Australia & NZ Bank. - Offer for E*TRADE Australia.

(From AFX CNF)

RNS Number:4550R Australia & New Zealand Banking Grp 19 February 2007 Corporate Communications 100 Queen Street Melbourne Vic 3000 www.anz.com For Release: 19 February 2007 ANZ announces recommended cash takeover offer for E*TRADE Australia ANZ today announced a recommended cash takeover offer for E*TRADE Australia Limited of $4.05 per share for the 65.8% of E*TRADE Australia's issued capital that ANZ does not currently own. A committee of independent directors of E*TRADE Australia# have said they will unanimously recommend that E*TRADE Australia's shareholders accept ANZ's offer in the absence of a superior proposal and subject to an independent expert's report. The independent directors have indicated they intend to accept this offer for their own holdings of E*TRADE Australia shares on this basis. ANZ Group Managing Director Personal, Mr Brian Hartzer said: "The acquisition of E*TRADE Australia would be a further step in ANZ's strategy to be a leader in personal financial services in Australia including accelerating growth in convenient and simple wealth management and investment services. "With ANZ customers representing about a third of E*TRADE Australia's customer-base, we are the natural owner of E*TRADE Australia. As part of our multi-brand strategy, we intend to retain and grow the E*TRADE brand, subject to agreement with E*TRADE Financial Corporation when the current licensing arrangements expire in 2009," Mr Hartzer said. Commenting on the ANZ offer, E*TRADE Australia Chairman Mr Kerry Roxburgh said: "We believe this is a very positive development for E*TRADE Australia. Given the offer's premium to E*TRADE Australia's share price and particularly relative to historic share prices, it is a compelling offer. The committee of independent directors have concluded it is in the best interests of all shareholders and are pleased for shareholders to consider it. "The company has provided strong shareholder returns over the last few years and the resources and expertise that ANZ can provide to E*TRADE Australia will certainly accelerate the growth of the business. Based on the great success we have already realised from our alliance, the integration of E*TRADE Australia and ANZ is a logical next step. "Importantly for E*TRADE customers and wholesale partners, ANZ is committed to maintaining the same innovative product offerings, dedicated service and award-winning trading …