Challenger Listed Investments Limited Challenger Kenedix ...

28 February 2008

Dear unitholder,

I am pleased to be writing to you following my recent appointment as an independent director and Chair of Challenger Listed Investments Limited (CLIL), the responsible entity of the Challenger Kenedix Japan Trust (CKT).

Since joining the board on 5 December 2007, I have witnessed first hand the high calibre of my fellow board members, who together provide many years of valuable experience, with skills spanning funds management, real estate, alternative investments, finance and accounting.

Along with your December 2007 distribution advice, please find enclosed CKT’s Half-yearly Update. This Update outlines CKT’s solid financial performance in its first half-year reporting period, and details the growth of the property portfolio since listing on the ASX in April 2007, along with forecasts for distributions in the financial years ending 30 June 2008 (FY08) and 2009 (FY09).

I am impressed by the professionalism of the CKT management team and their commitment to building investor returns through active management of the portfolio and prudent management of the Trust’s finances.

In addition, the performance of our partner – Kenedix – in providing asset management, and maintaining a pipeline of quality properties for consideration, is commendable and augurs well for the future performance of CKT.

In a period of significant volatility in the listed property trust sector, CKT is well placed to deliver on its distribution guidance for FY08 of 13.6 cents per unit, and its guidance for FY09 of 17.2 cents per unit.

I would like to thank you for your interest in the Challenger Kenedix Japan Trust, and I look forward to your continuing support.

Yours sincerely,

Brenda ShanahanChairChallenger Listed Investments Limited

6787/0208

Challenger Listed Investments LimitedABN 94 055 293 644 AFSL 236887

as responsible entity for Challenger Kenedix Japan Trust

ARSN 124 068 971

Level 15, 255 Pitt Street Sydney NSW 2000

Australia

Telephone: +61 2 9994 7000Facsimile: +61 2 9994 7777

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Challenger K

enedix Japan Trust

Challenger Kenedix Japan TrustHalf-yearly Update 31 December 2007

Challenger Kenedix Japan Trust (ARSN 124 068 971)

Responsible Entity Challenger Listed Investments Limited (ABN 94 055 293 644) (AFSL 236887)

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Table of contents

Fund Manager’s report 1

Portfolio summary 6

Unitholder information 8

Directory IBC

Important noticeChallenger Listed Investments Limited (ABN 94 055 293 644) (AFSL 236887) (CLIL) is the Responsible Entity of Challenger Kenedix Japan Trust (ARSN 124 068 971) (CKT).

CLIL, as the Responsible Entity of CKT, has prepared this Half-yearly Update (Update) based on information available to it. The information in this Update should be regarded as general information only. Nothing contained in this Update constitutes investment, legal, tax or other advice. It has been prepared without taking account of any person’s objectives, financial situation or needs. Recipients should, before acting on any such information, consider its appropriateness, having regard to their objectives, financial situation and needs, and seek the assistance of their financial or other licensed professional adviser before making any investment decision.

Any investment in CKT is subject to investment risk and other risks, including possible loss of income and principal invested. None of CLIL, Challenger Management Services Limited (ABN 29 092 382 842) (AFSL 234678) (CMSL), Challenger Financial Services Group Limited (ABN 85 106 842 371) (Challenger) or any other member of the Challenger Group gives any guarantee or assurance as to the performance of CKT or the repayment of capital.

Nothing in this Update should be considered a solicitation, offer or invitation to buy, subscribe for or sell, or a recommendation of any financial products.

While all reasonable care has been taken to ensure that the facts stated and opinions given in this Update are fair and accurate at the date of this Update, no representation or warranty (express or implied) is made as to, and no member of the Challenger Group accepts any responsibility for, the accuracy or completeness of any recommendation, information or advice in this Update.

Any forward looking statements included in this Update involve subjective judgement and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to, CLIL. In particular, they speak only as of the date of these materials, they assume the success of CKT’s business strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from forward looking statements and assumptions on which those statements are based. Given these uncertainties, recipients are cautioned not to place undue reliance on such forward looking statements.

Any past performance information provided in this Update is not a reliable indication of future performance.

