1. 1999 Annual Results Australia and New Zealand Banking Group Limited 3 November 1999

2. Shareholder Highlights m Earnings per ordinary share 90.6c (77.2c) up 17% m Dividend 56 cents, up 8% m Franking increased to 75% interim, 80% final (60%) m Total shareholder return 19.6% (-15.6%) m $500 million share buy-back

3. Financial Highlights m NPAT $1,480 million versus $1,106m ($1,175 before abnormals) m Income up 6%, costs down 4%, ELP up 5% (SP down 6%) m Return on Equity 17.2% (15.5%) m Cost income ratio 55.0% (60.9%) m ROA 1.0% (0.8%) m Risks reduced. Gross non-accruals down 7%, net down 27% m Earnings quality improved. No Abnormals. No Surprises

4. Significant Improvement Achieved ROE % Cost Income Ratio % ROA % Gross and Net Non-Accruals $m 1,225 872 1,662 1,543

5. Business Highlights m Strategic re-positioning on track in all segments m Good earnings growth in Australia and NZ m Business mix substantially improved. High risk businesses exited m Domestic market share up notwithstanding cost focus m 105,000 internet banking customers (8,000). ANZ E*TRADE launched m Major technology projects completed on time

6. Improving Business Mix Business Segment Profit After Tax Other International Corporate Personal Up 33% Up 17% Down 20% Business Segment Proportion Personal Corporate International Other

7. Leveraging Technology: anz.com Registrations Days Required to Add 10,000 Customers m Online application for all major products m ePos service for merchants m New Edify Internet Banking platform m Alliances with Excite & Yahoo m ANZ e*TRADE alliance m Esanda 10% stake in Autogroup m “Pay Anyone” open payments m eGate business payments platform m Internet Banking launched in NZ

8. m Achieve growth in Personal and Business Banking m Enhance focus on Premier, Small Business, Retail Funds m Improve asset mix and return in Corporate m Complete re-positioning of International, turn around sub- optimum businesses m Build anz.com market position to domestic leadership Business Strategy

9. m Increase ROE. Add RORWA to EVA as key measure m Target flat costs. Lower cost income ratio m Improve asset quality, particularly International m Achieve an optimal capital structure m Set stretch performance targets and linked incentives m Successfully manage the Y2K transition m Target highest increase in e-Commerce customers m No surprises Continue to Deliver in 2000

10. Drivers of Performance ROA ROE NII/Interest Earning Assets Net Interest Assets Other Income Assets Cost Assets Provisions Assets Leverage Risk Business Mix Cost/Income Provisions/NLA

11. Good Progress Across the Board 900 1000 1100 1200 1300 1400 1500 1600 1700 1,106 Abnormal Items 69 1,175 Net Interest Income Growth 98 Lending Fee Growth 87 Other Fee Growth 93 Growth in Other Income 42 Lower Costs 83 Software Capitalisation 61 Higher Provisions (23) Increased Tax (136) 1,480 $m Post Abnormals 1998 Pre Abnormals 1998 1999

12. Margins Stable as Balance Sheet Re-positioned Net Interest Average Margins Average Interest Earning Assets 0 1.5 3 4.5 % $b Australia 0 20 19981999 New Zealand 0 20 40 19981999 International 0 40 80 1998 1999

13. Mar-97Sep-97Mar-98Sep-98Mar-99Sep-99 80 102 62 44 45 275 418 111 116 295 471 126 116 286 488 196 96 306 494 177 333 517 180 91 346 558 160 78 * * Sept 98 trading loss of 145m, Other income of 139m Other FX Other Fees Lending Fees Trading Non Interest Income Steady Growth, Better Quality

14. Costs and Cost Income Ratio Lowered 50 60 70 1993199419951996199719981999 Cost Income Ratios % ANZ WBC CBA NAB *NAB & WBC first half

15. Improving Business Mix Australia New Zealand Overseas Geographic Profit After TaxBalance Sheet Assets Overseas Other Domestic Mortgages A$m A$b 150 149

16. Gains in Australian Market Share Total Market Share Share of Credit Cards % ANZ NAB CBA WBC Share of Housing Lending % % Share of Business Lending % 199319881998 Aug-99

17. US$b FX Interest Reducing Risk US$b Asian Exposure Market Risk (VaR - Ave) A$m 2323 23 AAA-BBB+ BBB BB BB- <B+ $65b $90b Australian Lending Asset Profile 7 11.5 6.1 5.6 % Equities

