Kiwi Property Group $20 million Retail Offer opens

NZX RELEASE
1 November 2019
Kiwi Property Group $20 million Retail Offer opens


Not for release to US wire services or distribution in the United States

Kiwi Property Group Limited (“Kiwi Property”) is pleased to advise that the Retail Offer announced
on 30 October 2019 opens this morning. The Retail Offer is targeting $20 million of additional
equity, with the ability to accept oversubscriptions of up to $10 million at Kiwi Property’s
discretion.

The Retail Offer provides eligible shareholders in New Zealand the opportunity to purchase up to
$50,000 of additional shares in Kiwi Property without incurring brokerage or other transaction costs
at a fixed price of $1.58 per new share.

The Retail Offer issue price is the same price as the Placement undertaken on 30 October 2019.

Details of the Retail Offer are being sent to eligible shareholders today. The closing date for
applications is 5.00pm (NZ time) on 15 November 2019 and the new shares are expected to be
allotted on or around 22 November 2019.

For further information, please contact:
Clive Mackenzie
Chief Executive Officer
Kiwi Property Group Limited
clive.mackenzie@kp.co.nz
Campbell Hodgetts
Communications Lead
Kiwi Property Group Limited
+64 27 563 4985
campbell.hodgetts@kp.co.nz
> Ends

About us
Kiwi Property (NZX: KPG) is the largest listed property company on the New Zealand Stock
Exchange and is a member of the S&P/NZX 20 Index. We’ve been around for 25 years and we
proudly own and manage a $3.3 billion portfolio of real estate, comprising some of New
Zealand’s best mixed-use, retail and office buildings. Our objective is to provide investors with a
reliable investment in New Zealand property through the ownership and active management of
a diversified, high-quality portfolio. S&P Global Ratings has assigned Kiwi Property a corporate
credit rating of BBB (stable) and an issue credit rating of BBB+ for each of its fixed rate senior
secured bonds. Kiwi Property is one of the highest rated New Zealand companies within CDP
(Carbon Disclosure Project) and is a member of FTSE4 Good, a series of benchmarks and
tradeable indices for ESG (Environmental, Social and Governance) investors. Kiwi Property is
licensed under the Real Estate Agents Act 2008. To find out more, visit our website kp.co.nz

2
This is not a prospectus or offering document under New Zealand law or under any other law.
It is for information purposes only and does not constitute an offer, invitation or recommendation
to subscribe for, retain or purchase any securities in Kiwi Property in any jurisdiction. This release
does not constitute financial product advice or investment advice and does not and will not form
part of any contract for the acquisition of Kiwi Property securities.
This announcement has been prepared for release in New Zealand. This announcement may not
be released to US wire services or distributed in the United States. This announcement does not
constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or in
any other jurisdiction in which such an offer would be unlawful. The securities in this
announcement have not been, and will not, be registered under the US Securities Act of 1933, as
amended (US Securities Act) or the securities laws of any state or other jurisdiction of the United
States. Accordingly, the securities in this announcement may not be offered or sold, directly or
indirectly, in the United States unless they have been registered under the US Securities Act (which
Kiwi Property has no obligation or intention to do or procure), or are offered and sold in a
transaction exempt from, or not subject to, the registration requirements of the US Securities Act
and any applicable US state securities laws.
The information in this announcement is of general background and does not purport to be
complete. It should be read in conjunction with Kiwi Property's other periodic and continuous
disclosure announcements lodged with NZX, which are available at www.nzx.com.
This announcement may include forward-looking statements. These forward-looking statements
are based on Kiwi Property's expectations and beliefs concerning future events. Forward-looking
statements are necessarily subject to risks, uncertainties and other factors, many of which are
outside the control of Kiwi Property, which could cause actual results to differ materially from such
statements. Kiwi Property makes no undertaking to subsequently update or revise the forward-
looking statements made in this announcement, to reflect the circumstances or events after the
date of this announcement.

---

Kiwi Property Group Limited
Retail Share Offer
Dated 1 November 2019
This Offer Document may not be released to US wire
services or distributed outside New Zealand.

