1. 2001 Interim Results Australia and New Zealand Banking Group Limited 26 April 2001

2. Page 2 Results highlights NPAT from continuing operations $907m - up 18% EPS up 13% to 55.8 cents ROE of 19.6%, up from 17.8% Costs flat - cost income ratio down to 49.4% Credit quality sound: –ELP charge down to 35 bp’s –Total non-accruals down –Specific provisions flat 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 Note: Comparisons are against half year ended March 2000 (including Grindlays)

3. 2001 Interim Results Australia and New Zealand Banking Group Limited 26 April 2001 Peter Marriott Chief Financial Officer

4. Page 4 Strong income growth, with good progress across the board 930 2H 20002001 1H 2H 2000 Continuing Abnormal/ Discontinued Items 104 826 Interest Income 84 Non- Interest Income 76 Profit on sale of St George 65 Provisioning (14) Write downs (84) Expenses (34) Tax (12) 895 907 Discontinued (12) 2001 1H Continuing Eftpos NZ acquisition and GST ($26m) $m

5. Page 5 “Unusual” items – St George profit offset by write downs in investments St George - $99m profit ($65m after tax) –regulatory issues - not critical to strategy –attractive price Panin - $43m writedown # –long term growth prospects remain positive E*Trade - $21m writedown # –online broking service provides core customer offering Other - $20m writedown # –a number of small eCommerce related investments Panin Share Price E*Trade Share Price # - no tax relief on these writedowns $ IDR

6. Page 6 Income drivers * % Lending Fees Other Fees FX Trading Other Margins stabilised in first half Non-interest income continues to grow Benefit from differential between 90d BBSY and cash rate Greater focus on improving margins Driven by higher non-lending fee income FX profits higher, reflecting AUD volatility * For continuing businesses

7. Page 7 Cost-income ratio on track to meet target of mid 40’s Reduction in Cost Income ratio driven by revenue growth and cost control Approximately $65m of restructuring provision used –two year program, with benefits principally 2002 and beyond eTransformation will continue to drive costs down $mCTI Sale of Grindlays

8. Page 8 Good profit growth across most businesses Mar 00 v Mar 01 Personal Corporate International and subsidiaries $m

9. Page 9 80% of businesses delivered revenue growth greater than expense growth 10 15 20 25 30 35 40 45 50 -10 -15 5 -5 -10-15-20-25-51015202530 5 General Banking Pacific Small Business Wealth GCM Corporate Mortgages Cards GSF GFX Asia Asset Finance Investment Management expense growth %* revenue growth %* top third middle third bottom third ROE Institutional GTS *based on pcp

10. Page 10 Personal portfolio Mortgages and Cards reinforce value of our specialisation strategy Clear opportunities for customer businesses to replicate success of product businesses Significant market share growth opportunities remain –creation of Metrobanking and Regionalbanking –a 1% increase in market share for customer businesses worth $100m+ revenue $m

11. Page 11 Corporate portfolio – fee income driving profit growth Five of six businesses delivered profit growth greater than 10% “Non-traditional” income for Corporate Banking grew 40%+ on annualised basis, largely by executing Wall St to Main St strategy $m

12. Page 12 International & Subsidiaries – risk reducing, profits up Asset Finance reconfiguring back office platform to deliver substantial efficiencies Negative profit growth for Investment Management due to tax changes and increased growth spend Asia showing positive signs, on track to record significant profit growth for the full year AAA to BBB+ BB+ to BB BB- B to CCC Non-accrual BBB to BBB- Asian Credit Quality

13. Page 13 Total non-accrual loans continue to fall, but increase in Australia Gross Non-Accrual Loans (LHS) Net Non-Accrual Loans (LHS) $m Non-Accrual Loans/ Loans & advances (RHS) Historic AustInterNZ Geographic Gross Non-Accrual Loans $m

14. Page 14 Current provisioning in line with expectations PersonalCorporateInt & Sub. Actual SP v ELP charge ELP charge SP charge $m 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

15. Page 15 Arrears analysis indicates no systemic deterioration % personal lending assets over 60 days in arrears Business FDAs Housing Loans RILs* Overdrafts Credit Cards Personal Loans % % Small upturn in arrears in Jan-Feb largely reversed during March Arrears broadly in line with same period last year Increase in credit card arrears reflects seasonal influences Personal loan arrears continue to increase in % terms due to reducing book * Residential Investment Loans

16. Page 16 Corporate book holding up well, despite a few one off “issues” Risk actively managed Quarterly strategy reports prepared for all high risk accounts June to October 2000 - all BB rated accounts within Corporate reviewed in expectation of downturn New accounts > $3m to be referred “one level higher” AAA to BBB+ BBB to BBB- BB + to BB BB- > B Corporate risk grade profile >B = B, B-, CCC & non-accrual

