Kiwibank Limited — Capital/Financing Update 2021

Oct 21, 2021

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QUOTATION NOTICE: NZX DEBT MARKET KIWIBANK LIMITED (“KWBHA”) PERPETUAL PREFERENCE SHARES

Company: Kiwibank Limited (“KWB”) Security Code: KWBHA ISIN: NZKIWD0001S3 Details of Issue: 250,000,000 Opening Date: 18 October 2021 Closing Date: 12:00pm, 21 October 2021 Rate Reset Date: 2 November 2026 and each 5-year anniversary of that date Distribution Rate: 4.93% per annum Distribution Payment Dates: 2 February, 2 May, 2 August, and 2 November Date of First Distribution 2 February 2022 Payment: First Distribution Paid To: Holder on Record Date Record Date: 10 calendar days before the Distribution Payment Date or as otherwise prescribed by the NZX Listing Rules, or if not prescribed by the NZX Listing Rules, a date determined by Kiwibank and notified to NZX.

Minimum Application Amount: NZ$5,000 Minimum Holding: NZ$5,000 Minimum Transferable Amount: No transfer of any part of a Holder's holding may be effected if such transfer would result in the transferor or the transferee holding or continuing to hold a Non-marketable Parcel of PPS. "Non-marketable Parcel of PPS" means a parcel of PPS registered in the same name or same joint names, the aggregate Issue Price of which is less than NZ$5,000 or is not a multiple of NZ$1,000.

Face Value: NZ$1.00 per security Lead Manager: Bank of New Zealand, Craigs Investment Partners Limited, Forsyth Barr Limited Trust Deed Dated: N/A Issue Date: 2 November 2021 Registrar: Link Market Services Limited (LNKT)

NZX Limited, Level 1, NZX Centre, 11 Cable Street, PO Box 2959, Wellington 6140, New Zealand Tel +64 4 472 7599, www.nzx.com

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Settlement Status:

Expected Commencement of Trading on the NZX Debt Market:

NZCDC Settlement System

3 November 2021

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Mark Peterson Chief Executive Officer NZX Limited

21 10 2021

NZX Limited, Level 1, NZX Centre, 11 Cable Street, PO Box 2959, Wellington 6140, New Zealand Tel +64 4 472 7599, www.nzx.com