Aquiline Holdings Sales Up 124% For Third Quarter

MEDIA STATEMENT

May 06, 2004

AQUILINE HOLDINGS SALES UP 124%

FOR THIRD QUARTER

TAX PAID PROFIT UP 190%

Aquiline Holdings Ltd, the Napier based management and investment company which recently issued a prospectus to support a new capital raising programme, has announced an unaudited net profit after tax, but before amortisation of goodwill, of $1,941,000 for the third quarter ending March 31, 2004.

This represents an increase of 190% on the same quarter in 2003. Sales of $40,931 for the quarter were up 124% on the comparable quarter in the previous year.

Total assets, before amortisation of goodwill, increased by 143% to $87,981,000.

The unaudited result represents tax paid earnings of 21.1 cents per share for the quarter before amortisation of goodwill, up 167% for on the equivalent quarter last year.

For the nine months of the year to date, sales of $115,187,000 are up 143% on the comparable period of the previous year and net profit after tax but before amortisation of goodwill of $5,951,000 is up 150%.

Announcing the third quarter result, chairman Jim Scott said the strong performance relative to the same period last year provides an excellent platform for the capital raising process that is now under way.

"While most of the growth is accounted for by the acquisitions completed in the first half of the financial year it is heartening to also see the results of improvement in the existing businesses.

"We have continued to make good progress with most of the operating companies and in particular those acquired in the second half of the 2003 calendar year. We have three companies that are still working through a transition phase and we are confident they will all be settled and ready to perform from the beginning of the 2004-05 financial year, starting on 1 July.

Mr Scott said Aquiline expects to conclude further acquisitions in the fourth quarter of the current year.

In April this year the board announced an increase in the ordinary share price from the current $17.78 to $23.11 for the six-month period beginning on July 1. The board sets the price at six monthly intervals based on the net profit after tax projected by the board for the ensuing six month period, and the board's judgement of the supply and demand for AHL's equity capital.

Aquiline Holdings owns 14 importing and distribution companies, involved in consumer electronics, foodstuffs, textiles, office products, hardware and chemicals.

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