Kiwibank Limited — Capital/Financing Update 2021

Oct 4, 2021

Kiwibank Limited Level 9, 20 Customhouse Quay, Private Bag 39888, Wellington 5045

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NZX Release

4 October 2021

Moody’s upgrades Kiwibank Limited’s subordinated notes to Baa2(hyb) (ticker code KWB010)

Moody's Investors Service has upgraded Kiwibank Limited's NZD275 million subordinated notes ( Notes ) to Baa2(hyb) from Baa3(hyb).

The rating has been upgraded given that, from 1 October 2021 (the Transition Date), terms requiring the notes to be written off upon the occurrence of a non-viability trigger event no longer apply.

The Notes were issued in contemplation of changes being made to the RBNZ’s capital rules, under new Banking Prudential Requirements, which came into effect on 1 October 2021.

Geoff Martin Head of Funding ENDS