ANZO advises of change to deferred tax and NZ IFRS NTAJune 11, 2010 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
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