Senior management changes

NZX RELEASE

13 October 2014

Senior management changes

Kiwi Property Management Limited, the manager of Kiwi Income Property Trust, today advises a number of changes to the senior management of the Manager following an organisational review.

Chief Executive, Chris Gudgeon, said: “Following the internalisation of the Trust’s management, we have undertaken a review to ensure we are optimally configured, with the right organisational design, accountabilities and capabilities to deliver on our corporate objective, goals and strategy.”

Mr Gavin Parker, currently Chief Financial Officer, has been appointed to the newly created role of Chief Operating Officer.

“Gavin has over 20 years’ experience in the managed funds industry and has been with the Trust since 2002. As Chief Financial Officer, Gavin steered the Trust through the global financial crisis and has been instrumental in maintaining a strong financial position in line with strategy,” Mr Gudgeon said.

Mr Stuart Tabuteau has been appointed to the role of Chief Financial Officer. Stuart has over 19 years’ experience in the property, venture capital funds management and service industries including the last eight years as the Trust’s Financial Controller.

“Stuart’s promotion to the CFO role will enable Gavin, as COO, to focus more directly with me on strategic opportunities in line with our strategy of adding value through our investment decisions. Gavin will maintain responsibility for overall management of our financial position, and corporate and capital structure. He will also oversee the provision of corporate services across the Group, including financial reporting, compliance and risk management, and will be jointly responsible for investor relations, legal services and human resources.”

Mr Mark Luker has resigned from his position as General Manager Development, effective 23 December 2014. “Following Mark’s resignation, we have identified the opportunity to streamline the development function within the business, combining responsibility for both retail and office development,” Mr Gudgeon said.

“Mark has been with the Trust since 1996 and is a highly respected member of our team.

He has been involved in the completion of many successful retail developments, including Sylvia Park and major redevelopments at Northlands, The Plaza and Centre Place. We are very pleased that Mark has agreed to continue his association with the Trust in an advisory capacity from 2015.”

An executive search for a new General Manager Development will begin immediately.

Mr Gudgeon said: “This represents an opportunity for a high calibre executive to lead our development team to deliver on exciting organic growth opportunities within the Trust’s portfolio, such as the expansion of Sylvia Park Shopping Centre to include both further retail and office development, and new opportunities to follow on from our recently completed landmark office development, ASB North Wharf.”

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 15 Index.

The total value of the Trust’s property portfolio is $2.1 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 ASB North Wharf, Auckland The Majestic Centre, Wellington 56 The Terrace (formerly Unisys House), Wellington 44 The Terrace, Wellington Kiwi Income Property Trust’s website address is kipt.co.nz

ENDS

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