AIA – Auckland Airport Launches Retail Bond

Market Release
| 24 September 2018

Auckland Airport launches retail bond
offer

Auckland International Airport Limited (“Auckland Airport”) confirmed today that it is
offering up to NZ$125,000,000 of six year fixed rate bonds (with the ability to accept up to
NZ$50,000,000 in oversubscriptions at Auckland Airport’s discretion) (the “Bonds”) to New
Zealand retail investors and to institutional investors.

The offer opens today and will be made pursuant to the Financial Markets Conduct Act 2013
as an offer of debt securities of the same class as existing quoted debt securities. The notice
required by the Financial Markets Conduct Regulations 2014 has been provided to NZX and
is attached. The Bonds are expected to be quoted on the NZX Debt Market.

Full details of the bond issue are contained in the terms sheet which has been prepared for
the offer and is attached. A copy of the presentation that Auckland Airport will be giving to
investors in connection with the offer is also attached.

The offer will open with an indicative margin range of 0.95 per cent to 1.05 per cent per
annum and the Bonds will mature on 10 October 2024. An announcement of the actual
margin and the interest rate on the Bonds will be made following the conclusion of the
bookbuild process, which is expected to be on 26 September 2018. The terms sheet will be
updated to include the interest rate and will be released on the same day.

The Bonds are expected to be assigned a long term credit rating of A- by Standard and
Poor’s.

There is no public pool for the offer, with 100 per cent of the Bonds reserved for clients of
ANZ and Westpac (as Joint Lead Managers), NZX participants, other approved financial
intermediaries and institutional investors. The offer will close on 26 September 2018
following the completion of the bookbuild process.

Interested investors should contact the Joint Lead Managers or their usual financial adviser
for more details.

Ends

For assistance, please contact:

Campbell De Morgan
Treasury Specialist
+64 9 255 9029
campbell.demorgan@aucklandairport.co.nz

ANZ Bank New Zealand Limited (ANZ)
0800 269 476

Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand
branch) (Westpac)
0800 942 822

Market Release | 24 September 2018

Notice pursuant to clause 20(1)(a) of
schedule 8 of the Financial Markets
Conduct Regulations 2014


Auckland International Airport Limited (“Auckland Airport”) gives notice under clause 20(1)(a)
of schedule 8 of the Financial Markets Conduct Regulations 2014 (“Regulations”) that it
proposes to make an offer for the issue of fixed rate bonds (“new bonds”) in reliance upon the
exclusion in clause 19 of schedule 1 of the Financial Markets Conduct Act 2013 (“FMCA”).

The main terms of the offer and the new bonds are set out in the attached terms sheet. Except
for the interest rate and maturity date, the new bonds will have identical rights, privileges,
limitations and conditions as Auckland Airport’s:

(a) 4.73% NZ$100,000,000 fixed rate bonds maturing on 13 December 2019 which are
quoted on the NZX Debt Market under the ticker code AIA120;

(b) 5.52% NZ$150,000,000 fixed rate bonds maturing on 28 May 2021 which are quoted
on the NZX Debt Market under the ticker code AIA130;

(c) 4.28% NZ$100,000,000 fixed rate bonds maturing on 9 November 2022 which are
quoted on the NZX Debt Market under the ticker code AIA200;

(d) 3.97% NZ$225,000,000 fixed rate bonds maturing on 2 November 2023 which are
quoted on the NZX debt market under the ticker code AIA210; and

(e) 3.64% NZ$100,000,000 fixed rate bonds maturing on 17 April 2023 which are quoted
on the NZX debt market under the ticker code AIA220,

(together, Quoted Bonds) and therefore are of the same class as the Quoted Bonds for the
purposes of the FMCA and the Regulations.

The Quoted Bonds have been continuously quoted on the NZX Debt Market over the preceding
3 months.

As at the date of this notice, Auckland Airport is in compliance with:

(a) the continuous disclosure obligations that apply to it in relation to the Quoted Bonds;
and

(b) its financial reporting obligations (as defined under the Regulations).

As at the date of this notice, there is no excluded information for the purposes of the
Regulations.

As at the date of this notice, there is no information that would be required to be disclosed
under a continuous disclosure obligation or which would be excluded information required to be
disclosed for the purposes of the Regulations if the Quoted Bonds had had the same
redemption date or interest rate as the new bonds being offered.

Ends

For assistance, please contact:

Campbell De Morgan
Treasury Specialist
+64 9 255 9029
campbell.demorgan@aucklandairport.co.nz

24 September 2018
Joint Lead Managers
Terms sheet for
fixed rate bonds due
10 October 2024
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Terms Sheet

Terms Sheet
2
Auckland International Airport Limited
Terms sheet for fixed rate
bonds due 10 October 2024
This Terms Sheet is prepared in respect of an offer by Auckland
International Airport Limited (Auckland Airport) of up to NZ$125,000,000
(with the ability to accept up to NZ$50,000,000 in oversubscriptions at
Auckland Airport’s discretion) of fixed rate bonds (Bonds) under its master
trust deed dated 9 July 2004 (as amended and restated from time to
time), as modified and supplemented by the supplemental trust deed
dated 17 September 2018 entered into between Auckland International
Airport Limited and The New Zealand Guardian Trust Company Limited
(Supervisor) (together, Trust Documents).
Important Notice
The offer of Bonds is being made in reliance upon the exclusion in clause
19 of schedule 1 of the Financial Markets Conduct Act 2013 (FMCA).
Except for the interest rate and maturity date, the Bonds will have
identical rights, privileges, limitations and conditions as Auckland
Airport’s:
(a) 4.73% NZ$100,000,000 fixed rate bonds maturing on 13 December
2019 which are quoted on the NZX Debt Market under the ticker code
AIA120;
(b) 5.52% NZ$150,000,000 fixed rate bonds maturing on 28 May 2021
which are quoted on the NZX Debt Market under the ticker code
AIA130;
(c) 4.28% NZ$100,000,000 fixed rate bonds maturing on 9 November
2022 which are quoted on the NZX Debt Market under the ticker code
AIA200;
(d) 3.97% NZ$225,000,000 fixed rate bonds maturing on 2 November
2023 which are quoted on the NZX Debt Market under the ticker code
AIA210; and
(e) 3.64% NZ$100,000,000 fixed rate bonds maturing on 17 April 2023
which are quoted on the NZX Debt Market under the ticker code
AIA220,
(together, Quoted Bonds) and therefore are of the same class as the
Quoted Bonds for the purposes of the FMCA and the Financial Markets
Conduct Regulations 2014 (FMC Regulations).
Auckland Airport is subject to a disclosure obligation that requires it to
notify certain material information to NZX Limited (NZX) for the purpose of
that information being made available to participants in the market and
that information can be found by visiting https://www.nzx.com/
companies/AIA.
Investors should look to the market price of the Quoted Bonds to find out
how the market assesses the returns and risk premium for those bonds.
Dated 24 September 2018

