Terms and conditions

1. Every $1 held in Bonus Bonds as at 1 June 2010 gives the bondholder one chance to win one prize of $10,000 in the special draw provided the bondholder retains all their Bonus Bonds between 1 June 2010 and 31 July 2010 with no redemptions. 2. The draw to select winning bondholders will take place by 24 August 2010. To qualify, winning bondholders must be the registered bondholder of the relevant winning Bonus Bonds between 1 June 2010 and 31 July 2010 and be a New Zealand resident. 3. The special draw is provided by ANZ Investment Services (New Zealand) Limited ("ANZIS") independently of the regular monthly Bonus Bonds prize draws and does not impact on, or form part of, the dollar value of prizes distributed as part of the monthly Bonus Bonds prize draws. 4. Winning bondholders will be notified by telephone or mail using their last known contact details by 31 August 2010. If they cannot be contacted using these details then ANZIS may redraw the winning Bonus Bonds. 5. If at any time before the special draw, any bondholder breaches any of these terms and conditions, ANZIS may refuse to award the prizes, and may redraw the winning Bonus Bonds. 6. These prizes are not transferable and may not be exchanged for cash unless otherwise stated. However, once awarded, Bonus Bonds may be redeemed in the usual manner. 7. By claiming their prizes, winning bondholders consent to ANZIS making use of their name and/or photograph(s) for publicity purposes determined by ANZIS. 8. ANZIS reserves the right to vary these terms and conditions and the prizes available, and to cancel the promotion at any time without prior notice. ANZIS will not be liable for any loss or damage to any party resulting from any such variation or cancellation. 9. ANZIS's decision is final and no correspondence will be entered into. 10. The usual Bonus Bonds terms and conditions will apply to the extent that they are not inconsistent with these terms and conditions. Copies of the registered prospectus and Bonus Bonds terms and conditions are available at www.bonusbonds.co.nz, an ANZ branch or your local PostShop.

Bonus Bonds are units in The Bonus Bonds Trust and are not deposits or other liabilities of ANZ National Bank Limited. In any month the number of Bonus Bonds prizes and total payout are subject to change. The principal and returns of Bonus Bonds are not guaranteed and are subject to investment risk. Bonus Bonds investment portfolio is rated AAAf* by Standard & Poor's, which indicates that "The Trust Fund's portfolio holdings provide extremely strong protection against losses from credit defaults". However, a fund credit rating issued by Standard & Poor's is and must be construed solely as a statement of opinion and not a statement of fact or recommendation to purchase, sell or hold Bonus Bonds. Further important rating information is disclosed in the Bonus Bonds registered prospectus. A copy of the registered prospectus and Bonus Bonds terms and conditions are available at www.bonusbonds.co.nz, an ANZ branch or your local PostShop. ANZ Investment Services (New Zealand) Limited is the manager and promoter of The Bonus Bonds Trust.

*Fund credit quality ratings, which range from 'AAAf' (highest level of protection) to 'CCCf' (lowest level of protection), are identified by the subscript 'f' for fund, and represent Standard & Poor's assessment of the overall credit quality of a fund's portfolio holdings.