Norman Geary Retires From the Board

RANGATIRA LIMITED

PRESS RELEASE

Begins

Mr Norman Geary, the Chairman of Rangatira Limited, today announced his retirement from the Board at the end of the financial year, 31 March 2003, after 15 years of service on the Board including 6 years as Chairman.

He said he had foreshadowed this to his Board colleagues over a year ago and believed with the appointment of a very experienced Chief Executive, Ian Frame, it was a suitable time to hand over the Chairmanship.

Norman Geary said that Rangatira is a long-established company with an enviable track record and is very well placed for further progress. Over recent years it has made a number of successful long-term investments and realisations which have added strongly to profitability and asset backing. The present Deputy Chairman, Mr Murray Gough, will assume the Chairmanship with effect from 1 April 2003.

Murray Gough has been Deputy Chairman of Rangatira since 1997. He is a former Chief Executive of the NZ Dairy Board and has subsequently had wide experience as a director of New Zealand companies. Norman Geary said that Murray Gough’s experience and strategic focus will be of significant benefit to Rangatira in the years ahead.

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