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Preference Share Issue By ASB Capital Limited


Media Release
29 October 2002


Preference Share Issue By ASB Capital Limited

Statement made by Peter Hall, Head of Institutional Banking,
ASB Bank Limited


ASB Capital Limited, a member of the Commonwealth Bank Group confirmed today that it intends to make an offer to the public of Perpetual Preference Shares (“PPS”).

The principal terms of the PPS will be:

- They will carry a dividend payable quarterly in arrears.

- The dividend will be reset on 15 November each year.

- The dividend rate until 15 November 2003 will be the greater of:
7.40% per annum payable quarterly;
the one year interest rate swap rate plus a margin of 1.30% adjusted to a quarterly equivalent rate.

- The dividend rate after 15 November 2003 will be the one year interest rate swap rate (fixed on 15 November each year) plus a margin of 1.30% adjusted to a quarterly equivalent rate.

- Dividends will consist of a combination of cash payments and imputation credits, and imputation credits will be counted as part of the dividend.

- PPS will be perpetual and not redeemable.

- PPS will be freely tradeable.

ASB Capital will issue up to a total of 150 million PPS of $1.00 each, with a right to accept over subscriptions of 50 million.

It is presently intended that the offer will open on or about the 11th November 2002 and close on or about the 9th December 2002.

Any funds raised will be used to support ASB Bank’s ongoing growth in personal, business and rural banking.

-ENDS-

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