-18	Sep-17	Apr-17
Cap Rate	c. 5.00%	4.75% - 5.00%	5.00% - 5.25%	4.50% - 4.63%	c.5.00%	4.69% - 4.75%	4.63% - 4.75%	5.7%
IRR	6.50%	6.50%	6.60%	6.20%	6.50%	6.50%	6.40%	7.15%

	Pre-commit
	Averages
Cap Rate	5.00%
IRR	6.50%
WALE	9.7 years
Rate $/sqm	$16,500

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Charter Hall | 2019 Development Showcase

Industrial national pre-commitment market

Leasing Overview

• Since 2016 there has been circa 8,000,000 sqm of take up nationally

• This has been recorded across 694 major leasing transactions

• Nationally 49% of the industrial leasing market since 2016 is pre-commitment (new build) activity

• Of the pre-commitment (new build) market 69% of activity has occurred in Sydney and Melbourne since 2016

• Major institutional developers dominate the development and pre-lease markets (Charter Hall, Goodman, Dexus, Frasers), leading to a lack of institutional quality pre leased assets available for purchase

Transaction Overview

• Since 2016 there has been circa $18 billion of institutional grade industrial sales nationally

• Of those sales there has only been five pre-commitment sales (before or at practical completion) in Melbourne and four in Sydney

• Developers are intent on retaining their developed core product to grow portfolios

• Institutions acquiring sites to develop to core, creating severe excess demand for available acquisitions driving down cap rates

Property	Location	Tenant	Date		GLA
ConnectWest, Truganina	Melbourne West	Super Amart	Jan-19		48,800
585-649 Mamre Road, Erskine Park	Sydney West	Snack Brands	Nov-18		30,255
Redbank Industrial Estate, Redbank	Brisbane South	Australia Post	Jul-18		50,277
Dohertys Road, Truganina	Melbourne West	Woolworths	May-18		32,600
Property Connect West Industrial Estate, Truganina, Vic Oakdale South Industrial Estate, Kemps Creek 27 Doriemus Drive, Truganina 240-268 Gilmore Road, Berrinba 36 Huntingwood Drive, Huntingwood	Tenant Date Price Initial Yield Super Amart Jun-19 $69.7m 5.25% Sydney West DHL Melbourne West Visy Packaging Brisbane South Mitre 10 Sydney West Chemist Warehouse		IRR (10-yr) 6.50% Apr-18 Feb-18 Feb-18 Jan-18	WALE 10.0	$ / sqm $1,429 33,976 37,940 31,006 32,715
First Estate, Erskine Park, NSW	Multi-tenanted Withdrawn	$375.0m 4.81%	6.62%	11.8	$3,209
55 Yarrunga Street, Prestons, NSW 16 Infinity Drive, Truganina, NSW	Mainfreight Jul-18 Effective Logistics Oct-17	$76.50m 5.25% $21.50m 6.32%	7.00% 7.41%	10.5 7.0	$2,475 $1,187
28B McPherson Street, Banksmeadow	AFP Oct-18	$60.20m 4.44%	7.20%	14.2	$2,777

Pre-Commitment Take-Up

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1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
2016 2017 2018 2019
National Sydney Melbourne
(million sqm)
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Charter Hall | 2019 Development Showcase

Industrial market transaction – case study

Mainfreight Distribution Centre, Prestons NSW

• Off-market secured pre-leased prime logistics facility fully leased to Mainfreight Distribution Pty Limited for a period of 10.5 years

• Purchased under construction and comprises a purpose built, high clearance, warehouse of 30,900sqm separated across two freestanding buildings

• The transaction represented a strategic opportunity to acquire a modern, high quality distribution facility, strategically located in Prestons – adjacent the junction of the M5 & M7 Motorway and in close proximity to the Moorebank Intermodal Terminal

Financial Metrics

	Purchase Price	$76,500,000
	Capitalisation rate	5.25%
	10 year property IRR	7.00%
	Rate/sqm of GLA	$2,475/sqm
	Passing / Market Relativity	100%

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M7 Motorway
M7/M5
connection
Subject site
Camden Valley
Way
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Charter Hall |

Office Development Update

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Charter Hall | 2019 Development Showcase

Portfolio overview

A leader in prime office development

The Charter Hall Office Development portfolio comprises approximately $4.68b of development pipeline, including $1.7b of committed projects and a further $2.97b of un committed developments in their planning approval or pre leasing stage.

