NZ Funds KiwiSaver Scheme

Security Listings 20 August 2021 Product Disclosure Statement

New Zealand Funds Management Limited is the issuer of the NZ Funds KiwiSaver Scheme.

The Product Disclosure Statement and the Disclose Register contain important information to help you to understand how your money is managed and the risks associated with investing.

For further information or to request a copy of the NZ Funds KiwiSaver Scheme Product Disclosure Statement, please contact Funds Management Limited or visit our website at www.nzfunds.co.nz.

Even if you have invested with NZ Funds for many years, please take the time to read these documents regularly as the content is frequently updated.

Important Legal Information

Please note that these Security Listings have been provided for information purposes only. The content of this document is not intended as a substitute for specific professional advice on investments, financial planning or any other matter. KiwiSaver Income Strategy

Complete Strategy as at 20 August 2021

estimated credit portfolio portfolio strategy / security yield1 rating exposure % exposure $ cash and cash equivalents 44.6% $29,536,842 new zealand and australian bonds 29.9% $19,798,479 Housing NZ Ltd 2.183% 24/04/2030 2.0% AAA 3.4% $2,242,313

Vector Ltd 4.996% 14/03/2024 1.9% BBB 3.2% $2,096,306

Westpac Banking 4.695% 01/09/2026 0.8% BBB+ 2.0% $1,337,208

Kiwibank Ltd 2.36% 11/12/2030 2.4% BBB- 1.8% $1,169,342

Housing NZ Ltd 2.97% 12/06/2023 1.1% AAA 1.6% $1,068,074

Precinct Properties New Zealand 4.42% 27/11/2024 2.4% NR 1.5% $994,685

Fletcher Building 3.9% 15/03/2025 2.5% NR 1.5% $970,320

Westpac floating perpetual 0.6% BBB+ 1.4% $925,876

Infratil 5.5% 15/06/2024 2.8% NR 1.2% $765,205

ASB Limited 5.25% 15/12/2026 1.5% BBB+ 1.1% $741,432

Precinct Properties 2.85% 28/05/2027 2.8% NR 1.0% $679,469

Housing NZ Ltd 3.36% 12/06/2025 1.5% AAA 1.0% $662,249

Transpower New Zealand 1.735% 04/09/2025 1.7% AA 0.9% $623,219

Fletcher Building 2.8% 15/03/2026 2.9% NR 0.9% $595,775

Property for Industry 4.25% 01/10/2025 2.4% NR 0.9% $588,395

Transpower 1.52% 08/04/2026 1.9% AA 0.9% $578,770

Peet 6.75% 07/06/2024 7.5% NR 0.9% $578,351

Insurance Group 5.15% 15/06/2043 1.9% BBB 0.8% $505,118

Port of 1.02% 29/09/2025 2.0% A- 0.8% $496,665

Westpac Banking floating 27/08/2029 1.7% BBB+ 0.7% $476,438

Ryman Healthcare 2.55% 18/12/2026 2.7% NR 0.7% $453,300

Trustpower 3.97% 22/02/2029 2.8% NR 0.6% $396,042

Spark Finance 2.6% 18/03/2030 2.5% A- 0.5% $324,410

Mercury NZ 3.6% 11/07/2049 2.5% BB+ 0.5% $322,641

Infratil 3.6% 15/12/2027 3.1% NR 0.2% $113,200

WEL Networks 4.9% 02/08/2023 2.5% NR 0.1% $93,675 international bonds 33.6% $22,270,397 Credit default swaps - Market value² n/a n/a 5.1% $3,367,449

JPMorgan Chase 3.625% 01/12/2027 2.0% BBB+ 2.1% $1,368,462

Bausch Health 5% 30/01/2028 6.6% B 1.9% $1,240,968

... continues on next page KiwiSaver Income Strategy

Complete Strategy as at 20 August 2021 (continued)

estimated credit portfolio portfolio strategy / security yield1 rating exposure % exposure $ international bonds (continued) Goldman Sachs Group 3.5% 01/04/2025 1.4% BBB+ 1.8% $1,213,061

Bank of America Corp 2.687% 22/04/2032 2.5% A- 1.8% $1,162,690

Citigroup Inc 4.125% 25/07/2028 2.3% BBB 1.7% $1,156,658

First Quantum Minerals 6.875% 01/03/2026 5.4% B 1.6% $1,068,842

American Homes 4 Rent 4.9% 15/02/2029 2.4% BBB- 1.6% $1,052,870

AT&T Inc 4.35% 01/03/2029 2.3% BBB 1.6% $1,044,465

Alcoa 4.125% 31/03/2029 3.1% BB+ 1.4% $947,788

Goldman Sachs 1.431% 09/03/2027 1.7% BBB+ 1.3% $892,143

Energizer Holdings 4.75% 15/06/2028 4.4% B 1.3% $890,191

Uber Technologies 8% 01/11/2026 3.7% B- 1.3% $846,855

Uber Technologies 6.25% 15/01/2028 4.4% B- 1.3% $833,819

Tyson Foods Inc 4.35% 01/03/2029 2.1% BBB+ 1.2% $766,130

Oracle Corp 2.875% 25/03/2031 2.6% BBB+ 1.1% $706,746

McDonald's Corp 2.625% 01/09/2029 2.1% BBB+ 1.0% $664,359

Verizon Communications Inc 4.016% 03/12/2029 2.3% BBB+ 0.9% $628,661

Oracle Corp 2.8% 01/04/2027 1.9% BBB+ 0.9% $594,098

Netflix 5.375% 15/11/2029 2.7% BB+ 0.7% $468,138

Dell 6.02% 15/06/2026 1.9% BBB- 0.6% $400,718

Bank of America Corp 3.864% 23/07/2024 1.0% A- 0.6% $400,233

British Telecom 5.125% 04/12/2028 2.5% BBB 0.5% $304,861

Broadcom Inc 4.25% 15/04/2026 1.9% BBB- 0.4% $250,192 total economic exposure³ 108.2% $71,605,718 foreign currency 29.8% $19,725,239

1. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 2. Credit default swaps notional value is currently $76,495,302. 3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals. KiwiSaver Inflation Strategy

Complete Strategy as at 20 August 2021

estimated portfolio portfolio strategy / security1 yield2 exposure % exposure $ cash and cash equivalents 1.0% $1,007,570 new zealand and australian bonds 0.3% $332,066 New Zealand inflation rate swaps exposure³ n/a 0.3% $332,066 international bonds 1.3% $1,289,999 Swaptions - Market value⁴ n/a 1.3% $1,289,999 new zealand and australian shares 65.0% $65,462,122 Dividend and Growth Strategy 3.3% 64.8% $65,256,877

Income Generator Strategy 2.0% 0.2% $205,245 international shares 54.1% $54,520,677 Absolute Return Strategy⁵ 0.5% 47.5% $47,904,915

Global total return swap exposure n/a 4.7% $4,712,392

Equity index futures (long) n/a 1.9% $1,903,369 alternative securities 1.4% $1,387,205 Universa Black Swan Protection Protocol n/a 1.0% $1,008,976

Cryptocurrency future exposure n/a 0.4% $378,229 total economic exposure⁶ 123.1% $123,999,638 foreign currency 8.8% $8,850,971

1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 3. New Zealand inflation swaps notional value is currently $17,946,455. 4. Swaptions notional value is currently $26,322,170. 5. As at the date of the security listings, the majority of the assets of the Absolute Return Strategy were held in this asset class. The Absolute Return Strategy may also hold assets in other asset classes. 6. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals. KiwiSaver Growth Strategy

Complete Strategy as at 20 August 2021

estimated portfolio portfolio strategy / security1 yield2 exposure % exposure $ cash and cash equivalents 1.0% $4,851,904 new zealand and australian bonds 0.9% $4,590,366 New Zealand Government 4.5% 15/04/2027 1.3% 0.5% $2,315,399

Australian Government 0.5% 21/09/2026 0.9% 0.5% $2,274,968 international bonds 1.0% $4,678,694 United States Government 1.625% 15/05/2031 1.5% 0.3% $1,596,501

Deutschland Republic 0.5% 15/02/2028 0.2% 0.3% $1,435,889

Japan Government 0.1% 20/06/2028 0.4% 0.3% $1,286,159

United Kingdom Gilt 0.125% 31/01/2028 0.7% 0.1% $360,144 new zealand and australian shares 52.9% $256,565,037 Dividend and Growth Fund 3.3% 51.2% $248,639,921

Income Generator Strategy 2.0% 0.6% $2,897,815

Australian futures index exposure n/a 0.5% $2,454,668

Fisher & Paykel Healthcare 1.8% 0.1% $629,171

Spark New Zealand 7.3% 0.1% $285,788

Auckland International Airport 2.3% 0.1% $279,059

Mainfreight 1.9% 0.0% $234,344

Fletcher Building 6.3% 0.0% $211,822

Meridian Energy 4.2% 0.0% $206,556

Ryman Healthcare 2.2% 0.0% $196,016

Contact Energy 5.7% 0.0% $190,454

Infratil 3.6% 0.0% $175,252 a2 Milk 0.0% 0.0% $164,172

... continues on next page KiwiSaver Growth Strategy

Complete Strategy as at 20 August 2021 (continued)

estimated portfolio portfolio strategy / security1 yield2 exposure % exposure $ international shares 64.1% $311,089,391 Global total return swaps exposure n/a 20.8% $100,978,217

Equity index futures (long) n/a 17.0% $82,415,807

Suvretta Offshore Fund n/a 6.4% $30,862,073

MFS Global Research Focused Fund 0.5% 5.9% $28,442,719

Fisher International 0.2% 5.1% $24,743,733

Galaxy Digital Holdings Ltd n/a 3.8% $18,564,266

Emerson Point Capital Partners LP n/a 2.9% $13,865,044

Goanna Capital Fund n/a 1.1% $5,428,995

Galaxy Digital Holdings Ltd Warrants n/a 0.6% $2,928,493

Global share options n/a 0.6% $2,860,045 commodities 0.0% $135,900 Commodity option exposure n/a 0.0% $135,900 alternative securities 9.6% $46,815,418 Galaxy Institutional Fund n/a 4.9% $23,825,085

Cryptocurrency future exposure n/a 3.2% $15,681,145

Universa Black Swan Protection Protocol n/a 1.5% $7,309,188 total economic exposure3 129.6% $628,726,710 foreign currency 23.3% $113,263,385

1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals. new zealand funds management limited

Level 16 21 Queen Street Private Bag 92163, Auckland 1142 New Zealand

T. 09 377 2277 T. 0508 733 337 E. [email protected] www.nzfunds.co.nz

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