Interest paid Monthly or Reinvested Rated B+/Stable/B by Standard & Poor’s Listed on the National Stock Exchange of Australia

Investments only by the application form contained in our Prospectus which sets out an independent risk assessment of loss of capital.This is not a bank deposit.

FIXED INTEREST DEBENTURE STOCK

9.0%p.a.

1 or 3 year terms

ANGAS SECURITIES INVESTOR NEWS November 2008

VISIT ANGAS SECURITIES ON THE WEBVisit our website today. Financial Statements for Full Year 2008 are posted at

www.angassecurities.com

IMPORTANT NOTICEThis newsletter does not contain investment advice. You should carefully consider the content of our Prospectus and seek advice from your own qualified financial adviser. This newsletter contains general information only and does not take into account your individual objectives, financial situation or needs. Debentures are not bank deposits. An independent assessment of the risk of loss has been made by Standard and Poor’s.

You could be earning

PERTH

338 Hay StSubiaco WA 6008

PO Box 1602Subiaco WA 6904

Ph (08) 9380 4983

Fax (08) 9380 4480

ADELAIDE

Level 14, 26 Flinders StAdelaide SA 5000

GPO Box 2948Adelaide SA 5001

Ph (08) 8410 4343

Fax (08) 8410 4355

MELBOURNE

Level 7, 1 Queens RdMelbourne VIC 3004

GPO Box 7720Melbourne VIC 3004

Ph (03) 9863 8460

Fax (03) 9863 8463

DARWIN

Level 3, 13 Cavenagh StDarwin NT 0800

GPO Box 4Darwin NT 0801

Ph (08) 8942 2404

Fax (08) 8942 2808

BRISBANE

Level 2, 50 Marine PdeSouthport QLD 4215

PO Box 3377Southport QLD 4215

Ph (07) 5539 7813

Fax (07) 5539 7810

Earn p.a. fixed for 1 or 3 years

PROSPECTUS NO 9 NOW OPEN

EARN 9% PA IN PROSPECTUS NO 9Angas Securities is pleased to announce that Prospectus No 9 is now open for the issue of fixed interest debentures. The purpose of the debenture issue is to raise funds principally for investment by Angas Securities in a range of quality first registered mortgages together with freehold land investments and secure equipment financing. Investing in quality mortgages is recognised as providing both steady income and fixed rates of return. Angas Securities is rated B+/Stable/B. This is an independent rating by international ratings agency Standard & Poor’s.

The rate of interest for the debenture is fixed for the term of the investment. There are no entrance fees, exit fees or management fees. Interest is paid to investors monthly at the fixed rate or can be reinvested. Angas Securities regularly monitors the retail rate that it is able to deliver to investors and is pleased to announce that the 9% rate will continue to apply to all new investments up until 30 November 2008. Investments in these fixed interest debentures can only be made on the application form attached to the Prospectus. Please call Angas Securities to obtain your free copy of Prospectus No 9 which sets out full details of the issue.

PREMIUM RETURNS FOR OUR INVESTORSAngas Securities rewards investors by offering a Premium Rate of interest upon expiry of investment terms. Investors who rollover their funds upon maturity for a 12 month term receive the PREMIUM RATE of interest which is 0.25% pa above the prevailing rate for retail customers available at the date of maturity. The process is simple as no further paper work need be completed. The rollover at the PREMIUM RATE is confirmed by Angas Securities and a new 12 month Debenture Confirmation is issued. Premium investors can chose to receive their fixed interest monthly or the interest can be reinvested and paid on maturity. During the period until 30 November 2008, maturing investments which are rolled over will attract an Issue Rate of 9.25% pa being the Retail Rate of 9.00% pa plus the Premium Rate of 0.25%. The return can be further enhanced by electing to reinvest interest until maturity. All debentures rolled over will be listed on the National Stock Exchange providing investors with the benefit of additional liquidity.

