Updated Investor Presentation

Kathmandu Holdings
1H FY20 Results and Equity Raising
Presentation

Important Notice and Disclosure
2
Disclaimer
This presentation has been prepared by Kathmandu Holdings Limited (NZ company number 2334209, ARBN 139 836 918, ticker KMD (NZX and ASX)) (the “Company”) and is dated 1 April 2020. This
presentation has been prepared to provide: (i) additional comment on the financial statements of the Company for the 6 monthsended 31 January 2020, and accompanying information, released to the
market on the same date (and should be read in conjunction with the explanations and views in those documents); and (ii) information in relation to the placement and accelerated entitlement offer of new
shares in the Company (the “New Shares”) under clause 19 of Schedule 1 of the Financial Markets Conduct Act 2013 (“FMCA”) andsection 708AA of the Corporations Act 2001 (Cth) (as modified by
ASIC Corporations (Non-Traditional Rights Issues) Instrument 2016/84 and ASIC Instrument 19-0895).
Information
This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The information in this presentation is of a general nature and
does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating apossible investment in the Company or that would be required in a product
disclosure statement under the FMCA or a prospectus under the Corporations Act 2001 (Cth). The historical information in this presentation is, or is based upon, information that has been released to NZX
Limited (“NZX”) and/or ASX Limited (“ASX”). This presentation should be read in conjunction with the Company’s annual report,market releases and other periodic and continuous disclosure
announcements, which are available at www.nzx.com and www.asx.com.au or https://www.kathmanduholdings.com.
Any decision to acquire New Shares should be made on the basis of the separate offer document to be lodged with NZX (the “Offer Document”). Any Eligible Shareholder who wishes to participate in the
offer should review the Offer Document and apply in accordance with the instructions set out in the Offer Document and Entitlement and Acceptance Form accompanying the Offer Document or as
otherwise communicated to the shareholder. This presentation and the Offer Document do not constitute an offer, advertisementorinvitation in any place in which, or to any person to whom, it would not
be lawful to make such an offer, advertisement or invitation.
Not financial product advice
This presentation is for information purposes only and is not financial or investment advice or a recommendation to acquire the Company’s securities, and has been prepared without taking into account
the objectives, financial situation or needs of prospective investors. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to
their own objectives, financial situation and needs and consult a financial adviser, solicitor, accountant or other professionaladviser if necessary.
Past performance
Any past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. No representations or
warranties are made as to the accuracy or completeness of such information.
Future performance
This presentation includes certain “forward-looking statements” about the Company and the environment in which the Company operates, such as indications of, and guidance on, future earnings and
financial position and performance. Forward-looking information is inherently uncertain and subject to contingencies, known and unknown risks and uncertainties and other factors, many of which are
outside of the Company’s control, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. A number of important factors could
cause actual results or performance to differ materially from the forward-looking statements. No assurance can be given that actual outcomes or performance will not materially differ from the forward-
looking statements. The forward-looking statements are based on information available to the Company as at the date of this presentation. Except as required by law or regulation (including the Listing
Rules), the Company undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise.

Important Notice and Disclosure (cont.)
3
Non-GAAP financial information
Certain financial information included in this presentation is non-GAAP financial information. This non-GAAP financial information is not audited, and caution should be exercised as other companies may
calculate these measures differently. The non-GAAP financial information includes pro forma financial information to which certain adjustments have been made.
Kathmandu Holdings Limited’s financial information has been prepared in accordance with Generally Accepted Accounting Practice. It complies with the New Zealand Equivalents to International Financial
Reporting Standards (NZ IFRS) and other applicable Financial Reporting Standards, as appropriate for profit oriented entities. Kathmandu’s financial statements also comply with International Financial
Reporting Standards (IFRS).
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distribution of this presentation in other jurisdictions outside New Zealand or Australia may be restricted by law, and persons into whose possession this presentation comes should observe any such
restrictions. Any failure to comply with such restrictions may violate applicable securities laws. See the “Foreign Selling Restrictions” section of this presentation. None of the Company, any person named
in this presentation or any of their affiliates accept or shall have any liability to any person in relation to the distributionor possession of this presentation from or in any jurisdiction.
Not for distribution or release in the United States
This presentation is not for distribution or release in the United States. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. The
Entitlements and the New Shares have not been, and will not be, registered under the US Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States,
and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration underthe US Securities Act and applicable US state securities laws.
Currency
All currency amounts in this presentation are in NZ dollars unless stated otherwise.
Disclaimer: To the maximum extent permitted by law, each of the Company, the Underwriters, the Lead Managers and their respective affiliates, related bodies corporate, directors, officers, partners,
employees, agents and advisers disclaim all liability and responsibility (whether in tort (including negligence) or otherwise) for any direct or indirect loss or damage which may be suffered by any person
through use of or reliance on anything contained in, or omitted from, this presentation.
Capitalised terms used in this presentation and not otherwise defined have the specific meaning given to them in the Glossary at the backofthe Offer Document.
This presentation has been authorised for release to NZX and ASX by the Company’s Board of Directors.

Group Vision
4
Kathmandu,Oboz and
Rip Curl to retain their
strong brand identities
and cultural values
Kathmandu, Oboz and
Rip Curl to retain
operational ownership
of their respective
businesses
Kathmandu, Oboz and
Rip Curl to leverage
respective strengths
and build on each
other’s competitive
advantages over time
Maintain brand affinity and cultural alignment while
leveraging capabilities and delivering synergies

»Rip Curl total sales +3.7% on a comparable basis for three
months of ownership: direct to consumer +4.8%, and
wholesale +1.8%
»Outdoor segment total sales +0.4% at constant exchange
rates, with same store sales +1.5%
Trading
Earnings
»Underlying EBITup 46.5% to $29.0m, with Rip Curl
contributing NZ$15.7m in the three months since
acquisition
»Operating leverage achieved through channel
diversification
Online
»Rip Curl online comparable sales +19.5%, comprising 6.5%
of total direct to consumer sales
»Kathmandu online comparable sales +33.1%, comprising
11.1% of total direct to consumer sales over the last 12
months
5
Rip Curl
»Diversification strategy showing early benefits, with the Rip
Curl surf focus helping to balance out the Kathmandu
business
1H FY20 Financial
Highlights

