Allotment Of 511,384 Shares At 109.51 Cents

13 December 2004

Allotment Of 511,384 Shares At 109.51 Cents Per Share - Drp

Capital Properties New Zealand Limited (CNZ) advised that on 10 December 2004 it issued 511,384 new ordinary shares to shareholders of the company pursuant to its Dividend Reinvestment Plan. The shares were issued in respect of the second quarter dividend for the year ended 31 March 2005 of 1.9 cents per share paid on 10 December 2004. The issue price of the shares determined pursuant to the Plan was 109.51 cents.

The number of new ordinary shares issued represents 0.21% of the number of ordinary shares in the company.

The number of ordinary shares now on issue is: 239,642,639

ENDS

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