Auckland (13 May 2009) - The Guardians of New Zealand Superannuation today announced that their investment relationship with Legg Mason International Equities has come to an end.

Legg Mason International Equities was appointed in December 2004 to manage an emerging market equity mandate. 

This decision does not affect the Fund's strategic asset allocation to listed emerging market equities. 

The Guardians work with investment managers around the world to execute the Fund's investment strategy. A list of the Guardians' external investment managers can be found on the Fund's website www.nzsuperfund.co.nz.

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For more information please contact:

Paul Gregory, Head of Communications [email protected], 09 308 2041, 021 274 9994

About the New Zealand Superannuation Fund:

The New Zealand Superannuation Fund, which commenced investing at the end of September 2003, is designed to partially provide for the future cost of New Zealand superannuation. An ageing population means the cost of providing New Zealand superannuation is expected to double over the next 50 years. To prepare for this, the Government is allocating on average NZ$2 billion a year to the Fund over the next 20 years while the cost of superannuation is relatively low. In the meantime, the Fund will invest the money on a prudent but commercial basis.

As the cost of superannuation escalates, the Government will progressively draw on the Fund to help smooth the impact on its finances. As at 31 March 2009 the value of the Fund was NZ$11.5 billion. The Fund is expected to grow to around NZ$109 billion by 2025. For more information visit www.nzsuperfund.co.nz