Rachelle Shipley - Portfolio 2018 Gen

PORTFOLIO SAMPLES 
Rachelle Shipley 
beacon hilL
0414 795 123
STUDIO MANAGER / DESIGNER / ART DIRECTOR  rachelledesigning@gmail.com
CLIENT Charter Hall

PROJECT HomeHQ North Shore - Campaign promoting the grand opening of the centre promoting the grand opening of the centre.
ROLE Graphic Design / Marketing
CLIENT MyFoodBook
PROJECT Summer Recipe Book: Interactive eBooks / IOS books / Web & Soclal Assets / Recipe Videos
ROLE Senior Graphic Designer
CLIENT Shindig
PROJECT Event Flyers - Posters, Digital Banners
ROLE Graphic Design
CLIENT CityLife & CarinsLife Magazines
PROJECT Editorial and advertising design
ROLE Designer / Art Director
CLIENT CityLife & CarinsLife Magazines
PROJECT Editorial and advertising design
ROLE Designer / Art Director
CLIENT Charter Hall
CLIENT Cadbury
PROJECT Product Lauch Sample Execution
ROLE Senior Graphic Designer / Finished Artist
CLIENT Purina
PROJECT Fancy Feast Promotion
USHERETTE TRAY
SAMPLE EXECUTION - TRANSIT
TABLE
COOLER
SAMPLE EXECUTION - OFFICE
CLIENT Cadbury
PROJECT Product Lauch Sample Execution
CLIENT PharmaCare
PROJECT Retail POS & Merchandising - Concept & Design
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Helps to heal burns, cuts, nappy rashes,
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chaffing and insect bites.
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20924_RED_Perfect Naturals_Who_DPS-Strip-Ad_10-15.indd 1 6/10/2015 12:21 pm
CLIENT PharmaCare
PROJECT Packaging Design / Advertising / POS / Digital Assets
CLIENT PharmaCare
PROJECT New Brand and Packaging Design - Concepts & Design
CLIENT PharmaCare
PROJECT Bioglan Superfoods / Organics and Kids / Logos / Concepts / Packaging
CLIENT PharmaCare
PROJECT Advertising
ROLE Branding, Design
CLIENT Charter Hall
CLIENT ProFitness One
PROJECT Front End Design
ROLE Graphic Design & Project Management
CLIENT Pepsi
PROJECT Create branding for Pepsi pop up kitchen - The Vanilla Kitchen
ROLE Deisgn - Branding
CLIENT Pepsi
PROJECT Create branding for Pepsi pop up kitchen - The Vanilla Kitchen
ROLE Deisgn - Branding
SECTION 3:
PROPERTy OvERvIEw
5 STEPS TO INvEST
1READ ThIS DOCUMENT:
2 3 4 5
CONSIDER ThE OFFER: CONSULT yOUR
ADvISER:
COMPLETE ThE
APPLICATION FORM:
MAIL yOUR
APPLICATION FORM
Aberdeen Street frontage of the Investment Property
wELCOME TO
Pier Street frontage of the Investment Property
ThE PROPERTy kEy FEATURES

Please read this PDS in full, paying Pay particular attention to all of 130 STIRLINg STREET
close attention to the IMPORTANT AND ChEQUE: 130 Stirling Street comprises four office levels totalling  11,863m2 of commercial office space over four levels;
the risk factors in Section 5 and Consult a financial, taxation To make an investment,
INFORMATION set out on the approximately 11,900m² Net Lettable Area (NLA) plus
inside front cover of this PDS.
other information concerning or other professional adviser complete and return the Please send your 130 Stirling Street, Perth represents an commercial and retail tenancies facing Stirling and Pier  a commercial and retail tenancy adjacent to the main foyer;
the Units, the Trust and its before deciding whether Application Form at the
Assets. These risks need to to apply for Units. back of this PDS. You will
completed Application A-grade office building that provides Streets. Typical office levels are highly efficient and range
Form and cheque to: in size from approximately 2,700m² to 3,075m² NLA.  a ground level commercial and retail tenancy fronting Stirling Street;
be considered in light of your need to take care to ensure large floor plates suitable for efficient
particular investment objectives that you complete it in the 130 STIRLINg STREET workspace planning and an abundance The property also comprises four levels of car parking,  a retail/commercial tenancy on the corner of Pier and Aberdeen
and financial situation and needs. manner outlined in the Guide
to the Application Form.
TRUST OFFER of car parking, all for a substantially providing 242 car spaces (including five disabled bays Streets; and
and four courier bays) accessible from Pier Street.
The Guide to the Application
c / - Link Market Services lower rent when compared with The car park levels also provide for a loading area and  103 tenant and 139 long-stay car parking bays accessible from
Limited Managed
Form is included at the back Funds Outsourcing equivalent space in the Perth CbD. bicycle storage, locker and change room facilities. Pier Street over four levels.
of this PDS. The completed
and signed Application Form PO Box 20043
must be returned together with World Square NSW 2000
payment by cheque for the
full amount of the aggregate
Issue Price for the number
of Units being subscribed.
Cheques must be payable to
“TCL ACF 130 Stirling Street
Application Account” and
crossed “not negotiable”.
The minimum investment
that an investor can apply
for under this PDS is
$10,000. Applications for
more than $10,000 must
be in multiples of $1,000.
8 CHARTER HALL GROUP 130 STIRLING STREET 9 16 CHARTER HALL GROUP 130 STIRLING STREET 17
SECTION 8: why INvEST?

INvESTIgATINg ACCOUNTANT’S REPORT ThE kEy FEATURES OF AN INvESTMENT IN ThE TRUST ARE AS FOLLOwS:
TAxATION STAbILITy OF TRUST STRUCTURE TANgIbLE INvESTMENT LIQUIDITy REvIEw

