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ANNUAL REVIEW 2017

VALUE

INCOME

GROWTH

OPPORTUNITIES

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ANNUAL REVIEW 2017

VALUE

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INCOME

GROWTH

OPPORTUNITIES

About

ALE and ALH continue to explore opportunities to work together on redevelopment of underutilised properties for mutual benefit

ALE Property Group
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About

ALE Property Group

FY17
Results

Increased valuations, reduced interest rates and increased distributions

FY17
Results

Independent valuers applied a blend of capitalisation rate and discount cash flow (DCF) methodologies

FY17
Results

ALE reduced its average interest rate and continues to enjoy an investment grade credit rating

FY17
Results

A $1.00 investment in ALE at the time of its IPO 14 years ago, with reinvested distributions, grew to $14.72 as at 30 June 2017

Highlights

During the year ALE’s strong results were evident across the property portfolio, capital management matters and equity performance.

Property

ALE’s properties increased in value by 9.1% during FY17 to around $1.1 billion. The average value of the 86 properties at 30 June 2017 was $12.6 million.

Total Value

$1,080m

DEBT CAPITAL

ALE completed a refinancing that extended the average term of the debt and reduced the average interest rate. ALE’s gearing also fell to an all time low.

FY18* balance escalates with CPI2.50%0%100%75%50%25%2.75%3.00%3.25%3.50%3.75%Average Fixed / Hedged Base Rate% Net Debt Hedged(LHS)ExpiresNov 25Avg Fixed andHedged Base Rates(RHS)100% of forecast net debt is hedged to November 2025RepaidMay2017FY19FY20FY21FY22FY23FY24FY25FY26$110m$225m$150m$148m*IssuedMarch2017* balance escalates with CPI% Net Debt Hedged (LHS)ExpiresNov 25Avg Fixed and Hedged Base Rates (RHS)100% of forecast net debt is hedged to November 2025RepaidMay2017$110m$225m$150m$148m*IssuedMarch2017100%0%50%25%75%3.75%2.75%2.50%3.25%3.00%3.50%FY1819202122232425FY26

EQUITY CAPITAL

ALE has consistently outperformed a number of different investment classes since 2003.

ALE has paid $2.81 of distributions and payments between FY04 and FY17. $2.32 of those amounts have been tax preferred.

1 Year5 YearSince IPO16.00-10%-5%0%5%10%15%20%25%AREIT 300All OrdsALE-5.6%13.1%7.5%14.2%11.6%23.2%5.7%8.9%21.8%1 Year5 YearSince IPO-5.613.17.514.211.623.25.78.921.8%AREIT 300All OrdsALE
  • Total return is the annual compound return (IRR) for the period shown.
  • Includes equity market price of $4.67 as at 30 June 2017 and reinvestment of distributions and 2009 renunciation payment.
  • ALE, All Ordinaries Accumulation Index and UBS S&P REIT 300 Index data sourced from ASX,
    UBS and ALE.
FY13FY14FY15FY16FY17051015202516.0016.4516.8520.0020.40FY13FY14FY15FY16FY1716.0016.4516.8520.0020.40

Distribution

20.40CPS

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FY17
Results

Highlights

During the year ALE’s strong results were evident across the property portfolio, capital management matters and equity performance.

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FY17
Results

Property

ALE’s properties increased in value by 9.1% during FY17 to around $1.1 billion. The average value of the 86 properties at 30 June 2017 was $12.6 million.

Total Value

$1,080m

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FY17
Results

DEBT CAPITAL

ALE completed a refinancing that extended the average term of the debt and reduced the average interest rate. ALE’s gearing also fell to an all time low.

