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Kiwi Income Announces New Share Price Conversion

Kiwi Income Announces Conversion Price For New Shares

Kiwi Income Properties Limited, as Manager of Kiwi Income Property Trust, wishes to advise that the Volume Weighted Average Price of Kiwi Income Property Trust units traded on the NZX over the period 16 September 2003 to 29 September 2003 inclusive was $1.045275.

Consequently converting note holders will receive 1.176724 Kiwi Income Property Trust new ordinary units for every converting note held. Where the total number of new ordinary units issued contains a fraction of a unit, the total entitlement will be rounded to the nearest whole unit.

The notes will automatically convert on 30 September, and will initially trade as Kiwi Income Property Trust new ordinary units because they will not be entitled to a share of the Trust’s interim dividend for the six months to the end of September. Converting note holders will already have received an interest payment for that period.

The “new ordinary units” will amalgamate with the ordinary units in early December, once the record date for the interim dividend has passed. All unit holders will be eligible for the Trust’s final dividend for the six months to the end of March, provided they remain unit holders at least until the final dividend record date.

The new ordinary units will trade on the New Zealand Exchange under the acronym KIPNB.

Kiwi Income Property Trust’s chief financial officer Gavin Parker noted that converting note holders are not required to complete any documentation to effect the conversion.

“The new units will be registered in the same name or legal entity as the converting notes and the registrar will send confirmation to all new unit holders,” he said.

If converting note holders have any questions about the process they should consult their financial adviser or investment broker, or contact Kiwi Income Property Trust.

The final interest payment on the notes will be made on 30 September 2003, simultaneously with the conversion.

About Kiwi Income Property Trust

Kiwi Income Property Trust’s aim is to maximise returns for its unit holders through the careful acquisition and professional management of its property portfolio. All net income (after tax) is distributed to unit holders in each financial year.

The Trust is listed on the New Zealand Stock Exchange and ranks 13th by market capitalisation on the NZSX50.

The Trust reported a 3.2% increase in net income after tax to NZ$44.75 million for the year to 31 March 2003.

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

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