Heartland announces FY2025 result and outlook for FY2026

Note: All figures in NZD unless otherwise stated. Endnotes are located at the end of this announcement.
Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info
NZX/ASX release
21 August 2025

Heartland announces FY2025 result and outlook for FY2026
Addresses long-term ambitions, with further detail to be provided at a 2025 Investor Day

Following a year of significant reset, change and integration, Heartland Group Holdings Limited’s (Heartland)
(NZX/ASX: HGH) net profit after tax (NPAT) for the financial year ended 30 June 2025 (FY2025) was $38.8
million. On an underlying basis
1
, FY2025 NPAT was $46.9 million, meeting underlying NPAT guidance of at least
$45 million. Heartland prioritised capital efficiency during FY2025, restoring a superior margin and actively
derisking its lending portfolios to strengthen its foundations for the future.

Overview: FY2025 performance
2

‒ After a reset of some of its New Zealand lending portfolios in the first half of FY2025 (1H2025), Heartland
substantially met the financial performance expectations set in its interim financial results announcement
(Outlooks) for the second half of FY2025 (2H2025).
‒ Superior margin restored, with net interest margin (NIM) up 17 basis points (bps) to 3.56% and each bank
ending FY2025 with a strong exit margin
3
(4.13% in New Zealand and 3.59% in Australia).
‒ Operating expenses (OPEX) were up $53.2 million (38.1%) primarily due to non-repeating benefits in the
financial year ended 30 June 2024 (FY2024), the cost base of the authorised deposit-taking institution
(ADI) and subsequent costs related to regulatory requirements following the ADI acquisition, hiring for
growth, and software related costs. Cost growth is stabilising.
‒ Impairment expense was up $25.2 million (54.3%) due to a significant increase for Heartland Bank Limited
(Heartland Bank) in 1H2025 in response to the impact of the ongoing deterioration in economic
conditions on some lending portfolios and to derisk and reposition some of its lending portfolios (as
previously announced on 18 February 2025).
‒ The introduction of more prescriptive collections and recoveries policies in 2H2025 has had a positive
effect on asset quality and recovery outcomes, exceeding Heartland’s initial expectations. Overall asset
quality is improving and Motor Finance arrears are now performing better than the industry average.
4

‒ An increased focus on capital optimisation through several key initiatives by Heartland Bank and
accelerated non-strategic asset (NSA) realisation is enabling capital to be redeployed to high-return core
lending portfolios.
‒ Heartland’s existing Australian businesses have now been integrated into the acquired ADI to form a new
and unique Australian bank.
‒ The Australian funding transition has been successful, with deposits forming 81% of the bank’s funding.
Heartland Bank Australia Limited (Heartland Bank Australia) now has a deep, stable and diverse platform
to efficiently fund future lending growth.
‒ Strong growth continued in Reverse Mortgages in both countries (Receivables up 15.5% in New Zealand
and 18.5% in Australia), demonstrating growing market demand for this product.
‒ Good momentum achieved in Livestock Finance in New Zealand (Receivables up 18.4%) and a return to
growth in Australia (Receivables up 1.5%, arresting the FY2024 decline of 27.5%).
‒ Growth has remained challenged in Heartland Bank’s other core lending portfolios of Motor Finance and
Asset Finance due to subdued economic conditions and a focus on higher quality lending.
‒ Final dividend of 2 cents per share (cps), bringing the total FY2025 dividend to 4 cps.

Heartland Bank has refined its lending strategy to create a foundation for quality sustainable growth. As part of
its product simplification, Unsecured Lending
5
is winding down, and NSA realisation has accelerated – the total
NSA balance reduced by $103.0 million (22.0%) during 2H2025, releasing $7.7 million of capital. Through
several key capital optimisation initiatives, including completion of the run-off of Marac Insurance and
cancellation of its licence, and reducing its stake in Harmoney Corp Limited to below 10%, Heartland Bank has
released $9.8 million of capital with a further $4 million expected in the first half of the financial year ending
30 June 2026 (FY2026). This activity, together with NSA realisation, has strengthened Heartland’s capacity for
organic growth and future capital investment.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 2
Overview: FY2026 outlook
Heartland’s priority for FY2026 is to deliver an underlying return on equity (ROE) of at least 7% and an
improved underlying NPAT of at least $85 million. In FY2026, Heartland will maintain its refined strategic focus
on its core product sets, invest in technology uplift to unlock future growth, continue to focus on operational
cost control and prioritise efficient use of capital.

See the accompanying FY2025 investor presentation for more detail.

NZ banking

NIM

NZ banking FY2024 1Q2025 2Q2025 3Q2025 4Q2025
2H2025
Outlook
2H2025 FY2025
Average NIM 3.79% 3.82% 3.79% 3.92% 4.18% > 3.90% 4.05% 3.87%
Exit NIM 3.84% 3.82% 3.89% 3.93% 4.13% > 4.00% 4.13% 4.13%

NIM continued to expand and met the 2H2025 Outlook, driven by an improved cost of funds, growth in higher
margin lending portfolios and accelerated realisation of NSAs.

Costs

NZ banking FY2024 1H2025
2H2025
Outlook
2H2025 FY2025
Reported OPEX $104.5m $63.1m
No outlook
provided
$68.7m $131.8m
Underlying OPEX $102.8m $62.1m $66.1m $66.0m $128.1m
Underlying CTI ratio
6
43.2% 53.2% 57.5% 56.4% 54.8%

Cost growth stabilised in 2H2025 as underlying OPEX and the underlying cost-to-income (CTI) ratio met the
2H2025 Outlooks. OPEX increased $27.3 million (26.1%) to $131.8 million in FY2025. On an underlying basis,
OPEX increased by $25.3 million (24.7%) to $128.1 million. The increase was driven by:
‒ $7.2 million due to the reallocation of teams providing support functions from Heartland Group to
Heartland Bank as a condition of the ADI acquisition – this is cost neutral to the Group
‒ $6.3 million amortisation of Heartland Bank’s core banking system upgrade completed in late 2023
‒ $4.7 million of non-repeating FY2024 benefits – this relates to costs capitalised to projects in FY2024 that
did not occur in FY2025, the non-payment of short-term incentives and reversal of long-term incentive
accruals in FY2024
‒ $4.1 million investment in core functions to enable higher quality growth and address additional
regulatory oversight responsibilities arising from owning an ADI.

Asset quality

NZ banking FY2024 1Q2025 2Q2025 3Q2025 4Q2025
2H2025
Outlook
2H2025 FY2025
Reported
impairment
expense ratio
0.92% 1.02% 2.97% 0.92% 0.70%
No
outlook
provided
0.81% 1.40%
Underlying
impairment
expense ratio
0.60% 0.77% 3.32% 0.92% 0.70% > 0.85% 0.81% 1.40%

Heartland Bank’s overall asset quality improved over FY2025 and the underlying impairment expense ratio met
the 2H2025 Outlook. The non-performing loans (NPL) ratio improved by 44 bps from 3.65% as at 30 June 2024
to 3.21% as at 30 June 2025. Excluding NSAs and Unsecured Lending, Heartland Bank’s NPL ratio strengthened
by 30 bps from 2.70% as at 30 June 2024 to 2.40% as at 30 June 2025.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 3
Changes made to Heartland Bank’s collections, recoveries and write-off strategies have had a positive effect on
the Motor Finance
7
portfolio. As at 30 June 2025, the portfolio had no loans greater than 365 days past due
(DPD). Motor Finance NPLs between 180 and 364 DPD have reduced from $20 million as at 30 June 2024 to
$13 million as at 30 June 2025. Heartland Bank is on track to have no Motor Finance arrears greater than 180
DPD by 30 June 2026. The flow through of arrears has also reduced, with loans between 5 and 89 DPD down
from $85 million (4.81%) to $76 million (4.51%) over the same period. The Motor Finance NPL ratio was 2.24%,
down from 3.67% in FY2024. As at 30 June 2025, Heartland Bank’s total Motor Finance arrears of 5.2% (as per
Centrix’s measure of arrears greater than or equal to 14 DPD) is now performing better than the industry
average of 5.4%.
4


The recovery rate on loans written off in FY2025 exceeded Heartland’s initial expectations. As at 30 June 2025,
$4.2 million had been recovered. Heartland Bank anticipates $2.7 million of additional recoveries from loans
written off in FY2025. Due to Heartland Bank’s enhanced recovery management strategy, a further $2.9 million
is estimated to be recovered from accounts transferred to debt collection agencies in 2H2025.

The Reverse Mortgage NPL ratio remains very low at 0.17%
8
and the weighted average current loan-to-value
ratio (LVR) for this portfolio remains strong at 25.3%.
9


Rural
10
asset quality also improved as rural trading conditions strengthened, largely off the back of stronger
international commodity prices. The Rural NPL ratio
11
was 0.90%, down from 2.42% in FY2024.

Notwithstanding improved overall asset quality, largely driven by Heartland Bank’s consumer and rural sectors,
economic conditions for the business sector remain challenging. This is particularly relevant for businesses in
the construction, property, hospitality and transportation industries which constitute a significant portion of
Heartland Bank’s Business Finance
12
portfolio. Centrix reported that New Zealand business operating
conditions in June 2025 saw a 26% increase year-on-year in company liquidations and a 14% increase year-on-
year in business defaults.
13
These conditions contributed to the increase in impairments and provisions seen
across the Business Finance portfolio in 1H2025 which continued into 2H2025.

The Business Finance portfolio remains appropriately provisioned recognising the secured nature of this
lending. While NPLs increased from $42 million as at 30 June 2024 to $58 million as at 30 June 2025, early-
stage arrears (less than 90 DPD) decreased from $50 million as at 30 June 2024 to $43 million
11
due to changes
made to the strategy and timing of intervention measures.

Core lending performance
Reverse Mortgage Receivables were up $165 million (15.5%) from 30 June 2024 to $1.23 billion as at 30 June
2025, reflecting the ongoing demand for this product.

Rural Receivables were up $29 million (4.9%) from 30 June 2024 to $609 million as at 30 June 2025. Rural
growth was driven by Livestock Finance Receivables growth of $36.4 million (18.4%) from 30 June 2024 to
$235 million as at 30 June 2025.

Motor Finance Receivables were down $77 million (4.3%) from 30 June 2024 to $1.69 billion as at 30 June
2025. This is in part due to ongoing subdued economic conditions, and as lending origination shifted to higher
quality channels.

Asset Finance Receivables were down $123.9 million (16.8%) from 30 June 2024 to $613 million as at 30 June
2025. Heightened competition together with subdued demand in particular industry sectors saw Heartland
Bank prioritise support for existing customers while retaining pricing discipline and a tight risk appetite.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 4
AU banking

NIM

AU
banking
FY2024 1Q2025 2Q2025 3Q2025 4Q2025
2H2025
Outlook
2H2025 FY2025
Average
NIM
Reported:
2.58%
2.58% 3.01% 3.31% 3.47% >3.30% 3.37% 3.01%
Underlying:
3.17%
14

Exit NIM 2.84% 2.67% 3.13% 3.27% 3.59% >3.60% 3.59% 3.59%

Heartland Bank Australia’s successful funding transition, with deposits now making up 81% of the bank’s
funding, has provided a material NIM uplift. In the fourth quarter of FY2025 (4Q2025), NIM expanded 89 bps
when compared with the first quarter of FY2025 (1Q2025). Exit NIM of 3.59% was in line with the 2H2025
Outlook.

Costs

AU banking FY2024 1H2025
2H2025
Outlook
2H2025 FY2025
Reported OPEX AU$38.2m AU$24.2m
No outlook
provided
AU$23.5m AU$47.7m
Underlying OPEX AU$31.1m AU$23.2m AU$23.4m AU$23.2m AU$46.4m
Underlying CTI ratio
6
48.2% 56.4% 47.8% 48.4% 52.0%

Costs have been tightly managed in 2H2025, with underlying OPEX meeting 2H2025 Outlook. Combined with
growth and margin uplift, this has delivered consistent improvement in the CTI ratio across FY2025. The
underlying CTI ratio was slightly above the 2H2025 Outlook due to lower Livestock Finance revenue from
higher repayments late in FY2025.

OPEX increased by AU$9.4 million (24.6%) to AU$47.7 million in FY2025. On an underlying basis, OPEX
increased by AU$15.3 million (49.0%) to AU$46.4 million. The increase reflects:
‒ the AU$15.2 million cost base of the ADI on acquisition
‒ AU$3.1 million of investment in people to enable growth and meet the regulatory requirement for the
bank to maintain its own core functions such as finance and risk
‒ AU$3.9 million of other costs including lending origination costs in line with Australian Reverse Mortgage
volume growth
‒ AU$1.3 million for the long-term renewal of the current version of the core banking system and to
accommodate increased volume from deposits.

Asset quality
Heartland Bank Australia’s lending portfolios continue to show resilience and exhibit high asset quality metrics.
The Australian Reverse Mortgage NPL ratio continues to be very low at 0.88%
8
and the weighted average
current LVR remains strong at 24.6%.
9
Through prudent management, Livestock Finance NPLs reduced in
2H2025 to AU$36.4 million (or 1.62%) as at 30 June 2025, down from AU$64.4 million (3.26%) as at 30 June
2024. While impairments remain low, they were higher than expected with an impairment expense ratio of
0.13% (up 9 bps from FY2024) due to specific provisions being required for three Livestock Finance customers.
The Livestock Finance portfolio is appropriately provisioned in line with expected credit losses and prevailing
economic conditions.

Lending performance
Heartland Bank Australia’s Reverse Mortgage portfolio exceeded the 2H2025 Outlook, with Receivables up
AU$309 million (18.5%) from 30 June 2024 to AU$1.98 billion as at 30 June 2025. Despite heightened

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 5
competition, Heartland Bank Australia’s market share increased from 36% as at 31 March 2024 to 40% as at 31
March 2025
15
. It continues to be the leading provider of reverse mortgages in Australia.

Heartland Bank Australia’s Livestock Finance saw a return to growth with Receivables up AU$3.7 million (1.5%)
from 30 June 2024 to AU$254 million as at 30 June 2025, and the highest volume of new business written since
the financial year ending 30 June 2022, with over one million livestock funded in FY2025 (up 36% on FY2024).

Final dividend

Heartland has declared a FY2025 final dividend of 2.0 cps, taking the total FY2025 dividend to 4.0 cps with a
payout ratio of 80%. The 2H2025 payout ratio of 52% is in line with Heartland’s target dividend payout ratio of
at least 50% of underlying NPAT. Heartland’s final dividend yield is 6.9%
16
. The final dividend will be paid on
Friday 12 September 2025 (Payment Date) to shareholders on the company’s share register as at 5.00pm NZST
on Friday 29 August 2025 (Record Date) and will be fully imputed.

Heartland has a Dividend Reinvestment Plan (DRP), giving eligible shareholders the opportunity to reinvest
some or all of their dividend payments into new ordinary shares. The DRP will apply to the final dividend with
no discount.
17
The DRP offer document and participation form have been refreshed and are available on
Heartland’s website at heartlandgroup.info/investor-information/dividends.

Looking forward

FY2026 outlook
Capitalising on the reset, change and integration that occurred during FY2025, Heartland expects to deliver
improved underlying ROE
18
and underlying NPAT in FY2026.

Its FY2026 focus will be on:
1. maintaining a refined strategic focus on its core product sets
2. investment in technology uplift to simplify and automate manual processes, introduce new digital
capability and provide better customer, intermediary and employee experience – unlocking future growth
3. operational cost control
4. continuing to prioritise efficient use of capital.

Refined strategic focus
Within its core product sets (Reverse Mortgages, Rural Lending, Motor Finance, Asset Finance and Deposits),
Heartland Bank will manage its portfolios to ensure each product meets an appropriate ROE threshold.
Heartland Bank Australia will maintain its specialist focus on Reverse Mortgages, Livestock Finance and
Deposits.

Within these core product sets, each bank will prioritise growth and innovation in Reverse Mortgages to retain
its leading position and increase competitive advantage in markets with significantly untapped potential.
Heartland estimates the total addressable market to be $170 billion in New Zealand, and AU$660 billion in
Australia.
19
To meet this growth opportunity, Heartland will provide lending solutions:
‒ to meet the unique financial needs of those aged over 60 years
‒ for older people in and entering retirement with existing residential mortgages
‒ for people in or seeking to access retirement villages or aged care.

In New Zealand, the Depositor Compensation Scheme (DCS), which came into effect on 1 July 2025, presents
an opportunity for Heartland Bank to increase its share of domestic deposits. As a small domestic bank and
Canstar New Zealand’s Savings Bank of the Year for eight consecutive years, the protection provided to eligible
depositors under the DCS gives Heartland Bank an opportunity for increased competitive differentiation as
depositor confidence increases and deposit diversification is encouraged.

In Australia, the priority in respect of Heartland Bank Australia’s deposit business is on continuing to build its
direct channel while further diversifying its intermediary channel.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 6
Technology investment uplift
In late 2023, Heartland Bank completed its upgrade to a modern core banking system. Since then, Heartland
has been occupied with executing and integrating strategic acquisitions in Australia. With these complete, in
FY2026 Heartland will invest in a targeted technology uplift to resume and reinvigorate its digital
transformation.

Heartland Bank will commence the implementation of a single modern platform to unify its origination and
servicing activity, leveraging and fully integrating with its updated core banking system. Heartland Bank
Australia will also implement a new unified origination and servicing platform. These platforms will modernise
existing infrastructure and deliver new capability within the respective banks, resulting in greater efficiency, an
enhanced customer, intermediary and employee experience, and positioning both banks to be able to meet
customer demand at scale.

Work is underway to determine the required investment and benefits this technology uplift is expected to
deliver. Heartland will provide an update to the market when this is available.

Operational cost control
The increase in costs during FY2025 was mainly driven by the full year impact of costs related to the acquisition
of the ADI, with much of the increase fixed in nature. Looking ahead, Heartland does not anticipate any further
material cost increases and is firmly committed to disciplined cost control, with a particular emphasis on
improving the underlying CTI ratio for both banks.

For Heartland Bank, underlying OPEX is expected to remain largely flat on FY2025 and be kept below $129.1
million. Increased investment in marketing and IT security will be offset by the elimination of non-recurring
expenses, lower operational costs and reduced amortisation of completed projects.

For Heartland Bank Australia, underlying OPEX is expected to increase in FY2026, up to AU$54.6 million.
Increases in costs will be mainly variable and tied to growth – primarily higher broker commissions and
onboarding expenses related to the expansion of the Reverse Mortgage portfolio, as well as the full-year
impact of additional roles filled in FY2025 to strengthen capability and capacity for growth. Despite these
increases, the underlying CTI ratio is expected to reduce to less than 45.5% due to an uplift in net operating
income from Receivables growth and the full year benefit of the funding transition that occurred in FY2025.

Capital efficiency
With ROE as Heartland’s key performance metric, ensuring efficient use of capital is critical. Heartland will
continue the active realisation of NSAs to redeploy capital to high-return core lending portfolios. Heartland
also welcomes and will continue to participate in the Reserve Bank of New Zealand’s review of key capital
settings, with a particular focus on capital levels, asset risk-weights and the composition of regulatory capital.
Heartland sees this as a critical pathway to support Heartland Bank’s ability to remain competitive, reduce the
cost to the end customer, and deliver a significantly improved ROE.

FY2026 guidance
Heartland expects FY2026 underlying NPAT to be at least $85 million.
20
The FY2026 guidance detailed below is
subject to change once the impact of the technology investment required to deliver against Heartland’s
technology strategy is known. Heartland expects the difference between reported and underlying NPAT in
FY2026 to be limited only to any fair value changes on equity investments held and other one-off non-
recurring expenses.


Underlying financial metrics
FY2026 guidance
Heartland NZ banking AU banking
NPAT ≥$85m >$45m >AU$37m (NZ$40m)
ROE ≥7% >6% >8%
Average NIM >3.90% >4.20% >3.40%
Exit NIM >3.95% >4.25% >3.65%
CTI ratio <53.5% <53.5% <45.5%
Impairment expense ratio <0.55% <0.85% <0.10%

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 7
The Board continues to target a total dividend payout ratio of at least 50% of underlying NPAT in FY2026.
21


Long-term ambitions
Intentional and necessary resets in Heartland’s businesses throughout FY2025 have rebased the starting
position assumed when Heartland announced its ambitions for the financial year ending 30 June 2028
(FY2028). These resets have included:
‒ a focus on ROE as Heartland’s key performance metric, requiring increased discipline in capital
management and allocation
‒ a refined product strategy, prioritising growth in high-return core product sets which are accretive to ROE
– this has necessarily resulted in a near-term reduction in Heartland Bank’s lending base as it exits NSAs
and winds down unsecured lending portfolios
‒ enhancements to collections, recoveries and write-off strategies to deliver sustainable asset quality over
the longer-term – these changes amplified Heartland’s near-term impairment expense
‒ recognising that accelerated investment in process simplification and automation is required to maintain
a competitive advantage, and to achieve growth ambitions, in Heartland’s core product sets
‒ an increase in the cost base, primarily due to absorption of the ADI and subsequent costs related to
regulatory requirements following the ADI acquisition.