FY18* balance escalates with CPI2.50%0%100%75%50%25%2.75%3.00%3.25%3.50%3.75%Average Fixed / Hedged Base Rate% Net Debt Hedged(LHS)ExpiresNov 25Avg Fixed andHedged Base Rates(RHS)100% of forecast net debt is hedged to November 2025RepaidMay2017FY19FY20FY21FY22FY23FY24FY25FY26$110m$225m$150m$148m*IssuedMarch2017* balance escalates with CPI% Net Debt Hedged (LHS)ExpiresNov 25Avg Fixed and Hedged Base Rates (RHS)100% of forecast net debt is hedged to November 2025RepaidMay2017$110m$225m$150m$148m*IssuedMarch2017100%0%50%25%75%3.75%2.75%2.50%3.25%3.00%3.50%FY1819202122232425FY26
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FY17
Results

EQUITY CAPITAL

ALE has consistently outperformed a number of different investment classes since 2003.

ALE has paid $2.81 of distributions and payments between FY04 and FY17. $2.32 of those amounts have been tax preferred.

1 Year5 YearSince IPO16.00-10%-5%0%5%10%15%20%25%AREIT 300All OrdsALE-5.6%13.1%7.5%14.2%11.6%23.2%5.7%8.9%21.8%1 Year5 YearSince IPO-5.613.17.514.211.623.25.78.921.8%AREIT 300All OrdsALE
  • Total return is the annual compound return (IRR) for the period shown.
  • Includes equity market price of $4.67 as at 30 June 2017 and reinvestment of distributions and 2009 renunciation payment.
  • ALE, All Ordinaries Accumulation Index and UBS S&P REIT 300 Index data sourced from ASX,
    UBS and ALE.
FY13FY14FY15FY16FY17051015202516.0016.4516.8520.0020.40FY13FY14FY15FY16FY1716.0016.4516.8520.0020.40

Distribution

20.40CPS

Yearin Review

Succession of the Chairman and another year of solid results

Chairman’s and Managing Director’s Q&A

“It is an honour to succeed Peter Warne as Chairman of ALE. On behalf of my fellow Directors, I acknowledge and thank Peter for his outstanding service and leadership as Chairman since ALE listed on the Australian Securities Exchange (ASX) in 2003.”

OPERATIONAL REVIEW

The total value of ALE’s properties increased by around 9.1% to around $1,080.2 million during the year. The current values reflect both the strong demand for quality pub properties like ALE’s and an increasing recognition of the expected positive prospects for additional rental growth from market rent reviews in 2018 and 2028.

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Yearin Review

Chairman’s and Managing Director’s Q&A

“It is an honour to succeed Peter Warne as Chairman of ALE. On behalf of my fellow Directors, I acknowledge and thank Peter for his outstanding service and leadership as Chairman since ALE listed on the Australian Securities Exchange (ASX) in 2003.”

OPERATIONAL REVIEW

The total value of ALE’s properties increased by around 9.1% to around $1,080.2 million during the year. The current values reflect both the strong demand for quality pub properties like ALE’s and an increasing recognition of the expected positive prospects for additional rental growth from market rent reviews in 2018 and 2028.

VALUE

ALE’s Board encourages securityholders to consider all aspects of the portfolio’s value. There are three distinct layers of value inherent in ALE’s properties.

1

INCOME

  • 100% of ALE’s 86 properties are leased to ALH, Australia’s largest pub operator
  • Long term triple new leases with average lease term of 11.3 years plus four 10 year options for ALH to renew
  • Properties of core strategic operating importance
    to ALH
  • Properties have operated in current locations as pubs for more than 60 years on average
  • ALH is 75% owned by Woolworths and 25% by the Bruce Mathieson Group
  • Woolworths is Australia’s largest liquor retailer
CROWS NEST HOTEL, SYDNEY, NSW

2

Growth

  • Rents are expected to take a small step increase towards market levels at November 2018 as the market rent reviews for each property are capped and collared within 10% of the 2017 rent
  • Rents on four properties have already agreed a fixed 10% increase and will be reviewed again in around
    11 years
  • Individual hotels’ outlook, their EBITDAR results in the years leading up to reviews and market rent parameters will be important to outcomes
  • Rents are expected to take a much larger step increase at 2028 as the rent for each property is able to fully revert to market levels
ANGLERS ARMS HOTEL, SOUTHPORT, QLD

