CHARTER HALL GROUP — Investor Presentation 2021

Dec 21, 2021

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Charter Hall Group
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Charter Hall Group Partnership with Paradice Investment Management

22 December 2021

Transaction overview

‒ Charter Hall Group (" CHC “) has entered into a binding sale agreement with Paradice Investment Management Pty Ltd (“ PIM ”) to acquire 50% of the shares in PIM from PIM’s existing shareholders (all of whom are active existing PIM management) (the “ Transaction ”)

Transaction overview

• CHC have an option to acquire the remaining 50% interest in PIM in FY25, subject to certain confidential conditions

• All PIM employees will remain with the business, whilst the board of PIM will have 3 directors from CHC and 3 from PIM management

‒ The transaction is expected to complete by 31 December, 2021

• CHC sees this partnership as an expansion of its Funds Management capability to service investor customers across multiple equity segments

• PIM is a large scale, high-quality listed equities manager with $18.2bn of FUM and a 20 year track record, with both domestic and global equities capability and historical performance

Strategic Rationale

‒ Strengthens CHC’s deep investor relationships with domestic and global capital and introduces new capital relationship opportunities for both CHC and PIM

• Core business of PIM, like CHC, is to act as a fiduciary of others’ capital to deliver outperformance to investors - its in the “DNA” of both PIM and CHC to deliver performance for its investors

‒ Scalable business model with growth potential in existing & new strategies

‒ Investment price of $207 million represents a 10.0x multiple of net profit after tax, which equates to 2.3% of PIM’s funds under management (“ FUM ”)

Transaction Consideration

‒ Consideration to be provided to PIM shareholders in the form of CHC securities (70%) and cash (30%)

‒ Securities issued as consideration represent approximately 1.55% of CHC’s total securities outstanding pre-transaction

• CHC securities provided to PIM shareholders will be held in escrow and released in two equal annual tranches at 30 June 2023 and 2024 respectively

Impact of the Transaction

‒ The investment is expected to be earnings accretive to CHC in FY22, more so on an annualised basis

‒ Charter Hall re-affirms FY22 operating earnings per security guidance of no less than 105 cents per security, subject to no material adverse conditions

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Charter Hall Group

Overview of Paradice Investment Management (PIM) - a listed equities Fund Manager

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$18.2bn FUM

Australian FUM $12.1bn

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Global FUM
$6.1bn
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51 employees across 3 offices-Sydney, Denver and San Francisco

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Australian Large Cap Australian Mid Cap Global Small Cap
$5.6bn $3.7bn $5.5bn
Australian Small Cap Australian Long/Short Emerging Market Equities
$2.7bn $51m $0.6bn
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26 investment focused employees

Offices in Sydney, Denver & San Francisco

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Strategic rationale: ~$80 billion FUM multi-asset class Fund Manager

• 1 2 Diversifies and expands capabilities Broadens investor relationships

• CHC partnership with a listed equities Fund  Expands and deepens CHC’s deep Manager with scalable $18.2bn FUM portfolio relationships with domestic and global investors

• Strategic extension of Charter Hall Maxim listed real estate equities platform into broader listed equities

• Introduces new investor relationships to CHC, providing multi-sector opportunities for investors

• Majority of PIM investors have invested over the long term, across multiple strategies

• Diversifies CHC’s FUM and earnings streams with low correlation to real estate returns

• Expands choice of investments that can be offered to clients

• Expands CHC’s investible universe to the $2.4 trillion Australian listed equities market and $70 trillion global listed equities market

3 Aligned business models & culture

• Core business of PIM, like CHC, is to act as a fiduciary of investors capital to deliver outperformance

• Complementary management capability & culture

• Key PIM executives will become CHC securityholders and will be committed to the continued success of combined CHC / PIM

4	4					5	5
				High quality, scalable business						Favourable financial impacts
				PIM is a well known and respected organisation						Acquisition expected to be accretive in first full
				operating in the Australian market for over 20						year of earnings
				years						Securities issued as consideration represent
				Long track record of attracting capital and						~1.55% of CHC’s total securities outstanding
				delivering outperformance						pre-transaction
				Profitable and efficiently managed						Investment secured at an attractive 10.0x NPAT
				Scalable business model with growth potential in						multiple (2.3% of FUM)
				existing & new strategies						Investment 70% scrip funded, with cash
										component covered by available liquidity

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Charter Hall Group

Illustrative pro-forma platform composition

FUM by sector (Dec-21[1] )

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Social Infrastructure Listed Equities
$3.5bn $0.3bn
5.7% 0.5%
Long WALE
Retail
$9.2bn
15.1% Office
$25.2bn
41.1%
SC Retail
$4.2bn $61.3bn
Pre
6.8%
Industrial
$18.9bn
30.9%
Listed Equities
$18.5bn
Office
23.2%
$25.2bn
31.7%
Pro-
Social
Infrastructure $79.5bn
forma
$3.5bn
4.4%
Long WALE
Retail
$9.2bn Industrial
11.6% SC Retail $18.9bn
$4.2bn 23.8%
5.3%
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FUM by equity source (Dec-21[1] )

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Retail
$9.9bn
16.1%
Wholesale -
Partnerships
$19.6bn
32.0%
Listed REITs
$61.3bn
Pre $12.9bn
21.1%
Wholesale -
Pooled
$18.9bn
30.8%
Retail
$10.3bn
13.0%
Listed REITs
Pro- $12.9bn
16.2%
Wholesale -
$79.5bn
forma
Partnerships
$36.7bn
46.1%
Wholesale -
Pooled
$19.6bn
24.6%
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1. Charter Hall FUM at Dec 21, post revaluations.

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Contact information

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David Harrison

Managing Director & Group CEO Charter Hall Group

T: 0412 259 751 E: david.harrison@charterhall.com.au

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Sean McMahon

Chief Investment Officer Charter Hall Group

T: 0410 685 349 E: sean.mcmahon@charterhall.com.au

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Russell Proutt Chief Financial Officer Charter Hall Group

T: 0400 378 622

E: russell.proutt@charterhall.com.au

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Natalie Devlin

Chief Experience Officer Charter Hall Group

T: 0400 901 610 E: natalie.devlin@charterhall.com.au

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Philip Cheetham

Head of Listed Investor Relations Charter Hall Group

T: 0403 839 155

E: philip.cheetham@charterhall.com.au

Presentation authorised by the Chair and Managing Director & Group CEO

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Charter Hall Group

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charterhall.com.au

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Charter Hall Group