Investor Presentaiton

Solid Credit Rating Moody's Aaa/Aaa (stable) Standard & Poor's AA+/AA (stable) Fitch AA+/AA (stable) "New Zealand's credit profile reflects its very high economic resilience, very strong institutions and political effectiveness and a strong fiscal position compared to peers." July 2017 "New Zealand has monetary and fiscal flexibility, a resilient economy, and institutions conducive to swift and decisive policy actions. The high level of external liabilities is New Zealand's main credit weakness" Jan 2018 "New Zealand's 'AA' rating reflects the country's strong macroeconomic policy framework and prudent fiscal management, reinforced by governance standards and a business environment that are rated among the best globally by the World Bank." Mar 2017 Source: Moody's Investor Service, Standard & Poor's, Fitch Ratings 18

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