NZX IPO Pricing Announcement

New Zealand Exchange Limited ("NZX") is pleased to announce that the Final Price for the IPO Shares has been set by the NZX Board at $3.60 per share.

This price has been set after taking into account:

• Trading data from the trading of existing shares and rights
• The overall demand profile for shares
• Pricing indications from institutions and the firm allocation process
• Valuation advice provided to the Board by the Lead Manager and the Valuation Advisers
• A number of other factors the Board has considered relevant.

The Final Price of $3.60 per share is above the indicative range which was shown in the combined Investment Statement and Prospectus dated 3 June 2003. The Board reserved the right to set the Final Price outside the indicative price range.

Applications for NZX shares can be made using the IPO Application Form found in the back of the NZX Investment Statement and Prospectus. An NZX Investment Statement and Prospectus can be obtained from NZX, or any NZX Firms.

Completed Application Forms should be mailed or delivered to: NZX IPO, c/- Computershare Investor Services Limited, Level 2, 159 Hurstmere Road, Private Bag 92 119, Auckland. The final date for applications to the IPO offer is Friday, 4 July 2003.