SBS BANK SUBORDINATED BOND OFFER – OFFER CLOSED

15 February 2024 SBS BANK SUBORDINATED BOND OFFER - OFFER CLOSED Following the successful bookbuild process for its offer of unsecured, subordinated debt securities which are issued as redeemable shares (Bonds), Southland Building Society, trading as SBS Bank (SBS Bank) confirmed today that the offer has closed and $60 million of Bonds have been allocated to participants (or their clients) in the bookbuild process. There was no public pool for the offer. The Issue Margin has been set at 3.00% per annum. The interest rate for the first five and a half years until the First Optional Redemption Date (22 August 2029) will be a fixed rate equal to the sum of the Base Rate and the Issue Margin, but in any case will be no less than the minimum interest rate of 7.35% per annum. The interest rate for the first five and a half years will be announced via NZX later today, along with the release of the final terms sheet. Details of the offer and the Bonds are contained in the Limited Disclosure Document dated 5 February 2024 (LDD), which is available on the Disclose Register at https://disclose-register.companiesoffice.govt.nz under SBS Bank's offer number OFR13709. A copy of the LDD is also available at www.sbsbank.co.nz/sbs-listed-capital-bonds, or by contacting one of the Joint Lead Managers to the offer (listed below) or your usual financial advice provider. For further information, please contact a Joint Lead Manager or your usual financial advice provider. Arranger and Joint Lead Manager Westpac Banking Corporation (0800 772 142) Joint Lead Managers: Bank of New Zealand (0800 284 017), Forsyth Barr Limited (0800 367 227), and Jarden Securities Limited (0800 005 678). ENDS For further information, please contact: Mandy Oosterbroek Marketing Manager 027 500 1247 Mandy.oosterbroek@sbsbank.co.nz This document has been authorised for release by Mark McLean, Group Chief Executive End CA:00426253 For:SBS Type:OFFER Time:2024-02-15 12:27:46