18.11.2003

Resignation & Appointment of Director

The directors advise that Paul Duffy resigned as director of the company with effect from 31st October 2003. Due to his full time work commitments, Mr. Duffy could no longer devote the time to his director's role in Australasian Property Holdings Group. The Board thanks Mr. Duffy for his contribution over the past two years and wishes him every success in the future.

Roger Hamilton Gower has been appointed to replace Mr. Duffy. Mr. Gower has held a range of senior executive roles, principally with Air New Zealand and Tranz Rail. In 1997, he was instrumental in the global float of Tranz Rail on the NASDAQ, before resigning his position to go to Cambridge University.

Since his return to New Zealand, Mr. Gower has established his own management consultancy. He is currently Chairman of Charlie's Trading Company, the innovative marketing company, and holds positions on the boards of City Design and Auckland Regional Transport Network Limited.



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