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Kiwi Income sets conversion rate

Monday 29th September 2003

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People holding Kiwi Income Properties convertible notes will receive 1.176724 Kiwi Income Property Trust new ordinary units for every converting note held.

The conversion rate is set on the volume weighted average price of Kiwi units traded on the NZX over the period 16 September to 29 September 2003. The price was $1.045275.

The notes will automatically convert on September 30, and will initially trade as Kiwi Income Property Trust new ordinary units because they will not be entitled to a share of the Trust's interim dividend for the six months to the end of September. Converting note holders will already have received an interest payment for that period.

The "new ordinary units" will amalgamate with the ordinary units in early December, once the record date for the interim dividend has passed. All unit holders will be eligible for the Trust's final dividend for the six months to the end of March, provided they remain unit holders at least until the final dividend record date.

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