Determination of Independent Directors

27 July 2005

Capital Properties Determination of Independent Directors

In accordance with NZX listing rule 3.3.1B (a) the Board of Capital Properties New Zealand Limited has determined that the following Directors are independent:

Mr Tony Frankham
Mr Michael Cashin
Mr James Ogden
Mr Peter Coote

Following the retirement of Mr Colin Beyer as chairman of the board at the conclusion of the Annual General Meeting on 15 July 2005, Mr Tony Frankham has been appointed as Chairman of the board.

ENDS

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