Portfolio Summary Challenger Kenedix Trust as at 30 June 2009 Portfolio summary

Remaining Inde- Gross specified Purchase pendent Cap passing rent Carrying NLA Occupancy Lease lease term Date price valuation Valuation Land Building Discount Terminal DCF rate (sqTsubo/ value Property name Location (sqm) (%) type (years)1 acquired (million) (million) date (%) (%) rate (%) yield (%) years (%) per month)3 ($m) Retail Carino Chitosedai Kanto area, 9,925 100 Fixed-term lease 13.5 Jun-07 ¥9,489 ¥10,244 Dec-08 75.0 25.0 4.4 4.8 10 4.6 ¥16,088 131.3

Carino Tokiwadai Kanto area, Tokyo 7,699 100 Standard lease 16.8 Apr-07 ¥6,029 ¥6,410 Jun-09 61.6 38.4 4.6 5.1 10 4.8 ¥12,312 82.2

Izumiya Hakubaicho Kansai area, Kyoto 16,525 100 Fixed-term lease 16.8 Apr-07 ¥5,630 ¥5,660 Dec-08 72.4 27.6 4.9 5.4 10 5.2 ¥5,541 72.6

Unicus Ina Kanto area, Saitama 13,044 100 Standard lease 17.2 Apr-07 ¥4,666 ¥4,620 Jun-09 57.6 42.4 4.9 5.4 10 5.2 ¥5,771 59.2

Valor Toda Chubu area, 14,921 100 Fixed-term lease 16.3 Apr-07 ¥3,657 ¥3,440 Jun-09 57.4 42.6 5.3 5.9 10 5.7 ¥4,559 44.1

Life Higashinakano Kanto area, Tokyo 5,104 100 Standard lease 10.2 Apr-07 ¥2,659 ¥2,760 Dec-08 87.3 12.7 4.7 5.1 10 4.9 ¥8,828 35.4

Life Asakusa Kanto area, Tokyo 3,753 100 Standard lease 9.0 Apr-07 ¥2,309 ¥2,260 Jun-09 84.1 15.9 4.9 5.4 10 5.2 ¥9,987 29.0

Osada Nagasaki Kyushu area, Nagasaki 10,330 100 Fixed-term lease 16.7 Apr-07 ¥1,750 ¥1,740 Dec-08 58.7 41.3 6.0 6.4 10 6.2 ¥3,746 22.3

Yaoko Sakado Chiyoda Kanto area, Saitama 5,492 100 Standard lease 12.2 Apr-07 ¥1,510 ¥1,510 Dec-08 82.3 17.7 5.0 5.4 10 5.2 ¥5,069 19.4

Sunny Noma Kyushu area, Fukuoka 2,887 100 Fixed-term lease 27.7 Apr-07 ¥1,417 ¥1,368 Jun-09 66.6 33.4 5.7 6.2 10 6.0 ¥9,877 17.5

Kansai Super Saigo Kansai area, Osaka 2,642 100 Standard lease 9.2 Apr-07 ¥1,057 ¥1,070 Jun-09 83.4 16.6 5.5 6.2 10 6.0 ¥8,169 13.7

Kojima Nishiarai Kanto area, Tokyo 3,755 100 Standard lease 2.1 Apr-07 ¥837 ¥931 Dec-08 77.3 22.7 5.0 5.4 10 5.2 ¥4,402 11.9

DeoDeo Kure Chugoku area, 13,021 100 Fixed-term lease 7.8 Aug-07 ¥2,780 ¥2,650 Jun-09 55.6 44.4 5.5 5.9 10 5.8 ¥3,477 34.0

Seiyu Miyagino Tohuku area, Sendai 2,789 100 Standard lease 6.8 Sep-07 ¥875 ¥803 Jun-09 86.9 13.1 5.5 6.2 10 6.0 ¥5,807 10.3

Valor Takinomizu Chubu area, Nagoya 11,265 100 Fixed-term lease 16.5 Mar-08 ¥2,550 ¥2,440 Dec-08 83.8 16.2 5.0 5.4 10 5.3 ¥3,736 31.3

Valor Ichinomiya Chubu area, Nagoya 9,447 100 Fixed-term lease 18.2 Dec-07 ¥2,620 ¥2,470 Jun-09 57.6 42.4 5.1 5.4 10 5.1 ¥4,598 31.6

