Portfolio Summary Challenger Kenedix Japan 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, 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 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 .