BNZ considers perpetual preference shares offer

Exchange announcement 23 May 2023 BNZ considers perpetual preference shares offer Bank of New Zealand (BNZ) announced today that it is considering making an offer of up to NZ$250 million of perpetual preference shares (PPS) to New Zealand investors. BNZ has the ability to accept unlimited oversubscriptions at its discretion. The PPS are expected to constitute Additional Tier 1 Capital for BNZ's regulatory capital requirements and to have a credit rating of BBB from S&P Global Ratings Australia Pty Limited. The PPS will not have a fixed term and will remain on issue indefinitely if not redeemed by BNZ. If certain conditions are met, BNZ may redeem the PPS after 6 years and on each quarterly scheduled distribution payment date thereafter, or at any time for tax or regulatory reasons. It is expected that full details of the offer will be released in the near future, subject to market conditions. BNZ is the Arranger and BNZ, Craigs Investment Partners Limited, Forsyth Barr Limited, Hobson Wealth Partners Limited and Jarden Securities Limited have been appointed as Joint Lead Managers (JLMs) in relation to the proposed offer. Investors can register their interest by contacting any of the JLMs or their usual financial advice provider. Indications of interest will not constitute an obligation or commitment of any kind to acquire PPS. No money is currently being sought and applications for the PPS cannot currently be made. If BNZ offers the PPS, the offer will be made in accordance with the Financial Markets Conduct Act 2013. The PPS are expected to be quoted on the NZX Debt Market. Ends End CA:00411878 For:BNZ Type:GENERAL Time:2023-05-23 12:54:26