Aeon Kushiro Hokkaido area 134,682 100 Standard lease2 21.2 Dec-07 ¥2,500 ¥2,340 Jun-09 100.0 0.0 5.8 6.1 10 5.8 ¥350 30.0

Renaissance Fujimidai Kanto area, Tokyo 3,121 100 Fixed-term lease 18.4 Feb-08 ¥2,510 ¥2,560 Dec-08 63.9 36.1 4.8 5.2 10 5.0 ¥12,711 32.8

Life Nagata Kansai area, Kobe 5,781 100 Fixed-term lease2 17.8 Feb-08 ¥2,060 ¥2,080 Dec-08 100.0 0.0 5.1 5.3 10 5.1 ¥6,002 26.7

Life Kema Kansai area, Osaka 4,813 100 Fixed-term lease2 18.2 Mar-08 ¥2,430 ¥2,390 Dec-08 100.0 0.0 5.0 5.2 10 5.0 ¥8,013 30.6

Portfolio total/average 280,996 100 15.3 ¥59,335 ¥59,746 72.9 27.1 4.95 5.38 n/a 5.17 ¥3,602 765.9

1 Assumes tenants do not terminate leases prior to specified lease term. Some leases can be terminated at the tenant’s option prior to the end of the specified lease term. 2 Land lease. 3 Based on total building area under the master lease. 2 Challenger Kenedix Japan Trust Portfolio 2009

Remaining Inde- Gross specified Purchase pendent Cap passing rent Carrying NLA Occupancy Lease lease term Date price valuation Valuation Land Building Discount Terminal DCF rate (sqTsubo/ value Property name Location (sqm) (%) type (years)1 acquired (million) (million) date (%) (%) rate (%) yield (%) years (%) per month)3 ($m) Retail Carino Chitosedai Kanto area, Tokyo 9,925 100 Fixed-term lease 13.5 Jun-07 ¥9,489 ¥10,244 Dec-08 75.0 25.0 4.4 4.8 10 4.6 ¥16,088 131.3

Carino Tokiwadai Kanto area, Tokyo 7,699 100 Standard lease 16.8 Apr-07 ¥6,029 ¥6,410 Jun-09 61.6 38.4 4.6 5.1 10 4.8 ¥12,312 82.2

Izumiya Hakubaicho Kansai area, Kyoto 16,525 100 Fixed-term lease 16.8 Apr-07 ¥5,630 ¥5,660 Dec-08 72.4 27.6 4.9 5.4 10 5.2 ¥5,541 72.6

Unicus Ina Kanto area, Saitama 13,044 100 Standard lease 17.2 Apr-07 ¥4,666 ¥4,620 Jun-09 57.6 42.4 4.9 5.4 10 5.2 ¥5,771 59.2

Valor Toda Chubu area, Nagoya 14,921 100 Fixed-term lease 16.3 Apr-07 ¥3,657 ¥3,440 Jun-09 57.4 42.6 5.3 5.9 10 5.7 ¥4,559 44.1

Life Higashinakano Kanto area, Tokyo 5,104 100 Standard lease 10.2 Apr-07 ¥2,659 ¥2,760 Dec-08 87.3 12.7 4.7 5.1 10 4.9 ¥8,828 35.4

Life Asakusa Kanto area, Tokyo 3,753 100 Standard lease 9.0 Apr-07 ¥2,309 ¥2,260 Jun-09 84.1 15.9 4.9 5.4 10 5.2 ¥9,987 29.0

Osada Nagasaki Kyushu area, Nagasaki 10,330 100 Fixed-term lease 16.7 Apr-07 ¥1,750 ¥1,740 Dec-08 58.7 41.3 6.0 6.4 10 6.2 ¥3,746 22.3

Yaoko Sakado Chiyoda Kanto area, Saitama 5,492 100 Standard lease 12.2 Apr-07 ¥1,510 ¥1,510 Dec-08 82.3 17.7 5.0 5.4 10 5.2 ¥5,069 19.4

Sunny Noma Kyushu area, Fukuoka 2,887 100 Fixed-term lease 27.7 Apr-07 ¥1,417 ¥1,368 Jun-09 66.6 33.4 5.7 6.2 10 6.0 ¥9,877 17.5

Kansai Super Saigo Kansai area, Osaka 2,642 100 Standard lease 9.2 Apr-07 ¥1,057 ¥1,070 Jun-09 83.4 16.6 5.5 6.2 10 6.0 ¥8,169 13.7

