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AIR NZ WINS MAJOR ENGINEERING CONTRACT
The Air New Zealand Group's engineering business - ANZES - has secured a
major contract to carry out heavy maintenance and reconfiguration work on up
to 15 Boeing 747-400 aircraft owned by Qantas Airways.

The work will be undertaken at the ANZES jet base in Auckland and involves
cabin reconfiguration and in-flight entertainment system installation on
nine aircraft, with an option for similar work on a further three aircraft,
and heavy maintenance "C" checks on three aircraft.

The value of the contract will range between NZ$13.5 million and NZ$16
million - depending on the exercise of the options. The work will be
undertaken progressively, starting this month and proceeding until March
2003.

"We are delighted that ANZES has won this significant contract in the face
of stiff international competition," said the Managing Director of Air New
Zealand, Ralph Norris.

"Despite the general downturn in the aviation industry since September 11,
ANZES has utilised its reputation for quality work, competitive cost and
on-time performance to continue building contract business and it now has a
strong order book out into next year," he said.

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