Sale of Grindlays to Standard Chartered Australia and New Zealand Banking Group Limited 27 April 2000

1. Sale of Grindlays to Standard CharteredAustralia and New Zealand Banking Group Limited27 April 2000

2. Announcement key points • Sale price of US$1.3 ($A2.2) billion in cash • In addition, ANZ receives dividends of $US0.5 (A$0.9) billion from Grindlays retained earnings • Sale (excluding dividends) equals 2.3 times book value and 14.2 times annualised first half 2000 earnings • Cooperation Agreement with Standard Chartered to service ANZ customers • Buyback of A$1 billion - one of the largest in Australia • ANZ to focus on growth in Australia, New Zealand and Asia Pacific, with increased emphasis on e-commerce

3. Strategy - what we said May ‘99 • Re-balance business mix largely organically • Focus on four strategic businesses • accelerate growth in personal • build on strong position in corporate • simplify and focus International on Asia and the Pacific • build leading presence in e-commerce • Transform management process to ensure execution and delivery

4. Strategic logic • Sale of Grindlays simplifies and focuses international in one move • Strategically attractive for both organisations • Advances strategic repositioning of International • focus on Asia-Pacific • ANZ continues to service core customers • cooperation agreement with Standard Chartered on trade finance, project finance and corporate advisory in Middle East and South Asia • global businesses in FX, capital markets, trade and project finance • Rationale for Standard Chartered • focus on emerging markets - now the leading international bank in the region • synergies and growth opportunities

5. Country representations included in the Standard Chartered transaction Bangladesh, India, Sri Lanka, Nepal, Pakistan, UAE, Qatar, Bahrain, Iran, Jordan, Israel, Greece Grindlays Private Banking operations in London, Jersey, Switzerland ANZ ongoing international presence 23 countries in Asia (11), Pacific (8), Europe (3) and America (1) Transaction outcomes - countries

6. Key terms • Sale price of US$1.3 (A$2.2) billion comprising • Net Asset Value US$590 (A$990) million • Goodwill US$750 ($A1,250) million • Dividends of $US0.5 (A$0.9) billion from Grindlays retained earnings • Key price multiples (excluding dividend) • 2.3 times net asset value, 14.2 times annualised first half 2000 earnings • Final consideration subject to Net Asset Value at completion • Customary representations and warranties and indemnity regarding litigation matters including NHB • Completion expected by 3Q 2000 subject to regulatory approval • Buyback of A$1 billion - one of the largest in Australia

7. ANZ - a relentless focus on value Clear direction for ANZ • Core business portfolio repositioned, now strong • Disciplined management • value orientated • radical transformation to release and build value • capital management • Renewed focus on growth and new economy Turning point for banks? • Pressure to consolidate • Funds Management focus • Unprecedented change driven by new economy • real risks for those who don’t change fast • new ways of winning

8. Appendix: Financial details • Customers/Clients 870,000 • Employees 5,400 • Branches (inc. Grindlays Private Bank) 114 • NPAT Year ended 30 September 1999 A$149 million Half Year ended 31 March 2000 A$79 million • Assets* Total External Assets A$10 billion Risk Weighted Assets A$8 billion * As at 31 March 2000

9. Summary • Good outcome for shareholders • Generates immediate value • Simplifies and focuses international in one move • “Win-Win” for both companies