RESET EXCHANGEABLE SECURITIES

Reset Exchangeable Securities (RES) are perpetual reset exchangeable notes, issued by the New Zealand branch of IAG Finance (New Zealand) Limited, a wholly owned subsidiary of IAG.

RES are listed on the Australian Securities Exchange under the code 'IANG'.

On 9 December 2009, RES Holders approved a proposal to amend the terms of the Reset Exchangeable Securities and the underlying IAG preference shares into which RES may be exchanged. The amendments became effective on 15 December 2009. Information on the proposal can be viewed at public offers and proposals.

The annual reports issued for the RES prior to the amendments taking effect on 15 December 2009 can be accessed below:

RES annual report 2009 (1.09MB .pdf)

RES annual report 2008 (935kb .pdf)

RES annual report 2007 (1.66MB .pdf)

RES annual report 2006 (293kb .pdf)

RES annual report 2005 (274kb .pdf)