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Proposed Further Bond Offer

St Laurence Property & Finance Limited
- Proposed Further Bond Offer

St Laurence Property & Finance Limited is considering making a new offer of Bonds to the public for subscription.

(a) The issuer will be St Laurence Property & Finance Limited (the "Issuer").
(b) The Bonds will be first ranking secured debt obligations in respect of assets which are not subject to a prior charge and otherwise rank behind prior charges.

(c) The Bonds will have a maturity date of 15 May 2011.
(d) The Bonds will pay a fixed rate of interest at an indicative rate of 9.25% with the final rate being set prior to the opening date. Interest on the Bonds will accrue from the date of allotment.
(e) Bonds with an aggregate principal amount of up to $25 million will be issued. In addition the Issuer may accept over-subscriptions with an aggregate principal amount of up to a further $25 million. The maximum aggregate principal amount of Bonds which may be issued is $50 million.
(f) St Laurence Property & Finance Limited is the parent company of a property investment and financing group with a diversified portfolio of property-related assets and investments. The proceeds of the issue of Bonds will be applied by the Issuer to fund the group’s property investment and financing activities, and to repay some of the existing Debenture Stock previously issued by the Issuer.
(g) The offer will be made to New Zealand residents only.
(h) The Issuer expects that the offer will open on 15 December 2005.

(i) First NZ Capital Securities Limited will be the Lead Manager and Organising Participant of the offer and will also underwrite the offer up to a maximum amount of $20 million.

(j) Application will be made to NZX for permission to list the Bonds on the NZDX. However, NZX accepts no responsibility for any reference to listing in this announcement.

No money is currently being sought and no applications for the Bonds will be accepted or money received in respect of them unless the subscriber has received an investment statement for the offer.


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