FRIDAY, JUNE 20, 2003

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					                                                  FRIDAY, JUNE 20, 2003

THE BANKERS INVESTMENT TRUST PLC
The NTA of The Bankers Investment Trust as at close of business 18/06/2003 was 267.0p.
THE CITY OF LONDON INVESTMENT TRUST PLC
The NTA of The City of London Investment Trust as at close of business 18/06/2003 was 199.3p.
HENDERSON FAR EAST INCOME TRUST PLC
The NTA of Henderson Far East Income Trust plc as at close of business 18/06/2003 was 147.9p.
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
The NTA of Henderson TR Pacific Investment Trust plc as at close of business 18/06/2003 was 69.9p.
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC
The unaudited NTA of Merrill Lynch European Investment Trust as at close of business 18/06/2003 was 143.80p xd
undiluted and 138.84p xd diluted.
COLONIAL FIRST STATE PROPERTY TRUST
Colonial First State Property Trust has provided a copy of its printed Annual Report for the year ended 31/03/2003.
OPIO FORESTRY FUND
Perpetual Trust, the trustee for the Opio Forestry Fund has decided to move the management of the fund to its Christchurch
office. As a result Jeff Staniland – General Manager Strategy and Projects will now be responsible for management of the
fund. Ian Taylor who has carried out this role for the past 10 years has left Perpetual Trust.
The new contact details for the trustee are:
Jeff Staniland
Perpetual Trust Ltd
Level 1,
Pyne Gould Corporation Building
233 Cambridge Tce, Christchurch
Postal address: P O Box 112, Christchurch
Telephone: (03) 379 8611; facsimile (03) 379 8608
Email: jeff.staniland@perpetual.co.nz
OWENS GROUP LIMITED
Owens Group have provided its Official Notice of Annual Meeting. To be held in the Guineas Lounge, 3rd Floor, Ellerslie
Convention Centre, 80-100 Ascot Road, Greenlane, Auckland on Tuesday 8 July 2003 at 2.30pm.
TOWER LIMITED
Tower Limited has provided an appendix 7 in relation to its 3 for 5 Renounceable Rights Issue.
Class of sercurities: Ordinary shares
Number of Securities to be issued following the event: up to 135,381,648
Amount per Security: $1.00
Total Monies: $135,381,648
Record Date: 04/07/2003
Application Date: 29/07/2003
Notice Date: 7-8/07/2003
Allotment Date: 01/08/2003
TRANZ RAIL HOLDINGS LIMITED
The excellent customer relationship that Tranz Rail has built up over the years with Ravensdown Fertiliser Co-operative
Limited has resulted in the company signing a five-year contract to move fertiliser from Napier to a number of destinations.
National Bulk Manager Steve Muir says the five-year contract includes moving an additional forty thousand tonne of fertiliser
from Napier to Feilding by rail with potential for this to be increased significantly.
“A new rail siding is to be built at the Ravensdown Feilding Store and by fertiliser being placed on rail it will reduce the
number of truck movements between Napier and Manawatu over the 5 years by close to 7500 truck movements.
“The 5-year commitment from Ravensdown has also resulted in an increase in rail services on the Napier to Gisborne line.
The number of services has gone from one a week to three and further opportunities are being explored.



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“Recognising the growth in the Hawkes Bay, Tranz Rail is to base a key account executive in Napier as well as a logistic co-
ordinator to assist Tranz Rail’s terminal manager Bronwyn Young.
“Ravensdown is looking forward to an even closer relationship with Tranz Rail, they have worked very hard to meet our
needs, this contract is evidence of our confidence in the ongoing ability of Tranz Rail to meet our requirements of providing
fertiliser where and when required” says Lower North Island Logistics Manager Russell Eliason.
NATIONAL AUSTRALIA BANK LIMITED
National Australia Bank advises the on-market buyback of 28,341 ordinary shares on 19/06/2003. Highest price paid:
A$33.99. Lowest price paid: A$33.98. Approximate number of shares remaining to be bought back: 15,421,187.
OPIO FORESTRY FUND
Opio Forestry Fund has provided a copy of its Annual Report for the year ended 31/03/2003.
F&C EMERGING MARKETS INVESTMENT TRUST PLC
Foreign & Colonial Emerging Markets Investment Trust has provided a copy of its printed Interim Report for the 6 months
ended 31/03/2003.
LEND LEASE CORPORATION LIMITED
Lend Lease Corporation has advised the on market buy-back of 653,000 shares on the 19/06/2003. Highest price paid:
$8.70. Lowest price paid: $8.67. Total consideration paid: $5,678,587. Number of shares remaining to be bought back:
42,329,820.
TOWER LIMITED AND NEW ZEALAND EXCHANGE LIMITED
The Market Surveillance Panel has provided an Announcement regarding TOWER Limited and the Complaint re Directors
Remuneration
Background
1. On 21 April 2003 the Market Surveillance Panel (“the Panel”) received a complaint from the New Zealand Shareholders
Association in regarding TOWER Limited (“TOWER”). The complaint set out four main points:
a. That TOWER breached Listing Rule 3.5.1 by paying Directors of TOWER fees in excess of the level of fees approved by
TOWER’s shareholders.
b. That TOWER, through incomplete reporting of Directors’ remuneration, has concealed the subject matter of the first
complaint and made it difficult to reconcile this key governance issue with any certainty.
c. That TOWER has effectively increased directors’ fees by one third without specific shareholder approval, in breach of
Listing Rule 3.5.1, through entry by TOWER and its subsidiaries into retirement allowance deeds with TOWER Group
directors.
d. That TOWER’s constitution does not comply with the Listing Rules as the definition of Issuer does not extend to the
broader Group, which is inconsistent with Listing Rule 1.1.5.
2. A division of the Panel was formed and the complaint was forwarded to TOWER seeking comment.
3. TOWER responded in detail to the points raised by the New Zealand Shareholders Association and provided further
information to assist the Panel.
Listing Rules
4. Listing Rule 3.5.1 provides that any remuneration paid to a Director in his or her capacity as a Director must be approved
by ordinary resolution of the Issuer.
5. “Issuer” is defined in the Listing Rules as “…any person which is or has been Listed, and where applicable has the
extended meaning given in Rule 1.1.5”
6. Listing Rule 1.1.5 includes:
“…Reference to an Issuer in the Rules shall, as the context permits, extend to include all members (other than another Listed
entity or a Subsidiary thereof) of any group of companies and/or other entities of which the Issuer is the holding company, or
in which the Issuer otherwise has a controlling interest, to the extent that such extension is necessary to ensure that the
object of the Rules is not frustrated or avoided by reason of the separate legal personality of members of the group..”
    Panel Decisions on each Complaint
    a. Directors Fees
7. The intention behind Listing Rule 3.5.1 is to require shareholder approval for the remuneration of Directors. “Director” in
this sense means a Director of the Issuer and if a Director was to receive remuneration from the Issuer in excess of the
approved amount, this would be in direct contravention of the rule. The issue is whether the definition of TOWER as an
Issuer under Listing Rule 1.1.5 should be extended to include its subsidiaries, and therefore whether shareholder approval is
required under Listing Rule 3.5.1 for the total fees paid to Directors who are also Directors of subsidiaries.
8. The Panel concludes that as an Issuer, TOWER should be regarded as including its subsidiaries under LR 1.1.5. Were
the definition not so extended, then the intention of LR 3.5.1 that the remuneration of director be approved by shareholders
would be frustrated by the use of separate legal personalities of the Issuer. In brief, Listing Rule 3.5.1 would be ineffective
because Issuers could circumvent the Rule through the use of subsidiaries.


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9. The Panel does not accept the view that because subsidiaries have separate activities from the Group and separate
governance, this exonerates the requirement for shareholder approval of remuneration of Directors who serve on subsidiary
boards as well as the group board..
10. Accordingly, the Panel finds that the extended definition of “Issuer” under Listing Rule 1.1.5 is applicable to the
remuneration of Directors of the Issuer serving on subsidiary boards of the Issuer. Under Listing Rule 3.5.1, the Directors
total remuneration must be approved by way of ordinary resolution and remuneration received for serving on the board of a
subsidiary of the Issuer should be included in the calculation of total remuneration approved under such a resolution.
11. As the remuneration for TOWER’s Directors exceeded the levels previously approved by TOWER’s shareholders,
TOWER breached Listing Rule 3.5.1 in the 2002 financial year.
   b. Complete Disclosure
12. Listing Rule 10.5.3(a) requires an Issuer’s annual report to contain the information required by section 211 of the
Companies Act 1993.
13. Section 211(1)(f) of the Companies Act 1993 requires the company to state, in respect of each director and former
director of the TOWER Group, the total remuneration and benefits received from the TOWER Group (i.e. including
remuneration from subsidiaries) in the financial year.
14. The above information is provided on page 38 of TOWER’s 2002 annual report and the Panel is satisfied that the
requirements of Listing Rule 10.5.3(a) were fulfilled.
c. Retirement Allowances
15. Listing Rule 3.5.2 provides discretion to the Board of an Issuer to pay retirement allowances up to certain limits without
the requirement for shareholder approval. Based on the information provided by TOWER, it is evident that TOWER’s Board
has decided to exercise this discretion in respect of each Director, and to commit to this, by deed, on the appointment of the
Director. The Panel is of the view that the outcome is consistent with Listing Rule 3.5.2, and that the process of committing
to the payment by deed does not render the exercise of the discretion inconsistent with the Rule.
d. Definition of “Issuer” in TOWER’s constitution
16. The definition of “Issuer” in TOWER’s constitution is :
“Issuer” means any person which is or has been Listed, and where applicable has the extended meaning given in NZSE
Rule 1.1.5
17. The Panel finds that the definition of “Issuer” in TOWER’s constitution is consistent with the NZX Listing Rules.
Summary
18. To summarize the decisions by the Panel:
a. TOWER breached Listing Rule 3.5.1 in the 2002 financial year by exceeding the Directors’ remuneration levels approved
by shareholders.
b. TOWER’s disclosure in its 2002 annual report is consistent with Listing Rule 10.5.3 (a).
c. TOWER’s retirement practice is consistent with Listing Rule 3.5.2.
d. The definition of “Issuer” in TOWER’s constitution is consistent with the Listing Rules.
19. In relation to the breach of Listing Rule 3.5.1, The Panel has investigated the circumstances surrounding this breach
including the fact that TOWER obtained legal advice and acted in accordance with that advice, and that TOWER disclosed
the total payments made to Directors for serving on all boards (including subsidiaries). The Panel has concluded that the
only action required by TOWER is to seek approval for payments made to its Directors covering group board and
subsidiaries at its next annual general meeting.
20. The Panel does not intend to take further action in this matter.
AFFCO HOLDINGS LIMITED
AFFCO Holdings Limited has provided it printed Interim Report for the 6 months ended 31/03/2003.
TRANZ RAIL HOLDINGS LIMITED
Tranz Rail announced today that it has placed its asset sales programme on hold until after resolution has been achieved
regarding the Heads of Agreement with the Crown and the anticipated offer from Toll Holdings.
Chairman Wayne Walden says it was important to have the final bids on the table regarding the Distribution Services Group,
Tranz Link so they could make an evaluation and ensure maximum flexibility for shareholders.
“Tranz Rail will have the independent evaluation from merchant bankers and corporate advisors, Grant Samuel & Associates
regarding the Crown agreement and the anticipated Toll offer to shareholders by mid- July. Meetings with key institutional
shareholders are also planned for next week.
“I can also confirm that this week we received the $44 million from the Crown, which is the deposit on the rail network, and
assets it would acquire from Tranz Rail. If the proposed transaction is not approved by TRH shareholders, this deposit will be
repayable with interest on 30 June 2004.
 “I can further confirm that the payment of $20 million due to our rolling stock leaseholders was made last night,” says Mr
Walden.
TRUSTPOWER LIMITED
TrustPower has announced the sale of some 8,500 customers in the Auckland, Northland and adjacent areas to Mercury
Energy.

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The sale completes a process begun in March 2002, when TrustPower and Mercury both signalled their intention to exit
markets where the two companies believed it would be increasingly difficult to acquire competitive scale.
TrustPower is advising the affected customers that their accounts will be transferred to Mercury Energy as from 27 June.
TrustPower Chief Executive Keith Tempest says the move completes TrustPower’s recent market rationalisation, which has
seen the company exit residential markets where it did not believe it could offer competitive prices, allowing it to focus on
markets where it already had a strong and profitable retail presence.
“We believe that these moves have been in the best interests of our company, and our customers. We have strong market
presence in all of the 12 regions where we are the incumbent retailer, and in several other regions, and it makes sense for us
to focus on those markets.”
Mr Tempest said the market rationalisation did not affect contracted commercial customers in the affected areas.
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The NTA of The Australian 20 Leaders Index Fund as at close of business (Sydney) 19/06/2003 was $2.0735. The number
of shares on issue is 53,910,659 (following DRP adjustment).
TOWER LIMITED
Tower Limited has today received confirmation from the New Zealand Exchange Limited’s Market Surveillance Panel of its
decision relating to complaints from the New Zealand Shareholders’ Association concerning directors’ remuneration. The
Panel will not censure Tower.
TOWER will comply with the Panel’s finding, that the level of fees paid to its subsidiary board directors should be approved
by TOWER’s shareholders at its next Annual Meeting.
The Panel’s investigations have confirmed that TOWER believed, in reliance on legal advice, that it was acting correctly and
that TOWER has not attempted to conceal directors’ fees. TOWER made full disclosure of total payments made to directors
serving on all Boards (including subsidiaries) in its Annual Report.
Subsidiary directors’ fees were paid only to non-executive directors of substantive, operating companies. The level of fees
was customarily approved by the TOWER Limited Board following receipt of external advice as to appropriate fee levels, and
having regard to work levels, responsibilities and the fact that subsidiary boards received the benefit of overall Group
governance. Recent consolidation of subsidiary Boards has significantly reduced the number of external subsidiary directors
and the level of fees paid by TOWER’s subsidiary companies.
The Panel’s findings clarify TOWER’s obligations, and those of other listed companies that may have taken a similar
approach to subsidiary directors’ remuneration
PROMINA GROUP LIMITED
Moody's Investors Service downgraded the insurance financial strength rating of Royal & Sun Alliance Lenders Mortgage
Insurance's (RSALMI) to Baa1, fromA3. The rating outlook, which had been negative, is stable.
The rating agency says the downgrade of RSALMI reflects its belief that the mortgage insurer, which effectively stopped
writing new business in May 2003, and is now in run-off, will remain vulnerable to the long tail risks of mortgage insurance -
exacerbated by the 100% cover typical of LMI policies in Australia - with diminished prospects for institutional or parental
support. The run-off status of the firm is an additional negative.
Moody's views the mortgage insurer's capital position as adequate for the time being to meet its likely future claims
obligations. Furthermore, regulatory supervision from APRA will help maintain capital levels. However, RSALMI is a non-
strategic, run-off business of Promina, a large insurance
group based in Australia, and Moody's does not believe that Promina has much long-run incentive to maintain other than the
minimum capital level at RSALMI, or to provide support.
Furthermore, the rating agency believes that while the management and other resources dedicated to servicing the
outstanding policies of RSALMI are adequate at this time, they may deteriorate as the run-off progresses.
The stable outlook also takes into consideration the low mortgage default rates typically experienced in Australia, and
Moody's expectation that mortgage default rates are unlikely to dramatically increase in the near term. Moody's notes,
however, that the 100% cover typical of LMI policies makes LMIs such as RSALMI vulnerable to infrequent, but potentially
severe, swings in loss experience, and that this characteristic lengthens what is already a very long-tail business.
Should RSALMI's credit loss performance, or the effectiveness of the management of the run-off, materially deteriorate, the
rating would be under downward pressure. An upgrade scenario is difficult to envision, and would likely reflect exceptional
performance of the run-off, or the sale of the business to a strong owner.
Moody's first assigned an IFSR of A2 to RSALMI in September 1997. The A2 rating recognised the firm's aggressive
business model, and of the lack of a clear strategic role for LMI in the RSA Group - then the parent firm. Rating concerns
centred around RSALMI's highly concentrated customer base, insurance of high loan-to-value mortgages, and exposure to
equity-release home lending.
In February 2003, RSALMI's IFSR was downgraded to A3. The rating downgrade was based on the increasing risk that
RSALMI's franchise would be negatively affected by uncertainties over its position within Royal & Sun Alliance's Australasian
business then being spun off, as well as its continued dependence on a handful of clients. There was also talk of selling the
firm, and this had an acute, negative effect on the RSALMI's ability to continue as a going concern. Since then, RSA's


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Australian insurance business has been spun off into Promina, and RSALMI, the former "strategic" business of the firm,
experienced client desertions, and has gone in to run-off.
Royal & Sun Alliance Lenders Mortgage Insurance Limited, based in New South Wales, is a mortgage insurer that provides
primary mortgage insurance on single-family dwellings in Australia and New Zealand. RSALMI is a wholly owned subsidiary
of the Promina Group. The Promina Group is Royal & Sun Alliance group's Asia-Pacific operation that is now listed on the
Australian Stock Exchange.
NUHAKA FARM FORESTRY FUND
New Contact Details have been provided for Nuhaka Farm Forestry Fund
Perpetual Trust, the trustee for the Nuhaka Farm Forestry Fund has decided to move the management of the fund to its
Christchurch office. As a result Jeff Staniland – General Manager Strategy and Projects will now be responsible for
management of the fund. Ian Taylor who has carried out this role for the past 10 years has left Perpetual Trust.
The new contact details for the trustee are:
Jeff Staniland
Perpetual Trust Ltd
Level 1,
Pyne Gould Corporation Building, 233 Cambridge Tce, Christchurch
Postal address: P O Box 112, Christchurch
Telephone: (03) 379 8611; facsimile (03) 379 8608
TELECOM CORPORATION OF NEW ZEALAND LIMITED (NS)
Telecom and Alcatel today signed a five year agreement, with an estimated value of NZ$120m, which sees Alcatel taking
increased responsibility for the management of Telecom’s network planning, development and operations services in New
Zealand.
Telecom and Alcatel have a strategic partnering relationship to jointly manage the development and integration of Telecom's
trans-Tasman Next Generation Network (NGN).
Today’s agreement covers Telecom’s network in New Zealand.
Telecom’s New Zealand General Manager Network Delivery, Steve Fuller, said that the deal follows many months of
discussion. “The Next Generation Network and the new services it will enable, are a huge deal for our customers and having
on board a global leader in NGN technologies, Alcatel will help ensure customer expectations are met,” Mr Fuller said.
Telecom is working closely with Alcatel, a worldwide leader in outsourcing for telecommunications, to deliver cutting-edge
customer services for the future.
“The NGN will mean faster and easier customer access to many more cutting edge products and services. On the new
Internet Protocol (IP) network, we’ll be able to combine voice and data on the same line, deliver multiple services easily and
provide new services faster and more cost-effectively. Today’s agreement will help ensure all these customer benefits for the
future,” said Mr Fuller.
The agreement involves the transfer of almost 200 Telecom New Zealand staff to Alcatel New Zealand from 1 July 2003.
“This new working model means excellent opportunities for Telecom’s network planning, development and operations teams
who are now transferring to Alcatel,” Mr Fuller said. “The new structure will give them exposure to Alcatel’s technologies,
global training opportunities and increased possibilities for career development.”
Alcatel New Zealand Managing Director Mark Giles said, “This deal and its scale is unique in Australasia. The new team,
with the benefit of Alcatel’s global business resources, will be involved in designing, operating and supporting Telecom’s
current and new network. This is a significant milestone in the telecommunications world.”
PROMINA GROUP LIMITED
Promina Group have provided a copy of the speech Michael Wilkins’ delivered yesterday to the Financial Services
Accountants Association.
Copies can be requested from lcr@nzx.com.
TRUSTPOWER LIMITED
TrustPower wishes to advise that pursuant to a pro-rata buy back offer made to shareholders on 26 March 2003, it has
bought back from AGL NZ Limited (“AGL”):
(a) fully paid TrustPower shares:
25,604,881 ordinary TPW
14,974,000 ordinary TPWNE
(b) the purchase price for the shares was $3.70 per share for a total consideration of $150,141,859.70;
(c) payment for the shares will be made in cash;
(d) the shares repurchased represent 20.5% of the total number of TrustPower shares on issue;
(e) as set out in the offer document sent to shareholders, the objective of the buy back is to give TrustPower a more efficient
capital structure. Further, the buy back allows TrustPower to return excess capital to shareholders in a tax efficient manner;
(f) authority for the buy back was given by TrustPower shareholders at a special shareholders’ meeting held on 19 June
2003;