17. Page 17 Group risk grade profile continues to improve $114.6bn$141.0bn$134.9bn$126.5bn AAA to BBB+ BBB to BBB- BB + to BB BB- > B ELP (bp’s) Risk grade profiles by division and geography in appendix 45433835 7.2% 5.4% 3.9% 3.8% >B = B, B-, CCC & non-accrual

18. Page 18 Credit quality is sound in some of our larger industry exposures - Australia Lending Assets (AUDm) % of Portfolio (RHS scale) % in CCR 7D-8G (RHS scale) Real Estate Operators & Dev. ManufacturingRetail Trade Agriculture Accomm. Cafes & Restaurants Construction % in CCR 9-10 (RHS scale) x

19. Page 19 Provisioning levels remain strong 1373 241 (181) 27 1460 1012 2000 1H 2001 APRA Guidelines ELP charge Net SP transfer FX impact ELP - Economic Loss Provision SP - Specific Provision $m Surplus 448 GP/Lending Assets * % * includes acceptances represents 3 years expected losses

20. Page 20 Capital management will continue % $b 7.7 7.9 7.5 7.4 6.7 6.9 6.5 6.4 Progress $413m in share buybacks in the half year New framework for allocating capital for operating risk implemented Capping of DRP/BOP Capital Management Philosophy: Maintain capital consistent with ANZ’s AA status and peer group ratings –Tier 1 (6.5 - 7.0%) –Inner Tier 1 (6.0%) 7.3 6.2

21. 2001 Interim Results Australia and New Zealand Banking Group Limited 26 April 2001 John McFarlane Chief Executive Officer

22. Page 22 We are performing well and on track to deliver on our 3 year commitments Measure EPS growth ROE Cost-income ratio Inner Tier 1 Credit rating 3 Year Commitment > 10% > 20% mid 40’s 6% maintain AA category Achievement 13% 19.6% 49.4% 6.2% maintained We have also committed to improving customer satisfaction, and will publicly report our progress

23. Page 23 Specialisation –16 Business Units within 3 portfolios, plus corporate centre –Separate financial reporting for each Business Unit eTransformation - the eBank with a human face –Leading internet banking penetration –Highest profit per employee Perform Grow and Breakout –Active resource allocation - Expenses, Capital, Balance Sheet, Talent –Investment focused on lower risk, higher growth activities Implementation of our strategy is progressing well

24. Page 24 New strategy delivering value - majority of businesses with double digit earnings growth Business Unit Mortgages Cards Institutional Asia Structured Finance General Banking Capital Markets Foreign Exchange Transaction Services Corporate Banking Small Business Asset Finance Pacific Wealth Management Investment Management 1H 2001 $m 112 58 88 31 85 191 24 40 54 65 48 47 21 11 34 1H2000 $m 58 34 67 11 69 181 16 32 46 61 45 46 22 15 43 Change $m 54 24 21 20 16 10 8 4 3 1 -4 -9 Change % 93 71 31 181 23 6 50 25 17 7 2 -5 -27 -21

25. Page 25 We are developing a track record for building growth businesses Mortgage market share FM inflows (LHS) Deposit market share (RHS) Share of credit card spend Personal customers - Australia % % % m $m 95009697999801 95009697999801

26. Page 26 Most businesses expected to grow above market over next 2-3 years High Medium Low Below Market At MarketAbove Market Market Growth BU Growth Mortgages Cards Small Business Metro Banking Wealth Management Corporate Institutional GCM GFX GSF GTS Asset Finance Investment Management Pacific Asia Note: Size of bubble approximates relative profit contribution Regional Banking Corporate Personal Int. & Subsidiaries

27. Page 27 Cost management delivers competitive advantage and funds to invest in growth businesses Clear leadership on Cost Income ratio Target Mid 40’s eTransformation lower costs/AVA higher productivity competitive advantage capacity to invest in growth

28. Page 28 eTransformation - enhancing the customer experience Branch Withdrawals Branch Deposits Credit Card Direct Entry Phone/Internet Banking Cheques EFTPOS ATM Internet banking users as % of main relationships % Transaction activity Source: JP Morgan & Roy Morgan Research

29. Page 29 eTransformation – examples of real, tangible benefits internally ProjectBenefits “Manage my leave” 95% reduction in processing costs Web enablement - rollout of IP network to all points of representation Cost neutral, but 100 times capability increase Common Administration System Estimated benefits ~$40m eTrain - online training Provides staff with online access to training courses, including an eMBA

