FORECAST: APT: AMP NZ Office Trust unitholder vote deferred

25 May 2010 3:02 pm

APT 25/05/2010 FORECAST

REL: 1502 HRS AMP NZ Office Trust

FORECAST: APT: AMP NZ Office Trust unitholder vote deferred

AMP NZ Office Trust unitholder vote deferred

The Board of AMP NZ Office Trust (ANZO) today advised that the proposed implementation date for the strategic review of its corporate governance and management fee structures has been deferred by two months. The review, announced in October 2009, is intended to culminate in a series of changes to be proposed to unitholders at a unitholder meeting. The expected date of this meeting is now late August.

The review was initiated in response to feedback from investors, a changing market and a desire to ensure that ANZO is best positioned for continued success. The review process includes significant changes to ANZO's governance and control - including, in particular, a proposed new corporate structure and governance model to enhance the alignment between the manager of ANZO and ANZO's investors.

The extent of the review (essentially transitioning a listed unit trust to a company), and the nature of the changes required to create the new vehicle proposition for unitholders to vote on, have been and continue to be significant.

This is the first time that this exercise has been undertaken in the New Zealand market, and requires extensive co-ordination with a number of regulatory bodies, including the Takeovers Panel, the Securities Commission, NZX, the Overseas Investment Office, and overseas regulators. Good progress is being made but the process is taking longer than the manager initially anticipated. While it is disappointing that the originally anticipated transition date of 30 June will not be met, the manager of ANZO is confident that the revised timing is achievable.

The review also includes proposed amendments to ANZO's fee structure for this financial year. Accordingly the proposals to be put to unitholders in August are intended to include "wash-up" arrangements to accommodate any difference between the current fee arrangements and the revised fee arrangements (if approved).

On 23 April 2010, the Board announced as part of the move to a corporate structure the fourth quarter distribution would be paid before 1 July 2010. The fourth quarter distribution will now be declared and paid in August 2010 consistent with previous years.

About ANZO

ANZO is New Zealand's largest listed investor in prime and A-grade commercial office property. A unit trust listed on the New Zealand Exchange, ANZO currently owns 15 New Zealand office buildings with a total gross value of more than $1.2 billion - Auckland's PricewaterhouseCoopers Tower, ANZ Centre, 151 Queen Street, AMP Centre and 21 Queen Street; and Wellington's State Insurance Tower, Vodafone on the Quay, HP Tower, 125 The Terrace, No. 1 and 3 The Terrace, Pastoral House, Mayfair House, AXA Centre, Deloitte House and 29 Willis Street (Chews Lane)

-ends-

Media enquiries: Sue Ryan Communications Manager AMP NZ Office Trust Office: +64 4 494 2260 Mobile: +64 29 494 2260 End CA:00195313 For:APT Type:FORECAST Time:2010-05-25:15:02:36

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