Charter Hall Direct PFA Fund (PFA)

* Ratings are only one factor to be taken into account when deciding whether to invest in a financial product. Consider your personal circumstances, consider the TMD, read the PDS and seek independent financial advice before investing. This report is intended for wholesale clients, AFSL holders or their authorised representatives, by accessing this report you are confirming that you are a wholesale client or you either hold an AFSL or are an authorised representative. The Zenith Investment Partners Pty Ltd (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating Charter Hall Direct PFA Fund (APIR MAQ5880AU) (assigned 11 December 2025) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at https://www.zenithpartners.com.au/our-solutions/investment-research/regulatory-guidelines/. https://www.zenithpartners.com.au/our-solutions/investment-research/regulatory-guidelines/.

^ Ratings are only one factor to be taken into account when deciding whether to invest in a financial product. Consider your personal circumstances, consider the TMD, read the PDS and seek independent financial advice before investing. The ratings published on 05/2024 for the Charter Hall Direct PFA Fund are issued by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (“Lonsec Research”). Ratings are general advice only and have been prepared without taking account of investors’ objectives, financial situation or needs. The ratings are not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec Research assumes no obligation to update. Lonsec Research uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2024 Lonsec. All rights reserved.