Investor Presentaiton

Housing sector demand driven Christchurch rebuild $bn 1.6 Estimate Forecast 1.4 $bn 1.6 1.4 ■Residential 1.2 1.2 222 30 25 20 ■Commercial 15 1.0 1.0 ■Infrastructure 10 0.8 0.8 5 0.6 0.6 0 0.4 0.4 -5 0.2 0.2 -10 0.0 0.0 -15 2011 2013 2015 2017 2019 2021 House prices by region % House prices inflation % Forecast 20 2000 2002 2004 2006 2008 2010 2012 2014 2016 Average Prices : 30 0 -5 10 5 LG OG SNO -10 -15 130 2007 peak = 100 2007 peak 100 = 130 Nov-13 Nov-12 Change 125 Auckland 125 New Zealand $460,067 $421,497 9.2% 120 -Wellington 120 115 ⚫Christchurch 115 Auckland Area $685,350 $594,856 15.2% 110 Rest of North Island 110 Wellington Area $448,325 $435,468 3.0% 105 Rest of South Island 105 Christchurch City $450,049 $400,496 12.4% 100 100 95 95 Hamilton City $356,829 $338,384 5.5% 90 90 Tauranga City $438,540 $423,865 3.5% 85 85 Queenstown-Lakes District $638,630 $614,249 4.0% 80 80 75 75 2006 2007 2008 2009 2010 2011 2012 2013 W

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