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FAI Growth Catalyst For $100 Million Solution


10th November 2002

Media release

For Immediate Release

GROWTH IN FAI FINANCE CATALYST FOR $100 MILLION SOLUTION

Tremendous growth by FAI Finance since it was acquired and restructured by the Hanover Group has been the catalyst behind a new $100m debenture prospectus recently launched to the market. Investors supporting the first ranking secured deposit will provide the cash to fund further growth in the already profitable FAI Finance loan portfolio.

"The launch of this debenture product so soon after the acquisition also signals the company's return to real long-term growth," says Hanover Group CEO, Mr Kerry Finnigan.

"This is an exciting chapter in the life of FAI Finance. The company has proved to be very profitable, producing exceptional growth from an expanding customer base. The loan book is increasing at such a rate that we need to find additional sources of funding."

A minimum deposit of $1,000 will be accepted and invested for a fixed term bearing interest of up to 8.25% per annum for a 2-year term deposit. A choice of interest payment options will be offered to investors.

Hanover Group General Manager of Marketing, Mr Perry Cornish says, "we believe investors will welcome the opportunity to invest in a well-known New Zealand brand and support another dynamic option in the Hanover portfolio of finance companies."

FAI Finance provides consumer retail and personal loan financing to companies in various industries including white ware, furniture and home computers.

Investors are able to request a prospectus or find out more online at www.faifinance.co.nz or by contacting a dedicated FAI Finance advisor by phoning 0800 450 400.

ENDS

RELEASE PREPARED BY MARKOM PR LIMITED FOR HANOVER GROUP LIMITED FOR MORE INFORMATION, PLEASE CONTACT

Background

FAI FINANCE IN New Zealand

FAI Finance was established in New Zealand in 1995. The company provides consumer retail and personal loan financing to companies in various industries including white ware, furniture and home computers.

The company's operations have already achieved excellent growth with offices across both sides of the Tasman.

FAI Finance remains 100% New Zealand owned and is a member of Hanover Group, New Zealand's largest privately owned financial services group*.

HANOVER GROUP

Hanover Group is New Zealand's largest privately owned finance company* with more than 600 employees and assets of nearly $1 billion.

The Hanover group of companies pursues a broad range of finance opportunities that are leveraged through the company's consolidated structure. This provides a diversified asset base and ensuing benefits for investors.

The group includes finance companies Elders Finance, Nationwide Finance, United Finance, Leasing Solutions, Elders Home Loans, Hanover Securities, FAI Finance, Australian Finance Direct, NZ Home Bonds and Onesource (formerly, strategic investments: Cogent Communications and U-Bix). *(Source: 2002 KPMG Annual FIPS Report)


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