24 May 2002

Colonial First State Investments Extends Distribution With Sovereign

Auckland – Friday, 24 May 2002 - Colonial First State, a member of the Commonwealth Bank Group, today announced it will extend its investment distribution arrangements with Sovereign to better utilise the Group’s investment and distribution strengths.

Following the success of the retail investment distribution arrangements with Sovereign announced in May last year, Colonial First State will also distribute wholesale products through Sovereign. Colonial First State will continue to be the investment manager for these products.

Colonial First State Investments now manages over $2.5 billion NZD for NZ clients through the distribution channels of ASB Bank and Sovereign.

There is no impact on the management of the Colonial First State Property Trust as a result of Colonial First State’s investment distribution arrangement with Sovereign.

-ENDS-