Important notice to owners of policies issued byANZ Life Assurance Company Limited

ABN 63 008 425 652

Scheme Summary

Please take the time to carefully read thisnotice. It summarises the details of ascheme under which it is proposed thatthe Australian life insurance business ofANZ Life Assurance Company Limited betransferred to ING Life Limited ABN 33 009 657 176. You should keepthis notice with your policy in a safe place.

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About this noticeThis notice is intended to give you a brief explanation of a proposal to transfer the Australian life insurancebusiness of ANZ Life Assurance Company Limited (ANZ Life) to ING Life Limited (ING Life). This includes allAustralian policies under which ANZ Life is the insurer.

The proposed transfer is to be made under a scheme, inaccordance with the Life Insurance Act 1995 (Act).Importantly, the scheme requires confirmation by theFederal Court of Australia during a formal hearing.

This notice explains:

> the proposed transfer

> your rights as a policy owner

> how the transfer occurs if the scheme is confirmed bythe Court

> how the proposed transfer affects you.

The proposed transferANZ Life and ING Life are registered as life insurancecompanies under the Act. ING Life is a wholly ownedsubsidiary of ING Life Australia Holdings Pty Limitedwhich, together with ANZ Life, is wholly owned by INGAustralia Limited (INGA).

The proposed transfer will allow the integration andconsolidation of the Australian life insurance businessof ANZ Life with the life insurance business of ING Life,and should not adversely affect policy owners’reasonable benefit expectations.

The scheme is based on an actuarial report preparedjointly by Mr John Slack and Ms Christine Brownfield,appointed actuaries of ANZ Life and ING Life respectively.An independent actuarial report on the scheme has alsobeen prepared by Tillinghast. Both reports will beavailable for you to inspect. Please refer to ‘Furtherinformation’ on page 6 for details.

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Your rightsThe intention of both ANZ Life and ING Life is that policyowners of both companies will not be disadvantaged.ANZ Life and ING Life are satisfied that your rights arefully protected under the scheme.

As the owner of a policy affected by the proposedtransfer, you may:

> attend the Court hearing and request to be heard bythe Court. At the time this notice went to print, theapplication for confirmation of the scheme by theFederal Court had not been filed, therefore the hearing date has not been set. To obtain informationabout the hearing date, please contact us on freecall1800 174 604 or email customer@ing.com.au and wewill arrange for you to be notified once the date is set.

Once the hearing date has been set, if you wish to beheard at the hearing, please contact ANZ Life’s lawyersat least seven days prior to the hearing date.

Ebsworth & Ebsworth (Attn: Mr P MacKenzie) 135 King Street, Sydney NSW 2000

Phone 02 9234 2295Fax 02 9235 3606.

> review the scheme document and actuarial reports.Please refer to ‘Further information’ on page 6 fordetails.

> obtain a copy of the scheme document free of chargeby:

– phoning us on freecall 1800 174 604

– emailing a request to customer@ing.com.au

– attending one of the places listed under ‘Furtherinformation’ on page 6.

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How the transfer occursBoth ANZ Life and ING Life will apply to the Federal Courtof Australia seeking confirmation of the scheme inaccordance with Part 9 of the Act.

If the scheme is confirmed by the Federal Court, allAustralian policies ANZ Life has issued will be effectivelydeemed to be policies issued by ING Life. This happensat the time the Court determines to be the Time ofTransfer. ANZ Life anticipates this will be at 11:59pm on30 June 2005. ING Life then assumes all the rights,benefits, obligations and liabilities of all ANZ Life’sAustralian life insurance business.

How the proposed transfer will affect youIf the scheme is confirmed, from the time the transfertakes effect ING Life will pay all benefits, and meet all theother obligations arising under your policy, instead ofANZ Life. While this means that premiums are thenpayable to ING Life, rather than ANZ Life, your existingpremium payment arrangements automatically changewithout you needing to do anything.

References to ANZ Life in your policy will change to INGLife. If your policy includes an option that allows you toapply for a new policy, or convert your policy to a newpolicy, that option will apply to the closest equivalentpolicy available for issue by ING Life.

ANZ Maxisafe Deferred Annuity, Cash Rollover FundDeferred Annuity and Savings Plans

The scheme also provides for the inclusion of new termsin the above policies. These new terms are set out inAppendix 2 and their effect is briefly explained below.

Otherwise, your rights as a policy owner continue andthe benefits provided under your policy remainunchanged.

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ANZ Maxisafe Deferred AnnuityFrom 1 July 2005, earnings will be credited daily using aunitised approach replacing the current guaranteed valueat the maturity date. Your current maturity date will nolonger apply, which means that your policy continuesuntil you reach age 65, or you withdraw before then.

