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Ramoun Lazar * | Equity Analyst+61 293642930 | rlazar@jefferies.comKai Erman * | Equity Analyst+61 293642997 | kerman@jefferies.comHenry Copley * | Equity Associate+61 293642932 | hcopley@jefferies.comExhibit 2 - NZ Approval Heatmap.SFMFR&RSource: StatsNZ, Jefferies estimatesExhibit 3 - NZ MAT Building Consents(Number).-40%-30%-20%-10%0%10%20%30%40%50%60%Apr-15Apr-16Apr-17Apr-18Apr-19Apr-20Apr-21SFMFR&RSource: StatsNZ, Jefferies estimatesExhibit 4 - MAT SF & MF Approvals.05,00010,00015,00020,00025,00030,000MAT SF PermitsMAT MF PermitsSource: StatsNZ, Jefferies estimatesExhibit 5 - Total NZ Dwelling Consents.Source: StatsNZ, Jefferies estimatesExhibit 6 - Non-Res NZ Dwelling Consents.01,0002,0003,0004,0005,0006,0007,000Apr-15Apr-16Apr-17Apr-18Apr-19Apr-20Apr-21Apr-22MAT Non-Res Dwelling ConsentsSource: StatsNZ, Jefferies estimates Analyst Certification:I, Ramoun Lazar, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Kai Erman, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Henry Copley, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.Registration of non-US analysts:Ramoun Lazar is employed by Jefferies (Australia) Pty Ltd, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Kai Erman is employed by Jefferies (Australia) Pty Ltd, a non-US affiliate of Jefferies LLC and is not registered/qualified asa research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Henry Copley is employed by Jefferies (Australia) Pty Ltd, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more withina 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security priceconsistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform ratedsecurities with an average security price consistently below $10, the expected total return (price appreciation plus yiel