Investor Presentaiton

Evolution of portfolio structure (1) From Early-2013 To Current NZ$b 12.0 10.0 8.0 6.0 4.0 2.0 0.0 NZ$b 12.0 10.0 8.0 6.0 4.0 40 2.0 Apr Apr Feb Dec Mar May Apr Apr Sep Apr Apr Sep Apr Sep Apr Sep 13 15 16 17 19 21 23 25 25 27 29 30 33 35 37 40 Outstanding - Nominal Outstanding - IIB Available capacity 0.0 Mar Apr May Apr Apr Sep Apr Apr Sep Apr Sep Apr Sep 19 20 21 23 25 25 27 29 30 33 35 37 40 Outstanding - Nominal Outstanding - IIB Available capacity Source: The Treasury's NZDMO 27 27

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