Chief Investment Officer Appointed

MEDIA ADVISORY 22 March 2004

Paul Dyer Appointed Chief Investment Officer - Investment Strategy

The Board of the Guardians of New Zealand Superannuation has appointed Paul Dyer Chief Investment Officer - Investment Strategy. Currently Chief Investment Officer for AMP Capital Investors, Paul will take up his position on 19 April 2004.

As Chief Investment Officer - Investment Strategy, Paul will play a key role in the development of the New Zealand Superannuation Fund's investment strategy. In particular, he will focus on identifying the best strategies for achieving the Guardians' objective of maximising returns without undue risk to the Fund as a whole. Paul will work closely with the Fund's Chief Investment Officer - Portfolio Construction, Tim Mitchell.

New Zealand Superannuation Fund Chief Executive, Paul Costello, said: "We're delighted with Paul's appointment and believe his strategic and market expertise will complement the investment experience of the Fund's management team."

Commenting on his appointment, Paul Dyer said: "The New Zealand Superannuation Fund offers an exciting challenge. I welcome the opportunity to focus on long-term investment strategy within such an important enterprise."

Paul has been with AMP Capital Investors, New Zealand's largest fund manager with $10 billion under management, for eight years. As Chief Investment Officer, he oversees the domestic fixed interest and equities operations, as well as strategic and tactical asset allocation.

Prior to AMP Capital Investors, Paul was director, strategy at SBC Warburg (Australia) and has held positions as chief economist with Buttle Wilson, and economist with the New Zealand Treasury. -

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