MEDIA RELEASE

Sunday, November 9, 2008

B&E cuts variable housing rates

B&E Personal Banking has announced a significant cut to its variable housing loan rates, ensuring that loan clients will reap the rewards of last week’s reduction in official interest rates by the Reserve Bank.

The standard variable rate for owner occupied and residential investment housing loans hasbeen reduced by 0.78%. The revised standard variable rate is now 7.72% and compares veryfavourably to the major banks, where the standard variable rate ranges from 7.71% to 7.74%.

B&E Personal Banking CEO Paul Ranson said that the revised rates would apply from November 12, 2008, for new loan applications and from December 1, 2008, for existing loans.

“As a member owned financial institution, we continue to be committed to keeping ourrates as low as possible and providing value for members as opposed to profit forshareholders.With this latest cut, B&E’s standard rates remain very competitive with the major tradingbanks,” Mr Ranson said.