Auckland Airport Investor Day 2017

Market Advisory
17 November 2017

Auckland Airport Investor day
Attached is the presentation that will be provided at the Auckland Airport investor day
being held at Novotel Auckland Airport today.
The presentation and accompanying videos can also be found on our website:
corporate.aucklandairport.co.nz/investors/

Ends
For further information, please contact:

Suzannah Steele
+64 9 257 7043
+64 27 203 2822
suzannah.steele@aucklandairport.co.nz

---

2017 Investor day
Auckland Airport
2017 Investor Day

Introduction
Sir Henry van der Heyden
2017 Investor day

Agenda
2017 Investor day
3
8.30amIntroductionSir Henry van der HeydenChairman
8.35amOverview & strategyAdrian LittlewoodChief Executive Officer
9.00amDriving aeronautical growthScott TaskerGM –Aero Commercial
9.30amInvesting for future growthSteven CrookGM –Airport Development& Delivery (Acting)
10.00amQ&A
10.15amBreak
10.30am
Enhancing the retailexperienceRichard BarkerGM –Retail and Commercial
11.00am
Digital innovationJason DelamoreGM–Business Technology and Marketing
11.10am
Investment propertyMark ThomsonGM -Property
11.40am
Financial management & regulationPhilip NeutzeChief FinancialOfficer
11.55am
Wrap up Adrian LittlewoodChief Executive Officer
12.00pm
Q&A
12.30pm
Lunch
1.30pm
Optional site tourof the soon to be opened international departures expansion
2.30pm
End

Overview & strategy
Adrian Littlewood
2017 Investor day

OurvisionistobeagreatNewZealand
businessthatisaworldleaderincreating
valuefrommodernairports
What we are reaching for
Wearemulti-faceted.Westrivetobea
leaderingrowingtravel,tradeandtourism
Wearecommittedtomakingjourneysbetter
We want be a great
New Zealand
business recognised
as a world leader in
creating value from
modern airports
We want to power
travel, trade and
tourism growth for
our city and country
In doing so, we are
committed to making
journeys better for
our customers and
partners
2017 Investor day
5

Auckland Airport at a glance
2017 Investor day
6
Associates
•Queenstown (24.99%)
•Cairns and Mackay (24.55%)
22km from the
CBD or ~25
mins via tunnel
1,500 hectares of
freehold land
Two hotels
$1.3b investment
property
19.3m annual
passengers
89 retail stores across
international and domestic
Diverse parking
offering

Strong foundations
2017 Investor day
7
Largest owner of vacant land in
the Auckland region
3
share of long haul arrivals to
New Zealand
94%
#1#1
2) Based on current market figures. As of 2016 AIAL is the 9
th
largest by number of rooms
Strong development
potential
Attractive customer
base
Strong networkPositive exposure
to growth markets
Attractive demographic
share of international visitors to
New Zealand
75%
~40%
of New Zealand’s population live
within a two hour drive
of the global middle class will be
residents of the Asia-Pacific
region by 2030
1
New Zealand’s share of South East
Asia & Pacific outbound tourism
2
Strong pipeline of new
aircraft deliveries
0.7%
2/3
rds
Source: 1) E&Y; 2) Auckland Airport analysis, World Bank; 3) As of July 2015, Colliers
Highest individual footfall
of any retail operator in NZ
International destinations, 7
direct China destinations
46
Master plan indicates strong
capacity for growth

The evolution of our four strategic themes
2017 Investor day
8
OUR FOUNDATIONS
WHAT WE WILL DO
OUTCOMES WE WILL PURSUE
Safety and
security, always
Customer
centred
Focus on our
people
Operate
sustainably
Strengthen our
consumer
business
Be fast,
efficient and
effective
Invest for future
growth
Grow travel
and trade
markets

Core Faster, Higher Stronger strategic themes
2017 Investor day
9
•Passenger/cargo growth
•Route/market performance
•Network strength
Grow travel &
trade markets
Example measures of success
1
Objective
Primary driver of sustainable value
for Auckland Airport and New
Zealand’s travel and trade sectors
Why it matters
•Spend/yield per passenger
•Customer satisfaction/engagement
•Opex/earnings per passenger
•Asset productivity
•Customer service outcomes
Be fast, efficient
& effective
Strengthen our
consumer business
Maintain growth by connecting and
developing our consumer
businesses to meet changing
customer expectations
Deliver improved customer
experience and drive improved
productivity and performance right
across the business
•Asset intensity per passenger
•Programmeperformance
•Property yield
•Investment returns
Invest for
future growth
Develop and manage our core
assets and investments to drive
highest and best possible use.
Deliver an efficient airport
1) Not exhaustive. For illustrative purposes only

Our foundations
2017 Investor day
10
Why it matters
Objective
Our people are able and motivated to
do their best
People
focus
•Employee engagement
•Workforce composition
Example measures of success
1
Ensure our people, contractors and
partners can get home safely every
day
Safety and
security, always
•Safety outcomes
Minimisethe impact of our business and
share the benefits of growth with our
community
Operate
sustainably
•Carbon per passenger
•Energy/waste per passenger
•Job creation and placement
Customer
centred
Focusing on what matters to customers will
ensure we can continue to grow
•Customer satisfaction
•Public favourability
•Brand health
1) Not exhaustive. For illustrative purposes only. See Auckland Airport CSR report for full details

Delivering on our Faster, Higher Stronger ambitions
2017 Investor day
11
Aspirations set in early 2013June 2013June 2017
400,000
Double Chinesearrivals to 400,000 by FY17
213,781
356,315
A decrease of 2,955
(0.8%)in FY17
$60m
Build property rent roll to $60million by
FY17
$44m
$72.9m
An increaseof $9.9 million
(15.7%) in FY17
10m
Achieve 10 million international passengers
(excluding transits)byFY18
7.3m
9.7m
An increase of 1.0 million
(11.0%) in FY17
20m
Reach 20million total passengers by FY20
14.5m
19.0m
An increase of 1.8 million
(10.2%) in FY17





Customer
centred
TNS public favourability ranging between 82%-88% favourability across 2017
Top 10 NZ trusted corporate brand in 2017 in Colmar Bruntonsurvey
New mobile and in terminal tools to record and address service issues
ASQ service standards continue to benchmark above peer group
Safety and
security
Setting high safety standard for wide number of PCBU on airport
Staff health and safety engagement increased to 68% in FY17
Employee recordable injuries down 22% in FY17
Contractor lost time injury frequency rate down 81% in FY17
People
focus
Investing in professional development programmes for both leadership and all staff
Launched enhanced flexible working policy and new rewards program
Increased proportion of female employees to 38% (35% in FY16)
Cultural diversity celebrated as central to serving our customers
Our track record
2017 Investor day
12
Example outcomesObjective
Sustainability
6
th
year of Dow Jones sustainability index inclusion, 10
th
year of FTSE4Good
5 Star rating in the Global Real Asset Benchmark (GRESB) -Infrastructure
Ara Jobs and Skills Hub placed 190 people in employment, 82% from South Auckland, 39% off benefits
From 2012-17 waste per passenger fell by 47% and carbon per passenger by 55%
Comprehensive public CSR reporting (https://corporate.aucklandairport.co.nz/corporate-responsibility)

