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Models & Technicals1 July 2010Contact DetailsBNZ ResearchStephen ToplisHead of Research+(64 4) 474 6905Craig EbertSenior Economist+(64 4) 474 6799Doug SteelEconomist+(64 4) 474 6923Mike JonesStrategist+(64 4) 472 4767Main OfficesWellington60 Harbour QuaysPrivate Bag 39806Wellington Mail CentreLower Hutt 5045New ZealandPhone: +(64 4) 474 6145FI: 0800 283 269Fax: +(64 4) 474 6266Auckland80 Queen StreetPrivate Bag 92208Auckland 1142New ZealandPhone: +(64 9) 976 5762Toll Free: 0800 081 167Christchurch129 Hereford StreetPO Box 1461Christchurch 8140New ZealandPhone: +(64 3) 353 2219Toll Free: 0800 854 854National Australia BankPeter JollyHead of Research+(61 2) 9237 1406Alan OsterGroup Chief Economist+(61 3) 8634 2927Rob HendersonChief Economist, Markets+(61 2) 9237 1836John KyriakopoulosCurrency Strategist+(61 2) 9237 1903WellingtonForeign Exchange +800 642 222Fixed Income/Derivatives +800 283 269SydneyForeign Exchange +800 9295 1100Fixed Income/Derivatives +(61 2) 9295 1166LondonForeign Exchange +800 333 00 333Fixed Income/Derivatives +(44 20) 7796 4761New YorkForeign Exchange +1 800 125 602Fixed Income/Derivatives +1877 377 5480Hong KongForeign Exchange +(85 2) 2526 5891Fixed Income/Derivatives +(85 2) 2526 589124 HOUR FOREIGN EXCHANGE SERVICEPhone Toll Free 6am to 10pm NZT – Wellington Office0800 739 707 10pm to 6am NZT – London Office – Sam HehirANALYST DISCLAIMER: The person or persons named as the author(s) of this report hereby certify that the views expressed in the research report accurately reflect their personal views about thesubject securities and issuers and other subject matters discussed. 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