Air New Zealand Investor Update (Op Stats) – September 2022

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Contents
• September 2022 traffic highlights
• Operating statistics table
• Recent market announcements and media releases


September 2022 highlights













Group traffic summarySEPTEMBERFINANCIAL YTD
FY23FY22% *FY19 ^% *20232022% *+ 2019 ^% *++
Passengers carried (000)1,484266457.1%1,661(10.6%)3,8471,845110.7%4,373(13.9%)
Revenue Passenger Kilometres(m)2,4061541464.
0%3,593(33.0%)6,0291,357349.0%9,605(38.6%)
Available Seat Kilometres (m)2,729353673.8%4,278(36.2%)6,8972,113229.9%11,502(41.3%)
Passenger Load Factor (%)88.2%43.6%44.6 pts84.0%4.2 pts87.4%64.2%23.2 pts83.5%3.9 pts
Year-to-date RASK
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vs 2022vs 2019 ^vs 2022vs 2019 ^
Group10.9%51.7%11.1%52.8%
Short Haul16.0%33.7%16.7%34.1%
Long Haul108.2%43.9%105.8%46.3%
% change in reported RASK (incl. FX)% change in reported RASK (excl. FX)
1 Reported RASK (unit passenger revenue per availab le seat kilometre) is inclusive of foreign currency impact, and underlying RASK excludes foreign currency
impact.
* % change is b ased on numb ers prior to rounding
++ The year to date percentage movements have b een adjusted on a daily weighted average b asis. The adjustment takes into account the difference in days for the
accounting month of July 2018 (29 days) compared with July 2022 (31 days). This is b ecause Air New Zealand operates on a 4,4,5 accounting calendar b ut closes the
annual accounts on 30 June.
+ The year to date percentage movements have b een adjusted on a daily weighted average b asis. The adjustment takes into account the difference in days for the
accounting month of July 2021 (32 days) compared with July 2022 (31 days). This is b ecause Air New Zealand operates on a 4,4,5 accounting calendar b ut closes the
annual accounts on 30 June.
Please note that the availab le seat kilometre (capacity) numb ers included in the tab les within this disclosure do not include any cargo-only flights. This is b ecause
these capacity numb ers are used to calculate passenger load factors and passenger RASK
^ From 1 July 2022, Honolulu flights are categorised as Americas (was Pacific) and Denpsar flights are categorised as Asia (was Pacific). All historic data has b een
adjusted to reflect this change.
25 October 2022

