Auckland (18 April 2008) - The Guardians of New Zealand Superannuation today announced the senior appointment of Mr Matt Whineray as General Manager Private Markets. This is a newly created position reporting to Mr Adrian Orr, Chief Executive Officer.

Mr Whineray is returning from Hong Kong where he is currently employed at a senior level with Credit Suisse.  

He will commence work at the Guardians at the end of May. Mr Whineray has extensive professional experience in private equity, capital markets, mergers and acquisitions, property, infrastructure, and forestry.  

The General Manager Private Markets is responsible for directing the Guardians' search and assessment of alternative asset investment opportunities for the New Zealand Superannuation Fund. Reporting to the position will include the Senior Research Analyst and the Head of Property.  

The organisation structure of the Guardians can be found on the Fund's website www.nzsuperfund.co.nz.  

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For more information please contact: Karine Fox, Head of Communications, New Zealand Superannuation Fund, 09 373 8963, 021 351 141, or visit www.nzsuperfund.co.nz.  

Notes for Editors:

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 plans to allocate around $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 29 February 2008 the value of the Fund was $13.5 billion. The Fund is expected to grow to around $109 billion by 2025.

In addition to best-practice management portfolio, and to avoid prejudice to New Zealand's reputation as a responsible member of the world community, the Fund's objective is to maximise returns without undue risk to the Fund as a whole. The Guardians expect the return on the Fund to exceed, before tax, the yield on 90-day Treasury bills by an average of at least 2.5% p.a. over rolling 20-year periods.