BNZ PPS - initial distribution rate set

Exchange announcement 9 August 2024 BNZ perpetual preference share offer – initial distribution rate set Bank of New Zealand (BNZ) has set the initial distribution rate for the NZ$450 million perpetual preference shares (PPS 2) at 7.28% per annum. This equals the margin of 3.50% plus the 6-year swap rate. This distribution rate will apply for the first 6 years until the first optional redemption date (21 August 2030). After the first optional redemption date, the distribution rate will change to a floating rate that resets at quarterly intervals, which will be equal to the sum of the applicable 3 month bank bill rate plus the same margin. The PPS 2 are expected to be issued on 21 August 2024 and quoted on the NZX Debt Market on 22 August 2024 under the ticker code BNZHB. Details of the offer and the PPS 2 are contained in BNZ’s limited disclosure document, available on the online Disclose Register maintained by the Companies Office (www.disclose-register.companiesoffice.govt.nz offer number OFR13773). Please contact a Joint Lead Manager or your usual financial advice provider for further information. Ends