ANZ Financial Performance Overview

Clear international strategy Modest capital reallocation if growth options are identified ANZ's international focus is twofold and remains clear 1. US and Europe - REDUCE Involving: " ▪ Focusing on core products and relationships Reallocating capital to fund growth options ■ Returning excess capital, primarily to domestic markets 2. East Asia/Pacific GROW LONG TERM Involving seeking reward whilst carefully managing the risk through: Individual investments that are modest in value and low risk US and Europe Capital reduction Majority of capital reallocation to core markets Adopting a portfolio approach Ensuring the potential for significant long term upside 2500 Investments must leverage ANZ's skills and capabilities 2000 whilst avoiding investments that are: 1500 Corporate focused 1000 ■ Require large capital investment Only require ANZ's financial resources rather than management skills 500 1999 ■ ▪ Unduly distracting for group management 20 NPAT mix by region - shift to domestic markets 2000 2001 East Asia/Pacific 2002 Australia/NZ 2003 Aust. NZ Asia/Pacific UK/Europe Middle East/SE Asia North America ANZ

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