Debt Investor Presentation November 2019

Premises growth supporting broadband uptake 96,000 dwellings forecast to be consented in Auckland (2019-2024) Auckland Figure 4.1.2 Dwelling units in Auckland, 1994 to 2024 " New peak of ~14k dwelling unit consents in 2019, forecast to keep growing 18,000 number/year 16,000 14,000 12,182 New Zealand 12,000 Average of 37,000 new dwellings forecast per annum for the next six years 10,000 8,000 Multi-unit dwellings expected to grow from 36% to 41% of new residential dwellings by 2024 6,000 4,000 2,000 0 94 96 98 94 00 00 13 November 2019 DEBT INVESTOR PRESENTATION 02 04 06 08 10 12 14 16 12,862 18 20 22 24 Source: BRANZ/Stats NZ CHORUS 14,500 17,100

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