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Tranz Rail Board Reflects New Zealand Base

For Immediate Release
23 July 2000

Tranz Rail Board Reflects New Zealand Base

Two New Zealand directors Wayne Walden and Jon Cimino have joined the Board of Tranz Rail with overseas-based director David Richwhite deciding to retire.

The changes reflect a commitment made in April to change the Board make-up to reflect its new ownership, which is now largely New Zealand and Australian-based with about 60% of shares held in New Zealand.

Tranz Rail said further changes to the Board were imminent following confirmation of available candidates and the likely resignation of more overseas-based directors.

“I’m pleased to be able to welcome two high calibre and experienced New Zealand directors to our Board,” Tranz Rail Managing Director Michael Beard said today.

“When the ownership changes occurred earlier this year we expressed a desire to change the Board to reflect that ownership and I’m pleased to see that come to fruition. That process began when John Loughlin replaced Carl Ferenbach in February. We expect five further retirements and two more new appointments within the next three months, reducing the Board from its current maximum of 10 to seven members.

“We have taken our time to make certain we have high calibre replacements who will inject fresh thinking to the company.”

Wayne Walden is the former Group Managing Director of Farmers Deka Ltd. He is now a director of sports Foundation, Mighty River Power, Meat New Zealand and Agritec Ltd. He is also founding Chairman of the Project K Trust youth development programme.

Jon Cimino is a former Director and Deputy Chairman of the New Zealand Stock Exchange and currently sits on the NZSE Surveillance Panel. He is a director of Waste Management NZ Ltd and Genesis Research and Development Corporation Ltd. He is also Chairman of Arnold Ltd, a joint venture between NZoom and TEK Travel.

ENDS

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