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Westpac Financial Performance Update

5 | Westpac New Zealand Limited (WNZL) Highlights Balance sheet Areas of interest Covered Bond program ➤ Rated AA- / Aa3 / AA-, with Stable outlook Strong domestic franchise - - 20% consumer lending market share¹ 21% deposit market share¹ ➤ Cash earnings of NZ$445m, up 2% on 1H15 CET1 ratio 11.6% (RBNZ basis) ➤ Customer deposit funding 70% Liquid assets $12.1bn Impaired loans to total committed exposures 35bps ➤ Residential mortgage +90 days delinquencies 15bps ► Dairy sector Auckland housing market ➤ Covered Bond Program Cover Pool 1 Source RBNZ March 2016. PRIVATE & CONFIDENTIAL

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