Contents :

We refer to your query dated 28 March 2000 in respect of the abovecaptioned matter.

Camerlin wishes to inform that Brierley Investments Limited (“BIL”) had, on 28 March 2000, made an announcement to the New Zealand Stock Exchange confirming that it has had discussions with both Singapore Airlines Limited and Qantas Airways Limited in respect of its stake in Air New Zealand Limited but that it has currently withdrawn the stake from sale.

We attach below BIL's announcement for your attention.

This announcement is dated 29 March 2000.

Query Letter Contents :

We refer to the above news article appearing in The Business Times, Singapore,
on Tuesday, 28 March 2000, a copy of which is enclosed for your reference.
In particular, we would like to draw your attention to the underlined sentence,
which is reproduced as follows:-
"Qantas...keen on Brierley's strategic stake in Air New Zealand."

In accordance with the Exchange's Corporate Disclosure Policy, you are
requested to furnish the Exchange with an announcement for public release
confirming or denying the above reported article and in particular the
underlined sentence after due and diligent enquiry with all the directors,
substantial shareholders and all such other persons reasonably familiar with
the matters about which the disclosure is to be made in this respect. In the
event you deny the above sentence or any other part of the above reported
article, you are required to set forth facts sufficient to clarify any
misleading aspects of the same. In the event you confirm the above sentence or
any other part of the above reported article, you are required to set forth
facts sufficient to support the same.
Please furnish the Exchange with your reply within one (1) market day from the
date hereof.

Yours faithfully
KUALA LUMPUR STOCK EXCHANGE

LISA LAM
Senior Manager, Listing Operations
ASL/SW
c.c. Securities Commission