Sydney

Level 41, Aurora Place 88 Phillip Street Sydney NSW 2000 Australia GPO Box 3698 Sydney NSW 2001 www.challenger.com.au

Telephone 02 9994 7000 Facsimile 02 9994 7777

The Manager Company Announcements Office Australian Stock Exchange Limited 20 Bridge Street SYDNEY NSW 2000

By electronic lodgement

18 September 2006

Dear Sir

Re: Notice of change of interests of substantial holder~ APN/UKA European Retail Trust (AEZ)

We enclose notice of change of interests of substantial holder in APN/UKA European Retail Trust. This notice is given by Challenger Financial Services Group Limited and each of its subsidiaries named in Annexure 1 to this notice.

Yours faithfully

Chris Robson Company Secretary

attach

Level 10, 101 Collins Street PO Box 297, Flinders Lane, Melbourne VIC 3000 Telephone 03 8616 1800 Facsimile 03 8616 1899 Melbourne Level 9, CUA Building 175 Eagle Street GPO Box 3234, Brisbane QLD 4001 Telephone 07 3218 8000 Facsimile 07 3220 3132 Brisbane Parth Level 3, 55 St Georges Terrace PO Box Z5085, St Georges Terrace, Perth WA 6831 Telephone 08 9223 7800 Facsimile 08 9221 2499 Adelaide Level 1, 212 Pine Street Adelaide SA 5000 Telephone 03 8211 7777 Facsimile 08 8212 1861

Challenger Financial Services Group Limited ABN 85 106 842 371 Challenger Group Services Pty Limited ABN 91 085 857 307
Challenger Life No.2 Limited ABN 44 072 486 938 AFSL 234670 Challenger Commercial Lending Limited ABN Challenger Managed Investments Limited ABN 94 002 835 592 AFSL 234668 RSE Lic. No. L0002987 Challenger Listed Investments Limited ABN 94-055-293-644 AFSL 236-887 CiF Investment Trust 1 ARSN 114-139-703 CIF Investment Trust 2 ARSN 114-139-632 Challenger Wine Trust ARSN 092 960 060 Challenger Management Services Limited ABN 29 092 382 842

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Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

1. Details of substantial holder (1)

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows;

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to
voting interests in the company or scheme are as fo

6. Addresses

The addresses of persons named in this form are as follows:

Signature

print name Chris Robson capacity Company Secretary

date

18/09/2006

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This is page 1 of 3 pages of Annexure 1 referred to in Form 604 signed by me and dated 18/09/2006

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Chris Robson
Company Secretary

This is page 2 of 3 pages of Annexure 1 referred to in Form 604 signed by me and dated 18/09/2006

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Chris Robson
Company Secretary

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This is page 3 of 3 pages of Annexure 1 referred to in Form 604 signed by me and dated 18/09/2006

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Chris Robson Company Secretary

This is page 1 of 1 page of Annexure 2 referred to in Form 604 signed by me and dated 18/09/2006

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Transactions:

Existing fully paid ordinary units

Existing partially paid ordinary units

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