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Colonial Trust Posts Half Year Profit Of $7.08m

MEDIA RELEASE
14 November 2001

Trust Posts Half Year Profit Of $7.08m

Colonial First State Property Trust announced today a net surplus of $7.08m for the six months to 30 September 2001.

General manager Lloyd Cundy said the Trust’s property portfolio, which is 99.15% tenanted, is continuing to produce a steady income. The Trust’s surplus was boosted in September when the income from the recently purchased Millennium Centre in Auckland came on line.

Mr Cundy said the New Zealand property market in general was buoyant with a strong demand for office assets in the $1m - $20m price range.

“Low interest rates are encouraging both local and offshore investors to take a more active interest in property. Current global market instability is also encouraging property investment as investors look toward defensive stocks that produce a strong source of income at a relatively high yield.”

The Trust’s second interim distribution for the year ending 31 March 2002 will be paid on 21 December 2001. Unitholders will receive a gross distribution of 2.64 cents per unit made up of 2.15 cents cash and a 0.49 cent imputation credit. The Trust’s NTA increased from 95.46 cents per unit as at 31 March 2001 to 98.24 cents per unit as at 30 June 2001.

ENDS

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