Challenger Wine Trust (CWT or the Trust) is the vineyard owner in Australasia. As of June 30, 2009, it owned 22 vineyards and two wineries located across Australia and New Zealand. CWT’s strategically located assets (including water rights) are mainly tenanted to wine companies. It comprises a portfolio of 24 properties in Australia and New Zealand, which are primarily leased to wine companies on long term leases. At June 30, 2009, the Trust’s portfolio was 98.5% occupied. CWT has completed the sale of Sandy Hollow Vineyard and Inglewood Vineyard in the Upper Hunter Valley, and Bethany Creek and Vine Vale Vineyards in the Barossa Valley. Ninety four percent of its tenants are long established wine companies. Challenger Listed Investments Limited (CLIL) is the responsible entity of the Challenger Wine Trust.