ANZ Financial Performance Overview

SECTION 6 Quality of Group Telco lending book has also improved • ANZ Group has been proactive in addressing the telco concentration risk of its global lending asset portfolio -ANZ continues to manage down its exposure to the industry, particularly offshore. Offshore assets now represent 42% of the Telco portfolio, down from 52% in Mar-03 and 57% in Sep-02. -The risk profile of the telco industry is improving with increased financial flexibility stemming from strong free cash generation and debt reduction Total Limits (Excl Settlement) $5.3bn $4.8bn AAA to A $3.8bn 52% 63% 64% • Outstandings $2.1bn (56%) BBB+ to BBB 9% Other Committed $1.2bn (30%) 4% BBB- 22% 15% 5% • 14% · During the Full Year, Group Uncommitted $0.5bn (14%) "Top 6" committed telco BB+ to BB- 10% 8% 5% exposures declined (as a % of B+ and below 7% 10% 12% ACE) from 38% to 25%. Sep-02 Mar-03 Sep-03 No of Cust (Total 39) Investment Grade 83.1% Non Accrual 5.0% 81.7% 3.4% 82.8% 19 2.1% 3 51 ANZ

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