1. Performance and Growth - delivering on our commitments Australia and New Zealand Banking Group Limited November 2000 John McFarlane Chief Executive Officer

2. Page 2 ANZ 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 Mortgages, an emerging strong e-Commerce position and an offshore network in Asia and Pacific. AssetsA$172b Market CapA$21b Profit(pre abnormals)A$1,703m Staff23,134 Credit RatingsAA-/Aa3 ANZ Headquarters 100 Queen Street Melbourne

3. Page 3 Highlights  Earnings growth of 15% (13.3% compound)  Return on equity 18.3% (17.2%)  Cost income ratio 51.7% (54.5%)  Grindlays sold, realising net profit after tax of $404m after related provisions  Income up 6%, costs flat, ELP down 4bp’s to 39bp’s  $2bn returned to shareholders in the form of dividends and share buyback  Dividends returned to 100% franking  Restructuring charge to accelerate transformation program

4. Page 4 Our commitments to shareholders three years ago: Achieve superior financial performance –Deliver double-digit earnings growth –Improve return on equity –Bring down our cost income ratio to 53% Re-balance our portfolio –Increase proportion of Personal business –Enhance leadership position of Corporate –Simplify and focus our International business –Build momentum in eCommerce Reduce risk

5. Page 5 We have delivered superior financial performance $m NPAT CAGR 13.3% % ROE Cost Income Ratio Total Shareholder Return

6. Page 6 Good progress across the board 1480 1999 2000 Net interest income 146 Lending fee 48 Other fee 111 Other income 47 Debt provisioning 8 Costs (14) Tax & outside interests (123) Profit before abnormals 1703 Abnormals 44 Net profit after abnormals 1747

7. Page 7 We have re-balanced our portfolio NPAT Loans & Advances PFS CFS International 27% 50% 23% 49% 41% 10% 56% 39% 5%5% 43% 49% 8% Includes Grindlays Excludes Group

8. Page 8 We continue to reduce risk ELP Factors bp’s Market Risk (Av. VaR) A$m 23 5.4 4.4 Beta reducing towards 1.0, in line with peer average

9. Page 9 We didn’t get everything right – firm action taken Personal loan portfolio International provisioning from historical book Panin writedown to market Took action to put historical Grindlays issues behind us

10. Page 10 Overall book continues to improve AAA to BBB+ BBB to BBB- BB + to BB BB- > B Australian Lending Asset Profile $b Australian Loans & Advances Investment grade 66% of book Diversified portfolio Minimal exposure to media/telco’s Mortgages now represent 46% of book, up from 40% in March 1999

11. Page 11 Specific provisions: Corporate offsets personal loans problem 123 96 171 201 221 125 214 41 134 254 84 140 Daewoo Personal Loans ELPNSP Personal Financial Services Corporate Financial Services International 199920001999200019992000 A single “B” exit account Sold Businesses

12. Page 12 PFS specific provisions were driven by personal loans and credit cards Credit Cards Loss rate 2.3% Average margin >5% SP $m Av Volume $b Personal Loans Loss rate approximately 6% against expected loss rate 3.5% Average margin 5-6% (excludes fees which cover approval costs) Loss on product ~ $15m after tax Hence specific provisions largely offset by margin but product design and controls upgraded to bring losses back in line with expectations SP $m Av Volume $b

13. Page 13 Asian credit quality improves significantly despite two large specific provisions Asian Specific Provisions Risk Grade Profile Specific Provisions relate to two unusual losses ‘B’ exposures now only $130m Investment grade 68% of book Expected losses declined significantly from 1.4% to 0.5% AAA to BBB+ BB+ to BB BB- B to CCC Non-accrual BBB to BBB- $m Daewoo A single ‘B’ exit account $2.9b$4.3b

14. Page 14 Provisioning levels strengthen 1395 502 (383) (51) (90) 1373 967 1999 2000 APRA Guidelines ELP charge Net SP transfer FX impact Sale of Grindlays ELP - Economic Loss Provision SP - Specific Provision General Provision ELP charge* * ex Grindlays for 2000 Times $m Surplus 406

15. Page 15 Active capital management a priority % $b 7.7 7.9 7.5 7.4 6.7 6.9 6.5 6.4 Progress $1014m of buyback Capping of DRP/BOP to reduce dilution Remaining $500m buyback in progress Restructure more EPS accretive than buyback Capital Management Philosophy: Capital scarce 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%)

16. Page 16 Accelerating our transformation program Standardisation and rationalisation of IT and processing platforms Rationalisation and upgrading of EFTPOS network Transformation of Branch Network Improving efficiency in Asia/Pacific by rationalising IT platforms and centralising back office processing Establishing new business platform for Esanda 35 Initiatives across our portfolio of businesses including: Expected cost reduction $300m

17. Page 17 Building for the future - recap on our strategy Proposition Specialists will win over conglomerates Corporations need to embrace new technologies Value depends on performance and growth Strategy Reconfigure ANZ as a portfolio of 21 specialist businesses An e-Bank with a human face Drive results whilst investing in growth businesses Perform and Grow e-Transform Specialise Implications Specialist approach to customer and product businesses Transform the way we do business by using IP technology Meet expectations, fund growth by cost reduction

