Slide 1: Westpac Interim Results 2003
ls Australia's First Bank Westpac Interim Results 2003 David Morgan Chief.Executive Officer Philip Chronican Chief Financial Officer David Clarke Chief Executive Officer, BT Financial Group 8 May 2003
Slide 2: Delivering strong growth
Delivering strong growth ¢ Cash earnings up 10% on 1H 2002 * Economic profit up 10% * Cash return on equity 21% ¢ Interim dividend up 12% * Maintaining growth momentum while transforming the business ¢ High quality result - low risk profile Interim results - 2003
Slide 3: Looking through the earnings
Looking through the earnings $m 1HO3 1HO2 = % Mov’t Cash earnings 1,095 996 10 Less BT,RAAM & Hastings (20) - n/a AGC - (93) n/a Ongoing earnings 1,075 903 19 Interim results - 2003
Slide 4: Ongoing business strength - the key to the result
Ongoing business strength - the key to the result $m 1,200 Ongoing Earnings’ - 1,100 - $m 1H03.- % Mov’t 1,000 - Total revenue 3,491 10 Operating expenses (1,738) (4) 900 5 Underlying performance 1,753 16 800 - : Net profit attributable to 1,058 20 700 - equity holders Ongoing cash earnings? 1,075 1
Slide 5: Key result drivers
Key result drivers ¢ Australian Business and Consumer Banking franchise in excellent shape, cash earnings up 13% * Turnaround in New Zealand banking continues, cash earnings up 46% ¢ Institutional Bank — back to trend performance - Cash earnings up 64% * The new wealth group, BT Financial Group - Ca
Slide 6: All businesses contributing
All businesses contributing "Cash earnings' “or Group ‘Growth 1H02 — 1H03 ‘ : Contribution 53% ae 13% | é Eee . & N be 8% [. 10% % s ne ge ew x x . x 19% ‘ Na & an — RS $m ' T T r 1 200.400 .-600 - 800 0 20 40 60 80 # 1HO3 » 2HO2 = 1H02 ‘Excluding significant items Australia's i | feet Bank 6 Interi
Slide 7: Growth in key products
Growth in key products Growth March 2002 to March 2003 Group Average interest earning assets Housing Corporate - net loans & accept. Non-housing term loans 27% Total deposits Australia Housing Business lending # Retail deposits 20% 0 5 10 15 20 # Excludes impact of rebuilding ex-AGC equipment financ
Slide 8: Market share - across the board growth
Market share - across the board growth ¢ Westpac has written over 20% of all Australian financial system credit in the last 6 months es of Reserve Bank of Australia .. hare | Australia’s ‘ First Bank 8 Interim results - 2003
Slide 9: Credit quality and provisioning
Credit quality and provisioning ¢ Net non-accrual loans down 40% on March 02 ¢ Bad debt charge down 21% on March 02, reflecting: - Absence of significant corporate defaults - Disposal of higher risk AGC business - Strong recoveries and regrades ¢ General provision up 13% in six months to March 03 ~
Slide 10: Dividends up 12% on 1H02 - fully franked
Dividends up 12% on 1H02 - fully franked Cents per share 40 5 35.5 30.5 25 5 ~-2H99 1HOO + 2HOO~ 1HO1 2HO1. 1HO2 = 2HO2 § 1H03 ‘ Unfranked. | ie Bane 10 Interim results - 2003
Slide 11: Business transformation on track
Business transformation on track * Re-acquiring AGC business assets ahead of expectations * Strategic wealth transactions validated - Right assets - ‘new’ wealth management - Right time - leverage off low point in market - Right price —- no valuation issues ¢ Greater BT integration synergies identif
Slide 12: Priorities for 2003
Priorities for 2003 ¢ Maintain momentum in ongoing businesses NZ program review Implement Australian restructuring programs Complete end-to-end re-engineering of lending process Enhance customer experience and relationship management ¢ Deliver value from new acquisitions - Complete wealth integratio
Slide 13: High quality result
