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					                                           FRIDAY, MARCH 07, 2003

THE BANKERS INVESTMENT TRUST PLC

The NTA as at close of business 05/03/2003 was 222.3p.

THE CITY OF LONDON INVESTMENT TRUST PLC

The NTA as at close of business 05/03/2003 was 165.6p.

HENDERSON FAR EAST INCOME TRUST PLC

The NTA as at close of business 05/03/2003 was 134.6p.

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

The NTA as at close of business 05/03/2003 was 62.4p.

MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC

The unaudited NTA as at close of business 05/03/2003 was 118.49pps undiluted and 116.37pps diluted.

SANTOS LIMITED

Santos has provided its Weekly Drilling Report for the week ending 06/03/2003.

GUINNESS PEAT GROUP PLC

Avenue Acquisition plc, a UK unconsolidated joint venture company in which the Guinness Peat Group holds an effective
50% voting interest, and Coats plc, yesterday released a joint announcement.
The Boards of Coats plc and Avenue Acquisition plc announce that they have agreed the terms of a recommended cash
offer for Coats, to be made by Strand Partners on behalf of Avenue Acquisition, with an aggregate value to Coats
Shareholders of 58.5 pence per Coats Share.
Coats Shareholders will be offered 56 pence in cash per Coats Share and, subject to the Coats Share Offer becoming or
being declared unconditional in all respects, will receive a special second interim dividend of 2.5 pence per Coats Share. The
Coats Board has today declared the Special Dividend of 2.5 pence per Coats Share.
Coats Shareholders who validly accept the Coats Share Offer of 56 pence per Coats Share may elect to receive Avenue
Acquisition Convertible Stock instead of part, or all, of the cash consideration to which they would otherwise be entitled, on
the basis of £1 nominal of Convertible Stock for each £1 cash consideration payable under the Coats Share Offer. The
Convertible Stock Alternative may not be taken up in respect of the Special Dividend of 2.5 pence per Coats Share, which
will be paid in cash.
The Coats Board will not be recommending that Coats Shareholders elect to receive (in whole or in part) the Convertible
Stock Alternative.
Avenue Acquisition is a UK public company newly-formed by a consortium comprising GPG (UK) Holdings plc, a subsidiary
of Guinness Peat Group plc, RIT Capital Partners plc and certain parties connected to it and Chapman International
Investments Limited. Avenue Acquisition and the Consortium together hold 255,349,152 Coats Shares, representing 36.07
per cent. of the entire issued ordinary share capital of Coats.
Colmar, which is deemed to be acting in concert with the Consortium and Avenue Acquisition, owns 9,750,000 Coats
Shares, representing 1.38 per cent. of the entire issued ordinary share capital of Coats. Accordingly, the Concert Party holds,
in aggregate, 265,099,152 Coats Shares, representing 37.44 per cent. of the entire issued ordinary share capital of Coats.
The aggregate value available to Coats Shareholders under the Coats Share Offer (inclusive of the Special Dividend) of 58.5
pence per Coats Share represents a premium of 30.73 per cent. to the closing middle-market price of 44.75 pence per Coats
Share on 12 February, 2003 (being the last dealing day prior to the date on which Coats announced that it had received an
approach from the Consortium regarding a possible cash offer for Coats) and values the entire issued ordinary share capital
of Coats at £414.16 million.
Coats intends to announce its preliminary results for the year ended 31 December, 2002 tomorrow.
Avenue Acquisition, which has already acquired GPG Holdings’ total holding of 179,082,728 Coats Shares, representing
25.30 per cent. of the entire issued ordinary share capital of Coats, has received undertakings from the RIT Parties and
Chapman to accept the Convertible Stock Alternative in respect of 56,255,116 Coats Shares, representing 7.95 per cent. of
the entire issued ordinary share capital of Coats, and undertakings from the RIT Parties and Colmar to accept cash under
the Coats Share Offer in respect of 29,761,308 Coats Shares, representing 4.20 per cent. of the entire issued ordinary share
capital of Coats. The circumstances under which these irrevocable undertakings lapse are set out in paragraph 14 of Part 2
of this announcement.


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SANTOS LIMITED

Santos Limited today welcomed the ratification of the Timor Sea Treaty by the Australian Parliament. This is a further
milestone in the future development of the liquefied natural gas (LNG) stage of the Bayu-Undan project.
The Bayu-Undan gas and liquids field is located in the Timor Sea, 500 kilometres north west of Darwin. Santos, with an
11.8% interest, is the only Australian company involved in the field.
An LNG development would represent the second stage of the project. The first stage, costing US$1.8 billion and involving
production of natural gas liquids (LPG and condensate) is already at an advanced stage, with first production planned for
April 2004.
Total revenue from the full development of Bayu-Undan is estimated to exceed $A30 billion.
“The passage of this legislation is an important step towards the commercialisation of Bayu-Undan gas reserves, to the
benefit of both East
Timor and Australia”, said Santos’ Managing Director, Mr. John Ellice-Flint.
“Following the project ramp-up, LNG production net to Santos would be over 3 million barrels of oil equivalent (mmboe) per
annum. Approximately 50 mmboe of probable gas reserves would be moved to proven reserves”.
“We look forward to working with all stakeholders to bring this important project to fruition,” he said.
Current interests in the Bayu-Undan project are:
ConocoPhillips 64.14% (Operator)
Santos Group 11.83%
AGIP 12.32%
Inpex 11.71%
Santos Limited is a major Australian oil and gas exploration and production company with interests in all Australian
hydrocarbon provinces. The Santos Group also operates in the USA, Indonesia and PNG.

STRATHMORE GROUP LIMITED

Strathmore Group Limited has made a placement of 12,121,212 shares to Cadre Investments Limited, an existing
shareholder, for a consideration of $80,000.
The Company also advises that it has entered into discussions with its creditors with a view to formalising a deferred
repayment programme and that the Directors are confident that the repayment arrangements will be achieved.

AMITY OIL LIMITED

Amity Oil Limited (“Amity”), whose shares are quoted on the Australian Stock Exchange (“ASX”), currently has a courtesy
listing on the New Zealand Stock Exchange (“NZSE”). At present, there are approximately 39 New Zealand shareholders
holding 72,900 shares which are quoted on the NZSE. In total, Amity has around159 million shares on issue.
Some time ago, Amity relinquished all its New Zealand exploration permits and its focus is now on Europe, and Australia.
Due to the small shareholding in New Zealand, the cost of maintaining the share register in New Zealand now outweighs the
benefit of its listing on the NZSE.
Following an application by Amity, the NZSE has approved cancellation of its listing on the NZSE pursuant to Listing Rule
5.4.1(b).
Shares currently quoted on the NZSE will be transferred to the ASX on 27 March 2003.
Therefore, upon delisting from the NZSE on 27 March 2003, all New Zealand shareholders will be permitted to trade their
shares on the ASX. A holding statement will be mailed to each shareholder, together with an explanatory letter from Amity’s
Australian registrar, Security Transfer Registrars Pty Ltd.
Current New Zealand shareholders may dispose of their shareholdings on the NZSE before 27 March 2003 if they do not
wish their shareholding to be transferred to the ASX.
Any queries should be directed to Amity's Company Secretary on +61 8 9324 2177 or Amity's New Zealand Share Registry,
Computershare New Zealand on (09) 488 8700.

TEMPLETON EMERGING MARKETS PLC

Templeton Emerging Markets Investment Trust has provided a monthly NAV statement, geographic and industrial
breakdowns relating to shares as at 28/02/2003. The NTA of Templeton Emerging Markets Investment Trust as at close of
business 28/02/2003 was:
Undiluted (Warrants unexercised) 122.23p (Cum-Income)
Fully diluted (Warrants exercised) 124.05p (Cum-Income)
Undiluted (Warrants unexercised) 121.09p (Ex-Income)
Fully diluted (Warrants exercised) 123.11p (Ex-Income

AMP LIMITED

AMP has provided a Change of Director’s Interest Notice in respect of Peter John Willcox.
Date of last notice: 20/09/2002.
Nature of indirect interest: Peter John Willcox Superannuation Fund.

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Date of change: 03/03/2003.
Number of securities acquired: 20,000 Ordinary Shares, 2,000 AMP Income Securities and 1,000 AMP Reset Preferred
Securities.
Value/consideration: 20,000 Ordinary Shares at A$6.675 per share, 2,000 AMP Income Securities at A$68.86 per unit and
1,000 AMP Reset Preferred Securities at A$96.00 per unit.
Number of securities held after change: 32,000 Ordinary shares, 2,500 AMP Income Securities and 1,000 AMP Reset
Preferred Securities all in the name of Peter John Willcox Superannuation Fund.
Nature of change: On market trade.

BURNS PHILP & COMPANY LIMITED

Burns Philp & Company has provided the following notices in relation to BPC1’s off-market takeover bid for all the ordinary
shares in Goodman Fielder:
We refer to the takeover bid by BPC1 Pty Limited (BPC1), a wholly-owned subsidiary of Burns, Philp & Company Limited
(Burns Philp), for Goodman Fielder Ltd (Goodman Fielder).
We enclose a copy of BPC1's Fourth Supplementary Bidder's Statement dated 6 March 2003, which provides further details
in relation to the proposal, announced on 4 March 2003, under which BPC1 may, in certain circumstances, free the bid of the
remaining conditions.
As at 5:00pm 06/03/2003, BPC1 had received acceptances from more than 5,600 Goodman Fielder shareholders and had a
relevant interest in approximately 36.5% of Goodman Fielder shares.
A full copy of this announcement can be requested from mktctl@nzse.co.nz

LEND LEASE CORPORATION LIMITED

Lend Lease Corporation has provided the following announcement:
1. Dividend Reinvestment Plan and Share Election Plan
The issue price of shares to be allotted pursuant to participation in the Dividend Reinvestment Plan and Share Election Plan
will be A$8.71 per share.
2. Share Purchase Plan
The price at which shares will be offered under the Share Purchase Plan will be A$8.71. Forms will be despatched to
Australian and New Zealand shareholders with the payment of dividend.

STEEL & TUBE HOLDINGS LIMITED

Stock Exchange Announcement
Acquisition of Hurricane Wire Products Limited
Steel & Tube Holdings Limited, advises that it has signed an agreement to purchase the business assets of Hurricane Wire
Products Limited effective 1 April 2003. This agreement is due to become unconditional on 21 March 2003 when the
conditions precedent are expected to be satisfied.
The purchase price of approximately $25 million ($13 million Goodwill plus assets) will be paid in cash and is subject to
adjustment, based on the net assets of the business on 1 April 2003.
Hurricane Wire Products Limited is New Zealand’s largest manufacturer of wire products with manufacturing operations in
Auckland and Christchurch, and has 165 employees.
For the year ending 30 June 2003, Hurricane Wire Products Limited is expected to generate sales and EBIT of $47.0 million
and $4.0 million respectively.
The acquisition of the business assets of Hurricane Wire Products does not affect the Company’s ability to complete its
share buy back programme, which is scheduled to run through to 23 September 2003.

STEEL & TUBE HOLDINGS LIMITED

Steel & Tube Holdings Limited announced that the Company has signed an agreement to acquire the business assets of
Hurricane Wire Products Limited effective April 1 2003. There are several outstanding issues that have yet to be completed
before this becomes unconditional, however, these are expected to be satisfied by 21 March 2003.
Mr Calavrias said, “that Hurricane Wire Products Limited is New Zealand’s largest manufacturer and distributor of wire
products. More specifically it manufactures a wide range of mesh fencing, farm gates, nails and staples and reinforcing
mesh, which is sold through distributors to the rural and building sectors”.
It has manufacturing operations in Auckland and Christchurch, generates annual sales and EBIT of $47 million and $4.0
million respectively, and has 165 employees.
Mr Calavrias said, “this quality acquisition which will be earnings per share positive in year one, is consistent with the
Company’s strategic plan to invest in companies that are involved in the basic manufacturing of steel products, or, the
distribution of steel and allied products, and, which add synergy benefits to the Group”.
Mr Calavrias also stated that this acquisition will not affect the Company’s ability to complete its share buy back programme
which is scheduled to run through to 23 September 2003.



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SKY CITY ENTERTAINMENT GROUP LIMITED (NS)

ISSUE OF SKY CITY ORDINARY SHARES (“SKC”)
Sky City Entertainment Group Limited hereby notifies that today it issued 26,000 new ordinary shares to executives of the
company pursuant to the exercise of options issued under the Sky City Executive Share Option Plan which was approved by
shareholders at the company’s annual meeting in October 1999. The exercise price of the relevant options under the Plan
was $11.97, calculated in accordance with the terms of the Plan. Following the subdivision of shares by Sky City in
November 2001, two shares were issued on the exercise of each option. The issue price of each share was therefore
$5.985.
The shares were issued fully paid and payment for the shares was in cash.
The number of new ordinary shares issued represents 0.01% of the number of ordinary shares in the company
The total number of Sky City Entertainment Group Limited ordinary shares now on issue is 211,542,241.

BIL INTERNATIONAL LIMITED

BIL International Limited wishes to release a copy of the announcement titled "Analysis of Underlying Value" made to the
London Stock Exchange today in response to the announcement released by Thistle Hotels Plc (“Thistle”) on 4 March 2003.
A copy of the announcement by Thistle is also attached.
CASH OFFER BY HSBC ON BEHALF OF BIL(UK) LIMITED FOR THISTLE HOTELS PLC ANALYSIS OF UNDERLYING
VALUE
BIL notes the Thistle board’s rejection of its Offer and its statements regarding the underlying value of Thistle outlined in its
announcement of 4 March 2003 titled “Rejection of BIL International Limited’s (“BIL”) offer”.
BIL believes that the Offer represents an opportunity for Thistle Shareholders to realise their investment in Thistle with
certainty, at a price of 115 pence per share, against a background of poor trading performance in the UK hotel market and an
uncertain outlook.
Thistle has compared the Offer Price to the three month and 12 month average prices for Thistle Shares, based on the
period up to 20 February 2003. BIL believes that this fails to address that Thistle’s share price has been supported by the
bid speculation which has surrounded Thistle during the past year including, inter alia, Thistle being in a formal offer period
from 4 November 2002 to 9 January 2003, as a result of certain announcements by Orb. Following the ending of this offer
period and the Thistle trading statement of 16 January 2003, Thistle Shares fell to a 12 month low of 89 pence per share on
29 January 2003. The Offer represents a premium of approximately 29.2 per cent. to this price.
Thistle’s multiple of enterprise value to pro-forma EBITDA* for the year to 29 December 2002 (as derived from the Offer
Price) represents a premium of approximately 35 per cent. to the average corresponding multiple of a peer group of listed UK
hotel companies (shown in Appendix 1), notwithstanding that the peer group includes Six Continents which is itself the
subject of an offer.
The Offer Price of 115 pence represents a multiple of approximately 22.1 times Thistle’s reported adjusted earnings per
share from continuing operations for the year ended 29 December 2002, compared to an average for the peer group of 11.4
times. Using a pro-forma adjusted earnings per share* for Thistle for the year ended 29 December 2002, a multiple of
approximately 27.2 times is derived; a premium of approximately 138 per cent. to the peer group.
Equally, the enterprise value of Thistle derived from the Offer Price represents a multiple of 8.5 times Thistle’s pro-forma
EBITDA* for the year to 29 December 2002, which exceeds the average corresponding multiple of 8.4 times derived from
comparable recent transactions in the UK hotel sector (shown in Appendix 1).
Thistle has compared the Offer to its net asset value (“NAV”). BIL believes that NAV based valuation methods are
appropriate for property investment companies, but not for hotel companies.
BIL considers that an earnings based valuation approach is more appropriate for hotel companies, as they are significantly
different to property investment companies in a number of ways, including:
-Capital expenditure - hotels generally require significant maintenance expenditure, the cost of which is typically borne by the
hotel owner, while property investment companies usually pass these costs on to tenants.
-Income - unlike hotel companies, UK property investment companies tend to be characterised by commercial leases with
upward only rent reviews.
-Cost base - the cost base of a hotel company is typically significantly higher than that of a property investment company.
In addition, Thistle’s calculation of NAV fails to take account of the current value of its long term debt or of its contingent
capital gains tax.
Further detail of BIL’s views on the underlying value of Thistle is set out in Appendix 1.
Copies of the full announcements can be requested from:mktctl@nzse.co.nz

WRIGHTSON LIMITED

Wrightson advise the allotment of 82,373 fully paid ordinary shares on 05/03/2003.
Issue price: 15cps.
Reason for issue: exercise of share options.
Total number of securities after issue: 135,160,633.




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SKY CITY ENTERTAINMENT GROUP LIMITED (NS)

Sky City Entertainment Group Limited has provided its printed Interim Report for the 6 months ending 31/12/2002.

NATIONAL AUSTRALIA BANK LIMITED

National Australia Bank advised the on-market buyback of 159,773 ordinary shares on 06/03/2003. Highest price paid:
A$29.30. Lowest price paid: A$29.07. Approximate number of shares remaining to be bought back: 21,466,149.

