New Chief Executive Appointed

NZX & MEDIA RELEASE

29 April 2008

New Chief Executive Appointed

Kiwi Income Properties Limited (KIPL), the Commonwealth Bank of Australia (CBA) owned Manager of Kiwi Income Property Trust (KIPT), announced today that its Chief Executive Angus McNaughton will be relocating within the CBA Group to Singapore in August 2008.

Mr McNaughton has accepted another position within the Property and Alternative Investment division of CBA's Colonial First State Global Asset Management (CFS GAM). This move follows the recent establishment of a joint venture between CFS GAM and Jones Lang LaSalle. The 50:50 joint venture company, named Sandalwood, is the first retail development and management service provider to operate across Asia. In his new role Angus will be investigating further opportunities in the region.

James O'Leary, Head of Property and Alternate Investments for CFS GAM, said: "Angus has made a significant contribution over his past 14 years with the Trust, of which he has been Chief Executive for the past six years. Under Angus' leadership, KIPT has grown to become New Zealand's leading property vehicle. The Trust is now a member of the NZX10 Index, with $2.1 billion of prime office and retail assets, including the Vero Centre and Sylvia Park, New Zealand's largest shopping centre."

KIPL is pleased to announce the appointment of Chris Gudgeon as its new Chief Executive. Chris is currently General Manager Property at Auckland International Airport Limited, and previously held the position of Chief Executive Officer with Capital Properties New Zealand Limited.

James O'Leary said: "Chris has more than 20 years of experience in the New Zealand property industry with a demonstrated track record in property investment, development and construction. His skills and experience will be enormously valuable to our property and funds management businesses. Chris will commence his new role at the beginning of August 2008, ensuring a smooth transition in leadership."

"Looking to the future, KIPT will remain focussed on optimising earnings and providing attractive long-term sustainable returns through the strategic acquisition, professional management and ongoing development of office, retail and industrial property assets," said James O'Leary.

ENDS

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