»Successful completion of the Rip Curl acquisition,
including NZ$145m equity raising and syndication of
A$375m debt facility
»The Rip Curl acquisition has created a more diversified
Group, consisting of three iconic, inspirational, and
authentic brands with strong financial fundamentals, highly
credible and technical products, and loyal customers
»Key work streams have been identified to:
»Realise synergies in sourcing, supply chain, and
systems over the medium-term
»Leverage respective strengths and competitive
advantages
Rip Curl
Acquisition
1H FY20 Operational
Highlights
6
Sustainability
»Installed solar power at our Blackburn Victoria store,
demonstrating progress towards our target of net zero
environmental harm from business operations by 2025
»Donated over $100,000 to the Red Cross Australian
Bushfire appeal, with Kathmandu matching donations
from customers
»Launched our “Best for the World” 2025 Sustainability
plan to customers and staff. Customer awareness of the
Kathmandu sustainability program has increased 9%
year on year (Tru Rating)

COVID-19 Impact and Response
7

COVID-19 Impact
8
Performance
»COVID-19 had minimal impact on earnings in 1H FY20
»While there is uncertainty around the extent of the effects on our business and operations, there will be a material adverse impact to 2H FY20 earnings
Stores
»All New Zealand stores and distribution centres were closed with effect from 24 March for at least 4 weeks and Australian stores were closed with effect from 27 March (276
stores in aggregate)
»Rip Curl has had 18 stores in Europe closed since 15 March, 28 stores in North America closed since 15 March and 3 stores in Brazil closed since 19 March
»2 stores outside of these regions are still operating, however these may close within the next 3 months
»Online retail in Australia, Europe and the USA continues, however online distribution in New Zealand has been suspended
People
»In New Zealand, team members affected by the store closures are expected to have access to government wage assistance as outlined on page 9
»In Australia, retail store and head office staff with the exception of a skeleton crew were stood down, with access to government assistance and leave entitlements
»In Europe, Rip Curl has stood down a majority of team members and is receiving government support as outlined on page 9
»In North America, employment is largely on an “at will” basis allowing for efficient right-sizing of the business in that region
Working
capital
»Key suppliers remain operational
»Rip Curl benefits from alternating seasons, with ability to reroute products
»Prolonged foreign currency impact on hedge contracts currently being placed may increase the cost of products sold in FY21
»No impact on accounts receivable has been experienced and only one major customer has requested extended payment terms
Health and
safety
»Ongoing monitoring of team member health with anyone showing symptoms or having been in contact with a confirmed case required to self-isolate
»All major Head Offices are closed with staff working from home
COVID-19 is expected to have a material adverse impact on our operations and financial performance

Response to COVID-19
9
Supply chain
»Sufficient inventory levels are currently held for the forthcoming season for all brands, assisted by the longer lead time oftechnical product categories
»Where possible, delaying and cancelling existing inventory orders based on reduced levels of expected demand
»All brands focussed on core, non-seasonal products
Leases
»Engaging with our landlord partners to achieve a fair outcome which sees our rental costs aligned to our sales performance
»In Europe, Rip Curl is expected to benefit from force majeure clauses
Other
expenditure
»Cancelling or deferring all non-essential operating expense and capital projects which includes store refurbishments and plannedERP spend across the Group
»The Group has minimal committed capital expenditure which has largely been put on hold
»This is expected to result in NZ$8m of savings in FY20
»All operating expenses have been challenged aggressively for potential savings
Distribution
»Our channel agnostic approach and online fulfilment capabilities will help our brands maintain the high levels of customer service and the continuity of our distribution network
»Importantly, we are maintaining delivery capacity wherever possible
»We have put in place initiatives such as free delivery on all online orders
Management and the Board are taking decisive action to address the impacts of COVID-19 and maintain business continuity, while ensuring the health and safety of our team and
customers remains our highest priority
People
»Utilising government wage subsidies in New Zealand and Europe, significantly offsetting labour costs
»In New Zealand, applications are underway to access the government wage subsidy for employees
»In France, the base of Rip Curl’s European operations, and other European countries, employers are able to temporarily release staff while government funds the majority
of employee’s salaries
»Continuing to use similar schemes in other locations as they become available
»Ceasing the use of casual staff in retail networks and warehouses in all regions in response to reduced demand in recent weeks
»Senior management across all brands have agreed to take a 20% salary reduction until further notice
»Consulting with employees around options for team members to continue on a reduced hours and salary basis
»Undertaking a significant restructuring program for head office functions which is expected to result in NZ$15m of cost-outs across the Group based on initial estimates

Group Results
10

Group Result: Overview
Note: Rounding differences may arise in totals, both $ and %
1.1H FY20 Statutory results include the impact of IFRS 16 leases. For comparability, the impact of IFRS 16 is excluded from Underlying results.Refer to Appendix 1 for a reconciliation of Statutory to Underlying results
2.1H FY20 NZD/AUD conversion rate 0.955 (1H FY19: 0.938), 1H FY20 NZD/GBP conversion rate 0.508 (1H FY19: 0.525), 1H FY20 NZD/USD conversion rate 0.641 (1H FY19 0.663)
3.1H FY19 sales are re-stated net of Summit Club vouchers issued. Refer to Appendix 1 for a reconciliation of Statutoryto Underlying results
4.$10.3m has been incurred during 1H FY20 in relation to the acquisition and integration of Rip Curl, including establishment of anew Groupstructure. Abnormal income of $1.1m in 1H FY19 was from a tax refund
relating to the GST treatment of reward vouchers ($0.8m after tax). Refer to Appendix 1 for a reconciliation to Statutory financial statements
11
»Rip Curl has contributed NZ$15.7m to
group underlying EBIT result in the three
months since acquisition
»Operating leverage achieved through
channel diversification following the Rip
Curl acquisition
KATHMANDU GROUP
IFRS 16
*1
Pre IFRS 16
*1
NZ$m
*2
1H FY201H FY201H FY19Var $Var %
SALES
*3
363.7363.7229.0134.758.8%
GROSS PROFIT218.9218.9141.977.054.3%
Gross margin60.2%60.2%62.0%
OPERATING EXPENSES(140.2)(178.4)(114.3)(64.1)56.1%
% of Sales38.6%49.1%49.9%
EBITDA (UNDERLYING)78.740.527.612.946.7%
EBITDA margin %21.6%11.1%12.1%
EBIT (UNDERLYING)34.129.019.89.246.5%
EBIT margin %9.4%8.0%8.6%
Transaction Costs & Abnormals
*4
(10.3)(10.3)1.1
EBIT23.818.720.9(2.2)(10.5%)
NPAT8.17.714.0(6.3)(45.0%)