SOUTHERN CAPITAL LIMITED / OWENS GROUP LIMITED

The Commerce Commission has cleared Southern Capital Limited to acquire 100% of the shares in Hirepool Limited from
Owens Group Limited.
Chair John Belgrave said the Commission is satisfied that the proposed acquisition would not have, nor would be likely to
have, the effect of substantially lessening competition in the heavy construction, building and ‘do it yourself’ equipment hire
services markets.
Southern Capital is a publicly listed investment holding company. The majority of its holdings are in property investment and
development. Southern Capital also holds, through its subsidiary CBD No.1 Limited, 50% of the shares in Hire Equipment
Group Limited.
Owens Group is a publicly listed company whose core activity is transportation logistics. Ownership of Hirepool is through
the subsidiary Owens Industrial Services Limited.
Hirepool provides general construction and building equipment hire services. It has 22 branches across the Auckland,
Waikato, Wellington and Christchurch regions.
The Commission’s written decision on the application will be available soon on the Commission’s website,
www.comcom.govt.nz/adjudication.

NEWS & MEDIA NZ LIMITED

The Board of News & Media NZ announces the following changes to its executive directors.
Phillip J Eustace, Kenneth N Steinke and Vincent C Crowley have all resigned and have been replaced by Gavin K O’Reilly
and Donal Buggy.
Gavin O’Reilly is the Chief Operating Officer of Independent News & Media plc and Donal Buggy is the Chief Financial
Officer.

WESTPAC BANKING CORPORATION

Westpac announced today it will consolidate its 10 CBD office sites into two locations, which includes the construction of a
new 33 storey building close to Darling Harbour.
Leighton Properties will develop the 74,000 sqm premises at the northern end ofDarling Harbour near King Street Wharf.
Westpac will sign a 12-year lease on the building with three, six-year options. Currently a car park, the site is bounded by
Kent, Erksine, Napoleon and Sussex Streets (KENS).
The new building is scheduled to open in 2006 and will include a retail bank, childcare facilities, food court and will be a
“green” site with a four star Sustainable Energy rating.
Westpac CEO David Morgan said the KENS development would provide a property solution for the bank that supported the
future of the organisation. The opportunity to consolidate and bring the organisation together will create significant
efficiencies for the company.
“An important driver of this real estate consolidation is that 78 per cent of our current Sydney CBD corporate office leases will
expire by 2006,” he said.
The Kens site was selected after reviewing a number of alternatives and is a more cost effective selection than staying in our
existing configuration. “We are planning to reduce the corporate space occupied by the bank in its current 10 locations by 20
per cent, which will deliver occupancy cost savings, whilst providing a high quality level of accommodation for our staff.
“Currently our staff are scattered over a number of locations, which is not uncommon for a large organisation. However, the
new building will create a workplace where people can more easily collaborate across business boundaries. It will facilitate
workplace interaction and will enable information to flow fast and smoothly as well as providing an improved and consistent
communications network,” Dr Morgan said.
Another innovative aspect of the property development involves Westpac
Institutional Bank establishing a special property trust to acquire the land prior to construction. The trust will engage Leighton
to complete the building. Westpac will offer investors an interest in the property via units in the trust. The investment
opportunity will be structured so that during the construction phase, investors will receive an investment return guaranteed by
Westpac and will not be exposed to construction risk.
Westpac Institutional Bank will act as the asset manager for the trust and an independent investment committee will be
established to act on behalf of investors through the life of the trust. It is anticipated that investors will have an opportunity to
subscribe to units in the trust during April 2003. Investors will need to complete the application form that will accompany the
Public Disclosure Statement ("PDS") detailing the investment proposal.


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Westpac will remain in its premises at 60 Martin Place at least until the current lease expires. This will occur in tranches from
2007 to 2012. Construction at the new location is expected to begin within the next few months.

COMMERCE COMMISSION

The Commerce Commission will hold a five-day conference on its draft decisions on the regulatory regime for electricity lines
businesses from 10-14 March 2003.
The conference venue is CSI House, Level 5, 166 Featherston Street, Wellington. The conference will be chaired by John
Belgrave.
A copy of the conference programme can be obtained from mktctl@nzse.co.nz.

TELSTRA CORPORATION LIMITED

Telstra Chief Executive Officer, Dr Ziggy Switkowski, today stated that claims made in an article published in the Australian
Financial Review today are misleading and unfounded.
“There is no shareholder-supported proposal from Reach on the table with its banking syndicate at this time,” Dr Switkowski
said.
“While Reach reports that discussions continue with the banking syndicate constructively, there is still much ground to be
covered before any firm proposal could be formulated and considered,” he said.
“Telstra supports an outcome that permits Reach to return to improved levels of performance and sees the banks loans
repaid, but the conditions for such an outcome have yet to be agreed
“Today's AFR report seems to reference details from negotiations that pre-dated the current situation.
“Telstra has kept the market fully informed as to material developments in the negotiations between Reach and its bankers
and will continue to do so,” he said.

TELSTRA CORPORATION LIMITED

Telstra has provided a Change of Director’s Interest Notice in respect of Charles Macek and John Ralph.
Charles Macek
Date of last notice: 10/09/2002.
Nature of indirect interest: Excalibur National Private Super Fund
Date of change: 03/03/2003
Number of securities acquired: 10,000
Value/consideration: 41,035.78
Number of securities held after change: Direct: Nil. Indirect: 33,094
Nature of change: On market trade.
John Ralph
Date of last notice: 10/09/2002.
Nature of indirect interest: John Ralph National Private Superannuation Fund
Date of change: 04/03/2003
Number of securities acquired: 5,000
Value/consideration: 20,450.00
Number of securities held after change: Direct: 1,000. Indirect: 65,535
Nature of change: On market trade.

AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED

Australian Foundation Investment Company has provided its presentation slides at its AGM, 07/03/2003.

CARTER HOLT HARVEY LIMITED

Carter Holt Harvey Kinleith Chief Executive Brice Landman said today that the latest strike by mill workers showed
reluctance by the union to see the economic realities facing the business.
“By any standards the settlement on two alternative offers to the union is a fair one. The union’s attitude, however, seems
motivated more by obstruction, and a denial of the company’s right to manage, than any constructive desire to help Kinleith
and its people move forward.
“In comparison with New Zealand workers in similar occupations, many of Kinleith’s employees are already extremely well
remunerated. The union requested the company to provide a salary model but rejected an offer that provides for an average
salary of around $68,000.
“Reality needs to sink in. Over the past 18 months average settlements reached with this union at Carter Holt Harvey and
other businesses, have been around 3% - not the 8.5% the union is seeking for the alternative of extending the existing
wages contract.
“We know that workers at Kinleith want to move on, but it appears their union representatives do not. For example, the union
has refused to agree to changes that would allow Kinleith to appoint employees based on competency, instead favouring
appointments based on long service.

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“Does the union understand the real world in which Kinleith has to compete if it is to survive? Over the past year international
pulp and paper markets have become even tougher, as the kiwi dollar has risen substantially.
“We want to ensure we can continue to be a significant employer in the region but the union needs to face up to business
realities. Strikes at Kinleith will do nothing to move the mill, the South Waikato region, or the country’s economy, forward.
“We’re seeking mediation with the union to resolve this quickly. Let’s negotiate a settlement which gives Kinleith a
sustainable future, and puts the uncertainty and disruption of the past year behind us,” Brice Landman said.

RICHMOND LIMITED

Richmond has provided a letter to shareholders - notice of variation from PPCS Limited date 7 March 2003.
PPCS
To Shareholder
You will have recently received the offer dated 21 January 2003 by PPCS Limited to acquire all of your shares in Richmond
Limited along with our notice of variation extending the offer period until 21 March 2003.
The reason for this notice is to advise you that PPCS has varied its offer by further extending the offer period so that the last
date by which acceptances must be received is now 28 March 2003. Accordingly, the latest date by which the offer must be
declared unconditional (fourteen days after closure of the offer period) is now 11 April 2003. All other terms and conditions of
the offer remain unaffected.
If you have any questions about this or any other aspect of PPCS’s offer, please contact our North Island representative, Ken
Rouse, on 06 870 8035 or 027 479 4841 or via email at info@ppcs.co.nz. Alternatively you could contact your sharebroker or
other advisor.

TRANZ RAIL HOLDINGS LIMITED

Tranz Rail Holdings has provided a presentation to the 8th FundSource Professional Investment Conference.
Copies can be requested from mktctl@nzse.co.nz or from http://www.tranzrail.co.nz/Newsroom/ExecutiveSpeeches/.

RIO TINTO LIMITED

Rio Tinto has provided Change of Director’s Interest Notices:
Date of last notice: 11/04/2002.
Nature of indirect interest: Richard Leigh Clifford
Date of change: 28/02/2003.
Number of securities acquired: 20,128 Ordinary Shares
Number of securities disposed: 32,223 Conditional Share Awards under the Mining Companies Comparative Plan and
34,961 under the FTSE plan.
Number of securities held after change:76,428 Ordinary Shares, 592,932 Options under the Rio Tinto Share Option Plan and
Share Savings Plan, 109518 Conditional Share Awards under the mining Companies Comparative Plan
Date of last notice: 14/03/2002.
Nature of indirect interest: Leonard Andrew Davis
Date of change: 28/02/2003.
Number of securities acquired: 53,455 Ordinary Shares
Number of securities disposed: 57,480 Conditional Share Awards
Number of securities held after change: 187,293 Ordinary Shares, 93,978 Options under the Rio Tinto Share Option Plan.
Date of last notice: 11/04/2002.
Nature of indirect interest: Oscar Leonard Groeneveld
Date of change: 28/02/2003.
Number of securities acquired: 16,093 Ordinary Shares. 183 Ordinary Shares participating in the DRP.
Number of securities disposed: 26,821 Conditional Share Awards
Number of securities held after change:15,502 Ordinary Shares (direct interest)
5,500 Ordinary Shares (indirect interest), 249,049 Options under the Rio Tinto Share Option Plan., 62,522 Conditional Share
Awards under the mining Companies Comparative Plan

RIO TINTO LIMITED

Rio Tinto advised the allotment of 168,903 ordinary shares as at 6/03/2003. Reason for issue: Ordinary Shares issued as a
result of Conditional Share Awards made under the mining Companies Comparative Plan. No consideration was payable.
Rio Tinto advised the allotment of 1,081 ordinary shares as at 6/03/2003. Reason for issue: Ordinary shares issued as a
result of the exercise of options granted under the Rio Tinto International Share Savings Plan. The exercise price was
A$27.86 for each option.
Total shares on issue: 498,988,262.




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AUSTRALIAN 20 LEADERS INDEX FUND (NS)

The NTA of The Australian 20 Leaders Index Fund as at close of business 06/03/2003 was $1.7395. The number of shares
on issue is 55,513,777.

THE COLONIAL MOTOR COMPANY LIMITED

CONSOLIDATED OPERATING STATEMENT FOR THE HALF YEAR ENDED 31/12/2003
Unaudited (NZ$000)
                                                                Current                Previous
                                                                 Period          Corresponding
                                                                                         Period
OPERATING REVENUE
 Sales revenue                                                 190,206                  187,351
 Other revenue                                                      563                      510
Total Operating Revenue                                        190,769                  187,861
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX                                     6,191                   6,092
Unusual items
 for separate disclosure                                               -                        -
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX                                                       6,191                   6,092
Less tax on operating surplus                                     2,052                   1,994
Operating surplus (deficit)
 after tax but before minority
interest                                                          4,139                   4,098
Less minority interests                                             399                      181
Equity earnings                                                   (270)                    (397)
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER                                      3,470                   3,520
Extraordinary items after tax                                          -                        -
Less minority interests                                                -                        -
Extraordinary items after tax
 attributable to members of the
 Listed Issuer                                                         -                        -
TOTAL OPERATING SURPLUS
 (DEFICIT) AND
 EXTRAORDINARY ITEMS
 AFTER TAX                                                        3,869                   3,701
Operating Surplus (Deficit)
 and Extraordinary Items after
 Tax attributable to Minority
 Interest                                                           399                      181
Operating Surplus (Deficit)
 and Extraordinary Items after
 Tax attributable to Members
 of the Listed Issuer                                             3,470                   3,520
EPS                                                                12.5                     12.6
SHAREHOLDERS' EQUITY
  ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY                                         80,724                   77,671
The Directors of Colonial Motor Company announce a fully imputed interim dividend of nine cents per share (9.0 cps) totaling
$2.507m will be paid on 7 April 2003. Record Date: 21 March 2003. This is the same level of interim dividend as last year.
Operating Profit after Tax of $3.470m was very similar to the result for the equivalent period in the previous year of $3.520m.
Revenue at $190.8m was slightly ahead.
A feature of the 2002 year has been the record Heavy Truck industry and this has been reflected in our heavy truck
operations.
Inventory of $43.5m at 31 December 2002 is slightly down from 30 June 2002 ($45.1m) but is significantly up on the
comparative figure of $36.3m at 31 December 2001. This primarily reflects the higher level of activity in Heavy Trucks.
In recent months both the new Ford BA Falcon and Mazda6 have won ‘car of the year’ awards, these excellent products are
a key contributor to our dealerships operations.
The outlook for 2003 is mixed with economic commentators generally indicating an expectation of lower economic growth in
2003 versus 2002. A reduced level of domestic economic activity is expected to affect the Company’s performance.


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FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Fisher & Paykel Healthcare Corporation Limited advises that the Board determined to issue with effect from today options to
acquire 900,000 ordinary shares in the Company in respect to selected senior employees.
The options will be issued under the Fisher & Paykel Healthcare 2003 Share Option Plan (the “Option Plan”) and the Fisher
& Paykel Healthcare (North American) 2003 Share Option Plan (the “North American Plan”) following approval by the Board
on 5 March 2003.
No consideration is payable for the issue of options. The options have a set exercise price of NZ$11.00 each, which was
determined by the Board.
The Company has a total of 102,375,951 ordinary shares and 1,513,500 options to acquire ordinary shares on issue. This
issue increased that to 102,375,951 ordinary shares and 2,413,500 options to acquire ordinary shares. 900,000 options to
acquire ordinary shares represents approximately 0.88% of the shares on issue.
The options will be issued on the terms of the Option Plan and the North American Plan in the form approved by the Board.
This advice is given under Listing Rule 7.12.1.

AMP INVESTMENTS' WORLD INDEX FUND (NS)

The unaudited NTA as at close of business 07/03/2003 was $0.94857. The number of shares on issue is 365,892,042.

SKY CITY ENTERTAINMENT GROUP LIMITED (NS)

Sky City Entertainment Group Limited has advised the on-market buyback on 07/03/2003 of 70,000 ordinary shares at $8.73
per share which have been purchased for cash to enhance capital efficiency authorised by a Director Resolution. The shares
will be cancelled. The total number of ordinary shares now on issue is 211,432,475.

                                           MONDAY, MARCH 10, 2003

THE BANKERS INVESTMENT TRUST PLC

The NTA as at close of business 06/03/2003 was 221.2p.

BURNS PHILP & COMPANY LIMITED

Burns Philp & Company advises that as at 7:00pm 07/03/2003, BPC1 Pty Limited has received acceptances of its takeover
offer for Goodman Fielder Ltd from a total of more than 6,100 Goodman Fielder Ltd shareholders and a relevant interest in
approximately 43.9% of Goodman Fielder Ltd shares.

THE CITY OF LONDON INVESTMENT TRUST PLC

The NTA as at close of business 06/03/2003 was 165.4p.

HENDERSON FAR EAST INCOME TRUST PLC

The NTA as at close of business 06/03/2003 was 133.1p.

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

The NTA as at close of business 06/03/2003 was 61.7p.

MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC

The unaudited NTA as at close of business 06/03/2003 was 116.32pps undiluted and 114.46pps diluted.

STRATHMORE GROUP LIMITED

Strathmore Group advises that it has issued new shares as follows:
Class: Ordinary Shares
Number of Shares Issued: 12,121,212
Issue Price: 0.0066 cents each fully paid
Payment: By cash
Percentage of Total Class Issued: 6.77% (of shares pre this issue)
Reason for Issue: To service the Company’s working capital needs
Authority for Issue: Listing Rule 7.3.5 (10% Rule) and Board resolution
Terms of Issue: The new shares are credited as fully paid, and rank in all respects equally with the shares already on issue.
Total number of securities of the Class in existence after the issue: 191,091,339

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Date of Issue: 6 March 2003

THE CITY OF LONDON INVESTMENT TRUST PLC

Application has been made to the UK Listing Authority and to the London Stock Exchange to list 2,171,412 new ordinary
shares in The City of London Investment Trust plc on the Official List pursuant to the scheme of reconstruction of Henderson
Geared Income & Growth Trust plc. City of London shares will be issued at 166.22p per share, 100.5% of their net asset
value at close of business on 6 March 2003, to those shareholders of Henderson Geared Income & Growth Trust plc who
elected to receive them.
Dealings in the new ordinary shares are expected to commence on 10 March 2003.

AMP LIMITED

AMP notes the ratings action announced 07/03/2003 by Moody’s.
Moody’s had announced that it has assigned a negative outlook to the long term ratings for the AMP Group.
AMP Chief Executive Officer Andrew Mohl said this was consistent with the actions of other ratings agencies, and reflected
information that AMP had already provided to the market.
“This decision reflects a wider concern about the earning outlook for the UK life industry and will have no impact on the day-
to-day operations of the company,” he said.
Mr Mohl welcomed Moody’s acknowledgement of the Group’s financial strength and the continuing earnings opportunities for
the Australian business.
“AMP’s capital position has not changed and we remain soundly capitalised.” he said

AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED

Australian Foundation Investment Company has provided its Report to Shareholders, 31/12/2002 and Share Acquisition Plan
2003.

