Air New Zealand Limited · NZX:AIR

Air New Zealand — Shareholder Meeting (October 2006)

24 slides from Air New Zealand's shareholder meeting presentation, Oct 25, 2006

1. Slide 1: ne ine

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2. Slide 2: Annual Meeting 2006

   & | ANNUAL MEETING 2006 | ANNUAL MEETING ° CHAIRMAN’ s ADDRESS. ~CHIEF EXEC ITEM 1: TORE TEM 2:TOR ITEM 3: TOA UTIVE’ s ADDRESS. =-ELECT SIR RON CARTER E-ELECT WARREN LARSEN DOPT A NEW CONSTITUTION

3. Slide 3: At the heart of every New Zealand journey

   |G | ANNUAL MEETING ao9e AT THE HEART OF EVERY NEW ZEALAND JOURNEY

4. Slide 4: 2006 Financial Performance

   i | ANNUAL MEETING 200% 2006 FINANCIAL PERFORMANCE Profit before unusuals and tax of $150m ae * Profit after tax of $96m | Revenue up 5% to $3.8bn + Global online revenue up 43% ; Cost savings of $106m exceeded targets mo . Operating : cash flow up 8% to $473 = + Total cash held $1, 160m oS AIR NEW

5. Slide 5: Business Transformation

   i | ANNUAL MEETING 200% BUSINESS TRANSFORMATION * Engineering reorganisation oe Corporate office right sizing. * Airport Services review. AIR NEW ZEALAND | &

6. Slide 6: So See

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7. Slide 7: Outlook Statement

   i | ANNUAL MEETING 200% OUTLOOK STATEMENT “ First quarter yields up 138% : © Given recent jet fuel price movements and. - if current trading conditions persist, then the — current year's profit before. unusuals and tax = would exceed last year's AIR NEW ZEALAND 7

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9. Slide 9: New Product = Higher Revenue

   i | ANNUAL MEETING 200% NEW PRODUCT = HIGHER REVENUE - Premium cabin. yields up. 13%" Premium cabin passengers up 2796" Premium seat comfort rating up 24: points to B99" ‘Premium. cabin ambience rating up 19 points - to 879%" Premium overall flight experience up 14 points to 89%" + Comparison betwee

10. Slide 10: Long-Haul Product

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14. Slide 14: iin

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15. Slide 15: OF Ls

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16. Slide 16: The Year Ahead

    i | ANNUAL MEETING 200% THE YEAR AHEAD Growth “ « New international routes oot Additional Q300s. Business transformation continues aie » Active role in New Zealand’ S. tourism strategy Continue to. develop portfolio of profitable routes + Labour It productivity and flexibility AIR NEW ZEALAND | 16

17. Slide 17: | . y a ae a oo a mae —

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18. Slide 18: Questions on Company Performance

    |G | ANNUAL MEETING ao9e QUESTIONS ON COMPANY PERFORMANCE

19. Slide 19: Resolutions

    i | ANNUAL MEETING 200% RESOLUTIONS Item 1: to re-elect Sir Ron Carter Item 2: to re-elect Warren Larsen — Item 3: to adopt a new constitution ~ General discussion - AIR NEW ZEALAND | 19

20. Slide 20: Resolutions

    i | ANNUAL MEETING 200% RESOLUTIONS Item 1:to re-elect Sir Ron Carter = “Item 2: to re-elect Warren Larsen Item 3: to adopt a new constitution a ~ General discussion - AIR NEW ZEALAND | 20

21. Slide 21: Resolutions

    i | ANNUAL MEETING 200% RESOLUTIONS Item 1: to re-elect Sir Ron Carter Item 3: to adopt a new constitution ~ General discussion - AIR NEW ZEALAND | 1

22. Slide 22: Resolutions

    i | ANNUAL MEETING 200% RESOLUTIONS Item 1: to re-elect Sir Ron Carter | Item 2: to re-elect Warren Larsen. ~ General discussion - AIR NEW ZEALAND | 29

23. Slide 23: Resolutions

    i | ANNUAL MEETING 200% RESOLUTIONS tem 1: to-re-elect Sir Ron Carter ‘Item 2: to re-elect Warren Larsen -Item 3: to adopt a new constitution M General discussion —__ AIR NEW ZEALAND | 93

24. Slide 24: i . i a y — —

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Air New Zealand — Shareholder Meeting (October 2006) on 6ix