Investor Presentaiton

New Zealand Economy NZD/USD, NZD/AUD and TWI Key economic statistics FY16 FY17f FY18f 1.00 GDP annual average growth 3.0% 3.4% 3.1% 0.90 Inflation rate 0.4% 1.6% 1.8% 0.80 0.70 Official cash rate (OCR) 1.75% 1.75% 1.75% 0.60 Unemployment rate 4.9% 4.2% 4.1% 0.50 0.40 Dairy payout (ex dividend) 1,2 $5.90 $6.10 2005 90 Mort 85 80 - NZD/USD Forecast 55 - NZD/AUD -TWI (right axis) bཪྻབྱསྒ99| 75 70 65 60 50 45 40 2008 2011 2014 2017 GDP growth (%) Source: RBNZ, Westpac Economics New Zealand unemployment rate (%) 8 8 % Qtr % chg Annual average % change Westpac Forecast 6 6 27 110 12 11 4 4 % 12 Westpac Forecast 11 10 9 9 8 2 2 וויי 7 0 0 6 LO 5 -2 -2 4 -4 -4 8 16 7 543 3 2000 2002 2004 2006 2008 2010 2012 2014 2016 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 Source: Statistics NZ, Westpac Economics 1 Westpac NZ Economics forecast (ex dividend), Fonterra forecast is $6.00/kg 2 Seasons ended May. Source: Statistics NZ, Westpac Economics 11

View entire presentation