15 December 2011
The Manager
Company Announcements Office Australian Stock Exchange Limited Level 4, Exchange Centre
20 Bridge Street
Sydney NSW 2000
Dear Sir/Madam

Postponement of Meeting of Members and payment of special distribution

APN Funds Management Limited (APN), the responsible entity of the APN European Retail Property Group (AEZ or Group), has postponed the unitholders meeting that was to be held at 10.00 a.m. on 16 December 2011.

The meeting will now be held at 2.00 p.m. on 21 December 2011 at Hall & Wilcox Lawyers, Level 30, 600 Bourke Street, Melbourne VIC 3000. APN will make a special distribution of 0.25 cents per stapled unit in AEZ payable on or before 31 March 2012 if the resolutions set out in the Notice of Meeting dated 15 December 2011 are passed.

Unless otherwise notified to unitholders prior to the meeting on 21 December 2011, the details contained in the Notice of Meeting dated 15 December 2011 will not change other than:
(a) the date and time of the meeting will now be 2.00 p.m. on 21 December 2011; (b) securities in AEZ will be taken to be held by those who hold them at 7.00p.m.
(Melbourne time) on 20 December 2011; and
(c) proxy forms must be received by 5.00 p.m. (Melbourne time) on 20 December
2011.
All proxy forms received to date will stand unless a new completed proxy form is received by
APN.
APN will continue to receive and accept the proxy forms that were provided with the Notice of Meeting. However, if unitholders wish to withdraw their existing proxies a new proxy form must be completed.

Lodgement of a Proxy Form

A Proxy Form (and any Power of Attorney under which it is signed) must be received at any of the following addresses, by 5.00 pm on 20 December 2011.