Commonwealth Bank of Australia completes KIP unit placement

NZX RELEASE

17 December 2013

Commonwealth Bank of Australia completes KIP unit placement

Kiwi Income Property Trust (the Trust) has been advised that Commonwealth Bank of Australia (CBA) has placed through Goldman Sachs its 8.6% holding in the Trust, being approximately 87 million units, for NZ$1.06 per unit.

The units have been distributed to a range of existing and new institutional and retail investors, both domestically and offshore.

Mr Mark Ford, Chairman of the Manager of the Trust, said: “The Board viewed CBA’s disposal of its interest in the Trust as a natural outcome following the internalisation of the Trust’s management that was completed last week.

“The Board expresses its appreciation to CBA and its affiliates for their positive contribution to the Trust over the past decade.”

KIP units and KIPGC mandatory convertible notes will resume trading at market open today.

ENDS

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