F&C SMALLER COMPANIES PLC

F&C Smaller Companies advised the following share buy back:
Date of purchase:        7th March 2003
No of shares:            50,000
Price:                   127p
Discount:                25.1%
Broker:                  Cazenove
Settlement Date:         12th March 2003
Following this purchase the total number of shares in issue stands at 92,102,232.
Under the existing authority, the remaining number of shares which may be bought back following the above transaction is
13,159,611.

SANTOS LIMITED

Santos advised the allotment of 7,800 fully paid ordinary shares on 07/03/2003. Issue price: A$5.61 per share. Purpose of
the Issue: pursuant to the terms of the Santos Employee Share Purchase Plan. Total number of shares in existence after
this issue is: 582,821,693.

TAKEOVERS PANEL

The Takeovers Panel met on 3 March 2003 to consider two issues relating to the control of voting rights in Designer Textiles
(N.Z.) Limited (DTL).
Late in 2002 several members of the Rutherford family of Canterbury subscribed for shares in Gould Holdings Limited (GHL).
GHL owns 24.69% of DTL. Members of the Rutherford family already held shares in their own name in DTL at the time of
the subscription. More shares of DTL were bought by members of the Rutherford family after the subscription, resulting in
those family members holding some 8.8% of the voting rights of DTL.
The first issue considered by the Panel was whether the Rutherford family members, by subscribing for shares in GHL, had
joined Christchurch businessman Mr George Gould in the control of the 24.69% shares of DTL held by GHL. The Panel
found that this was not the case and that no breach of the Code had occurred.
On the second issue the Panel found that Mr Gould and GHL and those members of the Rutherford family who had
subscribed for shares in GHL are associated for the purposes of the holding or controlling of shares in DTL. The Panel found
that this association had crystallised on 11 September 2002 when the family members agreed to take shares in GHL.
The consequence of this finding is that the purchases of DTL shares by Rutherford family members which took place after 11
September 2002 (being some 753,000 shares in all, or 2.1% of the total voting rights in DTL) were made in breach of the
Code. This is because the holdings of DTL shares by the Rutherford family and by GHL have to be aggregated for the
purposes of rule 6(1) of the Code.

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Given that the meeting involved determination of aspects of the Code that the Panel had not formally addressed before, the
Panel considers that the most appropriate remedy for these breaches of the Code is for the relevant shares to be sold within
an appropriate period, and that the voting rights attached to the shares not be exercised in the meantime.
The Rutherford family is being asked to provide undertakings to the Panel to this effect.
A copy of the Panel’s determination is available on the Panel’s website at www.takeovers.govt.nz.

DESIGNER TEXTILES (NZ) LIMITED

The following announcement is made by the Takeovers Panel:
The Takeovers Panel met on 3 March 2003 to consider two issues relating to the control of voting rights in Designer Textiles
(N.Z.) Limited (DTL).
Late in 2002 several members of the Rutherford family of Canterbury subscribed for shares in Gould Holdings Limited (GHL).
GHL owns 24.69% of DTL. Members of the Rutherford family already held shares in their own name in DTL at the time of
the subscription. More shares of DTL were bought by members of the Rutherford family after the subscription, resulting in
those family members holding some 8.8% of the voting rights of DTL.
The first issue considered by the Panel was whether the Rutherford family members, by subscribing for shares in GHL, had
joined Christchurch businessman Mr George Gould in the control of the 24.69% shares of DTL held by GHL. The Panel
found that this was not the case and that no breach of the Code had occurred.
On the second issue the Panel found that Mr Gould and GHL and those members of the Rutherford family who had
subscribed for shares in GHL are associated for the purposes of the holding or controlling of shares in DTL. The Panel found
that this association had crystallised on 11 September 2002 when the family members agreed to take shares in GHL.
The consequence of this finding is that the purchases of DTL shares by Rutherford family members which took place after 11
September 2002 (being some 753,000 shares in all, or 2.1% of the total voting rights in DTL) were made in breach of the
Code. This is because the holdings of DTL shares by the Rutherford family and by GHL have to be aggregated for the
purposes of rule 6(1) of the Code.
Given that the meeting involved determination of aspects of the Code that the Panel had not formally addressed before, the
Panel considers that the most appropriate remedy for these breaches of the Code is for the relevant shares to be sold within
an appropriate period, and that the voting rights attached to the shares not be exercised in the meantime.
The Rutherford family is being asked to provide undertakings to the Panel to this effect.
A copy of the Panel’s determination is available on the Panel’s website at www.takeovers.govt.nz.

THE WAREHOUSE GROUP LIMITED

CONSOLIDATED OPERATING STATEMENT FOR THE HALF YEAR ENDED 31/01/2003
Audited (NZ$000)
                                              Current          Previous
                                               Period    Corresponding
                                                                 Period
OPERATING REVENUE
 Sales revenue                             1,097,548         1,012,949
 Other revenue                                  8,179             8,504
Total Operating Revenue                    1,105,727         1,021,453
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX                  96,078            89,742
Unusual items
 for separate disclosure                      (7,276)               798
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX                                    88,802            90,540
Less tax on operating surplus                (30,581)          (31,327)
Operating surplus (deficit)
 after tax but before minority
interest                                       58,221            59,213
Less minority interests                           (15)            (106)
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER                   58,206            59,107
Extraordinary items after tax                        -                -
Less minority interests                              -                -
Extraordinary items after tax
 attributable to members of the
 Listed Issuer                                       -                -
TOTAL OPERATING SURPLUS
 (DEFICIT) AND
 EXTRAORDINARY ITEMS
 AFTER TAX                                     58,221            59,213

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Operating Surplus (Deficit)
 and Extraordinary Items after
 Tax attributable to Minority
 Interest                                                                (15)                 (106)
Operating Surplus (Deficit)
 and Extraordinary Items after
 Tax attributable to Members
 of the Listed Issuer                                                58,206                  59,107
EPS                                                                     19.1                   19.4
SHAREHOLDERS' EQUITY
  ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY                                             362,353                 317,719
Highlights:
- Group sales up 8.4 percent to $1.098 billion
- Operating earnings up 4.8 percent to $105.6 million
- Net profit after tax (adjusted for the Australian logistics restructuring charge) up 7.2 percent
- Interim dividend up 10.5 percent to 10.5 cents
The Directors have declared a fully imputed interim dividend of 10.5 cents per share, this is an increase of 1 cent (or 10.5
percent) over the 9.5 cents paid last year. Record date: 11/04/2003. Payable: 22/04/2003.
The Warehouse Group Limited today announced a normalised unaudited tax paid profit (after adjusting for logistics
restructuring costs) for the six months ended 31 January 2003 of $63.5 million, an increase of 7.2 percent compared with the
same period last year.
Reported tax paid profit was $58.2 million which includes a pre-tax $7.5 million charge for logistics restructuring costs in
Australia.
“After adjusting for the cost of restructuring logistics in Australia, the Group has reported a record first half earnings result.
Warehouse Stationery had a great first six months with both the retail and B2B businesses hitting their sales and earnings
targets. That business is now a genuine multi-channel business that can further extend its presence into the stationery and
business machines market,” said Mr. Greg Muir, CEO of The Warehouse Group Limited.
“Red Sheds recorded record sales in the half. While the market was disappointed with the sales numbers that we released
on 5th February 2003, the earnings result for Red Sheds was a solid one as demonstrated in our maintaining operating
margins above 13 percent. We are not complacent about our position in the market and are increasing our focus to develop
and execute strategies that will grow our sales and earnings momentum in the Red Sheds,” said Mr. Greg Muir.

THE WAREHOUSE NEW ZEALAND

The Warehouse New Zealand ‘Red Shed’ retail stores recorded a 6.2 percent increase in sales in the six months ended
January 2003. Operating earnings before interest, taxation and unusual items rose 5.2 percent to $96.7 million.
Operating margins declined slightly to 13.04 percent from 13.15 percent in the corresponding period last year.
In February 2003, The Warehouse trialled a range of jewellery in four stores. Early results from those trial stores have been
very encouraging and the company now plans to roll out the jewellery offer to all stores by the end of 2003.
Warehouse Stationery
Warehouse Stationery sales were 25.2 percent ahead of the same period last year. Warehouse Stationery recorded an
operating margin of 5.2 percent compared with 1.6 percent a year earlier.
The Warehouse Australia
Expressed in Australian dollars, The Warehouse Australia achieved a 19.4 percent increase in sales over the corresponding
period last year. Operating earnings for The Warehouse Australia were A$4.5 million compared with A$6.5 million a year
ago.
The Warehouse Australia plans to open up to ten large format stores before the end of July 2003 and will this week open its
first store in South Australia.
“The move into South Australia is an exciting one. The Warehouse Australia is currently not represented in South Australia
and our analysis indicates that we could open up to ten stores in and around Adelaide over the next two years”, said Greg
Muir.
“During the first half of the year, the Australian team very successfully concluded planning for the closure of the legacy
Blacktown Distribution Centre. In the second half of the year the focus turns to opening our new state of the art Queensland
Distribution Centre and integrating the New Zealand core information technology systems into the Australian business,” said
Mr Muir.
The Warehouse Group Limited
Note: All references to dollars are NZ Dollars unless otherwise stated.
The directors of The Warehouse Group Limited (‘The Warehouse’) report that The Warehouse has achieved a normalised
unaudited tax-paid profit (after adjusting for logistics restructuring costs) for the six months ended 31 January 2003 of $63.5
million. This profit result is 7.2 percent above the $59.2 million achieved for the corresponding period ended 31 January
2002.




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Reported tax paid profit of $58.2 million (which includes a pre-tax $7.5 million charge for logistics restructuring costs in
Australia) was within the earnings guidance range given to the NZSE and ASX on 5th February 2003 of $57 million to $59
million.
OPERATING PERFORMANCE
Sales
Group sales for the six months ended 31 January 2003 were $1,098 million comprising of $742 million from The Warehouse
New Zealand stores, $73 million from Warehouse Stationery stores and $283 million from The Warehouse Australia. Total
Group sales were up 8.4 percent from a year ago.
Sales for The Warehouse New Zealand stores (‘Red Sheds’) were $43 million (6.2 percent) above the $699 million achieved
for the corresponding six-month period. Sales for Warehouse Stationery stores were $15 million or 25.2 percent above the
$59 million achieved over the corresponding period in 2002.
The Warehouse Australia achieved sales of A$249.7 million an increase in Australian dollar terms of 19.4 percent.
Operating Earnings
Total Group operating earnings before interest, unusual items and taxation for the period were $105.6 million. This is $4.8
million or 4.8 percent above that achieved for the corresponding period last year.
The Warehouse New Zealand operating margin was lower at 13.04 percent versus 13.15 percent in the corresponding
period last year.
In February 2003, The Warehouse New Zealand trialled a range of jewellery in four stores. Early results from those trial
stores have been very encouraging and the company now plans to roll out the jewellery offer to all stores by the end of 2003.
Warehouse Stationery recorded an operating margin of 5.2 percent compared with 1.6 percent a year earlier. Warehouse
Stationery launched a new ‘business to business’ (B2B) sales channel in late 2001 and this business is tracking well against
plan. The result for Warehouse Stationery includes an operating loss of $1.5 million in B2B for the six months ended January
2003 compared with a loss of $2.2 million in the prior period. Excluding B2B, the Warehouse Stationery operating margin
would have been 7.9 percent.
Operating earnings for The Warehouse Australia were A$4.5 million compared with A$6.5 million a year ago. Operating
earnings continue to be impacted by some costs associated with new store set-up and openings that are expensed to
earnings rather than capitalised.
Tax-Paid Profit and Operating Cashflows
Reported tax-paid profit for the period under review was $58.2 million before minority interests. As noted above, this
represents a 1.7 percent fall over the previous comparable period. The Group profit margin was 5.3 percent compared with
5.8 percent a year earlier. The Group tax paid profit margin normalised for logistics restructuring was unchanged at 5.8
percent.
The result includes a pre-tax provision of $7.5 million (A$7.0 million) for costs arising from redundancy, asset write-downs
and restructuring costs associated with the earlier than expected closure of The Warehouse Australia NSW Distribution
Facility at Blacktown, Sydney. The facility closed on 7th February 2003 with the existing Brisbane and Melbourne DC’s taking
over distribution for all NSW stores from that date.
In the absence of this charge, after tax earnings would have been 7.2 percent above the same period last year.
Group operating cashflow rose 8.0 percent to $69.2 million from $64.1 million a year earlier.
FINANCIAL POSITION
Assets Employed
Total assets rose $24.4 million to $738.2 million. Total inventories including goods in transit were $15 million higher than the
same period last year. New Zealand Group inventory rose 8.2 percent while The Warehouse Australia recorded an 11.6
percent increase in inventories to $90.6 million.
Inventory per square metre of retail space in New Zealand fell 2.8 percent compared with the same period last year. In
Australian dollar terms, inventory per square metre of retail space in The Warehouse Australia fell 1.7 percent compared with
the same period last year.
Borrowings
Total debt, less cash on hand at 31 January 2003 was $166.9 million, 17.7 percent less than at the same period last year.
Debt to debt plus equity improved to 31.5 percent from 38.9 percent a year earlier. Net interest cover for the six months was
17.7 times (14.0 times in January 2002).
PROPERTY
The Warehouse New Zealand
Between August 2002 and January 2003, The Warehouse New Zealand opened three new stores, two stores in new
locations (Fraser Cover- Tauranga, Bell Block – New Plymouth) and one replacement store (Alexandra). During the period,
five stores were extended (Kaikohe, Cambridge, Papamoa, Taupo and Oamaru). One store was closed during this period.
The Warehouse New Zealand retail chain consisted of 79 stores, representing 352,961 square metres of retail space, an
increase of 11.1 percent over January 2002.
The Warehouse intends to open a new store in Balclutha before the end of July 2003. The Warehouse is targeting to open
over 31,500 square metres of retail space before Christmas 2003. This will be made up of seven new stores of which four
are replacement stores. Up to three extensions are also planned in this period.
Warehouse Stationery
Warehouse Stationery opened five new stores, four stores in new locations (Invercargill, Whakatane, Fraser Cove -
Tauranga and Belfast – Christchurch) and one replacement store (Napier). One store was closed during that period. As at



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31 January 2003 the Warehouse Stationery retail chain consisted of 39 stores representing 45,918 square metres of retail
space (an increase of 13.6 percent over January 2002).
Warehouse Stationery expects to open up to two additional stores by the end of July 2003.
The Warehouse Australia
Between August 2002 and January 2003, The Warehouse Australia opened eleven new format stores (Albury Central,
Bundaberg, Booval, Campbelltown, Cannon Hill, Dandenong, Helensvale, Innisfail, Mildura, Townsville and Wagga Wagga)
and closed three small stores.
As at 31 January 2003 The Warehouse Australia consisted of 128 stores representing 216,300 square metres of retail space
(an increase of 28.3 percent over January 2002).
The Warehouse Australia plans to open up to ten large format stores before the end of July 2003 and this week will open its
first store in South Australia.
TRADE SINCE BALANCE DATE
The Warehouse New Zealand sales in the month of February 2003 were up 7.9 percent from the same period in 2002.
Warehouse Stationery sales including B2B for the same month were up 15.9 percent. In Australian dollars terms, The
Warehouse Australia February 2003 sales were 11.5 percent higher than the same month last year.
DIVIDEND
The Directors have declared a fully imputed interim dividend of 10.5 cents per share, this is an increase of 1 cent (or 10.5
percent) over the 9.5 cents paid last year.
Books will close for entitlement to the interim dividend at 5 p.m. on Friday, 11 April 2003. Payment will be made on Tuesday,
22nd April 2003.
LONG TERM EMPLOYEE INCENTIVE PLAN
Shareholders will shortly receive a notice of extraordinary general meeting to approve a new team member options plan for
The Warehouse Group Limited. The plan is designed to continue to incentivise team members to deliver superior financial
results for shareholders and to retain team members. The options have a five year term and will only be exercisable if The
Warehouse share price at the time of exercise exceeds its cost of equity adjusted for dividends.
EARNINGS GUIDANCE - UPDATE
As reported on the 5th February 2003, The Group currently expects the full year net earnings result for the twelve months
ended 31 July 2003 to be in the range of between $90 million to $95 million.
A further update will be provided in the third quarter sales release in early May 2003. Earnings guidance is provided subject
to trading patterns of the first half year continuing into the second half and subject to the present business, competitive and
economic climate remaining stable.

