1. Global Foreign Exchange Chris Cooper Global Head of Foreign Exchange Australia and New Zealand Banking Group Limited 20 July 2001

2. Page 2 The pre-eminent Australian FX bank Financial performance Low risk/volatility Leveraging our core capabilities into new growth opportunities Goals for Global Foreign Exchange

3. Page 3 The foreign exchange market “Globally FX volumes are falling despite earlier optimism. Daily volumes are trending ~ US$1tr per day US (corporate) markets are warming to the notion of currency hedging Portfolio investment flows are growing with investors seeking diversified holdings Retail FX is a growth sector Margins are falling and will fall further FX is a growth industry? –For spot definitely no, for derivatives, eCommerce, risk advisory, retail, transition currencies definitely yes.”

4. Page 4 Mar-00 Sep-00 Mar-01 Operating IncomeProfit After Tax Mar-00 Sep-00 Mar-01 The business continues to perform strongly… Mar-00 Sep-00 Mar-01 Mar-00 Sep-00 Mar-01 FTECost Income 25% Growth 15% Growth $m %

5. Page 5 …with earnings based on a diversified portfolio & recurring revenues... 1995 Portfolio 2001 Portfolio

6. Page 6 Source: Group Market Risk Daily Value at Risk Trends Limit US$5.2m Avg use US$710k Dec 99Mar 01 0 1 2 3 4 5 6 Daily VaR …and an extremely low risk profile Market Risk Core risk centres Risk managed under global books VaR levels reflect highly correlated risk Credit Risk Primary world markets Growth for clients Liquidity to mitigate risk Use of netting US$m

7. Page 7 We are the leading foreign exchange bank in Australia League Tables Australia #1 FX bank of the Year (Asia Money 2001) Best FX Bank Australia (Greenwich) Top 7 Asian FX House (Asia Money) Japan #1 FX Bank (AUD/NZD) seven consecutive years eCommerce anz.com/fx online =7 th in the world (Euro money) Joined global portals Atriax and Currenex Chair bank, Atriax Bank Board Deepest client penetration in Australasia with user numbers topping 850 25% of all corporate deals online (market norm 5%)

8. Page 8 By leveraging our core capabilities with differentiated products and service... Capability Differentiation Vanilla trading (spot & forward) FX & Commodity derivatives Commodity structuring Geographic sales force eCommerce Skilled work force Commodity capability Consultative Risk Mgmt G4 currency bridging service X

9. Page 9 …we have developed additional growth initiatives... All linked to eTransformation Investors Improve ANZ product penetration to this sector Small Business Focusing on delivering commodity solutions to consumer manufacturers Commodities Focus on deeper penetration of global investors

10. Page 10 Defend & grow our global franchise in core currencies across 32 countries Further diversify revenues through developing the commodities business Expand client base, especially investors Leverage first-mover advantage in eCommerce through: –Global penetration of anz.com/FXOnline –Additional derivatives capability –Straight through processing –Risk and portfolio analysis –White labeling –Global Portals …which underpin our business strategy

11. Page 11 Summary Strong performance with low volatility New initiatives will further diversify the revenue base eTransformation will have a real impact on our business Winning the war for talent is a critical management task Goals Double digit earnings growth Maintain our leading position

12. Page 12 Copy of presentation available on www.anz.com