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Tranz Rail Holdings Limited To De-list From Nasdaq

For immediate release
29 July 2002

Tranz Rail Holdings Limited To De-list From Nasdaq

Auckland, New Zealand - - Tranz Rail Holdings Limited [NZSE : TRH] [NASDAQ : TNZR]

Tranz Rail Holdings Limited today announced that it is de-listing from NASDAQ at the close of trading in the United States of America on 31 July 2002.

This decision had been foreshadowed in our press release on 3 May 2002. The decision to de-list follows considerable recent change to Tranz Rail’s shareholding with 60 percent held in New Zealand with a further 16 percent held by Australian institutions.

With the primary market for Tranz Rail shares now on the New Zealand Stock Exchange there has been a resultant shift from trading on the US NASDAQ market.

In connection with termination of the NASDAQ listing, Tranz Rail will be terminating its ADR programme on 2 August 2002.

ADR holders who wish to keep their Tranz Rail positions may convert their ADRs to ordinary shares by following the procedures set out in the Bank of New York notice of Termination previously sent to ADR holders. The principal market for the ordinary shares is the NZSE, and any dividends on the ordinary shares (currently suspended) will be payable in NZ dollars.


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