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ASB Group Realigns Management Responsibilities

October 6, 2004

ASB Group Realigns Management Responsibilities

Statement made by Hugh Burrett, Managing Director, ASB Group

The ASB Group of companies is to restructure a number of senior management responsibilities at ASB Group, ASB Bank and Sovereign to prepare for the next stage of the organisation’s growth and as part of the ongoing development of our senior team.

This is the first major restructure of responsibilities for three years.

Our senior executive team is a stable and successful group, and the changes will broaden their knowledge, experience and expertise by involving them in new areas of banking and financial services.

The appointments involve internal transfers within New Zealand and Australia, with Simon Swanson, the Managing Director of Sovereign, transferring to Australia to become Executive General Manager of Commonwealth Bank’s insurance operations, and Robert De Luca joining ASB Group from Commonwealth Bank.

The change in roles will be undertaken on a progressive basis between the end of October and the end of the year.

The internal changes are:

Barbara Chapman. Appointed Managing Director of Sovereign. Barbara is currently Head of Retail Banking and Marketing at ASB Bank.

Ross McEwan. Appointed Head of Retail Banking and Marketing at ASB Bank. Ross is currently Head of ASB Group Investments.

Robert De Luca. Appointed Head of ASB Group Investments. Robert is currently Executive General Manager Business Development for Insurance and Investment Services at Commonwealth Bank.

John Duncan. Retains the position of Group General Manager, Financial, and will take on responsibility for ASB Securities and Capital Markets.

Kerry Francis. Appointed Head of Treasury and Financial Markets, and will join the Group Executive Committee. Kerry is currently General Manager Treasury and Financial Markets.

Peter Hall. Appointed to the newly created position of Head of Group Risk, and will be responsible for the audit and credit functions. Peter is currently Head of Institutional Banking, Treasury and ASB Securities.

James Mitchell. Retains the position of Head of Relationship Banking and Financial Services, and will take on responsibility for Working Capital Services.

Members of the Executive Management Group whose roles remain unchanged are John Barclay, Head of Group Human Resources; Clayton Wakefield, Group General Manager, Technology and Operations; and Linley Wood, Head of Office of the CEO.

ENDS

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