KINA SECURITIES LIMITED — Capital/Financing Update 2021

Jul 25, 2021

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26 July 2021

ASX Markets Announcement Office PNGX Markets Exchange Centre Harbourside West Building 20 Bridge Street Unit 1B.02, Level 1, Stanley Esplanade Sydney NSW 2000 Down Town, Port Moresby 121 Australia Papua New Guinea

BY ELECTRONIC LODGEMENT

Update on Acquisition of Westpac PNG Draft Determination by PNG ICCC

Kina Securities Limited (Company No. 1-10989) (ARBN 606 168 594) ( ASX:KSL | PNGX:KSL ) ( Kina or the Company ), advises that it has received a copy of a draft Determination by the PNG Independent Consumer and Competition Commission ( ICCC ) on Kina’s proposed acquisition of 89.91% of the shares in Westpac Bank - PNG - Limited ( Acquisition ) for the Westpac banking business in Papua New Guinea. This determination is limited only to the PNG market.

The ICCC’s draft Determination requests comments and submissions from stakeholders before a final Determination is made, which is expected in mid-September. Nevertheless, the draft Determination states that the ICCC is not currently satisfied that the Acquisition will not, or will not likely, have the effect of substantially lessening competition in the relevant markets identified. The ICCC also determines that the Acquisition would not result in public benefits that outweigh detriments to the public.

It should be noted that the draft Determination contains statements and reasoning which Kina contests. Kina has been invited to make a presentation to, and participate in, a pre-decision conference to be held in Port Moresby on 11 August 2021 to outline the commercial and economic benefits to PNG arising from the Acquisition, and to allow Kina and other stakeholders to discuss and provide comments on the draft Determination. Final comments and submissions on the draft Determination are due by 20 August 2021.

Kina is committed to this transaction, as Kina believes that the transaction will actually improve competition in the relevant markets and will deliver a number of substantial public benefits.

Kina will update the market when further information comes to hand.

For further information:

Greg Pawson Chetan Chopra Chief Executive Officer and Managing Director Chief Financial Officer and Company Secretary Email: greg.pawson@kinabank.com.pg Email: Chetan.chopra@kinabank.com.pg

This Announcement was authorised for release by Kina Securities Limited’s Board of Directors.

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