NZX Board Retirement

25 February 2004 - New Zealand Exchange Limited (NZX) today announced that Bill Trotter has advised the NZX Board that he will not be seeking re-election at the annual meeting scheduled for May this year, and will retire from the board at the conclusion of that meeting.

Mr Trotter will have served as a Director of NZX and its predecessor the New Zealand Stock Exchange for 8 years. During his term the Exchange has evolved from a broker owned mutual entity to a publicly listed company.

NZX wishes to thank Mr Trotter for the invaluable contribution he has made to both the Exchange and New Zealand 's capital markets over this time.

The NZX Board is taking the opportunity of Mr Trotter's retirement to review the optimum size and composition of the board.

For more information, please contact:

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