1. The NZRDA Member Superannuation Plan This presentation should be viewed in conjunction with the NZRDA Member Superannuation Plan Investment Statement and Q & A and in no way should be considered a substitute for the NZRDA Member Superannuation Plan’s Investment Statement.

2. Parties to the Plan Trustee: Lighthouse Superannuation Nominees Ltd, a subsidiary of TOWER Instigator: NZRDA Participating Employers: All DHB’s who have signed to Participate in the Plan Members: Employees of the Participating DHBs employed as Dental or Medical Officers Administration Manager: TOWER Investment Managers: ANZ Asset Management/ BNZ Asset Management/ Bankers Trust/ ING & TOWER Asset Management

3. Features & Benefits What are the contribution levels? Member: 2% of your salary for the first year of the Plan, increasing to 4% for the second year and 6% for the third and subsequent years DHB: 2% of members salary for the first year of the Plan, increasing to 4% for the second year and 6% for the third and subsequent years Note: members may also make lump sum investments or contribute at a higher percentage of salary from that shown above

4. When can the funds be withdrawn? Anytime after normal retirement age or early retirement age with Employer consent Upon resignation, redundancy, death or forced leaving of service due to ill health Members may withdraw their own contributions once every 5 years subject to a minimum withdrawal of $1,000 Funds may also be withdrawn should a member resign from one DHB to take a position with another Features & Benefits

5. Investment Options What options do I have? There are 14 different options that you may choose from-9 Managed Funds and 5 Single Sector Funds They vary in volatility from a conservative Cash Fund to a more aggressive NZ or International Shares Fund There are 5 different Fund Managers ranging from ANZ Asset Management (1), BNZ Asset Management (3), BT (2), ING (1) & TOWER (7) You May elect up to 4 different funds. A minimum of 25% in any one fund applies to contribution cashflows Refer to the Investment Statement for details

6. Conservative Fund Example % Cash 60% NZ Fixed Interest 20% Global Fixed Interest 20% Please note this graph is for illustrative purposes only

7. Balanced Fund Example NZ Equities 10% Global Fixed Interest 20% Property 10% Cash 10% NZ Fixed Interest 20% Please note this graph is for illustrative purposes only International Equities 30%

8. Growth Fund Example NZ Equities 25% NZ Fixed Interest 12.5% International Equities 50% Global Fixed Interest 12.5% Please note this graph is for illustrative purposes only

9. The Best Performing Asset Classes Annual percentage returns by asset class* *Based on the following indices: 1. NZSE 40 Gross Index; 2. NZSE Property Gross Index; 3. CSFB Government Bond Index; 4. CSFB 90 Day Bank Bill Index; 5. MSCI World Accumulation Index hedged in NZ$; 6. SSB World Government Bond Index (hedged).

10. US Market Returns 1928 - 2002 OIL CRISIS GULF WAR DOT.COM BUBBLE 1990’S BOOM VIETNAM WAR ENDS CUBAN CRISIS GREAT DEPRESSIO N WORLD WAR II *(Source: S&P500 - Bloomberg In US$ - To 31/12/02)

11. Time in the market (not market timing) Source: S&P 500 Accumulation Index *Period studied: June 1992-June 2002 S&P 500 Acc Index* 1991-2001 Annualised Returns All 2,608 trading days 9.27% Minus 10 best days 4.66% Minus 20 best days 1.26% Minus 30 best days -1.48% Minus 40 best days -3.89% Minus 50 best days -6.06% Minus 60 best days -8.09% Minus 70 best days -9.97%

12. Joining the Plan Complete the Application for Membership form and post it to NZRDA Once registered with TOWER deductions will commence from your salary and TOWER will confirm your membership in writing At the same time you will be advised of your web access number to ‘supersite’ so that you can monitor your membership accounts and investment returns

13. DHBs joining @ 1 July 2003 Waitemata, Auckland, Counties Manukau, Waikato, BOP, Lakes, Tairawhiti, Taranaki, Whanganui, Hutt Valley, Capital & Coast, Nelson Marlborough, Canterbury & Otago DHBs joining 30 June 2004 Northland, Hawkes Bay, MidCentral, Wairarapa, South Canterbury, West Coast & Southland

14. Important Points To Note  This information is given in good faith and has been derived from sources believed to be accurate. However neither NZRDA nor any of their employees gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way for errors or omissions.  Past performance is not necessarily indicative of future performance.  The RDA, Participating Employers or the TOWER Group do not guarantee repayment of capital or future performance of any fund within the NZRDA Member Superannuation Plan.  This material has been prepared specifically for illustrative purposes only and is not a securities recommendation, it does not contain securities advice. In preparing this presentation, we have not taken any individual investor's personal circumstances into account. This presentation should not be relied upon as the basis for an investment decision. Investors considering investing in the Plan should obtain a copy of the current Investment Statement and consult their Financial Adviser.