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14 Projects $4.68B 378,000sqm
across Australia total value total NLA
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Charter Hall | 2019 Development Showcase

Portfolio overview

Strong portfolio of high-quality office developments-committed and un committed

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Charter Hall | 2019 Development Showcase

Pillars of strategic growth

1. Add Value Existing Portfolio

2. Masterplan Strategic Acquisitions

3. Originate

• Master-plan

• Identify strategic adjoining land

• Identify value add opportunities such as floorspace expansion

• Assist Transaction teams to identify value creation inherent in acquisitions

• Add value identification

• Redevelopment potential

• Site amalgamation opportunity

• Focus on:

• Off market acquisitions

• • EOI/ RFP Processes

• Government owned sites

• Sites owned by not-for-profit sector + non core property

• • Pre-commit tenants

4. Growth Sectors

5. Partnering

• Occupant partnering model

• Higher Education

• Government as occupier

• Non-for-profit owners

• Partnering with land owners to un lock value for them and CHC

• JV partnering providing;

• Access to capital

• Planning approvals

• Tenant commitments

• Universities

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Charter Hall | 2019 Development Showcase

High performance workplace Delivering best in class workplace environments

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LEADING DESIGN SUSTAINABILITY COMMUNITY FOCUS CONNECTED SPACES RETAIL AMENITY TECHNOLOGY ENABLES
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Charter Hall | 2019 Development Showcase

130 Lonsdale Street, Melbourne VIC

Urban regeneration in the heart of Melbourne’s CBD

Original DA approval April 2016

Charter Hall DA approval February 2017

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Charter Hall | 2019 Development Showcase

130 Lonsdale Street, Melbourne VIC

Urban regeneration in the heard of Melbourne’s CBD

• 1 130 Lonsdale Street

• 2 Manse

• 3 Town Square

• 4 Caretaker’s Cottage

• 5 School House

• 6 Nicholas Hall

• 7 150 Lonsdale Street

• 8 140 Lonsdale Street

• 9 Wesley Church

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LITTLE LONSDALE STREET
4 4
3
8
8 5
3
5
9
2
9 2
6
6
1
1
7 7
LONSDALE STREET
JONES LANE
HAYWARD LANE
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Site Area: 1.1 hectares

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Charter Hall | 2019 Development Showcase

130 Lonsdale Street, Melbourne VIC

Urban regeneration in the heart of Melbourne’s CBD

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WESLEY PLACE PRECINCT

130 Lonsdale Street 58,000 sqm Precinct Retail 3,500sqm GLAR 140 Lonsdale Street 22,500 sqm 150 Lonsdale Street 30,000 sqm Precinct forecast on completion value Total Precinct Office NLA 110,500 sqm $1.2 billion +

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Charter Hall | 2019 Development Showcase

130 Lonsdale Street, Melbourne VIC

Urban regeneration in the heard of Melbourne’s CBD

Overview
Start date	October 2017
Target completion	April 2020
On completion forecast ($AUD)	$700 million +
Grade	PCA premium
Ownership	100% CPOF
Total NLA (sqm)	60,000
Typical floor plate (sqm)	2,000sqm
Total car spaces	80
Major tenants	Vanguard, Cbus Super, Telstra Super and AFCA
Architect	COX Architecture
Builder	Lendlease
End of trip facilities	Premium end of trip facilities
Retail	An integrated heritage retail precinct

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Charter Hall | 2019 Development Showcase

GPO Exchange, Adelaide SA

Setting a new standard for workplace

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Charter Hall | 2019 Development Showcase

GPO Exchange, Adelaide SA Setting a new standard for workplace

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Charter Hall | 2019 Development Showcase

GPO Exchange, Adelaide SA

Setting a new standard for workplace

Overview
Start date	August 2017
Target completion	September 2019
On completion forecast ($AUD)	$250 million +
Grade	PCA A-Grade
Ownership	100% CPOF
Total NLA (sqm)	25,500
Typical floor plate (sqm)	1,460sqm
Total car spaces	62
Major tenants	BHP and SA Attorney General's Department
Architect	Hassell
Builder	Built
End of trip facilities	Secure bike parks, showers and lockers
Retail	Tower lobby café & heritage adaption of the Telephone Exchange Building

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Charter Hall | 2019 Development Showcase

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555 Collins Street, Melbourne VIC

A natural way of working

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Charter Hall | 2019 Development Showcase

555 Collins Street, Melbourne VIC

A natural way of working

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Global benchmarking study tour
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Charter Hall | 2019 Development Showcase

555 Collins Street, Melbourne VIC

A natural way of working

Market: Historically low vacancy rate of 3.7%

Development Program:

• 555 Site Acquired in October 2018 by CPOF

• Development Approval:

