Air NZ continues its strategic capital structure review

25 September 2020 Air New Zealand continues its strategic capital structure review Air New Zealand has a wide range of stakeholders. Air New Zealand and the Crown, as majority shareholder and lender, are focused on securing the long-term future of the airline. The Crown Standby Facility ("CSF") has started to be drawn down and provides the Company with necessary liquidity support as it works on a plan for the future shape and size of its business post COVID-19. The CSF was always intended by both parties to provide the necessary time for the airline to reposition its operations and facilitate the implementation of a long-term capital structure. The Company continues to evaluate a range of scenarios on how the pandemic may develop and the subsequent impacts on its business operations, fleet, operating cost structure, and capital requirements. Assuming there are no further material adverse developments, the Company is expecting to complete the strategic capital structure review by early 2021 and be in a position to proceed with capital raising to be completed before June 2021. The New Zealand Government has recently reaffirmed its commitment to maintaining its majority shareholding in Air New Zealand, and the Board is engaging constructively with the Crown in its capital structure and funding discussions. Ends. Therese Walsh Chairman Jennifer Page General Counsel and Company Secretary jennifer.page@airnz.co.nz Leila Peters General Manager Corporate Finance leila.peters@airnz.co.nz +64 21 743 057 End CA:00360450 For:AIR Type:MKTUPDTE Time:2020-09-25 14:21:02