3
Issuer
Auckland International Airport Limited.
Description of Bonds
Direct, unsecured, unsubordinated, fixed rate debt obligations of Auckland
Airport ranking equally and without preference among themselves and equally
with all other outstanding unsecured and unsubordinated indebtedness of
Auckland Airport (except indebtedness preferred by law).
Purpose
General corporate purposes.
Joint Lead Managers
ANZ Bank New Zealand Limited and Westpac Banking Corporation
(ABN 33 007 457 141) (acting through its New Zealand Branch).
Organising Participant
Westpac Banking Corporation (ABN 33 007 457 141) (acting through its
New Zealand Branch).
Credit RatingsExpected Long-Term
Issue Credit Rating
Long-Term Issuer
Credit Rating
A- S&P GlobalA- (stable) S&P Global
Further information about S&P Global credit rating scale is available at
www.standardandpoors.com. A credit rating is not a recommendation to
invest in the Bonds and may be subject to revision, suspension or withdrawal
at any time.
Issue Amount
Up to NZ$125,000,000 with the ability to accept up to NZ$50,000,000 in
oversubscriptions at Auckland Airport’s discretion.
Opening Date
Monday, 24 September 2018, immediately following release on the NZX Debt
Market of the notice required by the FMC Regulations in connection with the
offer.
Closing Date
2.00pm on Wednesday, 26 September 2018.
Rate Set Date
Wednesday, 26 September 2018.
Issue Date and allotment date
Wednesday, 10 October 2018.
Maturity Date
Thursday, 10 October 2024.
Interest Rate
The aggregate of the Base Rate and the Margin on the Rate Set Date. The
Interest Rate will be announced by Auckland Airport via NZX on or shortly after
the Rate Set Date. The Interest Rate will not change after the Rate Set Date.
Base Rate
The semi-annual mid-market swap rate for an interest rate swap of a term
matching the period from the Issue Date to the Maturity Date as calculated by
the Joint Lead Managers in accordance with market convention with reference
to Bloomberg page ICNZ4 on the Rate Set Date and expressed on a semi-
annual basis, rounded to 2 decimal places, if necessary with 0.005 being
rounded up.
Indicative Margin and actual Margin
The indicative margin range is 0.95 per cent to 1.05 per cent per annum for
the Bonds. The actual Margin for the Bonds, (which may be above or below
the abovementioned indicative margin range), will be set by Auckland Airport
(in consultation with the Joint Lead Managers) on the Rate Set Date following
a bookbuild by the Joint Lead Managers. The actual Margin will be announced
by Auckland Airport via NZX on or shortly after the Rate Set Date.
Interest Payment Dates
10 April and 10 October in each year until and including the Maturity Date.

Terms Sheet
4
Auckland International Airport Limited
First Interest Payment Date
10 April 2019.
Frequency of interest payments
Semi-annually (half annual amount) in arrear on each Interest Payment Date.
If an Interest Payment Date falls on a day that is not a Business Day, the
relevant payment will be made on the next day which is a Business Day,
without adjustment, interest or further payment as a result thereof.
Issue price / Principal Amount
NZ$1.00 per Bond.
Minimum Principal Amount and minimum holding amount
The Minimum Principal Amount and minimum holding amount in respect of
the Bonds is NZ$10,000 and multiples of NZ$1,000 thereafter.
Record Date
10 calendar days before an Interest Payment Date or, if not a Business Day,
the immediately preceding Business Day.
Business Day
A day (other than a Saturday or Sunday) on which registered banks are
generally open for business in Wellington and Auckland.
Quotation
NZX Debt Market (Ticker Code: AIA230).
Application has been made to NZX for permission to quote the Bonds on the
NZX Debt Market.
Expected date of initial quotation and trading on the NZX
Debt Market
It is expected that quotation on the NZX Debt Market will occur on
Thursday, 11 October 2018.
Registrar
Link Market Services Limited.
ISIN
NZAIAD0230L0.
Repo-eligibility
Auckland Airport intends to apply to the Reserve Bank of New Zealand for the
Bonds to be included as eligible securities for domestic market operations.
Early repayment
In the case of an event of default as set out in the Trust Documents, which is
continuing unremedied, the Supervisor may, and immediately upon being
directed to do so by an extraordinary resolution (as defined under the Trust
Documents) of holders of Bonds of this series must, declare the principal
amount and accrued interest on the Bonds to be immediately due and
payable.
If the Bonds are declared due and payable prior to the Maturity Date, interest
will be payable at the Interest Rate from the most recent Interest Payment
Date to and including the date of repayment.
Governing law
New Zealand.
Who may apply
All of the Bonds are reserved for clients of the Joint Lead Managers, primary
market participants and other approved financial intermediaries.
There is no public pool for the offer. Investors wishing to purchase the Bonds
should contact their broker or financial adviser. In respect of any
oversubscriptions or generally, any allotment of Bonds will be at Auckland
Airport’s discretion, in consultation with the Joint Lead Managers. Auckland
Airport reserves the right to refuse to make any allotment (or part thereof)
without giving any reason.
Each investor’s broker or financial adviser will be able to advise them as to
what arrangements will need to be put in place for the investor to trade the
Bonds including obtaining a common shareholder number (CSN), an
authorisation code (FIN) and opening an account with a primary market
participant as well as the costs and timeframes for putting such arrangements
in place.

5
NZX waivers
NZX has granted Auckland Airport a waiver from NZX Listing Rule 11.1.1, to
enable Auckland Airport to decline to accept or register a transfer of Bonds if
such transfer would result in the transferor holding or continuing to hold
Bonds with a principal amount of less than the applicable minimum principal
amount (or minimum multiple thereof). The effect of the waiver from NZX
Listing Rule 11.1.1 is that the minimum holding amount in respect of the
Bonds will be Bonds with an aggregate principal amount of not less than
NZ$10,000 and multiples of $1,000 over the minimum holding amount.
Auckland Airport may refuse a transfer if the transfer is not in multiples of
$1,000.
NZX has also granted Auckland Airport a waiver from NZX Listing Rule 5.2.3
to enable Auckland Airport to apply for quotation on the NZX Debt Market
even though the Bonds may not initially be held by at least 100 members of
the public holding at least 25% of the Bonds issued. The waiver has been
granted for a period of six-months from the quotation date of the Bonds. The
effect of the waiver from NZX Listing Rule 5.2.3 is that initially the Bonds may
not be widely held and there may be reduced liquidity in the Bonds. To the
extent that there is a material reduction in the spread of the Bonds, Auckland
Airport will notify NZX accordingly.
NZX has also granted Auckland Airport a waiver from NZX Listing Rule 7.11.1
to allow Auckland Airport to allot the Bonds no later than 10 business days
after the Closing Date. The effect of the waiver from NZX Listing Rule 7.11.1 is
that the Bonds will be allotted later than 5 business days after the
Closing Date.
Selling restrictions
The selling restrictions set out in the schedule to this Terms Sheet apply.
The dates and times set out in this Terms Sheet are indicative only and are
subject to change. Auckland Airport has the right in its absolute discretion
and without notice to close the offer early, to extend the Closing Date, or to
choose not to proceed with the offer. If the Closing Date is extended,
subsequent dates may be extended accordingly.
Any internet site addresses provided in this Terms Sheet are for reference
only and, except as expressly stated otherwise, the content of any such
internet site is not incorporated by reference into, and does not form part of,
this Terms Sheet.
Copies of the Trust Documents will be made available by Auckland Airport
for inspection during usual business hours by any bondholder at the office of
Auckland Airport at the address below (or such office as Auckland Airport
may notify the bondholders from time to time).
Investors are personally responsible for ensuring compliance with all relevant
laws and regulations applicable to them (including any required registrations).
Investors should seek qualified, independent legal, financial and taxation
advice before deciding to invest.
For further information regarding Auckland Airport,
visit https://www.nzx.com/companies/AIA.
ADDRESS DETAILS
Auckland International Airport Limited
First Floor
4 Leonard Isitt Drive
Auckland Airport
Manukau 2022
ANZ Bank New Zealand Limited
23-29 Albert Street
Auckland 1010
Westpac Banking Corporation
(ABN 33 007 457 141)
(acting through its New Zealand branch)
Westpac on Takutai Square
Level 8, 16 Takutai Square
Auckland 1010