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(g) the total number of TrustPower shares on issue after the purchase from AGL is 157,695,898 ordinary TPW and nil
TPWNE;
(h) the shares repurchased from AGL will not be held as treasury stock; and
(i) the acquisition was made on 20 June 2003.
NUHAKA FARM FORESTRY FUND
Nuhaka Forestry Fund has provided a copy of its 29th Annual Report for the year ended 31/03/2003.
AMP INVESTMENTS' WORLD INDEX FUND (NS)
The unaudited NTA of WiNZ (AMP Investments World Index Fund) as at close of business 20/06/2003 was $1.10016. The
number of shares on issue is: 367,069,088.
                                                 MONDAY, JUNE 23, 2003

TELSTRA CORPORATION LIMITED
Telstra Corporation Limited has provided a copy of a media release made by the Minister for Communications, Information
Technology and the Arts.
The Minister for Communications, Information Technology and the Arts, Senator Richard Alston, today released for public
comment the report from the Australian Competition and Consumer Commission (ACCC) on the wider competition effects of
emerging structures in the Pay TV market.
The report provides a broad analysis of a range of competition issues that are emerging in the rapidly changing
communications environment. The report's recommendations focus on Telstra's involvement in the Pay TV sector, the longer
term regulatory arrangements for free-to-air and Pay TV broadcasters, and access to quality Pay TV content for broadband
providers. While the Government will fully consider the ACCC report, there are very cogent reasons for not supporting two of
its recommendations:
• The ACCC raises the possibility that Telstra relinquish its shareholding in Foxtel and its HFC network unless it can be
shown that the costs outweigh the perceived benefits of divestiture. Proposals advocating such fundamental industry
restructuring years after very large investments have been made must be treated with the utmost caution,, particularly when
the ACCC itself has not provided any clear-cut evidence of anti-competitive behaviour. The alleged benefits of structural
separation are theoretical at best, and given that the cost involved could be significant and there is a . In particular, the
ACCC itself has raised the potential risk of taxpayer-funded compensation to Telstra's 1.8 million shareholders.
• The ACCC recommends that the Government bring forward a review of the moratorium on new free-to-air commercial
television licences. Parliament legislated the moratorium in recognition of the fact that broadcasters needed breathing space
from further competition while spending up to $1 billion on their requirement to convert to digital. The Government remains
committed to maintaining the moratorium until December 2006 and will undertake a review of the moratorium at an
appropriate time. Reviewing the moratorium now, three-and-a-half years before its expiry, is premature and would not
provide a clear assessment of the likely post 1 January 2007 media landscape.
In March 2002, I asked the ACCC to provide a report on the wider competition implications of emerging Pay TV industry
structures when the Foxtel/Optus content sharing agreement was first announced. The ACCC approved the agreement with
conditions in November 2002..
NEW ZEALAND EXCHANGE LIMITED
23 June 2003 - New Zealand Exchange Limited (“NZX”) is pleased to announce that the Final Price for the IPO Shares has
been set by the NZX Board at $3.60 per share.
This price has been set after taking into account:
- Trading data from the trading of existing shares and rights
- The overall demand profile for shares
- Pricing indications from institutions and the firm allocation process
- Valuation advice provided to the Board by the Lead Manager and the Valuation Advisers
- A number of other factors the Board has considered relevant.
The Final Price of $3.60 per share is above the indicative range which was shown in the combined Investment Statement
and Prospectus dated 3 June 2003. The Board reserved the right to set the Final Price outside the indicative price range.
Applications for NZX shares can be made using the IPO Application Form found in the back of the NZX Investment
Statement and Prospectus. An NZX Investment Statement and Prospectus can be obtained from NZX, or any NZX Firms.
Completed Application Forms should be mailed or delivered to: NZX IPO, c/- Computershare Investor Services Limited,
Level 2, 159 Hurstmere Road, Private Bag 92 119, Auckland. The final date for applications to the IPO offer is Friday, 4 July
2003.
ENERGY WORLD CORPORATION LIMITED




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Reference the ASX announcement issued on 16 June 2003, the Directors of Energy World Corporation Limited (EWC) wish
to advise that the Company has sold its shares in Odeon Limited representing its investment in the Basin Bridge Power
Station, Chennai, India.
The funds received have been utilized to pay down the Company debt obligations to the Commonwealth Bank of Australia
(CBA). The amount outstanding under the Multi Option Facility (MOF) has therefore been further reduced to A$27 Million.
This represents a significant reduction in the sum owed to the CBA. The original sum owed under the facility was A$115
Million in 2000.
EWC are now discussing with the CBA the workout for the balance of the facility that remains to be paid. A further
announcement on this topic will be made when mutually agreeable arrangements have been concluded.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
ANZ today confirmed it had asked for clarification regarding media statements made in Thailand in relation to ANZ’s possible
participation in a future recapitalisation of Thai Military Bank.
ANZ confirms there is currently no firm proposal that has been made to Thai Military Bank. Substantive issues are still to be
resolved and the talks, while constructive, may take some time to reach a conclusion either way.
KIWI INCOME PROPERTY TRUST
Kiwi Income Properties Limited, as Manager of Kiwi Income Property Trust, wishes to advise that the strike price for the
dividend reinvestment scheme, operating in respect of the dividend payable on Friday, 27 June 2003 is $1.04 per unit.
BURNS PHILP & COMPANY LIMITED
Burns Philp and Company Limited has provided their Notice of Extraordinary General Meeting . The Extraordinary General
Meeting will be held at the Wesley Theatre, Lower Ground Floor, Wesley Conference Centre, 220 Pitt Street, Sydney on
Wednesday 23 July 2003 at 10.30am. Included in this notice is the Chairman’s letter, Explanatory Memorandum,
Independent Expert’s Report and Proxy Form. Copies of this can be requested from lcr@nzx.com
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC
The unaudited NTA of Merrill Lynch European Investment Trust as at close of business 19/06/2003 was 141.48p undiluted
and 136.78p diluted.
THE BANKERS INVESTMENT TRUST PLC
The NTA of The Bankers Investment Trust as at close of business 19/06/2003 was 263.8p.
THE CITY OF LONDON INVESTMENT TRUST PLC
The NTA of The City of London Investment Trust as at close of business 19/06/2003 was 196.1p.
HENDERSON FAR EAST INCOME TRUST PLC
The NTA of Henderson Far East Income Trust plc as at close of business 19/06/2003 was 148.3p.
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
The NTA of Henderson TR Pacific Investment Trust plc as at close of business 19/06/2003 was 70.6p.
SCHRODERS EMERGING COUNTRIES FUND PLC
Schroders Emerging Countries Fund Plc has provided the following:
A document setting out full details of the Company’s proposed reconstruction has today been sent to shareholders and
warrantholders.
The document is available to the public for inspection at the Document Viewing Facility, 25 The North Colonnade, Canary
Wharf, London E14 5HS.
HELLABY HOLDINGS LIMITED
The directors of Hellaby Holdings advise that the company has today received an income tax refund of $9 million from the
Inland Revenue which results in a restatement of its future tax benefit asset (book value $4 million).
The refund will, accordingly, improve the Hellaby Group’s reported earnings for the year to 30 June 2003 by $5 million.
Hellaby directors confirmed that the underlying trading profit of the group up to the end of May is in line with the company’s
forecasts and comfortably ahead of the group’s profit for the same period last year.
LEND LEASE CORPORATION LIMITED
Lend Lease Corporation has advised the on market buy-back of 8,689 shares on the 23/06/2003. Highest price paid: $8.80.
Lowest price paid: $8.67. Number of shares remaining to be bought back: 42,321,131.
NATIONAL AUSTRALIA BANK LIMITED


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National Australia Bank advises the on-market buyback of 600,000 ordinary shares on 23/06/2003. Highest price paid:
A$34.05. Lowest price paid: A$33.85. Approximate number of shares remaining to be bought back: 14,821,187.
NEWS & MEDIA NZ LIMITED
News & Media NZ Limited confirms that it has issued a new class of 32,444,884 Convertible Exchangeable Preference
Shares (NMNPB ISIN: NZNMND0001S8)on the 20/06/2003.
Issue Price: $4 per new CEPS giving an aggregate issue amount of $129,779,536
Payment Terms: Pursuant to exchange of existing convertible exchangeable preference shares and pursuant to
subscriptions under preferential offer.
Reason for issue: Refinancing of existing convertible exchangeable preference shares
Percentage of class of sercurites: 100%
Number of (NMNPB) securities in existence after issue: 32,444,884 CEPS
AMP LIMITED
AMP today announced the decision to close its UK pension business, NPI Limited, to new business and manage it as part of
its UK Life Services (UKLS) business. As part of the announcement of the demerger proposal on 1 May 2003, AMP said that
it planned to test the market for interest in NPI, reflecting the changed strategic direction of the UK business. NPI is the
specialist pensions provider within AMP’s UK Contemporary Financial Services business unit. AMP Chief Executive Officer,
Andrew Mohl, said that as part of this process the company had reviewed a number of options for NPI including sale,
rationalisation and restructure. The review has now determined that the best outcome is to maintain ownership of the existing
book and run it on a closed-book basis. “After thorough consideration of all the options, we have decided that retaining the
NPI book and closing it to new sales is in the best interests of both shareholders and customers,” Mr Mohl said.
“This solution maintains service to existing customers, secures assets under management for Henderson, provides scale to
the Life Services business and minimises the cost of managing the NPI book.” The closure of the NPI book to new business
means that all AMP’s UKbased life companies are closed to new business, although they continue to accept contractual
increments from existing customers. AMP expects a reduction of approximately 900 roles as a result of the changes to NPI
and the realisation of further operational improvements. These reductions are in addition to those previously announced in
June and December 2002. AMP is commencing the minimum 90 day consultation period with the recognised union. “The
decision to restructure has been a very difficult one to make, given the impact it will have on our people. We are working to
mitigate this impact wherever possible,” Mr Mohl said. “However it is a necessary step to ensure the new UK-based business
has a solid foundation for future success, particularly given the difficult UK environment and our changed UK strategy.” Costs
related to these changes have already been provided for in the estimated provision of £100 million (A$260 million) for
demerger expenses, included in the 1 May 2003 announcement. Independent financial advisory business Towry Law is not
impacted by these changes and will remain part of the new UK business. In addition, the NPI announcement will have no
impact on the proposal to demerge, which remains on track.
IT CAPITAL LIMITED
Auckland, 23rd June 2003: Listed Investment Company IT Capital Limited (NZSE:ITC), today announced that on 20 June
2003, IT Capital Limited (“ITC”) (through its wholly owned subsidiary, DVI Investment Company Limited) attended a
shareholder meeting of Deep Video Imaging Limited (“DVI”) regarding a capital restructuring for DVI. ITC currently owns
41.55% of the shares in DVI.
Significant advances have been provided to DVI by K One W One Limited (“K1W1”). The shareholders have agreed to issue
1,677,083 new ordinary shares at an issue price of $4.80 per share in order to raise $8,050,000. This will enable DVI to
repay the K1W1 loans and provide an additional $1,000,000 in cash for further product development by DVI.
The new shares are offered by way of a pro rata rights issue, and are fully underwritten. The issue price of $4.80 per share
has been confirmed as being “fair and reasonable” by an independent appraisal report provided by Deloitte Touche
Tohmatsu.
Due to the impact of the proceedings that Power Beat International Limited (“Power Beat”) has issued against ITC (and
others) it is unlikely that ITC will be able to participate in the pro rata rights issue. Accordingly, ITC’s shareholding in DVI will
remain at 661,664 shares, but its percentage interest in DVI will reduce to 19.44% of DVI. This may be diluted to 18.50% as
a result of a proposed employee share option plan instigated by DVI.
The restructure of DVI is conditional upon certain matters including Power Beat failing to obtain an injunction from the High
Court to prevent the proposed restructure. Power Beat is still seeking such injunction and is expected to be heard by the
High Court on 30 June and 1 July 2003.
On 8 April 2003 ITC advised the market regarding two sets of legal proceedings relating to DVI including an injunction
application by Power Beat against DVI and others, including ITC. The injunction application referred to above pertains to an
allegation by Power Beat of oppressive conduct against DVI and supports the earlier application. The current application,
however, does not involve ITC as a party and is anticipated to be determined by 1 July 2003.
The second set of proceedings related to an application by Power Beat for the return of 371,727 DVI shares that it sold to
ITC in May 2000 and further unspecified damages. On 13 July 2003 ITC (along with the four other defendants in the
proceedings) applied to the High Court seeking summary judgment for the dismissal of those proceedings and seeking


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security for costs against Power Beat. That summary judgment application is not expected to be heard until some time after
18 July 2003.
MIM HOLDINGS LIMITED
M.I.M. Holdings Limited has provided a Change of Director’s Interest Notice in respect of Vincent Patrick Gauci.
Number of securities disposed: 304,756
Number of securities held after change: 947,834
Nature of change: Forfeiture of shares held by MIM Share Acquisition Plan Pty Ltd and previously allocated to but not vested
in the director.
INFRATIL LIMITED
Infratil have provided an Email Update which is copied below:
23 June 2003
Infratil Email Updates are sent to interested shareholders, analysts, brokers and other parties who have registered their
interest on http://www.infratil.com
The email updates feature recent announcements and press items (industry news) related to Infratil's investments and the
sectors it operates in.
Why NZ Should Oppose Air NZ / Qantas Alliance - A Briefing Paper
The next stage of the regulatory process on whether the Qantas/Air New Zealand merger will be allowed to proceed is
underway . It is interesting to see how much Air New Zealand's relative operating and financial position has improved since
the association was first announced. Today, Air New Zealand looks fairly "prickly" as a competitor for Qantas - its domestic
operation and that of Freedom Air are both very cost competitive and efficient. Internationally, the withdrawal of competition
on the Pacific, a dominant position on Japan/New Zealand routes and membership of the Star Alliance (the most successful
of the international alliances) places Air New Zealand in an enviable position compared to other international players. The
doomsday scenarios touted by the leaders of both companies increasingly have a hollow ring despite intense lobbying
politically to use these "concerns" to justify a deal which has found no favour with analytical regulators. It is quite an irony
that, should the deal not proceed, New Zealand will be a major beneficiary as a country. Under this scenario, it appears likely
that Qantas will be forced to expand its New Zealand subsidiary, Jet Connect, as a means of being able to compete with Air
New Zealand's more flexible and efficient labour force. Similarly, it is expected that Virgin Blue will need to set up a New
Zealand based subsidiary for its operations. SaveAirNZ's submission to the Commerce Commission makes interesting
reading on the matter. http://www.scoop.co.nz/mason/stories/PO0306/S00047.htm
Europe: O'Leary Goes on the Warpath
Ryanair chief executive Michael O'Leary has donned full battle gear and is preparing to blast the other European airlines out
of the skies. This week he pledged to "destroy the airline business as we know it", with British Airways, Lufthansa and its low
fare rival, Easyjet, in his sights. Within three years, he says, Ryanair will be the biggest European airline and by 2010 it will
be the largest scheduled carrier in the world. http://www.infratil.com/2/3226.htm
TrustPower Share Buy Back Approved
TrustPower Limited's shareholders voted today to approve the buy back of approximately 41 million shares at $3.70 per
share. http://www.infratil.com/1/3298.htm
TrustPower Sale of 8,500 Customers
TrustPower has announced the sale of some 8,500 customers in the Auckland, Northland and adjacent areas to Mercury
Energy.
The sale completes a process begun in March 2002, when TrustPower and Mercury both signalled their intention to exit
markets where the two companies believed it would be increasingly difficult to acquire competitive scale.
http://www.infratil.com/1/3306.htm
Infratil and Orion Exercise Option to Buy Out NZVIF
Infratil Limited and Orion New Zealand Limited are exercising their option to buy out the New Zealand Venture Investment
Fund Limited's (NZVIF) interest in the IO Fund. The IO Fund was established in 2002 as a joint venture between Infratil,
Orion and NZ VIF to invest in New Zealand venture capital opportunities. http://www.infratil.com/1/3269.htm
Busy Port of Tauranga Seeking Fourth Container Crane
Continued business growth means the Port of Tauranga is moving to purchase a fourth crane for use at its Sulphur Point
container wharf. The company has gone out to the international marketplace requesting proposals for the supply a third
post-panamax crane. It already has two Leibherr post-panamax cranes and one Leibherr multi-purpose crane in operation at
Sulphur Point. http://www.infratil.com/1/3243.htm
Australia: No-frills Fares Dive 27 per cent
Discount airfares are 27 per cent cheaper than they were under the old Qantas-Ansett regime as airlines struggle to
stimulate a flat domestic market. Although passengers are paying 15 per cent less for discount tickets than they were a year
ago, new figures show economy class airfares haven't fallen as much and business travellers are paying more.
http://www.infratil.com/2/3290.htm
Australia: Virgin Expects its Pacific Expansion to Slash Fares