The global financial crisis has caused severe volatility in the valuation A liquidity review will occur at the end of year 5, which provides LIQUIDITy The investment in 130 Stirling Street has an initial 5 year term. Due to the illiquid nature of the
The Trust is a unit trust, which permits a flow-through The Responsible Entity will manage the Trust purely as a single
of assets globally, but particularly assets in listed markets (such Unitholders with greater certainty on the return of their invested Investment Property, Unitholders will not have a right to redeem their interests in the Trust unless
of depreciation allowances from its underlying property asset strategy and unless approval is given by Unitholders, will
as shares and listed real estate securities). The Trust provides capital. As part of the review, a proposal will be provided to the Responsible Entity makes a Withdrawal Offer.
assets to be distributed to Unitholders. not staple this Trust to any other single asset trust (the Charter
Unitholders with an investment in a tangible asset which will Unitholders asking Unitholders to decide whether the Trust should
Hall Group or Charter Hall Property Trusts) for the purposes of There will be a liquidity review at the end of the 5th year of the Trust which will allow Ordinary
The income from the Trust’s Investment Property is expected to not be directly impacted by the movement in stock markets. continue to hold the Investment Property. The Investment Property
building a broader portfolio of assets. Furthermore, the Responsible Unitholders to vote on a special resolution to retain the Investment Property (or if applicable, the
have a high Tax Deferred component. Tax benefits arise through (or Relevant Proportion) will only be retained for a further 5 year
Entity undertakes not to list the Trust on the ASX or any other Relevant Proportion of the Investment Property) for a further term of 5 years. If the resolution
the availability of allowances for costs relating to depreciation QUALITy, bRAND NEw A-gRADE OFFICE ASSET term if the resolution is approved by at least 75% of Ordinary
stock exchange, unless approval is given by Unitholders. (requiring the approval of 75% or more of Ordinary Unitholders by value) is passed, that
allowances for the construction cost of buildings, fixtures and Unitholders. In the situation where the asset is retained, the
130 Stirling Street (the "Investment Property") is a brand new Manager will implement the liquidity strategy, as outlined in the proportion of the Investment Property (being either 50% or 100%) will be retained and the
fittings and plant and equipment. As the Trust is a unit trust, it
is possible to pass these benefits on to Unitholders who hold NO COOLINg OFF PERIOD campus style office facility which reached practical completion in proposal, to assist those minority Ordinary Unitholders who voted Manager will implement a liquidity strategy with the aim of allowing those Ordinary Unitholders
June 2009. The building has been highly-specified and comprises against the resolution to realise their investment in the Trust. who voted against the resolution to realise their investment in the Trust. Further details on the
Units at the relevant distribution date. The Manager will provide
As the Trust will not be Liquid, cooling off rights do not apply four office levels totalling approximately 11,600m2 of net lettable area potential liquidity strategies are set out in Section 2.
regular updates on the proportion of distributions that are Tax
to an investment under this PDS, and the Responsible plus commercial and retail tenancies facing Stirling and Pier Streets.
Deferred via its website, quarterly reports to Unitholders, as
Entity is under no obligation to accept a request from an The typical floor plate ranges in size from 2,700m2 to 3,075m2, a
MODERATE gEARINg POLICy If the special resolution is not passed, the Manager must either sell the proportion of the
well as being outlined in an annual taxation statement. Investment Property referable to Ordinary Unitholders and use the realisation proceeds to
Applicant to withdraw an Application Form once it has been highly attractive feature in the Perth office market where tenants are The Trust will have an initial gearing ratio of 47.5%. The Manager
redeem the interests of Ordinary Unitholders in the Trust, or (provided there are no Class A Units
Tax Deferred distributions are not assessable when received unless lodged. This means that, in most circumstances, you cannot seeking the workspace efficiency offered by larger campus-style will not "re-gear" the balance sheet throughout the life of the
on issue, or Class A Unitholders do not exercise a right to purchase the Relevant Proportion of
and until the total Tax Deferred amounts received by an investor withdraw your Application Form once it has been lodged. floor plates and the interaction that results. The property has been Trust in order to return capital to Unitholders, unless as part of a
the Investment Property) procure the purchase of the Units of those Ordinary Unitholders.
exceed the cost base of the Units. This means that income tax specifically designed as an environmentally sustainable workplace, liquidity strategy after a scheduled liquidity review. Consequently,
is not payable in the year that the income is received from the receiving a 4 Star Green Star - Office Design v2 and is targeting a in the event that the Investment Property’s value rises over time, If the Responsible Entity deems it appropriate to take advantage of a strong selling opportunity,
Trust, on the component of distributions that is Tax Deferred. Tax 4.5 star NABERS Energy rating, representing a high level of achieved the gearing of the Trust will fall. The Manager expects to enter it may sell the Investment Property before the end of the initial term, in which case net proceeds
is payable on these cumulative Tax Deferred distributions, at the operational environmental performance. The property has excellent into a Debt Facility with a Loan-to-Value Ratio (LVR) covenant of of the sale would be returned to Unitholders (or if the Relevant Proportion is sold, Ordinary
point of sale of the investment, where capital gains tax is due on accessibility to all transport modes. The building has a high car 60% and an Interest Cover Ratio (ICR) covenant of 1.5x, providing Unitholders) before the end of the 5th year of the Trust.
those cumulative Tax Deferred distributions historically received. For parking ratio and is located close to rail and bus public transport. substantial headroom for any potential valuation decline.
The surrounding area is undergoing a transformation with new
RESPONSIbLE ENTITy CHFML is the Responsible Entity of the Trust and will outsource a number of its functions to the
capital gains tax purposes, amounts of Tax Deferred distributions Manager, CHH, a wholly owned subsidiary of Charter Hall Limited.
received reduce the cost base of the Units for the Unitholders commercial, cultural, government and educational facilities developed AND MANAgER
LOw TRANSACTION COST LEAkAgE
and therefore affect the Investor’s capital gain/loss calculation (for in recent years, with additional planning for the precinct expected to FEES AND OThER COSTS1
taxation purposes) on disposal of the Units. At the date of this continue the rapid gentrification of this fringe Perth CBD precinct. The Trust has been set-up to minimise transaction costs
PDS, capital gains tax is charged at half the rate of income tax which, coupled with Charter Hall’s relatively low fee structure, ESTAbLIShMENT FEE2 3.59% of the aggregate Application Monies, payable proportionately by the Trust (not out of
for individuals (provided the investment is held for 12 months). results in an initial NTA of 94.9 cents (or 97.7 cents for individual applicant’s Application Monies) to the Manager on the issue of Units.
PERTh, wESTERN AUSTRALIA those Unitholders receiving all of the available Rebate).
For further information on taxation implications of investing
ACQUISITION FEE 1.50% of the purchase price of the Investment Property (payable proportionately by the Trust to
Charter Hall believes that Perth retains significant economic growth the Manager on the issue of Units).
in the Trust see Section 9. potential over the next decade relative to other Australian cities. The COMPETITIvE FEES
weight of long-dated infrastructure and resource projects occurring DEbT ARRANgEMENT FEE Nil
in the region is expected to support sustainable, long-term economic Charter Hall prides itself on charging competitive fees and with a
strong focus on performance based measures. Charter Hall does TRUST MANAgEMENT FEE 0.615% per annum of Gross Asset Value (GAV) of the Trust.
INvESTMENT STRUCTURE growth. Importantly, office space requirements grow as additional
not charge exit fees, finance facilitation fees or Responsible Entity PERFORMANCE FEE 15% of the outperformance over an equity return hurdle IRR of 10%, based on the returns to
contracts are awarded for resource projects such as the high profile
Gorgon Gas Project. Beyond the resource-rich theme of the Perth removal fees. Charter Hall believes that the Trust’s fee structure Unitholders, payable at each 5 year Review Date.
investment case, the region also enjoys a strong demographic profile, is simple to understand and is competitive relative to peers.
UNITHOLDERS RESPONSIbLE ENTITy Nil
with the Australian Bureau of Statistics forecasting strong per-capita REMOvAL FEE
population growth for Western Australia over the next 20 years. ATTRACTIvE AND RObUST
INVESTING IN UNITS1
FORECAST DISTRIbUTION INvESTMENT PROPERTy TENANCy OvERvIEw
100% LEASED AND 8.9 yEAR wALE The Trust is forecast to provide investors with a distribution yield of % LEASED 100%
The building is 100% leased, with a weighted average lease 8.3% in year 1, and 9.0% in year 2 (based on the best wALE 8.9 years
term to expiry (WALE) of 8.9 years. The tenants include the estimates of the Responsible Entity).1
LENDING THE TRUST MANAGING Commonwealth Government (Medicare – 10 year lease), the WA MAJOR TENANTS 41% Commonwealth Government (Medicare): 10 year term
Police and Nurses Credit Society (10 year lease), HLB Mann Judd TAx ADvANTAgED INCOME 31% WA Police and Nurses Credit Society: 10 year term
100% OWNERSHIP (national accounting firm – 10 year lease) and CPOF (5 year lease).
DEBT PROVIDER RE / MANAGER As a brand new building, Unitholders will be entitled to 9% HLB Mann Judd (national accountancy firm): 10 year term
(WESTPAC) (CHARTER HALL) significant depreciation benefits which results in the distributable 14% CPOF: 5 year term, with similar assignment/sub lease provisions as other tenants
gROwTh POTENTIAL earnings of the Trust having a high level of tax advantaged
The building’s major leases have fixed rental increases of between income (Tax Deferred distributions). The level of Tax Deferred RENT REvIEwS Weighted average fixed increases of 4.3% per annum3
SECURITY INVESTMENT 4.0% and 5.0% per annum. This provides potential for significant income is forecast to be 95% in year 1 and 83% in year 2. Medicare: fixed increases of 5.0% per annum with a ratcheted market review capped at 10% at
PROPERTY
growth in income distributions to Unitholders during and beyond the commencement of year 6
the forecast period. Under the Offer, the 130 Stirling Street INvESTORS ShOULD ALSO CONSIDER ThE RISkS Police and Nurses Credit Society: fixed increases of 4.0% per annum with a ratcheted market
Property will be acquired on a market capitalisation rate of 8.5%, OF INvESTINg OUTLINED IN SECTION 5 review capped at 20% at the commencement of years 4 and 8
which is relatively high for a brand new building of this nature
and also in comparison to the December 2007 independently HLB Mann Judd: fixed increases of 4.5% per annum
assessed market capitalisation rate of 7.0%. If the asset is sold in CPOF: fixed increases of 4.5% per annum
5 years at a lower capitalisation rate, there is considerable scope
for additional capital growth over and above the growth that is
expected using an equivalent capitalisation rate applied to passing
income at the time of the sale of the Investment Property.
1 Fees and costs disclosed above are inclusive of the net effect of GST (ie inclusive of 10% GST less any RITCs or ITCs available to the Trust).
2 An amount of up to 3.0% of the aggregate Application Monies will be used by the Responsible Entity (out of the Establishment Fee) to pay Financial Advisers
commissions, or rebated to Unitholders through the issue of additional Units at the direction of their Financial Adviser.
1 For a Unitholder receiving the full available Rebate (equal to 3.0% of a 3 Excludes the Wilson Parking agreement where rental increases will fluctuate and are based on growth in net turnover.
1 If the Maximum Offer Amount is raised, 100% of the Units on issue will be Ordinary Units. If the Minumum Offer Amount is raised, 50% of the Units on issue will be Unitholder's Application Monies), the forecast cash distribution yield per dollar
Ordinary Units and 50% will be Class A Units. invested would be 8.6% in the first year and 9.2% in the second year.
Internal atrium of the Investment Property
130 STIRLING STREET 15 130 STIRLING STREET 7 130 STIRLING STREET 11
130 STIRLING STREET 39
WEST
PERTH LOCATION Within the immediate 500 metres of the property are the following ThE bUILDINg gREEN DESIgN
6005 PERTh CbD
major buildings:
SITE PLAN
130 Stirling Street has been designed as an A-grade office building.
 Telstra Head Office The services design has incorporated the latest ecologically
130 Stirling Street is located on the northern fringe of the Perth CBD The site occupies an entire block long by half a block wide with sustainable design (ESD) initiatives. The building specification
which is a dynamically developing area of Perth. With views to the  Australian Post Supply Transport Branch frontages on Stirling, Aberdeen and Pier Streets. To maximise ensures that a “Green Building” will be delivered, expecting to
city centre, the property is located adjacent to the city’s northern  Sunday Times daylight and views from each office level, the building is oriented achieve the targeted 4.5 star NABERS Energy rating. The building
bypass tunnel, with access and egress at Lord Street, only a short towards the three streets, with a side core on the northern side. has achieved a 4 Star Green Star – Office Design v2 rating.
distance from the property. Easy access to freeways north, south,  Art Gallery of WA
A large atrium, combined with floor to ceiling vision glass, has Sunshades are used strategically on the façade to reduce direct sun
east and west is available from the site and, importantly, 130 Stirling
 Museum been created to increase daylight and visibility/outlook within the
Street is only 10 minutes walk from the CBD. on the glazing. Performance glazing designed to achieve the ESD
tenancy. External sun-shading to the east and west provides ratings has also been used on the façade.
 Alexander Library
The vast array of restaurants, cafes and hotels located close by in the necessary protection against heat when necessary.
James and William Streets, offer an impressive range of food and coffee.  Australian Taxation Office The main ESD initiatives include a low energy active chilled beam air
conditioning system which greatly reduces fan energy and ductwork
 Old Swan Barracks sizes. The active chilled beam air conditioning system provides
 Centro Metro TAFE excellent temperature control as each chilled beam head has
individual cooling capacity control. The chilled beam system offers a
 Perth Railway Station reduction of approximately 12% – 15% in the energy requirements
NORTHBRIDGE  McIver Railway Station of the air conditioning system when compared with conventional
6004  Claisebrook Railway Station
systems. High efficiency water cooled chillers located within a roof
PERTH
level plantroom provide the chilled water to the floor-by-floor air
7 conditioning system. Heating is provided by high efficiency
10 13  New Heath Ledger Performing Arts Centre (under construction)
gas-fired boilers.
STIRLING STREET
CBD  Coles Supermarket
PIER STREET
Other initiatives include high efficiency building lighting and control
4
systems, low flow tap ware and urinals, a bike store, showers and
6000 6 change room facilities to encourage cyclists.
5 130
STIRLING
STREET
8
3
ABERDEEN STREET
1 9 ACCESSIbILITy ThE AMENITy
>
The surrounding area enjoys an exciting mix of retail, cultural,
N
TRAIN STATIONS
entertainment and leisure amenity, presenting a real opportunity
11 130 Stirling Street is located approximately 540 metres from Perth
2 for organisations seeking to produce above average human
Central railway station, only a six minute walk away. McIver railway
resources outcomes for their staff.
14 station is approximately 400 metres (four minutes walk) away. All regional
train services can be accessed from Perth Central railway station. The Northbridge Link will bring the core CBD and the northern
Y TENANT LIFT LOBBY
72 72
FW CBD fringe even closer together. Sinking the Fremantle Line between TENANT PLANT COMMS MALE FEMALE PLANT TENANT
BULWER ST HIGHGATE ER TRAIN LINE Perth Central railway station and Lake Street in conjunction with the
TEA ROOM TOILET TOILET ROOM TEA
RM bUS ROUTE PREP CLNR PREP
LORD ST
FA TRAIN STATION Wellington Street bus station and joining King Street to Lake Street,
PERTH AM
OVAL AH 65 BUS STOP There are several bus routes passing along William Street and will be one of the city’s most important redevelopment projects
GR Barrack Streets which are a short walk from 130 Stirling Street. ever. The vision for Northbridge Link is to connect the city centre to
BEAUFORT ST
STIRLING ST
WILLIAM ST
Several bus routes run along Newcastle Street to pass the rail station
N
Northbridge with vibrant urbanism, embracing the city’s lifestyle and
IO
53
AT
ST
NEWCASTLE ST and connect to the Busport. The site is located in the FTZ (Free character and distinctly reflecting Perth’s 21st century aspirations.
PIER ST
OK
RO
Transit Zone).
EB
ATRIUM
AIS
STIRLING STREET
EAST
CL
PIER STREET
51
ABERDEEN ST
gyMNASIUM
CAR PARkINg
PERTH 53
There are 242 undercover car parking bays accessible from Pier Street.
There is a Fitness First at City Central on Murray Street – only a short
eight minute walk away.
LEVEL 06 -
WEST OFFICE
LEVEL 06 -
EAST OFFICE
6003 CITY WEST STATION
GLOUCESTER
PARK
PERTH STATION MCIVER STATION
WELLINGTON ST bICyCLE ACCESS ChILDCARE
65 65 51 65
1. Telstra Head Office QUEENS WACA
Cycling in the city is becoming increasingly popular. Streets to the Two childcare centres are located within walking distance of
2. Australian Post Supply Transport Branch GARDENS OVAL south of the site are generally quiet and on-street cycling would 130 Stirling Street, at the Western Australian Museum and Perth
PERTH be appropriate. There are several district and regional paths close
3. Sunday Times Central railway station on Wellington Street.
4. Art Gallery of WA WEST PERTH
to the site making cycle access easy and safe. Bicycle storage,
5. Museum ST GEORGES TCE showers and change room facilities are provided in the building.
ESPLANADE STATION 51 EAST PERTH
POST OFFICE
6. Alexander Library
7. Australian Taxation Office A Post Office is conveniently situated opposite 130 Stirling Street.
LANGLEY
8. Old Swan Barracks PARK
9. Centro Metro TAFE RIVERSIDE DR
10. Perth Railway Station
11. McIver Railway Station HIGHGATE ABERDEEN STREET
12. Claisebrook Railway Station

