On 30 May 2008 International Forwarding Limited, in which Waterman Holdings owns a 28.5% stake, sold its interests in Gluck Pty Limited to Toll Holdings Limited. Under the terms of the sale agreement the price cannot be disclosed.

Gluck is one of the largest independent freight forwarders in Australia and clearly had strategic value to trade parties such as Toll. While this divestment was not consistent with IFL's longer term strategy in the sector the Board of Waterman considered the offer to represent good value for shareholders.

The shareholders of Gluck, including IFL, have retained Gluck's New Zealand business on a pro-rata basis. IFL has also retained its holding in the Australian warehouse and distribution business. We will provide shareholders with an update on these minor interests in the near future.

The Executive Directors are pleased with the outcome of this transaction and look forward to discussing this in more depth at the Annual Shareholders Meeting.

For further information contact:

Matt Riley or Chris Marshall
Waterman Holdings Limited
+64 9 3620522