Kiwibank Limited. Covered Bond Programme Investor Report as at 31 October 2013

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1 Issuer Fitch Moody's Long Term Unsecured Rating AA+/AA Aa3 Secured Rating () AAA Aaa Sovereign Rating AA+/AA Aaa Covered Bonds Outstanding ISIN Ratings (F/M) Issue Date Legal Maturity Date Bullet Type Currency Amount Outstanding CH AAA/Aaa 23/04/ /12/2020 Soft CHF 150,000,000 Asset Coverage Test A The lower of $ 260,312,113 a) LVR Adjusted Mortgage Loan Balance $ 315,652,824 b) Asset Percentage Adjusted Mortgage Loan Balance $ 260,312,113 Asset Percentage 82.4 B Term Advances and/or Demand Loan Advances $ C Substitution Assets and Authorised Investments $ D Mortgage Loan Principal Receipts $ E Sale Proceeds and remaining Available Principal Receipts $ 667 Z Negative carry adjustment $ Adjusted Aggregate Mortgage Loan Amount(A+B+C+D+E) Z $ 260,312,780 NZ Dollar Equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds $ 191,326,531 Adjusted Aggregate Mortgage Loan Amount is greater than or equal to the aggregate Principal Amount Outstanding of the Covered Bonds Test Result Pass Events Issuer Event of Default Covered Bond Guarantor Event of Default No No Cover Pool Summary Number of Loan Parts 2,368 Number of Borrowers 2,170 Total Current Balance $ 315,912,759 Max Current Balance $ 975,000 Average Loan Part Current Balance $ 133,409 Average Borrower Current Balance $ 145,582 Weighted Average Current LVR 57.92% Weighted Average Indexed LVR 53.9 Maximum LVR 80.0 Weighted Average Seasoning (mths) 44 Weighted Average Remaining Term to Maturity (yrs) 19 Maximum Remaining Term (yrs) 30 Weighted Average Mortgage Rate 5.44% Low Documentation $ Page 1 of 5

2 Payment Type Count % Balance (NZD) % Principal and 2, ,363, % only, reverting to P&I ,549, % Rate Type Count % Balance (NZD) % Fixed 1, % 198,152, % Variable 1, % 117,760, % Principal and 97% Payment Type only, reverting to P&I 3% Rate Type Variable 37% Fixed 63% Days In Arrears Count % Balance (NZD) % Not in arrears 2, ,912, > 0 days and <= 30 days > 30 days and <= 60 days > 60 days and <= 90 days > 90 days Days In Arrears Current Loan to Value Ratio (LVR) Count % Balance (NZD) % > and <= , > and <= % 1,735, > 1 and <= % 2,921, % > and <= % 5,142, % > 2 and <= ,358, > and <= % 7,659, % > 3 and <= ,640, > 3 and <= % 13,116, > 4 and <= ,100, % > 4 and <= % 20,957, % > 5 and <= ,296, % > 5 and <= % 29,432, % > 6 and <= % 36,134, % > 6 and <= % 38,546, > 7 and <= % 48,814, > 7 and <= % 49,752, > % 16% 14% 12% 1 8% 6% 4% 2% Current Loan to Value Ratio (LVR) Page 2 of 5

3 Indexed Loan to Value Ratio (LVR) Count % Balance (NZD) % > and <= , % > and <= % 2,313, % > 1 and <= % 4,090, % > and <= % 7,049, % > 2 and <= ,656, % > and <= % 10,670, % > 3 and <= % 15,698, % > 3 and <= % 20,423, % > 4 and <= ,335, % > 4 and <= % 27,215, % > 5 and <= ,496, % > 5 and <= % 32,884, % > 6 and <= % 41,467, % > 6 and <= % 36,631, > 7 and <= % 26,796, % > 7 and <= % 24,379, % > ,348, % 14% 12% 1 8% 6% 4% 2% Indexed Loan to Value Ratio (LVR) Current Balance (NZD) Count % Balance (NZD) % > 0 and <= 100,000 1, % 55,865, % > 100,000 and <= 200, % 119,561, > 200,000 and <= 300, % 91,180, % > 300,000 and <= 400, % 34,106, > 400,000 and <= 500, % 10,461, % > 500,000 and <= 600, % 2,176, % > 600,000 and <= 700, % 689, % > 700,000 and <= 800, > 800,000 and <= 900, % 896, % > 900,000 and <= 1,000, % 975, % > 1,000, Current Balance (NZD) Page 3 of 5

4 Seasoning Count % Balance (NZD) % > 0 mths and <= 3 mths > 3 mths and <= 6 mths > 6 mths and <= 9 mths % 120, % > 9 mths and <= 12 mths % 2,916, % > 12 mths and <= 18 mths % 30,091, % > 18 mths and <= 24 mths ,387, % > 24 mths and <= 36 mths % 62,157, % > 36 mths and <= 48 mths % 74,499, % > 48 mths and <= 60 mths ,806, % > 60 mths % 49,934, % 2 1 Seasoning Remaining Term to Maturity Count % Balance (NZD) % > 0 yrs and <= 1 yr , % > 1 yr and <= 15 yrs % 76,381, % > 15 yrs and <= 20 yrs ,731, % > 20 yrs and <= 25 yrs ,585, % > 25 yrs and <= 30 yrs % 71,072, > 30 yrs Remaining Term to Maturity Remaining Only Term Count % Balance (NZD) % > 0 mths and <= 12 mths % 3,729, % > 12 mths and <= 24 mths ,155, % > 24 mths and <= 36 mths % 1,528, % > 36 mths and <= 48 mths ,192, % > 48 mths and <= 60 mths % 942, > 60 mths Not Only 2, ,363, % Remaining Only Term Remaining Fixed Term Count % Balance (NZD) % > 0 mths and <= 12 mths % 104,891, > 12 mths and <= 24 mths % 75,574, % > 24 mths and <= 36 mths ,028, % > 36 mths and <= 48 mths % 2,612, % > 48 mths and <= 60 mths ,046, % > 60 mths Not Fixed 1, % 117,760, % Remaining Fixed Term Page 4 of 5

5 Mortgage Rate Count % Balance (NZD) % > and <= 5.5 1, % 154,106, % > 5.5 and <= 5.7 1, % 115,099, % > 5.7 and <= ,104, % > 6.0 and <= % 3,577, % > 6. and <= % 4,785, % > 6.5 and <= % 1,527, % > 6.7 and <= % 4,163, % > 7.0 and <= % 1,826, % > 7. and <= , % > 7.5 and <= % 604, % > 7.7 and <= % 200, % > 8.0 and <= > 8. and <= % 108, % > 8.5 and <= % 240, % > 8.7 and <= > 9.0 and <= > 9. and <= > Mortgage Rate Geographical Distribution Count % Balance (NZD) % Auckland Region % 122,994, % Bay of Plenty Region % 14,692, Canterbury Region % 44,861, Gisborne Region % 1,436, Hawke's Bay Region % 6,129, % ManawatuWanganui Region % 11,155, % Marlborough Region ,063, % Nelson Region % 6,132, % Northland Region ,440, % Otago Region % 11,889, % Southland Region % 2,224, Taranaki Region % 3,022, % Tasman Region % 1,411, Waikato Region % 17,061, Wellington Region ,462, % West Coast Region , Geographical Distribution Page 5 of 5