Investor Presentaiton

Portfolio Overview Mortgage portfolio of $37.5bn. • Geographic profile consistent with population concentrations of New Zealand. ⚫ Well secured book with low LVR profile. • Growth in above 80% LVR lower than peers. 30% Home Loan Portfolio - Above 80% LVR Proportions 25% 20% 15% 10% Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 WNZL Peer 1 Peer 2 Peer 3 --Peer 4 Home loan Portfolio - Regional Profile 42% 40% 8% 10% Auckland Wellington Christchurch Rest Home Loan Portfolio - LVR Profile 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 0<=60 60<=70 70<=80 80<=90 90<=95 95+ W : 34

View entire presentation