SOUTHERN CAPITAL LIMITED

Southern Capital announces it has entered into a conditional contract to purchase the remaining 50 per cent interest in Hire
Equipment Group Limited from current co-owner, the S D & M A McKinley Family Trust. The purchase will result in Southern
Capital owning 100% of the Hirequip business.
The proposed purchase price of $17,864,805 will be satisfied by Southern Capital issuing 29,774,675 million shares to the
McKinlay Family Trust at 60 cents each. Following settlement, Southern Capital will have approximately 110.5 million fully
paid ordinary shares on issue, of which 26.7% will be owned by the McKinlay Family Trust.
The contract is conditional on:
1. Shareholders approving the transactions contemplated by this Agreement to the extent and in the manner required by the
Companies Act 1993, the Listing Rules of the New Zealand Stock Exchange and Southern Capital’s Constitution;
2. Shareholders passing an ordinary resolution for the purposes of the Takeovers Code whereby the McKinlay Family Trust
is not required to make a bid for the remaining shares in Southern Capital;
3. The obtaining of any necessary consents from the bankers to both the existing Southern Capital Group and the Hirequip
group.
The date for satisfaction of these conditions is 16 May 2003, but the parties have agreed to use their best endeavours to
satisfy the conditions by an earlier date.
Settlement will occur 14 days following satisfaction of the conditions.
A Notice of Meeting for obtaining the requisite shareholder approvals will issue shortly. Shareholder approval will also be
sought at that time for appointment of Stuart McKinlay and Trevor Scott to Southern Capital’s Board.
Following the purchase the Board of Southern Capital intends to focus its activities on building a diversified equipment hire
group with allied activities associated with and complementing the ownership and hire of assets. The purchase accordingly
represents a change in direction for Southern Capital from a diversified investment company focussing on capital growth to a
company with sustainable operating cash flows and earnings.
The current remaining investment assets of Southern Capital will be reviewed and disposed of as and when they reach
maturity or suitable opportunities present themselves. This may take some time. It is envisaged that ultimately the head
office will be moved to Dunedin.
If the transaction is approved and settled the Company will adopt the “Hirequip” name to reflect its primary focus.
Commerce Commission Clearance - Hirepool
The Commerce Commission has cleared Southern Capital to acquire the Hirepool business from Owens Group Limited.
This clearance does not indicate any commitment to purchase the Hirepool business.
Press release in relation to the Hirequip transactions:


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Hirequip co-owner Stuart McKinlay of Dunedin today announced his intention to sell his family’s 50 percent interest in
Hirequip to publicly listed company, Southern Capital Limited, which already owns the other half.
The proposed sale price of $17.86 million is the similar price at which Southern Capital bought its half share of Hirequip last
year from GS Private Equity Pty Ltd. The transaction will see Southern Capital issue 29.77 million shares to the McKinlay
Family Trust at 60¢ each. The McKinlay family trust would end up with 26.7% of Southern Capital, on a fully diluted basis,
making it the largest single shareholder. After the transaction is completed, Southern Capital will have 110.5 million fully paid
ordinary shares on issue.
Southern Capital executive chairman, Graeme Wong, said, “This represents a significant and fundamental change of
direction for Southern Capital from a diversified investment company to a predominantly industrial company with operating
cash flow and earnings”.
Southern Capital’s Board fully endorses the proposed transaction and will be seeking shareholder approval at an
extraordinary general meeting, the date for which has yet to be fixed. Shareholder approval is required to issue the new
shares and to waive the requirements of the Takeovers Code for the McKinlay Family Trust to make a full bid for Southern
Capital. The Board also plans to seek shareholder approval to appoint Messrs Stuart McKinlay and Trevor Scott to the Board
of Southern Capital and to rename the public company as Hirequip Limited, consistent with the change of direction from
being an investment company to that of a focused industrial company.
“Since its formation in late 1997, Southern Capital’s assets and particularly its land development assets have matured
considerably with the result that Company in its present state can best be described as ‘asset rich’. We have been delighted
with the performance of Hirequip since buying into it last year and the Board considers that Southern Capital’s shareholders
will be served best by the Company focussing on the growth opportunities available in the hire equipment industry”, Mr Wong
said.
Southern Capital’s land development assets include interests in the 117-hectare top-end subdivision at Omaha Beach, north
of Auckland, the 338-hectare new town site of Pegasus Bay, north of Christchurch and the 7.7-hectare Canterbury Supa
Centa at Belfast in Christchurch.
The Company is awaiting the Environment Court’s judgment on its application to rezone 45 hectares of land in Waimakariri
District for a commercial development. The judgment is due at the end of April. The Environment Court will also hear the
appeal of an associate company’s coastal permit for a 460-hectare mussel farm at Clifford Bay, Marlborough, in the week
beginning 24 March.
Southern Capital has a portfolio of biotechnology stocks, including BLIS Technologies (10.47%), A2 Corporation (8.88%),
Botry-Zen (4.27%) and Pharma-Zen (5.63%). It also owns 21.75% of Tasmanian dairy farmer, Tasman Farms Limited, which
is quoted on the NZ unlisted securities facility.
The new Hirequip (ex Southern Capital) will continue to add value to its existing portfolio of property and stocks prior to their
disposal. The proceeds from the sale of these assets will be reinvested in the core hire equipment or related businesses. It
is envisaged that ultimately the head office will be moved to Dunedin.
Hirequip is New Zealand’s only nationwide general and specialist equipment hire company, and currently operates from 37
locations throughout the country. It was established in Dunedin in the mid 1950s as Dunedin Hire Service, was sold to the
McKinlay interests in 1969, and from there expanded throughout the South Island. In September 2000, Hirequip acquired
Projex, which itself had been operating in the North Island since the early 1950s. With that acquisition, Hirequip became the
country’s largest hire company at around twice the size of its nearest competitor. Its revenues now exceed $50 million
annually.
Recently Owens Group Limited announced its intention to sell its 100% owned subsidiary Hirepool. On 7 March, the
Commerce Commission gave Southern Capital Limited clearance to acquire Hirepool. The Commission concluded that, were
the acquisition to proceed, it would not have nor would it be likely to have the effect of substantially lessening competition in
the heavy construction, building and ‘do it yourself’ equipment hire services markets.
Mr. Wong said: “The initiatives we are to put to our shareholders in respect of Hirequip are independent of any investment
we might make in Hirepool. There is a price at which buying Hirepool makes sense but if we don’t win the bid for that
company then there are plenty of other opportunities in the hire equipment industry that we can and will pursue.
“Southern Capital will have a strong balance sheet after buying the balance of Hirequip and the issue of new shares to the
McKinlay family trust. The purchase of Hirepool can be financed without the issue of further equity.”

AIR NEW ZEALAND LIMITED (NS)

Air New Zealand Limited has provided its printed Interim Report for the 6 months ending 31/12/2002.

THE COLONIAL MOTOR COMPANY LIMITED

The Colonial Motor Company Limited has provided its printed Interim Report for the 6 months ending 31/12/2002.

THE NZ MID-CAP INDEX FUND (NS)

The Directors of Passive Funds Management Ltd advised that nil units were issued/redeemed in The NZ Mid Cap Index
Fund during the week ended 7/03/2003. Total units on issue: 15,431,512.
The NTA as at 07/03/2003 was $1.82988.



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THE WAREHOUSE GROUP LIMITED

The Warehouse Group has provided a copy of its half year media/analyst’s presentation.
Copies can be requested from mktctl@nzse.co.nz

AUSTRALIAN 20 LEADERS INDEX FUND (NS)

The NTA of The Australian 20 Leaders Index Fund as at close of business (Sydney) on 07/03/2003 was $1.7215.
The Directors of Tower Managed Funds advised that 150,000 units were redeemed during the week ending 07/03/2003. The
total number of units on issue is 55,513,777.
A Basket Composition for the week 10/03/2003 – 14/03/2003 is also provided.

NZSE LTD

NZSE Ltd is enlisting the aid of a team of experts to put the final AX market proposal through its paces. The second
proposal, which came out in mid December, outlined several radical changes to the existing organising broker role, some
new trading mechanism initiatives, and recommendations on the underdeveloped research and information role in New
Zealand, which the Exchange will put to user groups for refining over the next two months.
Geoff Brown, NZSE Ltd Markets Development Manager, said that commissioning user groups to test and refine every aspect
of the new market will ensure the AX has the optimal structure.
“The original aim for the AX was to create a market that would be simple and cost effective for New Zealand’s smaller
growth-oriented companies to raise capital. We want to create a platform that encourage new listings and increase liquidity in
the market. To ensure the AX achieves these objectives we believe it’s imperative that it be tested by those that will be most
affected by it.”
AX market user groups are now being formed and are made up of representatives from all areas of the market, including
listed and unlisted companies, government, the broking community, accountants, banks, lawyers and information providers.
User groups cover six specific areas and participants will be asked to explore the following:
- Legal and regulatory environment
- Company sponsor role and the distribution process
- Research and information sources
- Trading microstructure of the market
- Non-standard listings
- Unlisted and potentially listed companies.
Once the proposal has been finalised, NZSE will begin discussions with companies to transition to the AX board. Potential
candidates include companies on the NCM and unlisted boards, as well as smaller companies on the main board. NZSE will
also be actively targeting unlisted companies in all sectors of New Zealand industry, encouraging them to list.
The AX is designed to make public capital-raising easy and attractive for New Zealand’s small-to-medium sized companies
that are looking for ways to fund and accelerate growth opportunities. The new structure focuses on four key pillars as
outlined below:
1. Quality companies: Transparency, not artificial constraints, will drive quality. NZSE will work to place the onus of bringing
quality issues to market on company sponsors—and also to deliver power to investors through increased access to
information and enhanced information quality.
2. Cost efficient process management: A set of listing rules (specific to each listing type) combined with existing legislation
and regulation will balance the needs of investors and of small companies. NZSE will also commit resources to facilitating
listing and ongoing compliance.
3. Primary market: access and participation: The type and number of firms eligible to bring an issue to market will be
expanded by redefining the “organising broker” role and broadening participation. An underwriting/distribution panel will be
formed to facilitate capital raising and distribution.
4. Secondary market: structure and support: A unique trading structure or “microstructure” will be developed to improve
liquidity for smaller companies. Furthermore, increased quantity and quality of information, research, as well as NZSE
marketing and education efforts will grow trading volumes and contribute to improved liquidity.
It is envisaged that the ultimate structure will be finalised by the end of April, with the new market being launched in August,
subject to approval of all rules and regulations.
To register interest in being involved with the AX User Groups, please contact Geoff Brown at growth@nzse.co.nz. For a
copy of the final AX market proposal, visit NZSE Ltd’s website at www.nzse.co.nz.

WESTFIELD TRUST

Westfield Trust has acquired Sydney Central Plaza (SCP) from Coles Myer Limited for approximately $400 million inclusive
of transaction costs.
“The purchase of SCP follows Westfield Trust’s acquisition of Centrepoint in December 2001. SCP is a prime property and is
expected to be a great addition to the Westfield Trust portfolio,” said Westfield Managing Director, Steven Lowy.
The 54,000 square metre shopping centre is located at the centre of Sydney’s CBD major retail precinct and is bounded by
Pitt Street Mall, Market and George streets. It contains the flagship Grace Bros store over seven levels and a further 74
specialty retailers over two levels.

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The SCP acquisition represents an initial yield of 6.25% after transaction costs. The transaction will be debt funded and is
forecast to be accretive to distributions to the Trust's unitholders for calendar year 2003 and beyond and is underscored by
sound property growth fundamentals.
SCP is an important strategic acquisition for Westfield Trust. By acquiring SCP, Westfield Trust now owns two neighbouring
properties at the apex of the major retail precinct in the Sydney CBD with a total combined area of 98,300 square metres,
including 67,000 square metres of retail area and approximately 230 specialty stores.
The Trust’s combined investment in both properties is approximately $670 million, with a forecast yield of approximately
7.4% for the coming year.
The ownership of these two prime CBD retail properties provides the opportunity for a superior retail offering and increased
economic value through operating synergies in management, marketing and leasing of both properties and enhances the
development potential of Centrepoint.
Centrepoint was purchased with a view to substantial upgrading and expansion of the property. Westfield recently lodged a
Development Application which incorporates plans for:- refurbishment and upgrade of the existing retail centre; expansion of
the number of retail levels; an underground connection to Sydney Central Plaza; and the addition of three towers above the
existing complex.
Following this transaction, the Trust’s gearing will increase from 28% to 31%. The maximum gearing policy of the Trust has
now been increased from 35% to 40%. The Directors believe it is appropriate to increase the maximum gearing policy to this
level in order for the Trust to take advantage of appropriate future growth opportunities.

COLES MYER LIMITED

Coles Myer announced today that it has sold Sydney Central Plaza to Westfield Trust.
The sale price of $390 million is a record for the sale of an individual Australian retail property and is a reflection of robust
competition in a strong commercial property market.
Coles Myer CEO, John Fletcher said that the sale was an important milestone in the execution of Coles Myer’s five-year
strategy, which included capital management initiatives to divest noncore assets and reinvest in higher returning retail
assets.
Under fair value accounting the property was revalued at the half year ended 2003 and accordingly the profit on sale of the
property will not be material.
The cash from the sale would be used to fund the new store growth program, reduce debt and other strategic initiatives.
“The transaction also highlights the property market’s confidence in the Myer Grace Bros business, which will continue
operating in the Sydney Central Plaza under a long-term lease,” Mr Fletcher said.

PORTMAN LIMITED

Portman has provided its full year preliminary report for the year ended 31/12/2002.
Dividend: 4cps. Record Date: 05/05/2003. Payable: 16/05/2003.

AUCKLAND INTERNATIONAL AIRPORT LIMITED

The NZSE advises a correction to the allotment notice provided on 06/03/2003:
Auckland International Airport advised the allotment of 298,800 ordinary shares between 27/02/2003 and 03/03/2003. Issue
price: 158,400 at $3.1403 per share, 82,800 at $3.1518 per share, 43,200 at $3.1482 and 14,400 at $3.1649. Purpose of the
issue: Conversion of options issued under AIAL’s Executive Option Plan implemented on 17 November 1999.
Total shares on issue: 304,149,419.

WESTPAC BANKING CORPORATION

Westpac Banking advise a total of 519,449 new fully paid shares were allotted on 07/03/2003 following the exercise of
options pursuant to Westpac’s Senior Officers’ Share Purchase Scheme (SOSPS). The exercise prices for these options
were in the range A$9.53 to A$13.32. (156,000 @ A$9.53, 70,000 @ A$9.56, 200,000 @ A$9.57 and 93,449 @ A$13.32).
Paid-up Capital
Previously: 1,767,918,645 ordinary shares each fully paid.
Now: 1,768,438,094 ordinary shares each fully paid.
Quoted Capital
Quoted capital is 1,767,860,094 fully paid ordinary shares.
Since the record date of 27 November 2002, 578,000 fully paid ordinary shares (increase of 70,000) have been allotted upon
exercise of options. These shares are ex-dividend until following next record date in June 2003 and listing will be sought
shortly after that date.

SOUTHERN CAPITAL LIMITED

Southern Capital has provided the Chairman’s Review from the Half Year announcement made on the 28th February 2003
for the six months ended 31 December 2003:


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BURNS PHILP & COMPANY LIMITED

Takeover Bid for GMF – Third (Cut-off) Supplementary Bidder's Statement
Burns Philp & Company has provided the Third (Cut-Off) Supplementary Bidder's Statement in relation to the BPC1’s off-
market takeover bid for all the ordinary shares in Goodman Fielder:

GOODMAN FIELDER LIMITED

Goodman Fielder advises the allotment of 1,213,550 fully paid ordinary shares on the 07/03/2003. Issue price: A$1.77.
Reason for issue: issued under the DRP applying to the March 2003 interim dividend.
Total shares on issue: 1,190,033,879.

FOODLAND ASSOCIATED LIMITED

Foodland Associated Limited (FAL) today advised that it had commenced a strategic review of its New Zealand department
store and consumer finance subsidiary, Farmers Holdings Limited.
Group Managing Director, Trevor Coates commented, “Farmers’ continues to trade well with positive sales growth and stable
margins. Our interim results will confirm this. However, Shareholders will be aware that FAL has recently completed two
major acquisitions which have confirmed the Group’s position as a major participant in the Australasian supermarket and
grocery wholesale industries. As a result of this, we are reviewing our ownership position on Farmers, our only non-food
business.
Farmers’ new management team has done an excellent job in building the profitability of the business which includes Retail
Financial Services, the largest non-bank consumer finance business in New Zealand with assets exceeding NZ$300 million,”
he continued.
“It may well be that divesting Farmers will provide a clearer focus and direction for both FAL and Farmers to the advantage of
all stakeholders. This will be determined by the results of our strategic review.
We have engaged financial advisors, ABN Amro, to assist us in evaluating the various alternatives” said Mr Coates.
“We will keep the market informed of developments at appropriate stages in the process,” he concluded.
No further comment will be made at this time.

AMP INVESTMENTS' WORLD INDEX FUND (NS)

The unaudited NTA of WiNZ (AMP Investments World Index Fund) as at close of business 10/03/2003 was $0.95621. The
number of shares on issue is 365,892,042.

AUSTRALIAN 20 LEADERS INDEX FUND (NS)

The Australian 20 Leaders Index Fund has provided the following interim dividend: $0.0001947 in relation to Westfield
Holdings - Interim.
Record Date: 12/03/2003. Payment Date: 13/06/2003.

SKY CITY ENTERTAINMENT GROUP LIMITED (NS)

Sky City Entertainment Group Limited has advised the on-market buyback on 10/03/2003 of 5,281 ordinary shares at $8.65
per share which have been purchased for cash to enhance capital efficiency authorised by a Director Resolution. The shares
will be cancelled.
The total number of ordinary shares now on issue is 211,427,194.

HERITAGE GOLD NZ LIMITED

Heritage’s fully owned subsidiary, Coromandel Gold Limited has sold the major part of its holding in Cadmus Technology
Limited (CTL) to private investors through JB Were (NZ) Limited. A total of 17,176,233 shares was sold for 6 cents per
share. The net proceeds of approximately NZ$1 million will be mainly used to further Heritage’s exploration work, including
drilling on its gold projects in the Waihi district.
Coromandel Gold Ltd has lodged a Substantial Security Holder Notice with the New Zealand Stock Exchange (NZSE) under
Part II of the Securities Amendment Act 1998. A copy of the notice is on page 2 of this announcement.

