Distribution details

Distributions

Annual distribution payments to securityholders

Financial year		Distribution per security
2001* * For the period 13 June 2000 to 30 June 2001		22.0 cents
2002		21.5 cents
2003		21.5 cents
2004		21.5 cents
2005		22.5 cents
2006		24.0 cents
2007		28.0 cents
2008		29.5 cents
2009		31.0 cents
2010		32.75 cents
2011		34.4 cents

Distribution split between APT and APTIT listed below

APT
Period Ending	Payment Date^	CB/Reduced CB#	Cap Dist *	Closing Capital	Dividend Distribution
30 Sep 00	20-Dec-00	2.0000	0.0310	1.9690	0.0290
31-Dec-00	28-Mar-01	1.9690	0.0250	1.9440	0.0250
31-Mar-01	27-Jun-01	1.9440	0.0250	1.9190	0.0250
30-Jun-01	26-Sep-01	1.9190	0.0100	1.9090	0.0500
30-Sep-01	21-Dec-01	1.9090	0.0200	1.8890	0.0300
31-Dec-01	28-Mar-02	1.8890	0.0200	1.8690	0.0300
31-Mar-02	26-Jun-02	1.8690	0.0200	1.8490	0.0300
30-Jun-02	30-Sep-02	1.8490	0.0000	1.8490	0.0650
30-Sep-02	20-Dec-02	1.8490	0.0200	1.8290	0.0300
31-Dec-02	31-Mar-03	1.8290	0.0200	1.8090	0.0300
31-Mar-03	26-Jun-03	1.8090	0.0050	1.8040	0.0450
30-Jun-03	25-Sep-03	1.8040	0.0000	1.8040	0.0650
30-Sep-03	29-Dec-03	1.8040	0.0000	1.8040	0.0500
31-Dec-03	29-Mar-04	1.8040	0.0140	1.7900	0.0360
31-Mar-04	24-Jun-04	1.7900	0.0500	1.7400	0.0000
30-Jun-04	27-Sep-04	1.7400	0.0000	1.7400	0.0650
30-Sep-04	30-Dec-04	1.7400	0.0000	1.7400	0.0550
30-Dec-04	30-Mar-05	1.7400	0.0000	1.7400	0.0550
30-Mar-05	28-Jun-05	1.7400	0.0000	1.7400	0.0550
30-Jun-05	29-Sep-05	1.7400	0.0000	1.7400	0.0600
30-Sep-05	30-Dec-05	1.7400	0.0000	1.7400	0.0600
30-Dec-05	30-Mar-06	1.7400	0.0000	1.7400	0.0600
31-Mar-06	30-Jun-06	1.7400	0.0000	1.7400	0.0600
30-Jun-06	29-Sep-06	1.7400	0.0000	1.7400	0.0600
30-Sep-06	18-Dec-06	1.7400	0.0000	1.7400	0.0700
31-Dec-06	30-Mar-07	1.7400	0.7048	1.0352	0.0400
31-Mar-07	29-Jun-07	1.0352	0.0000	1.0352	0.0700
30-Jun-07	28-Sep-07	1.0352	0.0000	1.0352	0.0200
31-Dec-07	28-Mar-08	1.0352	0.0000	1.0352	0.0980
30-Jun-08	10-Sep-08	1.0352	0.0000	1.0352	0.0900
31-Dec-08	27-Mar-09	1.0352	0.0000	1.0352	0.0900
30-Jun-09	15-Sep-09	1.0352	0.0000	1.0352	0.0274
31-Dec-09	17-Mar-10	1.0352	0.0498	0.9854	0.0567
30-Jun-10	15-Sep-10	0.9854	0.0858	0.8996	0.0173
31-Dec-10	17-Mar-11	0.8996	0.0246	0.8750	0.0955
30-Jun-11	15-Sept-11	0.8750	0.0841	0.7909	0.0342
31-Dec-11	15-Mar-11	TBA	TBA	TBA	TBA

APTIT
Period Ending	Payment Date^	CB/Reduced CB#	Tax Deferred Dist*	Closing Capital	Trust Distribution Interest
31-Dec-06	30-Mar-07	0.7048	0.0150	0.6898	0.0150
31-Mar-07	29-Jun-07	0.6898	0.0000	0.6898	0.0000
30-Jun-07	28-Sep-07	0.6898	0.0200	0.6698	0.0300
31-Dec-07	28-Mar-08	0.6698	0.0270	0.6428	0.0200
30-Jun-08	10-Sep-08	0.6428	0.0280	0.6148	0.0320
31-Dec-08	27-Mar-09	0.6148	0.0319	0.5829	0.0281
30-Jun-09	15-Sept-09	0.5829	0.1154	0.4675	0.0171
31-Dec-09	17-Mar-10	0.4675	0.0192	0.4483	0.0319
30-Jun-10	15-Sep-10	0.4483	0.0277	0.4206	0.0392
31-Dec-10	17-Mar-11	0.4206	0.0078	0.4128	0.0370
30-Jun-11	15-Sept-11	0.4128	0.0266	0.3862	0.0341
31-Dec-11	15-Mar-11	TBA	TBA	TBA	TBA

*Note: 100% tax deferred

# This reduced cost base is illustrative only and applies to units originally acquired as part of the IPO. Actual reduced cost base will depend on the actual price paid to acquire an APA security.

^ Payment date is the date on which Australian resident taxpayers will be deemed to have received the distribution. APT distributions will be taxed in the year of receipt. APTIT distributions will be taxed in the year the relevant income is earned. This will be disclosed on Distribution Statements.

Franking Policy

Franking credits will be paid to the extent that they are available.

Tax Status of Distributions

Dividend distribution - This component is distributed out of after tax profit and as such is treated as dividend for tax purposes and will be taxed at the securityholder's marginal tax rate.

Capital distribution - For securityholders who hold their investment on capital account, this component is not assessable as it represents a distribution which exceeds the accounting profit and as such is treated as return of capital for tax purposes. Although the capital component is not assessable it does reduce the securityholder's APT cost base in calculating the capital gains tax liability when the APT units are sold. Over time the cost base is expected to diminish as illustrated in the table above.

Trust Distribution Interest - This component is distributed from profits/interest earned by APTIT. As APTIT is a pass through trusts this component will be taxed at the securityholders marginal tax rate.

Tax Deferred Distribution - This component is not accessable as it represents a distribution from APTIT which exceeds taxable profit and as such is taxed as a tax deferred distribution. Although the tax deferred component is not assessable it does reduce the securityholders APTIT cost base in calculating the capital gain tax liability when APTIT units are sold. Over time the cost base of an APTIT unit is expected to diminish as illustrated in the table above.