Adobe AIR 3.x 4.x 13.x etc

Download the installer and extract out the resource files along with setup.msi.

Attempts to run the setup.msi file end with "Could not access network location (computed)."

This section applies to older 3.x only****
Apply the following modifications:
Create a transform for the MSI
Set the property
SHAREADDINFOLDER=C:\
*******************************

Prevent the EULA prompt:
Create the eulaAccepted file by launching an AIR application and configure the package to deliver this to C:\ProgramData\Adobe\AIR

Prevent Updates:
HKLM\Software\Policies\Adobe\AIR    DWORD UpdateDisabled     value #1


Starting 14 November 2013 Adobe made a significant change to their versioning number approach.
http://blogs.adobe.com/flashplayer/2013/11/new-version-numbering-2.html
At the time of this update (April 2014) running the downloaded AIR installer resulted in an installation versioned 4.0.1390.0.  After running the executable installer an update would almost immediately be offered.  Running this update downloaded and runs an updated setup.msi in the temp folder.  This is similar to the original setup.msi and applies later file versions.

To create a package of an up to date Adobe AIR installation it is necessary to trap the updated setup.msi running from the temp folder during the update process.  Use this in the same way as previously to create your package.

Adobe AIR version information
http://helpx.adobe.com/en/flash-player/release-note/fp_12_air_4_release_notes.html#id_62973