Investor Presentaiton

Strong capital position Capital adequacy ratios (RBNZ basis) Sep-16 Regulatory minimum Headroom to regulatory minimum CET1 Capital (incl. Capital Conservation Buffer (CCB)) 10.5% 7.0% 3.5% Tier One Capital (incl. CCB) 10.5% 8.5% 2.0% Total Regulatory Capital (incl. CCB) 12.5% 10.5% 2.0% Buffer Ratio WNZL capital ($m) as at 30 September 2016 $6,560m $6,718m Tier 2 $1,092m Other* $2,810m 4.5% 2.5% WNZL Regulatory capital ratios (%) 2.0% CET1 capital Tier Two capital 15.0% 13.4% 13.1% 12.5% 11.9% 11.6% 2.3% 2.3% 2.0% 10.0% CET1/Tier 1 $5,626m Share Capital $3,750m 5.0% Shareholders' equity WNZL actual regulatory capital 11.1% 10.8% 10.5% 0.0% FY14 1H15 FY15 1H16 FY16 *Other: Retained profits of $2,886m, AFS reserve of $1m and Cash Flow Hedge reserve of ($77m) 22 22

View entire presentation