NZX Discipline Chair and Deputy announced along with Special Division

23 July 2004 – New Zealand Exchange Limited (NZX) wishes to announce that Professor Don Trow will chair NZX Discipline and Mr. William Stevens will be the Deputy Chairman.

NZX Discipline is the regulatory body established under the NZX Discipline Rules which came into force on 3 May, 2004.

NZX Discipline replaces the market surveillance panel, the Complaints Committee and the Disciplinary Committee. Its function is to determine whether there has been a breach of the rules that apply to the markets NZX operates and the participants that operate in those markets.

The Securities Commission has also confirmed the appointment of Mr. Peter Hays, Mr. Michael Jeffs, Mr. Peter Wilson and Mr. Nicolas Short to the NZX Discipline Special Division. The Special Division is responsible for the oversight of NZX as a listed company and operates independently of NZX. The Special Division has all the rights and powers of NZX under the Listing Rules, Participant Rules and NZX Discipline Rules with regard to NZX as a listed issuer and those participants dealing in NZX's securities.

For more information, please contact:

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