ASSET: PGC: PGC in talks to buy Aegis

2 Sep 2010 2:30 pm

PGC 02/09/2010 ASSET

REL: 1430 HRS Pyne Gould Corporation Limited

ASSET: PGC: PGC in talks to buy Aegis

2 September 2010

PGC announced today that its wholly owned subsidiary Perpetual Group Limited is in advanced exclusive discussions with ASB Bank Limited in relation to the possible acquisition by Perpetual of Aegis.

PGC CEO, Jeff Greenslade, said "Aegis is the leading WRAP platform in NZ with Funds under Administration of over $5 billion, an extensive client base and a strong financial track record. For Perpetual, a customer of Aegis since 2003, the opportunity to develop the Aegis business further from this sound position would support our long term wealth management strategy".

Perpetual is now entering into exclusive discussions with ASB to work through the remaining details and determine whether an acquisition of the Aegis business can be finalised. As part of this process Aegis staff and customers will be updated on Perpetual's future plans for the business.

ASB General Manager Investments, Laurie Mellsop says, "Earlier this year we advised both Aegis staff and customers that we would be exploring future ownership options for the Aegis business, including a possible sale. This process has culminated in the announcement being made today. We are keen to ensure that Aegis' established position as a leading independent WRAP platform will be preserved and we believe that Perpetual's future business plans achieve this purpose for both customers and staff. "

PGC expects to provide an update on the status of the possible acquisition of Aegis by the end of September.

- Ends -

For further information please contact:

Jeff Greenslade Chief Executive Officer Pyne Gould Corporation DDI 09 927 9149 Mobile 021 563 593

Patrick Middleton Chief Executive Officer Perpetual Portfolio Management DDI 09 927 9504 Mobile 029 770 0017 End CA:00199228 For:PGC Type:ASSET Time:2010-09-02:14:30:12

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