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Monday 7 May 2007 07-118 LAWFUEL – The Law Newswire – Australian Securities Commission Comments On Bid For Qantas By Airline Partners – The Australian Securities and Investments Commission (ASIC) today made the following statement in relation to the bid by Airline Partners Australia Limited (APA) for Qantas Airways Limited: 1. ASIC has received and considered applications from APA seeking to overcome the effect of the failure of the bid to reach 50 per cent acceptances by 7.00pm AEST on Friday 4 May 2007. 2. ASIC has decided to refuse those applications. 3. ASIC sees no reason to depart from long-established policies relevant to the application. ASIC has applied those policies to the circumstances described in the applications and decided that: (a) it should not use its power under s655A of the Act to alter the consequences of the failure to reach 50% acceptances by the time the offer closed; and (b) closure of the bid should be in accordance with the terms of the offer and APA’s public statements that it would not extend the offer past the deadline of 7.00pm AEST on 4 May 2007. 4. In ASIC’s view, the market was fully aware of the fact that APA had indicated 7.00pm AEST on 4 May as the time at which the bid would close; that if 50% acceptances were received by then, the offer period would be extended; and that if 50% acceptances were not received by then, the bid would fail and all acceptances would lapse. For further information contact: Angela Friend ASIC Media Unit Telephone: 03 9289 3338 Mobile: 0412 058 800