PitchSend

Westpac Financial Performance Update

19 | • . 1.5 2.5 2 3.5 3 4.5 4 New Zealand interest rate environment 5 NZ Interest Rates May-11 Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 1yr OIS Swap2Y · ΕΤ-ΛΟΝ Feb-14 May-14 Aug-14 -Swap5Y OCR Nov-14 Feb-15- May-15 Aug-15 Nov-15- Feb-16 Low inflation expectations, coupled with a slowdown in the Dairy sector, has seen the RBNZ have embarked on an easing cycle The RBNZ continues to signal room for further falls in interest rates dependent on data over coming months • Market pricing infers OCR at or below 2 % by year end PRIVATE & CONFIDENTIAL

View entire presentation