Important notice
This Offer Document has been prepared by Kiwi Property Group
Limited (“Kiwi Property”) in connection with an offer of New
Shares under a share purchase plan and placement. The Offer
is made pursuant to the exclusion in clause 19 of schedule 1 of
the Financial Markets Conduct Act 2013. This document is not a
product disclosure statement for the purposes of the Financial
Markets Conduct Act 2013, and does not contain all of the
information that an investor would find in a product disclosure
statement or which may be required to make an informed
decision about the Offer or Kiwi Property.
Additional information available under
Kiwi Property’s disclosure obligations
Kiwi Property is subject to continuous disclosure obligations
under the Listing Rules which require it to notify certain material
information to NZX. Market releases by Kiwi Property, including
its most recent annual report (for the year ended 31 March 2019),
are available at nzx.com under the stock code “KPG” and on Kiwi
Property’s website, kp.co.nz.
Kiwi Property may, during the Offer, make additional releases to
NZX. No release by Kiwi Property to NZX will permit an Applicant
to withdraw any previously submitted Application without Kiwi
Property’s prior consent.
The market price of Shares may increase or decrease between
the date of this Offer Document and the date of allotment of
New Shares. Any changes in the market price of Shares will
not affect the Application Price, and the market price of New
Shares following allotment may be higher or lower than the
Application Price.
Changes to the Offer
Subject to the Listing Rules, Kiwi Property reserves the right
to alter the dates set out in the Offer Document. Kiwi Property
reserves the right to withdraw the Offer and the issue of
New Shares at any time before the Allotment Date at its
absolute discretion.
Decision to participate in the Offer
The information in this Offer Document does not constitute a
recommendation to acquire New Shares and nor is it financial
product advice. This Offer Document has been prepared without
taking into account the particular needs or circumstances of any
investor, including their investment objectives, financial and/or
tax position.
You should make your decision whether to invest in New Shares
based on your personal circumstances. Please read this Offer
Document carefully and in full before making that decision.
You are encouraged to take your own professional advice before
you invest.
Forward looking statements
This Offer Document contains certain ‘forward-looking
statements’ such as indications of, and guidance on, future
earnings and financial position and performance. Forward-
looking statements can generally be identified by the use of
forward-looking words such as, ‘expect’, ‘anticipate’, ‘likely’,
‘intend’, ‘could’, ‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’, ‘believe’,
‘forecast’, ‘estimate’, ‘target’, ‘outlook’, ‘guidance’ and other
similar expressions and include statements regarding the
conduct and outcome of the Offer and the use of the proceeds
thereof. Such forward-looking statements are not guarantees
or predictions of future performance and involve known and
unknown risks and uncertainties and other factors, many of
which are beyond the control of Kiwi Property, and may involve
significant elements of subjective judgement and assumptions
as to future events which may or may not be correct. There
can be no assurance that actual outcomes will not materially
differ from these forward-looking statements. A number of
important factors could cause actual results or performance
to differ materially from the forward-looking statements.
The forward-looking statements are based on information
available to Kiwi Property as at the date of this Offer Document.
Except as required by law or regulation (including the Listing
Rules), Kiwi Property undertakes no obligation to provide any
additional or updated information whether as a result of new
information, future events or results or otherwise.
Offering restrictions
This Offer Document is intended for use only in connection with
the Offer to Eligible Shareholders with a registered address in
New Zealand who are, not in the United States and not acting for
the account or benefit of a person in the United States.
This Offer Document does not constitute an offer or invitation in
any country in which, or to any person to whom, it would not be
lawful to make such an offer or invitation.
This Offer Document may not be sent or given to any person
outside New Zealand in circumstances in which the Offer or
distribution of this Offer Document would be unlawful. The
distribution of this Offer Document (including an electronic
copy) outside New Zealand may be restricted by law. In
particular, this Offer Document may not be distributed to any
person, and the New Shares may not be offered or sold, in any
country outside New Zealand except as detailed in this Offer
Document or as Kiwi Property may otherwise determine in
compliance with applicable laws. Further details on the offering
restrictions that apply are set out in Section 3: Details of
the Offer.
This Offer Document does not constitute an offer to sell, or a
solicitation of an offer to buy, any securities in the United States.
The New Shares have not been, nor will be, registered under
the U.S. Securities Act of 1933 (the “U.S. Securities Act”) or the
securities laws of any state or other jurisdiction of the United
States. The New Shares may only be offered, sold and resold
outside the United States in “offshore transactions” (as defined
in Rule 902(h) under the U.S. Securities Act) in reliance on
Regulation S.
If you come into possession of this Offer Document, you should
observe any such restrictions. Any failure to comply with such
restrictions may contravene applicable securities law. Kiwi
Property disclaims all liability to such persons.
No guarantee
No guarantee is provided by any person in relation to the
New Shares to be issued under the Offer. Likewise, no warranty
is provided with regard to the future performance of Kiwi
Property or any return on any investments made pursuant
to this Offer Document.
Privacy
Any personal information provided by Eligible Shareholders on
the Application Form or via the online Application process will
be held by Kiwi Property and/or the Registrar at the addresses
set out in the Directory. The information will be used for the
purposes of administering your investment in Kiwi Property.
This information will only be disclosed to third parties with your
consent or if otherwise required by law. Under the Privacy Act
1993, you have the right to access and correct any personal
information held about you.
Enquiries
Enquiries about the Offer can be directed to an NZX Firm, or
your solicitor, accountant or other professional adviser. If you
have any questions about the number of New Shares shown on
the Application Form, or how to apply online or complete the
Application Form, please contact the Registrar.
Definitions
Capitalised terms used in this Offer Document have defined
meanings, which appear in Section 5: Glossary. All references
to times and dates are to times and dates in New Zealand.

Contents

Letter from the Chair
PG 06
SECTION 1
Key terms of the Offer
PG 07
SECTION 2
Important dates
PG 08
SECTION 3
Details of the Offer
PG 09
SECTION 4
Terms and conditions
of the Offer
PG 11
SECTION 5
Glossary
PG 14
SECTION 6
Directory
PG 15

Kiwi Property
Offer document 1 November 2019
6
Letter from the Chair
Dear Shareholder
Kiwi Property Group Limited (“Kiwi Property”) –
Equity raising
On 30 October we announced plans to raise
approximately $200 million of new equity through
a fully underwritten placement (“Placement”) of
$180 million and a retail offer (“Offer”) of $20 million
(with the ability to accept oversubscriptions of
up to $10 million at Kiwi Property’s discretion).
The Placement was completed on 30 October
and successfully raised $180 million.
On behalf of the Board, it is my pleasure to invite you
to participate in the Offer. This opportunity gives all
eligible shareholders in New Zealand the chance to
purchase up to $50,000 of new Kiwi Property shares
without incurring brokerage or other transaction costs,
at a fixed price of $1.58 per new share. The issue price
of $1.58 per share is the same as the price for the
Placement.
We intend to use the net proceeds of the Placement
and Offer to pay down bank debt and reduce gearing,
providing the financial flexibility to progress potential
developments at locations including Sylvia Park,
LynnMall, The Base and in the longer term at Drury, and
to respond to acquisition opportunities as they arise.
The approximately $200 million of new equity being
sought through the Placement and Offer will reduce
gearing at 30 September 2019 to 27.4% on a pro-forma
basis, which is comfortably within Kiwi Property’s target
gearing range of 25% to 35%.
How you can participate in the Offer
Participation in the Offer is optional. However, it allows
the vast majority of shareholders to apply for their
equivalent pro-rata amount if they wish.
If the Offer is oversubscribed, applications will be
scaled relative to existing shareholdings.
We encourage you to read the Offer Document
accompanying this letter and seek investment advice
from a suitably qualified professional adviser before
you consider investing.
If you decide to participate in the Offer, please
complete the following by 5.00pm (NZ time) on
15 November 2019:
• the Application Form accompanying this letter; or
• the online application at
www.kiwipropertyshareoffer.com.
Instructions on how to make payment can
be found in the Application Form and Offer
Document accompanying this letter or at
www.kiwipropertyshareoffer.com.
The new shares are expected to be allotted on or
around 22 November 2019. They will rank equally
with existing Kiwi Property shares at that date and be
eligible for the interim dividend for the six months
ended 30 September 2019, which is expected to be
paid on 18 December 2019.
Sound financial results expected
Kiwi Property’s interim financial statements for the six
months ended 30 September 2019 are expected to
be released on 18 November 2019. A sound interim
financial result is expected. Our portfolio continues
to perform strongly, and we expect to achieve rental
growth of 4.6% on new leasing and rent reviews
concluded in the six months to 30 September 2019.
Our occupancy rate and weighted average lease expiry
are expected to be 99.4% and 5.1 years respectively.
The Board has reaffirmed its full year dividend
guidance for the year ending 31 March 2020 at 7.05
cents per share.
On behalf of the Board, I welcome your participation in
the Offer and thank you for your continued support.
Yours sincerely,
MARK FORD
Chair
Kiwi Property Group Limited

