Rejection of proposals

05/03/2010

The Board of Forth Ports PLC ("Forth Ports") confirms that it has received two conditional proposals from a consortium comprising AEIF General Partner Limited, Peel Ports Holdings Limited and RREEF Limited.

The first proposal, which was received on 28 January 2010, was at 1,285p per share in cash and the second, received on 3 February 2010, was 4.3% higher at 1,340p per share. The Board considered both of these proposals carefully and, having discussed them with its financial advisers, Commerzbank AG London Branch, and its corporate broking advisers, Investec Bank plc, the Board is of the unanimous view that these proposals fall far short of the value of Forth Ports. Forth Ports agreed to meet the consortium in their role as shareholders, following publication of the preliminary results of Forth Ports for the financial year ended 31 December 2009.

Forth Ports owns a portfolio of seven ports in the UK, including Tilbury in London, Grangemouth, Scotland's largest container port, and Leith in Edinburgh. These ports generate an income stream with a high level of predictability and have strong organic growth prospects.

In addition, Forth Ports has a number of other valuable assets, including a 33% shareholding in Tilbury Container Services, a substantial property portfolio and a number of renewable energy projects. The latest published Market Value of Forth Ports' property development assets was substantially lower than it was at 31 December 2007 and the Board believes that the portfolio has the potential to appreciate greatly in value when property markets recover. The Board also believes that the renewable energy projects in which Forth Ports has invested will generate significant value in future years.

The preliminary results of Forth Ports for the financial year ended 31 December 2009 are scheduled to be announced on 22 March 2010.

This announcement has been made without the consent of the consortium. There is no certainty that an offer will be forthcoming or as to the terms of any offer.

Forth Ports PLC