1. 2000 Interim Results Australia and New Zealand Banking Group Limited 1 May 2000

2. m Double-digit earnings growth14%. EPS 10% m Increase ROE towards 20% 17.8% (17.3%) m 53% cost income ratio 51.4% Costs flat m Reduce risk Matches peers ex Grindlays m Achieve an optimal capital structure$500m buyback completed $1bn buyback announced ANZ Delivers on Financial Commitments

3. Financial Performance EPSTier 1 Ratio ROE Lending Mix Cost Income Ratio % WBC CBA ANZ NAB % Emerging Markets Mortgages ¢ % %

4. NII/Interest Earning Assets Net Interest Assets Other Income Assets Cost Assets Provisions Assets Business Mix Cost/Income Provisions/NLA ROA ROE “Leverage” Risk Drivers of Performance 4 4 4 4 X X 4 4 4 51.4/ 52.4* / 1.61* */ 52.4 excludes abnormal income 54.5

5. Business Unit Performance A$ Personal 45% Corporate 38% International 9% Group 8%

6. Change in Profit 600 700 750 800 850 $m 650 Second Half 1999 First Half 2000 Net Interest Income 34 Lending Fee 20 Other Fee Growth 30 Other Income 17 Doubtful Debts (4) Costs (9) Tax (34) Property Revaluation 30 Sale of Strategic Investments 33 Restatement of Deferred Tax Balance (64) 764 817 Significant one off items (1)

7. Improving Asset Quality Provisioning: ELP v SP Personal Financial Services Corporate Financial Services International $m Non Accrual Loans ELPSP Mar-99Mar-00Mar-99Mar-00Mar-99Mar-00 Specific ProvisionsNet Non Accrual Loans 1997199819991H00 428 444 900 762 657 886 554 871 $m

8. Percentage of Grindlays Exposure to Countries Rated below ‘Single A’ Transformation from the Sale of Grindlays Proforma ROE March 00 Post Grindlays BuybackSale -1.9% -1.4% 15.9% 17.8% 17.3% % ELP % Excludes warranties and indemnities m Comparable ROE and leverage yet much lower risk m Scope for further capital management m Proforma includes re-investment of sales price excluding “free funds” effect of sales provisions Of Group Exposure <A Of Total Grindlays Exposure Net Lending Assets

9. Transformation from the Sale of Grindlays EPS - Proforma March 2000 (Annualised) BuybackSale 5-6¢ Other Influences m Significantly lower risk m Higher quality income streams m More consistent business BuybackSale 0.8 0.3 2-3¢ Tier 1 Ratios 0.5 RWA Profit Other Influences m Lower risk implies move to lower end of 6.0 - 6.5% range m NZ Tracking Stock ã 0.4% Tier 1 ã 60/40 2000 & 2001 Buyback

10. Capital Management Philosophy: m Capital scarce resource to be managed effectively and efficiently m Maintain capital consistent with ANZ’s AA status and peer group ratings ã Tier 1 (6.5 - 7.0%) ã Inner Tier 1 (6.0% - 6.5%) aligned to Economic Capital m $500 million buyback completed $1B buyback announced Buyback to Reduce Capital Surplus Capital Adequacy Hybrid Tier 1Inner Tier 1Net Tier 2 %

11. Outcomes Mortgage & cards share up Personal 45% of group profit FM challenging, new team Leadership position enhanced ROA 0.9% (0.7%) Non accruals 0.4% (0.9%) Grindlays sale Latin America Offices closed Asia-Pacific e-Commerce focus Approaching leadership B2C Strong portfolio B2B Web enabled internal processes Numerous venture investments Business Strategy m Accelerate growth in Personal m Build on strength in Corporate m Simplify and focus International m Build leadership in e-Commerce Good Progress on Business Strategies

12. Delivering via the Web B2B B2C Employee PCs operations.com Sales & Service Platform Directors on line ERP Transformation Identrus FX On-line (ANZ On-Line) E-Procurement eisa Enterprise Resource Planning

13. Clear Strategic Direction m Improve sustainability of core franchise m Radically transform the business m Accelerate growth program  Develop strategic international positions Imperatives

14. Imperative Improve sustainability of core franchise Radically transform the business Accelerate growth program Develop strategic international positions Response Accelerate growth of up-scale segments in Personal Address retail funds management strategic position Seek value enhancing infill acquisitions in Personal Continue to build leadership in Corporate Revolutionise cost base with web-based technology Rapidly enable ANZ customers on anz.com Become a more customer-centric company Build culture and talent to compete in the new economy Accelerate pace of investment in growth segments Build substantial portfolio of e-products and businesses Accelerate medium-term search for transforming acquisitions Improve our capacity longer term to participate in industry consolidation on our terms Build semi-global niche positions in trade, FX, structured finance, cards and e-Commerce Rapidly roll-out e-Commerce investments in Asia Clear Strategic Direction

15. Financial Goals Going forward m EPS growth that outperforms the average of our peer banks m Increasing Return on Equity: Target 20% m A cost income ratio comfortably below 50% m An Inner Tier 1 ratio approaching 6% m Maintenance of credit rating in AA category

17. Share of Credit Card Spend Share of Housing Lending % % Feb-00 Personal Momentum Internet Banking Users as % of Main Relationships Source Ord Minnett and Roy Morgan Research