Media Release

New Director for Solid Energy Board

13 September 2005

John Spencer has been appointed to the board of coal producer and distributor, Solid Energy New Zealand Ltd, by the Minister of State Owned Enterprises.

Chairman of Tainui Group Holdings Limited and a former Chief Executive of the New Zealand Dairy Group prior to the formation of Fonterra, John has held a number of senior management positions in New Zealand and overseas. He is currently the Deputy Chairman of the National Institute of Water and Atmospheric Research Limited (NIWA) and a Director of Tower Limited and several other private companies. A Fellow of the Institute of Chartered Accountants, he is Deputy Chairman of the Accounting Standards Review Board.

Solid Energy Chairman Tim Saunders says: "We are pleased to welcome John to the board of Solid Energy. John's considerable experience in senior management positions will be an asset to the company. We look forward to continuing the successful development of Solid Energy with John's advice and guidance."

Tim Saunders continues: "We would also like to recognise the contribution of Ian Donald who completed his second term of service on the Solid Energy Board earlier this year. Ian played a pivotal role in the development of the company and we wish him well in all his future endeavours."

For further information contact

Vicki Blyth,
Communications Director,
Solid Energy New Zealand Ltd,
Phone 03 345 6000,
Mobile 021 670 250,
Email vicki.blyth@solidenergy.co.nz