0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
20132014201520162017
Passenger
numbers (m)
InternationalTransitsDomestic
Proven passenger and earnings growth over the last five years
2017 Investor day
13
0
50
100
150
200
250
300
20132014201520162017
$m
12.7% CAGR
Underlying profit has grown at an average rate of 12.7% driven by greater
passengers and operational efficiencies
International
airlines
1918183023
Since FY13, passengers increased at a CAGR of 7.0% and the number of
airlines using Auckland Airport is up 12% p.a.
26.3%
5 year average
shareholder return
per annum
20%
Paxgrowth
FY15-17
67%
International
airline growth
FY15-17

Putting recent growth in context; growth has been remarkably
resilient over 50 years
2017 Investor day
14
50 year passenger growth trend
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
Passengers (m)
International pax (excl. transits)Domestic paxLinear (International pax (excl. transits))Linear (Domestic pax)
Note: Graph based on data for 1966, 1976, 1986 and then annual data from 1996 -2017
Auckland Airport
officially opened
New
international
terminal opened
Refurbished
domestic
terminal
International
terminal nearly
doubled in size
International
terminal
expansion
Pier B opens
Domestic
terminal
refresh
30 year vision
launched
Pier B
extension
begins
Work begins on:
New domestic jet facility
Arrivals expansion
Second runway
5.7%
Domestic
51 year
CAGR
7.9%
International
51 year
CAGR

Setting up for the next 50 years
2017 Investor day
15
Investment today......enables tomorrow’s growth
Planning
Assets
Operations
Markets
30 year master plan
Principled airport development
addressing legacy issues
Development consents in place
New suite of toolsand capability
to ‘digitise’ and connect our
infrastructure, operations and
customer platforms
Customers
New insight, capability and
partnerships to grow travel and
trade markets
Enables 30+ years of growth supported
by efficient and timely development
Lowers future marginal cost of
development
Ensures sustainable and ongoing
passenger and cargo growth
Lowers future marginal cost to serve
through improved productivity and better
customer outcomes
Deeper relationship with customer
enables better and more personalised
airport experience and opens new
commercial opportunities

Focus for FY18 and key themes for today
2017 Investor day
16
Themes for today
Grow travel & trade markets
•Grow, sustain, diversify capacity and market mix
•Continue pursuing multiple route development opportunities and drive off-peak demand
Invest for future growth
•Deliver on our capital plan by adding leading systems, tools, technology to enhance capability
•Setting up scalable pan-organisationtechnology platforms
Strengthen our consumer business
•Execute on our vision of delivering the ‘Best of NZ and the World’
•Expand retail areas and launch exclusive brands with compelling designs
Be fast, efficient & effective
•Greater and more effective customer engagement
•More efficient deployment of resources

Driving aeronautical growth
Scott Tasker
2017 Investor day

Aeronautical business
The busiest airport in New
Zealand
International
passengers
46 international destinations and
19 domestic destinations
Located in the high growth Asia-
Pacific region
3,635 metres of runway, plus
future second runway
65
55%
International airlines and
5domestic airlines
30
New Zealand remains
underserved
Market fundamentals
remain strong
2017 Investor day
18

Significant increase in connectivity over the last two years
Chongqing
Buenos Aires
Houston
Los Angeles
San Francisco
Rarotonga
Haneda
Osaka
Shenzhen
Manila
Dubai
Doha
Ho Chi Minh City
Hong Kong
Chengdu
Shanghai
Beijing
Domestic
Source: AIAL data, New routes and capacity announced since July 2015.
+20%
Capacity Added
Network
FY15-17
11
New Routes
18
New Destinations
Tianjin
2017 Investor day
19

Growth driven by a supportive macro environment
2017 Investor day
20
New Zealand is underservedJet fuel remains ~30% lower than
three years ago
1
New Zealand is a highly attractive
destination to markets
New aircraft deliveries are
forecast to remain strong in the
Asia Pacific region
2
Liberal air service rights
Aircraft technology is making more
long haul routes to New Zealand
viable and more profitable
1) At 30 October 2017; 2) Source: Boeing
0
50
100
150
200
Singapore jet fuel (USD)
2015
6,350
2035
16,970
118.4million
Active Considerers
(TourismNew Zealand)

Structural change in airline economics is enabling supply
2017 Investor day
21
Step change in economics to serve New Zealand from next generation
aircraft
Proportion of next generation aircraft still
remains relatively low
.
Source: Boeing sales presentation
Next Gen
Current Twins
Lower Cost
Lower Risk
1.3%
6.1%
13.0%
20.5%
0%
20%
40%
60%
80%
100%
FY14FY15FY16FY17
Auckland Airport seat capacity served
by next generation aircraft

With the appropriate investment New Zealand tourism can continue to
grow sustainably
2017 Investor day
22
New Zealand tourism density is low compared with
peer group countries
.
Source: World Bank; Auckland Airport analysis, Statistics New Zealand
New Zealand data as at Oct17, all other countries 2015
The New Zealand government is investing in tourism infrastructure
and hotel capacity constraints are forecast to ease
0.8
2.0
3.0
3.1
New Zealand (61st)
Ireland (32nd)
Croatia (22nd)
Austria (20th)
Visitation per capita
14
138
227
324
New Zealand (112th)
Ireland (49th)
Croatia (38th)
Austria (32nd)
Visitation per square kilometre
$1b
Regional development fund
$76m
Department of Conservation tourism
infrastructure investment over 4 years*
$102m
Tourism Infrastructure Fund
investment over 4 years*
+35%
Forecast Auckland hotel
capacity increase over the
next 4 years
81%
New Zealand hotel
occupancy suggests
capacity is still available
New government policies
Hotel market statistics
* = already announced
.
Source: Horwath HTL, Tourism industry Aotearoa

Active approach to developing tourism markets
Outcome
2017 Investor day
23
Diversify markets
Sustain capacity
Grow capacity
and passengers
Strategy
Airline capacity
Auckland’s airline
network has the
right capacity to the
right destinations to
serve demand
Source
markets
Consumers and
channels in target
markets have
desire and ability to
visit New Zealand
Within
New Zealand
NZ product is
appealing,
accessible and
operators have
capacity and
capability