SOLID OPERATING PERFORMANCE BEING MAINTAINEDThe fundamental business model of Angas Securities underpins continued solid trading performance. No debt was incurred by Angas Securities when the core business delivered sound monthly returns to debenture investors. So Angas Securities has entered the current period of financial turbulence with no debt – no leverage – no borrowings – but with the core business continuing to function and produce returns to investors month after month and year after year. Angas Securities is the Fixed Interest specialist. Funds raised from debentures are invested in the manner outlined above. No leverage and strong liquidity has proved to be a successful recipe if investor confidence is a reliable measure. New inflows of debenture funds in October was the ninth month on month consecutive increase in 2008.

Angas Securities Managing Director Matthew Hower and Executive Chairman Andrew Luckhurst-Smtih.

9.0%

THE FIXED INTEREST SPECIALISTINVESTOR SERVICE LINE 1800 827 143

DEBENTURE RATE 9.0%p.a. fixed for 1 or 3 years.

Angas Securities believes that the ingredients of a successful long term debenture performer are a solid business model, a strong team with capable leadership, sound financial controls and risk management practices, no leverage and sound liquidity. Angas Securities Investor News regularly publishes data as to key performance indicators for the information of investors.

Angas Securities has a Liquidity Policy to ensure that cashflow is properly managed in accordance with the requirements of the Trust Deed and AFS Licence. In accordance with these procedures, the Head of Lending prepares a regular Liquidity Report which is distributed to every director. The intervals at which the Liquidity Report is prepared is determined by the Board but will be not less than monthly and will be more regular in periods when high level monitoring is required. The Head of Lending consults with the Finance Manager, the Investor Relations Manager and the Lending Department to gather information for the preparation of the Liquidity Report. Whilst the data can sometimes be of a technical nature, the underlying purpose is to provide appropriate and transparent communication with investors and potential investors.

The following factors are addressed in the Liquidity Report:-

Available cash at bank -

The prevailing debenture re-investment rate -

Known redemption requests -

Reliable new investment indications -

Loans due to expire – which are not to be extended -

Other flow backs such as notification of loans to be -repaid early or other expected realisations or recoveries

Property investments – receipts expected from sales -and requirements for any new purchases

Accepted Letters of Offer (LOOs) and projected -settlements for new lending

New loan applications where no LOO issued -or accepted

The Chairman of the Credit Committee will utilise the information set out in the Liquidity Report to regulate the number and quantum of LOOs that are issued by Angas Securities. Because every director receives the Liquidity Report, there is ample opportunity for dialogue between directors to ensure that outflows of funds are monitored and regulated in accordance with the wider framework of the Liquidity Policy.

Listed debentures issued to investors are fully secured by a first ranking charge in favour of the Trustee. It is a requirement of the Trust Deed that Angas Securities provide such information as the Trustee reasonably requires in relation to the business, property, affairs and accounting records. In the report provided to the Trustee each quarter, Angas Securities warrants the truth and accuracy of the following matters:-

Repayment of all debenture investments and accrued 1. interest is secured by a first ranking floating charge over the whole of the assets and undertakings of Angas Securities.

The debentures are issued pursuant to a Trust 2. Deed which provides for the issue of debt securities comprising debentures.

Permanent Nominees (Australia) Limited 3. (“Permanent”) is Trustee of the Trust established by the Trust Deed.

As Trustee, Permanent holds on Trust:4.

the benefit of the Trust Deed for the a. debenture holders;

the charge securing repayment of the b. debentures; and

all other monies payable from time to time to or c. at the direction of the Trustee.

The interest rate is fixed for the term of the 5. debenture.

Interest is paid at the end of the month in arrears (as 6. adjusted by reference to the date of investment and redemption – unless investor has elected to reinvest monthly interest at the reinvestment rate).

There are no entry fees deducted from funds when 7. invested.

There are no exit fees deducted from funds which 8. remain invested for the full term of the debenture.

No management fees are charged.9.

The company will notify investors approximately one 10. month prior to maturity.

The proceeds of the debenture issue will primarily be 11. invested in a range of first mortgages.

Angas Securities cannot depart from the lending 12. criteria set out in its Prospectus.

The primary security for any real property loan 13. must be a registered first mortgage over freehold or leasehold property.

First mortgage advances must not exceed the 14. maximum loan to valuation ratio set out in the Prospectus.

