Issue of Restricted Share Rights

SUBJECT ISSUE OF RESTRICTED SHARE RIGHTS In 2016 Air New Zealand Limited (the Company) adopted a Chief Executive Officer Restricted Share Rights Plan (Plan). The Company advises that it has made a grant of 216,954 restricted share rights under the plan to Christopher Luxon. These restricted share rights were issued on 30 November 2017. Each restricted share right issued under the Plan gives the holder the right to receive one fully paid ordinary share in the Company, subject to the holder remaining employed by the Company on the vesting date. The vesting date for this issue of restricted share rights is 31 December 2018 for 86,782 of the rights and 31 December 2019 for the balance (130,172) of the rights. When considering whether to issue restricted share rights under the Plan in respect of a financial year, the Board will assess the Chief Executive Officer's performance against the individual objectives set for that financial year. Future issues of restricted share rights will be considered on an annual basis. The Plan is expected to continue through to the financial year ending 30 June 2020. End CA:00311567 For:AIR Type:ADMIN Time:2017-12-07 12:56:07