Notice of Exemption AMP The notice of exemption concerns an application received by the Commerce Commission (``the Commission'') on 20 August 1999 made by AMP Asset Management New Zealand Limited (``AMPAM'') on behalf of AMP (``the application''). AMP includes those companies shown in the application in Diagram A. AMP seeks in the application, under section 81 of the Electricity Industry Reform Act 1998 (``the EIR Act''), an exemption from the EIR Act. The Commission, pursuant to 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 current ``cross-involvement'' (as that term is defined in the EIR Act): AMP NZ Office 151 Queen Street Limited AMP NZ Office Albert Street Limited AMP NZ Office Quay Tower Limited 155 The Terrace Limited AMP New Zealand Property Fund (``APF'') (as one of the trusts through which AMP conducts its property investment business and as owner of the Lynn Mall Shopping Centre) AMP New Zealand Office Trust (``ANZO'') Perpetual Trust Limited (only in respect of its ``involvement'' (as that term is defined in the EIR Act) in the above electricity businesses) Certain of the beneficiaries of ANZO and APF (the ``Beneficiaries'') being National Provident Fund, APF and BT Australia as unitholders of ANZO and AMP Life Limited and AMP Superannuation Investment Trust as unitholders of APF (only in respect of the Beneficiaries' ``involvement'' in the above electricity businesses) AMPAM AMP Life Limited AMP Asset Management Holdings Limited AMP Limited The above exemption is given to the cross-involved entities subject to the following terms and conditions: (a) That AMP or any other persons do not introduce a charge to any person for the use of, or in connection with, any electricity lines business in relation to the supply of electricity to tenants of AMP's properties. (b) That AMP or any other persons do not prevent access to any embedded electrical wiring systems owned or operated in relation to AMP's property investment activities, by any competing electricity supply business wanting to supply electricity to any of AMP's tenants. (c) That AMP or any other persons do not at any time enforce any of the existing lease clauses which allow the option of supplying electricity to any of AMP's tenants, so that AMP's tenants are free to choose their electricity supplier. (d) That AMP or any of the cross-involved entities provide all tenants of AMP's properties 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, pursuant to 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 AMP might undertake (including the development of the Botany Downs Shopping Centre), 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 AMP might undertake (including the development of the Botany Downs Shopping Centre) is given subject to the following terms and conditions being fully observed by the business or involvement or interest to which the exemption applies: (a) The terms and conditions as set out above in relation to the exemption given to the cross-involved entities. (b) That AMP informs the Commission of the details of any future property investment and/or management activity, within 20 working days (as that terms 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 AMP and/or any other persons are 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.