Investor Presentaiton

Labour market tightens Source: Bloomberg % of labour force 7 CO 6 LO 5 + 3 2 Mar 00 Mar 04 % of working-age population - inv 61 ZETO 22222 22 71 66 67 68 69 70 62 63 64 65 72 Mar 12 Mar 16 Mar 08 —NZ unemployment rate -NZ participation rate (rh) 9

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