Investor Presentaiton

Transaction Overview • Purchase of 24.55% stake in North Queensland Airports (NQA), the operator of Cairns and Mackay Airports, for A$132.8m (NZ$166m) To settle on 13 January 2010, timing driven by vendor requirements Subject to NQA financier consents prior to settlement Initially funded from existing debt facilities Subsequently, the funding strategy is likely to involve a mixture of equity and debt consistent with Auckland Airport's current capital structure No impact on Auckland Airport existing credit rating of A- anticipated Good potential to work with Cairns as a strategic stepping stone to strengthen air services connections between New Zealand and Asia Rare opportunity to enter higher-growth Australian market and partner with key Australian airport investors Auckland Airport moved to secure this opportunity, having initially investigated it when North Queensland Airports was being privatised 12 months ago A measured step-out initiative for Auckland Airport in line with Growth Strategy announced earlier last year - modest investment representing ~5% of Auckland Airport total assets No material impact from this transaction on Auckland Airport dividends A Auckland Airport 3

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