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

Class of security: Bonds Series PIIBS (IFTHB)

ISIN: NZIFTD0021S7

Number of bonds issued: 10,643,300

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): 4.5%

Reason for the issue: As per Prospectus dated 16 November
2006.

Specific authority for the issue: As above

Terms or conditions of the issue: As above

Total number of bonds in existence after the issue: 235,544,050

Date of issue: Issued up to 30 April 2007.

K M Baker

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