St Laurence Property Changes to Directors

18 April 2007

St Laurence Property & Finance Limited Changes to Directors on the board

St Laurence Property & Finance Limited (SLPF) today advised that Phil Newland has resigned from the SLPF Board following the sale of his 20% shareholding in St Laurence Limited earlier this year.

A new Director, Andrew Walker, will be appointed at the next SLPF board meeting. Mr Walker will also be appointed to the board of The National Property Trust Limited. St Laurence Limited is Manager of the National Property Trust Limited.

Mr Walker is Chief Executive Officer of Dorchester Pacific Limited, a financial solutions group operating in the finance, insurance and savings, and investment services sector. His appointment follows the recent announcement by St Laurence Limited, the parent company of SLPF, that Dorchester has purchased a 25 percent stake in St Laurence Limited for $29.6 million. St Laurence Mortgage Holdings Limited, the shareholder of St Laurence Limited, in turn has now acquired a significant stake in Dorchester.

Andrew Walker has held a number of executive positions in the finance and corporate sectors in both New Zealand and internationally. Mr Walker gained an MBA from Stanford Graduate School of Business in the United States, where he focused on corporate finance and investing. While studying in the US, Mr Walker worked with business strategy consulting firm Booz Allen Hamilton and private equity firm Fremont Group.

Mr Podmore says: “I would also like to take this opportunity to thank Phil Newland for his valuable contribution to the SLPF board. We are delighted to be securing the services of Andrew Walker as a director for SLPF. Andrew brings a wealth of experience and his appointment will further enhance the strength of the SLPF board.”

ENDS