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Exercise of Warrants

20 August 2008

The following information is provided in accordance with Listing Rules 7.12

Class of security:     Ordinary Shares

ISIN:    NZIFTE0003S3

Number of Ordinary Shares issued:     163,850

Issue Price:    $1.62

Payment:    In cash

Amount paid up:    Ordinary Shares issued as fully paid up

Percentage of the total class of securities issued (after the issue):    0.03%

Reason for the issue:    Warrants (IFTWB) exercised.

Specific authority for the issue:     Terms and conditions of the issue of the Warrants

Terms or conditions of the issue:   Warrantholders have the right to subscribe for Ordinary Shares, credited as fully paid, at an exercise price of $1.62

Total number of Ordinary Shares in existence after the issue:  530,791,615

Total number of Warrants on issue after the above Warrants exercised:  85,514,711

K M Baker
 
 

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