Académique Documents
Professionnel Documents
Culture Documents
Rachelle Shipley
beacon hilL
0414 795 123
STUDIO MANAGER / DESIGNER / ART DIRECTOR rachelledesigning@gmail.com
TABLE
COOLER
CLIENT Cadbury
PROJECT Product Lauch Sample Execution
ROLE Senior Graphic Designer / Finished Artist
CLIENT PharmaCare
PROJECT Retail POS & Merchandising - Concept & Design
ROLE Senior Graphic Designer
Made with 100% Petroleum Jelly Free PARABE
A
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Multipurpose balm naturally hydrates, soothes
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Coconut Oil.
RA
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Helps to heal burns, cuts, nappy rashes,
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AU
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www.redwin.com.au SULPHA
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chaffing and insect bites.
RA
LIA N Q U A LI
CLIENT PharmaCare
PROJECT Packaging Design / Advertising / POS / Digital Assets
ROLE Senior Graphic Designer
CLIENT PharmaCare
PROJECT New Brand and Packaging Design - Concepts & Design
ROLE Senior Graphic Designer
CLIENT PharmaCare
PROJECT Bioglan Superfoods / Organics and Kids / Logos / Concepts / Packaging
ROLE Senior Graphic Designer
CLIENT PharmaCare
PROJECT Advertising
ROLE Branding, Design
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 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
8 CHARTER HALL GROUP 130 STIRLING STREET 9 16 CHARTER HALL GROUP 130 STIRLING STREET 17
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
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
18 12
CHARTER HALL GROUP 130 STIRLING STREET 19 20 CHARTER HALL GROUP 130 STIRLING STREET 21
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%
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%
WA 22.4%
570 Bourke St, Vic 6.0% 275 George St, Qld 13.6%
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
Hatch, 144 Stirling St, WA 4.1%
predominantly off-market;
e
Vic 22.3%
hart hen
has achieved a strong reputation and solid track record
tial
109 St Georges Tce, WA 5.1%
across its activities, demonstrating a 19 year history of consistent track-record of performance through National &
Charter Hall Group acquired the majority of Macquarie focus on securing long lease assets and portfolios;
570 Bourke St, Vic 6.0% 275 George St, Qld 13.6%
Group Limited’s (Macquarie) core real estate strong corporate governance principles evidenced
positions Charter Hall as one of the largest specialist pension fund capital for many of Australia’s leading
y
167 Macquarie St, NSW 6.8% 255 St Georges Tce, WA 7.3%
t
real estate fund managers in Australia, with assets Superannuation Funds; and
r
51 Pirie St, SA 1.1%
e
under management in excess of $10 billion across
December 2009
sets
Hatch, 144 Stirling St, WA 4.1%
ing,
Core Plus property funds in Australia.
ga
Government &
personnel. Charter Hall will be investing in and providing Government related 11.9%
109 St Georges Tce, WA 5.1%
sourc repositioninproperty as
management services across the full spectrum of real
333 George St, NSW 5.5% Northbank Plaza, Qld 13.6%
estate investment and development activities. Other 15.7%
National &
International 72.4% 130 Stirling St, WA 5.9%
570 Bourke St, Vic 6.0% 275 George St, Qld 13.6%
Charter Hall is Australia’s leading specialist property fund manager. average value of $71.4 million
167 Macquarie St, NSW 6.8% 255 St Georges Tce, WA 7.3%
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
iew
Fund (CPOF) is the largest QUEENSLAND
Overv
2 Assets
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
Charte
130 Stirling St, Perth
p p o rt
O (DPF)
225 St Georges Tce, Perth
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
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
Mandatory brand visual properties and specifications to be used in all communications where the identity appears. 2 3 5
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
abcdefghijklmnopqrstuvwxyz abcdefghijklmnopqrstuvwxyz
1234567890 !@ # $ %^&*( ) 1234567890 ! @ # $%^&*( )
4 6 7 8
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
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
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.
⎯ 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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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
9 Adviser and lead manager on landmark IPO spin-offs Boddington valuation1 (DCF) 1,436 1,606
a golden
on the IPO of the Qantas Frequent Flyer Net debt (actuals) nm nm
Source: Macquarie Capital Advisers
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.
P
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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
8 CHARTER HALL GROUP 130 STIRLING STREET 9 16 CHARTER HALL GROUP 130 STIRLING STREET 17
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
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
18 12
CHARTER HALL GROUP 130 STIRLING STREET 19 20 CHARTER HALL GROUP 130 STIRLING STREET 21
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%
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%
WA 22.4%
570 Bourke St, Vic 6.0% 275 George St, Qld 13.6%
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
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
Hatch, 144 Stirling St, WA 4.1%
predominantly off market
e
Vic 22.3%
hart hen
has achieved a strong reputation and solid track record
tial
109 St Georges Tce, WA 5.1%
across its activities, demonstrating a year history of consistent track record of performance through National &
Charter Hall Group acquired the majority of Macquarie focus on securing long lease assets and portfolios
570 Bourke St, Vic 6.0% 275 George St, Qld 13.6%
roup imited s ( ac uarie core real estate strong corporate governance principles evidenced
positions Charter Hall as one of the largest specialist pension fund capital for many of Australia s leading
y
167 Macquarie St, NSW 6.8% 255 St Georges Tce, WA 7.3%
t
real estate fund managers in Australia, ith assets uperannuation unds and
r
51 Pirie St, SA 1.1%
e
under management in excess of $10 billion across
December 2009
sets
Hatch, 144 Stirling St, WA 4.1%
ing,
ore lus property funds in Australia.
ga
Government &
personnel. Charter Hall will be investing in and providing Government related 11.9%
109 St Georges Tce, WA 5.1%
sourc repositioninproperty as
management services across the full spectrum of real
333 George St, NSW 5.5% Northbank Plaza, Qld 13.6%
estate investment and development activities. Other 15.7%
National &
International 72.4% 130 Stirling St, WA 5.9%
570 Bourke St, Vic 6.0% 275 George St, Qld 13.6%
Charter Hall is Australia’s leading specialist property fund manager. average value of $71.4 million
167 Macquarie St, NSW 6.8% 255 St Georges Tce, WA 7.3%
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
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2 Assets
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ll pp
225 St Georges Tce, Perth
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hart perty $32.3m
63 ed ro
iversifi n SOUTH AUSTRALIA
70 r In fo rmatio 2 Assets
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
Mandatory brand visual properties and specifications to be used in all communications where the identity appears. 2 3 5
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
abcdefghijklmnopqrstuvwxyz abcdefghijklmnopqrstuvwxyz
1234567890 !@ # $ %^&*( ) 1234567890 ! @ # $%^&*( )
4 6 7 8
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
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
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.
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.
Source: Macquarie Capital Advisers
9 Adviser and lead manager on landmark IPO spin-offs Boddington valuation1 (DCF) 1,436 1,606
A GOLDEN
on the IPO of the Qantas Frequent Flyer Net debt (actuals) nm nm
Source: Macquarie Capital Advisers
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.
P
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