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Investor Presentaiton

Global telecommunications portfolio in reasonable shape Telco Risk Grade Profile* Exposure by geography AAA to BBB+ 62.6% $3.4b 83.8% investment grade 35% BBB to BBB- 21.2% $1.2b BB+ to BB BB- > BB- 6.7% 8.7% $0.5b $0.4b 0.8% # of customers Sep-02 Total Limits (AUD) $5.5b 49 B+ to CCC Non Accrual 1.9% $0.1b 4.8% $0.3b 4 3 >BB = B+ B, B-, CCC & non-accrual *Risk grade profile by limits 44 Investor Presentation 3% 50% 12% Aust/NZ (97.6% Investment Grade) Americas (69.3% Investment Grade) UK/Europe (71.1% Investment Grade) Asia (34.5% Investment Grade) ANZ

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