Long Term Incentive Plan - Supplementary Information

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


5 January 2026

Air New Zealand issues share rights under Long Term Incentive Plan
Air New Zealand has had a Long-Term Incentive Share Rights Plan since 2015 (as amended
from time to time, the Plan).
Under the Plan, executives may be issued with 3-year share rights. There is no cost to the
Company or to the employee when these rights are issued. If future targets, known as ‘vesting
conditions’ as set out below, are met then these rights will see participants receive ordinary
shares in the Company at a future date.
If targets are not met, the rights lapse and no shares are awarded to the executives
participating in the Plan. This happened when the vesting conditions set for share rights due to
vest in 2021, 2022, 2024 and 2025 were not met and those rights lapsed. The rights due to vest
in 2023 vested in part.
The Plan is part of the broader remuneration package for senior executives and is designed to
incentivise management to outperform over time for the benefit of all shareholders, employees
and customers.
Under the Plan, the Company has now issued 22,391,420 share rights for no consideration to
the Chief Executive Officer and to selected executives. The share rights were issued on 17
December 2025 as approved by the directors of the Company on 9 December 2025.
These share rights give participants the right to receive ordinary shares in the Company subject
to certain vesting conditions being achieved over a performance period (commencing on 15
September 2025 and ending on the date which is 20 NZX trading days after Air New Zealand
has issued its annual results for the financial year ending 30 June 2028).
These share rights are divided into two equal tranches and each tranche an individual is
awarded will be measured against a separate performance hurdle. The rights will only vest if
the Total Shareholder Return of an Air New Zealand Share over the performance period
described above is greater than zero. If TSR is zero or a negative number, the share rights will
lapse without the performance hurdles being tested.
If the TSR gate is achieved, the number of rights that will be eligible for vesting will depend on
Air New Zealand’s performance against two comparison indices:
- the performance hurdle for the first tranche will measure Air New Zealand’s TSR against the
NZX 50 index.
-the performance hurdle for the second tranche will measure Air New Zealand’s TSR against
the Bloomberg World Airline index

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


In particular:
a) 50% of share rights will vest if the Company’s share price has matched the comparison
index over the performance period; and
b) for each 1% the share price outperforms the comparison index, a further 2.5% of share
rights will vest up to the maximum 100%.
If the share price does not match that index at the end of the performance period, the share
rights will lapse.
In connection with the issue of these 2025 share rights, Air New Zealand advises the following
details:
(a) Class of security and ISIN: Share Rights- ISIN: N/A
(b) Number of Share Rights issued: 22,391,420
(c) Issue Price: NIL
(d) Payment in cash: NIL
(e) Amount paid up: N/A
(f) Percentage of total class of securities: 33% (of Share Rights on issue)
(g) Reason for issue: Issued under the Air New Zealand Long Term Incentive Share Rights
Plan
(h) Specific authority for issue: Directors’ Resolution
(i) Terms or details of issue: Issued under the Air New Zealand Long Term Incentive Share
Rights Plan
(j) Total number of securities of the class after issue: 66,946,403 (Share Rights)
(k) Treasury Stock: Not applicable
(l) Date of issue: 17 December 2025 (Grant Date: 15 September 2025)
(m) Vesting Date 20 NZX trading days after Air New Zealand has issued its annual results for
the financial year ending 30 June 2028

Ends.
This announcement is authorised for release on NZX and ASX by Jennifer Page, General
Counsel & Company Secretary (jennifer.page@airnz.co.nz).
For investor relations questions, please contact:
Kim Cootes
Head of Investor Relations
kim.cootes@airnz.co.nz
+64 27 297 0244

For media enquiries, please contact:
Air New Zealand Communications.
media@airnz.co.nz │+64 21 747 320 │ Twitter: @AirNZMedia