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Intention to offer up to $75 million Secured Bonds

South Canterbury Finance announces intention to offer up to $75 million Secured Bonds

The Board of South Canterbury Finance Limited ("South Canterbury Finance") announced today that it is considering making an offer of up to $75 million of first ranking, five year, fixed rate secured bonds ("Secured Bonds") with up to $25 million of Secured Bonds available by way of oversubscriptions (the "Offer"). Forsyth Barr Limited has been appointed Lead Manager and Organising Participant to the proposed Offer.

The Offer will comprise an offer of up to $75 million of Secured Bonds by way of firm allocation to clients of NZX Primary Market Participants and other approved financial intermediaries, and a public pool. South Canterbury Finance and Forsyth Barr Limited reserve the right to allocate all of the Secured Bonds (including any oversubscriptions) by way of firm allocation.

The Offer is expected to be underwritten up to $75 million of Secured Bonds by Forsyth Barr Group Limited.

The Secured Bonds will be first ranking, secured, five year term, fixed rate securities. Interest will be payable on the Secured Bonds at the higher of 10.25% per annum and a margin of 225 above the five year swap rate as at the closing of the Offer. Full details of the Secured Bonds and the terms of the Offer will be set out in the Prospectus and Investment Statement in respect of the Offer that is expected to be registered in mid November 2007.

No money is currently being sought and no applications for the Secured Bonds will be accepted or money received unless the subscriber has received an Investment Statement for the Offer.

Application has been made to New Zealand Exchange Limited (NZX) for permission to list the Secured Bonds and all the requirements of NZX relating thereto that can be complied with on or before the date of the distribution of this advertisement have been duly complied with. However, NZX accepts no responsibility for any statement in this advertisement.

ENDS

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