Investor Presentaiton

Stable and high quality liquid assets Liquid assets ($bn) 16.0 Liquid assets as % short term funding (%) 240 HQLA RMBS 4.0 12.0 160 4.0 4.0 4.0 4.0 4.0 4.0 8.0 193 209 11.3 187 80 157 140 136 146 4.0 7.1 7.2 7.9 6.9 6.8 7.7 0.0 FY11 FY12 FY13 FY14 FY15 FY16 1Q17 Liquid assets composition (%) Due from other financial institutions ■NZ Government Securities ■NZ Local securities Supranational securities ■NZ Corporate & Bank securities RMBS FY11 FY12 FY13 FY14 FY15 FY16 1Q17 Commentary High quality, diversified portfolio of RBNZ repo eligible liquid assets ➤ The core liquid asset portfolio has remained relatively stable in recent years Liquid asset coverage of short term wholesale maturities includes term scroll for March 2017 Senior Unsecured Bond maturities (NZD2.4bn) ➤ Liquid assets provide 36 months coverage of maturing offshore debt Cash 4 12 26 12 12 8 6 28 21

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