Trust Signs Up Ernst & Young Until 2018

Kiwi Income Property Trust Signs Up Ernst & Young Until 2018

Auckland (October 9, 2003) - New Zealand's largest listed property trust, Kiwi Income Property Trust, has signed a new 12-year lease with accountancy firm Ernst & Young for the Majestic Centre in Wellington. The new lease, which is thought to be one of the most significant commercial property leases in the country this year, has seen Ernst & Young commit to leasing 4 floors of the landmark Majestic Centre until 2018.

Kiwi Income Property Trust chief executive Angus McNaughton said the new agreement is a testament to the quality and appeal of the Majestic Centre, which is Wellington's tallest building. The new lease applies to 4,000 m2 of the Majestic.

Ernst & Young and Kiwi Income Property Trust have also agreed to new signage and naming rights contracts for the building which will allow IBM to install signage on the centre. The building will still be called the Majestic Centre.

The new signage and naming agreement means a legal dispute over these matters has been amicably settled.

About Kiwi Income Property Trust

Kiwi Income Property Trust's aim is to maximise returns for its unit holders through the careful acquisition and professional management of its property portfolio. All net income (after tax) is distributed to unit holders in each financial year.

The Trust is listed on the New Zealand Exchange and is ranked 13th by market capitalisation on the NZSX50.

The Trust reported a 3.2% increase in net income after tax to NZ$44.75 million for the year to 31 March 2003.

The Trust's office assets are located in key CBD locations and comprise:

Vero Centre Auckland National Bank Centre Auckland HP House Auckland

Vodafone House Auckland AUT Faculty of Arts Building Auckland Majestic Centre Wellington BP House Wellington PricewaterhouseCoopers Centre Christchurch

The Trust's retail assets comprise:

Northlands Shopping Centre Christchurch

Centre Place Shopping Centre Hamilton

Downtown Plaza Shopping Centre Hamilton

North City Shopping Centre Porirua

The Plaza Shopping Centre Palmerston North

Kiwi Income Property Trust's website address is www.KIPT.co.nz

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