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Operating statistics table


GroupSEPTEMBERFINANCIAL YTD
FY23FY22% *FY19 ^% *20232022% *+ 2019 ^% *++
Passengers carried (000)1,484266457.1%1,661(10.6%)3,8471,845110.7%4,373(13.9%)
Revenue Passenger Kilometres(m)2,4061541464.0%3,593(33.0%)6,0291,357349.0%9,605(38.6%)
Available Seat Kilometres (m)2,729353673.8%4,278(36.2%)6,8972,113229.9%11,502 (41.3%)
Passenger Load Factor (%)88.2%43.6%44.6 pts84.0%4.2 pts87.4%64.2%23.2 pts83.5%3.9 pts
Short Haul TotalSEPTEMBERFINANCIAL YTD
FY23FY22% *FY19 ^% *20232022% *+ 2019 ^% *++
Passengers carried (000)1,379263425.2%1,437(4.0%)3,5971,83298.4%3,775(6.8%)
Revenue Passenger Kilometres(m)1,3671161082.1%1,469(6.9%)3,5721,230193.4%3,944(11.4%)
Available Seat Kilometres (m)1,548201668.8%1,756(11.9%)4,1141,703144.1%4,811(16.3%)
Passenger Load Factor (%)88.3%57.4%30.9 pts83.6%4.7 pts86.8%72.2%14.6 pts82.0%4.8 pts
DomesticSEPTEMBERFINANCIAL YTD
FY23FY22% *FY19 ^% *20232022% *+ 2019 ^% *++
Passengers carried (000)1,066261308.9%1,080(1.3%)2,7811,71763.8%2,802(2.9%)
Revenue Passenger Kilometres(m)549110399.2%5480.2%1,44788964.6%1,434(1.3%)
Available Seat Kilometres (m)627161289.3%653(4.0%)1,6611,14147.1%1,752(7.2%)
Passenger Load Factor (%)87.5%68.3%19.2 pts83.8%3.7 pts87.1%77.9%9.2 pts81.9%5.2 pts
Tasman / PacificSEPTEMBERFINANCIAL YTD
FY23FY22% *FY19 ^% *20232022% *+ 2019 ^% *++
Passengers carried (000)313215565.0%356(12.1%)815116612.2%973(18.0%)
Revenue Passenger Kilometres(m)818614363.1%921(11.2%)2,125342528.8%2,510(17.1%)
Available Seat Kilometres (m)921402186.9%1,103(16.5%)2,453562341.1%3,059(21.5%)
Passenger Load Factor (%)88.8%14.0%74.8 pts83.5%5.3 pts86.6%60.8%25.8 pts82.1%4.5 pts
Long Haul TotalSEPTEMBERFINANCIAL YTD
FY23FY22% *FY19 ^% *20232022% *+ 2019 ^% *++
Passengers carried (000)10542659.4%224(53.1%)250131914.3%598(59.0%)
Revenue Passenger Kilometres(m)1,040382618.4%2,124(51.1%)2,4571271859.3%5,660(57.5%)
Available Seat Kilometres (m)1,180151680.5%2,522(53.2%)2,784410586.6%6,692(59.3%)
Passenger Load Factor (%)88.1%25.3%62.8 pts84.2%3.9 pts88.3%30.9%57.4 pts84.6%3.7 pts
As i aSEPTEMBERFINANCIAL YTD
FY23FY22% *FY19 ^% *20232022% *+ 2019 ^% *++
Passengers carried (000)4013244.6%87(53.7%)9842672.7%236(59.2%)
Revenue Passenger Kilometres(m)354113133.5%752(52.9%)862332571.8%2,038(58.6%)
Available Seat Kilometres (m)43193365.0%923(53.2%)1,052250325.6%2,477(58.4%)
Passenger Load Factor (%)82.0%11.8%70.2 pts81.5%0.5 pts82.0%13.1%68.9 pts82.3%(0.3 pts)
Americas / UKSEPTEMBERFINANCIAL YTD
FY23FY22% *FY19 ^% *20232022% *+ 2019 ^% *++
Passengers carried (000)6532389.3%137(52.8%)15291611.4%362(58.9%)
Revenue Passenger Kilometres(m)686272412.1%1,373(50.0%)1,594941612.3%3,623(56.9%)
Available Seat Kilometres (m)749581181.1%1,600(53.2%)1,732160994.5%4,215(59.8%)
Passenger Load Factor (%)91.6%46.7%44.9 pts85.8%5.8 pts92.1%58.8%33.3 pts86.0%6.1 pts
* % change is based on numbers prior to rounding
++ The year to date percentage movements have been adjusted on a daily weighted average basis. The adjustment takes into account the difference in days for the
accounting month of July 2018 (29 days) compared with July 2022 (31 days). This is because Air New Zealand operates on a 4,4,5 accounting calendar but closes the
annual accounts on 30 June.
+ The year to date percentage movements have been adjusted on a daily weighted average basis. The adjustment takes into account the difference in days for the
accounting month of July 2021 (32 days) compared with July 2022 (31 days). This is because Air New Zealand operates on a 4,4,5 accounting calendar but closes the
annual accounts on 30 June.
Air New Zealand operates primarily in one segment, its primary business being the transportation of passengers and cargo on an integrated network of scheduled airline
services to, from and within New Zealand. The following operational data and statistics is additional supplementary information only.
^ From 1 July 2022, Honolulu flights are categorised as Americas (was Pacific) and Denpsar flights are categorised as Asia (was Pacific). All historic data has been
adjusted to reflect this change.

