Auckland (8 January 2007) - The Guardians of New Zealand Superannuation Board today announced it has appointed Mr. Adrian Orr as the Chief Executive Officer of the Guardians of New Zealand Superannuation.

Mr. Orr is currently the Deputy Governor and Head of Financial Stability at the Reserve Bank of New Zealand where he has been responsible for formulating and implementing public policy to promote and maintain a sound and efficient financial system. Previously, Mr. Orr has held the position of Chief Economist at Westpac Banking Corporation, Chief Manager of the Economics Department of the Reserve Bank of New Zealand and Chief Economist at The National Bank of New Zealand.

He was selected following a world-wide search process, conducted with the assistance of a specialist executive search firm.

David May, Chairman of the Board of the Guardians of New Zealand Superannuation, explained that the appointment of Mr. Orr is an important step for the Fund as it moves from its start-up phase to become an established investment institution. "Adrian is a committed New Zealander, who brings financial and economic skills and experience in both the private and public sector in leading teams of financial specialists. He is a strong supporter of the mission of the Fund and brings just the skills and experience appropriate to lead the Fund through its next critical stage of development. We are all looking forward to having Adrian on board."

Mr. Orr will take up his appointment on 12 February 2007.

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For more information please contact:

David May, Chairman, New Zealand Superannuation Fund, 027 429 2134