Notice of Exemption Colonial First State Property (NZ) Limited and Others The notice of exemption concerns an application made by Colonial First State Property (NZ) Limited under section 81 of the Electricity Industry Reform Act 1998 (``the EIR Act'') and received by the Commerce Commission (``the Commission'') on 4 October 1999 (``the Application''), together with an amendment to the Application received by the Commission on 15 October 1999. The Commission, under section 81 of the EIR Act, exempts the following entities (``the cross-involved entities'') from the application of section 17 of the EIR Act in respect of their ``cross-involvement'' (as that term is defined in the EIR Act) in relation to the South City Centre situated at 555 Colombo Street, Christchurch: Colonial First State Property Durham St Limited Colonial Life (NZ) Limited (as a beneficiary of the Colonial First State Property Trust and in respect of its resulting ``involvement'' (as that term is defined in the EIR Act) in the electricity businesses of Colonial First State Property Durham St Limited and the Colonial First State Property Trust) The New Zealand branch of The Colonial Mutual Life Assurance Society Limited (being a registered company in New Zealand) (as a beneficiary of the Colonial First State Property Trust and in respect of its resulting ``involvement'' in the electricity businesses of Colonial First State Property Durham St Limited and the Colonial First State Property Trust) The Colonial First State Property Trust Perpetual Trust Limited (only in respect of its ``involvement'' in the electricity businesses of Colonial First State Property Durham St Limited and the Colonial First State Property Trust) Colonial Holding Co No. 2 (NZ) Limited Colonial First State Property (NZ) Limited (``CFSPL'') Colonial First State Investments (NZ) Limited Colonial Holding Co (NZ) Limited The above exemption is granted to the cross-involved entities subject to the following terms and conditions: (a) That CFSPL or any other person does not introduce a charge, directly or indirectly, to any person for the use of, or in connection with, any electricity lines business owned or operated in relation to the supply of electricity to tenants of the South City Centre. (b) That CFSPL or any other person does not prevent access, on reasonable terms and on a timely basis, to any embedded electrical wiring systems owned or operated in relation to the South City Centre, by any competing electricity supply business wanting to supply electricity to any tenants of the South City Centre. (c) That CFSPL or any other person does not at any time enforce any of the existing lease clauses which allow the option of supplying electricity to any tenants of the South City Centre, so that tenants are free to choose their electricity supplier. (d) That CFSPL or any of the cross-involved entities provide all tenants of the South City Centre to whom they supply electricity with relevant electricity consumption and billing information, on a timely basis, to enable the tenants to assess competitive options for the supply of their electricity. In addition, the Commission, under section 81 of the EIR Act, exempts from the application of sections 17, 18 and 30 of the EIR Act any business or involvement or interest in relation only to any future property investment and management activities that might be undertaken in New Zealand by or on behalf of CFSPL or any company or entity related to CFSPL or otherwise part of the Colonial Group from the application of sections 17, 18 and 30 of the EIR Act, and in respect of which sections 17, 18 and/or 30 would apply. The exemption to any business or involvement or interest in respect of any future property investment and management activities that might be undertaken is made subject to the following terms and conditions being fully observed by the business or involvement or interest to which the exemption applies: (a) That the business, involvement, interest or any other person does not introduce a charge, directly or indirectly, to any person for the use of, or in connection with, any electricity lines business owned or operated in relation to the supply of electricity to tenants of any future property of CFSPL or of any company or entity related to CFSPL or otherwise part of the Colonial Group. (b) That the business, involvement, interest or any other person does not prevent access, on reasonable terms and on a timely basis, to any embedded electrical wiring systems owned or operated in relation to any future property of CFSPL or of any company or entity related to CFSPL or otherwise part of the Colonial Group, by any competing electricity supply business wanting to supply electricity to any tenants of that property. (c) That the business, involvement, interest or any other person does not at any time enforce any lease clauses which allow the option of supplying electricity to any tenants of any future property of CFSPL or of any company or entity related to CFSPL or otherwise part of the Colonial Group, so that tenants are free to choose their electricity supplier. (d) That the business, involvement, interest or any of the cross-involved entities provide all tenants of any future property of CFSPL or of any company or entity related to CFSPL or otherwise part of the Colonial Group to whom they supply electricity with relevant electricity consumption and billing information, on a timely basis, to enable the tenants to assess competitive options for the supply of their electricity. (e) That the Commission is informed of the details of any future property investment and/or management activity, within 20 working days (as that term is defined in the Commerce Act 1986) from the day following the day it undertakes the activity, that is likely to breach the EIR Act and for which the business, involvement or interest is likely to rely on this exemption. The exemption takes effect from the date of publication of this notice in the New Zealand Gazette. The Commission may vary or revoke this exemption at any time in accordance with section 81 (5) of the EIR Act.