CLIL does not receive any specific remuneration for any general advice which may be provided to you in this Update. However, CLIL and CMSL receive trustee and management fees as Responsible Entity and Manager of CKT, respectively. For more details on fees, please refer to the CKT 2007 Annual Report and additional information on the Australian Securities Exchange (ASX) website www.asx.com.au. Financial advisers (including some Challenger Group companies) may receive fees or commissions if they provide advice to you or arrange for you to invest in a Challenger product (including CKT). CLIL and its associates may have an interest in the financial products referred to in this Update and may earn fees or other benefits as a result of transactions in any such financial products.

Members of the Challenger Group and their officers and directors may hold securities in CKT from time to time.

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Challenger Kenedix Japan Trust Half-yearly Update 31 December 2007 1

Fund Manager’s reportDear unitholder

I am pleased to report on the progress of Challenger Kenedix Japan Trust (CKT) for the half-year ended 31 December 2007.

CKT delivered a solid result, with profit from operating activities of $9.5 million and a half-year distribution of 6.05 cents per unit. This result exceeded expectations set at the time of listing in April 2007. We remain comfortable with our recently upgraded distribution guidance for FY08 of 13.6 cents per unit and, following strong underlying portfolio performance and recent transactions, we are now in a position to provide distribution guidance for FY09 of 17.2 cents per unit.

Underpinning this growth in unitholder distributions, CKT has announced the acquisition of an interest in another property – Life Nagata. This brings the portfolio to 19 properties, with a further property currently undergoing due diligence.

Financial results*For the half-year ended 31 December 2007, CKT generated net property income of $11.7 million and other income of $2.6 million. With borrowing costs of $2.8 million and operating expenses of $2.0 million, CKT produced a profit from operating activities of $9.5 million.

After adjusting profit from operating activities for unrealised movements, tax expenses and minority interests, CKT recorded a net loss attributable to unitholders of $5.2 million. Unrealised movements included a $19.0 million unfavourable mark-to-market of interest rate and currency hedges, and a gain of $7.7 million from the revaluation of six properties.

Distribution to unitholders

CKT’s total realised income available for distribution was $9.1 million. This equated to a distribution of 6.05 cents per unit for the period, which was paid on 28 February 2008.

Net assets

At 31 December 2007, CKT’s gross assets were $666.0 million (compared to $468.4 million at 30 June 2007), while net assets attributable to unitholders were $290.1 million (compared to $215.4 million) and net tangible assets (NTA) were $1.93 per unit.

* CKT listed on the ASX in April 2007. As this is the first half-year reporting period, no financial comparatives are available.

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2 Challenger Kenedix Japan Trust Half-yearly Update 31 December 2007

Gross assets increased by $197.6 million in the half-year, with the settlement on four properties (DeoDeo Kure, Seiyu Miyagino, Valor Ichinomiya and Aeon Kushiro) for $90.7 million, and an increase in receivables of $75.0 million from the proceeds of the second instalment which was paid on 4 February 2008.

Six properties, representing 53% of the initial portfolio value, were independently revalued at December 2007. We are pleased to report a $7.7 million (3.3%) uplift in the valuation of these properties, adding $0.05 to NTA per unit.

Capital management

At its initial public offering, CKT raised equity of $300 million, with $225 million in the first instalment and a further $75 million due in February 2008. In December 2007, a short-term $10 million borrowing facility was put in place to partially fund new acquisitions prior to receipt of the proceeds from the second instalment. On receipt of the second instalment proceeds in February 2008 this facility has been repaid, with the remaining funds to be combined with Yen borrowings to fund settlement of announced and planned acquisitions.

CKT’s gearing (debt to total assets) ratio was 48.9% at 31 December 2007. This is forecast to increase to approximately 54% at 31 March 2008 (following successful completion of all announced and planned acquisitions), remaining within CKT’s preferred range of 50-60%. At 31 December 2007, Japanese borrowings totalled ¥31.0 billion, and unused loan facilities were ¥25.3 billion*. No CKT borrowing facility expires until April 2012.

CKT currently has interest rate hedges in place over approximately 92% of its total borrowings for a weighted average term remaining of 4.4 years. The weighted average all-in cost of borrowings is 2.0%.