7
SECTION 1
Key terms of the Offer
IssuerKiwi Property Group Limited
Eligible ShareholderA Shareholder with a registered address in New Zealand at 5.00pm (NZ time) on the
Record Date, not in the United States and not acting for the account or benefit of a
person in the United States.
Equal participationEach Eligible Shareholder has the right to apply for the same dollar amount of New
Shares, and on the same terms and conditions, as each other Eligible Shareholder.
Application amountIf you choose to participate in the Offer, you can apply for any number of New Shares up
to a maximum value of $50,000 of New Shares.
Application Price$1.58 per New Share.
Offer sizeKiwi Property may accept Applications for up to $20 million of New Shares in aggregate,
plus up to $10 million of New Shares in oversubscriptions at its discretion. If Kiwi Property
receives Applications for more than this amount of New Shares in aggregate (or elects not
to accept more than $20 million) Applications will be scaled down. Kiwi Property will scale
Applications by reference to the proportional holdings of Existing Shares at the Record Date.
Kiwi Property will issue up to 12,658,227 New Shares under the Offer with Kiwi Property
retaining the discretion to issue a further 6,329,113 New Shares if the Offer is oversubscribed.
New Shares The New Shares are the same class as (and ranking equally with) Existing Shares at the
time of allotment of the New Shares. The New Shares are expected to be allotted on
22 November 2019.
When to applyApplications must be received by 5.00pm (NZ time) on the Closing Date, being
15 November 2019, unless extended.
How to apply An Application by an Eligible Shareholder must be made on the Application Form that
has been provided, accompanied with payment in New Zealand dollars. You may also
complete your Application online at www.kiwipropertyshareoffer.com.
Receiving your New SharesYou will receive your New Shares on the Allotment Date (expected to be 22 November 2019).

Kiwi Property
Offer document 1 November 2019
8
Key event Date
1
Record Date 5.00pm (NZ time), 29 October 2019
Dispatch of Offer Documents and Application Forms1 November 2019
Opening Date for the Offer10.00am (NZ time), 1 November 2019
Closing Date for the Offer5.00pm (NZ time), 15 November 2019
Settlement of the Offer and commencement
of trading of allotted New Shares
22 November 2019
1. The dates above are subject to change and are indicative only. Kiwi Property reserves the right to amend this timetable (including by extend-
ing the Closing Date), subject to applicable laws and the Listing Rules. Kiwi Property reserves the right to withdraw the Offer at any time at its
absolute discretion.
SECTION 2
Important dates

9
What is the Offer?
The Offer is an offer to Eligible Shareholders to apply to purchase
New Shares in Kiwi Property at the Application Price of $1.58 per
New Share, without incurring any brokerage fees.
All New Shares issued under the Offer will be of the same class
as, and rank equally with, the Existing Shares in Kiwi Property.
How much can I invest?
Eligible Shareholders, who choose to participate in the Offer, can
apply for any number of New Shares up to a maximum value of
$50,000.
What is the maximum amount being raised?
Kiwi Property is inviting applications for up to $20 million of
New Shares in aggregate, plus up to $10 million of New Shares
in oversubscriptions at its discretion.
Applications received in excess of this amount will be scaled on
a proportionate basis (with reference to an Eligible Shareholder’s
holding at the Record Date).
Who is eligible to participate?
An Eligible Shareholder is a Shareholder with a registered
address in New Zealand at 5.00pm (NZ time) on the Record Date,
not in the United States and not acting for the account or benefit
of a person in the United States.
What if I own Shares through a trustee or custodian,
can I participate?
If you own Shares through a trustee or custodian, then, subject
to certain certification requirements and other conditions, you
may instruct the trustee or custodian to apply for New Shares on
your behalf.
If you own Shares through a trustee or custodian and also own
Shares in your own name, then you may either apply for New
Shares yourself or instruct your trustee or custodian to apply for
New Shares on your behalf. You may not do both.
If you are a custodian, or hold Shares through a custodian,
please refer to clause 3 of the terms and conditions.
What about joint holders?
Joint holders are treated as a single Shareholder under the terms
of the Offer. As a group, they can apply for any amount of New
Shares up to a maximum value of $50,000.
Is the Offer transferable?
No. The opportunity to apply for New Shares under the Offer is
personal to you and cannot be transferred to anyone else.
Who is excluded from participating?
Kiwi Property considers that the legal requirements of
jurisdictions other than New Zealand are such that it would be
unduly onerous to make the Offer available to Shareholders in
those jurisdictions.
The distribution of this Offer Document (including an electronic
copy) outside New Zealand may be restricted by law. Any failure
to comply with such restrictions may contravene applicable
securities law. Kiwi Property disclaims all liability to such persons.
Do I have to participate?
No, you do not have to participate in the Offer. Participation is
optional. We recommend that you seek investment advice from
a suitably qualified professional adviser before you consider
investing.
How long is the Offer period?
The Offer opens on 1 November 2019 and is expected to close
on 15 November 2019, unless extended.
Eligible Shareholders intending to participate in the Offer should
ensure they apply by completing an Application online at
kiwipropertyshareoffer.com or by completing and returning the
provided Application Form with payment (by cheque or direct
debit) by 5.00pm on the Closing Date.
The New Shares
The New Shares issued under the Offer will rank equally with,
and have the same voting rights, dividend rights and other
entitlements as, Existing Shares in Kiwi Property.
Each New Share confers the right to vote at meetings, subject
to any voting restrictions imposed on Shareholders under Kiwi
Property’s constitution or the Listing Rules. On a poll, which
is the manner of voting required by the Listing Rules, every
Shareholder present in person or by proxy or representative has
one vote for each New Share they hold. Each New Share confers
a right to a pro rata share of any dividend authorised by the
Board on New Shares, and to any distribution of surplus assets of
Kiwi Property on any liquidation.
Applicants for New Shares will be bound by Kiwi Property’s
constitution and the terms of the Offer set out in this Offer
Document.
When will the New Shares be quoted?
Kiwi Property will take any necessary steps to ensure that the
New Shares are, immediately after issue, quoted on the NZX
Main Board. The NZX Main Board is a licensed market operated
by NZX Limited, which is a licensed market operator regulated
under the Financial Markets Conduct Act 2013.
NZX accepts no responsibility for any statements in this
document.
It is expected that Eligible Shareholders participating in the
Offer will be able to commence trading the New Shares on the
Allotment Date (being 22 November 2019, unless the Offer is
extended).
What is the Application Price for the New Shares?
$1.58, being the same price paid by investors in the Placement.
The market price of Shares may change between the date this
Offer opens, the date you apply for Shares under the Offer, and
the date on which the Shares are allotted to you. Accordingly,
the price paid for Shares issued under the Offer may be higher
or lower than the price at which Shares are trading on the NZX
Main Board at the time the Shares are allotted to you under the
Offer. There is also no certainty that New Shares will trade at or
above the Application Price following the issue of New Shares
under the Offer. Therefore, you should seek your own financial
advice in relation to the Offer and your participation in it.
SECTION 3
Details of the Offer

