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: 21-Dec-18 Date of last disclosure: 29-Nov-18 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: Restricted Rights convertible to Ordinary Shares ("Restricted Rights") Nature of the affected relevant interest(s): Power to acquire Ordinary Shares in accordance with terms of the Restricted Rights For that relevant interest- Number held in class before acquisition or disposal: 753,451 Number held in class after acquisition or disposal: 372,815 Current registered holder(s): Christopher Luxon Registered holder(s) once transfers are registered: Christopher Luxon Summary of acquisition or disposal of relevant interest (excluding specified derivatives) Class of affected quoted financial products: Ordinary Shares (NZX:AIR) Nature of the affected relevant interest(s): Registered holder: beneficial owner For that relevant interest- Number held in class before acquisition or disposal: 3,000,000 Number held in class after acquisition or disposal: 3,380,636 Current registered holder(s): Christopher Luxon Registered holder(s) once transfers are registered: Christopher Luxon 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: 20-Dec-18 Nature of transaction: Exercise of Rights to acquire Ordinary Shares upon satisfaction of terms 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: 380,636 Rights were exercised to acquire shares, on a one-for-one basis, at no cost Number of financial products to which the transaction related: 380,636 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: Not applicable Date of the prior written clearance (if any): Not applicable Summary of other relevant interests after acquisition or disposal Class of affected quoted financial products: Rights convertible to Ordinary Shares ("Rights") Nature of the affected relevant interest(s): Power to acquire Ordinary Shares in accordance with the terms of the Rights For that relevant interest- Number held in class: 2,006,004 Current registered holder(s): Christopher Luxon 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 person authorised to sign on behalf of director or officer: Date of signature: 21-Dec-18 Name and title of authorised person: Felicity Cammock HR Manager Employee Benefits End CA:00328814 For:AIR Type:SHINTR Time:2018-12-21 11:02:18