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New Office Lease For Dla Phillips Fox

NZX & MEDIA RELEASE

29 May 2008

New Office Lease For Dla Phillips Fox In National Bank Centre

Kiwi Income Property Trust today announced that one of Australasia's leading law firms, DLA Phillips Fox, has signed a new five-year lease for
almost 3,000m2 of office space in the National Bank Centre on Auckland's Queen Street.

The commercial law firm, which also has offices in Wellington and throughout Australia, will retain naming rights for the 22-level DLA Phillips Fox Tower - one of the 'twin towers' in the National Bank Centre which is wholly owned by the Trust.

Under the new lease which commences in April 2009, DLA Phillips Fox will occupy an additional 285m2 of floor space in the Tower bringing the total floor area leased by the firm to almost 3,000m2. The new lease follows extensive upgrading of the twin towers' ground floor lobby and facilities.

Chief Executive of the Manager of the Trust, Angus McNaughton, said "we are delighted that one of Australasia's leading law firms has elected to extend its lease of office space in the Tower because it reinforces the National Bank Centre's reputation as a prime CBD building situated on the corner of one of New Zealand's busiest pedestrian intersections."

DLA Phillips Fox Partner, Justin March, said "the firm is able to provide a high-quality working environment in the DLA Phillips Fox Tower and we are pleased to gain the additional space that we require following our exclusive alliance with one of the world's largest legal services organisations, DLA Piper."

ENDS

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