Investor Presentaiton

12.0 Liquid assets are well managed Liquid assets ($bn) Liquid assets as % short term funding Liquids/Wholesale Debt <1 year 9.0 6.0 4.0 180% 4.0 4.0 4.0 160% 140% 7.1 7.2 6.9 120% 3.0 5.5 100% 0.0 FY10 FY11 FY12 FY13 80% Funded Unfunded 2010 2011 2012 2013 37% : 25 Liquid assets composition 12% 4% 17% 22% Cash Due from other financial institutions ☐ Supranational securities 4% 4% NZ Government securities NZ Local Authority securities NZ Corporate securities □RMBS Commentary Funded liquid assets have remained relatively stable over last 3 years. Liquid asset coverage of wholesale funding maturities continues to strengthen. Periodic changes in liquid assets reflects liquidity management activities undertaken in response to wholesale maturities to maintain compliance with internal and regulatory requirements. Asset portfolio diversified W

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