Kiwi Property
Offer document 1 November 2019
10
Kiwi Property’s current share price is quoted on the NZX website:
nzx.com (NZX code “KPG”).
What will the proceeds be used for?
The proceeds of the Placement and Offer will be used to pay
down bank debt and reduce gearing, providing financial flexibility
to progress potential developments at locations including
Sylvia Park, LynnMall, The Base and in the longer term at Drury,
and to respond to acquisition opportunities as they arise.
How do I apply for New Shares under the Offer?
Applications can be made by completing an Application online
at www.kiwipropertyshareoffer.com or by completing the
provided Application Form, and returning it to the Registrar,
together with payment by 5.00pm (NZ time) on the Closing Date.
Please allow adequate time for mail deliveries. Kiwi Property may
choose to accept late Applications, but has no obligation to do
so. Once submitted, you will not be able to withdraw or revoke
your Application.
Can Applications be rejected?
Kiwi Property may accept or reject any Application which it
considers is not completed correctly. Kiwi Property may also
correct any errors or omissions on any Application Form.
If an Application is rejected, all of the amounts paid will be
refunded to the Applicant. All refunds will be made without
interest.
How many New Shares will I receive?
You will receive the number of New Shares equal to the
amount you have applied for and made payment for (subject
to any scaling).
Kiwi Property is inviting Applications for up to $20 million of
New Shares in aggregate, plus up to $10 million of New Shares
in oversubscriptions at its discretion. If Kiwi Property receives
Applications for more than this amount of New Shares in
aggregate, it will scale back the number of Shares to be allotted
to each Applicant under the Offer as described in accordance
with clause 8 of the terms and conditions.
If your Application is scaled, your Application Monies will be
greater than the value of the New Shares you will be allotted.
The difference will be refunded to you (without interest) within
five Business Days of the Allotment Date.
When will I receive my New Shares?
You will receive the New Shares issued to you under the Offer
on the Allotment Date, which is currently expected to be on
22 November 2019 (unless the Offer is extended). A statement
confirming the number of New Shares issued to you under the
Offer will be sent to you no later than five Business Days after the
Allotment Date.
Kiwi Property may, subject to the Listing Rules and applicable
laws, extend the Offer by changing the Closing Date and the
Allotment Date.

Can the Offer be cancelled?
Yes. Kiwi Property reserves the right to withdraw or cancel
the Offer and the issue of New Shares at any time before the
Allotment Date in its absolute discretion. However, if Kiwi
Property cancels or withdraws the Offer for any reason, all
Application Monies will be returned to Applicants and no New
Shares will be allotted under the Offer. No interest will be payable
on any monies returned to Applicants.
Is the Offer pro-rata?
The Offer is not pro-rata and even if you participate in the Offer,
your percentage holding in Kiwi Property may change.
Whether your shareholding in Kiwi Property increases or
decreases will depend on the amount of New Shares that you
apply for, how many Shares you hold on the Record Date, and
how many New Shares other Eligible Shareholders apply for and
are allotted under the Offer.
Will I be diluted if I do not participate?
Your shareholding in Kiwi Property will be diluted if you do not
participate in the Offer. Assuming that $200 million is raised
in total under the Placement and the Offer, approximately
126,582,277 New Shares will be issued and your holding will
be diluted by 8.76%.
Is the Offer underwritten?
The Offer is not underwritten.
What is Kiwi Property’s distribution policy?
Kiwi Property pays two distributions a year, each within three
months of the annual or interim results, with its interim dividend
payment scheduled for 18 December 2019. The New Shares
would participate in that dividend. The Board reviews the
distribution policy at the end of each financial period in light of
operating performance and current market conditions.
Kiwi Property has operated a dividend re-investment plan (“DRP”),
where shareholders with a registered address in New Zealand or
Australia can elect to reinvest dividends into new shares without
incurring transaction costs. The Board assesses whether to
operate or suspend the DRP on a half-yearly basis in accordance
with Kiwi Property’s capital needs. The DRP has been suspended
– any further re-enactment will be notified to the NZX.
Where can I get more information about Kiwi Property?
Further information about Kiwi Property, including market
announcements and its 2019 Annual Report (including its
financial statements), can be viewed on Kiwi Property’s website:
www.kiwiproperty.com/corporate/investor-centre/.
You may obtain, free of charge, a printed copy of Kiwi Property’s
2019 Annual Report (including its financial statements) by
contacting Kiwi Property. Contact details are listed in the
Directory of this Offer Document.
Further assistance
If you have any further questions about the Offer, please contact
your broker, financial adviser or other professional adviser before
making your investment decision.

