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Placement of Port of Tauranga Shares

29 May 2001

Placement of Port of Tauranga Shares

Infratil Limited today placed 3,568,000 shares in Port of Tauranga at $5.95 per share to local institutions through ABN AMRO and to private clients of ABN AMRO Craigs.

Infratil acquired a substantial number of these shares in 1994 and the average cost price is approximately $1.70 per share.

The placement reduces Infratil's holding in Port of Tauranga from 24.7% to 19.99%.

Infratil has made the placement at this time because of the imminent introduction of the Takeovers Code. Post 1 July, Infratil sees greater strategic value in a shareholding of 19.99%, rather than 24.7%.

Infratil has no plans to sell its remaining shareholding.

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