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St Laurence Strengthens Board

News Release, 28 September 2006

St Laurence Strengthens Board

Australasian investment and finance company St Laurence Limited today announced the appointment of new director, Sydney-based Geoff McWilliam.

Mr McWilliam joins the St Laurence group’s main board following confirmation last week that St Laurence has acquired several major property-based funds and asset management companies to create a $1 billion funds management business.

St Laurence managing director Kevin Podmore said the St Laurence was pleased with the appointment. “We are delighted to have secured Mr McWilliam’s services as a director, adding to an already strong board. With St Laurence’s diversification into property-based funds management, his Australasian experience will be invaluable in assisting us to drive the business in both New Zealand and also in the larger Australian market.

Sydney-based Mr McWilliam has over 35 years experience in the Australasian property industry. For the last ten years he was chief executive of the Commonwealth Bank of Australia's property activities, growing the business to more than $16 billion of assets. Mr McWilliam also spent 23 years at Lend Lease Corporation, another major Australian stock exchange listed property investment player. He is currently on the boards of Challenger Listed Investments Limited and Lend Lease Real Estate Investments Limited, and was recently a director for NZX-listed Kiwi Income Property Limited and Commonwealth Managed Investments Limited.

Mr McWilliam joins existing St Laurence Limited independent directors Jim Sherwin and Keith Sutton, and St Laurence’s Kevin Podmore, Phil Newland and Mike O’Sullivan.

In commenting on the appointment, Mr Podmore also said St Laurence is now very different than the other players operating in the finance market.

“St Laurence now has a much wider activity base than a traditional finance company, with the ability to share expertise across our single funds management and finance business. As well as core property knowledge from people who’ve been in the business for many years, the newly combined assets, revenue streams and increased capital mean investors are experiencing a stronger investment proposition.”

ENDS

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