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The Board of the Guardians of New Zealand Superannuation has selected Barclays Global Investors to manage an enhanced passive international equities mandate for the New Zealand Superannuation Fund.

This mandate will be funded gradually over the period to June 2004 when it is expected to reach approximately NZ$600 million (approximately 15% of the Fund's assets).

Under an enhanced passive mandate, the investment manager creates a portfolio of shares selected from international equity markets with the specific aim of exceeding the return of the MSCI World Index. Barclays will be permitted to take many small underweight or overweight positions relative to the index, with the aim of producing modest but consistent outperformance.

Barclays Global Investors manages in excess of NZ$1,500 billion in assets around the world and more than NZ$200 billion in the International Alpha Tilts Strategies which will include the NZ Superannuation Fund mandate.

The establishment of an enhanced passive mandate is the first step in building a diversified international share portfolio for the Fund. Appointments of more active international equity managers, who will build portfolios with significantly less similarity to the MSCI World Index but who will be expected to provide greater outperformance over time, will be made later in the year.

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For more information please contact:

Paul Costello, CEO, New Zealand Superannuation Fund, 021 661 014 or 09 300 6980 Daniel Riordan, Media Relations, New Zealand Superannuation Fund, 0274 921 221 Justin Wood, CEO, Barclays Global Investors (Australia), +61 2 9272 2200

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