Promina Group Limited To Take First Dual Primary Listing On NZSE

NZSE Limited ("NZSE") is pleased to announce that Promina Group Limited ("Promina") will be the first Dual Primary Listed Issuer on the New Zealand Stock Exchange when it lists on Monday May 12 2003. In taking a Dual Primary listing, Promina will have two "home exchanges" and will comply with both the Australian Stock Exchange ('ASX') and NZSE Listing Rules. Promina's Dual Primary Listing status marks the first of its kind for the NZSE where an Australian company has requested a full listing on both exchanges.

"We're very excited to have a true trans-Tasman company the calibre of Promina choosing to take a dual listing in New Zealand and Australia," said Mark Weldon, NZSE Limited CEO. "Given the current uncertainty surrounding global markets, Promina's decision, the largest global float this year, marks a degree of confidence in both markets right now."

Promina has a substantial part of its business and revenues in New Zealand. Choosing to take a Dual Primary listing will allow Promina to be included in the new NZSE benchmark index, the NZSE 50, with its weighting determined by the percentage of its revenue in the New Zealand market. By taking this new listing status, Promina recognises the importance of the New Zealand market and NZSE in making the entire operation a success.

Similarly, the index inclusion recognizes the significant contribution an overseas issuer makes to the New Zealand economy by incorporating them to the extent of that business in the local market. It also provides investors with another credible and investible security, adding to the liquidity of the New Zealand market.

NZSE will start quoting Promina under the Issuer Code 'PMN' from 2pm Monday, May 12 2003. Macquarie Equity Capital Markets Limited and Goldman Sachs Australia Pty Limited are acting as Joint Global Co-ordinators and Joint Bookrunners on the Promina offer.