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Virgin Blue says its plan to begin flights to New Zealand and the South Pacific from October could drive down air fares by
more than 30 per cent, and Qantas believes the number of flights it has to the US could reach pre-September 11 levels by
the end of the year. http://www.infratil.com/2/3281.htm
Australia: Qantas Warns it Will Return to More Expensive Airfares
Qantas has put air travellers on notice that its fare war against arch rival Virgin Blue will not last. John Borghetti, Qantas
executive general manager sales and marketing, yesterday said that while his airline carried 70 per cent of domestic
passengers, the fare war with Virgin Blue was not sustainable. http://www.infratil.com/2/3280.htm
Europe: Airlines - Industry in Turmoil over Cheaper Flights
Doug Parker, the affable chief executive of America West, last month gave the perfect image for which part of the industry
airline executives would rather be in right now. During a panel discussion he jokingly nudged his chair towards the two
executives from low-cost carriers on his left, and away from three network carrier executives on his right.
http://www.infratil.com/2/3275.htm
Australia: ACCC Postpones Ruling on Qantas Alliance
Qantas Airways will have to wait until September before it learns the fate of its proposed alliance with Air New Zealand.
Australian Competition and Consumer Commission chairman Professor Allan Fels said yesterday that the ACCC had begun
legal processes necessary to delay the decision, which had previously been expected by the end of this month.
http://www.infratil.com/2/3267.htm
Australia: Energy to Fuel $12bn Spending Spree
Australian governments are paving the way for $12 billion in new electricity investment and more stable power supplies by
moving to agree on a national regulator for the energy industry. http://www.infratil.com/2/3270.htm
New Zealand: Ralph Norris Commission's Calculations Ground Air NZ/Qantas Tie Costly for Consumers
The proposed alliance between Air New Zealand and Qantas was yesterday dealt another blow when the Commerce
Commission revised upwards its estimation of detrimental effects of the deal. The commission now estimates that the costs
to consumers have risen to $245 million in the first year of the alliance, from the April estimate of $202 million, and up to
$500 million in year three, from $432 million.
http://www.infratil.com/2/3257.htm
Australia: New Tasman Flights Do Not Move ACCC
The decision by Emirates Airline to fly the trans-Tasman route would not have much bearing on the Australian Competition
and Consumer Commission's decision on the proposed Qantas-Air New Zealand alliance, the regulator said yesterday.
Virgin Blue's plans would have a much bigger influence, it said.
http://www.infratil.com/2/3248.htm
Australia: We're Read to Pay to Boost Renewable Energy, Poll Finds
Eighty-three per cent of Australians would be willing to pay an extra $3.50 on their monthly power bills if that was the price of
boosting the Federal Government's mandatory renewable energy target to 10 per cent by 2010, according to a poll
conducted by Greenpeace. http://www.infratil.com/2/3251.htm
Europe: BAA Traffic Figures for May 2003
BAA's seven UK airports handled a total of 10.9 million passengers in May, an increase of 2% against the same month last
year. Compared with previous global crises, there has been no significant dip overall in traffic at BAA airports as a result of
the Middle East conflict and the SARS epidemic. http://www.infratil.com/2/3244.htm
Europe: Passenger Growth Down But Not Out At easyJet
easyJet, Europe's largest no-frills airline, today reported a slowdown in passenger growth for May, but said the market was
recovering from the effects of the Gulf war. The group said it carried just under 1.8 million passengers last month, including
those who flew with Go, the budget airline which easyJet took over in August. http://www.infratil.com/2/3235.htm
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The Directors of Tower Managed Funds advise that 196,882 units were issued during the week ending 20/06/2003. The total
number of units on issue is 53,910,659.
The Net Asset Value of the TORTIS-OZZY fund as at the close of business (Sydney) 20/06/2003 was $2.0429.
The Basket Composition for the week 23/06/2003 to 27/06/2003 has also been provided.
TOWER FINANCE LIMITED
Tower Finance Limited has provided its printed Interim Report for the 6 months ended 31/03/2003.
AIR NEW ZEALAND LIMITED (NS)
Air New Zealand have provided the following:
Statement made by Ralph Norris, Managing Director & CEO
AIR NEW ZEALAND LIMITED
Air New Zealand and Qantas have submitted further information to the New Zealand Commerce Commission. The
submission clearly shows that the proposed Strategic Alliance is the only way to secure substantial and long term benefits for
New Zealand, including tourism and job creation, with little negative effect.


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The evidence clearly shows that New Zealand and Australia are not isolated from the changes which have dramatically
affected the global aviation industry and we must learn to adapt and accept change to continue to grow and prosper as both
a nation and an airline. The Alliance is a bold initiative by Air New Zealand and Qantas, but it does need the support of the
Commerce Commission if the substantial and long term benefits are to be realised.
The highly respected economic advisor to Air New Zealand and Qantas, Henry Ergas of NECG has confirmed his
assessment of the benefit to New Zealand and this has been reviewed by other world-leading economists including
Professor Robert Willig. All agree with the economic evidence submitted in support of the Application and will say so directly
to the Commerce Commission.
These economic opinions fundamentally disagree with the economic modelling carried out by, and on behalf of, the
Commerce Commission upon which it based a significant part of its draft determination.
If New Zealand wants to avoid the economic consequences of another near failure of Air New Zealand, future State
intervention in shaping New Zealand's airline industry is likely to be inevitable if competition regulators in New Zealand and
Australia decline the application by Air New Zealand and Qantas.
Air New Zealand views such State intervention as inappropriate and unnecessary in the local deregulated airline market, but
notes its competitors internationally include heavily subsidised and highly protected airlines, some of which already operate
to New Zealand.
The Minister of Finance has also stated on numerous occasions that the State is not prepared to be a fairy godmother and
provide unlimited future funding of the airline.
That is why the Alliance should be allowed to proceed as it provides a pragmatic, commercial framework within which Air
New Zealand can operate successfully as an independent New Zealand-owned and controlled airline in the rapidly changing
global aviation environment.
Domestic New Zealand routes are not extensive enough to sustain Air New Zealand, Qantas and a budget carrier such as
Virgin Blue going head to head. One airline will ultimately have to give ground. The most vulnerable in such a situation is Air
New Zealand.
Our response to the New Zealand Commerce Commission's draft determination is consistent with the case we have
presented from the outset.
Some critics have described our position as a doomsday scenario. It is a realistic assessment of the trends that are
sweeping through the airline industry internationally.
New Zealand and the trans Tasman routes can not escape what is happening in the rest of the world.
A budget airline will be operating on routes to New Zealand. Last week Virgin Blue announced its intention to do that, and
while it clothed that announcement in terms of it being conditional on the outcome of the Alliance decision, we know that to
be posturing in a transparent attempt to gain cheap control of the entire budget carrier segment through a forced sale of
Freedom Air.
The present head to head competition between Air New Zealand and Qantas will not be sustainable. Add in a budget airline,
and the end consequences range between;
* Withdrawal or failure of one airline;
* Air New Zealand being made vulnerable to a full takeover;
* Further ongoing State support, which is most unlikely to occur.
Within our response to the Commerce Commission there are four key positions we defend.
* We stand behind our viewpoint that the Alliance will bring between $189 and $256 million in annual net economic benefits
to New Zealand by year three. This figure is the work of economists NECG. Within our response we have pointed out to the
Commission where we believe its experts have misinterpreted information, made invalid assumptions or reached wrong
conclusions.
These include the assumption that Tasman and domestic New Zealand airfares under an Alliance will be higher by 48% and
that in such a scenario Air New Zealand and Qantas would lose no market share to an aggressive competitor. We know the
travelling public is more commercially astute than to allow this to occur.
If the Commerce Commission maintains its present position it will be locking Air New Zealand into the past. That is not a
sustainable position for Air New Zealand in an increasingly volatile global aviation market.
* We reject the proposition that the Alliance will inevitably lead to passenger, freight and fare increases, and a decline in
competition. To underline our belief, we have offered conditions that will cap some fares, maintain flight schedules, introduce
new routes and see the start up of additional freight services.
There are already 9 carriers operating across the Tasman, with Emirates and Royal Brunei soon increasing that to 11, while
Virgin Blue's entry will bring the total number of trans-Tasman airlines to 12. It is only a matter of time before Virgin Blue and
possibly other carriers compete on domestic New Zealand routes. Even without the evidence that airfares are tumbling to
record lows both internationally and within New Zealand, it would make no commercial sense for Air New Zealand to give
these competitors an opening by pricing itself out of the market.
* Freedom Air is an integral part of our existing and future customer offering. We have offered conditions in relation to the
future operations of Freedom Air to facilitate the entry by a budget airline to New Zealand that gives any new entrant a head
start to operating on the Tasman and domestically.
We have stated from the outset that the Alliance is not a panacea for the future success of Air New Zealand. Our future rests
on the Alliance in combination with Freedom Air, Air New Zealand Express Class and further continuous improvement of our
international services.

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Take one element away and damaging constraints are placed on our ability to operate successfully in the future.
* We disagree with the Commerce Commission's position that the Alliance will not result in an additional 50,000 tourists a
year visiting New Zealand. It is the point that most clearly underlines the gulf that can develop between theoretical modelling
and commercial reality.
The Commission's modelling forecasts a decline in visitor numbers.
What this ignores is that it is to Air New Zealand's and Qantas' mutual commercial advantage to attract those visitors to New
Zealand within an Alliance, as both will share in the economic benefits generated. We will make it happen - whether that
requires additional marketing, or pricing or packaging incentives - because we are in the business of bringing tourists to New
Zealand on our aircraft.
Air New Zealand currently invests in excess of $70 million every year to promote New Zealand as an international tourist
destination. This investment contributes significantly towards New Zealand's $6.2 billion international tourism industry with
Air New Zealand carrying 44% of all inbound international tourists, notwithstanding the fact that Air New Zealand spends
90% of all airline expenditure promoting New Zealand which is double our proportionate share. No other airline could, or
would, maintain this level of commitment to New Zealand.
Our total response to the Commission's draft determination runs to hundreds of pages of documentation and evidence.
In compliance with convention, the full text of that response will not be made public until the Commission releases it,
probably some time this week.
In light of the impact of recent developments such as the Iraq War and the SARS virus on international air travel, we remain
convinced that an Alliance with Qantas is not only smart and innovative, it is commercially necessary.
On that basis we have not moved away from the thrust of our original application.
In May, we gave the Australian Competition and Consumer Commission (ACCC) a number of undertakings that addressed
its main concerns about the Alliance. Those undertakings have been incorporated within the answers we have given the New
Zealand Commerce Commission in relation to its concerns.
We believe that the weight of our response, the realities of the rapidly changing global aviation market, the corroborated
economic analysis from independent economists and the undertakings we have given will be sufficient for the Commission to
reverse its preliminary draft determination, and we look forward to the opportunity of discussing our response with the
Commission in detail and responding the Commissioners' questions at the five-day conference in August.
TRANS TASMAN PROPERTIES LIMITED
On 3 June 2003, Trans Tasman Properties Limited (“Trans Tasman”) announced that its publicly listed Australian subsidiary,
Australian Growth Properties Limited (“AGP”), had entered into a conditional contract for the sale of AGP’s 363 George
Street and 345 George Street, Sydney (which includes 24 York Street, Sydney) properties to Deka Immobilien Investment
GmbH, a large German fund manager (“the Transaction”). Trans Tasman owns approximately 50.1% percent of AGP. The
property assets being sold represent approximately 80% of AGP’s assets and 46% of Trans Tasman’s assets. Shareholder
Notification
AGP is listed on the Australian Stock Exchange (“ASX”). Under the ASX Listing Rules, AGP is required to obtain
shareholders' approval for the Transaction to proceed. AGP has forwarded a Notice of Meeting to its shareholders for a
general meeting to be held in Sydney on Friday, 25 July 2003. The AGP Notice of Meeting, including Explanatory Notes, as
sent to AGP shareholders is included in this circular. The Transaction constitutes a “major transaction” for Trans Tasman’s
Hong Kong based majority shareholder, SEA Holdings Limited (“SEA”), under the Listing Rules of the Stock Exchange of
Hong Kong Limited (the "HK Listing Rules"). Under the HK Listing Rules, the Transaction must be made conditional on
approval by the shareholders of SEA. Such approval may be obtained either by convening a general meeting or by means of
the written approval of SEA shareholders holding in excess of 50% in nominal value of SEA's shares having the right to
attend and vote at a general meeting. As shareholders of SEA, holding in excess of 50% in nominal value of the securities
and having the right to attend and vote at a general meeting, have given written approval of the Transaction, no SEA
shareholders’ meeting will be held to approve the Transaction. The New Zealand Exchange Limited Market Surveillance
Panel (the “Panel”) has determined that Rule 9.1.1 of the Listing Rules of the New Zealand Exchange Limited (the “NZX”)
applies to the Transaction as it constitutes a disposition of assets the gross value of which is in excess of 50% of the average
market capitalisation of Trans Tasman. Trans Tasman has been granted a waiver by the Panel from the requirement to hold
a meeting of shareholders to 2 consider the Transaction as required under Listing Rule 9.1.1, subject to the following
conditions:
a. AGP obtains its shareholders’ approval for the Transaction;
b. Trans Tasman shareholders be informed that under the ASX Rules, shareholder support for the sale is required, and that
it is the Trans Tasman Board’s view that the sale will create value for Trans Tasman (stating the reasons for this conclusion),
and its intention that Trans Tasman should vote in favour of the sale;
c. Trans Tasman shareholders are to be provided with the same information made available to AGP shareholders and, to the
extent that it is relevant, the information made available to SEA’s shareholders;
d. Trans Tasman shareholders are to be informed that its majority shareholder supports the proposed sale by AGP and that
therefore if the matter was formally placed before Trans Tasman shareholders under Listing Rule 9.1.1 the required approval
should be forthcoming;
e. Trans Tasman shareholders are to be informed of the consequences for Trans Tasman of the sale and the Board’s
intentions as regards to the company’s future; and

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f. Trans Tasman provide the Panel with written confirmation from its Board and SEA that it supports the sale. Subject to
Trans Tasman shareholders receiving the information set out above, which is akin to that otherwise required under Listing
rule 9.1.2, the Panel stated that it was of the view that Listing Rule 9.1.1 will not be frustrated or avoided. Trans Tasman
Support for Sale The Trans Tasman Board has considered the recommendation of the AGP Board to AGP shareholders to
sell the subject properties. In arriving at its decision, the AGP Board has advised its shareholders that it took into account the
following:
• property market and general economic indicators;
• the desirability for a property development and investment company to time the sale and purchase of assets to maximise
returns;
• the appropriateness of selling the assets at this time;
• the AGP Directors’ view that total returns from these properties in the short to medium term would not be adequate to meet
the profit expectations of AGP shareholders; and
• that no higher offer was received for the properties following AGP’s 5 May 2003 announcement of the conditional offer to
purchase the properties.
The Trans Tasman Board, in assessing the Transaction, has taken into consideration the following:
• the recommendation made by the AGP Board to AGP shareholders;
• the knowledge and experience of the Directors of AGP in the Australian property market in making that recommendation;
• independently prepared and publicly available information on the Sydney office property markets; and
• the offer price being in excess of Trans Tasman’s book value of the properties as recorded in its consolidated financial
statements. Taking into account all of the above factors, the Trans Tasman Board confirms it is in agreement with the
recommendation of the AGP Board to sell the properties. Accordingly, Trans Tasman will vote in favour of the resolution to
approve the Transaction at the meeting of AGP shareholders to be held on 25 July 2003. SEA Support for Sale
SEA has provided written confirmation to Trans Tasman of its support for the sale and of its intention, were the matter to be
taken to Trans Tasman shareholders to approve, to vote in support of the Transaction. A copy of this letter has been
provided to the NZX in accordance with condition (f) of the waiver granted by the Panel. The Board of SEA have stated to
SEA shareholders that they: “..believe that the business environment will continue to be challenging and the property market
sentiment may vary quite significantly in different areas of the Asia-Pacific region. As a property development and investment
company, the Group remains flexible and responsive to varying market conditions occurring in different geographical areas
and strives to capture opportunities and tap into markets with high potential growth. Overall, the Group will adopt a prudent
and cautious investment strategy.” The Trans Tasman Board notes that the Trans Tasman Group is only one part of the SEA
Group and that the comments of the SEA Board should be interpreted by Trans Tasman shareholders with this in mind. SEA
has made available to Trans Tasman the full text of the circular sent by SEA to its shareholders, and a copy of this circular is
available for downloading from Trans Tasman’s website (http://www.ttp.co.nz). Shareholders of Trans Tasman can also write
to Trans Tasman to request a copy.
Consequences of Transaction Upon settlement of the Transaction, AGP will hold the majority of its assets in cash. The AGP
Board is still giving consideration to the use of the proceeds of the disposal. The AGP Board has retained the corporate
advisory firm Caliburn Partnership to undertake a strategic review to assist it in its deliberations by considering all options for
the optimal use of the proceeds. The AGP Board expects to consider Caliburn Partnership’s advice together with legal and
tax advice when it is finalised in due course. The AGP Board recognises the importance of the decision to be made as to the
use of the proceeds from the disposal of the Property. Trans Tasman has been advised that the AGP Board will come to a
decision in a prudent period of time after giving careful consideration to the options available and will advise AGP
shareholders accordingly if its current strategy is to be varied. The Trans Tasman Board will await the release of the AGP
Board’s review from which it will be able to assess its investment in AGP.
The financial impact of the Transaction on AGP’s Net Assets (and therefore the impact on Trans Tasman’s investment in
AGP) is indicated in the Explanatory Notes of the AGP Notice of Meeting under the heading “Principal Assets”. In New
Zealand, Trans Tasman will continue to actively manage its property investments, to complete its Airpark Business Centre
development and to seek new investment and development opportunities.
AUSTRALIAN GROWTH PROPERTIES LIMITED
NOTICE OF GENERAL MEETING
A General Meeting of shareholders of Australian Growth Properties Limited (the "Company") will be held on Friday, 25 July
2003 at The Library, Park Hyatt Sydney, 7 Hickson Road, The Rocks, Sydney NSW 2000 at 2.00pm. Further details of the
meeting can be requested from lcr@nzx.com
TOWER FINANCE LIMITED
Tower Finance Limited has provided notice of the interest payment on its Capital Bonds:
TFN010 (ISIN: NZTFND0001S9) Interest payment has the Record Date: 27/06/2003
GPG FINANCE LIMITED
GPG Finance plc (formerly GPG Finance Ltd) has advised that on 20 June 2003 GPG Finance plc, formerly registered as a
private company, was re-registered as a public company under the Companies Act 1985 (UK).
A copy of GPG Finance plc's certificate of incorporation and amended memorandum and articles of association has also
been provided and can be requested from lcr@nzx.com

