About LINWAR

ANZ Acquires the Remaining 50% of LINWAR

• The Australia and New Zealand Banking Group Limited (ANZ) has acquired the remaining 50% of LINWAR, giving ANZ 100% ownership.
• The industry is changing for broking firms. The time is right for LINWAR to have the backing of a major bank and trusted brand such as ANZ.
• The acquisition is effective immediately, so you can now access ANZ's total capital solutions on both the equity and debt side, as well as the additional research capability provided by ANZ's Research team.
• As a client of ANZ, you will have access to expertise and insight across the markets where ANZ operates in Australasia and Asia.

The directors and staff of LINWAR recognise this transaction as the culmination of a happy and successful working association with ANZ over the last 4 years. We take this opportunity to thank you for your support over the last 8 years and look forward to your continuing support.

The genesis of LINWAR

In late 2002 international financial services giant BNP Paribas, desiring to exit its Australian investment banking operations, supported 3 of its local executive directors and 8 other staff to establish a new specialist small-mid cap broker in its Castlereagh Street Sydney offices. LINWAR was born.

A clear focus on providing independent, high quality share trading advice and execution to institutional clients has seen LINWAR grow rapidly in the ensuing years.

In providing the pre-eminent forum for ASX ex-100 companies to address their current and prospective institutional shareholders, LINWAR has proved its value and cemented its extensive client relationships.

LINWAR outsourced its back-office needs to ETRADE Australia Limited ("ETRADE"). In April 2005 ETRADE purchased 50% of LINWAR's shares from LINWAR's directors and staff thereby creating a partnership to maximize growth opportunities.

LINWAR is a regular and proud sponsor of the annual Small Companies Fund Manager Award.