Proposed share issue by BNZ

Exchange announcement 5 December 2018 Proposed share issue by Bank of New Zealand The board of directors of Bank of New Zealand (BNZ) has approved the issue of 600 million ordinary shares to its immediate shareholder, National Australia Group (NZ) Limited (NAGNZ), at a subscription price of $1.00 per share (Ordinary Share Issue). The Ordinary Share Issue is proposed to take place on or around 7 December 2018. This will result in the number of BNZ's ordinary shares increasing from 4,475,997,499 to 5,075,997,499 and BNZ's ordinary share capital increasing by $600 million. The board of directors of BNZ has also resolved to pay dividends on its ordinary shares on or around 7 December 2018, which combined with the Ordinary Share Issue will result in a net payment to NAGNZ of $345 million. Ends For further information, please contact: Neil Bradley, Treasurer, BNZ T. 09 976 5020, E. neil_bradley@bnz.co.nz End CA:00327931 For:BNZ Type:ADMIN Time:2018-12-05 15:40:48