SEQUOIA FINANCIAL GROUP LTD — Board/Management Information 2005

Jun 28, 2005

ASX/NZX Release 29 June 2005

CommSoft Group Limited Appointment of new Directors and resignation of a director

CommSoft Group Limited ("CommSoft") is a public company listed on the ASX and NZSE and its shares are currently suspended. The Directors of CommSoft have advised today, that at a director's meeting it was resolved to appoint Mr Leon Hinde and Mr Barry Littler as new nonexecutive Directors to the Board, in order to fill casual vacancies.

Barry Littler provides a range of consulting services to clients in the banking, funds management and broking sectors of the financial markets and is a former member of the Sydney Futures Exchange. He is proposed as Executive Chairman assuming the successful completion of the purchase of the MDSnews Group by CommSoft.

Leon Hinde is the founder and Chief Executive Officer of the MDSnews Group. Mr Hinde is responsible as the CEO of MDSnews Group for developing the strategic direction of the Group and the implementation of the business development plan. Mr Hinde has been instrumental in developing and maintaining the MDSnews Group's relationship with its various alliance partners and distributors. His business operational skills, combined with strong alobal financial market awareness, have provided a solid base in the strategic direction and product development of the MDSnews Group. He is proposed as Chief Executive Officer, assuming the successful completion of the purchase of the MDSnews Group by CommSoft.

Following from these appointments, Mr. Jeff Zulman has tendered his resignation from the Board of CommSoft Group Limited and from the role as Chairman of the Company The appointment of two new directors to fill casual vacancies (subject to shareholder ratification at the upcoming General Meeting in July) means that the company now has a full Board of Directors whom together possess a sound knowledge of the MDS business and the relevant corporate experience to quide this company in the future. Mr Zulman advised, "I am delighted to have been of service to the CommSoft Shareholders and leave the Board confident that the transition which will hopefully occur via the purchase of MDS News Group will be approved in July and will be in the best interest of all shareholders."

The board wish to extend their sincere thanks to Jeff Zulman for his sterling efforts in guiding the company from its period of administration until a time when the acquisition of a new business and the re-listing appear imminent.

Further enquiries should be directed to Bruce Ind, Company Secretary, CommSoft Group Limited Tel: (612) 9251 6222 Fax: (612) 9251 6244 or email: shareholder@mdsnews.com