High quality result * Growth momentum maintained without lowering the return profile * Strong lending and deposit growth supporting top line revenue * Credit quality improved; risk profile lowered * No material ‘one-off items * Broad based — all major business units contributing * Increased payout t
Slide 14: The Details
AY 7 Australia's First Bank The Details Philip Chronican.. Chief Financial Officer 8 May 2003
Slide 15: Earnings terminology — cash earnings
Earnings terminology — cash earnings strips out EV uplift in 2002 and hybrid distributions, adds back goodwill amortisation Cash earnings Reported - includes everything Underlying - removes individually significant items in 2H02 Ongoing - adjusted for acquisitions and AGC divestment Focus on cash un
Slide 16: Cash earnings
Cash earnings $m 1H03 1H02..% Change Net operating income 3,635 3,522 3 Operating expenses ; (1,857). --(1,739) (7) Goodwill (78) (49) (59) Bad debts ; (214) (271) 21 Net profit before tax 1,486 1,463 2 Tax (431) (443) 3 Outside equity interests (4) (2) (100) Net profit after tax & OEl : 1,051 1,018
Slide 17: Cash earnings up 10%
Cash earnings up 10% wens 13 996 309 | Settane 17 Interim results - 2003
Slide 18: Non-interest income analysis
Non-interest income analysis $m 1,500 5 1,400 5 1,300 5 1,200 1,100 - 1,000 - Australia’s First Bank Mar-02 60 123 1,429 EV uplift “AGC P'holder.. BT/RAAM. Hastings Rec. Ongoing |. Mar-03 Interim results - 2003
Slide 19: Expense analysis
Expense analysis $m 1H03 1H02:° % Mov’t Salaries & other staff expenses 898 823 9 Equipment & occupancy 296 291 2 Other expenses 663 625 6 Operating expenses 1,857 1,739 7 impact of change in composition of business model (50) 2 na Ongoing operating expenses 1,807 1,739 4 NZ currency appreciation (2
Slide 20: Expense to income
Expense to income Banking? — expense to income _~ Group - expense to income’ _ : % % 60 3 57 45 > a 1HO2 2H02 1HO3 Wealth - expense to income % . 65 : 63 4HO2 2HO2 2H99 -1HO0..2HOO.1HO1..2HO1.1HO2 2HO2 -1HO3 2 Excludes AGC 1 Underlying earnings basis Austratia’s Interim results - 2003
Slide 21: Expense pipeline
Expense pipeline $m FY02A FY0O3F FYO4F FYO5F Outsourcing 83 115 123 132 Organisational 4 73 77 77 simplification Wealth integration - 46 72 93 Lending processes - ~ 19 60 Other operational 5 115 160 169 efficiency initiatives Cumulative total 92 349 451 531 Annual increment - 257 102 80 Australia’s
Slide 22: Business unit performance — Australian Retail
Business unit performance — Australian Retail’ 9, 4 * Cash earnings up 13% $m HOS. 1H02'% Mov't ry Expense to income Operating income 2,124 1,975 8 down 340bps Operating expenses. (1,145) > (1,131) (1) . Cc i 979 844 16 * Bad debt increase Be paces gy aaa) as primarily due to i : = ft aa Bi it = dyn
Slide 23: Mortgage portfolio characteristics
Mortgage portfolio characteristics ° Investment loans grew 20% but $bn. Australian Mortgage Portfolio only represent 33% of Australian 905 portfolio; behaviour closely tracks 80 4 that of owner occupied portfolio a * Average LVR of new loans 61% a * 20% of portfolio mortgage insured I * Lending crit
Slide 24: Re-acquisition AGC equipment finance portfolio
Re-acquisition AGC equipment finance portfolio * Cash earnings from Equipment Finance portfolio the re-build of the (Original balance - $5.1bn) . . $bn equipment finance portfolio in 1HO3 - BO. ones capoenrcn nee tener $13m Ae 4.0.5 * Not a contributor to RAA growth 3.04 2.0 7 1.05 0.0 = = Actual re
Slide 25: Business unit performance — Institutional Bank
Business unit performance — Institutional Bank’ Cash Earnings * Cash earnings up 64% 250 703 * Net interest income up 24% 200 4 450 = driven by growth in loans, FM gm1507 124 — income and high margin wool fo structured finance deals 50 - * Financial markets income up 0 : 17% on pcp and 62% on prior
