APN European Retail Property Group : Announcement of Distribution Payable by AEZ

6 March 2012
The Manager
Company Announcements Office
ASX Limited
Exchange Centre
20 Bridge Street
Sydney NSW 2000
Dear Sir/Madam

Announcement of Special Distribution Payable

APN Funds Management Limited (APN), the responsible entity of the APN European Retail
Property Group (AEZ or Group) advises that a special distribution will be paid as follows:

Amount to be paid - rate per security	0.25 cents per stapled security
Amount to be paid - total amount payable	$1.362 million
Fund payment amount	Nil
Record date for determining entitlements	16 March 2012
Distribution payment date	30 March 2012

This distribution was foreshadowed in an announcement to the market on 21 December
2011. It follows the approval of members at a meeting the same day to: