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14 Feb 1997

Issue of Capital Guaranteed Growth Notes and Related Financial Arrangements

BNZ proposes to establish FundCo, a vehicle which will issue notes to investors, the return on which is linked to an investment in futures contracts, derivative contracts and foreign exchange contracts. This determination applies to all the financial arrangements described and is to provide the method for recognition of income and expenditure by parties to each of those financial arrangements (other than investors who are cash basis holders) in accordance with the Act.