• DA lodged April 2018

• Forecast DA Approval date: November 2019

• Demolition works – underway

• Construction Commencement - target Q1 2020

• Completion Mid 2022

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Charter Hall | 2019 Development Showcase

555 Collins Street, Melbourne VIC

A natural way of working

Overview Start date Demolition commenced May 2019 Target completion Mid 2022 On completion forecast ($AUD) $1.5 billion + Grade Premium Ownership 100% CPOF Total NLA (sqm) 80,000sqm + Typical floor plate (sqm) 1,500sqm Total car spaces 65 Architect Gensler & Cox Builder TBA End of trip facilities Premium end of trip facilities Strong retail offering on the ground Retail plane in laneway-style connections between Collins, King, Flinders Lane

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Charter Hall | 2019 Development Showcase

360 Queen Street, Brisbane QLD

Brisbane’s new centrepiece

Overview
Start date	2019
Target completion	2022 – 2023 (forecast)
On completion forecast ($AUD)	$550 million +
Grade	Premium
Ownership	50% CPOF 50% ICPF
Total NLA (sqm)	39,000
Typical floor plate (sqm)	1,600
Major tenant	TBA – Targeting legal, professional services, financial
Architect	Blight Rayner
Builder	Construction tender
Total car spaces	Secure basement car parking for 91 cars
End of trip facilities	Secure bike parks and lockers Shower and change rooms
Retail	Ground floor F&B retail laneway

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Charter Hall | 2019 Development Showcase

Completed projects

275 George Street, Brisbane CBD

Overview
Completed	2007
Current Value ($AUD)	$461,100,000 (as at Dec 2018)
Grade	A
Ownership	50% CPOF 50% CHOF 4 then sold to Keppel REIT
Total NLA (sqm)	41,749
Typical floor plate (sqm)	1,300
Major tenant	Telstra (19,557sqm), Shell (9,107sqm), The State of Queensland (5,205sqm)
Architect	Crone Partners
Builder	Watpac
Total car spaces	Secure basement car parking 241 cars
End of trip facilities	Secure bike parks and lockers Shower and change rooms
Retail	An integrated precinct of F&B and Service retail

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Charter Hall | 2019 Development Showcase

Completed projects

100 Skyring Terrace, Brisbane CBD Fringe

Overview
Completed	2014
Current Value ($AUD)	$250,000,000 (sale price Nov 2018)
Grade	A
Ownership	CPOF & DOF- sold 2018
Total NLA (sqm)	24,665
Typical floor plate (sqm)	2,200
Major tenant	Bank of Queensland (12,768sqm), Collection House (8,007sqm)
Developer	Charter Hall
Architect	ML Design & Bates Smart
Builder	Hutchinson Builders
Total car spaces	Secure basement car parking 195 cars
End of trip facilities	Secure bike parks and lockers Shower and change rooms
	Part of the Gasworks precinct, offering
Retail	supermarket and extensive F&B,
	wellness and service retail.

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Charter Hall | 2019 Development Showcase

Completed projects

Raine Square Retail Redevelopment, 300 Murray Street, Perth WA

Overview
Construction Commencement Date	2017
Completion Date	Final Stage Completed December 2018
Value as at Dec 2018 ($AUD)	$158.5 million (Retail)
	Created a new 7 day a week entertainment,
Grade	dining, luxury fashion and service retail
	precinct
Ownership	BSWF
Total GLAR (sqm)	18,670
Tenancies (No.)	40
Architects	COX Architecture & Taylor Robinson
Builder	Built
Total public car	Secure basement car parking of 204 public
spaces	bays
End of trip facilities	Secure bike parks and lockers Shower and change rooms
	Bankwest-Office
Major tenants	Major retail tenants- Louis Vuitton, Tiffany’s,
	Kailis, Coles, Palace Cinemas

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Murray Street frontage
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36

Charter Hall | 2019 Development Showcase

Higher education strategy

Creating universities of the future

Key Market Stats

• Education is Australia’s largest service export and our third largest overall export

• $20.3 billion annual spend on education fees and related goods and services

• 1.3 Million ‘current’ domestic and international student enrolments in Australian Universities

• The sector is undergoing significant period of structural change

• Universities are sticky tenants with strong covenants that want long term leases

• Universities requirements around new buildings have changed- they are now seeking new CBD vertical campuses close to industry, transport and amenity

• Charter Hall is well positioned having finished 1PSQ Australia’s first mixed use vertical campus in- first mover advantage

