Investor Presentaiton

: 29 8 6 4 NZ Economic Growth remains positive 2 0 -2 -4 1990 1993 GDP Growth - Annual change ли World Prices for NZ commodities % Index 8 350 Forecast 6 300 4 250 2 200 0 150 Index 350 300 250 Forecast 200 150 100 -2 100 50 50 50 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 1996 1999 2002 2005 2008 2011 2014 2017 Unemployment Rate Net Immigration ('000s) % % 12 11 10 211 150 60 Net (right axis) Arrivals 50 Forecast 100 40 Forecast 30 σ 50 8 7 50 20 10 0 CO 6 -10 LO 5 -50 -20 4 -30 3 -100 -40 1990 1993 1996 1999 2002 2005 2008 2011 2014 1992 1995 1998 2001 2004 2007 2010 2013 2016 21 12 11 10 9 8 7 6 5 4 3

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