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Kiwibank Subordinated Bond Offer

MEDIA RELEASE


13 November 2012

Kiwibank Subordinated Bond Offer

Kiwibank Limited has today announced that the bookbuild for its Subordinated Bond offer has been well received by investors, and confirmed that the whole offer amount of $150 million has been reserved for clients of participants in the bookbuild process who have received firm allocations. There will be no public pool.

Kiwibank has set the interest rate and margin for the Subordinated Bonds. The interest rate will be 5.80% per annum for the first five years until the rate reset date of 15 December 2017 and the margin is 2.77% per annum.

The offer opens on Wednesday 14 November and closes on Wednesday 5 December at 5pm. Investors will be paid early bird interest on the Subordinated Bonds at 5.80% 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 Kiwibank’s Investment Statement for the Subordinated Bonds, investors should contact one of the Joint Lead Managers or Co-Managers to the offer (listed below) or talk to their usual financial adviser.

• Craigs Investment Partners Limited (Arranger and Joint Lead Manager) 0800 226 263

• Kiwibank Limited (Joint Lead Manager) 0800 756 829

• ANZ (Co-manager) 0800 269 476

• Forsyth Barr Limited (Co-manager) 0800 367 227

ENDS

All applicants will need to complete the application form that accompanies the Investment Statement. Applications will not be accepted until the opening date for the offer. The minimum holding for the Subordinated Bonds is 5,000 Subordinated Bonds and applications must be for a minimum of $5,000 and in multiples of $1,000 thereafter. You should read the whole of the Investment Statement before deciding whether to apply for Subordinated Bonds.

Additional information about Kiwibank is contained or referred to in Kiwibank’s latest Disclosure Statement & Annual Report available free of charge from Kiwibank’s website www.kiwibank.co.nz or any branch of Kiwibank.


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