SUMMARY

Annual Results 2005

Result Comparison with 2004

Total Revenue*

Port Operations $149.2 million -0.6%
Investment Property $7.8 million +15.5%
Other Revenue $1.7 million +8.7%
Total Revenue $158.7 million +0.2%

Total EBIT (excluding unusual items)*

Port Operations $61.6 million -3.9%
Investment Property $6.9 million +20.5%
Other EBIT $1.6 million +34.3%
Total EBIT $70.1 million -1.3%

Net surplus after tax

Excluding unusual items $42.2 million -4.7%
Including unusual items $38.6 million -32.5%

Shareholders’ funds $651.6 million +65.5%
Equity to net debt plus equity ratio 82% +2.5%
Earnings per share (excluding unusuals) 39.8 cents -2.8%
Containers 644,306 TEUs -2.7%
Breakbulk 5.0 million tonnes +7%

* Marinas are excluded from the 2004 figures for the purpose of comparison.

ENDS