• We now have a dedicated Higher Education team with a national remit

• We have an agreed Strategic Plan and Implementation Strategy for the sector

• Currently have 3 active projects

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37

Charter Hall | 2019 Development Showcase

1 Parramatta Square (1PSQ), Parramatta NSW One Parramatta Square: A new city centre

Overview
Date started	2014
Date completed	2016
On completion value ($AUD)	$252.5 million
Grade	A
Ownership	50% - Charter Hall DOF 50% - Charter Hall CPOF
Total NLA (sqm)	26,500
Typical floor plate (sqm)	1,400 – 2,200
Total car spaces	80
Major tenant	Western Sydney University
WALE	15 years
Occupancy	100%
Architect	Architectus
Builder	John Holland
End of trip facilities	Secure basement parking, bicycle racks, showers and lockers
Retail	Ground floor retail amenities

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38

Charter Hall | 2019 Development Showcase

6 Hassall Street, Parramatta NSW

Engineering business success

Overview
Start date	2019
Target completion	2021 (forecast)
On completion forecast ($AUD)	$280 million +
Grade	A
Ownership	50% DOF 50%-WSU
Total NLA (sqm)	28,800
Typical floor plate (sqm)	1,500- 1,900
Major tenant	Western Sydney University
Architect	Tzannes + Blight Rayner
Builder	Construction tender
Total car spaces	Secure basement car parking
End of trip facilities	Secure basement parking, bicycle racks, lockers and showers
Retail	An activated ground floor public plaza with retail amenities

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39

Charter Hall | 2019 Development Showcase

Office development track record

A leader in prime office development

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40

Charter Hall |

Industrial Development Update

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Charter Hall | 2019 Development Showcase

Development pipeline

Charter Hall continues to drive asset creation through development

• Our build to hold strategy is to identify and purchase well located Industrial land for the Funds (in key markets) and then secure pre-leases with high quality covenants, that increases FUM and enhances Fund returns

• Charter Hall Industrial Development (CHID) will deliver 18 buildings nationally in FY20 with a GAV of $608m

• 10 buildings in Sydney

• 4 buildings in Melbourne

• 3 buildings in Brisbane

• 1 building in Tasmania

• In FY19 we have delivered 8 buildings nationally, so FY20 will see a 125% increase in the number of projects

• Construction has commenced on 2 large facilities (SA and VIC) with PC late 2020 and a GAV of $268m – Total committed GAV $877m

• Committed GLA is ~380,000sqm with a total pipeline (committed and uncommitted) of ~1,000,000sqm nationally

• Total GAV Pipeline (committed and uncommitted) is ~$2b

Development Pipeline	Committed ($m)	Weighting	Committed GLA (sqm)	Uncommitted ($m)	Uncommitted GLA (sqm)	Total Pipeline Committed & Uncommitted($m)	Total GLA Committed & Uncommitted(sqm)
NSW	320,900	37%	138,550	479,900	219,265	800,800	357,815
VIC	279,800	32%	105,500	406,500	297,300	686,300	402,800
QLD	114,500	13%	56,075	183,900	110,000	298,400	166,075
SA	122,000	14%	67,975	-	-	122,000	67,975
TAS	40,000	5%	13,300	-	-	40,000	13,300
National Portfolio	877,200	100%	381,400	1,070,300	626,565	1,947,500	1,007,965

42

Charter Hall | 2019 Development Showcase

Cross-sector collaboration to leverage opportunities

Customer case studies

Industrial Office

Retail Industrial

Industrial Industrial

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• 2017 - Relationship established through counter terrorism training facility at Pinkenba

• 2018 - Expansion to Frenchs Forest NSW and VIC Head Office

• Mutual desire and aim to grow the relationship

• Opportunity to partner with customer for new developments and expansion of current facilities

• Leveraging customer relationships throughout the national portfolio

• 2018 - Partnership strengthened through purchase of K9 training facilities at Banksmeadow and Bulla $120m

• 280,000sqm GLA industrial space occupied by Coles

• Market capitalisation of $17b

43

Charter Hall | 2019 Development Showcase

Industrial development case study

Chullora Logistics Park – 2 Hume Highway, Chullora NSW

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44

Charter Hall | 2019 Development Showcase

Industrial development case study

Chullora Logistics Park – 2 Hume Highway, Chullora NSW

Overview

Site Area 10.3ha

On-completion GLA 46,850sqm On-completion GAV $167 million ($AUD) Ownership 100% CPIF WALE >12 years on completion

• Lion Dairy & Drinks

• Australia Post

• USG Boral

Tenant Mix

• Boral DMG

• • Rittal

• Former Fairfax printing and distribution facility 17km from the CBD in the long established Inner West industrial locality of Chullora;

• Charter Hall originally partnered with Australia Post, purchasing the site to build them a new facility;

• Australia Post could not get approval to proceed, so Charter Hall commenced a pre-lease campaign;

• Strong demand for last-mile logistics users allowed Charter

• Opportunity Hall to secure two significant pre-leases totalling 65% of the estate GLA within 12 months;

• Subsequently Australia Post re-engaged, requiring Charter Hall through extensive relationships in the market to facilitate a multi-party lease swap deal resulting in an extension of CPIF’s WALE across multiple assets.