Foreign currency hedging

In line with CKT’s hedging policy, hedges are in place over 99% of estimated distributions for a period of five years, and a further 90% for year six. Capital hedges are also in place over approximately 40% of CKT’s net investments in Japanese assets. The net impact of these hedges has successfully countered the impact of currency movements on CKT’s net assets during the period.

Investment performanceCKT listed on the ASX at $1.50 per partly-paid unit (ASX: CKTCA). Following a call on the second instalment of 50 cents, fully-paid securities commenced trading on 21 January 2008

* Unused loan facilities are forecast to fall to ¥19.3 billion by 31 March 2008 following settlement of announced and planned acquisitions.

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(ASX: CKT). Fully paid securities closed on 31 January 2008 at $1.50 per unit.

The total return to unitholders since inception to 31 January 2008 is a loss of 24.4%. Over the same period, the listed property trust sector delivered a total return loss of 21.5%.

Corporate governanceAs part of Challenger Listed Investments Limited’s (CLIL’s) commitment to best practice corporate governance, the CLIL Board comprises a majority of independent directors.

In December 2007, Mr Stephen Gerlach, independent Chairman of CLIL since its inception, resigned from his position as Chairman and director. Over the course of Mr Gerlach’s stewardship, CKT has benefited from his strong business acumen and wide-reaching experience, both of which contributed to a strong and well functioning Board.

Following Mr Gerlach’s resignation, Ms Brenda Shanahan has been appointed as a non-executive director and Chair of CLIL and replaced Mr Russell Hooper on the CLIL Audit and Compliance Committee. Ms Shanahan’s extensive operational experience across the financial services industry will bring valuable insights to the Board and complement the skill set of existing Board members.

Property portfolioCKT’s portfolio comprises quality neighbourhood shopping centres located in urban and suburban areas of Japan. This sector exhibits attractive investment characteristics, with favourable risk-adjusted returns relative to other property investment classes and opportunities to create value for unitholders through the application of Kenedix’s local market knowledge and property investment skills.

The portfolio is well diversified across a range of retailer types, tenants, cities and regions. It is 100% leased to established anchor-tenants, primarily focused on supplying non-discretionary goods to Japanese households, and expected to produce steady income through economic cycles.

Properties are leased on a long-term basis. The portfolio’s weighted average lease term to expiry (WALE) is 16.7 years*.

Acquisitions

Focusing on maximising the return to CKT unitholders, Kenedix continues to identify high-grade properties with potential for inclusion in the CKT portfolio.

Fund Manager’s report

*Assumes tenants do not terminate leases prior to specified lease term.

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During the half-year, CKT announced its interest in six acquisitions, with another announced on 14 February 2008 – Life Nagata. Three of the seven properties are yet to settle – Renaissance Fujimidai and Life Nagata are expected to settle in February 2008, while Valor Takinomizu is expected to settle in March 2008.

As outlined at the time of each acquisition, each property has strong investment characteristics and is rented to an established Japanese retailer.

The latest addition to the portfolio is:

Life Nagata CKT has acquired an interest in Life Nagata, a 5,781sqm land parcel, for ¥2,060 million ($21.0 million) at a 4.2% discount to valuation. Located in Kobe city, Life Nagata is 100% leased to Life Corporation on a land lease with a term remaining of 19.3 years*. Life Corporation, an existing CKT tenant and a major supermarket operator in Japan, has built a supermarket-anchored neighbourhood shopping centre on the site. The property is located close to a high-density residential area and within a few hundred metres of two railway stations.

Other additions to CKT’s portfolio since 30 June 2007 include:

DeoDeo Kure – CKT acquired an interest in July 2007 for ¥2,780 million. Located in Kure, in the south western region of the Hiroshima prefecture, the property is leased to DeoDeo Corporation, a leading electrical goods retailer in western Japan, on a 10-year fixed-term lease*.

Seiyu Miyagino – CKT acquired an interest in August 2007 for ¥875 million. Located in Miyagino Ward in Sendai, the property is leased to Tohuku Seiyu, a subsidiary of Seiyu, Japan’s fifth-largest supermarket chain. A standard lease is in place until March 2016*, with market rent reviews every three years.