Demand for travel to New Zealand remains high
2017 Investor day
24
UK
37%
India
32%
Singapore
29%
Indonesia
39%
Australia
25%
New Zealand
Domestic
24%
Chile
35%
Argentina
38%
Brazil
38%
USA
33%
S.Korea
48%
Philippines
42%
24%
Taiwan
Japan
26%
Canada
33%
China
36%
Hong Kong
15%
Germany
42%
Source: Auckland Airport Network Modelling Analysis, based on NS17 forecast data
= underserved demand
for travel to New Zealand

China direct flights have increased NZ’s competitiveness as a
destination and opened up SE Asia routes
2017 Investor day
25
SE Asia
23%5%
Australia
9%9%
North Asia
7%10%
Non Stop
61%76%
Modelled passenger flows
in IATA Northern Summer
2015 2017
2017 Investor day
Seats on SE Asia routes opened
up to other passenger flows as
Chinese passengers shifted onto
direct services, enabling
diversification of the visitor mix to
New Zealand e.g. Malaysia +24%
in the 12 months to Sep-17
China direct services have
enhanced New Zealand’s
competitiveness as a
destination and supported the
rise in independent travellers.
Chinese visitors now spend 9
days holidaying in New
Zealand, up 80% on 2009
1
1) Source: Statistics New Zealand as of September 2017

Chinese market is evolving quickly
2017 Investor day
26
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
Sep 17
Jul 17
May 17
Mar 17
Jan 17
Nov 16Sep 16
Jul 16
May 16
Mar 16
Jan 16
Nov 15Sep 15
Jul 15
May 15
Mar 15
Jan 15
Nov 14Sep 14
Jul 14
May 14
Mar 14
Jan 14
Nov 13
Rolling 12 month Chinese visitor visa
approvals
Free Independent TravellerGroupTotal
Chinese passenger mix has changed significantly towards
higher value independent travellers
.Source: Immigration New Zealand, Auckland Airport analysis
We remain confident in future Chinese passenger growth
Source: 1) Development at Brookings, Feb 2017; 2) CLSA; 3) Boeing, Feb 2017; 4) UBS evidence lab
Additional middle class
Chinese by 2022
1
+350m
Forecast Chinese overseas trips
in 2020, up from 122m in 2016
2
Aircraft deliveries forecast by 2036,
taking China’s share of world aircraft
fleet to 17% (14% in 2016)
3
200m
7,240
Chinese travellers are shifting
focus from shopping to leisure
experiences –suiting New
Zealand tourism product
4
26%
19%
0%
5%
10%
15%
20%
25%
30%
Apr-16Apr-17
% respondents
Next 12 months
Shopping as a reason for vising
other countries

Driving passenger demand from the China market
2017 Investor day
27
Market Gap
Opportunities
Supporting and
Partnering with Airlines

Direct Middle East flights transformed European visitation
2017 Investor day
28
Middle East (via AUS)
41%7%
Middle East
0%36%
SE Asia
33%22%
North Asia
3%9%
China
3%7%
North America
20%18%
Modelled passenger flows
in IATA Northern Summer
2015 2017
2017 Investor day
Middle East direct flights
create a one stop
connection to 40 European
cities, increasing
connectivity and enabling
rapid growth. European
visitors to New Zealand
were up 15% in the 12
months to Sep17

India is underserved, traffic flows through multiple hubs similar to
China flows before direct flights to New Zealand
2017 Investor day
29
Middle East
10%14%
SE Asia
68%59%
Australia
8%10%
China
7%6%
North Asia
7%11%
Modelled passenger flows
in IATA Northern Summer
2015 2017
Due to the absence of direct
India –New Zealand flights all
passengers must take
connecting flights. Travel via
Middle East requires a
backtrack and often higher
fare. Indian visitors to New
Zealand were up 17% in the
12 months to Sep17
.
Source: Auckland Airport network model

13.7 million Indians are actively considering travel to New Zealand
2017 Investor day
30
Indian visitors often travel in the off peak
season in New Zealand
3
Source: 1) World Bank data on India departures, 2015; 2) Tourism New Zealand; 3) Statistics New Zealand, NZIER, Auckland Airport analysis
Indian outbound departures are
growing rapidly...
0.0
5.0
10.0
15.0
20.0
25.0
19951998200120042007201020132016
Indian international tourism departures, millions
...and New Zealand is capturing an
increasing share, but still only represents
0.3% of total outbound departures
1
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
20132014201520162017
Indian resident
visitors
to New Zealand
Year ended September
2013-16:
10% CAGR
2013-16:
18% CAGR
0
20
40
60
80
100
JulAugSepOctNovDecJanFebMarAprMayJun
Seasonal profiles of arrival numbers by month,
index (100 = peak month)
India
Overall
average
13.7 million Indians are actively
considering travel to New Zealand
2

Route development is focused on multiple opportunities for growth
2017 Investor day
31
Hub carrier
scale
Year-round
US carriers
Competition
and choice
Choice for
domestic
travellers
Middle East
carriers
Incremental
growth Asia
China direct
capacity
India direct
capacity

Market development is focused on driving off peak passenger demand
2017 Investor day
32
Australian market
Auckland as a short break
destination
Australian winter
market
North Island as a
winter holiday destination
United States
Driving demand across the year
China
Winter visitation, digital channel focus
Tier 1 & Tier 2 markets focus
SE & North Asia, UK/EU, Argentina
Shoulder & winter season, partnership focussed

Driving aeronautical growth summary
2017 Investor day
33
Grow travel & trade markets
•New Zealand is underserved
•Macro environment is supportive of continued growth
•Strategy to grow, sustain, diversify capacity and market mix
•Market development work is focused on driving off-peak demand and
future growth markets
•Continue pursuing multiple route development opportunities

Market development activity is extensive
2017 Investor day
34
Online link to video: https://vimeo.com/231978222/b99f7de826

Investing for future growth
Steven Crook
2017 Investor day

Substantial growth and asset renewal driving capital investment
2017 Investor day
36
As growth has
accelerated, capital
spend has been brought
forward to meet demand
We invested 80% more
capex than planned in
PSE2
-
5
10
15
20
25
0
100
200
300
400
500
600
700
FY7FY8FY9FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22
Pax
(m)
Capex
($m)
Regulated Capex & Pax Volumes FY8-FY22
Actual Regulated CapexForecast Regulated CapexPax