Kojima Nishiarai Kanto area, Tokyo 3,755 100 Standard lease 2.1 Apr-07 ¥837 ¥931 Dec-08 77.3 22.7 5.0 5.4 10 5.2 ¥4,402 11.9

DeoDeo Kure Chugoku area, Hiroshima 13,021 100 Fixed-term lease 7.8 Aug-07 ¥2,780 ¥2,650 Jun-09 55.6 44.4 5.5 5.9 10 5.8 ¥3,477 34.0

Seiyu Miyagino Tohuku area, Sendai 2,789 100 Standard lease 6.8 Sep-07 ¥875 ¥803 Jun-09 86.9 13.1 5.5 6.2 10 6.0 ¥5,807 10.3

Valor Takinomizu Chubu area, Nagoya 11,265 100 Fixed-term lease 16.5 Mar-08 ¥2,550 ¥2,440 Dec-08 83.8 16.2 5.0 5.4 10 5.3 ¥3,736 31.3

Valor Ichinomiya Chubu area, Nagoya 9,447 100 Fixed-term lease 18.2 Dec-07 ¥2,620 ¥2,470 Jun-09 57.6 42.4 5.1 5.4 10 5.1 ¥4,598 31.6

Aeon Kushiro Hokkaido area 134,682 100 Standard lease2 21.2 Dec-07 ¥2,500 ¥2,340 Jun-09 100.0 0.0 5.8 6.1 10 5.8 ¥350 30.0

Renaissance Fujimidai Kanto area, Tokyo 3,121 100 Fixed-term lease 18.4 Feb-08 ¥2,510 ¥2,560 Dec-08 63.9 36.1 4.8 5.2 10 5.0 ¥12,711 32.8

Life Nagata Kansai area, Kobe 5,781 100 Fixed-term lease2 17.8 Feb-08 ¥2,060 ¥2,080 Dec-08 100.0 0.0 5.1 5.3 10 5.1 ¥6,002 26.7

Life Kema Kansai area, Osaka 4,813 100 Fixed-term lease2 18.2 Mar-08 ¥2,430 ¥2,390 Dec-08 100.0 0.0 5.0 5.2 10 5.0 ¥8,013 30.6

Portfolio total/average 280,996 100 15.3 ¥59,335 ¥59,746 72.9 27.1 4.95 5.38 n/a 5.17 ¥3,602 765.9

3 Property summaries

Carino Chitosedai Carino Tokiwadai Izumiya Hakubaicho Setagaya, Tokyo, Japan Itabashi-ku, Tokyo, Japan Kyoto-shi, Kyoto, Japan

Property details Property details Property details Property Land and buildings Property Land and buildings Property Land and buildings Ownership interest1 97% (Economic interest) Ownership interest1 97% (Economic interest) Ownership interest1 97% (Economic interest) Land area 4,939 sqm Land area 4,511 sqm Land area 4,534 sqm Net lettable area 9,925 sqm Net lettable area 7,699 sqm Net lettable area 16,525 sqm Car spaces 233 Car spaces 163 Car spaces 152 Occupancy 100% Occupancy 100% Occupancy 100% WALE2 13.5 years WALE2 16.8 years WALE2 16.8 years Lease type Fixed-term lease Lease type Standard lease Lease type Fixed-term lease Date acquired June 2007 Date acquired April 2007 Date acquired April 2007 Purchase price ¥9,489 million Purchase price ¥6,029 million Purchase price ¥5,630 million Valuation ¥10,244 million Valuation ¥6,410 million Valuation ¥5,660 million Valuation date 31 December 2008 Valuation date 30 June 2009 Valuation date 31 December 2008 Capitalisation rate 4.6% Capitalisation rate 4.8% Capitalisation rate 5.2% Book value ¥10,244 million Book value ¥6,410 million Book value ¥5,660 million Initial NOI yield 5.0% Initial NOI yield 4.9% Initial NOI yield 5.2% PML 7 . 6 % PML 4 . 8 % PML 1 4 . 4 %

