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Offer of Fixed Rate Senior Secured Bonds

1 July 2014

Offer of Fixed Rate Senior Secured Bonds

Kiwi Property Management Limited, in its capacity as manager of Kiwi Income Property Trust (KIP), has today announced an Offer of up to $100 million of seven-year fixed rate senior secured bonds (Bonds), with the ability to accept up to $25 million of oversubscriptions.

Interest is scheduled to be paid semi-annually on the Bonds on 20 February and 20 August each year. The Interest Rate will be set and announced through NZX following a bookbuild on Thursday 10 July 2014. The maturity date for the Bonds is 20 August 2021.

Gavin Parker, Chief Financial Officer, said: “The Offer will benefit KIP by extending the weighted average duration of our funding base and diversifying the sources of our funding. Proceeds of the Offer will be used for general corporate purposes, including the repayment of bank debt.”

The Bonds will be guaranteed by New Zealand Permanent Trustees Limited (as trustee of KIP (Trustee)) and KIP’s two property holding subsidiaries, Kiwi Property Holdings Limited and Sylvia Park Business Centre Limited (together, the Guarantors) on a joint and several basis and will benefit from security granted by the Guarantors over all of their assets. The security will be held for the benefit of Bond Holders, KIP’s Bank Lenders, Hedging Providers and any new future secured creditors on an equal ranking basis.

The Offer is expected to open on Friday 11 July 2014 and close on Friday 1 August 2014 at 5.00pm and is being made in New Zealand only and in no other country or jurisdiction. There is no public pool so interested investors should contact one of the Joint Lead Managers (listed below) or their usual authorised financial adviser to request a free copy of the Simplified Disclosure Prospectus for the Bonds. Alternatively the Simplified Disclosure Prospectus can be viewed online at kipt.co.nz/investor-information/bonds.

• Deutsche Craigs Limited 0800 351 153
• Bank of New Zealand 09 375 1391
• Forsyth Barr Limited 0800 367 227

All applicants will need to complete the Application Form that accompanies the Simplified Disclosure Prospectus. Applications will not be accepted until the Opening Date of the Offer. The minimum application is a Principal Amount of $5,000 and in multiples of $1,000 thereafter. Applicants should read the whole of the Simplified Disclosure Prospectus before deciding whether to apply for Bonds.

ENDS

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