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ANZ issued stapled exchangeable preferred securities (or ANZ StEPS) pursuant to a prospectus dated 21 August 2003 (ANZ StEPS Prospectus). All ANZ StEPS were suspended from quotation on the Australian Securities Exchange (ASX) on 5 September 2008, and were Exchanged by way of Conversion into ANZ ordinary shares on 15 September 2008.
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The number of ANZ ordinary shares allotted on Conversion to each ANZ StEPS holder was calculated in accordance with the formula set out in the ANZ StEPS Prospectus.
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The formula was based on the average of the daily volume weighted average sale prices of ANZ ordinary shares sold on ASX during the 20 business day period commencing 18 August 2008 to 12 September 2008 inclusive, rounded to the nearest full cent (VWAP).
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The VWAP was $16.55.
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After applying a 2.5% discount to the VWAP figure, each ANZ StEPS with a face value of $100 was Exchanged by way of Conversion into 6.1972 ANZ ordinary shares.
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Where the total number of ANZ ordinary shares to be allotted on conversion in respect of a holder's aggregate ANZ StEPS holding included a fraction, the number of ANZ ordinary shares allotted was rounded down to the nearest whole number.
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For queries in relation to ANZ StEPS or the number of ANZ ordinary shares held following conversion, please call 1800 113 399 (Australia), 0800 174 007 (New Zealand) or +61 3 9415 4010 (international).
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