Terms Sheet
6
Auckland International Airport Limited
Schedule –
Selling restrictions
PART A – INITIAL SELLING RESTRICTIONS
The Bonds may only be offered in New Zealand in conformity with all
applicable laws and regulations in New Zealand. In respect of the initial
offer of Bonds by Auckland Airport under this Terms Sheet (Initial Offer),
no Bonds may be offered in any other country or jurisdiction except in
conformity with all applicable laws and regulations of that country or
jurisdiction and the selling restrictions set out below in this Part A. This
Terms Sheet may not be published, delivered or distributed in or from any
country or jurisdiction except under circumstances which will result in
compliance with all applicable laws and regulations in that country or
jurisdiction and the selling restrictions set out below in this Part A. For the
avoidance of doubt, the selling restrictions set out below in this Part A
apply only in respect of the Initial Offer.
No action has been or will be taken by the Issuer which would permit an
offer of Bonds to the public, or possession or distribution of any offering
material, in any country or jurisdiction where action for that purpose is
required (other than New Zealand).
By purchasing the Bonds, each bondholder is deemed to have
indemnified the Issuer, the Joint Lead Managers and Organising
Participant, and the Supervisor for any loss suffered by any of them
by reason of any breach of the selling restrictions.
United States of America
The Bonds have not been and will not be registered under the Securities
Act of 1933, as amended (Securities Act) and may not be offered or
sold within the United States or to, or for the account or benefit of, U.S.
persons (as defined in Regulation S under the Securities Act (Regulation
S)) except in accordance with Regulation S or pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of
the Securities Act.
None of Auckland Airport, any Joint Lead Manager nor any person acting
on its or their behalf has engaged or will engage in any directed selling
efforts (as defined in Regulation S) in relation to the Bonds, and each of
Auckland Airport and the Joint Lead Managers has complied and will
comply with the offering restrictions in Regulation S.
The Bonds will not be offered or sold within the United States or to, or for
the account or benefit of, U.S. persons (i) as part of their distribution at
any time, or (ii) otherwise until 40 days after the completion of the
distribution of all Bonds of the Tranche of which such Bonds are part,
as determined and certified by the Joint Lead Managers, except in
accordance with Rule 903 of Regulation S. Any Bonds sold to any
distributor, dealer or person receiving a selling concession, fee or other
remuneration during the distribution compliance period require a
confirmation or notice to the purchaser at or prior to the confirmation of
the sale to substantially the following effect:
“The Bonds covered hereby have not been registered under the United
States Securities Act of 1933, as amended (the Securities Act) or
with any securities regulatory authority of any state or other jurisdiction
of the United States and may not be offered or sold within the United
States, or to or for the account or benefit of, U.S. persons (as defined
in Regulation S under the Securities Act) (i) as part of their distribution
at any time or (ii) otherwise until 40 days after the later of the
commencement of the offering of the Bonds and the closing date
except in either case pursuant to a valid exemption from registration in
accordance with Regulation S under the Securities Act. Terms used
above have the meaning given to them by Regulation S.”
Until 40 days after the completion of the distribution of all Bonds of the
Tranche of which those Bonds are a part, an offer or sale of the Bonds
within the United States by the Joint Lead Managers or any dealer or
other distributor (whether or not participating in the offering) may violate
the registration requirements of the Securities Act if such offer or sale is
made otherwise than in accordance with Regulation S.
Relevant Member States of the European Economic Area
In relation to each Member State of the European Economic Area which
has implemented the Prospectus Directive (each, a Relevant Member
State), with effect from and including the date on which the Prospectus
Directive is implemented in that Relevant Member State (the Relevant
Implementation Date) no Bonds have been offered and no Bonds will
be offered that are the subject of the offering contemplated by this Terms
Sheet in relation thereto to the public in that Relevant Member State
except that an offer of Bonds to the public in the Relevant Member State
may be made with effect from the Relevant Implementation Date:
(a) to any legal entity which is a qualified investor as defined in the
Prospectus Directive;
(b) to fewer than 150 natural or legal persons (other than qualified
investors as defined in the Prospectus Directive) subject to obtaining
the prior consent of the Joint Lead Managers nominated by Auckland
Airport for any such offer; or
(c) in any other circumstances falling within Article 3(2) of the Prospectus
Directive,
provided that no such offer of the Bonds shall require Auckland Airport or
any Joint Lead Manager to publish a prospectus pursuant to Article 3 of
the Prospectus Directive or supplement a prospectus pursuant to Article
16 of the Prospectus Directive.
For the purposes of this provision, the expression an offer of the Bonds
to the public in relation to any Bonds in any Relevant Member State
means the communication in any form and by any means of sufficient
information on the terms of the offer and the Bonds to be offered so as to
enable an investor to decide to purchase or subscribe for the Bonds, as
the same may be varied in that Relevant Member State by any measure
implementing the Prospectus Directive in that Relevant Member State,
and the expression Prospectus Directive means Directive 2003/71/EC
(as amended, including by Directive 2010/73/EU) and includes any
relevant implementing measure in each Relevant Member State.
United Kingdom
No communication, invitation or inducement to engage in investment
activity (within the meaning of section 21 of the Financial Services and
Markets Act 2000 (FSMA)) has been or may be made or caused to be
made or will be made in connection with the issue or sale of the Bonds
in circumstances in which section 21(1) of the FSMA applies to
Auckland Airport.
All applicable provisions of the FSMA with respect to anything done in
relation to the Bonds in, from or otherwise involving the United Kingdom
must be complied with.

