Finance notes

The Issuer of the Finance Notes is New Zealand Post Group Finance Limited (NZPGF) which is a 100% subsidiary of New Zealand Post Limited.

The Finance Notes are direct, unsecured, subordinated, redeemable, cumulative, interest bearing debt obligations of NZPGF. They are also guaranteed by the parent company, New Zealand Post Limited and as such, the Finance Notes are a direct, unsecured, subordinated obligation of New Zealand Post Limited.

The Finance Notes have been assigned an issue credit rating of A- by Standard & Poor’s. New Zealand Post Limited has been assigned an issuer credit rating of A+ by Standard & Poor’s.

The final maturity date of the notes is 15 November 2039.

Interest is paid every 6 months on 15 May and 15 November. The interest rate has been set at 7.50% until the first reset date of 15 November 2014. Reset dates occur every five years. At the reset date, the interest rate will be changed. It will change to be either:

• The sum of the prevailing 5 year swap rate plus the step up margin of 3.80%; or
• The result of a successful remarketing conducted prior to the reset date. This can result in:
  • a new margin over the 5 year swap rate being set;
  • certain terms of the Finance Notes being changed;
  • bondholders submitting a Redemption Notice having their Notes redeemed; and
  • certain bondholders submitting a Bid Notice having their Notes redeemed.

NZPGF may also redeem the Finance Notes early at a reset date. This is subject to various conditions detailed in the issue documentation. Mandatory redemption occurs at 15 November 2039 or in the event of default.

For more detailed information, please refer to the issue documentation:

• The Investment Statement (PDF - 2mb)
• The Prospectus (PDF - 1mb)

For live data for the finance note, visit nzx.com.

New Zealand Post Group Finance Reports

Registrar

The Registrar for the Notes is:

Link Market Services Limited
Level 16, 19 Victoria Street
Auckland

PO Box 91976
Auckland1142

Phone: + 64 9 375 5998 (for investor inquiries)
Fax: + 64 9 375 5990
Visit linkmarketservices.com

Summary of NZX waivers

NZX Regulation has granted New Zealand Post Group Finance Limited waivers in respect of Listing Rules 10.4.1, 10.5.1, 10.5.3 and 11.1.1.

Preliminary announcements - waiver from listing rule 10.4.1

NZX Regulation has granted New Zealand Post Group Finance waivers from the requirements to make annual and half-yearly preliminary announcements within the timeframes set out in Listing Rule 10.4.1. The waivers generally align the timeframes within which New Zealand Post Group Finance must make preliminary announcements to NZX with the financial reporting timeframes that apply to New Zealand Post Limited as a State Owned Enterprise.

Annual and half-yearly Reports - waivers from listing rules 10.5.1 and 10.5.3

NZX Regulation has granted New Zealand Post Group Finance waivers from the requirements to submit annual and half-yearly reports within the timeframes set out in Listing Rules 10.5.1 and 10.5.3. The waivers generally align the timeframes within which New Zealand Post Group Finance must submit its reports with the financial reporting timeframes that apply to New Zealand Post Limited as a State Owned Enterprise.

Restrictions on transfers - waivers from listing rule 11.1.1

NZX Regulation has granted New Zealand Post Group Finance a waiver from the prohibition on imposing restrictions on the transfer of securities contained in Listing Rule 11.1.1. The waiver means that a transfer of Notes may be refused if the transfer is not in an integral multiple of 1,000 Notes and/or results in the transferor retaining less than the minimum holding of 5,000 Notes (unless the transferor transfers all of his or her Notes).