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NEW ZEALAND NZ GDP RECOVERY RELATIVELY RAPID BUT Q420 WEAK AND LABOUR MARKET RECOVERY SLOW¹ ($NZ billion, chain prices) 70 NZ GDP AGGREGATE MEASURES HIDE CHANGES - POPN GROWTH WELL DOWN AND INTERNATIONAL TOURISM DEPRESSED² (% change on previous qtr) ('000s) Short term movements 66 62 58 54 50 50 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 DAIRY FARM VIABILITY 2012 2013 2014 2015 (%) 6.0 Unemployment rate 1.0 NZ resident population 700 Arrivals 5.0 0.8 4.0 3.0 0.4 2.0 0.2 1.0 0.6 л 600 500 400 Departures 300 200 100 0.0 0.0 Dec-18 Dec-19 Dec-20 0 Dec-18 Dec-19 Dec-20 Dec-18 Sep-19 Jun-20 Mar-21 2016 2017 2018 HOUSING MARKET VERY STRONG; GOVT RESPONDING BY SEEKING TO CURB HOUSE PRICE GROWTH? (Index) (yoy%) 7.65 7.19 4000 House prices Dwelling sales transacted 3500 Auckland 5.95 3000 5.85 2500 2000 National ex 1500 Auckland 1000 2019 5 2020³ 3 4 500 ៦៦៦ន់ “ ៩៖ ខ 8 -20 -40 -60 -80 2021 0 -100 Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar 6 13 15 17 19 21 13 15 17 19 21 Mid Point of Fonterra milk price forecast Assessed average cost of production (per kg) 6 (1) Source: Refinitiv, Statistics NZ Source: Econdata DX, NAB 2020 figure includes Milk Price of $7.14 and Dividend of $0.05 2021 figure includes Milk Price of $7.60 and Dividend of $0.05 (2) (3) (4) (5) Source: Fonterra (milk price) 110 (6) Source: Dairy NZ (Forecast cost of production) (7) Source: Refinitiv, REINZ National Australia Bank

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