ANZ-OCBC Bank Joint Venture Media Briefing 17 July 2000

Joint venture key points  ANZ and OCBC have established a joint venture to develop a stand alone internet bank with a regional network  New business model will deliver a complete proposition for customers’ financial services lifestyle  High growth model, with low customer acquisition costs and scalable technology  Joint venture will make strategic investment in a range of internet services companies - first partner, BOOM.COM  Investment of US$100 million over three years  Launch end 2000

e-commerce in Asia is key to new growth  There is a largely untapped opportunity to provide financial services to Asia’s emerging mass affluent consumers  e-commerce provides a more cost efficient and low risk way of targeting regional growth opportunities  The need for speed and access to markets means it makes sense to combine the strengths of ANZ and OCBC  The business model recognises the weaknesses of existing pure online propositions and includes specific responses

Asia’s mass affluent market is emerging Adults in urban areas: Annual income over approx. US$10,000 Connected to the Internet Wired Emerging Affluent

Strategic logic for ANZ/OCBC  ANZ’s focus is on growth of new positions in the Pacific and Asia -re-energise existing positions and direct new investment towards e-commerce -29% stake in PT Panin Bank in Indonesia -e-commerce joint venture with OCBC  OCBC strategy to transform into a “click-and-mortar” bank and at the forefront of the e-financial landscape -finatiQ.com  tx123.com  iOCBC.com  iWap

OCBC/ANZ partnership makes sense  Shared vision of opportunity across Asia  Complementary licences, strategic fit  Complementary strengths provide core skills for a successful e-venture  Both banks embrace the e-space at home Partnership Benefits Country/Branches OCBC ANZ China 421 Hong Kong31 Indonesia 5 2 Malaysia 25 1 Rep. Philippines 11 Singapore Taiwan 1 1 Thailand 0 Vietnam 2Japan Korea 1 Rep. JVPanin Rep. 2 1

Pipeline under development Regional e-based financial institution + Internet Service Provider B2B and B2C Enabling Online Stockbroking Retail Alliances Leading Financial Portal Banking front end