• The site is now fully leased and represents an irreplaceable super prime logistics asset

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45

Charter Hall | 2019 Development Showcase

Industrial development case study

M5/M7 Logistics Park – 290 Kurrajong Road, Prestons NSW

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Charter Hall | 2019 Development Showcase

Industrial development case study

M5/M7 Logistics Park – 290 Kurrajong Road, Prestons NSW

Overview
Site Area	14.1ha
On-completion GLA	84,000sqm
On-completion forecast ($AUD)	$185 million
Ownership	100% CPIF
	• Bracknells Warehousing & Distribution
Tenant Mix	• BAM Wine Logistics
	• GWA (Caroma)

• Key larger format logistics location at the intersection of the M5 and M7 motorways in close proximity to Moorebank Intermodal and Badgerys Creek Airport. One of only a few locations in Sydney capable of single shift line haul to Melbourne or Brisbane.

• Opportunity created through the purchase and amalgamation of five separately owned landholdings and serviced via relationships with surrounding landowners.

• GWA pre-lease opportunity arose from a leaseback of their

• Opportunity existing manufacturing facility in Wetherill Park and has culminated in an expansion of the recently complete NSW head office plus new leasing opportunities in QLD and VIC.

• Following the success of the early stages of the estate and supported by the strength of the Sydney industrial market, Charter Hall has chosen to speculatively develop the final stage of the estate.

• On completion the estate will be one the south-wests’ premier logistics assets

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Charter Hall | 2019 Development Showcase

Industrial development case study

Motorway Industrial Park – Gilmore Road, Berrinba QLD

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Charter Hall | 2019 Development Showcase

Industrial development case study

Motorway Industrial Park – Gilmore Road, Berrinba QLD

Overview
Site Area	18.1ha
On-completion GLA	~97,000sqm
On-completion GAV ($AUD)	~$170 million
Ownership	CPIF
Tenant Mix	• •	Mitre 10 (Metcash) QLS
	•	Key logistics location servicing the greater Brisbane
		metropolitan area from Sunshine Coast to northern NSW.
	•	Estate benefits from recent major infrastructure upgrade
		works including Gateway Motorway widening and
		interchange works adjacent the site.
	•	Charter Hall leveraged their existing relationship with
		Metcash to negotiate and secure a 31,000sqm 10-year pre-
Opportunity		lease to Mitre 10 in a fiercely competitive leasing market.
	•	On the back of this opportunity Charter Hall negotiated and
		secured the largest industrial leasing deal in the country, a
		67,975sqm 15-year pre-lease to Metcash in Gepps Cross,
		Adelaide.
	•	On completion the estate will provide a super-core logistics
		estate situated at the nexus of Brisbane’s key arterial
		motorways

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49

Charter Hall | 2019 Development Showcase

Industrial development case study

Drystone Industrial Estate – 441 Doherty’s Road, Truganina Melbourne VIC

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Charter Hall | 2019 Development Showcase

Industrial development case study

Drystone Industrial Estate – 441 Doherty’s Road, Truganina Melbourne VIC

Overview

Site Area 70ha (NDA) On-completion GLA 350,000sqm On-completion forecast $659 million ($AUD)

Ownership 100% CLP

Woolworths, Target, The Reject Shop, Rand, Laverton Tenant Mix Cold Storage, Couriers Please, PrixCar, Calendar Cheese, VFS, General Pants, Komatsu

Woolworths artist’s impression

• Site initially purchased following the negotiation and commitment of a 25,000sqm facility to Woolworths.

• Strategic acquisition of adjoining parcel unlocked the full potential of the site allowing access from Leakes and Doherty’s Road.

Opportunity

• Recent pre-leases to Prixcar (car storage), Calendar Cheese (cold storage) and Woolworths Fresh.

• Recent completion of a pre-lease and speculative facility, fully leased prior to completion to Victorian Freight Specialists, General Pants & Komatsu.

• Potential for an additional 50,000sqm of GLA remaining.