7
Japan
The Bonds have not been and will not be registered in Japan pursuant to
Article 4, Paragraph 1 of the Financial Instruments and Exchange Act of
Japan (Act No. 25 of 1948, as amended, the FIEA) in reliance upon the
exemption from the registration requirements since the offering
constitutes the small number private placement as provided for in “ha”
of Article 2, Paragraph 3, Item 2 of the FIEA. A Japanese Person who
transfers the Bonds shall not transfer or resell the Bonds except where
the transferor transfers or resells all the Bonds en bloc to one transferee.
For the purposes of this paragraph, Japanese Person shall mean any
person resident in Japan, including any corporation or other entity
organised under the laws of Japan.
Singapore
Singapore Securities and Futures Act Product Classification
– Solely for the purposes of its obligations pursuant to sections 309B(1)(a)
and 309B(1)(c) of the Securities and Futures Act (Chapter 289 of
Singapore) (the SFA), Auckland Airport has determined, and hereby
notifies all relevant persons (as defined in Section 309A of the SFA) that
the Bonds are “prescribed capital markets products” (as defined in the
Securities and Futures (Capital Markets Products) Regulations 2018) and
Excluded Investment Products (as defined in MAS Notice SFA 04-N12:
Notice on the Sale of Investment Products and MAS Notice FAA-N16:
Notice on Recommendations on Investment Products).
This Terms Sheet has not been registered as a prospectus with the
Monetary Authority of Singapore. Accordingly, this Terms Sheet and any
other document or material in connection with the offer or sale, or
invitation for subscription or purchase, of the Bonds may not be
circulated or distributed, nor may the Bonds be offered or sold, or be
made the subject of an invitation for subscription or purchase, whether
directly or indirectly, to any person in Singapore other than (a) to an
institutional investor (as defined in Section 4A of the SFA) pursuant to
Section 274 of the SFA, (b) to a relevant person (as defined in Section
275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person
pursuant to Section 275(1A) of the SFA, and in accordance with the
conditions specified in Section 275 of the SFA or (c) otherwise pursuant
to, and in accordance with the conditions of, any other applicable
provision of the SFA.
Where the Bonds are subscribed or purchased under Section 275 of the
SFA by a relevant person which is:
(a) a corporation (which is not an accredited investor (as defined in
Section 4A of the SFA)) the sole business of which is to hold
investments and the entire share capital of which is owned by one or
more individuals, each of whom is an accredited investor; or
(b) a trust (where the trustee is not an accredited investor) whose sole
purpose is to hold investments and each beneficiary of the trust is an
individual who is an accredited investor,
securities (as defined in Section 239(1) of the SFA) of that corporation or
the beneficiaries’ rights and interest (howsoever described) in that trust
shall not be transferred within six months after that corporation or that
trust has acquired the Bonds pursuant to an offer made under Section
275 of the SFA except:
(1) to an institutional investor or to a relevant person defined in Section
275(2) of the SFA, or to any person arising from an offer referred to in
Section 275(1A) or Section 276(4)(i)(B) of the SFA;
(2) where no consideration is or will be given for the transfer;
(3) where the transfer is by operation of law;
(4) as specified in Section 276(7) of the SFA; or
(5) as specified in Regulation 32 of the Securities and Futures (Offers of
Investments) (Shares and Debentures) Regulations 2005 of Singapore.
Hong Kong
No Bonds have been offered or sold or will be or may be offered or sold
in Hong Kong, by means of any document other than (a) to professional
investors as defined in the Securities and Futures Ordinance (Cap. 571)
of Hong Kong (the SFO) and any rules made under the SFO; or (b) in
other circumstances which do not result in the document being a
prospectus as defined in the Companies (Winding Up and
Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the
C(WUMP)O) or which do not constitute an offer to the public within the
meaning of the C(WUMP)O.
No advertisement, invitation or document relating to the Bonds may be
issued or in the possession of any person or will be issued or be in the
possession of any person in each case for the purpose of issue, whether
in Hong Kong or elsewhere, which is directed at, or the contents of which
are likely to be accessed or read by, the public of Hong Kong (except if
permitted to do so under the securities laws of Hong Kong) other than
with respect to the Bonds which are or are intended to be disposed of
only to persons outside Hong Kong or only to professional investors as
defined in the SFO and any rules made under the SFO.
Australia
No prospectus or other disclosure document (as defined in the
Corporations Act 2001 of Australia (Corporations Act)) in relation to the
Bonds has been, or will be, lodged with, or registered by, the Australian
Securities and Investments Commission (ASIC) or any other regulatory
authority in Australia. No person may:
(a) make or invite (directly or indirectly) an offer of the Bonds for issue,
sale or purchase in, to or from Australia (including an offer or
invitation which is received by a person in Australia); and
(b) distribute or publish, any Terms Sheet, information memorandum,
prospectus or any other offering material or advertisement relating to
the Bonds in Australia,
unless:
(i) the aggregate consideration payable by each offeree or invitee is at
least A$500,000 (or its equivalent in an alternative currency and, in
either case, disregarding moneys lent by the offeror or its associates)
or the offer or invitation otherwise does not require disclosure to
investors in accordance with Part 6D.2 or Part 7.9 of the
Corporations Act;
(ii) the offer or invitation is not made to a person who is a “retail client”
within the meaning of section 761G of the Corporations Act;
(iii) such action complies with all applicable laws, regulations and
directives; and
(iv) such action does not require any document to be lodged with ASIC
or any other regulatory authority in Australia.

Terms Sheet
8
Auckland International Airport Limited
By applying for the Bonds under this Terms Sheet, each person to whom
the Bonds are issued (an Investor):
(a) will be deemed by the Issuer and each of the Joint Lead Managers to
have acknowledged that if any Investor on-sells the Bonds within 12
months from their issue, the Investor will be required to lodge a
prospectus or other disclosure document (as defined in the
Corporations Act) with ASIC unless either:
(i) that sale is to an investor within one of the categories set out in
sections 708(8) or 708(11) of the Corporations Act to whom it is
lawful to offer the Bonds in Australia without a prospectus or
other disclosure document lodged with ASIC; or
(ii) the sale offer is received outside Australia; and
(b) will be deemed by the Issuer and each of the Joint Lead Managers to
have undertaken not to sell those Bonds in any circumstances other
than those described in paragraphs (a)(i) and (a)(ii) above for 12
months after the date of issue of such Bonds.
This Terms Sheet is not, and under no circumstances is to be construed
as, an advertisement or public offering of any Bonds in Australia.
PART B – GENERAL SELLING RESTRICTIONS
The Bonds may only be offered for sale or sold in New Zealand in
conformity with all applicable laws and regulations in New Zealand. No
Bonds may be offered for sale or sold in any other country or jurisdiction
except in conformity with all applicable laws and regulations of that
country or jurisdiction. No offering document or other offering material in
respect of the Bonds may be published, delivered or distributed in or from
any country or jurisdiction except under circumstances which will result in
compliance with all applicable laws and regulations in that country or
jurisdiction. No action has been or will be taken by the Issuer which
would permit an offer of Bonds to the public, or possession or distribution
of any offering material, in any country or jurisdiction where action for that
purpose is required (other than New Zealand).
By purchasing the Bonds, each Holder is deemed to have indemnified
the Issuer, the Joint Lead Managers, the Organising Participant, and the
Supervisor for any loss suffered by any of them by reason of any breach
of the selling restrictions contained in the above paragraph.

