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Hanover Appoints new CEO

16 August 2006
Media Release

Hanover Appoints new CEO

Key Points:

* Hanover appoints NZer with significant international banking experience as CEO to take the organisation to the next phase of its development * Greater global perspective and development of sophisticated new products, enabling investors to diversify their investments with Hanover * Establishment of specialist mergers, acquisitions and private equity investment team

Hanover Group has appointed a new Chief Executive with significant international investment banking experience. Chairman Greg Muir today announced that New Zealander Andrew Schmidt, an investment banker previously with Credit Suisse in London, will take up the new position immediately. Schmidt has been with Hanover since late 2004 and CEO of Hanover Investments since 2005.

Schmidt says he's delighted to be taking the helm of a financial services company which turns in such consistently good performances.

"Hanover has a track record of quality investing and entrepreneurship that sees it extremely well positioned for future growth and opportunity. We have always been about creating wealth for investors through dependable returns from our core finance and property companies. We are investment focused and have a track record of investing ahead of the industry."

"Through the years Hanover has successfully blended stability and consistent returns with the adaptability required to perform in any market conditions. Those characteristics will continue to guide the organisation as we evolve to face new challenges. Going forward I'll be leading a team that will work to leverage Hanover's twin strengths of management skills and capital to create new opportunities, including sophisticated new investment products."

"We'll be combining Hanover's core financing and property activities with a range of new business streams. The organisation has done a significant amount of business internationally over the years and we will now take an even greater global perspective. In line with this we have established a specialist mergers, acquisitions and private equity investment team and we will soon make a significant announcement in the funds management area."

Schmidt has significant experience representing the interests of investors. As a former General Manager of Colonial in the United Kingdom he was responsible for in excess of NZ$10 billion in funds invested by hundreds of thousands of its policy holders into a diverse range of financial services products.
"We're in a great position to innovate. We have the skills, the capital and the track record of high quality investing. It's a tribute to our investors that we've been able to achieve this regardless of market conditions."

ENDS

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