A new company, Photo Direct Pty.

November 5, 2005: Administrators of AgfaPhoto Australia, whose parent company in Germany filed for bankruptcy protection at the end of May, have recommended the company should be wound up.

Mark Korda and Craig Shepard of KordaMentha Pty. Ltd., who were appointed as administrators on 17 October, have assumed control of operations and assets, communicated with key stakeholders including employees, major creditors and customers and commenced an orderly wind down of the company’s operations, the realisation of the company’s assets, and an investigation into the company’s affairs. A report on the company’s position can be found at www.kordamentha.com in the “Creditor Information” section. The Administrators expect employees to receive up to approximately 70% of their severance entitlements, and anticipate an initial distribution to employees on or around Nov. 15. A second meeting of creditors will be held at 3:00 p.m. on 9 November at KordaMentha’s offices in Melbourne, when creditors will have an opportunity to vote on the future of the company.

A new company, Photo Direct Pty. Ltd., has been set up in Nunawading, Victoria, , under directors Chris Howell and Tracy Lintz, to take over supplying AgfaPhoto branded paper and chemistry. The business is located at Suite 2, 358 Whitehorse Road, Nunawading, Victoria, (close to the old Agfa offices). Supplies are immediately available. For more information, phone (03) 9894-1644, fax (03) 9894-1677 or e-mail tracyl@photodirect.com.au.