12 September 2007

Holly Springs Investments Limited (HSI) has prepared the following update on recent progress with the company, to be discussed at today's annual meeting.

The company received 276 valid applications by investors wishing to top up their shares to marketable parcels, in the recent top-up share issue. As a result, the company currently has 1,748 shareholders with more than 300 shareholders with holdings of more than 2,000 shares. The company was very
pleased with this level of support.

Following the top-up issue, the company currently has around $255,000 cash and no debt. Holly Springs is being managed to minimise administration costs, while the directors identify an appropriate business to reverse-list.

The directors have been considering various reverse listing possibilities. While we do not have anything specific to report to the market, we are encouraged by the quality of enquiry that we are receiving. We do not want to be listing companies merely for the sake of doing a transaction, so
patience is required. With the successful completion of the recent reverse-listing of MFS New
Zealand by the company's sister company, Vistron, and the level of interest being shown in Holly Springs, director Brett Wilkinson and the company's major shareholder Wilkinson + White Limited have taken preliminary steps to form a new reverse listing vehicle, RLV No. 3 Limited. It is envisaged that
Holly Springs shareholders with a valid New Zealand address would receive one share in RLV No.3 at no cost to them, for each share in Holly Springs on the relevant record date (to be advised), with Holly Springs shareholders holding around 20% of the new reverse listing vehicle. Further information about
this proposal is expected to be available shortly.

The directors have appreciated shareholders' support, and look forward to the next twelve months.

About Holly Springs Investments Limited (HSI)
Holly Springs was established as a clean reverse listing vehicle, with the specific intention of assisting companies to list on NZX markets in a cost and time efficient manner. It is currently listed on the NZAX market operated by NZX.