New Commercial Lending Manager Appointed

Nationwide Finance Limited Appoints New Commercial Lending Manager

Nationwide Finance, a member of the Hanover Group of Companies, New Zealand's largest privately owned finance company today announced the appointment of Barry Lyver to lead the company's Wellington regional commercial lending team.

Mr Lyver assumes his position immediately and will be responsible for managing Nationwide Finance's Wellington regional lending portfolio, a role that encompasses property development and capital asset finance in all industry sectors.

Prior to taking up his executive position with Nationwide Finance, Mr Lyver has held senior managerial positions at BNZ Finance, ACC and Wellington Hospital - with expertise in commercial lending, financial analysis and client services in the property, health and insurance sectors.

Says Stephen Cole, Chief Executive Officer of Nationwide Finance: "Barry offers sound commercial business acumen backed by strong referral networks - this will be pivotal to the success of our commercial lending in the Wellington region."

Barry Lyver's appointment as Commercial Lending Manager takes effect from 6th May 2002. He will be based in the Capital.

ENDS

RELEASE PREPARED BY MARKOM PR LIMITED FOR HANOVER GROUP LIMITED

NATIONWIDE FINANCE LIMITED

Business subsidiary of Hanover Group, Nationwide Finance is 100% privately owned and has been financing New Zealand industry since 1973. Nationwide provides financing for vehicles, plant or equipment and is funded via term deposits from private investors.

HANOVER GROUP LIMITED

Hanover Group is the investment vehicle of Mark Hotchin and Cullen Investments. The company was launched in November last year and has more than 600 employees and assets worth over $750 million.

The Hanover Group of companies pursues a broad range of investment opportunities that are leveraged through the company's consolidated structure. This provides a diversified asset base and ensuing benefits for investors.

The group includes finance companies Elders Finance, Nationwide Finance, Leasing Solutions, Elders Home Loans, Hanover Securities, FAI Finance, Australian Finance Direct, NZ Home Bonds and strategic investments: Cogent Communications and U-Bix Document Solutions.

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