Air NZ continues its strategic capital structure review

Stock exchange listings: New Zealand (NZX: AIR) / Australia (ASX: AIZ) / ADR (OTC : ANZLY)


MARKET ANNOUNCEMENT

Air New Zealand postal address: Private Bag 92007, Auckland, 1142, New Zealand
Investor Relations email: investor@airnz.co.nz
Investor website: www.airnewzealand.co.nz/investor


25 September 2020

Air New Zealand continues its strategic capital structure review

Air New Zealand has a wide range of stakeholders. Air New Zealand and the Crown, as majority
shareholder and lender, are focused on securing the long-term future of the airline.
The Crown Standby Facility (“CSF”) has started to be drawn down and provides the Company with
necessary liquidity support as it works on a plan for the future shape and size of its business post COVID-
19. The CSF was always intended by both parties to provide the necessary time for the airline to reposition
its operations and facilitate the implementation of a long-term capital structure.
The Company continues to evaluate a range of scenarios on how the pandemic may develop and the
subsequent impacts on its business operations, fleet, operating cost structure, and capital requirements.
Assuming there are no further material adverse developments, the Company is expecting to complete the
strategic capital structure review by early 2021 and be in a position to proceed with capital raising to be
completed before June 2021.
The New Zealand Government has recently reaffirmed its commitment to maintaining its majority
shareholding in Air New Zealand, and the Board is engaging constructively with the Crown in its capital
structure and funding discussions.
Ends.


Therese Walsh
Chairman


Jennifer Page
General Counsel and Company Secretary
jennifer.page@airnz.co.nz


Leila Peters
General Manager Corporate Finance
leila.peters@airnz.co.nz
+64 21 743 057