July 5, 2006 – Positive market conditions generated by the resources and mining boom in Australia has continued to fuel the IPO industry in the first half of 2006.

The period commencing the 1st of January to the 30th of June 2006 has seen 80 new floats come into the marketplace seeking to raise a total of $5,063(m). This amount was less than the preceding six months – 97 new listings seeking to raise $10,832(m) – however the second half of 2005 generated record levels of activity and a slight slow down was expected.

Western Australia was a major beneficiary of the ongoing strength of the current IPO market. This was reflected in the number of proposed WA based floats and the subsequent work performed by the Perth based legal industry.

Three of the most active law firms in the first half of 2006 were Perth based.

Steinepreis Paganin participated in 9 new listings. They were followed by Blakiston & Crabb and Pullinger Readhead Lucas (both with 5), Deacons (4), and Mallesons Stephen Jaques, McCullough Robertson, Minter Ellison, O’Loughlins, and Price Sierakowski – all with 3.

Ernst & Young were the most active accounting adviser during this period representing 8 new listings. Deloittes, Grant Thornton, Horwath, and KPMG were all involved with 6 new floats.

A significant aspect to the first half of the year was the prevalence of smaller offerings. Approximately 50% (39) of the new IPO’s went to the market seeking to raise $5(m) or less.

At the top end of the scale, Dyno Noble was the largest float. This organisation sought to raise $1030.58(m).

An analysis of the top 10 IPO’s saw an even spread across various industries with the financial industry the most popular sector with 4 proposed new floats during this period.

The following tables summarise IPO activity in the Australian market place for the first six months of 2006.

Adviser Summary

The following tables outline the top Legal and Accounting advisers who participated in new listings for the half-year period up to the 30^th of June.

                                         Top Legal Adviser

                                       Top Accounting Advisers

                                                          The Top 10 IPO's - June 30