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AIR NZ ANNOUNCES STRONG OPERATING STATISTICS AND SIGNIFICANT FINANCIAL TRANSACTIONS
Air New Zealand has released its operating statistics for March 2002. Group
Revenue Passenger Kilometres increased by 7.8% for the month of March,
relative to the same period in the prior year, primarily driven by increased
passenger traffic in both the domestic and international sectors. Capacity
for the month decreased by 7.7%, leading to an overall increase in load
factor of 11 percentage points.

For the financial year to March 2002, Revenue Passenger Kilometres
decreased 1.5% on capacity reductions of 3.5%. This resulted in the load factor
increasing 2 percentage points to 74%.

March Financial YTD

FY02 FY01 % FY02 FY01 %
RPK (millions) 2,332 2,164 7.8 16,912 17,173 -1.5
ASK (millions) 2,834 3,069 -7.7 22,922 23,754 -3.5
Passenger Load Factor (%)82 71 11pts 74 72 2pts

1. The above are preliminary statistics and may be subject to change.

Significant Financial Transactions

Air New Zealand has this week completed several significant financial
transactions that have improved the financial flexibility of the business.
These transactions include:

Revolving Loan Facility

Air New Zealand has finalised a NZ$200m two-year revolving credit facility
led by the National Bank of New Zealand. This facility will now be
syndicated with provision for a further $50 million in over subscriptions.

Lease Extensions

Air New Zealand has entered into lease extensions on six aircraft owned by
International Lease Finance Corporation. The aircraft (4 Boeing 747-400
series and 2 Boeing 767-300 series aircraft) are core to the Air New Zealand
fleet requirement. The leases, all of which were approaching renewal option
points, have been extended for between three and seven years.

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