Property description Property description Property description Carino Chitosedai is a neighbourhood retail Carino Tokiwadai is a neighbourhood retail Izumiya Hakubaicho is a neighbourhood retail centre with a net lettable area of 9,925 sqm centre with a net lettable area of 7,699 sqm centre with a net lettable area of 16,525 sqm and car parking for 233 vehicles. Located in and car parking for 163 vehicles. Located in and car parking for 152 vehicles. Located in Setagaya, Tokyo, the property was developed Itabashi-ku, Tokyo, the property has long-term Kyoto, the property has a long-term lease in by Kenedix to a high standard and has long- leases in place with fitness centre operator place with general merchandise retailer Izumiya. term leases in place with fitness centre operator Central Sports Co and supermarket operator Izumiya Hakubaicho is a one minute walk from Central Sports Co and national clothing retailer K.K. Santoku. Carino Tokiwadai is an eight Kitano hakubaicho station on the Keifuku UNIQLO. Carino Chitosedai is a 13 minute walk minute walk from Tokiwadai station on the Kitano Line. from Chitosefunabashi station on the Odakyu- Tobu-Tojo Line. Odawara Line.

1 Remaining 3% economic interest held by Japanese Master TK operator; for further details refer to the CKT IPO Product Disclosure Statement (PDS) dated 19 March 2007. 4 2 Assumes tenants do not terminate leases prior to specified lease term. Some leases can be terminated at the tenant’s option prior to the end of the specified lease term. Challenger Kenedix Japan Trust Portfolio 2009

Unicus Ina Valor Toda Life Higashinakano Ina-machi, Saitama Pref, Japan Nagoya-shi, Chubu Area, Japan Nakano-ku, Tokyo, Japan

Property details Property details Property details Property Land and buildings Property Land and buildings Property Land and buildings Ownership interest1 97% (Economic interest) Ownership interest1 97% (Economic interest) Ownership interest1 97% (Economic interest) Land area 32,560 sqm Land area 16,438 sqm Land area 2,711 sqm Net lettable area 13,044 sqm Net lettable area 14,921 sqm Net lettable area 5,104 sqm Car spaces 682 Car spaces 174 Car spaces 53 Occupancy 100% Occupancy 100% Occupancy 100% WALE2 17.2 years WALE2 16.3 years WALE2 10.2 years Lease type Standard lease Lease type Fixed-term lease Lease type Standard lease Date acquired April 2007 Date acquired April 2007 Date acquired April 2007 Purchase price ¥4,666 million Purchase price ¥3,657 million Purchase price ¥2,659 million Valuation ¥4,620 million Valuation ¥3,440 million Valuation ¥2,760 million Valuation date 30 June 2009 Valuation date 30 June 2009 Valuation date 31 December 2008 Capitalisation rate 5.2% Capitalisation rate 5.7% Capitalisation rate 4.9% Book value ¥4,620 million Book value ¥ 3,440 million Book value ¥2,760 million Initial NOI yield 4.9% Initial NOI yield 5.2% Initial NOI yield 5.0% PML 5.6% PML 1 2 . 2 % PML 6.5%

Property description Property description Property description Unicus Ina is a neighbourhood retail centre Valor Toda is a neighbourhood retail centre Life Higashinakano is a neighbourhood retail with a net lettable area of 13,044 sqm and car with a net lettable area of 14,921 sqm and car centre with a net lettable area of 5,104 sqm parking for 682 vehicles. Located in Ina-machi, parking for 174 vehicles (with access to over and car parking for 53 vehicles. Located in Saitama, the property has a long-term lease 800 in total). Located in Nagoya, Aichi, the Nakano-ku, Tokyo, the property has a long- in place with P&D Consulting and is currently property has a long-term lease in place with term lease in place with supermarket operator operated as a supermarket based centre. Unicus supermarket operator Valor Co. Valor Toda is Life Corp. Life Higashinakano is a three minute Ina is a six minute walk from Hanuki station on a 10 minute walk from Haruta station on the walk from Higashi-Nakano station on the the New Shuttle Line. JR Kansai-Honsen Line. JR Sobu Line.

