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ANZ To Offer $300 Million of Bonds

Tuesday 2 July 2002

ANZ Banking Group (New Zealand) Limited intends to offer up to $300 Million of fixed-rate, fixed-term Subordinated Bonds to the New Zealand public.

The bonds represent an interest bearing investment, offering semi-annual interest payments and are rated A+ by Standard & Poor's.

The interest rate will be set after the close of the offer at the Reference Rate1 plus 0.30%. The bonds have a maturity date of 23 July 2012 with ANZ able to redeem them on 23 July 2007. If the bonds are not redeemed in 2007, the interest rate will be set at the Reset Reference Rate2 plus 0.80%.

The offer is intended to open on 5 July 2002 and close on 18 July 2002. The issue will be jointly led by ANZ and Forsyth Barr Limited.

1 The five year swap rate as at or about 11.00am, on the earlier of the business day after the close of the offer or 19 July 2002

2 The five year swap rate as at or about 11.00am, 19 July 2007

ENDS


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