CNZ Allotment Of 570,339 Shares At 122.1 Cents

Allotment Of 570,339 Shares At 122.1 Cents Per Share - DRP

Capital Properties New Zealand Limited (CNZ) advised that on 1 April 2005 it issued 570,339 new ordinary shares to shareholders of the company pursuant to its Dividend Reinvestment Plan.

The shares were issued in respect of the third quarterly dividend for the year ended 31 March 2005 of 1.85 cents per share paid on 1 April 2005. The issue price of the shares determined pursuant to the Plan was 122.1 cents.

The number of new ordinary shares issued represents 0.24% of the number of ordinary shares in the company.

The number of ordinary shares now on issue is: 240,212,978

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