1 Remaining 3% economic interest held by Japanese Master TK operator; for further details refer to the CKT IPO Product Disclosure Statement (PDS) dated 19 March 2007. 2 Assumes tenants do not terminate leases prior to specified lease term. Some leases can be terminated at the tenant’s option prior to the end of the specified lease term. 5 Property summaries (continued)

Life Asakusa Osada Nagasaki Yaoko Sakado Chiyoda Taito-ku, Tokyo, Japan Nishisonogi, Nagasaki Pref, Japan Saitama Pref, Japan

Property details Property details Property details Property Land and buildings Property Land and buildings Property Land and buildings Ownership interest1 97% (Economic interest) Ownership interest1 97% (Economic interest) Ownership interest1 97% (Economic interest) Land area 1,278 sqm Land area 27,942 sqm Land area 10,025 sqm Net lettable area 3,753 sqm Net lettable area 10,330 sqm Net lettable area 5,492 sqm Car spaces 12 Car spaces 519 Car spaces 256 Occupancy 100% Occupancy 100% Occupancy 100% WALE2 9.0 years WALE2 16.7 years WALE2 12.2 years Lease type Standard lease Lease type Fixed-term lease Lease type Standard lease Date acquired April 2007 Date acquired April 2007 Date acquired April 2007 Purchase price ¥2,309 million Purchase price ¥1,750 million Purchase price ¥1,510 million Valuation ¥2,260 million Valuation ¥1,740 million Valuation ¥1,510 million Valuation date 30 June 2009 Valuation date 31 December 2008 Valuation date 31 December 2008 Capitalisation rate 5.2% Capitalisation rate 6.2% Capitalisation rate 5.2% Book value ¥2,260 million Book value ¥1,740 million Book value ¥1,510 million Initial NOI yield 5.1% Initial NOI yield 6.4% Initial NOI yield 4.9% PML 8 . 4 % PML 2 . 6 % PML 8 . 2 %

Property description Property description Property description Life Asakusa is a neighbourhood retail centre Osada Nagasaki is a neighbourhood retail Yaoko Sakado Chiyoda is a neighbourhood with a net lettable area of 3,753 sqm and car centre with a net lettable area of 10,330 sqm retail centre with a net lettable area of parking for 12 vehicles. Located in Taito-ku, and car parking for 519 vehicles. Located in 5,492 sqm and car parking for 256 vehicles. Tokyo, the property has a long-term lease in Nishisonogi, Nagasaki, the property has a long- Located in Sakado, Saitama, the property has place with supermarket operator Life Corp. term lease in place with home centre retailer a long-term lease in place with supermarket Life Asakusa is a nine minute walk from Osada Ltd. Osada Nagasaki is a 30 minute bus operator Yaoko. Yaoko Sakado Chiyoda is a Tahara-machi station on the Ginza Line. ride from Nagayo station on the JR Nagasaki- 15 minute walk from Wakaba station on the Honsen Line. Tobu-Tojo Line.

6 Challenger Kenedix Japan Trust Portfolio 2009

Sunny Noma Kansai Super Saigo Kojima Nishiarai Fukuoka Pref, Japan Moriguchi-shi, Osaka, Japan Adachi-ku, Tokyo, Japan

Property details Property details Property details Property Land and buildings Property Land and buildings Property Land and buildings Ownership interest1 97% (Economic interest) Ownership interest1 97% (Economic interest) Ownership interest1 97% (Economic interest) Land area 5,973 sqm Land area 4,074 sqm Land area 2,082 sqm Net lettable area 2,887 sqm Net lettable area 2,642 sqm Net lettable area 3,755 sqm Car spaces 130 Car spaces 71 Car spaces 42 Occupancy 100% Occupancy 100% Occupancy 100% WALE2 27.7 years WALE2 9.2 years WALE2 2.1 years Lease type Fixed-term lease Lease type Standard lease Lease type Standard lease Date acquired April 2007 Date acquired April 2007 Date acquired April 2007 Purchase price ¥1,417 million Purchase price ¥1,057 million Purchase price ¥837 million Valuation ¥1,368 million Valuation ¥1,070 million Valuation ¥931 million Valuation date 30 June 2009 Valuation date 30 June 2009 Valuation date 31 December 2008 Capitalisation rate 6.0% Capitalisation rate 6.0% Capitalisation rate 5.2% Book value ¥1,368 million Book value ¥1,070 million Book value ¥931 million Initial NOI yield 5.7% Initial NOI yield 6.0% Initial NOI yield 5.7% PML 0 . 4 % PML 1 1 . 9 % PML 6 . 2 %

