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RECT Funds Management Ltd: External Director

Rotorua Energy Charitable Trust
News release
Friday, 04 July 2003
RECT Funds Management Ltd: External Director Appointment.

The Chairman of the Rotorua Energy Charitable Trust (RECT) Judy Keaney announced the appointment of Wellington Business Consultant, Keith Sutton as a Director of the Trust's wholly owned investment company RECT Funds Management Ltd (RFM).

RFM is responsible for the investment of RECT's long-term portfolio assets currently valued at approximately $105 million.

Mrs Keaney noted that the current Board of RFM comprising herself, and fellow Trustees of RECT, Grahame Hall and Lyall Thurston, had been sourcing suitable candidates, with substantial experience in investment management and corporate governance, for appointment to the Board.

Mr Sutton is a director of Sutton McCarthy Ltd a Wellington based consulting firm, which provides strategic, financial, and treasury advice to corporates, SOE's, multinationals and other clients. The consultancy also specialises in assisting clients with issues of corporate governance.

Mr Sutton holds a Bachelor of Commerce (BCA) degree and is a member of the Institute of Directors in New Zealand and the Institute of Finance Professionals NZ Inc. He is the Deputy Chairman of the Animal health Health lth Board Inc and a director of Sealord Group Limited to which he was appointed by the Treaty of Waitangi Fisheries Commission. He has recently been appointed as an independent director to Wellington Water Management, a new joint water services management unit responsible for the management of the Wellington City and Lower Hutt City water assets.

Past involvements of Mr Sutton include:
Chairman - New Zealand Futures Exchange Ltd
Chairman - Business Conduct Committee of NZ Futures & Options Exchange
Director - DFC New Zealand Ltd
Member - National Provident Fund Board
Member - Brash Consultitative Tax Committee on Accrual Income & Expenditure

Mrs Keaney said " Mr Sutton has a very successful and broad background in the areas of investment banking and corporate finance, both in New Zealand and overseas along with a successful track record in both advising and participating in private equity and unlisted company investments".

Mrs Keaney noted that the private equity sector is an area that RFM has targeted for selective participation in.

Trustees of RECT believe that Mr Sutton's appointment to the Board of RFM will bring significant operational experience to the governance of the investment portfolio and strengthen the existing management and consultancy support.


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