NZX Short Sale Report - January 2010

Short Sales by Value of Shares Short Sales During Short Sales During Change Value Traded Short Sale as % of Market Cap Company name Ticker Current Month Previous Month in Current Month Monthly Value Traded Ten Most Actively Shorted Stocks FBU $1,808,656 $195,744 824% $202,233,024 0.89% $4,745,907,346 Telecom TEL $683,453 $866,488 -21% $244,696,868 0.28% $4,451,804,651 Goodman Property Trust GMT $520,000 - - $24,797,023 2.10% $864,370,361 RYM $352,658 - - $8,924,306 3.95% $1,040,000,000 TrustPower TPW $271,013 $21,900 1138% $3,635,844 7.45% $2,304,988,666 Oil & Gas NZO $194,132 $93,438 108% $7,178,798 2.70% $583,556,358 Tower TWR $144,828 $75,793 91% $14,134,684 1.02% $504,668,326 Kiwi Income Property Trust KIP $104,500 - - $18,353,684 0.57% $831,487,028 CEN $80,214 $109,702 -27% $31,424,569 0.26% $3,461,752,028 Fisher & Paykel Healthcare FPH $75,483 $196,027 -61% $24,977,858 0.30% $1,736,713,445 Nuplex Industries NPX $74,350 $92,804 -20% $19,705,455 0.38% $613,045,046 NZX 10 $3,161,869 $1,536,726 106% $654,170,569 0.48% $23,169,132,434

NZSX $4,992,624 $2,410,322 107% $1,381,771,928 0.36% $53,496,993,000

Short Sales by Volume in Shares Short Sales During Short Sales During Change Shares Traded Short Sales as % of Issued Shares Company name Ticker Current Month Previous Month in Current Month Monthly Volume Traded Ten Most Actively Shorted Stocks Goodman Property Trust GMT 500,000 - - 24,797,023 2.02% 855,812,239 Heritage Gold HGD 372,828 2,394,528 -84% 3,176,379 11.74% 343,553,188 Telecom TEL 270,861 360,065 -25% 98,360,646 0.28% 1,894,384,958 Fletcher Building FBU 226,285 24,950 807% 24,647,922 0.92% 606,118,435 Ryman Healthcare RYM 164,229 3,000 5374% 8,924,306 1.84% 500,000,000 Cue Energy Resources CUE 122,400 112,500 9% 214,897 56.96% 693,319,718 New Zealand Oil & Gas NZO 119,487 54,935 118% 4,420,601 2.70% 389,037,572 Kiwi Income Property Trust KIP 100,000 - - 17,855,525 0.56% 807,268,959 Tower TWR 70,323 38,589 82% 7,001,614 1.00% 254,882,993 Fisher & Paykel Appliances FPA 70,000 47,855 46% 36,199,951 0.19% 724,235,162 Guinness Peat Group GPG 54,719 - - 24,458,426 0.22% 1,620,903,395 NZX 10 813,110 545,819 49% 209,468,039 0.39% 7,675,346,168

NZSX 2,416,636 3,582,286 -33% 611,134,559 0.40% n/a

Short Sales Monthly NZSX NZX 10 30

25

20

15

10

5 Value Sold Short ($ mm) ($ Short Sold Value

0 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10

(Short Sales During Current Month) The current month total of trades flagged short in a particular security excluding trades in the priciple account. (Short Sales During Previous Month) The previous months total of trades flagged short in a particular security excluding trades in the priciple account. (Change) The change in short interest from one month to the next. (Value Traded in Current Month) The share value traded in each security for a given month. (Shares Traded in Current Month) The share volume traded in each security for a given month. (Short Sale as % of Monthly Value Traded) The value of shares sold short in the current month devided by the value of shares traded. (Short Sale as % of Average Daily Volume) The amount of shares sold short in the current month devided by the volume of shares traded. (Market Cap) Market Capitalization on NZSX at the end of the month. (Shares Issued) Number of issued shares on NZSX at the end of the month.