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Bendigo and Adelaide Bank Convertible Preference Share Offer

5 November 2008 |Media centre

Bendigo and Adelaide Bank Limited (the Bank) today announced that the prospectus lodged by BEN with ASIC on 29 October 2008 (Prospectus) in connection with the Offer of Convertible Preference Shares (CPS) had been withdrawn and no offers would be made under the Prospectus.

The Bank has decided not to offer the proposed issue of CPS at this time in light of the current uncertainty in financial markets. Joint Lead Managers Deutsche Bank, Goldman Sachs JBWere and ABN AMRO have advised that, since we issued the prospectus a week ago, there has been a significant deterioration in market conditions for hybrid issues. We have received positive responses to the offer from some shareholders, however we are concerned that the current market conditions mean the deal is no longer in the best interests of investors. The Bank will continue to review market conditions and may relaunch the CPS offer, or undertake other suitable capital initiatives, in the future.

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Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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