Proposed changes for AMP Investors

News release – September 28, 2010

AMP NZ Office Trust investors to receive information on proposed changes

Investors in AMP NZ Office Trust (ANZO) are about to receive comprehensive information on proposed changes to ANZO’s corporate structure, governance and management fee.

A unit-holder information pack will be registered with the Companies Office today and will be mailed to all ANZO unit-holders, in advance of a meeting on Thursday 21 October 2010 at Auckland’s Langham Hotel to seek unitholder approval for the proposed changes. A copy of the information pack will be provided to the NZX and made available on the ANZO website once registered with the Companies Office.

ANZO chairman Craig Stobo said the proposals were the culmination of a year’s work, including consultation with existing investors, and have the full support of the board of ANZO’s manager, as well as all necessary regulatory approvals. The initiatives were first announced at ANZO’s annual meeting in October 2009, with additional detail provided in a progress update in February 2010. The proposals are intended to further enhance the alignment between ANZO’s manager and investors, improve governance and to best position ANZO for continued success.

ANZO’s investors are being asked to approve two separate proposals:

A new management fee structure, with a tiered base asset management fee and a performance fee based on relative outperformance over other NZX-listed property vehicles

The conversion of ANZO from a unit trust into a company, which will be externally managed under a new management agreement, under the supervision and strategic direction of a new board of directors of the company. The new board will include a majority of independent directors elected by investors

After the corporatisation process has taken place, it is intended that highly-experienced directors Don Huse and Graeme Wong will join Mr Stobo and Graeme Horsley as independent directors.

Mr Stobo noted that, if the proposed changes are implemented, the underlying business of ANZO would not be affected and the new company vehicle would have the same assets and the same term liabilities and will also be a Portfolio Investment Entity (PIE).

One of the first tasks of the new board will be to carry out a review of ANZO’s distribution policy, including the utilisation of the distribution reserve account after 1 November 2010.

As part of the proposed changes to ANZO, payment of the first-quarter distribution for the three months to 30 September 2010 has been brought forward. A net dividend of 1.474 cents per unit (or 1.675 cents on a gross basis) has been declared. The record date for the first-quarter distribution is 18 October 2010 and payment will be made on 26 October 2010.

ANZO’s first-quarter result will be announced to the market in mid to late October.

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).

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