Ethical Investment Policy We regularly monitor public policy issues and consider how they may impact our business. Our conservative investment strategy means we evaluate investments based on their potential impact across many areas of our business including reputation and financial return. For example, fossil fuels don’t fit our current investment strategy – nor do many other industries. Our ethical investment policy encourages investment in institutions and companies which we believe are good corporate citizens and whose practices are consistent with our values. To support this position, we will seek to avoid investing in the companies which are directly involved in or whose major business is: the production of oil, gas, and other fossil fuel sources; nuclear power; gambling; non-medicinal drugs; pornography; and production of, or the supply of parts for, military or commercially-available weapons and/or firearms. We also seek to avoid direct investment in companies that have, on a number of occasions, exhibited poor practices with respect to: environmental justice or regulation, greenhouse gas emissions, toxins, hazardous waste; or human rights, either through abuse and/or materially or otherwise supporting repressive regimes. We hope our customers and communities appreciate that TSB puts a great deal of effort into maintaining an investment portfolio that is reflective of our New Zealand roots and the type of business for which we want to be known.