Steinberg appointed to the Board of Kiwi Income Properties

NZX & MEDIA RELEASE 1 March 2011

Mr Darren Steinberg appointed to the Board of Kiwi Income Properties Limited

Kiwi Income Properties Limited, as Manager of Kiwi Income Property Trust, today announced the appointment of Mr Darren Steinberg to the Board of the Manager, with effect from 1 March 2011.

Mr Steinberg is Managing Director, Property for Colonial First State Global Asset Management (CFSGAM), which has approximately A$18 billion in property funds under management. Mr Wal Edgell, who has been an Executive Member of the Board since March 2002, will remain on the Board as an Alternate Director to Mr Steinberg.

Mr Steinberg has more than 21 years’ experience in the property industry. In his current role with CFSGAM, he oversees the performance and strategic direction of all property investment entities managed within CFSGAM Property, including Kiwi Income Property Trust. He is also responsible for the direction of the asset management and development services within CFSGAM Property.

Mr Steinberg’s experience in the property industry includes senior roles with Stockland, Westfield, Lend Lease, Jones Lang Wooton and Baillieu Knight Frank.

Chairman of the Board, Mr Sean Wareing, said: “Mr Steinberg’s extensive property industry knowledge and experience will be an asset to the Board.”

Mr Steinberg has a Bachelor of Economics from the University of Western Australia, is a Director of the Property Council of Australia, a Fellow of the Royal Institution of Chartered Surveyors, a member of the Australian Institute of Company Directors and is the principal executive officer of Commonwealth Managed Investments Limited, the Responsible Entity of the Australian property funds managed within CFSGAM. In accordance with NZX Listing Rule 3.3.2, the Board has determined that Mr Steinberg is a non-independent, executive director.

ENDS

About Kiwi Income Property Trust Kiwi Income Property Trust’s objective is to optimise returns for its Unit Holders through the careful acquisition, development and professional management of its property portfolio. The Trust is listed on the New Zealand Stock Exchange and is ranked within the top 15 on the NZX 50 Index, and is a member of the NZX 10 Index.

The total value of the Trust’s property portfolio is $2.03 billion. Assets include:

Key Retail Assets

Sylvia Park Shopping Centre Auckland LynnMall Shopping Centre Auckland Centre Place Shopping Centre Hamilton The Plaza Shopping Centre Palmerston North North City Shopping Centre Porirua Northlands Shopping Centre Christchurch

Key Office Assets

Vero Centre Auckland National Bank Centre Auckland 21 Pitt Street Auckland The Majestic Centre Wellington Unisys House Wellington 44 The Terrace Wellington 50 The Terrace Wellington PricewaterhouseCoopers Centre Christchurch Kiwi Income Property Trust’s website address is www.kipt.co.nz

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