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St Laurence Pleased To Have Created Value

News Release 9 July 2004

St Laurence Pleased To Have Created Value For Rural Equities Shareholders

St Laurence Equities Limited today announced that it has successfully acquired a 15 percent shareholding in Rural Equities Limited (REL).

Rural Equities shareholders have also approved the H&G Limited partial takeover bid, which takes their and their associates shareholding in the company to 50.1%.

“While we would have preferred Rural Equities shareholders to block H&G and its associates from taking control of their company, we are comfortable with our shareholding in Rural Equities,” St Laurence Managing Director Kevin Podmore said.

“H&G originally offered only $1.25 per share to Rural Equities shareholders. When we offered $1.50 per share, they were forced to match our offer price. Then, when we offered $1.60 per share they were again forced to match our price.

“The winners out of this process have been Rural Equities shareholders. St Laurence is pleased to have been the catalyst in which additional value has been created for Rural Equities shareholders.

“We see an inherent underlying value in Rural Equities and are happy with our shareholding,” Mr Podmore said.

As St Laurence is now a major shareholder in the company, Mr Podmore said looks forward to working with the directors and H&G to ensure the future success of REL.

“We congratulate H&G on their successful offer and look forward to hearing what their plans are for unlocking the value in Rural Equities,” Mr Podmore said.

ENDS

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