2018
September NZDCM Presentation
Important notice
2
Auckland Airport intends to make an offer of fixed rate bonds (Bonds) in reliance upon the exclusion in clause 19 of schedule1 of the Financial Markets
Conduct Act 2013 (FMCA).
Except for the interest rate and the maturity date, the Bonds will have identical rights, privileges, limitations and conditions as Auckland Airport’s:
(a) 4.73% NZ$100,000,000 fixed rate bonds maturing on 13 December 2019 which are quoted on the NZX Debt Market under the ticker code AIA120;
(b) 5.52% NZ$150,000,000 fixed rate bonds maturing on 28 May 2021 which are quoted on the NZX Debt Market under the ticker code AIA130;
(c) 4.28% NZ$100,000,000 fixed rate bonds maturing on 9 November 2022 which are quoted on the NZX Debt Market under the ticker code AIA200;
(d) 3.97% NZ$225,000,000 fixed rate bonds maturing on 2 November 2023 which are quoted on the NZX Debt Market under the ticker code AIA210; and
(e) 3.64% NZ$100,000,000 fixed rate bonds maturing on 17 April 2023 which are quoted on the NZX Debt Market under the ticker code AIA220,
(together, Quoted Bonds) and therefore are the same class as the Quoted Bonds for the purposes of the FMCA and the Financial Markets Conduct
Regulations 2014.
Auckland Airport is subject to a disclosure obligation that requires it to notify certain material information to NZX Limited(NZX) for the purpose of that
information being made available to participants in the market and that information can be found by visiting https://www.nzx.com/companies/AIA. Investors
should look to the market price of the Quoted Bonds to find out how the market assesses the returns and the risk premium for those bonds.

2018
September NZDCM Presentation
Key Terms of the Offer
3
IssuerAucklandInternational Airport Limited (“Auckland Airport”)
Description of Bonds
Direct,unsecured,unsubordinated,fixedratedebtobligationsofAucklandAirport
rankingequallyandwithoutpreferenceamongthemselvesandequallywithallother
outstandingunsecuredandunsubordinatedindebtednessofAucklandAirport(except
indebtednesspreferredbylaw)
Issuer Long-Term Credit Rating (S&P)A-
Expected Long-TermIssue Credit Rating (S&P)A-
Issue Amount
Up to NZ$125,000,000with the ability to accept up to NZ$50,000,000
oversubscriptions at Auckland Airport’s discretion
Opening DateMonday, 24 September 2018
Closing Date2.00pm on Wednesday, 26 September 2018
Issue DateWednesday, 10 October 2018
Tenor6 years
Maturity DateThursday, 10 October 2024
Interest RateThe aggregate of the Base Rate and the Margin on the rate set date
Indicative Issue MarginAnnounced via the NZX on Monday, 24 September 2018
Interest Payment Dates10 April and 10 October in each year until and including the Maturity Date
Minimum DenominationNZ$10,000 and multiples of NZ$1,000 thereafter
Interest PaymentsSemi-annually in arrears
Joint Lead Managers
ANZ Bank New Zealand Limited and Westpac Banking Corporation (ABN 33 007 457
141) (acting through its New Zealand Branch)
RegistrarLink Market Services Limited

Company overview

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Auckland Airport at a glance
5
20.5 million
annual passengers
shareoflong haul arrivalsto
NewZealand
9 3
%
30 international
airlines
48international
destinations
4 international freight
airlines
21domestic
destinations
4,000 baggage
trolleys
1,500
hectaresofland
AucklandAirport
in2018
174,000
flightseach year
150
internationalflightseach day
320
domesticflightseach day
100+
24/7
24x 7operation,
365days ayear
2hotels
20,000+
peopleworkingat
andaroundtheairport
800+
businesses
shops, cafés
andrestaurants
24/7
3,635
metresofrunway
average annual
passenger growth over
50 years
share of international
visitors to New Zealand
75
%
6.7
%

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Auckland Airport is the busiest in New Zealand
6
•The largest airport in New Zealand
•Main commercial airport serving New Zealand’s
largest city with:
–174,000 aircraft movements;
–75% of international passengers to New
Zealand arrive or depart from Auckland Airport;
and
–93% of long haul arrivals
•No flight curfew, capable of operating 24 hours a
day, 7 days a week
•Auckland Airport is one of New Zealand’s most
important infrastructure assets. Listed on the NZX
and ASX with a market capitalisation of $8.4bn
2
•Single 3,635m runway plus a future second
runway will cater for Auckland’s aviation
requirements for the foreseeable future
•1,500 hectares of freehold land on the Auckland
isthmus
1.Passenger movement source monthly traffic performance updates: AKL, CHC, WLG, and ZQN airports for year to 30 June 2018, DUD 30 June 2017
2.As at 17 September 2018
Auckland
20.53 million
Wellington
6.21 million
Christchurch
6.87 million
Queenstown
2.14 million
New Zealand international airports by passenger numbers
1
Dunedin
0.97 million
19.47 million excluding transits

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Connecting New Zealand to the world
7
Auckland Airport connects New Zealand to 48 international destinations
Doha
Dubai
London
Guangzhou
Chongqing
Tianjin
Hong Kong
Beijing
Shenzhen
Shanghai
Seoul
Osaka
Narita
Bangkok
Singapore
Ho Chi Minh City
Kuala Lumpur
Bali
9 Australian
destinations
Los Angeles
Vancouver
Houston
Santiago
Buenos Aires
Manila
Xi’an
Manila
Haneda
Chengdu
•12 new airlines and 21 new routes added since 2015 have connected Auckland with new cities of
nearly 140 million people, providing 29% increase in capacity
•Markets are evolving through greater consumer choice and more competitive pricing with direct
services unlocking new visitor markets
Chicago
San Francisco
Honolulu
9 Pacific Islands
destinations
Routes launched or announced based on single ticketed fares

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
0
2
4
6
8
10
12
14
16
18
20
22
FY00FY01FY02FY03FY04FY05FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18
Annual Passengers (m)
Proven passenger growth
8
•Continued growth at a CAGR
1
of 5.4% over the last 18 years demonstrates resilience to global
economic weakness and other external shocks
•20.5m total passengers in FY18, 40.0% higher than 5 years ago
Sept 11
Terrorist
Attacks
SARS
Outbreak
Avian Flu
Outbreak
Sub-Prime Crisis
and Global
Recession
Christchurch
Earthquake
Total passengers at Auckland Airport
1. Cumulative average growth rate

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
AeronauticalRetailTransport
•$301.2m revenuein FY18
(44% of the company)
•Comprised of a mix of
passenger, MCTOW
1
and
parking charges
•Prices set atleast every
five years
•Strategyto grow capacity,
sustain capacity and
diversity markets
•$190.6m revenuein FY18
(28% of the company)
•Earnedon a concession
model from a range of
stores mainly within the
terminals and some off-
airport
•Diverse retail offering with
~90 stores and 2 duty free
operators
•Substantial redevelopment
nearly complete
•$61.0m revenuein FY18 (9%
of the company)
•12,338 parking spaces across
a range of parking services
from premium Valet to Park &
Ride located throughout the
precinct
•New products including Park &
Ride Express and Drop & Ride
launched to improve
convenience and utilisation
•Increasing demand is driving
ongoing expansion
Diverse and complementary business activities
9
1.Maximum certified take-off weight

