GENERAL: PGC: Torchlight Loan Repaid

2 Sep 2010 10:15 am

PGC 02/09/2010 GENERAL

REL: 1014 HRS Pyne Gould Corporation Limited

GENERAL: PGC: Torchlight Loan Repaid

1 September 2010

Pyne Gould Corporation (PGC) today advises that a $100m loan facility provided to South Canterbury Finance Limited (South Canterbury) by parties including Torchlight Fund No. 1 LP (Torchlight Fund) has been repaid in full. Torchlight Fund had a minority stake in that loan facility.

PGC has a minority investment in Torchlight Fund through its subsidiary Torchlight Investment Group Limited (TIG). Another subsidiary of PGC manages the fund.

TIG was the arranger of the $100m loan facility that provided much needed funding to South Canterbury and, which, due to the circumstances around South Canterbury at the time, had a priority ranking.

Torchlight Fund has the backing of a range of domestic and international investors and investment companies, including leading specialists in credit and real estate private equity. It has committed capital of $150m following a successful capital raising in July 2010. Torchlight Fund specialises in making counter-cyclical investments at a time of low liquidity in the banking and investment sectors. Following the successful investment into South Canterbury it would continue to look for situations to provide funding.

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For further information please contact:

John Duncan Chief Executive Officer Perpetual Group Limited DDI 09 927 9503 Mobile 021 241 7388

Jeff Greenslade Chief Executive Officer Pyne Gould Corporation DDI 09 927 9149 Mobile 021 563 593 End CA:00199205 For:PGC Type:GENERAL Time:2010-09-02:10:15:02

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