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Air New Zealand Disappointed by Boeing 787 Delay

Media release 10 April 2008

Air New Zealand Disappointed by Boeing 787 Delay

Air New Zealand has today had confirmation from Boeing that it can expect a delay in the delivery of its first Boeing 787-9 aircraft.

Air New Zealand has eight 787-9 aircraft on firm order with delivery of the first initially expected around the end of 2010, with all aircraft delivered by late 2013.

The delivery of the first aircraft is now likely in early 2012.

As a result of the delay, Air New Zealand will be entering into compensation discussions with Boeing.

"While disappointed, Air New Zealand has retained sufficient flexibility in its existing portfolio of leased and owned aircraft to ensure no capacity shortfall arises during this period," says Air New Zealand Chief Financial Officer Rob McDonald.

"However we are yet to determine if there will be any impact on our network expansion plans. We are obviously very disappointed that in the current environment of high jet fuel prices, we will not be able to take advantage of the significantly improved economics that this aircraft will provide in the timeframes we initially expected."

Air New Zealand also has four 777-300ER aircraft on order from Boeing which will be delivered in 2010 and 2011. Their delivery remains on schedule and will enable Air New Zealand to continue to grow capacity over this period as planned.

ENDS


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