11
1 Eligible Shareholders
1.1 You may participate in the Offer if you are an Eligible
Shareholder.
1.2 Joint holders of Shares are taken to be a single registered
holder of Shares for the purposes of determining whether
they are an Eligible Shareholder and the certificate on the
online Application or the Application Form is taken to have
been given by all of them.
1.3 If you are an Eligible Shareholder, your rights under this Offer
are personal to you and not renounceable, so you may not
transfer them.
2 Application Price and number of New Shares
2.1 The Application Price for the New Shares is $1.58, being the
same price paid by investors in the Placement.
2.2 You will receive the number of New Shares equal to the
amount of New Shares you have applied for and made
payment for (subject to scaling as described in clause 8). If
the dollar amount of New Shares you have applied for (or are
allocated) does not equal a whole number of New Shares
once divided by the Issue Price, the number of New Shares
allotted to you will be rounded down to the nearest New
Share. Any difference due to rounding or under $5 will be
retained by Kiwi Property.
2.3 Subject to clause 3.2, if you are an Eligible Shareholder you
can apply for any number of New Shares to a maximum
application value of $50,000. The number of New Shares
that you receive on the Allotment Date (being 22 November
2019, unless extended) may also be subject to scaling as
described in clause 8.
2.4 Eligible Shareholders may only make one Application. This
applies to all Eligible Shareholders, including those who
receive more than one offer under the Offer (for example,
because they hold Shares in more than one capacity) and
including whether the Eligible Shareholder is applying
through a Custodian or on his or her own behalf.
3 Custodian
3.1 Any Eligible Shareholder that:
(a) is a trustee corporation or a nominee company and
holds Shares in Kiwi Property by reason only of acting for
another person in the ordinary course of business of that
trustee corporation or nominee company; or
(b) holds Shares in Kiwi Property by reason only of being a
bare trustee of a trust to which the Shares are subject
and is permitted to operate as a custodian under all
relevant laws,
is a Custodian under the Offer (“Custodian”).
3.2 Custodians may apply to purchase New Shares under this
Offer but only up to the total value of New Shares it is validly
directed to apply for on behalf of each beneficial owner
for whom the Custodian acts as a Custodian. Custodians
must confirm to Kiwi Property that they are holding Shares
as a Custodian for those beneficial owners by providing the
written certification to Kiwi Property described in clause 3.3
below. Each beneficial owner may only direct the Custodian
to apply on behalf of that beneficial owner for New Shares as
described in clauses 2.2 and 2.3.
3.3 If a Custodian applies to purchase New Shares on behalf of
one or more beneficial owners, the Custodian must certify
to Kiwi Property in writing by validly completing the online
Application or Application Form that:
(a) the Custodian holds Shares directly or indirectly as a
Custodian for beneficial owners;
(b) the beneficial owner on whose behalf the Custodian
is submitting an Application is not making a separate
Application as an Eligible Shareholder for New Shares
under the Offer;
(c) each beneficial owner (or the beneficial owner’s agent)
has instructed the Custodian to apply for, and accept,
under the Offer the dollar amount of New Shares set out
in the online Application or on the Application Form (or in
a schedule attached to an Application Form); and
(d) no other Custodian is submitting an Application under
the Offer for that beneficial owner.
4 Completing an Application and paying for the New Shares
If you wish to participate in the Offer, you must complete your
Application online at www.kiwipropertyshareoffer.com, or return
the provided Application Form to the Registrar at the address set
out in the Directory. If you apply using the provided Application
Form, you must provide payment by cheque or direct debit in
New Zealand dollars, for the amount of New Shares you have
specified as applying for on the Application Form. Cheques must
be drawn on a New Zealand bank account.
5 Kiwi Property’s discretion to accept
or reject Applications
5.1 Kiwi Property has complete discretion to accept or reject
your Application to purchase New Shares under the Offer,
including (without limitation) if:
(a) your online Application or Application Form is incorrectly
completed, incomplete or otherwise determined by
Kiwi Property to be invalid;
(b) your payment is dishonoured or has not been completed
correctly;
(c) the cheque that you enclose with your Application Form
or your direct debit is not in New Zealand dollars for the
exact amount of New Shares that you have specified on
the Application Form;
(d) your Application is received after the Closing Date. While
Kiwi Property has discretion to accept late Applications
and payment, there is no assurance that it will do so. Late
Applications and payment, if not processed, will be sent
to you at your registered address within five Business
Days of the Allotment Date or within five Business Days
of the date of receipt in respect of any late Applications
received after the Allotment Date;
(e) Kiwi Property believes that you are not an Eligible
Shareholder or Custodian; or
(f) Kiwi Property considers that your Application does not
otherwise comply with these terms and conditions.
SECTION 4
Terms and conditions of the Offer

