MANAGER OF INFRATIL

Morrison & Co is the manager of Infratil Limited, which is listed on the New Zealand Exchange. Infratil is a specialist investor in infrastructure and utility assets and owns airports in New Zealand and Europe and has energy and port investments in New Zealand and Australia.

Infratil is a long term investor and is an active, added-value shareholder in assets or companies it invests in. As its manager, Morrison & Co both identifies and evaluates investment opportunities on Infratil's behalf and then manages those investments to realise their potential. Infratil has no staff with Morrison & Co providing all management and administration functions. To visit Infratil's website click www.Infratil.com.

Morrison & Co brings significant Credentials to its role as manager of Infratil. Its executives have the wide range of necessary skills to perform all the roles required of a management team and in addition, benefit by having access to the specialist skills of an experienced investment bank and niche advisor to the infrastructure sector.

Under the management of Morrison & Co, the financial Performance of Infratil has been consistently strong with a steady increase in shareholder value since flotation in March 1994.

Morrison & Co's Infratil Management Team includes executives with financial markets and merchant banking expertise combined with a comprehensive infrastructure industry knowledge from executives with direct industry management experience in the energy and airports sectors.