Allotment Of 1,054,057 Shares

14 June 2005

Allotment Of 1,054,057 Shares At 125.88 Cents Per Share - Drp

Capital Properties New Zealand Limited (CNZ) advised that on 10 June 2005 it issued 1,054,057 new ordinary shares to shareholders of the company pursuant to its Dividend Reinvestment Plan. The shares were issued in respect of the final quarterly dividend for the year ended 31 March 2005 of 1.75 cents per share paid on 10 June 2005. The issue price of the shares determined pursuant to the Plan was 125.88 cents.

The number of new ordinary shares issued represents 0.44% of the number of ordinary shares in the company.

The number of ordinary shares now on issue is: 241,267,035

ENDS

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