NZX welcomes two new NZAX listings

19 April 2004 – New Zealand Exchange Limited is delighted to welcome Livestock Improvement Corporation Limited and A2 Corporation onto the NZAX Market this week.

“It's good to see some positive action in the NZAX Market at the start of the year and we feel confident that the increased trading volumes and share price appreciation of those companies already listed will encourage others to follow suit” said Geoff Brown, NZX Market Development Manager.

“We're particularly excited about Livestock Improvement's listing because it sets a precedent for co-operatives in New Zealand , many of which have very exciting intellectual property tailored for the specific needs of this market that could equally be leveraged globally to drive real growth.”

Livestock Improvement, which lists today, is the first of the agricultural co-operatives to utilise the NZAX Market. Livestock Improvement services around 12,000 New Zealand dairy farmers with its pioneering dairy herd improvement technology. Trading in Livestock Improvement's shares will be restricted to existing farmer shareholders.

A2 Corporation is a biotechnology company specialising in the developing and sale of milk products free of A1 beta casein. A2 will compliance list on Wednesday 21 April followed by a rights issue to existing shareholders.

The NZAX Market has been open since 14 November 2003. It has been tailor-made to facilitate growth in New Zealand 's small and medium sized businesses. NZAX listed Issuers have experienced an average share price appreciation of 18.3% since it opened, with a record 212 trades being executed in March this year.

About Livestock Improvement Corporation Limited

LIC is a dairy farming Co-operative supplying Artifical Breeding (dairy semen and insemination services), Herd Testing ( milk composition analysis), Herd Recording and advisory services to approximately 12,000 dairy farmer clients. It has high market shares in all its core services.

LIC operates nationwide, employing 500 permanent staff and 1600 temporary seasonal staff.

The Co-operative also supplies allied services to other New Zealand agricultural sectors and exports dairy semen to a number of other countries.

The origins of LIC can be traced back to the early 1900's and has evolved through a number of structures – eventually becoming a 100% User owned Co-operative under the Dairy Industry Restructuring Act 2001. On 16 April 2004 a dual share structure was introduced with 2 classes of shares – a Co-operative Control Share held in proportion to patronage and an Investment Share which is tradable amongst Co-operative Control Shareholders. The Investment Shares can either by traded privately or on the NZAX. For more information, visit www.lic.co.nz.

About A2 Corporation Limited

A2 Corporation was formed in 2000. The Company owns and licenses intellectual property enabling the identification of cattle and the production of milk that does not contain beta casein A1, so-called “ A2 Milk™”. A2 Corporation does not produce A2 Milk™ but licenses its intellectual property to suitable partners around the world. A2 Corporation receives royalty income from sales of A2 Milk™ products and testing for A2 cattle. Other activities include: commissioning research into differential effects between beta casein A1 and beta casein A2 consumption; and maintaining the patents and trade marks that make up the Company's portfolio of intellectual property. For more information, visit www.a2corporation.com.

For more information, please contact:

Bridgit Vivian
New Zealand Exchange Limited
04 496 2874
027 472 7599
Bridgit.vivian@nzx.com