At an investor day ahead of its FY2025 annual general meeting (2025 Investor Day), Heartland intends to
present updated long-term ambitions, resetting to a full five-year time horizon (to the financial year ending 30
June 2030 (FY2030)) to demonstrate its operating metrics at scale. Heartland will provide to investors detailed
information on the underlying approach, growth drivers and timeframes that support the delivery of its reset
long-term ambitions.

Heartland currently expects that during the period to FY2030, investors will see a significant increase in
underlying ROE and underlying NPAT from:
‒ a continued focus on capital efficiency, both in the composition of its regulatory capital and the allocation
of that capital to core product sets
‒ profits generated in Australia largely, if not wholly, retained within Heartland Bank Australia to provide
the capital to fund projected growth
‒ continued growth in core product sets, with a bias to growth in Reverse Mortgages
‒ superior NIM being maintained
‒ enhanced asset quality
‒ an underlying CTI ratio reduction.

More information about Heartland’s 2025 Investor Day will be provided in due course.

– ENDS –

The person who authorised this announcement:
Andrew Dixson, Chief Executive Officer

For further information and media enquiries, please contact:
Nicola Foley, Head of Corporate Communications & Investor Relations
+64 27 345 6809, nicola.foley@heartland.co.nz
Level 3, Heartland House, 35 Teed Street, Newmarket, Auckland, New Zealand

About Heartland
Heartland is an Australasian financial services group providing specialist banking products to New Zealanders
and Australians. Heartland is listed on the New Zealand and Australian stock exchanges under the HGH ticker
(NZX/ASX: HGH). Through its various predecessors, Heartland has a long history in financial services, stretching
back to Ashburton, New Zealand in 1875.

Today, Heartland is the listed holding company for two banks – Heartland Bank in New Zealand and Heartland
Bank Australia. Each bank is focused on providing specialist banking products to enable better lives for New

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 8
Zealanders and Australians. In both countries, these products include Reverse Mortgages, Livestock Finance,
and Savings and Deposits. In New Zealand, Heartland Bank also offers Motor Finance and Asset Finance.

Heartland’s role as the listed parent company is to ensure capital is allocated to the parts of its business which
generate strong returns, and to set the strategy and risk appetite within which the group operates. This
enables Heartland to maximise shareholder returns and for each bank to enhance the value it offers customers
by helping more New Zealanders and Australians with their specialist banking needs.

More: heartlandgroup.info

Endnotes

1
Financial results are presented on a reported and underlying basis. Reported results are prepared in
accordance with NZ GAAP and include the impacts of positive and negative one-offs, which can make it
difficult to compare performance between periods. Underlying results for FY2025 (which are non-GAAP
financial information) exclude the impact of one-off regulatory assurance costs arising in relation to the
acquisition of (now) Heartland Bank Australia, one-off staff exit costs, the de-designation of derivatives, fair
value changes on equity investments held, other non-recurring costs and other impacts of non-recurring
income. The use of underlying results is intended to allow for easier comparability between periods and is
used internally by management for this purpose. In the accompanying FY2025 investor presentation, refer to
page 4 for information on the presentation of results, page 6 for a summary of reported and underlying
results, page 7 for details about FY2025 one-offs, page 49 for details about FY2024 one-offs and page 48 for
general information about the use of non-GAAP financial measures.
2
All comparative figures and percentage increases or decreases are against FY2024, unless explicitly stated
otherwise.
3
Exit margin is the NIM on the last day in the reporting period.
4
Industry average arrears are based on auto arrears as at June 2025, reported by Centrix in its Credit Insights
Report, July 2025.
5
Unsecured Lending includes Open for Business and Personal Lending portfolios which are winding down.
6
Underlying CTI ratio refers to the CTI ratio calculated using underlying results. When calculated using
reported results, Heartland Bank’s CTI ratio was 56.4%, up 10.9% compared with FY2024, and Heartland Bank
Australia’s CTI ratio was 52.0%, up 3.85% compared with FY2024. For more information, see page 4 of the
FY2025 IP.
7
Motor Finance includes intermediary and direct distribution channels and Wholesale Lending.
8
Reverse Mortgages are measured at fair value. NPLs arise due to late settlement (90 days after the 12-month
repayment period) after the departure of the borrower from the property. As at 30 June 2025, the Heartland
Bank Reverse Mortgage NPL ratio included 11 loans with a total NPL value of $2.0 million and a weighted
average LVR of 29.4%. The Heartland Bank Australia Reverse Mortgage NPL ratio included 64 loans with a total
NPL value of AU$17.4 million and a weighted average LVR of 29.3%.
9
Measured using indexed valuation.
10
Rural includes Rural Relationship, Rural Direct and Livestock Finance.
11
Excluding NSAs.
12
Business Finance includes Asset Finance and Business Relationship lending.
13
Centrix Credit Insights Report, July 2025.
14
Heartland Bank Australia’s FY2024 underlying average NIM is adjusted for the impacts of the ADI acquisition.
This adjustment refers primarily to the inclusion of liquid assets from the ADI which earn a lower yield than
receivables.
15
Australian Reverse Mortgage market share estimate based on APRA ADI data and public statements and
internal estimates for non-bank reverse mortgage lending.
16
FY2025 total fully imputed dividends divided by the closing share price as at 19 August 2025 of $0.80.
17
That is, the strike price under the DRP will be 100% of the volume weighted average sale price of Heartland
shares over the five trading days following the Record Date. For the full details of the DRP and the Strike Price
calculation, refer to the Heartland DRP offer document dated 20 August 2025 available at
heartlandgroup.info/investor-information/dividends.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 9

18
Underlying ROE refers to ROE calculated using underlying results.
19
The total addressable market opportunity for reverse mortgages is a best estimate only and based on a
combination of publicly available information and internal sources.
20
Heartland has presented its FY2026 guidance on an underlying basis. The FY2026 underlying financial
metrics are non-GAAP financial information that are intended to be determined in a manner consistent with
Heartland’s FY2025 underlying results, noting that adjustments from statutory financial information are
expected to be limited to any fair value changes on equity investments held and other one-off non-recurring
expenses.
21
Subject to the Board considering Heartland’s capital needs, ROE accretive growth opportunities, balance
sheet flexibility and financial performance.

---

Investor Presentation
FY2025 Full Year Results
For the 12 months ended 30 June 2025

2
2
Contents
01Executive summary3-11
02New Zealand banking12-25
03Australian banking26-35
04Outlook36-40
05Additional information41-46
06Disclosure, appendices & glossary47-50

Andrew Dixson Chief Executive Officer, Heartland Group
01
Executive
summary

4
Financial results in this investor presentation are presented on a reported and
underlying basis.
•Reported results are prepared in accordance with NZ GAAP and include the impacts of one-offs, both positive and
negative, which can make it difficult to compare performance between periods.
•FY2025 underlying results (which are non-GAAP financial information) exclude the impact of one-off regulatory
assurance costs arising in relation to the acquisition of (now) Heartland Bank Australia, one-off staff exit costs, the
de-designation of derivatives, fair value changes on equity investments held, other non-recurring costs and other
impacts of non-recurring income. This is intended to allow for easier comparability between periods and is used
internally by management for this purpose.
•Heartland has presented its FY2026 guidance on an underlying basis. The FY2026 underlying financial metrics are non-
GAAP financial information that are intended to be determined in a manner consistent with Heartland’s FY2025
underlying results, noting that adjustments from statutory financial information are expected to be limited to any fair
value changes on equity investments held and other one-off non-recurring expenses.
Adjustments for underlying results impact NOI, OPEX, NPAT, NIM and EPS. Underlying ROE, underlying CTI ratio and
underlying impairment expense ratio measures are supplementary, non-GAAP measures that may be used by investors,
industry analysts and others in assessing and benchmarking profitability and performance against the industry and/or
other companies. A GAAP and non-GAAP comparative is provided for each of these measures.
Refer to page 6 for a detailed comparison between reported and underlying financial information, page 7 for details about
FY2025 one-offs and page 49 for details about FY2024 one-offs.
General information about the use of non-GAAP financial measures is set out on page 48 of this investor presentation.
4
Presentation of results

5
5
FY2025 summary
A year of significant reset, change and integration.
Heartland prioritised capital efficiency during FY2025, restoring a superior margin and actively derisking its lending
portfolios to strengthen its foundations for the future.
Note: See page 4 for a definition of underlying financial metrics. Refer to page 7 for details about FY2025 one-offs and page 49 for details about
FY2024 one-offs. All comparative figures and percentage increases or decreases are against FY2024, unless explicitly stated otherwise.
1
Exit margin is the NIM on the last day in the reporting period.
2
See Heartland’s market update announcement published on 18 February 2025 for more detail.
3
Industry average arrears are based on auto arrears as at June 2025, reported by Centrix in its Credit Insights Report, July 2025.
See page 43.
•NPAT of $38.8m. Underlying NPAT of $46.9m, meeting underlying NPAT guidance of
at least $45m.
•After a reset of some of its NZ lending portfolios in 1H2025, Heartland substantially
met its 2H2025 Outlook metrics.
•Superior margin restored, with NIM up 17 bps to 3.56%, and each bank ending
FY2025 with a strong exit margin (4.13% in NZ and 3.59% in AU).
1

•OPEX up $53.2m (38.1%) primarily due to non-repeating benefits in FY2024, the cost
base of the ADI and subsequent costs related to regulatory requirements following
the ADI acquisition, hiring for growth, and software related costs.
Cost growth is stabilising.
•Impairment expense up $25.2m (54.3%) due to an increase for the NZ bank in 1H2025
in response to the impact of the ongoing deterioration in economic conditions on
some lending portfolios and to derisk and reposition some of the NZ bank’s lending
portfolios.
2
•The introduction of more prescriptive collections and recoveries policies in 2H2025
has had a positive effect on asset quality and recovery outcomes, exceeding
Heartland’s initial expectations. Overall asset quality is improving, and Motor
Finance arrears are now performing better than the industry average.
3
•An increased focus on capital optimisation through several key initiatives and
accelerated NSA realisation is enabling capital to be redeployed to high-return core
lending portfolios.
•Heartland’s existing AU businesses have now been integrated into the acquired ADI
to form a new and unique Australian bank.
•The AU funding transition has been successful, with deposits forming 81% of the
AU bank’s funding. The AU bank now has a deep, stable and diverse platform to
efficiently fund future lending growth.
•Strong growth continued in Reverse Mortgages in both countries (up 15.5% in NZ
and 18.5% in AU), demonstrating growing market demand for this product.
•Good momentum achieved in Livestock Finance in NZ (up 18.4%) and a return to
growth in AU (up 1.5%, arresting the FY2024 decline of 27.5%).
•Growth has remained challenged in Motor Finance and Asset Finance due to
subdued economic conditions and a focus on higher quality lending.
•Final dividend of 2 cps, bringing the total FY2025 dividend to 4 cps.
Overview

6
6
8m NZ, ReportedUnderlyingReported v Underlying
FY25FY24MovementFY25FY24MovementFY25FY24
Financial
performance
NII$307.3m$277.6m

$29.7m10.7%$307.3m$277.8m

$29.6m10.6%-($0.2m)
OOI
1
$15.6m$12.7m

$2.9m22.6%$15.5m$20.2m

($4.7m)(23.2%)$0.1m($7.5m)
NOI$322.9m$290.4m

$32.5m11.2%$322.8m$298.0m

$24.8m8.3%$0.1m($7.7m)
OPEX$192.5m$139.4m

$53.2m38.1%$181.3m$124.9m

$56.4m45.2%$11.2m$14.5m
Impairment expense$71.6m$46.4m

$25.2m54.3%$71.6m$30.4m

$41.2m135.5%-$16.0m
GFV provision$1.5m-

$1.5mn/a$1.5m-

$1.5mn/a--
Tax expense$18.4m$30.0m

($11.6m)(38.7%)$21.5m$39.9m

($18.5m)(46.2%)($3.1m)($10.0m)
NPAT
2
$38.8m$74.5m

($35.7m)(47.9%)$46.9m$102.7m

($55.8m)(54.4%)($8.1m)($28.2m)
NIM3.56%3.39%

17 bps3.56%3.64%

(8 bps)(0bps)(25 bps)
CTI ratio59.6%48.0%

1162 bps56.2%41.9%

1425 bps346 bps609 bps
Impairment expense ratio
3
1.00%0.66%

33 bps1.00%0.44%

56 bps0 bps23 bps
ROE3.2%6.6%

(341 bps)4.2%9.8%

(578 bps)(99 bps)(336 bps)
EPS4.1 cps9.8 cps

(5.7 cps)5.0 cps13.5 cps

(8.5 cps)(0.9 cps)(3.7 cps)
Jun 25Jun 24Movement
Financial
position
Liquid assets$1,135m$1,708m

($573m)(33.5%)
Receivables
4
$7,156m$7,241m

($85m)
5
(1.2%)
5
Borrowings$7,355m$7,994m

($638m)(8.0%)
Equity$1,219m$1,238m

($19m)(1.5%)
Equity/total assets14.1%13.3%

76 bps
Note: See page 4 for a definition of underlying financial metrics. Refer to page 7 for details about FY2025 one-offs and page 49 for details
about FY2024 one-offs.
1
Reported OOI includes fair value gains/losses on investments.
2
Refer to pages 7 and 49 for details about one-offs in the periods covered in this investor presentation.
3
Impairment expense as a percentage of average Receivables.
4
Receivables also includes Reverse Mortgages.
5
Includingthe impact of changes in FX rates.
Group financial results

7
7
Note: Refer to page 49 for details about FY2024 one-offs.
1
See page 4 for definition of underlying financial metrics. Refer to page 6 for a detailed comparison between reported and underlying financial information.
2
Includes consolidation and eliminations.
FY2025
Entity
HBLHBALHGH
2
Reported NPAT$38.8m$21.9m$29.8m($12.8m)
‒De-designation of derivatives$1.1m$1.1m--
‒Fair value changes on equity investments held($1.6m)($1.6m)--
‒Other non-recurring income$0.5m$0.5m--
Other operating income (OOI)($0.1m)($0.1m)--
‒One-off regulatory assurance costs arising in relation to the
acquisition of (now) Heartland Bank Australia
$1.5m$1.1m$0.4m$0.1m
‒One-off staff exit costs$7.3m$0.8m$1.0m$5.5m
‒Other non-recurring cost$2.3m$1.9m-$0.4m
Operating expenses (OPEX)$11.2m$3.7m$1.4m$6.1m
Tax impact($3.1m)($1.0m)($0.4m)($1.7m)
Underlying NPAT
1
$46.9m$24.6m$30.8m($8.5m)
•The impact from the de-designation of derivatives completed in 1H2025.
•2H2025 one-offs were limited to any fair value changes on equity investments held and other one-off non-recurring expenses.
•Heartland expects the difference between reported and underlying NPAT in FY2026 to be limited only to any fair value changes
on equity investments held and other one-off non-recurring expenses.
FY2025 reported vs. underlying

8
FY2025 v FY2024
•OPEX was up primarily as a result of the ownership, governance and
integration of the AU bank:
•the AU bank was required to maintain its own core functions
•the NZ bank required increased investment in core functions to
address additional regulatory oversight responsibilities.
•Additional cost drivers included:
•non-repeating benefits from costs capitalised to projects in
FY2024 not occurring in FY2025, and non-payment of short-term
incentives and reversal of long-term incentive accruals in FY2024
•hiring to enable quality growth
•software amortisation from the NZ bank’s core banking system
upgrade completed in late 2023
•implementing a modern, organisation-wide finance and HR
platform, and investing in IT security
•the long-term renewal of the AU bank’s core banking system and
to accommodate increased volume from deposits.
•Other operating expenses includes costs aligned with AU Reverse
Mortgage growth, elevated professional fees which are expected to
decline, and additional audit and board costs related to the ADI.
FY2026 outlook
•Heartland is committed to disciplined cost control and improving
the underlying CTI ratio.
•NZ bank underlying OPEX is expected to remain largely flat on
FY2025.
•AU bank underlying OPEX is expected to increase mainly due to
variable costs tied to growth. The underlying CTI ratio is expected
to reduce due to an uplift in NOI.
Underlying OPEX
CTI%
41.9%50.4%56.2%
14.1m
Non-repeating
benefits
124.9
4.7
9.5
17.3
6.3
162.7
7.7
3.3
7.6
181.3
FY24
Underlying
Labour
Capitalisation
Discretionary
Payments
ADI
Cost base
Software
(Amortisation)
FY24
Rebase
Staff
uplift
IT & CommsOther opex
FY25
Underlying
FY26
Outlook
$18.6m (11.4%)
$56.4m (45.2%)
<189.1
Note: CTI ratio is calculated as OPEX/NOI. Underlying CTI ratio excludes one-off impacts . See page 4 for definition of underlying financial metrics. Refer to pages 7 and 49 for details about one-offs in the periods covered in this investor presentation.
1
FY2024 CTI ratio is adjusted for the impacts of the ADI acquisition.
2
The decrease in CTI ratio is largely driven by the release of discretionary bonus accrual in June 2024 . Adjusting for this release and other one offs, the 4Q2024 CTI ratio would be 44.3%.
FY2024
CTI 41.9%
1
FY2025
CTI 56.2%
2
1Q24 - 3Q24 Prior to ADI acquisition
45.2%
42.0%
47.7%
39.3%
58.5%
56.7%
56.8%
53.0%
<53.5%
1Q20242Q20243Q20244Q20241Q20252Q20253Q20254Q2025FY2026
(Outlook)

9
9
Non-strategic asset (NSA) realisation progress
Accelerated NSA realisation is enabling capital to be redeployed to high-return core lending portfolios.
•Online Home Loans is in run down after Heartland Bank closed applications to new customers on 18 March 2025.
•4Q2025 saw the largest reduction in Receivables NSA balances since NSA portfolio reporting commenced.
•Work to achieve accelerated exits from the Rural and Business Relationship borrowers is progressing as planned, however the complexity of some cases has impacted timing.
Exit strategies are well developed for all borrowers and progress is under tight monitoring.
•Individual exit strategies include working towards faster short-term exits while also pursuing medium-term options to better position the assets concerned to achieve greater value.
•Simultaneously, effort also continues to achieve a full or partial sale, or refinance of the Rural and Business Relationship NSAs as a portfolio.
•Reflecting the progress made to 30 June 2025, the quarterly NSA realisation targets for FY2026 have been reviewed and revised with no material changes.
Note: NSAs are primarily NZ assets that are outside of Heartland’s core lending strategy, or do not deliver threshold ROE. For more information, see page 42.
Capital for December 2024 has been restated following a shift to a loan-level calculation from the previous portfolio-level approach.
1
Includes Online Home Loans and old residential mortgages.
Outstanding balance2H2025 realisation
AssetNZ($m)31 Dec 202430 Jun 2025ActualTarget
Rural Relationship
Total ($m)
122.6112.010.67.4
Capital ($m)
18.917.11.81.3
Business Relationship
Total ($m)
59.647.811.827.9
Capital ($m)
9.26.92.43.5
Home Loans
1
Total ($m)
252.4171.780.792.1
Capital ($m)
13.810.23.54.6
Properties
Total ($m)
16.216.2--
Capital ($m)
2.62.6--
Investment Properties
Total ($m)
4.44.4-1.0
Capital ($m)
0.60.6-0.1
Equity Investments (NZ)
Total ($m)
5.3
7.0
--
Capital ($m)
5.34.5--
Equity Investments (AU)
Total ($m)
7.6
5.7
--
Capital ($m)
7.65.7--
Total NSAs
Total ($m)
468.1364.8
103.0128.4
Capital ($m)
57.547.6
7.79.5
0
50
100
150
200
250
300
350
400
450
500
2Q253Q254Q251Q262Q263Q264Q26+
$m
NSA realisation progress
Total ($m) EstimateCapital ($m) EstimateTotal ($m) ActualCapital ($m) Actual

10
Capital
1
0
Note:
•Retained earnings include current reported NPAT.
•AU Banking includes the ADI and its subsidiaries (Heartland Australia Group & StockCo Australia).
Heartland remains well capitalised, and both banks maintain strong regulatory capital positions.
•There are currently no ordinary share capital issuances planned to meet future requirements.
•The increase in share capital is due to the reinvested dividend per Heartland’s DRP.
•Capital optimisation activity within the NZ bank, together with accelerated NSA realisation, has strengthened Heartland’s capacity for organic growth
and future capital investment.
Heartland capital movement $mCapital ratio
708
9
(47)
39
(20)
694
428
451
61
48
41
26
1,238
1,219
Jun-24Share capitalDividendsRetained
Earnings
ReservesJun-25
NZ BankingAU BankingNSAHeartland Group
15.0%
17.3%
1.5%
3.1%
16.5%
20.4%
HBL Banking Group
(Jun-25)
HBAL Banking Group
(Jun-25)
CET1Tier2