Kiwi Property
Offer document 1 November 2019
12
5.2 No interest will be paid on any Application Monies returned
to you. Any refunds for whatever reason will be paid to you
either by direct credit to your bank account (if those details
are held by the Share Registrar) or by cheque mailed within
five Business Days of the Allotment Date or, in respect of late
Applications received after the Allotment Date, within five
Business Days of the date of receipt.
6 Acknowledgements
6.1 If you apply to purchase New Shares under the Offer, by
completing and returning an Application:
(a) your Application, on these terms and conditions, will be
irrevocable and unconditional (i.e. it cannot be withdrawn);
(b) you certify to Kiwi Property that you are an Eligible
Shareholder entitled to apply for New Shares under
these terms and conditions;
(c) you acknowledge that the Offer may not proceed;
(d) you certify that your acceptance of the Offer will not be,
or cause, a breach of any law in any jurisdiction;
(e) you agree to be bound by the constitution of Kiwi
Property, which you may download for free from
the Companies Office website: companies-register.
companiesoffice.govt.nz;
(f) you authorise Kiwi Property (and its officers or agents) to
correct any error in, or omission from, your Application
and to complete your Application by the insertion of any
missing details;
(g) you acknowledge that Kiwi Property may at any time
irrevocably determine that your Application is valid, in
accordance with these terms and conditions, even if the
Application is incomplete, contains errors or is otherwise
defective;
(h) you accept the risk associated with any refund that may
be despatched to you by cheque to your address shown
on Kiwi Property’s share register;
(i) you agree to indemnify Kiwi Property for, and to pay to
Kiwi Property within five Business Days of demand, any
dishonour fees or other costs Kiwi Property may incur in
presenting a cheque for payment which is dishonoured;
(j) you acknowledge that none of Kiwi Property, its advisors
or agents has provided you with investment advice or
financial product advice, and that none of them has an
obligation to provide advice concerning your decision to
apply for and purchase New Shares under the Offer;
(k) you acknowledge the risk that the market price for the
shares may change between the date of this offer and
the Allotment Date. A change in market price during
this period may affect the value of the New Shares you
received under the Offer;
(l) you acknowledge that Kiwi Property may exercise its
discretion as it sees fit and is not liable for any exercise of its
discretions referred to in these terms and conditions; and
(m) you irrevocably and unconditionally agree to these
terms and conditions and agree not to do any act or
thing which would be contrary to the spirit, intention or
purpose of the Offer.
7 Application Price
You agree to pay the Application Price per New Share up to the
maximum amount you have specified on your online Application
or the Application Form.
8 Scaling
8.1 Kiwi Property is inviting Applications for up to $20 million
of New Shares in aggregate, plus up to $10 million of New
Shares in oversubscriptions at its discretion. If Kiwi Property
receives Applications for more than this amount of New
Shares in aggregate (or elects to accept not more than $20
million), Applications will be scaled down. Kiwi Property
will scale back Applications by reference to the holding of
Existing Shares at the Record Date of the Offer.
8.2 If your Application is scaled, your Application Monies will
be greater than the value of the New Shares you will be
allotted. The difference will be refunded to you either by
direct credit to your bank account (if those details are held
by the Registrar) or by cheque mailed within five Business
Days of the Allotment Date. No interest will be paid on any
Application Monies returned to you.
9 The New Shares
9.1 The New Shares issued under the Offer will rank equally with,
and have the same voting rights, dividend rights and other
entitlements as, Existing Shares in Kiwi Property.
9.2 The New Shares will be quoted on the NZX Main Board.
The NZX Main Board is a licensed market operated by
NZX, which is a licensed market operator regulated under
the Financial Markets Conduct Act 2013. NZX accepts no
responsibility for any statement in this document.
9.3 You cannot trade any New Shares issued to you pursuant
to the Offer, either as principal or agent, until allotment
and quotation of the New Shares on the NZX Main Board
in accordance with the Listing Rules. Kiwi Property expects
that the New Shares will commence trading on the NZX
Main Board on the Allotment Date (being 22 November 2019,
unless extended).
9.4 If in the future you decide to sell or otherwise transfer the
New Shares, you will only do so in transactions exempt
from, or not subject to, the registration requirements of the
U.S. Securities Act; notwithstanding the foregoing, after
the quotation of the New Shares commences, you may sell
such New Shares in regular way transactions on the NZX or
otherwise where neither you nor any person acting on your
behalf know, or has reason to know, that the sale has been
pre-arranged with, or that the purchaser is, a person in the
United States or acting for the account or benefit of a person
in the United States.
9.5 The issue of New Shares under the Offer up to a maximum
value of $50,000 per Eligible Shareholder (or per beneficial
owner, in the case of holdings held by Custodians) is being
undertaken under Listing Rule 4.3.1 (Share Purchase Plan)
in respect of the first $15,000 of New Shares offered and
Listing Rule 4.5 (15% Placement) in respect of the additional
$35,000 of New Shares offered to each Eligible Shareholder.

13
10 Amendments to the Offer and waiver of compliance
10.1 Notwithstanding any other term or condition of the Offer,
the offer website (www.kiwipropertyshareoffer.com) and/or
the Application Form, Kiwi Property may, at its discretion:
(a) make non-material modifications to the Offer on
such terms and conditions it thinks fit (in which event
Applications for New Shares under the Offer will
remain binding on the Applicant notwithstanding such
modification and irrespective of whether an Application
was received by the Registrar before or after such
modification is made); and/or
(b) suspend, cancel or withdraw the Offer at any time prior
to the issue of the New Shares under the Offer (including
by reviewing the timetable for the Offer). If the Offer
is cancelled or withdrawn, Application Monies will be
refunded to Applicants without interest within five
Business Days of termination.
10.2 Kiwi Property reserves the right to waive compliance with
any provision of these terms and conditions, which will be
done in accordance with New Zealand law (including the
Listing Rules) and otherwise at Kiwi Property’s discretion.
10.3 Kiwi Property will notify NZX of any waiver, amendment,
cancellation or withdrawal of the Offer. Approval of any
material changes to the Offer will be sought from NZX to
the extent required under the Listing Rules.
11 Governing Law
These terms and conditions shall be governed by and construed
in accordance with the laws of New Zealand.
12 Dispute Resolution
If any dispute arises in connection with the Offer, Kiwi Property
may settle it in any manner it thinks fit. It may do so generally or
in relation to any particular shareholder, Applicant, Application or
Share. Kiwi Property’s decision will be final and binding.
13 Inconsistency
Unless otherwise determined by the directors of Kiwi Property,
in the event of any inconsistency between these terms and
conditions of the Offer and:
(a) the accompanying Letter from the Chair of Kiwi Property and
the Questions and Answers, these terms and conditions shall
take precedence; and
(b) Kiwi Property’s constitution, Kiwi Property’s constitution shall
take precedence.

Kiwi Property
Offer document 1 November 2019
14
Allotment Date means the date for allotment of New
Shares under the Offer, expected to be 22 November 2019.
Applicant means an investor whose Application for New
Shares has been received by the Registrar.
Application means an application to subscribe for New
Shares under this Offer Document.
Application Form means the application form provided to
Eligible Shareholders.
Application Monies means monies received from Appli-
cants in respect of their Applications.
Application Price means $1.58 per New Share.
Board means the board of directors of Kiwi Property.
Business Day has the meaning given to that term in the
Listing Rules.
Closing Date means 5.00pm (NZ time) on the closing date
for the Offer, expected to be 15 November 2019.
Eligible Shareholder means a Shareholder of Kiwi Property
with a registered address in New Zealand at 5.00pm (NZ
time) on the Record Date, who is not in the United States
and not acting for the account or benefit of a person in the
United States.
Existing Share means a fully paid ordinary share in Kiwi
Property at 5.00pm (NZ time) on the Record Date.
Ineligible Shareholders means Shareholders other than
Eligible Shareholders.
Lead Manager means UBS New Zealand Limited.
Kiwi Property means Kiwi Property Group Limited.
Listing Rules means the listing rules of the NZX Main
Board.
New Share means an ordinary share in Kiwi Property
offered under the Offer of the same class as (and ranking
equally in all respects with) Existing Shares at the time of
allotment of the New Shares.
NZ$ or $ means the lawful currency of New Zealand.
NZX means NZX Limited.
NZX Firm means an entity designated as an NZX Firm
under the Participant Rules of NZX.
NZX Main Board means the main board equity securities
market operated by NZX.
Offer means the offer of New Shares pursuant to terms and
conditions described in this Offer Document.
Offer Document means this document.
Placement means the offer of $180 million of Shares that
was made to select investors by way of placement on
30 October 2019, and which was underwritten by
UBS New Zealand Limited.
Record Date means 29 October 2019.
Registrar means Link Market Services Limited.
Share means a fully paid ordinary share in Kiwi Property.
Shareholder means a registered holder of Shares on issue.
SECTION 5
Glossary

