Second Absolute Capital PINs product closes

Media Release: 23 November 2006

Second Absolute Capital PINs product closes successfully

 Over $NZ50 million raised by PINs 2006-1
 PINs 2006-1 follows success of last year’s PINs 2005-1

Absolute Capital Group announces a successful launch of its second NZ PINs product, confirming over $NZ50 million raised

The Absolute Capital Group, a leading specialist boutique structured credit manager, and promoter of Packaged Income Notes (PINs) Series 2006-1, today announced that PINs Securities NZ Limited has closed the New Zealand PINs offering with retail and institutional investors committing over $NZ50 million to the product.

Having opened on the 30th of October, the offer closed on Friday 17th November. Notification of allotments will be mailed on 23 November and the expected date of quotation is 23 November.

Commenting on the levels of demand, Deon Joubert, Group Managing Director said, “Following the success of our first PINs product, we believed that the timing was right for the launch of a second PINs offering to the NZ market, and it has been very encouraging to see that so many investors agree with us.”

The key features of the successful product include:

 Principal capital protection#
 Designed to generate a 9.25% per annum yield plus potential bonus interest*
 Regular coupon generating quarterly income to investors*
 Rear-ended performance fee structure
 Income is supported by a range of internationally diversified credit and other investments
 Secondary trading is available on the NZDX from 23 November, 2006

About Absolute Capital
Established in 2001, Absolute Capital offers focused boutique capability.
Absolute Capital is 50 per cent owned by ABN AMRO Australia Limited, a wholly owned subsidiary of ABN AMRO Bank N.V. The balance of Absolute Capital is owned by Absolute Capital Management Holdings Pty Limited, representing the interests of staff and management. No member of the Absolute Capital Group or the ABN AMRO Group guarantees PINs 2006-1.
Absolute Capital Limited, as part of the Absolute Capital Group, is a specialist boutique structured credit manager, offering a range of structured credit and fixed income products to the Australian and New Zealand markets.
Absolute Capital Limited uses non-traditional investment techniques to meet the increasing demand of yield-driven products to create absolute returns.
Absolute Capital has a successful track record with approximately $NZ400m under management.

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