11
8.2
7.4
0.4
7.8
6.1
4.6
16.0
13.5
5.0
FY23FY24FY25
InterimFinal
•Heartland has declared a FY2025 final dividend of 2.0 cps, taking the total FY2025 dividend to 4.0 cps
with a payout ratio of 80%.
•The 2H2025 payout ratio of 52% is in line with Heartland’s target dividend payout ratio of at least
50% of underlying NPAT.
•Heartland’s DRP will apply to the final dividend with no discount.
2
1
Total fully imputed dividends divided by the closing share price as at 19 August 2025 of $0.80.
2
That is, the strike price under the DRP will be 100% of the volume weighted average sale price of Heartland shares over the five trading days following
the Record Date. For the full details of the DRP and the Strike Price calculation, refer to the Heartland DRP offer document dated 20 August 2025.
3
Underlying ROE refers to ROE calculated using underlying results.
4
Underlying EPS refers to EPS calculated using underlying results.
2.0 cps
Final dividend
down 1.0 cps vs FY2024
4.2%
Underlying ROE
2H2025 6.0% vs 1H2025 1.9%
6.9%
1
Dividend yield
12.1%
10.2%
1.9%
10.9%
9.8%
6.0%
11.9%
9.8%
4.2%
FY23FY24FY25
1H2H
Shareholder return
Underlying ROE
3
Underlying EPS (cps)
4

Leanne Lazarus Chief Executive Officer, Heartland Bank
Kerry Conway Chief Financial Officer, Heartland Bank
02
New Zealand
banking

13
Heartland Bank’s vision is to be New Zealand’s leading specialist bank, with a
superior customer and originator experience, low CTI ratio and a strong ROE.
1
3
Growth
Expansion within existing specialist lending
portfolios where Heartland Bank’s customer value
proposition is strongest.
•Heartland Bank is now prioritising growth in high-
return core product sets which are accretive to ROE,
including Reverse Mortgages, Livestock Finance and
Motor Finance.
•Continued strong growth in Reverse Mortgages,
with Receivables up 15.5%.
•Livestock Finance exceeded expectations, with
Receivables up 18.4%.
•Leveraged Heartland Bank’s position as the reverse
mortgage market leader to launch Village Access
Loans.
•Launched Marac Marketplace, a new online
marketplace for vehicle purchasing and financing.
Quality
Actively manage lending for margin and risk,
prioritising direct distribution and high-quality
intermediaries.
•The introduction of more prescriptive collections,
recoveries and write-off strategies has had a
positive effect on asset quality.
•Introduced new credit decisioning scorecards for
Motor Finance.
•Shifted Motor Finance focus from lending originated
through brokers to lending through higher quality
direct-to-consumer channels (Motor Direct),
franchise dealers and branded distribution partners.
•Unsecured Lending (which includes Open for
Business and Personal Lending) is winding down,
with Receivables down 43% to $63m.
•NSA realisation is progressing well.
Efficiency
Disciplined cost management and efficient use of
capital. Automation to increase speed and ease for
customers and employees.
•Heartland Bank has actively managed its cost of
funds to end FY2025 with a strong margin. NIM was
3.87%, up 8 bps from FY2024. Exit NIM was 4.13%.
•A Reverse Mortgage cash reserve online request
form released in July 2024 resulted in 2,200
approved requests for a total $38.1m drawn. By the
end of FY2025, half of all cash reserve drawdowns
were processed online, supporting strong year-on-
year cash reserve growth of 18%.
•Capital optimisation is being achieved through NSA
realisation and key capital optimisation initiatives.
NZ banking: FY2025 summary

14
ReportedUnderlying
FY25FY24MovementFY25FY24Movement
Financial
performance
NII$212.4m$210.6m

$1.8m0.9%$212.4m$210.6m

$1.8m0.9%
OOI
1
$21.3m$19.0m

$2.4m12.5%$21.3m$27.2m

($5.9m)(21.6%)
NOI$233.7m$229.6m

$4.2m1.8%$233.7m$237.7m

($4.1m)(1.7%)
OPEX$131.8m$104.5m

$27.3m26.1%$128.1m$102.8m

$25.3m24.7%
Impairment expense$68.8m$45.8m

$23.0m50.2%$68.8m$29.8m

$39.0m131.0%
GFV provision$1.5mn/a

$1.5mn/a$1.5mn/a

$1.5mn/a
Tax expense$9.7m$23.5m

($13.8m)(58.5%)$10.7m$30.3m

($19.6m)(64.7%)
NPAT
2
$21.9m$55.8m

($33.9m)(60.7%)$24.6m$74.9m

($50.3m)(67.2%)
NIM3.87%3.79%

8 bps3.87%3.79%

8 bps
CTI ratio56.4%45.5%

1087 bps54.8%43.2%

1160 bps
Impairment expense ratio
3
1.40%0.92%

49 bps1.40%0.60%

81 bps
ROE3.0%7.6%

(459 bps)3.4%10.2%

(683 bps)
Jun 25Jun 24Movement
Financial
position
Liquid assets$570m$620m

($49m)(7.9%)
Receivables
4
$4,710m$5,078m

($368m)(7.3%)
Borrowings$4,660m$5,039m

($379m)(7.5%)
Equity
5
$737m$761m

($24m)(3.2%)
Equity/total assets20.0%19.1%

82 bps
Note: See page 4 for definition of underlying financial metrics. Refer to page 7 for details about FY2025 one-offs and
page 49 for details about FY2024 one-offs.
1
Reported OOI includes fair value gains/losses on investments.
2
Refer to pages 7 and 49 for details about one-offs in the periods covered in this investor presentation..
3
Impairment expense as a percentage of average Receivables.
4
Receivables also includes Reverse Mortgages.
5
Equity excluding investment in subsidiaries. ROE is calculated as NPAT/average equity (excl. investment in subsidiaries).
Financial results

15
5,0781,2336091,694779634,890172481124,710
Note: FY2025 growth in Receivables by portfolio excludes the impact of changes in FX rates and intercompany balances.
All figures in NZ$m. NSAs include loans in Business, Rural and Home Loans.
1
Rural includes Rural Relationship, Rural Direct and NZ Livestock Finance loans.
2
Motor Finance includes Wholesale Lending.
3
Business Finance includes Asset Finance and Business Relationship.
4
Home Loans are part of NSAs (Jun-24 has been rebased to reflect this change) and includes Online Home Loans and
Heartland Bank’s old residential mortgages portfolio that is in run down.
Momentum continued in Reverse Mortgages, with Rural growth driven by Livestock Finance. Subdued economic
conditions continued to impact Motor Finance and Asset Finance, with an increased focus on quality lending.
4,567
4,379 4,379
511
165
(77)
511
(17)
332
29
(258)
(47)
(146)
(16)
Jun-24Reverse
Mortgages NZ
RuralMotor
Finance
Business
Finance
Unsecured
Lending
Jun-25Home
Loans
BusinessRuralJun-25
(43.1%)
(4.3%)
15.5%
4.9%
(25.3%)
(24.9%)
(13.5%)
(45.9%)
$368m (-7.3%)
$141m (-3.2%)
Core business
NSAs
$179m (-35.1%)

1
2
4
3
Receivables
$m
Receivables

16
3.76%
3.67%
3.68%
3.84%
3.82%
3.89%
3.93%
4.13%
>4.25%
3.83%
3.75%
3.72%
3.77%
3.82%
3.79%
3.92%
4.18%
>4.20%
1Q20242Q20243Q20244Q20241Q20252Q20253Q20254Q2025FY2026
(Outlook)
Exit NIMAvg. NIM
FY2024 NIM
Avg. 3.79%
FY2025 NIM
Avg. 3.87%
Note: NIM is calculated as NII/average gross interest earning assets.
See page 4 for a definition of underlying financial metrics.
Exit NIM up 29bps YoY
despite headwinds
Despite pricing competition from declining interest
rates and subdued credit demand, FY2025 exit NIM
expanded to 4.13%, exceeding the 4.00% 2H2025
Outlook.
•Cost of funds: Lower base interest rates,
contracting margin above base rates in 2H2025,
and a strategic shift from wholesale funding to
deposits saw cost of funds materially fall (from
peak cost of funds to exit).
•Improved fixed rate portfolio returns: Repayment
of lower yielding loans replaced with higher margin
loans, combined with cost of funds benefit above
drove fixed NIM improvements.
•Sustainable lending: A focused lending approach,
prioritising high-quality core lending and actively
managing NSAs, contributed to margin expansion.
FY2026 outlook
•Further flow on impacts to cost of funds and
competitive lending as the OCR eases.
•Focus on maintaining margins across the business
and realising improvement opportunities.
•FY2026 avg. NIM outlook of >4.20%.
(0.73%)
1.05%
3.84%
(0.03%)
4.13%
FY2024
Exit NIM
LiquidsGross Yield &
Portfolio mix
Cost of
Funds
FY2025
Exit NIM
FY2026
Exit NIM
Outlook
> 4.25%
Underlying NIM
Exit NIM

17
Note: CTI ratio is calculated as OPEX/NOI. Underlying CTI ratio excludes one-off impacts . See page 4 for definition of underlying financial metrics. Refer to pages 7 and 49 for details about one-offs in the periods covered in this investor presentation.
1
The decrease in CTI ratio is largely driven by the release of discretionary bonus accrual in June 2024 . Adjusting for this release and other one offs, the 4Q2024 CTI ratio would be 45.3%.
2
Excluding intercompany group charges .
Personnel expenses,
$64.1m, 50%
Technology services & communications, $14.6m, 11%
Amortisation of intangible assets, $11.2m, 9%
Legal & professional fees, $6.1m, 5%
Occupancy cost & Depreciation,
$5.8m, 4%
Customer onboarding & admin costs,
$5.2m, 4%
Debt Collection & other fees, $3.8m, 3%
Vehicle lease & GST unrecoverable, $3.4m, 3%
Advertising & public relations, $1.6m, 1%
Other operating expenses, $12.3m, 10%
FY2025
Total FY2025 underlying OPEX of $128.1m, largely
made up of:
•$64.1m personnel expenses, based on 482 FTEs
(avg FTEs of 464), primarily comprising
remuneration ($55.5m)
•$14.6m IT costs comprising software licence fees
(including core banking system), software & IT
support costs, IT security, maintenance and
communication
•$11.2m amortisation of intangible assets including
$6.3m related to the core banking system upgrade
completed in late 2023
•$12.3m other operating expenses
•$6.1m of legal and professional fees including
compensation of auditor – these costs have been
elevated but are expected to decline.
FY2026 outlook
•The underlying OPEX outlook for FY2026 is
expected to be largely flat on FY2025, at <$129.1m.
•Increased investment in marketing and IT security
will be offset by the elimination of non-recurring
expenses, lower operational costs and reduced
amortisation of completed projects.
44.7%
44.2%
47.9%
37.1%
53.3%
53.1%
56.0%
56.9%
<53.5%
1Q20242Q20243Q20244Q20241Q20252Q20253Q20254Q2025FY2026
(Outlook)
FY2024
CTI 43.2%
FY2025
CTI 54.8%
1
2
Underlying CTI ratio
Underlying OPEX

18
1
Unsecured Lending includes Open for Business and Personal Lending portfolios which are winding down.
2
Using the calculation used by Centrix, and compared with the auto industry average as at 30 June 2025,
reported by Centrix in its Credit Insights Report, July 2025.
3
Rural includes Heartland Bank’s Livestock Finance, Rural Direct and Rural Relationship portfolios.
4
As reported by Centrix in its Credit Insights Report, July 2025, the main industries that continue to be affected by company liquidations and
business defaults are construction, property, hospitality and transport.
5
Business Finance includes Asset Finance and Business Relationship lending.
6
Reverse Mortgage NPLs arise due to late settlement (90 days after the 12-month repayment period) after the departure of the borrower from
the property. As at 30 June 2025, this included 11 loans with a total NPL value of $2.0m and a weighted average LVR of 29.4%.
Heartland Bank’s overall asset quality improved over FY2025 and the
impairment expense ratio met the 2H2025 Outlook.
•Excluding NSAs and Unsecured Lending
1
, Heartland Bank’s NPL ratio strengthened by 30
bps from 2.70% as at 30 June 2024 to 2.40%.
•Changes made to collections, recoveries and write-off strategies have had a positive
effect on Motor Finance. As at 30 June 2025, Heartland Bank’s total Motor Finance
arrears (as per Centrix’s measure of arrears ≥14 DPD) are now performing better than
the industry average.
2
•Reverse Mortgage asset quality remains strong.
•Rural
3
asset quality also improved as trading conditions strengthened.
•Trading conditions remain challenging
4
in the main industries Heartland Bank lends to
for Business Finance
5
. This has affected asset quality. However, early-stage arrears are
improving due to changes made to the strategy and timing of intervention measures.
3.65%
3.82%
3.40%
3.31%
3.21%
2.70%
2.84%
2.34%
2.46%
2.40%
June 24Sept 24Dec 24March 25June 25
Total Bank NPLCore Portfolio NPL
Business
Finance,
15.3%
Unsecured Lending, 1.3%
Motor Finance,
35.2%
Reverse
Mortgages,
26.1%
Rural, 12.8%
NPL, 3.2%
Business Finance,
38.6%
Unsecured
Lending,
2.0%
Motor Finance,
25.1%
Rural, 3.6%
NSA, 29.4%
Reverse
Mortgages,
1.3%
6
Asset quality
NPL ratiosPortfolio composition
Receivables composition
NPL composition

19
0.60%
0.41%
0.22%
0.47%
1.24%
0.77%
3.32%
0.92%
0.70%
<0.85%
FY20241Q20242Q20243Q20244Q20241Q20252Q20253Q20254Q2025FY2026
(Outlook)
FY2024
0.60%
FY2025
1.40%
Impairment expense
46.9
53.3
48.2
46.7
21.5
21.3
28.5
20.7
68.4
74.6
76.7
67.4
1.71%
1.86%
2.10%
1.94%
Dec-23Jun-24Dec-24Jun-25
Collective ProvisionSpecific ProvisionCoverage Ratio
Underlying Impairment expense ratio
FY2025 impairment expense ($m)
Total provisions and coverage
6.5
25.4
46.9
-9.8
Collective provision expense
Specific provision expense
Write-offs
Recovery
The recovery rate on loans written off in FY2025
exceeded Heartland’s initial expectations.
•As at 30 June 2025, $4.2m had been recovered.
•Heartland Bank anticipates $2.7m of additional recoveries from
loans written off in FY2025.
•Due to Heartland Bank’s enhanced recovery management
strategy, a further $2.9m is estimated to be recovered from
accounts transferred to debt collection agencies in 2H2025.

20
123
116
159
161
389
372
414
380
162
248
159
190
674
735
732
732
Dec-23Jun-24Dec-24Jun-25
Undrawn limitInvestmentsCash
4,214
4,376
4,441
4,358
373
179
148
143
377
484
167
159
4,963
5,039
4,756
4,660
Dec-23Jun-24Dec-24Jun-25
DepositsBonds & Tier 2Wholesale
•Deposit retention remained high, positioning the bank well
for the commencement of the Depositor Compensation
Scheme on 1 July 2025. Introduction of the scheme is not
expected to have a financial impact on Heartland Bank.
•Excess funds as a result of Receivables contraction have
been used to repay wholesale funding, and the
securitisation facility limit has been reduced.
30-Jun-25
1-Week MMR
1
1-Month MMR
1
Core funding
New Zealand Banking Group10.1%10.1%92.2%
RBNZ minimum0.0%0.0%75.0%
Note:
•Regulatory ratios are calculated on the last working day of the reported period and according to the RBNZ’s liquidity policy, BS13.
•The NZBG consists of the NZ bank and its NZ subsidiaries, excluding Marac Insurance. The Banking Group includes all of the NZ
bank’s subsidiaries, including the AU bank and Marac Insurance.
•The NZ bank had transitional arrangements from the acquisition of (now) Heartland Bank Australia until 31 October 2024, which
restricted the bank’s liquidity requirements to the NZ Banking Group until that date.
1
MMR = mismatch ratio, which is a short-term liquidity metric, as per the RBNZ’s liquidity policy in BS13.
Funding & liquidity
Funding composition $m
Liquidity composition $m

21
Capital
New Zealand Banking Group
1
– Total Capital movement $m
New Zealand Banking Group - Capital ratio and RBNZ requirements
628
632
68
55
20
40
23
(34)
1
15
16
(50)
40
Jun-24NPATDividendsReservesCapital
optimisation
NSA
realisation
Increased
requirements
Reduction in
RWE
Jun-25
Capital RequiredNSACapital for growthIncreaseDecrease
23
2.0%
12.4%
13.7%
8.0%
2.5%
2.0%
2.2%
2.0%
0.56%
0.02%
0.37%
0.40%
0.99%
0.83%
Jun-24NPATDividendsReservesCapital
optimisation
NSA
realisation
Reduction in
RWE
Jun-25RBNZ
Requirements
OverlayCET1Tier1Tier2IncreaseDecrease
2
4
3
Heartland Bank’s capital remains well
above regulatory minimums and is well
positioned for future growth.
•Throughout FY2025, a focus on capital optimisation led to
the release of $9.8m in capital through several key
initiatives, including:
•$5.5m in capital released through completion of the run-
off of Marac Insurance and the cancellation of its license
•$2m was released by reducing Heartland Bank’s stake in
Harmoney Corp Limited to below 10%.
•A further $4m is expected to be released in 1H2026.
•NSA realisation has released $16m of total regulatory capital.
•Increased RBNZ Tier 1 capital requirements consumed $50m
of Tier 1 capital.
Note:
•RBNZ imposed a transitional capital overlay on Heartland Bank after the acquisition of (now) Heartland Bank Australia.
•Heartland Bank’s regulatory capital ratio increased to 16.46% as of 30 June 2025 (30 June 2024: 15.39%), due to capital released from
NSAs alongside a single wholesale lending customer during 1H2025. The total capital ratio for the NZBG increased to 15.88% from
14.40% during the same period.
1
The New Zealand Banking Group (NZBG) consists of the NZ bank and its NZ subsidiaries, excluding Marac Insurance. The Banking
Group includes all of the NZ bank’s subsidiaries, including the AU bank and Marac Insurance.
2
Current reported NPAT for the NZBG.
3
During the financial year Marac Insurance completed its run off and cancelled its licence, releasing capital to the NZBG. Additionally,
amortisation of intangible assets reduced the capital deduction.
4
On 1 July 2025, the Tier 1 capital requirements increased from 11.5% to 12.5% due to the RBNZ’s 2019 Capital Review for non D-SIB
banks.

22
1
Reverse Mortgages are measured at fair value.
2
Reverse Mortgage NPLs arise due to late settlement (90 days after the 12-month repayment period) after the departure of the borrower from the property. As at 30 June 2025, this included 11 loans with a total value of $2.0m and a weighted average LVR of 29.4%.
3
Using indexed valuation.
•In FY2025, Heartland Bank introduced electronic property valuations for the majority of
applicants, resulting in a reduction in average settlement times by approximately five days.
•By the end of FY2025, 50% of cash reserve drawdown requests were processed online,
marking a significant shift from prior reliance on phone and email communications.
•Leveraging its market leadership in NZ, Heartland Bank launched the pilot of a new product,
Village Access Loans, in March 2025 to help older New Zealanders overcome financial
barriers to moving into retirement villages. The product received strong early interest and is
now a permanent offering.
$
58.3m
$
1,233m
Receivables as at 30 Jun 2025
+$165m, 15.5% since Jun 2024
NOI as at 30 Jun 2025
+18.5% vs FY2024
NZ lending performance: Reverse Mortgages
Outlook
•FY2026 growth: >18%
Asset quality
1
•NPL
2
ratio: 0.17% ($2.0m)
•Average current loan size: $154k
•Weighted average current LVR: 25.3%
3

23
1
Rural includes Rural Relationship, Rural Direct and Livestock Finance. Excludes NSAs.
2
Rural Lending includes Rural Relationship and Rural Direct.
•Growth in FY2025 was driven by improved conditions in the Livestock Finance portfolio and expanded
intermediary partnerships.
•Rural asset quality improved as rural trading conditions strengthened, largely off the back of stronger
international commodity prices.
Includes $374m Rural Lending
2
and $235m Livestock Finance
$
609m
Receivables as at 30 Jun 2025
+$29m, +4.9% since Jun 2024
Includes $25.8m Rural Lending
2
and $8.9m Livestock Finance
$
34.7m
NOI as at 30 Jun 2025
+2.6% vs FY2024
Outlook
•FY2026 growth: >6%
Asset quality
•Early-day arrears (5 – 89DPD): Reduced
from $10m (1.7%) to $5m (0.8%)
NZ lending performance: Rural
1
Rural NPLs and provisions for NPLs ($m)
1.8%, $10.6
0.1%, $0.6
0.1%, $0.5
0.2%, $1.1
0.7%, $3.6
0.2%, $1.3
0.4%, $2.4
0.4%, $2.1
0.6%, $3.7
34.0%, $4.8
24.8%, $1.6
23.9%, $1.3
2.4%, $14.0
1.2%, $6.3
0.9%, $5.5
NPLsProvisionsNPLsProvisionsNPLsProvisions
30-Jun-202431-Dec-202430-Jun-2025
Non-Performing, 90-179DPDNon-Performing, 180-364DPD
Non-Performing, 365+DPD

24
1
Motor Finance includes Motor Wholesale lending.
2
Motor Lending includes Intermediary and Direct distribution channels.
3
Using the calculation used by Centrix, and compared with the auto industry average as at 30 June 2025, reported by Centrix in its Credit Insights Report, July 2025.
•The Motor Finance focus has shifted from lending originated through brokers to lending through higher
quality direct-to-consumer channels, franchise dealers and branded distribution partners.
•New credit decisioning scorecards with enhanced criteria launched in 2H2025 to improve lending quality.
•Motor Finance arrears are now performing better than the industry average – see page 43.
3

