Brierley Investments - Re New Division Investment

RNS Number:0749H
Brierley Investments Limited
10 March 2000



            BRIERLEY INVESTMENTS ANNOUNCES NEW DIVISION INVESTING IN
             INTERNET RELATED BUSINESSES IN THE ASIA PACIFIC REGION
     
          tech@BIL to incorporate Existing E-Commerce Businesses, 
          and to Utilise International Advisory Board to Provide 
                            Investment Counsel

SINGAPORE - 9 March 2000 - Brierley Investments Ltd, an international
investment company with a global portfolio of investments, today announced the 
establishment of tech@BIL, a new division which will invest in internet related
businesses in the Asia Pacific region.  The company also announced the 
formation of an International Advisory Board, comprising well known
international and local business leaders who will provide guidance and
investment counsel to the new division.

The division has received an initial commitment of US$100 million, but
additional funding will be provided for appropriate opportunities.

The formation of tech@BIL follows BIL's announcement in October 1999 of a
relationship with the US based Madrona Group and a US$20m investment in the
Madrona Venture Fund, which will form an integral component of tech@BIL.

Commenting on the announcement, Greg Terry, Chief Executive Officer of BIL noted
"When we announced our joint venture with Madrona, we indicated that we expected
technology investments to become a major pillar of our business.  The formation
of tech@BIL is a significant first step for the new BIL, and reflects our
commitment to and expectations for the division in the future."  He added, "The
Madrona investment provides tech@BIL with an excellent and high profile start,
and we expect the funds we have invested so far to increase substantially over
the coming months."

In addition to the Madrona investment, the new division will include BIL's
existing investment in Fine Art Developments, which has successfully launched
its internet strategy in the United Kingdom, and its investment in
techpacific.com.  These investments are complimented by a number of seed capital
investments in several internet start-ups which relate directly to BIL's bricks
and mortar businesses.  In addition, agreement in principle has been reached for
seed investments in B2B sites in the seafood and building materials markets, and
a B2C site in the hotel market.

tech@BIL is also in advanced discussions regarding investments in a number of
B2B internet sites, and expects to be able to make announcements regarding these
investments in the near future.

"These initial investments are focussed on internet sites where BIL can leverage
its relationships and expertise from existing and recent asset base to add value
beyond the mere investment of money," noted Mr Terry.  He added, "In the case of
the hotel related site for example, we can provide immediate revenue
opportunities both to the site and to Thistle Hotels."

While venture capital is freely available for internet projects - especially in
the US and Asia, capital coupled with leverage from expertise and contacts
within related bricks and mortar businesses is harder to find.

"The size and range of the non-technology business in which BIL holds or has
held strategic stakes gives tech@BIL a competitive advantage as an internet
investor," noted Terry.  "We intend to exploit this advantage fully in securing
investments in first class e-commerce opportunities with synergies to our other
businesses."

International Advisory Board Established

In establishing the new division, the company has appointed an International
Advisory Board, which will provide guidance and investment counsel to the new
division, drawing on their extensive international network and experience.

Members of the new advisory board include Tom Alberg, a partner in Madrona Group
and a director of Amazon.com, John Greaves, Chairman of Onetel.Limited, Kiang
Heng-Pin, Counsel at Perkins Cole and former VP and General Counsel of Nextel
International, Inc., Robert Owen, Chairman of techpacific.com and Deputy
Chairman of Nomura Asia Holdings, Quek Leng Hai, CEO of Guoco Group Ltd and Ang
Kong Hua, President of Singapore company NatSteel Ltd.  The Hon Philip Burdon, a
BIL Director, Chairman of Asia 2000 and a former New Zealand Minister of Trade
has agreed to chair the Board.

"We are very pleased that individuals of such calibre have agreed to join the
Advisory Board," noted Mr Terry.  "We believe that the experience and wisdom
offered by the members of the Advisory Board will make an important contribution
to the success of tech@BIL, and will bring a global perspective to the business.


Notes to Editors

About the Madrona Investment Fund

The Madrona Investment Fund I-A L.P. closed before Christmas at US$250 million,
with major investors including Microsoft, Goldman Sachs, Hillman Ventures,
Blackstone Group, Washington Mutual, Madrona Partners and BIL.  Madrona's
initial draw down has already been invested across 18 existing internet
opportunities.

About BIL

Brierley Investments Limited (BIL) is an international investment company,
currently listed on the New Zealand, Australian and London stock exchanges, with
a planned primary listing on the Singapore Exchange.  Key investments include a
46 percent shareholding in UK hotel group Thistle Hotels plc, the largest hotel
operator in London, a 47 percent shareholding in Air New Zealand, and a 29
percent shareholding in James Hardie Industries a global leader in
fibre cement building products and systems.  BIL's primary role is as an active
investor with strategic shareholdings and active investment management aimed at
extracting and maximising shareholder value.  The company recently moved its
operational headquarters from New Zealand to Singapore.

BIL's website can currently be found at www.bil.co.nz


For further information please contact:

Shandwick International (Singapore) - Hamish Bell or Ian Lee

Tel [phone], [e-mail], [e-mail].


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