13. New Heath Ledger Performing Arts Centre
6004
(under construction)
14. Coles Supermarket
18 12
CHARTER HALL GROUP 130 STIRLING STREET 19 20 CHARTER HALL GROUP 130 STIRLING STREET 21
CLIENT Charter Hall

PROJECT PDS’, Bids, Competitions, Signage, Domain and Real Estate property listings, websites
CLIENT Charter Hall
ROLE Branding / Graphic Design / Marketing
CPOF | 10
CPOF | 15
St George Bank Property

4–16 Montgomery Street, Kogarah NSW Portfolio
Valuation date: 31 December 2009

St George House is well positioned along the south Valuation Market Market Market Discount Discount WALE Minimum
GENERAL
and south west rail network, providing the bank with an cap rate cap rate cap rate change rate/IRR rate change annual rent
excellent ability to tap into the large southern Sydney CPOF ownership 100% 31 Dec 09 31 Dec 07 (24 months) 31 Dec 09 (24 months) reviews
workforce. Acquisition date September 2006 ($m) (%) (%) (%) (%) (%) (years) (%)2
PROPERTY BREAKDOWN 34 Hunter Street, Sydney NSW 35.00 7.25% 6.50% 0.75% 9.00% 0.75% 1.4 4.10%
St George House comprises a purpose built commercial
Total NLA (m2) 31,398 167 Macquarie Street, Sydney NSW 82.00 7.75% 6.95% 0.80% 9.50% 1.25% 2.8 3.76%
complex, spanning eight levels featuring extensive office
space, a bank branch and 597 car spaces with a NLA of Car spaces 595 331 & 333 George Street, Sydney NSW 73.00 7.50% 6.25% 1.25% 9.25% 1.00% 2.7 3.70%
approximately 31,398m2. Average floorplate (m2) 1,965 St George Bank, 4-16 Montgomery Street, Kogarah NSW 117.00 8.00% 6.50% 1.50% 9.25% 1.25% 11.7 3.00%
VALUATION (31 DEC 2009) New York Hotel, 60 Union Street, Pyrmont NSW 1.37 7.00% N/A N/A N/A N/A 4.5 4.00%
In addition to the office space and bank branch, it
incorporates a cafeteria, community centre, child care Valuation $117,000,000 275 George Street, Brisbane Qld (50%)1 165.00 7.00% 6.00% 1.00% 9.00% 0.25% 9.2 4.48%
centre, auditorium, gymnasium, outdoor area, tennis Valuer Directors Northbank Plaza, 69 Ann Street, Brisbane Qld 165.00 7.75% 6.00% 1.75% 9.25% 0.75% 7.7 4.53%
court and running track. All amenities combine to create 11-33 Exhibition Street, Melbourne Vic 173.30 6.75% 5.75% 1.00% 9.00% 1.25% 5.9 3.96%
Value/m2 $3,723
an excellent office campus facility.
Market capitalisation rate 8.00% 150 Queen Street, Melbourne Vic 24.50 9.00% 6.75% 2.25% 10.00% 1.50% 0.8 4.01%
Discount rate 9.25% 570 Bourke Street, Melbourne Vic (50%) 73.40 8.50% 7.00% 1.50% 10.00% 1.25% 2.1 4.07%
TENANCY STATISTICS 51 Pirie Street, Adelaide SA 13.50 9.75% 7.25% 2.50% 10.50% 2.25% 2.1 3.00%
No. of tenants 1 Bank SA, 97 King Williams Street, Adelaide SA 18.80 9.00% 7.25% 1.75% 10.50% 1.75% 11.7 3.00%
Occupancy (by income) 100% 109 St Georges Terrace, Perth WA 62.50 9.25% 8.25% 1.00% 10.25% 0.75% 2.8 3.90%
WALE (by income) 11.7 years 130 Stirling Street, Perth WA1 71.60 8.50% 6.50% 2.00% 9.75% 0.75% 8.9 4.30%
Minimum annual rent reviews 1
3.00% BHP House, 225 St Georges Terrace, Perth WA (50%) 88.50 8.50% 7.50% 1.00% 9.75% 1.00% 2.9 4.06%
MAjOR TENANTS % NET INCOME Hatch Building, 144 Stirling Street, Perth WA 49.50 8.75% 7.75% 1.00% 9.75% 0.75% 1.2 4.00%
St George Bank 100% Total/weighted average 1,214.00 7.83% 6.54% 1.29% 9.42% 0.95% 5.8 4.00%
NOTE:
NOTES:
1. Where CPI reviews apply, 3.00% p.a. has been forecast as rental
1. Projects under development. Independent value represents value on completion. Book values for 275 George Street: 161.40 million and 130 Stirling Street: $63.38 million.
income.
2. Where CPI reviews apply, 3.00% p.a. has been forecast as rental income.
SA 2.7%
Vic 22.3%
Qld 27.2%
WA 22.4%
erty Book
CPOF | 8
p
Charter Hall Managed Funds Investment Portfolio | 4
Pro Fund
NSW 25.4%
Charter Hall Charter Hall Group

ent Portfolios
51 Pirie St, SA 1.1%
Statistics
Bank SA, SA 1.5% 331 George St, NSW 0.5%
ves tm Overview
150 Queen St, Vic 2.0% New York Hotel, NSW 0.1%
Fu n ds In
SA 2.7% 34 Hunter St, NSW 2.9%
Managed
11 Exhibition St, Vic 14.3%
Hatch, 144 Stirling St, WA 4.1%
109 St Georges Tce, WA 5.1%

Vic 22.3%
333 George St, NSW 5.5% Northbank Plaza, Qld 13.6%
Qld 27.2%
130 Stirling St, WA 5.9%
WA 22.4%
570 Bourke St, Vic 6.0% 275 George St, Qld 13.6%
Asset diversification Tenant type diversification Geographical diversification
lieves
Charter Hall has established Charter Hall Group is a specialist property funds
management and development company based in
Charter Hall adds value for investors through its: By current value
NSW 25.4%
By net income St George Bank, NSW 9.6%
By current value
asset, property and development management
a reputation for innovation
167 Macquarie St, NSW 6.8% 255 St Georges Tce, WA 7.3%
e
Sydney with offices in Melbourne, Adelaide, Brisbane,
activities across the risk/return spectrum;
b
Perth and Auckland, together with Chicago and London 51 Pirie St, SA 1.1%
and performance in managing
p
ll Grouto focus on
based property professionals. Established in 1991 and significant co-investments in all of its unlisted Bank SA, SA 1.5% 331 George St, NSW 0.5%
property funds for its clients. listed on the ASX in 2005 as a stapled security under property funds; 150 Queen St, Vic 2.0% New York Hotel, NSW 0.1%
SA 2.7%
the code CHC, Charter Hall Group combines Charter
a
34 Hunter St, NSW 2.9%
deal sourcing of investment opportunities Government &
H
Hall Limited with Charter Hall Property Trust. The Group 11 Exhibition St, Vic 14.3% Government related 11.9%
r
predominantly off-market;
e
Vic 22.3%
hart hen
has achieved a strong reputation and solid track record
tial
across its activities, demonstrating a 19 year history of consistent track-record of performance through National &
The C it is essenamentals w ing,

333 George St, NSW 5.5% Other 15.7% International 72.4% Qld 27.2%
Northbank Plaza, Qld 13.6%
managing investor capital. cycles;
130 Stirling St, WA 5.9% WA 22.4%
Charter Hall Group acquired the majority of Macquarie focus on securing long lease assets and portfolios;
Group Limited’s (Macquarie) core real estate strong corporate governance principles evidenced
fund g, develop ing

management platform in March 2010. The acquisition by the Group’s 19 year history in managing St George Bank, NSW 9.6%
NSW 25.4%
positions Charter Hall as one of the largest specialist pension fund capital for many of Australia’s leading
y
t
real estate fund managers in Australia, with assets Superannuation Funds; and
r
e
under management in excess of $10 billion across
prop managin nd divest .

highly regarded property funds management and
listed, wholesale and unlisted retail equity sources. 150 Queen St, Vic 2.0% New York Hotel, NSW 0.1%
in-house development team, which currently
The Platform complements Charter Hall’s existing
manages the largest series of Opportunistic and 34 Hunter St, NSW 2.9%
operations, increasing the total Charter Hall staff to 220 11 Exhibition St, Vic 14.3%
December 2009
sets
ing,
Core Plus property funds in Australia.
ga
Government &
personnel. Charter Hall will be investing in and providing Government related 11.9%
sourc repositioninproperty as
management services across the full spectrum of real
estate investment and development activities. Other 15.7%
National &
International 72.4% 130 Stirling St, WA 5.9%
CPOF owns 17 assets with an St George Bank, NSW 9.6%
Charter Hall is Australia’s leading specialist property fund manager. average value of $71.4 million
It skillfully manages a portfolio of over 300 diversified properties and a WALE of 5.8 years.
across Australia, New Zealand, the US and Europe.
Government &
Government related 11.9%
National &
Other 15.7% International 72.4%
Fund CPOF | 7
Structure Core Plus

Office Fund
The Charter Hall Group believes that in order to outperform its peers it must manage its portfolios more actively than its peer group, continue to source acquisitions off-market
through its strong relationships with development companies and large corporations across the country, and leverage off its depth of experience in implementing innovative property
transactions and projects to enhance returns for investors.
Charter Hall’s Core Plus Office $330.0m
iew
Fund (CPOF) is the largest QUEENSLAND
Overv
2 Assets
Group of the Core Plus series of 275 George St, Brisbane

CHARTER HALL ASSET
Northbank Plaza, Brisbane
re
4 Structu
CHARTER HALL OFFICE
CHARTER HALL GROUP (CHC) MANAGED FUNDS wholesale funds. Launched
Fund iew
$308.4m
5 Overv F) in June 2006, the Fund
Funds d (CPO
NEW SOUTH WALES
ce Fun PIF) predominantly targets the 6 Assets

6 lus Offi und (C
34 Hunter St, Sydney
Core P ust ri a l F office property sector in the

167 Macquarie St, Sydney
lus Ind
CHOF4 CHOF5 CPOF CPIF CPRF CHPT DPF CHUF 331 George St, Sydney
7 RF) OF4)
Core P nd (CP
333 George St, Sydney
il F u .4 (CH
(Diversified) (Diversified) (Office) (Industrial) (Retail) (Diversified) (Diversified) (Diversified)
major capital city and fringe $272.1m St George Bank, Kogarah
28 lus Re
ta nd No )
New York Hotel, Pyrmont
Core P nity Fu HOF5 markets of Australia. WESTERN AUSTRALIA

p o rt u o .5 (C
Op
4 Assets
45 r Hall und N
unity F
109 St Georges Tce, Perth
Charte
130 Stirling St, Perth
p p o rt
O (DPF)
57 r Hall
Charte y Fund
Hatch Building, Perth
ropert $32.3m
63 ified P
Divers a tio n SOUTH AUSTRALIA
70 r Inform 2 Assets
Furthe 51 Pirie St, Adelaide

