Disclosure of Director and Senior Mngrs Relevant Interests

Ongoing Disclosure Notice Disclosure of Directors and Senior Managers Relevant Interests Sections 297(2) and 298(2), Financial Markets Conduct Act 2013 To NZX Limited; and Name of listed issuer: Air New Zealand Date this disclosure made: 8-Mar-17 Date of last disclosure: 28-Nov-16 Director or senior manager giving disclosure Full name(s): Christopher Luxon Name of listed issuer: Air New Zealand Name of related body corporate (if applicable): Position held in listed issuer: CEO Summary of acquisition or disposal of relevant interest (excluding specified derivatives) Class of affected quoted financial products: Ordinary shares Nature of the affected relevant interest(s): Exercise of options For that relevant interest- Number held in class before acquisition or disposal: 1,676,307 ordinary shares 2,642,913 options 2,378,536 performance rights 659,715 restricted rights Number held in class after acquisition or disposal: 2,872,078 ordinary shares 2,378,536 performance rights 659,715 restricted rights Current registered holder(s): Registered holder(s) once transfers are registered: Details of transactions giving rise to acquisition or disposal Total number of transactions to which notice relates: 1 Details of transactions requiring disclosure Date of transaction: 6-Mar-17 Nature of transaction: Exercise of 2,642,913 options to acquire 1,195,771 shares Name of any other party or parties to the transaction (if known): The consideration, expressed in New Zealand dollars, paid or received for the acquisition or disposal. If the consideration was not in cash and cannot be readily by converted into a cash value, describe the consideration: Nil Number of financial products to which the transaction related: If the issuer has a financial products trading policy that prohibits directors or senior managers from trading during any period without written clearance (a closed period) include the following details-- Whether relevant interests were acquired or disposed of during a closed period: No Whether prior written clearance was provided to allow the acquisition or disposal to proceed during the closed period: Date of the prior written clearance (if any): Certification I certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. Signature of director or officer: for and on behalf of Christopher Luxon Date of signature: 8-Mar-17 End CA:00297994 For:AIR Type:RELINT Time:2017-03-08 14:08:34