Group Result: Segment Summary
12
»Outdoor segment includes both Kathmandu and Oboz brands
»Outdoor segment lower gross marginyear on year has led to a
decrease in EBIT
»Surf segment contains the Rip Curl brand, including the Ozmosis
group of multi-brand surf stores operated by Rip Curl in Australia
»Corporate costs include director and listing costs, plus amortisation
of Oboz and Rip Curl customer relationships
»Gross Profit $ mix charts below include onlythree months of Rip
Curl contribution since acquisition
Note: Rounding differences may arise in totals, both $ and %
1.Refer to Appendix 2 for a reconciliation of Statutory to Underlying segment Sales andEBIT
Kathmandu Holdings Group Gross Profit $ Mix 1H FY20
Retail
stores
75%
Online
8%
Wholesale
15%
Other
2%
BY
CHANNEL
AU & NZ
78%
North
America
13%
Europe
3%
Rest of World
6%
BY
REGION
Kathmandu
57%
Rip Curl
37%
Oboz
6%
BY
BRAND
1H FY20
1H FY19
Var $
Var %
NZ$m
NZ$m
Outdoor segment sales
228.7


229.0


(0.2)


(0.1%)
Surf segment sales
134.9


-


Total Segment Sales
363.7
229.0
134.7
58.8%
Outdoor segment Underlying EBIT
15.5


21.7


(6.2)


(28.5%)
Surf segment Underlying EBIT
15.7


-


Total Segment Underlying EBIT
31.2
21.7
9.5
44.0%
Corporate Costs
(2.2)


(1.9)


(0.3)


17.2%
Group Underlying EBIT
29.0
19.8
9.2
46.5%

Group Result: Balance Sheet
13
Note: Rounding differences may arise in totals, both $ and %
1.1H FY20 key ratios calculated using 12 month rolling P&L measures, including a full 12 months of Rip Curl P&L results, and excluding transaction costs. 1H FY19 key ratios as reported for Kathmandu last year
2.Net Debt / EBITDA
3.Net Debt / (Net Debt + Equity)
4.EBIT / (Net Debt + Equity)
5.(EBITDA + Rent) / (Rent + Net Finance Costs excl. FX)
6.COGS / Average Inventories YOY
Balance Sheet (NZD $m) as at 31 January
1H FY20
1H FY19
Inventories
254.6


130.1


Property, plant and equipment
93.1


60.9


Right of Use Asset (IFRS 16)
309.7


-


Intangible assets
634.8


384.6


Other assets
105.7


37.7


Total assets (excl. cash)
1,397.9


613.3


Net interest bearing liabilities and cash
(273.2)


(79.2)


Lease Liability (IFRS 16)
(344.8)


-


Other non-current liabilities
(55.9)


(48.7)


Current liabilities
(144.0)


(83.8)


Total liabilities (net of cash)
(817.9)


(211.7)


Net assets
580.0


401.6


Key Ratios
*1
1H FY20
1H FY19
Leverage Ratio
*2
1.92x
0.85x
Net Debt to Equity
*3
32.0%
16.5%
ROIC
*4
13.4%
16.1%
Fixed Charge Cover
*5
2.02x
2.28x
Stock Turns
*6
1.77x
1.84x
(NZ$m) as at 31 January

Group Result: Cash Flow
14
»For consistency between periods, 1H FY20 adjusted operating
cash flows are reduced by the principalelement of right-of-use
lease payments ($34.3m), which are classified as financing rather
than operating cash flows in the IFRS 16 statutory accounts
»Increase in net interest paid and increase in borrowings dues to
the Rip Curlacquisition
»Capital expenditure includes $3.4m for Rip Curl
Cash Flow (NZD $m)
1H FY20
1H FY19
NPAT
8.1
14.0
Change in working capital
(9.9)
(39.8)
Change in non-cash items
22.6
9.6
Adjusted operating cash flow
*1
20.9
(16.2)
Key Line Items:
Net interest paid (including facility fees)
*2
(2.5)
(1.4)
Income taxes paid
(15.9)
(15.3)
Capital expenditure
(10.6)
(7.0)
Dividends paid
(27.2)
(24.8)
Increase/(Decrease) in borrowings
290.8
44.6
1.Adjusted for impacts of adopting IFRS 16
2.1H FY20 net interest paid excludes $4.5m notional interest on IFRS 16 lease liabilities, to improve comparability between periods
(NZ$m)

