Investor Presentaiton

Supporting liquidity • • • • • • Stable levels of recent, current and forecast funding programmes Levels of outstanding bonds at 3-4 times pre GFC levels Government commitment to minimum level of NZGBs on issue Quarterly tender schedule announcements: fixed amounts and specific maturities Capacity to tender two nominal maturities per month New bonds launched via syndication for immediate volume • Use of benchmark lines • Focus on domestic market issuance and core products • . Management of cash flows around upcoming bond maturities Broadly match Australian Commonwealth Government bond maturities Source: The Treasury's NZDMO 29 29

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