Air NZ – 2018 Macquarie Conference Presentation

Forward looking statements
This presentation contains forward-looking statements. Forward-looking statements often include words
such as “anticipate", "expect", "intend", "plan", "believe”, “continue” or similar words in connection with
discussions of future operating or financial performance.
The forward-looking statements are based on management's and directors’ current expectations and
assumptions regarding Air New Zealand’s businesses and performance, the economy and other future
conditions, circumstances and results. As with any projection or forecast, forward-looking statements are
inherently susceptible to uncertainty and changes in circumstances. Air New Zealand’s actual results
may vary materially from those expressed or implied in its forward-looking statements.
The Company, its directors, employees and/or shareholders shall have no liability whatsoever to any
person for any loss arising from this presentation or any information supplied in connection with it.The
Company is under no obligation to update this presentation or the information contained in it after it has
been released.
Nothing in this presentation constitutes financial, legal, tax or other advice.

Our focus on New Zealand and the Pacific Rim has resulted in a
network that is more diverse and ~35% larger
20122018
Routes operated solely by alliance partners
Routes operated by Air New Zealand
Chicago and Taipei services will commence Nov 2018

of consecutive profitability*
Air New Zealand has
achieved profitability
and dividends
through the cycle...
15
years
of consecutive dividends
13
years
* 2018 full year outlook as disclosed in 2018 Interim
Financial Results on 22 February 2018.
166166
180
96
221
218
21
82
81
71
181
263
327
463
382
200320042005200620072008200920102011201220132014201520162017
Net profit after tax
($ millions)
5.0
5.0
8.5
6.5
7.0
5.5
5.5
8.0
16.0
21.0
11.0
18.0
20.0
45.0
20052006200720082009201020112012201320142015201620171H
2018
Ordinary dividendSpecial dividend
Dividends declared
(cents per share)

46%
50%
209%
314%
1 year3 year5 year10 year
Air New Zealand
NZX50
ASX200
Bloomberg World
Airlines Index
S&P500
Source: Bloomberg, period ended as at 13 April 2018.
Total shareholder return
...and has demonstrated our ability to generate strong shareholder returns
that exceed the major indices

0%
200%
400%
600%
800%
1000%
1200%
1400%
1600%
China Southern
China Airlines
China Eastern
ANA
Hainan Airlines
Qantas
Virgin Australia
Thai Airways
Bloomberg World
Airlines Index
Singapore Airlines
Air China
Cathay Pacific
Air New Zealand
Earnings volatility
Historically we have
achieved significantly
better earnings
stability than our
APAC peers
Historic earnings volatility
(standard deviation of 10-years adjusted EPS growth)
Source: Bloomberg. Original analysis derived from Forsyth Barr report
published 7 March 2018.

Resilient core domestic business
1
2
Pacific Rim focused international network
3
Focused on sustainable cost improvements
4
Investment grade financial strength
Looking forward, our unique
competitive advantages position
us to drive future strong
returns for our shareholders

•Most iconic brand in New Zealand
•Strong loyalty base and still growing at
over 2.7 million members*
•Unmatched network breadth and depth
−Over 400 flights daily to 20 domestic
destinations
•Differentiated in-flight and ground
product that is valued by customers
•Investing in the sustainable
development of New Zealand tourism
* Airpoints
TM
membership as at 31 December 2017.
Strong market share to leverage growth from inbound and domestic tourism
1
Resilient core domestic business

Supported by strong revenue share alliance partnerships
Routes operated solely by alliance partners
Routes operated by Air New Zealand
Pacific Rim focused international network
2
Chicago and Taipei services will commence Nov 2018

Fleet investment, economies of scale and productivity initiatives driving improved efficiencies
Focused on sustainable cost improvements
3
Improving CASK* (ex fuel and FX) trend
Targeting low-single digit
nominal CASK improvement

Investing in the ideal fleet for the New Zealand market
Investment grade financial strength
4

Appropriate level of gearing
Target range of 45% to 55%
Providing stability and financial flexibility over the long-term
Investment grade financial strength
Moody’s creditrating
Investment grade
A3
Baa1
Baa2
Baa3
Ba1
Ba2
Ba3
Source: Bloomberg as at 20 April 2018.
4
39.3%
42.9%
52.4%
48.6%
51.8%
20132014201520162017
Financial year
Gearing (%)
(including capitalised aircraft operating leases)

The financial framework that guides us

~15%
~10%
Return that exceeds our
pre-tax cost of capital of ~10%
Excellent return
Sub-optimal return
Putting ROIC
performance into
perspective
12%
14%
16%
19%
15%
20132014201520162017
Pre-tax ROIC

New
Zealand
Government
52%
New Zealand
institutional
investors
7%
International
institutional
investors
38%
Retail
investors
3%
Trading and ownership facts
•Dual-listed on the NZX and ASX stock exchanges
•1.4 million average daily trading volume
•Member of the NZX20 index – includes the 20 largest
and most liquid companies of the NZX
•Level 1 Sponsored ADR programme available since
July 2017
•Financial year end of 30 June
•New Zealand Government holds 52%
–No direct Board representation
•Seven independent non-executive Directors
Share register
(as at 31 December 2017)
AIR
NXZ stock ticker
AIZ
ASX stock ticker*
ANZLY
ADR ticker on OTC
*
Air New Zealand is an ASX Foreign Exempt Listing.

Available Seat Kilometres (ASKs)Number of seats operated multiplied by the distance flown (capacity)
Cost/ASK (CASK)Operatingexpenses divided by the total ASK for the period
GearingNet Debt / (NetDebt + Equity); Net Debt includes capitalised aircraft operating leases
Net Debt
Interest-bearing liabilities, less bank and short-term deposits, net open derivatives held in relation to interest-
bearing liabilities, interest-bearing assets and non-interest bearing assets, plus net aircraft operating lease
commitments for the next twelve months multiplied by a factor of seven
Pre-TaxReturn on Invested Capital
(ROIC)
Earnings before Interest and Taxation (EBIT), and aircraft lease expense divided by three,all divided by the
average Capital Employed (being Net Debt plus Equity) over the period
Total Shareholder Return
Total shareholder return includes share price changes and dividends received over the stated period (assuming
dividends are reinvested in shares on ex dividend date)
The following non-GAAP measures are not audited: CASK, Gearing, Net Debt, ROIC and Total Shareholder Return.Amounts used within the calculations are derived from
the audited 2017 Group Annual Financial Results and Five Year Statistical Review contained in the 2017 Annual Financial Results.The non-GAAP measures are used by
management and the Board of Directors to assess the underlying financial performance of the Group in order to make decisions around the allocation of resources.
Glossary of terms

Resources
Contact information
Email: investor@airnz.co.nz
Share registrar: enquiries@linkmarketservices.com
Investor website:www.airnewzealand.co.nz/investor-centre
Monthly traffic updates: www.airnewzealand.co.nz/monthly-operating-data
Quarterly fuel hedging disclosure: www.airnewzealand.co.nz/fuel-hedging-announcements
Corporate governance: www.airnewzealand.co.nz/corporate-governance
Sustainability: https://www.airnewzealand.co.nz/sustainability
Investor relations information

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