Property description Property description Property description Sunny Noma is a neighbourhood retail centre Kansai Super Saigo is a neighbourhood retail Kojima Nishiarai is a neighbourhood retail with a net lettable area of 2,887 sqm and car centre with a net lettable area of 2,642 sqm centre with a net lettable area of 3,755 sqm parking for 130 vehicles. Located in Fukuoka, and car parking for 71 vehicles. Located in and car parking for 42 vehicles. Located in the property has a long-term lease in place with Moriguchi, Osaka, the property has a long-term Adachi-ku, Tokyo, the property has a lease in supermarket operator Sunny Co. Sunny Noma lease in place with supermarket operator Kansai place with mass merchandise retailer Kojima is a nine minute walk from Takamiya station on Super Market Ltd. Kansai Super Saigo is a 10 Co. Kojima Nishiarai is a seven minute walk the Nishitetsu-Ohmuta Line. minute walk from Moriguchi-shi station on the from Taishi-mae station on the Tobutaishi Line. Keihan-Honsen Line.

1 Remaining 3% economic interest held by Japanese Master TK operator; for further details refer to the CKT IPO Product Disclosure Statement (PDS) dated 19 March 2007. 2 Assumes tenants do not terminate leases prior to specified lease term. Some leases can be terminated at the tenant’s option prior to the end of the specified lease term. 7 Property summaries (continued)

DeoDeo Kure Seiyu Miyagino Valor Takinomizu Kure, Hiroshima, Japan Miyagino-ku, Sendai, Japan Midori Ward, Nagoya, Japan

Property details Property details Property details Property Land and buildings Property Land and buildings Property Land and buildings Ownership interest1 97% (Economic interest) Ownership interest1 97% (Economic interest) Ownership interest1 97% (Economic interest) Land area 3,739 sqm Land area 3,722 sqm Land area 8,452 sqm Net lettable area 13,021 sqm Net lettable area 2,789 sqm Net lettable area 11,265 sqm Car spaces 248 Car spaces 70 Car spaces 296 Occupancy 100% Occupancy 100% Occupancy 100% WALE2 7.8 years WALE2 6.8 years WALE2 16.5 years Lease type Fixed-term lease Lease type Standard lease Lease type Fixed-term lease Date acquired August 2007 Date acquired September 2007 Date acquired March 2008 Purchase price ¥2,780 million Purchase price ¥875 million Purchase price ¥2,550 million Valuation ¥2,650 million Valuation ¥803 million Valuation ¥2,440 million Valuation date 30 June 2009 Valuation date 30 June 2009 Valuation date 31 December 2008 Capitalisation rate 5.8% Capitalisation rate 6.0% Capitalisation rate 5.3% Book value ¥2,650 million Book value ¥803 million Book value ¥2,440 million Initial NOI yield 5.3% Initial NOI yield 5.4% Initial NOI yield 4.9% PML 5.5% PML 2 . 6 % PML 1 1 . 9 %

Property description Property description Property description DeoDeo Kure is a neighbourhood retail Seiyu Miyagino is a neighbourhood retail centre Valor Takinomizu is a supermarket based centre with a net lettable area of 13,021 sqm with a net lettable area of 2,789 sqm and car neighbourhood shopping centre and is located (including car parking for 248 vehicles). Located parking for 70 vehicles. Located in Miyagino-ku, in Midori Ward, a popular commuter suburb in Kure, Hiroshima, the property has a long- Sendai, the property has a long-term lease in of Nagoya, the headquarters of Toyota. term lease in place with electrical goods retailer place with supermarket operator Tohuku Seiyu. Constructed in 1998 and refurbished and DeoDeo Corporation. DeoDeo Kure is a 10 Seiyu Miyagino is a seven minute walk from extended in 2004, the property is located in a minute walk from Kure station on the Kure Tsutsujigaoka station on the Senseki Line. fast-growing residential area, with good road Line. and rail access. The property is leased to Valor Co., Ltd, a dominant supermarket operator in the central Japan region.

8 Challenger Kenedix Japan Trust Portfolio 2009

Valor Ichinomiya Aeon Kushiro Renaissance Fujimidai Ichinomiya, Nagoya, Japan Kushiro, Hokkaido, Japan Nerima Ward, Tokyo, Japan

