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MEDIA RELEASE

14 November 2006

ASX and Finsia combine to extend equity research coverage

for ASX-listed companies

Australian Stock Exchange Limited (ASX) and Finsia - the Financial Services Institute of Australasia - have signed a Heads of Agreement to commence a two-year pilot scheme to increase research coverage of medium-sized ASX-listed companies.

From early 2007 investors will have access to equity research for a larger range of companies than is

currently covered by analysts.

The ‘Equity Research Scheme’ will be available to companies with a market capitalisation between $70

million and $700 million as at 30 June 2006 – a sector that attracts limited equity research.

If the trial is successful, ASX and Finsia may examine options to extend the Scheme to listed companies

with a capitalisation below $70 million.

The Scheme will be offered on a fee-for-service basis. The fees will be used to cover the administration

costs of the Scheme and any additional costs incurred by research providers.

The independent and broker research providers that have so far agreed to participate in the two-year trial of

the Scheme include:

•

ABN AMRO;

•

Aspect Huntley Morningstar;

•

Wilson HTM;

•

Macquarie Bank;

•

Property Investment Research; and

•

E.L.&C. Baillieu.

Finsia, the largest financial services professional body and educator in Australia and New Zealand, will administer the Scheme, allocate companies to research providers and be a key distribution platform for the research reports.

Research reports will receive broad distribution by a combination of Finsia’s website (www.finsia.edu.au) and the dissemination channels of the research providers. Linkages will be provided from ASX’s website to Finsia’s website.

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