Full Speed Ahead For $171m PricewaterhouseCoopers

MEDIACOM-RELEASE-AMP-ASSET-MANAGEMENT

FULL SPEED AHEAD FOR $171M PRICEWATERHOUSECOOPERS TOWER

AMP NZ Office Trust (ANZO) confirmed today that it will build a 31 level, $171 million premium office building on the Auckland waterfront. The building will be known as the PricewaterhouseCoopers Tower.

"After detailed analysis of the commercial property environment and discussions with a range of New Zealand's top corporates, we believe that the time is right for a new premium tower in Auckland," said ANZO executive manager, Anthony Beverley.

"It's now full speed ahead for what we believe will be New Zealand's top office tower, with construction proceeding on Monday. The tower will be built on the 188 Quay Street which is arguably NZ's best office site and is now owned by ANZO and will join the six other premium buildings in its $486 million portfolio."

"Our aim is to create an Auckland landmark that provides a home to tenants who wish to position them selves as leaders in their fields. The harbour-side location is crucial in this regard, with all our research indicating that blue chip companies have a strong preference for waterfront properties."

The building has been designed to minimise its impact on adjacent buildings while maximising the tenant features. It features a triangular floor plate to maintain harbour views for other buildings and uses only 33% of the site area. The 31 level tower will also incorporate some retail space at plaza and ground floor levels, as well as covered public access from Quay Tower to the waterfront.

"I am pleased to advise that the building has commitments from three of New Zealand's top corporates - PricewaterhouseCoopers and Buddle Findlay as anchor tenants together with a supporting commitment from the ANZ Bank - these represent a firm pre-leasing level of 54%".

"We are absolutely delighted to have these three companies joining us and are confident that we will be able to fill the remaining space prior to completion in May 2002."

"In fact, we have entered into an exclusive discussions with another potential tenant and are also meeting with a range of other tenants who are dissatisfied with the performance of their current accommodation and are interested in the PricewaterhouseCoopers Tower."

ANZO is finalising arrangements with Fletcher Construction Ltd for the construction of the building, who believe the Tower will be the first true 21st century building in Auckland. "The Waterfront Tower will combine form and function, while also taking the surrounding environment into account," said Peter Neven of Fletcher Construction.

"We are delighted to be involved with Auckland's next prestigious tower and to be working with AMP," said Mr Neven.

Ends.

For more information contact:

Anthony Beverley, ANZO Executive Manager, Ph (04) 494 2266 Mob. (021) 437 969

Website: www.ampam.co.nz

RELEASED BY MEDIACOM

MD1951-455/ALO/EML

21 MAY 2000

NNNN 12/05/00 17-56NZ

MEDIACOM-RELEASE-AMP-ASSET-MANAGEMENT FULL SPEED AHEAD FOR $171M PRICEWATERHOUSECOOPERS TOWER

AMP NZ Office Trust (ANZO) confirmed today that it will build a 31 level, $171 million premium office building on the Auckland waterfront. The building will be known as the PricewaterhouseCoopers Tower.

"After detailed analysis of the commercial property environment and discussions with a range of New Zealand's top corporates, we believe that the time is right for a new premium tower in Auckland," said ANZO executive manager, Anthony Beverley.

"It's now full speed ahead for what we believe will be New Zealand's top office tower, with construction proceeding on Monday. The tower will be built on the 188 Quay Street which is arguably NZ's best office site and is now owned by ANZO and will join the six other premium buildings in its $486 million portfolio."

"Our aim is to create an Auckland landmark that provides a home to tenants who wish to position them selves as leaders in their fields. The harbour-side location is crucial in this regard, with all our research indicating that blue chip companies have a strong preference for waterfront properties."

The building has been designed to minimise its impact on adjacent buildings while maximising the tenant features. It features a triangular floor plate to maintain harbour views for other buildings and uses only 33% of the site area. The 31 level tower will also incorporate some retail space at plaza and ground floor levels, as well as covered public access from Quay Tower to the waterfront.

"I am pleased to advise that the building has commitments from three of New Zealand's top corporates - PricewaterhouseCoopers and Buddle Findlay as anchor tenants together with a supporting commitment from the ANZ Bank - these represent a firm pre-leasing level of 54%".

"We are absolutely delighted to have these three companies joining us and are confident that we will be able to fill the remaining space prior to completion in May 2002."

"In fact, we have entered into an exclusive discussions with another potential tenant and are also meeting with a range of other tenants who are dissatisfied with the performance of their current accommodation and are interested in the PricewaterhouseCoopers Tower."

ANZO is finalising arrangements with Fletcher Construction Ltd for the construction of the building, who believe the Tower will be the first true 21st century building in Auckland. "The Waterfront Tower will combine form and function, while also taking the surrounding environment into account," said Peter Neven of Fletcher Construction.

"We are delighted to be involved with Auckland's next prestigious tower and to be working with AMP," said Mr Neven.

Ends.

Website: www.ampam.co.nz

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