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Investment PropertyHotel PortfolioQueenstown
•$1.2bn investment property
portfolio
•Medium to long term leases
(WALT
1
: 10.2 years)
•250 hectares available for
property development with
direct motorway access to
Auckland CBD
•Well-positioned to service
demand with 34ha of non-
committed, ready to develop
serviced land
•Portfolio of two hotels being a
Novotel 263 room4+ star
hotel (40% interest) and aibis
198 room 3 star hotel
•457 rooms to be added to the
portfolio with the construction
of two new hotels, the
Pullman (311 rooms) and
Hotel 4 (146 rooms)
•Both hotels are currently in
the design and procurement
phase
•~25% stake in
Queenstown Airport
•Queenstown Airport is the
gateway to New Zealand’s
adventure capital, a major
tourist destination
•Queenstown has a 100
year lease on Wanaka
Airport
10
Diverse and complementary business activities
1.Weighted average lease term as at 30 June 2018

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Overview
•Dual-till regime, with the aeronautical segment subject to
information disclosure regulation under the Commerce Act
1986
•Disclosure regime includes monitoring of service standards,
asset availability, capital expenditure plans, efficiency of pricing
and return on investment
•Commerce Commission monitors information disclosure
regime effectiveness
Regulatory environment
11
0
50
100
150
200
250
300
350
400
RegulatedNon-regulated
$m
~50% of FY18 revenue is
regulated
Rental income
Other income
Car park income
Airfield income
Retail income
Passenger services charge
Aeronautical prices for PSE3
1
(FY18 –22)
•Forecast total aeronautical segment (including non aero
pricing activities) after tax return of 7.06% p.a. on a growing
aeronautical asset base (6.99% on “priced activities”)
•$1.9b capital expenditure in 2017 (real) dollars ($2.3b nominal)
on aeronautical infrastructure over the next five years
•The 2017 pricing schedule has the average international
aeronautical revenues per passenger reducing by 1.7% p.a.
and domestic increasing by 0.8% p.a. in real terms over the
next five years
•In April 2018, the Commerce Commission published its draft
report on Auckland Airport’s PSE3 aeronautical pricing and it
expects to publish its final report in October2018
1.Price setting event 3

Strategy for our future

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Our strategy
13
Adopt an ambitious and innovative approach tohelp
New Zealand to sustainably unlock the growth
opportunities in travel, trade and tourism
Strengthen and extend our retail, transport and hotel
businesses to ensure we can respond to evolving
customer needs
Continue to improve our performance by increasing
the productivity of our assets, processes, operations
and balance sheet
Add to our strong infrastructure and commercial
foundations for long-term sustainable growth

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Strategic priority:
Growing travel and trade markets
14
Multiple opportunities for growth remain
•Chinese and Indian middle-class
emergence and passenger growth
forecasts
•IATA forecasts Asia-Pac to grow in
importance, with aircraft deliveries in the
region also projected to be strong
•Long haul aircraft technology; efficiencies
and enhancements
•New Zealand remains an attractive
destination with 118 million active
considerers
...but there are short-term challenges
•Jet fuel prices lifting off recent lows
•Some local infrastructure challenges
•Localised taxes and levies to fund
infrastructure
•Geo-political and trade related
protectionism
Grow Capacity
Sustain Capacity
Diversify Markets
•Continue to focus on
underserved markets such as
China, South East Asia,
Europe, North America
•Building connectivity into tier 2
Chinese cities and supporting
Chinese carriers to drive off-
peak demand
•Driving US demand across
the year, particularly off-peak
•Develop Auckland and the
North Island as destinations
for Australian travellers as well
as driving increased friends
and family related travel
•Focused on in-market
development in India to
support indirect services
Long-term the outlook remains positive...

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
15
Reference images only, actual design will vary
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
l
oop road
Laurence Stevens HOV
Domestic forecourt
Nth Park & Ride
Tom Pearce HOV
Nixon Rd Bypass
Central connector
Altitude Drive
GBMD HOV
Terminal loop
Laurence Stevens HOV
International departures expansionNew domestic jet terminal
New five star hotelTransportSecond runway planning
Strategic priority:
Investing for future growth

16
16

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
2 new mobile jet airbridges
for a better experience for
passengers on remote
bussed stands, with another
4 on order
17
Investing in our core operations
10 new specialist airside
buses to provide an
enhanced passenger
experience on remote stands
To improve passenger services
CCTV upgrade of over 1,000
cameras and systems,
improving operational
intelligence, and lifting
security and performance
To improve operational effectiveness
Added further mobile
check-in kiosks to improve
customer experience. Now
servicing more than one
million passengers a year
First stage trial of an
integrated APOC
1
completed,
enhancing collaboration
between all operational
stakeholders
To improve airport coordination
Extended new world class
airport planning, modelling
and forecasting tools to border
agency partners allowing
better coordination
1. Airport operations centre incorporating airport operations staff, border agencies and other stakeholders
Strategic priority:
Be fast, efficient and effective

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
18
•2018 was a milestone year for our most complex project
to date -the expansion of the international terminal
emigration and dwell space
•The new environment is already delivering an improved
customer experience, resulting in international terminal
retail sales growth of 2.8%
•In 2018 we also soft launched ‘The Mall’, our world
leading online retail platform
•The Mall represents the culmination of a strategy to bring
physical and online retail together and make us match fit
for the modern retail world
•The Mall simplifies the customer experience by enabling
international passengers to purchase from multiple airport
retailers with a single transaction and then pick up all their
items from a single collection point
•Combined with our Strata single account system, we now
believe we have one of the most advanced customer
airport platforms in the world
Improved retail offering driving strong revenue growth
17.1%
Increase in retail
income
13
New retail concepts opened
during the year
12.2%
Increase in retail
income per passenger
1
First Michael Kors store in New Zealand
1. Per international passenger
Strategic priority:
Strengthen our consumer business
The Mall

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
19
International departures delivering an improved experience
Events during the FY18 year
•Opened new enlarged security screening,
‘decompression’ and dwell areas
•First stage of the Duty Free stores open
•Expansion to Duty Free stores and new Destination
precinct
•Additional Destination and Food & Beverage outlets
opened in the second half of the year
•First tranche of the new retail high street stores opened
in June 2018, providing a range of leading luxury
brands
Completed
To be delivered
Pier A
Pier B
To come in FY19
•Second stage of the new retail high
street stores expected to be open by
September
•Improved and expanded customer dwell
area to be open by November
•Formal project sign-off by third quarter
of FY19
Layout illustrative, not to scale
Strategic priority:
Strengthen our consumer business

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
New and exclusive names are coming
20
Luxury
Destination
Food & Beverage
Excludes existing brands