Angas Securities must obtain a current valuation 15. from a licensed valuer to determine the maximum loan amount which can be advanced.

All loans are advanced on a fixed term, fixed interest 16. rate basis.

Angas Securities does not lend to related parties and 17. is precluded from doing so by the terms of the Trust Deed.

A maximum single loan transaction will not exceed 18. 10% of the total debenture funds. Angas Securities may make more than one advance to a borrower or to parties related to a borrower and these will not constitute a single transaction for the purposes of the 10% limitation unless all of the supporting security held is precisely the same for the multiple advances.

Construction loans will comprise no more than 5% 19. of the Loan Book.

Construction or development loans are funded up to 20. 70% of the “as is” value of the development. The loan amounts may increase as construction carried out leads to an increase in the value of the property.

Angas Securities must retain a minimum Liquidity 21. Reserve which comprises 5% of all debenture funds to be held in cash.

The proceeds from the issue of debentures will be 22. invested by Angas Securities in accordance with the Trust Deed.

Angas Securities is currently rated long term B+ 23. with stable outlook by international ratings agency Standard & Poor’s.

All debentures that are now issued by Angas 24. Securities are listed on the National Stock Exchange of Australia Limited.

The first ranking charge is held by the Trustee for the benefit of debentureholders. Permanent Nominees (Aust.) Limited, a member of the Trust Group of Companies, is Trustee for debentureholders. Trust Company Limited is the parent company of the Trust Group of Companies. It is a listed public company and is one of Australia’s largest corporate trustees to cash, equity, property and debenture trusts. It was established in 1885. For more information about Trust Group of Companies visit www.trust.com.au

REGULAR REPORTING TO TRUSTEEMONITORING CASHFLOW WITHIN LIQUIDITY GUIDELINES

Linley Vogel – Administration & Investor Relations OfficerActual Cash Held v Minimum Liquidity Requirement

$-

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000

$18,000,000

$20,000,000

30 APR 2008

31 MAY 2008

30 JUN 2008

31 JUL 2008

31 AUG 2008

30 SEP 2008

31 OCT 2008

Series1

Series2

Series3

THE FIXED INTEREST SPECIALISTINVESTOR SERVICE LINE 1800 827 143

DEBENTURE RATE 9.0%p.a. fixed for 1 or 3 years.

Angas Securities believes that the ingredients of a successful long term debenture performer are a solid business model, a strong team with capable leadership, sound financial controls and risk management practices, no leverage and sound liquidity. Angas Securities Investor News regularly publishes data as to key performance indicators for the information of investors.

Angas Securities has a Liquidity Policy to ensure that cashflow is properly managed in accordance with the requirements of the Trust Deed and AFS Licence. In accordance with these procedures, the Head of Lending prepares a regular Liquidity Report which is distributed to every director. The intervals at which the Liquidity Report is prepared is determined by the Board but will be not less than monthly and will be more regular in periods when high level monitoring is required. The Head of Lending consults with the Finance Manager, the Investor Relations Manager and the Lending Department to gather information for the preparation of the Liquidity Report. Whilst the data can sometimes be of a technical nature, the underlying purpose is to provide appropriate and transparent communication with investors and potential investors.

The following factors are addressed in the Liquidity Report:-

Available cash at bank -

The prevailing debenture re-investment rate -

Known redemption requests -

Reliable new investment indications -

Loans due to expire – which are not to be extended -

Other flow backs such as notification of loans to be -repaid early or other expected realisations or recoveries

Property investments – receipts expected from sales -and requirements for any new purchases

Accepted Letters of Offer (LOOs) and projected -settlements for new lending

New loan applications where no LOO issued -or accepted

The Chairman of the Credit Committee will utilise the information set out in the Liquidity Report to regulate the number and quantum of LOOs that are issued by Angas Securities. Because every director receives the Liquidity Report, there is ample opportunity for dialogue between directors to ensure that outflows of funds are monitored and regulated in accordance with the wider framework of the Liquidity Policy.