3

OPPORTUNITIES

  • ALE’s properties have a significant land value component
  • More than 90% of the ~1 square kilometre of land owned by ALE is located in Australian capitals and major cities
  • ALE and ALH continue to explore opportunities to work together on redevelopment of underutilised properties for mutual benefit
  • Alternate use opportunities exist at some properties in the longer term
BURVALE HOTEL, MELBOURNE
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VALUE

Three layers of value

1

INCOME

  • 100% of ALE’s 86 properties are leased to ALH, Australia’s largest pub operator
  • Long term triple new leases with average lease term of 11.3 years plus four 10 year options for ALH to renew
  • Properties of core strategic operating importance to ALH
  • Properties have operated in current locations as pubs for more than 60 years on average
  • ALH is 75% owned by Woolworths and 25% by the Bruce Mathieson Group
  • Woolworths is Australia’s largest liquor retailer
CROWS NEST HOTEL, SYDNEY, NSW

2

Growth

  • Rents are expected to take a small step increase towards market levels at November 2018 as the market rent reviews for each property are capped and collared within 10% of the 2017 rent
  • Rents on four properties have already agreed a fixed 10% increase and will be reviewed again in around 11 years
  • Individual hotels’ outlook, their EBITDAR results in the years leading up to reviews and market rent parameters will be important to outcomes
  • Rents are expected to take a much larger step increase at 2028 as the rent for each property is able to fully revert to market levels
ANGLERS ARMS HOTEL, SOUTHPORT, QLD

3

OPPORTUNITIES

  • ALE’s properties have a significant land value component
  • More than 90% of the ~1 square kilometre of land owned by ALE is located in Australian capitals and major cities
  • ALE and ALH continue to explore opportunities to work together on redevelopment of underutilised properties for mutual benefit
  • Alternate use opportunities exist at some properties in the longer term
BURVALE HOTEL, MELBOURNE

DevelopmentCase Studies

Crows Nest Hotel, Sydney, NSW

In August 2016 a major refurbishment of “The Crowie” was completed. The new facilities now feature five new function spaces across two floors. The hotel is performing very strongly for ALH, providing positive prospects for ALE’s future market rent outlook.

Acquisition Cost

$8.8m

Acquisition Cap Rate

7.7%

June 2017 Value

$19.0m

June 2017 Cap Rate

4.9%

Gepps Cross Hotel, Adelaide, SA

ALH created Adelaide’s first Coopers Alehouse in May 2016 following a substantial reconstruction of the hotel. ALH recently obtained an approval to add a large format liquor barn to the property. The hotel is performing very strongly for ALH. This provides positive prospects for ALE’s securityholders through rental increases at future market rent review dates.

Acquisition Cost

$2.2m

Acquisition Cap Rate

9.9%

June 2017 Value

$6.2m

June 2017 Cap Rate

4.8%

The Somerville, Mornington Peninsula, VIC

The Somerville is located in the heart of Victoria’s popular Mornington Peninsula. ALH reopened the hotel in 2015 following a substantial extension and renovation of the hotel. The hotel’s enhanced performance provides positive prospects for ALE’s securityholders through rental increases at future market rent review dates.

Acquisition Cost

$2.6m

Acquisition Cap Rate

9.1%

June 2017 Value

$7.1m

June 2017 Cap Rate

4.6%

Anglers Arms Hotel, Southport, QLD

The Anglers Arms is located in Southport on the Gold Coast. The full reconstruction of the hotel and addition of a new Dan Murphy’s was completed in June 2017. The hotel’s enhanced performance from the expanded operations provides positive prospects for ALE’s securityholders through rental increases at future market rent review dates.

