NZX RELEASE

24 July 2013

Kiwi Income Property Trust – CBA Preliminary Proposal

The Board of Kiwi Income Properties Limited (KIPL), the Manager of Kiwi Income Property Trust (KIP), wishes to advise that it has received a non-binding, indicative, incomplete and conditional proposal from Commonwealth Bank of Australia (the ‘Bank’) to internalise the management of KIP.

The Board has established a sub-committee of Independent Directors to consider the proposal. That sub-committee is requesting further information from the Bank and will also seek independent advice.

First NZ Capital has been appointed as KIPL’s financial advisor.

ENDS