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Fixed Interest Securities Terms Sheet

Bank of New Zealand  15/09/2010  7.50%
The Issuer Bank of New Zealand
Business of the Issuer BNZ is a commercial bank operating in New Zealand.
Issue Size 100m
Maturity Mechanism Cash on maturity.
S&P Rating AA
Debt Ranking Unsecured, unsubordinated debt obligations of the issuer.
Interest Semi-annually on 15 March and 15 september until maturity.
Registration Certificates are not issued for BNZ bonds. The registry will send a notice of registration, detailing investors holdings in the bonds.
Registry Computershare Investor Services Limited



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