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Fast Cat Ferries Ltd WIth Secure Future

MEDIACOM RELEASE

FAST CAT FERRIES LTD SECURE FUTURE

The CEO of TopCat, Mr Keith Pybus, said that meetings held over
the weekend by the Company's Directors and Senior Management provide
good prospects and a bright future for the Company and its
employees.

With our 1,000 completed sailings and a strong performance over
the main holiday season, the TopCat's future is assured.
With the support of the New Zealand public and the enthusiasm of
staff and employees TopCat has been able to achieve a satisfactory
market share for the new operation which commenced service on the
12th May 1999.

With the current third schedule running until the end of May, we
are now planning the winter season from 1st June to mid November
with input from our crews, staff and customers and the details will
be announced in the coming weeks with the summer schedule to follow.

The current third sailing was for a trial period from 16th
November until the end of May and will be reviewed as part of the
planning process.

TopCat is enjoying tremendous support from the transport industry
and recreational vehicle owners who see the merit of a year round
fast ferry service.

There is no doubt there is a loyalty base established from people
who need the service on a year round basis, particularly freight
movements with perishables, furniture, livestock and courier and all
time sensitive cargoes.

The weekend meetings were attended by Mr Robert Clifford of the
Incat Group, a substantial shareholder in the TopCat operation, a
Director of Fast Cat Ferries Limited and Mr Lance Balcombe, the
Chief Financial Officer of the Incat Group, together with Company
Chairman Roger Swolf.

Mr Clifford asked the CEO to convey to the employees of the
Company his support for the development of Fast Cat Ferries Limited
and sought the on going co-operation and enthusiasm from employees
which is paramount in the success of the business and the potential
future development of fast ferries in New Zealand.

Let all of the TopCat team and New Zealand know: TopCat is here
to stay and has the absolute backing of the Incat Group, even though
it remains a majority owned New Zealand Company.

TopCat is seeking feedback from employees and customers on
preferred schedules by way of a competition advertised today.

ENDS....

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