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Accordingly NZXR advises that GPG Finance plc will continue trading under its old name GPG Finance Ltd until the close of
business on the 25/06/2003
NEW ZEALAND EXCHANGE LIMITED AND TRANS TASMAN PROPERTIES LIMITED
A Market Surveillance Panel Announcement regarding Trans Tasman Properties Limited has been provided:
Applications relating to Listing Rules 1.1.5 and 9.1.1
1. The Market Surveillance Panel (“the Panel”) received an application from Trans Tasman Properties Limited (“TTP”) for
rulings under Listing Rule 1.1.5 and 9.1.1.
Background
2. Australian Growth Properties (“AGP”) is an ASX listed company. TTP holds approximately 50.1% of AGP’s shares making
AGP a subsidiary of TTP.
3. On 3 June 2003, TTP announced that AGP has entered into a conditional agreement for the sale of AGP’s 363 George
Street and 345 George Street, Sydney properties to Deka Immobolien Investment GmbH, a large German fund manager
(“the Transaction”).
4. The assets being sold represent approximately 80% of AGP’s assets and the book value of the assets is approximately
AUD$385 million. TTP’s 50.1% share of this amount (AUD$197 million) is in excess of 50% of its average market
capitalisation of approximately $170 million, and is a substantial proportion of TTP’s value.
Application
5. TTP sought the following:
a. A Ruling to the effect that AGP did not fall within the extended definition of “Issuer” under Listing Rule 1.1.5.
b. Alternatively, a specific Ruling that Listing Rule 9.1.1 did not apply to the Transaction as such an extension was not
necessary to ensure that the object of the Rules is not frustrated or avoided.
Listing Rules
6. The definition of “Issuer” under Listing Rule 1.1.2 is “…any person which is or has been Listed, and where applicable has
the extended meaning given in Rule 1.1.5”
7. Listing Rule 1.1.5 provides:
“Whole Group Subject to Rules: Reference to an Issuer in the Rules shall, as the context permits, extend to include all
members (other than another Listed entity or a Subsidiary thereof) of any group of companies and/or other entities of which
the Issuer is the holding company, or in which the Issuer otherwise has a controlling interest, to the extent that such
extension is necessary to ensure that the object of the Rules is not frustrated or avoided by reason of the separate legal
personality of members of the group. In relation to the disclosure of information for this purpose the group includes any
Associated Persons of the Issuer of which the Issuer has control in law or in fact, other than any such Associated Person
which is another Listed entity or a Subsidiary thereof. Assessment of the materiality of any information in relation to such
group shall be treated as if the group constituted one business.”
8. Under Listing Rule 9.1.1, an Issuer is required to obtain shareholder approval to enter into any transaction to dispose of
any assets in which the gross value of the assets are in excess of 50% of the lower of either the Issuer’s Average Market
Capitalisation or Gross Value of Assets. TTP’s Average Market Capitalisation is approximately $170 million.
9 For any resolution under Listing Rule 9.1.1, Listing Rule 9.1.2 requires the Issuer to provide the information necessary for
shareholders to appraise the implications of the transaction.
The Market Surveillance Panel Determinations
10. The Panel declines to rule that the extended definition of “Issuer” under Listing Rule 1.1.5 does not extend to include
TTP’s subsidiary AGP, either as a general proposition or specifically in the context of the transaction concerned. Listing Rule
1.1.5 applies to the extent necessary to ensure that any Listing Rules are not frustrated or avoided. If AGP was not included
in the definition of TTP as Issuer, TTP as AGP’s controlling shareholder could agree to the disposition of AGP’s assets with a
value to TTP in excess of the thresholds in Listing Rule 9.1.1, without approval from TTP’s shareholders, thereby frustrating
the intention of the Rule.
11. The extended definition of “Issuer” under Listing Rule 1.1.5 does apply to the Transaction and therefore under Listing
Rule 9.1.1, TTP is required to obtain shareholder approval for its decision in relation to the AGP transaction.
12. However, the Panel granted TTP a waiver from the requirements of Listing Rule 9.1.1 in relation to the Transaction
provided that the following conditions were met:
a. AGP obtains its shareholders’ approval for the Transaction (although this is a requirement under the ASX Listing Rules, if
the ASX were to grant a dispensation from this requirement, this condition to obtain shareholder approval would still apply).
b. TTP shareholders are to be informed of the requirements under the ASX Listing Rules and that the TTP Board inform its
shareholders how it intends to vote on the Transaction and provide the reasoning for its decision. In addition the Board is to
provide TTP’s shareholders with information relating to the possible consequences of the Transaction.
c. TTP shareholders are to be provided with the same information made available to AGP shareholders and, to the extent
that it is relevant, the information made available to SEA Holdings Limited’s (“SEA”) shareholders (TTP’s majority
shareholder).
Comment
13. The Panel received confirmation that TTP’s majority shareholder (SEA) supports the Transaction and that therefore if the
matter was formally placed before TTP shareholders under Listing Rule 9.1.1 the required approval should be forthcoming.


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14. Given that AGP is subject to ASX Listing Rules that require shareholder approval for the Transaction and that such
approval has been made a condition of this waiver (see paragraph 12.a above), and the fact that TTP’s shareholders are to
receive the information set out above which is akin to that required under Listing Rule 9.1.2, the Panel is of the view that
Listing Rule 9.1.1 will not be frustrated or avoided.
AMP INVESTMENTS' WORLD INDEX FUND (NS)
The unaudited NTA of WiNZ (AMP Investments World Index Fund) as at close of business 23/06/2003 was $1.10259. The
number of shares on issue is: 367,069,088.
RETAILX LIMITED (NM)
The directors of RetailX Limited (“RTX”) wish to advise that the Company is at an advanced stage in negotiations to acquire
Lennox Corporation Limited.
If the negotiations are successfully concluded it will result in RTX acquiring the franchisor of Stirling Sports which, in turn, will
give the Company access to the franchisor’s revenue stream, the intellectual property associated with the Stirling Sports
franchise and ownership of the New Zealand licence for Stirling Sports.
In addition, via the purchase, RTX will acquire Lennox Corporation Limited’s interests in eight retail stores throughout the
country comprising five Stirling Sports and three Toyworld stores.
The consideration for the purchase of Lennox Corporation Limited will be by way of the issue of shares in RTX.
The transaction is still subject to RTX completing due diligence, agreement on price and Lennox Corporation Limited settling
associated transactions. Further details of the purchase will be made available when negotiations have been concluded.
Lennox Corporation Limited is owned by the Taylor families interests and Mr M C L Taylor’s family holds 74% of Lennox
Corporation Limited’s issued capital.
The acquisition of Lennox Corporation Limited is material and with a related party. As a consequence the purchase will be
subject to an appraisal report and shareholder approval. It is anticipated that approval will be sought from the Company’s
shareholders at RTX’s Annual Meeting which is scheduled to be held in September 2003.
RTX was listed as a New Capital Markets Issuer in August 2000 following a public issue of 1.2 million ordinary shares at a
price of 50 cents each. In August 2001 it acquired Retail Services Limited for $1.15 million by way of cash, and the issue of
1.01 million Retailx shares. Retail Services holds management contracts for a group of retail stores, including branches of
Stirling Sports, Toyworld and Molly Taylor homeware stores.
                                                   TUESDAY, JUNE 24, 2003

TRANZ RAIL HOLDINGS LIMITED
Tranz Rail wishes to advise that there will be a conference call held at 9:00am, 25 June 2003 for all analysts and institutions
investing in Tranz Rail. The call is about a market release presentation, 2004 budgets and further details on the government
deal, that will be placed on the company's website approximately 20 minutes before the call.
The presentation will be in PowerPoint format and will be located at the following web address:
http://www.tranzrail.co.nz/Newsroom/ExecutiveSpeeches/
A copy of the presentation will be provided to the NZX prior to public release by the company.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Australia and New Zealand Banking Group Limited (ANZ) is required to disclose to the Australian Stock Exchange the
percentage of its shares in which it has an interest as a result of put options granted to clients under the ANZ Protected
Equity Portfolio and ANZ Protected Equity Portfolio Plus products.
As at 20 June 2003, ANZ held a relevant interest in 61,047 fully paid ordinary shares in ANZ, comprising of 0.004% of the
issued share capital of ANZ.
BURNS PHILP & COMPANY LIMITED
Burns Philp & Company advised the allotment of 326,887 Ordinary Shares. 1,149,472 ordinary shares were issued under the
exercise of options at A$0.20 per ordinary share
Number of shares now on issue: 1,778,439,734.
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC
The unaudited NTA of Merrill Lynch European Investment Trust as at close of business 20/06/2003 was 142.47p undiluted
and 137.66p diluted.
THE BANKERS INVESTMENT TRUST PLC
The NTA of The Bankers Investment Trust as at close of business 20/06/2003 was 265.3p.
THE CITY OF LONDON INVESTMENT TRUST PLC
The NTA of The City of London Investment Trust as at close of business 20/06/2003 was 197.4p.


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NZ INVESTMENT TRUST PLC
The New Zealand Investment Trust Plc has provided its Preliminary Unaudited Interim Results for the period ended
30/04/2003.
Included below is the Chairman’s Statement and Investment Manager’s Report.
The Statement of Interim Results has also been provided and can be requested from lcr@nzx.com
CHAIRMAN’S STATEMENT
Our fully diluted net asset value per share increased 10%, to 184.3 pence, during the six months ended 30 April 2003.
During the same period, in sterling terms, the NZSE 40 Capital Index rose 10.6%, while the Australian All Ords Index gained
9.4%. However, the strong performance of our net asset value and these indices was driven by the strength of the New
Zealand and Australian dollars versus sterling. (The Company's fully diluted net asset value actually fell by 2.3%, and the
NZSE 40 Capital Index dropped by 1.8%, measured in New Zealand dollars).
It is particularly encouraging to note that since the end of April, the Company’s fully diluted net asset value has risen very
strongly measured in both currencies. Indeed, in May the Company’s fully diluted net asset value gained 8.1% in sterling,
and 7.4% in New Zealand dollars, performance that is well ahead of all relevant indices. As a result, from the time of the
appointment of the current Investment Advisers at the end of March 2000, through to 31 May 2003, the Company’s net asset
value has risen by 16.6% in New Zealand dollars, during which time the NZSE 40 Capital Index has registered a gain of just
0.3%.
Strong Revenue Increases
More good news has been a substantial increase in the dividend and interest income from our investments, which are up
51% from the corresponding period last year. With good controls our expenses increased only 4% from last year, so that
our net revenue available to shareholders nearly doubled, up 91%. Our forecasts indicate that we are likely to be able to
recommend a dividend increase from the 2.5p per share paid for the year ended 31 October 2002.
Share Repurchases
Closed-end investment companies, such as The New Zealand Investment Trust, do not redeem shares when holders wish to
exit, nor do they issue new shares when buyers want them. Rather, shareholders are free to sell their shares, and those who
wish to invest may buy from selling shareholders: in our case, our shares are traded on both the London Stock Exchange
and the New Zealand Stock Exchange. The actions of buyers and sellers thus create a market price, which may be higher or
lower than the net asset value per share of the Company’s investments. Sustained selling by some New Zealand
shareholders early in 2003 drove our share price down to a discount of 20% or more. In response, four of your directors
purchased shares, as did your manager and one of our advisers. Notwithstanding these purchases and the rapid recovery of
our net asset value, the large discount continued, and the Company has begun to use its powers to purchase and cancel
shares to help maintain a liquid market for our shareholders. We have purchased 8,539 shares as of 13 June 2003, at an
average price of NZ$ 4.77, and at discounts of nearly 20% from the then net asset value per share. While this is a small
number of shares, the purchases were made after having had orders to buy shares in the New Zealand and London markets
for several days, during which time the discount on the Company’s shares narrowed by around 5%. Purchases at substantial
discounts benefit shareholders, as they increase the net asset value per share of the remaining shares outstanding. We use
that power judiciously, however, because to the extent that our capital is reduced by share cancellations, our costs must be
spread over a smaller number of shares.
Performance Measurement
It is worth commenting upon how we measure our performance. First, our objective is to provide shareholders with the
maximum possible total return; in other words, making money for our shareholders. Because we have significant numbers of
shareholders in New Zealand, the United Kingdom, and the United States, that means we have to try to make money in three
currencies, not an easy task given the volatility of currency exchange rates. In the first half of this current year, we
succeeded nicely in two of them, but slipped a little in New Zealand dollars. As noted above, by the end of May we had good
returns in all three.
Second, we focus on long-term returns. That’s a major advantage of a closed-end company like an investment trust,
because we don’t face redemptions and forced liquidations during downturns, as can happen with open-end mutual funds
and unit trusts. We can also invest in smaller companies whose shares trade in lower volumes, because we can wait for their
performance to be reflected in higher share prices. We had some investment setbacks in 2002 and into 2003, but since the
formation of our Company to 31 May 2003 we have achieved a capital return of 109.5% in sterling terms, outperforming the
NZSE-40 Capital Index by 107.6%. In addition, over this time the Company has paid gross dividends of 61.4 pence per
share.
Finally, a word about indices. As an international company investing primarily in New Zealand, we have measured our
relative performance using NZSE 40 Capital Index (and its predecessor Barclay’s Index), that being the index most widely
quoted around the world. We used the capital index because as an investment trust, we are required to distribute most of our
income, and therefore our net asset value and a capital index are comparable measures. We accept, however, that New
Zealand is now a high dividend market, and one in which most dividends come with imputation credits which offset all or
most tax due by New Zealanders on the dividends of local companies. In our case, by comparison, no imputation credits
attach to the dividends we pay to New Zealand shareholders, and the dividends we collect from New Zealand companies are
taxed by the United Kingdom. These tax issues are of no import to shareholders in the United Kingdom (and in most other
jurisdictions), however, so for them the capital indices are the best relative measures. For New Zealand shareholders,

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though, it is fair to compare our performance to a gross index, because that better compares our results to what they would
realize from a New Zealand index fund.
We have serious questions about the new NZSE-50 Gross Index, however. The New Zealand Stock Exchange has chosen
to focus investors upon a gross index, which is fair enough, given that New Zealand companies pay relatively generous
dividends: the dividend yield on the NZSE-50 is now 5.5%, compared to1.6% for the S&P 500 in the United States.
However, there are problems in the calculation of the NZSE-50 Index. Gross indices are calculated by assuming that
dividends paid by the companies in the index are immediately reinvested in shares of those same companies like an investor
might do if he or she had no immediate need for the investment income. Since most New Zealand dividends are paid by
companies who themselves pay taxes, and thus can pass on to their shareholders imputation credits the investors can use to
satisfy the New Zealand income tax due on those dividends, an historic index like the NZSE-40 Gross Index works rather
well for New Zealand shareholders. That isn’t true for foreign investors, who happen to own more than half of the shares
listed on the New Zealand Stock Exchange, and who must pay taxes on the dividends and thus cannot reinvest the entire
amount. But the NZSE-50 Gross Index doesn’t even work for New Zealanders, because it grosses up the dividends paid out
by the amount of taxes paid by the companies on those dividends. In other words, it assumes the reinvestment of dividend
amounts that are never received by shareholders! Certainly, that makes the New Zealand share market look better, but it is
not a realistic measure for any of our shareholders, so we question its usefulness.
Outlook
In recent weeks there has been strong momentum behind the Company’s performance. The Company’s fully diluted net
asset value has risen from 184.3p (526.5 NZc) on 30 April 2003, to 201.7p (580.5 NZc) as at 13 June 2003.
If present trends continue, we expect another good year for The New Zealand Investment Trust, with both an increase in our
net asset value per share, and a higher dividend.
Donald M. Campbell
Chairman
23 June 2003
INVESTMENT MANAGER’S REPORT COVERING THE PERIOD FROM 1 NOVEMBER 2002 TO 30 APRIL 2003
Performance
The New Zealand equity market was subdued over the six-month period to 30 April 2003. The NZSE- 40 Index fell from 2022
to 1985, a decline of 2%, while the NZ-Smaller Companies Index rose 1%, and the Australian All Ords Index fell by 3% in
New Zealand dollar terms. Once again these results compared favourably with the performance of most international stock
markets. A strong New Zealand dollar increased losses recorded on overseas markets, such that the MSCI World Index fell
by 11% in New Zealand dollar terms over the period.
The Company’s fully diluted net asset value fell by 2% in New Zealand dollar terms over the six-month period to 30 April
2003. It was a mixed period for the Company’s holdings. The large holdings in Sky City Entertainment and Fletcher Building
performed strongly, as did a majority of the Company’s Australian holdings, notably Macquarie Infrastructure. The holdings in
the connected media companies, Sky TV and Independent News also performed strongly. However, while a few of the
smaller holdings performed well, the main reason for the decline of 2% in the Company’s fully diluted net asset value was the
very poor performance of a minority of stocks that saw steep falls in their share prices on news of disappointing profits. This
was a particular feature of the holdings in retailers, with the share prices of The Warehouse, Michael Hill and Briscoes all
falling back on news of weaker than expected profits. The share prices of Tranz Rail and Baycorp Advantage were also hit
by bad news. The company’s weakening finances affected Tranz Rail’s share price negatively, and Baycorp Advantage’s
business was hurt by growing competition.
Stock market and portfolio activity
There was a relatively low level of activity in the portfolio during the period under review. The exposure to Australian
companies’ shares has steadily been reduced in the correct anticipation that in general terms the New Zealand stock market
would perform more strongly than the Australian market. During the period under review the portion of the portfolio invested
in Australia fell from 17% to 13%, following sales of holdings including those of Publishing and Broadcasting, Sonic
Healthcare and The Australian Light Gas Company. The proceeds from these sales have been kept mainly in cash, pending
the identification of fresh ideas for investment by BT Funds Management (NZ) Ltd, the Company’s Adviser that covers the
Australian stock market. The ability to invest in Australian equities will continue to be used on a bottom-up, stock selection
basis, rather than seeking to achieve broadly diversified exposure to the Australian stock market.
The main new purchase in the New Zealand sector was a holding in the major electricity and gas utility company, Contact
Energy. This company has a strong management team and a good record of growing dividends. The other main purchases
were holdings in Port of Tauranga and Infratil. The largest investments in the portfolio remained those in Fisher & Paykel
Healthcare, Telecom NZ, Sky City Entertainment and Fletcher Building.
New Zealand economic background
The New Zealand economy grew by 4.5% in calendar 2002, a very strong performance given the lacklustre global backdrop.
With two of the world’s largest economies, Germany and Japan, remaining stubbornly weak, the US economy has been
struggling to sustain its position as the engine of global growth. Nevertheless, a strong labour market, rising consumer
incomes and corporate profits have enabled the New Zealand economy to defy this lacklustre global environment. For
example, the unemployment rate has only recently risen to 5.0% of the workforce from a fifteen-year low level of 4.9%. Net
migration has also been a positive factor, with 42,000 migrants entering New Zealand over the year to 31 March 2003, a
significant contribution to the increase of 62,000 people in the working-age population.