Valor Takinomizu – CKT acquired an interest in October 2007 for ¥2,550 million. Located in Midori Ward in Nagoya, the property is leased to Valor Co., Ltd, a dominant supermarket operator in the central Japan region, on a 20-year fixed-term lease*, with market reviews three-yearly from 2016. Settlement on this property will take place in March 2008.

Valor Ichinomiya – CKT acquired an interest in December 2007 for ¥2,620 million. Located in Ichinomiya, approximately 15km north of Nagoya, the property is subject to a 20-year fixed-term lease* (with market reviews three-yearly from 2017) to Valor Co., Ltd, a dominant supermarket operator in the central Japan region, and an existing tenant of two properties in which CKT is currently invested.

Aeon Kushiro – CKT acquired an interest in December 2007 for ¥2,500 million. Located in Kushiro City, eastern Hokkaido, Aeon Kushiro is a 134,682sqm land parcel with 30-year land leases* in place to Aeon Co., Ltd, Japan’s largest general merchandise store (GMS) operator. The land leases commenced in September 2000 and rents are subject to review by negotiation, with any changes fixed for a three-year period.

*Some leases can be terminated at the tenant’s option prior to the end of the specified lease term.

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Fund Manager’s report

Renaissance Fujimidai – CKT acquired an interest in December 2007 for ¥2,510 million. Located in Nerima Ward in Tokyo, Renaissance Fujimidai is a 3,121sqm fitness centre and is fully leased to Renaissance, a subsidiary of Dai Nippon Ink & Chemical, on a 20-year lease*. Renaissance Co., Ltd is Japan’s third-largest fitness centre operator, with over 90 fitness centres across Japan. This acquisition settled in February 2008.

OutlookIn the 2008 calendar year, Japanese real GDP growth is expected to be positive (albeit low), as is growth in private consumption. Importantly, CKT’s portfolio is weighted towards supermarket-anchored neighbourhood shopping centres, focused on non-discretionary expenditure (fresh food and daily needs) which typically generate steady sales through economic cycles.

CKT is on target to exceed the forecast financial results indicated in the IPO’s Product Disclosure Statement (PDS). As announced on 17 December 2007, CKT has upgraded its FY08 distribution guidance to 13.6 cents per unit from 11.64 cents at IPO.

CKT’s guidance for FY09 distributions is 17.2 cents, subject to any significant change in the Japanese economic conditions.

CKT’s ongoing strong performance is underpinned by:

• aportfolioofwell-positionedproperties,withlong-termleasestoestablishedtenantssupplying predominantly non-discretionary goods to local consumers;

• agrowingportfolioofqualityassets,withsevenpropertiesaddedsincelistingin2007,and an extensive pipeline available for future growth;

• availablefundingcapacitywithgearing(debttoassets)of48.9%at31December2007,and forecast to rise to approximately 54% at 31 March 2008;

• averagedebtdurationof4.4years,with92%hedgedandanall-incostofborrowingsof 2.0%;

• norefinancingrisk,withnoCKTborrowingfacilityexpiringbeforeApril2012;

• distributionandcapitalhedginginplace,protectinginvestmentsandunitholderincome.

Thank you for your continuing support for CKT. I look forward to reporting again to unitholders following completion of our first full year ending 30 June 2008.

Yours sincerely

Brett McCarthyFund Manager

*Some leases can be terminated at the tenant’s option prior to the end of the specified lease term.

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Portfolio summary Specified lease Book Net term to value lettable Occupancy expiry** Independent 31 Dec area (by area) (by income) valuation Valuation 2007 Property Location sqm % years ¥m date $m

