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Announcement To Nzx

Announcement To Nzx

For immediate release

04 May 2004

Vodafone House – Kiwi Income Property Trust Leases Office Space To Auckland Regional Council

Auckland - Kiwi Income Property Trust (KIP) has entered into an unconditional agreement with ARC, extending their lease to 2009 and expanding their premises to 11,000m2.

ARC is currently a major tenant in the Trust-owned building, which is a well-known landmark on the edge of Auckland’s CBD. Under the new agreement, ARC will increase its leasing commitment from 6,850m2 to 11,000m2, and extend its lease from June 2005 to June 2009.

KIP’s Commercial Portfolio Manager, Jon Lesquereux, said that this was a very significant lease agreement for both parties.

“The Trust is very pleased to secure ARC in the building. Their needs are changing and we have been able to provide them with a solution that benefits both parties.”

“The agreement is one of the largest leasing deals in recent years, and includes two additional floors which are currently leased to Vodafone. Vodafone are due to vacate the property towards the end of the year.”

ENDS

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