Kiwibank PPS - initial Distribution Rate set

17 October 2024 Media Release KIWIBANK LIMITED PERPETUAL PREFERENCE SHARE OFFER – DISTRIBUTION RATE FOR FIRST 5 AND A HALF YEARS SET Kiwibank Limited (Kiwibank) has set the Distribution Rate for the first 5 and a half years, until the First Optional Redemption Date (24 April 2030), of its $275 million perpetual preference shares (PPS) issue at 7.38% per annum. This equals the sum of the Swap Rate plus the Margin of 3.70% per annum. On the First Optional Redemption Date, the Distribution Rate will change to a floating rate that resets at quarterly intervals. The Distribution Rate will be equal to the sum of the 3 Month Bank Bill Rate (a benchmark interest rate for a 3 month period) plus the same Margin. The PPS are expected to be issued on 24 October 2024 and quoted on the NZX Debt Market on 25 October 2024 under the ticker code KWBHB. A copy of the final terms sheet (updated for the Distribution Rate set out above) will be available on the NZX shortly. Details of the offer and the PPS are contained in the Limited Disclosure Document (LDD), which is available on the Disclose Register at www.disclose-register.companiesoffice.govt.nz/ under offer number OFR13831. For further information and a copy of the LDD, please contact a Joint Lead Manager or your usual financial advice provider. Joint Lead Managers Bank of New Zealand 09 375 1391 Craigs Investment Partners Limited 0800 272 442 Forsyth Barr Limited 0800 367 227 Ends