New employee share plan

NZX RELEASE
20 December 2019
Kiwi Property Group Limited notice –
New employee share plan


Kiwi Property Group Limited (Kiwi Property) has implemented a new employee share
plan designed to better drive long-term performance and promote employee
retention. The plan features two components:

1. Performance share rights
Performance share rights have been offered to executives and other invited
employees, and vest if return on capital employed and relative shareholder return
thresholds are met. Vesting occurs equally over a three-year period, calculated as
a percentage of the participant’s fixed annual remuneration. Performance share
rights do not carry a dividend entitlement. The scheme replaces the previous
executive long-term incentive (LTI) plan.

2. Restricted share rights
Restricted share rights have been offered to all permanent full time and part time
employees, helping to align the interests of shareholders and participants. It is
expected that rights will be granted each year on 1 April and vest after three years,
provided the employee is still working for Kiwi Property or a related company. The
restricted share rights scheme replaces the previous employee share option plan
(ESOP).

A notice of allotment of performance share rights and restricted share rights
accompanies this announcement.

> Ends

Contact us for further information
Campbell Hodgetts
Campbell.hodgetts@kp.co.nz
0275634985

2
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 over 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

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Ongoing Disclosure Notice
Disclosure of Directors and Senior Managers Relevant Interests
Sections 297(1) and 298(1), Financial Markets Conduct Act 2013
To NZX Limited; and
Name of listed issuer:
Kiwi Property Group Limited
Date this disclosure made:
20-Dec-19
Date of last disclosure:
5-Jul-19
Director or senior manager giving disclosure
Full name(s):
See attached schedule
Name of listed issuer:
Kiwi Property Group Limited
Name of related body corporate (if applicable):
N/A
Position held in listed issuer:
See attached schedule
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products:
Ordinary shares
Nature of the affected relevant interest(s):
Option to acquire fully paid ordinary shares
in Kiwi Property Group Limited if certain
conditions are met.
For that relevant interest-
Number held in class before acquisition or disposal:
See attached schedule
Number held in class after acquisition or disposal:
See attached schedule
Current registered holder(s):
N/A
Registered holder(s) once transfers are registered:
See attached schedule
Summary of acquisition or disposal of specified derivatives relevant interest (if applicable)
Type of affected derivative:
N/A
Class of underlying financial products:
N/A
Details of affected derivative-
The notional value of the derivative (if any) or the notional amount of underlying
financial products (if any):
N/A
A statement as to whether the derivative is cash settled or physically settled:
N/A
Maturity date of the derivative (if any):
N/A
Expiry date of the derivative(if any):
N/A
The price specified in the terms of the derivative (if any):
N/A
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
N/A
For that derivative,-
Parties to the derivative:
N/A
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:N/A
Details of transactions giving rise to acquisition or disposal
Total number of transactions to which notice relates: 2

Details of transactions requiring disclosure-
Date of transaction:19-Dec-19
Nature of transaction: Acquisition of options which, if certain
conditions are met, confer an entitlement to
receive ordinary shares in Kiwi Property
Group Limited pursuant to the Performance
Share Rights Plan and the Restricted Share
Rights Plan.
Name of any other party or parties to the transaction (if known):Kiwi Property Group Limited
The consideration, expressed in New Zealand dollars, paid or received for the
acquisition or disposal. If the consideration was not in cash and cannot be readily by
converted into a cash value, describe the consideration:
Nil
Number of financial products to which the transaction related:
936,555 Performance Share Rights
8,244 Restricted Share Rights
See attached schedule
If the issuer has a financial products trading policy that prohibits directors or senior
managers from trading during any period without written clearance (a closed period)
include the following details—
Whether relevant interests were acquired or disposed of during a closed period:No
Whether prior written clearance was provided to allow the acquisition or disposal to
proceed during the closed period:N/A
Date of the prior written clearance (if any):
N/A
Summary of other relevant interests after acquisition or disposal:
Class of quoted financial products:See attached schedule
Nature of relevant interest:See attached schedule
For that relevant interest,-
Number held in class:See attached schedule
Current registered holder(s):See attached schedule
For a derivative relevant interest,-
Type of derivative:N/A
Details of derivative,-
The notional value of the derivative (if any) or the notional amount of underlying
financial products (if any):N/A
A statement as to whether the derivative is cash settled or physically settled:
N/A
Maturity date of the derivative (if any):
N/A
Expiry date of the derivative (if any):
N/A
The price's specified terms (if any):
N/A
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products: N/A
For that derivative relevant interest,-
Parties to the derivative:
N/A
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:N/A
Certification
I, certify that, to the best of my knowledge and belief, the information contained in this
disclosure is correct and that I am duly authorised to make this disclosure by all
persons for whom it is made.
Signature of director or officer:
Date of signature:
or
Signature of person authorised to sign on behalf of director or senior manager:
Date of signature:
20-Dec-19
Name and title of authorised person:
Trevor Wairepo, General Counsel and
Company Secretary

