7 March 2006

Trading in the shares of Kiwi Income Property Trust (“KIP”)

The Securities Commission has completed a review of trading in the shares of KIP during November 2005.

The review considered whether or not directors, officers or employees of a company associated with KIP had possession of non public, price-sensitive information relating to KIP at the time the associated company purchased a substantial holding in KIP.

The Commission has investigated this matter and based on its findings has decided to take no further action in this matter.

ENDS