Slide 26: Business unit performance — New Zealand Banking
Business unit performance — New Zealand Banking Cash Earnings 200 * Cash earnings up 40%' (up 460 - sé $161 46% in A$) 420 | $110 * Expenses up 1%! for the year “sm 80 - (up 6% in A$), but up 7%’ in 40 first half due to one-off 3 relocation and re-branding 4Ho2:s«HO2ttSCAHO costs Net Loans * Expense
Slide 27: NZD hedging impact
NZD hedging impact _ AUD/NZD Exchange Rate 1.40 1.35 See ATID INIT I LEE EI EAL EET AUD/NZD 2002/03 Hedge 1:30 4e- MOV. AVE oi ee cee cee eee ce ne ee ce enge eens — Hedge rates 4.25 semi gl 4.20. qoeccc eA a 1.15 ee | eee i es See eee eee eee eee eee eee eee ee eee ere ereeeceee eres: $2} PeEeee. e
Slide 28: NZ dollar impact
NZ dollar impact Rolling 12-month focus — timing main impact 2004 AUD/NZD position to be around 1.10 — 1.12 Hedge gain/loss recognised in non-interest income. impact on group financials (A$) “impact, Operating revenue 54m Operating expenses 22m Cash earnings 22m Loans and acceptances +2.2bn Risk wei
Slide 29: Loan growth
Loan growth % Mov’t --.% Mov’t | $bn 1H03 2H02 1H02 Mar 02-~. Sep 02- Mar 03 Mar 03 _. Business Unit Consumer 80 74 68 19 9 Business (excl. equip. fin) 25 23 22 10 WIB 22 22 19... 16 New Zealand Banking! 21 19 (Too 22 12 BT Financial Group 15 0.6 0.6 150 150 AGC & equipment finance 3.5 22 9.7 na nla
Slide 30: Analysis of margin dynamics
Analysis of margin dynamics 3.0 2.9.5 2.85 %° 2.75 2.6.4 2.5.5 2.4 T 1 1 1 Mar-02. Spread -.-Free ...Sep-02. Spread. Free .-..Mar-03 funds funds 2001 1H02 2HO2 1HO3 Reported group margin 3.11 2.90 2.70 2.68 Impact of bill acceptance funding - 0.15 0.20 0.18 Impact of AGC sale - - 0.09 0.14 Normalise
Slide 31: Stressed exposures remain near historic lows
Stressed exposures remain near historic lows | Categories of stressed exposures as a -% of total commitments 3.0% Jon rennnr nna SIS i@ AGC stressed loans > . ¢] Watchlist & substandard Of, ——- SR ee 5% 1-7 ; ® 90 days past due well secured 20% bd bee a Impaired 1.5% t-4 0 beep fe 4 sooooof 1.0% + s
Slide 32: No signs of deterioration across the portfolio
No signs of deterioration across the portfolio Housing Portfolio - 90 day delinquencies % 15 0.5 0.38. 9.26 0.25 -9.23 0.15, 0:16 0.0.4 r T 1 T T T T 1 1996 1997. 1998 1999 2000. 2001 2002 4H03 Consumer Unsecured - 90 day delinquencies % 2.5 -§— Including AGC a Excluding AGC 2.0.5 & 1.5 1.0 0.5 0.63
Slide 33: Bad debts analysis
Bad debts analysis $m 1H03 2H02 1H02 Write-offs (142) (171) (208) Net transfer to/from specific provisions 17 (70) (102) Recoveries of debts previously W/O 47 35 49 Bad debt charge-off (78) (206) (261) increase in general provision (136) 2S 161 (10) Net bad debt expense (214) (190) (271) General pro
Slide 34: Provisioning cover
Provisioning cover _ Specific provisions / impaired assets General provisions / non-housing : performing loans & acceptances % % 60) 2.4.5 / 585 2.24 50 1 2.0.5 ABS H 1.855 40. | 1.64 385 | 30. 1.4.5 25 1.2/5 20 a a 1.0 a FY98 “FY99. FY00 FY01. 1HO2 FY02.1HO03 FY98 FY99 FY00 -FY01 4HO2 -FY02.1H03 ——
Slide 35: Tax breakdown
Tax breakdown $m 1H03 1HO02 Tax expense (incl. gross up) 431 443 Tax expense as a % NPBT (incl. gross up) 29.0% 30.3% Adjustments Policy holder tax recoveries 19 (14) Normalised tax expense 450 429 i 5 Noraleed tax expense as a % of reported 30.3% 29.3% | ie Bane 35 Interim results - 2003
Slide 36: Priorities for capital deployment
Priorities for capital deployment 1 -| Profitable growth -| 21% cash ROE, growth in risk adjusted assets 11% over the year 2. |Franked dividend. | Franking balance! now comfortably in surplus - $408m 3] Buyback Requires significant capital surplus above target ratios to trigger buyback of:shares (i.