Name of Senior
ManagerPosition held
Nature of relevant
interest
Number held in
class before
acquisition
Performance
Share Rights
Restricted
Share Rights
Number held in
class after
acquisition
Registered holder once transfers are
registered
Share rights - Legal and
beneficial
0
67,359
916
68,275 Aubrey Cheng
Ordinary shares - Legal
and beneficial
657 657 Aubrey Cheng
Ordinary shares -
Beneficial
77,735 77,735 Pacific Custodians (New Zealand) Limited
Share rights - Legal and
beneficial
0
53,961
916
54,877 Steve Cooper
Ordinary shares - Legal
and beneficial
0
0Steve Cooper
Ordinary shares -
Beneficial
0
0 Pacific Custodians (New Zealand) Limited
Share rights - Legal and
beneficial
0
58,502 916 59,418 Kylie Eagle
Ordinary shares - Legal
and beneficial
31,710 31,710 Kylie Eagle
Ordinary shares -
Beneficial
68,003 68,003 Pacific Custodians (New Zealand) Limited
Share rights - Legal and
beneficial
0
60,408 916 61,324 Michael Holloway
Ordinary shares - Legal
and beneficial
97 97 Michael Holloway
Ordinary shares -
Beneficial
93,745 93,745 Pacific Custodians (New Zealand) Limited
Share rights - Legal and
beneficial
0
160,547-FY19
270,805-FY20
916-FY19
916-FY20
433,184 Clive Mackenzie
Ordinary shares - Legal
and beneficial
0
0Clive Mackenzie
Ordinary shares -
Beneficial
0
0 Pacific Custodians (New Zealand) Limited
Share rights - Legal and
beneficial
0
123,032 916 123,948 Gavin Parker
Ordinary shares -
Beneficial
240,129 240,129 Gavin Parker, Debra Parker & Pravir Tesiram
Ordinary shares -
Beneficial
158,723 158,723 Pacific Custodians (New Zealand) Limited
Share rights - Legal and
beneficial
0
63,860 916 64,776 Ian Passau
Ordinary shares - Legal
and beneficial
111 111Ian Passau
Ordinary shares -
Beneficial
78,776 78,776 Pacific Custodians (New Zealand) Limited
Share rights - Legal and
beneficial
0
78,081 91678,997 Linda Trainer
Ordinary shares - Legal
and beneficial
0
0Linda Trainer
Ordinary shares -
Beneficial
46,584 46,584 Pacific Custodians (New Zealand) Limited
Linda Trainer
GM Asset Management
Schedule to Ongoing Disclosure Notice - 20 December 2019
Aubrey Cheng
GM Income and Leasing
Ian Passau
GM Development
Clive Mackenzie
Chief Executve Officer
Gavin Parker
GM Funds Management and Capital
Markets
Steve Cooper
GM Finance and Shared Services
Michael Holloway
GM Property Investment
Kylie Eagle
GM People and Communications