I had a rather interesting discussion on Freedoms of the Air (see page 2 of this document), primarily in the context of South-East Asia.
Apparently New Zealand is a shining example of liberalisation what with being a signatory to the MALIAT and all.
So new first pass valuations for Air New Zealand:
Date ~ Value
30-Jun-16 ~ $2.494;
30-Jun-17 ~ $2.407;
30-Jun-18 ~ $2.430;
30-Jun-19 ~ $2.500;
30-Jun-20 ~ $2.599.
All based on things going fairly smoothly for a while.
Best Wishes
Paper Tiger