American Depositary Receipt (ADR) information

On 20 July 2017, Air New Zealand launched a sponsored Level 1 American Depositary Receipt (ADR) programme with Deutsche Bank Trust Company Americas.

The depositary bank plays a key role in issuance as well as cancellation of ADRs. It also maintains the ADR holder register and distributes the dividends to ADR holders in U.S. dollars.

Air New Zealand Limited's programme is sponsored by Deutsche Bank. As a depositary bank, Deutsche Bank performs the following roles:

  • Issues and cancels Air New Zealand Limited ADRs
  • Records and maintains the register of ADR holders
  • Is the stock transfer agent
  • Distributes dividends in US dollars (if applicable)
  • Facilitates the proxy voting process and exercises the voting rights on behalf of ADR holders (if applicable)
  • Distributes company circulars and Annual General Meeting documentation (if applicable)

For those holders which are not registered because their shares are held through a 'street name' (or nominee account), your nominee will receive company documents from time to time from Deutsche Bank to distribute to you. You need to make arrangements with your nominee if you wish to receive such documents and to be able to exercise your vote through the depository bank at general meetings (if applicable).

ADR details

Ticker: ANZLY
Structure: Level 1 ADR
Exchange: Over-the-market (OTC)
Ratio of ADRs to ordinary shares: The ratio change from 1:20 to 1:5 will occur on August 14 (the record date for the ratio change will be August 11)
DR ISIN: US0091362014
CUSIP: 009136 201

Contact details for ADR investors and brokers

Deutsche Bank ADR broker services desk
New York: +1 212 250 9100
London: +44 207 547 6500

Contact details for registered ADR holders

Deutsche Bank Shareholder Services
American Stock Transfer & Trust Company
Operations Center
6201 15th Avenue
Brooklyn NY 11219
Toll-free number: +1 866 706 0509
Direct Dial: +1 718 921 8124

Frequently asked questions regarding ADRs

The following information does not contain all information that may be important to you. For more complete information, we highly recommend that you read the entire deposit agreement and the form of American Depositary Receipt, which contains the American Depositary Shares terms. You can access this information by going to the United States Securities and Exchange Commission website and typing in "Air New Zealand" under the company name field.

What is an ADR?

An ADR is a stock that trades in the United States but represents a specified number of shares in a foreign company. Air New Zealand's ADRs are issued by Deutsche Bank Trust Company Americas and represent 5 ordinary shares of Air New Zealand. The ADR acts as a security, can be traded in the United States, and trades in US dollars. An ADR is sometimes also referred to as an American Depositary Share (ADS).

What is an ADR ratio?

The ADR ratio defines the numeric relationship between the number of ADRs and the number of ordinary shares. Every 5 Ordinary Air New Zealand Limited shares represent 1 Air New Zealand Limited ADR.

What are the benefits of ADRs to US investors?

US investors may prefer to purchase ADRs rather than ordinary shares in Air New Zealand Limited's home market because ADRs trade, clear and settle according to US market conventions. ADRs allow chiefly US investors to diversify into non-US securities, relatively easily.

Why did you establish an ADR programme?

Air New Zealand Limited established the ADR programme to make it easier for US investors to invest in Air New Zealand Limited. ADRs are easier for US investors for various reasons including that administrative costs are reduced and capital gains are realized in US dollars.

What effect do you expect the ADR programme to have on your shareholder base?

We hope that the ADR programme encourages US investors to increase their exposure to Air New Zealand Limited, as it will now be easier for them to do so.

Is it easy to get information and updates on Air New Zealand Limited?

Information about Air New Zealand Limited is widely available on Air New Zealand Limited's website.

Where are Air New Zealand Limited ADRs traded?

Air New Zealand Limited ADRs are traded over-the-counter (OTC) on the electronic market operated by OTCMarkets.

What is the OTCMarkets?

The OTCMarkets is a decentralized market for securities that are not listed on a stock exchange. Trading on OTCMarkets occurs via a network of dealers who carry inventories of securities to facilitate the buy and sell orders of investors.

Who is Air New Zealand Limited's depositary for ADRs?

Deutsche Bank Trust Company Americas is the depositary bank for Air New Zealand Limited's ADR programme. The depositary bank plays a key role in issuance as well as cancellation of ADRs. It also maintains the ADR holder register, distributes the dividends in US dollars (if applicable) and facilitates the exercise by the ADRs holders of their voting rights (if applicable).

What currency are Air New Zealand Limited ADRs denominated in?

Air New Zealand Limited ADRs are denominated in US dollars.

What is the difference between a registered ADR holder and a beneficial ADR holder?

A registered holder is the party whose name appears on the books of the depositary bank. The registered holder is considered the owner of record. A beneficial holder is the ultimate owner of the security, whose holdings are registered in a name other than their own, such as in the name of a broker, bank or nominee.

How do I convert my ordinary shares into ADRs?

Converting ordinary shares into ADRs must be done through a broker investment advisor or for registered holders through Deutsche Bank Trust Company Americas. You can contact Deutsche Bank broker services desk on +1 212 250 9100 or +44 207 547 6500.

How may I check how many ADRs I hold?

If you do not hold via a broker, bank or nominee, please contact our transfer agent:

Deutsche Bank Shareholder Services
American Stock Transfer & Trust Company
6201 15th Avenue
Brooklyn, NY 11219
Toll-free number: +1 866 706-0509
Direct Dial: +1 718 921 8124

How may I find out corporate action information on Air New Zealand Limited?

For corporate action information, please visit:

Search for Air New Zealand Limited and then select Corporate Actions tab.

Alternatively you may contact Deutsche Bank Trust Company Americas Shareholder Services on toll-free number +1 866 706 0509 or direct dial +1 718 921 8137.

How is the dividend calculated for ADR holders?

The US dollar rate paid to holders of ADRs is calculated by applying the exchange rate used to convert the foreign dividend payment (net of local withholding tax) to US dollars, and adjusting the result according to the ordinary share (ADR ratio).

For example, if someone held 100 ADRs of Air New Zealand, they would, assuming a ratio of 1:5, receive their share of the dividend allocable to 500 underlying shares, after applying the exchange rate and net of any taxes and government changes and any applicable fees and charges of and expenses incurred by, the Depositary.

How do I receive my dividend payments if I am an ADR holder?

ADR holders will receive the dividend in U.S. dollars. The depositary bank typically announces the final ADR dividend rate following conversion into U.S. dollars. ADR rates and pay dates will be published on