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Successful Bookbuild for Kip’s Fixed Rate Bonds

Successful Bookbuild for Kip’s Fixed Rate Senior Secured Bonds

Kiwi Property Management Limited, in its capacity as manager of Kiwi Income Property Trust (KIP), advises that the bookbuild for its seven-year fixed rate senior secured bonds (Bonds)1 has been well received, and confirms that the whole Offer amount of $100 million plus oversubscriptions of $25 million has been reserved for clients of participants in the bookbuild process who have received firm allocations.

KIP also advises that it has set the Interest Rate for the Bonds at 6.15% per annum.

The Offer opens on Friday 11 July 2014 and closes on Friday 1 August 2014 at 5.00pm. Investors will be paid interest on the Bonds at 6.15% per annum payable semi-annually) from the time their application money is banked. Investors are therefore encouraged to lodge their applications as soon as possible to take advantage of this.

The Bonds are only being offered in New Zealand and will not be offered in any other country or jurisdiction.

To obtain a free copy of KIP’s Simplified Disclosure Prospectus for the Bonds, investors should contact one of the Joint Lead Managers (listed below) or their usual authorised financial adviser. Alternatively the Simplified Disclosure Prospectus can be viewed at kipt.co.nz/investor-information/bonds. There is no public pool for the Offer.

Deutsche Craigs Limited 0800 351 153

Bank of New Zealand 0800 284 017

Forsyth Barr Limited 0800 367 227

1 The Bonds benefit (on an equal ranking basis with other secured creditors, including KIP's bank lenders, hedging providers and any new future secured creditors) from security granted by New Zealand Permanent Trustees Limited (in its capacity as trustee of KIP) and KIP's two property holding subsidiaries (Kiwi Property Holdings Limited and Sylvia Park Business Centre Limited).

The security includes a security interest over all personal property, a charge over real property and an agreement to mortgage in respect of real property, and secures all amounts owing to the applicable secured creditors.

In an insolvency of those security providers, the claims of the senior secured creditors will (by virtue of that security) rank ahead of all other creditors of the relevant security provider other than certain statutorily preferred creditors.

All applicants will need to complete the Application Form that accompanies the Simplified Disclosure Prospectus. Applications will not be accepted until the Opening Date for 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 the Bonds.

ENDS

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