PricewaterhouseCoopers Tower design workshop to be held30 November 2000 Dear Investor You will have recently received the Trust’s 1999/2000 Annual Report that included information on our construction of the PricewaterhouseCoopers Tower in Auckland. In the Report we advised you that the recently incorporated Society for the Protection of Auckland City and Waterfront Incorporated (SPACWI) had filed legal proceedings against Auckland City Council (ACC) and AMP Asset Management (AMPAM), in respect of the Tower. I am pleased to advise that SPACWI have agreed to discontinue these proceedings. Under the agreement, a design workshop will be held to consider ways in which to enhance design features of PWC Tower. The workshop will involve representatives from SPACWI, ACC and AMPAM. Any design enhancements will be consistent with the quality of the building and will recognise that office use is the primary use of the building. Similarly, if there are any design modifications these will be within the existing building shape and height. In a separate but related matter I am pleased to advise you that despite the SPACWI challenge, the construction is running to schedule with the expected completion time still May 2002. This update is for your information. On behalf of the Trust may I also wish you and your families a safe and happy Christmas break. Kind regards, Robert Lang |