Quotation Notice – ASB Bank Limited (“ABB050”)

QUOTATION NOTICE: NZX DEBT MARKET ASB BANK LIMITED SUBORDINATED NOTES 2 ("ABB050") Issuer: ASB Bank Limited ("ABB") Security Code: ABB050 ISIN: NZABBDG002C2 Details of Issue: An offer of NZ$400,000,000 subordinated unsecured convertible notes Opening Date: Thursday, 3 November 2016 Closing Date: 5pm, Friday, 25 November 2016 Interest Rate: 5.25% per annum (until the Call Option Date, when it will be reset) Call Option Date: Wednesday, 15 December 2021 Maturity Date: Tuesday, 15 December 2026 Issue Date: Wednesday, 30 November 2016 Interest Payment Dates: 15 March, 15 June, 15 September and 15 December in each year Date of First Interest Payment: Thursday, 15 December 2016 First Interest Paid To: Holder on the relevant Record Date Record Date: 10 calendar days prior to the relevant payment date or, if that day is not a business day, the immediately preceding business day (or such other date as is advised by ASB to NZX, the Registrar and Holders from time to time) Minimum Application Amount: $5,000 with multiples of $1,000 thereafter Minimum Holding: $5,000 Minimum Amount Transferrable: $1,000 Face Value: $1.00 per ASB Note 2 Arrangers: Commonwealth Bank of Australia and Forsyth Barr Limited (Organising Participant) Joint Lead Managers: Bank of New Zealand, Commonwealth Bank of Australia, Deutsche Craigs Limited, Forsyth Barr Limited and Macquarie Capital (New Zealand) Limited (acting through its affiliates) Deed Poll Dated: 12 October 2016 Registrar: Computershare Investor Services Limited ("RMLT") Settlement Status: NZCDC Settlement System Expected Commencement of Trading on the NZX Debt Market: Thursday, 1 December 2016 Tim Bennett Chief Executive Officer NZX Limited 24 November 2016 End CA:00293238 For:ABB Type:LISTING Time:2016-11-24 14:24:57