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Tasman Pacific Airlines of NZ Ltd. In Liquidation

MEDIA ANNOUNCEMENT
July 27 2004

Tasman Pacific Airlines of NZ Limited
(In Receivership & In Liquidation)

Jeff Meltzer and Arron Heath of Meltzer Mason Heath, Liquidators of Tasman Pacific Airlines of NZ Limited (formerly trading as Qantas New Zealand), today announced that they estimate a dividend to unsecured creditors of approximately 15 cents in the dollar subject to the outcome of the pooling application referred to below. This result reflects a combination of asset realisations, resolution of creditor claims and settlements with Zazu Limited (Tasman Pacific’s parent) and the former Directors of the company. No admissions of liability have been made in connection with the settlements.

The terms of the settlements have the unanimous approval of the Creditors’ Liquidation Committee and are confidential. In the Liquidators’ opinion the settlements have considerably shortened the time needed to complete the liquidation and saved the creditors substantial administration and legal costs.

The company’s receivership has yet to be finalised and settlement negotiations with the pilots’ representatives in relation to a number of employee claims are at an advanced stage. The other major outstanding issue before liquidation of the company can be completed is an application by the liquidator of Tasman Pacific Regional Airlines Limited, a subsidiary of the company, that both liquidations be pooled – this application is currently before the Court.

ENDS

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