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OFFER OF Packaged Income Notes (PINs) Series '05-1

OFFER OF Packaged Income Notes (PINs) Series 2005-1 - Notification of Level of Subscription (Listing Rule 7.14)

PINs Securities NZ Limited advises that its PINs offer has raised $30,744,000 from over 800 investors. The issue was well supported.

Total subscriptions were $14,201,000 in the broker firm offer, $9,600,000 from institutions and $6,943,000 in the public offer.

ABN AMRO New Zealand Limited was Lead Manager and Organising Participant for the issue.

Notifications of allotments will be sent to investors tomorrow.

PINs are expected to commence quotation and trading on the NZDX, on Friday 23 December 2005. PINs will be quoted on the NZDX on a price rather than yield basis, with the first coupon for the period to 30 April 2006 and the early bird interest being paid to the Original Subscriber. Subsequent interest payments will be made to the investor registered as at the record date for the relevant interest payment.

PINs SECURITIES NZ LIMITED
Deon Joubert
Director

Notes: The offer of PINs was contained in a combined Investment Statement and Prospectus dated 28 November 2005.

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

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.

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