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new Managing Director of CFSGAM Property

NZX & MEDIA RELEASE

28 November 2011
Appointment of new Managing Director of CFSGAM Property 28 November 2011

Colonial First State Global Asset Management (CFSGAM) has today announced the appointment of Mr Angus McNaughton as Managing Director of CFSGAM Property with immediate effect following the resignation of Mr Darren Steinberg. Mr Steinberg has decided to take up a role external to the business.

Mr McNaughton previously held the position of Head of Wholesale Property Funds at CFSGAM Property and will retain responsibility for driving the long-term strategy and performance across the wholesale property business. He has been employed at CFSGAM for more than 17 years including being Chief Executive of the Top 10 New Zealand listed diversified Kiwi Income Property Trust (‘KIP’).

Mark Lazberger, Chief Executive Officer of CFSGAM said: “This appointment highlights that we have substantial depth of talent within our business and underscores our commitment, when it is appropriate, to appoint from within. Angus brings a significant depth of knowledge to the role including experience in funds management, asset management and development, and has worked for the business in Australia, Singapore and New Zealand.”

CFSGAM Property has a strong and experienced management team in place. The business has responsibility for approximately AUD$18 billion of funds under management and consists of more than 850 individual people that contribute to driving the performance and income generated from each and every asset.

Mr Lazberger said: “The Fund Managers involved in the management of our listed and unlisted property funds remain focussed and committed to maximising returns for investors. We have significant talent within the broader team, with one of the finest asset management businesses led by David Marcun and real talent in managing our listed funds through the leadership of Michael Gorman (Fund Manager of CFX), Charles Moore (Fund Manager of CPA) and Chris Gudgeon (Chief Executive of KIP).”

“I would like to thank Darren for his dedication and valuable contribution to the Property business over the past five years”, Mr Lazberger added.

Mr Steinberg has relinquished his role as Principal Executive Officer of Commonwealth Managed Investments Limited and has also stepped down as an Executive Director of Kiwi Income Properties Limited, the Manager of KIP.

It is business as usual at CFSGAM Property and there are no further management changes. ENDS C

About CFSGAM Property

More than 850 people contribute to the success of CFSGAM Property, through those directly employed in our Fund teams to those in our property management business. One of the true benefits of our business is in our ability to draw on the extensive support services within Colonial First State Global Asset Management, the consolidated asset management arm of Commonwealth Bank of Australia.

This provides our Fund teams with direct access to services in finance, legal, tax, sustainability, compliance, research, risk management, information technology, investor relations and debt and capital management.

About Kiwi Income Property Trust

Kiwi Income Property Trust’s objective is to optimise returns for its Unit Holders through the careful acquisition, development and professional management of its property portfolio. The Trust is listed on the New Zealand Stock Exchange and is ranked within the top 15 on the NZX 50 Index, and is a member of the NZX 10 Index. The total value of the Trust’s property portfolio is $1.92 billion. Assets include:

Key Retail Assets

Sylvia Park Shopping Centre Auckland
LynnMall Shopping Centre Auckland
Centre Place Shopping Centre Hamilton
The Plaza Shopping Centre Palmerston North North City Shopping Centre Porirua Northlands Shopping Centre Christchurch

Key Office Assets

Vero Centre Auckland
National Bank Centre Auckland
21 Pitt Street Auckland
The Majestic Centre Wellington
Unisys House Wellington
44 The Terrace Wellington
Kiwi Income Property Trust’s website address is www.kipt.co.nz

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