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A Report on Certain Statements made in Respect of Air New Zealand Limited in September 2001

APPENDIX C

GT: ...I don't think we can do any more than continuing to ...pause...The legacy issues are dealt with. We now have cash and a group of businesses. We now need to invest that cash very wisely and continue to grow the NAV. It'll take time for the world to decide the reputational issues that this is a company that has a successful track record. I think we were starting, before the Ansett situation, we were starting to get rid of all that sort of press. We were starting to see it in our share price. A profit for the year last year would have helped. Unfortunately, of course, there's been a further set-back.

Eric Ellis: What was the Air New Zealand stake written down to on a per share basis?

GT: You mean the share price in NZ$?

Eric Ellis: Yes

GT: About 65, 67...

AS: 67

GT: yep, 67.

Eric Ellis: What is the share price today?

GT: About 30.

Eric Ellis: You've got a bit more to go...

GT: Well, I would have thought, you know, 30 could bounce to 60 fairly quickly if there was an announcement that it will continue and it will continue with full support.

Eric Ellis: Depending on what Helen Clark says!

GT: Well...(crowd laughs)

Next journalist asks question about future investment activity in Singapore and by other core investments.