Westpac Financial Performance Update

Housing sales have slowed, but prices picking up Total New Zealanders Westpac forecast 000s 75 ⚫ Other 50 60 New Zealand house prices by region (index) Net Migration (ooos) 200 200 Wellington 000s 75 180 Christchurch 180 Index 100 in 2007 Other Nth Island 160 160 Other Sth Island Auckland 140 140 120 120 Index 100 in 2007 50 50 25 45 0 100 80 Jan-07 100 -25 80 -50 Jan-09 Jan-11 Jan-13 Jan-15 2000 2003 25 0 24 -25 -50 2006 2009 2012 2015 2018 Source: REINZ, Westpac Economics Residential building consents by value (seasonally adjusted) Source: Statistics NZ, Westpac Housing turnover 500 Canterbury Rest of NZ 400 Auckland 500 NZ$m sales 7,000 400 Mortgage approvals, value (left axis) House sales, number (right axis) 10,000 9,000 6,000 8,000 NZ$ Millions 300 300 200 200 NZ$ Millions 5,000 7,000 6,000 4,000 5,000 100 100 3,000 4,000 0 Jan-07 0 2,000 3,000 Jan-09 Jan-11 Jan-13 Jan-15 Source: Statistics NZ 2008 2009 2010 2011 2012 2013 2014 2015 Source: RBNZ, REINZ 2016 17 | PRIVATE & CONFIDENTIAL

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