SUCCESSFUL LAUNCH BY LIONTAMER

Press Release 21 July 2003

We are delighted to announce that our very first capital protected investment has successfully launched. The Liontamer MSCI World Index Trust 1 closed Friday 18 July and was well supported by investors. As a reminder, this investment offered exceptional terms - 100% capital protection along with 100% of the growth in the share market* and a highly efficient tax structure for investors.

Liontamer is a brand new investment management company and we will continue to offer innovative and competitive capital protected funds to New Zealanders. We look forward to new product launches in the near future which will offer even more choices for investors - we'll be introducing some new solutions for different risk and return profiles.

Janine Starks, Head of Investment Solutions at Liontamer comments:

"We're extremely excited about this first launch and the level of attention it has attracted in the market. It's proof that we've hit a chord with both investors and financial planners. Building protection into your portfolio is crucial in this day and age and we now have access to the financial instruments which make it possible for small investors.

We happily insure our house and possessions, our lives and our health - why would we not insure our savings? So many investors have absolutely no idea that it's possible to invest in the share market, without risking the shirt on your back and we want to champion that message. If the market goes down, investors receive all of their original capital back at the end of the term. There are very few share market investments that will give you that same 'sleep at night' factor."

ENDS

NOTES FOR EDITORS

For further comment contact:

Janine Starks: Head of Investment Solutions
Phone: 03 377 5213 Mobile: 021 339 040

Laetitia Peterson: Managing Director
Phone: 09 360 8055 Mobile: 021 625 321

Michael Lodge: Director, Head of Distribution
Phone: 09 309 8989 Mobile: 021 450 325

* Investment term 7 years, $5,000 minimum investment, 1% annual return, with averaging in the final year of index measurement.