Renasant Financial Partners Ltd.
TSX : REN

Renasant Financial Partners Ltd.

March 29, 2007 12:16 ET

Renasant Financial Partners Ltd.: Morguard Management Services Agreement

MISSISSAUGA, ONTARIO--(CCNMatthews - March 29, 2007) - Renasant Financial Partners Ltd. ("Renasant") (TSX:REN) and Morguard Investments Limited ("Morguard"), a wholly owned subsidiary of Morguard Corporation, a TSX traded fully-integrated real estate company based in Mississauga, Ontario have signed a management services agreement (the "Management Services Agreement") pursuant to which Morguard will render management and consulting services to Renasant and its subsidiaries. The Chairman of the Board of Renasant, controls, through various subsidiaries, approximately 45% of the issued and outstanding common shares of Morguard Corporation. Accordingly, the Board of Directors of Renasant established a special committee of independent directors to consider and negotiate the terms of the Management Services Agreement.

Morguard intends to offer employment to four employees of Renasant and negotiate a consulting agreement with Mr. Robert Wright, Renasant's Chief Financial Officer, to provide management services for a period of not less than six months. Mr. Fraser Berrill will continue to fulfill the role of Chief Executive Officer on a part-time basis.

The term of the Management Services Agreement is for one year beginning April 1, 2007. After six months Renasant may terminate the Management Services Agreement at any time upon sixty days' prior written notice to Morguard. Following the completion of the initial one-year term, the Agreement may be renewed with the mutual agreement of the parties.

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