Corporate Financial Services Roger Davis Group Managing Director Australia and New Zealand Banking Group Limited 20 July 2001

Page 2 The Corporate Portfolio – Today’s Themes Portfolio of Specialist Product and Customer Businesses with largely leading market positions –Defining our businesses –Corporate objectives –Customer centricity –The leading Corporate Bank –Financial Performance Significant growth opportunities –Deepening share of wallet –Cautious approach on risk –On track to meet our commitment to double earnings by 2004

Page 3 ANZ Corporate is different Size: Corporate generates 40% of ANZ’s earnings International: Corporate earns 30%+ from outside Australia Growth: On track to double profits 1999 – 2004 Customers: Rank #1 on most independent measures Strategy: Moving focus from balance sheet to value added services Key success factors: Leveraging our intellectual capital –Mid-market customers – Wall St to Main St –Institutional customers – increasingly complex product offering

Page 4 The Corporate Portfolio - distinct businesses working together Corporate Banking Institutional Banking Transaction Services Foreign Exchange Capital Markets SystemsCRMCulture TechnologyBrandRisk Management Structured Finance Aggregate and Distribute Innovate and Manufacture Product Medium-sized business Portfolio responsibilities Large-sized business Portfolio responsibilities Cash mgmt Trade finance Security services FX (incl FX Online) Spot Forward Derivatives Base metals Commodities Origination Underwriting Structuring Risk mgmt Credit products Derivatives Arranging Underwriting Advisory Structured debt Project finance

Page 5 Our activities & earnings are generated from 30 countries

Page 6 What we want to achieve: The Corporate goals Increase NPAT by 15%+ CAGR Achieve an efficiency ratio comfortably in the 40% range Generate Returns on Equity above 20% Maintain our #1 position in client satisfaction Attain a top 3 market position in each of our core businesses Maintain good governance & high standards in overall risk management

Page 7 We are transforming the way we operate Specialise  Reorganised into separate customer & product businesses  Focus on businesses where we have a competitive advantage - exit those where we don’t (Futures)  Industry specialisation e-Transform  e-Enable commodity functions and processes  Trade - Magellan/Proponix  FX - Atriax; FX On-line  Capital Markets – Aus Markets  Cash – Web-Pay, Identrus, PKI Perform Grow & Breakout  ‘Customer Obsession’ – an experience which delights  Share of Wallet vs Share of Market emphasis  Product driven growth initiatives  Culture - The ANZ way

Page 8 Each business enjoys strong positions in their own segment Institutiona l Banking Corporate Banking Global Transaction Services Global Structured Finance Global Capital Markets Global Foreign Exchange Corporate Portfolio Best FX Bank Australia (Greenwich) #1 Commercial Paper (Asia Money) #1 Overall Satisfaction (Greenwich) #1 Overall Satisfaction (Roberts) #1 Overall Satisfaction International Trade Svcs Major Aust Banks (Roberts) #1 Project Finance Bank Asia Pacific (PFI)

Page 9 Specialisation is creating improved financial outcomes... Corporate Banking Institutional Banking Global Capital Markets Global Structured Finance Global Foreign Exchange Global Transaction Services 1H 2000 NPAT 1H 2001 NPAT Up 22% $61m $67m $16m $69m $32m $46m $65m $88m $24m $85m $40m $54m

Page 10 …allowing us to better address a large but untapped prize in the corporate base… Grow wallet share New high value products New delivery mechanisms Improved cross-sell Increased sale of 3rd party products FY 2000 Revenue $1.7b ~5,000 0 # Customers ~20%*~35% Share of Customer Wallet Potential revenue ~$1.3b Focus on deeper penetration of existing CFS customer base Total wallet of ANZ customer base ~$8.5b *Source: Internal estimate

Page 11 …while maintaining a low risk profile Risk actively managed Quarterly strategy reports prepared for all high risk accounts All BB rated & high risk accounts reviewed regularly SPs likely to rise towards ELP in line with current expectations AAA to BBB+ BBB to BBB- BB + to BB BB- > B Corporate risk grade profile >B = B, B-, CCC & non-accrual Actual SP v ELP charge ELP chargeSP charge

Page 12 We are therefore well on track to meet our promise to double profit by 2004 * Annualised NPAT for 1H 2001 $m Double 1999 NPAT - required CAGR of 15% exceeded by current performance to date Actual NPAT Up 25% Up 18%

Page 13 Summary We are performing well Our corporate portfolio is lower risk We are focussing on non-lending fee income as we transition from being a balance sheet based business to being an intellectual capital services firm Our new strategy is creating value and better positioning us for growth We are on track to double profit by 2004

Page 14 Copy of presentation available on