15
ISSUER
Kiwi Property Group Limited
Level 7, Vero Centre
48 Shortland Street
Auckland 1010
or
PO Box 2071
Shortland Street
Auckland 1140
T: 64 9 359 4000
W: kp.co.nz
E: info@kp.co.nz
Directors of Kiwi Property Group Limited
Mark Ford Independent Chair
Mary Jane Daly Independent Director
Richard Didsbury Independent Director
Jane Freeman Independent Director
Mark Powell Independent Director
Simon Shakesheff Independent Director
Mike Steur Independent Director
REGISTRAR
Link Market Services Limited
Level 11, Deloitte Centre
80 Queen Street
Auckland 1010
or
PO Box 91976
Victoria Street West
Auckland 1142
Toll free: 0800 377 388
T: 64 9 375 5998
W: linkmarketservices.co.nz
E: enquiries@linkmarketservices.co.nz
LEAD MANAGER
UBS New Zealand Limited
Level 17, PwC Tower
188 Quay Street
Auckland 1010
LEGAL ADVISER
Russell McVeagh
Level 30, Vero Centre
48 Shortland Street
Auckland 1010
or
PO Box 8
Shortland Street
Auckland 1140
SECTION 6
Directory

---

Retail share offer application form
Retail Share Offer of ordinary shares at an Application Price of
$1.58 per New Share payable in full on Application
Not for distribution in the United States
CSN/Holder Number:
Entitlement Number:
Shareholding as at 5pm (NZT) on 29 October 2019.
The number of ordinary shares shown in the box above is the number
to apply for if you wish to maintain your pro-rata shareholding in KPG. It
assumes that $200 million of equity is raised under both the Placement
and Retail Share Offer (and excludes discretionary oversubscriptions that
Kiwi Property may accept).
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION
This Application Form and the Retail Share Offer Document accompanying this Application Form are important. If you have any questions about the Offer, please consult
your broker, financial, investment or other professional advisor. Please see instructions on the reverse on how to complete this Application Form and where to send it.
This Application Form is irrevocable and cannot be withdrawn once lodged.
YOU MAY COMPLETE YOUR APPLICATION ONLINE at www.kiwipropertyshareoffer.com
The online Application must be completed NO LATER THAN 5.00pm, New Zealand time, on 15 November 2019.
Application for New Shares and Payment
Please complete the boxes below specifying the number of New Shares being applied for and the total value of these New Shares.
Number of New Shares applied forAmount payable per New SharePayment Amount
X$1.58
=
$
You can apply for up to 31,645 New Shares in accordance with the terms and conditions in the accompanying Offer Document (Terms and Conditions). Please complete
the boxes above specifying the number and total value of the New Shares being applied for. Payment can be made by completing the direct debit instruction or attaching
a cheque in New Zealand dollars, payable to “Kiwi Property Share Offer” as payment for your Application.
Payment options – Payment can be made by one of the following options:
Option 1: direct debit
Direct debits allow Kiwi Property or its agent to deduct money from your nominated bank account as payment for your Application. If you wish to make payment by this
method, please complete your account details below. By signing this Application Form, the signatory agrees that Kiwi Property, or its agent, is authorised to direct debit
the bank account below for the total amount payable.
NEW ZEALAND DOLLAR BANK ACCOUNT DETAILS FOR DIRECT DEBIT:
Name of Account:__________________________________________________________________________________________________
0
Option 2: cheque
Please attach your cheque for the total amount payable. Your cheque must be drawn on a New Zealand bank account made payable to “Kiwi Property Share Offer” and
crossed “Not Transferable”. Your cheque must not be post-dated as it will not be accepted. If your cheque dishonours, your Application will be rejected. Your Application
Form and cheque should be mailed to Link Market Services, PO Box 91976, Auckland 1142.
If you are a Custodian acting on behalf of one or more beneficial owners you must complete this section
Please state the number of beneficial owners for whom you act as a Custodian.
Please either state the full name(s) and address(es) of the beneficial owner(s) for whom you hold Existing Shares and the number of Existing Shares held for each
beneficial owner or attach a schedule showing this information.
Please either state the full name(s) of the beneficial owner(s) for whom you act in submitting this Application Form or attach a schedule of the full names of the beneficial
owners for whom you act in submitting this Application Form including each beneficial owner’s dollar amount of New Shares applied for.
Please state the total dollar amount of New Shares that you are applying for on behalf
of beneficial owners under this CSN
EXECUTION
$
Holder/Director/Authorised PersonHolder/Director/Authorised PersonHolder/Director/Authorised Person
Contact NameMobile or Daytime telephone numberMobile or Daytime telephone number
By applying for New Shares under the Offer, you agree to the Terms and Conditions and you provide the certification set out on the reverse side of this form, under the heading “Certification”.
Carefully read that section.

