Employee Share Option Plan

Employee Share Option Plan

Kiwi Property has today issued 67,760 fully-paid ordinary shares (Shares) pursuant to the Kiwi Property employee share option plan (Plan). A copy of the allotment notice has been provided to NZX.

Kiwi Property has established the Plan for all permanent employees excluding any employee that is a director of any Kiwi Property company (employees). The Plan is designed to attract, motivate and retain employees and align the interests of employees and shareholders. The Plan has been approved by Inland Revenue in accordance with the Income Tax Act 2007.

The trustee of the Plan (Trustee) will hold the Shares on behalf of each employee for three years (the holding period). At the end of the holding period the Trustee will transfer 605 Shares to each employee who is still employed with Kiwi Property. During the holding period, each employee will receive any dividends that Kiwi Property pays on the Shares.

ENDS

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