Trustees Executors Limited Acquires NZ Securities

Press Release

22 June 2011

Trustees Executors Limited Acquires New Zealand Securities and Company Solutions

Trustees Executors Limited acquires New Zealand Securities and Company Solutions to further enhance its position as the New Zealand leader in trust and corporate services to both onshore and offshore clients.

Trustees Executors Limited (“TEL”) announces that it has acquired from interests associated with Garth and Carolyn Melville, the New Zealand Securities (“NZS”) group of companies, including Company Solutions which has been a long established leader in company and trust formation and associated services in New Zealand.

The acquisition of NZS shows TEL’s commitment to continued expansion in the strategic growth market for New Zealand offshore trust and related services.The combined company will be able to leverage the strengths of their respective firms to enhance the product and services offering to their existing and future clients across the markets they operate in. NZ Securities’ clients will be able to benefit from the TEL size, scale and range of full service solutions, including New Zealand’s leading custody and registry manager and its strong knowledge of cross border structuring, wealth protection and fund administration.

Deepak Gupta, Executive Director of Trustees Executors, commented: “This acquisition will provide our offshore division with a platform from which to grow further. The division, once merged with NZS, will be ideally positioned to further tap into the growing New Zealand offshore market for professional services generated by cross border structuring and international wealth planning. This acquisition will also give Trustees Executors a broader network which to offer fund administration services such as custody. We will primarily work with well known financial institutions who will act as intermediaries for our services. Our strategy, which we have been developing for a significant period of time, will see Trustees Executors deliver the services internationally that we are well known for locally.”

Ross Hanning, Head of Offshore Client Services for Trustees Executors, said: “The underlying commercial logic for the deal is to create a "best in class" service provider. New Zealand Securities will remain focused on providing leading company formation, trust, limited partnership, accounting, tax and compliance services to its intermediary network while its combination with TEL will broaden the range and scope of services offered to our clients.”

Garth Melville, NZ Securities’ Managing Director said “We are excited about the opportunity to further develop the market in which we operate through providing a more comprehensive service offering in conjunction with Trustees Executors.”

ENDS

About Trustees Executors Limited

Trustees Executors Limited was the first trustee company to be established in New Zealand, in 1881. As a leading independent provider of trust, fiduciary, corporate and fund services in New Zealand, TEL also delivers personal and tailored solutions to international corporations, institutional investors and high net worth individuals from around the world. TEL’s clients benefit from the personal approach delivered by a team of professionals with an in-depth understanding of the often complex needs of every client. TEL’s offshore services include company formation and management, fund formation and administration, trustee services, family office and accounting services. Trustees Executors employs around 150 employees in 4 offices providing a full range of trust, corporate and wealth management services including investment management, financial and estate planning solutions.

About New Zealand Securities

New Zealand Securities is one of New Zealand’s leading company and trust formation specialists. Since 1996, New Zealand Securities has been committed to providing efficient company and trust formation and associated post-incorporation services to professional intermediaries throughout the world.

About Company Solutions

Company Solutions is a premier corporate services provider and offers a comprehensive range of professional services including establishment of New Zealand corporate entities, company and trusts, secretarial management, accounting and tax compliance.

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