METLIFECARE LIMITED

Metlifecare Limited Full Year Preliminary Announcement. This announcement replaces the one released earlier today.
CONSOLIDATED OPERATING STATEMENT FOR THE FULL YEAR ENDED 31/12/2002
Audited (NZ$000)
                                                            Current             Previous
                                                              Period      Corresponding
                                                                                  Period


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OPERATING REVENUE
Sales revenue                                                    99,839                 81,495
Other revenue                                                        860                    681
Total Operating Revenue                                         100,699                 82,176
OPERATING SURPLUS (DEFICIT)
BEFORE UNUSUAL ITEMS AND TAX                                     10,475                   6,891
Unusual items
for separate disclosure                                                -                    623
OPERATING SURPLUS (DEFICIT)
BEFORE TAX 10,475 7,514
Less tax on operating surplus                                          -                       -
Operating surplus (deficit)
after tax but before minority
interest                                                         10,475                   7,514
Less minority interests (122) (300)
Equity earnings                                                        -                       -
OPERATING SURPLUS (DEFICIT)
AFTER TAX ATTRIBUTABLE
TO MEMBERS OF LISTED ISSUER                                      10,353                   7,214
Extraordinary items after tax                                          -                       -
Less minority interests                                                -                       -
Extraordinary items after tax
attributable to members of the
Listed Issuer                                                          -                       -
TOTAL OPERATING SURPLUS
(DEFICIT) AND
EXTRAORDINARY ITEMS
AFTER TAX 10,475 7,514
Operating Surplus (Deficit)
and Extraordinary Items after
Tax attributable to Minority
Interest                                                           (122)                  (300)
Operating Surplus (Deficit)
and Extraordinary Items after
Tax attributable to Members
of the Listed Issuer                                             10,353                   7,214
EPS                                                                 12.0                     9.7
SHAREHOLDERS' EQUITY
ATTRIBUTABLE TO MEMBERS
OF THE HOLDING COMPANY                                          111,958                 94,296
Metlifecare today reported a record net surplus of $10.4 million for 2002 up 44% on the $7.2 million achieved during 2001.
Metlifecare Chairman, Peter Fitzsimmons said “the surplus was even more impressive when unusual items were excluded
from the 2001 year, highlighting a 58% increase in the surplus from $6.6 million in 2001 to $10.4 million in 2002.”
Continued strong demand for the Company’s products and services resulted in record total revenues of $100.7 million,
compared to $82.2 million in 2001. Total assets grew from $166.2 million in 2001 to $184.6 million in 2002 - another record.
Mr Fitzsimmons said, “The Board is very pleased with Metlifecare’s latest results, which were the direct outcome of a
strategic review carried out by the Company in 2000.”
OPERATIONS
Metlifecare Chief Executive Officer, Gavin Aleksich, said “the review resulted in the refinement of the Company’s business
strategy that has since improved margins, increased profitability and has seen value realised from the scale of the
Company's operations.”
Revenue from operations increased by 13% to $71.8 million for 2002 compared to $63.3 million for 2001.
“All areas of the Company’s operations achieved improved revenues and margins. Most notable were the resales of villas
and apartments with revenue of $36.9 million compared to $31.1 million in 2001. The number of resales also increased from
177 in 2001 to 193 for 2002,” Mr Aleksich said.
“The increased average selling price of 8.6% on resales of villas and apartments was reflective of the quality and location of
the Company’s villages.”
During 2002, occupancy at the Company’s care facilities reduced slightly to 92.7% (94.8% for 2001), due to the
commissioning of a new 30 bed hospital at Metlifecare Coastal Villas, Paraparaumu and temporarily reduced beds numbers
due to refurbishment programmes at Metlifecare Wairarapa, Masterton and Metlifecare Palmerston North.
The investment in care facilities saw the number and mix of the Company’s nursing home and hospital beds change, with
total bed numbers increasing to 521 (333 nursing home and 188 hospital) from 484 (350 nursing home and 134 hospital) in
2001.



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Metlifecare announced the sale of its Epsom and Browns Bay properties, that were predominantly nursing home and hospital
facilities, at the end of 2002.
The sale of the two facilities was in line with Metlifecare’s strategic business direction of operating lifestyle retirement villages
that provide a continuum of care from independent lifestyle through to hospital level care, rather than having ‘care’ as a stand
alone activity.
Proceeds of $10.7 million from the sale of these facilities have been received in 2003 and have been applied to further debt
reduction.
GROWTH
The revenue from sales of new villas and apartments increased by 54.5% to $28.9 million compared to $18.7 million in 2001.
The Company achieved 111 sales of new villas and apartments compared to 72 sales in 2001.
Mr Aleksich said “the large increase in the number of sales and revenue from new villas and apartments was consistent with
the Company’s previously stated strategy of being an Operator, with development being driven by demand.”
“Metlifecare does not develop in a speculative manner and has high levels of presale contracts on its development activities
in progress. This activity will enable the strong sales performance in 2002 to be continued in 2003,” he said.
“The continued strong demand for Metlifecare’s product and services has enabled us to continue realising the value of the
Company’s land bank, to increase the scale of the Company’s operations in a sustainable and profitable manner.”
The total number of villas and apartments was up on the previous year by 7.3 % showing an increase from 1,487 in 2001 to
1,596 in 2002.
CASH FLOW & FUNDING
The Company’s debt and operating cashflows also continue to be increasingly more favourable. Operating cashflows for the
year were up $5.1 million (22.7%) to $27.6 million, compared to $22.5 million for 2001. The Company’s debt dropped during
the year by $1.8 million to $50.6 million, compared with $52.4 million in 2001. Of the total debt at year end, $19.6 million was
invested in development compared with $14.6 million in 2001.
OUTLOOK
Mr Fitzsimmons said “the outlook for Metlifecare was very positive.”
“We are in a market with attractive demographics and we are focused on improving the quality of our products and services
to our target market.”
“This focus is achieving sustainable and improved operating margins. We also continue to grow the business by bringing the
Company’s land bank into production thereby increasing the scale of the Company’s operations and enhancing profitability.”
“In 2003, the Company’s Directors expect further improvements to be made on the gains achieved during 2002.”

THE NZ MID-CAP INDEX FUND (NS)

The New Zealand Mid Cap Index Fund has provided the following interim dividend: $0.00043314 in relation to Capital
Properties NZ Ltd.
Record Date: 14/03/2003. Payment Date: 20/06/2003.

                                            TUESDAY, MARCH 11, 2003

THE BANKERS INVESTMENT TRUST PLC

The NTA as at close of business 07/03/2003 was 217.7p.

THE CITY OF LONDON INVESTMENT TRUST PLC

The NTA as at close of business 07/03/2003 was 161.9p.

HENDERSON FAR EAST INCOME TRUST PLC

The NTA as at close of business 07/03/2003 was 131.6p.

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

The NTA as at close of business 07/03/2003 was 61.1p.

MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC

The unaudited NTA as at close of business 07/03/2003 was 113.69pps undiluted and 112.13pps diluted.

ANGLO & OVERSEAS TRUST PLC

The NTA as at close of business on 07/03/2003 was 171.95pps.




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NZ INVESTMENT TRUST PLC

The New Zealand Investment Trust plc advised the NTA per ordinary 25p share of the Company as at 07/03/2003 was
177.38p (NZ:505.17c). The exchange rate at which this was calculated was P = NZ$2.8480.

THE CITY OF LONDON INVESTMENT TRUST PLC

The City of London Investment Trust plc advises that the following replaces Additional Listing announcement released on
Friday 7 March 2003.
The number of new ordinary shares should have read 2,171,298 and not 2,171,412. All other details remain unchanged. The
full amended text appears below:
Application has been made to the UK Listing Authority and to the London Stock Exchange to list 2,171,298 new ordinary
shares in The City of London Investment Trust plc on the Official List pursuant to the scheme of reconstruction of Henderson
Geared Income & Growth Trust plc. City of London shares will be issued at 166.22p per share, 100.5% of their net asset
value at close of business on 6 March 2003, to those shareholders of Henderson Geared Income & Growth Trust plc who
elected to receive them.
Dealings in the new ordinary shares are expected to commence on 10 March 2003.

BURNS PHILP & COMPANY LIMITED

Burns Philp & Company advises that shortly after 4.00pm 10/03/2002, BPC1 Pty Limited has received acceptances of its
takeover offer for Goodman Fielder Ltd which takes its relevant interest in Goodman Fielder Ltd ordinary shares to in excess
of 50%.
A further announcement will be made by tomorrow morning.

NPT CAPITAL LIMITED

NPT Capital has provided its Interim Report for the 6 months ended 30/11/2002.

THE NATIONAL PROPERTY TRUST

The National Property Trust has provided its Interim Report for the 6 months ended 30/11/2002.

NATIONAL AUSTRALIA BANK LIMITED

National Australia Bank advised the on-market buyback of 335,000 ordinary shares on 10/03/2003. Highest price paid:
A$29.10. Lowest price paid: A$28.98. Approximate number of shares remaining to be bought back: 21,131,149.

AUSTRALIAN 20 LEADERS INDEX FUND (NS)

The NTA as at close of business 10/03/2003 was $1.7326. The number of shares on issue is 55,513,777.

SKY NETWORK TELEVISION LIMITED

Sky Network Television advised that the interest on the Capital Notes, payable on 04/04/2003, will be paid to Capital Note
holders on the register at 5pm on Friday, 15/04/2003.

FISHER & PAYKEL APPLIANCES HOLDINGS LIMITED

Fisher & Paykel Appliances Holdings Limited [NZSE:FPA ASX:FPA] confirmed today that it intends to release its financial
results for the year ended 31st March 2003 on Thursday 29th May 2003.
In conjunction with the release, Fisher & Paykel Appliances Holdings Limited will host a conference call to review these
results and to discuss the outlook for the new fiscal year.
Individuals wishing to listen to the webcast, to be held on Thursday 29th May 2003 at 1.30 pm NZT; 11.30 am AEST; can
access the event at the Company's website at fisherpaykel.com
The dial in numbers are:
- New Zealand Toll Free - 0800442062
- Australia Toll Free - 1800730240.
Please allow extra time prior to the webcast to visit the site and download the streaming media software required to listen to
the broadcast. An on-line archive of the broadcast will be available approximately 2 hours after the webcast and will be
available for two weeks.

COMMSOFT GROUP LIMITED

The company’s Extraordinary General Meeting was held in Sydney on Monday 10th March.
All the resolutions submitted at the meeting were approved by shareholders.

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Resolution 1 was passed on a show of hands. Resolution 2 failed on a show of hands, but was passed, after a count of
proxies.
The proxies held by the meeting Chairman, Mr Jeff Zulman were as follows.
Resolution               For             Against                  Open            Abstain
1                 83,366,798                  37               567,693             10,226
2                 82,646,657            720,178                567,693             10,226

INFRATIL LIMITED

Infratil advised the following interest payment details:
Infratil 31/03/2004 6.90% bonds (IFT010). Record date: 14/03/2003. Interest amount: 4.8168 cpb. Payment date:
29/03/2003.

THE NEW ZEALAND REFINING COMPANY LIMITED

The New Zealand Refining Company Limited has provided the Production Volume and Processing Fee Income for the
January / February Period. Full copies of the announcement can be requested from:mktctl@nzse.co.nz.
Throughput
For January and February 2003 throughput was close to plan
Margins
Margins are significantly above plan for the two month period.
Exchange Rate
The exchange rate for the period was .5473

TENZ - NZSE 10 INDEX FUND (NS)

CONSOLIDATED OPERATING STATEMENT FOR THE HALF YEAR ENDED 31/12/2002
Audited (NZ$000)
                                             Current          Previous
                                              Period     Corresponding
                                                                Period
OPERATING REVENUE
 Sales revenue                                     -                 -
 Other revenue                                 1,830             1,390
Total Operating Revenue                        1,830             1,390
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX                  1,830             1,390
Unusual items
 for separate disclosure
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX                                    1,830             1,390
Less tax on operating surplus                     87                 -
Operating surplus (deficit)
 after tax but before minority
interest                                       1,743             1,390
Less minority interests                            -                 -
Equity earnings                                    -                 -
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER                   1,743             1,390
Extraordinary items after tax                      -                 -
Less minority interests                            -                 -
Extraordinary items after tax
 attributable to members of the
 Listed Issuer                                     -                 -
TOTAL OPERATING SURPLUS
 (DEFICIT) AND
 EXTRAORDINARY ITEMS
 AFTER TAX                                     1,743             1,390
Operating Surplus (Deficit)
 and Extraordinary Items after
 Tax attributable to Minority
 Interest                                          -                 -
Operating Surplus (Deficit)
 and Extraordinary Items after

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Tax attributable to Members
of the Listed Issuer                                           1,743                  1,390
EPS                                                                -                      -
SHAREHOLDERS' EQUITY
 ATTRIBUTABLE TO MEMBERS
OF THE HOLDING COMPANY                                        77,691                 90,429

BURNS PHILP & COMPANY LIMITED

Burns, Philp & Company Limited (Burns Philp) refers to the takeover bid by its wholly owned subsidiary BPC1 Pty Limited
(BPC1) for all the ordinary shares in Goodman Fielder Ltd (Goodman Fielder).
On 4 March 2003 Burns Philp announced that it would (subject to certain provisos) declare the Offer unconditional if:
- Burns Philp receives acceptances of the Offer taking its relevant interest to more than 50% of Goodman Fielder shares on
or before 5.00pm on 10 March 2003; and
- Following receipt of these acceptances, on Tuesday 11 March, or as soon as possible thereafter, the Board of Goodman
Fielder gives Burns Philp majority representation on the Goodman Fielder Board (Board Representation Condition).
As at yesterday evening, BPC1 had received acceptances of its takeover offer for Goodman Fielder (Offer) which takes its
relevant interest in Goodman Fielder shares to 51.79%.
Burns Philp announces that it will extend the time for satisfaction of the Board Representation Condition to 14 March 2003.
Accordingly, if the Board Representation Condition is satisfied or waived by Burns Philp on or before 14 March 2003, then
provided that no condition of the Offer has been triggered before then, Burns Philp will declare the Offer unconditional.
In accordance with the Company’s announcement of 4 March 2003, if the Offer is declared unconditional, Burns Philp will
continue to pay acceptances received on or before 4 March 2003 by 25 March 2003, and all subsequent acceptances within
21 days of receipt.
The extension of the Board Representation Condition is intended to address any concerns Goodman Fielder shareholders
who have accepted the Offer may have that the Goodman Fielder Board may require more time to consider its position given
that Burns Philp has acquired a majority interest in the company under its Offer.

CARNARVON PETROLEUM NO LIABILITY

Carnarvon Petroleum NL has provided a Change of Director's Interest Notice in respect of Neil Fearis on 06/03/2003.
Value/Consideration: 3.9 cps. Total number acquired: 200,000 ordinary shares. Number of securities held after the changes:
1,771,400 ordinary shares.

BURNS PHILP & COMPANY LIMITED

Burns, Philp & Company advises this announcement replaces the previous announcement release at 1317 today.
Burns, Philp & Company Limited (Burns Philp) refers to the takeover bid by its wholly owned subsidiary BPC1 Pty Limited
(BPC1) for all the ordinary shares in Goodman Fielder Ltd (Goodman Fielder).
On 4 March 2003 Burns Philp announced that it would (subject to certain provisos) declare the Offer unconditional if:
- Burns Philp receives acceptances of the Offer taking its relevant interest to more than 50% of Goodman Fielder shares on
or before 5.00pm on 10 March 2003; and
- Following receipt of these acceptances, on Tuesday 11 March, or as soon as possible thereafter, the Board of Goodman
Fielder gives Burns Philp majority representation on the Goodman Fielder Board (Board Representation Condition).
As at yesterday evening, BPC1 had received acceptances of its takeover offer for Goodman Fielder (Offer) which takes its
relevant interest in Goodman Fielder shares to 51.79%.
Burns Philp announces that it will extend the time for satisfaction of the Board Representation Condition to 14 March 2003.
Accordingly, if the Board Representation Condition is satisfied or waived by Burns Philp on or before 14 March 2003, then
provided that no condition of the Offer has been triggered before then, Burns Philp will declare the Offer unconditional.
In accordance with the Company’s announcement of 4 March 2003, if the Offer is declared unconditional, Burns Philp will
continue to pay acceptances received on or before 4 March 2003 by 25 March 2003, and all subsequent acceptances within
21 days of receipt.
The extension of the Board Representation Condition is intended to address any concerns Goodman Fielder shareholders
who have accepted the Offer may have that the Goodman Fielder Board may require more time to consider its position given
that Burns Philp has acquired a majority interest in the company under its Offer.