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
45%in entry movements to
domestic terminal forecourt
x%in bus operations
x% land journey time
4.1ASQ customer satisfaction*
4.1customer kiosk score*
Focusing on what’s important
21
Customer
experience
Safety and
sustainability
Education and
employment
Committed to operating in a safe and
environmentally sustainable way
Invested in infrastructure that has
enhanced the customer experience
Sharing the benefits of our
investment programme through job
creation and training
1.Q418 compared to Q417
2.Also includes reporting of hazards and near misses
1,082training opportunities
215job placements
68students involved in work
experience
9local year 13 students Auckland
Airport education scholarships
$572,021 investment in local
communities
5local community sponsorships
45%reduction in entry
movements to the domestic
terminal forecourt
61%reduction
1
in international
flights subject to bus operations
following commission of two
new contact gates
59%improvement in land
journey time reliability from the
airport to Auckland City
4.0ASQ customer satisfaction
stable at just over four out of
five
4.1Customer in-terminal kiosk
score, a 3.8% increase on
prior year
1stmajor airport in New Zealand to
have its safety management
system certified by the CAA
1stairport globally to set a publicly
disclosed Science Based Target
for carbon reduction
Green Airports Award for waste
minimisation
113%increase in reporting of
safety observations
2
49%reduction in the passenger
injury rate
Recognised as a New Zealand Top
Carbon Reducer

Financial information

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Strong five year financial performance
23
For the year ended 30 June
$m
20182017201620152014CAGR
Revenue683.9629.3573.9
508.5 475.8 9.5%
Expenses177.5156.2143.6
128.5 120.6 10.1%
Earnings before interest, taxation, depreciation,
fair value adjustments and investments in
associates(EBITDAFI)
506.4473.1430.3
380.0 355.2
9.3%
EBITDAFI Margin
74.0%75.2%75.0%
74.7%74.7%
Share of profit/(loss) from associates
16.719.4(8.4)
12.5 11.6
9.5%
Gain on sale of associates
297.4--
--
n/a
Derivative fair value (decrease)/increase(0.7)2.5(2.6)
(0.7)0.6
n/a
Property, plant and equipment revaluation
--(16.5)
(11.9)4.1
n/a
Investment property revaluation
152.291.987.1
57.2 42.0
38.0%
Depreciation expense88.977.973.064.8
63.5 8.8%
Interestexpense
77.272.879.1
86.0
68.2 3.1%
Taxationexpense155.8103.375.462.8
65.9 24.0%
Reported net profit after tax
650.1332.9262.4
223.5 215.9
31.7%
Underlying profitafter tax
1
263.1247.8212.7
176.4 169.9
11.6%
1.A reconciliation showing the difference between reported net profit after tax and underlying profit after tax is included in the Appendix

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Growth across all revenue streams
24
For the year ended 30 June
$m
20182017201620152014CAGR
Airfield income
122.1119.6
103.493.387.68.7%
Passenger services charge
179.1174.3
154.9140.9131.58.0%
Retail income
190.6162.8
157.5132.0127.110.7%
Car park income
61.056.3
52.146.642.89.3%
Rental income
97.684.9
74.764.659.313.3%
Other income
33.531.4
31.331.1 27.55.1%
Total revenue
683.9629.3
573.9508.5
475.8
9.5%
Revenue by segment
•FY18 aeronautical revenue slightly up on prior year reflecting growth in passengers and runway
movements, largely offset by a reduction in international and regional aeronautical prices
•Retail income rose by 17.1% in FY18 following Duty Free moving into the new space at the start
of the financial year and the expanded space from early December 2017. Sections of other new
retail space opened in the departure area of the international terminal in the year
•Parking revenue continued to increase in FY18 with ~1,000 new spaces
•Investment property rental income up 30.7% over the last two years driven by new properties,
strong rental growth in the existing portfolio and ibis budget hotel performance

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Summary balance sheet
25
For the year ended 30 June
$m
20182017201620152014CAGR
Cash106.7 45.1 52.638.541.4
26.7%
Trade and other receivables71.555.542.336.629.0
25.3%
Other current assets0.23.48.012.33.2
(50.0)%
Current assets178.4104.0102.987.473.6
24.8%
Property, plant and equipment6,378.04,947.84,708.13,884.13,761.5
14.1%
Investment properties1,425.61,198.01,048.9848.1733.4
18.1%
Investment in associates104.4171.6142.8163.6158.4
(9.9)%
Derivative financial instruments110.482.1138.8118.36.9
100.0%
Total assets8,196.86,503.56,141.55,101.54,733.8
14.7%
Borrowings2,060.32,056.61,886.91,722.51,506.9
8.1%
Other liabilities454.4417.9373.9336.1308.2
10.2%
Total liabilities2,514.72,474.52,260.82,058.61,815.1
8.5%
Equity5,682.14,029.03,880.73,042.92,918.7
18.1%
Total liabilities and equity8,196.86,503.56,141.55,101.54,733.8
14.7%

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Capital expenditure
26
•Capital expenditure in 2018 increased 8.1% to
$405.2m
•Over 90% of the capital expenditure is investing
for future earnings growth, c.$40m renewals
spend per year
•Capital expenditure in FY19 is forecast to
increase to between $450m and $550m
*
comprising:
–completion of the international terminal
departure upgrade, new taxiways, remote
stands and aprons in the vicinity of Pier B,
planning and enabling works for the new
domestic jet facility, expansion of the MPI
arrivals area;
–continued investment in utilities, IT
infrastructure, and transport projects; and
–investment property developments including
the Pullman Hotel, Foodstuffs Distribution
Centre and offices for Airways
1.Guidance excludes any uncommitted investment property capital expenditure
Historical and forecast capital expenditure
0
100
200
300
400
500
600
2019F
(High
point)
20182017201620152014
$m
Property developmentCar Parking
Infrastructure and otherRetail
Aeronautical
High end

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Credit metrics
27
•Considerable headroom in Auckland Airport's key credit metrics for A-target rating
•FFO interest cover ratio exceeded pre capital return levels in September 2016. Growth in the
debt book has been offset by decreasing interest rates
•Increased capital expenditure over the next five years will soften credit metrics
•FFO to grow with earnings enabling planned debt funded capex programme
For the year ended 30 June20182017201620152014
Debt / debt + market value of equity20.4%19.5%19.7%22.5%24.7%
Debt / EBITDAFI3.8x4.3x4.4x4.5x4.2x
Funds from operations / net debt18.4%16.5%16.7%15.3%16.0%
Funds from operations interest cover5.0x4.9x4.3x3.7x4.5x
Weighted average interest cost (12 months to 30 June)4.2%4.5%5.1%5.8%6.0%
Average debt maturity profile (years)4.94.74.34.93.2
Percentage of fixed borrowings54.7%51.4%48.9%49.5%58.6%