18. Gross Non-Accrual Loans Non-Accrual Loans Net Non-Accrual Loans As at 30 September $m Gross Net Cover Australia62334544% New Zealand 503040% International87028265% $m

19. Provisioning: Personal & Corporate Offset International 199819991998199919981999 ELPSP Personal Financial Services Corporate Financial Services International $m

20. Specific Provisions by Region Asia Australia & NZ Middle East UK/Europe South Asia Asia Australia & NZ Middle East UK/Europe South Asia 1998 $512m 1999 $482m

21. Provisioning: ELP > SP at Group Level ELP - Economic Loss Provision SP - Specific Provision Sep 98Sep 99APRA Guideline ELP Charge Net SP Transfer 1395 0 300 600 900 1200 1500 1800 2100 1401 510 482 967 $m FX Impact

22. Buyback to Reduce Capital Surplus Capital Management Philosophy: m Capital scarce resource to be managed effectively and efficiently m Maintain capital consistent with ANZ’s AA status and peer group ratings ã Tier 1 (6.5 - 7.0%) ã Inner Tier 1 (6.0% - 6.5%) aligned to Economic Capital m $500 million buyback Capital Adequacy Ratio % Tier 1 APRA minima 0 2 4 6 8 10 12 1996199719981999 Hybrid 10.7 7.9

23. Economic Value Added (EVA) Net Income5,966 Operating Expenses(3,294) ELP Charge(510) Tax(676) Franking & Other Adjustments 352 Adjust Profit1,838 Cost of Capital* @ 11% (1,004) EVA834 * Hurdle of 15% used in internal models $ million

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 www.anz.com or contact David Ward General Manager Office of the Chief Executive ph (613) 9273 4185 fax (613)9273 4091 email david.ward@anz.com

25. Sep-99 Profit & Loss A$MSep-97Sep-98 Net Interest Income 3,4373,547 Fees1,459 1,574 FX237373 Trading Securities182 Other232235 Net Income5,5475,646 Expenses Personnel1,9491,854 Premises362347 Computer330341 Other771776 Restructuring Costs90120 Total Expenses3,5023,438 Profit Before Provisions2,0452,208 Doubtful Debts400487 Tax466537 NPAT BeforeAbnormal Items1,1711,175 Abnormal Items NPAT andAbnormal Items1,0241,106 3,645 1,754 340 89 138 5,966 1,732 314 344 813 91 3,294 2,672 510 676 1,480 - Non Interest Income 2,1102,0992,321

26. Profit Before Provisions1,0241,0211,1641,0441,302 1,370 Mar-99 Profit & Loss A$MMar-97Sep-97Mar-98Sep-98 Net Interest Income 1,7181,7191,7731,7741,811 Fees693766774800850 FX111126196177180 Trading Securities8010262 44 Other116 9613960 Net Income2,7182,8292,9012,7452,945 Expenses Personnel954995972882860 Premises184178172175157 Computer173157168173186 Other383388385391 Sub Total1,6941,7181,6971,6211,594 Restructuring Costs-90408049 Total Expenses1,6941,8081,7371,7011,643 Doubtful Debts197203237250258 Tax243223298239324 NPAT BeforeAbnormal Items580591625550716 Abnormal Items - - NPAT andAbnormal Items549475625481716 Sep-99 1,834 904 160 45 78 3,021 872 157 158 422 1,609 42 1,651 252 352 764 - Non Interest Income1,0001,1101,1289711,134 1,187

27. Strong Management Team m John McFarlaneCEOCitibank, Standard Chartered m David BoylesCIOAMEX, BOA m Roger DavisCorporateCitibank m Peter HawkinsPersonalANZ m Peter MarriottCFOANZ, KPMG m Greg CammMortgagesANZ m Larry CrawfordDistributionFirst Bank Systems, Wells Fargo m Bob EdgarBusiness BankANZ m Kathryn FaggBanking ProductsMcKinsey & Co m Brian HartzerCardsFirst Manhattan m Elmer Funke KupperInternationalMcKinsey & Co m Mark LawrenceRiskSoc Gen New York m Peter McMahonAsset FinanceANZ, Costain m Grahame MillerANZIBANZ m Elizabeth ProustPeopleVictoria Public Service m Alison WatkinsStrategyMcKinsey & Co