Bank SA, Adelaide
83
Charter Hall’s fund portfolio comprises eight $271.2m
VICTORIA
unlisted property funds across the risk/return spectrum 3 Assets
11-33 Exhibition St, Melbourne
from core through to opportunistic. 150 Queen St, Melbourne
570 Bourke St, Melbourne
CLIENT Charter Hall

ROLE Graphic Design / Marketing 22699_RED_Tea Tree _Shampoo_A3-Poster_79056_06-16
CONTENTS PRIMARY LOGO CLEARSPACES & SIZES
The Nasonex Allergy Master Logo The clearspace around the master logos,
consists of the brand name Nasonex as indicated by the diagrams on this
Allergy, both written in capital letters. It ’s page, must be kept free of elements that
a lock-up and cannot be used separately. detract from the logo’s legibility - for
PRIMARY LOGO Page 3 The elements of the logo are constant example lettering, decorative devices and
and should never be altered in any other logos.
way. The unit is scaled up or down in Y
LOGO ON BACKGROUND Page 4 proportion. The master artwork should
always be used. Y Y
CLEARSPACES & SIZES Page 5
Y
COLOUR PALETTE Page 6
Y
T YPOGRAPHY Page 7 Masterbrand Logo - For packaging only
Full colour/ Left-aligned Clearspaces
DESIGN ELEMENTS Page 8 The clearspace is the amount of space that
should surround the logo - in this case Y is the
clearspace that should be followed.
INCORRECT LOGO USE Page 9
BRAND GUIDELINES UNACCEPTABLE BACKGROUNDS Page 10
PACK AGING PRINCIPLES FOP Page 11

10 mm height
minimum
Masterbrand Logo - For any other materials
PACK AGING PRINCIPLES SOP/BOP Page 12
Full colour/ Centred
Minumum size
BAYER LOGO USAGE Page 13 The primary logo can only be reduced to 10mm
in height for traditional of fset printing. The logo
can be reproduced smaller for digital output.
CONTACTS Page 14
Mandatory brand visual properties and specifications to be used in all communications where the identity appears. 2 3 5
LOGO ON BACKGROUND COLOUR PALETTE TYPOGRAPHY DESIGN ELEMENTS

PRIMARY
A summary of the Nasonex Allergy brand
colours and tints are shown on the left. GOTHAM - BOLD
Primary Colour Palette
ABCDEFGHIJKLMNOPQRSTUVWXYZ
abcdefghijklmnopqrstuvwxyz
Logo on white background Pantone® 321 Pantone® 323
1234567890!@#$%^&*()
Full colour/ Lef t-aligned
- For Packaging only - CMYK 100 - 22 - 42 - 2 CMYK 100 - 44 - 56 - 25 GOTHAM - BLACK GOTHAM - BOOK Logo Flash light
RGB 0 - 140 - 190 RGB 0 - 95 - 98 ABCDEFGHIJKLMNOPQRSTUVWX YZ ABCDEFGHIJKLMNOPQRSTUVWXYZ Always use lef t-aligned logo for Applies on all the packaging and
Hexadecimal 008c95 Hexadecimal 005f62 abcdefghijklmnopqrstuvwxyz abcdefghijklmnopqrstuvwxyz packaging, centred logo for the rest of some print materials. It always
the materials. Size varies according to appear on the top (either lef t
1234567890!@#$%^&*() 1234567890!@#$%^&*()
the package size. or right) of the front pack. It
Logo on white background sometimes sits alone sometimes
Full colour/ Centred GOTHAM - MEDIUM GOTHAM - BOOK ITALIC behind the logo.
ABCDEFGHIJKLMNOPQRSTUVWXYZ ABCDEFGHIJKLMNOPQRSTUV W X Y Z
abcdefghijklmnopqrstuvwxyz abcdefghijklmnopqrstuvwxyz
1234567890!@#$%^&*() 1234567890!@#$%^&*( )
Pantone® 122 Pantone® Cool Gray 10
Logo on colour background
Monochrome/ Centred CMYK 0 - 17 - 85 - 0 CMYK 100 - 94 - 36 - 32
RGB 255 - 210 - 63 RGB 24 - 37 - 86
Hexadecimal ffd23f Hexadecimal 182556 SECONDARY
Helvetica Neue (T1) - 87 Heavy Condensed Helvetica Neue (T1) - 55 Roman
ABCDEFGHIJKLMNOPQRSTUV WXYZ ABCDEFGHIJKLMNOPQRSTUV WX YZ
Logo on white background abcdefghijklmnopqrstuvwxyz abcdefghijklmnopqrstuvwxyz
Monochrome/ Centred Monochrome Black & White tints 1234567890 !@ # $%^&*( ) 1234567890 ! @# $%^&*( )
Helvetica Neue (T1) - 85 Heavy Helvetica Neue (T1) - 47 Light Condensed Water drops Swoosh
ABCDEFGHIJKLMNOPQRSTUV W X YZ ABCDEFGHIJKLMNOPQRSTUV W X Y Z Appears either in the swoosh shape Applies on all the packaging design
underneath the colour swooth on and utilise various colours to represent
abcdefghijklmnopqrstuv wxyz abcdefghijklmnopqrstuvwxyz
packaging. Or as a background texture variants. right side is always higher than
1234567890 ! @# $%^&* ( ) 1234567890 ! @ # $%^&*( )
of the white space underneath swoosh. the lef t side for packaging. However when
Black White its applied on other print materials it can
Helvetica Neue (T1) - 77 Bold Condensed Helvetica Neue (T1) - 47 Light Condensed Oblique
be reversed depends on the design.
ABCDEFGHIJKLMNOPQRSTUV WXYZ ABCDEFGHIJKLMNOPQRSTUVWXYZ
1234567890 !@ # $ %^&*( ) 1234567890 ! @ # $%^&*( )
4 6 7 8
INCORRECT LOGO USE UNACCEPTABLE PHARMACY MEDICINE

Front of pack
PACKAGING PRINCIPLES Side of pack / Back of pack
PACKAGING PRINCIPLES
A few examples of incorrect logo use and BACKGROUNDS KEEP OUT OF REACH OF CHILDREN 5
1. Logo lock-up
reverse colour treatments to be avoided are 2. Main product description
show on this page. A few examples of incorrect background 1 3. Product description
use and reverse colour treatments to be 4. Bayer logo
Do not change the colours avoided are show on this page. ALLERGY 5. Flash light
6. Swoosh - sometimes only 1 swoosh
treatment 7. water drop swoosh
& prevention of: 8. brand colour background
6 9. Product image
Do not use full coloured logo on dark Hayfever
10. 24-hour icon
background, use only reversed white logo 2 Dust allergies
Do not use the logo in outline
Pet allergies
7
Mould allergies
8
Do not use the logo on the background

Do not alter the positions of the logotype that may interfere with the legibility of the Provides
logo, must be approved by the design and 3
relief from:
marketing manager
Blocked nose
Sneezing
Runny nose
Itchy nose
9
24
Non-Drowsy
Do not alter the proportions or size of logotype 12 Years - Adult
Do not use the monotone logo on a same
colour background
HOUR 10
Nasal Spray
Do not skew, stretch, or distort the logo in 4

mometasone furoate
any way AUST R 215798 50 mcg/spray
Do not use white outline on the logo to
make it stands out from same colour
background
Do not rotate the logo
9 10 11 12
CLIENT Bayer
PROJECT Nasonex Brand Guidelines
ROLE Studio Manager / Art Director
Evaluation of iPo of anglogold ashanti's
MACQUARIE CApItAl
australian assEts
NewCo’s unique position
2,250
2,000
Newcrest
mEEting your
1,750
Market
capitalisation
1,500 > $4.8 billion
objEctivEs
2009E production (koz Au)

NewCo (Potential)
1,250
Lihir
1,000
750 NewCo
500
St Barbara Resolute
Market
Oceana
250 capitalisation
Sino
< $1.2 billion
Kingsgate Avoca
Dominion
Troy Allied
-
650 600 550 500 450 400 350 300
2009E cash costs (US$/oz)
Source: Macquarie Research Equities, Company Reports/Presentations. Avoca and Dominion assume nameplate production and cash costs. Troy and Allied assume relatively stable cash
costs and production rates from 2008 to 2009.
We will position NewCo as the new emerging leader in the ASX-listed gold sector, which offers investors the
opportunity to invest in a company with a strong mix of production, development and outstanding growth potential
from both the development of its existing Australian assets and strategic acquisitions. We believe that the ability of
NewCo to grow acquisitively through the consolidation of quality projects in Australia and South East Asia is a key
plank of NewCo’s upside story.
3.2 POTENTIAL INVESTOR CONCERNS

A key part of optimising value will be identifying and addressing investor concerns as part of the pre-marketing
process and the institutional and retail roadshows. Macquarie has addressed potential issues below and would
welcome the opportunity to refine those proposed responses with AngloGold Ashanti.
A GOLDEN OPPORTUNITY FOR GROWTH =ö=j^`nr^ofb=ö=m^db=V=
⎯ There is insufficient public information to construct a DCF model for Tropicana. Therefore, we have estimated the
2.1 MACQUARIE AS JOINT LEAD MANAGER value of Tropicana using enterprise value to resource multiples for comparable listed gold companies with
projects at similar stages of development (ie late stage pre-feasibility or definitive feasibility stage). A P/NAV
Macquarie has the skills and proven track record to execute a successful IPO
multiple has not been applied to the assessed value as the trading multiples used to derive a value for Tropicana
would theoretically include any such premium
9 Led the largest IPO on the ASX each year since 2000
⎯ The additional exploration potential is likely to be given a nominal value by analysts. As such we have included a
low and high value for additional exploration of A$50 million and A$100 million respectively.
⎯ Experience and commitment of Australia’s Largest Australian IPO 2000 – 2008YTD A key component of Macquarie’s role would be to work with AngloGold Ashanti to fully understand the value of the
largest Equity Capital Markets team (58 OIRMM OIPQT
NewCo assets and to develop key selling messages to ensure investors are aware of the assets potential, which
OINOM
should maximise IPO proceeds and lead to strong after market demand.
^ãçìåí=ê~áëÉÇ=EAãF
NIVMM
executives) OIMMM
NIQOP
NIRMM NINTM NIORU
NIMTR NIMMM NINMM
⎯ Stable balance sheet supporting underwriting NIMMM
RMM
QMM 4.3 ENTERPRISE VALUE
commitment if desired M
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_ê~åÇë
`çååÉÅíáçåë
^ìëíÉêÉç
kÉï`ç\
OMMS=
kçÄÉä
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m~ÅáÑáÅ
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OMMQ=
Sum of the parts valuation
OMMP=
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Our indicative enterprise value for NewCo based on a sum of the parts valuation is in the range of A$2.1 to
A$2.6 billion. The following table summarises our current enterprise value on an asset by asset basis.
Source: Macquarie Capital Advisers
SOTP valuation summary Low (A$m) High (A$m)
9 Adviser and lead manager on landmark IPO spin-offs Boddington valuation1 (DCF) 1,436 1,606
Sunrise Dam valuation1 (DCF) 525 533

⎯ Adviser and lead manager on spin off IPOs of Australian spin-off IPOs 2000–2008YTD
Westpac/BT Investment Management, Corporate and tax2 (DCF) (580) (638)
5 4.51
Macquarie Infrastructure Group/Sydney Sub-total of producing assets 1,380 1,501
Amount raised ($bn)

