Capital Properties New Zealand Limited
Level 11, The Bayleys Building
Cnr Brandon Street & Lambton Quay
PO Box 1690, Wellington
28 October 2005
Increase in Offer Price by AMP Property Portfolio Investments Limited
Earlier today AMP Property Portfolio Investments Limited ("AMP Property Portfolio") announced that was increasing the
consideration under its full takeover offer for Capital Properties New Zealand Limited ("Capital Properties") from
NZ$1.42 to NZ$1.48 per share.
Tony Frankham, the chairman of the independent directors' committee of Capital Properties, noted that the increased
price was at the very bottom of the fair value range determined by Deloitte, the independent adviser appointed by the
committee to report on the merits of the offer. "Deloitte expressed the opinion that the fair value range for Capital
Properties shares was $1.48 to $1.73 per share, with a mid point of $1.60", Mr Frankham said.
Mr Frankham said that the independent directors' committee would consider the revised offer and provide a further
recommendation to shareholders. "In the meantime, it is not recommended that shareholders take any action in relation to
this revised offer", he said.