Slide 37: Capital position
Capital position Tier 1 / Risk Adjusted Assets 7.5% 7.0% 5 6.5% 6.0% | ie Bane 37 Interim results - 2003
Slide 38: Capital position
Capital position TOE / Risk Adjusted Assets 7.0% + 6.5% + (0.6%) 6.0% 5.5% + 5.0% | ie Bane 38 Interim results - 2003
Slide 39: Payout ratio has been rising through time
Payout ratio has been rising through time . ~ * Dividend growing at or above Payout ratio earnings: % - Cash EPS 10% 65 | - Dividends 12% * Payout ratio likely to increase 60: near term * Medium term drivers of 55 4 payout ratio: - Cash earnings 50 | - Franking capacity - Organic capital 454 require
Slide 40: Wealth management acquisitions
Wealth management acquisitions No use of embedded or appraisal value Carrying value of goodwill for acquisitions (at 31 Mar 03) - BT Financial Group $839m - Rothschild $319m Closing accounts for BT yet to be completed. Final numbers usually settled up to 12 months after acquisition Value buffers - B
Slide 41: A strong, broad based, high quality result
A strong, broad based, high quality result * Strong organic performance driven by revenue growth in all banking businesses and no material one-offs * Continued tight expense management * Robust loan growth with no margin deterioration * Credit quality high and provisioning coverage strong * Sound ca
Slide 42: Wealth Management
AY 7 Australia's First Bank Wealth Management David Clarke — Chief Executive Officer, BT Financial Group - 8 May 2003
Slide 43: Wealth performance — BT Financial Group
Wealth performance — BT Financial Group $m 1HO03 2H02 1HO02 Operating income 303 169 169 Operating expenses (192) (107). (77) Tax & outside equity interests (25) (12) (14) Cash earnings... 86 50 78 Goodwill : 28 2 2 Composition of cash earnings Existing operations 68 48 78 Rothschild. & BT 18 2 0 |
Slide 44: Market share of key business products
Market share of key business products New business Product Market Rank Market Rank share share Corporate super 5.0% 9 9.8% 6 Wrap & master trust 10.3% 4 17.8% =1 Life and risk 6.0% na 9.7% 5 Margin lending 15.5% 2 27.6% na Retail 10.2% 5 Net outflows Sources: > Retail - ASSIRT. Mar 03 Wrap and Maste
Slide 45: Net retail FUM against acquisition model - BT
Net retail FUM against acquisition model - BT spn @ Acquisition model 75%. of. shortfall in March quarter. due.to market 10 + [ sere 1 of 64 : 44 24 04 r Sep.02 Oct 02 Dec.02 Mar-03 Dec 03 Dec.04 Dec-05 | Australia’s First Bank Interim results - 2003
Slide 46: Combined Australian funds under management
Combined Australian funds under management $bn Rated funds Unrated i Total Roths-| BT | Total | . Asset WBC | Asset class child Rated | Consultant FUM view Cash & liquid assets 0.2) 2.2 2.4 v 5.4] 278 | Australian fixed interest 2.1 4.0 3.1 v 3.3 6.4 International fixed interest 1:3 0.7 2.0 v 0.8 2.
Slide 47: Investment management performance
Investment management performance * Delivering true to label Australian equities performance performance nes * Enhanced investment Monthly excess ‘LHS) management process 2% + * Returns achieved through a larger number of smaller active positions 1% + * Extreme volatility previously experienced will
Slide 48: Wrap funds under administration
Wrap funds under administration $bn 8 4-4 ceneeeeees Number 1 for inflows (ASSIRT.Wrap and Master Funds December.2002) 0 & LP. Po S PP Po SD Ss. w s o& Pf S S D-9> aS Ni a BSG S&S & FPP SF SSS SH SSH SM FF SKM Soh Mai gh wiek Ke Australia’s First Bank 48 Interim results - 2003
Slide 49: Synergies further upgraded in May
Synergies further upgraded in May 03 $m 449, [1 Synergies estimated at valuation — Aug 02 Ml Updated synergies estimate — Nov 02 Mi Updated synergies estimate — May 03 1204 100 4 65 2005 | Australia’s First Bank Interim results - 2003
Slide 50: Near term priorities
Near term priorities Deliver true to label performance - improved researcher ratings to follow. Retail FUM Roll-out partner.series Brand building activities Further leverage international alliances and demonstrate improved Australian Wholesale equities capability Improve asset consultant communicati
Slide 51: Wealth management summary
