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Fund Announces Further Timber Investments

New Zealand Superannuation Fund Announces Further Timber Investments

Auckland (2 November 2005) The New Zealand Superannuation Fund (NZSF) announced today that it has made three additional timber investments. These comprise:

- Timber management rights to the Tahorakuri property near Wairakei in the Central North Island. This property is 14,500 acres of mature Radiata Pine;

- A timberland investment located in Washington State in the US North West. NZSF's interest comprises approximately 18,000 acres of Hemlock and Douglas Fir; and

- A timberland investment located in Texas in the US South. NZSF's interest comprises approximately 45,000 acres of Loblolly Pine.

All three properties will be managed by the Hancock Timber Resource Group (HTRG). These assets comprise part of approximately 930,000 acres of timberland or timber rights recently acquired by HTRG from Harvard Management Company, the investment manager for Harvard University.

In March 2005 NZSF announced that it was planning to allocate up to 5% of assets to timber by June 2007. The first investment in this sector was announced on 11 October 2005 with the purchase of six North Island timber estates formerly owned by Evergreen Forests Limited. With this transaction, the combined value of all timber investments now owned by the Fund is approximately NZ$300 million (4% of the Fund's assets), divided between New Zealand and the United States.

"The Fund is committed to holding a widely diversified portfolio of assets. As a long term investor, with no requirement for regular cash flows from investments, timber is an attractive asset class for the Fund," said Paul Costello, Chief Executive.

The value of the New Zealand Superannuation Fund as at 30 September 2005 was $7.6 billion.


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