Investor Presentaiton

Cairns Airport Overview • Represents around ¾ of the purchase price Cairns, airport • • • • Australia's seventh busiest airport with 680,000 international pax, 3.0m domestic pax in FY09. Gateway to Tropical North Queensland, a major Australian leisure destination: - - Two World Heritage listed attractions (Great Barrier Reef and Wet Tropics Rainforests) Serviced by Qantas, Jetstar, Virgin Blue, Cathay Pacific, Air New Zealand, Continental Airlines, Air Niugini and Airlines PNG (and soon to be Pacific Blue) International pax volumes down from over 1m pa in 2007 to ~0.5m in FY10; partly due to decline in Japanese visitors (withdrawal of Qantas services, a general reduction in Japanese outbound leisure travel and a significant Australian dollar appreciation against the Yen) Well positioned to rebound and benefit from increasing Asian inbound tourism: Australia's closest east coast airport to rapidly growing Asian markets - - New long term strategic agreement with Jetstar with sights on Asia Recently-announced Australian Federal Government tourism and airline support packages and Queensland State Government tourism promotional initiatives Domestic passenger volumes grown strongly over the last decade and expected to maintain that growth trend Ample terminal capacity for international growth and close to completing a A$200m redevelopment of domestic terminal A Auckland Airport 8

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