ASX: Proposal To Issue Shares

Australian Stock Exchange Limited ("ASX") proposes to offer shares to its employees as part of the ASX Employee Short Term Incentive Plan ("Plan").

In accordance with listing rule 3.10.3 ASX provides the following information for release to the market.

• The shares to be issued are fully paid ordinary shares.
• The total number of shares to be issued will not exceed an aggregate market value of $650,000, which is approximately 0.06% of current market capitalisation.
• The terms of the shares to be issued are the same as other ordinary shares of ASX.
• The issue price of each share issued will be determined by the volume weighted average price at which ASX shares are traded on the market in the 5 business day period up to and including the date of issue or allotment of the shares.
• The shares are being issued under the Plan which is designed to drive performance at all levels of the organisation by creating a direct link between actual contribution to the success of the organisation and individual performance levels.
• There is no need to seek shareholder approval to issue these shares and the issue is not to a class of shareholders.

An Appendix 3B will be lodged at the time of issue of the shares which is expected to be in early October 2002.