How to complete this Application Form: Carefully read the Terms and Conditions of the
Kiwi Property Retail Share Offer (Offer) contained in the Offer Document accompanying
this Application Form. In this Application Form, where the context requires, a reference
to “I” includes a reference to “we”. If you do not understand the Terms and Conditions
or this Application Form, or if you have any questions about what to do in relation to the
Offer, please consult your broker or financial, investment or other professional advisor.
1 Application and payment
• Enter the Number of New Shares you wish to apply for and the total value of
these New Shares in the boxes provided on the form.
• You can apply for any number of New Shares, up to 31,645 New Shares.
• If you own Existing Shares through a Custodian and in your own name, then
you may either purchase New Shares yourself or instruct your Custodian to
purchase New Shares on your behalf. You may not do both.
• You must pay in New Zealand dollars. You may pay by direct debit or cheque in
New Zealand dollars as per the instructions in the Retail Share Offer Document
and this Application Form. Do not post-date your cheque. The date of the
cheque should be the day you fill it in. Cross the cheque “Not Transferable”. Do
not forget to sign the cheque.
• Your payment must be for the same amount as the amount of New Shares you
applied for on the front of this Application Form.
• If you choose to pay by direct debit, you authorise the Registrar to direct debit
the bank account nominated on the Application Form on any day after the
Application Form is received by the Registrar for the amount applied for on the
Application Form. You cannot specify a direct debit date and you must ensure
that:
a) a New Zealand bank account is supplied and is a transactional account
eligible for direct debit transactions. Please note that online saving
accounts may not be direct debitable;
b) the bank account details supplied are correct;
c) sufficient funds in the bank account for direct debit are available on the day
the Registrar receives the Application Form; and
d) the person(s) giving the direct debit instruction has/have the authority to
operate the account solely/jointly.
If you are uncertain, you should contact your bank or financial institution.
Should your direct debit fail, your Application may be rejected. The
Registrar will not be able to process your direct debit if you do not sign and
date the Application Form. If requested, the Registrar will provide you with
a direct debit authority form.
• If Kiwi Property receives applications in excess of $30 million (or elects not to
accept more than $20 million), it may scale down acceptances in accordance
with clause 8.1 of the Terms and Conditions contained in the Offer Document
which may result in you receiving a refund as described in those Terms and
Conditions.
2 Significance of sending in an Application
If you apply to purchase New Shares under the Offer by completing and returning
the Application Form:
• your Application, on these terms and conditions, will be irrevocable and
unconditional (i.e. it cannot be withdrawn);
• you authorise Kiwi Property (and its advisors or agents) to correct any error in,
or omission from, your Application Form and to complete the Application Form
by the insertion of any missing details;
• you acknowledge that Kiwi Property may at any time irrevocably determine
that your Application Form is valid, in accordance with these terms and
conditions, even if the Application Form is incomplete, contains errors or is
otherwise defective;
• you acknowledge that none of Kiwi Property, its advisors or agents has
provided you with investment advice or financial product advice, and that
none of them has an obligation to provide advice concerning your decision
to apply for and purchase New Shares under the Offer; and
• you irrevocably and unconditionally agree to these terms and conditions.
3 Custodian
Any Eligible Shareholder that:
• is a trustee corporation or a nominee company and holds Existing Shares
in Kiwi Property by reason only of acting for another person in the ordinary
course of business of that trustee corporation or nominee company; or
• holds Existing Shares in Kiwi Property by reason only of being a bare trustee
of a trust to which the Existing Shares are subject, is a custodian (Custodian)
under the Offer.
Custodians may apply to purchase New Shares for greater than $50,000 but only
up to the total value of New Shares applied for on behalf of each beneficial owner
in New Zealand for whom the Custodian acts as a Custodian.
4 Certification
I irrevocably apply for the New Shares indicated in this Application Form (or such
lesser number of New Shares as may be allocated to me/us due to rounding or
scaling), and agree that:
• By applying for New Shares, I acknowledge that this Application Form was
distributed with the Offer Document containing the Terms and Conditions
dated 1 November 2019 and confirm that I have read this Application Form and
the Offer Document in their entirety. I agree to be bound by the constitution
of Kiwi Property and I irrevocably and unconditionally agree to the Terms and
Conditions.
• If l am not a Custodian, I certify that:
o my address recorded in Kiwi Property’s share register is in New Zealand or
I can otherwise participate in the Offer in compliance with all applicable
laws and I held Existing Shares on the Record Date; and
o I am not applying for New Shares with an aggregate application value
which is more than $50,000 (including Applications made through a
Custodian) even though I may have received more than one offer under
the Offer or received offers in more than one capacity under the Offer.
• If I am a Custodian, I certify that:
o my address recorded in Kiwi Property’s share register is in New Zealand or
I can otherwise participate in the Offer in compliance with all applicable
laws and I hold Existing Shares directly or indirectly as a Custodian for
beneficial owners;
o each beneficial owner (or the beneficial owner’s agent) has instructed me
to apply for, and accept, under the Offer the dollar amount of New Shares
set out in the front of this Application Form (or set out in the attached
schedule);
o no other Custodian is submitting an Application under the Offer for that
beneficial owner; and
o I am not applying for New Shares with an aggregate application value
which is more than $50,000 in respect of any beneficial owner for whom
I act as Custodian.
5 Contact Details
Fill in your daytime telephone number and contact name, as we may need to
contact you, for example, if you have not filled in this Application Form correctly.
6 Lodgement Instructions
Post or hand deliver this Application Form and arrange payment so that it is
received before 5.00pm (NZ time) on 15 November 2019 (unless the Closing Date
is extended). You should allow sufficient time for delivery by the postal service.
Application Forms and payment received after the Closing Date may not be
processed regardless of when they are postmarked. We have included a reply
paid envelope for your convenience. You may also use a standard envelope, which
should be posted to:
Link Market Services Limited, PO Box 91976, Auckland 1142,
or delivered to:
Level 11, Deloitte Centre, 80 Queen Street, Auckland 1010.
Only Applications with payment by direct debit may be scanned and emailed to
Link Market Services:
Scan & email: applications@linkmarketservices.co.nz
Please use “KPG Share Offer” as the subject of the email.
No brokerage will be paid by Kiwi Property on any Applications.
Personal information provided will be held by Kiwi Property and/or the Registrar.
This information will be used for the purposes of managing your investment in Kiwi
Property. Under the Privacy Act 1993, you have the right to access and correct any
personal information held about you.
If you have any questions in relation to the completion of this form then please
contact Link Market Services Limited on +64 9 375 5998.
7 Execution
You should sign this Application Form where indicated. If a company is signing, it must
be signed on behalf of the company by a person(s) duly authorised for that purpose.
If this Application Form is signed under a power of attorney, the attorney certifies that
they have been duly authorised by the shareholder (the Donor) and, at the date of this
Application Form, the attorney has not received any notice of the revocation of that
appointment by the Donor or otherwise.
INSTRUCTIONS