•The introduction of a new dealer platformis expected tomake applicationseasier to complete and to
increase conversion rates.
•Marac Marketplace launched, providing an end-to-end digital platform to meet evolving consumer
vehicle purchasing preferences.
Includes $1,565m Motor Lending
2
and $130m Wholesale Lending
$
1,694m
Receivables as at 30 Jun 2025
-$77m, -4.3% since Jun 2024
Includes $71.9m Motor Lending
2
and $3.3m Wholesale Lending
$
75.2m
NOI as at 30 Jun 2025
+8.6% vs FY2024
NZ lending performance: Motor Finance
1
Outlook
•FY2026 growth: >3.0%
Asset quality
•Early-day arrears (5 – 89DPD): Reduced
from $85m (4.8%) to $76m (4.5%)
Motor Finance NPLs and provisions for NPLs ($m)
1.4%, $24.8
1.5%, $25.8
1.5%, $24.7
1.1%, $19.9
1.2%, $20.2
0.8%, $13.2
1.1%, $20.3
29.4%, $19.1
17.3%, $8.0
24.4%, $9.2
3.7%, $65.0
2.7%, $46.3
2.2%, $37.9
NPLsProvisionsNPLsProvisionsNPLsProvisions
30-Jun-202431-Dec-202430-Jun-2025
Non-Performing, 90-179DPDNon-Performing, 180-364DPD
Non-Performing, 365+DPD

25
1
Business Finance includes Asset Finance and Business Relationship. Excludes NSAs.
2
Includes early repayment of an $80m wholesale funding facility by a client who exited the NZ market.
3
As reported by Centrix in its Credit Insights Report, July 2025, the main industries that continue to be affected by company liquidations and business
defaults are construction, property, hospitality and transport, which constitute a significant portion of Heartland Bank’s Business Finance portfolio.
•Heightened competition together with subdued demand in particular industry sectors saw Heartland Bank
prioritise support for existing customers while retaining pricing discipline and a tight risk appetite.
•Ongoing trading condition challenges for the construction, property, hospitality and transport industries
have contributed to impairment and provision increases.
3
However, early-stage arrears have improved due
to changes made to the strategy and timing of intervention measures.
•The portfolio remains appropriately provisioned recognising the secured nature of this lending.
•As conditions improve and Government support for NZ’s productive economy increases, Heartland Bank
expects this to bolster both volume and viability of investments within the sectors Asset Finance targets,
and is building a sustainable lending pipeline for FY2026.
$
46.3m
$
779m
Receivables as at 30 Jun 2025
-$258m
2
, -24.9%
2
since Jun 2024
NOI as at 30 Jun 2025
-11.5% vs FY2024
Includes $166m Business Lending and $613m Asset Finance
Includes $15.2m Business Lending and $31.1m Asset Finance
Business Finance NPLs and provisions for NPLs ($m)
Outlook
•FY2026 growth: <-9%
Asset quality
•Early-day arrears (5 - 89DPD): Reduced
from $50m (4.8%) to $43m (5.5%)
NZ lending performance: Business Finance
1
0.9%, $9.8
1.8%, $16.1
1.9%, $15.2
1.4%, $14.6
1.4%, $12.3
2.3%, $17.6
1.7%, $17.7
2.2%, $19.7
3.3%, $25.6
40.3%, $17.0
37.9%, $18.2
32.4%, $18.9
4.1%, $42.1
5.5%, $48.1
7.5%, $58.3
NPLsProvisionsNPLsProvisionsNPLsProvisions
30-Jun-202431-Dec-202430-Jun-2025
Non-Performing, 90-179DPDNon-Performing, 180-364DPD
Non-Performing, 365+DPD

Michelle Winzer Chief Executive Officer, Heartland Bank Australia
Kerry Conway Chief Financial Officer, Heartland Bank
03
Australian
banking

27
2
7
Heartland Bank Australia’s vision is to be Australia’s leading specialist bank,
enriching customers’ lives through financial freedom.
Diversify distribution
Expand distribution networks and strengthen
partnerships to increase product reach.
•Diversification and strengthening of intermediary
distribution partnerships across all core product
areas (Reverse Mortgages, Livestock Finance and
Deposits) to reduce single channel reliance.
•300 new accredited Reverse Mortgage brokers and
a new aggregator joined Heartland Bank Australia’s
already large broker network.
Service excellence
Through a commitment to strategy execution and
disciplined cost management, deliver service
excellence for customers.
•Improvements in Reverse Mortgage broker
origination and training contributed to a 74%
reduction in application turnaround times.
•Process improvements and removal of duplication for
customers has reduced the Reverse Mortgage
application time to service from >60 days to <20 days.
•Reorganisation of teams and workflow has delivered
significant benefit to customers and partners.
•Bringing together the Reverse Mortgage and Deposit
contact centre teams has ensured more fulsome
coverage to support customers at the times they
need to contact the bank.
Business growth
Continue to focus on expansion within existing
segments: Reverse Mortgages, Livestock Finance
and Deposit offerings.
•Heartland Bank Australia’s transition to a
predominantly deposit funded model has been
successful, with deposits now making up 81% of the
bank’s funding. The funding transition has positively
affected the bank’s cost of funds and NIM.
•On a reported basis, NIM was 3.01%, up 42 bps from
FY2024.
•Launched new MySavings on-call savings account in
February 2025.
•Strong growth continued in Reverse Mortgages, with
momentum continuing in FY2026 as Receivables met
the A$2b milestone.
•Livestock Finance saw a return to growth.
AU banking: FY2025 summary

28
ReportedUnderlying
FY25FY24MovementFY25FY24Movement
Financial
performance
NII$86.5m$61.8m

$24.7m40.0%$86.5m$61.9m

$24.6m39.7%
OOI
1
$2.7m$2.1m

$0.5m24.3%$2.7m$2.7m

($0.0m)(1.7%)
NOI$89.1m$63.9m

$25.2m39.5%$89.1m$64.6m

$24.5m38.0%
OPEX$47.7m$38.2m

$9.4m24.6%$46.4m$31.1m

$15.3m49.0%
Impairment expense$2.7m$0.6m

$2.0m332.5%$2.7m$0.6m

$2.0m332.5%
Tax expense$11.6m$7.3m

$4.3m59.1%$12.0m$9.5m

$2.5m25.9%
NPAT
2
$27.2m$17.7m

$9.4m53.2%$28.1m$23.3m*

$4.8m20.4%
NIM3.01%2.58%

42 bps3.01%3.17%

(16 bps)
CTI ratio53.5%59.8%

(636 bps)52.0%48.2%

385 bps
Impairment expense ratio
3
0.13%0.03%

9 bps0.13%0.03%

9 bps
ROE6.6%6.9%

(31 bps)6.8%12.5%
5

(565 bps)
Jun 25Jun 24Movement
Financial
position
Liquid assets$517m$993m

($476m)(47.9%)
Receivables
4
$2,265m$1,975m

$290m14.7%
Borrowings$2,499m$2,715m

($216m)(7.9%)
Equity$424m$398m

$26m6.5%
Equity/total assets14.4%12.7%

169 bps
Note: All figures are in AUD$m. See page 4 for definition of underlying financial metrics. Refer to page 7 for details about FY2025 one-
offs and page 49 for details about FY2024 one-offs.
1
Reported OOI includes fair value gains/losses on investments.
2
Refer to pages 7 and 49 for details about one-offs in the periods covered in this investor presentation..
3
Impairment expense as a percentage of average Receivables.
4
Receivables also includes Reverse Mortgages.
5
Underlying ROE for FY2024 excludes the impact of the ADI acquisition.
Heartland Bank Australia is a substantially different
business following ADI acquisition completion on 30
April 2024. As such, comparing FY2025 with FY2024 is
not a like-for-like comparison. ​
*To provide a clearer view of historical performance,
impacts from the ADI acquisition on performance in
May 2024 and June 2024 have been excluded to form
the underlying result for FY2024.
Financial results

29
Note: All figures in AUD$m.
1
Other AU includes Home Loans and Consumer & Other loan portfolios acquired through the ADI which are in run down.
Strong growth continued in Reverse Mortgages as Heartland Bank Australia maintained its market
leading position. Livestock Finance saw a return to growth as confidence returns to the market,
despite some impacts from drought in Victoria and South Australia.
1,9751,980254312,265
Receivables
(AUD $m)
A$290m (14.7%)
1
(41.6%)
1.5%
18.5%
1,975
309
4
(23)
2,265
Jun-24
Reverse
Mortgages AU
Livestock
Finance AU
Other AUJun-25
Receivables

30
2.67%
3.13%
3.27%
3.59%
>3.65%
2.58%
3.01%
3.31%
3.47%
>3.40%
1Q20252Q20253Q20254Q2025FY2026
(Outlook)
Exit NIMAvg. NIM
3.19%
(0.35%)
2.84%
0.80%
(0.05%)
3.59%
FY2024
Exit NIM
(excl. ADI)
Liquids
(HQLA)
FY2024
Exit NIM
(incl. ADI)
Cost of
Deposits
Gross Yield &
Portfolio Mix
FY2025
Exit NIM
FY2026
Exit NIM
Outlook
Exit NIM up 75bps YoY
•Cost of deposits: lower cost of funds through
funding mix transition which completed
successfully, moving from 100% reliance on
wholesale funding to deposits making up 81% of
funding as at 30 June 2025.
FY2026 outlook
•RBA cash rate easing with flow on impacts to
competitive lending.
•Further cost of deposits opportunity with
wholesale to deposit funding to lift deposit funded
ratio > 85%.
•Identifying higher yielding investment securities.
•FY2026 avg. NIM outlook of >3.40%.
Note: NIM is calculated as NII/average gross interest earning assets in $AUD. See page 4 for a definition of underlying financial metrics.
> 3.65%
Underlying NIM
Exit NIM

31
Note: All figures in AUD. CTI ratio is calculated as OPEX/NOI. Underlying CTI ratio excludes one-off impacts. See page 4 for definition of underlying
financial metrics. Refer to pages 7 and 49 for details about one-offs in the periods covered in this investor presentation.
1
FY2024 CTI ratio is adjusted for the impacts of the ADI acquisition.
2
Excluding intercompany group charges .
56.4%
56.3%
49.2%
47.7%
<45.5%
1Q20252Q20253Q20254Q2025FY2026
(Outlook)
FY2024
Avg. CTI 48.2%
1
FY2025
Avg. CTI 52.0%
2
Personnel expenses,
$20.5m, 44%
Customer onboarding & admin costs, $7.9m, 17%
Technology services & communications,
$5.4m, 12%
Legal and professional fees, $2.8m, 6%
Occupancy costs and depreciation - PPE & RoU,
$2.7m, 6%
Advertising and public relations, $1.4m, 3%
Travel, entertainment and insurance, $1.1m, 2%
Other operating expenses, $4.6m, 10%
FY2025
Total FY2025 underlying OPEX of A$46.4m, largely made
up of:
•A$20.5m personnel expenses, based on 117 FTEs (avg
FTEs of 95) including the acquired ADI cost base, and
primarily comprising remuneration (A$19.0m)
•A$7.9m of customer onboarding and admin costs
including lending origination costs in line with AU
Reverse Mortgage volume growth
•A$5.4m IT costs including the acquired cost base, the
long-term renewal of the current version of the core
banking system and to accommodate increased volume
from deposits
•A$2.8m of legal and professional fees including
compensation of auditor
•A$4.6m other operating expenses.
FY2026 outlook
•Underlying OPEX expected to be <A$54.6m.
•Increases will be mainly variable and tied to growth –
primarily higher broker commissions and onboarding
expenses related to the expansion of Reverse
Mortgages, as well as the full-year impact of additional
roles filled in FY2025.
•Despite OPEX increases, the underlying CTI ratio is
expected to be <45.5% due to an uplift in NOI.
Underlying CTI ratio
Underlying OPEX

32
1,454
1,495
2,014
1,334
809
595
335
403
403
323
100
50
50
50
1,737
2,715
2,462
2,499
Dec 23Jun 24Dec 24Jun 25
DepositSecuritised fundingMTNs Tier 2
341
313
12
50
113
347
196
142
640
407
315
6
24
54
454
1,306
639
561
Dec 23Jun 24Dec 24Jun 25
Undrawn limitCashGovernment SecuritiesBank Securities
31-Dec-2430-Jun-25
MLHMLH
Heartland Bank Australia 20.6%19.4%
Note: Heartland Bank acquired (now) Heartland Bank Australia on 30 April 2024. Prior to that, Heartland’s Australian businesses
operated as Heartland Australia Group, which did not have an ADI licence or access to deposit funding in Australia.
Liquid assets (securities) are HQLA APRA eligible securities.
Funding & liquidity
•In FY2025, Heartland Bank Australia used deposit funding to complete the repayment
of a A$800m wholesale debt funding facility.
•The transition to a predominantly deposits funding mix, from a reliance on wholesale
funding, has been successful. Deposits made up 81% of the bank’s funding as at 30
June 2025 (up from 54% as at 30 June 2024). This is expected to increase to 85% by
the end of FY2026.
Funding composition A$m
Liquidity composition A$m

33
20.03%
1.84%
(1.16%)
(0.15%)
(0.14%)
20.41%
Jun-24Current year
NPAT
Credit Risk
(on Balance Sheet)
Credit Risk
(off Balance Sheet)
Operational
Risk
Jun-25
Heartland Bank Australia
continues to operate above
regulatory capital minimums and is
well positioned for future
sustainable growth.
•Heartland Bank Australia maintained a strong
regulatory capital position, ensuring compliance
with prudential requirements and supporting
sustainable growth.
•Total capital ratio remained robust at 20.41%,
reflecting disciplined capital management, earnings
and prudent risk-weighted asset growth, coupled
with non-performing loan management. This
positioned the bank well to support customers and
drive long-term financial stability.
•Profits generated by the AU bank are largely, if not
wholly, expected to be retained within the AU bank
to provide the capital to fund projected growth.
246
3
27
(1)
275
50
50
Jun-24ReservesRetained
Earnings
Regulatory
adjustments
Jun-25
Tier Two
CET1
Capital
Heartland Bank Australia - Capital movement A$m
Heartland Bank Australia – Total capital ratio

34
Receivables as at 30 Jun 2025
+A$309m, 18.5% since Jun 2024
A$
1,980m
A$
63.8m
1
AU Reverse Mortgage market share estimate based on APRA ADI data and public statements and internal estimates for non-bank reverse mortgage lending.
2
Reverse Mortgages are measured at fair value.
3
Reverse Mortgage NPLs arise due to late settlement (90 days after the 12-month repayment period) after the departure of the borrower from the property. As at 30 June 2025, this included 64 loans with a total NPL value of A$17.4m and a weighted average LVR of 29.3%.
4
Using indexed valuation.
NOI as at 30 Jun 2025
•Achieved the highest quarterly new Reverse Mortgage origination on record in 4Q2025, positioning
Heartland Bank Australia well for continued momentum into FY2026.
•Heartland Bank Australia’s market share increased to 40%
1
despite heightened competition in the reverse
mortgage market. It remains the leading provider of reverse mortgages in Australia, with more than half the
flow of lending by active providers.
•Significant expansion of the broker and partner network, with enhanced broker onboarding and training,
contributed to a 74% reduction in application turnaround times.
•Receivables eclipsed the A$2b milestone in July 2025.
Outlook
•FY2026 growth:>19.0%
Asset quality
2
•NPL
3
ratio: 0.88% (A$17.4m)
•Average current loan size : A$208k
•Weighted average current LVR : 24.6%
4
AU lending performance: Reverse Mortgages

35
A$
12.6m
NOI as at 30 Jun 2025
Receivables as at 30 Jun 2025
+A$3.7m, 1.5% since Jun 2024
A$
254m
•Increased confidence has returned to the Australian livestock market, resulting in the highest volume of
new business written since FY2022, with over one million livestock funded in FY2025 (up 36% on FY2024).
•FY2025 Receivables growth of 1.5% arrested the FY2024 Receivables decline of 27.5%.
•Droughts in Victoria and South Australia reduced livestock feed levels and resulted in a sell down of
livestock by customers in those states, impacting growth.
•Growth has been supported by diversification of the Livestock Finance distribution channels as
Heartland Bank Australia continues to strengthen its partnerships.
Outlook
•FY2026 growth: >20.0%
Asset quality
•Through prudent management, Livestock Finance NPLs
reduced in 2H2025 to A$36.4m (1.62%) as at 30 June 2025,
down from A$64.4m (3.26%) as at 30 June 2024.
•While impairments remain low, they were higher than
expected with a FY2025 impairment expense ratio of 0.13%
(up 9 bps from FY2024) due to specific provisions being
required for three Livestock Finance customers.
•The Livestock Finance portfolio is appropriately provisioned
in line with expected credit losses and prevailing economic
conditions.
AU lending performance: Livestock Finance
Single
significant
customer
refinance in
June 2025
250.1
251.9
250.1
241.7
231.3
241.8
248.6
254.7
259.4
285.0
280.8
281.9
253.8
Jun-2024Aug-2024Oct-2024Dec-2024Feb-2025Apr-2025Jun-2025
21.9% growth
(Oct 2024-May 2025)
FY2025 Receivables (A$m)

Andrew Dixson Chief Executive Officer, Heartland Group
04
Outlook

37
Capitalising on the reset, change and integration that occurred in FY2025, Heartland
expects to deliver improved ROE and profitability in FY2026. Its focus will be on:
Maintaining a refined strategic focus on its core product sets.
-NZ bank: Reverse Mortgages, Rural Lending, Motor Finance, Asset Finance, Deposits
-AU bank: Reverse Mortgages, Livestock Finance, Deposits
Investment in technology uplift to simplify and automate manual processes, introduce
new digital capability and provide better customer, intermediary and employee experience
– unlocking future growth.
Operational cost control.
Continuing to prioritise efficient use of capital.
1
2
3
FY2026 outlook
4

38
Each bank will prioritise growth and innovation in Reverse Mortgages to retain its leading
position and increase competitive advantage in markets with significantly untapped potential.
FY2026 outlook: Reverse Mortgage opportunity
1
Best estimate only and based on a combination of publicly available information and internal sources.
2
Market sizing for reverse mortgages is calculated by determining the total value of residential property owned by seniors (aged 60+),
multiplied by an LVR of 20%. This is then apportioned to property owned without a mortgage and property owned with a mortgage
(outstanding mortgage balance).
3
Assumes average LVR on residential mortgages held by seniors to be ~20%.
4
The value of retirement village dwellings (valued at 50% of occupational right agreement).
Reverse MortgagesAustraliaNew ZealandCommentary
Market sizing
1
A$NZ$
Property owned without mortgage
2

(value of security property at 20% LVR)
$320 billion$110 billion
•
Australia’s 65+ population is projected to grow from 4.75m
currently to 7.0m by 2040 (47% increase).
•
New Zealand’s 65+ population is projected to grow from 0.9m
currently to 1.3m by 2040 (44% increase).
•
Increasing build up in home equity through sustained house price
inflation in key urban centres.
Property owned with mortgage
3

(outstanding mortgage balance)
$300 billion$50 billion
•
Significant mortgage debt held by those aged 60+, creating
financial stress given low fixed incomes and rising cost of living.
The number and value of this debt continues to increase.
•
Opportunity to transition to reverse mortgage and remove burden
of servicing.
Retirement village - independent and assisted living
4

(value of ORA at 50% LVR)
$40 billion$10 billion
•
Affordability and access to quality independent and assisted living
is increasingly difficult.
•
Existing and proposed new supply of senior living stock is lagging
population growth.
Total market opportunity$660 billion$170 billion

39
Heartland expects FY2026 underlying NPAT to be at least $85 million.
The FY2026 guidance detailed below is subject to change once the impact of the technology
investment required to deliver against Heartland’s technology strategy is known.
Heartland expects the difference between reported and underlying NPAT in FY2026 to be limited
only to any fair value changes on equity investments held and other one-off non-recurring
expenses.
Underlying financial metrics
FY2026 guidance
HeartlandNZ BankingAU Banking
NPAT≥$85m>$45m>AU$37m (NZ$40m)
ROE≥7%>6%>8%
Average NIM>3.90%>4.20%>3.40%
Exit NIM>3.95%>4.25%>3.65%
CTI ratio<53.5%<53.5%<45.5%
Impairment expense ratio<0.55%<0.85%<0.10%
The Board continues to target a total dividend payout ratio of at least 50% of underlying NPAT in FY2026.
1
1
Subject to the Board considering Heartland’s capital needs, ROE accretive growth opportunities, balance sheet flexibility and financial performance.
FY2026 guidance

40
Heartland intends to present updated long-term ambitions, resetting to a full five-year time
horizon to demonstrate its operating metrics at scale.
Intentional and necessary resets in Heartland’s businesses throughout FY2025 have rebased the starting position
assumed when Heartland announced its FY2028 ambitions.
Heartland currently expects that during the period to FY2030, investors will see a significant increase in underlying
ROE and underlying NPAT from:
•a continued focus on capital efficiency, both in the composition of the regulatory capital stack and the allocation of that
capital to core product sets
•profits generated in AU largely, if not wholly, retained within the AU bank to provide the capital to fund projected growth
•continued growth in quality core product portfolios, with a bias to growth in Reverse Mortgages
•superior NIM being maintained
•enhanced asset quality
•an underlying CTI ratio reduction.
Heartland will host an investor day ahead of its FY2025 annual general meeting, to provide detailed information on
the underlying approach, growth drivers and timeframes that support the delivery of its reset long-term ambitions.
Long-term ambitions

