1. Perform Grow and Breakout
Presentation to
Deutsche Bank Asia Pacific Financial Institutions Conference
London, 9-10 July 2001
Peter Marriott
Chief Financial Officer
Australia and New Zealand Banking Group Limited

2. ANZ - who we are One of the ‘Big Four” Australian banks.
Provider of full range of financial services in Australia (since 1835) and New Zealand (since 1840)
Leadership in Corporate Banking, Credit Cards and Mortgage origination, a strong eCommerce position and an offshore network in Asia and Pacific.
Assets A$181b (US$ 95b)
Market Cap A$24.5b (US$ 12.7b)
Profit (half year) A$895m (US$ 470m)
Staff 22,815
Credit Ratings AA-/Aa3
ANZ Headquarters
100 Queen Street
Melbourne
Note: figures as at 31/3/01, with exception of market cap which is as at 28/6/01

3. We are on track to deliver on our 3 year commitments
Measure
EPS growth
ROE
Cost-income ratio
Inner Tier 1
Credit rating
2003 Commitment
> 10%
> 20%
mid 40’s 6%
maintain AA category
Achievement
13%
19.1%
49.4%
6.2%
maintained
We have also committed to improving customer satisfaction, and will publicly report our progress

4. Building for the future - a distinctive strategy
Proposition
Entrepreneurial specialists create more value
Corporations must embrace new technologies
Value depends on performance, growth and breaking out
Strategy
Reconfigure ANZ as a portfolio of 16 specialist businesses
An e-Bank with a human face
Drive results, invest in growth businesses and create new paradigms/culture
Implications
Specialist approach to customer and product businesses
Transform the way we do business with IP technology
Meet expectations, fund growth by cost reduction, transform
Specialise
Perform Grow
& Break out
e-Transform

5. Transforming ANZ through Perform, Grow and Breakout
Focus: long term ‘destiny’
Benchmark: global industry/players
Looking for: transforming moves
Horizon: years
Success: dramatic market cap increase
Break
out
Focus: specialisation and out-growing the market
Benchmark: competitors in each business
Looking for: breakout moves in key
businesses (eg QTV, Origin)
Horizon: 3-4 years
Success: 4-5 moves taking share and
worth ~AUD1bn+ market cap each
Grow
Focus: performance
Benchmark: market expectations
Looking for: six monthly delivery
Horizon: 1-2 years
Success: meet/exceed expectations
consistently
Perform

6. We are performing well - interim results
NPAT from continuing operations $907m - up 18%
EPS up 13% to 55.8 cents
ROE of 19.1%, up from 17.8%
Cost Income ratio down to 49.4%
Continuing operations revenue up 10%, costs flat
Credit quality sound:
ELP charge down to 35 bp’s
Total non-accruals down
Specific provisions flat - down overseas and up domestically
Profit on sale of holding in St George $99m ($65m after tax), offset by write downs in investments ($84m)
Improved disclosure - financial information provided for each business unit

7. Building a strong track record
NPAT/ROE
Cost to Income
NPAT $m
ROE % $m %
Internet banking users as % of main relationships
Non-accrual loans $m %
Source: JP Morgan & Roy Morgan Research

8. Good profit growth across a diversified portfolio Mar 00 v Mar 01
Personal
Corporate
International and subsidiaries

9. A strong performance culture
EVA focus
Cost Control
Rigorous Risk v Reward discipline
Driver based capital allocation
Integrated model
Part of culture
Allocation of a scarce resource
Ongoing re-engineering
eTransformation
Activity Value Analysis (AVA)
Value Aspirations
Strategies
Leading Cost Income Ratio
EVA targets
Business Unit
EVA performance
Customer
Rewards

10. We continue to actively manage and reduce risk
Lending Profile by Asset Type*
Exiting higher risk businesses
More emphasis on lower risk businesses
Corporate balance sheet deliberately constrained – focus on fee income
Risk based approach embedded through EVA
business
consumer
* CBA as at 31/12/00, NAB & WBC as at 30/9/00

11. Gross Non-Accrual Loans
Total non-accrual loans continue to fall, but increase in Australia
Historic
Geographic
Gross Non-Accrual Loans $m
Gross Non-Accrual Loans (LHS) $m
Non-Accrual Loans/
Loans & advances (RHS)
Net Non-Accrual Loans (LHS)
Aust NZ
Inter

12. Group risk grade profile continues to improve - but some signs of turning domestically
$114.6bn
$126.5bn
$134.9bn
$141.0bn
AAA to BBB+
BBB to BBB-
BB + to BB
BB-
5.4%
3.9%
> B
7.2%
3.8%
ELP (bp’s) 45 43 38 35
>B = B, B-, CCC
& non-accrual

13. Provisioning in line with expectations
….but increasing in Australia and New Zealand $m
Actual SP v ELP charge
ELP charge
SP charge
International & Subsidiaries
Personal
Corporate
Slowing domestic economy likely to increase specific provisions
ELP is a function of volume (on and off balance sheet), risk grade profile, and level of security
Specific Provisions tend to be less volatile in Personal businesses and track more closely to ELP

14. Provisioning levels remain strong
represents
3 years
expected
losses $m
ELP charge %
GP/Lending Assets*
241
FX impact 27
1460
1373
(181)
Net SP transfer
Surplus448
1012
2000
1H 2001
APRA Guidelines
ELP - Economic Loss Provision
SP - Specific Provision
* includes acceptances

