Colonial First State Property Increases Dividend

MEDIACOM-RELEASE-COLONIAL-FIRST-STATE

COLONIAL FIRST STATE PROPERTY TRUST INCREASES DIVIDEND

Colonial First State Property Trust Unitholders will receive a final distribution of 2.7316 cents per unit made up of 2.4 cents cash with a 0.3316 cent imputation credit. The distribution equates to an annualised gross yield of 10.45%, up 0.15% on the Prospectus forecast for the ten months ended 31 March 2000. The distribution will be paid on 12 June 2000.

The Trust's year-end profit result for the period ended 31 March 2000 will be announced on Wednesday 31 May 2000. Colonial First State Property Trust listed on the NZSE on 3 June 1999.

ENDS

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