05
Additional
information

42
4
2
NSAs are primarily NZ assets that are outside of Heartland’s core lending strategy, or
do not deliver threshold ROE.
1
Sized by $ exposure.
2
Includes Online Home Loans and old residential mortgages.
Non-strategic assets (NSA) overview
Asset typeDescriptionExit strategies
Balance
Dec-24 ($m)
Movement
($m)
Balance
Jun-25 ($m)
Rural
Receivables
•Diversified portfolio of agricultural lending primarily to NZ based dairy
farms and sheep and beef farms.
•Exposures are ~30% North Island and ~70% South Island (Otago
~60%).
1

•Primary exit strategy assessed on a file-by-file basis. This is
expected to be achieved through a combination of refinancing and
sale of underlying security.
•Portfolio level solutions continue to be explored as a means of
expediting realisation timeframes.
122.6(10.6)112.0
Business
Receivables
•Portfolio of diversified NZ SME lending.
•Primary sectors include: transport, forestry, mining, vineyards and
construction.
59.6(11.8)47.8
Home Loan
2

Receivables
•Portfolio of prime home loans.
•The portfolio is being wound down through organic repayment.
Heartland expects over 80% of the total balance will be repaid by
the end of 1H2026.
252.4(80.7)171.7
Properties•Two dairy farms located in Canterbury and Otago.
•Both farms are currently being prepared for sale at the next
available market window.
16.2-16.2
Investment
properties
•Block of 16 apartments located in Northland.
•Marketing of the apartments for sale on the open market will
continue in September 2025.
4.4-4.4
Equity
investments
•Minority equity stake in Alex Corporation Limited (Alex Bank), Avenue
Hold Limited (Avenue Bank) and Harmoney Corp Limited.
•No near term exits likely on commercially acceptable terms.
Primary exit strategy is via existing shareholder base.
•Actively selling Harmoney Corp Limited shareholder on-market
where the appropriate opportunity presents.
12.9(0.2)12.6
Total
468.1(103.3)364.8

43
4
3
Note:
•For the purpose of this comparison, Heartland Bank’s total Motor Finance arrears are calculated using the calculation method used by Centrix (arrears greater than or equal to 14 DPD) as at 30 June 2025.
•Auto industry arrears are sourced from the Centrix Credit Indicator Report, where 31/12/2024, 31/03/2025, and 30/06/2025 uses the January, April, and July 2025 Insights Report, respectively.
•Consumer Motor are Motor Finance loans to individuals rather than businesses.
Motor Finance arrears vs. auto industry average
5.4%
5.8%
5.4%
6.3%
5.9%
5.2%
6.1%
5.8%
5.0%
4.5%
4.7%
4.9%
5.1%
5.3%
5.5%
5.7%
5.9%
6.1%
6.3%
6.5%
31/12/202431/03/202530/06/2025
Market Arrears (Centrix Market Report)Total Motor (HBL)Consumer Motor (HBL)

44
4
4
$1.23b
NZ Reverse Mortgages
+$165m (15.5%)

vs June 2024
$211m
(+$13.6m vs FY2024)
FY2025 origination
2
73
Average age of youngest borrower
(new customers)
3
17.1
%
Compound annual
growth rate
4
$153,518
Average current
loan size
2
$77,583
Average initial
loan amount
8.1
%
Weighted average
initial LVR
3
25.3
%
Weighted average current LVR
(indexed valuation)
1,5
$158m
(+$44.4m vs FY2024)
Total repayments in FY2025
2
14.8
%
(vs 12.7% in FY2024)
FY2025 repayment rate
2
6.00 years
Average term
at repayment
81
%
Voluntary
repayment
19
%
Involuntary
repayment
Note: All figures are in $NZD unless otherwise stated.
1
Across all time on whole book.

2
As at 30 June 2025.
3
Rolling 12 months as at 30 June 2025.
4
Compound annual growth rate for the period 1 July 2020 – 30 June 2025.
5
Indexed valuation.
NZ Reverse Mortgage portfolio analytics

45
A$1.98b
AU Reverse Mortgages
+A$309m (+18.5%)

vs June 2024
A$404m
(+A$73m vs FY2024)
FY2025 origination
2
73
Average age of youngest borrower
(new customers)
3
17.9
%
Compound annual
growth rate
4
A$208,221
Average current
loan size
2
A$161,907
Average initial
loan amount
14.3
%
Weighted average
initial LVR
3
24.6
%

Weighted average current LVR
(indexed valuation)
1,5
A$261m
(+A$61 vs FY2024)
Total repayments in FY2025
2
15.6
%
(vs 14.3% in FY2024)
FY2025 repayment rate
2
5.92 years
Average term
at repayment
77
%
Voluntary
repayment
23
%
Involuntary
repayment
4
5
Note: All figures are in $AUD unless otherwise stated.
1
Across all time on whole book.

2
As at 30 June 2025.
3
Rolling 12 months as at 30 June 2025.
4
Compound annual growth rate for the period 1 July 2020 – 30 June 2025.
5
Indexed valuation.
AU Reverse Mortgage portfolio analytics

46
Sustainability
Heartland’s sustainability strategy is built on
three pillars:
Environment
Support the just transition to a net-zero economy
People
Caring for Heartland’s people, customers
and communities
Financial wellbeing
Support the financial wellbeing of Heartland’s
customers and communities
FY2025 achievements
•Heartland hit its target to increase the percentage of new
generation vehicles funded by the NZ Motor Finance portfolio year
on year. 16.3% of vehicles funded in FY2025 were new-generation
vehicles, up from 15.1% in FY2024.
•Developed an initial detailed transition plan to position Heartland’s
operational emissions pathway to net zero by FY2050.
•Identified as a ‘fast follower’ and one of the top three improvers in
Forsyth Barr’s 2024 Carbon & ESG ratings of NZX listed companies.
•The number of volunteer days used by Heartland’s employees to
give back to the community was up 76% on the past three years
combined.
•The NZ bank held its annual Manawa Ako internship for Māori
and Pasifika rangatahi (youth), welcoming 29 interns. More than
165 rangatahi have participated in the programme since inception
in 2017.
1
2
3
More information will be available in Heartland’s Climate Report and Annual Report which will be published on 30 September 2025.

06
Disclosures
appendices &
glossary

48
The presentation and the briefing (together the Presentation) contain summary information
only, which should not be relied on in isolation from the full detail in the Financial Statements.
The information in the Presentation has been prepared with due care and attention, but its
accuracy, correctness and completeness cannot be guaranteed. No person (including the
Company and its directors, shareholders and employees) will be liable to any other person
for any loss arising in connection with the Presentation.
The Presentation outlines a number of the Company’s forward-looking plans and projections.
Those plans and projections reflect current expectations, but are inherently subject to risk
and uncertainty, and may change at any time. There is no assurance that those plans will be
implemented or that projections will be realised. You are strongly cautioned not to place
undue reliance on any forward-looking statements, particularly in light of the current
economic climate.
No person is under any obligation to update this presentation at any time after its release or
to provide further information about the Company.
The information in this presentation is of a general nature and does not constitute financial
product advice, investment advice or any recommendation. Nothing in this presentation
constitutes legal, financial, tax or other advice.
Non-GAAP measures
This presentation contains references to non-GAAP measures including underlying profit or
loss, underlying ROE, underlying CTI ratios, underlying impairment expense ratios and
underlying EPS. A reconciliation between the reported and non-GAAP measure of underlying
financial information is included on page 6.
Because Heartland complies with accounting standards, investors know that comparisons
can be made with confidence between reported profits and those of other companies, and
there is integrity in Heartland’s reporting approach. These non-GAAP figures are provided as
a supplementary measure for readers to assess Heartland’s performance alongside NZ GAAP
reported measures, where one-offs, both positive and negative, can make it difficult to
compare profits between years. However, these non-GAAP measures do not have
standardised meanings prescribed by GAAP and should not be viewed in isolation nor
considered a substitute for measures reported in accordance with NZ GAAP.
Non-GAAP financial information has not been subject to review by PricewaterhouseCoopers,
Heartland’s external auditor.
All amounts are in New Zealand dollars unless otherwise indicated. Financial data in this
presentation is as at 30 June 2025 unless otherwise indicated. Any other financial
information provided as at a date after 30 June 2025 has not been audited or reviewed by any
independent registered public accounting firm.
Disclaimer
This presentation has been prepared by Heartland Group Holdings Limited (NZX/ASX: HGH)
(the Company or Heartland) for the purpose of briefings in relation to its Financial Statements.

49
1
See page 4 for definition of underlying financial metrics. Refer to page 6 for a detailed reconciliation between reported and underlying financial information.
FY2024
Entity
HGHHBLHBAL
Reported NPAT$74.5m$0.3m$55.8m$18.5m
‒De-designation of derivatives$6.6m$6.6m
‒Fair value changes on equity investments held$0.3m($1.3m)$1.6m
Other operating income (OOI)$6.9m($1.3m)$8.2m
‒Australian Bank Programme transaction costs$9.8m$4.8m$1.1m$3.8m
‒Other non-recurring expense$0.8m$0.2m$0.6m
Operating expenses (OPEX)$10.6m$5.0m$1.7m$3.8m
‒Provision for a subset of legacy lending$16.0m$16.0m
Impairment Expense$16.0m$16.0m
Tax impact($8.6m)($0.7m)($6.8m)($1.1m)
‒Challenger Bank Net Loss$3.3m$3.3m
Underlying NPAT
1
$102.7m$3.3m$74.9m$24.5m
FY2024 reported vs. underlying

50
ADIAuthorised deposit-taking institutionNSANon-strategic assets
APRAAustralian Prudential Regulation AuthorityNZ Banking Group, NZBG
The New Zealand Banking Group consists of the NZ Bank and its NZ subsidiaries,
excluding Marac Insurance.
Banking Group
The Banking Group includes all of the NZ bank’s subsidiaries, including
the AU bank and Marac Insurance.
OOIOther Operating Income
bpsBasis pointsOPEXOperating expenses
CET1Common Equity Tier 1RBNZReserve Bank of New Zealand
cpsCents per shareReceivablesGross Finance Receivables (includes Reverse Mortgages)
CTI ratioCost-to-income ratioROEReturn on Equity
DPDDays past dueFY2030Financial year ending 30 June 2030 (1 July 2029 to 30 June 2030)
DRPDividend Reinvestment PlanFY2028Financial year ending 30 June 2028 (1 July 2027 to 30 June 2028)
EPSEarnings per share4Q26+Fourth quarter of FY2026 (1 April to 30 June 2026) and onwards
Exit NIMNIM on the last day of the reporting period.3Q26Third quarter of FY2026 (1 January to 31 March 2026)
FXForeign currency exchange2Q26Second quarter of FY2026 (1 October to 31 December 2025)
GFV Guaranteed Future Value1Q26First quarter of FY2026 (1 July to 30 September 2025)
Heartland, Heartland Group, HGHHeartland Group Holdings Limited or the CompanyFY2026Financial year ending 30 June 2026 (1 July 2025 to 30 June 2026)
Heartland Australia Group
Heartland Australia Holdings Pty Ltd and its direct and indirect wholly-
owned subsidiaries
4Q2025, 4Q25Fourth quarter of FY2025 (1 April to 30 June 2025)
Heartland Bank, HBL, NZ Bank,
NZ Banking
Heartland Bank Limited3Q25Third quarter of FY2025 (1 January to 31 March 2025)
Heartland Bank Australia, HBAL,
AU Bank, AU banking
Heartland Bank Australia Limited2H2025Second half of FY2025 (1 January to 30 June 2025)
LVRLoan-to-value ratio2H2025 Outlook
Financial metric expectations for 2H2025 set by Heartland in its 1H2025 financial
results announcement published on 27 February 2025
MLHMinimum Liquidity Holdings2Q25Second quarter of FY2025 (1 October to 31 December 2024)
NIINet interest income1H2025First half of FY2025 (1 July to 31 December 2024)
NIMNet interest marginFY2025Financial year ended 30 June 2025 (1 July 2024 to 30 June 2025)
NOINet operating incomeFY2024Financial year ended 30 June 2024 (1 July 2023 to 30 June 2024)
NPATNet profit after tax1H2024First half of FY2024 (1 July to 31 December 2023)
NPLNon-performing loanFY2022Financial year ended 30 June 2022 (1 July 2021 to 30 June 2022)
Glossary

Investor information
For more information
heartlandgroup.info/investor-information
Investor & media relations
Nicola Foley
Head of Corporate Communications & Investor Relations
+64 27 345 6809
nicola.foley@heartland.co.nz
Thank you

---

Results announcement




Results for announcement to the market
Name of issuer Heartland Group Holdings Limited
Reporting Period 12 months to 30 June 2025
Previous Reporting Period 12 months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$322,890 11.2%
Total Revenue $322,890 11.2%
Net profit/(loss) from
continuing operations
$38,813 -47.9%
Total net profit/(loss) $38,813 -47.9%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.02000000
Imputed amount per Quoted
Equity Security
$ 0.00777778
Record Date 29/08/2025
Dividend Payment Date 12/09/2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.99 $1.00
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the audited financial statements that accompany
this announcement for a further explanation of these figures.
Authority for this announcement
Name of person

authorised
to make this announcement
Andrew Dixson, Chief Executive Officer
Contact person for this
announcement
Nicola Foley, Head of Corporate Communications & Investor
Relations
Contact phone number 027 345 6809
Contact email address nicola.foley@heartland.co.nz
Date of release through MAP

21/08/2025

Audited financial statements accompany this announcement.

---

Distribution Notice





Section 1: Issuer information
Name of issuer Heartland Group Holdings Limited
Financial product name/description Ordinary shares
NZX ticker code HGH
ISIN (If unknown, check on NZX
website)
NZHGHE0007S9
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies X
Record date 29/08/2025
Ex-Date (one business day before the
Record Date)
28/08/2025
Payment date (and allotment date for
DRP)
12/09/2025
Total monies associated with the
distribution
1

$18,801,996.82
Source of distribution (for example,
retained earnings)
Retained earning
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.02777778
Gross taxable amount
3
$ 0.02777778
Total cash distribution
4
$ 0.02000000
Excluded amount (applicable to listed
PIEs)
NIL
Supplementary distribution amount $ 0.00352941
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed – YES
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$ 0.00777778
Resident Withholding Tax per
financial product
$ 0.00138889
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
NIL
Start date and end date for
determining market price for DRP
01/09/2025 05/09/2025
Date strike price to be announced (if
not available at this time)
08/09/2025
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
01/09/2025, 5:00pm NZT
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Andrew Dixson, Chief Executive Officer
Contact person for this
announcement
Nicola Foley, Head of Corporate Communications &
Investor Relations
Contact phone number 027 345 6809
Contact email address nicola.foley@heartland.co.nz
Date of release through MAP

21/08/2025






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info


NZX/ASX release
21 August 2025

ASX Listing Rule 1.15.3 Statement

Heartland Group Holdings Limited (Heartland) (NZX/ASX: HGH) (an ASX Foreign Exempt Listing)
confirms, for the purposes of ASX Listing Rule 1.15.3, that it has complied with and continues to
comply with the Listing Rules of NZX Limited, which is its overseas home exchange.

– ENDS –

The person(s) who authorised this announcement:

Andrew Dixson
Chief Executive Officer

For further information, please contact:

Nicola Foley
Head of Corporate Communications & Investor Relations
+64 27 345 6809
nicola.foley@heartland.co.nz
Level 3, Heartland House, 35 Teed Street, Newmarket, Auckland, New Zealand

---

)(.(.-
(,&J ( ),'.#)(8

/#.),8O
.",J .,#&J ..,-8O
#,.),-8O
#,.),-HJ..'(.-:O
..'(.J) J)'*,"(-#0J ()';O
..'(.J) J"(!-J#(J+/#.3<O
..'(.J) J#((#&J)-#.#)(=O
..'(.J) J-"J&)1->O
).-J.)J."J#((#&J..'(.-
6OOOO #((#&O-..'(.-O*,*,.#)(66O
, ),'(
7OOOO !'(.&O(&3-#-6;O
8O .O#(.,-.O#()'6=O
9OOO .O)*,.#(!O&-O#()'6>O
:O .",O#()'75O
;O *,.#(!O2*(--76O
<O )'*(-.#)(O) O/#.),76O
= '*#,O--.O2*(-78O
>O 2.#)(79O
65 ,(#(!-O*,O-",7:O
#((#&J)-#.#)(
66 (0-.'(.-7;O
67 ,#0.#0O #((#&O#(-.,/'(.-7<O
68 #((O,#0&-O'-/,O.O
'),.#-O)-.
87O
69 *,.#(!O&-O0"#&-8<O
6:O ),,)1#(!-8=O
6; ",O*#.&O(O#0#(-96O
6< .",O,-,0-97O
6= .",O&(O-".O#.'-98O
6>
+/#-#.#)(9<O
75 &.O*,.3O.,(-.#)(-O(O&(-9>O
76 #,O0&/:6O
#-%J (!'(.
77 (.,*,#-O,#-%O'(!'(.O*,)!,':<O
78 ,#.O,#-%O2*)-/,;7O
79 #+/##.3O(O /(#(!O,#-%;<O
7: (.,-.O,.O,#-%;>O
.",J#-&)-/,-
7; #!(# #(.O-/-##,#-<7
7< .,/./,O(.#.#-<7O
7=O . O-",O)1(,-"#*O,,(!'(.-<9O
7> /,#.#-.#)(@O /(-O'(!'(.O(O
).",O #/#,3O.#0#.#-
<:O
85 )((.,.#)(-O) O /(#(!<;O
86O  -..#(!O #((#&O#(-.,/'(.-<<O
87 )(.#(!(.O&##&#.#-O(O)''#.'(.-<=O
88 0(.-O .,O,*),.#(!O.<=O

/#.),L-O*),.<>
O

(,&J ( ),'.#)(JOOOOOOO
"-O #((#&O-..'(.-O,O#--/O3O,.&(O,)/*O)&#(!-O#'#.ODEO(O#.-O-/-##,#-OD."O,)/*EO ),O
."O3,O(O85O
/(O757:?OOOOOOOOOOO
'J(J,--J ),J-,0#
"O,)/*L-O,--O ),O-,0#O#-O0&O8@O8:OO.,.@O1',%.@O
/%&(O6578?
.#&-J) J#(),*),.#)(
O1-O#(),*),.O/(,O."O)'*(#-O
.O6>>8O)(O6>O
/&3O756=?
O

/#.),
,#1.,")/-))*,-
1O)1,@O0&O7<
6:O/-.)'-O.,.O-.

/%&(O6565
.",J .,#&J ..,-
(O6O
/&3O757:@O."O*)-#.),O)'*(-.#)(O"'ODEO'O#(.)O .O/(,O."O*)-#.O%,-O
.O7578?O"O
O#-OO!)0,('(.F%O-"'@O /(O3O*)-#.O.%,-O(O'#(#-.,O3O."O-,0O(%O) O1O&(O
DE?O (O."O0(.O) OO*)-#.O.%,L-O #&/,@O."O-"'O)0,-O"O&#!#&O*)-#.),O1#."O*)-#.-O"&O#(OF
*,)..O)/(.-O/*O.)OP655@555O*,O*)-#.O.%,?
",O,O()O).",O'.,#&O'..,-O,&.#(!O.)O."O/-#(--O),O #,-O) O."O,)/*O.".O,O().O#-&)-O#(O."-O
)(-)&#.O #((#&O-..'(.-O1"#"@O# O#-&)-@O1)/&O'.,#&&3O .O."O#-#)(O) OO*,-)(O.)O-/-,#O ),O
.O),O+/#.3O#(-.,/'(.-O) O1"#"O."O,)/*O#-O."O#--/,?O
#,.),-

&&O#,.),-O) OO,-#O#(O1O&(O1#."O."O2*.#)(O) O),.O&&O(O#')(O%..O1")O,-#O#(O
/-.,&#?O
)''/(#.#)(-O.)O."O#,.),-O(OO-(.O.)O,.&(O,)/*O)&#(!-O#'#.@O0&O8@O8:OO.,.@O1',%.@O

/%&(O6578?