Fundamental change in masterplan after airline feedback led to
significant planning demands, but development continued in parallel
2017 Investor day
37
2012
2013201420152016
Masterplan updated
Primary
planning
Examples of
detailed
planning
NTF
Terminal Development Plan
Unitary Plan
Airfield & runway
design
Notice of
requirements
Core Capacity Study
Domestic Jet Terminal
Transport plan
Utilities strategy
Airport Development Plan
2017
Aero Pricing
International Terminal
Multi-storey carpark & plaza
Consolidated land use plan
Examples of
key projects
DTB upgrade
Gate 10 upgrade
Taxiway Lima
International baggage hall
expansion 1
Koru upgrade
Regional aprons
Phase 3 terminal expansion
Pier B upgrade
2 international stands
Taxiway echo
Transport upgrades
2 international stands
Jetstarregional
Masterplan reset
Note: Examples, not exhaustive

Industry leadership
on the delivery team
411
Airport delivery
team size
1267
Aero projects
over $1m
2161
Regulated capex
$51m$233m
Considerable expertise put in place
2017 Investor day
38
Step change in the airport’s delivery capability
20132017
That have worked on some of the worlds leading
infrastructure projects
Saudi MetroCrossrail UK
Heathrow T5
Melbourne Airport
Expansion
Hamad Airport Qatar
HinkleyPoint Nuclear
Changi Airport
expansion
Gatwick Airport expansion
Brisbane Airport
expansion
Mercury

Supported by key partnerships
2017 Investor day
39
Examples
Delivery
specialists
/ partners
Execution
specialists
Key
relationships
Supported by key
partners and a
highly experienced
Board

2017 Investor day
40
Asset
platforms
Opportunities
•3D project models integrate with
schedule and cost to drive efficient
and effective collaborative planning
•Stakeholder VR visualisation of the
built environment during design
reduces rework
•Mobile data capture provides real time
status and identification of issues
before they escalate cost
•Tailored dashboards allow effective
control and governance at all levels
•Data captured provides solid basis for
efficient asset management
Outcomes
•Lower marginal cost of construction
•Lower cost of asset maintenance
•Savings for stakeholders involved
•Improved customer facilities
5 dimensional BIM
Project visualisation
Mobile data capture
Asset management
Dashboards
Adding leading systems, tools and technology to enhance long term
capability

An illustration of our project tool: efficiency through BIM
2017 Investor day
41

Our investment in capability is delivering results
2017 Investor day
42
1 Since 2015
2 Between 2015 and Phase 3 delivery mid 2018
Investment against plan
1
Completed against plan
1
Incepted against plan
1
Projects over $1m delivered
since 2015
Construction accident
frequency rate
sqmof new or completely
refurbished terminal space
2
100
%
100
%
97
%
>40
1/550,000
of the New Zealand average
to maintain, enhance and expand our airfield
and terminals, and to increase the resilience of
our utilities and transport networks

Our programmeover the next five years
2017 Investor day
43

Phase 3 –International departures expansion
2017 Investor day
44
Key benefits:
•~35,000 sqmof new and
refurbished floor space
•Doubled capacity for departure
processing including customs
clearance and security
screening
•New decompression area
•Enhanced airside dwell space
•Increased retail space
•Transformed customer journey
•Significantly enhanced
departure experience
•A platform for future expansion
New roof
New
Mezz
New raised
floor
Void
infill
New truck dock &
emigration
New roof
plant room
Refurbished
airside dwell and
retail
New farewell
area

2017 Investor day
45
New Domestic Jet
Terminal
Key benefits:
•Integrated terminal allowing direct
access between domestic and
international travel
•Step change increase in
passenger processing capability
•Common landside functions
•Swing operations on the airfield
•New airline lounge facilities
•Enhanced transport forecourt
•Expanded domestic retail offering
Reference image only, actual design will vary

2017 Investor day
46
Northern Runway
Key benefits:
•A step change in runway
capacity
•Enhanced resilience to the
airport runway system
Timing:
•Around 2028 based on forecast
demand
Next steps:
•Notice of requirement process
underway
•Working with stakeholders to
maximise the efficiency of the
existing runway
•Undertaking feasibility work
focused on efficient design,
procurement and construction
•Airfield capacity enhancement of
current runway

47
Transport
Key benefits:
•Improving land transport is a key
priority for Auckland Airport
•Requires a multi-mode solution
•Working with Auckland Transport
and NZTA to improve traffic flows
across the wider network
Projects:
•Nixon Road upgrade
•Northern Park and Ride
expansion
•New High Occupancy Vehicle
(HOV) lanes
•Improved public transport access
to the domestic terminal
•Pedestrian bridge over George
Bolt Memorial Drive
•New one-way terminal loop road
Laurence Stevens HOV
Domestic forecourt
2017 Investor day
Nth Park & Ride
Tom Pearce HOV
Nixon Rd Bypass
Central connector
Altitude Drive
GBMD HOV
Terminal loop
Laurence Stevens HOV
Transport
Key benefits:
•Improving land transport is a key
priority for Auckland Airport
•Requires a multi-mode solution
•Working with Auckland Transport
and NZTA to improve traffic flows
across the wider network
Projects:
•Nixon Road upgrade
•Northern Park and Ride
expansion
•New High Occupancy Vehicle
(HOV) lanes
•Improved public transport access
to the domestic terminal
•Pedestrian bridge over George
Bolt Memorial Drive
•New one-way terminal loop road

Investing for future growth summary
2017 Investor day
48
Be fast, efficient & effective
•We see huge opportunity for efficiency in the construction industry through intelligent systems
•We are early adopters and are already seeing substantial benefits
•We will continue to innovate to drive efficiency
Investing for future growth
•Our careful planning has provided a robust platform for focused expansion
•We have built an enviable team with a wealth of experience in efficient delivery
•We have built solid partnerships with key stakeholders and suppliers
•We are on target –tripling our annual capital investment since 2015
•Our major projects are already delivering or well underway -Phase 3, Domestic, Transport

Q&A
2017 Investor day

Enhancing the retail experience
Richard Barker
2017 Investor day

Auckland Airport’s retail business
2017 Investor day
Retail stores in
International
Retail income is
largely driven by
the international
terminal
Wide range of car parking price points
from $5 per day
$5
65
ITB, 87%
Other, 13%
PSR x PAX = Sales
Retail income is the greater of the
minimum annual guaranteed rent by
retailer and the concession income
Sales x Yield = Concession income
Retail stores in
Domestic
24
Car parking
spaces
11k
51
Retail income

