4:29pm, 19 Nov 2012 | SSH

Section 22, Securities Markets Act 1988

To New Zealand Stock Exchange
And Dorchester Pacific Limited
Date this disclosure made: 19 November 2012

Substantial security holder(s) giving disclosure
Name(s): Paul Anthony Byrnes
Contact details: Paul Anthony Byrnes, telephone (09) 308 4988, paul.byrnes@dorchester.co.nz
Date on which substantial security holder(s) began to have substantial holding: 20 July 2012

Summary of substantial holding to which disclosure relates
Class of listed voting securities: Ordinary shares
Summary for Paul Anthony Byrnes
For this disclosure,—
(a) total number held in class: 10,598,937
(b) total in class: 208,283,598
(c) total percentage held in class: 5.09%

Details of relevant interests currently in substantial holding
Details for Paul Anthony Byrnes
Nature of relevant interest(s): Registered holder and beneficial owner
For that relevant interest,—
(a) number held in class: 10,598,937
(b) percentage held in class: 5.09%
(c) current registered holder(s) of securities: n/a
(d) registered holder(s) of securities once transfers registered: Paul Anthony Byrnes

Details of transactions and events giving rise to person beginning to have substantial holding
Details of the transactions or other events requiring disclosure under the instructions to this form: Exercise of 2,500,000 options on 20 July 2012

Additional information
Nature of connection between substantial security holders: n/a
Address(es) of substantial security holder(s): PO Box 37688, Parnell, Auckland, 1151
Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: n/a

This substantial security holder disclosure notice also constitutes disclosure for Paul Byrnes under the directors and officer disclosure requirements (to the extent necessary).

I, Paul Anthony Byrnes, declare that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.