Investment Details

The offer closed on 19 Dec 2003.

This investment pays a fixed interest of 9% p.a.
Initial allotment date was 19 December 2003.
The Notes rank behind bank debt and all debenture stock issued by SLPF.
The interest on the Notes is secured under the existing Trust Deed over the assets and undertaking of SLPF. Interest payments are made on the last day of February, May, August and November each year.
The Notes have a face value of $1.00.
The Notes will convert into ordinary shares in SLPF on the basis of one share for every Note on 1 December 2008. The effective cost of each share on conversion will therefore be $1.00, regardless of the actual Net Asset Backing of the shares in SLPF on the conversion date.
Minimum holding is 100 Notes.
The actual Net Asset Backing per Note as at 31 March 2008 was $1.52. (This figure reduced to $1.39 (on a post rights issue basis) subsequent to balance date).
Trading St Laurence Property & Finance Convertible Property Notes - The Notes are tradable through the Unlisted facility. Details are available through
St Laurence on 0800 499 321 or www.unlisted.co.nz. Live trading of Notes may be viewed on Unlisted.