Statement From CPP Investment Board Following Government's Decision on Overseas Investment Act Application

* Reuters is not responsible for the content in this press release.

Thu Apr 10, 2008 5:23pm EDT 

  AUCKLAND, NEW ZEALAND, Apr 10 (MARKET WIRE) -- 
 The Canada Pension Plan Investment Board (CPPIB) today said it was
disappointed in the outcome of its Overseas Investment Act application,
which has been declined.

    CPPIB's partial takeover offer for Auckland International Airport
required CPPIB's Overseas Investment Act application to be approved in
order for the offer to become unconditional.

    The offer received the necessary levels of shareholder acceptance and
approvals.

    CPPIB's Vice-President - Head of Infrastructure, Graeme Bevans, said: "We
are naturally very disappointed in the outcome.

    CPPIB appreciates the support we have received from the 29,000 largely
New Zealand, Auckland International Airport shareholders who accepted our
offer."

    Under the terms of the offer, the offer will now lapse. Shareholders who
accepted the offer are now free to deal with their holdings as they wish.

    About CPP Investment Board:

    The CPP Investment Board invests the funds not needed by the Canada
Pension Plan to pay current benefits on behalf of 17 million Canadian
contributors and beneficiaries. As at December 31, 2007, the CPP Fund was
C$119.4 billion (NZ$148.7 billion) of which C$2.5 billion (NZ$3.1
billion) represents infrastructure investments. In order to build a
diversified portfolio of CPP assets, the CPP Investment Board is
investing in publicly-traded stocks, private equities, real estate,
inflation-linked bonds, infrastructure and fixed income.

    Based in Toronto, the CPP Investment Board is governed and managed
independently of the Canada Pension Plan and at arm's length from
governments. 

    UBS has acted as financial advisor and Bell Gully has acted as legal
advisor to CPPIB.

Contacts:
In Canada:
CPP Investment Board
Joel Kranc
(416) 874-5163
Email: jkranc@cppib.ca
Website: www.cppib.ca

In New Zealand:
Consultus
Coran Lill
+64 27 600 8602
Email: clill@consultus.co.nz

Consultus
Bridget Agnew
+64 27 486 3534
Email: bagnew@consultus.co.nz

Copyright 2008, Market Wire, All rights reserved.

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