Global Structured Finance

1. Global Structured Finance Gordon Branston Head of Global Structured Finance Australia and New Zealand Banking Group Limited 20 July 2001

2. Global capabilities in selected niche markets • What we do? • Financial performance • Risk and portfolio management • Leveraging core competencies and intellectual capital to drive growth • Goals for Global Structured Finance

3. GSF: integrated product delivery • Project Finance • Export Finance • Corporate Finance • Leasing & Tax Based Finance • Islamic Finance • Industrial Transportation

4. The business continues to perform strongly Operating Income Profit After Tax $m $m 23% Growth 17% Growth Mar-01 Sep-00 Mar-01 Mar-00 Sep-00 Mar-00 % FTE Cost Income Mar-01 Mar-01 Sep-00 Mar-00 Sep-00 Mar-00

5. It has developed into a robust high performing business Global Structured Finance $m Revenue - CAGR 28% NPAT - CAGR 35%

6. …with diversified income streams by product... Revenue by product mix Project Finance business

7. …and by geography Geographic Split

8. We have a low risk profile & very low incidence of loss... Risk Grade profile • High concentration of AAA to BBB+ credits driven by sovereign (export credit agency) and multinational exposures • Majority of Project Finance transactions in Developing Markets require balance sheet for Risk Grade BBB to BB • Minimal exposure to Risk Grade BB-and below, with higher risk classification usually driven by geographic factors AAA to BBB+ BB + to BB BBB to BBB- BB- > B

9. …and portfolio duration is at attractive levels • With a high proportion of projects in start-up and operating phase, the portfolio is set to roll off aggressively • After 2 years of operations, projects become candidates for refinancing Portfolio Maturity Profile Assets % Project Lifecycle Profile

10. Our core competency and competitive advantage have evolved over time… 2001 Current Competitive Advantage Acquired Competencies • Sectoral Knowledge • Structuring & advisory Skills • Distribution capability • Track Record • Market Reputation • Established ‘Blue Chip’ Client base 1995 Developed Competencies • Distribution • Additional Sectoral Skills • Additional Project Skills • Corporate Finance advisory skills Core Competencies • Project Advisory • Structuring Capability • Sectoral Knowledge • Regional Knowledge • Brand Name • Franchise • Clients • Debt Capabilities

11. …and we are leveraging these to drive growth… • Consolidate GSF’s position as a market leader in chosen niches • Increase geographic coverage (developed and developing markets) • Increase industry sector coverage • Acquire teams to complement the current skill base • Manage the balance sheet actively

12. …and create breakout opportunities • Develop our Corporate Finance and Acquisition Finance capabilities • Drive opportunities in private equity and quasi-equity products Break out • Expand oil & gas and media/telco activities in developed markets • Expand Singapore team to capitalise on regional recovery • Cross-sell complex product to clients Grow • Strengthen industry sector competencies • Expand geographic focus for current industry sector specialisation • Securitisation of assets to free up the balance sheet for new business Perform

13. Summary • GSF has experienced exponential growth over the last 5 years • Continue to build industry and product specialisation and diversify further geographically • A pre-eminent global structured finance house in the sectors and geographies it has selected to compete • The key to future success is to continue to exploit the intellectual capital of the business and leverage its competitive advantage • Goals • Increase earnings by 15%+ pa • Cost income ratio in the 40’s

14. Copy of presentation available on www.anz.com