Core income momentum NIM: Sharp improvement in 5 and 10 year swap rate reduces forward looking headwinds from roll-off of existing structural hedging; SVR 12% of book Volumes: 3% net lending growth target for combined PBB/CPB in 2017 - expect to continue to achieve market share gains in targeted customer segments Net interest income: Volume benefit outweighs NIM pressure Fees & commission: Headwinds from interchange alleviates from 2017 onwards Revenues in NWM: Benefiting from market volatility and continued active customer flows 25