CHARTER HALL GROUP — Capital/Financing Update 2008

Jun 23, 2008

ASX/MEDIA ANNOUNCEMENT

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PBL MEDIA WITHDRAWS NINE NETWORK SITES FROM SALE

Tuesday, 24 June 2008

Charter Hall has been advised by PBL Media it has decided to withdraw from market the Nine Network’s landmark properties at Willoughby (TCN 9) and Richmond (GTV 9).

Charter Hall, on behalf of its fifth opportunity fund, Charter Hall Opportunity Fund No.5 (“CHOF5”), had been granted an exclusive dealing period until 30 June 2008 for the Willoughby site, while in Richmond CHOF5 and its joint venture partners, R Corporation and Crane Corp were granted a similar exclusive period. Charter Hall and PBL Media had been in negotiation on the sale of the properties for several months.

Charter Hall’s joint Managing Director, David Southon said Charter Hall and joint venture partners, R.Corporation and Crane Corp, were disappointed with the decision, particularly as the parties were nearing completion of the process. The agreed transactions were fully funded via a combination of equity and credit approved debt facilities. He said all parties had worked diligently and cooperatively, in every aspect of the process, to satisfy PBL Media’s intention to dispose of these properties by 30 June 2008.

CHOF5 continues to identify and capitalise on a range of excellent opportunities and recently exchanged on 40 Creek Street in Brisbane’s Golden Triangle. 40 Creek Street provides an excellent value add opportunity with the refurbishment, repositioning and re-leasing of this property in the tightly held Brisbane CBD market.

David Southon, Charter Hall’s Joint Managing Director said: “Whilst we are disappointed with PBL Media’s decision to withdraw the properties from the market, we are confident of identifying and securing other compelling opportunities in the current market to continue to deliver excellent returns to our investors in our series of opportunity funds. CHOF5 is very well positioned in the current environment, with existing capacity for approximately a further $750 million worth of projects. Given the availability of opportunities and our progress on other transactions, we expect to secure these projects over the next 4 to 6 months.”

Charter Hall Limited

ABN 57 113 531 150 Charter Hall Funds Management Limited ABN 31 082 991 786 Sydney Melbourne Brisbane Perth Auckland

Level 11 | 333 George Street | SYDNEY | NSW 2000 GPO Box 2704 | SYDNEY NSW 2001 Ph: +61 2 8908 4000 | Fax: +61 2 8908 4040 www.charterhall.com.au

ASX/MEDIA ANNOUNCEMENT

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Mr Southon added further: “We have enjoyed working closely with both R.Corporation and Crane Corp on the Channel 9 transaction and believe that there will be other exciting opportunities that the groups will be able to work together on in the near future.”

R.Corporation’s Chief Executive Officer, Andrew Rettig said: “R.Corporation and Crane Corp will continue to focus on our project pipelines and will be very active in looking for unique sites to develop.”

ENDS

For more information contact Charter Hall Group:

David Southon Jo Stiles Joint Managing Director Marketing & Communications Manager + 61 2 8908 4025 + 61 2 8908 4026 davids@charterhall.com.au jos@charterhall.com.au

About Charter Hall Group – www.charterhall.com.au

Charter Hall Group is a property funds management and development company, based in Sydney with offices in Brisbane, Perth and Auckland. Established in 1991 and listed on the ASX in 2005 as a stapled security under the code CHC, Charter Hall Group combines Charter Hall Limited with Charter Hall Property Trust. The Group currently has funds under management of $3.7 billion. The Charter Hall Group has achieved a solid track record across its activities demonstrating a 10 year history of managing wholesale capital, making it one of Australia’s leading property fund managers. Charter Hall’s success has been underpinned by a highly skilled, incentivised and motivated management team with diverse expertise across property sectors and risk-return profiles.

About R.Corporation – www.rcorporation.com.au

R.Corporation are property developers who lead the Melbourne market in design, culture and lifestyle offerings. The company has built more than 20 landmark buildings, boutique residential, retail and office projects at a total cost of more than $600 million in the past few years. R.Corporation was awarded the 2006 Property Council Rider Hunt Award, High Rise Residential category and Special Commendation DB RREEF Heritage Property Award at the 2006 Australian Property Institute Awards and UDIA award for urban renewal for the Tribeca project.

About Crane Corp – www.cranecorp.com.au

Crane Corp is a leading market specialist in property development and investment solutions. The core group of experts has amassed significant experience in the fields of development, construction, marketing and property investment. Based and founded in Melbourne this private company has created and invested in an impressive yet diverse portfolio of residential, commercial and retail property nationally.

Charter Hall Limited

ABN 57 113 531 150 Charter Hall Funds Management Limited ABN 31 082 991 786 Sydney Melbourne Brisbane Perth Auckland

Level 11 | 333 George Street | SYDNEY NSW 2000 GPO Box 2704 | SYDNEY NSW 2001 Ph: +61 2 8908 4000 | Fax: +61 2 8908 4040 www.charterhall.com.au