Investor Presentaiton

The Model of Local Government Funding Agency (LGFA) has proved highly efficient over the years A well established model The model of a national funding agency bringing together local authorities to pool their borrowing needs in the bond market has already proved successful in various Northern European countries, Japan and New Zealand. GNG KBNK Kommunalbanken BANK Norwa 1926 (Aaa/AAA/NR) 1914 (Aaa/AAA/AAA) A sustainable model Created by Danish municipalities in the late 19th century, the model has disseminated in many countries NWB BANK NEDERLANDSE WATERSCHAPSBANK N.V. 1954 (Aaa/AAA/NR) CAFL 2013 (Aa3/AA-/NR) A core mandate • Funding the investments of local authorities is the core mandate of Local Government Funding Agencies. Moody's/S&P/Fitch ratings / NR: Non Rated 11 MuniFin MUNICIPALITY FINANCE 1989 (Aal/AA+/NR) KOYHUNNYERT 1986 (Aaa/AAA/NR) KOMMUNE KREDIT 1899 (Aaa/AAA/NR) JFM 1957 (A1/A+/NR) LGFA NEW ZEALAND OLA COVERNMENT FUNDING AGENCY 2011 (NR/AA+/AA+) Over 125 years in Northern Europe CAFL Lo bonque des collectivités

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