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Successful launch of the NZ PINs product

Absolute Capital Group announces successful launch of the NZ PINs product confirming over NZ$30 million raised

23 December 2005: The Absolute Capital Group, a leading specialist boutique structured credit manager, and promoter of Packaged Income Notes (PINs) Series 2005-1 announced that PINs Securities NZ Limited has closed the New Zealand PINs offering with retail and institutional investors committing over NZ$30 million to the product. Having opened on the 28th of November, the offer closed at 3pm (Wednesday 21st December.) Notification of allotments and the expected date of quotation is Friday 23rd December.

Commenting on the successful launch and the levels of demand Deon Joubert, Group Managing Director said: “Having spent four years working with New Zealand’s retail and institutional investors to develop a new kind of product we are naturally delighted by this reaction. We are pleased that many investors obviously agree with us that the PINs offer is likely to provide an effective investing solution to the current market conditions.” ABN AMRO New Zealand Limited was Lead Manager and Organising Participant for the PINs Offer.

About The Absolute Capital Group

Established in 2001, the Absolute Capital Group offers focused boutique capability backed by the strength of a global financial institution as a shareholder. The Absolute Capital Group is 50 per cent owned by ABN AMRO Australia Limited, a wholly owned subsidiary of ABN AMRO Bank NV. The balance of the Absolute Capital Group is owned by Absolute Capital Management Holdings Pty Limited, representing the interests of staff and management.

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. Capital preservation can be achieved with risk being limited to an acceptable level sufficient for the generation of investment returns.

Notes: The offer of PINs was contained in a combined Investment Statement and Prospectus dated 28 November 2005. PINs have the benefit of first ranking security over the securities to be issued by ABN AMRO Bank N.V. and acquired by PNZ with the proceeds of PINs, and certain other contractual rights of PNZ in relation to PINs.

ENDS

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