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Investor Presentaiton

Source: The Treasury's NZDMO Steady issuance profile NZ$b 20 18 16 14 12 10 8 6 4 20 2 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 -Total bonds oustanding (RHS) Annual bond issuance - year ended June NZ$b Forecast 80 60 50 10 20 40 30 • = N WON 70 2017 2018 2019 2020 2021 25

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