Charter Hall Group’s main activity is managing property funds for retail and institutional investors and listed REITs such as Charter Hall Retail REIT, Charter Hall Social Infrastructure REIT, and Charter Hall Long WALE REIT. More than two thirds of earnings come from funds management, and we expect this proportion to increase over time. Strong returns generated substantial performance fees over the last five years, which we expect to moderate due to lower property market returns in the future, but regular base fees should grow in the long run, and intermittent performance fees should continue. Charter Hall co-invests in its funds, so a portion of its earnings come from rent, as well as development fees and development profits on projects that it manages.