Acquisition Cost

$4.4m

Acquisition Cap Rate

8.4%

June 2017 Value

$10.5m

June 2017 Cap Rate

5.4%

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CaseStudies

Crows Nest Hotel, Sydney, NSW

Acquisition Cost

$8.8m

Acquisition Cap Rate

7.7%

June 2017 Value

$19.0m

June 2017 Cap Rate

4.9%

Gepps Cross Hotel, Adelaide, SA

Acquisition Cost

$2.2m

Acquisition Cap Rate

9.9%

June 2017 Value

$6.2m

June 2017 Cap Rate

4.8%

The Somerville, Mornington Peninsula, VIC

Acquisition Cost

$2.6m

Acquisition Cap Rate

9.1%

June 2017 Value

$7.1m

June 2017 Cap Rate

4.6%

Anglers Arms Hotel, Southport, QLD

Acquisition Cost

$4.4m

Acquisition Cap Rate

8.4%

June 2017 Value

$10.5m

June 2017 Cap Rate

5.4%

Board &Management

The Board of Directors and Management team have extensive experience covering property, finance, risk management, compliance and capital management. The Management team remains stable with Board renewal and transfer of institutional knowledge now well advanced.
B.Ec, MAICD | Independent Non Executive Director Chairman of the BoardExperience and expertise

Robert’s other current roles include Chairman of ASX-listed WPP AUNZ Limited (since 2006) and Consultant to UBS AG in Australia (since June 2007). Between 2006 and January 2017 he served as a non-executive Director of NASDAQ listed Melco Resorts and Entertainment Limited.

Robert began his career at KPMG and from January 1986 to April 1990 worked across their audit, management consulting and corporate finance practices. He has extensive investment banking experience in Australia, having previously worked for Citigroup, E.L. & C. Baillieu and Ord Minnett Securities between 1990 and 2006.

Mr Mactier holds a Bachelor’s degree in economics from the University of Sydney and has been a Member of the Australian Institute of Company Directors since 2007.

B.Bus, CFTP, MAICD | Managing DirectorExperience and expertise

Andrew was appointed Managing Director of the Company in November 2004.

He joined ALE as Chief Executive Officer at the time of its listing in November 2003. Andrew has over 30 years’ experience in banking, corporate finance and funds management. He was previously a corporate finance partner with PricewaterhouseCoopers and spent 15 years in finance and investment banking with organisations including ANZ Capel Court and Schroders.

B.Bus (Land Economy), Dip. Law | Executive DirectorExperience and expertise

James was appointed as an executive and founding director of the company in June 2003.

James is an executive and founding director of the company. James has over 20 years’ experience in the funds management industry, having worked in both property trust administration and compliance roles for Perpetual Trustees Australia Limited and MIA Services Pty Limited, a company that specialises in compliance services to the funds management industry. James’ qualifications include a Bachelor of Business in land economy and a Diploma of Law. James is also a registered valuer and licensed real estate agent.

BSc (Bus Ad), MAppFin, GAICD | Independent Non Executive DirectorExperience and expertise

Phillipa (Pippa) is a Director of the Infotrack Group, the ASX Clearing and Settlement companies, the Sydney Olympic Park Authority and is also on the panel of the ASX Appeals Tribunal. Pippa is also a director of the Pinnacle Foundation. Ms Downes was a Managing Director and Equity Partner of Goldman Sachs in Australia until October 2011, working in the Proprietary Investment division. Pippa has had a successful international banking and finance career spanning over 20 years where she has led the local investment, derivative and trading arms of several of the world’s leading Investment Banks. She has extensive experience in Capital Markets, derivatives and asset management.

Prior to joining Goldman Sachs in 2004, Ms Downes was a director and the Head of Equity Derivatives Trading at Deutsche Bank in Sydney. When Morgan Stanley was starting its equity franchise in Australia in 1998 she was hired to set up the Derivative and Proprietary Trading business based in Hong Kong and Australia. Ms Downes started her career working for Swiss Bank O’Connor on the Floor of the Pacific Coast Stock Exchange in San Francisco, followed by the Philadelphia Stock Exchange before returning to work in Sydney as a director for UBS.

Pippa was previously an appointed Director on the Board of Swimming Australia and the Swimming Australia Foundation. Pippa graduated from the University of California at Berkeley with a Bachelor of Science in Business Administration majoring and Finance and Accounting. Pippa also completed a Masters of Applied Finance from Macquarie University in 1998.

