Australia and New Zealand Banking Group Ltd. — Major Shareholding Notification 2008

May 22, 2008

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23 May 2008

Company Announcements Australian Securities Exchange Level 4 20 Bridge Street SYDNEY NSW 2000

Company Secretary Bunnings Warehouse Property Trust Fax: 08 9327 4216

Bunnings Warehouse Property Trust - Disclosures regarding shareholding interests

We refer to the substantial holding notice given by Australia and New Zealand Banking Group Limited ( ANZ ) on 12 May 2008, in connection with its interests in Bunnings Warehouse Property Trust.

As disclosed in the substantial holding notice, ANZ has an interest in securities in Bunnings Warehouse Property Trust in which ING Australia Limited has a relevant interest, as a result of ANZ's voting power in ING Australia Limited exceeding 20%.

ING Australia Limited and entities controlled by it have made some of those securities available to ANZ to be loaned out under ANZ's securities lending operations. The relevant securities were identified in the substantial holding notice previously provided by ANZ as comprising a separate parcel of securities in which ANZ had a relevant interest, thereby overstating ANZ's interests in Bunnings Warehouse Property Trust.

ANZ's actual interest in Bunnings Warehouse Property Trust as at 27 March 2008 was less than 5%. Accordingly, the substantial holding notice given by ANZ on 12 May 2008 should be disregarded. As at the date of this announcement, ANZ does not have a substantial holding in Bunnings Warehouse Property Trust.

Yours faithfully

John Priestley Company Secretary