Investor Presentaiton

Source: The Treasury's NZDMO 642 O 2001 Steady issuance profile NZ$b 20 18 16 14 12 10 00 8 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Annual bond issuance - year ended June -Total bonds oustanding (RHS) 2016 2017 2018 2019 2020 2021 NZ$b Forecast 80 70 60 • IN WO 10 20 40 30 50 26

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