BSc (Bus Ad), MAppFin, GAICD | Independent Non Executive DirectorExperience and expertise

Paul was appointed a Director on 24 September 2014. He chairs the Remuneration Committee.

Paul has over 30 years’ experience in commercial and residential property management, development and real estate transactions with major multinational institutions. Mr Say was Chief Investment Officer at Dexus Property Group from 2007 to 2012. Prior to that he was with Lend Lease Corporation for 11 years in various positions culminating with being the Head of Corporate Finance.

Paul has a Graduate Diploma in Finance and Investment and a Graduate Diploma in Financial Planning. He is a Fellow of the Royal Institute of Chartered Surveyors, Fellow of the Australian Property Institute and a Licensed Real Estate Agent (NSW, VIC, QLD).

OAM, LLB, FAICD | Independent Non Executive DirectorExperience and expertise

Nancy has been a professional non-executive director for over a decade. She is a former lawyer with over 30 years’ experience with primary areas of legal expertise in insurance, risk management and corporate governance. She was a partner with Clayton Utz until 2003 and a consultant until 2012. She is currently Chairman of the Securities Exchange Guarantee Corporation and deputy chairman of the State Insurance Regulatory Authority. She was previously a director of Australand Property Group, Crowe Horwarth Australasia, State Plus and Novion Property Group (now Vicinity Centres).

Nancy has a Bachelor of Laws from the University of Sydney. She is a member of the NSW Council of the Australian Institute of Company Directors and the Institute’s Law Committee.

David Lawler
B.Bus, CPA | Independent member of ACRMC

Experience and expertise

David was appointed to ALE’s ACRMC on 9 December 2005 and has over 25 years’ experience in internal auditing in the banking and finance industry. He was the Chief Audit Executive for Citibank in the Philippines, Italy, Switzerland, Mexico, Brazil, Australia and Hong Kong. He was Group Auditor for the Commonwealth Bank of Australia. David is the Chairman of the Australian Trade and Investment Commission Audit and Risk Committee, and the National Mental Health Commission Audit Committee, and is an audit committee member of the Australian Office of Financial Management, Cancer Australia, the Department of Foreign Affairs and Trade, the Australian Sports Anti-Doping Authority and the Australian Maritime Safety Authority. David is Chairman of Australian Settlements Limited. David has a Bachelor of Business Studies from Manchester Metropolitan University in the UK. He is a Fellow of CPA Australia and a past President of the Institute of Internal Auditors – Australia.

Graeme MacLaren
B.Bus, CPA, MBA, MAICD, F Fin | Non-executive Director, ALE Finance Company Pty Limited

Experience and expertise

Graeme was appointed as a Non-executive Director of ALE Finance Company in September 2003. Graeme’s qualifications include a Bachelor of Business, Postgraduate Diploma in Banking Management and a Masters of Business Administration from Macquarie Graduate School of Management. Graeme is a member of the Australian Society of Certified Practising Accountants, Australian Institute of Company Directors and a Fellow of the Financial Services Institute of Australasia.

Graeme has over 20 years’ experience in banking and financial services and has occupied numerous senior positions within the Commonwealth Bank of Australia involving audit, property investment, finance, operations and compliance. Graeme also specialises in providing advice to the funds management industry. He acts as an independent director and executive director for a number of companies, as an external member on a number of compliance committees and compliance manager for managed investments.

B.Bus, CFTP, MAICD | Managing DirectorExperience and expertise

Andrew was appointed Managing Director of the Company in November 2004. He joined ALE as Chief Executive Officer at the time of its listing in November 2003. Andrew has around 35 years’ experience in banking, corporate finance and funds management. He was previously a corporate finance partner with PricewaterhouseCoopers and spent 15 years in finance and investment banking with organisations including ANZ Capel Court and Schroders.

BEc (Actuarial Studies) | Capital ManagerExperience and expertise

Andrew joined ALE in July 2005. He has more than 20 years’ experience in investment banking and structured finance. Andrew spent 10 years with Oxley Corporate Finance, where he was involved with a range of structured, project and property finance transactions, the latter involving major Australian companies and listed property trusts.