What is unique about our retail business
2017 Investor day
Size of domestic retail
markets we compete in
Retail sales growth p.a. vs
equivalent high street and
shopping mall competitors in
greater Auckland
Online/MRM are removing the
physical constraints of operating
in an airport environment
>$10b2x
Highest individual footfall
of any retail operator in New
Zealand
#1
High value customers with
high propensity to spend
Source: Marketview
Potential to continue to grow
latent duty free opportunity
Source: MarketviewNZ spend data on AIAL categories (physical
stores and online)
52

$0
$20
$40
$60
$80
$100
$120
$140
$160
FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17
Retail income ($m)
Retail income has grown at a CAGR of 5.7% since FY08
2017 Investor day
53
Retail income growth driven by: passenger growth, strong
leasing program, new space and continuous upgrade of offer
13.00
13.50
14.00
14.50
15.00
15.50
16.00
16.50
17.00
17.50
FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17
Retail income per pax ($)*
Retail income per passenger has trended up over the last ten
years, but at a slower rate. Our challenge is to accelerate this
*Retail income divided by international and half of transits
FY16 excludes the impact of a one-off accrual release
2017
Retail expansion disruption, fewer
retailers trading above minimum
annual guarantees and CBD
construction impacting Off Airport
2015/16
Added ~15% more international
retail space, largely Pier A
2011
Expanded duty free
open for all FY11, with
expanded F&B and
speciality open in
phases throughout
FY11
Late 2008
expanded Duty
Free arrivals open
2010
Revenue affected by
disruption from departures
re-development and reset
of duty free operator
model

Retail performance compares well to industry benchmarks
54
AKLSYD
Terminal retail sales are growing faster
than the wider Auckland retail market
0
5
10
15
20
25
SYDMELAKLBRI
NZ$
Note: Income from Australian airports have been converted to NZD at a factor of 1.05 NZD to 1.00 AUD (based on financial yearend timing)
Retail productivity fares well compared with
Sydney, consistent with temporary limited
supply and ongoing demand for space
Income per international passenger is on par
with Melbourne, which has similar
international passengers numbers
+8.6
%
Note: Melbourne and Brisbane airports do not disclose retail sqmfor comparison
Source: Sydney airport disclosures, Auckland Airport analysis
Auckland Airport FY17 growth
vs the wider Auckland retail
market +3.6%
FY17 Retail income per sqmFY17 Retail income per international PAX
2017 Investor day

Retail and parking strategy is focused on three horizons
2017 Investor day
55
To provide a solid foundation for growth and remain relevant to our customers we are focused on achieving the following objectives:
Strengthen the relationship
with our customers
Leveraging our Strata programme to
reward and recognise our customers and
communicate more effectively to offer a
more personalised experience through
the airport
Extending reach and
improving convenience
Launching our online Multi-Retailer Mall
and improved Click&Collectproposition
will extend our reach to customers and
seamlessly drive cross-purchasing
across our product and service offering
Leverage physical travel
retail model
Execute on our vision of introducing new
and exclusive brands with flagship
concepts that compel customers to
experience and discover something new
and exciting
3
12
3

New way of segmenting our customers is driving force behind Strata Club
2017 Investor day
56
ChinaOther AsiaNew ZealandAustraliaAverageUK and
Europe
North & South
America
Traditionally we measured retail performance by passenger
market aligned to passenger growth by route/region...
...however we can now also add a customer lens to our
approach
Average annual spend on
retail from our top 25,000
unique customers
Proportion of parking
spend from people who
also spend on retail
Source: Marketview, Auckland Airport analysis
$2k+48
%
International Duty Free PSR by country of residence

Multi-Retailer Mall will leverage strong growth in e-commerce
2017 Investor day
Proportion of passengers who
browse online or on social media
before arriving at Auckland Airport
to see what products and prices
are available
13%
19%
21%
29%
20152020
Digital vs Web-influenced sales as a % of total retail sales in Asia-Pacific
Digital Sales
Web-influenced
offline sales
Source: Forrester Research, July 19 2016
Our Multi-Retailer
Mall will significantly
upgrade our online
shopping channel
46
%
Source: AIAL TNS Survey Mar17
Digital and web influenced sales are growing rapidly in the
Asia-Pacific market and at Auckland Airport
We are investing in our business to enhance the online
shopping experience
Browse and
shop online on
our MRM
Earn Strata
points for every
purchase
Pick up when
you travel
1.
We are upgrading
our collection points,
logistics and storage
facilities to enable
future growth
through online retail
and deliver a better
customer
experience
We are integrating
our Strata (rewards
and recognition
programme) with
MRM to build a profile
for every customer
and reward spend
2.
3.
57

An improved connected cross-channel customer experience
2017 Investor day
58
A typical illustrative journey showing how we aim to extend customer touchpoints beyond the physical interaction with the airport
Visit Auckland
Airport parking
online
Reminder email
to book parking
DAY OF TRAVEL
Departure
Book parking
online
Email with travel checklist including
Strata Partner offers
Strata Programme Partners such as
Cigna Travel Insurance and Online
Republic Car Rental booking engine
App push with offers
Click & Collect location shown on App
Spend is recorded to inform future
offers and communications + unlock
access to Strata tiers with related
benefits
Push notification
on travel times
Pick up order at
Departures
Collection Point
1
Arrival
Pick up order at
Arrivals Collection
Point
App push with retail offer
Personalised offer based on
Strata purchasing history to pick
up on arrival
DAY -7
DAY -6
DAY -3
DAY -2

International departures expansion first stages delivered
2017 Investor day
59
Doubled
emigration
area
New lounge
and duty
free

International departures upgrade phasing
2017 Investor day
60
Expanded Duty Free and
Western precinct
Remaining Destination offer
Specialty & Luxury High Street
Standalone store
Food & Beverage area
Additional retail storage
to facilitate new click and
collect model
Proposed phasing:
Q2 FY18
Q3 FY18
Q4 FY18
Q1 FY19
H1 FY19

New and exclusive brands with more to come
2017 Investor day
61
Delivered by Partridge Jewellers
First NZ airport store
First NZ airport storeFirst NZ airport store
First standalone NZ storeFirst standalone NZ store
First standalone NZ store
First NZ airport store

Best of New Zealand and the world
2017 Investor day
62
•The increase in
international airside dwell
area and footprint will
help showcase fantastic
new concepts
•Includes upgrades to a
number of concepts
operated by existing
retailers providing
passengers with a much
improved retail
experience
•Right: A render of our
new honey store, a
product particularly
popular with Chinese
passengers

