The Investment Manager

The investment management services for the PIP Fund are to be undertaken by Morrison & Co PIP Limited, a wholly-owned subsidiary of Morrison & Co. Morrison & Co was founded in 1988 by Lloyd Morrison, initially targeting the infrastructure sector as Governments around this time introduced private capital to areas such as ports, airports and energy generation and distribution. In addition to the development of infrastructure expertise, Morrison & Co has been an active instigator and manager of specialist investment funds. Morrison & Co launched Infratil Limited in 1994 and has subsequently established and managed a number of other investment mandates. Morrison & Co’s investment approach has been to focus on sectors that offer attractive long-term growth opportunities, to apply a combination of financial and sector-specific expertise and to foster community and stakeholder relationships in order to maintain their position as a trusted investment partner for essential infrastructure assets. Morrison & Co’s current investment and fund management activities include:

• NZX-listed Infratil – founded and managed by Morrison & Co, with market capitalisation of over $910 million as at 31 December 2009⁴⁰;

• a global infrastructure investment mandate which Morrison & Co manages for the NZ Superannuation Fund;

• Fisher Morrison Premium Infrastructure Fund and the Fisher Morrison Infrastructure Fund, established as part of Morrison & Co’s strategic partnership with Fisher Funds and focused on investing in global infrastructure stocks and bonds; and

• Greenfield Agribusiness – an agribusiness investment joint venture between Morrison & Co principals and agriculture industry specialists. The group’s first fund, the Greenfield Rural Opportunities Fund, was established in 2006 and has focused on the acquisition and development of over 20,000 hectares of pastoral farmland in New Zealand.

Morrison & Co has a team of over 20 executives based in Wellington, Auckland, Sydney and Brisbane, combining transactional and operational experience. This team includes in-house financial, legal and government relations expertise, as well as sector specialists in infrastructure and property management.

Morrison & Co’s track record

Morrison & Co is a proactive manager with a history of strong performance for investors. Infratil has delivered a total shareholder return for investors in excess of 15% per annum since 1 April 1994⁴¹. The Fisher Morrison Premium Infrastructure Fund and the Fisher Morrison Infrastructure Fund have both delivered total shareholder returns in excess of 21% per annum since inception in December 2008⁴².

Find out More about Morrison & Co  http://www.hrlmorrison.com/

40 From IRESS, as at 31 December 2009

41 Data sourced from Bloomberg Historical Studies. Total shareholder returns have been calculated for the period 1 April 1994 to 31 December 2009, assuming the reinvestment of net dividends

42 Data sourced from the custodian of the Fisher Morrison Infrastructure Funds, Trustees Executors Ltd. Total shareholder returns have been calculated for the period from inception of both funds on 5 December 2008 to 31 December 2009, assuming the reinvestment of net dividends