Home About Unlisted Useful Information Trading on Unlisted Advertisers & Sponsors The Market Members Logon Log On Market State at: 30/07/2010 23:56:33 PRE-OPENING v5.0.2 (22/11/2006)

Trading On Unlisted Trading on Unlisted All trading on Unlisted occurs through Unlisted stockbrokers (listed below). Investors cannot trade directly in the market, and must trade through a participating broker. Brokers are able to enter or remove bids and offers at any time and trading occurs from 9am to 5pm Monday to Friday. In recognition of the unregistered nature of the Unlisted trading platform and the participating Issuers, anyone trading shares in Unlisted Issuers will be required by their broker to sign an Investor Information and Disclaimer form before their first order is placed. This confirms that the investor recognises that Unlisted is an unregistered facility and that the obligations for Issuers on Unlisted are different to those applying to issuers whose shares are traded on a registered market or exchange. Order matching Orders are matched in standard price then time priority with one exception: Brokers receive time priority for any orders that match with an existing order they have in the market for that stock (this supports the efficiency of internal settlement for 'crossings' between buying and selling clients within a broking firm). Trading fees Unlisted charges a broker trade fee of $7.50 plus GST per side of each trade (buy and sell). Reported trades and trades crossed by the same broker are charged a trade fee of $7.50 plus GST. Brokers have the option of paying a fixed annual fee of $5,000 plus GST, payable quarterly in advance, to have trade fees waived. In the event of a stand in the market brokers can arrange for a separate security code to be established for a fee of $750.00 plus GST, and no trade fees would apply to transactions under that security code. Broker trade fees will be invoiced quarterly in arrears. Brokers Trading on Unlisted can be conducted through any of the brokers listed below. Contact your preferred broker to discuss how to become a client of theirs. Craigs Investment Partners Telephone : 0800 272 442 Fax : 07 578 8416 Email : headoffice@craigsip.com Website : http://www.craigsip.com Broker Since 15/12/2003 Direct Broking Limited Telephone : 0800 805 777 Fax : 04 498 7064 Email : info@directbroking.co.nz Website : http://www.directbroking.co.nz Broker Since 15/12/2003 Esam Cushing & Co. Telephone : 06 876 8129 Fax : 06 878 5059 Email : esam@esamcushing.co.nz Website : http://www.esamcushing.co.nz Broker Since 12/02/2004 First NZ Capital Securities Telephone : 04 474 4400 Fax : 04 496 5311 Email : info@fnzc.co.nz Website : http://www.fnzc.co.nz Broker Since 09/03/2004 Forsyth Barr Telephone : 0800 367 227 Fax : 04 499 7466 Email : mail@forbar.co.nz Website : http://www.forsythbarr.co.nz Broker Since 08/12/2004 Goldman Sachs JB Were (NZ) Limited Telephone : 0800 555 555 Fax : 09 357 3248 Email : nzclientservice@gsjbw.com Website : http://www.gsjbwere.co.nz Broker Since 12/08/2004 Hamilton Hindin Greene Telephone : 0800 104050 Fax : 03 379 8472 Email : enquiries@hhg.co.nz Website : http://www.hhg.co.nz Broker Since 10/03/2004 McDouall Stuart Securities Limited Telephone : +64 4 499 9123 Fax : +64 4 499 9456 Email : info@mcdouallstuart.co.nz Website : http://www.mcdouallstuart.co.nz Broker Since 09/07/2008 IMPORTANT INFORMATION Unlisted is not an authorized or registered securities exchange. Unlisted reserves the right to refuse any issuer's participation or to "delist" issuers without explanation. Unlisted offers no assurance with regards to returns, equality of information or certainty of outcomes. Unlisted will not monitor or give any assurance of detection of trading misconduct or misinformation. If abuses are identified, Unlisted will act to restrict access or "delist" those persons who are shown to abuse the market. Unlisted's contracts with market participants will include indemnities for all costs incurred by Unlisted in reasonably enforcing those contracts. In the event of fraud by market participants, Unlisted will act to remove access to the market from offenders and will assist where it can in holding the offenders to account. Unlisted may allow users of the market facility to record their satisfaction or dissatisfaction with the issuers providing information and the intermediaries that investors use for trading. A full set of terms and conditions is available to Issuers as part of their contracts. Note regarding PDFs : If you are having difficulties downloading PDFs then either upgrade your copy of Adobe Acrobat to the latest version (visit www.adobe.com), or if you are using an older version, please go the preferences and under Options uncheck the "Display PDF in browser" checkbox.

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