Parking growth driven by passengers and new products
2017 Investor day
63
Parking income FY13 –FY17
+8
%
Parking income
FY17 growth
Valet income
(2 year CAGR)
+101
%
Park & Ride
(2 year CAGR)
+22
%
0
10
20
30
40
50
60
20172016201520142013
$m
8.7% CAGR
Added over 2,000 public
parking spaces
Car parking
income has
been driven
by a number
of key factors
including:
passenger
growth
diversifying
the product
mix
investment
in space
0
500
1,000
1,500
2,000
2,500
3,000
AKLAKLSYDBRIMEL
FY17FY16
Pax
per carpark
Benchmarking indicates we have an opportunity to add
capacity with fewer spaces per passenger than comparable
airports like Melbourne
FY16:
Invested in new revenue
management system
FY14:
Introduced Valet product

Positioning our parking business for the future
2017 Investor day
64
+3,000
Net additional carparks brought on board between
FY18 and FY20, subject to demand
Primarily around the International terminal in advance
of the new Domestic jet terminal being built
New parking products are in the pipeline
Assessing service-based offerings to
complement our car grooming offer such as
EV charging and vehicle servicing
We are planning for the future and investing
in multi-mode transport infrastructure to
improve land access to the airport
We are rolling out parking guidance systems and
investigating new technologies such as license plate
recognition to improve efficiency and customer experience
?

What are we delivering
2017 Investor day
65
Strata Lounge
Strata Club Additional
parking
First phase of
International
airside level 1
redevelopment
Expanded
duty free
MRM + Click
& Collect
New exclusive
brands
Delivered
In progress
New parking
products
Upgraded Food
& Beverage
New and
improved Store
Concepts
Additional
Close, covered,
connected
parking

Enhancing the retail experience summary
2017 Investor day
66
Investing for future growth
•Adapting to market conditions and providing consumer choice
Strengthen our consumer business
•Executing on our vision of delivering the Best of NZ and the World
•Exclusive brands with flagship store concepts and compelling design
Be fast, efficient & effective
•Greater and more effective customer engagement –Strata, Omni, AI
•Developing the multi-channel customer journey

Digital innovation
Jason Delamore
2017 Investor day

Delivering better customer service, efficiency and value
2017 Investor day
Where we have come from? To where are we going to?
Unknown customers,
transactional activity
Known and engaged
customers in a multi
channel environment
Discrete operations
Total airport
management concept
Project delivery
Co-ordinated
programs of work and
repeatable integration
Passenger process
measures
Full customer centric
framework
Outcomes to date
44% more passengers
through same processor
Single view of the customer
230k feedback points per quarter
285k known customers, up
65% year on year
68

Customer platform that will drive insights
2017 Investor day
69
Customer
platforms
Opportunities
•Real time customer feedback enabling
enhanced passenger experience
•Personalised, timely and relevant
messages based on real history and
behaviour
•Extending customer engagement to before
and after the travel journey
•Delivery of information, experiences and
transactions at their convenience
•Improving the customer experience with
predictive dynamic data that enables
customer to make decisions
•Increasing self-serve options that increase
convenience and lower cost-to-serve
Outcomes
•Improved customer experience
•Higher yielding customers
•More engaged customers
Journey mapping
E-commerce
Mobile applications
Wifi
Way finding
Marketing automation
Loyalty
CRM

Operations platform that will drive efficiency
2017 Investor day
70
Operations
platforms
Opportunities
•Real time operations data (CX, PAX,
plane, ground transport) feeding real
time decision making
•Detect and address issues before
they arise, or before they escalate
•Streamline data and processes to
optimise resources (labour and
infrastructure)
•Common technology used across
business (e.g. CCTV)
•Predictive maintenance
•Improved resiliency and recoverability
Outcomes
•Lower cost to serve
•Savings for stakeholders involved
•Improved customer experience
Customer feedback
CCTV
Mobile kiosk check-in
A-CDM
1
Sensors
Mobile workforce
1. Collaborative decision making involves relevant stakeholders including the airport, airlines, border agencies, air trafficcontrol and ground handlers

Achieving the vision of Total Airport Management to drive
productivity and efficiency of the airport system
Increased productivity
Greater operational
efficiency
Optimised capital
investment
Land
Transport
Landside
access
Check-in
Security
Lounge /
Gate
Immigration
Baggage
Handling
Baggage
Claim
Bio security
Landside exit
Land
Transport
De-boardingBoarding
En-route
Approach
Landing
Taxi
Turn around
Taxi
Departure
En-route
Utilising data and collaboration
to deliver...
Improved passenger
experience
2017 Investor day
71

Digital innovation summary
2017 Investor day
72
Investing for future growth
•Setting up scalable pan-organisation technology
platforms
•Utilising operational tools to optimise capital
investment
Be fast, efficient and effective
•Greater and more effective customer engagement –Strata, Omni, AI
•Developing the multi-channel customer journey
•Allows more efficient deployment of resources

Investment property
Mark Thomson
2017 Investor day

Auckland Airport’s investment property
2017 Investor day
74
Portfolio Value -up 82%
since June 2013
1
$1.3b
1) Includes both Investment Property and all rent generating Plant,
Property and Equipment
Rent Roll –up 65%
since June 2013
$72.9m
Net Lettable Area –up
55% since 2013
341,189m
2

Investment property highlights
2017 Investor day
75
Accelerated development
strategy has underpinned
growth
•21 new income producing
developments completed
since 2014
•Portfolio of outstanding
quality, long leases and
exceptional tenant covenant
•Significant development land
reserves after aeronautical
priorities are met (in a market
starved of development land)
Stabilised asset base is
performing strongly
•Portfolio value $1.3b –up
from $727m in June 2013
•WALT of 6.51 years
•180 customers on rent roll
•Hotel portfolio performing
ahead of expectations –
average occupancy 91.2%
Uniquely positioned for
growth
•Record rentals achieved in
new projects translating into
stabilised portfolio
•Capacity to leverage
infrastructure investments in
airport core, and recycle
assets
•Opportunity to transform
cargo infrastructure and grow
trade to and from New
Zealand

How did we perform against our Faster Higher Stronger aspirations?
2017 Investor day
76
$40
$50
$60
$70
$80
$90
$100
$110
FY13FY14FY15FY16FY17FY18FY19FY20
Millions
Original FHS
$40
$50
$60
$70
$80
$90
$100
$110
FY13FY14FY15FY16FY17FY18FY19FY20
Millions
ActualOriginal FHS
Project at Same Run Rate
$40
$50
$60
$70
$80
$90
$100
$110
FY13FY14FY15FY16FY17FY18FY19FY20
Rent roll ($m)
Project at Same Run RateRecalibrated ForecastActualOriginal FHS
$7m of hotel
EBIT included
New aspirational
goal of $100m
rent roll by FY20
Original aspirational
goal of $60m rent
roll by FY17
FHS vs Recalibrated Targets

