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Heartland Financial USA Inc. 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E

Coupon is fixed at 7% until 7/14/2025. On 7/15/2025 the rate will be the 5 year treasury and a spread of 6.675% which is reset every 5 years.

Ticker: HTLFP

Parent Ticker: HTLF

OTC Grey Market Temporary Ticker: HRLLL

Issuance Date: 06/19/2020

1st Call Date: 07/15/2025

Maturity Date: None

Shares Issued: 4,000,000

Overallotment Shares: 600,000

Coupon: 7.00%

Face Value: $25

Cumulative: No

Qualified: Yes

Quarterly Dividend Amount: 0.4375

Payment Months: JAN, APR, JUL, OCT

Payment Day: 15

S&P Rating: NR

III Rating (In Regards to Dividend Safety Only): C

Moody Rating: NR

Fitch Rating: NR