APN Funds Management Limited ACN 080 674 479 (APN FM) is the responsible entity and issuer of APN Property Group Products. APN FM is a wholly owned subsidiary of APN Property Group Limited ACN 109 846 068 (“APN PG”). However, APN PG is not the issuer of any APN Property Group Product. An investment in an APN Property Group Product does not represent a deposit with or a liability of APN FM, APN PG or any member of the APN Property Group. An investment is subject to investment risk, including possible delays in repayment and loss of income or capital invested. None of APN FM, APN PG or any member of the APN Property Group or any of their officers, advisers, agents or associates in any way guarantee the performance of any APN Property Group Product nor any return of capital. The contents of this newsletter are current at the time of publication and may be amended or revoked by APN Property Group Limited (ABN: 30 109 846 068) at any time. This document has been prepared for general information only and is not to be taken as containing any securities advice or recommendation. We recommend investors seek advice from a professional adviser before investing.

© Morningstar Research Pty Ltd ABN 83 062 096 342, AFSL 243161. All rights reserved. To the extent that any of the content constitutes advice, it is general advice that has been prepared by Morningstar, without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable, investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp

The Morningstar Fund Manager of the Year Awards identify and recognise the Australian-domiciled fund managers which, in Morningstar’s opinion have demonstrated funds management excellence in the year for which they have been awarded.

The Lonsec Limited (“Lonsec”) ABN 56 061 751 102 rating (assigned January 2009) 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 not a recommendation to purchase, sell or hold the relevant product(s), and you should seek independent financial advice before investing in this product(s). The rating is subject to change without notice and Lonsec assumes no obligation to update this document following publication. Lonsec receives a fee from the fund manager for rating the product(s) using comprehensive and objective criteria.

van Eyk Research Limited (ABN: 99 010 664 632, AFSL: 237917) (van Eyk) has conducted a review of the processes undertaken by Barik Pty Limited, trading as Adviser Edge Investment Research (ABN 94 094 329 110, AFSL 236 783) (Adviser Edge) in preparing their research reports on the property sector. van Eyk, in marking this report ‘endorsed’, generally speaking confirms the investment recommendation outlined in the report on this product having regard to the contents of the report only. Adviser Edge’s rating and van Eyk’s endorsement could change or cease at anytime and should not be relied upon without referring to the meaning of the rating as well as the full report available to subscribers at www.iRate.vaneyk.com.au. van Eyk has not reviewed the accuracy of this research or information nor whether the report may have material omissions or misstatements. This review and van Eyk’s recommendation does not take in to account an individual’s financial situation, needs or objectives. The recommendation is intended for professional advisers only and should not, and is not intended to be relied upon by investors in making an investment decision. van Eyk may from time to time receive fees from Adviser Edge for distributing its reports.

To the extent that any ratings, opinions or other information of Standard & Poor’s Information Services (Australia) Pty Ltd (ABN: 17 096 167 556, Australian Financial Services Licence Number: 258896) (“Standard & Poor’s) constitutes general advice, this advice has been prepared by Standard & Poor’s without taking into account any particular person’s financial or investment objectives, financial situation or needs. Before acting on any advice, any person using the advice should consider its appropriateness having regard to their own or their clients’ objectives, financial situation and needs. You should obtain a Product Disclosure Statement relating to the product and consider the statement before making any decision or recommendation about whether to acquire the product. Past performance is not a reliable indicator of future performance. Ratings can change or cease at any time and should not be relied upon without referring to the meaning of the rating. For more information regarding ratings please call S&P Customer Service on 1300 792 553 and also refer to Standard & Poor’s Financial Services Guide at http://www.fundsinsights.com.au. Each analytic product or service of Standard & Poor’s is based on information received by the analytic group responsible for such product or service. “S&P” and “Standard & Poor’s” are trademarks of The McGraw-Hill Companies, Inc. © 2009 Standard & Poor’s Information Services (Australia) Pty Limited.