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 $1.58 billion as at 30 September 2014;

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

Morrison & Co has a team of over 50 executives based in Wellington, Auckland, Sydney, Brisbane and Hong Kong 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 17% per annum since 1 April 1994.

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