ST Laurence Enters into REL Shares Agreement

News Release, 24 January 2008

ST Laurence Property & Finance Enters into Conditional Agreement to Sell REL Shares

Active property investor St Laurence Property & Finance Limited (SLPF) announced today that it has entered into a conditional contract to sell its remaining 5.14% holding in Rural Equities Limited (REL) to New Zealand Permanent Trustees Limited in its capacity as trustee of REL-Pacific Equity Trust.

SLPF will sell 1,371,184 shares in REL at $2.85 per share for a total consideration of $3,907,874.40. The sale is conditional upon the approval of REL shareholders by ordinary resolution, and if approved it is planned to settle by 31 March 2008.

On 21 December 2007, SLPF sold 2,660,000 shares in REL to RotoruaTrust Perpetual Capital Fund, at $2.85 per share for a total consideration of $7,581,000.

ENDS

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