New Executive Director of Kiwi Income Property Trust

1 February 2012

Mr Angus McNaughton appointed as Executive Director

Kiwi Income Properties Limited, as Manager of Kiwi Income Property Trust, today announced the appointment of Mr Angus McNaughton to the Board of the Manager, with effect from 1 February 2012. Mr McNaughton is Managing Director of CFSGAM Property, the direct property division of Colonial First State Global Asset Management, which provides management services to the Trust.

Mr McNaughton was appointed to the role of Managing Director for CFSGAM Property in November 2011, and has responsibility for driving the strategic direction of the property business, which collectively manages A$18 billion in property assets and funds across Australia and New Zealand.

Mr McNaughton has been with the group for more than 17 years and most recently held the position of Head of Wholesale Property Funds at CFSGAM Property based in Sydney. Prior to this, he worked in Singapore investigating opportunities for the group and was also the Chief Executive of Kiwi Income Properties Limited from 2002 to 2008. In 2007, he received the Property Institute of New Zealand’s Property Industry Award (sole recipient) and in 2006, he was voted one of the New Zealand Herald’s Top 10 Business Leaders of the Year. He holds an honours degree in Management Studies from the University of Waikato, New Zealand.

Mr Mark Ford, Chairman of the Board of Kiwi Income Properties Limited, welcomed the appointment of Mr McNaughton: “Angus has a deep understanding of the New Zealand property industry and markets, and an excellent knowledge of Kiwi Income Property Trust due to his prior leadership of the Trust.”

“Angus is well known to the New Zealand property and investment markets and brings a significant depth of experience and knowledge to the role, including experience in funds management, asset management and development,” Mr Ford said.

Mr Wal Edgell, who has been an Executive Member of the Board since March 2002, will act as an Alternate Director to Mr McNaughton.

About Kiwi Income Property Trust

Kiwi Income Property Trust’s objective is to optimise 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 within the top 15 on the NZX 50 Index, and is a member of the NZX MidCap Index.

The total value of the Trust’s property portfolio is $1.92 billion. Assets include:

Key Retail Assets

Sylvia Park Shopping Centre Auckland
LynnMall Shopping Centre Auckland
Centre Place Shopping Centre Hamilton
The Plaza Shopping Centre Palmerston North
North City Shopping Centre Porirua
Northlands Shopping Centre Christchurch

Key Office Assets

Vero Centre Auckland
National Bank Centre Auckland
21 Pitt Street Auckland
The Majestic Centre Wellington
Unisys House Wellington
44 The Terrace Wellington

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

ENDS

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