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Exercise of Warrants

30 Jun 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: 1,428
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):  0.01%    
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: 606,604,931
Total number of ordinary shares in existence after issue and after deduction of Treasury Stock: 603,116,935
Total number of Warrants on issue after the above Warrants exercised: Nil
K M Baker
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