AMP LIMITED

AMP has advised the date for receipt of director nominations for the 2003 Annual General Meeting (AGM) has now closed,
AMP Chairman Peter Willcox said today.
Current AMP Directors standing for election at the AGM are:
- Peter Willcox;
- Andrew Mohl; and
- Roger Yates.
Current AMP Directors standing for re-election are:

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- Lord Killearn; and
- Richard Grellman.
There is one external shareholder nomination for the Board:
- Stephen Mayne.
Details of all candidates will be outlined in the Notice of Meeting, which will be sent to shareholders around mid-April 2003.
Current AMP Director Paul Mazoudier, who was due for re-election, has decided not to stand. Mr Mazoudier had already
indicated his intention to leave the Board by the end of August 2003 and it would therefore not make sense for shareholders
to elect him for a period of only three months.
Mr Mazoudier will leave the Board before the AGM.
Mr Willcox said that the Board process for identifying additional candidates, announced on 25 February 2003, had only been
underway for two weeks and was progressing well.
The AGM will be held on 15 May 2003.

TENZ - NZSE 10 INDEX FUND (NS)

The NZSE10 Index Fund advises the following fully imputed Interim Dividend in relation to The Warehouse Group Limited
Interim Dividend.
Dividend Amount: 0.1153074cpu. Record date: 11/04/2003. Payable date: 19/09/2003.

AUCKLAND INTERNATIONAL AIRPORT LIMITED

Pursuant to Listing Rules 7.12.1 and 7.12.9, Auckland International Airport Limited (“AIAL”), gives notice that it has issued
the following securities:
(a) Class of Security and ISIN
Ordinary shares upon the conversion of options to acquire ordinary shares issued under the AIAL Executive Option Plan (17
November 1999) as approved at the Annual Meeting of AIAL on 16 November 1999.
(b) Number of Securities issued
28,800 Ordinary shares
(c) Any terms or details of the issue – interest or dividends
Nil
(d)Total number of Securities of the Class that still remain to be converted
              (i)Total options issued to date:
1999 -        705,600
2000 -        860,400
2001 -        763,200
2002 -        1,260,000
Total         3,589,200
              (ii)Total options exercised to date:
1999 -        352,800
2000 -        -
2001 -        -
2002 -
Total         352,800
              (iii)Total options remaining to be converted:
1999 -        352,800
2000 -        860,400
2001 -        763,200
2002 -        1,260.00
Total         3,236,400
(iv) As at the date of this notice – no options convertible into ordinary shares have lapsed.
(e) Nominal Value (if any) and issue price
No nominal value. The options were issued for no consideration. The exercise price (in accordance with the AIAL Executive
Option Plan) for the options exercised was as follows:
Number of options            Exercise price per option
(i)           14,400                      $3.2208
(ii)          14,400                      $3.2193
(f) Reason for the issue
Conversion of options issued under AIAL’s Executive Option Plan implemented on 17 November 1999.
(g)Specific authority for the issue (if any)
Resolution of shareholders at the Annual Meeting of AIAL on 16 November 1999.
(h)Any terms or details of the issue
The issue is subject to the terms and conditions set out in AIAL’s Executive Option Plan.
(i)Total number of Securities of the Class in existence after the issue
304,178,219 Ordinary shares
(j)Date of issue

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(i)         6 March 2003
(ii)        10 March 2003

COMMSOFT GROUP LIMITED

CommSoft Group has provided the following timetable for the shareholder approved capital reconstruction:
Participating Organisations are advised that the reorganisation of capital for CommSoft Group Limited (the “Company”) will
become effective on Tuesday 11 March 2003.
The reorganisation is by way of consolidating every 20 shares in the capital of the Company into one fully paid ordinary
share. In the event that a shareholder’s proportionate interest results in any fractional entitlements, the number of fully paid
ordinary shares will be rounded up to the next whole number.
The anticipated timetable is as follows:
10 March 2003: Shareholder approval obtained
11 March 2003: Trading commences in the reorganised securities on a deferred settlement basis (ASX Code: CSGDA –
ASX only).
17 March 2003: Last day for Company to register transfers on a pre-reorganisation basis.
Company’s securities suspended at close of business (ASX only).
18 March 2003: First day for the Company to register securities on a post reorganisation basis.
24 March 2003: Despatch date
28 March 2003: Settlement of trades conducted on a deferred settlement basis.
The NZSE will quote CommSoft Group Ex Capital Reconstruction from the 18/03/2003.

AMP INVESTMENTS' WORLD INDEX FUND (NS)

The unaudited NTA as at close of business 11/03/2003 was $0.93799. The number of shares on issue is 365,892,042.

VERTEX GROUP HOLDINGS LIMITED

Vertex are pleased to confirm that George Gould has today been appointed as a director to fill a casual vacancy on the
board of Vertex Group Holdings Limited.

SKY CITY ENTERTAINMENT GROUP LIMITED (NS)

Sky City Entertainment Group Limited has advised the on-market buyback on 11/03/2003 of 25,952 ordinary shares at $8.65
per share which have been purchased for cash to enhance capital efficiency authorised by a Director Resolution. The shares
will be cancelled.
The total number of ordinary shares now on issue is 211,401,242.

                                        WEDNESDAY, MARCH 12, 2003

WESTFIELD TRUST

Westfield Trust has provided a letter sent to all members in relation to a Members' Information Briefing to be held on Friday,
28/03/2003.
An information briefing for Members of Westfield Trust will be held at 11.00 am on Friday 28 March 2003 at the Whitely
Ballroom, Level 2, Rydges Jamison Hotel, 11 Jamison Street, Sydney NSW 2000. At this briefing, an update on the Trust’s
activities during 2002 will be provided.
I invite you to attend and look forward to seeing you at the briefing.
If you also hold units in Westfield America Trust, I take this opportunity to confirm that a meeting of Members of Westfield
America Trust will be held at 10.00 am on Friday 28 March 2003 prior to the Westfield Trust information briefing.

RICHMOND LIMITED

Richmond has provided a letter to shareholders - notice of variation from PPCS Limited date 11 March 2003.
We are varying our offer to you, by increasing the offer price to $3.11. This price increase is available to all Richmond
shareholders, including those who have already accepted the offer.
Our takeover offer is now unconditional, as we have waived our 90% condition and all the other conditions in our offer
At the date of this letter, PPCS holds or controls approximately 56.9% of the voting rights in Richmond (in terms of the
Takeovers Code).
Mr Graeme Lowe and his associated interests have accepted our takeover offer in respect of all Richmond shares owned or
controlled by them.




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THE BANKERS INVESTMENT TRUST PLC

The Bankers Investment Trust Plc has provided Notification of Interests of Directors and Connected Persons in respect of Mr
R D Brewster on 11/03/2003. Total number of stocks acquired: 6. Class of security: Ordinary shares. Price per share: 202p.
Total holding following this notice: 30,042. Total percentage held: 0.02%.

THE BANKERS INVESTMENT TRUST PLC

The NTA as at close of business 10/03/2003 was 214.7p.

THE CITY OF LONDON INVESTMENT TRUST PLC

The NTA as at close of business 10/03/2003 was 159.3p.

HENDERSON FAR EAST INCOME TRUST PLC

The NTA as at close of business 10/03/2003 was 131.8p.

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

The NTA as at close of business 10/03/2003 was 60.5p.

COMPUTERSHARE LIMITED

Computershare has provided a final share buy-back notice dated 11/03/2003. Number of shares bought back: 18,710,000.
Highest price: A$2.33 on the 15/10/2002. Lowest price: A$1.77 on the 15/11/2002. Total consideration paid:
A$38,287,533.

DOWNER EDI LIMITED

Downer EDI has provided a Notice of Initial Substantial Holder in respect of:
Remarkables Ltd – 58,535,946 fully paid ordinary shares
Details of relevant interests:
Holder of Relevant Interest – Nature of Relevant Interest
Remarkables Ltd – RL is 100% holder of BO and BS
Capital BS SA (“BS”) – 100% owned by RL
Capital BO SA (“BO”) – 100% owned by RL

COMPUTERSHARE LIMITED

Computershare has provided a Change of Director’s Interest Notice in respect of the holdings of Christopher J Morris. Date
of last notice: 15/11/2002. Nature of indirect interest: Fraser Island Pty Ltd. Date of change: 06/03/2003. Number of
securities acquired: 132,000. Value/Consideration: $200,304.56. Number of securities held after the change: 55,012,042.

WESTPAC BANKING CORPORATION

Westpac has provided its CEO address at CEDA Luncheon, Adelaide, Australia, 11/03/2003.

F&C EMERGING MARKETS INVESTMENT TRUST PLC

The F&C Emerging Markets Investment Trust has provided Notification of Major Interests in Shares in respect of BAE
Systems Pension Funds Investment Management Ltd on 11/03/2003. Total number of stocks disposed: 1,000,000. Class of
security: Ordinary shares. Price per share: 10p. Total holding following this notice: 12,479,270. Total percentage held:
7.26%.

INDEPENDENT NEWSPAPERS LIMITED

Independent Newspapers Limited has provided its printed Interim Report for the 6 months ending 31/12/2002.

F&C EMERGING MARKETS INVESTMENT TRUST PLC

The F&C Emerging Markets Investment Trust Plc has provided Notification of Interests of Directors and Connected Persons
in respect of GJJ Dennis on 10/03/2003. Total number of stocks acquired: 54. Class of security: Ordinary shares. Price per
share: 45.5p. Total holding following this notice: 21,890. Total percentage held: 0.01%.




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AIR NEW ZEALAND LIMITED (NS)

Air New Zealand has provided its Preliminary Operating Statistics for the month of January 2003.
Group Preliminary Operating Statistics - January 2003
                                                     MONTH                        FINANCIAL YTD
                                               FY03      FY02       %         FY03        FY02        %
Passengers Carried (000)                        770       701          9.8      5506         5313        3.6
Revenue Passenger Kilometres (m )               2133      1918        11.2      13501        12512       7.9
Available Seat Kilometres (m )                2530       2390       5.8       17448        17672        (1.3)
Passenger Load Factor (%)                       84.3      80.2        4.1pts     77.4        70.8        6.6pts
Airline Group - Month to date
Group Traffic, as measured by Revenue Passenger Kilometres (RPKs), increased by 11.2 percent for the month of January
when compared with the prior period. Group Capacity, as measured by Available Seat Kilometres (ASKs), was 5.8 percent
higher than the prior corresponding period. The resulting passenger Load Factor increased 4.1 percentage points to 84.3
percent.
Airline Group - Year to date
For the seven months to January 2003, Traffic increased 7.9 percent on Capacity reductions of 1.3 percent. Group Load
Factor improved 6.6 percentage points to 77.4 points when compared to the prior corresponding period.
Domestic Operations
Preliminary Operating Statistics - January 2003
                                                      MONTH                        FINANCIAL YTD
                                               FY03      FY02       %         FY03        FY02        %
Passengers Carried (000)                        419        380         10.3      3223        3153        2.2
Revenue Passenger Kilometres (m )              194        174          11.2     1455         1409        3.2
Available Seat Kilometres (m )                240        252         (4.7)     2003        2114        (5.3)
Passenger Load Factor (%)                      80.7        69.2        11.5pts 72.6          66.7        5.9pts
Express Class (Domestic) - Month to date
Air New Zealand introduced Express Class to its domestic network on 1 November 2001. Express class offers more
affordable domestic airfares with an aim to fly more people to more places more often. This has resulted in an 11.2 percent
stimulation in passenger Traffic (RPKs) in the domestic market when compared with the prior period. The growth in Traffic
increases by a further 12.0 percentage points to 23.2 percent when the prior period comparatives are adjusted to exclude
Freedom Air's domestic operations. Freedom Air withdrew its domestic service in September 2002 to enable expansion of
their trans-Tasman services.
Capacity (ASKs) decreased by 4.7 percent when compared with the prior comparative period. Capacity in the domestic
market had substantially increased following the collapse of the Qantas New Zealand operations. This capacity has been
reduced slightly following renewed competitor activity during this review period.
Load Factor increased significantly to 80.7 percent from 69.2 percent in the prior period.
Express Class (Domestic) - Year to date
As Express Class has been in operation for three months only, the year to date statistics do not fully reflect the stimulation in
passenger Traffic and the improvement in Load Factor described above
For the seven months to January 2003, Traffic increased 3.2 percent on Capacity reductions of 5.3 percent when compared
with the prior period. The resulting passenger Load Factor of 72.6 percent, was 5.9 percentage points higher than the prior
period.
International Operations
Preliminary Operating Statistics - January 2003
                                                      MONTH                        FINANCIAL YTD
                                               FY03      FY02       %         FY03        FY02        %
Passengers Carried (000)                        351        321         9.3       2283        2160        5.7
Revenue Passenger Kilometres (m )              1939        1744        11.2     12046        11103       8.5
Available Seat Kilometres (m )                2290        2138       7.1      15445        15558        (0.7)
Passenger Load Factor (%)                       84.7       81.5        3.2pts    78.0         71.4        6.6pts
Air New Zealand International - Month to date
International Traffic (RPKS) for the month of January increased by 11.2 percent, as the events of September 11 resulted in a
rapid decline in demand for leisure and business travel in the prior comparative period.
Capacity (ASKs) on international routes increased 7.1 percent when compared with the prior corresponding period. The
increase in Capacity is as a result of an increase in frequency of some flights, in particular to Los Angeles and Sydney, and
increased seat capacity on some services by increasing aircraft size.
The improvement in international passenger traffic resulted in Load Factor increasing from 81.5 percent to 84.7 percent,
when compared with the prior corresponding period.
Air New Zealand International - Year to date
For the seven months to January 2003, international Traffic increased 8.5 percent on Capacity reductions of 0.7 percent,
when compared with the prior period. The resulting Load Factor of 78.0 percent, was up 6.6 percentage points on the prior
period.
Notes:

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*             Operating statistics are preliminary and subject to change. Adjustments made to preliminary statistics are
included in the financial year-to-date column in the following month.
**            Year-on-year percentage movements are calculated on operating statistics prior to rounding adjustments.
Definitions:
ASKs:         The number of seats made available for sale multiplied by the distance flown
RPKs:         The number of revenue passengers carried multiplied by the distance flown.
Load Factor :              RPKs as a percentage of ASKs.
Notes
*             Express Class encompasses all of Air New Zealand's flying within New Zealand (incl. Air New Zealand National
and Link operations)
**            Operating statistics are preliminary and subject to change. Adjustments made to preliminary statistics are
included in the financial year-to-date column in the following month.
***           Year-on-year percentage movements are calculated on operating statistics prior to rounding adjustments.
Notes
*             Air New Zealand's international operations includes all flights within the following route areas - Tasman, Pacific,
Asia (incl. Japan) and Atlantic. Freedom Air is also included under the Tasman route area.
**            Operating statistics are preliminary and subject to change. Adjustments made to preliminary statistics are
included in the financial year-to-date column in the following month.
***           Year-on-year percentage movements are calculated on operating statistics prior to rounding adjustments.

AUCKLAND INTERNATIONAL AIRPORT LIMITED

Auckland International Airport Limited gives notice that it has issued the following securities:
(a)          Class of Security and ISIN
Ordinary shares upon the conversion of options to acquire ordinary shares issued under the AIAL Executive Option Plan (17
November 1999) as approved at the Annual Meeting of AIAL on 16 November 1999.
(b)          Number of Securities issued
144,000 Ordinary shares
(c)          Any terms or details of the issue – interest or dividends
Nil
(d)          Total number of Securities of the Class that still remain to be converted
             (i)          Total options issued to date:
1999 -       705,600
2000 -       860,400
2001 -       763,200
2002 -       1,260,000
Total        3,589,200
             (ii)         Total options exercised to date:
1999 -       496,800
2000 -       -
2001 -       -
2002 -
Total        496,800
             (iii)        Total options remaining to be converted:
1999 -       208,800
2000 -       860,400
2001 -       763,200
2002 -       1,260,000
Total        3,092,400
(iv)         As at the date of this notice – no options convertible into ordinary shares have lapsed.
(e)          Nominal Value (if any) and issue price
No nominal value. The options were issued for no consideration. The exercise price (in accordance with the AIAL Executive
Option Plan) for the options exercised was as follows:
Number of options         Exercise price per option
(i)                       144,000                      $3.2041
(f)          Reason for the issue
Conversion of options issued under AIAL’s Executive Option Plan implemented on 17 November 1999.
(g)          Specific authority for the issue (if any)
Resolution of shareholders at the Annual Meeting of AIAL on 16 November 1999.
(h)          Any terms or details of the issue
The issue is subject to the terms and conditions set out in AIAL’s Executive Option Plan.
(i)          Total number of Securities of the Class in existence after the issue
304,322,219 Ordinary shares
(j)          Date of issue


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10 March 2003

NATIONAL AUSTRALIA BANK LIMITED

National Australia Bank advised the on-market buyback of 463,867 ordinary shares on 11/03/2003. Highest price paid:
A$28.75. Lowest price paid: A$28.40. Approximate number of shares remaining to be bought back: 20,667,282.

LYTTELTON PORT COMPANY LIMITED (NS)

Lyttelton Port has provided an amended Appendix 7 regarding the dividend reported in the half year announcement dated
14/02/2003.
Dividend: 3.75 cps Record Date: 14/03/2003. Application Date: 21/03/2003.
Imputation Credits: 1.847015 cps.
Supplementary Dividend: 0.661765 cps. Application Date: 21/03/2003.

TEMPLETON EMERGING MARKETS PLC

The NTA of Templeton Emerging Markets Investment Trust as at close of business 07/03/2003 was:
Undiluted (Warrants unexercised) 118.75p (Cum-Income)
Fully diluted (Warrants exercised) 121.16p (Cum-Income)
Undiluted (Warrants unexercised) 117.45p (Ex-Income)
Fully diluted (Warrants exercised) 120.08p (Ex-Income)

AUSTRALIAN 20 LEADERS INDEX FUND (NS)

The NTA as at close of business 11/03/2003 was $1.7057. The number of shares on issue is 55,513,777.