15. We are developing a track record for building growth businesses% %
Share of credit card spend
Mortgage market share 95 96 97 98 99 00 01 95 96 97 98 99 00 01 m $m
Growing FM inflows %
Personal customers - Australia
FM inflows (LHS)
Deposit market share (RHS)

16. Plan Revenue Growth 01-03 cagr
Most businesses’ targeting revenue growth well in excess of expense growth
Personal
Cards
High
Corporate
Int. & Subsidiaries
GFX
Private Clients
Asia
GSF
Asset Fin
GCM
GTS
ANZ
Investments
Pacific
Plan Revenue Growth cagr
Nominal
GDP
Growth
Inst.
Bank
Small Bus
Metro
& Reg Banking
Mortgages
Corporate
Cost:Income
falling
Low
ILLUSTRATIVE
Low
High
Note: Bubble size approx. in proportion to 2001 forecast NPAT
Plan Operating Expense Growth CAGR

17. We are developing a strong CRM capability
INFRASTRUCTURE
CAPABILITIES
In Place
Enterprise Customer Data Mart (ECDM)
Tran$act database
Customer scoring and decision engine
Behavioural credit scoring systems
Campaign Management System
Interim front line screen delivery
Full account and customer EVA
Segmentation markers and profiles
Propensity-to-buy scores
Application/behavioural scores
Multiple campaign management
In Pilot/
Develop-
ment
Call centre, ATM, and SSP integration
anz.com integration
Multi-product decisioning
Full front line screen delivery
Attrition scores by customer
Recovery scores
Automated, event-based campaigns
Automated prospect list delivery (“My Sales”)
“Optimal” strategy selection by customer (longer term)

18. Substantial growth opportunities in Personal
System Growth
Underlying credit growth ~ 8-10% pa
Market Share
Product businesses growing customer numbers and market share
Customer #’s increasing by 1.0m - translates to $650m in additional revenue pa
Increase Wallet
Customer businesses deepening wallet share
$650m revenue gain by matching our peers
Created customer businesses
Sales programs
CRM
Total potential revenue growth - $1.5b
Customer #’s (m)
Peer Average
Increased wallet on higher share $160m 10
Potential revenue $650m
7.3 5 4
Potential revenue $650m
Existing revenue
$2.6b
40%
50%*
Share of Customer Wallet
* Average share of wallet for CBA, NAB, SGB, WBC - source: Roy Morgan Research

19. In Corporate, our main focus is on growing total wallet share
Focus on deeper
# Customers
penetration of existing
Grow wallet share
New high value products
New delivery mechanisms
Improved cross-sell
Increased sale of 3rd party products
CFS customer base
Potential
revenue ~$1.3b
~5,000
Total wallet
FY 2000 revenue
of ANZ customer
$1.7b
base ~$8.5b
~20%*
~35%
Share of Customer Wallet
* source: internal estimate

20. Our breakout approach is differentiating us
Specialised businesses - open architecture
First class execution (no surprises)
Strategy
Staff
Customers
eTransformation
Risk
91% of managers on individual contracts
12% rise in staff satisfaction
Breakout cultural change program
Establishment of Customer Charter, Customer Advocate and distinctive customer and community initiatives
Leading cost income ratio
Highest internet banking penetration
Leading financial disclosure & transparency
EVA embedded in culture

21. + Developing a breakout performance culture Coordination and control
Mission
/aspiration
where we are
where we want to be
Distinctive (Top 10%)
Targets/goals
Superior (Top 25%)
Organisational
approach
Average
BU Performance
feedback
Consequence management
Rewards & recognition
People
Opport-
unities
Financial
Operational +
Values
Coordination and control
Motivation
Average
Superior
Distinctive
* Benchmark - 33 Australasian companies surveyed over

22. Positioned in growth markets
ANZ’s aspiration
A high performing company, exceeding expectations
Revenue growth
Cost leadership
Risk mitigation
EPS
ROE
Positioned in growth markets
Actively managed portfolio
Annual investment in growth ideas
Higher than peer revenue growth
Perform
Grow
AND
Breakout
More dynamic than competitors
High P/E rating
Performance culture
Lean and agile
The e-bank with a human face
A breakout mentality

23. We are on track to achieve our goals
Summary
We are performing well
Cost management momentum – eTransformation has just begun…
Risk reduction continues
Our new strategy is creating value and better positioning us for growth
We are differentiating ourselves through our Breakout program
We are on track to achieve our goals

24. 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
or contact
Philip Gentry
Head of Investor Relations
ph: (613) fax: (613)

25. Economic outlook - cautiously optimistic%
Real GDP Growth incl. and excl. housing and Olympics (est)
Financial conditions in Australia more expansionary than US
Contractionary
Year ended, excluding dwellings and Olympics
Expansionary
Retail sales continue to rebound
Housing recovery continues
But unemployment is still rising
Forecast GDP growth for 2001 calendar year - 2%, rising to 4% in 2002
Unlike the US, Australia did not experience contractionary financial conditions
With domestic growth indicators strengthening, and early signs of rising inflation, the interest rate cycle has likely bottomed

26. Copy of presentation available on 1