Outdoor Segment
15

Outdoor Segment: Kathmandu and Oboz Profit & Loss
16
»Sales growth +0.4% at constant exchange
rates
»Gross margin impacted by higher input costs
as a result of foreign currency, increased mix
of clearancesales, and increasedmix of
North America wholesale
Outdoor Gross Profit $ Mix 1H FY20
Retail
stores
81%
Online
9%
Wholesale
10%
BY
CHANNEL
AU & NZ
89%
North
America
10%
Europe
1%
BY
REGION
Kathmandu
90%
Oboz
10%
BY
BRAND
OUTDOOR SEGMENTPre IFRS 16
NZD $m1H FY201H FY19Var $Var %
SALES228.7229.0(0.2)(0.1%)
GROSS PROFIT138.2141.9(3.7)(2.6%)
Gross margin60.4%62.0%
OPERATING EXPENSES(114.8)(112.8)(2.0)1.8%
% of Sales50.2%49.3%
EBITDA (UNDERLYING)23.429.0(5.6)(19.4%)
EBITDA margin %10.2%12.7%
EBIT (UNDERLYING)15.521.7(6.2)(28.5%)
EBIT margin %6.8%9.5%
Note: Rounding differences may arise in totals, both $ and %
NZ$m

Outdoor Segment: Kathmandu and Oboz Sales
17
»Samestore sales by market (at constant exchange rates):
»AU +2.0% with some impact from bush fires and
unusually hot weather
»NZ +0.5% following two years of negative same store
sales
»Onlinecomparable sales +33.1% (at constantexchange rates)
3.8%
3.4%
-0.8%
0.0%
1.5%
1H FY161H FY171H FY181H FY191H FY20
Same Store Sales
*1
Same Store Sales +1.5%
Total Sales +0.4% at constant rates
»Total sales by market (at constant exchange rates):
»AU -0.9%: 3 stores closed since 1H FY19 as part of ongoing
network optimisation
»NZ +0.5%
»Rest of World +6.1%: including Oboz +10.4%, and initial
orders for Kathmandu North America
»Online 11.1% of direct to consumer sales over the last 12 months,
up from 9.5% last year
Note: Rounding differences may arise in totals, both $ and %
1.Same store sales are measured at constant exchange rates. 1H FY20 same store sales are for the 26 full weeks ended 26 January 2020
Total Sales (NZD $m)
1H FY20
1H FY19
Var %
Direct to Consumer
198.1
199.2
(0.6%)
Wholesale
31.8
29.8
7.0%
Total Sales at Constant Rates
230.0
229.0
0.4%
Exchange rate translation impact
(1.2)
Total Outdoor Segment Sales
228.7
229.0
(0.1%)
(NZ$m)

Outdoor Segment: Kathmandu and Oboz Gross Margin
18
62.1%
63.9%
62.0%
60.4%
Outdoor Total
1H
FY20
1H
FY19
1H
FY18
1H
FY17
»Kathmandu gross margin -120 bps(-1.2%)
below last year due to:
»Higher input costs as a result of
foreign currency
»Clearance sales mix higher than last
year
»Kathmandu gross margin above the long-
term target range 61% to 63%
»Higher input costs as a result of foreign
currency are expected to continue through
2H FY20 and FY21
»Mitigating actions: sourcingnegotiations,
product newness, price action, and
improved stock control
62.1%
63.9%
65.2%
64.0%
Kathmandu
1H
FY20
1H
FY19
1H
FY18
1H
FY17
39.3%
39.6%
Oboz
1H
FY20
1H
FY19
1H
FY18
1H
FY17
Note: Rounding differences may arise in totals, both $ and %
1.1H FY20 Statutory sales are presented net of Summit Club vouchers issued. To improve comparability, all prior year gross margins
have been re-presented based on sales net of Summit Club vouchers issued

Oboz:Profit & Loss
19
»Total sales growth +10.4% while cycling a major product launch last year.
Next major product launch shipping from June 2020
»Operating expenses increased due to new investments in:
»A new third party distribution facility with improved capability to future-
proof the Oboz and Kathmandu North America businesses
»Brand and product to increase focus on growing brand equity and
new product development
OBOZ
USD $m
1H FY20
1H FY19
Var $
Var %
SALES
21.3
19.3
2.0
10.4%
GROSS PROFIT
8.5
7.6
0.8
11.1%
Gross margin
39.6%
39.3%
OPERATING EXPENSES
(5.2)
(4.4)
(0.8)
18.2%
% of Sales
24.3%
22.7%
EBITDA (UNDERLYING)
3.3
3.2
0.0
1.5%
EBITDA margin %
15.3%
16.7%
EBIT (UNDERLYING)
3.2
3.1
0.0
0.8%
EBIT margin %
14.8%
16.2%
Note: Rounding differences may arise in totals, both $ and %
US$m

Surf Segment
20

Surf Segment:Rip Curl Profit & Loss
21
»Rip Curl has contributed NZ$15.7m to Group Underlying EBIT result in the three months since acquisition
»Three months of ownership to date include the important Christmas trading period
SURF SEGMENT (NZD $m)
Pre IFRS 16
Three months since acquisition
Nov 19 to
Jan 20
SALES
134.9
GROSS PROFIT
80.7
Gross margin
59.8%
OPERATING EXPENSES
(62.3)
% of Sales
46.2%
EBITDA (UNDERLYING)
18.4
EBITDA margin %
13.7%
EBIT (UNDERLYING)
15.7
EBIT margin %
11.6%
Rip Curl Gross Profit $ Mix (last 12 months)
Retail
stores
51%
Online
5%
Wholesale
40%
Other
4%
BY
CHANNEL
AU & NZ
44%
North
America
23%
Europe
15%
Rest of
World
18%
BY
REGION
Note: Rounding differences may arise in totals, both $ and %
(NZ$m)

