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CPP Continuing With Takeover Offer

Web site: Announcement by CPP Investment Board in relation to Government stapled securities announcement

AUCKLAND, NZ (26 February 2008):

The Canada Pension Plan Investment Board (CPPIB) confirms that it is continuing with the partial takeover offer for shares in Auckland International Airport Limited (AIAL) notwithstanding the New Zealand Government’s announcement yesterday that it proposes to amend the taxation laws relating to stapled securities.

The partial takeover offer does not involve the issue of stapled securities. Stapled securities were only to be issued under the proposed amalgamation which would be considered by the AIAL board and shareholders in due course after the completion of the partial takeover.

It has always been CPPIB’s intention for any amalgamation proposal to be implemented with IRD approval through a binding ruling.

CPPIB intends to monitor the progress of the proposed taxation changes and will be consulting with IRD on the details of the proposed changes. If successful in its partial takeover offer, CPPIB looks forward to working with AIAL, the New Zealand Government and the New Zealand tourism industry in the continuing development of New Zealand as a leading tourism destination.


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