• 85% of the estate preleased within 4 years of acquisition

Target

51

Charter Hall | 2019 Development Showcase

Investment development case study

Midwest Industrial Estate – 500 Doherty’s Road, Truganina, Melbourne VIC

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Charter Hall | 2019 Development Showcase

Investment development case study

Midwest Industrial Estate – 500 Doherty’s Road, Truganina, Melbourne VIC

Overview

Site Area 47ha On-completion GLA 265,000sqm

On-completion forecast GAV $345m

Ownership 100% CPIF

• 45,000sqm pre-commitment to a global 3PL, completing in July 2020.

Tenant Mix

• Proposed target tenant mix of e-commerce, logistics, transport & distribution and light manufacturing users.

Felstead Drive

• Strategic acquisition of infill parcel within Melbourne’s prime western industrial precinct.

Overview

• Up to 220,000sqm of future GLA potential with 400,000 of active strong demand currently in the market.

• Opportunities for hotel, retail, business centre and conference facilities at mixed use site within the estate.

Indicative warehouse

53

Charter Hall | 2019 Development Showcase

Automation – Driving change

Woolworths Distribution centre, Dandenong VIC

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• Alongside our partners Woolworths Group, we're proud winners of the Property Council of Australia's 2019 Development Innovation Award for our Woolworths state of the art distribution centre in South Melbourne

• The facility uses world class automated technology to deliver enhanced customer, safety, supply chain, economic and sustainability benefits. This facility sets the benchmark for what can be achieved in distribution centre development in both Australia and worldwide

54

Charter Hall | 2019 Development Showcase

Automation & E-commerce

Changing customer requirements

Woolworths Melbourne South Regional Distribution Centre (Dandenong, VIC)

• 69,217 sqm facility servicing Victorian stores

• Incorporating multiple automation technologies

• 40m high bay storage area (60,000 pallets)

• +20m case buffer storage area

• Automated de-palletising and palletising

• Automated guide vehicles

• Provides efficient fulfilment of store orders, control of inventory and palletising to meet store shelf layouts.

Australia Post Parcel Distribution Centre (Chullora, NSW)

• 21,930 sqm facility servicing Sydney metropolitan area

• Incorporating a large sorter distributing parcels into route areas.

• Delivery scheduled to meet Australia Post Christmas requirements

• Design integrated to ensure operational requirements were incorporated.

• Facility allows parcels to be distributed to multiple delivery vans as well as consolidation on their return.

• Critical piece of infrastructure meeting e-commerce demands

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55

Charter Hall |

Diversified Development Update Ben Dodwell, Head of Diversified Development

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Charter Hall |

Millers Junction Retail 290 Millers Road, Altona North VIC

Charter Hall | 2019 Development Showcase

Master plan

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58

Charter Hall | 2019 Development Showcase

Millers Junction Retail

Site plan

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

Food
Traditional
Retail
Large Format Supermarket Centre
Leisure /
(including Medical / (Woolworths +
Entertainment
Homewares / DiscountRetail) 500sqm Specialty Retail)
Food
Retail
Future Stage
----- End of picture text -----

59

Charter Hall | 2019 Development Showcase

Millers Junction Retail

Key metrics

	Tenants	GLA	%
	(#)	(sqm)	of GLA
Woolworths (incl. BWS)	1	3,921	29.3
Leisure / Entertainment	1	3,000	22.4
Large format retail	5	5,330	39.8
Fast food	5	634	4.7
Specialty retail	6	497	3.7
Total	20	13,382

Retail Strategy

• ✓ Leisure / entertainment

• ✓ Food / food catering

• ✓ Non-discretionary convenience

• ✓ Service provision

• ✓ Click and collect enabled

• ✓ Low cost space

• ✓ Flexible trading hours catering to shift workers

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Charter Hall |

Novotel Sydney International Airport 22 Levey Street, Wolli Creek NSW

Charter Hall | 2019 Development Showcase

Novotel Sydney Airport Hotel

Key Metrics

• Owned by Charter Hall Direct Sydney Airport Fund

• 271 room hotel in close proximity to the Sydney InternationalAirport

• Re-branded to Novotel (previously Mercure) in April 2019, new restaurant and conference facility re-brand

• ~$12.9 million refurbishment of the Hotel was completed in May 2019

• New Hotel Management Agreement (HMA) signed with Accor for 10 years

• New General Manager appointed , experienced in launching newly branded hotels

• Hotel was valued at $78m ($288k/room) ‘As Is’ prior refurbishment works in May-18, with an ‘As If

• Complete’ valuation of $93.5m ($345k/room)

FORECAST FUND METRICS	FORECAST FUND METRICS
Capital	$50m
Return X	2.0
EIRR	14.1%
Distribution FY19*	7.0%
Term	Jun-23

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62

Charter Hall | 2019 Development Showcase

Hotel refurbishment

BEFORE

AFTER

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Charter Hall | 2019 Development Showcase

Hotel refurbishment

BEFORE

AFTER

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64

Charter Hall |

Hornsby Town Centre Hornsby NSW

Charter Hall | 2019 Development Showcase

Hornsby Town Centre

Where are we up to?