Wealth management summary * Synergies upgraded * Qutflows slowing ¢ Improved performance and stronger ratings * Core business gathering momentum * Confirm earnings trajectory Interim results - 2003
Slide 52: Summary and outlook
AY 7 Australia's First Bank Summary and outlook David Morgan __ Chief Executive Officer 8 May 2003
Slide 53: Core objectives on track
Core objectives on track * Increasing employee commitment by at least 5% * Improving customer satisfaction by at least 5% * Delivering cash earnings per share growth of 7% to 9% in 02/03 ¢ Maintaining global sector leadership position in sustainability practices Interim results - 2003
Slide 54: Strong staff commitment
Strong staff commitment | Percent of Staff demonstrating a high. degree of commitment to | Westpac % 80 Global Financial Services 60 Industry Norm 40 4 20 Jun-00 Jun-01 Jun-02 Sep-02 Mar-03 # Quarterly surveys based on a ~6% sample versus full staff participation in the annual survey | ie Bane 54 In
Slide 55: Customer satisfaction
Customer satisfaction . So Australian Consumer Customer * Very and fairly satisfied is gatisfaction growing 70% * The rate of improvement is the best of the four . 65% major banks ‘ ° Westpac is nominally positioned number one of 60% + the majors 55%. 5 50% 1 T T T 1 Sep-01.. Dec-01 --Mar-02 °-:Jun-
Slide 56: Enhanced sustainability - governance and reputation
Enhanced sustainability - governance and reputation Number 1 financial institution globally in Dow Jones Sustainability Index 2002/03 Number 1 Sydney Morning Herald / The Age Good Reputation Index 2002 a | ah Second social impact report AME i wee % to be published by early June. A fresh perspective.
Slide 57: Economic environment
Economic environment ¢ Australia and New Zealand economic fundamentals sound * Continued sound growth reliant | Key economic indicators on Calendar year 2002A | 2003F GDP 3.8% | 3.0% Unemployment 6.3%) 6.3% - Breaking of drought - Recovery in world economy - Impact of SARS on Australia nae Damen and
Slide 58: Credit growth
Credit growth Australian credit growth * System credit growth easing _ Westpac _-%.ann forecast * Housing credit growth 24, 4 expected to remain at respectable levels * Business credit continuing modest recovery along with economic growth and investment cycle 8 pe tt 8 Jan- Jan-Jan-.Jan-.>Jan-. Jan-
Slide 59: Housing market — economic setting
Housing market — economic setting _ Real estate prices * Established house prices 70 ee wns 280 have risen sharply — circa Lae somone 200 40% over last two years |. Toa o ee Sydne} * Investment housing has [sao - 100 replaced first home owners o ~ as predominant source of g rowth beca7 Dee-20 Dec-93
Slide 60: Housing market — state of play
Housing market — state of play Gearing — housing debt as a percentage * Household debt to st of assets. oe household wealth has so | oo significantly increased “ “ ¢ Affordability not stretched 10-4 | 40 5 «=== |-ousehold gearing ratio ls ‘Source: RBA 0 cu Dec-77 © Dec-81 ‘Dec-85 “‘Dec-88 Dec-93 ~~
Slide 61: Downside risks remain
Downside risks remain ¢ Australia not immune from anaemic world growth outlook * Domestic growth will impact demand for credit * Slowing housing growth unlikely to be fully offset by stronger business investment ¢ Any further interest rate cut would impact margins ¢ Asset quality unlikely to improve
Slide 62: Westpac outlook remains positive
Westpac outlook remains positive Revenue momentum Low risk profile All businesses in good shape Recent strategic initiatives delivering value Overall position is that previous cash earnings per share guidance of 7 — 9% remains appropriate for this year Interim results - 2003
Slide 63: Questions
Questions | Settane 63 Interim results - 2003
Slide 64: Westpac Interim Results 2003
ls Australia's First Bank ‘Westpac Interim Results 2003 David Morgan ‘Chief Executive Officer Philip Chronican Chief Financial Officer David Clarke Chief Executive Officer, BT Financial Group 8 May 2003
Slide 65: Supplementary Information
AY 7 Australia's First Bank Supplementary Information 8 May 2003
Slide 66: Index — supplementary slides
Index — supplementary slides Growth drivers Economic profit shift Online growth Risk adjusted asset growth Capital levels Deferred expenditure Wealth management Composition of synergies Integration impact on financials Combined Australian funds under management Retail funds under management Risk man