Carino Chitosedai Setagaya, Tokyo 9,925 100 15.0 10,550 31-Dec-07 107.6Carino Tokiwadai Itabashi-ku, Tokyo 7,699 100 18.3 6,540 31-Dec-06 66.7Izumiya Hakubaicho Kyoto-shi, Kyoto 16,525 100 18.3 5,820 31-Dec-07 59.3Unicus Ina Ina-machi, Saitama Prefecture 13,044 100 18.7 4,780 31-Dec-06 48.7Valor Toda Nagoya-shi, Chubu Area 14,921 100 17.8 3,700 31-Dec-06 37.7Valor Ichinomiya Nagoya-shi, Chubu Area 9,447 100 19.7 2,800 21-Dec-07 27.1DeoDeo Kure Kure, Hiroshima 13,021 100 9.3 2,780 20-Jun-07 28.8Life Higashinakano Nakano-ku, Tokyo 5,104 100 11.7 2,750 31-Dec-07 28.0Valor Takinomizu* Nagoya-shi, Chubu Area 11,265 100 18.0 2,700 22-Aug-07 –Renaissance Fujimidai* Nerima Ward, Tokyo 3,121 100 19.9 2,570 31-Dec-07 –Aeon Kushiro Kushiro, Hokkaido 134,682 100 22.7 2,550 21-Dec-07 25.8Life Asakusa Taito-ku, Tokyo 3,753 100 10.5 2,310 31-Dec-06 23.5Osada Nagasaki Nagasaki Prefecture 10,330 100 18.2 1,810 31-Dec-07 18.6Yaoko Sakado Chiyoda Saitama Prefecture 5,492 100 13.7 1,530 31-Dec-07 15.6Sunny Noma Fukuoka Prefecture 2,887 100 29.2 1,440 11-Mar-07 14.7Kansai Super Saigo Moriguchi-shi, Osaka 2,642 100 10.7 1,110 31-Dec-06 11.3Kojima Nishiarai Adachi-ku, Tokyo 3,755 100 3.6 971 31-Dec-07 9.9Seiyu Miyagino Miyagino-ku, Sendai 2,789 100 8.3 876 20-Jun-07 9.1

Assets acquired post 31 December 2007Life Nagata* Kobe, Hyogo 5,781 100 19.3 2,150 –

Total/average 276,184 100 16.7 59,737 532.4

* Renaissance Fujimidai and Life Nagata are expected to settle in February 2008 and Valor Takinomizu is expected to settle in March 2008.

** Some leases can be terminated at the tenant’s option prior to the end of the specified lease term.

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Specified lease Book Net term to value lettable Occupancy expiry** Independent 31 Dec area (by area) (by income) valuation Valuation 2007 Property Location sqm % years ¥m date $m

Carino Chitosedai Setagaya, Tokyo 9,925 100 15.0 10,550 31-Dec-07 107.6Carino Tokiwadai Itabashi-ku, Tokyo 7,699 100 18.3 6,540 31-Dec-06 66.7Izumiya Hakubaicho Kyoto-shi, Kyoto 16,525 100 18.3 5,820 31-Dec-07 59.3Unicus Ina Ina-machi, Saitama Prefecture 13,044 100 18.7 4,780 31-Dec-06 48.7Valor Toda Nagoya-shi, Chubu Area 14,921 100 17.8 3,700 31-Dec-06 37.7Valor Ichinomiya Nagoya-shi, Chubu Area 9,447 100 19.7 2,800 21-Dec-07 27.1DeoDeo Kure Kure, Hiroshima 13,021 100 9.3 2,780 20-Jun-07 28.8Life Higashinakano Nakano-ku, Tokyo 5,104 100 11.7 2,750 31-Dec-07 28.0Valor Takinomizu* Nagoya-shi, Chubu Area 11,265 100 18.0 2,700 22-Aug-07 –Renaissance Fujimidai* Nerima Ward, Tokyo 3,121 100 19.9 2,570 31-Dec-07 –Aeon Kushiro Kushiro, Hokkaido 134,682 100 22.7 2,550 21-Dec-07 25.8Life Asakusa Taito-ku, Tokyo 3,753 100 10.5 2,310 31-Dec-06 23.5Osada Nagasaki Nagasaki Prefecture 10,330 100 18.2 1,810 31-Dec-07 18.6Yaoko Sakado Chiyoda Saitama Prefecture 5,492 100 13.7 1,530 31-Dec-07 15.6Sunny Noma Fukuoka Prefecture 2,887 100 29.2 1,440 11-Mar-07 14.7Kansai Super Saigo Moriguchi-shi, Osaka 2,642 100 10.7 1,110 31-Dec-06 11.3Kojima Nishiarai Adachi-ku, Tokyo 3,755 100 3.6 971 31-Dec-07 9.9Seiyu Miyagino Miyagino-ku, Sendai 2,789 100 8.3 876 20-Jun-07 9.1

Assets acquired post 31 December 2007Life Nagata* Kobe, Hyogo 5,781 100 19.3 2,150 –

Total/average 276,184 100 16.7 59,737 532.4

* Renaissance Fujimidai and Life Nagata are expected to settle in February 2008 and Valor Takinomizu is expected to settle in March 2008.

