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St Laurence Property & Finance Bond Offer

16 January 2005

St Laurence Property & Finance Bond Offer

St Laurence Property & Finance Limited (SLP&F) announced today that it has successfully reached the offer amount of $25 million under its Series 3 Bond Offer, and has exercised its right to accept over-subscriptions up to further maximum amount of $25 million.

SLP&F opened the offer on 15 December 2005 and it is scheduled to close on 31 March 2006. The fixed interest rate on the Bonds is 9.25% per annum with a maturity date of 15 May 2011.

SLP&F's Chief Executive, John Mallon said the company was pleased with the response to the Bond Offer to date. "We have decided to accept over-subscriptions to satisfy market demand for the Bonds."

Application has been made to NZX for permission to list the Bonds on the NZDX. All of the requirements of NZX relating to the application that can be complied with on or before the date of this news release have been duly fulfilled. However, NZX accepts no responsibility for any statement in this news release.

SLP&F expects the Bonds to be quoted and traded on the NZDX during February 2006.

Copies of the Investment Statement (containing the application form) and the Prospectus are available from First NZ Capital, Lead Manager, Organising Participant and Underwriter for the Bond Offer or any member of the NZX.

ENDS

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