18. Page 18 Portfolio breakdown - indicative International Personal Corporate Other Cards Wealth Mgmt Mortgages Funds Mgmt General Banking Small Business Corporate Foreign Exchange Asset Finance Capital Markets Institutional ANZIB Financial Services Transaction Services Asia Pacific % * Excluding Grindlays ($127m) $1,703m* 40m* $772m$647m International Customer Businesses 100 0 % Personal Corporate

19. Page 19 e-Payments Gen Banking Corporate FM Mortgages GSF Esanda Wealth FX Institutional Different businesses need different strategies Low High Invest for rapid growth Defend position and return Grow selectively Create new businesses Optimise performance Identify new growth products ROE Market Growth Business size by NPAT Small Bus Cap Mkts Cards e-Asia GTS

20. Page 20 Portfolio strategy should reflect degree of globalisation and leverage real capabilities Impact of globalisation ANZ’s capability FX Institutional Banking Mid Corporate GSF Custody Capital Markets Trade Esanda B2B General Banking Small Business Mortgages Cards B2C now Later Not yet Less developed At parLocal leader Regionally distinctive Globally distinctive Soon Wealth Management Funds Management

21. Page 21 We are delivering consistent growth Growth has been strong, particularly in mortgages and cards Consistently increased market share, without material acquisitions Declining profits in International offset by substantial growth in PFS Profits in PFS less volatile, giving us a strong base * * Excludes Grindlays for 2000 $m % Australian market share - assets NPAT

22. Page 22 Share of Credit Card Spend 15 20 25 30 Jun-94May-96Apr-98Mar-00 Momentum in Personal Financial Services % 10 11 12 13 14 15 Jun-94Jun-96Jun-98 Mortgages Market Share % Apr-00

23. Page 23 Balancing the autonomy of each business with strong leadership from the centre Prime accountability for profit and value Freedom to pursue opportunities within agreed boundaries Operate using agreed set of platforms, systems and shared services Transfer pricing based on market - no cross subsidisation Drive group strategic direction and set policy Portfolio management and resource allocation Cross-Business Unit synergies Control and oversight of risk, brands and technology Business UnitCorporate Centre

24. Page 24 Personal Financial Services Peter Hawkins General Banking Wealth Management Small Business MortgagesCards Funds Management Drive sales and efficiency Invest to grow Aggressively rebuild Maintain profitable growth Accelerate growth Reinvigorate and grow Advanced marketing/ segmentation Straight through processing Lower cost to serve Expert advice Open architecture “Wrap” facility Seamless access Build profitable market share Relationship based proposition Redesign end to end process Maintain distribution strength Straight through processing “Best of breed” delivery platform Data mining Exploit growth opportunities Leverage distribution channels Optimise products/ capabilities Double FUM by 2003 Theme Priorities SystemsCRMSSPBrandRisk Management Accountabilities PFS 50% Group 50% Make the numbers Achieve on-line targets Deliver new value to other Bus Strengthen ANZ e.commerce leadership

25. Page 25 The Group has delivered compound EVA growth of 20% pa EVA* Growth (1995-2000) 0 200 400 600 800 1,000 1,200 199519961997199819992000 EVA ($m) CAGR ~ 20%pa EVA Management Philosophy mThe Group is being managed to outperform peers in terms of EVA growth over time mInternal stretch EVA performance targets are established for businesses based on peer and market expectations mBusiness units develop strategies that are expected to deliver against mid-term EVA targets mBusiness unit performance managed against stretch EVA targets mCompensation tied to performance against EVA targets * EVA = PAT adjusted for economic credit costs, the value of imputation credits, the cost of equity (at 11%) and one off items

26. Page 26 EVA TM based - creating a direct link to shareholder value; Benchmarked to market levels ensures rewards are contained at fair and reasonable levels; Emphasises ’at risk’ incentives limits fixed pay and increases variable, performance-based pay; Variable payments comprise significant deferral and possible relinquishment. Bonuses comprise one third cash, one-third shares deferred for one year and one-third shares deferred for three years (toughest relative to peers); Two levels of hurdles in the LTI component one based on individual performance one based on Group performance relative to peers. ANZ Remuneration - a framework to drive performance

27. Page 27 ANZ in the medium term Material reallocation of resources Substantial e-transformation reducing costs and focused service Performance optimised –EPS, ROE, investment –capital management Transformational cultural change Substantial portfolio shifts Narrower, more focused portfolio with leading positions Increased investment in high growth business Modern performance culture Higher stock rating ANZ in 1 - 2 yearsANZ in 3 - 7 years

28. Page 28 Goals going forward EPS growth above peer average (target 10+%) ROE over 20% Cost-income ratio comfortably in the 40’s Inner Tier 1: 6% Maintain AA category credit rating

29. Page 29 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 or contact Philip Gentry Head of Investor Relations ph: (613) 9273 4185 fax: (613) 9273 4091 email: gentryp@anz.com

30. Page 30 Copy of presentation available on www.anz.com