Market Data

PRICE LIST (Effective 1 January 2007)

A. Licence Fees

Licence Fees are charged to Data Distributors and Data Sub-Vendors for the dissemination of Data in accordance with this Agreement.

NZX Market Information includes all Data other than Market Depth Data (i.e., includes price, announcement, index and corporate action Data).

Type of Licence	NZX Prices		NZX Indices		NZX Announcements		NZX ALL
	NZ$ or US$		NZ$ or US$		NZ$ or US$		NZ$ or US$
Real-Time Data	$1,500	$1,000	$300	$250	$1,000	$700	$2,100	$1,500
Delayed Data	$1,000	$700	$250	$200	$750	$500	$1,500	$1,000
Data Service Fee (DSF)**	NZ$750 / US$500						NZ$600 / US$400

*Real-Time Data Licence covers both Real-Time and Delayed data distribution.

** 20min Delayed, End of Day and Historical Data Licences are all charged at the same rate (as outlined above). All Data Distributors including those distributing End of Day and Historical Data must hold the appropriate NZX Data Licence chosen from those listed above.

*** Data Service Facilitator Fees are charged for Data Service Facilitators who receive Data from a Data Distributor and then disseminate it in accordance with this Agreement. These fees cover use of Prices, Company Announcements and Indices.

B. Royalty Fees for Real-Time Data

Royalties are payable for onward redistribution of Real-Time Data to Devices. No royalties are charged for Delayed Data.

Level 2 Data includes Level 1 Data. Level 2 plus includes Level 1 and Announcement Data.

B.1 Capped Royalty Fees for Business Use

Capped Royalties are payable per Device per month.

Devices located in either New Zealand or Australia are charged in NZ$ while all other Devices are charged in US$.

Discounted rates are available for Personal Digital Assistants (PDAs) and Slave Screens. Please contact data@nzx.com to enquire.

B.2 Capped Royalty Fees for Private Use

Capped Royalties are payable per Device per Month.

These discounted fees only apply to Private Users as defined in Clause 7 of Schedule 8 of this Agreement.

Data	All Locations (NZ$ per month)	All Locations (US$ per month)
Level 1	$10	$10
Level 1 Plus	$20	$15
Level 2	$20	$15
Level 2 Plus	$25	$20
Announcements	$10	$10

B.3 Casual Royalty Fees

Casual Royalties are payable on every security that Data is requested for. Every time the Data for a security is refreshed a new Royalty charge is levied.

These casual Royalty Fees are payable by both Business and Private Users. The same Fee is payable regardless of the location of a User.

Data	All Locations (NZ$ per security)
Level 1	$0.015
Level 2	$0.040
Announcements	$0.030