Kiwi Capital Funding Limited Perpetual Capital Note Offer

Kiwi Capital Funding Limited Perpetual Capital Note Offer – Interest Rate Set

Kiwi Capital Funding Limited (KCFL) has today announced that the bookbuild for its Perpetual Capital Note offer has completed and confirmed that $150 million has been reserved for clients of participants in the bookbuild process who have received firm allocations.

The Margin for the Perpetual Capital Notes has been set at 3.65% per annum and the interest rate will be 7.25% per annum for the first five years until the first reset date of 27 May 2020. Interest on the Perpetual Capital Notes is scheduled to be paid quarterly but will not be paid if conditions are not met and may change in certain other circumstances. If an interest payment is not paid for any reason, it will never be paid.

The offer opens on Monday 4 May and closes on Friday 22 May at 5pm. Investors will be paid early bird interest on the Perpetual Capital Notes at 4.5% per annum from the time their application money is banked. Investors are therefore encouraged to lodge their applications as soon as possible to take advantage of this.

To obtain KCFL’s Investment Statement for the Perpetual Capital Notes, investors should contact one of the Joint

Lead Managers to the offer (listed below) or their usual financial adviser.

• Deutsche Craigs 0800 226 263

• Forsyth Barr 0800 367 227

• Macquarie 0800 742 737

The Perpetual Capital Notes are complex securities and riskier than a bank deposit. They are not call deposits or term deposits with KCFL or Kiwibank and may not be suitable for many investors. The Perpetual Capital Notes are

perpetual, non-cumulative, unsecured, subordinated securities. The Perpetual Capital Notes are not guaranteed by Kiwibank, the Government or any other person.

ENDS

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