NZX Refers To Special Division Decision

New Zealand Exchange Limited ( NZX) refers to the announcement made, under the OZY code, by the Special Division of NZX (a body which is independent from NZX) which stated as follows:

“Smartshares Limited is negotiating to take the management role for the Australian 20 Leaders Index Fund (“OZY”), which is listed on the NZSX Market. It is anticipated that… the agreement for the transfer of management rights and obligations will be executed on 30 June 2006 between Smartshares Limited and the current managers of the Fund.”

Further updates will be provided in due course.