Andrew has also acted as principal of Slade Financial Consulting, where he has provided advice on structured property and asset-based financing arrangements for public and private sector projects. Andrew has a Bachelor of Economics degree, majoring in Actuarial Studies, from Macquarie University.

BCom (Prop Econ), MCom (Prop Dev), AAPI (CAM) | Asset ManagerExperience and expertise

Don joined ALE in September 2010 as Asset Manager. Don has a Bachelor of Commerce (Property Economics) from the University of Western Sydney and a Master of Commerce (Property Development) from Sydney Graduate School of Management.

Don has over 15 years’ experience in the corporate real estate sector, holding national management roles with Retail Adventures and Metcash Limited, specialising in property, lease and asset management. Don is an Associate Member of the Australian Property Institute, a Certified Asset Manager (CAM) and a licensed real estate agent.

BCom, MMan, CA, ACIS | Company Secretary and Finance ManagerExperience and expertise

Michael joined ALE in October 2006 and was appointed Company Secretary on 30 June 2016. Michael has a Bachelor of Commerce from the University of New South Wales and a Masters of Management from the Macquarie Graduate School of Management. He is an associate member of both the Governance Institute of Australia and the Institute of Chartered Accountants in Australia and New Zealand.

Michael has over 30 years’ experience in accounting, taxation and financial management. Michael previously held senior financial positions with subsidiaries of listed public companies and spent 12 years working for Grant Thornton. He has also owned and managed his own accounting practice.

BA (Hons), MBA, SAFin, GAIDC, CCP | Compliance ManagerExperience and expertise

Margaret joined ALE in July 2016 as Compliance Manager. Margaret holds a Masters of Business Administration, a Bachelor of Arts (Honours) degree, a Graduate Certificate in Compliance Management, is a graduate of the AICD Company Directors Course and is a senior associate member of FINSIA, a graduate member of AICD and an accredited Certified Compliance Professional and member of the GRC Institute.

Margaret has over a decade of compliance and governance experience covering licensing matters, compliance and risk management in the areas of equities and derivatives, funds management and wealth management. Prior to this she spent over 15 years in senior corporate affairs roles within the financial services sector.

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Board &Management

ROBERT MACTIER
Robert Mactier

B.Ec, MAICD

Independent Non Executive Director
Chairman of the Board

Experience and expertise

Robert’s other current roles include Chairman of ASX-listed WPP AUNZ Limited (since 2006) and Consultant to UBS AG in Australia (since June 2007). Between 2006 and January 2017 he served as a non-executive Director of NASDAQ listed Melco Resorts and Entertainment Limited.

Robert began his career at KPMG and from January 1986 to April 1990 worked across their audit, management consulting and corporate finance practices. He has extensive investment banking experience in Australia, having previously worked for Citigroup, E.L. & C. Baillieu and Ord Minnett Securities between 1990 and 2006.

Mr Mactier holds a Bachelor’s degree in economics from the University of Sydney and has been a Member of the Australian Institute of Company Directors since 2007.

Andrew Wilkinson
Andrew Wilkinson

B.Bus, CFTP, MAICD

Managing Director

Experience and expertise

Andrew was appointed Managing Director of the Company in November 2004.

He joined ALE as Chief Executive Officer at the time of its listing in November 2003. Andrew has over 30 years’ experience in banking, corporate finance and funds management. He was previously a corporate finance partner with PricewaterhouseCoopers and spent 15 years in finance and investment banking with organisations including ANZ Capel Court and Schroders.

James McNally
James McNally

B.Bus (Land Economy), Dip. Law

Non Executive Director

Experience and expertise

James was appointed as an executive and founding director of the company in June 2003.

James is an executive and founding director of the company. James has over 20 years’ experience in the funds management industry, having worked in both property trust administration and compliance roles for Perpetual Trustees Australia Limited and MIA Services Pty Limited, a company that specialises in compliance services to the funds management industry. James’ qualifications include a Bachelor of Business in land economy and a Diploma of Law. James is also a registered valuer and licensed real estate agent.