Strategy for the future
2017 Investor day
77
$100m
Grow Rent Roll to $100m by FY2020Grow hotel capacity to 900 rooms by 2020
Transform our trade and cargo precinct and
grow trade volumes to and from New Zealand
Position Auckland Airport as New Zealand’s
best business location

-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Auckland Industrial
Precinct Sizes (sqm)
Auckland industrial market
2017 Investor day
78
$80
$90
$100
$110
$120
$130
$140
Prime industrial combined
net effective rents (sqm)
AucklandAirport Corridor
Source: CBRE Auckland Property Monitor August 2017
Auckland Airport expects to add a further 40,000퐦
ퟐ
of new and tenanted
industrial stock to the market between June 2017 and March 2018
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
AucklandAirport Corridor
Grade A Auckland industrial vacancyAuckland Airport has one of the largest reserves of development-
ready land in the Auckland region
The Airport Corridor’s compound growth in prime industrial rents
has been higher than the market average over the last five years
East Tamaki,
27,416
Wiri, 25,466
Airport Corridor,
22,129
West Auckland,
10,917
Change in sqm of
Auckland industrial
stockin the6 months
to June 2017
Penrose/Mt Wellington, -10,992
South Auckland, 1,671
North Shore, 3,028

Portfolio snapshot
2017 Investor day
79
Industrial, 53%
Ground
Lease,
14%
Hotel, 10%
Office, 8%
Commercial, 7%
Retail, 5%
Other, 3%
The Landing, 35%
Cargo South, 22%
Cargo
North, 17%
The Quad, 11%
The Terminal, 9%
Altitude, 4%
The Common, 3%
FY17 Revenue by categoryFY17 Revenue by precinct
CategoryChange vs FY15
Industrial1%
Ground Lease3%
Hotel6%
Office1%
Commercial2%
Retail3%
Other0%
Change in revenue by category

Recent developments
2017 Investor day
80
Hellmann Worldwide Logistics
Coca Cola Amatil (NZ) Ltd
Agility LogisticsFonterra
Rohlig Logistics
15 Maurice Wilson Ave (Spec Build)
Fuji Xerox
Quad 7

Projects underway
2017 Investor day
81
Bunnings Distribution Centre
Airways Corporation
Ministry of Primary IndustriesMinistry of Primary Industries

Investing in future development capacity
2017 Investor day
82
Aligning development
capacity with demand
•Civil works for Phase 3B at
The Landing now complete,
adding 14ha of developable
land
•Immediate capacity to
accommodate ~100,000sqm
of new projects

How do we compare?
2017 Investor day
83
CompanyPortfolio Value ($)WALTOccupancy
Kiwi Property2,969,000,000 5.698.80%
Goodman
2,400,000,000
5.898.00%
Precinct Properties
2,040,000,000
8.7100.00%
Augusta Capital
1,700,000,000
5.398.00%
Argosy
1,440,000,000
5.5998.60%
Auckland Airport
1,321,000,000
6.5196.90%
Property for Industry
1,096,000,000
4.7599.50%
Vital Healthcare Property Ltd
1,068,383,000
17.699.00%
Stride Property895,300,0004.996.8%
NPT Limited
174,350,000
4.695.99%

Transitioning to an integrated airport community
2017 Investor day
84

2017 Investor day
85
Auckland Airport 2020
Terminal Roads
Altitude Drive
Bypass
The Quad Office Campus
•Airport Town Centre
•Retail and Recreational Facilities
•Highest Standard of Design and Excellence
•Premier Office Accommodation: Quad 5 and 7
The Landing Business Park
•New Zealand’s leading mixed use business park
•Developable Land Area: >100 Ha

2017 Investor day
86
Auckland Airport 2020
Gateway Bridge
A new bridge for pedestrians and cyclists over
George Bolt Memorial Drive. This will better
connect our airport terminals with amenities for
passengers and tenants (hotels, shops etc)
Central Connector
The Central Connector is a walking cycling route
that connects our airport terminals with amenities
for passengers and tenants

2017 Investor day
87
Auckland Airport 2020
Public Spaces
Parks, walking and running trials, mountain biking
tracks, and sports fields provide amenity to both
staff and our visitors.

2017 Investor day
88
Auckland Airport 2020
New 5-Star Pullman Hotel
Together with Tainui Group Holdings we are
developing a new 5-star, Pullman hotel. This new
300-room hotel will be operated by Accor Hotels
and located close to our international terminal.
Novotel Hotel
Ibis Hotel
Future Hotel Sites

2017 Investor day
89
Auckland Airport 2020
Long Term Asset Management Planning
•Optimising Land Use
•Facilitating Cargo/Trade
•Land Transport Infrastructure
Cargo Central

Hotel market
2017 Investor day
90
•Coherent suite of hotel products
•Significant passenger growth
since 2013
•Auckland Airport hotel portfolio
shows stronger occupancy than
Auckland market
•Increase in portfolio revenue per
available room (RevPAR) by
56.3% since 2013
•Auckland Airport’s Novotel Hotel
had a 12% higher RevPAR than
the Auckland average for 5-star
hotels as of year end Jan 2017
75%
80%
85%
90%
95%
100%
20132014201520162017
Occupancy
AirportAuckland
$0
$50
$100
$150
$200
$250
20132014201520162017
Revenue per available room
Auckland Market (5-Star Hotels)Auckland Airport's Novotel Hotel (4-Star)
$0
$50
$100
$150
$200
$250
Jan 13Jul 13Jan 14Jul 14Jan 15Jul 15Jan 16Jul 16Jan 17Jul 17
Revenue per available room
Ibis RevPARNovotel RevPAR
Source: Colliers International, Auckland Airport analysis
Auckland Airport hotel portfolioAIA’s Novotel compared to the Auckland 5-star hotel market
Hotel occupancy:
Auckland Airport hotel portfolio compared to Auckland market

Hotel 3
2017 Investor day
91
Pullman Hotel
300 Rooms
In 50/50 partnership with
TainuiGroup Holdings
Expected construction
start date Q4 2018
Expected opening 2020
Rooftop restaurant and
bar

Trade
2017 Investor day
92
1) Source: Ministry of Transport NZ
Auckland Airport is New Zealand’s third
largestCargo Port (by value), handling
>200,000 tonnes of cargo annually
1
Transformational project underway to
position Auckland Airport as a world class
gateway for the movement of goods to, from
and through New Zealand
Emphasis on growing trade for the benefit of
New Zealand and our stakeholders
•Future cargo precinct
•Fast, efficient, sustainable supply chains
•Improving landside and airside access
•Aligning incentives

