Investor Presentaiton

Maintaining diverse investor base Source: Bloomberg, RBNZ NZ$m 80000 70000 60000 50000 40000 30000 20000 10000 0 Apr 94 Apr 97 Apr 00 Apr 03 Apr 06 Apr 09 Apr 12 Apr 15 Resident holdings of NZGBS (NZ$m) Non-resident holdings of NZGBs (NZ$m) -Non-resident holdings of NZGBS (%) (RH) ו ז % 90 80 70 60 50 40 30 20 10 0 30

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