4 3.27
Roads Group, Burns Philp/Goodman Fielder, 3 2.66
Fosters Group/Australian Leisure and P/NAV multiple applied 1.25x 1.35x

2 1.54
1.14
Hospitality. 0.74
Implied valuation of operations
1 0.33 0.31 1,725 2,027
0
⎯ Most recently, Macquarie has been Macquarie UBS Credit GSJBWere ABN Citigroup Merrill Deutsche Tropicana3 (multiples) 350 490
appointed by Qantas as a joint lead manager Suisse AMRO Lynch
a golden
on the IPO of the Qantas Frequent Flyer Net debt (actuals) nm nm
Program Exploration (nominal estimate) 50 100
Valuation range 2,125 2,617
opportunity
In preparing its DCF valuation, Macquarie has relied on publicly available information to forecast the operating and
financial assumptions for the valuation model. The key assumptions underlying our valuation are set out in
Appendix A.
We expect that NewCo will trade at premium to the NAV of its cashflows. The following table sets out current P/NAV
multiples for ASX listed gold companies.
for growth PAGE 4 | MACQUARIE | A GOLDEN OPPORTUNITY FOR GROWTH

N
P
=_çÇÇáåÖíçå=~åÇ=pìåêáëÉ=a~ã=î~äì~íáçå=~êÉ=éêÉJÅçêéçê~íÉ=í~ñ=
=fåÅäìÇÉë=ÅçåëçäáÇ~íÉÇ=Åçêéçê~íÉ=í~ñI=Åçêéçê~íÉ=~åÇ=ÜÉ~Ç=çÑÑáÅÉ=Åçëíë=~åÇ=ÉñÅäìÇÉë=Éñéäçê~íáçå=Åçëíë=
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PAGE 12 | MACQUARIE | A GOLDEN OPPORTUNITY FOR GROWTH
CLIENT Macquarie Capital

PROJECT Financial Documents and tenders
ROLE Graphic Design / Typesetting
SECTION 3:
PROPERTY OVERVIEW
5 STEPS TO INVEST
1READ THIS DOCUMENT:
2 3 4 5
CONSIDER THE OFFER: CONSULT YOUR
ADVISER:
COMPLETE THE
APPLICATION FORM:
MAIL YOUR
APPLICATION FORM
Aberdeen Street frontage of the Investment Property
WELCOME TO
Pier Street frontage of the Investment Property
THE PROPERTY KEY FEATURES

Please read this PDS in full, paying Pay particular attention to all of 130 STIRLING STREET
close attention to the IMPORTANT AND CHEQUE: tirling treet comprises four office levels totalling 11,863m2 of commercial office space over four levels
the risk factors in Section 5 and onsult a financial, taxation To make an investment,
INFORMATION set out on the approximately 11,900m² Net Lettable Area (NLA) plus
inside front cover of this PDS.
other information concerning or other professional adviser complete and return the Please send your 130 Stirling Street, Perth represents an commercial and retail tenancies facing Stirling and Pier a commercial and retail tenancy adjacent to the main foyer;
the Units, the Trust and its before deciding whether Application Form at the
Assets. These risks need to to apply for Units. back of this PDS. You will
completed Application A grade o fice ilding that provides treets. ypical office levels are highly efficient and range
Form and cheque to: in si e from approximately , m to , m A. a ground level commercial and retail tenancy fronting Stirling Street;
be considered in light of your need to take care to ensure large oor plates s ita le or e ficient
particular investment objectives that you complete it in the 130 STIRLING STREET workspace planning and an abundance The property also comprises four levels of car parking, a retail/commercial tenancy on the corner of Pier and Aberdeen
and financial situation and needs. manner outlined in the Guide
to the Application Form.
TRUST OFFER of car parking, all for a substantially providing car spaces (including five disabled bays Streets; and
and four courier bays) accessible from Pier Street.
The Guide to the Application
c / - Link Market Services lower rent when compared with The car park levels also provide for a loading area and 103 tenant and 139 long-stay car parking bays accessible from
Limited Managed
Form is included at the back Funds Outsourcing equivalent space in the Perth CBD. bicycle storage, locker and change room facilities. Pier Street over four levels.
of this PDS. The completed
and signed Application Form PO Box 20043
must be returned together with orld uare
payment by cheque for the
full amount of the aggregate
Issue Price for the number
of Units being subscribed.
Cheques must be payable to
“TCL ACF 130 Stirling Street
Application Account” and
crossed “not negotiable”.
The minimum investment
that an investor can apply
for under this PDS is
$10,000. Applications for
more than $10,000 must
be in multiples of $1,000.
8 CHARTER HALL GROUP 130 STIRLING STREET 9 16 CHARTER HALL GROUP 130 STIRLING STREET 17
SECTION 8: WHY INVEST?

INVESTIGATING ACCOUNTANT’S REPORT THE KEY FEATURES OF AN INVESTMENT IN THE TRUST ARE AS FOLLOWS:
TAXATION STABILITY OF TRUST STRUCTURE TANGIBLE INVESTMENT LIQUIDITY REVIEW

