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Results of Special Meeting of Unit Holders

NZX RELEASE

12 December 2013

Results of Special Meeting of Unit Holders

The Independent Directors of Kiwi Income Properties Limited, Manager of Kiwi Income Property Trust, are pleased to announce that Unit Holders today approved resolutions to effect the internalisation of the Trust’s management.

Settlement of the transaction, details of which were outlined in the Notice of Meeting released on 20 November 2013, is expected to occur tomorrow, 13 December 2013.

As a result the Trust will, from 13 December 2013, be managed by Kiwi Property Management (NZ) Limited, which is a newly established company controlled by Unit Holders. Existing management and staff will commence employment with the new manager effective from this date, and transition arrangements will provide for the smooth transfer of information systems.

Mark Ford, Chairman of the Manager, said: “The Trust remains committed to its objective of providing long-term sustainable returns to investors, and from tomorrow management will be undertaken by a new manager controlled by Unit Holders, on a break-even basis.

“I would like to thank my fellow Independent Directors for their hard work in bringing about this important change in the management arrangements for the Trust.

“I would also like to thank Colonial First State Global Asset Management (CFSGAM) for its stewardship of the Trust’s Manager since 2002. CFSGAM and its ultimate parent, Commonwealth Bank of Australia, have positively contributed to the establishment of the Trust as the leading diversified property entity on the New Zealand Stock Exchange,” Mr Ford added.

Unit Holders also approved resolutions to:
• increase the total amount of remuneration payable to Directors of Kiwi Property Management (NZ) Limited to $585,000 per annum; and

• increase the amount the Trust may borrow from 40% to 45% of the gross value of the Trust Fund.

The outcome of voting on each resolution is as follows:

Resolution Result For Against
Units (No.) % Units (No.) %

RESOLUTION 1:
Approval of Internalisation
Passed 531,421,978 99.99 40,362 0.01
RESOLUTION 2:
Amendments to the Trust Deed to Effect Internalisation
Passed 531,418,189 99.99 40,362 0.01
RESOLUTION 3:
Approval of Internalisation – Listing Rule 9.2
Passed 444,302,619 99.99 45,976 0.01
RESOLUTION 4:
Directors’ Remuneration
Passed 444,406,285 86.06 71,978,712 13.94
RESOLUTION 5:
Borrowing Limits
Passed 528,151,686 99.38 3,300,226 0.62

Resolution 1 was a resolution required to be passed in accordance with Section 18 of the Unit Trusts Act 1960. It required approval by Unit Holders representing 75% of Units entitled to vote, and voting, and representing 25% of all Units. Resolutions 2 and 5 were Extraordinary Resolutions and required 75% Unit Holder approval. Resolutions 3 and 4 were Ordinary Resolutions and required 50% Unit Holder approval.

In accordance with the NZSX Listing Rule 3.3.2, the Board has determined that Richard Didsbury, Mark Ford, Robert Narev, Joanna Perry and Mike Steur are Independent Directors.

As previously foreshadowed, Robert Narev will resign from his position as a Director of Kiwi Property Management (NZ) Limited with effect from 31 December 2013. A search will begin immediately for a replacement Director. As a result of the internalisation of the Trust’s management, Angus McNaughton, who was a non-independent Executive Director of the previous manager, will cease his involvement in the management of the Trust.

ENDS

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