Shareholders Vote To Wind Up Property Leaders

August 23, 2001

STOCK EXCHANGE ANNOUNCEMENT

Shareholders Vote To Wind Up Property Leaders Companies

Statement made by Bill Wilson, Chairman, Property Leaders New Zealand Ltd, Property Leaders Australia Ltd and Property Leaders Australia and
New Zealand Ltd

At the annual meetings of the three Property Leaders companies today, shareholders voted to place the companies into voluntary liquidation and to delist them from the New Zealand Stock Exchange.

Shareholders appointed Laurence Chilcott and Peter Chatfield of Smith Chilcott as liquidators.

Shareholders accepted the recommendation of the companies’ directors that given the lack of investor support for the three property funds, and the likely loss of the binding ruling from Inland Revenue exempting them from paying tax on capital gains, the best way to preserve current shareholder wealth was to liquidate the companies.

For further information please contact
Anthony Quirk, who is a Director of each of the three Property Leaders companies.
Tel 0-9-3 77 7262, 025 895 568.

Issued on behalf of the Property Leaders companies by Network Communications
(Dennis Lynch). Tel 0-9-379 354.

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