Kiwibank Limited announces indicative pricing for perpetual preference share offer

Kiwibank Limited (Kiwibank) has announced an offer of up to $250 million of perpetual preference shares (PPS) to New Zealand investors. The offer will raise Additional Tier 1 Capital to help Kiwibank meet its regulatory capital requirements.

The offer opens today, 18 October 2021, and is expected to close at 12:00pm on 21 October 2021.

The indicative Margin range for the PPS is 2.60% to 2.80% per annum. The actual Margin (which may be above or below the indicative Margin range) and the initial Distribution Rate for the first five years will be set following a bookbuild process on 21 October 2021, and will be announced by Kiwibank shortly thereafter and available at www.kiwibank.co.nz/about-us/governance/investor-centre/kiwibank-capital-instruments/. 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.

Distributions on the PPS are scheduled to be paid quarterly but are discretionary and will not be paid if certain conditions are not met. If a distribution is not paid for any reason, it will never be paid.

The PPS are expected to be issued on 2 November 2021 and quoted on the NZX Debt Market on 3 November 2021.

Details of the offer and the PPS are contained in the Product Disclosure Statement, available 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

Co-Manager

0800 555 555


Enquiries:

Geoff Martin, Head of Funding - 04 439 6932, geoff.martin@kiwibank.co.nz

Kara Tait , External Communications Manager - 027 475 3521, kara.tait@kiwibank.co.nz