KIWI BOND INTEREST RATES

The New Zealand Debt Management Office announced today that the four-year Kiwi Bond interest rate is to be reduced by 0.25%, effective from 14 March 2003. The interest rates on the six-month, one-year and two-year Kiwi Bond maturities remain unchanged.

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 5.25 percent per annum

1 year 5.00 percent per annum

2 years 5.00 percent per annum

4 years 5.00 percent per annum

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

Maturity Rate

6 months 4.75 percent per annum

1 year 4.50 percent per annum

2 years 4.50 percent per annum

4 years 4.50 percent per annum

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