16 May 2005

Media Statement

Auckland Regional Holdings Confirms $8 Offer For Shares
In Ports Of Auckland Limited

Chair of Auckland Regional Holdings (ARH), Mrs Judith Bassett, said the Independent Adviser’s Report confirms that ARH’s offer of $8.00 per share is fair to Ports of Auckland Limited shareholders.

ARH has no intention of increasing its offer price of $8.00 per share and remains confident that it will achieve 100% ownership of POAL.

ENDS