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
-
50
100
150
200
250
300
350
400
Jun-19Jun-20Jun-21Jun-22Jun-23Jun-24Jun-25Jun-26Jun-27Jun-28Jun-29Jun-30
$m
Commercial Paper
Bank Facilities
Floating bonds
Fixed bonds
AMTN
USPP
Commercial paper (4.7%)
Bank facilities (9.2%)
Floating bonds (11.5%)
Fixed bonds (34.6%)
AMTN (14.9%)
USPP (25.1%)
Funding
28
•Reflecting increased infrastructure investment,
offset by proceeds from the sale of North
Queensland Airport, total borrowings at 30 June
2018 were flat with the prior year at $2,060m
•Committed undrawn facility headroom of c.$380m
at 30 June 2018
•Committed to our A-credit rating
•Dividend policy of paying ~100% of underlying
NPAT
•Dividend reinvestment plan remains in place for
the FY18 final dividend and offered at a 2.5%
discount to market price
Debt maturity profile
Sources of funding
Potential
new
issue

Outlook

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Outlook
30
Guidance
•Moderate underlying profit growth anticipated as we
enter the second year of international aeronautical
price reductions in the new FY18-22 pricing period
and infrastructure investment continues at pace
•We expect underlying net profit after tax (excluding
any fair value changes and other one-off items) in
FY19 to be between $265m and $275m
•We expect total capital expenditure in FY19 of
between $450m and $550m
•This guidance is subject to any material adverse
events, significant one-off expenses, non-cash fair
value changes to property and any deterioration due
to global market conditions or other unforeseeable
circumstances

Questions?

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Reference material and further details
Reference material
Auckland Airport website: https://corporate.aucklandairport.co.nz/
Debt investor inquiries
Campbell De Morgan, Treasury Specialist
DDI: +64 9 255 9029
Campbell.demorgan@aucklandairport.co.nz
32

Appendices

2018
September NZDCM Presentation
Board of directors
34
James Miller
Director
Justine Smyth
Director
Christine Spring
Director
Dr Patrick Strange
Director
Sir Henry van der Heyden
Chair
Mark Binns
Director
Brett Godfrey
Director
Julia Hoare
Director

2018
September NZDCM Presentation
Significant land holdings
35
•Auckland Airport owns approximately 1,500 hectares of freehold land (250 hectares available
for investment property development, bounded by the blue line and sea shore)
•Vacant land enables staged and affordable expansion of aeronautical infrastructure as
required and ongoing rental income growth
Auckland Airport boundary
Auckland CBD

2018
September NZDCM Presentation
5.8
5.6
4.9
4.6
4.3
4.1
2.3
2.2
2.1
1.9
1.9
1.8
201820172016201520142013
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Tonnes (m)
Domestic MCTOW
International MCTOW
55,693
54,879
49,828
46,692
45,809
44,314
118,583
114,366
107,944
104,264
107,454
110,832
201820172016201520142013
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
Domestic aircraft
movements
International aircraft
movements
Runway movements growing
36
Aircraft movements
MCTOW
•Increased connectivity to new and existing destinations reversed a 7 year decline in total aircraft
movements from FY16
•International MCTOW up 14.2% as an increasing number of long haul destinations resulted in a
higher proportion of larger, heavier aircraft
•Domestic MCTOW continues to benefit from increased proportion of A320s

2018
September NZDCM Presentation
37
Underlying profit reconciliation
The following adjustments have been made to show underlying profit after tax for the 12-month periods ended 30 June 2018 and 30 June 2017:
-We have reversed out the gain arising from the sale of our investment in North Queensland Airports. This sale was a one-off transaction that does not
reflect normal business activities
-We have reversed out the impact of revaluations of investment property in 2018 and 2017. An investor should monitor changes in investment
property over time as a measure of growing value. However, a change in one particular year is too short to measure long-term performance. Changes
between years can be volatile and, consequently, will impact comparisons. Finally, the revaluation is unrealised and, therefore,is not considered
when determining dividends in accordance with the dividend policy. None of the property, plant and equipment revaluation in 2018affected reported
profit. Therefore, no underlying profit adjustment was required in 2018, nor in 2017 in which there was no property, plant and equipment revaluation
-We have reversed out the impact of derivative fair value movements. These are unrealised and relate to basis swaps that do not qualify for hedge
accounting as well as the ineffective valuation movement in other derivatives. The group holds its derivatives to maturity soany fair value movements
are expected to reverse out over their remaining lives. Further information is included in note 18.2 of the financial statements
-In addition, to be consistent, we have adjusted the revaluations of investment property and financial derivatives that are contained within the share of
profit of associates in 2018 and 2017
-We have also reversed the taxation impacts of the above movements in both the 2018 and 2017 financial years
20182017
For the year ended 30 June
Reported
profit
$m
Adjustments
$m
Underlying
profit
$m
Reported
profit
$m
Adjustments
$m
Underlying
profit
$m
EBITDAFI
506.4-506.4473.1-473.1
Share of profitsofassociates
16.7-16.719.4(4.5)14.9
Gain on sale of associate
297.4(297.4)----
Derivative fair value movement
(0.7)0.7-2.5(2.5)-
Investment property revaluation
152.2(152.2)-91.9(91.9)-
Property, plantand equipment revaluation
------
Depreciation
(88.9)-(88.9)(77.9)-(77.9)
Interest expense and other finance costs
(77.2)-(77.2)(72.8)-(72.8)
Taxation expense
(155.8)61.9(93.9)(103.3)13.8(89.5)
Profit after tax
650.1(387.0)263.1332.9(85.1)247.8

2018
September NZDCM Presentation
Important Notice and Glossary
Disclaimer
This presentation is for preliminary information purposes only and is not an offer to sell or the solicitation of any offer to purchase or subscribe for any
financial products and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The information in
this document is given in good faith and has been obtained from sources believed to be reliable and accurate at the date of preparation, but its accuracy,
correctness and completeness cannot be guaranteed.
All of the data provided in this document is derived from publicly available information in relation to Auckland Airport (including the annual report of Auckland
Airport for its financial year ended 30 June 2018), unless otherwise indicated.
Any internet site addresses provided in this presentation are for reference only and, except as expressly stated otherwise, the content of any such internet
site is not incorporated by reference into, and does not form part of, this presentation.
This presentation may contain forward looking statements with respect to the financial condition, results of operations and business, and business strategy,
of Auckland Airport. Auckland Airport gives no assurance that the assumptions upon which Auckland Airport based its forward looking statements on will be
correct, or that its business and operations will not be affected in any substantial manner by other factors not currently foreseeable by Auckland Airport or
beyond its control. Accordingly, Auckland Airport can make no assurance that the forward looking statements will be realised.
All currency amounts are in New Zealand dollars unless otherwise stated and figures, including percentage movements, are subjectto rounding.
This presentation is dated 24 September 2018.
Glossary
ARPSAverage revenue per parking space
ASQAirport service quality
CAACivil Aviation Authority of New Zealand
CAGRCompound annual growth rate
EBITDAFIEarnings before interest, taxation, depreciation, fair value adjustments and investments in associates
IATAInternational Air Transport Association
MCTOWMaximum certified take off weight
NPATNet profit after tax
PAXPassenger
PSE3Price setting event 3 (FY18-FY22)
PSRPassenger spend rate
WALTWeighted average lease term
38