The New Zealand Superannuation Fund today announced that Overlay Asset Management has been appointed to manage a passive currency overlay mandate.

Under the mandate, Overlay Asset Management, a subsidiary of BNP Paribas Asset Management, will be responsible for ensuring that foreign currency exposure is managed in line with the Fund's policy.

Presently, 72.5% of the Fund's exposure in the global growth assets sector - equities, property and alternative assets - and 100% of the global fixed interest portfolio is hedged back to New Zealand dollars.

The appointment of Overlay Asset Management brings the total number of investment mandates to 24. The value of the New Zealand Superannuation Fund as at 31 May 2005 was $6.4 billion.

-Ends-

For more information please contact:

Paul Costello, CEO, New Zealand Superannuation Fund, 09 300 6980 Sarah Loutit, Media Relations, New Zealand Superannuation Fund, 021 500 134 Julie Benoit, Media Relations, BNP Paribas Asset Management, + 33 1 58 97 29 51

Notes for Editors:

About Overlay Asset Management:

Overlay Asset Management (OAM) is a subsidiary of BNP Paribas Asset Management one of the leading players in European Fund Management with EURO 211 billion** of AUM. OAM provides currency management and related services to institutional investors. OAM's core competency is based on a proprietary model developed by mathematical and statistical researchers, with the input from experienced market practitioners.
OAM has developed a range of currency products that all derive from the same quantitative management style and process which includes, Currency overlay passive and active management, Tactical currency allocation, Pure alpha products.
OAM currently has 22 employees and has AUM in excess of EURO 5.7 billion*. Currently OAM is servicing clients globally from offices in Paris, London and Hong Kong. www.fxoverlay.com

*Figures as at *July 1st, 2005 **Figures as at end March 2005