MOODY'S PLACES A1 ISSUER RATING OF AUSTRALIA'S ADP ON REVIEW.

AsiaPulse News, May, 2003

SYDNEY, May 29 Asia Pulse - Moody's Investors Service has placed the A1 issuer rating of AMP Diversified Property Trust (ADP) and the A1 long-term rating of debt issued by Quay 62 Pty Ltd that is guaranteed by ADP on review for possible downgrade.

This rating action follows the announcement by Stockland Trust Management Ltd, as responsible entity for Stockland Trust, that it intends to make a full and unconditional offer to acquire ADP.

The takeover offer, which is subject to unitholder approval, comprises one Stockland stapled security plus 80 cents in cash for every 1.9 units in ADP. Stockland already owns 17.3 per cent of ADP.

"The acquisition of ADP will see the emergence of a significant diversified trust with combined assets of around A$5.6...