Surf Segment: Rip Curl Sales vs comparable 3 months last year
22
Total Sales +3.7%
*1
»Total sales by market (at constant exchange rates):
»AU & NZ +3.2%
»Rest of World +4.5%: North America performed particularly
strongly
»Online 6.5% of direct to consumer sales over the last 3 months,
up from 6.0% last year
»Same store sales +2.7% (at constant exchange rates) for the 12
full weeks of ownership from 4 November 2019 to 26 January
2020
»Online comparable sales +19.5% (at constant exchange rates) for
the same period
Note: Rounding differences may arise in totals, both $ and %
1.Totalsales per Rip Curl management accounts for the three months since acquisition: Nov 19 to Jan 20,
compared to the management account results for the equivalent three months last year. Revenue from 18
Australian ex-joint venture stores reported as direct to consumer this year, and wholesale sales last year
2.Statutoryadjustments include$1.2m revenue from the New Zealand joint venture stores, plus a presentation
adjustment for service centre income this year. Statutory accounts were not prepared for the equivalent three
month period last year
Total Sales (AUD $m)
Nov 19 to
Jan 20
Nov 18 to
Jan 19
Var %
Direct to Consumer
86.0
82.0
4.8%
Wholesale
39.6
38.9
1.8%
Other
2.0
2.0
Total Sales (Comparable)
*1
127.5
123.0
3.7%
Statutory adjustment
*2
1.3
Total Surf Segment Sales
128.8
123.0
4.8%
(A$m)

Equity Raising
23

Strengthening Group Balance Sheet and Liquidity Position
24
1.Pro forma liquidity as at 31 January 2020, which consists of committed undrawn multi-option facility plus cash on balance sheet post settlement of the underwritten Placement and Entitlement Offer (net of fees and expenses)
Overview of
Actions Being
Taken
»A large number of initiatives have already been undertaken covering distribution, supply chain, leases, various operating and capital
expenditure, and people. In addition to these changes, the Group is taking pre-emptive action to ensure it remains strongly capitalised
during the current market uncertainties with sufficient liquidity to maintain its strong position across all brands:
»Suspending the Group’s dividend until trading conditions improve. This includes the Group’s interim dividend for the half year
ending 31 January 2020
»Working with existing banking group, which has provided a covenant waiver for the periods ending 31 July 2020 and 31 January
2021, and a relaxation of certain covenants for the period ending 31 July 2021, subject to successful completion of a minimum
NZ$150 million equity raising
»Executing a fully underwritten NZ$207 million Equity Raising
Strengthening
Balance Sheet and
Liquidity Position
»The Group has launched an Equity Raising comprising a fully underwritten NZ$30 million placement (Placement) and a fully
underwritten NZ$177 million pro-rata accelerated entitlement offer (Entitlement Offer)
»The proceeds of the Equity Raising will be used to deleverage the Group’s balance sheet and provide liquidity and funding formedium-
term operating requirements (including estimated redundancy costs). Refer to the following page for details on planned uses of funding
and the Group’s pro forma capitalisation
»Post the Equity Raising, the Group:
»Will have total liquidity of NZ$315million
*1
, with no debt maturities prior to November 2022
»Expects to have sufficient liquidity to cover payments and meet the capital requirements of the Group for at least the next 12
months based on conservative assumptions
»Expects to be in a position to meet its amended covenant test for the period ending 31 July 2021

Summary of Sources & Uses and Pro Forma Capitalisation
25
SourcesNZ$mA$mUsesNZ$mA$m
Newequity
207200
Paydown of existing debt
8683
Cashto balance sheet
115111
Transaction costs and financing fees
77
Total Sources207200Total Uses207200
Current (asat 31 January 2020)Proforma (asat 31 January 2020)
LimitDrawnLimitDrawn
Proforma capitalisationNZ$mNZ$mx LTMEBITDA
*2
NZ$mNZ$mx LTM EBITDA
*2
FacilityA: Term Loan Facility
2282281.6x2282281.6x
Facility B:Revolving Multi-Option Facility
160860.6x160––
TotalDebt
3883132.2x3882281.6x
Cash on balancesheet
400.3x1551.1x
NetDebt2731.9x730.5x
Sources & Uses of Funding
*1
Pro Forma Capitalisation
*1,3
Note: Rounding differences may arise in totals
1.Based on a NZD/AUD conversion rate 0.966
2.Calculated using 12 month rolling P&L measures, including a full 12 months of Rip Curl P&L results, and excluding transaction
costs
3.Revolving Multi-Option Facility includes $20m guarantee facility of which $16m is drawn
The Group expects a material decline in earnings for 2H FY20 and FY20, together with an increase in pro forma Net Debt. The Group has received a covenant waiver for the periods
ending 31 July 2020 and 31 January 2021, and a relaxation of certain covenants for the period ending 31 July 2021, subject to successful completion of a minimum NZ$150 million
equity raising

Equity Raising Details
26
Offer size and structure
»NZ$207 million equity raising (Equity Raising),comprising:
»NZ$30million underwritten placement (Placement); and
»1.2 for 1 pro-rata accelerated entitlement offer to raise approximately NZ$177 million (Entitlement Offer)
»Approximately 414 million new Kathmandu ordinary shares will be issued under the Equity Raising
Offer Price for the
Equity Raising
»NZ$0.50 per new share representing:
»30.2% discount to TERP
*1
of NZ$0.72
»51.0%discount to last closing price of NZ$1.02 as at 30 March 2020
»The Australian Dollar Offer Price for eligible retail shareholders has been set at A$0.49, using prevailing AUD/NZD exchange rate on 31 March 2020
Ranking
»All new shares issued under the Equity Raising will rank equally with existing Kathmandu ordinary shares from date of issue
Underwriting
»The Equity Raising is fully underwritten by the Credit Suisse (Australia) Limited and Jarden Partners Limited (together, the “Arrangers”) and Craigs Investment
Partners Limitedand Forsyth Barr Group Limited on customary terms for an offer of this nature
Institutional
Entitlement Offer
»Eligible institutional shareholders will be invited to take up their entitlements in an accelerated Institutional Entitlement Offer
»The Entitlement Offer is non-renounceable and any entitlements not taken up will lapse
Retail Entitlement Offer
»Eligible retail shareholders in Australia and New Zealand will be sent offer materials and invited to take up their entitlementsin a Retail Entitlement Offer
»Eligible retail shareholders may also apply for additional new shares in excess of their entitlement at the Offer Price
»The rights will not be listed on NZX or ASX and there will be no shortfall bookbuildfor those entitlements not taken up by eligible retail shareholders or the
entitlements of ineligible retail shareholders (the Offer is non-renounceable and any entitlements not taken up will lapse)
Board Support
»The Board of the Group supports the Entitlement Offer, and the non-Executive Directors intend to take up their direct entitlements, to the extent that they are eligible
to participate in the Entitlement Offer
1.TERP is the Theoretical Ex-Rights Price at which Kathmandu ordinary shares would trade immediately after the ex-rights date for the Entitlement Offer. TERP is calculated with reference to Kathmandu’s closing share price of
NZ$1.02 on 30 March 2020 and includes all new shares issued under the Equity Raising. TERP is a theoretical calculation only and the actual price at which Kathmandu ordinary shares will trade immediately after the ex-rights date
for the Entitlement Offer will depend on many factors and may not be equal to TERP

