Investor Presentaiton

0.00 0.20 1H09 0.40 0.60 2H09 0.80 1H10 1.00 2H10 Low delinquencies continue to improve • Delinquency rates continue to improve for both 30+ and 90+ day arrears. 1.40% 1.20% 1.00% · Driven by improved underwriting standards and strengthening New Zealand housing market and economy. 0.80% 0.60% 0.40% 0.20% . Loss rates stable and continue to run at less than 1% annualised. 0.00% • More recent vintages performing strongly. Home Loan Portfolio - Half Year Loss Rates 1H12 2H13 1.6% 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 90+ Days Delinquent Aug-12 Sep-12 Mortgage Portfolio - Delinquency Rates Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Home loan Portfolio -30+ Vintage Performance 1 3 5 79 11 13 15 17 19 21 23 25 27 29 31 33 35 37 2006 ―2007 2008 ―2009 2010 2011 2012 W 30+ Days Delinquent Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 : 36

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