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Investor Presentaiton

Recent announcements Forecast Domestic Bond Programme – HYEFU, December 2017 Year ending 30 June (face value) 2018 2019 2020 2021 2022 Total Gross NZGB issuance ($ billion) 7.0 7.0 7.0 7.0 7.0 35.0 NZGB maturities and repurchases ($ billion) 9.1 7.9 7.3 11.1 0.0 35.3 Net NZGB issuance ($ billion) -2.1 -0.9 -0.3 -4.1 7.0 -0.3 NZGBS on issue ($ billion) 72.3 71.4 71.2 67.1 74.1 n/a NZGBS on issue (percent of GDP) 25.2% 23.7% 22.5% 20.2% 21.4% n/a • Reiterated intention to syndicate NZGB 20 April 2029 before 30 June 2018 • • Up to NZ$5b of NZGB 15 March 2019 to be repurchased prior to 30 June 2018 Maintain levels of NZGBS on issue at not less than 20% of GDP over time Source: The Treasury's NZDMO 31

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