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Nevertheless, looking forward, the New Zealand economy faces significant headwinds, and in April Reserve Bank of New
Zealand took the precaution of cutting interest rates to 5.5%. Near term constraints to growth include the negative impact of
SARS on tourism, a domestic drought, a lacklustre global economy, and the strength of the New Zealand dollar, which is
placing downward pressure on demand for exports. However, the New Zealand dollar has been recovering from the
extremely depressed level that it reached two years ago, so even after such a strong rise in the currency, New Zealand’s
exports remain competitive in most global markets.
Conclusion
Following the successful overthrow of the Iraqi regime there has been a strong recovery in global equity markets. This
recovery reflects optimism among investors, that after a prolonged period of uncertainty, global economic activity might
strengthen and corporate profits grow more strongly. While authorities around the world are trying to boost growth, significant
risks remain. The ability of the global economy to experience a strong rebound in the rate of growth, is undermined by the
fallout from SARS, high consumer and corporate debts and worries about deflation. Moreover, global political risks remain
despite the fall of the Iraqi regime, such as the nuclear ambitions of North Korea and the continuing terrorist activity of Al-
Qaeda.
Despite these issues, the New Zealand and Australian economies both remain fundamentally sound, and provide a positive
environment for companies to conduct business. In addition the vibrancy of many of the economies around the Pacific Rim,
together with opportunities for New Zealand based companies to build operations in Australia, increase the potential for
companies to expand their operations. In the short term this has also involved additional risks, as management seek to
repeat the success of their domestic operations in new markets. This has been a factor behind the problems encountered by
some of the companies in the portfolio in recent months, such as The Warehouse. Nevertheless the strong progress made
by other companies such as Fisher & Paykel Appliances show the rewards that can be achieved once companies are able to
build their business in international markets. The Company’s Investment Adviser’s, BT Funds Management (NZ) Ltd and
Fisher Fund Management are continuing to focus their efforts in identifying such investment opportunities.
Richard Scott
Exeter Asset Management
HENDERSON FAR EAST INCOME TRUST PLC
The NTA of Henderson Far East Income Trust plc as at close of business 20/06/2003 was 149.2p.
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
The NTA of Henderson TR Pacific Investment Trust plc as at close of business 20/06/2003 was 70.8p.
ANGLO & OVERSEAS TRUST PLC
The NTA of Anglo and Overseas Trust as at close of business on 20/06/2003 was 208.34p.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Australia and New Zealand Banking Group has provided a Change of Director’s Interest Notice in respect of John
McFarlane.
The following covers transactions in ANZ shares undertaken on 19 June 2003 by Mr John McFarlane, Chief Executive
Officer of ANZ.
As a result of these transactions Mr McFarlane’s indirect and direct holdings of ANZ shares has increased by 100,000 shares
from 1,152,839 shares to 1,252,839 shares.
Details of the transactions are as follows:
- Acquired 750,000 shares at $11.49 through the exercise of options granted on 31 December 1999 following a resolution of
shareholders at ANZ’s 1999 Annual General Meeting.
- Sold 650,000 shares at an average price of $19.182.
- Retained 100,000 shares.
The proceeds from these transactions will be used by Mr McFarlane to finance the exercise of options, to cover future
income tax liability arising from the transaction and to reduce gearing related to his earlier share purchases.
Since the beginning of ANZ’s financial year on 1 October 2002, Mr McFarlane has increased his holding in ANZ by 184,467
shares.
INFRATIL LIMITED
Infratil has advised the allotment of 28,562 fully paid ordinary shares. Issue price: $1.40. Reason for the issue: Warrants
exercised. Total number of ordinary shares in existence after the issue: 182,554,979. Total number of warrants on issue after
the above warrants exercised: 49,980,382.
APPLE FIELDS LIMITED
Apple Fields have provided the following:
Apple Fields has continued to work on the residual rezoning interests it holds in a limited number of orchards owned by third
party investors on the periphery of Christchurch.


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In a recent case relating to land on Johns Road in the north, and at Yaldhurst in the west, the High Court has declined an
appeal by the Canterbury Regional and Christchurch City Councils, holding that the Environment Court acted within its
jurisdiction in invoking section 293 of the Resource Management Act, in deciding that it wished to consider the merits of
rezoning the land from rural to living.
Following this decision the company, in conjunction with neighbouring landowners, and in consultation with the local
communities and the Christchurch City and Canterbury Regional Councils, will confirm development plans for both areas,
which provide design concepts and address servicing issues. At that stage the development plans will form the basis of
presentations to the Environment Court.
Only on the applications to the Court being successful does Apple Fields participate as to a proportion, and in one case on a
reducing basis, in any subsequent increase in value.
With respect to the appeal by subsidiaries of Apple Fields to the Privy Council over the sale of the Northwood property at
Styx Mill in the north of Christchurch, the case was heard on the 4th of June. The decision was reserved and is expected to
be issued within a couple of months.
LEND LEASE CORPORATION LIMITED
Lend Lease Corporation has advised the on market buy-back of 172,650 shares on the 24/06/2003. Highest price paid:
$8.86. Lowest price paid: $8.82. Number of shares remaining to be bought back: 42,148,481.
THE NZ MID-CAP INDEX FUND (NS)
The Directors of Passive Funds Management Ltd advised that 55,057 units were issued in The NZ Mid Cap Index Fund
during the week ended 20/06/2003. Total units on issue: 15,486,569.
The NTA as at 20/06/2003 was $2.02598
NATIONAL AUSTRALIA BANK LIMITED
National Australia Bank advises the on-market buyback of 120,000 ordinary shares on 23/06/2003. Highest price paid:
A$34.12. Lowest price paid: A$34.00. Approximate number of shares remaining to be bought back: 14,701,187.
MAINFREIGHT LIMITED
Mainfreight has advised the allotment of 115,500 ordinary shares on 24/06/2003 pursuant to the Exercise of Executive Share
Options.
Issue price:
-33,000 ordinary shares at 100 cents per share.
-82,500 ordinary shares at 109.09 cents per share.
Number of ordinary shares now on issue: 81,529,535.
SAVOY EQUITIES LIMITED
Savoy Equities Limited has provided notification of Change in Issued Capital of Ordinary Shares
Issuer Code: SVY
Date: 11/06/2003
Previous Issued Capital: 102,882,468
Allotment Ex Rights Issue: 36,747,351
New Issue Capital: 139,629,819
Further to this announcement Savoy Equities Limited advises the conversion to ordinary shares of 208 Options
Date of conversion: 17/06/2003
New Issue Capital: 139,630,027
SAVOY EQUITIES LIMITED
Savoy Equities Limited has provided notification of an Allotment of Options
Issuer Code: SVYOA
Date: 11/06/2003
Previous Issued Capital: nil
Allotment Ex Rights Issue: 18,373,582
New Issue Capital: 18,373,582
Further to this announcement Savoy Equities Limited advises the conversion to ordinary shares of 208 of these Options
Date of conversion: 17/06/2003
New Issue Capital: 18,373,374
WESTFIELD TRUST
Westfield Trust has provided a Notice of change of interests of substantial holder in respect of Westfield Management
Limited (as responsible entity of Wesfield Trust) and the Entities listed in Annexure A (“Westfield Holdings Group”) holding in
AMP Shopping Centre Trust.


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Date of Change: 23/06/2003.
Present Persons votes: 661,705,324 (Previous: 652,111,202)
Present Voting power: 81.61% (Previous: 80.43%)
Copies available on request from: lcr@nzx.com
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The NTA of The Australian 20 Leaders Index Fund as at close of business (Sydney) 23/06/2003 was $2.0279. The number
of shares on issue is 53,910,659
TOWER LIMITED
Tower Limited and Tower Finance Limited have advised the appointment of Mike Jefferies as an Alternate Director for Tony
Gibbs and Gary Weiss.
MAINFREIGHT LIMITED
Mainfreight has advised the allotment of 412,500 ordinary shares on 24/06/2003 pursuant to the Exercise of Executive Share
Options.
Issue price:
-27,500 ordinary shares at 100 cents per share.
-385,000 ordinary shares at 109.09 cents per share.
Number of ordinary shares now on issue: 81,942,035.
PROVENCO GROUP LIMITED
Provenco Group Limited (NZSE:PVO) announced today that its retail automation business has been awarded a new contract
for professional services from one of its international customers. The contract amount is approximately $ 4.5 million per
annum and is scheduled to commence in our 2004/2005 financial year.
Provenco chairman David Wolfenden said, “We noted in our 1 May 2003 update letter to shareholders that trading conditions
for us internationally are improving, and this latest contract is pleasing confirmation of that trend. We are making good
progress internationally, although we are still experiencing long lead times with some of the opportunities we are pursuing”.
NEWS & MEDIA NZ LIMITED
News and Media NZ Limited advise that the Dividend Rate applying to the new class of Convertible Exchangeable
Preference Shares (CEPS) offered pursuant to its Investment Statement and Prospectus dated 16 May (Offer Document) is
8.75% per annum.
As provided for in the Offer Document, acceptors of the company’s Exchange Offer and Preferential Offer will be paid an
interim dividend on 25 June 2003 at the Dividend rate of 8.75% for the period from 31 May 2003 to 22 June 2003. The
company has sufficient imputation credits to fully impute the interim dividend and to make a supplementary interim dividend
for qualifying offshore shareholders
The new CEPS are anticipated to be first quoted on the NZX on 26 June 2003.
NEWS & MEDIA NZ LIMITED
News & Media NZ Limited has cancelled 15,963,017 existing Convertible Exchangeable Preference Shares (existing CEPS)
pursuant to its Exchnage Offer for new convertible exchangeable preference shares dated 16 May 2003 (Offer Document).
For the purposes of Listing Rule 7.12.1 News & Media NZ Limited advises the following securities have been cancelled:
A. Class of Security: Convertible Exchangeable Preference Shares (NMNPA)
B. Number acquired: 15,963,017 for an aggregate acquisition amount of $127,704,136 plus entitlements to dividends
accrued theron
C. Nominal value: Not Applicable
   Acquistions Price: $8 per existing CEPS plus entitlements to dividends accrued theron.
D. Payment terms: Not Applicable. The CEPS were cancelled in consideration for the issue of 2 new convertible
exchangeable preference shares for each existing CEPS cancelled.
E. Amount Paid up: $8 per existing CEPS
F. Percentage of class of securities: 70.2% of existing CEPS before acquisition
G. Reason for acquisition: Refinancing of existing class of CEPS for issue of new class of convertible exchangeable
preference shares
H. Authority for acquisition: Directors’ resolution dated 15 May 2003
I. Terms of Acquisition: As set out in the Offer Document
J. Number of Securities in existence after acquisition: 6,763,383
K. Treasury Stock: Not Applicable, as the existing CEPS were cancelled on acquisition.
L. Effective Date: 5 pm 20 June 2003
HERITAGE GOLD NZ LIMITED


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The Drilling Results for Waihi North Gold Project, NZ have been provided by Heritage Gold NZ Limited:
Highlights
• The second diamond drill hole (WNDDH-2) was collared about 800m north east of the Martha mine and tested coincident
Schlumberger and gradient array resistivity anomalies and a magnetic anomaly.
• Strong hydrothermal alteration with abundant sulphide mineralisation was encountered, with a 2m gold anomalous zone
(0.02 g/t Au) intersected at shallow depth.
• While no economic mineralisation was intersected the results confirm that the mineralising system responsible for the
Martha deposit extends at least 800m north east into the Waihi North permit.
• The results do not adequately explain the source of the geophysical anomalies. It is possible the hole was drilled above
them and the Company is taking samples of core for testing to investigate this interpretation.
Hole WNDDH-2
The results of the second diamond drill hole have been received. Sited about 800m north east of the Martha mine, the hole
was drilled at NZMG Reference 2762481mE, 6421235mN, on a bearing of 260 degrees and a declination of 45 degrees from
horizontal.
The hole was designed to test a moderately high resistivity zone that coincided with a low order magnetic anomaly, found in
the Company's recent geophysical surveys. This zone was interpreted to be located about 50m to 100m below the surface.
The hole terminated at 113.25m. There is no record of any previous drilling at this locality.
Assay results showed a gold anomalous zone (0.02g/t Au) at 22m – 24m downhole depth.
Electrical logging of the core identified 3 narrow resistivity highs between 75m and 84m downhole depth, superimposed on a
broader, low order resistivity anomaly. These do not adequately explain the resistivity anomaly found by the ground
geophysical survey.
Rocks encountered in the hole below 25.6m were all strongly hydrothermally altered and sulphide mineralised andesite
volcanics. These were separated from the overlying post-mineral quartz-andesitic tuffs by a 4.4m wide (downhole width)
shear zone that correlates with a north north east trending fault zone in the Martha mine.
Hydrothermal alteration was generally strong, with illite-smectite-pyrite being predominant to 90.5m, then passing into illite-
pyrite-altered polymictic breccia to the end of the hole. A feature of the breccia unit was the abundance of sulphide
mineralised black shale fragments.
Calcite-pyrite veining overprinted the pervasive illite-smectite-pyrite alteration throughout the hole from 29m and was similar
to that intersected in the first hole (WNDDH-1).
While no economic mineralisation was intersected the hole does confirm that the mineralising system responsible for the
Martha deposit extends into the Waihi North permit for at least 800m north north east of the current mine.
Heritage is now taking samples of the drill core for petrological and x-ray diffraction analysis to help determine if the hole
passed above quartz veining that could be the source of the resistivity anomaly.
This completes the current diamond drilling programme at Waihi North.
A reverse circulation drilling programme will commence on Rahu Ridge at the Karangahake Project shortly.
Disclosure: Relevant sections in the above statement are based on information compiled by a corporate member of The
Australasian Institute of Mining and Metallurgy with over five years relevant experience.
THE NATIONAL PROPERTY TRUST
National Property Trust has enclosed the following press statement and Media release relating to the acquisition of units in
the Newmarket Property Trust (Newmarket) by The National Property Trust (National).
The acquisition of the units previously held by St Laurence Property & Finance Limited settled on 13 June 2003 and The
National Property Trust, through its subsidiary The National Property Trust No 3 Limited, now holds 97.7% of the units on
issue in Newmarket. In accordance with the Compulsory Acquisition provisions of the Newmarket Trust Deed (the Trust
Deed), National is deemed a Majority Holder and must, within 20 business days of becoming a Majority Holder, give an
Acquisition Notice to the Remaining Holders specifying:
(a) that the Majority Holder has beneficial ownership of 90% or more of the Affected Units; and
(b) either:
(i) That the Majority Holder intends to acquire all Affected Units held by the Remaining Holders; or,
(ii) That any Remaining Holder may require the Majority Holder to acquire any Affected Units held by that Remaining Holder.
National intends to acquire all Affected Units held by the Remaining Holders and has requested Grant Samuel & Associates
Limited (Grant Samuel), who are independent appropriately qualified experts as required by the Trust Deed, to prepare a
report confirming that the price National intends to offer to you is fair. Although the units in Newmarket are no longer quoted
on the New Zealand Exchange, the Exchange has agreed to approve the appointment of Grant Samuel in accordance with
the provisions of the Trust Deed.
After receiving the report from Grant Samuel, National will be issuing an Acquisition Notice as required by the Trust Deed.
That notice will specify the consideration being offered. You are not required to do anything further until you receive the
notice.
Yours sincerely,
P A Dallimore
Executive Chairman
MEDIA STATEMENT

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11 JUNE 2003.
‘National Acquires 90% of Newmarket Property Trust’
St Laurence Property & Finance Ltd (St Laurence) has agreed to sell to The National Property Trust (National) the 6,785,105
Newmarket Property Trust (Newmarket) units it holds in consideration of National issuing to St Laurence 4,395,390 units in
National. The units in National, to be issued, will not participate in the distributions by National for the financial year ended
31 May 2003 but thereafter will rank equally with the existing units on issue.
As a result of this transaction National will hold 97.6% of the total number of Newmarket units on issue.
National understands that St Laurence has entered into an agreement for these National units to be placed with Institutional
Investors by First NZ Capital on behalf of St Laurence.
The National units are to be issued in the next 10 days pursuant to clause 4.5 of the Trust Deed and the Trustee has
approved the transaction. After the issue of the National units the total number of units in National on issue will increase from
93,288,782 to 97,684,172.
The units in Newmarket are being acquired by National at an effective price of 57 cents per unit and the issue price for the
units in National has been calculated at 88 cents per unit which takes into account the non participation of those units in the
distribution for the year ending 31 May 2003 that is normally paid by National in September 2003.
On settlement of the above transaction and the consequent issue of units by National, the appropriate notices will be filed
with the New Zealand Stock Exchange. In addition, National will be required to commence the compulsory acquisition of the
remaining units on issue in Newmarket.
A compulsory acquisition notice for the remaining units in Newmarket will be sent to Newmarket unit holders within 20
working days from the date of settlement of the St Laurence transaction.
NZIJ.CO.NZ LIMITED (NM)
NZIJ.co.nz Limited wishes to advise that all motions put to the AGM today, 24 June 2003, were passed unanimously.
SANTOS LIMITED
Santos Limited has provided presentation slides from its International Roadshow Presentation. Copies can be requested
from lcr@nzx.com
AMP INVESTMENTS' WORLD INDEX FUND (NS)
The unaudited NTA of WiNZ (AMP Investments World Index Fund) as at close of business 24/06/2003 was $1.08404. The
number of shares on issue is: 367,069,088.
PROVENCO GROUP LIMITED
Provenco Group Limited announced that Jeff Morse has resigned from the position of Executive Director, Provenco Retail
Automation Limited, effective 31 July 2003. Jeff is leaving the full-time role to take semi-retirement and will continue to
provide consulting services to our international markets on a part-time basis
Tony Bradley, Managing Director, Provenco Group will head the company in the interim.
PORTS OF AUCKLAND LIMITED (NS)
Tasman Orient has become the first shipping line to commit to Ports of Auckland’s Otahuhu inland port facility.
Tasman Orient import containers are now transferred from the shipping line’s vessels to Ports of Auckland Otahuhu, which is
located in the heart of New Zealand’s largest manufacturing and industrial area.
Importers in South Auckland and regions further south now have easier access to their goods and can avoid the drive into
the central city to the seaport. Import containers are being transferred to the inland port outside normal work hours, which
also assists in reducing port-related traffic during peak times.
A feature of the venture is the prompt removal of containers from the seaport, which creates efficiencies by freeing up wharf
space for Tasman Orient’s multi-purpose vessels to unload non-containerised cargoes and enable a better receival and
delivery experience for these customers.
Tasman Orient’s agreement to use the Otahuhu site’s empty container depot allows the empty container to be dehired at the
same location as the full import container is collected. Like the inland port, the empty depot operates flexible hours – around
the clock if necessary – providing importers with a significantly improved service over the restricted operating hours of other
depots.
“We congratulate Tasman Orient for being proactive in improving service to our local importers, who are a key driver of
Auckland’s regional economy. The move is another step towards optimisation of the supply chain for all New Zealand
cargoes, which we wholeheartedly support,” said Ports of Auckland Chief Executive Geoff Vazey.
Tasman Orient Line Chief Executive Ulrich Stelling said: “We are pleased that through this partnership Ports of Auckland is
able to facilitate an improvement of service levels to our wider customer base – for containers as well as breakbulk shippers.”
Ports of Auckland General Manager Logistics Scott Paterson said: “Tasman Orient has worked with us to pioneer this new
service for importers. Eventually we intend to expand the service to other users but, as in the case of our first inland port at
East Tamaki, our first priority is to prove our service levels.