he global financial crisis has caused severe volatility in the valuation A liquidity review will occur at the end of year 5, which provides LIQUIDITY The investment in 130 Stirling Street has an initial 5 year term. Due to the illiquid nature of the
he rust is a unit trust, hich permits a flo through The Responsible Entity will manage the Trust purely as a single
of assets globally, but particularly assets in listed markets (such Unitholders with greater certainty on the return of their invested Investment Property, Unitholders will not have a right to redeem their interests in the Trust unless
of depreciation allowances from its underlying property asset strategy and unless approval is given by Unitholders, will
as shares and listed real estate securities). The Trust provides capital. As part of the review, a proposal will be provided to the Responsible Entity makes a Withdrawal Offer.
assets to be distributed to Unitholders. not staple this Trust to any other single asset trust (the Charter
Unitholders with an investment in a tangible asset which will Unitholders asking Unitholders to decide whether the Trust should
Hall Group or Charter Hall Property Trusts) for the purposes of There will be a liquidity review at the end of the 5th year of the Trust which will allow Ordinary
The income from the Trust’s Investment Property is expected to not be directly impacted by the movement in stock markets. continue to hold the Investment Property. The Investment Property
building a broader portfolio of assets. Furthermore, the Responsible Unitholders to vote on a special resolution to retain the Investment Property (or if applicable, the
have a high ax eferred component. ax benefits arise through (or Relevant Proportion) will only be retained for a further 5 year
Entity undertakes not to list the Trust on the ASX or any other Relevant Proportion of the Investment Property) for a further term of 5 years. If the resolution
the availability of allowances for costs relating to depreciation QUALITY, BRAND NEW A-GRADE OFFICE ASSET term if the resolution is approved by at least of rdinary
stock exchange, unless approval is given by Unitholders. (requiring the approval of 75% or more of Ordinary Unitholders by value) is passed, that
allo ances for the construction cost of buildings, fixtures and Unitholders. In the situation where the asset is retained, the
130 Stirling Street (the "Investment Property") is a brand new Manager will implement the liquidity strategy, as outlined in the proportion of the Investment Property (being either 50% or 100%) will be retained and the
fittings and plant and e uipment. As the rust is a unit trust, it
is possible to pass these benefits on to nitholders ho hold NO COOLING OFF PERIOD campus style office facility hich reached practical completion in proposal, to assist those minority Ordinary Unitholders who voted Manager will implement a liquidity strategy with the aim of allowing those Ordinary Unitholders
une . he building has been highly specified and comprises against the resolution to realise their investment in the Trust. who voted against the resolution to realise their investment in the Trust. Further details on the
Units at the relevant distribution date. The Manager will provide
As the Trust will not be Liquid, cooling off rights do not apply four office levels totalling approximately , m2 of net lettable area potential liquidity strategies are set out in Section 2.
regular updates on the proportion of distributions that are Tax
to an investment under this PDS, and the Responsible plus commercial and retail tenancies facing Stirling and Pier Streets.
Deferred via its website, quarterly reports to Unitholders, as
Entity is under no obligation to accept a request from an he typical floor plate ranges in si e from , m2 to 3,075m2, a
MODERATE GEARING POLICY If the special resolution is not passed, the Manager must either sell the proportion of the
well as being outlined in an annual taxation statement. Investment Property referable to Ordinary Unitholders and use the realisation proceeds to
Applicant to withdraw an Application Form once it has been highly attractive feature in the erth office market here tenants are he rust ill have an initial gearing ratio of . . he anager
redeem the interests of Ordinary Unitholders in the Trust, or (provided there are no Class A Units
Tax Deferred distributions are not assessable when received unless lodged. This means that, in most circumstances, you cannot seeking the orkspace efficiency offered by larger campus style will not "re-gear" the balance sheet throughout the life of the
on issue, or Class A Unitholders do not exercise a right to purchase the Relevant Proportion of
and until the total Tax Deferred amounts received by an investor withdraw your Application Form once it has been lodged. floor plates and the interaction that results. he property has been Trust in order to return capital to Unitholders, unless as part of a
the Investment Property) procure the purchase of the Units of those Ordinary Unitholders.
exceed the cost base of the Units. This means that income tax specifically designed as an environmentally sustainable orkplace, liquidity strategy after a scheduled liquidity review. Consequently,
is not payable in the year that the income is received from the receiving a tar reen tar ffice esign v and is targeting a in the event that the Investment Property’s value rises over time, If the Responsible Entity deems it appropriate to take advantage of a strong selling opportunity,
Trust, on the component of distributions that is Tax Deferred. Tax 4.5 star NABERS Energy rating, representing a high level of achieved the gearing of the Trust will fall. The Manager expects to enter it may sell the Investment Property before the end of the initial term, in which case net proceeds
is payable on these cumulative Tax Deferred distributions, at the operational environmental performance. The property has excellent into a Debt Facility with a Loan-to-Value Ratio (LVR) covenant of of the sale would be returned to Unitholders (or if the Relevant Proportion is sold, Ordinary
point of sale of the investment, where capital gains tax is due on accessibility to all transport modes. The building has a high car and an Interest over atio (I covenant of . x, providing Unitholders) before the end of the 5th year of the Trust.
those cumulative Tax Deferred distributions historically received. For parking ratio and is located close to rail and bus public transport. substantial headroom for any potential valuation decline.
The surrounding area is undergoing a transformation with new
RESPONSIBLE ENTITY CHFML is the Responsible Entity of the Trust and will outsource a number of its functions to the
capital gains tax purposes, amounts of Tax Deferred distributions Manager, CHH, a wholly owned subsidiary of Charter Hall Limited.
received reduce the cost base of the Units for the Unitholders commercial, cultural, government and educational facilities developed AND MANAGER
LOW TRANSACTION COST LEAKAGE
and therefore affect the Investor’s capital gain/loss calculation (for in recent years, with additional planning for the precinct expected to FEES AND OTHER COSTS1
taxation purposes) on disposal of the Units. At the date of this continue the rapid gentrification of this fringe erth precinct. The Trust has been set-up to minimise transaction costs
PDS, capital gains tax is charged at half the rate of income tax which, coupled with Charter Hall’s relatively low fee structure, ESTABLISHMENT FEE2 3.59% of the aggregate Application Monies, payable proportionately by the Trust (not out of
for individuals (provided the investment is held for 12 months). results in an initial NTA of 94.9 cents (or 97.7 cents for individual applicant’s Application Monies) to the Manager on the issue of Units.
PERTH, WESTERN AUSTRALIA those Unitholders receiving all of the available Rebate).
For further information on taxation implications of investing
ACQUISITION FEE 1.50% of the purchase price of the Investment Property (payable proportionately by the Trust to
harter all believes that erth retains significant economic gro th the Manager on the issue of Units).
in the Trust see Section 9. potential over the next decade relative to other Australian cities. The COMPETITIVE FEES
weight of long-dated infrastructure and resource projects occurring DEBT ARRANGEMENT FEE Nil
in the region is expected to support sustainable, long-term economic Charter Hall prides itself on charging competitive fees and with a
strong focus on performance based measures. Charter Hall does TRUST MANAGEMENT FEE 0.615% per annum of Gross Asset Value (GAV) of the Trust.
INVESTMENT STRUCTURE gro th. Importantly, office space re uirements gro as additional
not charge exit fees, finance facilitation fees or esponsible ntity PERFORMANCE FEE 15% of the outperformance over an equity return hurdle IRR of 10%, based on the returns to
contracts are a arded for resource pro ects such as the high profile
Gorgon Gas Project. Beyond the resource-rich theme of the Perth removal fees. Charter Hall believes that the Trust’s fee structure Unitholders, payable at each 5 year Review Date.
investment case, the region also en oys a strong demographic profile, is simple to understand and is competitive relative to peers.
UNITHOLDERS RESPONSIBLE ENTITY Nil
with the Australian Bureau of Statistics forecasting strong per-capita REMOVAL FEE
population gro th for estern Australia over the next years. ATTRACTIVE AND ROBUST
INVESTING IN UNITS1
FORECAST DISTRIBUTION INVESTMENT PROPERTY TENANCY OVERVIEW
100% LEASED AND 8.9 YEAR WALE The Trust is forecast to provide investors with a distribution yield of % LEASED 100%
he building is leased, ith a eighted average lease . in year , and . in year (based on the best WALE 8.9 years
term to expiry ( A of . years. he tenants include the estimates of the Responsible Entity).1
LENDING THE TRUST MANAGING ommon ealth overnment ( edicare year lease , the A MAJOR TENANTS 41% Commonwealth Government (Medicare): 10 year term
Police and Nurses Credit Society (10 year lease), HLB Mann Judd TAX ADVANTAGED INCOME 31% WA Police and Nurses Credit Society: 10 year term
100% OWNERSHIP (national accounting firm year lease and ( year lease .
DEBT PROVIDER RE / MANAGER As a brand new building, Unitholders will be entitled to ann udd (national accountancy firm year term
(WESTPAC) (CHARTER HALL) significant depreciation benefits hich results in the distributable 14% CPOF: 5 year term, with similar assignment/sub lease provisions as other tenants
GROWTH POTENTIAL earnings of the Trust having a high level of tax advantaged
he building s ma or leases have fixed rental increases of bet een income (Tax Deferred distributions). The level of Tax Deferred RENT REVIEWS eighted average fixed increases of . per annum3
SECURITY INVESTMENT . and . per annum. his provides potential for significant income is forecast to be in year and in year . edicare fixed increases of . per annum ith a ratcheted market revie capped at at
PROPERTY
growth in income distributions to Unitholders during and beyond the commencement of year 6
the forecast period. Under the Offer, the 130 Stirling Street INVESTORS SHOULD ALSO CONSIDER THE RISKS olice and urses redit ociety fixed increases of . per annum ith a ratcheted market
roperty ill be ac uired on a market capitalisation rate of . , OF INVESTING OUTLINED IN SECTION 5 review capped at 20% at the commencement of years 4 and 8
which is relatively high for a brand new building of this nature
and also in comparison to the December 2007 independently ann udd fixed increases of . per annum
assessed market capitalisation rate of . . If the asset is sold in fixed increases of . per annum
5 years at a lower capitalisation rate, there is considerable scope
for additional capital growth over and above the growth that is
expected using an equivalent capitalisation rate applied to passing
income at the time of the sale of the Investment Property.
1 Fees and costs disclosed above are inclusive of the net effect of GST (ie inclusive of 10% GST less any RITCs or ITCs available to the Trust).
2 An amount of up to 3.0% of the aggregate Application Monies will be used by the Responsible Entity (out of the Establishment Fee) to pay Financial Advisers
commissions, or rebated to Unitholders through the issue of additional Units at the direction of their Financial Adviser.
or a nitholder receiving the full available ebate (e ual to . of a 3 xcludes the ilson arking agreement here rental increases ill fluctuate and are based on gro th in net turnover.
1 If the aximum ffer Amount is raised, of the nits on issue ill be rdinary nits. If the inumum ffer Amount is raised, of the nits on issue ill be nitholder s Application onies , the forecast cash distribution yield per dollar
rdinary nits and ill be lass A nits. invested ould be . in the first year and . in the second year.
Internal atrium of the Investment Property
130 STIRLING STREET 15 130 STIRLING STREET 7 130 STIRLING STREET 11
130 STIRLING STREET 39
WEST
PERTH LOCATION Within the immediate 500 metres of the property are the following THE BUILDING GREEN DESIGN
6005 PERTH CBD
major buildings:
SITE PLAN
tirling treet has been designed as an A grade office building.
elstra ead ffice The services design has incorporated the latest ecologically
130 Stirling Street is located on the northern fringe of the Perth CBD The site occupies an entire block long by half a block wide with sustainable design ( initiatives. he building specification
which is a dynamically developing area of Perth. With views to the Australian Post Supply Transport Branch frontages on Stirling, Aberdeen and Pier Streets. To maximise ensures that a “Green Building” will be delivered, expecting to
city centre, the property is located adjacent to the city’s northern Sunday Times daylight and vie s from each office level, the building is oriented achieve the targeted 4.5 star NABERS Energy rating. The building
bypass tunnel, with access and egress at Lord Street, only a short towards the three streets, with a side core on the northern side. has achieved a tar reen tar ffice esign v rating.
distance from the property. Easy access to freeways north, south, Art Gallery of WA
A large atrium, combined ith floor to ceiling vision glass, has Sunshades are used strategically on the façade to reduce direct sun
east and west is available from the site and, importantly, 130 Stirling Museum been created to increase daylight and visibility/outlook within the on the gla ing. erformance gla ing designed to achieve the
Street is only 10 minutes walk from the CBD.
Alexander Library tenancy. External sun-shading to the east and west provides ratings has also been used on the façade.
The vast array of restaurants, cafes and hotels located close by in the necessary protection against heat when necessary.
James and William Streets, offer an impressive range of food and coffee. Australian axation ffice The main ESD initiatives include a low energy active chilled beam air
conditioning system which greatly reduces fan energy and ductwork
Old Swan Barracks si es. he active chilled beam air conditioning system provides
Centro Metro TAFE excellent temperature control as each chilled beam head has
individual cooling capacity control. The chilled beam system offers a
Perth Railway Station reduction of approximately in the energy re uirements
NORTHBRIDGE McIver Railway Station of the air conditioning system when compared with conventional
6004 Claisebrook Railway Station
systems. igh efficiency ater cooled chillers located ithin a roof
PERTH
level plantroom provide the chilled ater to the floor by floor air
7 conditioning system. eating is provided by high efficiency
10 13 New Heath Ledger Performing Arts Centre (under construction)
gas fired boilers.
STIRLING STREET
CBD Coles Supermarket
PIER STREET
ther initiatives include high efficiency building lighting and control
4
systems, lo flo tap are and urinals, a bike store, sho ers and
6000 6 change room facilities to encourage cyclists.
5 130
STIRLING
STREET
8
3
ABERDEEN STREET
1 9 ACCESSIBILITY THE AMENITY
>
The surrounding area enjoys an exciting mix of retail, cultural,
N
TRAIN STATIONS
entertainment and leisure amenity, presenting a real opportunity
11 130 Stirling Street is located approximately 540 metres from Perth
2 for organisations seeking to produce above average human
Central railway station, only a six minute walk away. McIver railway
resources outcomes for their staff.
14 station is approximately 400 metres (four minutes walk) away. All regional
train services can be accessed from Perth Central railway station. The Northbridge Link will bring the core CBD and the northern
Y TENANT LIFT LOBBY
FW CBD fringe even closer together. Sinking the Fremantle Line between TENANT PLANT COMMS MALE FEMALE PLANT TENANT
BULWER ST HIGHGATE ER TRAIN LINE Perth Central railway station and Lake Street in conjunction with the
TEA ROOM TOILET TOILET ROOM TEA
RM BUS ROUTE PREP CLNR PREP
FA TRAIN STATION Wellington Street bus station and joining King Street to Lake Street,
AM
AH 65 BUS STOP There are several bus routes passing along William Street and will be one of the city’s most important redevelopment projects
GR Barrack Streets which are a short walk from 130 Stirling Street. ever. The vision for Northbridge Link is to connect the city centre to
Several bus routes run along Newcastle Street to pass the rail station
N
Northbridge with vibrant urbanism, embracing the city’s lifestyle and
IO
AT
ST
NEWCASTLE ST and connect to the Busport. The site is located in the FTZ (Free character and distinctly reflecting erth s st century aspirations.
OK
RO
Transit Zone).
EB
ATRIUM
AIS
STIRLING STREET
EAST
CL
PIER STREET
GYMNASIUM
CAR PARKING
PERTH There are 242 undercover car parking bays accessible from Pier Street.
There is a Fitness First at City Central on Murray Street – only a short
eight minute walk away.
LEVEL 06 -
WEST OFFICE
LEVEL 06 -
EAST OFFICE
6003 CITY WEST STATION
GLOUCESTER
PARK
PERTH STATION
WELLINGTON ST BICYCLE ACCESS CHILDCARE
65 65
1. Telstra Head ffice QUEENS WACA
Cycling in the city is becoming increasingly popular. Streets to the Two childcare centres are located within walking distance of
2. Australian Post Supply Transport ranch GARDENS OVAL south of the site are generally quiet and on-street cycling would tirling treet, at the estern Australian useum and erth
3. Sunday Times be appropriate. There are several district and regional paths close entral rail ay station on ellington treet.
4. Art Gallery of WA WEST PERTH
to the site making cycle access easy and safe. Bicycle storage,
5. Museum ST GEORGES TCE showers and change room facilities are provided in the building.
ESPLANADE STATION EAST PERTH
POST OFFICE
6. Alexander Library
7. Australian Taxation ffice A ost ffice is conveniently situated opposite tirling treet.
LANGLEY
8. Old Swan arracks PARK
9. Centro Metro TAFE RIVERSIDE DR
. erth Railway Station
. cIver Railway Station HIGHGATE ABERDEEN STREET
. laisebrook Railway Station

13. New eath Ledger Performing Arts Centre
6004
(under construction
14. Coles upermarket
18 12
CHARTER HALL GROUP 130 STIRLING STREET 19 20 CHARTER HALL GROUP 130 STIRLING STREET 21
CLIENT Charter Hall

CLIENT Charter Hall
ROLE Branding / Graphic Design / Marketing
CPOF | 10
CPOF | 15
St George Bank Property

