Investor Presentation February 2001

1. Investor PresentationFebruary 2001 Australia and New Zealand Banking Group Limited Peter Marriott, Chief Financial Officer Rick Sawers, Group Treasurer Bruce Mathrick, Executive Treasurer, Group Funding Ross Glasscock, Treasurer, Strategic Funding

2. 1. Group Overview 2. Business and Strategic Overview 3. Financial/Operating Performance Overview 4. Debt Funding Strategy 5. Summary

3. ANZ ANZ Group Overview • One of the ‘Big Four” Australian banks. Provider of full range of financial services in Australia (since 1835) and New Zealand (since 1840) with leadership in Corporate Banking, Credit Cards and Mortgage origination, a strong e-Commerce position and an offshore network in Asia and Pacific. • Assets A$172bn1 (US$96bn) • Market Cap A$22bn2 (US$12bn) • Profit (pre abnormals) A$1,703mm3 (US$954mm) • Tier 1 Capital Ratio 7.4%3 • Employees 23,1341 • Credit Ratings AA - (stable) S&P2 • Aa3 (stable) Moody’s 1. Company Annual 30 September 2000 2. As at 7 January 2001 3. SSB Research 27 October 2000

4. Highlights • Earnings growth of 15.0% (13.3% compound since 1997) • Return on equity 18.3% (17.2% - 1999) • Cost income ratio 51.7% (54.5% - 1999) • Grindlays sold, realising net profit after tax of $404m after related provisions and lowering risk profile • Income up 6%, costs flat, Economic Loss Provision (ELP) down 4bp’s to 39bp’s • Restructuring charge (A$361m) to accelerate transformation program

5. Leading market position • 7th largest company in Australia by Market Capitalisation (A$22bn) • One of the 4 Major Banks in Australia, who represent over 66% of total Australian banking assets • Leading mortgage originator bank in Australia for the last 2 years • 4 million retail customers - 3 million in Australia, 1 million in New Zealand • 1,021 points of representation throughout Australia and New Zealand • Leading banker to Australian and New Zealand corporations (81,000 customers)

6. 18 17 16 15 ANZ 14 CBA NAB 13 WBC 12 Mar-98 Sep-98 Mar-99 Sep-99 Mar-00 Sep-97 Market Share Australian market share - assets % • Growth has been strong, particularly in mortgages and cards • Consistently increased market share, without material acquisitions Cards % turnover Mortgages % outstanding

7. 1. Group Overview 2. Business and Strategic Overview 3. Financial/Operating Performance Overview 4. Debt Funding Strategy 5. Summary

8. Australian Financial Services Landscape • Financial services industry in Australia currently undergoing a phase of consolidation and convergence • Banks seeking to diversify revenue streams away from interest income into fee income • Increased focus on efficiency through application of web based technology • Government “Four Pillars Policy” currently prohibits mergers between the 4 major banks

9. Proposition Strategy Implications • Specialist approach to customer and product businesses • Specialists will win over conglomerates • Reconfigure ANZ as a portfolio of specialist businesses Specialise Performand Grow • Transform the way we do business by using IP technology • Corporations need to embrace new technologies • An e-Bank with a human face • Drive results whilst investing in growth businesses • Meet expectations, fund growth by cost reduction • Value depends on performance and growth e-Transform Building for the Future: Outline of ANZ Strategy

10. Our Portfolio of Specialist Businesses Products Customer Segments Personal • Wealth Management • Small Business • General Banking • Mortgages • Credit cards • ANZFM • B2C eCommerce Corporate • Institutional • Corporate • Foreign Exchange • Capital Markets • Structured Finance • Asset Finance • GTS • B2B eCommerce Int’l eCommerce • Asia • Pacific • ePortfolio • Asia • Australia/NZ Internal • Utility • Payments • Group Treasury • Technology

11. Financial Goals to 2003 • EPS growth that exceeds peer group average • ROE over 20% • Maintain AA category credit rating • Active capital management: • Tier 1 of 6.5%-7.0% • Inner Tier 1 of 6.0% • Cost-income ratio comfortably in the 40s

12. 1. Group Overview 2. Business and Strategic Overview 3. Financial/Operating Performance Overview 4. Debt Funding Strategy 5. Summary

13. Financial Summary Sep 98 Sep 99 Sep 00 • Earnings growth of 15% in 2000 (CAGR 13.3% since 1997) • Income up 6% pa, costs flat • Grindlays sold realising NPAT of A$404m after related provisions but gain offset by restructuring and other provisions Market Capitalisation (A$bn) 13.9 16.0 20.0 Total Capital Adequacy Ratio 10.7% 10.7% 10.2% Tier 1 Ratio 7.2% 7.9% 7.4% Total Assets (A$bn) 153.2 152.8 172.5 Net Impaired Assets as % of RWA 0.8% 0.6% 0.6% Net Profit After Tax (A$bn) 1.1 1.5 1.7 Cost to Income Ratio 60.9% 54.5% 51.7% Return on Average Assets 0.7% 1.0% 1.1% Return on Average Ordinary Equity 14.6% 17.2% 18.8%

