Kiwibank Limited — Capital/Financing Update 2021

Oct 21, 2021

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21 October 2021

Media release

KIWIBANK LIMITED PERPETUAL PREFERENCE SHARE OFFER – MARGIN AND DISTRIBUTION RATE SET

Kiwibank Limited ( Kiwibank ) has today announced that the bookbuild for its offer of perpetual preference shares ( PPS ) has been completed and confirmed that $250 million has been reserved for clients of those participants in the bookbuild process who have received firm allocations.

The Margin for the PPS has been set at 2.60% per annum and the Distribution Rate for the first five years at 4.93% per annum. For so long as the PPS remain outstanding, the Distribution Rate will be reset at five-yearly intervals to be equal to the applicable Swap Rate and the same Margin.

The Issue Date for the PPS is 2 November 2021. The PPS are expected to be quoted on the NZX Debt Market under the ticker code KWBHA on 3 November 2021.

Details of the offer and the PPS are contained in the Product Disclosure Statement, available at www.kiwibank.co.nz/about-us/governance/investor-centre/kiwibank-capitalinstruments/ and on the online Disclose Register maintained by the Companies Office (www.business.govt.nz/disclose offer number OFR13177) or by contacting one of the Joint Lead Managers or the Co-Manager to the offer (listed below) or your usual financial adviser.

Joint Lead Managers

Bank of New Zealand

Craigs Investment Partners Limited

0800 284 017 0800 226 263 Forsyth Barr Limited 0800 367 227

Co-Manager

JBWere (NZ) Pty Limited

0800 555 555

Ends

Enquiries:

Geoff Martin Kara Tait Head of Funding External Communications Manager +64 4 439 6932 +64 27 475 3521 geoff.martin@kiwibank.co.nz kara.tait@kiwibank.co.nz