Qantas foreign ownership update

Update on the Level of Foreign Relevant Interest in Qantas Shares Pursuant to ASX Listing Rule 3.19Under the Qantas Constitution, the maximum aggregate level of relevant interest that foreign persons are permitted to hold in Qantas is 49%.

On 18 November 2009, pursuant to ASX Listing Rule 3.19.1, Qantas advised the market that foreign persons had a relevant interest in 45% of Qantas' issued share capital.

ASX Listing Rule 3.19.1 requires that Qantas advise the market when the level of foreign relevant interest changes by more than 1%.

Pursuant to Listing Rule 3.19.1, based on the most recent reconciliation, which commenced on 16 December 2009 and was completed today, Qantas advises the market that foreign persons have a relevant interest in 43.4% of Qantas shares.

Notification Obligations
Pursuant to Listing Rule 3.19.2, Qantas reminds the market that:

• under its Constitution, foreign purchasers are required to notify Qantas, within 10 days of becoming registered, of their acquisition of a relevant interest in Qantas shares. Foreign Ownership Notifications (FONs) are available via the Qantas website at www.qantas.com.au or by contacting the Qantas Share Registry, Link Market Services, on 61 (2) 8280 7390;

• it is the order of receipt of complete FONs which determines the priority for entry, upon reconciliation to a registered shareholding, to the Qantas Foreign Sub-Register;

• Qantas investigates foreign share purchases and, upon reconciliation of the relevant FONs to a registered shareholding, enters the purchases on the Qantas Foreign Sub-Register; and

• should the level of foreign ownership on the Qantas Foreign Sub-Register exceed 49%, the Qantas Constitution contains provisions to notify those foreign shareholders.

Should such a Notice be required to be sent, it results in the registered holder of the relevant shares not being entitled to vote the shares at a meeting of shareholders and it may lead to the disposal of those shares.

Yours faithfully
Cassandra Hamlin