Investment property summary
2017 Investor day
93
Investing for the future
•Position Auckland Airport as New Zealand’s best business location
•Accelerate development momentum
•Increase hotel capacity
•Transform cargo activities and grow trade volumes to, from, and through
Auckland Airport

Financial management & regulation
Philip Neutze
2017 Investor day

Key investment highlights
2017 Investor day
95
High quality
asset with
strong long
term growth
New Zealand’s
gateway
Maturing regulatory
environment
Exposure to growth
markets
Track record of
delivery

A unique business model
2017 Investor day
Steady margin business
Targeting operating leverageBroad business mix
Even balance between regulated
and non-regulated activities
Considerable financial strengthOwn our assets
A
1,500 hectares of freehold land
$6.5b assets
–rating
~50
%
~35
%
73.0%
73.5%
74.0%
74.5%
75.0%
75.5%
76.0%
20132014201520162017
EBITDAFI margin
variable costs
96

0
5
10
15
20
25
2013201420152016201720182019202020212022
0.0
0.5
1.0
1.5
2.0
2.5
Passengers, millions
Regulated asset base, billions
PSE2 Actual plus PSE3 Forecast RABPSE2 Forecast RAB
PSE2 Actual plus PSE3 forecast PAXPSE2 Forecast PAX
What has changed?
2017 Investor day
In 2012 the next decade looked like this...Five years on, it now looks like this...
0.0
0.5
1.0
1.5
2.0
2.5
0
5
10
15
20
25
2013201420152016201720182019202020212022
Regulated asset base, billions
Passengers, millions
Forecast RAB (RHS)Forecast PAX (LHS)
70% increase in 10
year forecast paxgrowth
vs PSE2 estimate
80% increase in
FY22 RAB estimate
97

Pricing completed, now focusing on delivery
Aeronautical prices in place for the five year period to 30 June
2022
Average annual change in real revenue per PAX
Introduction of a runway land charge, and new domestic
regional and passenger charges
Forecast total aeronautical segment after tax returns of 7.06%
p.a. on a growing aeronautical asset base (6.99% priced)
$1.9b capital expenditure in 2017 dollars on aeronautical
infrastructure over the next five years
Commerce Commission section 56B review underway
1.7%
International
0.8%
Domestic
Now focused on delivery
Operational
expenditure
Capital investment
Service
levels
Customer
satisfaction
Comprehensive consultation delivered reasonable
aeronautical prices for PSE3 (FY18-22)
2017 Investor day
98

How we fund the capital plan
Efficiently fund infrastructure while delivering fair returns for shareholders
2017 Investor day
99
Passengers & Planes
Cashflow
Investors
Capital management levers
Investment
Funding
Dividend
reinvestment
plan
Non-cash
depreciation
Aeronautical
Earnings
Commercial
New
debt
Lenders
Dividends
Commercial

Our borrowing programme
NZ Bonds
43%
Bank
Facility
16%
Commercial Paper
4%
USPP
23%
AMTN
14%
0
100
200
300
400
500
600
Jun-18Jun-19Jun-20Jun-21Jun-22Jun-23Jun-24Jun-25Jun-26Jun-27Jun-28Jun-29
AMTN
USPP
Commercial Paper
Bank Facility
Bonds
Treasury Policy Debt maturity <12m
Core funding from shorter dated
bank borrowings, medium term
NZDCM issuance and long-term
offshore issues
Well diversified maturity profile
creates considerable flexibility for
the term of debt issues
Debt composition
Debt maturity profile
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
$ million
Auckland Airport debt composition
Commercial PaperBank FacilitiesNZ Bonds
USPPAMTN
Funding diversified across three
core markets
2017 Investor day
100

Committed to maintaining our A-credit rating
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
-
1.0
2.0
3.0
4.0
5.0
6.0
Jun 2012Jun 2013Jun 2014Jun 2015Jun 2016Jun 2017
FFO Interest Cover Ratio (rolling twelve months to)FFO to Debt ratio (as at)
$454m capital
return
Headroom in key credit metrics
Capital investment will soften credit metrics
Increasing capital
investment will
lessen credit
metric headroom
Utilise capital
management
levers where
required
2017 Investor day
101

$4.60
$4.80
$5.00
$5.20
$5.40
$5.60
$5.80
$6.00
$6.20
$6.40
2013201420152016201720182019202020212022
Real aeronautical operating costs per PAX (2017$)
A disciplined focus on efficiency is required to deliver
benefits for our customers and shareholders
Committed to operating efficiently and effectively
PSE2PSE3
Focus on efficiency will deliver better
outcomes
Successfully increased operating
efficiency
Substantial PAX growth combined with
disciplined operating and capital expenditure
has increased operating efficiency
73.0%
73.5%
74.0%
74.5%
75.0%
75.5%
$0
$5
$10
$15
$20
$25
$30
20132014201520162017
EBITDA per pax (LHS)EBITDA margin (RHS)
Our philosophy is to:
Provide quality
services
maximise utility of
existing assets
pursue innovation
for increased
productivity
Optimise opex/
capex tradeoff
1
2
3
4
2017 Investor day
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Financial management summary
2017 Investor day
103
Investing for the future
•Capital management strategy delivering infrastructure funding flexibility and
efficiency
Innovation driving improved customer experience and
efficiency
•Managing growth with a disciplined focus on efficiency and operating leverage

Wrap up
Adrian Littlewood
2017 Investor day

Summary
2017 Investor day
105

Q&A
2017 Investor day

Important notice
2017 Investor day
Disclaimer
This presentation is given on behalf of Auckland International Airport Limited. Information in this presentation:
•is provided for general information purposes only, and is not an offer or invitation for subscription, purchase, or recommendation of securities in Auckland
International Airport Limited (Auckland Airport);
•should be read in conjunction with, and is subject to, Auckland Airport's audited consolidated annual financial report for the twelve months ended 30 June
2017, prior annual and interim reports and Auckland Airport'smarket releases on the NZX and ASX;
•includes forward-looking statements about Auckland Airport and the environment in which Auckland Airport operates, which are subject to uncertainties and
contingencies outside of Auckland Airport'scontrol. Auckland Airport's actual results or performance may differ materially from these statements;
•includes statements relating to past performance, which should not be regarded as a reliable indicator of future performance; and
•may contain information from third parties believed to be reliable; however, no representations or warranties are made as to the accuracy or completeness of
such information.
All information in this presentation is current at the date of this presentation, unless otherwise stated. Auckland Airport is not under any obligation to update this
presentation at any time after its release, whether as a result of new information, future events or otherwise.
All currency amounts are in New Zealand dollars unless otherwise stated.
107