• December 2014 Charter Hall (Folkestone) approves site consolidation strategy

• Options used to secure 2 properties (~2,400sqm) on deferred terms,freehold

• acquisitions of 2 properties (~790sqm) settling in 2015 and 2016

• October 2017 Council initiate Gateway Determination to rezone study area fromB3 Commercial Core to B4 Mixed Use

• Council approve budget in 2018/2019

• ($200,000) to undertake StrategicPlan

• Early 2019 Council appoint preferred consultant to prepare the PlanningProposal following tender

• Council will aim to complete the TownCentre Review by the end of 2019

• New Planning Proposal 12-18 months (Target 2022)

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66

Charter Hall | 2019 Development Showcase

Major Retail Interchange

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• Majority of the developable rail stations are in the south and western suburbs,Hornsby is the only one in the north

Total Daily Railway Station Pedestrian Movements: 2018Average

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

100,000
Developed out Developable
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
ParramattaStation RedfernStation ChatswoodStation StrathfieldStation HurstvilleStation BurwoodStation St Leonards Station BlacktownStation Kings CrossStation MascotStation AuburnStation MuseumStation LidcombeStation AshfieldStation HornsbyStation EppingStation KogarahStation NewtownStation RhodesStation RockdaleStation
North Sydney Station Bondi Junction Station Macquarie University Station Green SquareStation
----- End of picture text -----

Source: Transport for NSW

67

Charter Hall | 2019 Development Showcase

Hornsby East-side

Properties Owned / Optioned

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68

Charter Hall | 2019 Development Showcase

Hornsby Town Centre East and West-side

• West-side up stampedto 25 storeys at “Gateway”

• West-side new buildings will vary between 8, 12, 15 and 20 storeys in height, while there will be one iconic site permitted at a maximum of 25 storeys

• East-side study area (as defined)

• Density hierarchy should support height at or above permissible height atWest- side (i.e. 77.5m or 25 floors)

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69

Charter Hall |

Charter Hall Advantage David Harrison, Managing Director & Group CEO

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Charter Hall | 2019 Development Showcase

Retail and Industrial are converging

The line between retail and industrial continues to blur

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This blur has had the benefit of enabling CHC greater retail / industrial cross-sector opportunities with major customers

71

Charter Hall | 2019 Development Showcase

Market penetration – Sydney, NSW

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NSW	FUM ($bn)	No. Assets
Office	6.3	19
Retail	3.0	50
Industrial	1.9	49
Social Infrastructure	0.2	91
Other	0.1	2
Total	11.6	211

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72

Charter Hall | 2019 Development Showcase

Market Penetration – Melbourne, VIC

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VIC	FUM ($bn)	No. Assets
Office	2.4	14
Retail	1.0	30
Industrial	2.5	44
Social Infrastructure	0.4	102
Other	0.1	1
Total	6.3	191

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Charter Hall | 2019 Development Showcase

Market Penetration – Brisbane, QLD

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QLD	FUM ($bn)	No. Assets
Office	2.9	17
Retail	1.3	51
Industrial	1.0	29
Social Infrastructure	0.3	131
Total	5.6	228

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Charter Hall | 2019 Development Showcase

Industrial/Retail cross-sector tenant relationships

Charter Hall’s industrial/retail cross-sector customer relationships continue to prove a strategic advantage to growth

• Retail tenant relationships have proven highly valuable in the incubation of relationships with key customer tenants

• Many of CHC’s strong retail tenants are now equal in size in Charter Hall’s industrial portfolio

• Retails high touchpoints with tenants enabling greater insights into tenants business strategies and objectives

Top Tenant Customers across 2 or more sectors (by gross rent) ($m)[1]

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Coles	Woolworths	Bunnings		Telstra		Westpac	Target	Australia Post	Chemist
									Warehouse
Gross rent (%)
Retail	41.84%	52.17%	93.33%		2.74%	12.5%	61.54%	14.28%	-
Office	9.18%	-	-		97.26%	87.5%	-	14.28%	11.11%
Industrial	48.98%	47.82%	6.66%		-	-	38.46%	71.43%	88.89%