Equity Raising Timetable
27
EventDate
Announcement of Equity Raising
Wednesday, 1 April 2020
Record date for the Entitlement Offer
Friday, 3 April 2020
Institutional Entitlement Offer and Placement
Institutional Entitlement Offer and Placement opens
Wednesday, 1 April 2020
Institutional Entitlement Offer and Placement closes
Wednesday, 1 April 2020
Trading halt lifted and sharesrecommence trading on NZX and ASX on an ‘ex-entitlement’ basis
Thursday, 2 April 2020
ASX settlement
Wednesday, 8 April 2020
NZX settlement, allotmentand commencement of trading of new shares
Thursday, 9 April 2020
Retail Entitlement Offer
Retail Entitlement Offer opens
Monday, 6 April 2020
Offer Document despatched to Eligible Retail Shareholders
Monday, 6 April 2020
Retail Entitlement Offer closesFriday, 17 April 2020
ASX settlement
Thursday, 23 April 2020
NZX settlement,allotment and commencement of trading of new shares on NZX
Friday, 24 April 2020
Commencement of trading of new shares on ASX
Monday, 27 April 2020

Key Risks Relating to the Equity Raising
28
»This Section sets out the key risks Kathmandu has identified relating to the Equity Raising. These risks may affect the future operating
and financial performance of the Group and the value of Kathmandu shares. Please note that this Section does not (and does not purport
to) set out all of the key risks related to an investment in Kathmandu shares or in relation to the Group, its business or general market or
industry risks
»Investors should be aware that the spread of COVID-19, the effect on the global economy and actions taken in response by governments
are likely to have a material adverse effect on the Group, its financial performance and position. It is also likely that there will be further
unforeseen negative impacts as COVID-19 continues to spread. The Group will continue to respond to the challenges facing it, but there
is no certainty as to the severity or likelihood of any such unforeseen impacts arising nor whether any mitigating action will be effective or
can be taken
»Before deciding whether to invest in Kathmandu shares, you must make your own assessment of the risks associated with an investment
in Kathmandu, including the inherent uncertainties as to the impact of COVID-19 noted above, and consider whether such an investment
is suitable for you having regard to publicly available information (including this presentation), your personal circumstances and following
consultation with a financial or other professional adviser

Key Risks Relating to the Equity Raising (cont.)
29
RiskDetails
Storeand demand
risks
»Some of the Group’s stores and customers are located in countries which are heavily affected by the spread of COVID-19. The travel and movement restrictions now in
place across many countries globally have negatively affected the Group’s operations where the majority of its stores and wholesale customers are now closed (whether
due to enforced or voluntary closures)
»Due to the uncertainty regarding the spread of COVID-19 globally, the duration of closures and impacts on future demand, at thistime the Group cannot forecast the
extent to which COVID-19 will impact the business in the second half of this fiscal year. However, there is likely to be a material adverse impact to FY20 earnings
»There is an additional risk that the impacts of COVID-19 could extend beyond FY20 and have a material adverse impact on FY21 earnings
Supply chain risk
»Sufficient inventory levels are in place for the forthcoming season for all brands, assisted by the longer lead time of technical product categories, and a diversified supplier
base. Due to recent work from the Group’s supply chain team in conjunction with key suppliers, the Group is currently not expecting material delays in product availability
for following seasons
»However, there remains a risk that the spread of COVID-19 has an adverse impact on the supply chain of the Group. This could occur if the ability to transport products
between countries is disrupted, the Group’s key suppliers are negatively affected or the Group is otherwise unable to efficiently distribute products to its stores and
customers
»In the event that the supply chain of the Group is disrupted, this may have a material adverse effect on the Group’s operating performance and earnings
Capital sufficiency
risk
»The Group has undertaken a capital sufficiency modelling exercise to assist in determining the size of the Offer. Based on this model, the Group expects to have sufficient
liquidity to cover payments and meet the capital requirements of the Group for at least the next 12 months
»The model is based on what the Group believes to be conservative assumptions as to the impact of COVID-19. However, there remains a risk that the impacts of COVID-
19 are worse than anticipated, that cost-out assumptions cannot be achieved (for example, rent abatements remain under negotiation with landlords), or that collection of
receivables is slower than assumed and bad debts are higher than assumed due to the Group’s exposure to the risk of wholesalecustomers and others being unable to
pay the Group. As a result of these factors the Group may have insufficient liquidity to cover payments or meet its capital requirements. If this occurred, the Group may
need access to additional equity or debt funding, or take other measures that have a material adverse effect on the Group’s operating performance and earnings

