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BNZIM resolving tax values in investment funds

Wednesday 30th July 2003

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BNZ Investment Management Ltd (BNZIM) has identified incorrect tax values in five of its investment funds that affect the total asset values of each fund.

BNZIM is taking steps to correct this and intends to ensure that customers' investments will not be adversely impacted. To protect the interests of all investors, BNZIM has temporarily ceased accepting contributions into the five affected funds and instigated a comprehensive review. BNZIM will contact affected investors to inform them of their individual circumstances.

Two of the funds are the BNZ Balanced Fund and the BNZ Active Growth Fund. These funds hold a combined asset value of approximately $130 million. Approximately 1% of this value is represented by the incorrect tax values.

The other funds are the Future Lifestyle Plan's Conservative Growth Fund, Balanced Growth Fund, and Dynamic Growth Fund. These funds hold combined assets of approximately $300 million. Approximately 2% of this value is represented by the incorrect tax values.

Investors who have withdrawn funds in the past have generally been advantaged and BNZIM will not be seeking any refund from them. BNZIM intends to recompense customers whose investments have been adversely impacted.

Withdrawals from the funds are being processed in the usual manner. However, the issue affects accurate valuation of the funds, so investors may receive a positive adjustment after making a withdrawal.

BNZ Investment Management Ltd is a related company of Bank of New Zealand and National Australia Bank.

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