 ,3O((."O,(-&O,.#,O-OO)(F (*((.O2/.#0O#,.),O) O@O .#0O85O*.',O7579?
",O"0O(O()O).",O"(!-O.)O."O)'*)-#.#)(O) O."O),O) O#,.),-O) O."O,)/*O ),O."O3,O(O85O
/(O
757:?
?8

#,.),-JC)(.#(/D
"O#,.),-O) OO(O."#,O.#&-O.O."O.#'O."-O #((#&O-..'(.-O1,O-#!(O1,A
"#,JFJ),J) J#,.),-
'@J,
!),3O3')(O)'&#(-)(
/&# #.#)(-@J


3*J) J#,.),@J)(F (*((.O)(F2/.#0O#,.),
/
*.#)(@J)'*(3O#,.),
2.,(&J#,.),-"#*-@O
&.O&O)&#(!-O#'#.@O"#**#-O#(3,O#'#.@O (0#(O,)/*O)&#(!-O#'#.@O
(0#(O,)/*O (0-.'(.-O#'#.@O (0#(O,)/*O#'#.@O )/(...(O,/-.O#'#.@O,)O./O#'#.@O(#O
&.",O#'#.@O&),/-O#((O#'#.@O.O)(,-O#'#.@O)'&#(-)(O,)/*O
,!(.OO#'#.@O)'&#(-)(O
,)/*OO#'#.@O)'&#(-)(O)&#(!-O#'#.@O)'&#(-)(O,)/*O (0-.'(.-O#'#.@O)'&#(-)(O(./,-O#'#.@O
,,O#.O#(
3,-O#'#.@O,(31#(O#(3,-O#'#.@O)'&#(-)(O,)/*OO#'#.?
'@J#')(O%..
/&# #.#)(-@JOD)(-E@O


3*J) J#,.),@J (*((.O)(F2/.#0O#,.),
/
*.#)(@J)'*(3O#,.),
2.,(&J#,.),-"#*-@OO)&#(!-O.3O.@OO#((#&O.3O.@OO*#.&O (!'(.O#'#.@OO
),.!!O/-.)#(O.3O.@O)(*").O.3O.@O#,-.O
0(/O(./,-O.3O.@O#,-.O
0(/O*#.&O.3O.@O,#O
"()&)
!3O.3O.?
'@J),.O&&
/&# #.#)(-@J/-

3*J) J#,.),@J (*((.O)(F2/.#0O#,.),
/
*.#)(@J)'*(3O#,.),
2.,(&J#,.),-"#*-@O#0".-O.3O.@O=;O&1))O.3O.@O)'O#((O)'*(3OO#'#.@O ))()0O3'(.-O
.3O.?O
'@J1,O
)"(O,0
3
/&# #.#)(-@J)'@O
@O (-.

3*J) J#,.),@J (*((.O)(F2/.#0O#,.),
/
*.#)(@J)'*(3O#,.),
2.,(&J#,.),-"#*-JD2&/#(!OO-/-##,#-EAO*#,O),.O)&#(!-O#'#.@O)',O (0-.'(.-O#'#.@O),.O
) O
*#,O#'#.?
'@J.",
3(O #."&&
/&# #.#)(-@J
@O (-.

3*J) J#,.),@J (*((.O)(F2/.#0O#,.),
/
*.#)(@J)'*(3O#,.),
2.,(&J#,.),-"#*-OD2&/#(!OO-/-##,#-EAO"',-S6:6O#'#.@O",#-."/,"O (.,(.#)(&O
#,*),.O
#'#.@O#,-..,2O
**,)0&-O#'#.@O#(%O(!#(O (!'(.O#'#.@O#(%O(!#(O (!'(.O (.,(.#)(&ODEO
#'#.@O ),,#-)(O),!(O#'#.@O"O1O&(O ,#()O)'*(3O#'#.@O"O
7O #&%O)'*(3O#'#.@O/,*)-O
#'#.@O 3O#'#.@O#(%O(!#(O (!'(.ODEO#'#.@O#(%O(!#(O (!'(.O
O (@O#(%O(!#(O
(!'(.O.3O.@O#(%O(!#(O (!'(.OO?@O,),O./#)O#'#.@O#(%OO#'#.?
?9

#,.),-IJ..'(.-
"O #((#&O-..'(.-O,O.O75O
/!/-.O757:O(O"0O(O-#!(O3O&&O#,.),-?O
>J>J)'&#(-)(JC"#,D>J
>J,03
>J #."&&
>J%..
>J&&
?:


 JJ  J  
),J."J3,J(J74J
/(J6469
K444I-).
/(J6469
/(J6468
(.,-.O#()'A
OO .#0O#(.,-.O'.")8O955@96;O O 95:@5=>O
OO#,O0&/O.",)/
!"O*,) #.O),O&)--OO8O85:@99>O O7::@>98O
).&J#(.,-.J#()'J ;49?<:9J J ::5?476J
(.,-.O2
*(-8O8>=@::=O O8=8@8=<O
.J#(.,-.J#()'J 74;?74;J J 6;;?:89J

*,.#(!O&-O#()'9O;@5:9O O;@5:=O

*,.#(!O&-O2*(-9O9@7>>O O9@8<8O
.J)
*,.#(!J&-J#()'J5?;99J J5?:<9J
(#(
!O(O,#.O O#()'O68@>=6O O69@7=9O
.",OD2
*(-E:OD6@<<;EO OD7@>9;EO
.J)
*,.#(!J#()'J765?6:;J J 6=4?::<J

*,.#(!O2*(--;O6>7@:98O O68>@8=;O
,) #.J ),J(.J #,J0&/J!#(BC&)--DJ)(J+/#.3J#(0-.'(.-J(J#(0-.'(.J
*,)*,.3?J&)---J)(J!/,(.J /./,J0&/J*,)/.-?J#'*#,J--.J2*(-J
(J#()'J.2
J56<?;68J J595?6<6J
.O #,O0&/O
!#(CD&)--EO)(O+/#.3O#(0-.'(.-O(O#(0-.'(.O*,)*,.3O6@;78O OD869EO
)---O)(O
!/,(.O /./,O0&/O*,)/.-O6@:59O OHO
'*#,O--.O2*(-=O<6@;8=O O9;@978O
,) #.J ),J#()'J.2J9;?649J J 548?989J
()'O.2O2
*(->O6=@8>7O O7>@>>;O
,) #.J ),J."J
3,J7<?<57J J;8?98=J
.",J)'
*,"(-#0J&)--
.'-J.".J,J),J'3JJ,&--# #J-/-+/(.&3J.)J*,) #.J),J&)--?J(.J) J
#()'J.2@
 .#0O*),.#)(O) O"(!O#(O #,O0&/O) O,#0.#0O #((#&O#(-.,/'(.-O#(OO-"O
&)1O"!O,&.#)(-"#*
OD68@=9=EO OD65@<56EO
)0'(.O#(O #,O0&/O,-,0O6@::6O O>7:O
)0'(.O#(O ),#
!(O/,,(3O.,(-&.#)(O,-,0OD;@>5:EO O6@<<8O
.'-J.".J1#&&J().JJ,&--# #J.)J
*,) #.J),J&)--?J(.J) J#()'J.2@
)0'(.O#(O #,O0&/O) O+/#.3O#(0-.'(.-O.O #,O0&/O.",)/!"O).",O
)'*,"(-#0O#()'
OD6@=5:EO OD8@6:7EO
.",J)'
*,"(-#0J&)--J."J3,?J(.J) J#()'J.2JC65?44;DJ JC55?599DJ
).&J)'
*,"(-#0J#()'J ),J."J3,J5;?<4:J J:7?7=8J
,(#(
!-J*,J-",
-#O,(#(
!-O*,O-",65O9?69O O>?=:O
#&/.O,(#(
!-O*,O-",65O9?69O O>?=:O
).&O)'*,"(-#0O#()'O ),O."O3,O#-O..,#/.&O.)O."O)1(,-O) O."O,)/*?
"O)'*(3#(!O().-O ),'O(O#(.!,&O*,.O) O."O #((#&O-..'(.-?
?;


 JJ
J J J
),J."J3,J(J74J
/(J6469

/(J6469
/(J6468
K444I-).
",J
*#.&
-,0-
.#(J
,(#(!-
).&J
+/#.3
",J
*#.&
-,0-
.#(J
,(#(!-
).&J
+/#.3
&(J.J!#((#(!J) J
3,
J5?45<?=98J J C<?8=:DJ J 66;?855J J5?67;?<:=J J <44?;56J J :?684J J 668?496J J5?475?448J
).&J)'*,"(-#0J
#()'J ),J."J3,
,) #.O ),O."O
3,OHO OHO O 8=@=68O O 8=@=68O OHO OHO O <9@:9>O O <9@:9>O
.",O)'*,"(-#0O
&)--@O(.O) O#()'O.2
6< OHO O D76@55<EO OHO O D76@55<EO OHO O D66@6::EO OHO O D66@6::EO
).&J)'*,"(-#0J
#()'J ),J."J3,
JGJ J C65?44;DJ J 7<?<57J J 5;?<4:J JGJ J C55?599DJ J ;8?98=J J :7?7=8J
,(-.#)(-J1#."J
)1(,-
#0#(-O
*#6; OHO OHO O D9;@;;:EO O D9;@;;:EO OHO OHO O D<6@6>5EO O D<6@6>5EO
#0#(-O,#(0-.'(.O
*&(
6; O>@876O OHO OHO O>@876O O 68@9<;O OHO OHO O 68@9<;O
,(-.#)(O)-.-O
--)#.O1#."O*#.&O
,#-#(!
6; OHO OHO OHO OHO O D;@7:9EO OHO OHO O D;@7:9EO
",O-O*3'(.-7= OHO O<76O OHO O<76O OHO O D7@=6;EO OHO O D7@=6;EO
",O#--/(6; OHO OHO OHO OHO O 765@7::O OHO OHO O 765@7::O
-.#(!O) O-",O-O
*3'(.-
7= OHO OHO OHO OHO O<;:O OD<;:EO OHO OHO
).&J.,(-.#)(-J1#."J
)1(,-
J=?765J J;65J J C8:?::9DJ J C7:?:67DJ J 65<?686J J C7?9<5DJ J C;5?5=4DJ J 587?8;5J
&(J.J(J) J."J
3,
J5?46<?6;9J J C6<?;<6DJ J 65=?99=J J5?65=?496J J5?45<?=98J J C<?8=:DJ J 66;?855J J5?67;?<:=J
"O)'*(3#(!O().-O ),'O(O#(.!,&O*,.O) O."O #((#&O-..'(.-?
?<


 JJ 

J  

-J.J74J
/(J6469
K444I-).
/(J6469
/(J6468

--.-
-"O(O-"O
+/#0&(.-O8:;@77>O O;7>@;6>O
)&&.,&O
*#O69@78>O OHO
(0-.'(.-66O<>6@<;5O O 6@5>7@686O
,#0.#0O #((#&O#(-.,/'(.-67O9@<>7O O67@86;O
#((O,#0&-O'-/,O.O'),.#-O)-.68O 8@<66@9:5O O 9@7;;@>9;O
#((O,#0&-OFO,0,-O'),.
!!-76O 8@8<5@>9>O O 7@=><@=6=O
(0-.'(.O
*,)*,.#-O9@8>5O O8@;;5O

*,.#(!O&-O0"#&-69O6:@:;6O O6=@7;6O
#
!".O) O/-O--.-6=O67@778O O6:@:6>O
.",O--.-6=O98@788O O8:@6=:O
/,,(.O.2O--.O8:@99>O O6;@<;<O
(.(
!#&O--.-6=O7;:@777O O 7<>@>5;O
 ,,O.2O--.>O76@>:8O O78@<7<O
).&J--.-J <?:8;?894J J =?6=5?<99J
##&#.#-
)&&.,&O,#0OHO O7@8=9O

*)-#.-6:O ;@:7>@>:8O O :@>9>@66;O
.",O),,)1#(
!-6:O=7:@9:9O O 7@595@<;8O
,#0.#0O #((#&O#(-.,/'(.-67O75@;;5O O>@56<O
-O&##&#.#-6=O69@8>5O O6<@<<;O
,O(O).",O
*3&-6=O8;@;75O O89@>85O
 ,,O.2O&##&#.
3>O6@876O OHO
).&J&##&#.#-J ;?86<?7=<J J <?497?=<:J
.J--.-J 5?65=?496J J 5?67;?<:=J

+/#.3
",O*#.&6;O 6@57=@7<:O O 6@56=@>:9O
.#(O,(#(
!-O(O).",O,-,0-6<O6>5@<<<O O76=@>6:O
).&J
+/#.3J 5?65=?496J J 5?67;?<:=J
"O)'*(3#(!O().-O ),'O(O#(.!,&O*,.O) O."O #((#&O-..'(.-?
?=


 JJ
J
),J."J3,J(J74J
/(J6469
K444I-).
/(J6469
/(J6468
-"J &)1-J ,)'J)
*,.#(!J.#0#.#-
(.,-.O,#0O99>@89=O O 989@9;;O

*,.#(!O&-O#()'O,#0O:@96<O O:@7==O
(#(
!@O,#.O -O(O).",O#()'O,#0O66@88<O O>@89:O

*,.#(!J#( &)1-J 8::?546J J 88=?4==J
(.,-.O
*#OD965@;6<EO O D87<@;98EO

3'(.-O.)O-/**&#,-O(O'*&)3-OD6<>@96>EO O D685@;;7EO
2.#)(O
*#OD86@975EO OD9;@=97EO

*,.#(!J)/. &)1-J C:65?89:DJ J C949?58;DJ
.J-"J &)1-J**&#J.)J)*,.#(!J.#0#.#-J ),J"(!-J#(J)*,.#(!J
--.-J(J&##&#.#-
J C599?798DJ J C9:?48<DJ
)&&.,&O
*#OD97@;=5EO OD;<@675EO
)&&.,&O,#0O7;@665O O97@555O
,)-O ,)'O-&O) O)
*,.#(!O&-O0"#&-O7@:;6O O7@76>O
/,"-O) O)
*,.#(!O&-O0"#&-OD8@79>EO OD;@<87EO
.O,-O#(O #((O,#0&-O'-/,O.O'),.#-O)-.
6
O 9;9@7>>O O;:@<:5O
.OD#(,-EC,-O#(O #((O,#0&-OFO,0,-O'),.
!!-O D775@879EO O95;@<98O
.O')0'(.O#(O
*)-#.-O;56@=8;O O:96@:96O
.J-"J &)1-J ,)'J)
*,.#(!J.#0#.#-J :;7?5==J J =6<?797J
-"J &)1-J ,)'J#(0-.#(
!J.#0#.#-
/,"-O) O
*,)*,.3@O*&(.O(O+/#*'(.O(O#(.(!#&O--.-OD9@965EO OD7=@5>6EO
,)-O ,)'O#(0-.'(.O-/,#.#-O 7@587@;88O O 79;@9>5O
/,"-O) O#(0-.'(.O-/,#.#-O D6@<7:@75:EO O D;8<@8>>EO
-"O
+/#,O)(O+/#-#.#)(O) O-/-##,3OHO O6;:@;75O
)(-#,.#)(O$/-.'(.O,&.O.)O+/#-#.#)(O) O-/-##,3O6@959O OHO
&O) O
+/#.3O#(0-.'(.O;=O OHO
/,"-O) O
+/#.3O#(0-.'(.OD7:7EO OHO
.J-"J &)1-J ,)'BC
**&#J.)DJ#(0-.#(!J.#0#.#-J 748?67<J J C697?7<4DJ
-"J &)1-J ,)'J #((#(
!J.#0#.#-
,)-O ,)'O1")&-&O),,)1#(
!-O979@;69O O 6@<98@:65O

*3'(.O) O1")&-&O),,)1#(!-O D6@866@59<EO O D7@8;7@<=;EO
,)-O ,)'O#--/O) O/(-/),#(.O().-OHO O6=>@:==O

*3'(.O) O/(-/),#(.O().-O D876@89<EO O D678@<;9EO
,)-O ,)'O#--/O) O-/),#(.O.OHO O:6@:<7O
#0#(-O
*#6;OD8<@899EO OD:<@<69EO

3'(.O) O&-O&##&#.#-OD8@<78EO OD8@599EO
.O#--/O) O-",O
*#.&6;OHO O759@556O
.J-"J &)1-J
**&#J.)J #((#(!J.#0#.#-J C5?68<?<8;DJ J C79<?:7;DJ
.JC,-DB#(,-J#(J-"J"&J C6;5?854DJ J 75:?77:J
 .O) O2"(
!O,.-O)(O-"O(O-"O+/#0&(.-OD6@>=5EO O6@<=5O

*(#(!O-"O(O-"O+/#0&(.-O;7>@;6>O O866@:58O
&)-#(
!J-"J(J-"J+/#0&(.-
6
J 79:?66=J J :6=?:5=J
6
-"O &)1-O/,#(!O."O3,O(O85O
/(O7579O#(&/O*,)-O ,)'O-&O) O,0,-O'),.!!O*),. )&#)O ,)'O."O,)/*O.)O,.&(O
(%O
/-.,&#O#'#.OD

EO*,#),O.)O
N-O+/#-#.#)(?O ,O.)O).O76OFO#,O0&/O ),O /,.",O.#&-?
7

.O85O
/(O757:@O."O,)/*O"-OP;;?8O'#&&#)(OD7579AOP6<;?5O'#&&#)(EO) O-"O"&O3O,/-.-O1"#"O'3O)(&3OO/-O ),O."O*/,*)--O
 #(O#(O."O/(,&3#(!O,/-.O)/'(.-?O ,O.)O).O7<OFO.,/./,O(.#.#-O ),O #(#.#)(O) O,/-.-O(O /,.",O.#&-?
"O)'*(3#(!O().-O ),'O(O#(.!,&O*,.O) O."O #((#&O-..'(.-?
?>

..'(.J) J-"J&)1-JC)(.#(/D
),J."J3,J(J74J
/(J6469
)(#&#.#)(J) J*,) #.J .,J.2J.)J(.J-"J &)1-J ,)'J)*,.#(!J.#0#.#-
K444I-).
/(J6469
/(J6468
,) #.J ),J."J
3,J7<?<57J J;8?98=J

BC&--DJ()(E-"J#.'-@

*,#.#)(O(O'),.#-.#)(O2*(-O6<@69:O O67@67>O

*,#.#)(O)(O&-O0"#&-69O8@>78O O8@>57O

*#.&#-O(.O#(.,-.O#()'O(O O#()'O D7<=@=9>EO O D6=;@8=>EO
'
*#,O--.O2*(-=O<8@8>8O O9<@=97O
)---O)(O
!/,(.O /./,O0&/O*,)/.-O6@:59O OHO
#,O0&/O')0'(.-OD65@975EO OD66@:8<EO
 ,,O.2O8@5>:O OD7@;77EO
.",O()(F-"O#.'-O7@=76O OD8@665EO
).&J()(E-"J#.'-J C5<;?7<<DJ J C57=?;<9DJ
J
BC&--DJ')0'(.-J#(J)
*,.#(!J--.-J(J&##&#.#-@
#((O,#0&-O'-/,O.O'),.#-O)-.O 9;9@7>>O O;:@<:5O
#((O,#0&-OFO,0,-O'),.
!!-O D775@879EO O95;@<98O
*,.#(!O&-O0"#&-OD6@778EO OD:@6><EO
.",O--.-OD77@;5:EO O:>:O
/,,(.O.2OD6=@;=7EO OD75@>6>EO
,#0.#0O #((#&O#(-.,/'(.-O6>@6;<O O7;@5;5O

*)-#.-O;56@=8;O O:96@:96O
.",O&##&#.#-OD;>9EO OD75@>=9EO
).&J')0'(.-J#(J)
*,.#(!J--.-J(J&##&#.#-J<65?;;8J J ==7?9<=J
.J-"J &)1-J ,)'J)
*,.#(!J.#0#.#-J :;7?5==J J =6<?797J
"O)'*(3#(!O().-O ),'O(O#(.!,&O*,.O) O."O #((#&O-..'(.-?OO
?65

).-J.)J."J#((#&J..'(.-
),J."J3,J(J74J
/(J6469
5J#((#&J-..'(.-J*,*,.#)(
*),.#(!J(.#.3
"O #((#&O-..'(.-O*,-(.O,O."O)(-)&#.O #((#&O-..'(.-O)'*,#-#(!O,.&(O,)/*O)&#(!-O
#'#.ODEO(O#.-O)(.,)&&O(.#.#-OD."J,)/*E?O ,O.)O).O7;OGO#!(# #(.O-/-##,#-O ),O /,.",O.#&-?
O#-OO)'*(3O#(),*),.O#(O1O&(O/(,O."O)'*(#-O
.O6>>8O(OO#((#&O ,%.O)(/.OD EO
,*),.#(!O(.#.3O ),O."O*/,*)--O) O."O#((#&O ,%.-O)(/.O
.O7568OC 
D?
"O,)/*O#-OO-#!(.O&#'.O,*),.#(!O(.#.3ODEO(O#-O,+/#,O.)O*,)/O((/&O'(.),3O!,)/*O&#'.O
-..'(.-O/(,O."O 
O(O
).,)O1O&(O&#'.O.(,-ODJE?O
O)*3O) O."O&#'.O*),.O1#&&OO
0#&&O)(OL-O1-#.O.O"..*-@111>",.&(!,)/*>#( )B-/-.#(#&#.3@O)(O#--/?O ,O.)O).O77OFO
(.,*,#-O,#-%O'(!'(.O*,)!,'O ),O /,.",O.#&-?
-#-J) J*,*,.#)(
"O #((#&O-..'(.-O"0O(O*,*,O#(O),(O1#."O(,&&3O
*.O
)/(.#(!O,.#O#(O1O
&(ODJ

