Investor Presentaiton

Composition of the New Zealand economy Composition of GDP Social services Public Administration and Safety 5% (incl. health). 15% Financial and professional services 32% Source: Statistics NZ Dairy 2.5% Other primary industries 6% Electricity, Gas, and Water 3% Construction 7% Transport 5% Food Manufacturing 4% Manufacturing (excluding Food Manufacturing) 8% GDP growth trends 2016 Q3 GDP, annual growth by sector Construction Retail & accommodation Forestry & fishing Other manufacturing Business services Transport Finance & insurance Public admin & safety Personal & other services Communications Wholesale trade Utilities Food manufacturing Agriculture Wholesale, retail and accomodation 13% Source: Statistics NZ. Westpac Mining -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% Construction and services have been key contributors to growth in recent years. Construction has been driven by earthquake- related rebuilding in Canterbury and residential building to cater for the rising population. Services across the spectrum have performed well, with particularly strong growth in professional and financial services, health and tourism. ■ Tourism is now our largest export earner and has seen strong growth in arrivals from many regions, including China and the United States. Demand has been boosted by the expansion of airline capacity/routes as oil prices fell and New Zealand's reputation as a safe haven destination. Dairy farm production directly accounts for around 2.5% of NZ GDP (4.5% including upstream/ downstream impacts and 7% if including dairy manufacturing) 12

View entire presentation