You will also have the opportunity to switch to newinvestment options then available. Details of newinvestment options will be sent to you.

ING Life guarantees that the balance of your account onor after the current maturity date will not be less than theguaranteed value which would have applied at thatmaturity date. However, if any amount is withdrawn orswitched to a new investment option, the guaranteedvalue will be reduced to reflect the amount withdrawn orswitched.

Cash Rollover Fund Deferred AnnuityCurrently, the assets supporting the policies, and whichdetermine investment returns credited to the policy, arecash and other fixed interest securities with a maximumduration of 190 days. From 1 July 2005, these assets willbe invested in a broader range of fixed interest securitieswith a maximum duration of 4 years. It is expected thatthis change will provide an opportunity for slightlyhigher, though slightly more volatile, investment returns.The capital guarantee provided by the policy willcontinue to apply.

You will also have the opportunity to switch to newinvestment options then available but, importantly, thecapital guarantee will not apply to any amount switched.Details of new investment options will be sent to you.

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Savings PlansThe new provisions enable ING Life to introduce futureadministrative improvements, provided ING Life issatisfied that these changes do not adversely affect anycapital guarantee applying under the policy, nor thefuture investment returns credited to the policy.

The new policy terms were considered by the AppointedActuaries of ANZ Life and ING Life, and the IndependentActuary. All the actuaries concluded that the changedpolicy terms should not adversely affect the reasonablebenefit expectations of the owners of these policies.

The actuaries also concluded that the proposed schemeas a whole should not adversely affect the reasonablebenefit expectations of ANZ Life and ING Life policyowners.

Statutory fund changesYour policy is currently referable to one or more ANZ LifeStatutory Funds.

Under the scheme, the assets in the ANZ Life StatutoryFund referable to your policy (or part of your policy) willbe transferred to the ING Life Statutory Fund to whichyour policy (or part of your policy) will be referable afterthe transfer.

Please refer to Appendix 1 to identify your policy, and theING Life Statutory Fund(s) to which your policy will bereferable after the scheme takes effect. In some cases,your policy may refer to two Statutory Funds.

Importantly, the security of benefits provided by yourpolicy will be maintained. The ING Life Statutory Fundsmeet the capital adequacy and solvency requirementsunder the Act and are supported by shareholderreserves.

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Who pays for the schemeANZ Life and ING Life shareholders will bear all costsassociated with the scheme and the proposed transfer,including stamp duty. Please note, costs will not beborne by policy owners.

Benefits to policy ownersThe proposed transfer is an important component ofrationalising and integrating the Australian life insurancebusinesses within INGA. This integration process shouldbenefit ANZ Life and ING Life policy owners by creating alife insurance operation that is more efficient.

Policy owner enquiriesShould you require further information or have anyconcerns about the proposed transfer, please call usbetween 9.00am and 7.00pm (Sydney time) Monday toFriday, on freecall 1800 174 604, or emailcustomer@ing.com.au.

Further information You can view the scheme document and actuarial reportsat the following venues between 9.00am and 5.00pmfrom 1 March 2005 to 23 March 2005, Monday to Friday(excluding public holidays).

Australian Capital Territory

RetireInvest13 London CircuitCanberra City ACT 2600(Attention: AndrewCunnich)

New South Wales

ING Australia LimitedLevel 151 Pacific HighwayNorth Sydney NSW 2060(Attention: Steven Bowden)

Queensland

ING Australia Limited Level 17100 Edward StreetBrisbane QLD 4000(Attention: Nikki Ferguson)

Northern Territory

RetireInvestSuite 8, Level 14 Shepherd StreetDarwin NT 0800(Attention: Glen Boath)

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Tasmania

RetireInvest297 Elizabeth StreetHobart TAS 7000(Attention: RachelCrosswell)

South Australia

ING Australia LimitedLevel 1645 Pirie StreetAdelaide SA 5000(Attention: Sue Tonkin)

Victoria

ING Australia LimitedLevel 22570 Bourke StreetMelbourne VIC 3000(Attention: Rosemarie Violi)

Western Australia

ING Australia LimitedLevel 19Central Park152-158 St Georges TcePerth WA 6000 (Attention: Angela Scott)

Hard copies of the scheme document will be available at the above venues. You can also obtain a copy of thescheme by phoning us on freecall 1800 174 604, oremailing customer@ing.com.au.

