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

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

4. Page 4 Mar-00 Sep-00 Mar-01 Operating IncomeProfit After Tax Mar-00 Sep-00 Mar-01 The business continues to perform strongly Mar-00 Sep-00 Mar-01 Mar-00 Sep-00 Mar-01 FTECost Income 23% Growth 17% Growth $m %

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

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

7. Page 7 …and by geography Geographic Split

8. Page 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+ BBB to BBB- BB + to BB BB- > B

9. Page 9 …and portfolio duration is at attractive levels Portfolio Maturity Profile Assets % 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 Project Lifecycle Profile

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

11. Page 11 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 …and we are leveraging these to drive growth…

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

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