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10 September 2001

News Release

TRI-WEST INVESTMENT CLUB CHARGED WITH FRAUD BY US AUTHORITIES

The Tri-West Investment Club, an investment scheme which has been promoted in New Zealand, has been charged with securities fraud by the US Securities and Exchange Commission (SEC).

The securities fraud lawsuit against the Tri-West Investment Club relates to an internet scam offering phoney prime bank investments.

The scheme was recently promoted in New Zealand (particularly in Palmerston North, Tauranga and Whakatane). We prohibited advertising for the scheme in July and issued a warning to people to be extremely careful if approached to place money with Tri-West or any related scheme.

"This is another variation of the "prime bank" scheme which preys on the belief among some investors that they can find great riches by investing in secretive offshore funds. The fact is that "prime bank" securities, which typically claim to guarantee investors large returns with no risk, simply do not exist," the SEC said.

Also charged is Alyn Waage, a Canadian citizen living in Puerto Vallarta, Mexico. The SEC's lawsuit ultimately seeks the return of all investor funds from Tri-West and Waage.

New Zealand people who sent money to Tri-West should contact:

Robert L. Mitchell, Assistant District Administrator
United States Securities and Exchange Commission
San Francisco District Office
44 Montgomery Street, Suite 1100
San Francisco California 94104.

Phone (415) 705 2500 Fax (416) 705 2501

A copy of the SEC press release follows. It can also be viewed and downloaded at:

Norman Miller
Senior Executive (Operations)
Direct dial (04) 471 7653

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