MDH (owners of Roadferry) prelims

Mersey Docks & Harbour Co
03 March 2003

For Immediate Release Monday 3rd March 2003

THE MERSEY DOCKS AND HARBOUR COMPANY

Preliminary Results for the Year Ended

31st December 2002

* Group turnover rose 4.1% to #273.0m (2001: #262.2m)

* Underlying* profit before tax for the year #54.6m (2001: #55.6m);

* Profit before tax #53.3m (2001: #57.5m)

* Underlying earnings per share up 5.3% to 46.13p (2001: 43.81p);

* Basic earnings per share 44.57p (2001: 45.96p)

* Final dividend of 14.7p, making total for the year of 21.5p, up 4.9%
(2001: 20.5p)

* Continued strong cash flow

* New container services secured at Liverpool and MTL, Dublin

* Calculation of Worth at Princes Dock shows value of #90m; 3rd office block
complete

* before goodwill amortisation and exceptional items

Commenting on the results, Chairman Gordon Waddell said:

“The Group’s performance in 2002 was satisfactory in the face of
deteriorating global economic conditions. Given these conditions, few of
the Group’s customers are expecting significant growth in their
businesses in 2003. However, the outlook in key market sectors is
stable.

“The Group’s recent programme of investment has created significant
capacity for future growth in all key market sectors without the need
for further major capital expenditure, and this reducing requirement
should ensure improved cash generation in the current year. The Group’s
exposure to North America, which is overweight relative to its sector
peers, has proved detrimental in the past two years, but this
disadvantage will unwind in due course, and the Board is confident of
progress consistent with any future upturn in the U.K. and U.S.
economies.”

G.H. Waddell

Chairman

For further information:

The Mersey Docks and Harbour Company

Peter Jones, Chief Executive

Alastair Findlay, Finance Director today: 020 7678 8000

Eric Leatherbarrow, Public Relations thereafter: 0151 949 6000

Smithfield Financial

Anna Rainbow 020 7360 4900

CHAIRMAN’S STATEMENT

The Group’s performance in 2002 was satisfactory in the face of deteriorating
economic conditions. Underlying profit (before exceptional items, goodwill
amortisation and tax) was #54.6 million against #55.6 million in 2001, in spite
of the increases in interest and depreciation outlined in last year’s results
statement, together with higher insurance costs. Group turnover increased by
4.1% to #273.0 million (2001: #262.2 million) and profit before taxation was
#53.3 million (2001: #57.5 million).

Underlying earnings per share were up 5.3% at 46.13 pence (2001: 43.81 pence)
reflecting the benefits of the share buy-back programme. Basic earnings per
share were 44.57 pence (2001: 45.96 pence).

A final dividend of 14.7 pence per share is proposed and will be paid on 15th
May, 2003, to shareholders on the register at 22nd April, 2003. If approved by
shareholders, this would give a total dividend for the year of 21.5 pence per
share, a 4.9% increase over the 20.5 pence per share paid in respect of 2001.

Port Operations

As indicated in both the preliminary and interim statements last year, the
Division bore the brunt of an increased depreciation charge and, in common with
much of industry, increased insurance premiums. The Division’s turnover
increased 4.2% to #136.6 million (2001: #131.1 million) and operating profit
before goodwill reduced marginally to #51.6 million from #52.3 million.

Liverpool

In Liverpool, container volumes were affected by difficult conditions in the
North American economy and the slowing down o