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Financing

financing

Diversified funding including bonds and bank facilities from 20 banks

FACILITIES 1

1. As at 30 June 2015 with foreign currency bonds at fully hedged A$ equivalent face value.

MATURITY PROFILE 1

Total Committed $15.2bn
Amount Drawn $10.8bn
Undrawn $4.4bn
Cash $0.2bn
Liquidity $4.6bn
Key ratios
KEY METRICS 30 June 2015
Gearing (look through basis) 34.8% 1
Weighted Average Debt Maturity 6.1 years
Investment Grade Ratings A1 (Stable) Moody's
A (Stable) S&P

BOND COVENANTS Requirement 30 June 2015
Net Debt / Net Assets Not greater than 65% 36.4% 2
Secured Debt / Total Assets Not greater than 45% 0.7%
Interest Coverage At least 1.5 times 3.4 times 3
Unencumbered Leverage Not less than 125% 269%

1. On a pro forma basis post sale of four Australian assets gearing would be 33.1%
2. On a pro forma basis post sale of four Australian assets Net Debt/ Net Assets would be 34.7%
3. For the 12 months to 30 June 2015.

Interest Hedging profile

86% Hedged at 30 June 2015
76% Hedged on average for next 3 years 1

31 Dec1 $ FIXED RATE DEBT DERIVATIVES HEDGING FLOATING RATE $ & NZ$ DEBT
$ debt payable $ swap payable2 NZ$ swap payable NZ$ collar payable
$m Fixed Rate $m Fixed Rate NZ$m Fixed Rate NZ$m Strike Rate
2015 (1,380.0) 4.70% (7,122.5) 2.95% (435.0) 4.07% (70.0) 3.39% / 5.25%
2016 (580.0) 3.25% (7,717.5) 2.96% (320.0) 4.00% (70.0) 3.39% / 5.25%
2017 (580.0) 3.25% (7,508.5) 2.94% (230.0) 3.80% (70.0) 3.39% / 5.25%
2018 (580.0) 3.25% (7,095.0) 2.92% (150.0) 3.62% (70.0) 3.39% / 5.25%
2019 (430.0) 3.31% (5,730.0) 2.89% (150.0) 3.62% - -
2020 (430.0) 3.31% (3,960.0) 3.00% (100.0) 3.68% - -
2021 (30.0) 3.81% (2,260.0) 3.08% - - - -
2022 - - (750.0) 3.10% - - - -

1. As at 30 June 2015 with pro forma adjustment for hedge transactions entered into up to 12 August 2015. All rates exclude borrowing margin.
2. Includes swap cover pursuant to swaptions expiring within 12 months at strike rate.