NZSE Limited Announces Further Details of its Listing and Public Offer

Wednesday 28th May 2003

NZSE Limited announces further details of its proposed public offer and listing on the Exchange's Main Board.

NZSE intends to raise $15 million with $10 million raised by way of new shares for subscription and $5 million from a rights issue.

NZSE's listing and public offering will include:
(i) the listing of NZSE's existing head shares on the Main Board;
(ii) a renounceable rights issue to all existing shareholders to subscribe for new shares under a rights issue ('Rights Issue'), together with listing of such rights; and
(iii) an offering of new shares via an initial public offering ('IPO') to institutions and the public in New Zealand.

NZSE expects to register its Prospectus on Tuesday 3 June 2003 and will list its existing shares on the Main Board of the Exchange on Wednesday 4 June 2003.

Prior to registration of the Prospectus, a 1:1 share split will occur, with a record date of Friday 30 May 2003. All existing shareholders will receive notification regarding the share split and the rights issue directly from the Registrar.

The application price under the rights issue will be determined before the offer is made and will be set out in the Prospectus.

The application price of the shares offered in the IPO, will be set by the Directors during the offer period. An indicative price range will be set out in the Prospectus. Investors will apply for a dollar amount of shares at a price to be determined, subject to a minimum amount per application which will also be set out in the Prospectus. The final price will be set by the Directors and announced 10 business days before the close of the offer period and will be determined taking into account:

trading data from the trading of NZSE's existing head shares since listing;

trading data from the trading of rights since listing;

pricing indications from institutional investors and firm allocation process;

valuation advice provided to Directors from the lead manager and valuation advisers;

overall demand profile for the shares; and

any other factors the Directors consider relevant.

The allotment of shares under both the rights issue and the IPO will take place on 10 July 2003. Up to 50% of the shares in the IPO will be reserved for allocations through the broker network. The remaining shares in the IPO will be sold through a public pool, with some allocation going to NZSE Board of Directors and employees.

Briefings
NZSE will be holding full broker presentations in Auckland and Wellington on Wednesday 4 June, Christchurch and Dunedin on Thursday 5 June, and Napier and Tauranga the following week. There will also be a media conference in Auckland on Wednesday 4 June. Further information and details of timing will be sent out shortly.

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