COLONIAL FIRST STATE RETAIL PROPERTY TRUST(CMF)

CMF was incorporated as the Hooker Property trust in 1984 and was listed on the ASX in the same year. In 1989, the management rights were acquired by Colonial Investment Funds, a subsidiary of Colonial Investment Management (CIM) and the name was changed to Colonial Mutual Australian Property Fund. CIM has funds under management amounting to $42.3 bn (31/12/98) and its subsidiary Colonial First State Property Limited is the current manager of CMF. In the 1990s, under Colonial management the trust was restructured, forming the basis of the predominantly retail portfolio which is held today. The name of the trust was changed to its current form in 1996. Management fees are calculated quarterly as 0.2125% of the gross asset value of the trust. Activities CMF holds a portfolio of property investments comprising nine shopping centres and two office complexes. Sub regional shopping centres form the bulk of the retail property investments, with the anchor tenants typically being Coles, Woolworths, Franklins, K Mart or Target stores. As at 15/6/99 the value of CMF's property portfolio was $515m covering total lettable area of 275,089 sqm. The sector weightings by valuation of CMF's property investments are approximately 95.8% retail property and 4.2% office property. The retail property assets were 99% leased and the office assets were 100% leased. The predominance of CMF's anchor shopping centre tenants had lease terms with greater than 12 years to expiry.

delisted because of acquisition of units by Commonwealth Property Office Fund and Gandel Retail Trust

the Colonial First State Retail Property Trust ("MF"), the Colonial First State Industrial Property Trust ("IP"), the Colonial First State Commercial Property Trust ("OC") and the Colonial First State Development Trust ("FD") merge effective 1 January 2000 and the units in each trust are stapled to form stapled securities trading as CFT - we understand unit holders in each trust received CFT units in the following ratio for each unit held prior to the merger (CMF 0.585, CIP 0.950, COC 0.965, CFD 1.025) - the stapled securities commenced trading on a "deferred deliver" basis on the ASX on 20 December 1999 under the code "FT" - (we are informed there was also a "special distribution" of $0.03 per unit - this was not paid to unit-holders but was used to buy into the other three trusts - 1 cent each - which was used as the cost base for those trusts if you purchased before stapling)

name changed from Colonial Retail Property Trust