Galileo Japan Trust : Appendix 4E and Accounts - June 2016

Galileo Japan Funds Management Limited (ACN 121 567 244) (AFSL 305 429)

as Responsible Entity for Galileo Japan Trust (ARSN 122 465 990)

Level 9,1Alfred Street Sydney NSW 2000 Australia

GPO Box 4760 Sydney NSW 2001

Telephone: [phone]

Facsimile: [phone]

ASX Code: GJT

Website : www.galileofunds .com.au

APPENDIX 4E Preliminary Final Report For the year ended 30 June 2016

Entity:

Galileo Japan Trust (ARSN 122 465 990)

Current period:

1 July 2015 - 30 June 2016

Previous corresponding period:

1 July 2014 - 30 June 2015

Results for announcement to the Market

As a result of unitholder approval granted at the extraordinary general meeting on 23 March 2016 for the proposed sale of the Japanese property portfolio and the subsequent distribution of net equity proceeds to unitholders and the winding up of the Trust, it has been determined that, in accordance with Australian Accounting Standards, the going concern basis of preparation of the financial statements is not appropriate and the financial statements have therefore been prepared on a liquidation basis. Under the liquidation basis of preparation all assets and liabilities are measured at net realisable value. In addition, the equity of the Trust has been reclassified from equity to liabilities on 23 March 2016, being the approval date.

($ '000)
Revenues from ordinary activities	Up	198.7%	from	27,140	to	81,054
Profit from ordinary activities attributable to unitholders of the Trust *	Up	145.3%	from	25,448	to	62,423
Net profit for the period attributable to unitholders of the Trust *	Up	145.3%	from	25,448	to	62,423

• Profit and Net Profit as per the above table represents the total revenue less total expenses of the Trust for the period from 1 July 2015 to 30 June 2016. As a result of the reclassification from equity to liabilities on 23 March 2016 as discussed above, there is a separate disclosure in the income statement of profit for the period from 1 July 2015 to 23 March 2016 and changes in net assets for the period from 24 March 2016 to 30 June 2016.

Distributions to unitholders	Amount per unit (cents)
Previous corresponding period:	6.7
Interim distribution
Final distribution	8.2
Current period:	8.7
Interim distribution (paid 29 February 2016)
Final distribution (payable on 31 August 2016)	8.7
Record date to determine entitlement to final distribution	30 June 2016

Note: Franked amount per unit is not applicable. The interim and final distribution relating to the 30 June 2016 financial year is 100% tax deferred.

Distribution reinvestment plan (DRP)

The Trust's Distribution Reinvestment Plan (DRP) was not in operation during the year.

Explanation and discussion of the above results Galileo Japan Trust Appendix 4E 30 June 2016

The significant variance in the revenue and profit compared to the previous corresponding period is primarily due to the stronger Japanese yen over the year (average rate for FY2016: A$1 =¥84.98 verses 30 June 2015:

A$1 =¥95.55), partially offset by additional costs recorded as a result of the proposed winding up of the Trust as discussed above.

Refer to the associated ASX results presentation and related announcement for further details on the results for the year ended 30 June 2016 .

Net Assets Payable to Unitholders (NAV)

As a result of the proposed winding up of the Trust discussed above, as of 23 March 2016 Australian Accounting Standards require that equity of the Trust be reclassified as a liability (net assets payable to unitholders).

The actual amounts payable to unitholders remain exposed to foreign currency movements and the proposed winding up of the Trust completing . Refer to Note 11 and Note 16 in the attached Financial Report for further information.

30 June 2016	30 June 2015
Net assets payable to unitholders per unit	$2.79	$2.29

Details of controlled entities and associates

There were no new entities over which control was gained during the year, nor any associates or joint venture entities that became part of the consolidated group during the year .

Accounting standards used by foreign entities

Refer to note 2 'Summary of significant accounting policies' in the attached financial report.

Financial report of the Trust for the year ended 30 June 2016

The financial report of the Trust for the year ended 30 June 2016 is attached to this announcement.

Other significant information

Refer to the Directors' report which is attached to this announcement along with the associated ASX results presentation and announcement.

Compliance statement

This Appendix 4E is based on the financial statements of the Trust for the year ended 30 June 2016 which have been audited by PricewaterhouseCoopers. Refer to the financial statements for a copy of their audit report.

GALILEO JAPAN TRUST ARSN 122 465 990

FINANCIAL REPORT

FOR THE YEAR ENDED 30 JUNE 2016

GALILEO JAPAN TRUST

Financial Report

For the year ended 30 June 2016

Contents:

Directors' Report 3

Auditor's Independence Declaration 8

Income Statement 9

Statement of Comprehensive Income 10

Balance Sheet 11

Statement Changes in Equity 12

Statement of Cash Flows 13

Notes to the Financial Statements 14

Directors' Declaration 33

Independent Auditors' Report 34

2