Notification of Allotment of Securities

Section 1: Issuer information Name of issuer: Heartland Bank Limited (Heartland) NZX ticker code: HBL1T2 Class of financial product: Unsecured subordinated notes ISIN (If unknown, check on NZX website): NZHBLD01T2L8 Currency: NZD Section 2: Capital change details Number issued/acquired/redeemed: 100,000,000 Nominal value (if any): $100,000,000.00 Issue/acquisition/redemption price per security: $1.00 per note Nature of the payment (for example, cash or other consideration): Cash Amount paid up (if not in full): Fully paid up 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): 100% 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): N/A Reason for issue/acquisition/redemption and specific authority for issue/acquisition/redemption/ (the reason for change must be identified here): Reason for issue: This issuance will raise Tier 2 Capital to help Heartland meet its regulatory capital requirements and manage its capital position. The proceeds of the offer will be used for Heartland's general corporate purposes. Specific authority for issue: Approved by Heartland Board resolutions. 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: 100,000,000, nil Treasury Stock In the case of an acquisition of shares, whether those shares are to be held as treasury stock: N/A Specific authority for the issue, acquisition, or redemption, including a reference to the rule pursuant to which the issue, acquisition, or redemption is made: Heartland Board resolutions. Terms or details of the issue, acquisition, or redemption (for example: restrictions, escrow arrangements): As set out in the Deed Poll dated 11 April 2023 and the Limited Disclosure Document dated 11 April 2023 Date of issue/acquisition/redemption: 28/04/2023 Section 3: Authority for this announcement and contact person Name of person authorised to make this announcement: Leanne Lazarus, Chief Executive Officer, Heartland Bank Limited Contact person for this announcement: Nicola Foley Group Head of Communications, Heartland Group Holdings Limited Contact phone number: 027 345 6809 Contact email address: Nicola.Foley@heartland.co.nz Date of release through MAP: 28/04/2023 End CA:00410576 For:HBL Type:SECISSUE Time:2023-04-28 09:58:08