Air New Zealand Statement to Stock Exchange re Chairman

The following statement has been issued by Air New Zealand Limited to the New Zealand Stock Exchange:

Sir Selwyn Cushing has advised the Board of Air New Zealand that he is immediately stepping aside as Chairman pending the outcome of a proposal by Qantas Airways to acquire a significant shareholding in Air New Zealand from Brierley Investments Limited and Singapore Airlines Limited. Sir Selwyn has also advised that he intends to make a statement to the Singapore Stock Exchange regarding his chairmanship of Brierley Investments Limited later in the day. Sir Selwyn will remain a director of both Air New Zealand and BIL. It is inappropriate in the circumstances for Sir Selwyn to make any further comment.