GUARDIANS OF NEW ZEALAND SUPERANNUATION (GNZS) MANAGER

In March 2006 Morrison & Co was appointed a manager of the GNZS funds. GNZS has funds in excess of $10 Bn as at 30 June 2006. The Morrison & Co mandate is restricted to infrastructure assets, both listed and unlisted, in all international and local markets. The initial amount Morrison & Co has been appointed to invest is $250M and as at 30 June 2006 Morrison & Co had invested ~$8M. A co-investment arrangement exists between GNZS and Infratil which outlines the relative amount each will invest in different classes of assets.