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Reserve Bank of New Zealand preliminary decision on Kiwibank’s convertible capital instruments held by Kiwi Capital Funding Limited – statement from Shareholders of Kiwibank

Further to the Kiwi Capital Funding Limited (KCFL) announcement regarding the Reserve Bank of New Zealand (RBNZ) preliminary decision in respect of capital issuances from Kiwibank to KCFL, the shareholders of Kiwibank, NZ Post, the New Zealand Superannuation Fund and the Accident Compensation Corporation confirm their support as long term shareholders. The RBNZ preliminary decision does not in any way impact the growth opportunities of the bank and all shareholders continue to support those opportunities. In the event that the RBNZ determines that the issuances to KCFL are not fully compliant, the Shareholders will ensure that the bank will be in no worse capital position than if the RBNZ had not changed the treatment of the capital.