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Market Announcements
(during the period 22 September 2022 to 24 October 2022)
Air New Zealand Limited Retail Bond Offer Final Terms Sheet 20 October 2022
Air New Zealand Limited (Air New Zealand) has issued the final terms sheet for its 5.5 year, unsubordinated,
unsecured, fixed rate retail bond offer.
The final terms sheet has been lodged with NZX and is also available at www.airnewzealand.co.nz/bond.
Air New Zealand Limited Retail Bond Offer Books Close 20 October 2022
Following the successful bookbuild process for its offer of 5.5 year, unsubordinated, unsecured, fixed rate
bonds (Bonds), Air New Zealand Limited confirms that the offer has closed and NZ$100 million of Bonds have
been allocated to participants (or their clients) in the bookbuild process.
There was no public pool for the offer (whether via an online website, platform or otherwise), with all of the
Bonds (including oversubscriptions) allocated to clients of the Joint Lead Managers (JLMs), institutional
investors and other primary market participants invited to participate in the bookbuild.
The issue margin for the Bonds has been set at 1.50% per annum and the interest rate will be announced
later in the day along with the release of the final terms sheet.
Investors should contact a JLM as listed below or their usual financial adviser for more details.
Air New Zealand Limited Retail Bond Offer 17 October 2022
Air New Zealand Limited (Air New Zealand) is pleased to announce that it is making an offer of up to NZ$75
million (with the ability to accept oversubscriptions of up to an additional NZ$25 million at Air New Zealand’s
discretion) of 5.5 year, unsecured, unsubordinated, fixed rate bonds maturing on 27 April 2028 (Bonds) to
institutional investors and New Zealand retail investors (the Offer). The Bonds are expected to be quoted on
the NZX Debt Market under ticker code AIR030.
The Offer opens on 17 October 2022 and will close on Thursday, 20 October 2022. The Offer is made
pursuant to clause 19 of Schedule 1 of the Financial Markets Conduct Act 2013 as an offer of debt securities
of the same class as Air New Zealand’s NZ$50,000,000 unsecured, unsubordinated, fixed rate bonds
maturing on 28 October 2022 (with a fixed rate of 4.25% per annum), which are currently quoted on the NZX
Debt Market under ticker code AIR020 (AIR020 Bonds). The last day of trading in the AIR020 Bonds was 14
October 2022 due to the upcoming maturity date for those bonds.
The notice required by the Financial Markets Conduct Regulations 2014 has been provided to NZX with this
announcement.
The interest rate for the Bonds will be a fixed interest rate, being the sum of the margin (which may be above
or below the indicative margin range set out below) and the base rate, subject to a minimum interest rate of
6.00% per annum. The current indicative margin range is 1.50% to 1.65% per annum.
The margin and interest rate for the Bonds will be set following a bookbuild process, which is expected to be
completed on Thursday, 20 October 2022 (Rate Set Date), and the interest rate and margin will be announced
by Air New Zealand via the NZX shortly thereafter.
There is no public pool for the Offer (whether via an online website, platform or otherwise), with all of the
Bonds (including oversubscriptions) reserved for subscription by clients of the joint lead managers (JLMs),
institutional investors and other primary market participants invited to participate in the bookbuild.
Full details of the Offer are contained in the indicative terms sheet which has been prepared for the Offer,
along with the investor roadshow presentation, which have been lodged with NZX with this announcement.
These documents are also available through https://www.airnewzealand.co.nz/bond.
Interested investors should contact a JLM as listed below or their usual financial adviser for more details.

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Air New Zealand Limited ("AIR020") – Maturity 10 October 2022
NZX Operations (“NZXO”) advises that the final quotation date for Air New Zealand Limited (“AIR020”) bonds
will be Friday, 28 October 2022.
The final day of trading for AIR020 will be Friday, 14 October 2022 prior to the bonds being suspended at
close of business.
Please contact NZX Product Operations on +64 4 496 2853 or productoperations@nzx.com with any queries.
2022 Annual Shareholders' Meeting Results 23 September 2022
At Air New Zealand’s shareholder meeting, held in Auckland and virtually on Thursday, 22 September 2022,
shareholders were asked to vote on four resolutions, which were supported by the Board of Directors.
Voting on the resolutions was by way of poll and all four resolutions were approved by shareholders.
Detail of the total number of votes cast in person or by a proxy holder are:


2022 Annual Shareholders' Meeting Speeches and Presentation 22 September 2022
Please find attached the Chairman and CEO address, in addition to the presentation for Air New Zealand’s
2022 Annual Shareholders’ Meeting which was held on 22 September 2022.
There is no new material information contained within the speeches or the presentation.

