Forsyth Barr Cash Management Limited Credit Rating The creditworthiness of Forsyth Barr Cash Management Limited has been rated by Fitch Ratings, a ratings agency approved by the Reserve Bank under section 157J of the Reserve Bank of New Zealand Act 1989. Fitch Ratings has given Forsyth Barr Cash Management Limited a long-term local currency (New Zealand dollar) issuer default rating (‘IDR’) of: ‘BB’: Outlook Stable. The rating is a local currency (New Zealand dollar), long-term, issuer default rating. This type of rating expresses an opinion about the overall financial capacity of an issuer to meet its financial obligations in New Zealand dollars. Generally, a rating of ‘BB’ by Fitch Ratings indicates that an investment is ‘Speculative’. Fitch Ratings describe a ‘BB’ rating as indicating an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments. This rating is a statement of opinion issued by Fitch Ratings and is not a statement of fact, an endorsement of Forsyth Barr Cash Management Limited, or a recommendation to buy, hold or sell securities. The following is a summary of the descriptions of the major rating categories used by Fitch Ratings: AAA: Ability to repay principal and interest is extremely strong. This is the highest investment category. AA: Very strong ability to repay principal and interest in a timely manner. A: Strong ability to repay principal and interest although somewhat susceptible to adverse changes in economic, business, or financial conditions. BBB: Adequate ability to repay principal and interest. More vulnerable to adverse changes. BB: Significant uncertainties exist which could affect the payment of principal and interest on a timely basis. B: Greater vulnerability and therefore greater likelihood of default. CCC: Likelihood of default considered high. Timely repayment of principal and interest is dependent on favourable financial conditions. CC–C: Highest risk of default. RD–D: Obligations currently in default. Credit ratings by Fitch Ratings may be modified by the addition of a plus or minus sign to show relative standing within the major ratings categories.     A Disclosure Statement for Forsyth Barr Limited or any of its Investment Advisors is available on request and free of charge. A copy of the registered Prospectus for the Debt Security can be obtained by contacting your Investment Advisor or by calling 0800 367 227.