Notification of Allotment of Securities

Notice of issue of ordinary shares under Heartland's performance rights plan This notice is given under the NZX Listing Rules 3.13.1 and 3.15.2 and relates to the vesting of performance rights under the 2016 tranche of Heartland's performance rights plan (PR Plan 2016 tranche) pursuant to which participants were issued performance rights which entitles them to receive fully paid ordinary shares in Heartland should certain vesting criteria be met. After the vesting of the performance rights detailed in this notice, there will be no further remaining performance rights of that same class. Section 1: Issuer information Name of issuer: Heartland Group Holdings Limited NZX ticker code: HGH Class of financial product: Ordinary Shares ISIN (If unknown, check on NZX website): NZHGHE0007S9 Currency: NZD Section 2: Capital change details Number issued/acquired/redeemed: 816,858 Nominal value (if any): Not applicable Issue/acquisition/redemption price per security: Nil Nature of the payment (for example, cash or other consideration): 816,858 performance rights were issued under the PR Plan 2016 tranche, for no cash consideration. Upon the vesting of each performance right under the PR Plan 2016 tranche on 18 October 2019, the holder is entitled to one ordinary share in Heartland Group Holdings Limited (Heartland) for no cash payment. Further details of the PR Plan 2016 tranche are included within Heartland's annual report. Amount paid up (if not in full): Fully paid ordinary shares Percentage of total class of Financial Products issued/acquired/redeemed/ (calculated on the number of Financial Products of the Class, excluding any Treasury Stock, in existence): 0.142% For an issue of Convertible Financial Products or Options, the principal terms of Conversion (for example the Conversion price and Conversion date and the ranking of the Financial Product in relation to other Classes of Financial Product) or the Option (for example, the exercise price and exercise date): Not applicable Reason for issue/acquisition/redemption and specific authority for issue/acquisition/redemption/ (the reason for change must be identified here): Vesting of 816,858 performance rights under the PR Plan 2016 tranche (see details above) authorised by a board resolution dated 7 April 2017 Total number of Financial Products of the Class after the issue/acquisition/redemption/Conversion (excluding Treasury Stock) and the total number of Financial Products of the Class held as Treasury Stock after the issue/acquisition/redemption: 577,468,086 No Treasury Stock held In the case of an acquisition of shares, whether those shares are to be held as treasury stock: Not applicable Specific authority for the issue, acquisition, or redemption, including a reference to the rule pursuant to which the issue, acquisition, or redemption is made: Board resolution dated 7 April 2017 and NZX Listing Rules 4.6.1 and 4.9.1(b) Terms or details of the issue, acquisition, or redemption (for example: restrictions, escrow arrangements): Listed ordinary shares ranking equally with the existing ordinary shares on issue of Heartland Date of issue/acquisition/redemption: 18/10/2019 Section 3: Authority for this announcement and contact person Name of person authorised to make this announcement: Michael Drumm Contact person for this announcement: Michael Drumm Contact phone number: 09 927 9136 Contact email address: Michael.Drumm@Heartland.co.nz Date of release through MAP: 18/10/2019 End CA:00342890 For:HGH Type:SECISSUE Time:2019-10-18 16:18:01