Pursuant to the terms of the Insurance Companies
(Ratings & Inspections) Act 1994, the rating agency Standard & Poor's confirmed on the 3rd day of October 2002, that IAG New Zealand Limited has retained their
very strong "AA" category counterparty and insurer financial strength ratings, but that the rating would
be downgraded from "AA+" (negative outlook) to "AA" (stable outlook).
The "AA" category rating means IAG New Zealand Limited will continue to be one of New Zealand's highest rated
non-government financial institutions.