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Changes to the Board of Kiwi Income Properties Limited

NZX & MEDIA RELEASE 13 July 2011

Changes to the Board of Kiwi Income Properties Limited

The Manager of Kiwi Income Property Trust, Kiwi Income Properties Limited, today advises that Mr Sean Wareing has provided notice of his intention to retire from his position as a Director and Chairman of the Board of the Manager, effective from the conclusion of the Annual Meeting on 18 August 2011.

The Board wishes to acknowledge the significant contribution Mr Wareing has made to the governance of the Trust since he joined the Board in October 2004. He leaves with the appreciation and best wishes of the Board and Management. Upon Mr Wareing’s retirement, Mr Mark Ford will take over as Chairman of the Board of the Manager of Kiwi Income Property Trust.

Mr Wareing said, “Since my appointment as a director nearly seven years ago it has been my pleasure to chair a Board of Directors fully committed to the Trust’s vision of being New Zealand’s leading property investment vehicle. On my retirement at the Annual Meeting in August 2011, I will leave in place an excellent group of directors who will continue to diligently govern the Manager’s activities in the attainment of the Trust’s objectives. I am also very pleased to be handing over the role of chairman to a company director of Mr Ford’s calibre.”

Mr Ford, who is professional Sydney-based director, joined the Board as an independent director in May 2011 and also holds the roles of Non-Executive Chairman for Cbus Property Pty Ltd and Non-Executive Director for the Manager of China Commercial Trust. His previous directorships include Comrealty Ltd, South East Asia Property Company (Chair), Property Council of Australia, Deutsche Asset Management Australia and Trafalgar Corporate Group Limited, amongst others.

Prior to becoming a professional director, Mr Ford was Managing Director, Head of DB Real Estate Australia, where he managed over A$10 billion in property funds, as well as overseeing the listing of two property trusts, the acquisition of the AXA Australia property business, the purchase of Paladin Limited and the merger of the Deutsche and Paladin

Trusts. Mr Ford was also a member of the global real estate executive committee for Deutsche Asset Management and RREEF. Previously, Mr Ford held senior roles in the finance and property sectors, beginning his career with Price Waterhouse in 1972.

Upon Mr Wareing’s retirement, the Board of Kiwi Income Properties Limited will comprise seven directors, five of whom the Board has determined are independent directors in accordance with NZSX Listing Rule 3.3.2. The independent directors are Mark Ford (Chair), John Duncan, Robert Narev, Joanna Perry and Mike Steur. The non-independent directors are Darren Steinberg and Richard Didsbury. Mr Wal Edgell may act from time to time as a non-independent alternate director for Mr Steinberg.


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