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The Guardians of New Zealand Superannuation Board today announced it has appointed Mr. Paul Costello, 46, as the Chief Executive Officer of the Guardians of New Zealand Superannuation.

Mr. Costello, a New Zealander, is currently the Chief Executive Officer of the Superannuation Trust of Australia which invests $4 billion in retirement savings for over 400,000 Australians. He is a graduate of Canterbury and Massey Universities and is an Associate of the Securities Institute of Australia. Mr. Costello is returning to New Zealand after almost fifteen years in the superannuation industry in Australia. He was selected following a world-wide search process, conducted with the assistance of a specialist executive search firm.

"I am excited to have the opportunity to use the experience I have gained over recent years in such an important initiative for New Zealand," said Mr. Costello.

Guardians' chairman, David May, said that Mr. Costello brought significant experience and executive skills to the Guardians. "Paul brings a wealth of important knowledge and experience gained with large public sector investing," he said. "His skills will greatly assist the Guardians' during the crucial start-up phase and as the Guardians' structure and operations become more established."

Mr. Costello will take up his appointment on 31 March 2003. The Board also announced that it would hold press conferences in Wellington and in Auckland on 28 February to introduce Mr. Costello.