KINLOCH FUNDS MANAGEMENT

MEDIA RELEASE

May 23, 2007

New boutique funds manager launched – Kinloch Funds Management

Finance and investment executive, Neville Todd, has launched a new boutique funds management company, Kinloch Funds Management.

Kinloch Funds Management will be a multi asset class manager based in Wellington.

New Zealand is entering a phase which parallels the Australian experience, where there has been an unprecedented growth in the savings industry and a subsequent emergence of new funds management companies.

“With the introduction of Kiwisaver, the new taxation regime for savings and the government’s determination to have New Zealanders self-fund their retirement income, the savings industry will grow significantly in coming years, said Mr Todd.

“Up until very recently we have seen a stagnation of growth in investment asset classes outside of property, but this will change as the playing field is rebalanced from a taxation perspective. “

Neville Todd was a founding director of Milford Asset Management and former managing director of Salomon Smith Barney in New Zealand. He is a member of the Securities Commission of New Zealand.

ENDS