FORECAST: APT: ANZO advises of change to deferred tax and NZ IFRS NTA

11 Jun 2010 11:18 am

APT 11/06/2010 FORECAST

REL: 1117 HRS AMP NZ Office Trust

FORECAST: APT: ANZO advises of change to deferred tax and NZ IFRS NTA

AMP NZ Office Trust advises of change to deferred tax and NZ IFRS NTA

AMP NZ Office Trust (ANZO) advises that - following changes to depreciation rules announced in the Budget - its deferred tax on revaluation gains recorded in its balance sheet will increase between $115 million and $120 million as at 30 June 2010.

As a result, ANZO's NZ IFRS net tangible assets (NTA) of $0.86 per unit, as stated in the market announcement of ANZO's unaudited full-year portfolio revaluation on May 25, is now expected to be approximately $0.74 per unit as at 30 June 2010.

However, the adjusted NZ IFRS NTA (after reversing deferred tax on revaluation gains, which ANZO is not required to pay under current New Zealand tax law) will remain as noted in the May 25 announcement, at approximately $0.91 per unit.

ANZO chief financial officer Amish Vallabh said the change does not affect ANZO's distributions, gearing ratios or interest cover. Deferred tax on revaluation gains is not payable in New Zealand as ANZO is on capital account for income tax purposes and therefore the liability will not crystallise.

Other listed property entities, and also owner-occupiers, are also expected to be required to re-state their deferred tax liabilities and consequently their NZ IFRS NTA as a result of the depreciation changes.

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 $1.27 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: Amish Vallabh Sue Ryan Chief Financial Officer Communications Manager AMP NZ Office Trust AMP NZ Office Trust Office: +64 4 494 2192 Office: +64 4 494 2260 Mobile: +64 29 494 2192 Mobile: +64 29 494 2260 Email: amish.vallabh@anzo.co.nz End CA:00195994 For:APT Type:FORECAST Time:2010-06-11:11:18:01

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