Key Risks Relating to the Equity Raising (cont.)
30
RiskDetails
Banking support risk
»The Group is working with its existing banking group and has received a covenant waiver for the periods ending 31 July 2020 and 31 January 2021, and a relaxation of
certain covenants for the period ending 31 July 2021, subject to successful completion of a minimum NZ$150 million equity raising.There remains a risk that the
underwriting agreement is terminated and the Group is unable to successfully complete a minimum NZ$150 million equity raising, as required by the covenant waiver
»The Group’s model, which is based on conservative assumptions, indicates that a waiver for the periods ending 31 July 2020 and 31 January 2021, and a relaxation of
certain covenants for the period ending 31 July 2021 (subject to successful completion of a minimum NZ$150 million equity raising) will provide the Group with sufficient
time to achieve full compliance with its existing covenants. However,there remains a risk that the impact of COVID-19 on the Group is worse than anticipated and may
result in non-compliance with covenants for the period ending 31 July 2021 or otherwise trigger an event of default under the Group’s facilities, and the Group is unable to
obtain further support from its banking group.If this occurred, the Group may need to refinance its existing debt on less favourable terms or take other actions to achieve
compliance with its covenants, which may have a material adverse effect on its operating performance and earnings
General business
disruption risk
»In response to trading conditions the Group has taken and is taking further decisive actions, specifically in reducing operatingexpenses, deferring non-essential capital
projects, optimising labour costs, managing inventory levels and implementing a travel and hiring freeze. The Group will alsolook to access all Government subsidies and
other support that is available to it in the jurisdictions in which it operates. While the Group is carefully considering theactions it takes in response to COVID-19, these
actionsand the impact of COVID-19 on the way businessesoperate generally may negatively affect the ability of the Group to operate effectively, which may in turn have
a material adverse effect on its operating performance and earnings
»In addition, the Group’s trading performance once stores reopen may be worse than anticipated, whether due to demand being slower to return than anticipated, margins
being reduced due to the activity of competitors or the need for greater discounting than usual to attract customers, cost reductions having a negative impact on the
Group’s abilityto recommence operationsquickly and effectivelyor other unforeseen factors. If these factors arise, they may have a material adverse effect on the
Group’s financial position and performance

Strategy
31

Become a global outdoor and action sports company underpinned by iconic brands,
technical products and a focus on sustainability
DIVERSIFY THE
BUSINESS
GROW EACH BRAND
REALISE SYNERGIES
PROMOTE
OUR VALUES
Group Strategy
Build a portfolio of brands that:
a)Provide diversification in
geography, channel to
market, product
category and
seasonality
b)Meet the global year
round needs of outdoor
and action sports
enthusiasts
»Maintain relentless focus on
core customers by delivering
solutions to their needs
»Bring to market technical,
differentiated and
sustainable products
»Create global brands
»Accelerate expansion of the
direct to consumer business
»Deliver synergies in sourcing,
supply chain and systems
»Leverage the complementary
expertise and core
capabilities of each brand
»Capitalise on the existing
infrastructure and wholesale
networks to grow Kathmandu
and Oboz internationally
»Sustainability is ingrained in
everything we do
»We embrace diversity and
inclusion in the workplace
»Building up strong ties with
local communities is in our
ethos
32

Revenue Synergy Opportunities
33
Wholesale doorways
Online
Investments made to
develop strong platform
48 doors in North America
16 doors in Europe
Geographic presence
c. 90% AU & NZ
Global (ANZ, North America, Europe,
SE Asia, Brazil)
Relatively new, underpenetrated
online channel
Leveraging Rip Curl's global wholesale
network and Kathmandu's strong online
capabilities to accelerate revenue growth
Beginning to leverage international wholesale channel at
Kathmandu, notably in the US and Europe
Ability to further improve efficiency of Rip Curl’s store network
c. 1,250 doors in North America
c. 2,350 doors in Europe

Sustainability Leadership
34

Outdoor Segment Strategy
Inspire and Enable the Team
Sustainability Leadership: Best for the World
GROW CORE
MARKETS:
AUSTRALIA AND
NEW ZEALAND
WIN WITH
DISTINCTIVE
PRODUCT
ENHANCE THE
CUSTOMER
EXPERIENCE
THROUGH DIGITAL
BECOME A GLOBAL
BUSINESS
»Build the brand to ignite
demand in North America
»Build strategic wholesale
partnerships
»Accelerate the North America
direct to consumer business
»Explore other international
market opportunities
»Make it easy for customers
»Leverage digital to
enhance brand and
product
»Maximise mobile
»Extend leadership in key
product categories
»Accelerate growth in high
potential categories
»Scale the Women’s
opportunity
»Supercharge Summit Club
»Grow Summer
»Elevate key metro markets
»Enhancedstore optimisation
Transformation from a leading Australasian retailer to a brand-led global multi-channel business
35

Surf Segment Vision,Values, Mission
36
OUR
VISION
THE PRINCIPLES
& VALUES
OUR
MISSION
To continue developing a
brand image that truly reflects
our brand values and the
attitudes and aspirations of
those people on The Search...
To be regarded as the ultimate
surfing company in all that
we do...
•Customers
•Creativity & Innovation
•Committed Crew
•Community & Environment
•Honesty & integrity

Questions
37

Appendix 1: Statutory to Underlying Profit & Loss
38
Note: Rounding differences may arise in totals, both $ and %
1.1H FY20 Statutory results include the impact of IFRS 16 leases. For comparability, the impact of IFRS 16 is excluded from Underlying results
2.1H FY20 includes $10.3m expenses incurred in relation to the acquisition and integration of Rip Curl, including establishment of a new Group structure
3.1H FY20 Statutory sales are presented net of Summit Club vouchers issued. To improve comparability, 1H FY19 Underlying sales arealso presented net of Summit Club vouchers issued
4.1H FY19 includes abnormal income of $1.1m from a tax refund relating to the GST treatment of reward vouchers ($0.8m after tax)
1H FY20
1H FY19
IFRS 16
Transaction
Other
IFRS 16
Transaction
Presentation
Other
Statutory
Leases
*1
Costs
*2
one-offs
*2
Underlying
Statutory
Leases
Costs
Adjustm ent
*3
one-offs
*4
Underlying
Sales
363.7


363.7


232.0


(3.0)


229.0


Gross profit
218.9


218.9


141.9


141.9


Gross margin
60.2%
60.2%
61.2%
62.0%
Operating expenses
(150.6)


(38.1)


10.1


0.3


(178.4)


(113.2)


(1.1)


(114.3)


