Ann: BUYBACK: AIR: Share Buyback

• Release Date: 28/09/12 16:07
• Summary: BUYBACK: AIR: Share Buyback
• Price Sensitive: No
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AIR
28/09/2012 14:07
BUYBACK

REL: 1407 HRS Air New Zealand Limited (NS)

BUYBACK: AIR: Share Buyback

Air New Zealand Limited ("Air New Zealand") announces that it intends to
undertake an on-market share buyback programme on the NZSX and the ASX to
acquire up to 3% of its ordinary shares (being 33,006,112 ordinary shares).
The share buyback may commence from 4 October 2012 and may continue until 27
September 2013.
The Air New Zealand Board has decided to undertake the share buyback as it
believes that the current share price does not fairly reflect the underlying
value of Air New Zealand's shares.
The Crown, which holds 73.09 per cent of Air New Zealand's ordinary shares,
has advised Air New Zealand that it will not participate as a seller into the
share buyback.
To ensure that Air New Zealand's trading does not unduly influence the price
of its shares, the following trading rules will apply in relation to the
buyback:
o Air New Zealand will not purchase shares under the buyback at a price which
is more than five per cent above the volume weighted average market price for
Air New Zealand shares (calculated with reference to the volume weighted
market price of Air New Zealand shares during the last five days on which
sales in those shares were recorded prior to the day on which a purchase
under the share buyback is made).  This pricing restriction is required under
the ASX Listing Rules;

o Air New Zealand will only purchase shares through the NZX and ASX order
matching systems;

o Air New Zealand will not purchase more than 25% of the trading volume over
any 5 trading day period;

o Air New Zealand will not take part in the opening transaction of any day
and will not trade in the last 15 minutes of the trading day; and

o Air New Zealand will not purchase shares through more than one broker on
any trading day.

The Air New Zealand Board may from time to time change any of the trading
rules referred to above or add any additional trading rules.
As required by the NZSX Listing Rules and the ASX Listing Rules, Air New
Zealand will make daily announcements to NZX and ASX of any shares bought
back under the share buyback.

It is currently intended that shares acquired under the share buyback will be
held as treasury stock and may be used for the purposes of fulfilling Air New
Zealand's obligations under employee share-based compensation plans.
A copy of the Appendix 3C, which Air New Zealand is required to lodge with
ASX pursuant to the ASX Listing Rules, is attached.

Annexure A
Rule 3.8A
Appendix 3C
Announcement of buyback
(except minimum holding buyback)

Information and documents given to ASX become ASX's property and may be made
public.
Introduced 1/9/99.  Origin: Appendix 7B.  Amended 13/3/2000, 30/9/2001,
11/01/10

Name of entity ABN
  Air New Zealand Limited (the "Company")
  70 000 312 685

We (the entity) give ASX the following information.

Information about buyback

1 Type of buyback
 On-market buyback (NZSX and ASX)

2 +Class of shares/units which is the subject of the buyback (eg,
ordinary/preference)
 Ordinary

3 Voting rights (eg, one for one)
 One for one

4 Fully paid/partly paid (and if partly paid, details of how much has been
paid and how much is outstanding)
 Fully paid

5 Number of shares/units in the +class on issue
 1,100,203,759

6 Whether shareholder/unitholder approval is required for buyback
 No

7 Reason for buyback

 The Board has decided to undertake the share buyback as it believes that the
current share price does not fairly reflect the underlying value of the
Company's shares.

8 Any other information material to a shareholder's/unitholder's decision
whether to accept the offer (eg, details of any proposed takeover bid)

 The Crown, which holds 73.09 per cent of the Company's ordinary shares, has
advised the Company that it will not participate as a seller into the share
buyback.

On-market buyback

9 Name of broker who will act on the company's behalf
 To be appointed

10 Deleted 30/9/2001.

11 If the company/trust intends to buy back a maximum number of shares - that
number
Note:  This requires a figure to be included, not a percentage.
 3% of the Company's outstanding ordinary shares (being 33,006,112 ordinary
shares)

12 If the company/trust intends to buy back shares/units within a period of
time - that period of time; if the company/trust intends that the buyback be
of unlimited duration - that intention
 The buyback may commence from 4 October 2012 and may continue until 27
September 2013.

13 If the company/trust intends to buy back shares/units if conditions are
met - those conditions

 N/A

Employee share scheme buyback

14 Number of shares proposed to be bought back
 N/A

15 Price to be offered for shares
 N/A

Selective buyback

16 Name of person or description of class of person whose shares are proposed
to be bought back
 N/A

17 Number of shares proposed to be bought back
 N/A

18 Price to be offered for shares
 N/A
Equal access scheme

19 Percentage of shares proposed to be bought back
 N/A

20 Total number of shares proposed to be bought back if all offers are
accepted
 N/A

21 Price to be offered for shares
 N/A

22 +Record date for participation in offer
Cross reference: Appendix 7A, clause 9.
 N/A
Compliance statement

1. The company is in compliance with all Corporations Act requirements
relevant to this buyback.
2. There is no information that the listing rules require to be disclosed
that has not already been disclosed, or is not contained in, or attached to,
this form.
Sign here:    Date: 28 September 2012
  Director

Print name:  John Palmer - Chairman
End CA:00227895 For:AIR    Type:BUYBACK    Time:2012-09-28 14:07:46