Investor Presentaiton

WNZL-Profit & Loss (extract) (NZ$m) Net interest income Non interest income 12 months to 12 months to 31-Dec-15 vs. PCP ($) vs. PCP (%) 31-Dec-16 1,791 1,741 (50) (3%) 387 403 16 4% Net operating income 2,178 2,144 (34) (2%) Operating expenses (897) (920) (23) 3% Core earnings 1,281 1,224 (57) (4%) Impairment (charges) / recoveries (27) (23) 4 (15%) Income tax expense (343) (333) 10 (3%) Profit after income tax expense 911 868 (43) (5%) 7

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