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Australian Stock Exchange And New Zealand Stock Exchange Negotiations

Date 16/08/2000

The Chairman of Australian Stock Exchange (ASX), Mr Maurice Newman, and the Chairman of New Zealand Stock Exchange (NZSE), Mr Eion Edgar, have released the following statement: "On Friday 11 August 2000 representatives of the ASX and NZSE met in Sydney to consider a possible merger of the two stock exchanges.

"It was agreed that merging the two stock exchanges and their markets had sufficient merit to warrant more detailed investigation. This will take place over the next few months and will involve an exchange of information and consultation with various participants. This may result in the two exchanges entering into a definitive Heads of Agreement at the conclusion of this process.

Any merger would necessarily be subject to final agreement of the ASX Board, NZSE members and any regulatory approvals required."