NUPLEX INDUSTRIES LIMITED

The Australian Competition and Consumer Commission advised today that they have no objection to the acquisition by
Stericorp Limited of 100% of the shares in Nuplex Medismart Pty Limited and 50% of the shares in Daniels Sharpsmart
Australia Pty Limited.
The acquisition is subject to execution of the formal sale and purchase agreement and the securing of the necessary finance.

AUSTRALASIAN PROPERTY HOLDINGS GROUP LIMITED

Australasian Property Holdings Group Limited has provided its printed Interim Report for the 6 months ending 31/12/2002.

GRD NL

FULL YEAR REPORT
GRD today released its Preliminary Final Report of its 2002 results.
The Company confirmed a 27% increase in consolidated profit before tax to $24.8 million, on a 42% increase in consolidated
revenue to $202 million.
The Company also confirmed it had declared a final 2002 dividend of 2 cents per Ordinary Share (unfranked), payable in
April. This brings total dividends declared for 2002 to 5 cents per Ordinary Share (unfranked), compared to 4 cents per
Ordinary Share (unfranked) in 2001.
Key aspects of the Company’s results were:
$ Million
Operating revenue 202.2
EBT 24.8
Provision for future tax (12.2)
Operating profit after tax 12.6
The last quarter of 2002 featured near record gold sales of 46,238 ozs, the addition of the Telfer project to a growing work
book at GRD Minproc and agreement for Hastings Funds Management to invest $60 million to acquire an effective 50%
interest in Global Renewables Ltd.
Global Renewables yesterday executed a landmark 25 year Waste Processing Contract with Waste Service NSW (“WSN”),
in respect of its Eastern Creek project. The Company now awaits the finalisation of a supporting government guarantee of
WSN’s obligations pursuant to the Waste Processing Contract.
Finance Director, Andrew Bantock said, “2002 continued GRD’s consistent financial returns at a time of significant
investment in asset development. With the concurrent restructuring of capital and debt arrangements during the year, the
Company is well positioned to continue this outcome.”
The Company wishes to advise the market of details of the 2002 final dividend of 2 cents (unfranked) per share on the
Company’s Ordinary Shares. The relevant dates applicable to the dividend payment are:
ITEM / ACTIVITY DATE


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Announcement of dividend 12 March 2003
Securities quoted on an “ex” basis 17 March 2003
Record Date to identify shareholders entitled to the dividend 21 March 2003
Date of dividend payment 30 April 2003
Dispatch date 30 April 2003
A full copy of the Appendix 4B can be requested from mktctl@nzse.co.nz.

TELSTRA CORPORATION LIMITED

Austar United Communications Limited (Austar) and Telstra Corporation Limited (Telstra) today announced new
arrangements which will allow both companies to leverage their respective strengths for future growth.
Telstra will move to full ownership of the parties’ New Zealand joint venture, TelstraClear Limited. In a separate agreement
the parties have also agreed in principle to allow Telstra to resell the Austar subscription television service to Telstra
customers in regional Australia.
TELSTRACLEAR
Subject to the satisfaction of various conditions including New Zealand Overseas Investment Commission approval, Telstra
will acquire full ownership of TelstraClear.
Telstra CEO Dr Ziggy Switkowski said the agreement to purchase the remaining 42 per cent shareholding in TelstraClear for
$A25m ($NZ26.86m) was a reflection of Telstra’s confidence in the business.
“TelstraClear is making solid progress towards profitability and has become a significant player in the New Zealand
communications market. It’s a promising business that brings Telstra’s Trans Tasman strength to New Zealand to the benefit
of New Zealand customers. This deal demonstrates that New Zealand is a pivotal part of Telstra’s long term strategy.”
Austar CEO Mr John Porter said “Since its early days, TelstraClear has been about challenging the status quo, and Austar is
proud to have been a major part in bringing competition to the New Zealand market. Given where the company is today, it is
a natural point of exit for Austar, particularly as we focus on our core business of providing subscription television services to
regional Australia.”
Dr Switkowski said there would be no changes to TelstraClear’s management team, with the business continuing to be
managed in New Zealand and to trade under the well-recognised TelstraClear brand.
Pay TV ARRANGEMENTS
The parties have signed a Heads of Agreement which, subject to regulatory and other approvals, will allow regional
Australians to acquire Austar subscription television services with Telstra’s telephony services.
Mr Porter said, “As a company that has invested over $1 billion dollars to provide services to regional Australia, we are
pleased to be working with Telstra to allow customers to have increased choice and opportunities.”
It is expected that the bundling arrangements will be made available later in the year once operational requirements have
been finalised.

MISSION CONTACT FINANCE LIMITED

CONSOLIDATED OPERATING STATEMENT FOR THE FULL YEAR ENDED 31/12/2002
Unaudited (NZ$000)
                                             Current           Previous
                                              Period     Corresponding
                                                                 Period
OPERATING REVENUE
 Sales revenue                                      -                  -
 Other revenue                                15,080              6,761
Total Operating Revenue                       15,080              6,761
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX                       4                  2
Unusual items
 for separate disclosure                            -                  -
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX                                         4                  2
Less tax on operating surplus                     (1)                (1)
Operating surplus (deficit)
 after tax but before minority
interest                                            3                  1
Less minority interests                             -                  -
Equity earnings                                     -                  -
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER                        3                  1
Extraordinary items after tax                       -                  -
Less minority interests                             -                  -
Extraordinary items after tax

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attributable to members of the
Listed Issuer                                                         -                       -
TOTAL OPERATING SURPLUS
(DEFICIT) AND
EXTRAORDINARY ITEMS
AFTER TAX                                                             3                       1
Operating Surplus (Deficit)
and Extraordinary Items after
Tax attributable to Minority
Interest                                                              -                       -
Operating Surplus (Deficit)
and Extraordinary Items after
Tax attributable to Members
of the Listed Issuer                                                 3                       1
EPS                                                                N/A                     N/A
SHAREHOLDERS' EQUITY
 ATTRIBUTABLE TO MEMBERS
OF THE HOLDING COMPANY                                                4                       1

NZSE LTD

NZSE Limited Begins Formal Review of its Compliance & Enforcement Structure
12 March 2003 – NZSE Limited (NZSE) is formally reviewing the way in which it discharges its regulatory responsibilities. A
proposed alternative structure for discharge of these duties was presented yesterday to NZSE’s existing compliance and
enforcement bodies, including the Market Surveillance Panel, Disciplinary and Complaints Committees.
NZSE is responsible and accountable by law for the regulation of market intermediaries and listed issuers. NZSE considers
that its current construct, which involves seven different NZSE panels and committees, is flawed. The current structure does
not provide NZSE with sufficient control over the interpretation or enforcement of NZSE Rules. There is also little consistency
between the treatment of listed issuers and brokers with the resulting duplication being both overly time consuming and
costly for all market participants.
Mark Weldon, NZSE’s CEO, said the aim of the review is to strengthen NZSE’s role as an effective market regulator by
introducing a simplified and consistent new structure with a high degree of accountability and full transparency. The
proposed structure would see two main changes. NZSE would bring compliance in-house, and would also introduce a single
new enforcement body dealing with enforcement across both listed issuers and market intermediaries. This body would be a
standing group of experts, who would be utilized on a case-by-case basis, chosen for strict independence from each person
and issue being investigated. Each case would also involve some NZSE decision-making.
“It is critical to us that the market has confidence in the NZSE’s ability to enforce and punish non-compliance. This review,
like many NZSE has undertaken in the last six months, will put in place the appropriate structure for us to deliver that.”
Simon Allen, NZSE’s Chairman, said that, moving forward, NZSE will work with its existing compliance and enforcement
bodies to ensure a smooth transition to the new structure. NZSE recognises and acknowledges the work performed by its
existing compliance and enforcement bodies and NZSE deeply appreciates their full support and confidence throughout the
restructuring process.
A detailed proposal describing the new structure will be released in the next two weeks. A period of public consultation will
follow before the new structure is formally presented to the appropriate authorities for approval.

AMP INVESTMENTS' WORLD INDEX FUND (NS)

The unaudited NTA as at close of business 12/03/2003 was $0.94133. The number of shares on issue is 365,892,042.

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

ANZ has given a Notice of Ceasing to be a Substantial Holder in KAZ Group Limited.

THE NZ MID-CAP INDEX FUND (NS)

The New Zealand Mid Cap Index Fund has provided the following interim dividend: $0.00062849 in relation to Lyttelton Port
Company Limited.
Record Date: 14/03/2003. Payment Date: 20/06/2003.

THE NZ MID-CAP INDEX FUND (NS)

The New Zealand Mid Cap Index Fund has provided the following interim dividend: $0.00341245 in relation to Natural Gas
Holdings.
Record Date: 14/03/2003. Payment Date: 20/06/2003.


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AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

ANZ has given a Notice of Ceasing to be a Substantial Holder in Corporate Express Australia Limited.

THE NZ MID-CAP INDEX FUND (NS)

The New Zealand Mid Cap Index Fund has provided the following interim dividend: $0.00133963 in relation to Waste
Management NZ Ltd.
Record Date: 14/03/2003. Payment Date: 20/06/2003.

WELLINGTON DRIVE TECHNOLOGIES LIMITED

Wellington Drive Technologies Ltd has concluded an agreement with another company to manufacture a specific Wellington
electric motor for vertical integration into its end-products. The company is a premium domestic appliance manufacturer
based in Europe.

BAYCORP ADVANTAGE LIMITED

Baycorp Advantage today announced the resignation of its Chief Financial Officer, Tim Wilson, due to personal reasons. Mr
Wilson will leave the company this week.
A search has commenced for Mr Wilson’s replacement and an announcement will be made when an appointment is
finalised.

THE NZ MID-CAP INDEX FUND (NS)

The New Zealand Mid Cap Index Fund has provided the following fully imputed interim dividend: $0.00077195 in relation to
Wrightson Ltd.
Record Date: 14/03/2003. Payment Date: 20/06/2003.

AMP LIMITED

AMP has provided a Change of Director’s Interest Notice in respect of Andrew Max Mohl.
Date of last notice: 11/10/2002.
Nature of indirect interest: Mohl Investment Pty Ltd ATF Mohl Super Fund; and Mohl Family Trust.
Date of change: 04/03/2003.
Number of securities acquired: 14,841 ordinary shares held in the name of Mohl Family Trust; and 414 AMP Reset Preferred
Securities held in the name of Mohl Invest Pty Ltd ATF Mohl Super Fund.
Value/consideration: 14,841 ordinary shares @A$6.682 per share; and 414 AMP Reset Preferred Securities @A$96.10 per
unit.
Number of securities held after change: 122,043 ordinary shares held in the name of the Director; 50,000 ordinary shares
held under the AMP Executive Share Ownership Plan; 15,000 ordinary shares held in the name of Mohl Invest Pty Ltd ATF
Mohl Super Fund; 365,000 options held under the AMP Executive Option Plan; 414 AMP Reset Preferred Securities held in
the name of Mohl Invest Pty Ltd ATF Mohl Super Fund; and 14,841 ordinary shares held in the name of Mohl Family Trust.
Nature of change: On market trade.

                                       THURSDAY, MARCH 13, 2003

THE BANKERS INVESTMENT TRUST PLC

The NTA as at close of business 11/03/2003 was 213.5p.

THE CITY OF LONDON INVESTMENT TRUST PLC

The NTA as at close of business 11/03/2003 was 160.3p.

HENDERSON FAR EAST INCOME TRUST PLC

The NTA as at close of business 11/03/2003 was 129.8p.

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

The NTA as at close of business 11/03/2003 was 59.6p.




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MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC

The unaudited NTA as at close of business 10/03/2003 was 111.23pps undiluted and 109.95pps diluted.

MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC

The unaudited NTA as at close of business 11/03/2003 was 109.87pps undiluted and 108.74pps diluted.

BHP BILLITON LIMITED

BHP Billiton today announced that it has committed up to US$327 million for the first development phase of the Greater
Angostura oil and gas field. Greater Angostura is located in shallow waters (40 meters) in Block 2(c), approximately 40
kilometers off the northeast coast of Trinidad. Gross mid-case volumes are 450-million barrels of oil equivalent, which
comprises 160 million barrels of oil (mmbo) and 1.75 trillion cubic feet (TCF) of natural gas (BHP Billiton share 72 mmbo and
0.79 TCF).
Phase 1 covers the engineering, construction, and installation of production and transportation facilities required to recover
the oil reserves of the field. The development consists of three satellite wellhead protector platforms (WPPs) that will be
connected via flowlines to a steel jacket central production platform (CPP). The commercialisation of the gas resource is
expected to occur as the second phase, three to nine years following first oil, and will utilise Phase 1 infrastructure with
secondary enhancements. The timing of the commencement of gas sales will largely depend on reservoir performance and
oil recovery considerations.
Regulatory approvals from the Government of Trinidad and Tobago have been received. The joint venture will be pursuing
an aggressive schedule to achieve first oil by the end of calendar year 2004, and the Greater Angostura Field has an
estimated production life for both oil and gas between 19 to 24 years.
“With our sanction of the Angostura project, Trinidad and Tobago will become a core development area for BHP Billiton,”
said Philip Aiken, President and CEO of BHP Billiton Petroleum. “Once production begins, Angostura will be one of the
company’s largest operated assets. This represents a significant milestone in our Petroleum strategy to build shareholder
value by achieving material growth through oil and gas exploration and production. We see further potential in this offshore
area and our exploration campaign will continue with further test drilling this year in both Block 2(c) and the adjacent Block
3(a).”

ENERGY WORLD CORPORATION LIMITED

Energy World Corporation Ltd wish to advise that Ms Saik Ean Kay has been appointed joint Company Secretary of the
Company with effect from 10 March 2003.

SKY CITY ENTERTAINMENT GROUP LIMITED (NS)

Sky City Entertainment Group Limited has advised the on-market buyback on 12/03/2003 of 25,000 ordinary shares at $8.70
per share which have been purchased for cash to enhance capital efficiency authorised by a Director Resolution. The shares
will be cancelled. The total number of ordinary shares now on issue is 211,376,242.

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

ANZ has given a Notice of Ceasing to be a Substantial Holder in Henry Walker Eltin Group Limited.

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

ANZ has given a Notice of Ceasing to be a Substantial Holder in HPAL Limited.

AUSTRALIAN 20 LEADERS INDEX FUND (NS)

The Australian 20 Leaders Index Fund has provided the following interim dividend: $0.0003709 in relation to Brambles
Industries - Interim.
Record Date: 14/03/2003. Payment Date: 13/06/2003.

AUSTRALIAN 20 LEADERS INDEX FUND (NS)

The Australian 20 Leaders Index Fund has provided the following interim dividend: $0.0037129 in relation to Telstra - Interim.
Record Date: 14/03/2003. Payment Date: 13/06/2003.

WELLINGTON DRIVE TECHNOLOGIES LIMITED

Wellington Drive Technologies Limited has provided its printed Interim Report for the 6 months ending 31/12/2002.



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CALAN HEALTHCARE PROPERTIES TRUST

Calan Healthcare Properties Trust has provided its printed Interim Report for the 6 months ended 31/12/2002.

BURNS PHILP & COMPANY LIMITED

Burns Philp has provided a change of interests of substantial holder notice for Goodman Fielder Limited, dated 12/03/2003.
Previous notice - 12/03/2003 - ordinary shares - person's votes: 629,466,031 - voting power: 52.89 percent (based on
1,190,033,879 ordinary shares on issue).
Present notice - 12/03/2003 - ordinary shares - person's votes: 641,666,552 - voting power: 53.92 percent (based on
1,190,033,879 ordinary shares on issue).

THE NEWS CORPORATION LIMITED

News America Incorporated Completes Tender For $500 Million of 8 1/2% Senior Notes Due 2005
Completes Issue Of New Debt: $150,000,000 Of 4.750% Senior Notes Due 2010 And $350,000,000 Of 6.550% Senior
Notes Due 2033
New York, NY, March 12, 2003 – News America Incorporated completed its previously announced offer to purchase for cash
any and all of its outstanding $500,000,000 aggregate principal amount of 8 1/2% Senior Notes Due 2005 (the “Notes”).
Approximately 74% of the Notes were tendered and accepted for payment by News America. The tender offer commenced
on March 4 and expired at 5:00 p.m., New York City time, on March 11, 2003. JP Morgan and Salomon Smith Barney acted
as dealer managers for the tender offer. This announcement is neither an offer to purchase nor a solicitation of an offer to
sell the Notes.
The Company also announced it had completed its offering of $150,000,000 of 4.750% Senior Notes Due 2010 at a 99.963%
issue price and $350,000,000 of 6.550% Senior Notes Due 2033 at a 99.789% issue price (the “New Notes”). The offering
was made in accordance with Rule 144A under the Securities Act of 1933. News America used the net proceeds from the
sale of the New Notes to purchase the Notes that were tendered and will use the balance for general corporate purposes.
The offering of the New Notes has not been registered under the Securities Act, and the New Notes may not be offered or
sold in the United States or to U.S. persons absent registration or an applicable exemption from registration. This press
release shall not constitute an offer to sell or the solicitation of an offer to buy the New Notes.

