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ASB Bank announces a Retail Subordinated Notes offer

17 March 2014

ASB Bank announces a Retail Subordinated Notes offer

ASB Bank Limited (“ASB”) today announced it is making an offer of subordinated, unsecured debt securities (“ASB Subordinated Notes”) of up to NZ$300 million, with the ability to accept oversubscriptions of up to $100 million.

ASB Subordinated Notes are due to be repaid in full on the Maturity Date (15 June 2024) and may be repaid earlier in certain circumstances. ASB Subordinated Notes will be treated as Tier 2 Capital for ASB, and in certain circumstances will be exchanged for ordinary shares in Commonwealth Bank of Australia ("CBA"). CBA does not guarantee ASB or the ASB Subordinated Notes.

The opening date is 25 March 2014. The 5 year swap rate and margin (together the “interest rate”) that will apply until the Call Option Date (15 June 2019) will be set and announced on or before the Opening Date (25 March 2014) following the bookbuild process. The margin will not change over the term of the ASB Subordinated Notes.

ASB Subordinated Notes have been assigned a credit rating of BBB+ by Standard & Poor’s.

The full details of the offer are contained in an Investment Statement dated 17 March 2014.

Application has been made to NZX for permission to quote the ASB Subordinated Notes on the NZX Debt Market and all the requirements of NZX relating to that application that can be complied with on or before the date of this announcement have been duly complied with. However, ASB Subordinated Notes have not yet been approved for trading and NZX accepts no responsibility for any statement in this announcement. NZX is a registered exchange and the NZX Debt Market is a registered market under the Securities Markets Act 1988.

Enquiries about the ASB Subordinated Notes can be made by contacting any Joint Lead Manager.

Arrangers:
• Commonwealth Bank of Australia and Goldman Sachs New Zealand Limited

Joint Lead Managers:
• ASB Securities Limited on 0800 272 099
• Macquarie Capital (New Zealand) Limited on 0800 742 737
• Goldman Sachs New Zealand Limited on 0800 555 555
• Deutsche Craigs Limited on 0800 226 263
• Forsyth Barr Limited on 0800 367 227

ENDS

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