Investor Presentaiton

Agri portfolio Agriculture exposure by sector (% EAD) Total EAD (Mar 15) ■Dairy $34.0b ■ Beef ■Sheep & Other Livestock ■Grain/Wheat ■Horticulture/Fruit/Other Crops ■Forestry & Fishing/Agriculture Services 61% 1% 38% As a % of Group EAD NZ$ b 3.9% 14% New Zealand Agri credit quality 21 19 18 2.11% 17 18 18 10% 1.55% 1.23% 1 0.94% 0.96% 0.81% 40% 16% 11% 9% Sep 10 Sep 11 Sep 12 Sep 13 Sep 14 Mar 15 INZD Total Credit Exposure Average PD (Non-Defaulted Customers) 1 Group Agriculture EAD splits 2% 98% 5% 7% 17% 71% <60% Secured ■60-80% Secured ■Australia New Zealand Int Markets ■Productive ■Impaired ■ 80 - <100% Secured Fully Secured 1. PD model changes account for 11bps increase in 1H15. ANZ 46

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