1. Page 1 What do our customers want? - their top 3 needs are CB to focus on: Wall St to Main St Cross sell products from the Personal businesses into our customer base: Corporate portal to lower cost to serve Corporate Banking ‘Balance Sheet’ on reasonable terms Partner & trusted advisor Smart products / customised solutions Institutional Banking Industry Knowledge Creative ideas and solutions High quality service proposition IB’s focus will be: Leverage the success of Industry Specialisation to our institutional customers Client servicing Corporate Portal – helps customers streamline operations

2. Page 2 …supported by world class customer value management systems like MARS Management Analysis Reporting System Relationship expense Transaction details Product & pricing details Risk profile Key InputsKey Outputs Customer profitability “What if” scenarios Product profitability Risk based pricing Share of overheads

3. Page 3 Summary The pre-eminent domestic corporate banking franchise Our cross sell focus is embedded in the sales network, driven to growing non-balance sheet product solutions for customers Optimising overall customer value is driving new revenue opportunities The business will continue to build industry specialisation Goals Double digit earnings growth Continue growth and diversification of customer revenue mix Maintain customer satisfaction ratings Performing loans remain at 99% of total book

4. Global Capital Markets David Hornery Global Head of Capital Markets Australia and New Zealand Banking Group Limited 20 July 2001

5. Page 5 Leveraging capabilities for high growth segments What do we do? Financial performance Low risk profile Realising our growth opportunities Goals for Global Capital Markets

6. Page 6 Capital Markets means different things to different people Derivatives trading and sales, interest rate & equity Credit: –Underwriting –Trading and sales activities –Short and long dated securities –Government and non-government credit derivatives Primary Markets activities: –Securitisation –Syndication –Origination

7. Page 7 Mar-00 Sep-00 Mar-01 Operating IncomeProfit After Tax Mar-00 Sep-00 Mar-01 We are delivering strong performance Mar-00 Sep-00 Mar-01 Mar-00 Sep-00 Mar-01 FTECost Income 50% Growth 18% Growth $m %

8. Page 8 …generated from a broad-based mix of products and clients... 1996 Portfolio 2001 Portfolio

9. Page 9 Credit Risk Risk limits unchanged The majority is MTM on Derivatives books Residual is typically Investment Grade Securities Inventory Netting and collateral management are important initiatives Market Risk Risk managed under global books Market Risk (VaR) limits and usage unchanged …while adopting a low risk profile Source: Group Market Risk Limit US$5.2m Avg use US$1.9m Daily Value at Risk Trends 0 1 2 3 4 5 6 Daily VaR Dec 99Mar 01 US$m

10. Page 10 We are a leader in Capital Markets League Tables #1 Interest Rate Products in Australia 2001 (Asia Risk) #2 Bank Australian Equity Derivative Product (Asia Risk) Runner Up Debt House of the Year (INSTO) #1 Commercial Paper Australia (Asia Money) Lead & Arranger Debt Issuer of the Year (INSTO) Arranger & Lead Mgr Securitisation Deal of the Year (INSTO) #1 Lead Arranger Australian Syndicated Loans (IFR) #2 Lead Arranger New Zealand Syndicated Loans (IFR) Lead Arranger Project Deal of the Year 1999 & 2000 (INSTO) #1 Issuer Put Warrants, #3 Overall Equity Warrants (ASX turnover statistics)

11. Page 11 Our future growth lies with complex, high margin products... Strong & sustainable market positions Interest Rate Derivatives Long-Dated Aust & NZ Credit Product Syndication, Securities, Origination Commoditised, cost & volume- driven economics Cash, Short-Dated Securities, FRAs AusMarkets.com ANZ Futures ANZ Mees Pierson Clearing Services Securitisation Credit & Equity Derivatives Complex Hybrids Advice & Structured Solutions High IP, complex, higher margin fee-based business Volume & cost game Margin & skill game Sell Exit e-enable

12. Page 12 …such as securitisation... Principal finance/structured investment vehicles Corporate bonds/loans CBO/CLO/CLN Project finance CLO Margin loans Commercial loans Insurance premium loans Consumer loans Future flows Credit cards Trade receivables Auto loans & inventory leases Big ticket leasing (eg aircraft) Equipment loans/leases CMBS/credit lease Sub-prime mortgages Residential mortgages Increasing complexity Track Record Securitisation Deal of the Year - Kingfisher 2000-1D (Insto Magazine) 1st Non-Credit Lease CMBS 1st & Only Term Trade Receivables Transaction 1st & Only Private Label Credit Card Transaction 1st Consumer Loans Transaction 1st & Only IPF Funding Loans Global 1st & Only Asset-Backed A-3 CP Program (almost 100% market share in A-2 & A-3)

13. Page 13 …and equity derivatives Basic Core Competencies (people, risk, systems, reputation) Trading Business Investor Services Structured Investment Corporate Investment & Stock Option Management Full suite of structured/customised High net worth product Listed equity warrants Second generation derivatives Full product toolbox Leadership in structured wealth product CREATE DISTRIBUTE PROTECT Growth Cycle Higher complexity Increased value Greater franchise leverage

14. Page 14 Summary Our areas of strong & sustainable competitive advantage are the Australian & New Zealand Credit & Derivative product suite Our growth will come from: –e-enabling, selling or exiting those businesses subject to commoditisation and scale economics –Growing our core businesses at 10%-15% compound, consolidating our top 3 status –A clear focus on select, high growth, high IP businesses, in which we have already built a strong pipeline Goals 15% + earnings growth Global leadership in Australian and NZ credit & derivative products

15. Page 15 ANZ Corporate is a growth business Strongly positioned: –30%+ of earnings come from outside Australia –The leading corporate bank – top ranked in the eyes of customers –Excellent financial performance Platforms for growth –Each business has strong growth potential –Leading edge intellectual capital to drive fee income On track to double profit by 2004

16. Page 16 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 e-mail: gentryp@anz.com

17. Page 17 Copy of presentation available on www.anz.com