Phillipa Downes
Phillipa Downes

BSc (Bus Ad), MAppFin, GAICD

Independent Non Executive Director

Experience and expertise

Phillipa (Pippa) is a Director of the Infotrack Group, the ASX Clearing and Settlement companies, the Sydney Olympic Park Authority and is also on the panel of the ASX Appeals Tribunal. Pippa is also a director of the Pinnacle Foundation. Ms Downes was a Managing Director and Equity Partner of Goldman Sachs in Australia until October 2011, working in the Proprietary Investment division. Pippa has had a successful international banking and finance career spanning over 20 years where she has led the local investment, derivative and trading arms of several of the world’s leading Investment Banks. She has extensive experience in Capital Markets, derivatives and asset management.

Prior to joining Goldman Sachs in 2004, Ms Downes was a director and the Head of Equity Derivatives Trading at Deutsche Bank in Sydney. When Morgan Stanley was starting its equity franchise in Australia in 1998 she was hired to set up the Derivative and Proprietary Trading business based in Hong Kong and Australia. Ms Downes started her career working for Swiss Bank O’Connor on the Floor of the Pacific Coast Stock Exchange in San Francisco, followed by the Philadelphia Stock Exchange before returning to work in Sydney as a director for UBS.

Pippa was previously an appointed Director on the Board of Swimming Australia and the Swimming Australia Foundation. Pippa graduated from the University of California at Berkeley with a Bachelor of Science in Business Administration majoring and Finance and Accounting. Pippa also completed a Masters of Applied Finance from Macquarie University in 1998.

Paul Say
Paul Say

BSc (Bus Ad), MAppFin, GAICD

Independent Non Executive Director

Experience and expertise

Paul was appointed a Director on 24 September 2014. He chairs the Remuneration Committee.

Paul has over 30 years’ experience in commercial and residential property management, development and real estate transactions with major multinational institutions. Mr Say was Chief Investment Officer at Dexus Property Group from 2007 to 2012. Prior to that he was with Lend Lease Corporation for 11 years in various positions culminating with being the Head of Corporate Finance.

Paul has a Graduate Diploma in Finance and Investment and a Graduate Diploma in Financial Planning. He is a Fellow of the Royal Institute of Chartered Surveyors, Fellow of the Australian Property Institute and a Licensed Real Estate Agent (NSW, VIC, QLD).

Nancy Milne
Nancy Milne

OAM, LLB, FAICD

Independent Non Executive Director

Experience and expertise

Nancy has been a professional non-executive director for over a decade. She is a former lawyer with over 30 years’ experience with primary areas of legal expertise in insurance, risk management and corporate governance. She was a partner with Clayton Utz until 2003 and a consultant until 2012. She is currently Chairman of the Securities Exchange Guarantee Corporation and deputy chairman of the State Insurance Regulatory Authority. She was previously a director of Australand Property Group, Crowe Horwarth Australasia, State Plus and Novion Property Group (now Vicinity Centres).

Nancy has a Bachelor of Laws from the University of Sydney. She is a member of the NSW Council of the Australian Institute of Company Directors and the Institute’s Law Committee.

David Lawler
B.Bus, CPA | Independent member of ACRMC

Experience and expertise

David was appointed to ALE’s ACRMC on 9 December 2005 and has over 25 years’ experience in internal auditing in the banking and finance industry. He was the Chief Audit Executive for Citibank in the Philippines, Italy, Switzerland, Mexico, Brazil, Australia and Hong Kong. He was Group Auditor for the Commonwealth Bank of Australia. David is the Chairman of the Australian Trade and Investment Commission Audit and Risk Committee, and the National Mental Health Commission Audit Committee, and is an audit committee member of the Australian Office of Financial Management, Cancer Australia, the Department of Foreign Affairs and Trade, the Australian Sports Anti-Doping Authority and the Australian Maritime Safety Authority. David is Chairman of Australian Settlements Limited. David has a Bachelor of Business Studies from Manchester Metropolitan University in the UK. He is a Fellow of CPA Australia and a past President of the Institute of Internal Auditors – Australia.