4–16 Montgomery Street, Kogarah NSW Portfolio
Valuation date: 31 December 2009

St George House is well positioned along the south Valuation Market Market Market Discount Discount WALE Minimum
GENERAL
and south west rail network, providing the bank with an cap rate cap rate cap rate change rate/IRR rate change annual rent
excellent ability to tap into the large southern Sydney CPOF ownership 100% 31 Dec 09 31 Dec 07 (24 months) 31 Dec 09 (24 months) reviews
workforce. Acquisition date September 2006 ($m) (%) (%) (%) (%) (%) (years) (%)2
PROPERTY BREAKDOWN 34 Hunter Street, Sydney NSW 35.00 7.25% 6.50% 0.75% 9.00% 0.75% 1.4 4.10%
St George House comprises a purpose built commercial
Total NLA (m2) 31,398 167 Macquarie Street, Sydney NSW 82.00 7.75% 6.95% 0.80% 9.50% 1.25% 2.8 3.76%
complex, spanning eight levels featuring extensive office
space, a bank branch and 597 car spaces with a NLA of Car spaces 595 331 & 333 George Street, Sydney NSW 73.00 7.50% 6.25% 1.25% 9.25% 1.00% 2.7 3.70%
approximately 31,398m2. Average floorplate (m2) 1,965 St George Bank, 4-16 Montgomery Street, Kogarah NSW 117.00 8.00% 6.50% 1.50% 9.25% 1.25% 11.7 3.00%
VALUATION (31 DEC 2009) New York Hotel, 60 Union Street, Pyrmont NSW 1.37 7.00% N/A N/A N/A N/A 4.5 4.00%
In addition to the office space and bank branch, it
incorporates a cafeteria, community centre, child care Valuation $117,000,000 275 George Street, Brisbane Qld (50%)1 165.00 7.00% 6.00% 1.00% 9.00% 0.25% 9.2 4.48%
centre, auditorium, gymnasium, outdoor area, tennis Valuer Directors Northbank Plaza, 69 Ann Street, Brisbane Qld 165.00 7.75% 6.00% 1.75% 9.25% 0.75% 7.7 4.53%
court and running track. All amenities combine to create 11-33 Exhibition Street, Melbourne Vic 173.30 6.75% 5.75% 1.00% 9.00% 1.25% 5.9 3.96%
Value/m2 $3,723
an excellent office campus facility.
Market capitalisation rate 8.00% 150 Queen Street, Melbourne Vic 24.50 9.00% 6.75% 2.25% 10.00% 1.50% 0.8 4.01%
Discount rate 9.25% 570 Bourke Street, Melbourne Vic (50%) 73.40 8.50% 7.00% 1.50% 10.00% 1.25% 2.1 4.07%
TENANCY STATISTICS 51 Pirie Street, Adelaide SA 13.50 9.75% 7.25% 2.50% 10.50% 2.25% 2.1 3.00%
No. of tenants 1 Bank SA, 97 King Williams Street, Adelaide SA 18.80 9.00% 7.25% 1.75% 10.50% 1.75% 11.7 3.00%
Occupancy (by income) 100% 109 St Georges Terrace, Perth WA 62.50 9.25% 8.25% 1.00% 10.25% 0.75% 2.8 3.90%
WALE (by income) 11.7 years 130 Stirling Street, Perth WA1 71.60 8.50% 6.50% 2.00% 9.75% 0.75% 8.9 4.30%
Minimum annual rent reviews 1
3.00% BHP House, 225 St Georges Terrace, Perth WA (50%) 88.50 8.50% 7.50% 1.00% 9.75% 1.00% 2.9 4.06%
MAJOR TENANTS % NET INCOME Hatch Building, 144 Stirling Street, Perth WA 49.50 8.75% 7.75% 1.00% 9.75% 0.75% 1.2 4.00%
St George Bank 100% Total/weighted average 1,214.00 7.83% 6.54% 1.29% 9.42% 0.95% 5.8 4.00%
NOTE:
NOTES:
1. Where CPI reviews apply, 3.00% p.a. has been forecast as rental
1. Projects under development. Independent value represents value on completion. Book values for 275 George Street: 161.40 million and 130 Stirling Street: $63.38 million.
income.
2. Where CPI reviews apply, 3.00% p.a. has been forecast as rental income.
SA 2.7%
Vic 22.3%
Qld 27.2%
WA 22.4%
erty Book
CPOF | 8
p
Pro Fund
NSW 25.4%
Charter Hall Charter Hall Group

ent Portfolios
Statistics
ves tm Overview
150 Queen St, Vic 2.0% New York Hotel, NSW 0.1%
Fu n ds In
SA 2.7% 34 Hunter St, NSW 2.9%
Managed
11 Exhibition St, Vic 14.3%

Vic 22.3%
Qld 27.2%
130 Stirling St, WA 5.9%
WA 22.4%
Asset diversification Tenant type diversification Geographical diversification
lieves
Charter Hall has established Charter Hall Group is a specialist property funds
management and development company based in
Charter Hall adds value for investors through its: By current value
NSW 25.4%
By net income St George Bank, NSW 9.6%
By current value
asset, property and development management
a reputation for innovation
e
ydney ith offices in elbourne, Adelaide, risbane,
activities across the risk return spectrum
b
erth and Auckland, together ith hicago and ondon 51 Pirie St, SA 1.1%
and performance in managing
p
ll Grouto focus on
based property professionals. Established in 1991 and significant co investments in all of its unlisted Bank SA, SA 1.5% 331 George St, NSW 0.5%
property funds for its clients. listed on the A in as a stapled security under property funds 150 Queen St, Vic 2.0% New York Hotel, NSW 0.1%
SA 2.7%
the code , harter all roup combines harter
a
34 Hunter St, NSW 2.9%
deal sourcing of investment opportunities Government &
H
all imited ith harter all roperty rust. he roup 11 Exhibition St, Vic 14.3% Government related 11.9%
r
predominantly off market
e
Vic 22.3%
hart hen
has achieved a strong reputation and solid track record
tial
across its activities, demonstrating a year history of consistent track record of performance through National &
The C it is essenamentals w ing,

333 George St, NSW 5.5% Other 15.7% International 72.4% Qld 27.2%
Northbank Plaza, Qld 13.6%
managing investor capital. cycles
130 Stirling St, WA 5.9% WA 22.4%
Charter Hall Group acquired the majority of Macquarie focus on securing long lease assets and portfolios
roup imited s ( ac uarie core real estate strong corporate governance principles evidenced
fund g, develop ing

management platform in arch . he ac uisition by the roup s year history in managing St George Bank, NSW 9.6%
NSW 25.4%
positions Charter Hall as one of the largest specialist pension fund capital for many of Australia s leading
y
t
real estate fund managers in Australia, ith assets uperannuation unds and
r
e
under management in excess of $10 billion across
prop managin nd divest .

highly regarded property funds management and
listed, holesale and unlisted retail e uity sources. 150 Queen St, Vic 2.0% New York Hotel, NSW 0.1%
in house development team, hich currently
he latform complements harter all s existing
manages the largest series of Opportunistic and 34 Hunter St, NSW 2.9%
operations, increasing the total harter all staff to 11 Exhibition St, Vic 14.3%
December 2009
sets
ing,
ore lus property funds in Australia.
ga
Government &
personnel. Charter Hall will be investing in and providing Government related 11.9%
sourc repositioninproperty as
management services across the full spectrum of real
estate investment and development activities. Other 15.7%
National &
International 72.4% 130 Stirling St, WA 5.9%
CPOF owns 17 assets with an St George Bank, NSW 9.6%
Charter Hall is Australia’s leading specialist property fund manager. average value of $71.4 million
t s ill lly anages a port olio o over diversified properties and a WALE of 5.8 years.
across Australia, New Zealand, the US and Europe.
Government &
Government related 11.9%
National &
Other 15.7% International 72.4%
Fund CPOF | 7
Structure Core Plus

fice nd
The Charter Hall Group believes that in order to outperform its peers it must manage its portfolios more actively than its peer group, continue to source acquisitions off-market
through its strong relationships with development companies and large corporations across the country, and leverage off its depth of experience in implementing innovative property
transactions and projects to enhance returns for investors.
harter all s ore l s fice $330.0m
iew
Fund (CPOF) is the largest QUEENSLAND
Overv
2 Assets
Group of the Core Plus series of 275 George St, Brisbane

CHARTER HALL ASSET
Northbank Plaza, Brisbane
re
4 Structu
CHARTER HALL OFFICE
A A ( A A wholesale funds. Launched
Fund iew
$308.4m
5 Overv in June 2006, the Fund
Funds
NEW SOUTH WALES
(
e und predominantly targets the
s ffic
6 Assets
6 I
ore lu nd (
34 Hunter St, Sydney
rial u
167 Macquarie St, Sydney
o fice property sector in the
Indust CHOF4 CHOF5 CPOF CPIF CPRF CHPT DPF CHUF 331 George St, Sydney
7 lu s 333 George St, Sydney
ore il u nd ( o. (
( iversified ( iversified ( ffice (Industrial ( etail ( iversified ( iversified ( iversified
major capital city and fringe $272.1m St George Bank, Kogarah
28 s eta und
New York Hotel, Pyrmont
ore lu markets of Australia. WESTERN AUSTRALIA

ortunity (
ll pp d o.
4 Assets
45 e r a u n 109 St Georges Tce, Perth
hart ortunity
130 Stirling St, Perth
ll pp
57 e r a
un d ( Hatch Building, Perth
hart perty $32.3m
63 ed ro
iversifi n SOUTH AUSTRALIA
70 r In fo rmatio 2 Assets
Furth e 51 Pirie St, Adelaide

Bank SA, Adelaide
83
Charter Hall’s fund portfolio comprises eight $271.2m
VICTORIA
unlisted property funds across the risk/return spectrum 3 Assets
11-33 Exhibition St, Melbourne
from core through to opportunistic. 150 Queen St, Melbourne
570 Bourke St, Melbourne
CLIENT Charter Hall

ROLE Graphic Design / Marketing 22699_RED_Tea Tree _Shampoo_A3-Poster_79056_06-16
CONTENTS PRIMARY LOGO CLEARSPACES & SIZES
The Nasonex Allergy Master Logo The clearspace around the master logos,
consists of the brand name Nasonex as indicated by the diagrams on this
Allergy, both written in capital letters. It ’s page, must be kept free of elements that
a lock-up and cannot be used separately. detract from the logo’s legibility - for
PRIMARY LOGO Page 3 The elements of the logo are constant example lettering, decorative devices and
and should never be altered in any other logos.
way. The unit is scaled up or down in Y
LOGO ON BACKGROUND Page 4 proportion. The master artwork should
always be used. Y Y
CLEARSPACES & SIZES Page 5
Y
COLOUR PALETTE Page 6
Y
T YPOGRAPHY Page 7 Masterbrand Logo - For packaging only
Full colour/ Left-aligned Clearspaces
DESIGN ELEMENTS Page 8 The clearspace is the amount of space that
should surround the logo - in this case Y is the
clearspace that should be followed.
INCORRECT LOGO USE Page 9
BRAND GUIDELINES UNACCEPTABLE BACKGROUNDS Page 10
PACK AGING PRINCIPLES FOP Page 11

10 mm height
minimum
Masterbrand Logo - For any other materials
PACK AGING PRINCIPLES SOP/BOP Page 12
Full colour/ Centred
Minumum size
BAYER LOGO USAGE Page 13 The primary logo can only be reduced to 10mm
in height for traditional of fset printing. The logo
can be reproduced smaller for digital output.
CONTACTS Page 14
Mandatory brand visual properties and specifications to be used in all communications where the identity appears. 2 3 5
LOGO ON BACKGROUND COLOUR PALETTE TYPOGRAPHY DESIGN ELEMENTS

