Air New Zealand Leasing Arrangements

Air New Zealand is pleased to announce the company will acquire ten Airbus A320 aircraft on operating lease - five from International Lease Finance Corporation and five from Lombard Aviation Capital - as part of the existing order of 15 new A320 aircraft to be delivered from Airbus.
The five leased aircraft from International Lease Finance Corporation will be delivered during 2003, 2004 and 2005.

The five aircraft which were to have been leased from GE Capital Aviation Services (GECAS) have been sold to Lombard Aviation Capital with the lease commitments of Air New Zealand transferred from GECAS to Lombard. Deliveries of these aircraft will occur during 2003 and 2004.

The remaining five of the committed 15 A320 aircraft will be purchased directly by Air New Zealand from Airbus. All 15 aircraft will be IAE V2500 powered.