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2005 Morningstar Fund Manager of the Year

13 March 2006

Kingfish investment manager, Fisher Funds, named 2005 Morningstar Fund Manager of the Year for NZ Equities

The Directors of Kingfish Ltd are delighted to announce that Kingfish investment manager, Fisher Funds Management, was named the 2005 Morningstar Fund Manager of the year for NZ Equities.

Fisher Funds has a long and proven track record of outperformance in the New Zealand equities market which continues to be recognised by independent organisations such as Morningstar.

Chairman Rob Challinor said "Fisher Funds has performed very well in managing the Kingfish portfolio, with Kingfish's NAV per share increasing some 46% (after tax and fees) since the IPO in March 2004".

The Board of Kingfish congratulates the team at Fisher Funds on its most recent achievement and looks forward to continuing successes.

Overview of Kingfish Limited. Kingfish Limited is a listed investment company investing in small New Zealand companies. The investment portfolio is managed by Fisher Funds Management Limited, a specialist New Zealand investment manager with a track record of successfully investing in smaller company shares. Kingfish began operating in March 2004 when it received subscriptions for 58.5m shares at $1 per share.

For each share issued, subscribers received one option (warrant) to subscribe for a share at $1, exercisable at the end of either March 2006, 2007 or 2008. Details of the first optional exercise date on 31 March 2006 have been sent to warrant holders in late January 2006.

KEY STATISTICS AT A GLANCE As at 8 March 2006

Net Asset Value per share $1.4182 Diluted Net Asset Value per share $1.2116 Shares on issue 59, 645,509 Warrants on issue 56,957,429 Warrants are exercisable on any of 31 March 2006, 31 March 2007 or 31 March 2008

ENDS

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