Listed debentures issued to investors are fully secured by a first ranking charge in favour of the Trustee. It is a requirement of the Trust Deed that Angas Securities provide such information as the Trustee reasonably requires in relation to the business, property, affairs and accounting records. In the report provided to the Trustee each quarter, Angas Securities warrants the truth and accuracy of the following matters:-

Repayment of all debenture investments and accrued 1. interest is secured by a first ranking floating charge over the whole of the assets and undertakings of Angas Securities.

The debentures are issued pursuant to a Trust 2. Deed which provides for the issue of debt securities comprising debentures.

Permanent Nominees (Australia) Limited 3. (“Permanent”) is Trustee of the Trust established by the Trust Deed.

As Trustee, Permanent holds on Trust:4.

the benefit of the Trust Deed for the a. debenture holders;

the charge securing repayment of the b. debentures; and

all other monies payable from time to time to or c. at the direction of the Trustee.

The interest rate is fixed for the term of the 5. debenture.

Interest is paid at the end of the month in arrears (as 6. adjusted by reference to the date of investment and redemption – unless investor has elected to reinvest monthly interest at the reinvestment rate).

There are no entry fees deducted from funds when 7. invested.

There are no exit fees deducted from funds which 8. remain invested for the full term of the debenture.

No management fees are charged.9.

The company will notify investors approximately one 10. month prior to maturity.

The proceeds of the debenture issue will primarily be 11. invested in a range of first mortgages.

Angas Securities cannot depart from the lending 12. criteria set out in its Prospectus.

The primary security for any real property loan 13. must be a registered first mortgage over freehold or leasehold property.

First mortgage advances must not exceed the 14. maximum loan to valuation ratio set out in the Prospectus.

Angas Securities must obtain a current valuation 15. from a licensed valuer to determine the maximum loan amount which can be advanced.

All loans are advanced on a fixed term, fixed interest 16. rate basis.

Angas Securities does not lend to related parties and 17. is precluded from doing so by the terms of the Trust Deed.

A maximum single loan transaction will not exceed 18. 10% of the total debenture funds. Angas Securities may make more than one advance to a borrower or to parties related to a borrower and these will not constitute a single transaction for the purposes of the 10% limitation unless all of the supporting security held is precisely the same for the multiple advances.

Construction loans will comprise no more than 5% 19. of the Loan Book.

Construction or development loans are funded up to 20. 70% of the “as is” value of the development. The loan amounts may increase as construction carried out leads to an increase in the value of the property.

Angas Securities must retain a minimum Liquidity 21. Reserve which comprises 5% of all debenture funds to be held in cash.

The proceeds from the issue of debentures will be 22. invested by Angas Securities in accordance with the Trust Deed.

Angas Securities is currently rated long term B+ 23. with stable outlook by international ratings agency Standard & Poor’s.

All debentures that are now issued by Angas 24. Securities are listed on the National Stock Exchange of Australia Limited.

The first ranking charge is held by the Trustee for the benefit of debentureholders. Permanent Nominees (Aust.) Limited, a member of the Trust Group of Companies, is Trustee for debentureholders. Trust Company Limited is the parent company of the Trust Group of Companies. It is a listed public company and is one of Australia’s largest corporate trustees to cash, equity, property and debenture trusts. It was established in 1885. For more information about Trust Group of Companies visit www.trust.com.au

REGULAR REPORTING TO TRUSTEEMONITORING CASHFLOW WITHIN LIQUIDITY GUIDELINES

Linley Vogel – Administration & Investor Relations OfficerActual Cash Held v Minimum Liquidity Requirement

$-

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000

$18,000,000

$20,000,000

30 APR 2008

31 MAY 2008

30 JUN 2008

31 JUL 2008

31 AUG 2008

30 SEP 2008

31 OCT 2008

Series1

Series2

Series3

Interest paid Monthly or Reinvested Rated B+/Stable/B by Standard & Poor’s Listed on the National Stock Exchange of Australia

Investments only by the application form contained in our Prospectus which sets out an independent risk assessment of loss of capital.This is not a bank deposit.

FIXED INTEREST DEBENTURE STOCK

9.0%p.a.

