Investor Presentaiton

NZGBs maintained above 20% of GDP 0 Source: The Treasury's NZDMO NZ$b 25 25 20 15 10 5 וווייויו 1995 1996 1997 1998 1999 0007 2001 2001 2002 ZOOZ 30% I 25% 2003 2003 +002 2004 2005 С007 2006 2006 2007 2007 2008 לס 2009 2010 2011 LLOZ OLOZ 2012 לחול 2013 GLOZ 2014 2015 2016 OLOZ LOZ 2017 2018 2019 2020 2021 2022 Bond Programme ―NZGBS as % GDP 20% 15% 10% 5% 0% 17

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