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EXPLANATION OF PROFIT PERCENTAGE CHANGE

12:00AM, 29 Mar 2007 | GENERAL

29 March 2007

Listed Company Relations
New Zealand Exchange Limited
PO Box 2959
WELLINGTON

Dear Sir/Madam

RE:  EXPLANATION OF PROFIT PERCENTAGE CHANGE

The profit percentage change as shown in the results for announcement to the
market shows as negative (228.6%) due to the 6 months to February 2007 being
a profit after tax of $1,200,000 whilst the results for the 6 months to
February 2006 was a loss after tax of $933,000.

The profit improvement is a significant turnaround and the percentage as
required to be reported in the NZX announcement is misleading and not
applicable in this circumstance.

Yours faithfully

Chris Hopkins
Managing Director