The Directors of Waterman Holdings Limited are pleased to announce the acquisition of Guthrie Bowron Limited for an undisclosed sum. Settlement will occur on Tuesday the 31st of May 2005.

Guthrie Bowron holds the master franchise for an iconic chain of home decorating stores. There are in excess of 50 franchise stores in the group retailing paint, paint accessories, wallpaper, curtains and blinds.

Guthrie Bowron was established in 1896 and over the last century the brand has become a household name synonymous with home decorating in New Zealand. It has a nationwide distribution footprint and carries a stable of strong consumer brands alongside house brand Colour Your World.

Waterman has agreed an appropriate transition period with the vendor to ensure a positive handover of the business for all stakeholders.

For further information on Guthrie Bowron visit www.guthriebowron.co.nz or contact:

Matt Riley or Chris Marshall Directors
Waterman Holdings Limited
+64 9 362 0522

Colin Jones
General Manager
Guthrie Bowron Limited
+64 4 569 8130