Correspondence

[copy of letter received from NZX Limited]

9 December 2008

Bruce Sheppard

Chairman

NZSA

PO Box 42-139

Orakei

Auckland

Dear Bruce,

Thank you for your letter dated 2 December 2008 regarding registry details not appearing on the NZX.com website.

Your members are correct in that registry details are not currently available on the new version of the NZX.com website whereas this information was available on the previous version.

The addition of this information to NZX.com has been planned and scoped and is currently awaiting quotation from our external technology partner who maintains the NZX website.

There is currently significant work underway to improve the speed and performance of NZX.com for all customers which is a priority for us. This is expected to be completed mid January 2009. Following this, we anticipate rolling out further changes as per customer and stakeholder feedback. This is to include the addition of registry information.

Regards,

Yours sincerely

Geoff Brown

NZX Limited