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Tasman Orient Line General Manager Operations Vivek Rao said: “The Ports of Auckland team, both at General Wharves
and at Logistics, have a strong commitment to improving service levels and efficiency. We see this arrangement as a vital
step in securing Auckland as an import port of choice for a wide range of customers.”
Michael Grace, Distribution Cluster Facilitator for Enterprising Manukau, said the new venture was a further positive move for
Manukau City and the broader South Auckland area. Enterprising Manukau is a local authority trading enterprise (LATE) of
Manukau City Council.
“We already have airports and road and rail links, and this new inland port service will help create the missing piece of the
jigsaw puzzle regarding development of a distribution hub in Manukau that has links to other areas of New Zealand and the
South Pacific,” Mr Grace said.
About Tasman Orient Line:
Tasman Orient Line is the leading independent multi-purpose liner shipping service linking New Zealand and Asia. The Line
was formed in a merger between Tasman Asia and NZ-Orient Line, who have been serving the trade since 1988. The
company is now jointly owned by The China Navigation Company of Hong Kong (a member of the Swire Group) and the
Ahrenkiel Group of Germany — both internationally known for their long-term commitment to multi-purpose liner shipping.
Tasman Orient vessels are multi-purpose, carrying a mix of containers and breakbulk (non containerised) cargoes. The
vessels berth at Jellicoe Wharf or Freyberg Wharf, in the General Wharves area of the Port of Auckland. General Wharves
handles breakbulk, including imported vehicles, as well as containers.
About Ports of Auckland’s inland ports:
Ports of Auckland has three inland port sites. The East Tamaki and Otahuhu sites are in operation, with the third, at Wiri,
under development.
The inland ports have the road and yard functions of a container terminal. Export containers are processed at the site and
transported to the seaport. Import containers are cleared through Customs and MAF at the seaport and brought to the inland
port for delivery to customers.
Ports of Auckland Otahuhu is situated on land leased by Sky Group, which operates container facilities at Port Klang in
Malaysia. Sky Group provides transport, cargo-handling and site management services at Otahuhu.
Ports of Auckland continues to work with transport operators to encourage pick up and delivery of containers at the seaport
outside peak hours and this is resulting in clearly measurable up-take. Truck moves at night and in the weekends increased
40% during the half year to December 2002 and the proportion of night and weekend moves rose to 27% of all truck moves.
TRANZ RAIL HOLDINGS LIMITED
Toll Group (NZ) Limited gives notice in accordance with Rule 45 of the Takeovers Code that the offer document and
accompanying documentation relating to its full offer to purchase all the equity securities in Tranz Rail Holdings Limited
under the Takeovers Code was sent today to the offerees in respect of the offer.
Copies of this letter and the accompanying documentation have been sent to NZX, the Registrar of Companies and the
Takeovers Panel as required by the Takeovers Code.
Copies can be requested from lcr@nzx.com
                                               WEDNESDAY, JUNE 25, 2003

WESTPAC BANKING CORPORATION
Westpac Banking Corporation allotted a total of 183,245 ordinary shares on 19 June 2003 as a consequence of the exercise
of options pursuant to Westpac’s Senior Officers’ Share Purchase Scheme, the General Management Share Option Plan
and/or Westpac Performance Plan.
The exercise prices for these options were in the range: nil - $9.99
- 70,000 @ $9.53
- 13,000 @ $9.57
- 50,000 @ $9.99
- 245 @ $0.00
All of these shares rank pari passu with all other ordinary shares for future dividends.
Paid up capital is now 1,773,309, 434 fully paid ordinary shares.
Quoted capital is now 1,771,971,434 fully paid ordinary shares.
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC
The unaudited NTA of Merrill Lynch European Investment Trust as at close of business 23/06/2003 was 138.55p undiluted
and 134.19p diluted.
THE BANKERS INVESTMENT TRUST PLC
The NTA of The Bankers Investment Trust as at close of business 23/06/2003 was 261.2p.
THE CITY OF LONDON INVESTMENT TRUST PLC
The NTA of The City of London Investment Trust as at close of business 23/06/2003 was 193.9p.


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HENDERSON FAR EAST INCOME TRUST PLC
The NTA of Henderson Far East Income Trust plc as at close of business 23/06/2003 was 148.4p.
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
The NTA of Henderson TR Pacific Investment Trust plc as at close of business 23/06/2003 was 69.7p.
NZ INVESTMENT TRUST PLC
The diluted net asset value per ordinary 25p share of the Company at 20 June 2003 was 207.19 pence sterling
(NZ:590.50c). The diluted net asset value per ordinary 25p share as at 20 June 2003 (including current period revenue at 31
May 2003 was 2.44p and NZc6.95) was therefore 209.63pence sterling (NZ: 597.45c). The exchange rate at which this was
calculated was £=NZ$2.8500
TEMPLETON EMERGING MARKETS PLC
The NTA of Templeton Emerging Markets Investment Trust as at close of business 20/06/2003 was:
Undiluted (Warrants unexercised) 140.35p (Cum-Income)
Fully diluted (Warrants exercised) 139.11p (Cum-Income)
Undiluted (Warrants unexercised) 138.09p (Ex-Income)
Fully diluted (Warrants exercised) 137.23p (Ex-Income)
TRANZ RAIL HOLDINGS LIMITED
Tranz Rail have provided the presentation slides for the meeting due to start at 9am Wednesday 25 June. Copies can be
requested from lcr@nzx.com.
TELECOM CORPORATION OF NEW ZEALAND LIMITED (NS)
Telecom have provided the following:
AAPT customers to receive cutting-edge services by new trans-Tasman network management deal with Alcatel
AAPT and Alcatel have signed a five year outsourcing agreement, with an estimated value of $A53 million, which sees
Alcatel, a world leader in outsourcing for telecommunications, taking increased responsibility for AAPT’s network design and
operations services.
The agreement, which is part of a wider deal signed earlier by Telecom New Zealand and Alcatel, will help ensure the
delivery of cutting-edge customer services across both AAPT’s network in Australia and that of Telecom’s in New Zealand.
The combined value of the trans-Tamsan agreement is estimated at $A157 million.
“This is an exciting step forward for AAPT in future-proofing the development and operation of our national voice and data
network,” said Rhoda Holmes, AAPT General Manager, Customer and Network Services.
“Under the agreement, we will be adopting a unique operating model that will enable AAPT to leverage the expertise,
technology and operational scale of a global player. This in turn means our customers will benefit from faster, easier access
to many more cutting-edge products and services.”
The agreement involves the transfer of approximately 100 staff from AAPT to Alcatel Australia and 200 Telecom New
Zealand staff to Alcatel New Zealand from 1 July 2003.
Alcatel Australia Chief Executive Officer Ross Fowler said, “The scope and scale of this deal is one of the first in the world.
This new team, with the benefit of Alcatel global business resources, will extend the current skill base of Alcatel’s growing
Services business to design, operate and support AAPT’s current and new network.
“Today’s announcement is a significant milestone for Alcatel, the Telecom Group and the wider telecommunications
industry.”
The agreement builds on the strategic partnering relationship formed in June last year by the Telecom Group and Alcatel to
jointly manage the development and integration of Telecom’s trans-Tasman Next Generation Network. Since then, 20 AAPT
employees have join Alcatel’s local organisation.
“Our existing relationship with Alcatel is less than a year old and already we’ve been able to streamline parts of our
operations and reduce costs, while staff have gained access to training by some of the world’s best,” said Mrs Holmes.
“Working closely with Alcatel we will build on this, leveraging AAPT’s market knowledge and Alcatel’s network and services
excellence to deliver in an exciting new way for our customers.”
THE NZ MID-CAP INDEX FUND (NS)
The NZ Mid Cap Index Fund has provided a copy of its Financial Statements for the year ended 31 March 2003. A copy can
be requested from lcr@nzx.com
MAINFREIGHT LIMITED
Mainfreight has advised the allotment of 22,000 ordinary shares on 25/06/2003 pursuant to the Exercise of Executive Share
Options.
Issue price:
-22,000 ordinary shares at 100 cents per share.

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Number of ordinary shares now on issue: 81,964,035.
FOREIGN & COLONIAL EUROTRUST PLC
Foreign & Colonial Eurotrust Plc has provided a copy of its printed Interim Report for the six months ended 31/03/2003.
NATIONAL AUSTRALIA BANK LIMITED
National Australia Bank advises the on-market buyback of 300,000 ordinary shares on 25/06/2003. Highest price paid:
A$34.28. Lowest price paid: A$33.19. Approximate number of shares remaining to be bought back: 14,401,187.
LEND LEASE CORPORATION LIMITED
Lend Lease Corporation has advised the on market buy-back of 440,000 shares on the 24/06/2003. Highest price paid:
$8.86. Lowest price paid: $8.76. Number of shares remaining to be bought back: 41,708,481
MIM HOLDINGS LIMITED
MIM Holdings Limited has provided the following for release;
The Implementation Date for the Scheme of Arrangement between MIM and its shareholders in relation to the offer of $1.72
per MIM share by a wholly owned subsidiary of Xstrata plc occurred on 24 June 2003. Cheques for the Scheme
consideration have been despatched to all MIM shareholders.
The current MIM Directors and other officers have been replaced by Xstrata nominees and Xstrata will be making application
to end the official quotation of MIM shares on the ASX and the New Zealand Stock Exchange.
COMMERCE COMMISSION
A public version of Air New Zealand and Qantas’ submission on the Commerce Commission’s draft determination is
available on the Commission’s website, www.comcom.govt.nz. The Commission has now published all submissions it has
received in response to its draft determination on its website.
The Commission is working with the parties, Air New Zealand and Qantas, to agree matters of confidentiality contained in the
full confidential submission that the Commission received on Friday 20 June. The Commission will update the public
submission once that process is completed.
Interested parties are now invited to make cross submissions. The deadline for cross submissions is 18 July 2003.
The Commission plans to hold a conference on 18-22 August (inclusive), and to deliver its final determination in September.
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The NTA of The Australian 20 Leaders Index Fund as at close of business (Sydney) 24/06/2003 was $2.0121. The number
of shares on issue is 53,910,659
RIO TINTO LIMITED
Agreement Rio Tinto’s wholly owned Kennecott Utah Copper Corporation (KUC) announced on 24 June 2003 that an
impasse that began 1 October 2002 between KUC and its labour unions has been resolved by joint agreement. A ratification
vote by union membership was held on 23 June 2003, and the new collective bargaining agreement will expire 30
September 2009.
"There have been a few changes and modifications to the company's final offer, which we put on the table on 1 October
2002, and there are a number of benefit enhancements and incentives for hourly represented employees that, I feel, make
this agreement a good deal for everyone," said Bill Champion, KUC President and Chief Executive Officer. The agreement
provides for annual wage increases. The first year of the contract includes an average hourly increase of approximately 80
cents over the terms of the expired contract. Health care coverage for employees and retirees will continue, which includes
participant contributions. The company has also established a Voluntary Employee Benefit Association (VEBA) that will
provide retiree health care benefits after 30 September 2009. Champion said, "A very important aspect of the agreement for
the company will be increased flexibility for personnel and work assignments." During the seven-and-a-half-month impasse,
there were no work stoppages. The company and its labour unions finally reached a tentative agreement in mid June.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
ANZ today reiterated its statement made on Friday 20 June regarding discussions with Thai Military Bank following
inaccurate media reporting.
ANZ confirms that there is currently no firm proposal that has been made to Thai Military Bank. Substantive issues are still to
be resolved and the talks, while constructive, may take some time to reach a conclusion either way.
TELSTRA CORPORATION LIMITED
Telstra’s Chairman, Mr Bob Mansfield, and Chief Executive Officer, Dr Ziggy Switkowski, today welcomed the Government’s
response to the findings of the Regional Telecommunications (Estens) Inquiry and the associated announcement it would
proceed with legislation to sell its remaining 50.1 per cent stake in the company.



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Dr Switkowski said the Government’s response to the Estens Inquiry findings would complement the activities Telstra has
initiated already in improving regional and remote telecommunications and that Telstra would co-operate with the relevant
Government agencies to implement the proposed actions.
“Telstra has built a solid business in regional Australia over many generations, and we want to continue to grow that
business because it makes good sense,” he said.
“We are continuing with the upgrading of telephone services throughout regional areas and are implementing the
Government’s recently introduced new regulatory safeguard, the Network Reliability Framework, which will assist in
addressing under performing exchange areas through targeted investment and remediation work.”
Other ways Telstra is addressing the recommendations of the Estens Inquiry include:
• Replacing older digital radio concentrator systems under the Remote Areas Telecommunications Enhancement program
with a target completion date of June 2004
• Reducing time frames for providing ISDN and one-way satellite services
• Improved monitoring and management of pair gain systems used to provide voice telephone services
• Working with the Department of Communications, ATSIC and the Australian Communications Authority on a detailed
review of remote Indigenous communities’ telecommunications services
• Continuing improvements in the availability of high speed data services by providing increased ADSL coverage and
introducing Broadband Regional Connect, a combined one-way satellite and ISDN product
• Enhancing the Federal Government and Telstra’s Internet Assistance Program that assists users to achieve an equivalent
effective connection speed of 19.2 kbps
• Developing an online local presence plan to provide information about Telstra services and regional presence
Dr Switkowski noted that while some of these measures represented extensions to Telstra’s current activities, they would be
accommodated within existing budgets.
Mr Mansfield said that, whilst Telstra’s Board and management have consistently supported full privatisation, the sale of the
Commonwealth’s remaining stake in Telstra and timing of passage of relevant legislation remained a matter for the
Government and Parliament to decide.
“Full privatisation would provide Telstra staff, customers, shareholders and future investors with greater certainty about its
future. Moreover, if Telstra is to reach its full potential as a successful Australian company, it needs the flexibility that full
privatisation offers to grow its business,” he said.
Dr Switkowski said that Telstra’s commitment to delivering an ever-improving high quality service to customers provided by
skilled staff would remain the company’s top priority throughout and beyond any further privatisation process.
“Telstra will continue its focus on servicing the needs of its customers and working cooperatively with the Government and
regulatory agencies to improve telecommunication services in regional, rural and remote areas of Australia,” he said.
“Telstra Country Wide was established three years ago to better serve our customers and their communities in regional
Australia. It has proven to be a successful business and it will continue to meet the needs of our regional, rural and remote
customers.”
BHP BILLITON LIMITED
The following notification was received yesterday by BHP Billiton Plc in a letter from Cater Allen International Limited, dated
16 June 2003, relating to major interests in shares of BHP Billiton Plc as at 16 June 2003:
“Notification of Interest in Shares pursuant to Part VI of the Companies Act 1985 (as amended) In accordance with Part VI of
the Companies Act 1985 (as amended), please note that as of the date of this letter, that Cater Allen International Limited
(CAIL) no longer has a reportable interest in the ordinary shares of BHP Billiton Plc.”
COLES MYER LIMITED
Coles Myer Ltd Chairman Rick Allert today announced the appointment of four new Board directors. Mr Allert said that the
appointments of Keith Barton, Tony Hodgson, Sandra McPhee and Michael Wemms,* would take effect from July 22 2003.
“Our new directors possess strong strategic, financial, international retail and consumer expertise, combined with extensive
director and executive experience. “We are delighted to welcome four highly qualified directors to the Board to join us in
working with senior management to continue the process of rebuilding Coles Myer,” he said. Mr Allert said the appointments
followed an extensive international search. “Our key criteria for new directors was that they have the strategic, financial and
corporate governance skills and experience both to qualify them as directors of a large and complex organization and to
enable them to add value to the team of retail leaders appointed by John Fletcher. “We have recruited to the Board directors
who bring skills and experience in various areas integral to retailing, including consumer loyalty, supermarket, fuel and
convenience stores and supply chain management. “Coles Myer has a strong and diverse Board, committed to working with
an outstanding retail leadership team to continue the progress we are making in delivering our five year strategy to restore
shareholder value,” Mr Allert said.
KEITH BARTON
Former Chief Executive Officer and Managing Director of James Hardie Ltd, Dr Barton has extensive experience in corporate
leadership and non-executive director positions. He served as Chief Executive Officer and Managing Director of James
Hardie Industries Ltd from 1993-1999 after holding a variety of executive positions at CSR Ltd
(1981-1993). Dr Barton’s current directorships include Tower Ltd; Citect Corporation Ltd and Amcor Ltd. He is also a Council
Member of the Royal Blind Society NSW. Dr Barton’s previous Board appointments include Goodman Fielder Ltd