Slide 67: Economic profit shift — Australian consumer
Economic profit shift — Australian consumer % “veo Economic Profit Ve Percent in Segment Low <+— Customer Value Segments —> High wi Mar-02 @ Mar-03 67 Interim results - 2003
Slide 68: Online growth
Online growth _ On-line Banking 2,000,000 1,800,000 4,600,000 1,400,000 1,200,000 4,000,000 800,000 600,000 o l=] = es 3 8 o Oo o _ -. tO. wl Australia Austratia’s zo-unr zo-des Z0°98q Ose = New Zealand | On-line Broking - Australia 430,000 120,000 110,000 400,000 90,000 80,000 70,000 60,000 50,000
Slide 69: Risk adjusted asset growth
Risk adjusted asset growth $m Mar 03 Mar 02 % Change Risk adjusted assets 137,828 128,651 7.1% 14% Sources of risk adjusted asset growth well spread 42% i BCB INNA AI A BT margin lending H WIB O.Other Australia’s | feet Bank Interim results - 2003
Slide 70: Capital levels
Capital levels % 7.5 hy TOE / RAA Tier 1 ratio ACE Ratio @ 2H01 1HO2 Ei 2HO2 “1 1HO3 Australia's i First Bank Interim results - 2003
Slide 71: Deferred expenditure
Deferred expenditure $m Mar 03 Capitalised software 283 Other deferred expenditure’ 207 Deferred acquisition costs? 90 Deferred start up costs - Other deferred expenditure relates to. commissions paid to acquire interest earning assets and fees and Sept 02 232 162 discounts associated with wholesale
Slide 72: Composition of BT synergies
Composition of BT synergies | Expected 2003 synergies by opportunity area (##) = % of project complete = Executive Other =) re-structure projects — (100%) (50%) Organisational re-structures (90%) | Australia’s st Bank im results - 2003
Slide 73: BT Integration - impact on financials
BT Integration - impact on financials Integration costs ($m) Mar 03 Nov 02 Aug 02 Charged in Westpac 67 67 Fair value adjustment to BT 87 70 Future expenses 3 5 Total 157 142 115 Synergies ($m) Mar 03 Synergies in 1H03 results 16 Implementation provisions utilised 28 Total synergies locked in 35 % Y
Slide 74: Combined Australian funds under management
Combined Australian funds under management Asset class Mar 03 $bn Sep.02.) Pec’ Total | Retail | Retail % Cash & liquid assets 9.5 8.0 7:8 5.0 64% Australian fixed interest 7:9 6.6 6.4 3.9 61% premational fixed 2.6) 25| 28] 1.5] 54% Property 4.0 3.9 3.4 2.6 76% Australian equities 11.2 10.2 9.1 8.4
Slide 75: Retail funds under management
Retail funds under management Retail FUM Market Share 25% - 20% | wo 10% - _ oy Bienw= oe > wv < os os Re Ss ee & re ww S Source: ASSIRT — March 2003 | Austratia’s First Bank 75 Interim results - 2003
Slide 76: Business / Corporate risk grade profile
Business / Corporate risk grade profile” % 80% 7 1.2% 18% 1.3% 4% 60% 40% 20% 0% 1H01 FY 01 1H 02 FY 02 1H 03 BBB+ to BBB- () BB+ to B+ (7 <B+ i AAA to AA- MH At+toA *% of Total Exposure - 31 March 2003 Austratia’s 76 Interim results - 2003
Slide 77: Other consumer portfolio
Other consumer portfolio Total Westpac Group * Business / Institutional 38% Margin Lendin G Other consumer 6% . Personal Loans * On balance sheet funded lending March 2003 Interim results - 2003
Slide 78: Single name exposure concentrations
Single name exposure concentrations Top 10 exposures to corporations and NBFis : S&P. Rating or equivalent $m 0 200 400 600-800 1,000 ‘otal exposure of Top 10 $5.0bn - Mar 2003 Austratia’s 78 Top 10 exposures as a % of total ommitted exposure H 3.5% 3.0% :5 2.5% + 2.0% 5 1.5% | 1.0% 5 L 0.5% 0.0% 19
Slide 79: Top industry concentrations
Top 10 industry concentrations’ Property Business services Utilities Construction & construction materials Manufacturing: Machinery & Equipment Business products wholesale Transportation Mining Communications Wood & paper products Oil, gas & coal 0 1 2 3 4 5 6 7 8 % Group Total Committed Exposure 1.
Slide 80: Total exposure by booking office
Total exposure by booking office’ Austratia’s First Bank 80 oe , NZ / : Asia ex | $m Australia Pacific Americas... Europe Japan Japan Group AAA to AA- 24,514 8,401 827 783 88 148°} 34,758 | At to A- 13,174 2,153 2,370 1,696 5 2)°°-19,400 | Bette 22,314. 5,676 1146 2,477 24 o| 31,337 | -BBB- BB+ to B
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