Offer highlights

• 33 EQT shares to be offered for every 100 TRU shares [1]
• Values TRU at $5.28 per share based on the EQT share price before the offer was announced
• 11.2% premium to TRU share price before the offer was announced
• 13.3% premium to average TRU and EQT share prices over the past 1 month
• Estimated to generate up to $8m p.a. of synergies by end of 2014
• TRU shareholders will own approximately 59% of the Combined Group and participate proportionately in gains from consolidating the two organisations
• TRU shareholders retain up to 17 cents dividends per share under the Offer
• TRU shareholders may qualify for EQT’s FY13 final dividend
• Share-based offer may provide rollover relief from CGT
• Fulfils a long-standing corporate opportunity for consolidation and efficiency gains.

Mr Tony Killen, Chairman of EQT said, “Combining Equity Trustees and Trust Company has been identified as the best available corporate transaction for both companies. We strongly support this view. Discussions between the two companies have been held formally and informally on a number of occasions without success. The Offer will provide the opportunity for Trust Company shareholders to decide the matter.”

Mr Killen added, “This is an exceptional opportunity for shareholders in each company. The benefits for each company’s investors, many of whom are long-term and very loyal, are highly attractive. Both groups of shareholders will access the upsides that can be realised by the combined group. Clients and employees will also benefit from being associated with a larger, more diversified organisation with deeper resources, broader scope and a wider range of high-quality services.”

[1] The Offer will express the Offer consideration as 0.33 EQT shares for every TRU share.

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