14. Superior Financial Performance Delivered ROE NPAT A$m % CAGR 13.3% Excluding abnormals Historic Non-Accrual Loans Cost Income Ratio % A$m Non-Accrual Loans/ Loans & advances (RHS) Gross Non-Accrual Loans (LHS) Net Non-Accrual Loans (LHS)

15. Other income 47 Costs (14) Other fee 111 Net profit after abnormals 1747 Debt provisioning 8 Profit before abnormals 1703 Lending fee 48 Net interest income 146 Abnormals 44 Tax and outside equityinterests (123) 1480 2000 2000 1999 Good Progress in All Areas

16. Continued improvement in Cost to Income Ratio 63.1 % 51.7 Target - comfortably in the 40’s • Operating expenses have remained flat despite revenue growth • 1. UK Banks are a weighted average of Abbey National,Alliance and Leicester, Bank of Scotland, Barclays, Halifax, HSBC, Lloyds TSB, Northern Rock, Royal Bank of Scotland and Standard Chartered

17. With Diversified and Improving Credit Risk Distribution of Gross Loans & Advances NPAT 149 10% 5% 5,930 7,966 8% 45,684 39% 647 41% 23% 251 46,861 49% 547 50% 65,264 772 49% 56% 41,577 302 43% 27% 1997 2000 1997 2000 Personal Financial Services Corporate Financial Services International

18. Composition and Quality of the book continued to improve Australian Lending Asset Profile Australian Loans & Advances AAA to BBB+ BBB to BBB- A$b BB + to BB BB- > B • Investment grade 66% of book • Diversified portfolio • Minimal exposure to media/telcos • ANZ risk gradings correlated to S&P • Mortgages now represent 46% of book, up from 40% in March 1999

19. We Have Diversified Credit Risk Total Assets: Geographic Distribution Net Loans and Advances: Industry Diversification

20. Major Risk Transformation via Sale of Grindlays ELP (bps) Percentage of Grindlays Exposure to Countries Rated below ‘Single A’ % Of Group Exposure<A Of Total Grindlays Exposure Group 2000 Grindlays Comparable ROE and leverage yet much lower risk Continuing

21. Sound Asset Quality and Provisioning Net Impaired Assets Aggregate Provisions General Provision ELP charge* A$m A$m times % * As at September 2000, ANZ had a provision surplus of A$406m relative to APRA guidelines

22. Strong Capital Position • Capital Management • Philosophy: • Valuable resource to be managed effectively and efficiently • Maintain capital consistent with ANZ’s AA status and peer group ratings • Tier 1 (6.5 - 7.0%) • Inner Tier 1 (6.0%) % $b 7.9 7.7 7.5 7.4 6.9 6.5 6.7 6.4 • Progress: • A$1.1bnof buyback completed • Remaining A$400mn buyback will be completed in the first half

23. 1. Group Overview 2. Business and Strategic Overview 3. Financial/Operating Performance Overview 4. Debt Funding Strategy 5. Summary

24. Debt Funding Strategy • Ensure continued access to all international capital markets • Pursue diversification - Investors - Markets - Structures (implications of FASB 133) • Ensure market recognition of ANZcredit credentials through debt investor presentations • Periodic Benchmark Issuance

25. AUD 13% CHF 2% E USD 20% 54% HKD JPY 10% 1% Review of Term Funding for 1999/2000 • Term lending > than 1 year funded to 15% by term wholesale debt > than 1 year • 1999/2000 fiscal year - Issued A$5.9 billion term wholesale debt • 11% domestic market (Issuer of the year/Deal of the year) • 80% euro market • 9% US market

26. Wholesale Funding Objectives • Between 10% and 15% of term lending greater than 1 year is to be funded by term wholesale funding greater than 1 year • 2000/2001 fiscal year - Funding requirement of A$6bn dependant on securitisation issuance - Anticipate sourcing: 20% domestic market 80% offshore markets • Prudent liability management - spread of term maturities from 1 to 5 years, with a weighted average term of 3 years

27. 1. Group Overview 2. Business and Strategic Overview 3. Financial/Operating Performance Overview 4. Debt Funding Strategy 5. Summary

28. Summary • Commitment to AA category credit rating • Responsible capital management philosophy • Defined strategy to re-configure ANZ into a portfolio of specialist businesses • Sound asset quality with lowered risk • Cost to income very low by global standards, and continuing to trend downward • Commitment to regular and disciplined wholesale debt issuance

29. Appendix

30. Australia’s Strong Economic Fundamentals Gross Domestic Product Inflation % A$’000 % %

31. Australia’s Strong Economic Fundamentals Current Account Employment % ‘000s A$b %

32. The material in this presentation is general background information about the Bank’s activities current at the date of the presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate. For further information visit www.anz.com