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Media Releases
(during the period 22 September 2022 to 24 October 2022)

Air New Zealand improves offering on longer Tasman and Island services 18 October 2022
From 30 October, all new Economy bookings made on Air New Zealand’s Tahiti, Perth and Honolulu
services will enjoy the full-inflight service offering, including a tasty meal, Inflight Entertainment, and
baggage allowances, as the airline makes moves to further lift its customer proposition

Air New Zealand General Manager Short Haul Airline Jeremy O’Brien says these changes came out of
research done to understand what the airline’s customers value on its longer flights.

“From talking with customers we’ve heard loud and clear there’s a need for a consistent Air New Zealand
experience, so the changes to our Seats to Suit product have been made to enhance the customer
experience.

“The majority of our customers on these services already purchase The Works, with only 13% of customers
buying just a seat fare. Ensuring everyone can enjoy a meal from our delicious new menu gives an overall
better onboard experience and streamlines the process for our crew and customers.

“As for Honolulu, moving this service to our Longhaul offering brings it in line with our other North American
destinations so customers will now be able to choose between Economy, Premium Economy and Business
Premier on these flights.”

What’s changing?

Perth and Tahiti
• From 20 October, Seat and Seat+bag fares will no longer be available to be booked on flights
departing after 30 October.
• Customers will now be able to choose between The Works (Economy), Premium Economy and
Business Premier.
• During the transition period, customers who have purchased a Seat or Seat+bag prior to 20
October, will receive a full meal and beverage service and Inflight Entertainment if travelling post 30
October.
• Original ticketed baggage allowance, Airpoints Dollars and Status Points accrual will apply to
existing tickets.

Honolulu
• From 30 October, Honolulu flights will move to a full-service offering.
• Customers can choose between Economy, Premium Economy and Business Premier on these
flights.
• During the transition period, customers who have purchased a Seat, Seat+bag or The Works will
automatically receive our full service Economy offering.
• Original ticketed baggage allowance, Airpoints Dollars and Status Points accrual will apply to
existing tickets.
For more information, please click here.


Travel at your fingertips with refreshed Air NZ app 13 October 2022
Getting ready to travel is about to get a whole lot easier with Air New Zealand’s newly transformed app. The
Air NZ app has undergone a complete rebuild to allow a continuous stream of new features to be added on a
regular basis, starting with the launch in early November.

These new features will be created based on live feedback and input from customers and what they’d like to
see to improve their digital travel experience.

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This app also allows Air New Zealand to be more responsive with improvements in a constantly changing
post-pandemic travel environment and builds on the work the airline has been doing to create tools to keep
our customers safe, up to date and prepared for travel.

Air New Zealand’s Chief Digital Officer Nikhil Ravishankar says the new app has been a year in the making,
building on the work the airline did to integrate key travel documentation such as My Vaccine Pass and the
New Zealand Traveller Declaration into the Airpoints profile, and be one of only a handful of airlines to give
customers the ability to self-service during Covid restrictions.

“We’re fortunate to have an engaged customer base who regularly use the app while travelling around New
Zealand and abroad, and we want them to share their feedback and tell us what they want to see introduced
into the app next,” he says.

“This could be enabling a contactless journey through airports, allowing customers to track their baggage
status or customise their entertainment and meal experience ahead of their flight; we’re listening and will be
using this feedback to shape the future roadmap of the Air NZ app.”

Complete with a new look and designed to make our customers’ day of travel experience that much smoother,
customers can now see all upcoming flights and key information in chronological order in the app. With one
click they can view all flight details with options to select seat, add a bag, upgrade or select any add-ons, and
of course order a coffee in the lounge, ensuring customers have everything they need for a stress-free trip.

