UPDATE ON CIF DISTRIBUTION AND WIND-UP 6 March 2013

Please see attached letter to unit holders providing an update on the CIF distribution and wind-up process.
The attached letter will be mailed to unit holders on 20 March 2013 with a distribution statement.

ENDS

Further enquiry: Stuart Kingham, Head of Investor Relations, Challenger Limited, 02 9994 7125

Nicole Webb, Corporate Communications Associate, Challenger Limited, 02 9994 7806

Challenger Infrastructure Fund (CIF Investment Trust 1 ARSN 114 139 703 and CIF Investment Trust 2 ARSN 114 139 632) Responsible Entity Challenger Listed Investments Limited ABN 94 055 293 644 AFSL 236887


20 March 2013
Dear Unit holder,
On 15 August 2012, Challenger Infrastructure Fund (ASX: CIF) held an extraordinary general meeting (EGM), with unit holders voting 99.9% in favour of the sale of Inexus and consequently the wind-up of CIF.
Following the EGM, the independent directors of Challenger Listed Investments Limited (CLIL), the responsible entity of CIF, announced a timetable for distributions to unit holders. Since the EGM,
$1.32 per unit (including $0.05 final distribution for 2012) has been returned to unit holders.
Subsequent to the EGM, the CLIL Board announced that CIF had received notification from the Australian Taxation Office (ATO) that it had been selected for an audit in relation to the taxation treatment of certain foreign income. As a result of the notification from the ATO, the independent directors of CLIL reduced the November distribution to allow for the orderly management and finalisation of the audit.
The CLIL Board is now pleased to advise that CIF has received confirmation from the ATO that it has completed its audit and general taxation enquiries of CIF. Accordingly, the CLIL Board will make a further distribution of 15 cents per unit, to be paid on 20 March 2013.
The CLIL board has also terminated the CIF Investment Trust 1 and CIF Investment Trust 2, with effect from 6 March 2013. This termination commenced the formal CIF wind-up process.
At the conclusion of the wind-up of CIF, a final distribution of approximately 1 cent per unit is expected to be made on or around 15 May 2013 and all units will be cancelled.
Both the distribution of 15 cents to be paid on 20 March 2013 and the final distribution will represent a return of capital.
CIF will continue to update unit holders on the timing of the final distribution on its website
(www.challenger.com.au/CIF).

Further enquiry: Stuart Kingham, Senior Manager, Investor Relations, Challenger Limited, 02 9994 7560

Nicole Webb, Corporate Communications Associate, Challenger Limited, 02 9994 7806

Challenger Infrastructure Fund (CIF Investment Trust 1 ARSN 114 139 703 and CIF Investment Trust 2 ARSN 114 139 632) Responsible Entity Challenger Listed Investments Limited ABN 94 055 293 644 AFSL 236887


On behalf of the CLIL Board, I would like to thank you for your continued support and patience as
we complete the wind-up of CIF.
Yours sincerely
Michael Cole
Chairman
Challenger Listed Investments Limited

Further enquiry: Stuart Kingham, Senior Manager, Investor Relations, Challenger Limited, 02 9994 7560

Nicole Webb, Corporate Communications Associate, Challenger Limited, 02 9994 7806

Challenger Infrastructure Fund (CIF Investment Trust 1 ARSN 114 139 703 and CIF Investment Trust 2 ARSN 114 139 632) Responsible Entity Challenger Listed Investments Limited ABN 94 055 293 644 AFSL 236887

distributed by