Galileo Japan Trust : Payment of Initial Special Distribution & Delisting

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

28 October 2016

ASX / Media Release GALILEO JAPAN TRUST PAYMENT OF INITIAL SPECIAL DISTRIBUTION AND DELISTING

Further to the announcement on 29 September 2016, Galileo Japan Funds Management Limited ("GJFML"), as responsible entity of Galileo Japan Trust (ASX: GJT) today confirmed the initial special distribution ("ISD") of

$2.61 per unit has been paid and GJT will delist on 31 October 2016.

In November 2016, unitholders will receive a notice in relation to the winding up of GJT and the likely timing for the payment of further distributions. GJFML currently anticipates that the majority of the residual funds will be distributed in February 2017. An amount (expected to be nominal) may be retained at this time to complete the wind up of the TK business in Japan and GJT.

GJFML's current estimate of the further distributions is unchanged and remains between 10.0 and 12.0 cents per unit assuming an AUDJPY exchange rate of A$1 = ¥78.081 on the residual Japanese yen denominated amount.

Investors are reminded that the above guidance relating to further distributions is based on information known at this time.The actual amount of further distributions remains subject to the outcomes of the completion of the winding up of the TK business in Japan and GJT, and the applicable exchange rates at which any remaining unhedged Japanese yen is converted into Australian dollars.

ENDS

Investor and media enquiries: Peter Murphy

Chief Operating Officer Phone: [phone]

1 The AUDJPY rate as at 9 September 2016 referenced in the announcement dated 12 September 2016.