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Hanover only received Allied Farmers Proposal

25 November 2009

For immediate release

Hanover only received Allied Farmers Proposal

Hanover today confirmed it had only received the Allied Farmers Proposal for Hanover and United Finance investors. We have not received an offer from any other party.

Chairman, David Henry, said that Allied Farmers has done extensive due diligence investigations, and that Hanover was committed to take the Allied Farmers Proposal to Hanover investors, at meetings of investors to be held in Auckland at 10.30am on 16th December. The merits of the proposal have been evaluated in an independent expert report produced for investors by Grant Samuel, which is to be sent to investors with formal notices of meeting and explanatory materials approved by trustees. These materials will be sent to investors by early next week.

"We believe the Allied Proposal to be a serious and credible Proposal, worthy of investor consideration.”

"We have no knowledge of any other interested party, and we will not speculate on media commentary," he said.

"We are aware of some other interest in the past few days, but we now understand this is not going to proceed in a formal offer. Instead, we understand this party may look to take a position with Allied Farmers if the vote is successful.”

ENDS

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