Capital Change Notice and Appendix 3B

Kathmandu Holdings Limited provides the attached Capital Change Notice pursuant to Listing Rule 3.13.1 and Appendix 3B. This notice and the Appendix 3B relate to the issue of 11,272,761 ordinary shares in partial satisfaction of the consideration payable by Barrel Wave Holdings Limited (a wholly owned subsidiary of Kathmandu Holdings Limited) to the vendors of Rip Curl Group Pty Limited for the acquisition of 100% of the shares in Rip Curl Group Pty Limited. The issue price per security is AUD$2.71, being the AUD equivalent of NZD$2.95, the theoretical ex-rights price on 30 September 2019. End CA:00343578 For:KMD Type:SECISSUE Time:2019-10-31 17:01:46