Trust Profile

Fund Overview

The APN European Retail Property Group (the Group) is a listed property trust (ASX code AEZ) which operates under a stapled security structure. The Trust is invested in a portfolio of currently 36 retail properties as at June 2008 located in 7 countries across Europe. The Trust is managed by APN Funds Management Limited (APN FM).

Investment Objectives

APN FM have a clear and focused objective of growing unit holder value, through investment in European retail properties which offer relatively secure income streams and have the potential for capital growth.

Following the recent stapling of AEZ, the Group will also undertake a range of additional or expanded activities including;

• Property Development and Refurbishment
• Property Management
• Commercialisation and,
• Creating Retail Property Syndicates

Investment Strategy

The Trust’s strategy is to invest in a diversified portfolio of retail properties throughout Europe. Additional acquisitions for the Trust will be assessed by APN FM according to established investment criteria, including the following:

• properties located in Europe, including the United Kingdom;
• retail properties, from supermarkets to leisure and regional shopping centres;
• properties generally in strong demographic regions with high occupancy levels; and
• acquisitions expected to add value to the Fund’s long term earnings or asset allocation or a combination of both.