Statement made by Gary Judd QC

22nd May 2009

Statement made by Gary Judd QC

Yesterday I ceased to be a director and chairman of Ports of Auckland Limited (POAL).

On 1 May I received a letter from Auckland Regional Holdings (ARH), POAL’s sole shareholder requiring my resignation by 31 May. The reason given was that “the ARH board has found your approach unhelpful and you have not sufficiently understood the needs of ARH as a shareholder/investor”.

On May 6 I replied indicating that resignation was a voluntary act, that ARH was not permitted to require me to resign and that I would not be resigning at that time. I asked for an explanation of what ARH meant by the reasons given by ARH. No explanation has been received.

On May 21(yesterday) whilst I was on business in Christchurch I was informed by telephone from POAL that POAL had received a letter from ARH removing me as a director of POAL.

I have had no personal communication from ARH advising me of its decision to remove me as a director.

In the absence of any explanation, I can only speculate that in fulfilling my governance responsibilities I have given the shareholder information and advice it did not wish to receive.

Business background and experience

Trustee of ASB Bank 1985-1988, and Deputy-President ASB Bank 1987-1988, Chairman since 1988. During this period ASB Bank moved from being a trustee savings bank with a regional mandate to a national full service commercial bank, and the ASB Group to include Sovereign, now New Zealand’s largest life insurance company. As chairman, I managed the succession of several managing directors at ASB Bank and relations with the various managing directors of ASB’s owners.

After becoming chairman of POAL in July 2006, I worked with the previous and present managing directors to ensure a successful relationship between the board and those managing directors.

In January 2009 the Prime Minister appointed me to be one of New Zealand’s three members of the APEC Business Advisory Council (ABAC). I am an executive committee member of the New Zealand International Business Forum.

I have been in legal practice since 1968 and a Queen’s Counsel since 1995.

ENDS

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