1 or 3 year terms

ANGAS SECURITIES INVESTOR NEWS November 2008

VISIT ANGAS SECURITIES ON THE WEBVisit our website today. Financial Statements for Full Year 2008 are posted at

www.angassecurities.com

IMPORTANT NOTICEThis newsletter does not contain investment advice. You should carefully consider the content of our Prospectus and seek advice from your own qualified financial adviser. This newsletter contains general information only and does not take into account your individual objectives, financial situation or needs. Debentures are not bank deposits. An independent assessment of the risk of loss has been made by Standard and Poor’s.

You could be earning

PERTH

338 Hay StSubiaco WA 6008

PO Box 1602Subiaco WA 6904

Ph (08) 9380 4983

Fax (08) 9380 4480

ADELAIDE

Level 14, 26 Flinders StAdelaide SA 5000

GPO Box 2948Adelaide SA 5001

Ph (08) 8410 4343

Fax (08) 8410 4355

MELBOURNE

Level 7, 1 Queens RdMelbourne VIC 3004

GPO Box 7720Melbourne VIC 3004

Ph (03) 9863 8460

Fax (03) 9863 8463

DARWIN

Level 3, 13 Cavenagh StDarwin NT 0800

GPO Box 4Darwin NT 0801

Ph (08) 8942 2404

Fax (08) 8942 2808

BRISBANE

Level 2, 50 Marine PdeSouthport QLD 4215

PO Box 3377Southport QLD 4215

Ph (07) 5539 7813

Fax (07) 5539 7810

Earn p.a. fixed for 1 or 3 years

PROSPECTUS NO 9 NOW OPEN

EARN 9% PA IN PROSPECTUS NO 9Angas Securities is pleased to announce that Prospectus No 9 is now open for the issue of fixed interest debentures. The purpose of the debenture issue is to raise funds principally for investment by Angas Securities in a range of quality first registered mortgages together with freehold land investments and secure equipment financing. Investing in quality mortgages is recognised as providing both steady income and fixed rates of return. Angas Securities is rated B+/Stable/B. This is an independent rating by international ratings agency Standard & Poor’s.

The rate of interest for the debenture is fixed for the term of the investment. There are no entrance fees, exit fees or management fees. Interest is paid to investors monthly at the fixed rate or can be reinvested. Angas Securities regularly monitors the retail rate that it is able to deliver to investors and is pleased to announce that the 9% rate will continue to apply to all new investments up until 30 November 2008. Investments in these fixed interest debentures can only be made on the application form attached to the Prospectus. Please call Angas Securities to obtain your free copy of Prospectus No 9 which sets out full details of the issue.

PREMIUM RETURNS FOR OUR INVESTORSAngas Securities rewards investors by offering a Premium Rate of interest upon expiry of investment terms. Investors who rollover their funds upon maturity for a 12 month term receive the PREMIUM RATE of interest which is 0.25% pa above the prevailing rate for retail customers available at the date of maturity. The process is simple as no further paper work need be completed. The rollover at the PREMIUM RATE is confirmed by Angas Securities and a new 12 month Debenture Confirmation is issued. Premium investors can chose to receive their fixed interest monthly or the interest can be reinvested and paid on maturity. During the period until 30 November 2008, maturing investments which are rolled over will attract an Issue Rate of 9.25% pa being the Retail Rate of 9.00% pa plus the Premium Rate of 0.25%. The return can be further enhanced by electing to reinvest interest until maturity. All debentures rolled over will be listed on the National Stock Exchange providing investors with the benefit of additional liquidity.

SOLID OPERATING PERFORMANCE BEING MAINTAINEDThe fundamental business model of Angas Securities underpins continued solid trading performance. No debt was incurred by Angas Securities when the core business delivered sound monthly returns to debenture investors. So Angas Securities has entered the current period of financial turbulence with no debt – no leverage – no borrowings – but with the core business continuing to function and produce returns to investors month after month and year after year. Angas Securities is the Fixed Interest specialist. Funds raised from debentures are invested in the manner outlined above. No leverage and strong liquidity has proved to be a successful recipe if investor confidence is a reliable measure. New inflows of debenture funds in October was the ninth month on month consecutive increase in 2008.

Angas Securities Managing Director Matthew Hower and Executive Chairman Andrew Luckhurst-Smtih.

9.0%