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SolNet Announces Ownership Changes

Wellington, New Zealand - April 4, 2001

SolNet Holdings has announced that a 51% stake in the company, which owns SolNet Ltd in New Zealand and SolNet Pty Ltd in Australia, has been sold in equal shares of 17% to John Hanna, Mark Botherway and Peter Weaver. SolNet Holdings was previously 100% owned by Murray McNae.

The three new shareholders have long formed the core of SolNet's management team, and the ownership change reflects their commitment to the business going forward.

"All the shareholders have made a formal, long term commitment to SolNet and remain focused on growing a healthy, multi-faceted business offering excellent value to our customers and exciting career opportunities for our employees," says SolNet managing director Murray McNae.

"Our long term outlook is very healthy. In New Zealand, we have firmly established ourselves as a leader in the open systems, development, professional services and e-business marketplaces. Australia is now coming on stream and is starting to establish the sort of reputation SolNet has earned in New Zealand. The change in shareholding demonstrates the solid breadth of talent we have across the entire management/ownership structure and ensures stronger continuity and stability going forward."

The ownership change will not have any impact on organisational structure.


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