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Tyndall New Name For Investment Manager

July 15, 2004

Tyndall New Name For Investment Manager

Statement made by Anthony Quirk, Managing Director,
Tyndall Investment Management New Zealand Limited

One of New Zealand’s largest investment managers, Guardian Trust Funds Management, will change its name to Tyndall Investment Management New Zealand Limited (Tyndall) from Monday, July 19, 2004.

The name change is a continuation of our evolution as a stand alone company within the publicly listed Promina Group of companies.

After previously being a division of New Zealand Guardian Trust (NZGT), Guardian Trust Funds Management became a separate business in 2000, but retained Guardian Trust within our name.

Guardian Trust Funds Management has been a strong brand for us. However, with more than $3 billion in funds under management for corporates, superannuation funds, charitable trusts and retail fund providers such as NZGT and Asteron Life, the point has been reached where it is appropriate for us to have a totally separate market identity.

Tyndall is a brand already in use within the Promina Group for the investment management company that operates within Australia and which, like ourselves, is an award winning manager. Therefore Tyndall becomes the investment management brand for the Promina Group across both sides of the Tasman.

Under the Tyndall name, our reporting structure within Promina will stay the same, as will our senior management structure and personnel.

Tyndall New Zealand will continue with the investment philosophy that has taken Guardian Trust Funds Management to a leading position in New Zealand. This is to be an active manager, seeking to make incremental gains based on taking well researched positions that provide consistent added value for our clients. This approach and our top quality team has contributed to our very good performance versus our competitors in the various sectors in which we invest.

ENDS

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