A shorter version of the scheme summary has beenprepared for ANZ Life policy owners for whom thechanges set out in Appendix 2 do not apply. You canobtain the shorter version of the scheme summary byphoning us on freecall 1800 174 604, or emailingcustomer@ing.com.au.

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Appendix 1 –Product name and class of policies

ANZ Life ING LifeStatutory Statutory

Product name Fund Fund

5 year renewable term 1 1

Accident Insurance Plan 1 1

Accidental Death Plan 1 1

Accidental Protection Plan 1 1

Allocated Pension Plan – Capital Guaranteed* 1 3

Allocated Pension Plan* 3 4

ANZ Maxisafe Deferred Annuity 5 3

ANZ Super Advantage – Capital Guaranteed 1 3

ANZ Super Advantage 3 4

Cash Rollover Fund Deferred Annuity 1 3

Corporate Regular Superannuation Savings Plan† 1 3

Corporate Superannuation Bond – Capital Guaranteed 1 3

Corporate Superannuation Bond – Diversified Stable 4 4

Corporate Superannuation Bond – Other Investment Options 3 4

Credit Cover 1 1

Decreasing Sum Insured Term (Ordinary) 1 1

Decreasing Sum Insured Term (Super) 1 3

Deferred Annuity – Capital Guaranteed 1 3

Deferred Annuity – Diversified Stable 4 4

Deferred Annuity – Other 3 4

Disability Income Insurance 1 1

Double Term Life Plan 1 1

Elite Yearly Renewable Term (Ordinary) 1 1

Elite Yearly Renewable Term (Super) 1 3

Endowment Assurance (Ordinary Participating) 1 1

Endowment Assurance (Super Participating) 1 3

Endowment Assurance (Ordinary Non-Participating) 1 1

Endowment Assurance (Super Non-Participating) 1 3

Flexible Income Plan – Capital Guaranteed* 1 3

Flexible Income Plan – Diversified Stable* 4 4

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ANZ Life ING LifeStatutory Statutory

Product name Fund Fund

Flexible Income Plan – Other Investment Options* 3 4

Group Accident Plan 1 1

Group Accident Protection Plan 1 1

Group Life (Ordinary) 1 1

Group Life (Super) 1 3

Group Salary Continuance (Ordinary) 1 1

Group Salary Continuance (Super) 1 3

Growing Investor series Savings Plans† (Ordinary) 1 1

Growing Investor series Savings Plans† (Super) 1 3

GrowthMaster 1 1

Guaranteed Income Deposit 1 3

Guaranteed Income Plan 1 3

Guaranteed Issue Whole of Life 1 1

Guaranteed Acceptance Life Plan 1 1

Home Loan Protector Plan 1 1

Income Replacement Insurance 1 1

Investment Bond – Capital Guaranteed 1 1

Investment Bond – Diversified Stable 4 2

Investment Bond – Other Investment Options 2 2

Investor Plus series Savings Plans† (Ordinary) 1 1

Investor Plus series Savings Plans† (Super) 1 3

Investor series Savings Plans† (Ordinary) 1 1

Investor series Savings Plans† (Super) 1 3

Level or Decreasing Sum Insured Term 1 1

Level term (Ordinary) 1 1

Level term (Super) 1 3

Life Plus series Savings Plans† (Ordinary) 1 1

Life Plus series Savings Plans† (Super) 1 3

Lifemaster Term (Ordinary) 1 1

Lifemaster Term (Super) 1 3

Lifetime Income Plan 1 1

Living Benefit Life Plan 1 1

Loan Insurance 1 1

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ANZ Life ING LifeStatutory Statutory

