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Exercise of Warrants

24 May 2010

The following information is provided in accordance with Listing Rules 7.12
Class of security: Ordinary Shares
ISIN: NZIFTE0003S3
Number of Ordinary Shares issued: 34,346,151

Issue Price: $1.12
Payment: In cash
Amount paid up: Ordinary Shares issued as fully paid up
Percentage of the total class of securities issued (after the issue): 5.66%
Reason for the issue: Warrants (IFTWB) exercised.

Specific authority for the issue: Terms and conditions of the issue of the Warrants and in accordance with altered terms passed at a Special Meeting of IFTWB Warrantholders on 25 June 2009.

Terms or conditions of the issue: Warrantholders have the right to subscribe for Ordinary Shares, credited as fully paid, at an exercise price of $1.12

Total number of Ordinary Shares in existence after the issue: 606,404,778
Total number of ordinary shares in existence after issue and after deduction of Treasury Stock: 603,054,778

Total number of Warrants on issue after the above Warrants exercised: 237,253
K M Baker

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