Graeme MacLaren
B.Bus, CPA, MBA, MAICD, F Fin | Non-executive Director, ALE Finance Company Pty Limited

Experience and expertise

Graeme was appointed as a Non-executive Director of ALE Finance Company in September 2003. Graeme’s qualifications include a Bachelor of Business, Postgraduate Diploma in Banking Management and a Masters of Business Administration from Macquarie Graduate School of Management. Graeme is a member of the Australian Society of Certified Practising Accountants, Australian Institute of Company Directors and a Fellow of the Financial Services Institute of Australasia.

Graeme has over 20 years’ experience in banking and financial services and has occupied numerous senior positions within the Commonwealth Bank of Australia involving audit, property investment, finance, operations and compliance. Graeme also specialises in providing advice to the funds management industry. He acts as an independent director and executive director for a number of companies, as an external member on a number of compliance committees and compliance manager for managed investments.

Andrew Wilkinson
Andrew Wilkinson

B.Bus, CFTP, MAICD

Managing Director

Andrew was appointed Managing Director of the Company in November 2004. He joined ALE as Chief Executive Officer at the time of its listing in November 2003. Andrew has around 35 years’ experience in banking, corporate finance and funds management. He was previously a corporate finance partner with PricewaterhouseCoopers and spent 15 years in finance and investment banking with organisations including ANZ Capel Court and Schroders.

Andrew Slade
Andrew Slade

BEc (Actuarial Studies)

Capital Manager

Andrew joined ALE in July 2005. He has more than 20 years’ experience in investment banking and structured finance. Andrew spent 10 years with Oxley Corporate Finance, where he was involved with a range of structured, project and property finance transactions, the latter involving major Australian companies and listed property trusts.

Andrew has also acted as principal of Slade Financial Consulting; where he has provided advice on structured property and asset-based financing arrangements for public and private sector projects. Andrew has a Bachelor of Economics degree, majoring in Actuarial Studies, from Macquarie University.

Don Shipway
Don Shipway

BCom (Prop Econ), MCom (Prop Dev), AAPI (CAM)

Asset Manager

Don joined ALE in September 2010 as Asset Manager. Don has a Bachelor of Commerce (Property Economics) from the University of Western Sydney and a Master of Commerce (Property Development) from Sydney Graduate School of Management.

Don has over 15 years’ experience in the corporate real estate sector, holding national management roles with Retail Adventures and Metcash Limited, specialising in property, lease and asset management. Don is an Associate Member of the Australian Property Institute, a Certified Asset Manager (CAM) and a licensed real estate agent.

Michael Clarke
Michael Clarke

BCom, MMan, CA, ACIS

Company Secretary

Michael joined ALE in October 2006 and was appointed Company Secretary on 30 June 2016. Michael has a Bachelor of Commerce from the University of New South Wales and a Masters of Management from the Macquarie Graduate School of Management. He is an associate member of both the Governance Institute of Australia and the Institute of Chartered Accountants in Australia and New Zealand.

Michael has over 30 years’ experience in accounting, taxation and financial management. Michael previously held senior financial positions with subsidiaries of listed public companies and spent 12 years working for Grant Thornton. He has also owned and managed his own accounting practice.

Margaret Sullivan
Margaret Sullivan

BA (Hons), MBA, SAFin, GAIDC, CCP

Compliance Manager

Margaret joined ALE in July 2016 as Compliance Manager. Margaret holds a Masters of Business Administration, a Bachelor of Arts (Honours) degree, a Graduate Certificate in Compliance Management, is a graduate of the AICD Company Directors Course and is a senior associate member of FINSIA, a graduate member of AICD and an accredited Certified Compliance Professional and member of the GRC Institute.

Margaret has over a decade of compliance and governance experience covering licensing matters, compliance and risk management in the areas of equities and derivatives, funds management and wealth management. Prior to this she spent over 15 years in senior corporate affairs roles within the financial services sector.

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