PRIMARY
A summary of the Nasonex Allergy brand
colours and tints are shown on the left. GOTHAM - BOLD
Primary Colour Palette
ABCDEFGHIJKLMNOPQRSTUVWXYZ
abcdefghijklmnopqrstuvwxyz
Logo on white background Pantone® 321 Pantone® 323
1234567890!@#$%^&*()
Full colour/ Lef t-aligned
- For Packaging only - CMYK 100 - 22 - 42 - 2 CMYK 100 - 44 - 56 - 25 GOTHAM - BLACK GOTHAM - BOOK Logo Flash light
RGB 0 - 140 - 190 RGB 0 - 95 - 98 ABCDEFGHIJKLMNOPQRSTUVWX YZ ABCDEFGHIJKLMNOPQRSTUVWXYZ Always use lef t-aligned logo for Applies on all the packaging and
Hexadecimal 008c95 Hexadecimal 005f62 abcdefghijklmnopqrstuvwxyz abcdefghijklmnopqrstuvwxyz packaging, centred logo for the rest of some print materials. It always
the materials. Size varies according to appear on the top (either lef t
1234567890!@#$%^&*() 1234567890!@#$%^&*()
the package size. or right) of the front pack. It
Logo on white background sometimes sits alone sometimes
Full colour/ Centred GOTHAM - MEDIUM GOTHAM - BOOK ITALIC behind the logo.
ABCDEFGHIJKLMNOPQRSTUVWXYZ ABCDEFGHIJKLMNOPQRSTUV W X Y Z
1234567890!@#$%^&*() 1234567890!@#$%^&*( )
Pantone® 122 Pantone® Cool Gray 10
Logo on colour background
Monochrome/ Centred CMYK 0 - 17 - 85 - 0 CMYK 100 - 94 - 36 - 32
RGB 255 - 210 - 63 RGB 24 - 37 - 86
Hexadecimal ffd23f Hexadecimal 182556 SECONDARY
Helvetica Neue (T1) - 87 Heavy Condensed Helvetica Neue (T1) - 55 Roman
ABCDEFGHIJKLMNOPQRSTUV WXYZ ABCDEFGHIJKLMNOPQRSTUV WX YZ
Logo on white background abcdefghijklmnopqrstuvwxyz abcdefghijklmnopqrstuvwxyz
Monochrome/ Centred Monochrome Black & White tints 1234567890 !@ # $%^&*( ) 1234567890 ! @# $%^&*( )
Helvetica Neue (T1) - 85 Heavy Helvetica Neue (T1) - 47 Light Condensed Water drops Swoosh
ABCDEFGHIJKLMNOPQRSTUV W X YZ ABCDEFGHIJKLMNOPQRSTUV W X Y Z Appears either in the swoosh shape Applies on all the packaging design
underneath the colour swooth on and utilise various colours to represent
abcdefghijklmnopqrstuv wxyz abcdefghijklmnopqrstuvwxyz
packaging. Or as a background texture variants. right side is always higher than
1234567890 ! @# $%^&* ( ) 1234567890 ! @ # $%^&*( )
of the white space underneath swoosh. the lef t side for packaging. However when
Black White its applied on other print materials it can
Helvetica Neue (T1) - 77 Bold Condensed Helvetica Neue (T1) - 47 Light Condensed Oblique
be reversed depends on the design.
ABCDEFGHIJKLMNOPQRSTUV WXYZ ABCDEFGHIJKLMNOPQRSTUVWXYZ
1234567890 !@ # $ %^&*( ) 1234567890 ! @ # $%^&*( )
4 6 7 8
INCORRECT LOGO USE UNACCEPTABLE PHARMACY MEDICINE

Front of pack
PACKAGING PRINCIPLES Side of pack / Back of pack
PACKAGING PRINCIPLES
A few examples of incorrect logo use and BACKGROUNDS KEEP OUT OF REACH OF CHILDREN 5
1. Logo lock-up
reverse colour treatments to be avoided are 2. Main product description
show on this page. A few examples of incorrect background 1 3. Product description
use and reverse colour treatments to be 4. Bayer logo
Do not change the colours avoided are show on this page. ALLERGY 5. Flash light
6. Swoosh - sometimes only 1 swoosh
treatment 7. water drop swoosh
& prevention of: 8. brand colour background
6 9. Product image
Do not use full coloured logo on dark Hayfever
10. 24-hour icon
background, use only reversed white logo 2 Dust allergies
Do not use the logo in outline
Pet allergies
7
Mould allergies
8
Do not use the logo on the background

Do not alter the positions of the logotype that may interfere with the legibility of the Provides
logo, must be approved by the design and 3
relief from:
marketing manager
Blocked nose
Sneezing
Runny nose
Itchy nose
9
24
Non-Drowsy
Do not alter the proportions or size of logotype 12 Years - Adult
Do not use the monotone logo on a same
colour background
HOUR 10
Nasal Spray
Do not skew, stretch, or distort the logo in 4

mometasone furoate
any way AUST R 215798 50 mcg/spray
Do not use white outline on the logo to
make it stands out from same colour
background
Do not rotate the logo
9 10 11 12
CLIENT Bayer
PROJECT Nasonex Brand Guidelines
ROLE Studio Manager / Art Director
EVALUATION OF IPO OF ANGLOGOLD ASHANTI'S
MACQUARIE CAPITAL
AUSTRALIAN ASSETS
NewCo’s unique position
2,250
2,000
Newcrest
MEETING YOUR
1,750
Market
capitalisation
1,500 > $4.8 billion
OBJECTIVES
2009E production (koz Au)

NewCo (Potential)
1,250
Lihir
1,000
750 NewCo
500
St Barbara Resolute
Market
Oceana
250 capitalisation
Sino
< $1.2 billion
Kingsgate Avoca
Dominion
Troy Allied
-
650 600 550 500 450 400 350 300
2009E cash costs (US$/oz)
Source: Macquarie Research Equities, Company Reports/Presentations. Avoca and Dominion assume nameplate production and cash costs. Troy and Allied assume relatively stable cash
costs and production rates from 2008 to 2009.
We will position NewCo as the new emerging leader in the ASX-listed gold sector, which offers investors the
opportunity to invest in a company with a strong mix of production, development and outstanding growth potential
from both the development of its existing Australian assets and strategic acquisitions. We believe that the ability of
NewCo to grow acquisitively through the consolidation of quality projects in Australia and South East Asia is a key
plank of NewCo’s upside story.
3.2 POTENTIAL INVESTOR CONCERNS

A key part of optimising value will be identifying and addressing investor concerns as part of the pre-marketing
process and the institutional and retail roadshows. Macquarie has addressed potential issues below and would
welcome the opportunity to refine those proposed responses with AngloGold Ashanti.
A GOLDEN OPPORTUNITY FOR GROWTH =ö=j^`nr^ofb=ö=m^db=V=
 There is insufficient public information to construct a DCF model for Tropicana. Therefore, we have estimated the
2.1 MACQUARIE AS JOINT LEAD MANAGER value of Tropicana using enterprise value to resource multiples for comparable listed gold companies with
projects at similar stages of development (ie late stage pre-feasibility or definitive feasibility stage). A P/NAV
Macquarie has the skills and proven track record to execute a successful IPO
multiple has not been applied to the assessed value as the trading multiples used to derive a value for Tropicana
would theoretically include any such premium
9 Led the largest IPO on the ASX each year since 2000
 The additional exploration potential is likely to be given a nominal value by analysts. As such we have included a
low and high value for additional exploration of A$50 million and A$100 million respectively.
 Experience and commitment of Australia’s Largest Australian IPO 2000 – 2008YTD A key component of Macquarie’s role would be to work with AngloGold Ashanti to fully understand the value of the
largest Equity Capital Markets team (58 OIRMM OIPQT
NewCo assets and to develop key selling messages to ensure investors are aware of the assets potential, which
OINOM
should maximise IPO proceeds and lead to strong after market demand.
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commitment if desired M
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Our indicative enterprise value for NewCo based on a sum of the parts valuation is in the range of A$2.1 to
A$2.6 billion. The following table summarises our current enterprise value on an asset by asset basis.
SOTP valuation summary Low (A$m) High (A$m)
9 Adviser and lead manager on landmark IPO spin-offs Boddington valuation1 (DCF) 1,436 1,606
Sunrise Dam valuation1 (DCF) 525 533

 Adviser and lead manager on spin off IPOs of Australian spin-off IPOs 2000–2008YTD
Westpac/BT Investment Management, Corporate and tax2 (DCF) (580) (638)
5 4.51
Macquarie Infrastructure Group/Sydney Sub-total of producing assets 1,380 1,501
Amount raised ($bn)

4 3.27
Roads Group, Burns Philp/Goodman Fielder, 3 2.66
Fosters Group/Australian Leisure and P/NAV multiple applied 1.25x 1.35x

2 1.54
1.14
Hospitality. 0.74
Implied valuation of operations
1 0.33 0.31 1,725 2,027
0
 Most recently, Macquarie has been Macquarie UBS Credit GSJBWere ABN Citigroup Merrill Deutsche Tropicana3 (multiples) 350 490
appointed by Qantas as a joint lead manager Suisse AMRO Lynch
A GOLDEN
on the IPO of the Qantas Frequent Flyer Net debt (actuals) nm nm
Program Exploration (nominal estimate) 50 100
Valuation range 2,125 2,617
OPPORTUNITY
In preparing its DCF valuation, Macquarie has relied on publicly available information to forecast the operating and
financial assumptions for the valuation model. The key assumptions underlying our valuation are set out in
Appendix A.
We expect that NewCo will trade at premium to the NAV of its cashflows. The following table sets out current P/NAV
multiples for ASX listed gold companies.
FOR GROWTH PAGE 4 | MACQUARIE | A GOLDEN OPPORTUNITY FOR GROWTH

N
P
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PAGE 12 | MACQUARIE | A GOLDEN OPPORTUNITY FOR GROWTH
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Valuation date: 31 December 2009

Charter Hall Charter Hall Group

109 St Georges Tce, WA 5.1%

Asset diversification Tenant type diversification Geographical diversification

The C it is essenamentals w ing,

fund g, develop ing

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Charter Hall Managed Funds Investment Portfolio | 5

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3.2 POTENTIAL INVESTOR CONCERNS

A GOLDEN OPPORTUNITY FOR GROWTH =ö=j^`nr^ofb=ö=m^db=V=

SOTP valuation summary Low (A$m) High (A$m)

Sunrise Dam valuation1 (DCF) 525 533

Amount raised ($bn)

Fosters Group/Australian Leisure and P/NAV multiple applied 1.25x 1.35x

for growth PAGE 4 | MACQUARIE | A GOLDEN OPPORTUNITY FOR GROWTH

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SECTION 8: WHY INVEST?

TAXATION STABILITY OF TRUST STRUCTURE TANGIBLE INVESTMENT LIQUIDITY REVIEW

6000 6 change room facilities to encourage cyclists.

. laisebrook Railway Station

CLIENT Charter Hall

St George Bank Property

Valuation date: 31 December 2009

Charter Hall Charter Hall Group

109 St Georges Tce, WA 5.1%

Asset diversification Tenant type diversification Geographical diversification

The C it is essenamentals w ing,

fund g, develop ing

prop managin nd divest .

CPOF owns 17 assets with an St George Bank, NSW 9.6%

Charter Hall Managed Funds Investment Portfolio | 5

Structure Core Plus