Rangatira Ltd - Final Dividend Announcement

RANGATIRA

RANGATIRA LIMITED, LEVEL 10, SOLNET HOUSE, 70 THE TERRACE, PO BOX 804, WELLINGTON, NEW ZEALAND

PRESS RELEASE

Begins

Rangatira’s after tax surplus for the year ended 31 March 2006 was $8.8 million (last year $5.6 million), including non-recurring gains of $2.3 million (last year $1.3 million). Operating earnings after tax were $6.5 million, an increase of 50% from $4.3 million last year.

Asset backing as at balance date, based on the market value of listed equities and the mid-point of Directors’ valuation of unlisted investments, has increased to $7.24 per share from $6.27 last year.

Rangatira’s Chairman, Murray Gough, said Rangatira’s listed equity portfolio had provided a strong dividend flow. Its unlisted portfolio also produced significantly improved earnings. The high New Zealand dollar had been difficult for some of these businesses, but they generally handled the challenge well and maintained investment in capacity and technology. Provided the currency remains at or below recent levels, the outlook for the coming year is positive.

Directors have declared a final fully imputed dividend of 18c making the total dividend for the year 34c fully imputed (last year 31c). The dividend will be paid on 26 June 2006 and the share register will close for dividend purposes on 17 June 2006.

ENDS

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