Kiwi Income Property Trust Appoints New Chairman

NZX & MEDIA RELEASE

22 December 2004

Kiwi Income Property Trust Appoints New Chairman

Kiwi Income Property Trust today announced the appointment of Sean Wareing as Chairman of the Board of the Manager of the Trust, Kiwi Income Properties Limited, effective from 5 January 2005. Mr Wareing takes over from current chairman Jim Syme who is standing down from the role but will remain as a director.

Mr Syme's move is in accord with the Securities Commission's Corporate Governance in New Zealand, Principles and Guidelines which recommends having an independent chairman for a publicly-owned entity.

Chief Executive of the Manager of the Trust, Angus McNaughton, said the Trust had been very fortunate to have a chairman of Mr Syme's calibre.

"Jim has made an outstanding contribution to the Trust's development over the past two and a half years", said Mr McNaughton.

New chairman Sean Wareing, who was appointed to the Board in October, is also chair of Alesco Corporation Limited, St Hilliers Holdings Pty Limited and Commonwealth Managed Investments Limited. His former directorships include Air New Zealand, GRW Property Limited, Lend Lease Corporation, Homebush Bay Development Corporation, Clyde Industries Limited and Australian Tourism Group Limited.

Mr Syme said Mr Wareing had brought a wealth of property and commercial expertise to the Board and this, coupled with his long experience and his independent status, made him an ideal successor.

ENDS

About Kiwi Income Property Trust

Kiwi Income Property Trust's objective is to maximise returns for its unit holders through the careful acquisition, development and professional management of its property portfolio. The Trust is listed on the New Zealand Stock Exchange and is ranked 15th by market capitalisation on the NZSX50.

The property portfolio comprises 20 properties with a combined value of $1.1bn (as at 30 September 2004).

The Trust's key office assets are located in CBD locations and comprise:

Vero Centre
Auckland
National Bank Centre
Auckland
Vodafone House
Auckland
AUT Faculty of Arts Building
Auckland
Majestic Centre
Wellington

Unisys House
Wellington
BP House
Wellington

NGC Building
Wellington
PricewaterhouseCoopers Centre
Christchurch

The Trust's key retail assets comprise:

Northlands Shopping Centre
Christchurch

Centre Place Shopping Centre
Hamilton

Downtown Plaza Shopping Centre Hamilton

North City Shopping Centre
Porirua

The Plaza Shopping Centre
Palmerston North

Kiwi Income Property Trust's website address is www.kipt.co.nz

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