** Some leases can be terminated at the tenant’s option prior to the end of the specified lease term.

� Clothing

� Commercial Property Manager

� Fitness Chain

� General Merchandise Store

� Home Centre

� Mass Merchandiser

� Supermarket

7.0%

6.5%

41.1%

40.4%

6.9%4.7%

11.6%

4.8%

15.8%3.6%

� Tokyo

� Hiroshima

� Sendai

� Saitama

� Kyushu

� Kansai

� Hokkaido

� Chubu

� Tochigi

7.9%

18.8%

14.8%3.8%

1.7%10.6%

� Clothing

� Commercial Property Manager

� Fitness Chain

� General Merchandise Store

� Home Centre

� Mass Merchandiser

� Supermarket

7.0%

6.5%

41.1%

40.4%

6.9%4.7%

11.6%

4.8%

15.8%3.6%

� Tokyo

� Hiroshima

� Sendai

� Saitama

� Kyushu

� Kansai

� Hokkaido

� Chubu

� Tochigi

7.9%

18.8%

14.8%3.8%

1.7%10.6%

Tenant type diversification (by income)

Geographic diversification (by income)

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Unitholder information

ASX listingChallenger Kenedix Japan Trust (CKT) is listed on the Australian Securities Exchange (ASX). The Trust’s units trade under the code ‘CKT’. Unit prices are published daily in major Australian metropolitan newspapers, and are also accessible from the CKT website.

The CKT websiteThe CKT website www.challenger.com.au/ckt contains important information about the Trust, including unit prices, announcements, annual reports and an overview of each asset in the CKT portfolio.

Unitholder enquiries If you have queries relating to your unitholding or wish to provide a change of address, Tax File Number, instructions for payment of distributions or annual report elections, please contact the Registry, Link Market Services Limited, using the contact details located on the inside back cover.

Alternatively, visit the Link Investor Service Centre at www.linkmarketservices.com.au, where you can access information about your unitholding and update your holding details online.

If you have any questions relating to the management of CKT, please contact Challenger on +61 2 9994 7000, or send an email to [email protected].

DistributionsCKT pays distributions six monthly for the periods ending 30 June and 31 December. Distribution payments can be paid by:

• directcredittoanominatedAustralianfinancialinstitutionaccount;or• achequemailedtoyourregisteredunitholdingaddress.

An Annual Taxation Statement is sent to unitholders in August each year. This statement includes important taxation information and should be retained by unitholders to assist in the completion of their taxation return.

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Challenger Kenedix Japan Trust

ARSN 124 068 971

Australian Securities Exchange (ASX) code

CKT

Responsible Entity

Challenger Listed Investments Limited

ABN 94 055 293 644

AFSL 236887

Directors of Responsible Entity

B Shanahan (Chair)

R Hooper

I Martens

G McWilliam

I Moore

R Woods

P Brook

Company Secretary

C Robson

S Koeppenkastrop

Manager

Challenger Management Services Limited

ABN 29 092 382 842

Address

Level 15

255 Pitt Street

Sydney NSW 2000

Telephone: +61 2 9994 7000

Facsimile: +61 2 9994 7777

Email: [email protected]

Website: www.challenger.com.au/ckt

Japan Asset Manager

Kenedix, Inc.

KDX Shimbashi Building

2-2-9 Shimbashi, Minato-ku, Tokyo 105-0004

Registry

Link Market Services Limited

Locked Bag A14

Sydney South NSW 1235

Telephone: 1800 754 866

Telephone (outside Australia): +61 2 8280 7489

Facsimile: +61 2 9287 0303

Directory

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Level 15 255 Pitt Street Sydney NSW 2000 telephone 02 9994 7000 facsimile 02 9994 7777

www.challenger.com.au 6652/CG553/0208

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