BRL Blackthorn

RNS No 9650n
BRIERLEY INVESTMENTS LIMITED
27 May 1999

                        AIR NEW ZEALAND LIMITED

Brierley Investments Limited announces that it has acquired further shares in
Air New Zealand Limited as follows:

                                 "A" Class              "B" Class

Number of shares acquired        14,040,000             13,672,700

Percentage acquired              4.86%                  4.92%

Price per share               Range $2.75-3.40          $3.72-4.30
                              Average $3.3984           $4.2441

Percentage now held              59.52%                  39.19%

The acquisition of the shares was made on-market.

The Brierley Investments Limited Group now holds 267,096,015 shares in Air New
Zealand Limited, being 47.11% of the shares on issue and comprising 172,106,796
(59.52%) "A" shares and 94,989,219 (34.19%) "B" shares.  The "A" shares have
been acquired by BILNZ Assets Limited which is exempted under the Overseas
Investment Regulations from treatment as an overseas company.

END


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