Challenger Listed Investments Limited

ABN 94 055 293 644 AFSL 236887 as Responsible Entity for:

Challenger Diversified Property Trust 1 ARSN 121 484 606

ASX ANNOUNCEMENTChallenger Diversified Property Trust 1 (CDI 1)Taxation Components for Non-Resident Withholding Tax PurposesDistribution Period: Half Year Ended 30 June 2011

Detailed below are the components of CDI 1’s distribution for the half year ended 30 June 2011 which have been prepared for the sole purpose of calculating the withholding tax deducted from the distributions paid to non-resident unitholders of CDI 1.

The cash distribution of 2.0 cents per unit will be dispatched to unitholders on 30 August 2011.

Components of distribution subjected to withholding tax

Half Year

Ended 30 June

2011 (cents per unit)

Half Year

Ended 30 June

2011 (%)

Non-resident Withholding Tax Rate

(%)

Australian sourced other income

1.5008

75.04%

7.5%/30%

Australian sourced interest

0.0597

2.98%

10%

Other income – not subjected to withholding tax

0.4395

21.98%

N/A

Total Distribution

2.000

100.00%

For the purposes of Section 12-395 of Subdivision 12-H of the Taxation Administration Act 1953

(Cth) (the ‘Act’), this distribution includes a ‘fund payment’ amount of 1.5008 cents per unit in respect of the half year ended 30 June 2011.

The non-resident withholding tax rate of either 7.5% or 30% has been applied to the fund payment based on the tax residence of the non-resident investor.

These components have only been provided for the purposes of Subdivision 12-H of the Taxation Administration Act 1953, and should not be used for any other purpose. Details of the full year components of CDI 1’s 2011 distribution will be provided in the annual tax statement which will be dispatched to unitholders in August 2011.