Paramount Trust Results Exceed Prospectus Forecast

Media release

29 May 2003

Paramount Trust Results Exceed Prospectus Forecasts

Paramount Property Trust, listed last December, has come in above forecast at the end of its first financial year, today reporting a surplus after revaluations of $l.575 million for the four-month period ended March 31, 2003.

The trust's prospectus forecast a figure of $1.540 for the period.

The net profit after tax figure of $1.175 million is also slightly above the prospectus forecast, which was $1.157 million.

"Although gained over a relatively short period, it is nonetheless very pleasing to see our forecasts met and slightly bettered, " said the trust chairman, Dr Robin Congreve.

Dr Congreve noted that the net tangible asset backing of the trust was 104.14 cents per unit compared with the forecast figure of 103.98 cents.

The directors have declared a final dividend of 2.88 cents per unit for the quarter ending March 31, with imputations of 0.04 cents per unit. This brought total gross dividends to 3.77 cents, or an annualized gross yield of 11.3%, for the four months to the end of March. The forecast figure in the prospectus was 3.67 cents, translating to a yield of 11.0%. The record date for the dividend is 13 June with payment date of 20 June.

The trust will hold its first General Meeting on 23 July 2003 in Dunedin.

- Paramount Property Trust was formed with the intention of becoming a leading New Zealand property fund, investing in quality properties in strategic locations. Its initial portfolio comprises Ericsson House in the Domain Centre business park and GE Capital Building in the Viaduct Harbour precinct in Auckland.

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