30 April 2012
The Manager
Company Announcements Office Australian Stock Exchange Limited Level 4, Exchange Centre
20 Bridge Street
Sydney NSW 2000
Dear Sir/Madam

Retirement and Appointment of new Director to Responsible Entity Board

APN Funds Management Limited, the Responsible Entity of the APN European Retail Property Group (AEZ or Group) announces the following changes to its Board of Directors, effective from 30 April 2012: