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CIO Leaves Fisher Funds

PRESS RELEASE

25 February 2008

CIO Leaves Fisher Funds

Fisher Funds Managing Director Carmel Fisher announced today that Chief Investment Officer Warren Couillault is leaving the successful funds management company.

“It’s always disappointing to lose a member of the team but following Warren’s recent decision to play a less significant role in the company and to sell his shareholding, Warren and the Board agreed that it was in the best interests of the Company for him to resign as Chief Investment Officer and Portfolio Manager of the New Zealand portfolios” said Carmel Fisher.

Warren Couillault has been with Fisher Funds for the past six years jointly managing Fisher Funds’ New Zealand portfolios, including the listed Kingfish Limited, with company founder and Kingfish director, Carmel Fisher.

Carmel Fisher will continue to manage Fisher Funds’ New Zealand portfolios and with the New Zealand Growth Fund currently closed to new investment, Warren Coulliault’s position will not be replaced in the near term.

Fisher Funds’ Australian and International portfolios have and will continue to be managed by portfolio managers Frank Jasper and Ken Applegate respectively, with the support of analysts Terry Tolich and Scott Brown.

“While Warren is leaving at a difficult time for the industry, with markets worldwide experiencing a difficult period, I must stress that his decision is in no way linked to current fund performance or investment decisions.

For the past decade, Fisher Funds has adhered to a philosophy of finding good quality undervalued growth companies and sticking with them for the long-term. It’s a philosophy that Warren and I know will continue to serve Fisher Funds well. I have enjoyed working with Warren and we are both proud of the investment returns that we have achieved” says Fisher.

“We remain committed to our portfolio companies and it is ‘business as usual’ from here as we shepherd our clients’ funds through this difficult market period.”

Fisher Funds founders Carmel and Hugh Fisher have acquired Warren Couillault’s shareholding and the company remains wholly owned by members of the Fisher Funds executive team.

The Company has also announced the return of John Wells as an independent director. Mr Wells was a director of Fisher Funds from its inception in 1998 until 2006, and the board is delighted to welcome back a director who has known and shared the company’s values and goals from its early beginnings.

ENDS

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