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(Chairman), F H Faulding Ltd, Keycorp Ltd and Colonial Ltd. He is a Fellow of The Australian Academy of Technological
Sciences and Engineering.
TONY HODGSON
Mr Hodgson was a co-founder of the specialist chartered accounting firm, Ferrier Hodgson, from which he retired in 2000
after 24 years. His role included the evaluation and implementation of marketing and business strategies to achieve major
corporate restructures and turnarounds. Mr Hodgson’s current Board appointments include HSBC Bank Australia Ltd;
Tabcorp Holdings Ltd (Deputy Chairman) and Victoria Rugby Union (Chairman Advisory Board). He also acts as a consultant
to Ferrier Hodgson. Mr Hodgson’s previous directorships include Melbourne Port Corporation and Victorian TAB (Chairman).
Mr Hodgson is a Fellow of the Institute of Chartered Accountants in Australia and a Fellow of the Australian Institute of
Company Directors.
SANDRA McPHEE
Ms McPhee, currently Group General Manager Alliances with QANTAS Airways Ltd, has extensive executive leadership
experience in sales, marketing and consumer roles. Ms McPhee held a variety of positions with Pan American Airways Ltd
from 1976-1990 before serving as Chief Executive of the Traveland Retail Group from 1990-1993 and Director of Sales at
Ansett Australia. Ms McPhee joined QANTAS in 1994 where she has held the positions of Executive General Manager
Sales, Group General Manager UK/Europe/South East Asia and Group General Manager Marketing. She assumed her
current role in 2001. Ms McPhee’s Board appointments include Australia Post, Primelife Corporation Limited, CARE Australia
and St Vincents and Mater Health. She is a Fellow of the Australian Institute of Company Directors and Council Member of
Chief Executive Women. Ms McPhee’s previous non executive positions include Deputy Chair South Australia Water and
director Tourism Council Australia.
MICHAEL WEMMS
Mr Wemms is a former director of Tesco plc and Chairman of the House of Fraser plc, with extensive retail and Board
experience in the United Kingdom. Mr Wemms worked at Tesco from 1972-2000 in a range of positions, including Managing
Director Retail (1984-89), Personnel Director (1989-92) and Operations Director (1992-2000). He was a director of Tesco plc
from 1989-2000 and a part-time adviser to the company from from 2001-03. In his executive roles at Tesco, Mr Wemms lead
cultural change and helped shape convenience retailing in the UK through the establishment of the Express petrol venture.
He has been a director of the UK department store, House of Fraser plc, since 1996 and Chairman since 2001. Mr Wemms
is a member of the MBA Advisory Board at Cranfield University and was a Visiting Professor at Bristol University Business
School.
PORTMAN LIMITED
Portman Limited has provided the following:
Due to internal changes within the Company, please be advised that the following employee options have been cancelled.
Number of Options: 100,000
Exercise Price: $2.427
Expiry Date: 19/04/2007
RICHINA PACIFIC LIMITED
Richina Pacific Limited has provided the following release;
Statement based on the address by the Chairman, Alastair MacCormick, to today’s annual meeting of Richina Pacific Limited
held in Auckland
Pelt quality affecting margins and revenues at Shanghai Richina Leather has caused Richina Pacific to trim its estimated half
year operating profit by $700,000 to $3.5 million for the six months ending 30 June, 2003.
At today’s annual meeting the chairman, Alastair MacCormick, told shareholders that anticipated sales of garment leather for
coats and jackets made in China from New Zealand sheepskin were not generating expected revenue levels, and the
margins are lower.
“The quality of this year’s pelts, all sourced from New Zealand, was affected by changing seasonal weather conditions, and
the quality and size has not been as high as in past years. This has affected the margins achieved on sales.”
Mr MacCormick said that the SARS virus had decimated attendance at the company’s Blue Zoo aquarium in Beijing, and it
was forced to close for six weeks as a precautionary measure.
“While the attraction has now reopened, recovery in attendance numbers will be slow,” said Mr MacCormick.
“Revenue losses attributable to the closure are likely to be in the order of $1.5 million.”
Mr MacCormick told shareholders at the Auckland meeting that with the pro rata rights issue that raised US$10.4 million
behind it, the company was poised to forge ahead with its upgrading and expansion plans for the company’s Shanghai
leather manufacturing operations.
Mr MacCormick said the company was still reviewing its options in relation to registering the company in a jurisdiction such
as Bermuda and eventually having its main listing on an exchange such as Singapore.
He emphasized that if this was to happen the company would retain its New Zealand listing and have New Zealand
domiciled directors.
TOWER LIMITED
TOWER Group Managing Director Keith Taylor today confirmed two senior executive New Zealand appointments.

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Paul Bevin, the Managing Director of TOWER Asset Management Limited has been appointed Chief Executive, Investment
Businesses for TOWER New Zealand. In this role, Mr Bevin retains responsibility for TOWER Asset Management (New
Zealand) and assumes responsibility for TOWER Managed Funds, the Group’s New Zealand retail funds management
business. He will also chair the Executive Board of the new asset management group in Australia which will combine
TOWER Asset Management Australia with some investment functions of Bridges Financial Services and TOWER Trust
Australia.
Mr Bevin has successfully led TOWER Asset Management since 1988. This company has a long record of leading
investment performance and continues to deliver good results in difficult market conditions, including being named Fund
Manager of the Year (NZ Equities) last week*.
Paul Hunt, previously Managing Director of TOWER Insurance, becomes Chief Executive, Insurance and Operations for
TOWER New Zealand. His responsibilities now include TOWER Health & Life, TOWER Insurance, TOWER Life (N.Z.) and
the operational functions of HR, IT, Finance, Actuarial and Distribution.
He joined TOWER Insurance (previously National Insurance) in 1985 and became Managing Director in 1991. TOWER
Insurance continues to deliver strong results, evidenced by six years of consecutive underwriting profits.
“Paul Bevin and Paul Hunt are highly respected industry professionals – Paul Bevin has been a member of the New Zealand
Stock Exchange’s Market Surveillance Panel, and Paul Hunt has served as President of the Insurance Council of New
Zealand. The appointments are effective immediately and I look forward to the ongoing commitment and talent that these two
professionals bring to TOWER,” Mr Taylor said.
FONTERRA CO-OPERATIVE GROUP LIMITED
Fonterra Co-operative Group Limited announces that it may stand in the market to purchase Fonterra Capital Notes. Any
Capital Notes purchased will be held as treasury stock. The Company may discontinue or suspend the repurchase
programme at any time depending on its impact on market price. The Company is taking this stance in order to reduce its
overall cost of funds.
FONTERRA CO-OPERATIVE GROUP LIMITED
Fonterra Co-operative Group has provided an Appendix 7 for its unsecured subordinated perpetual capital notes interest
payment. Record Date: 04/07/2003. Payable: 10/07/2003
AMP INVESTMENTS' WORLD INDEX FUND (NS)
The unaudited NTA of WiNZ (AMP Investments World Index Fund) as at close of business 25/06/2003 was $1.08573. The
number of shares on issue is: 367,069,087.
NEWS & MEDIA NZ LIMITED
News & Media NZ Limited confirms that it has issued 23,805,000 Convertible Exchangeable Preference Shares (NMNPB
ISIN: NZNMND0001S8) on the 25/06/2003.
Issue Price: $4 per new CEPS giving an aggregate issue amount of $95,220,000.
Payment Terms: Pursuant to subscriptions under general offer to members of the public in New Zealand and institutions.
Reason for issue: Refinancing of existing convertible exchangeable preference shares
Percentage of class of securities: 73% of existing class
Number of (NMNPB) securities in existence after issue: 56,249,884 CEPS
VENDING TECHNOLOGIES LIMITED
Vending Technologies Limited (NZSE:VTL) refers to its previous announcements in relation to Vending Technologies
agreeing to acquire from NZ Vending Holdings Limited the shares in NZ Vending Investments Limited (NZVIL) not currently
held by Vending Technologies.
The acquisition of the shares in NZVIL is conditional on approval by Vending Technologies’ shareholders at a special
meeting in accordance with Vending Technologies’ constitution and the New Zealand Stock Exchange Listing Rules.
Vending Technologies and NZ Vending Holdings have agreed to extend the conditional date to 31 July 2003. If shareholder
approval is not received by that date, then the proposed acquisition will be void.
The Vending Technologies Board has set 23 July 2003 as the date for the special shareholders’ meeting and intends
distributing notices of meeting shortly.
                                                 THURSDAY, JUNE 26, 2003
FONTERRA CO-OPERATIVE GROUP LIMITED
Fonterra Co-operative Group have provided the following:
Mr Andrew Ferrier, a Canadian executive out of the sugar industry has been appointed as the new Chief Executive Officer of
Fonterra Co-operative Group. The Chairman, Mr Henry van der Heyden said Mr Ferrier would take up his appointment in
September. The inaugural CEO, Mr Craig Norgate would leave the company at the end of his contract in July and the Chief
Operating Officer, Mr Jay Waldvogel would become Acting CEO in the interim.



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Mr van der Heyden said Mr Ferrier was very experienced in the commodity business and in international trade. Currently
employed in Toronto in a publicly listed company selling branded consumer products, Mr Ferrier previously spent 16 years in
the sugar industry working in Canada, the United States, the United Kingdom and Mexico. This experience culminated in his
becoming President and Chief Executive Officer of Tate & Lyle North America Sugars Inc, a large division of Tate & Lyle
PLC. Tate & Lyle is a UK public multinational with sales of NZ$9 billion.
Mr van der Heyden said that the Board was confident that it had found a successor for Craig Norgate who was well equipped
to lead Fonterra through the next phase of its development. “Andrew has outstanding leadership credentials that have been
recognised and acclaimed by all his previous employers,” Mr van der Heyden said. “He also has a great record in growing
shareholder wealth. “No one is better placed than me to appreciate the huge demands of leading Fonterra and Craig Norgate
has done a great job in steering Fonterra through its first two years, an enormous challenge when three companies, all with
strong and distinct cultures, had to be brought together and a new course charted,” he said. “Craig is passionate about our
industry and has devoted tireless energy to his role. All dairy farmers owe our inaugural CEO a big vote of thanks.” Mr van
der Heyden said the Board was making this change because it believed it was time for new leadership and an international
executive of Mr Ferrier’s calibre would bring fresh and invigorating perspectives to the business. “Fonterra is a significant
player in global business and our success will be dependent on how we foot it in international markets,” he said. “Attracting
top people from around the world will be fundamental to our future.”
Mr Ferrier is aged 44 years and is married with three children. He was selected from two short-listed international
candidates.
Background notes
• Mr Andrew Ferrier has 18 years of experience at the senior executive level with nine years as Chief Executive. His CEO
experience has been in both operating and holding companies.
• The major part of his career, from 1994 to 1999, has been spent with Tate & Lyle and its subsidiaries. Tate & Lyle is a world
leader in sweetener and starch production with operations in more than 50 countries worldwide.
• 1998-1999 President and Chief Executive Officer Tate & Lyle North American Sugars Inc., Toronto and New York. At this
time TLNAS was North America’s second largest and most diverse sugar processing company with plants in Canada, the
United States and Mexico.
• 1994-1998 President Redpath Industries Ltd, Toronto. This business comprised Redpath Sugars, Redpath Specialty
Products and Redpath Custom Packing.
• 1990-1994 Vice President Lantic Sugar Ltd, Montreal, the market leader in Canada.
• 1985-1990 Vice President Refined Sugars Inc., Yonkers, New York. The Number Two refiner in the US Northeast.
• 1983-85 Financial Planning/Foreign Exchange and Sugar Trading Redpath Sugars, Montreal.
• Throughout his career Mr Ferrier has dealt with international trade issues, operating in free trade and heavily regulated
environments. He was principle witness and won an international trade case pitting Canada against the United States and
the European Union on anti-dumping and subsidisation.
• Mr Ferrier has held numerous portfolios including financial planning, international commodity trading, foreign exchange risk
management, sales, marketing, logistics and government relations.
• Currently heads GSW Inc. in Toronto, Canada a publicly traded Canadian company selling branded consumer building and
water products with 75% of its revenue coming out of the United States. In 2002 GSW Inc. experienced its highest operating
profits in its 155-year history.
THE BANKERS INVESTMENT TRUST PLC
The Bankers Investment Trust PLC have provided their Unaudited Preliminary Results for the half year ended 30 April 2003.
The following is an extract from this release; a full copy can be requested from lcr@nzx.com
SUMMARY
- Marginal outperformance of benchmark, with NAV declining by 2.1%compared with a fall of 2.4% in the FTSE All-Share
Index
- Total earnings this year expected to be in excess of forecast dividend of 6.96p per share
- Full year total dividend forecast to be up at least 2.7% on last year
Extracts from the Chairman’s Statement:
Assets
Over the half year to 30 April our net asset value declined by 2.1%. Although this constitutes another period of negative
return, I can report that our net assets and share price have marginally outperformed our benchmark during an extremely
turbulent six months. The FTSE All-Share Index fell 2.4% over that period. For the first four and a half months of the period
most equity markets were heavily influenced by the increasing uncertainty created by the build up to war in Iraq. A week
before war was declared on 20 March our net asset value and share price had declined by 17% and 16% respectively, and
many equity investors were extremely concerned about future prospects.
Fortunately, fears of a lengthy military campaign proved unfounded and a rapid end to hostilities combined with a decline in
the oil price to more normal levels removed two major negatives. Equity markets rebounded strongly as a result, with
overseas equities performing slightly better than the UK in sterling terms. We remained approximately 10% geared over the
period and were net buyers of UK equities in January when the market was overly depressed by forced selling from life
assurance companies.


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Currency movements have been dramatic, with the US authorities prepared to allow a weaker dollar for economic reasons
which has had a particularly positive effect on the euro. In view of the negative consequences for European economic
growth and profitability of a rapid rise in the euro we have been net sellers in continental Europe but have held most of our
cash in euros.
Earnings and Dividends
Earnings per share increased by 0.6% to 3.50p per share. Franked income was impacted by dividend cuts and the recent
trend by some very large UK companies to declare dividends in US dollars including Glaxo and BP. In my annual statement
we forecast we would pay three quarterly dividends of 1.74p per share and a minimum final dividend of 1.74p. Based on
present estimates we expect total earnings this year to exceed the minimum forecast total dividend of 6.96p per share.
Outlook
Growth in the global economy looks likely to remain painfully slow. World inflation is forecast at below 2% for the next 12
months. Nominal growth may not be sufficient to sustain decent profit growth for most companies, unless costs are cut
significantly. In the all important US economy the threat of deflation is taken seriously but there is very little room to cut short-
term interest rates any further. However, the significant fall in the dollar should help the profitability of multi-national
companies and limit the growth in imports. At least in the USA, therefore, we can look forward to a stronger economic
recovery. In the euro zone, by contrast, the economic data remain consistently weak. The great euro experiment could not
have come at a worse time for Germany which needs lower interest rates to ward off the twin threats of stagnation and
deflation. The fall in sterling against the euro is highly beneficial for our exporters and with most critical commodities priced
in US dollars our current devaluation against the euro should not be inflationary.
Most of the currencies in the Far East, including Japan, have fallen in line with the US dollar. Consequently their terms of
trade versus euroland are the best that I can remember. The impact of the SARS virus will hopefully be temporary but is a
stark reminder of how fragile many economies are when cut off from global tourism.
The global bear market in equities has been running for over three years and it has had a profound impact on the future
returns expected by pensioners and savers alike. Counter-balancing this has been a ten year bull market in UK and US
residential property and long dated fixed interest securities which has undoubtedly cushioned part of the impact of the third
largest equity bear market in the last 100 years.
The recent post-Iraq equity market rally has been impressive in terms of breadth and volume. Here in the UK and also in the
USA it has been accompanied by better news on the economy and corporate profits. The mere fact that most commentators
are expecting so little from equities by way of annual returns, together with some renewed corporate activity, gives me a
certain level of optimism for the future but a sustained upward move will require an improvement in company profitability.
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC
Merrill Lynch Investment Trust has provided the following:
Please note that all resolutions put to shareholders at the Company’s Annual General Meeting today were approved,
including the capital reduction and renewal of the buyback authority.
The Warrant Holders Meeting was inquorate and has been adjourned to Thursday 3 July 2003 at 33 King William Street,
London, EC4R 9AS at 10.00am.
EDINBURGH DRAGON TRUST PLC
Edinburgh Dragon Trust plc has provided notice of a change in Director Relevant Interests in relation to Lian Watt. No of
securities held after change: 17,214.
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC
Merrill Lynch European Investment Trust has provided a summary of their performance as at 30/05/2003 (unaudited).
Information provided includes sector analysis, country analysis and the Trust's 10 largest equity investments. Copies can be
requested from: lcr@nzx.com (copies available by fax only).
THE BANKERS INVESTMENT TRUST PLC
The NTA of The Bankers Investment Trust as at close of business 24/06/2003 was 259.5p.
THE CITY OF LONDON INVESTMENT TRUST PLC
The NTA of The City of London Investment Trust as at close of business 24/06/2003 was 192.3p.
HENDERSON FAR EAST INCOME TRUST PLC
The NTA of Henderson Far East Income Trust plc as at close of business 24/06/2003 was 147.5p.
BHP BILLITON LIMITED
BHP Billiton Plc today announced the listing of its existing sponsored American Depositary Receipt (ADR) security on the
New York Stock Exchange (NYSE). The listed security will trade under the ticker symbol BBL. Each ADR represents two
ordinary shares traded on the London Stock Exchange.



