Investor Presentaiton

Agribusiness overview Agribusiness portfolio TCE by sector (%) 19 32 69 69 Dairy cattle Grain, sheep & beef Horticulture and fruit Fishing Agribusiness portfolio Stressed Assets Mar-16 Sep-16 Dec-16 Agribusiness Portfolio TCE 8.1 8.6 8.5 Agriculture as a % of total TCE 7.9 8.1 7.8 % of portfolio graded as 'stressed' 7.81 18.61 17.19 % of portfolio in impaired 0.32 0.42 0.44 Millions Agribusiness portfolio by Booking Office $2,500.00 $2,000.00 $1,500.00 $1,000.00 $500.00 $0.00 .... Central North Eastern North Lower South Island Island Island Northland Upper South Island Western Local North Island Agribusiness Managers ■Dairy Cattle Farming. Grain, Sheep and Beef Cattle Farming Other - Agri Horticulture and Fruit Growing • • Challenging dairy industry conditions saw a rise in stressed assets in 2016 but outlook is improving. WNZL is underweight with Agri market share (12.8%), and the portfolio is being closely monitored Fonterra has increased its forecast payout to $6.00 per kg of milk solids (from $4.25 in June), lifting sentiment and outlook for the dairy sector. The portfolio risk profile is improving in response to strengthening financial profiles. Impairments and provisions have remained stable. 25

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