Product name Fund Fund

Money Plus series Savings Plans† (Ordinary) 1 1

Money Plus series Savings Plans† (Super) 1 3

Mortgage Protection Insurance 1 1

Mortgage Protection Plan 1 1

Mortgage Protection Term 1 3

Mortgage Repayment Insurance 1 1

OneAnswer Allocated Pension Plan – Capital Guaranteed* 1 3

OneAnswer Allocated Pension Plan* 3 4

OneAnswer Personal Superannuation – Capital Guaranteed 1 3

OneAnswer Personal Superannuation 3 4

Personal Life 1 1

Personal Superannuation Bond – Capital Guaranteed 1 3

Personal Superannuation Bond – Diversified Stable 4 4

Personal Superannuation Bond – Other 3 4

Premier Plan series Savings Plans† (Ordinary) 1 1

Premier Plan series Savings Plans† (Super) 1 3

Regular Investor series Savings Plans† (Ordinary) 1 1

Regular Investor series Savings Plans† (Super) 1 3

Regular Savings Plan series† 1 1

Regular Superannuation Savings Plan series† 1 3

Selective Interest Protection Term (Ordinary) 1 1

Selective Interest Protection Term (Super) 1 3

Spectrum Accumulation Bond 2 2

Spectrum Corporate Superannuation Bond 3 4

Spectrum Personal Superannuation Bond 3 4

Spectrum series Savings Plans† (Ordinary) 1 1

Spectrum series Savings Plans† (Super) 1 3

Stand Alone Trauma Insurance 1 1

Superannuation Savings Account 1 3

Superannuation Savings Account Term Life 1 3

Term Direct (Ordinary) 1 1

Term Direct (Super) 1 3

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ANZ Life ING LifeStatutory Statutory

Product name Fund Fund

Term Life Insurance (Ordinary) 1 1

Term Life Insurance (Super) 1 3

Term, TPD & Trauma (Top Trauma) 1 1

Thriftmaster series Savings Plans† (Ordinary) 1 1

Thriftmaster series Savings Plans† (Super) 1 3

Whole of Life (Ordinary Participating) 1 1

Whole of Life (Super Participating) 1 3

Whole of Life (Ordinary Non-Participating) 1 1

Whole of Life (Super Non-Participating) 1 3

Yearly renewable term (Ordinary) 1 1

Yearly renewable term (Super) 1 3

* Although taxed on a different basis to superannuation, these policiesare maintained in the same statutory funds as superannuationbusiness. For the purpose of the proposed scheme, these policies aretreated as superannuation business.

† These policies are described as ‘Savings Plans’.

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Appendix 2 –Amendments to policies1. ANZ Maxisafe Deferred Annuity Scheme Policies

1.1 ANZ Maxisafe Deferred Annuity Scheme Policies arerevised by the inclusion of the following terms:

> The calculation methodology and timing ofdeclaring earnings on this policy is changed byreplacing the current guaranteed value at maturitywith a daily crediting rate using a unitisedapproach.

> On 1 July 2005* (‘Effective Date’), this policy willbe invested in the ANZ Superannuation CapitalGuaranteed option in the ING Life Statutory Fund 3(‘ANZ SCG option’) by the issuing of units in theANZ SCG option. The amount invested will be atleast equal to the withdrawal benefit under thispolicy at the Effective Date. The unit price in theANZ SCG option is guaranteed by ING Life Limitednot to reduce after the Effective Date.

> The policy owner is entitled to switch theinvestment to other investment options inaccordance with the terms of those options, asnotified in writing by ING Life Limited to the policyowner.

> The value of the account at any date will be equalto the sum of the number of units held multipliedby the relevant unit price at that time.

> This policy will no longer cease at the currentmaturity date (‘original maturity date’). This policyautomatically continues to age 65 unless thepolicy owner withdraws beforehand.

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> ING Life Limited guarantees that the value of thepolicy owner’s account on or after the originalmaturity date will not be less than the guaranteedvalue at the original maturity date. If any amountis withdrawn or switched to other investmentoptions, the guaranteed value at the originalmaturity date will be reduced to reflect the amountwithdrawn or switched. The existing policycondition that the guaranteed value may bechanged if the tax rate applying to superannuationpolicies changes is maintained.

2. Cash Rollover Fund Deferred Annuity Scheme Policies

2.1 Cash Rollover Fund Scheme Policies are revised bythe inclusion of the following terms:

> On 1 July 2005* (‘Effective Date’), this policy willbe invested in the ANZ Superannuation CapitalGuaranteed option in the ING Life Statutory Fund 3(‘ANZ SCG option’) by the issuing of units in theANZ SCG option. The amount invested will beequal to the withdrawal benefit (without applyingany withdrawal fee) under this policy at theEffective Date.

> The policy owner is entitled to switch theinvestment to other investment options inaccordance with the terms of those options, asnotified in writing by ING Life Limited to the policyowner.

> The capital guarantee provided on this policy willnot apply to investments in any other investmentoptions.

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3. Savings Plan Scheme Policies

3.1 Those Scheme Policies described in Appendix 1 as‘Savings Plans’ are revised by the inclusion of thefollowing term:

> ING Life Limited may change the calculationmethodology and timing of declaring earnings onthis policy by replacing the current periodiccrediting rate formulae calculation with a unitisedapproach. The change must not, in the opinion ofING Life’s appointed actuary, adversely affect anyagreed capital guarantee under this policy nor thefuture investment earnings credited to this policy.

* Note: The Federal Court of Australia may order that a different date besubstituted in the policies for 1 July 2005. If the Court does this, we willlet you know.

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