WSPH White Star

    White Star Property Holdings Plc ("White Star" or the "Company")

Issue of Warrants

Issue of warrants to directors

The board of the Company announces that it has issued warrants over 75,000,000
ordinary shares of 1 pence in the Company at an exercise price of 1 pence per
share. The warrants are exercisable at any time from 1 October 2006 to 31
December 2007.

Included in the 75,000,000 are 15,000,000 warrants have been issued to
directors of the Company details of which are set out below:-

                              Number of                       Total number of
                              warrants issued                 warrants held  
                                                                             
Brian Basham                        7,500,000                 7,500,000      
                                                                             
John Hemmingway                     2,500,000                 2,500,000      
                                                                             
David Risbey                        2,500,000                 2,500,000      
                                                                             
Michael Garvin                      2,500,000                 2,500,000      
                                                                             
Total                              15,000,000                 15,000,000     

The warrants are being issued to the directors in lieu of fees to be paid to
them for the provision of services to the Company for their first year of their
appointment.

Saletta Consultancy Agreement

The Company has also agreed to enter in to a consultancy agreement with Saletta
Property Finance Limited ("Saletta") a company in which David Risbey, a
director of Whitestar, is also a director.

Saletta has agreed to provide property advisory services to the Company in
consideration for a fee of �120,000 per annum and the grant of warrants over
60,000,000 1p ordinary shares of the Company.

The warrants are exercisable at a price of 1 pence per share and may be
exercised at any time from 1 October 2006 to 31 December 2007.

Saletta currently has an interest in 40,000,000 ordinary shares in the Company
representing approximately 17 per cent. of the issued share capital of the
Company.

As the entering into a consultancy agreement with Saletta is deemed to be a
related party transaction pursuant to the AIM Rules the independent directors
at that time, being Luca Tenuta, John Hemmingway and Michael Garvin consider,
having consulted with the Company's nominated adviser, that the terms of the
transaction are fair and reasonable insofar as the Company's shareholders are
concerned.

End



END

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