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Statement by Christchurch City Holdings Limited

Statement by Christchurch City Holdings Limited (CCHL)

Response to the stand in the market by Port Otago Limited Christchurch City Holdings was this afternoon contacted by the Chairman of Port Otago Ltd in relation to his company's stand in the market for Lyttelton Port Company Ltd shares.

The Chairman advised CCHL that Port Otago had a very positive attitude towards the need for ports in the South Island to work together in the future.

The Chairman of Port Otago emphasised that the acquisition of a 10.1% shareholding in Lyttelton Port Company should be seen as a positive step. CCHL and Port Otago would be meeting in the near future to discuss how this relationship would be managed. Christchurch City Holdings Ltd will continue with its Takeover Offer of $2.10 per share for the shares it does not already own in Lyttelton Port Company Ltd. The Takeover Offer will be mailed on Monday 13 March 2006 as scheduled.

Dr Paddy Austin, chair CCHL

ENDS

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