“The new app is instrumental in ensuring Air New Zealand continues to offer customers even more control in
the palm of their hands no matter where they are in their journey.”

Japan reopens its borders to visa free travel 11 October 2022
Air New Zealand has seen a huge surge in interest to travel to Japan as the country rolls out the welcome
mat to tourists.

Japan resumed visa-free entry in early October 2022 enabling free independent travel for the first time in
over two and a half years with the country lifting its border restrictions for visitors who have been triple
vaccinated or take a pre-departure Covid test. The daily entry cap has also been removed.

Air New Zealand General Manager Long-haul Scott Carr says Japan is hugely important to New Zealand
and to Air New Zealand.

“Kiwis have been flying to Japan on our aircraft since 1980, and over the years have built up a real affinity
and affection for Japan. We kept flying to Japan during Covid – to maintain connectivity and keep New
Zealand exports moving to this important market, and we are extremely excited to be able to fly customers
to and from Tokyo again.

“Following the news that Japan’s border will reopen to tourists, we saw a strong uptick in interest and
bookings from Kiwis. No surprise there given Japan is often top of people’s travel bucket list. Attracting
Japanese tourists to New Zealand is also our focus with plans in place to market New Zealand as a key
destination for Japanese.”

In 2019, Japan was New Zealand's fifth largest international visitor market with 100,000 visitors arriving
from Japan. Those visitors spent around $277 million in New Zealand, supporting local tourism and
hospitality industries. Most Japanese visitors travel directly to New Zealand on Air New Zealand.

Air New Zealand operates three non-stop flights between Auckland and Tokyo each week. Flight
frequencies will increase to six times a week from 12 December before returning to a daily service from 13
February. Pre-Covid, Air New Zealand operated 13 return flights to Japan every week through New
Zealand’s high season.

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“Japan is also a key market for our exporters. In the last year we carried 3.6 million kilograms of fresh
produce and meat into Japan – with capsicums, tomatoes, beef and lamb and seafood being top exports.

“The reopening couldn’t be better timed for Kiwis wanting to get up to Japan with autumn being a major
tourism season, and the All Blacks playing Japan on 29 October. The ski season which falls over the New
Zealand summer is also fast approaching.

“Japan is a real wonder to visit, regardless of when you go. Whether its Kyoto turning golden in autumn,
winter skiing on the slopes of Hokkaido or catching the Sakura (cherry blossoms) in spring, there’s always
something to see and do. And the Japanese are wonderfully consummate hosts and of course, the food is
amazing.”

Tokyo
Whether you want to get lost in Japan's past, soak up the high-energy nightlife or traverse Tokyo for some
of the world's best shopping, this metropolis of over 37 million people has all the experiences you could
imagine.

Getting around is a breeze: there's no such thing as a train running late in Tokyo. And once you're ready to
experience somewhere new, hop on the shinkansen - the bullet train - and you'll find yourself in Kyoto,
Hiroshima or Kanazawa in no time at all.

Best time to go
March and April are popular months to visit as the plum and cherry blossoms come out. May is the locals’
favourite season. The rainy season comes in June before the summer heat of July and August hits.
September provides some welcome heat respite before the beautiful October and November months bring
the autumnal display that precedes a winter that is known for its clear dry blue-sky days, and of course
skiing and onsen.

Here comes the Pride – Air New Zealand to host flights for WorldPride 6 October 2022

Air New Zealand is celebrating WorldPride 2023 by hosting the world’s highest drag show at 40,000ft with
fabulous fashion and plenty of colourful, onboard entertainment.

Customers won’t want to miss Air New Zealand’s direct flights from Auckland and San Francisco to the
largest global LGBTQIA+ event in Sydney. It will be the first time WorldPride will be held in the Southern
Hemisphere.

With hundreds of thousands of people all over the world heading to the city for the festival, Air New Zealand
is helping people get there in style with a direct flight from San Francisco to Sydney on 20 February and
another from Auckland to Sydney on 24 February.

