OVERSIGHT REVIEW OF NZX 2006

An individual who has been accredited and approved by NZX to advise clients on any of the markets provided by NZX.

An annual report required of NZX Discipline under the NZX Discipline Rules.

NZX Solicitor who acts as a liaison between NZX and the Special Division.

The rules made by a securities exchange that govern the conduct of business on securities markets operated by the securities exchange and persons authorised to undertake trading activities on those securities markets.

Formerly known as Listed Company Relations - a team which deals with company announcements.

The Participant Rules and Listing Rules of NZX.

Financial Sector Assessment Programme, conducted by the International Monetary Fund.

A Futures and Options Firm, Futures and Options Introducing Broker or a Futures and Options Advisor designated by NZX as such under the NZX Futures and Options Rules.

International Organization of Securities Commissions.

IOSCO's Objectives and Principles of Securities Regulation (October 2003) which are accepted as the international standards for securities regulation by the IMF and the World Bank.

Issues Arising From Exchange Evolution - Final Report (November 2006) by the Technical Committee of IOSCO.

Any entity which is or has been listed on the NZSX, NZAX or the NZDX.

Rules made by NZX that govern the conduct of Issuers listed on NZX's markets, approved as Listing Rules under the Securities Markets Act 1988.

A committee of four persons, any two of whom may be used by NZX Regulation to review offer documents in assessing listing applications.

Market Announcements Platform.

An organisation accredited by NZX to participate in the markets that NZX operates.

A group within NZX led by the Head of Market Supervision comprising two teams - NZX Regulation and Participant Compliance.

New Zealand Alternative Stock Market.

New Zealand Stock Exchange (the former name of NZX).

New Zealand Stock Market.

A disciplinary body constituted by NZX under the NZX Discipline Rules.

The NZX Discipline Rules as made by NZX.

A team within NZX's Market Supervision Group which focuses on regulation of Issuers.

New Zealand Exchange Limited.

A team within NZX's Market Supervision Group which focuses on regulation of Market Participants.

Rules made by NZX that govern the conduct of business on securities markets operated by NZX and persons authorised to undertake trading activities on those markets, approved as Business Rules under the Securities Markets Act 1988.

2006 calendar year.

Securities Markets Automated Research Trading and Surveillance - the real-time electronic market surveillance system that generates alerts indicating unusual trading.

Procedural handbook used by NZX Solicitors in processing applications and regulating Listed Issuers under the Listing Rules.

The division of NZX Discipline that exercises the powers and functions of NZX in relation to NZX or a related entity as a Listed Issuer.

An entity or partnership which is approved by NZX to assist a prospective NZAX Issuer in the listing or quotation of securities.