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AMP Property Portfolio extends offer period

7 October 2005

AMP Property Portfolio obtains Overseas Investment Office consent, extends offer period

AMP Property Portfolio Investments Limited (AMP Property Portfolio) today announced that it has received Overseas Investment Act (OIA) consent for its offer (Offer) for all of the ordinary shares in Capital Properties New Zealand Limited CNZ) not already held by us.

The Offer is for $1.42 cash per share, and opened on 30 September. The Offer is now only subject to the minimum acceptance condition—APP holding or controlling more than 50% of Capital Properties’ voting rights—and the other conditions in the Offer document.

“Now that the Offer has OIA consent, it’s a simple conditional cash offer,” said Stephen Costley, General Manager, AMP Property Portfolio.

“Accepting shareholders will receive payment for their shares no more than seven days after the Offer becomes unconditional, or no more than seven days after accepting if the Offer has already become unconditional.”

In response to Capital Properties’ advice that its target company statement will not be available until about 14 October, which is just over two weeks before the Offer is currently scheduled to close, AMP Property Portfolio also announced today that it is extending the Offer period by nine days. This will allow Capital Properties’ shareholders more time to fully consider all relevant information, including the Capital Properties’ target company statement.

The Offer will now close at 11.59pm on 9 November 2005.

“Extending the Offer by nine days will give shareholders more time to assess Capital Properties’ advice and information when it is released, and to consider the merits of the Offer,” said Mr. Costley.

ENDS

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