Kiwi Income Properties Media Release 21 July

21 July 2004

Kiwi Income Property Trust advised today that its PricewaterhouseCoopers Centre, Christchurch’s premier office tower, is fully leased. The Trust’s Commercial Portfolio Manager Jon Lesquereux said that leasing had been completed with the granting of new leases to Truescape on level 20, Maersk New Zealand and Beca on level four, and coffee operator Esquires on the ground floor. Mr Lesquereux said that the Trust had also focused on dealing with major impending lease expiries at the Centre.

“Most existing tenants have chosen to extend or renew leases when they expire. They clearly appreciate the quality of the premises they occupy and the fact that there is a limited supply of premier office space in Christchurch.”

He said that over the last 12 months: • Lawyers, Harman & Co have extended their lease for a further nine years over 1,694m² on levels 18 and 19. • PricewaterhouseCoopers’ (PWC) lease over 2,580m² on levels 10, 11 and 12, which expires next year, has been completely restructured. PWC, who have previously sub-leased surplus space, have committed to a new nine year lease over level 12 (859m²). • Patent Attorneys, James and Wells, have taken a new nine year lease of 859m² on level 11. • Lawyers, Lane Neave, have recently committed to a new nine year lease over 1,719m² on levels 14 and 15.

In total, 6,984m² of space has been leased or re-committed since June 2003. This represents approximately 43% of the building area and $1.75 million per annum in gross rent. The weighted average lease expiry of the building has improved by 2.7 years.

ENDS

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