ALE Property : 2021 Scheme Meeting Presentation

onlyuseScheme Meetings

Proposal from Charter Hall Long WALE REIT and Hostplus

Thursday 2 December 2021 personalr

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Overview of the Schemes

• On 20 September 2021, ALE Property Group announced	Scheme Consideration Alternatives (based on
entry into a scheme implementation deed with a	indicative elections)
onlyc nsortium managed by Charter Hall Group, comprising
			Value of
Charter Hall Long WALE REIT and Hostplus		Cash per security	Scrip per security
	consideration2
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- Charter Hall Holdings Pty Limited will acquire the shares of	Mixed consideration	$3.673	0.4080 CLW	$5.701
Australian Leisure and Entertainment Property Management	securities
Limited ("ALE" or "Company")
Maximum cash	$5.681	-	$5.681
- Bieson Pty Limited as trustee for the CH LEP Investment	consideration1
Tr st will acquire the units of Australian Leisure and
Maximum scrip		1.1546 CLW
Entertainment Property Trust ("ALE Trust")	-	$5.738
consideration1	securities
• Securityholders have been offered three consideration
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lternatives: mixed, maximum cash or maximum scrip

• As announced on 26 November 2021, the indicative election results suggest that the scaleback mechanism will apply to the maximum cash consideration alternative

1. If the alternate is oversubscribed, will be subject to scaleback arrangements

2. Based on a closing price of CLW securities of $4.97 on 26 October 2021, being the last practicable trading day before the date of the Scheme Booklet

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Scheme Consideration

Mixed consideration represents a	$5.7013	$6.00
only
significant premium to key recent trading
metrics and NTA
Premium analysis1					Security price performance2
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21.3%	19.3%	19.0%	53.8%	38.6%
			$5.7013
			$4.78	$4.79				$5.50
$4.70
								$5.00
personalr					$4.11	$4.50
			$3.71
								$4.00
								$3.50
	Last close	1 month VWAP	3 month VWAP	NTA	Pro forma NTA
	Oct 16 Apr 17 Oct 17 Apr 18	Oct 18 Apr 19 Oct 19 Apr 20 Oct 20 Apr 21 Oct 21
	17 Sep. 2021	17 Sep. 2021	17 Sep. 2021	30 Jun. 2021	30 Aug. 2021		ALE	Implied value of mixed consideration

1: Source: IRESS as at 17 September 2021 (being the last trading day prior to announcement of the Scheme Implementation Deed)

2: Sou ce: IRESS, 5 years to 26 October 2021

3: Based on a closing price of CLW Securities of $4.97 on 26 October 2021, being the last practicable trading day before the date of the Scheme Booklet

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