The New Zealand Superannuation Fund today announced that Morrison & Co Funds Management Limited has been appointed to manage an infrastructure mandate.

The Fund's target long term exposure to private markets is 25%. This includes a range of assets, including sectors such as infrastructure, private equity, absolute return, timber and commodities. The appointment of Morrison & Co complements the Fund's existing infrastructure and private equity mandates. The mandate allows the manager to invest in New Zealand and globally on behalf of the Fund.

Commenting on the appointment, Chief Executive Paul Costello, said: "The distinction between sectors in these types of investments is often fluid. We tend to avoid both boundaries around the type of investments considered and fixed allocations to these areas. We have appointed Morrison & Co because of their proven expertise as a long term investor."

As at 28 February 2006 the New Zealand Superannuation Fund had $270 million invested in infrastructure. Morrison & Co Funds Management Limited is a subsidiary of H.R.L Morrison & Co, a leading investor within the sector. They are also the manager of Infratil Limited, a public investment company in infrastructure assets. A subscriber to the Infratil shares in its float in March 1994 has received a return of over 24% per annum after tax for the subsequent 12 years to March 2006.

The appointment brings the total number of external investment mandates to 32. The value of the Fund as at 28 February 2006 was $9 billion.

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For more information please contact:

Paul Costello, CEO, New Zealand Superannuation Fund, 09 300 6980 Lloyd Morrison, Morrison & Co Funds Management Limited, 04 473 2399

Notes for Editors:

For further information on Morrison & Co Funds Management Limited, visit www.hrlmorrison.com