HELLABY HOLDINGS LIMITED

Hellaby Holdings today notified the Stock Exchange that Paul Byrnes has accepted an invitation to join the board of the
company as a non-executive director with effect from 1st April 2003. The composition of the Hellaby Board is accordingly
restored to five non-executive directors and the Managing Director.
Paul has a wealth of commercial and entrepreneurial experience and expertise. He is a former managing director of
Holeproof Industries, effecting a management buyout from Australian based Pacific Dunlop in 1987 and subsequently selling
the business back some ten years later. Since then Paul has acted as a business consultant assisting clients with strategic
planning, marketing, financial management and due diligence
He is an investor in a number of private companies involved in engineering, automotive, marine electronics, communications,
software and IT, and is currently a director of the Far North power company, Top Energy Limited, and three private
companies.
His professional and tertiary qualifications are in accounting and management and he is undertaking research in the area of
corporate governance in SME companies. Paul is 49 years old and married with three children.

NATIONAL AUSTRALIA BANK LIMITED

National Australia Bank advised the on-market buyback of 490,000 ordinary shares on 12/03/2003. Highest price paid:
A$28.80. Lowest price paid: A$28.45. Approximate number of shares remaining to be bought back: 20,177,282.

WESTFIELD TRUST

Westfield Trust has provided its Annual Report for the year ended 31/12/2002.

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

ANZ has given a Notice of Ceasing to be a Substantial Holder in Clough Limited.

AUSTRALIAN 20 LEADERS INDEX FUND (NS)

The NTA as at close of business 12/03/2003 was $1.6963. The number of shares on issue is 55,513,777.

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

ANZ has given a Notice of Ceasing to be a Substantial Holder in Powerlan Limited.

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AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

ANZ has given a Notice of Ceasing to be a Substantial Holder in Lend Lease US Office Trust.

GENESIS RESEARCH AND DEVELOPMENT CORPORATION LIMITED

Genesis Research and Development Corporation has provided a copy of its Annual Report for the year ended 31/12/2002.
Also included is the Notice of Meeting for AGM to be held at 2pm on 11/04/2003. Venue: Goldstar Lounge, Ellerslie
Convention Centre, 80-100 Ascot Avenue, Greenlane, Auckland.
Special Business
Adoption of new Constitution: The Constitution of the Company requires amendment in order to comply with the ASX and
NZSE listing rules, and also to take account of the implementation of the Takeovers Code. The Board recommends that a
new Constitution be adopted by the Company in the form described in the attached Explanatory Note. The following special
resolution will be put to the Company:
That the Company adopt a new Constitution in the form approved by the Board, tabled at the meeting and signed for the
purposes of identification by the Chairman.

NATIONAL AUSTRALIA BANK LIMITED

National Australia Bank allotted 377,700 fully paid ordinary shares between 03/02/2003 and 28/02/2003. Issue price:
between A$4.72 and A$11.03. Reason for issue: all securities issued in respect of Staff Share Plans, Executive Option Plan.
The Company also advised the cancellation of 8,827,000 shares as the result of its Buy-Back.
Number of securities now quoted is: 1,513,569,329.

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

ANZ has given a Notice of Ceasing to be a Substantial Holder in Tap Oil Limited.

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

ANZ has given a Notice of Ceasing to be a Substantial Holder in STW Communications Group Limited.

COMPUTERSHARE LIMITED

Computershare has provided the following announcement:
The Premier, Steve Bracks, today announced the international company Computershare would establish its Global
Operations Centre in Melbourne.
The centre will create more than 1200 new jobs, providing an $800 million boost to the Victorian economy over the next six
years.
“In terms of jobs numbers, this is the largest single investment ever secured by a Victorian Government and is the biggest
single Information Technology (IT) jobs win ever in Australia,” Mr Bracks said.
“You have to go back to the 1970s with the first Holden engine plant, or the 1980s with the construction of the Alcoa Smelter,
to find a single investment that is as significant as this one in terms of new jobs and impact on the State.
“This is a massive vote of confidence in Victoria as a place for ICT investment and for Melbourne as a location for global
headquarters.”
Mr Bracks said Computershare was Australia’s largest home-grown IT company and was spearheading Victoria's IT push
into the international market.
“Victoria has an outstanding record of producing, keeping and attracting top ICT companies.
“This is driven by the quality of Victoria’s ICT graduates, our multilingual workforce and the cost effectiveness of operating a
global ICT company in this State.”
Mr Bracks said Computershare currently employed more than 600 people in Melbourne but this would triple to around 1800
staff.
“Computershare's investment will create highly skilled jobs including those of software engineers, financial analysts and
support technicians,” he said.
“Victoria will also be the operational base for its share registry, employee plan management, print/mail documents system,
shareholder analysis and related functions and businesses.
“The new Melbourne office will be the nerve centre of Computershare's global operations, and will service more than 7500
major customers around the world.”

AMITY OIL LIMITED

Amity Oil Limited (Amity) announced its first half-year profit since it listed on the ASX.
In its half-year financial report to 31 December 2002 released to the ASX today, Amity reported a profit from ordinary
activities before tax of $1.52 million.



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The Board finds this result particularly pleasing considering the substantial investments the Company has made over the
reporting period.
The move into profitability is a direct result of a significant increase in gas sales from the Gocerler gas field in Turkey.
Highlights for the December half year were:
a) Sales from the Gocerler Gas Field, which commenced in January 2002, increased 263% for the December half year. In
quantity terms, production increased from an average rate of 1.9 million cubic feet per day (mmcfd) in June 2002 to 12.6
mmcfd in December 2002.
b) For the half-year to 31 December 2002, Amity’s total sales, which includes its USA production interests, increased 1,290%
over the corresponding prior period.
c) Amity acquired extensive 2D seismic, and 284 square kilometres of 3D seismic in the Thrace Basin of Turkey.
d) At 31 December 2002, Amity had cash on hand of $17.6 million and no debt.
e) Upgrading of the plant to a permanently installed capacity of 20mmcfd commenced and this was completed at the end of
January 2003.
The half-year statement of financial performance also includes a tax expense of $825,000. This entry is required under
Australian Accounting Standards, however the liability is deferred as Amity is able to claim tax deductions in Turkey for all
current petroleum exploration activities.
Future Outlook
With the recent successful completion for production of the Gocerler-4 and Gocerler-5 wells and continuing progress on
connections to new customers, Amity is confident of continuing its increase in sales and profitability from the Gocerler field.
Amity is also undertaking a significant exploration drilling program in Turkey over the coming 12 months.
The Gocerler Gasfield is operated by Amity and owned 50% each by Amity and Turkiye Petrolleri A.O. (TPAO).
Copies of the full announcement can be requested from: mktctl@nzse.co.nz.

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

ANZ has given a Notice of Ceasing to be a Substantial Holder in Cellnet Telecommunications Group Limited.

LAKES OIL NO LIABILITY

Lakes Oil N.L. (“LKO”) has continued its commitment to the development of Victoria’s energy assets with its current activities,
possibly its most active period for many years.
“BUNGA CREEK NO. 2” WELL, PEP 155 – Onshore Gippsland Basin, Victoria
Interests: 100% Lakes Oil N.L.
Lakes Oil advises that at 9.00 AM this morning the second stratigraphic core hole at Bunga Creek the Bunga Creek No. 2
Well was at a depth of 303 metres. We expect to commence coring this well at a planned depth of 320 metres which should
be reached later today. Total depth of the well is 430 metres.
Bunga Creek No. 1 and 2 Wells are being drilled as part of the ongoing evaluation by Lakes Oil of a gravity low established
by the Falcon Gravity Survey flown in July 2002. The gravity low occurs to the east of the township of Lakes Entrance.
“PATTIES PIES NO. 1” WELL, PEP 156 – Onshore Gippsland Basin, Victoria
Interests: 100% Lakes Oil N.L.; farming out 50% to AusAm Resources Ltd
Drilling rig and equipment has begun arriving at the well site. “Spud in” is expected to occur on Friday 14 March 2003.
This well is planned to test a small “horst” block occurring to the North of a water bore which is producing a small amount of
gas and warm water.
The name of the well “Patties Pies” has been used as the well is located in close proximity to the Patties Bakery Pty. Ltd.,
makers of the well known Patties Pies, who could be a major customer for any commercial quantities of gas discovered.
GILBERT NO. 1, VIC/P47 – Offshore Gippsland Basin, Victoria
Lakes Oil expects to commence flying the unique “Falcon” airborne low level gravity survey early next week, 17 March 2003
over the north western portion of VIC/P47 permit where a structure has been identified and named “Gilbert No. 1”.
Lakes Oil can earn 90% interest in this portion of the permit by flying the gravity survey and drilling a well on the “Gilbert”
structure should it prove a valid target. Lakes Oil can drop its proposed interest should it decide that the current assessment
of old seismic over the structure or the gravity survey does not confirm a target.
Of the 90% which Lakes Oil can earn in this portion of the permit 1/3 rd has been assigned to Gravity Capital Ltd for the use
of its “Falcon” technology leaving Lakes Oil with 60% and the remaining 10% has been retained by the holder of the permit
Eagle Bay Resources NL.
PEP 166 – Onshore Gippsland Basin, Victoria
Interests: 50% Lakes Oil N.L., 50% to AusAm Resources Ltd
Lakes Oil is delighted with the granting of PEP 166 in January 2003. The permit covers the Latrobe Valley between Moe and
Rosedale and includes much of the Strzelecki Ranges. Early work already completed by our consultants and our joint
venture partner, AusAm Resources has confirmed several prominent large undrilled structures. The primary exploration play
will be provided by sands of the Early Cretaceous Strzelecki Formation.
This permit completes our Gippsland exposure which now stretches from Moe in West to Orbost in East.
Lakes Oil has made Victoria its focus as we believe the onshore areas in the State have been widely under-explored with de-
regulation of the gas markets and new pipelines crossing the State. Lakes Oil believes “Victoria is truly the place to be”.
Attention in Victoria in recent years has focused on offshore Gippsland, Offshore Otway and to a lesser extent onshore
Otway. For to long onshore Gippsland has been ignored.

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AMP LIMITED

AMP has today paid former Chief Executive Officer Paul Batchelor A$2.1 million as compensation for his termination in
September 2002.
Chairman Peter Willcox said AMP had delivered the former CEO a cheque for $1.4 million, which is net of $0.7 million tax.
The gross figure is equivalent to approximately 18 months base salary.
Mr Willcox said the cessation payment had been made in an attempt to bring the matter to a close.
“Despite protracted discussions and negotiations, Mr Batchelor and AMP have failed to reach an agreed settlement,” he said,
“We believe this payment is fair and reasonable and it has been made in the interests of resolving the matter.
“If he believes he is entitled to any additional payments, he is free to take legal action.”
Mr Willcox said that the Board had considered making Mr Batchelor no payment. However in view of the legal issues
involved, a $2.1 million payment was considered an appropriate reflection of his legal entitlements.
“We believe this is an adequate payment in the circumstances, particularly considering the actions we have had to take since
Mr Batchelor left,” Mr Willcox said.

THE NEWS CORPORATION LIMITED

The News Corporation advised the allotment of 44,000 Preferred Shares as at 12/03/2003. Issue price: 28,000 @ A$4.79 -
16,000 @ A$5.17. Reason for Issue: in accordance with plan rules approved by Special Resolution of Shareholders. Number
of Preferred Shares on issue is now: 3,215,427,597.

TENZ - NZSE 10 INDEX FUND (NS)

NZSE10 Index Fund advised that as at close of business on 12/03/2003, 1,000,000 units were redeemed, since 05 February
2002. The total number of units on issue that day was 85,420,496 held by 4,545 unit holders.
The asset backing for each TENZ unit at close of business on 12/03/2003 was $0.86047. The value of the NZSE10 Capital
Index at the close of business was 860.42.

TAG PACIFIC LIMITED

Tag Pacific has provided it half year preliminary report for the year ended 31/12/2002.

CARTER HOLT HARVEY LIMITED

Carter Holt Harvey announced today that it has signed an agreement with the Central North Island Forest Partnership
(CNIFP) Receiver to form a jointly owned log and chip export company.
In November 2002, Carter Holt Harvey announced that it had commenced discussions with the CNIFP Receiver on the
creation of an independent log and chip export company.
Devon McLean, CHH Chief Operating Officer says the creation of an independent export company is very positive for the
whole New Zealand Forest Industry and its many international log customers.
“For Carter Holt Harvey this initiative is all about strengthening New Zealand’s position relative to our international
competitors which is in line with the Company’s philosophy on being world class in everything we do.”
A co-ordinated approach to export marketing of New Zealand logs internationally is expected to deliver significant benefits
through economies of scale as well as greater consistency of supply and enhanced service to customers.
CHH and the CNIFP Receiver, as joint owners, are working towards launching the business by the middle of this year. There
is still further work to do on the implementation plan for setting up and operating the business between the two parties. Once
the business is established, the company intends to further discussions with potential participants.

CADMUS TECHNOLOGY LIMITED

Cadmus Technology today commented on recent changes to substantial security holders in the Company.
The changes relate to Heritage Gold subsidiary Coromandel Gold exiting the majority of its holding by the sale of 17.2 Million
shares, and majority shareholder The Law Trust selling down approximately 4.8 million shares to clients of JB Were and
ABN Ambro Craigs.
Heritage Gold, who assisted Cadmus with its initial listing, had advised the market that it was not its intention to remain a
long-term shareholder.
The Law Trust was originally due a $2,000,000 cash payment as part of the purchase price by Cadmus of its business in
November 2001. Last year $1,000,000 of The Law Trust debt was converted to shares (at 11c per share), with an additional
$300,000 being repaid early this year - leaving a balance of $700,000 still outstanding.
On the basis that the Company would prefer to utilise the majority of cash resources internally to support the continuing
growth of business, the independent Directors supported the Trust’s decision to sell a small parcel to meet its immediate
obligations to its beneficiaries. Other than the potential re allocation of shares back into the beneficiaries in their own names,
there is no plan to undertake any further transactions in the near future.
The Law Trust remains the major holder of Cadmus with over 76,000,000 shares (representing 48.08% of the company) and
is committed to remaining a significant shareholder in the Company with a long term view of its investment.

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The transactions resulted in the addition of a large number of new private investors to the share register. This combined with
the recent investment by the JBWere Private Equity fund is a positive development for the stability of the share register.

BURNS PHILP & COMPANY LIMITED

Burns Philp & Company has advised the allotment of 260,351 ordinary shares on 13/03/2003. Issue price: A20cps for the
exercise of Options. Reason for issue: issued upon the exercise of 260,351 Options.
Number of securities now quoted: 1,058,368,936.

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

ANZ has given a Notice of Ceasing to be a Substantial Holder in IRESS Market Technology Limited.

BLUE STAR PRINT GROUP LIMITED

Blue Star Print Group has provided the interest payment on its BLU010 15/10/2008 Bonds. Record Date: 28/03/2003.
Payable: 15/04/2003.

KIWI INCOME PROPERTY TRUST

One of the country’s largest shopping centre redevelopment is finding favour with national and international retailers.
Northlands Shopping Centre in Christchurch has signed leasing contracts for more than 95 percent of the new space in its
stage one redevelopment, months ahead of schedule.
“We have seen very strong interest from retailers in the new premium space that Northlands is creating as part of its
redevelopment,” says Angus McNaughton, Chief Executive of Kiwi Income Property Trust, which owns Northlands.
The $90 million redevelopment will almost double the ‘old’ Northlands floor area and has a mix of major tenants that is
unequalled in any other New Zealand shopping centre.
“New retailers attracted to Northlands were looking for a site with long-term appeal to both existing and new customers.
There is clearly a demand for retail space in a mall that appeals to a large and growing market,” says Mr McNaughton.
“Many shopping centres look the same but Northlands will be a unique experience, with a special emphasis on the
Canterbury environment. One of the keys to the redevelopment is the establishment of five theme areas, for different parts
of the Centre,” said Mr McNaughton.
The new Northlands, when completed, will have 40,700 square metres of leaseable area.
“The 120 speciality stores and five major anchor tenants - Farmers, Pak’N Save, The Warehouse, Hoyts Cinemas and
Countdown Supermarket – will make it the largest enclosed shopping centre in the country when completed,” he says.
The redevelopment has been designed to make access, parking, and shopping easier for customers.
Stage 1 is on schedule to be completed in July this year and in excess of 50 extra shops will be available in March 04.
Sky City Entertainment Group Limited (NS)
Sky City Entertainment Group Limited has advised the on-market buyback on 13/03/2003 of 110,703 ordinary shares at
$8.7055 per share which have been purchased for cash to enhance capital efficiency authorised by a Director Resolution.
The shares will be cancelled.
The total number of ordinary shares now on issue is 211,265,539.

AMP INVESTMENTS' WORLD INDEX FUND (NS)

The unaudited NTA as at close of business 13/03/2003 was $0.95076. The number of shares on issue is 365,892,042.

APPLE FIELDS LIMITED

The Board of Apple Fields advises that Mr Mark Schroeder has accepted an invitation to become a director of the company.
Mr Schroeder is based in Christchurch and operates an independent software company that provides software packages
designed to assist medium sized companies with performance and growth and is also assisting in an international sports
publishing startup.
Mr Schroeder will replace director Mr John Upton of Auckland, who is not standing for re-election.




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