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NZFOX Share Options To List On August 23

Date 18/07/2005

New Zealand Exchange Limited (NZX) is pleased to announce the market debut of NZFOX share options on August 23, 2005.

Five share options will list on the Sydney Futures Exchange (SFE), covering some of the NZX market's most liquid stocks. They are the NZFOX Carter Holt Harvey Ltd Share Option, the NZFOX Contact Energy Ltd Share Option, the NZFOX Fletcher Building Ltd Share Option, the NZFOX Telecom Corporation of NZ Ltd Share Option and the NZFOX The Warehouse Group Ltd Share Option.

“Derivative products, like options, are a feature of a mature market. Options present more opportunities for New Zealand investors to make money from New Zealand equities,” head of NZX markets Geoff Brown said.

NZFOX products are New Zealand futures and options contracts listed and traded on the SFE. They are based on securities listed on NZX's markets and New Zealand investors will be able to buy and sell them, in New Zealand dollars, through authorised NZX Futures and Options Participants.

NZX has been working with market participants since late 2004 in order to ensure the market is prepared for the launch.

“We believe an August launch is right because we have firms ready and available to trade and we believe market conditions right now present investors with some interesting investment choices,” Brown said.

Details and final specifications on all NZFOX products are available on the NZFOX website at www.nzfox.nzx.com/products. Further information on the NZX Futures & Options Rules can also be found on the NZX website at www.nzx.com/regulation.

About the Sydney Futures Exchange (SFE)

SFE Corporation Limited (SFE Corp) listed on the Australian Stock Exchange on 16 April 2002. SFE Corp's subsidiary companies (Sydney Futures Exchange Limited, SFE Clearing Corporation Pty Ltd and Austraclear Limited) provide exchange-traded and over-the-counter financial services to institutions throughout the Asia-Pacific region and globally.

NZX has partnered with the SFE to provide New Zealand equity options. The SFE will provide trading, clearing and settlement with NZX covering sales and marketing.