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Dividend Reinvestment Scheme

ANNOUNCEMENT TO NZX
For immediate release
3 June 2004

Dividend Reinvestment Scheme

Kiwi Income Properties Limited, as Manager of Kiwi Income Property Trust, wishes to advise that the final dividend which is payable on 25 June 2004 is eligible for reinvestment in accordance with the terms of the Dividend Reinvestment Scheme. Unit holders may elect to apply all or a specified part of the net dividend payable to them towards subscribing for new fully paid units in the Trust.

The strike price for reinvestment will be determined by reference to the weighted average of the prices at which units in the Trust are traded at through the New Zealand Stock Exchange during the period 14 June 2004 and 18 June 2004 inclusive. Unit holders who wish to participate in the Scheme and who have not previously elected to participate, should notify the Registrar, BK Registries Limited, PO Box 384, Ashburton, New Zealand, Ph +64 3 308 8887 or toll free on 0800 377 388 and request the brochure containing the Terms of the Dividend Reinvestment Scheme and complete an Election Notice. Notices must be received by the Registrar prior to the close of business on 11 June 2004.

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 Exchange and is ranked 14th by market capitalisation on the NZSX50.

The Trust’s office assets are located in key CBD locations and comprise:

Vero Centre Auckland
National Bank Centre Auckland
HP House Auckland
Vodafone House Auckland
AUT Faculty of Arts Building Auckland
Majestic Centre Wellington
BP House Wellington
Unisys House Wellington
PricewaterhouseCoopers Centre Christchurch

The Trust’s retail assets comprise:

Northlands Shopping Centre Christchurch
Centre Place Shopping Centre Hamilton
Downtown Plaza Shopping Centre Hamilton
North City Shopping Centre Porirua
The Plaza Shopping Centre Palmerston North

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

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