Hanover Investors react to Director arrogance

Media Release: 1st December 2008

EUFA

(Exposing Unacceptable Financial Activities Inc Soc)

www.eufa.co.nz

EUFA members sent a record number of email messages and left phone messages yesterday as a result of the Sunday papers stories of Mark Hotchins birthday party in Fiji.

A strong reaction against this blatant life of luxury has angered and distressed investors, as many have to live with ill health and a lack of security as a direct result of Hanover's demise.

Hanover CFO Peter Fredricson was recently reported saying " One would imagine people are willing to allow him to have a life, knowing he has offered this [money injection]support."

To some investors Mr Fredricsons' statement sounds very much like a bribe and has been perceived as an arrogant and unfortunate attitude sent to investors.

Co ordinator of EUFA Suzanne Edmonds said from Tauranga this morning " Professionals tell EUFA executives to be grounded and to take the emotion out of the situation, however it is very hard to do

when we see so such arrogance. This is a dreadful time for those who have worked, scrimp and saved for the necessities of life "

New Zealanders are being forced to tighten their belts in this recession, notwithstanding the plight of investors who have been sucked into investing with irresponsible finance companies.

Hanover Investor Mary Walter said from Auckland today "The offer of Money from Hanover Directors is simply blackmail. They are saying if investors don't vote for Moratorium we won't put the money into

a Receivership - how can they get away with this?"

Mr Hotchins failure to curb his own lifestyle is another sign of disrespect to investors. Reports that portray Mr Hotchin's position as separate from the Company is a sham as it is a technicality being exploited.

ENDS

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