Heartland Bank Limited (“HBL”) – Restructure

Memorandum To: Market Participants From: NZX Product Operations Date: 19 October 2018 Subject: Heartland Bank Limited ("HBL") - Restructure Message: Heartland Bank Limited ("HBL") announced that, at the Annual General Meeting held on Wednesday, 19 September 2018, shareholders approved the restructure of Heartland Bank Limited. Shareholders will receive 1 Heartland Group Holdings Limited ("HGH") share for every 1 HBL share held on the Record Date. At close of business on Friday, 26 October 2018, HBL Ordinary Shares will cease trading. Heartland Bank's Unsubordinated Notes ("HBL010") will remain listed on the NZX Debt Market. HGH will list and have its ordinary shares quoted on the NZX Main Board on Thursday, 1 November 2018. A timetable of events is attached. Please contact NZX Product Operations on +64 4 496 2853 or productoperations@nzx.com with any queries. ENDS End CA:00325591 For:NZXO Type:MEMO Time:2018-10-19 17:08:58