Investor Presentaiton

Household affordability Leverage and Servicing 40 642 % 180 160 140 120 100 80 60 % 16 Ratio 6 14 LO 5 12 4 10 8 3 6 20 Household debt as % nominal disposable income Servicing as % nominal disposable income 2 4 1 2 0 T T T T T 0 0 1991 1994 1997 2000 2003 2006 2009 2012 9% Rental vacancy rates 8% 7% 6% 5% 4% 3% National 2% Auckland 1% *Gtr. Christchurch Wellington 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 House affordability : 31 Ratio 25 House price-to-income ratio (left axis) Lower quartile house price-to-median rent (right axis) T 1990 1992 1994 1997 1999 2001 2004 2006 2008 2011 Commentary • House leverage at historically high levels • Mortgage servicing aided by historically low rates • Rental vacancy rate low driven by general housing shortage. 15 GN 20 10 5 LO W

View entire presentation