Conditions of Access and Use

1. Acknowledgement and acceptance of general terms

Your access to, use of, linking to PredictMarkets (the Site) or use of software is confirmation that you have understood these general terms and conditions of access and use (Terms) and constitutes your agreement to be bound by the Terms. NZX Limited (NZX) reserves the right to amend the Terms at anytime and users are deemed to be aware of and bound by the amendments to the Terms upon publication on the NZX Site. Accordingly, we recommend that you review the Terms periodically and before giving or confirming to NZX any information.

2. Ownership of content on the Site

The materials displayed on the Site, including without limitation, all real time or other information, text, materials, graphics, software, tools, results derived from the use of software and tools, advertisements, names, logos and trade marks on the Site (Content) are protected by copyright, trade mark and other intellectual property laws unless expressly indicated otherwise on the Site. All rights, title and interest in and to the Content are owned, licensed or controlled by NZX or the party credited as the provider of the Content.

3. Access to and Use of Content on the Site

You may browse the Site for your own personal use, information, research, study and educational purposes only. NZX grants to you a limited non-exclusive license to view, copy and print the Content for your non-commercial or personal use only. All copies that you make must retain all copyright and other notices that are on the version on the Site. Except as provided in the previous sentence or as otherwise agreed in writing with NZX, you may not copy, store (either in hard copy or in an electronic retrieval system), use, modify, transmit, revise, reverse engineer, publish, perform, broadcast, reproduce, post, display, create a derivative work from, distribute, sell, license, rent, lease or otherwise transfer any of the Content to a third party including without limitation to others in your company or organisation for commercial use. All requests for such permission regarding the Content must be in writing and should be sent to: NZX Limited, PO Box 2959, Level 2, NZX Centre, 11 Cable Street, Wellington, New Zealand.

Nothing in the terms shall be construed as granting to you any licence under any patent, trademark or copyright of NZX, or any third party.

You must not use the Site or the Content in any manner or for any purpose which is unlawful or in any manner which violates any right of NZX or which is otherwise prohibited by these Terms.

Login My Account Function

a.) Access: To access the personalised sections of the Site (“My Account”) you will need to submit your first name and last name and an e-mail address (E-Mail Address) and password (Password) for your - My Account.

b.) My Account: By providing NZX with your E-Mail Address and Password and clicking that you accept the Terms and Conditions you consent to the creation of your account and the recording by NZX of any information you disclose to us subject to the provisions of the Privacy Section.

c.) My Account Information: By creating your My Account you consent to NZX e-mailing or otherwise communicating to you products and services information, news, market updates and other information (My Account Services).

d.)Security: You must keep your Password safe and must not disclose it to any other person nor should you keep a written or electronic record of your Password.

e.) Reliance on Login and Password; You understand and agree that NZX is entitled to rely on the authenticity of your Login and Password being supplied to access My Account or any other service provided by us. When the correct Login and Password is provided we may act on and rely on any instruction given without the need for further enquiry. Any instruction sent by a user using your E-Mail Address and/or Password once received by NZX shall be unconditional, irrevocable and binding on you.

f.) Changing your Password: NZX will arrange or provide a facility for you to select a new Password if you advise us that your Password is known to another person or there has been unauthorised access to your My Account.

4. Access outside New Zealand

The Site can be accessed from other countries around the world and may contain references to NZX products, services and programs that have not been announced in those countries. These references do not imply that NZX intends to announce such products, services or programs in those countries.

NZX makes no representation that materials on the NZX Site are appropriate or available for use in other countries, and accessing them from other countries or territories where their content is illegal is prohibited. Use of the Site is done on the understanding and acceptance that you do so on your own initiative and you are solely responsible for compliance with local laws.

5.Disclaimer

Neither NZX, its respective directors, officers, agents, employees nor contractors:

1. give any representation or warranty as to the reliability, accuracy or completeness of the Content;

2. gives any representation or warranty that the Site, the Content or any information derived from the Site or the Content will be fit for any particular purpose; or

3. warrant that any of the functions contained in any content or your access to the Site, will be uninterrupted or error-free;

Neither NZX, nor their respective subsidiary companies, officers, employees and agents shall, under any circumstances, be liable in any way for any loss; or direct, indirect, consequential, incidental, indirect or special damages, of any kind or any other damages howsoever arising (whether in negligence or otherwise), out of or in connection with the Content and/or any omissions from the Content, including, without limitation, those arising from:

1. any decision made or action taken by you in reliance upon the Content;

2. loss of use, data or profits, whether arising from use of or inability to use any content on the Site (or any web site linked to the Site);

3. contingencies outside the control of NZX or its respective subsidiary companies, officers, employees or agents;

4. negligence of NZX or its respective subsidiary companies, officers, employees or agents in procuring, compiling, interpreting, editing, writing, reporting or delivering any Content; or

5. any other cause,

except where liability cannot be excluded by statute. Any clause, or part thereof, declared invalid shall be deemed severable and not affect the validity or enforceability of the remainder.

In the case of goods or services supplied or offered by NZX or its respective subsidiary companies and their officers, employees and agents, liability for breach of any implied warranty or condition which cannot be excluded is limited at the relevant party’s option to either:

1. the supply of the goods (or equivalent goods) or services again; or

2. the payment of the cost of having the goods (or equivalent goods) or services supplied again.

