AMP Capital Investors Limited ABN 59 001 777 591 AFSL 232497

16 April 2007

AMP Shopping Centre Fund acquires Christchurch shopping centre

AMP Shopping Centre Fund has announced its second acquisition in with the purchase of The Palms shopping centre in Christchurch.

The Palms is a major regional shopping centre located on the eastern side of the city and features a gross lettable area (GLA) of 35,448 sqm, over 100 retail outlets, a cinema complex and 1,450 car parking spaces.

Fund Manager for the AMP Shopping Centre Fund, Conrad Sinclair, said the property is an outstanding regional shopping centre.

“The Palms is a high-quality property located in a great area. It is an ideal strategic fit for the AMP Shopping Centre Fund and further diversifies investor exposure to established, strong performing retail assets.

“We are very pleased to have made another key acquisition in the New Zealand market. Overall growth in quarterly retail sales has averaged 1.5 per cent over the last five years compared to 1.1 per cent in Australia,” Mr Sinclair said.

The acquisition, which was made for an undisclosed sum, is subject to approval from the Overseas Investment Office and will see AMP Capital Shopping Centres assume the role of property and asset manager for The Palms. Settlement is expected to occur in late May 2007. The Palms was purchased from interests associated with retailer Tim Glasson.

The AMP Shopping Centre Fund has $1.8 billion in assets under management and comprises 10 properties including a 50 per cent share of the in and a 25 per cent share of one of Australia’s largest shopping centres, Warringah Mall.

In total, AMP Capital Shopping Centres asset or property manage 43 shopping centres across Australia and New Zealand. In New Zealand, these properties include , LynnMall, Manukau Supa Centre and Bayfair Shopping Centre.

Media Enquiries Ben Leeson AMP Capital Investors Ph: 02 9257 5097 Mobile: 0403 260 754