Kiwi Bond Interest Rates

6 August 2004

Philip Combes Treasurer, NZDMO

KIWI BOND INTEREST RATES The New Zealand Debt Management Office announced today that the six-month and two-year Kiwi Bond interest rates are to increase by 0.50% and 0.25% respectively. The interest rates for all other Kiwi bond maturities will remain unchanged. The rate changes will be effective from 6 August 2004.

Kiwi Bond interest rates are set periodically from the moving averages of domestic wholesale rates. These changes have been made in response to recent changes in wholesale market interest rates.

The new rates are as follows:

For subscriptions of $5,000 - $250,000

Maturity Rate

6 months 5.50 percent per annum 1 year 5.50 percent per annum 2 years 5.50 percent per annum 4 years 5.50 percent per annum

For subscriptions of $1,000 - $4,900

Maturity Rate

6 months 5.00 percent per annum 1 year 5.00 percent per annum 2 years 5.00 percent per annum 4 years 5.00 percent per annum

ENDS

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