The following information is provided in accordance with
Section 7.12 of the Listing Rules;

Class of security: Bonds Series 15

ISIN: NZIFTD0008s4

Number of bonds issued: 16,876,300

Issue Price: $1.00

Payment: In cash

Amount paid up: $1.00 per bond

Percentage of the total class of securities issued (after the issue): 100%

Reason for the issue: As pre Prospectus dated 10 December 2004.

Specific authority for the issue: Prospectus dated 10 December 2004

Terms or conditions of the issue: Prospectus dated 10 December 2004

Total number of bonds in existence after the issue: 59,910,700

Date of issue: Bonds issued 19 January 2005 to
1 February 2005

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