Property details Property details Property details Property Land and buildings Property Land only Property Land and buildings Ownership interest1 97% (Economic interest) Ownership interest1 97% (Economic interest) Ownership interest1 97% (Economic interest) Land area 16,736 sqm Land area 134,682 sqm Land area 1,729 sqm Net lettable area 9,447 sqm Net lettable area 134,682 sqm Net lettable area 3,121 sqm Car spaces 442 Car spaces n/a Car spaces 1 car + 62 bikes Occupancy 100% Occupancy 100% Occupancy 100% WALE2 18.2 years WALE2 21.2 years WALE2 18.4 years Lease type Fixed-term lease Lease type Standard lease Lease type Fixed-term lease Date acquired December 2007 Date acquired December 2007 Date acquired February 2008 Purchase price ¥2,620 million Purchase price ¥2,500 million Purchase price ¥2,510 million Valuation ¥2,470 million Valuation ¥2,340 million Valuation ¥2,560 million Valuation date 30 June 2009 Valuation date 30 June 2009 Valuation date 31 December 2008 Capitalisation rate 5.1% Capitalisation rate 5.8% Capitalisation rate 5.0% Book value ¥2,470 million Book value ¥2,340 million Book value ¥2,560 million Initial NOI yield 4.9% Initial NOI yield 5.7% Initial NOI yield 5.0% PML 13.8% PML n / a PML 9 . 1 %

Property description Property description Property description Valor Ichinomiya is a supermarket-anchored Aeon Kushiro is a 134,682 sqm land parcel with Renaissance Fujimidai is a 3,121 sqm fitness neighbourhood shopping centre and is located land leases in place to Japan’s largest general centre located in Nerima Ward in Tokyo. in Ichinomiya, a city of 374,000 people merchandise store (GMS) operator, Aeon Co., Constructed in 2007, the centre is located in a approximately 15 km north of Nagoya City Ltd, which operates a 35,000 sqm GMS based residential precinct alongside the high volume in Aichi prefecture. The property is a modern shopping centre on the site. The property Seibu-Ikebukuro train line, and services a centre which services a growing residential is located in Kushiro City, a regional city in growing population. Nerima Ward’s population population. The property is 100% leased eastern Hokkaido. Kushiro has a relatively high grew 3.6% in the five years to 2006. The to supermarket operator Valor Co., Ltd, a proportion of young families compared with property is 100% leased to Renaissance Co., dominant supermarket operator in the central the national average. Ltd, a subsidiary of Dai Nippon Ink & Chemical, Japan region and an existing tenant of two on a 20-year lease which commenced in properties in which CKT is currently invested. December 2007. 1 Remaining 3% economic interest held by Japanese Master TK operator; for further details refer to the CKT IPO Product Disclosure Statement (PDS) dated 19 March 2007. 2 Assumes tenants do not terminate leases prior to specified lease term. Some leases can be terminated at the tenant’s option prior to the end of the specified lease term. 9 Property summaries (continued)

Life Nagata Life Kema Hyogo Pref, Kobe, Japan Miyakojima Ward, Osaka, Japan

Property details Property details Property Land only Property Land only Ownership interest1 97% (Economic interest) Ownership interest1 97% (Economic interest) Land area 5,781 sqm Land area 4,813 sqm Net lettable area 5,781 sqm Net lettable area 4,813 sqm Car spaces n/a Car spaces n/a Occupancy 100% Occupancy 100% WALE2 17.8 years WALE2 18.2 years Lease type Fixed-term lease Lease type Fixed-term lease Date acquired February 2008 Date acquired March 2008 Purchase price ¥2,060 million Purchase price ¥2,430 million Valuation ¥2,080 million Valuation ¥2,390 million Valuation date 31 December 2008 Valuation date 31 December 2008 Capitalisation rate 5.1% Capitalisation rate 5.0% Book value ¥2,080 million Book value ¥2,390 million Initial NOI yield 5.4% Initial NOI yield 5.1% PML n / a PML n / a

Property description Property description Life Nagata is a 5,781 sqm land parcel located Life Kema is a 4,813 sqm land parcel located in Kobe City. Life Nagata is 100% leased to in Miyakojima Ward, Osaka. The land is leased Life Corporation on a 20-year fixed-term land to Life Corporation on a 20-year fixed-term lease. Life Corporation, an existing CKT tenant land lease. A three-story steel-framed building and a major supermarket operator in Japan, has and 89 car parking spaces have recently built a supermarket-anchored neighbourhood been constructed on the property by Life shopping centre on the site. The property Corporation. Life Corporation is a major is located close to a high-density residential supermarket operator, listed on the Tokyo Stock area and within a few hundred metres of two Exchange, and has long-term leases on three railway stations. existing CKT properties.

10

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