The Board of the Guardians of New Zealand Superannuation today confirmed Brian Gaynor's resignation from the Board, effective 1 March 2004. This follows an earlier announcement that Brian is to join Milford Asset Management as an Executive Director and shareholder.

Chairman of the Board, David May, said: "Brian has made a very significant contribution to the establishment of the New Zealand Superannuation Fund and we wish him every success in his new business venture."

Commenting on his resignation, Brian Gaynor said: "I have thoroughly enjoyed the stimulation and experience of the Guardians of New Zealand Superannuation. I have resigned because it is vitally important that the integrity of the Guardians is maintained, and there are potential conflicts of interest between my new position and the Guardians."

Members of the Board of the Guardians of New Zealand Superannuation are appointed by the Minister of Finance following recommendations from an independent nominating committee. The process of replacing Brian Gaynor will commence in the near future.

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For more information please contact:

Paul Costello, CEO, New Zealand Superannuation Fund, 09 300 6980 Daniel Riordan, Media Relations, New Zealand Superannuation Fund, 0274 921 221