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Chris Lynch, Chief Financial Officer for BHP Billiton commented, “BHP Billiton inherited two ADR programs following the
merger of BHP Ltd and Billiton Plc in 2001. The listing of the BHP Billiton Plc ADR on the NYSE brings it to parity with the
already listed BHP Billiton Ltd (NYSE: BHP) ADR program.”
JP Morgan will act as depositary for both BHP Billiton ADR programs, and Susquehanna Specialists, Inc. will provide
specialist services for both programs.
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
The NTA of Henderson TR Pacific Investment Trust plc as at close of business 24/06/2003 was 68.6p.
MIM HOLDINGS LIMITED
Further to the suspension of trading in MIM’s securities as announced to the market on 17 June 2003, MIM has requested
pursuant to Listing Rule 5.4.1, the delisting of the company from the NZSX and the ASX. Accordingly, NZX has approved
the delisting of MIM from NZSX effective from the close of trading on Monday 30 June 2003.
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC
The unaudited NTA of Merrill Lynch European Investment Trust as at close of business 24/06/2003 was 137.94p undiluted
and 133.64p diluted.
INDEPENDENT NEWSPAPERS LIMITED
“INL is pleased that the sale of its New Zealand publishing business to Fairfax is very near to completion” INL Chairman, Ken
Cowley said today.
“INL shareholders vote on the sale at a meeting on Monday, 30 June and, if the sale is approved at that meeting, the sale will
be completed on that day” Mr Cowley added. Mr Cowley noted that the sale of the New Zealand publishing business to
Fairfax for $1.188 billion represents a very attractive outcome for all INL shareholders. The INL Board believes that the
higher INL share price since the sale was announced better reflects the inherent value of the New Zealand publishing
business. The Directors are recommending the transaction to shareholders.
Mr Cowley said that the INL Board has been continuing to actively consider how the net sale proceeds (approximately $754
million) would be applied. “The key thing is to come up with a plan which works for all INL shareholders” Mr Cowley said.
The INL Board is evaluating a range of alternatives, including a substantial return of capital to INL shareholders and/or a
restructuring of INL’s ownership interest in SKY Network Television Limited. “Shareholders can rest assured that we are not
thinking about new fields of endeavour” Mr Cowley said. All of these alternatives involve a consideration of complex issues,
including taxation implications for shareholders. INL is receiving expert advice on the various alternatives.
“While INL is working expeditiously on these matters, it would be imprudent for the Board to make any premature decision”
Mr Cowley said.
“Ultimately the INL Board wants to develop a proposal that balances the interests of all INL shareholders and maximises the
value of INL shares” Mr Cowley added. “When we are confident that we have a proposal that meets these objectives we will
announce that to shareholders and, if appropriate, seek shareholder approval” he concluded.
BOTRY-ZEN LIMITED
Botry-Zen Limited has provided a copy of its Annual Report for the year ended 31/03/2003. Also included is the Notice of
Annual Meeting for its AGM to be held at the Clubhouse, Otago Golf Club, 125 Balmacewen Road, Dunedin at 11.00 am on
Friday 8th August 2003.
CERTIFIED ORGANICS LIMITED
Certified Organics Limited has provided a copy of its Notice of Annual Meeting for its AGM to be held at the Ellerslie
Convention Centre, 80 – 100 Ascot Avenue, Ellerslie, Auckland on 27th June 2003, commencing at 11:00 am.
SOFTWARE OF EXCELLENCE INTERNATIONAL LIMITED
Late notification from Software of Excellence.
Software of Excellence International have provided an Appendix 7 in regards to their Fully Paid Convertible Notes (SOEGA:
NZSOEE0001S1).
The interest amount is $0.0315. Record Date: 20/06/2003 Payable Date: 23/06/2003.
Please note that this security is now traded on an ex-interest basis.
ANZ BANKING GROUP (NEW ZEALAND) LIMITED
ANZ Banking Group (New Zealand) Limited has advised the interest payment on its Subordinated Debt:
AZB010 (ISIN: NZAZBD0001S2)
Amount per Security: $0.0352
Total Monies: $10,560,000
Record Date: 11/07/2003
Application Date: 23/07/2003


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NATIONAL AUSTRALIA BANK LIMITED
National Australia Bank advises the on-market buyback of 350,000 ordinary shares on 25/06/2003. Highest price paid:
A$34.35. Lowest price paid: A$34.10. Approximate number of shares remaining to be bought back: 14,051,187.
LEND LEASE CORPORATION LIMITED
Lend Lease Corporation has advised the on market buy-back of 272,651 shares on the 29/06/2003. Highest price paid:
$8.78. Lowest price paid: $8.66. Number of shares remaining to be bought back: 41,435,830
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The NTA of The Australian 20 Leaders Index Fund as at close of business (Sydney) 25/06/2003 was $2.0295. The number
of shares on issue is 53,910,659.
TENZ - NZSE 10 INDEX FUND (NS)
The manager of the NZSX TeNZ Fund advises that as at close of business on Wednesday 25 June 2003 a total of nil units
were redeemed since Wednesday 18 June 2003. The total number of units on issue on that day was 83,898,464 held by
4,407 unit holders.
The asset backing for each TeNZ unit at close of business Wednesday 25 June 2003 was $0.97593. The value of the
NZSX10 Capital Index at the close was 975.93.
THE NZ MID-CAP INDEX FUND (NS)
The NZ Mid-Cap Index Fund (NS) has provided its Basket Composition Notice as at 16/06/2003 and an Asset Schedule as
at 20/06/2003.
TRANZ RAIL HOLDINGS LIMITED
Tranz Rail have provided the following:
The Interisland Line’s new-look service of The Lynx will arrive into Wellington next month.
Thomas Davis, Group General Manager, The Interisland Line, says the replacement fast ferry offers greater benefits for
passengers.
At 91-metres, the wave-piercing catamaran is slightly shorter than the current 98-metres vessel, but it has comparatively
more power. It can accommodate approximately 760 passengers and 175 vehicles. The main difference between the two
vessels is that the replacement fast ferry will purely focus on the needs of the passenger market.
“The new fast ferry ties in with our strategic plan to better match capacity to demand across Cook Strait,” said Thomas Davis.
“Back in 2000, the decision to operate a regular daily service of The Lynx year-round was partly introduced to address our
freight customer needs, as it was our first freight-capable fast ferry. But with the freight ship Purbeck in our fleet - there is
less business requirement to operate a daily passenger fast ferry service over the winter”.
Savings of $8 million per annum are being made from this re tonnage exercise which goes someway to mitigate the effects
of increased competition on the Cook Strait in recent months. This is reflected in our recently released 2004 budget to the
financial market.
The replacement fast ferry will operate year-round, but with a reduced weekend-only schedule over the winter months. It will
commence service at the beginning of August – in time to cover the period when Aratere is in Auckland for its regular dry-
dock maintenance check.
Owned by Australian company Allco, the vessel was previously known as ‘The Cat,’ and was operated by Bay Ferries
between Nova Scotia and Maine, USA during the Northern Hemisphere summer months, then across Bass Strait in Australia
for the Southern Hemisphere summer.
RIO TINTO LIMITED
Rio Tinto has provided the following:
Coal & Allied today announced that it expected first-half earnings to only break even as a result of sharply deteriorating
market conditions for Australian export coal in the first half of 2003. This compares with first-half earnings in 2002 of A$104.7
million and 2002 secondhalf
earnings of A$55.0 million Managing Director of Coal & Allied, Mr. Gary Goldberg said, “As we foreshadowed at the
company’s Annual General Meeting in April, we are being affected adversely by the sharp movement in US dollar exchange
rates, lower coal prices, increased demurrage costs and the increasing proportion of lower priced spot sales for our thermal
coal.”
“In recent months we have been hit hard as the Australian dollar has continued to strengthen, lowering export coal prices in
Australian dollar terms by around 25 per cent compared with 2002. In addition demurrage costs have increased to around
one US dollar per tonne.”
“For every one cent increase in the value of the Australian dollar against the US dollar our net profit after tax is reduced by
around A$9 million. Similarly, for every one US dollar fall in the export coal price our net profit after tax is reduced by around
A$29 million,” Mr Goldberg said. Coal & Allied also announced a number of operational changes aimed at lowering costs and
improving productivity in response to the deteriorating market. These changes involve reducing coal inventories and

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productive capacity compared with 2002 by moving from seven-day to five-day rosters at some sites, working less overtime
and reducing use of contract labour across all operations. Mr. Goldberg said, “In making these changes our objective is to
lower costs while protecting jobs for our employees and maintaining base level production rates.”
 “These changes will reduce our annual production capacity by around four million tonnes while our overall 2003 production
will be slightly less than in 2002. These operating changes together with the Easter shutdown earlier this year, will reduce
our clean coal stockpiles by around 500,000 tonnes and in-pit inventories by about 1.5 million tonnes at year-end.”
“The changes at Hunter Valley Operations, Mount Thorley Operations and Warkworth will be introduced over the next few
weeks in consultation with our employees and contractors.“
“We believe these changes will position our operations to weather the market downturn and enable the company to respond
flexibly to the demands of our customers,” Mr. Goldberg concluded.
BURNS PHILP & COMPANY LIMITED
Burns Philp & Company advised the allotment of 1,241,532 Ordinary Shares. 1,241,532 ordinary shares were issued under
the exercise of options at A$0.20 per ordinary share
Number of shares now on issue: 1,780,681,266.
RICHINA PACIFIC LIMITED
Richina Pacific Limited has provided the following Address of the company's Chairman - Dr Alastair MacCormick, given at
the Annual Meeting on the 25 June 2003
Ladies and Gentlemen
The 12 months since our last annual meeting has been an eventful period, and during that time shareholders have been
presented with a wealth of information about developments and progress. This has occurred through
- the announcement of our end of year results for the period ending 31 December 2002
- three special meetings
- the annual report for the 2002 year
- and an investment statement covering the rights issue, which in itself successfully raised in US dollars, $10.4 million.
What I intend to do in today’s address is to pull that information together, and in the process give you an overview of where
we are at currently in terms of trading, what the key issues facing the company are, and what the future holds.
The order in which I will cover the topics are
- First, an update on our trading and prospects for the first six months of the current financial year.
- Then, I’ll look at the pro rata rights issue.
- The third area I will look at will be the key issues we face as a company.
- And finally, I will cover the prospects for the company for the full year.
Trading Results for the first six months
Trading during the second quarter has been particularly difficult and volatile.
First, we have the factors that we have been conscious of for some time.
One of these was the SARS virus, which decimated attendance at Blue Zoo before finally forcing its closure for some six
weeks. Revenue loss from SARS, which was totally outside our control, is likely to be in the order of $1.5 million.
Other factors were difficult market conditions in the lambskin garment markets in the northern hemisphere, the slow start to
the year by our leather upholstery business and the high rate of exchange between the NZ and US dollars.
These were issues we were conscious of, and our forecast for a half year profit of $4.2 million accommodated them.
Since the beginning of June, these have been factors, but new issues have arisen. The ovine division has had continuing
problems with the New Zealand pelt quality that has not improved as expected with later season pelts. It is normal to expect
the quality of early season pelts to be lower than the later season pelts. With the quality of pelts not improving, we have
been unable to make the quality leathers that we originally anticipated which have good margins. As a result we have had to
lower out margins.
Acknowledging these situations and based on confirmed sales for May, and early indications for June, we need to trim some
$700,000 off our earlier profit forecast.
This reduces our current estimate for the half year result to around $3.5 million.
The Rights Issue
While the $US 10.4 million dollar rights issue was surrounded by a degree of controversy, I am pleased to report that this did
not compromise its success, and we had a 74% acceptance rate. Of the new funds that flowed into the company, three
quarters came from existing shareholders or those that purchased the rights, with the remaining quarter coming from the
underwriter, who is also our largest shareholder, Richina Enterprise Holdings Limited.
What was most pleasing was that the uptake of shares by New Zealand domiciled shareholders was almost 100 per cent.
As a consequence of the rights issue, REHL, our largest shareholder, has increased its shareholding from 25.5% to 38.5%
while JP Morgan Partners, our second largest shareholder, has allowed its direct shareholding to halve to around 5%.
While it is not possible to tell based on the residential addresses given for shareholders, I would estimate that about half of
the company’s shareholding is now owned by overseas shareholders. These shares are held by about 25 shareholders out
of some 3500.
I will come back to this point too later in my address.


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The money raised by the rights issue is to pay off related party loans and to take advantage of the growth opportunities that
exist for our leather operations.
The last of our related party loans will be paid off by the end of this month, and I am pleased to report that plans are well
advanced for the upgrading and expansion of the Shanghai tannery.
Key Issues
There are six points I wish to cover. They are
- Mobil-on-the-Park
- A new holding company in China
- Our share price and shareholding
- The implications of being a New Zealand company which trades in US dollars but reports in NZ dollars
- Migration of the company from New Zealand
- And a dividend policy.
Each of our three operational managers – Chiam Tun Cheng of Blue Zoo Beijing, Neil Ranford of Mainzeal and Dennis
Thams of Shanghai Richina Leather – will also report to you about their progress, plans and opportunities, followed by our
Chief Executive Officer, Richard Yan, summarizing operations.
Mobil-on-the-Park
We sold this landmark Wellington office, shopping and car park complex in September 2002 for $66 million. At the time, we
received a $6 million deposit, with the remaining $60 million being due for payment at the end of this month. In the
meantime, we have continued to receive the net income generated by the building.
In addition to booking a profit on the sale at the end of June, we will also release some $26 million in cash on settlement
date.
This money will be recommitted to the growth of the company, and in part will go to the capital expenditure planned for our
leather operations.
Completion of the sale of Mobil-on-the-Park will represent another step along the path of repositioning Richina Pacific.
A new China holding company
At the start of the financial year Richina Pacific was granted by the Chinese authorities a licence to own what is known locally
as a China Holding Company. This licence is good until January 2005, and provided we comply with the conditions of our
licence, it is renewable at regular intervals for the next 45 years.
Within a New Zealand context this may not sound significant, but it is within a China context.
China Holding Companies have similar rights to public companies in New Zealand, and this will give us great flexibility in
terms of raising money locally, transferring funds between our Chinese operations and making further investments. China
Holdings Companies are also able to provide guarantees for loans that are acceptable to lending institutions in China.
Currently the holding company is non trading and has a paid up capital of 9 million US dollars. To retain the licence after
January 2005 we must increase the company’s capital by a further 21 million US dollars to 30 million dollars.
While this gives us two and a half years to formulate and implement plans as to how best to use this valuable asset we will
achieve the required capitalisation well within this time frame. The increase in capital will be achieved without the further
need for calls on shareholders.
Our share price and shareholding
I wish to preface my remarks in relation to share price by saying that the market rightly sets the price of our shares.
Convention says the market does this through a combination of judgements based largely on our trading performance, and
expectations of the company’s future potential.
At yesterday’s trading price our share price represented only 70% of our net tangible assets per share. After the Mobil
settlement, about 50% of our net tangible asset value will be held in cash.
Your directors, in collaboration with the company’s senior management, will continue to work to improve the company’s
trading performance.
The company also has excellent prospects. We have in Shanghai Richina Leather one of the world largest tanning and
leather marketing operations. It is based in the heart of the world’s fastest growing leather centre. This operation’s potential
has remained limited by our ability to fund its growth.
We are also working on two other aspects that affect share price – these are dividends and a market for our shares.
I will talk about dividends shortly, but for our shares to reflect their full value there needs to be an equity market with willing
buyers and willing sellers. Currently, the market for our shares is thin. Some 38.5% of our shareholding is held by a
cornerstone shareholder and many of the remaining shareholders are long term holders. Conversely, there appears to be
limited appeal in New Zealand for investing in a leather operation in China.
One answer is to make our prospects better known on the international stage.
The dollar conflict
Before we can do that however we need to resolve the conflict that exists between trading in US and NZ dollars, and
reporting in NZ dollars.
The exchange rate between the US and NZ dollar has fluctuated dramatically in the past few years. At 31 December 2000
the exchange rate was 44.1 cents, in December 2001 it was 41.4 cents, in December 2002 52.7 cents. Today it was 58.5
cents.
Blue Zoo Beijing trades in the Chinese Yuan RMB, which is pegged at a fixed rate to the US dollar. So when the NZ dollar
goes up or down against the US dollar, the same impact is felt against the Chinese currency.

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In the last financial year, our accounts show that 45% of our revenue came from non New Zealand operations. At the end of
this year, more than half of our revenue will be generated outside New Zealand and that percentage will grow in future years.
As a consequence of converting overseas currencies into New Zealand dollars last year, our accounts showed a charge
against shareholders’ equity of more than $12 million.
Let me put it another way. In our annual accounts we say that last year in NZ dollars the sales growth of Shanghai Richina
Leather was 17%. In US dollar terms, the currency in which the operation trades, growth was nearly double that at 32%. Real
growth was 32%, not 17%.
There is no quick answer to this. If we reverse the situation and report in only US dollars, then the conversion factor would
have a similar impact on our NZ performance.
I think it is fair to say it is an issue that New Zealand shareholders have learnt to live with. However, international investors,
who invariably think in US dollar terms, struggle with the picture presented by a report in NZ dollars. When it becomes all too
difficult, they switch off and instead focus on the many other opportunities that exist in companies they can understand and,
which to them, seem less volatile.
The answer may well be for Richina Pacific to also report in US dollars as well as in NZ dollars, and to report to
internationally accepted accounting standards.
I am pleased to report that we have made excellent progress in making this possible, and by the time we send you the next
annual report we anticipate being in a position to report in both US and NZ dollars. Such a step will give shareholders a fuller
appreciation of the progress the company is making.
Migration
The final step in the process of attracting greater international interest in our company will come when we achieve dual listing
for the company.
We see this as a two stage process – the first being to register the company in a locality such as Bermuda while retaining our
primary stock exchange listing in New Zealand. In time, the primary listing could be moved to another country, such as
Singapore, while we retain a secondary listing in New Zealand.
Work is still in progress in relation to the tax and investor implications of such moves, and no final decisions have been
made. We remain conscious, however, of the need to protect within any move the interests of New Zealand shareholders,
who have remained loyal to the company throughout its repositioning phase.
Therefore we remain committed to retaining a listing for the company on the New Zealand Exchange and having New
Zealand domiciled directors.
Dividend
The final point I want to make under key issues relates to the resumption of dividend payments.
Your board set three criteria that it wanted addressed before considering dividends. The first was a return to sustained
profitability, the second was getting the funding requirements for our operating businesses in place and the third was an
adequate capital structure.
We are making progress on all three criteria and with that in mind we have committed to investigating the development of a
dividend reinvestment scheme.
Outlook for the full year
That brings me to the outlook for the full year.
Shortly, each of our three operating business managers to talk to you.
The sum of what they will say is that we do not at this stage expect to reach last year’s operating profit of $8.2 million. While
trading may improve, our latest estimates are for a marginally lower second half, producing a profit for the full year of some
$6.5 million.
It is a hard fact of economic life that leather is a commodity, and vagaries as diverse as animal health, fashion trends and
economic growth of the western world, all impact on demand.
The SARS virus, and its impact on Blue Zoo Beijing, and now international fashion trends, are timely reminders of just how
quickly threats to our businesses can develop, and our trading situation change.
Much of the fundamentals have been accomplished, The tannery is profitable, we are forecasting a modest company profit
for the year, and governance issues that will bring the full potential of the company to the attention of the international market
are falling into place.
We continue to make progress, even if the pace of that progress is slower and not as consistent as we would all want.
AMP Investments' World Index Fund (NS)
The unaudited NTA of WiNZ (AMP Investments World Index Fund) as at close of business 26/06/2003 was $1.08147. The
number of shares on issue is: 367,069,087.
NGC HOLDINGS LIMITED
The Chairman of NGC Holdings Limited, Mr Greg Martin, today announced that Mr Ian Woodward has resigned as a Director
of NGC Holdings Limited, and Mr Greg Hayes has been appointed to the resulting casual vacancy.
Mr Woodward, formerly Group General Manager Corporate Development with NGC’s majority shareholder, The Australian
Gas Light Company (AGL), had served on the NGC Board since 1999. Following leaving AGL last year, Mr Woodward
established a new business, Maestro Communication, which specializes in executive training and policy consulting in
Australasia and Asia.


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Mr Hayes is AGL’s Chief Financial Officer. Prior to his appointment to that role in March 2003, he was the Chief Financial
Officer, Australia & New Zealand, with Westfield Group, having been with Westfield for two years. During the previous nine
years, Mr Hayes held senior finance and general management roles in Australia and the United States for Southcorp Limited.
BHP BILLITON LIMITED
BHP Billiton Plc, received the following notification yesterday, in a letter from Old Mutual plc dated 24 June 2003 relating to
major interests in shares of BHP Billiton Plc as at 19 June 2003:
“that as at 19 June 2003, Old Mutual Plc and its direct and indirect subsidiaries had a material interest in 137,040,958
ordinary shares of BHP Billiton plc, representing 5.55% of the issued share capital. The shares are registered as per the
attached schedule.”




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