Kiwi Appoints New Director

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Monday 1 November 2004

Press Release: Kiwi Income Properties Limited

By The Landlord

Kiwi Income Property Trust today announced the appointment of Sydney-based chartered accountant Sean Wareing to the Board of the Manager of the Trust, Kiwi Income Properties Limited.

Mr Wareing is chairman of Alesco Corporation Limited, St Hilliers Holdings Pty Limited and Commonwealth Managed Investments Limited, and a director of Allianz Australia Limited and The Royal Institute for Deaf & Blind Children.

Chief Executive of the Manager of the Trust, Angus McNaughton, said the Trust welcomed the appointment of Mr Wareing, whose depth and range of property and commercial experience would be an asset to the Board.

“Mr Wareing brings expertise in property, as well as a wealth of experience across many other sectors both in Australia and New Zealand,” said Mr McNaughton.Mr Wareing’s former directorships include Air New Zealand, GRW Property Limited, Lend Lease Corporation, Homebush Bay Development Corporation, Clyde Industries Limited and Australian Tourism Group Limited. He was formerly a partner in Gatfield Robinson Wareing Limited and managing director of Textile Industries Limited.

Mr Wareing is a Senior Management Programme graduate of Harvard Business School, a Fellow of the Australian Institute of Company Directors, Associate of the Institute of Chartered Secretaries & Administrators and a Fellow of the Australian Society of Certified Practicing Accountants.

Independent directors determined

In accordance with NZX Listing Rule 3.3.1A, the Board has determined that Mr Wareing and fellow director Robert Narev are independent directors, as defined by NZX Listing Rule 1.1.2 (when read in conjunction with the waiver from the NZX Listing Rules granted to the Trust and the Manager by NZX Regulation on 28 October 2004).

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