Page 1 of 12 Performance and Growth John McFarlane Chief Executive Officer 6 October 2000

Page 2 of 12 Overview of strategy Proposition Specialists will win over conglomerates The internet will add value and erode margins Value creation needs both performance and growth Strategy Reconfigure ANZ as a portfolio of specialist businesses An e-Bank with a human face Build portfolio of growth businesses which leverage real capabilities Growth e-Transformation Specialisation Implications Distinct strategies for each customer and product business Use IP technology to transform costs and service Invest cost savings in high growth segments

Page 3 of 12 Top quartile financial companies by value focus on a narrow set of growth themes Top quartile company Growth expectations* % of share price Rationale for expectations of growth * Calculated on 4 August 2000 Source: Brokers reports; Hoovers; media Northern Trust Leading custody and trust service provider to US high-end affluent market 75% Fifth Third Superior driver of revenue growth and cost savings in branch banking. Potential to replicate business model to acquisitions 71% Standard Chartered Strong position in consumer banking in high-growth Asian markets 60% Firstar Strong financial performer whilst building scale through M&A 64% Citigroup Global scale and scope of tangible and intangible assets 55% Mellon Financial Corp Scale in US asset management, servicing and custody 57% Bank of New York Global scale in asset servicing and processing 57% Wells Fargo Building leading positions in US in e-commerce, mortgage servicing and business lending 51%

Page 4 of 12 EPS growth % Sacrifice earnings to build growth Deliver earnings but sacrifice growth Aspiration Improved EPS growth and higher PE ratio PE Ratio ANZ historically ( ) EPS growth The strategy requires maintaining a good balance between EPS growth and increasing expectations PE growth

Page 5 of 12 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 developedAt parLocal leaderRegionally distinctive Globally distinctive Soon Wealth Management Funds Management

Page 6 of 12 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

Page 7 of 12 Have committed to substantial cost reduction and restructuring programs to:  Meet EPS targets  Increase growth funding Mar-00 Cost Income Ratio WBC CBA ANZ NAB % Performance and growth requires outperformance on costs 2001

Page 8 of 12 Cultural change is imperative….and happening 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 Drive group strategic direction and set policy Portfolio management and resource allocation Cross-Business Unit synergies Control and oversight of risk, brands and technology Balancing the autonomy of our 21 businesses with strong leadership from the centre Business UnitCorporate Centre

Page 9 of 12 We are giving ourselves the best possible chance of success Distinctive Focused Forward looking Right for ANZ Organised for success MDs appointed Targets and plans established Delivered over the last three years Growth momentum: – Cards – Mortgages – eCommerce StrategyPeopleExecution ++

Page 10 of 12 ANZ in the medium term Change of emphasis in portfolio 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 yearsANZ in years

Page 11 of 12 Copy of presentation available on

Page 12 of 12 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)