Charter Hall launches property securities fund with Lonsec "Recommended" rating

Charter Hall Direct Property, in partnership with fund manager Reliance Investment Management
(Reliance), has today officially launched the Charter Hall Property Securities Fund (CHPSF), investing
in a portfolio of Australian Real Estate Investment Trusts (A-REIT's), with a ‘Recommended' rating from
research house Lonsec.

To address the changing landscape of the financial advice industry, the Charter Hall Property Securities
Portfolio is also being replicated and offered as a separately managed account (SMA) on the Mason
Stevens Managed Account service. This position allows advisers and their investors the unique choice
of having a quality portfolio of A-REIT's available through a SMA and its associated benefits.
Charter Hall Direct Property CEO, Richard Stacker said the Lonsec ‘Recommended' rating was a
welcome acknowledgment of CHPSF, which he said was poised to take advantage of the ongoing
recovery in the A-REIT sector.

'Most A-REITs are trading at a discount to the value of their underlying property portfolios, so investors
stand to gain not only as this discount closes further, but also from the upswing as property values
continue to recover and investor confidence returns.

'The Charter Hall Property Securities Fund seeks to capitalise on this recovery by using active
management to exploit market inefficiencies and buy high quality securities priced at a discount to their
intrinsic value.

'The Charter Hall Direct business also offers investors a suite of unlisted property sector specific funds
in office, industrial and retail. This meets the demand for financial planning dealerships and their
advisers to develop their own diversified portfolio of both listed and unlisted property for their clients,'
Mr Stacker said.

Mason Stevens Managing Director, Thomas Bignill said Charter Hall's decision to launch the product as
a managed account alongside a traditional managed fund reflected the growing demand from advisers
for direct portfolios.

'The dual launch reflects the changing business models of advisers and meets the growing demand for
transparent, tax-efficient products. We're excited to be working with the experienced funds
management team at Reliance in order to provide our clients with access to a high-quality A-REIT
portfolio.'

CHPSF is an actively managed property securities fund that holds a diversified portfolio of high quality
A-REITs across the office, retail and industrial sectors. In its report, Lonsec noted the Fund's
investment process to be 'logical and transparent' and Reliance investment team's ability to draw on
Charter Hall's broader capabilities, including industry insights, direct property personnel and propriety
research is considered 'a valuable additional resource'.

In reference to Reliance joint managers Andrew McGrath and David Curtis, Lonsec describes them as
'an experienced and capable investment team'. Lonsec also considers the Manager's stock research to
be extensive and of high quality with a logical and well constructed investment process.
Reliance is jointly owned by McGrath and Curtis, and the Charter Hall Group, and this strategic
partnership delivers critical real estate market insight into the investment process.

Together McGrath and Curtis boast some 40 years of experience, having consistently demonstrated a
high level of insight and understanding of the Australian listed property securities market.

Commenting on their investment style for CHPSF, Mr McGrath said their goal was to invest in
companies that deliver reliable, long-term cash-flows and a compelling overall investment case.

'The sector outlook for A-REITs has improved over the last few years as managers have reduced
gearing levels and significantly recapitalised. In addition, current pricing of many A-REITs sits well
below the tangible asset backing, or underlying value of the physical real estate. It is rare for investors
to be presented with an opportunity to gain exposure to a top quality commercial real estate portfolio at
meaningful discounts to independent valuations. With CHPSF we're able to cherry-pick the very best of
those REITs to provide investors with total returns exceeding the benchmark and sustainable income
distributions.' Mr McGrath said.

For further information, please contact:

Richard Stacker
Chief Executive Officer
Charter Hall Direct Property
Tel: +61 2 8295 1011
Richard.stacker@charterhall.com.au

Yolanda Beattie
General Manager
Honner Media
Tel: 02 8248 3744 / 0450 327 785
Yolanda@honnermedia.com.au

About Charter Hall Direct Property:

Charter Hall Direct Property is one of Australia's leading unlisted property fund managers, with approximately $1.5
billion of real estate assets across the commercial, retail and industrial sectors under management as at 31
December 2010. Charter Hall Direct Property, part of Charter Hall Group, has a strong track record, managing
unlisted property funds and syndicates on behalf of investors for more than 10 years.

Charter Hall Group (ASX:CHC) is one of Australia's leading fully integrated property groups, with 20 years'
experience managing high quality property on behalf of institutional, wholesale and retail clients. Charter Hall has
over $10 billion of funds under management across the office, retail, industrial and residential sectors. The Group
has offices in Sydney, Melbourne, Brisbane, Adelaide, Perth, Warsaw and Chicago.

Disclaimer

1. The Lonsec Limited ('Lonsec') ABN 56 061 751 101 rating (assigned March 2011) presented in this document is
limited to 'General Advice' and based solely on consideration of the investment merits of the financial product(s). It
is advice before investing in this product(s). The rating is subject to change without notice and Lonsec assumes no
obligation to update.

Units in the Charter Hall Property Securities Fund ('CHPSF') are made available by Charter Hall Direct Property
Management Limited (ACN 56 073 623 784, AFSL 226849) ('CHDPML') under a Product Disclosure Statement
('PDS'). Potential investors should consider the PDS before making any decisions regarding the offer. Copies of
the PDS can be obtained from CHDPML by calling 1300 652 790 or www.charterhall.com.au/chpsf

This announcement has been prepared without taking into account any particular potential investor's objectives,
financial situation or needs. Before investing, CHDPML recommends that you consider whether it is appropriate for
your circumstances having regard to your own objectives, financial situation and needs. The CHPSF offer is not
open to persons in any jurisdiction in which an offer, invitation, solicitation or inducement for the issue, sale or
purchase of any CHPSF units would be contrary to local laws or regulations.

CHDPML does not receive fees in respect of the general financial product advice it may provide, however it will
receive fees for operating CHPSF which, in accordance with the CHPSF Constitution, are calculated by reference
to the value of the assets of and performance of CHPSF. Entities within the Charter Hall Group may receive fees
for managing the assets of, and providing resources to CHPSF. For more detail on fees, see the PDS.