The Retail sector provides a significant proportion of CHC’s cross-sector tenant relationships and provides avenue to gain deeper understanding of major tenant objectives and strategies

Notes 1. Metcash have ~$22m of logistics and a minor exposure in retail

75

Charter Hall | 2019 Development Showcase

Multi sector relationships

Benefiting from Charter Hall’s customer engagement across sectors

• Customer cross-sector occupancy

Charter Hall has deep relationships across office, retail and industrial sectors creating multi tenancy opportunities for customers including Woolworths, Coles & Wesfarmers

• Retail customer opportunities Existing retail customers presenting opportunity for industrial portfolio include Priceline, Aldi, Kmart, Big W, Harvey Norman, Liquorland, Terry White Pharmacy, Keppel Logistics

• Office customer opportunities

• Existing office customers presenting opportunity for industrial portfolio include Amazon, BHP, Santos, Orica, Aurizon, Unilever, Telstra, Caltex, Officeworks, Rebel Sports

Top 20 Charter Hall Group Customers Top 20 Charter Hall Industrial Customers

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

Woolworths Coles 9.6%
Aust. Gov't Woolworths 8.9%
Wesfarmers Inghams 7.3%
Coles Automotive Hld Grp 4.9%
Telstra Metcash 4.5%
Macquarie Bank Coca Cola 3.7%
Suncorp Toll 2.4%
Commonwealth Bank Aust. Federal Police 2.1%
Inghams Primo 2.1%
Metcash Australia Post 1.9%
Automotive Hld Grp Chemist Warehouse 1.6%
State of QLD Hastings Deering 1.6%
Allianz Prixcar Services 1.5%
Coca Cola Linfox Australia 1.4%
Westpac Volkswagen 1.4%
American Express DHL 1.3%
Western Syd Uni Peter's Ice Cream 1.1%
Wilson Parking Target 1.1%
QLD Gas Company Suez 1.1%
Australia Post CEVA Logistics 1.1%
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◼ Industrial ◼ Office ◼ Retail by Gross Income

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Charter Hall | 2019 Development Showcase

Global real estate performance 2018

Globally, retail has been experiencing significantly weaker growth and returns

• Globally, total returns for retail were just ~4% in stark contrast to office (~8%) and industrial (~14%) returns

• Story of retail headwinds consistent across the globe with few markets unaffected

• Relatively, Australian retail at ~6% has fared better than many of its developed country counterparts

Global benchmark of annual total returns by sector (2018)

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

2018 Annual return (%)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
(2.0)
(4.0)
Netherlands Germany France UK US Canada Japan Singapore Korea Australia
Europe North America Asia-Pacific Global
Retail Office Industrial
----- End of picture text -----

Retail performance lagging due to structural and cyclical sector headwinds, Australia relatively more resilient

77

Source: MSCI / IPD and Charter Hall research.

Charter Hall | 2019 Development Showcase

Development contributing to performance

CPOF & CPIF outperformance aided by development contribution

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

$bn Legend
6.0
Asset Acquisition
5.5
Asset Disposal GAV
5.0
NTA plus
Developed to Core
4.5 distributions
4.0 Committed Development Created
3.5 $1.5bn
of value
3.0
Contributed
2.5
Equity
2.0
1.5
1.0
0.5
-
Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19
----- End of picture text -----

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

Inception
4.0
AUM
3.5 Billion LEGEND
3.0 Sold Landbank Development Stabilised Developed
Uncommitted Committed To Core
Created
$800m of
2.5 Value
NTA +
Distributions
2.0
Equity
1.5 Cumulative
1.0
0.5
0.0
Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
----- End of picture text -----

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Charter Hall | 2019 Development Showcase

Contact information

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David Harrison

Managing Director & Group CEO Charter Hall Group

Philip Cheetham Head of Listed Investor Relations Charter Hall Group

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

T: +61 2 8651 9214

E: philip.cheetham@charterhall.com.au

IMPORTANT NOTICE & DISCLAIMER

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

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

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

In making an investment decision, prospective investors must rely on their own examination of the Charter Hall Group, and any other information they consider relevant. All information is provided as indicative only. This presentation is provided to each prospective investor on the condition that it is strictly confidential and is for the sole use of prospective investors and their advisers. It must not be provided to any other party without the written consent of Charter Hall Group which it may withhold in its absolute discretion.

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

All information contained herein is current as at 31 December 2018 unless otherwise stated. All references to dollars ($) are to Australian dollars, unless otherwise stated.

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

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