NZX RELEASE

21 March 2014

Favourable tax ruling on internalisation payment

Following the internalisation of the Manager in December 2013, Kiwi Income Property Trust sought a binding ruling from Inland Revenue on the tax deductibility of the $72.5 million payment made to Commonwealth Bank of Australia for the relinquishment of its fund and property management arrangements.

As anticipated in the Notice of Special Meeting dated 20 November 2013, Inland Revenue has ruled that the payment is deductible for tax purposes, reducing the net cost of this payment to $52.2 million.

ENDS