| Annual Review 1999 - Board of Directors |

1. Ross McEwan (AXA New Zealand), Chairman
2. Paul Fyfe (Armstrong Jones), Deputy Chairman
3. Anthony Quirk (ANZ Funds Management)
4. Alan Bradley (Royal Sun Alliance)
5. David May (Colonial)
6. John Drabble (AMP Financial Services)
7. Philip Markwick (Equitable Life Insurance Co)
8. David Whyte (AIA)
9. Myles Baron-Hay (BT Funds Management)
10.Vance Arkinstall (ISI), Chief Executive