% of sales
-41.4%
-49.0%
-48.8%
-49.9%
EBITDA
68.3


(38.1)


10.1


0.3


40.5


28.7


(1.1)


27.6


EBITDA margin %
18.8%
11.1%
12.4%
12.1%
EBIT
23.8


(5.1)


10.1


0.3


29.0


20.9


(1.1)


19.8


EBIT margin %
6.5%
8.0%
9.0%
8.6%
NPAT
8.1


(0.4)


10.1


0.2


18.0


14.0


(0.8)


13.2


KATHMANDU GROUP
NZ$m

Appendix 2: Segment note
39
1.1H FY19 sales are re-stated net of Summit Club vouchers issued per Appendix 1
SALES
EBIT
1H FY20 (NZ$'000)
Outdoor
Surf
Corporate
Total
1H FY20 (NZ$'000)
Outdoor
Surf
Corporate
Total
SALES per segment note
228,747


134,907


-


363,654


EBIT per segment note
19,221


16,781


(12,242)


23,760


-


-


-


IFRS 16 Leases Adjustment
(4,006)


(1,073)


-


(5,079)


Transaction Costs & Abnormals
262


-


10,073


10,335


SALES (comparable)
228,747


134,907


-


363,654


EBIT (underlying)
15,477


15,708


(2,169)


29,016


1H FY19 (NZ$'000)OutdoorSurfCorporateTotal1H FY19 (NZ$'000)OutdoorSurfCorporateTotal
SALES per segment note232,024 - - 232,024 EBIT per segment note22,775 - (1,851) 20,924
Presentation adjustment
*1
(3,027) - - (3,027) IFRS 16 Leases Adjustment- - - -
Transaction Costs & Abnormals(1,115) - - (1,115)
SALES (comparable)228,997 - - 228,997 EBIT (underlying)21,660 - (1,851) 19,809

Appendix 3: Foreign Selling Restrictions
40
This document does not constitute an offer of entitlements (“Entitlements”) or new ordinary shares (“New Shares”) of the Companyin any jurisdiction in which it would be unlawful. In particular, this
document may not be distributed to any person, and the Entitlements and New Shares may not be offered or sold, in any countryoutside New Zealand and Australia except to the extent permitted below.
Hong Kong
WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been
authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the "SFO"). No action has been taken in Hong
Kong to authorise or register this document or to permit the distribution of this document or any documents issued in connectionwith it. Accordingly, the New Shares have not been and will not be offered
or sold in Hong Kong other than to "professional investors" (as defined in the SFO and any rules made under that ordinance).
No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere
that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permittedto do so under the securities laws of Hong Kong) other than with respect to the
New Shares that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors (asdefined in the SFO and any rules made under that ordinance). No person
allotted New Shares may sell, or offer to sell, such securities in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such securities.
The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any of the contents of
this document, you should obtain independent professional advice.
Norway
This document has not been approved by, or registered with, any Norwegian securities regulator under the Norwegian SecuritiesTrading Act of 29 June 2007. Accordingly, this document shall not be
deemed to constitute an offer to the public in Norway within the meaning of the Norwegian Securities Trading Act of 2007.
The New Shares may not be offered or sold, directly or indirectly, in Norway except to "professional clients" (as defined in Norwegian Securities Regulation of 29 June 2007 no. 876 and including non-
professional clients having met the criteria for being deemed to be professional and for which an investment firm has waived theprotection as non-professional in accordance with the procedures in this
regulation).
Singapore
This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly,
this document and any other document or materials in connection with the offer or sale, or invitation for subscription or purchase, of New Shares, may not be issued, circulated or distributed, nor may the
New Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to and in accordance with
exemptions in Subdivision (4) of Division 1, Part XIII of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), or as otherwise pursuant to, and in accordance with the conditions of any
other applicable provisions of the SFA.
This document has been given to you on the basis that you are (i) an existing holder of the Company’s shares, (ii) an "institutional investor" (as defined in the SFA) or (iii) an "accredited investor" (as
defined in the SFA). In the event that you are not an investor falling within any of the categories set out above, please returnthis document immediately. You may not forward or circulate this document to
any other person in Singapore.
Any offer is not made to you with a view to the New Shares being subsequently offered for sale to any other party. There are on-salerestrictions in Singapore that may be applicable to investors who
acquire New Shares. As such, investors are advised to acquaint themselves with the SFA provisions relating to resale restrictions in Singapore and comply accordingly.

Appendix 3: Foreign Selling Restrictions (cont.)
41
Switzerland
The offering of the New Shares in Switzerland is exempt from requirement to prepare and publish a prospectus under the Swiss Financial Services Act ("FinSA") because such offering is made to
professional clients within the meaning of the FinSA only and the securities will not be admitted to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. This document does
not constitute a prospectus pursuant to the FinSA, art. 652a, or art. 752 of the Swiss Code of Obligations (in its version applicable during the transitory period after entering into force of FinSA on January
1, 2020) or a listing prospectus within the meaning of art. 27 et seqq. of the SIX Listing Rules (in their version enacted onJanuary 1, 2020, and to be applied during the transitory period), and no such
prospectus has been or will be prepared for or in connection with the offering of the New Shares.
United Kingdom
Neither the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within
the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA")) has been published or is intendedto be published in respect of the New Shares.
This document is issued on a confidential basis to "qualified investors" (within the meaning of section 86(7) of the FSMA) in the United Kingdom, and these securities may not be offered or sold in the
United Kingdom by means of this document, any accompanying letter or any other document, except in circumstances which do notrequire the publication of a prospectus pursuant to section 86(1) of the
FSMA. This document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom.
Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received in connection with the issue or sale of the New Shares has only been communicated
or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of the FSMA does not apply to the Company.
In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experiencein matters relating to investments falling within Article 19(5) (investment
professionals) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended ("FPO"), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high
net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated(together "relevant persons"). The investments to which this document
relates are available only to, and any invitation, offer or agreement to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this
document or any of its contents.