E@O."O1O&(O2"(!ODEO #(O),O#-.#(!O/&-O(O."O
/-.,&#(O/,#.#-O2"(!O
D
EO#-.#(!O/&-?O"O #((#&O-..'(.-O)'*&3O1#."O1O&(O+/#0&(.-O.)O (.,(.#)(&O#((#&O*),.#(!O
.(,-ODJ EO(O).",O**&#&O#((#&O*),.#(!O.(,-O-O**,)*,#.O ),O*,) #.F),#(.O(.#.#-?O"O
#((#&O-..'(.-O&-)O)'*&3O1#."O (.,(.#)(&O#((#&O*),.#(!O.(,-O
)/(.#(!O.(,-OD J

)/(.#(!J.(,-EO-O#--/O3O."O (.,(.#)(&O
)/(.#(!O.(,-O),?
"O #((#&O-..'(.-O,O*,-(.O#(O1O&(O)&&,-O1"#"O#-O."O,)/*N-O /(.#)(&O(O*,-(..#)(O
/,,(3?O(&--O).",1#-O#(#.@O')/(.-O,O,)/(O.)O."O(,-.O.")/-(O)&&,-?
"O #((#&O-..'(.-O"0O(O*,*,O)(OO!)#(!O)(,(O-#-O .,O)(-#,#(!O."O,)/*N-O /(#(!O(O
&#+/##.3O*)-#.#)(?
"O)/(.#(!O*)&##-O)*.O"0O(O**&#O)(-#-.(.&3O.",)/!")/.O."O*,#)-O*,-(.O#(O."-O #((#&O
-..'(.-?
,.#(O)'*,.#0O&(-O"0O(O,&--# #O.)O&#!(O1#."O."O*,-(..#)(O/-O#(O."O/,,(.O #((#&O3,?O
"O,)/*O"-O,0#-O."O*,-(..#)(O) O#(#0#/&O&#(O#.'-O(O'O."O )&&)1#(!O"(!-O#(O."-O #((#&O
-..'(.-O#(&/#(!O."O)'*,.#0O#( ),'.#)(O ),O)(-#-.(3O1#."O."O/,,(.O #((#&O3,O*,-(..#)(A
A).&O (.,-.O#()'O) OP;;6O'#&&#)(O#-O#-!!,!.O#(.)O.1)O.!),#-O-O#(.,-.O&/&.O/-#(!O."O .#0O
#(.,-.O'.")O) OP95:?6O'#&&#)(O(O#(.,-.O,#0O ,)'O #((#&O--.-O'-/,O.O #,O0&/O.",)/!"O*,) #.O),O
&)--O) OP7::?>O'#&&#)(O#(O."O-..'(.O) O)'*,"(-#0O#()'O(O).O8OFO.O#(.,-.O#()'BO(
A)&&.,&O,#0O) OP7?9O'#&&#)(O#-O*,-(.O-*,.&3O ,)'O,O(O).",O*3&-O#(O."O-..'(.O) O
#((#&O*)-#.#)(?O)&&.,&O*#O) OP;<?6O'#&&#)(O(O)&&.,&O,#0O) OP97?5O'#&&#)(O,O&-)O*,-(.O
-*,.&3O ,)'O3'(.-O.)O-/**&#,-O(O'*&)3-O1#."#(O)*,.#(!O.#0#.#-O#(O."O-..'(.O) O-"O &)1-?
"-O,&--# #.#)(-O"0O()O#'*.O)(O."O)0,&&O #((#&O*, ),'(@O #((#&O*)-#.#)(O),O-"O &)1-O ),O."O
)'*,.#0O3,?
-#-J) J'-/,'(.
"O #((#&O-..'(.-O"0O(O*,*,O)(O."O-#-O) O"#-.),#&O)-.@O2*.O ),O,.#(O #((#&O#(-.,/'(.-O
(O#(0-.'(.O*,)*,.#-@O1"#"O,O'-/,O.O."#,O #,O0&/-O-O#(.# #O#(O."O)/(.#(!O*)&##-O-.O)/.O#(O."O
)'*(3#(!O().-O.)O."O #((#&O-..'(.-?
?66

5J#((#&J-..'(.-J*,*,.#)(JC)(.#(/D
,#(#*&-J) J)(-)&#.#)(
"O #((#&O-..'(.-O) O."O,)/*O#(),*),.O."O--.-@O&##&#.#-O(O,-/&.-O) O&&O)(.,)&&O(.#.#-?O)(.,)&&O
(.#.#-O,O&&O(.#.#-O#(O1"#"O."O,)/*O#-O2*)-O.)@O),O"-O,#!".-O.)@O0,#&O,./,(-O ,)'O#.-O#(0)&0'(.O1#."O."O
(.#.#-O(O"-O."O#&#.3O.)O .O.")-O,./,(-O.",)/!"O#.-O*)1,O)0,O."O(.#.#-?O (.,)'*(3O.,(-.#)(-@O
&(-O(O(3O/(,&#-O#()'O(O2*(-OD2*.O ),O ),#!(O/,,(3O.,(-.#)(O!#(-O),O&)---EO.1(O
)(.,)&&O(.#.#-O,O&#'#(.?

--.-O(O&##&#.#-O#(OO.,(-.#)(&O/,,(3O.".O#-O().O."O1O&(O)&&,@O,O.,(-&.O.O."O2"(!O,.-O
,/&#(!O.O&(O.?O0(/O(O2*(-O#.'-O,O.,(-&.O.O."O0,!O,.O.O."O&(O.?O2"(!O
# ,(-O,O.%(O.)O."O-..'(.O) O)'*,"(-#0O#()'?
"(!-J#(J)/(.#(!J-.(,-
%*$)!$
()$'(
!((*
$
)!+
"(!-J#(J)/(.#(!J*)&#3
"O,)/*O&.O.)O)*.OO O>O#((#&O (-.,/'(.-OCJ J=DJ.)O)/(.O ),O-#!(.O"!O,&.#)(-"#*-@O
.,(-#.#)(#(!O ,)'O."O*,0#)/-O)/(.#(!O-.(,OO
O8>O#((#&O (-.,/'(.-AO)!(#.#)(O(O -/,'(.O
CJ
J7=DJ*,)-*.#0&3O ,)'O6O
/&3O7579?O",O1-O()O,.,)-*.#0O$/-.'(.O.)O."O,)/*N-O,-/&.-?
O O>O)(.#(-O"!O)/(.#(!O,+/#,'(.-O.".O)*.OO'),O*,#(#*&-F-O**,)"@O1"#"O'),O&)-&3O
&#!(-O)/(.#(!O1#."O,#-%O'(!'(.O.#0#.#-O(O#(,--O."O&#!##&#.3O) O)."O"!O#(-.,/'(.-O(O"!O
#.'-O ),O"!O)/(.#(!?
O O>O,+/#,-OO ),1,F&))%#(!O----'(.O) O"!O .#0(--O.O."O#(*.#)(O) O."O"!O,&.#)(-"#*O(O
)(O(O)(!)#(!O-#-O(O,')0-O."OO
O8>O,+/#,'(.O) OO"#!"&3O .#0O"!O,&.#)(-"#*O#(!O1#."#(O."O
=5RO.)O67:RO,(!?O)O)'*&3O1#."O"!O .#0(--O,+/#,'(.-@OO
O8>O,+/#,-O."OF-#!(.#)(O) O
2#-.#(!O"!O,&.#)(-"#*O(O,F-#!(.#)(O) OO(1O"!O,&.#)(-"#*?OO O>O,+/#,-O."O,&(#(!O) O."O
2#-.#(!O"!O3O$/-.#(!OO"!O,.#)O.",)/!"O&.,#(!O."O+/(.#.#-O) O."O"!O#(-.,/'(.O),O"!O#.'?O
&(#(!O#-O)/(.O ),O-OO)(.#(/.#)(O) O(O2#-.#(!O"!O,&.#)(-"#*?
"#&O."O,)/*N-O,#-%O'(!'(.O-.,.!#-O,'#(O&,!&3O/("(!@O'(!'(.O"-O/*.O."O"!O
)/'(..#)(O.)OO#(O)'*&#(O1#."OO O>?O
-O."O*/,*)-O(O.3*-O) O"!O,&.#)(-"#*-O,'#(O."O-'O-O
.")-O ),O."O)*.#)(O) OO O>O"!O)/(.#(!O,+/#,'(.-@O#(O."O-(O) O(3O(O.)O,&(O)(O
.,(-#.#)(O.@O.",O#-O()O-#!(# #(.O#'*.O)(O."O,)/*N-O,-/&.-O/*)(O."#-O)*.#)(?
 ,O.)O).O67OFO,#0.#0O #((#&O#(-.,/'(.-O ),O /,.",O.#&-?
",O"0O(O()O).",O"(!-O.)O)/(.#(!O*)&##-O),O(1O),O'(O-.(,-O.".O,O#--/O(O .#0O
.".O,O2*.O.)O"0OO'.,#&O#'*.O)(O."O,)/*?
%*$)!$
()$'(
!((*
$%)
-)
)!+
'($))!%$
$
!("%(*'
!$
!$$!"
))#$)(




O O6=O,-(..#)(O(O#-&)-/,O#(O#((#&O..'(.-ODJ J5<EO1-O#--/O#(O 3O7579O.)O,*&OO
O6O
,-(..#)(O) O#((#&O..'(.-ODJ
J5EO1"(O**&#?
O O6=O1#&&O().O"0O(O#'*.O)(O."O,)!(#.#)(O(O'-/,'(.O) O#.'-O#(O."O #((#&O-..'(.-?O)10,@O#.O
#-O2*.O.)O"0OO-#!(# #(.O .O)(O."#,O*,-(..#)(O(O#-&)-/,?O"-O"(!-O#(&/O.!),#-.#)(O(O
-/F.).&-O#(O."O-..'(.O) O)'*,"(-#0O#()'@O!!,!.#)(C#-!!,!.#)(O(O&&&#(!O) O#( ),'.#)(@O(O
#-&)-/,O) O'(!'(.O #(O*, ),'(O'-/,-?
O O6=O1#&&O&-)O,-/&.O#(O)(-+/(.#&O'('(.-O.)O,.#(O*,-(..#)(O(O#-&)-/,O,+/#,'(.-O#(O."O
#((#&O-..'(.-O(O0,#)/-O O
)/(.#(!O.(,-?
O O6=O1#&&OO .#0O ),O."O,)/*N-O,*),.#(!O*,#)O!#((#(!O)(O6O
/&3O757<?O"O,)/*O#-O/,,(.&3O----#(!O
."O#'*.O(O1#&&O#-&)-O'),O.#&O----'(.-O#(O."O /./,?O
?67

5J#((#&J-..'(.-J*,*,.#)(JC)(.#(/D
"(!-J#(J)/(.#(!J-.(,-JC)(.#(/D
%*$)!$
()$'(
!((*
$%)
-)
)!+
%$)!$*
#$#$)(
)%
) 
"((!!)!%$
$
(*'#$)
%
!$$!"
$()'*#$)(
) 
#$#$)(
"O
'('(.-O.)OO O>O(OO O<O#((#&O (-.,/'(.-AO#-&)-/,-ODJ J;EO1,O#--/O#(O
/(O7579@O#(O
,-*)(-O.)O'..,-O#(.# #O/,#(!O."O*)-.F#'*&'(..#)(O,0#1O) O."O&--# #.#)(O(O'-/,'(.O
,+/#,'(.-O) OO O>?
"O
'('(.-O#(&/O!/#(O)(O&--# 3#(!O #((#&O--.-O1#."O()(F,)/,-O(O-)#&O(O),*),.O
!)0,((O,&.O ./,-@O&,# #.#)(O) O,)!(#.#)(O(O,)!(#.#)(O.#'#(!O ),O&.,)(#&&3O-..&O #((#&O
#(-.,/'(.-O(O#-&)-/,O,+/#,'(.-O ),O#(0-.'(.-O-#!(.O-O.O #,O0&/O.",)/!"O).",O)'*,"(-#0O
#()'?
"O
'('(.-O1#&&OO .#0O ),O."O,)/*L-O,*),.#(!O*,#)O!#((#(!O)(O6O
/&3O757;?O"O,)/*O#-O/,,(.&3O
----#(!O."O#'*.O(O1#&&O#-&)-O'),O.#&O----'(.O#(O."O /./,?
.",O(1O)/(.#(!O-.(,-@O'('(.-O.)O)/(.#(!O-.(,-O(O#(.,*,..#)(-O"0O(O*/&#-"O.".O
,O().O'(.),3O ),O."O85O
/(O757:O,*),.#(!O*,#)-O(O"0O().O(O,&3O)*.O3O."O,)/*?O"-O
-.(,-@O'('(.-O),O#(.,*,..#)(-O,O().O2*.O.)O"0OO'.,#&O#'*.O)(O."O/,,(.O),O /./,O,*),.#(!O
*,#)-?
,#.#&J)/(.#(!J-.#'.-J(J$/!'(.-
"O*,*,.#)(O) O."O,)/*L-O #((#&O-..'(.-O,+/#,-O."O/-O) O-.#'.-O(O$/!'(.-?O"#-O().O*,)0#-O
(O)0,0#1O) O."O,-O.".O#(0)&0OO"#!",O!,O) O$/!'(.O),O)'*&2#.3?O.#&O#( ),'.#)(O)/.O"O) O
."-O-.#'.-O(O$/!'(.-O#-O#(&/O#(O."O,&0(.O().-O.)!.",O1#."O."O-#-O) O&/&.#)(O ),O"O
 .O#.'O#(O."O #((#&O-..'(.-?
A,)0#-#)(-O ),O#'*#,'(.OFO"O .O) O,#.O,#-%O#-O+/(.# #O-O)(O."O,)/*N-O-.O-.#'.O) O /./,O-"O
,*3'(.-O(O*,)-O ,)'O(3O-/,#.3O"&O),O3O, ,(O.)O,#-%O*,) #&O!,)/*#(!-@O"#-.),#&O&)--O.O(O
),1,F&))%#(!O#( ),'.#)(?O ,O.)O).O68OFO#((O,#0&-O'-/,O.O'),.#-O)-.O ),O /,.",O.#&-?
A)!(#.#)(O) O(%#(!O#(O#(.(!#&O--.OFO"O,)!(#.#)(O) O(%#(!O#(O#(.(!#&O--.O,+/#,O
$/!'(.O#(O.,'#(#(!O2.,(&O(O#(.,(&O)-.-O#,.&3O..,#/.&O.)O."O,)/*L-O$)#(.O**&#.#)(O ),O(O

/-.,&#(O
/."),#-O*)-#.F%#(!O (-.#./.#)(O#(O1#."O,.&(O(%O
/-.,&#O#'#.?O
/!'(.O#-O&-)O
,+/#,O.)O.,'#(O1".",O-/"O)-.-O /& #&O."O #(#.#)(O(O,)!(#.#)(O,#.,#O) O(O#(.(!#&O--.?O/"O
)-.-O#(&/O*,) --#)(&O -O(O)-.-O) O'*&)3O( #.-O,#-#(!O#,.&3O ,)'O."O&#(O**&#.#)(?O ,O
.)O).O6=OFO.",O&(O-".O#.'-O ),O /,.",O.#&-?
A#,O0&/O) O,0,-O'),.!!-OFO#,O0&/O#-O+/(.# #O3O."O.,(-.#)(O*,#OD-"O0(O*&/-O,/O
*#.&#-O#(.,-.E?O
/!'(.O#-O**&#O#(O.,'#(#(!O."O**,)*,#.(--O) O."O.,(-.#)(O*,#O-O #,O0&/?O
 ,O.)O).O76OFO#,O0&/O ),O /,.",O.#&-?
A))1#&&OFO"O,)/*O,,#-O)/.O#'*#,'(.O.-.#(!O((/&&3O)0,O."O,,3#(!O0&/O) O!))1#&&O) O#.-O-"O
!(,.#(!O/(#.-ODE?O(,.#(.3O#-O#(0)&0O#(O-.#'.#(!O #,O0&/O&--O)-.-O) O#-*)-&O(O$/!'(.O#-O
**&#O#(O--/'*.#)(-O/-O.)O.,'#(O."O,)0,&O')/(.O) OOO ),O#'*#,'(.O.-.#(!?O ,O.)O).O6=O
FO.",O&(O-".O#.'-O ),O /,.",O.#&-?
A,#),O3,O+/#-#.#)(O) O,.&(O(%O
/-.,&#O#'#.OD*,0#)/-&3O"&&(!,O(%O#'#.EOGO#,O0&/O) O."O
,0#-O)(-#,.#)(O.,(- ,,O(O #,O0&/-O) O."O#(.# #&O--.-O+/#,O(O&##&#.#-O--/'?O

/!'(.O#-O**&#O#(O.,'#(#(!O)(-#,.#)(O(O#(O."O0&/.#)(O) O."O+/#,L-O#(.# #&O--.-O(O
&##&#.#-O--/'O.O."O+/#-#.#)(O.?OO ,O.)O).O6>OGO
+/#-#.#)(O ),O /,.",O.#&-?O

--/'*.#)(-O'O.O"O,*),.#(!O.OD?!?@O."O&/&.#)(O) O."O*,)0#-#)(O ),O#'*#,'(.O(O #,O0&/O
$/-.'(.-EO,O-O)(O-.O-.#'.-O-O.O.".O.?O
&.")/!"O."O,)/*O"-O#(.,(&O)(.,)&-O#(O*&O.)O(-/,O
.".O-.#'.-O(OO,&#&3O'-/,@O./&O')/(.-O'3O# ,O ,)'O."-O-.#'.-?O"O-.#'.-O(O
$/!'(.-O/-O#(O."O*,*,.#)(O) O."O,)/*L-O #((#&O-..'(.-O,O)(.#(/&&3O0&/.?O"3O,O-O)(O
"#-.),#&O2*,#(O(O).",O .),-@O#(&/#(!O2*..#)(-O) O /./,O0(.-O.".O'3O"0OO #((#&O#'*.O)(O."O
(.#.3?O0#-#)(-O.)O)/(.#(!O-.#'.-O,O,)!(#-O#(O."O,*),.#(!O*,#)O#(O1"#"O."O-.#'.-O,O,0#-O(O
#(O(3O /./,O*,#)-O .?
?68

5 #((#&J-..'(.-J*,*,.#)(JC)(.#(/D
#!(# #(.J0(.-
(O7<O
/(O757:@O."O-,0O(%O) O1O&(ODEO**,)0O ,O (-/,(O#'#.OD E **&#.#)(O.)O
(&O#.-O#(-/,,O&#(O(O.,'#(.O L-O-../.),3O /(O/(,O."O (-/,(OD,/(.#&O/*,0#-#)(E
.O7565
D 
E?
 .#0O7<O
/(O757:@O O#-O()O&)(!,O&#(-O.)O,,3O)/.O#(-/,(O/-#(--O#(O1O&(O(O#-O.", ),O()O
&)(!,O-/$.O.)O."O,+/#,'(.-O) O 
OD1"#"O)(&3O**&3O.)O&#(-O#(-/,,-E?O (O
(/,3O7575O O-.)**O
/(,1,#.#(!O#(-/,(O*)&##-?O2#-.#(!O*,#)#O*)&##-O1,#..(O3O O2*#,O#(O
(/,3O757:?
#((#&J--.-J(J&##&#.#-
!$$!"
(()(
#((#&O--.-O,O&--# #O-O)(A
A"O/-#(--O')&O1#."#(O1"#"O."O--.-O,O'(!BO(
A".",O."O)(.,./&O-"O &)1-O) O."O#(-.,/'(.O,*,-(.O-)&&3O*3'(.O) O*,#(#*&O(O#(.,-.OD E?
"O,)/*O.,'#(-O."O/-#(--O')&O.O."O&0&O.".O, &.-O")1O!,)/*-O) O #((#&O--.-O,O'(!?O"(O
----#(!O."O/-#(--O')&@O."O,)/*O)(-#,-O .),-O#(&/#(!O")1O*, ),'(O(O,#-%-O,O'(!@O
0&/.O(O,*),.O(O."O ,+/(3O(O0)&/'O) @O(O,-)(O ),O-&-O#(O*,0#)/-O*,#)-?
#((#&O--.-O,O&--# #O#(.)O."O )&&)1#(!O'-/,'(.O.!),#-A
#((#&J
--.-J -/,'(.J.!),3J).
)0,('(.J-/,#.#-?J(%J)(-J(J &).#(!J
,.J().-
#,O0&/O.",)/!"O).",O)'*,"(-#0O#()'O
D EO(O #,O0&/O.",)/!"O*,) #.O),O&)--ODE
66
/&#J-.),J-/,#.#-J(J),
*),.J)(- 66
+/#.3J-/,#.#- O(OO66
#((J,#0&-JFJ0,-J'),.!!-76
#((J,#0&-
'),.#-O)-.68
,#0.#0J #((#&J#(-.,/'(.-67

$$%$
$&#
%
 #%$
 $%
#((#&O--.-O,O'-/,O.O'),.#-O)-.O# O."3O,O"&O1#."#(OO/-#(--O')&O1")-O)$.#0O#-O"#0O
.",)/!"O")&#(!O."O #((#&O--.O.)O)&&.O)(.,./&O-"O &)1-O1"#"O,*,-(.O ?
#((#&O--.-O.O'),.#-O)-.O,O#(#.#&&3O,)!(#-O.O #,O0&/O(O-/-+/(.&3O'-/,O.O'),.#-O)-.O
/-#(!O."O .#0O#(.,-.O,.O'.")?

$$%$
$&#
%
 

#((#&O--.-O,O'-/,O.O O# O."3O,O"&O1#."#(OO/-#(--O')&O1")-O)$.#0O#-O"#0O)."O
.",)/!"O)&&.#(!O)(.,./&O-"O &)1-O1"#"O,*,-(.O O),O-&&#(!O."O #((#&O--.?
#((#&O--.-O.O O,O'-/,O.O #,O0&/O1#."O/(,&#-O!#(-O(O&)---O,)!(#-O#(O).",O
)'*,"(-#0O#()'O2*.O ),O#(.,-.O#()'@O#'*#,'(.O",!-O(O ),#!(O2"(!O!#(-O(O&)---@O1"#"O
,O,)!(#-O#(O*,) #.O),O&)--?

$$%$
$&#
%

#((#&O--.-O,O'-/,O.OO# A
A."3O,O"&O1#."#(OO/-#(--O')&O1")-O)$.#0O#-O"#0O.",)/!"O-&&#(!O),O,*/,"-#(!O."O #((#&O
--.O#(O."O(,O.,'@O),O ),'-O*,.O) OO*),. )&#)O) O #((#&O#(-.,/'(.-O.".O,O'(!O.)!.",O(O ),O1"#"O
.",O#-O0#(O) O-"),.F.,'O*,) #.O.%#(!BO),
A."O)(.,./&O-"O &)1-O) O."O #((#&O--.O)O().O,*,-(.O O)(O."O*,#(#*&O&(O)/.-.(#(!BO),
A."3O,O-#!(.O.OO/*)(O#(#.#&O,)!(#.#)(O.)O&#'#(.O),O,/O(O)/(.#(!O'#-'."?
#((#&O--.-O.OO,O'-/,O.O #,O0&/O1#."O-/-+/(.O"(!-O#(O #,O0&/O,)!(#-O#(O*,) #.O),O&)--?
?69

5J#((#&J-..'(.-J*,*,.#)(JC)(.#(/D
#((#&J--.-J(J&##&#.#-JC)(.#(/D
!$$!"
!!"!)!(
#((#&O&##&#.#-O,O&--# #O#(.)O."O )&&)1#(!O'-/,'(.O.!),#-A
A.")-O.)OO'-/,O.O'),.#-O)-.B
A.")-O.)OO'-/,O.O?

