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eVentures Appoints Three Senior Executives

eVentures Appoints Three Senior Executives To E-LOAN

eVentures New Zealand today announced the appointment of three senior executives to E-LOAN New Zealand, the internet accelerator company's first e-business venture.

Katherine Dewar has been appointed as Marketing Manager, Don Morgan as Service and Sales Manager and Kieren Cooney as Online Manager.

A one-stop, online loan retailer, E-LOAN will lead the way in the New Zealand market. Through a simple process, E-LOAN customers will be provided with objective and impartial information to make comparisons between a wide range of home loan products and select the best loan for their individual needs. The entire loan process from application through to settlement is completed online, with expert help available by telephone and email.

The E-LOAN service is free for customers.

eVentures New Zealand CEO, Cindy Mitchener, said Bruce Gordon was building a skilled and talented team.

"We have attracted extremely high calibre people to E-LOAN. Kath, Don and Kieren have considerable expertise and are passionate about the opportunities the internet offers in the financial services sector."

E-LOAN CEO Bruce Gordon said E-LOAN was committed to making E-LOAN New Zealand's number one online retailer of loans and other financial services, and to delivering customers with the widest possible selection of home loan products.

"Customers will be able to choose the home loan that best meets their needs from a broad range of New Zealand banks and financial lenders. They will get the twin benefits of total control over the entire loan process and access to an extensive choice of home loan products."

Katherine Dewar has 10 years' marketing experience with blue chip companies and in marketing agency roles both in New Zealand and the United Kingdom.

She joins E-LOAN from AMP Banking (formerly ERGO) where since 1997 she has been Marketing Communications Manager and Project Marketing Manager. In addition to her responsibilities for brand, research, advertising and direct marketing, Katherine managed the marketing communications initiatives to progressively launch the AMP Group's full banking services. Katherine's work at AMP Banking included managing the New Zealand input into the Group's internet banking project and playing a key role in the development of the new AMP Group brand proposition.

Don Morgan's expertise is in sales and management in the financial services industry. His most recent position was as Sales Manager for Farmers' Financial Services, where he assisted and managed the development and implementation of Farmers' Home Loan Service.

Don gained his initial management experience as a retail branch manager with Trust Bank between 1995-1997, before becoming a commercial manager with WestpacTrust until the end of 1998. He worked as a home mortgage consultant for Loan Plan in 1999.

Kieren Cooney joins E-LOAN from Tacit Group Ltd, a software provider for the financial services industry. As Tacit's Online Product Manager, Kieren managed an internet solution product for clients. He has extensive experience in the IT industry as a software developer/analyst, product manager and internet solutions consultant and has experience with client-server and multi-tiered technology applications, distributed systems and web-based projects.

The appointment of the three executives follows the appointment of Bruce Gordon as E-LOAN's Chief Executive Officer in April 2000.

- ENDS -

For further information contact: Bruce Gordon, CEO E-LOAN 09-389 5020 bruceg@nz.eloan.com

Communications Contact: Bert Aldridge 04-4999-111 bert@svl.co.nz

B A C K G R O U N D E R

E-LOAN www.eloannz.co.nz

eVentures New Zealand's first business venture in New Zealand, E-LOAN New Zealand, is to be launched in June 2000.

A one-stop online home loan retailer, E-LOAN will lead the way in the New Zealand market.

As the name suggests, the company offers loans over the internet. E-LOAN New Zealand will enable borrowers to compare loans and obtain online recommendations about which home loans offer the best savings or best fit their individual needs. The entire loan process from loan application through to settlement is completed online.

After choosing a loan, borrowers complete a simple application form, submit it online, and proceed through the entire loan settlement process with the help of a dedicated loan consultant. Customers deal with the same personal loan consultant throughout the application process.

The site simplifies the loan process for consumers, giving them immediate access to an extensive choice of products and services and presenting impartial and objective information about loan products. Security and privacy will be guaranteed through the use of top-level encoding systems.

A broad range of New Zealand banks and financial lenders will supply E-LOAN.

E-LOAN New Zealand's service will initially apply to home loans. It is planned that over the next six to 12 months additional financial products such as personal loans, car loans and credit card applications will be included in the services offered.

E-LOAN Inc was founded in August 1996 in the United States and has been launched in Europe, the UK, Japan and Australia.

E-LOAN Inc is publicly traded on the NASDAQ. The board of directors includes representatives of Yahoo!, Benchmark Capital, Bank of America, Technology Partners, and TechNet.

E-LOAN Inc has recently entered into an alliance with America's fourth largest financial services company and the world's leading online broker, Charles Schwab & Co, Inc. to provide Schwab customers with online home loans. Schwab has also been granted share warrants in E-LOAN Inc.

E-LOAN Inc and eVentures have signed a term sheet setting out the terms upon which the E-LOAN business will be established in New Zealand. Its initial capital will be provided by eVentures with E-LOAN Inc providing technology and intellectual property. eVentures owns 50% of E-LOAN New Zealand Ltd. E-LOAN New Zealand was incorporated in New Zealand in February 2000.

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