MOZY Smartshares IPO opens

20 August 2004 – NZX Funds Management Limited (NZXFM), a wholly owned subsidiary of New Zealand Exchange Limited (NZX), will open the initial public offer for the NZX Australian MidCap Index Fund, or MOZY, on Monday 23 August 2004.

The IPO closes on 17 September and will be supported by a nationwide roadshow for investors and advisors beginning in Wellington on Tuesday 24 August.

MOZY will track the S&P/ASX MidCap 50 Index in Australia, allowing New Zealanders to invest in medium-sized Australian companies through a Smartshares fund listed on the NZSX Market.

“MOZY offers New Zealand investors a cost-effective and simple way to diversify into the Australian market,” said Geoff Brown, NZXFM Director.

“It's an ideal product for investors with little time or interest in gaining an in-depth knowledge of the Australian market, but would still like to invest across the Tasman. This is because MOZY allows investors to gain a stake in a wide range of well known Australian companies with a single trade,” said Brown.

MOZY joins the NZSX 10 Fund (TENZ) and the NZSX MidCap Index Fund (MIDZ) in the recently-launched Smartshares family of exchange traded funds. Smartshares are designed to help more New Zealanders invest in the sharemarket easily and cost effectively, and to share in the success of listed companies both in New Zealand and Australia.

Applications to invest in MOZY can be made by filling in the form contained in the prospectus, which will be available from Monday 23 August. For more information on how to invest in MOZY, visit the Smartshares website at www.smartshares.nzx.com.

ENDS

Quick facts about MOZY

IPO dates and details

Full name of fund	The NZX Australian MidCap Index Fund
Index tracked	S&P/ASX MidCap 50 Index
Funds under management goal	NZ$40m plus oversubscriptions
Organising participant	ABN AMRO Craigs
Co-lead	First NZ Capital, Forsyth Barr
Sub-leads	ASB Securities, Direct Broking, Greenslades
IPO open date	23 August 2004
IPO close date	17 September 2004
Pricing	20-24 September 2004
Last date for allotment	27 September 2004
Expected listing date on NZSX Market	29 September 2004
Date of first distribution	18 March 2005

To obtain Investment Statements and Prospectuses, which will be available from Monday 23 August, visit the Smartshares website at www.smartshares.nzx.com or contact Kristin Cooper at ABN AMRO Craigs (organising participant) on (07) 577 6049 or any primary market participant.

MOZY roadshow dates and venues

City	Venue	Date & Time
Wellington	Te Papa	24 August, 6pm
Auckland City	Carlton Hotel Auckland	25 August, 12 noon
North Shore	The Spencer on Byron Hotel	25 August, 3pm
Hamilton	Waikato Stadium	26 August, 12 noon
Tauranga	The Armitage	26 August, 5.30pm
Napier	Mission Estate Winery	27 August, 12 noon
Hastings	Hawkes Bay Opera House	27 August, 3pm
Nelson	Nelson Club	30 August, 3pm
Christchurch	The George Hotel	31 August, 9am
Invercargill	Invercargill Working Mens Club	31 August, 2pm
Dunedin	Dunedin Art Gallery	1 September, 9am
New Plymouth	Plymouth International Hotel	2 September, 8.30am
Wanganui	The Grand Hotel	2 September, 2pm
Palmerston North	Hotel Carlton	2 September, 5pm

For more information, please contact:

Bridgit Vivian
Corporate Affairs
New Zealand Exchange Limited
04-496-2874
027-472-7599