30. Page 30 We continue to actively manage and reduce risk Lending Profile by Asset Type* business consumer 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 * CBA as at 31/12/00, NAB & WBC as at 30/9/00

31. Page 31 Being the eBank with a human face Put our customers first with an experience that delights Focus on creating value for our shareholders Lead and inspire our people Breakout, be bold and have the courage to be different Earn the trust of our people and the community

32. Page 32 Our breakout approach is differentiating us Strategy Staff Customers eTransformation Risk Specialised businesses First class execution (no surprises) 86% of managers on individual contracts 12% rise in staff satisfaction 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

33. Page 33 New customer and community initiatives Fee free, over-the-counter services for older customers (aged 60+) A new Customer Charter setting out clear service standards effective from 1 October 2001. A key feature of the Charter will be a financial donation payable by ANZ to a charity of the customer’s choice if ANZ does not meet its complaint resolution standards Appointment of a senior Customer Advocate to ensure the satisfactory resolution of customer issues and complaints. Improvements and greater funding for ANZ’s community relations program Paid leave for staff who volunteer for community service

34. Page 34 The economy - signals are mixed…. House approvals Newspaper Job Ads Retail Sales Starting to show signs of life 000’s per week Mthly % ch. Year ended Year ended, excluding dwellings and Olympics Real GDP Growth incl. and excl. housing and Olympics (est) % We are starting to see a rebound in housing approvals ANZ job ads series suggests unemployment levels approaching 7.5%

35. Page 35 …. but we are cautiously optimistic Sharp slowdown in H2 2000 –overstates weakness of underlying economic activity - we continue to expect a solid cyclical rebound in 2001-02 Fundamentals remain healthy –usual preconditions for recession in Australia (rising inflation and interest rates) notably absent Risks remain –weakened global growth, rising inventory levels, subdued business sentiment and falling job advertisements But monetary and fiscal conditions remain supportive –after slowing to only 2% in 2000-01, growth forecast to rebound to 3.2% in 2001-02

36. Page 36 Outlook System credit growth forecasts * –housing12.4% –personal11.1% –business6.5% Personal to exceed system credit growth Corporate credit growth - continuing higher quality focus Margin compression will continue Costs flat Challenges ahead, however we are well placed to continue to perform well, and achieve our targets over the medium term * forecast for year ending 30 September

37. Page 37 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

38. Page 38 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

39. Page 39 Copy of presentation available on www.anz.com

40. Page 40 Risk grade profile by division 11.7% 12.3% 11.7% 18.2% 19.1% 19.4% 20.3% 26.7% 26.9% 27.4% 37.9% 5.3% 4.1% 4.0% 3.6% 9.3% 26.4% 38.4% 38.9% 38.4% Sep-99Mar-00Sep-00Mar-01 Corporate AAA to BBB+ BBB to BBB- BB + to BB BB- > B International & Subsidiaries AAA to BBB+ BBB to BBB- BB + to BB BB- > B Personal AAA to BBB+ BBB to BBB- BB + to BB BB- > B 11.2% 8.8% 6.7% 8.3% >B = B, B-, CCC & non-accrual

41. Page 41 Risk grade profile by geography* International AAA to BBB+ BBB to BBB- BB + to BB BB- > B New Zealand AAA to BBB+ BBB to BBB- BB + to BB BB- > B Australia AAA to BBB+ BBB to BBB- BB + to BB BB- > B * Excludes housing >B = B, B-, CCC & non-accrual

42. Page 42 ELP Charge = Loan Amount x Probability loss x Loss Given default Plus ELP charge will vary from year to year based on: changes in lending volumes change in risk grade profile security levels product and geographic mix Economic Loss Provisioning An adjustment to ensure the GP balance is sufficient to cover: Volatility around expected loss (using statistically quantified variance) Remaining term of loan portfolio Balance sheet growth GP % net lending assets General Provision balance P&L Charge Actual SP’s Actual Losses are funded from the General Provision

43. Page 43 System credit growth forecasts

44. Page 44 Summary of forecasts - Australia Real GDP growth 4.7 3.7 2 3¾ Inflation 1.5 4.5 3¾ 1½ Unemployment (Dec) 7.0 6.6 7½ 6½ Current account deficit (%GDP) -5.8 -4.0 -2.3 -3.3 Housing starts (‘000) 157 148 116 136 90-day bill yield (% pa, Dec) 5.48 6.20 4.75 5.1 10-year bond yield (% pa, Dec) 6.64 5.50 5.4 6.1 1999 2000 2001 2002 Calendar years Sources: ABS; RBA; Economics@ANZ. A$ (US cents, Dec) 65.8 55.8 52.0 60.0