%$
$&#
%
 #%$
 $%
#((#&O&##&#.#-O,O'-/,O.O'),.#-O)-.O# O."3O,O().O"&O ),O.,#(!O),O-#!(.O.O?
#((#&O&##&#.#-O'-/,O.O'),.#-O)-.O,O)/(.O ),O/-#(!O."O .#0O#(.,-.O,.O'.")?

%$
$&#
%

#((#&O&##&#.#-O,O'-/,O.OO# A
A."3O,O"&O ),O.,#(!O1",O."O*,#(#*&O)$.#0O#-O"#0O.",)/!"O-&&#(!O),O,*/,"-#(!O."O #((#&O
&##&#.3O#(O."O(,O.,'@O),O ),'-O*,.O) OO*),. )&#)O) O #((#&O#(-.,/'(.-O.".O,O'(!O.)!.",O(O ),O
1"#"O.",O#-O0#(O) O-"),.F.,'O*,) #.O.%#(!BO),
A."3O,O-#!(.O.OO/*)(O#(#.#&O,)!(#.#)(O.)O&#'#(.O),O,/O(O)/(.#(!O'#-'."?
#((#&O&##&#.#-O.OO,O'-/,O.O #,O0&/O1#."O-/-+/(.O"(!-O#(O #,O0&/O,)!(#-O#(O*,) #.O),O&)--?
/,.",O.#&-O) O."O)/(.#(!O*)&#3O ),O"O.!),3O) O #((#&O--.O),O #((#&O&##&#.3O'(.#)(O)0O#-O-.O
)/.O#(O."O().O ),O."O,&0(.O#.'?
"O,)/*L-O*)&##-O ),O.,'#(#(!O."O #,O0&/O) O #((#&O--.-O(O #((#&O&##&#.#-O,O-.O)/.O#(O).O76OF#,O
0&/?
)!(#.#)(
"O,)/*O#(#.#&&3O,)!(#--O #((O,#0&-O(O),,)1#(!-O)(O."O.O.".O."3O,O),#!#(.?O
&&O).",O #((#&O
--.-O(O&##&#.#-OD#(&/#(!O--.-O(O&##&#.#-O-#!(.O.OEO,O#(#.#&&3O,)!(#-O)(O."O.,O.O.O
1"#"O."O,)/*O)'-OO*,.3O.)O."O)(.,./&O*,)0#-#)(-O) O."O#(-.,/'(.?
,)!(#.#)(
"O,)/*O,)!(#--OO #((#&O--.O1"(O."O)(.,./&O,#!".-O.)O."O-"O &)1-O ,)'O."O--.O2*#,@O),O#.O
.,(- ,-O."O,#!".-O.)O,#0O."O)(.,./&O-"O &)1-O)(O."O #((#&O--.O#(OO.,(-.#)(O#(O1"#"O-/-.(.#&&3O&&O
."O,#-%-O(O,1,-O) O)1(,-"#*O) O."O #((#&O--.O,O.,(- ,,?O
(3O#(.,-.O#(O.,(- ,,O #((#&O--.-O.".O
#-O,.O),O,.#(O3O."O,)/*O#-O,)!(#-O-OO-*,.O--.?
"O,)/*O(.,-O#(.)O.,(-.#)(-O1",3O#.O.,(- ,-O--.-O,)!(#-O)(O#.-O-..'(.O) O #((#&O*)-#.#)(O/.O
,.#(-O#.",O&&O,#-%-O),O,1,-O) O."O.,(- ,,O--.-O),OO*),.#)(O) O."'?O O&&O),O-/-.(.#&&3O&&O,#-%-O(O,1,-O
,O,.#(@O."(O."O.,(- ,,O--.-O,O().O,)!(#-O ,)'O."O-..'(.O) O #((#&O*)-#.#)(?O,(- ,-O) O
--.-O1#."O."O,.(.#)(O) O&&O),O-/-.(.#&&3O&&O,#-%-O(O,1,-O#(&/@O ),O2'*&@O-/,#.#-O--.-O(O
,*/,"-O.,(-.#)(-?
#((#&O&##&#.#-O,O,)!(#-O1"(O."O)&#!.#)(O#-O#-",!@O(&&O),O2*#,-?O",O(O2#-.#(!O #((#&O
&##&#.3O#-O,*&O3O().",O ,)'O."O-'O&(,O)(O-/-.(.#&&3O# ,(.O.,'-@O),O."O.,'-O) O(O2#-.#(!O&##&#.3O
,O-/-.(.#&&3O')# #@O."O2"(!O),O')# #.#)(O#-O.,.O-OO,)!(#.#)(O) O."O),#!#(&O&##&#.3O(O."O
,)!(#.#)(O) OO(1O&##&#.3@O1#."O."O# ,(O#(O."O,-*.#0O,,3#(!O')/(.-O,)!(#-O#(O*,) #.O),O&)--?
O
?6:



6J!'(.&J(&3-#-
!'(.O#( ),'.#)(O#-O*,-(.O#(O,-*.O) O."O,)/*N-O)*,.#(!O-!'(.-@O)(-#-.(.O1#."O.")-O/-O ),O."O,)/*N-O
'(!'(.O(O#(.,(&O,*),.#(!?O"#-O#( ),'.#)(O#-O*,-(.O#(O),(O1#."OO O(O#(&/O#(O."O
'-/,'(.O) O-!'(.O*,) #.O),O&)--O.)O(&O."O0&/.#)(O) O."O(./,O(O #((#&O .-O) O."O,)/*N-O/-#(--O
.#0#.#-O(O)*,.#(!O(0#,)('(.?

(O)*,.#(!O-!'(.O#-OO)'*)((.O) O(O(.#.3O(!!#(!O#(O/-#(--O.#0#.#-O1")-O,-/&.-O,O,!/&,&3O,0#1O3O
."O,)/*N-O"# O)*,.#(!O#-#)(O'%,OD E?O"O @O1")O#-O,-*)(-#&O ),O&&).#(!O,-)/,-O(O----#(!O
/-#(--O*, ),'(O) O."O,)/*@O"-O(O#(.# #O-O."O,)/*L-O"# O2/.#0O #,ODE?
*,.#(!J-!'(.-
"O,)/*O)*,.-O1#."#(O1O&(O(O
/-.,&#O(O)'*,#--O."O )&&)1#(!O'#(O)*,.#(!O-!'(.-A

*,.#(!J-!'(.-JFJ1J&(
).), ).),O0"#&O #((?
0,-J'),.
!!-0,-O'),.!!O&(#(!?O
,-)(&J&(#(
!,(-.#)(&@O")'O&)(-O(O*,-)(&O&)(-O.)O#(#0#/&-?
/-#(--,'O.@O*&(.O(O+/#*'(.O #((@O)'',#&O'),.!!O&(#(!O(O1),%#(!O*#.&O
-)&/.#)(-O ),O-'&&F.)F'#/'O-#4O/-#(---?
/,&*#&#-.O #((#&O-,0#-O.)O."O ,'#(!O-.),O*,#',#&3O) ,#(!O&#0-.)%O #((@O,/,&O
'),.!!O&(#(!@O--)(&O(O1),%#(!O*#.&O #((#(!@O-O1&&O-O&-#(!O-)&/.#)(-O.)O
,',-?
*,.#(!J-!'(.JFJ
/-.,&#

/-.,&#(J(%#(!J,)/*
/-.,&#(O(%#(!O,)/*O*,)0#-O(%#(!O(O #((#&O-,0#-O#(O
/-.,&#O1"#"O)(-#-.O
) O,0,-O'),.!!O&(#(!@O&#0-.)%O #((O(O).",O #((#&O-,0#-?O

&&J).",J-!'(.-
.",*,.#(!O2*(--@O-/"O-O*,'#--@O O(O-/**),.O(.,O)-.-O#(O1O&(O,O().O
&&).O.)O."O1O&(O)*,.#(!O-!'(.-O(O,O#(&/O#(O.",?O
#((O,#0&-O,O&&).O,)--O."O)*,.#(!O-!'(.-O-O--.-?O##&#.#-O,O'(!O(.,&&3O(O.", ),O
,O().O&&).O,)--O."O)*,.#(!O-!'(.-@O2*.O ),O."O!)!,*"#&O&&).#)(O.1(O
/-.,&#O(O1O&(?O
"O,)/*O)-O().O,&3O)(O(3O-#(!&O'$),O/-.)',O ),O#.-O,0(/O-?
/,#(!O."O3,@O."O,)/*O,0#-O."O#-&)-/,O) O-*# #O#()'O(O2*(--O#(&/O#(O."O)*,.#(!O-!'(.O*,) #.O
(O)(&/O.".O*,-)((&O2*(--O,O'.,#&O ),O."O L-O----'(.O) O)*,.#(!O-!'(.O*, ),'(O(O
.", ),@O**,)*,#.O ),O#-&)-/,O-OO-*,.O&#(O#.'?O)'*,.#0O#( ),'.#)(O1#."#(O."#-O().O"-O(O$/-.O.)O
&#!(O.)O."O/,,(.O3,L-O-#-O ),O-!'(.&O(&3-#-O#-&)-/,?O
?6;

6 !'(.&J(&3-#-JC)(.#(/D
K444I-
).),
0,-J
),.!!-
,-)(&J
&(#(!/-#(--/,&

/-.,&#(J
(%#(!J
,)/*.",).&
*$

.O#(.,-.O#()'O ;>@9;<O O ::@=;6O O:@6=<O O 9>@699O O 87@;=;O O >9@<9>O O768O O 85<@85<O
(#(
!O(O,#.O O#()' O:@7>=O O7@9<7O OD6=<EO O8@:>:O O:66O O7@7>7O OHO O68@>=6O
.O).",O#()'CD2
*(-EO<;:O OHO O65O O6@5=:O O6@9;>O O;96O OD8@>>6EO OD76EO
.J)
*,.#(!J#()'J ;9?974J J 9<?777J J9?454J J 97?<68J J 78?:::J J =;?:<6J J C7?;;<DJJ 765?6:;J
,-)((&O2
*(--O:@:79O O7@585O O8@7=>O O:@<;7O O7@7:8O O 76@9:=O O :=@586O O >=@89<O
.",O2
*(--O6@;:8O O8@:6;O O7@5=>O O6@8>9O O=;>O O 85@<>;O O :8@=<>O O >9@6>;O

*,.#(!J2*(--J;?5;;J J9?98:J J9?7;<J J;?59:J J7?566J J 96?698J J 555?=54J J 5=6?987J
,) #.BC&)--DJ ),J #,J
0&/JC&)--DB!#(J)(J+/#.3J
#(0-.'(.-?J#'*#,J--.J
2*(-J(J#()'J.2
J :<?797J J 96?;<;J JC7:<DJ J 8:?::<J J 75?988J J 89?86<J J C559?:<<DJ J 56<?;68J
.O #,O0&/OD&)--EO)(O+/#.3O
#(0-.'(.-O(O#(0-.'(.O
*,)*,.3
OHO OHO OHO OHO OHO OHO O6@;78O O6@;78O
)---O)(O!/,(.O /./,O
0&/O*,)/.-
O6@:59O OHO OHO OHO OHO OHO OHO O6@:59O
'
*#,O--.O2*(-O6>@76=O OHO O;8>O O 99@=67O O9@5=9O O7@==:O OHO O <6@;8=O
,) #.BC&)--DJ ),J#()'J
.2
J 8;?:75J J 96?;<;J J C5?44;DJ J5?<9:J J 6;?8:4J J 86?987J J C558?4:9DJ J 9;?649J
()'O.2O2
*(-OHO OHO OHO OHO OHO O 67@<:;O O:@;8;O O 6=@8>7O
,) #.BC&)--DJ ),J."J
3,J 8;?:75J J 96?;<;J J C5?44;DJ J5?<9:J J 6;?8:4J J 6=?;<;J J C55=?;45DJ J7<?<57J
).&J--.-J5?:<;?;:7J J5?677?6;6J J 5;<?:69J J <97?455J J ;75?<5=J J7?5:=?:74J J ;=7?774J J<?:8;?894J
).&J&##&#.#-
5
J;?86<?7=<J
*$

.O#(.,-.O#()'
O :=@>5>O O 9;@:=;O O:@6:;O O ;7@5>5O O 89@;:7O O ;=@;6<O O6@;8:O O 7<<@;9:O
(#(
!O(O,#.O O#()'
O8@>5=O O7@;:6O O6>=O O8@>8:O O8<9O O8@76=O OHO O 69@7=9O
.O).",O#()'CD2
*(-EO6@6>9O OHO O:98O O6@69:O OD998EO OD=8>EO OD7@=;6EO OD6@7;6EO
.J)
*,.#(!J#()'J :8?455J J 8=?67;J J9?<=;J J :;?5;4J J 78?9<7J J ;4?==:J J C5?66:DJJ 6=4?::<J
,-)((&O2
*(--O8@9<:O O6@=55O O9@5>>O O<@98;O O7@:65O O76@76:O O 7;@:>9O O ;<@67>O
.",O2
*(--O6@6:8O O8@:;;O O7@<7;O O6@;<<O O;<6O O 75@:;8O O96@>56O O <7@7:<O

*,.#(!J2*(--J8?:6<J J9?7::J J:?<69J J=?557J J7?5<5J J 85?;;<J J :<?8=9J J 57=?7<:J
,) #.BC&)--DJ ),J #,J
0&/JC&)--DB!#(J)(J+/#.3J
#(0-.'(.-?J#'*#,J--.J
2*(-J(J#()'J.2
J 9=?7<7J J 87?<;5J JC=6<DJ J 9<?49;J J 75?846J J 6=?65<J J C:=?;65DJ J 595?6<6J
#,O0&/OD&)--EO)(O+/#.3O
#(0-.'(.-O
OHO OHO OHO OHO OHO OHO OD869EO OD869EO
)---O)(O!/,(.O /./,O
0&/O*,)/.-
OHOOHOOHOOHOOHOOHOOHOOHO
'
*#,O--.O2*(-O 79@87>O OHO O6@9<;O O6<@:7<O O7@97=O O;;8O OHO O 9;@978O
,) #.BC&)--DJ ),J#()'J
.2
J 79?498J J 87?<;5J J C6?848DJ J 84?974J J 6<?=;8J J 6<?999J J C;4?479DJ J 548?989J
()'O.2O2
*(-OHO OHO OHO OHO OHO O<@;99O O 77@8:7O O 7>@>>;O
,) #.BC&)--DJ ),J."J
3,J 79?498J J 87?<;5J J C6?848DJ J 84?974J J 6<?=;8J J 64?=55J J C=6?7<;DJ J;8?98=J
).&J--.-J5?:4<?6<6J J5?4:<?598J J 77=?554J J5?74:?:<=J J ;64?77=JJ7?859?8=9J J <77?;<:J J=?6=5?<99J
).&J&##&#.#-
5
J<?497?=<:J
6
).&O&##&#.#-O#(&/OP7@<68O'#&&#)(OD7579AOP7@>=<O'#&&#)(EO..,#/.&O.)O."O
/-.,&#(O(%#(!O,)/*O-!'(.?
?6<

7 .J#(.,-.J#()'
%"!-
(.,-.O#()'O(O2*(-O)(O #((#&O#(-.,/'(.-O#-O'-/,O/-#(!O."O .#0O#(.,-.O,.O'.")O.".O
#-)/(.-O."O #((#&O#(-.,/'(.-NO /./,O-"O &)1-O.)O."#,O*,-(.O0&/O(O&&).-O."O#(.,-.O#()'O),O
2*(-O)0,O."O&# O) O."O #((#&O#(-.,/'(.?O"O .#0O#(.,-.O,.O#-O-.&#-"O)(O#(#.#&O,)!(#.#)(O) O."O
#((#&O--.-O),O&##&#.#-O(O#-O().O-/-+/(.&3O,0#-?O),O #((#&O#(-.,/'(.-O.O'),.#-O)-.@O."O
&/&.#)(O) O."O .#0O#(.,-.O,.O#(&/-O&&O3#&O,&.O -O(O)''#--#)(-O*#O),O,#0O.".O,O(O
#(.!,&O*,.O) O."O/(,&3#(!O #((#&O#(-.,/'(.?
(.,-.O#()'O#-O&/&.O-O)(O."O!,)--O,,3#(!O')/(.O) O #((#&O--.-O#(O-.!-O6O(O7O) O."O,)/*N-O
2*.O,#.O&)---ODEO')&O(O)(O."O,,3#(!O')/(.O(.O) O."O*,)0#-#)(O ),OO ),O #((#&O--.-O#(O
-.!O8?O
),O #((#&O#(-.,/'(.-O'-/,O.O@O#(.,-.O#-O&/&.O-O)(O."O)(.,./&O,.?O-O(O
)''#--#)(-O,&.O.)O."O),#!#(.#)(O) O."-O#(-.,/'(.-O,O,)!(#-O1#."#(O(#(!O(O,#.O O#()'O(O
*,.#(!O2*(--@O,-*.#0&3@O.O."O.#'O) O."O#(-.,/'(.-O#(#.#&O,)!(#.#)(?
K444I-
/(J6469
/(J6468
(.,-.J ()'
"*")
*(!$

) 
)!+
!$)'()
#) %
-"O(O-"O
+/#0&(.-O67@857O O67@>:7O
(0-.'(.-O'-/,O.O O88@6:7O O67@5=7O
#((O,#0&-O'-/,O.O'),.#-O)-.O8:9@>;7O O8=5@5::O
).&J#(.,-.J#()'J&/&.J/-#(
!J."J .#0J#(.,-.J'.")J 844?85:J J 849?4<=J
!'
+"*
) '%*
&'%!)
%'
"%((
(0-.'(.-O'-/,O.OO<@96;O O9@6=;O
#((O,#0&-OFO,0,-O'),.
!!-O7>=@588O O7:6@<:<O
).&J#(.,-.J#()'J)(J #((#&J--.-J'-/,J.JJ 749?88=J J 699?=87J
).&J#(.,-.J#()'J ;49?<:9J J ::5?476J
(.,-.J2
*(-
"*")
*(!$

) 
)!+
!$)'()
#) %

*)-#.-OO866@>77O O795@<:=O
.",O),,)1#(
!-O>:@==:O O6;<@<>;O
).&J#(.,-.J2
*(-J&/&.J/-#(!J."J .#0J#(.,-.J'.")J 84;?<4;J J 84<?998J
!'
+"*
) '%*
&'%!)
%'
"%((
.O#(.,-.OD#()'EO)(O,#0.#0O #((#&O#(-.,/'(.-OD>@79>EO OD7:@6;<EO
).&J(.J#(.,-.JC#()'DJ)(J,#0.#0J #((#&J#(-.,/'(.-J'-/,J.JJC=?68=DJ JC69?5:;DJ
).&J#(.,-.J2
*(-J 7=<?99<J J 7<7?7<;J
.J#(.,-.J#()'J 74;?74;J J 6;;?:89J
?6=