Investor Presentaiton

NZGB yields maintain positive spread to peers 6 % LO 5 4 + 3 2 - 0 Jan 13 Jan 14 Jan 15 Source: Bloomberg, as of 15 January 2024 Jan 16 Jan 17 Jan 18 Jan 19 Late October 2023... ты Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 —10-year yield: NZGB (rated AA+ (foreign currency) by S&P) -10-year yield: Average of sovereigns rated AA (foreign currency) and higher by S&P

View entire presentation