Strategic Finance Limited (In Receivership)

Appointment of Liquidators

Liquidators were appointed to Strategic Finance Limited (In receivership) on 26 July 2010. We advise that liquidators were appointed to preserve certain potential claims that are available to liquidators and not to receivers under the Companies Act 1993.

The liquidation will not impact on the receivership. The receivers will continue their work, including the loan realisation and sales process currently being undertaken for the benefit of secured investors.

Any queries should be directed to the receivers in the first instance.

Reporting

As set out in our letter to investors dated 5 May 2010, we expected to provide a further update to secured debenture investors by 30 July 2010.

We advise that there is several property transactions scheduled to occur in the first week of August and therefore we intend to delay reporting for one week to 6 August 2010. Subject to these property transactions occurring as scheduled, we expect to be able to announce the timing and quantum of the first interim distribution to secured debenture investors.

The receivers of Strategic Finance Limited (in receivership) (SFL) have become aware of a number of unsolicited offers made to stockholders of SFL seeking to purchase SFL debenture stock (Stock).

The receivers of SFL:

• stress that they are still reviewing the assets and financial position of SFL, and that it is too early for them to be able to give any guidance as to the likely return which SFL stockholders may ultimately receive in respect of their Stock, and that consequently the true value of the Stock is currently unknown;

• urge SFL stockholders to seek independent advice before deciding whether or not to sell any of their Stock;

• refer SFL stockholders to the news release by the New Zealand Securities Commission dated 27 January 2010 (available on its website www.sec-com.govt.nz)."