6.Indemnity

You must indemnify and hold harmless NZX, and its respective subsidiary companies, officers, employees and agents and keep them indemnified, from and against all loss, actions, proceedings, costs, expenses (including legal fees), claims and damages incurred or suffered by any of them arising from:

1. any breach by you of the Terms;

2. reliance by you on any information obtained through the Site;

3. your access and/or use of the Site; and

4. reliance upon, or use of, any Content by any person accessing any content from your computer systems.

7. Advertising and Links to Other Web Sites

The Site may contain links to third party web sites. These linked web sites are not under the control of NZX, and NZX is not responsible for the contents of any linked web site or any hyperlink contained in a linked web site. NZX has in no way been involved with developing or reviewing the content on linked web sites. Hyperlinks are provided to you as convenience only, and the inclusion of any link does not imply any endorsement of the linked web site by NZX, or their respective employees nor does it imply any responsibility for the content or uses of such linked web sites. NZX provides no guarantees, representations or warranties as to the nature, content and reliability and shall have no liability for any electronic content delivered by a third party, including and without limitation to, the accuracy or reliability of any information, data, opinions, advice or statements made on those linked web sites or the timeliness of any electronic content. You link to any such linked web site entirely at your own risk.

Where the Site contains third party advertisements, including banner advertising, third party logos and information, materials and documents relating to or provided by third parties (Third Party Material), the Third Party Material may contain embedded hyperlinks to web sites operated by third parties or their licensees or contractors. Neither NZX or its employees recommend or endorse the products or services of those third parties. In some instances, the Third Party Material will contain representations or offers by the third party which you can accept by linking to the third party’s web site and executing the relevant transaction. Such offers are not made by NZX, or its respective employees, and the third party is solely responsible to you for the delivery of any goods or services you purchase on the third party web site.

Caching and unauthorised hypertext links to the Site are prohibited as is the framing of any Content available through the Site without NZX’s prior written consent. NZX reserves the right to disable any unauthorised links or frames and disclaims any responsibility for the content available on any other web site reached by links to or from the Site.

Privacy Section

This Privacy Statement applies to your use of NZX’s website PredictMarkets (the Site) including My Account:

Non-Personal Information

When you use the Site our server, our agent’s or contractor’s server (Server) logs the following information, which is provided by your browser:

- your server's IP address (a number which is unique to the machine through which you are connected to the Internet) or your personal IP address

- the type of browser and operating system you are using

- the domain name of the referring site (e.g. the previous site that you visited).

The Server also logs:

- the date and time of your visit

- the URL address of the pages accessed and the documents downloaded.

(together, the Non-Personal Information)

This information does not personally identify you. NZX analyses this non-personal information for certain trends and statistics, such as which parts of the NZX Site users are visiting and how long they spend there, among other possible uses.

NZX will not try to identify you or your browsing activities except, in the event of an investigation, where a law enforcement agency may exercise a warrant to inspect the service provider's logs or if your usage is causing technical issues for the Site which may need to be resolved. NZX may in these circumstances identify your IP address to enable NZX to contact you.

My Account Privacy and Personal Information

Provide Details: When you access My Account you will be asked to voluntarily provide your name, e-mail address and other information. NZX will not be able to provide you with My Account Services if you do not provide these details.

My Account E-mails: By providing NZX with your Login and Password and selecting the option to receive e-mails you consent to receive e-mails from NZX that relate to your My Account subscription and to any functions of My Account you choose (by express consent or otherwise). NZX may send you information based on the parts of the NZX Site that you visit or the securities or other financial products you click on.

Collection of other information: NZX will collect the personal information you provide to access My Account. For the purposes of optimising the e-mails NZX may send you and tailoring those e-mails to your interests, NZX will also collect information about the other products you click on, read about or choose to receive information about.

Personal Information

There are times when NZX may need personal information from you, such as your name, postal address or email address, fax and phone numbers. You will be asked to supply that personal information voluntarily. NZX collects personal information from applications or other forms that you submit to NZX via the Site, from your transactions with NZX or its affiliates, or others, and from consumer reporting agencies. When NZX collects personal information on the Site, it will take reasonable steps to inform you of:

- the purpose for which the personal information is collected

- where applicable, any law that requires the particular personal information to be collected

- the main consequences for you if all, or part, of the personal information requested is not provided.

NZX will only use such personal information for the purpose for which you have provided it, unless you consent otherwise or they are required by law to disclose it.

NZX will not sell your personal information to, or share it with, any other company or third party agency, except as permitted by law. NZX discloses such personal information about you only to those employees who have a need to know.

Where NZX receives information about your session or about you, may use that information to conduct market research surveys, for statistical analysis to determine Site usage, to run competitions and for direct marketing purposes relating to our business, to tailor our services to match your needs and improve the Site generally. NZX will ask you when you provide personal information whether you wish to receive correspondence and information from NZX, this will generally be by way of an 'opt-out' box that will appear each time you are asked to provide personal information for additional purposes. Please tick this ‘opt-out’ box if you do not wish your personal information to be used in this way. NZX does not collect sensitive information such as your racial or ethnic origin, political opinions or religious beliefs.

NZX will take all reasonable steps to allow you access to your personal information and we will correct personal information if NZX is satisfied that it is incorrect.

08 October 2008