Investor Presentaiton

RBNZ speed limits remain in place NZ regional house prices (2007 peak = 100) RBNZ LVR speed limit Index = 100 in 2007 220 -- Auckland 200 Wellington Index = 100 in 2007 220 120 200 >80% LVR flows Value of Commitments for > 80% LVR 100 80 Christchurch 180 180 Value ($m) 60 Rest of North Island 40 20 160 Rest of South Island 160 0 140 120 140 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Det-16 120 RBNZ LVR restrictions remain in place Investors in the Auckland Council area require a deposit of at least 30% 100 100 Source: REINZ, Westpac Loans to owner-occupiers in Auckland >80% LVR limited to 10% 80 80 Loans >80% LVR outside of Auckland limited to 15% 2007 2009 2011 2013 2015 2017 31

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