Kiwi Income Property Trust Releases Annual Report

NZX & MEDIA RELEASE

17 June 2005

KIWI Income Property trust RELEASES ANNUAL REPORT

Auckland - Kiwi Income Properties Limited, as Manager of Kiwi Income Property Trust, is pleased to announce the release of the 2005 Annual Report for the Trust. Following this announcement, a copy of the Annual Report will be available on the Trust’s website at www.kipt.co.nz.

ENDS

About Kiwi Income Property Trust

Kiwi Income Property Trust’s objective is to maximise 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 NZSX50.

The total value of the Trust’s assets is $1.26 billion. Key assets are as follows:

Key Office Assets

Vero Centre Auckland
National Bank Centre Auckland
21 Pitt Street Auckland
Majestic Centre Wellington

Unisys House Wellington
BP House Wellington

NGC Building Wellington
PricewaterhouseCoopers Centre Christchurch

Key Retail Assets

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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