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Trust's profit continues to exceed forecast

Media release 13 February 2001

Trust's profit continues to exceed forecast

Colonial First State Property Trust announced today a net surplus of $10.94m for the nine months to 31 December 2000, up $0.94m on the Prospectus forecast.

Trust general manager Lloyd Cundy said the profit result reflects the Trust's strong cash flow and the addition of Panasonic House in Wellington to the Trust's portfolio in June 2000.

"Panasonic House is well tenanted and provides opportunity for ongoing rental and capital growth," said Mr Cundy. "It's a good fit with the Trust's philosophy of investing in fringe CBD properties that provide large efficient floor plates."

The Trust's third interim distribution for the year ending 31 March 2001 will be paid on 16 March 2001. Unitholders will receive a gross distribution of 2.67 cents per unit made up of 2.33 cents cash and a 0.34 cent imputation credit. The distribution equates to an annualised gross 10.69 cents per unit, compared to 10.4 cents per unit as listed in the Prospectus forecast. The Trust's NTA increased from 96.13 cents per unit as at 30 September 2000 to 96.40 cents per unit as at 31 December 2000.

ENDS

For further information contact:

Andrew Murrell Investor Relations Manager Colonial First State Property PO Box 5108 Wellington Phone: 04 470 4547 Fax: 04 470 4501 Mobile: 025 770 069 Email: amurrell@colonialfirststate.co.nz http://www.colonialfirststate.co.nz

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