Change Of Directors For Mike Pero Mortgages

MEDIA RELEASE: 24 March 2006

CHANGE OF DIRECTORS FOR MIKE PERO MORTGAGES

The board of Mike Pero Mortgages Limited (MPM) has announced the appointment of Peter Huljich, Richard Waddel and Pat O'Connor as directors of the company. Each of the three new directors are nominees of New Zealand Finance Holdings Limited which now owns 74.7% of MPM.

The company also announced that George Gould and Kevin Arscott, both representing former major shareholder Gould Holdings, have resigned from the board.

The incumbent directors are Abigail Foote and Mike Pero, both of whom are independent directors.

Mr Gould said that it was appropriate that the board now reflected the fact that there had been a change in major shareholder and the company could now move forward.

"The new board is now in a position to oversee the continued growth and development of the Mike Pero Mortgages business," he said.

ENDS

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