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Qantas And Air NZ Codeshare Proposal

12 April 2006

Qantas Would Cease To Be A Holder Of Air New Zealand Redeemable Convertible Notes Under Codeshare Proposal

Qantas will cease to be a holder of Redeemable Convertible Notes in Air New Zealand if approval is granted for a code share between the two airlines on the Tasman. Qantas currently owns Redeemable Convertible Notes with a face value of $98 million and which would account for 4.2% of Air New Zealand's share register, if they were converted to ordinary shares.

This shareholding was approved by the New Zealand Government as the first step in a much closer alliance between the two airlines proposed in 2003. The alliance was subsequently rejected by the New Zealand Commerce Commission and approved by the Australian Competition Tribunal.

Air New Zealand will convert the note to debt and repay Qantas over four years as part of the negotiated transaction, if its application for a code share is granted and the independent audit is completed to both airlines satisfaction.

ENDS

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