Building on the legacy of the Air New Zealand Pink flights, these services will be far from ordinary, boasting
a full programme of entertainment from drag shows to dance routines and plenty of surprises!

RuPaul's Drag Race Down Under star drag queen Anita Wigl’it will be keeping customers entertained as
they wing their way to Sydney’s WorldPride Mardi Gras.

“Customers on board need to get ready f
or the trip of a lifetime! Expect silliness, fabulous entertainment and
a trip so enjoyable that the journey is just as good as the destination,” says Anita Wigl’it.

Air New Zealand’s employee network Pride, supporting members and allies of the Rainbow community, is
proud to see these flights celebrating diversity and inclusion on a global scale.

The airline’s General Manager Short Haul Jeremy O’Brien says he’s honoured to work for an organisation
that is representative of Aotearoa’s culture and diversity and is a place where Air New Zealanders can truly
be themselves and thrive.

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“We’re so excited to be putting on these flights to celebrate WorldPride and the diversity of our people and
our customers. The flights are part of our wider mission to tautoko (support) employees and customers who
are part of the Rainbow community and advocate for inclusion.”

For more information about Air New Zealand’s Auckland to Sydney Pride Flight, or to purchase a ticket
through Grabaseat, visit: https://www.grabaseat.co.nz/packages


For more information visit https://www.airnewzealand.com/sydneypride
. Bookings for this special flight are
exclusively available through our Trade Partners including Down Under Answers, Southern World, HE
Travel and Goway Downunder.

Star Alliance reclaims World’s Best Airline Alliance title at the 27 September 2022
Skytrax 2022 World Airline Awards

• Star Alliance Los Angeles Lounge retains World’s Best Airline Alliance Lounge Award for the sixth
consecutive year
• 8 member carriers claim a total of 28 top honours

Star Alliance has reclaimed the title of World’s Best Airline Alliance at the prestigious Skytrax 2022 World
Airline Awards. The Alliance’s famed Los Angeles lounge has also retained the award for World’s Best
Airline Alliance Lounge for the sixth year running. The awards were received by Star Alliance CEO Jeffrey
Goh at a ceremony held at the historic Langham Hotel in London.

Commenting on the win, Mr Goh said: “We are elated to learn that millions of flyers around the world have
put their trust in Star Alliance yet again and have recognised the exceptional value the alliance offers
through their journey. As we celebrate our 25
th
anniversary this year, the recognition means even more to
us.”

Mr Goh also took this opportunity to thank the unwavering efforts of the team and continued: “As we
navigate through one of the most difficult periods for our industry, it is the grit and hard work of the Star
Alliance team and the staff of our member carriers that has enabled seamless travel despite constantly
changing environment. I receive this honour on their behalf.”

Star Alliance is dedicated to a multi-dimensional strategy to elevate customer experience, built on the pillars
of digitalisation of the journey, unmatched loyalty benefits and industry-first innovations. Recently Star
Alliance extended its network with the Intermodal Partnership model, which intelligently combines air travel
with other transport ecosystems. Launched in July 2022 with the German rail network, Deutsche Bahn,
passengers can conveniently book combined air and rail journeys on a single ticket.

Known as “the Oscars of the aviation industry”, the Skytrax World Airline Awards are independent and
impartial awards decided through international customer voting. Passengers with over 100 nationalities
participated in the 2021-22 survey, with 14.32 million eligible entries counted in the results. The survey was
also provided in six major international languages.

Back in 2005 when the World's Best Airline Alliance category was introduced, Star Alliance was the first
alliance to achieve the title, winning it multiple times in the following years. More recently, it held the top
position for four consecutive years 2016-2019.

Edward Plaisted CEO of Skytrax said: "We congratulate Star Alliance and its member carriers on the award
for the World's Best Airline Alliance once again, voted for by passengers across the globe. We also
congratulate them on the coveted Best Airline Alliance Lounge recognition for the Los Angeles International
Airport, sixth year running. This is a great achievement for the alliance, and a great source of pride for all
stakeholders."