ASX media release - Y2K Responses Flow to ASX

31 March 1999

Several hundred Y2K disclosure statements were lodged by listed companies with the Australian Stock Exchange today, the deadline for companies to indicate preparations for the Year 2000 computer problem.

ASX originally required listed entities to provide information about their Year 2000 readiness in March 1998. In December 1998, it sought a progress report in order to be satisfied that listed entities are meeting their continuous disclosure obligations under ASX Listing Rules.

"A preliminary view of the Y2K statements indicates that listed companies have responded well and are embracing the need to inform the market of their overall Y2K exposure," said ASX Managing Director, Mr Richard Humphry.

"We would expect listed companies to keep the market informed of any material change to their Y2K preparations, in order to comply with ASX Listing Rules which, in turn, are supported by the Corporations Law.

"Our early impression is that the current round of disclosure statements has generated more comprehensive and detailed responses than those offered in the first round. ASX will continue to receive Y2K statements until late this evening."

ASX sought the following information:

1. Has your company’s [trust’s] assessment of its overall potential exposure to the Year 2000 problem changed materially from what the market has previously been told? If it has, your response should describe the change.

2. Has your company [trust] initiated any material action to address the Year 2000 problem beyond actions previously disclosed to the market, or does it propose to initiate any such action? If it has, your response should describe the action.

3. Please provide details of your company’s [trust’s] progress in relation to its activities to address the Year 2000 problem, including the date by which your company [trust] expects to have completed those activities.

4. Are there areas of your company’s [trust’s] activities where, in your company’s [trust’s] assessment, material Year 2000 risks will remain after the company’s [trust’s] activities to address the Year 2000 problem are completed? Examples might include dependencies on third parties such as utilities. If there will be remaining risks, your response should describe them.

5. Please describe your company's [trust's] contingency plan in relation to Year 2000 issues.

ASX will shortly issue a list of any companies which have not complied with the requirement.