Colonial First State Property Trust's Profit Up

Media Release 13 November 2000

Trust's profit up

Colonial First State Property Trust announced today a net surplus of $7.16m for the six months to 30 September 2000, up $0.50m on the Prospectus forecast.

Trust general manager Lloyd Cundy said the profit result reflects the trust's strong cash flow and active management style.

"The Trust has maintained close to a fully-tenanted status through a process of active management and a refurbishment programme focused on enhancing the portfolio."

The Trust's second interim distribution for the year ending 31 March 2001 will be paid on 15 December 2000. Unitholders will receive a gross distribution of 2.67 cents per unit made up of 2.32 cents cash and a 0.35 cent imputation credit. The distribution (together with the first interim distribution of 2.67 cents per unit) equates to an annualised gross yield of 10.69%, up 0.29% on the Prospectus forecast. The Trust's NTA increased from 95.96 cents per unit as at 31 March 2000 to 96.13 cents per unit as at 30 September 2000.

Mr Cundy said leasing activity during 2000 has been strong in both Auckland and Wellington office markets.

"There is a healthy demand for quality assets but the market for secondary product has weakened."

"There is also keen buying interest in the industrial sector as investors pick this sector to outperform given the strong performance of the NZ export market."

ENDS

For further information contact:

Andrew Murrell Investor Relations Manager Colonial First State Property PO Box 5108 Wellington Phone: 04 470 4547 Fax: 04 470 4501 Mobile: 025 770 069 Email: amurrell@colonialfs.co.nz http://www.colonialfirststate.co.nz

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