Conversion of 8.95% Mandatory Convertible Notes

NZX & MEDIA RELEASE

7 November 2014

Conversion of 8.95% Mandatory Convertible Notes (NZX: KIPGC)

Kiwi Income Property Trust (KIP) advises that the 8.95% Mandatory Convertible Notes (MCNs) that were issued in 2009 will convert into ordinary KIP Units (Units) on 20 December 2014.

In accordance with terms contained in the Prospectus dated 10 November 2009 (Prospectus), the key dates associated with this event are as follows:

excludes any cash distributions not attributable to MCN holders upon conversion of the MCNs into Units on the conversion date (20 December 2014). It is expected that the record date for KIP’s interim distribution will be 5.00pm on 2 December 2014, resulting in an ex-date of 8.00am on 28 November 2014. This means that the value of the cash distribution will be deducted from each of the daily VWAPs during the period 10 November 2014 to 27 November 2014 inclusive.

Units in KIP which are issued as a result of the conversion will be entitled to future distributions, with the first expected to be the distribution payable for the six-month period to 31 March 2015, payable in June 2015. Distributions are currently paid semi-annually, in or around June and December each year.

In addition to the conversion event, holders of MCNs will also receive their final interest payment on 22 December 2014. Key dates associated with this event are as follows:

ENDS

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