Global Markets Give Ampam +30% Returns

MEDIACOM-RELEASE-AMPAM

Global Markets Give Ampam +30% Returns

Despite recent wobbles, strong international markets helped AMP Asset Management's global active and passive funds provide gross returns of 30.2% and 30.3% respectively for the year ended 31 March 2000.

Figures released today also show that the strong offshore markets also helped investors using managed funds with AMPAM's low, medium and high risk funds providing gross returns of 6.6%, 10.5% and 16.6% respectively for the same period.

"The latest figures show that New Zealand investors must be able to access a global funds management operation to enjoy consistently strong returns," said Paul Dyer, AMPAM's head of investment strategy.

"Even with the machinations of the last few months, the strong global economic growth has assisted most major equity markets in delivering a year of very good performance. While the bursting of the technology bubble will produce some volatility in the short term, we do not see it having a long term impact on international markets and remain committed to a global investment strategy."

"Recently our World Index New Zealand Fund (WiNZ) passed the $1 billion mark, easily making it New Zealand's largest passive fund.

This reflects the growth of New Zealanders investing more offshore, providing good diversification and allowing investors to access sectors that are limited in the New Zealand market - for example technology and healthcare."

"There is also a demonstrable need to have a strong local footprint in New Zealand. Products like WiNZ work because they are designed locally for local investors. We plan to provide a much expanded range of global, tax efficient products in the near future."

The benefit of offshore markets was also evident in the quarterly figures ending 31 March 2000, with all three managed funds benefiting from global equities.

Despite the negative performance of New Zealand equities over the quarter, AMPAM remains positive about the New Zealand market noting reasonable pricing of stocks and increased earnings.

END

Paul Dyer, Head of Investment Strategy Ph 04 494 220

AMP Asset Management Returns to 31 March 2000

March 2000 March 2000

Quarter Return Annual Return Managed Fund Gross Low Risk Fund

2.0 6.6 Medium Risk Fund 1.9 10.5 High Risk Fund 2.3 16.6 Managed Funds - After Tax Low Risk Fund 1.0 4.8 Medium Risk Fund 0.9 8.6 High Risk Fund 1.3 14.5 Passive Funds - Gross Global Equities - Passive 5.9 30.3 NZ Equities - Passive -3.5 4.8 Passive Funds - After Tax Global Equities - Passive 4.8 28.3 NZ Equities - Passive -4.6 1.9 Individual Sectors - Before Tax NZ Equities Active -6.0 9.3 Global Equities Active 5.2 30.2 Property -0.7 -2.9 New Zealand Fixed Interest 2.7 2.5 Global Fixed Interest 3.2 2.6 Cash 1.4 5.2 Individual Sectors Index Returns - Before Tax NZ Equities Active -4.5 2.9 Global Equities Active 6.1 30.1 New Zealand Fixed Interest 2.3 1.5 Global Fixed Interest 2.4 2.3 Cash 1.4 5.1

RELEASED BY MEDIACOM

MD1878-481/AKD/EMAIL

19 APRIL 2000

NNNN 19/04/00 09-36NZ

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