1 July 2005

LSV Appointed to Manage Global Emerging Markets Mandate

The New Zealand Superannuation Fund today announced that LSV Asset Management (LSV) has been appointed to manage a global emerging markets mandate.

This is the second mandate awarded to LSV, a Chicago-based employee-owned quantitative value manager. In March 2004 the firm was appointed to manage a portfolio of global large cap equities.

LSV replaces WestLB Asset Management (WestAM). As a result of staff departures within WestAM, the Board of the Guardians of New Zealand Superannuation decided to withdraw their mandate.

The Fund has approximately $245 million invested in global emerging markets, of which $120 million is managed by LSV. The other mandate is held by Citigroup Asset Management.

The appointment of LSV brings the total number of investment mandates to 23. The value of the New Zealand Superannuation Fund as at 31 May 2005 was $6.4 billion.

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