Investor Presentaiton

Executive options will only reward out-performance against market Price Executives rewarded for value premium after allowing for market growth Each 1/2 year the options will be issued at the prevailing weighted average five day price Standard TSR Option strike price ANZ share option indexed by movement in the S&PAB2001 (The value below this line is passed to executives under a conventional option) S&P200BAI ANZ Share Price Year 1 Year 2 Year 3 Year 4 Year 7 etc... 32 Investor Presentation ANZ

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