1. A Strategic Overview Presentation to CSFB Australian Financial Services Conference Melbourne, 27 September 2001 John McFarlane Chief Executive Officer Australia and New Zealand Banking Group Limited

2. Page 2 Five key factors are driving ANZ’s current and future performance 1.Improving sustainability of earnings 2.Revenue growth 3.Productivity enhancements 4.Risk reduction 5.Perform Grow Breakout program Return on Equity – target 20%+ Earnings per share – target 10%+ Improved financial outcomes:

3. Page 3 1. Sustainability of earnings continues to improve Lending Profile Business Consumer Investment and emphasis on Personal Financial Services –lower risk –more sustainable –higher growth Corporate balance sheet growth restricted –Focus on fee income –Higher quality corporate book Focus on lower risk, more sustainable activities

4. Page 4 2. Significant revenue growth over five years Revenue CAGR for PFS ~ 8.8%, CFS ~ 10.7%, International and subsidiaries ~ 0.2% Interest income CAGR over the five year period is ~ 5.7% and ~ 8.2% for non interest income CAGR ~ 6.7% Revenue growth $m H2 estimate

5. Page 5 3. Productivity improvement is providing scope to invest for growth Clear leadership on Cost Income ratio Target Mid 40’s % Return on Assets %

6. Page 6 4. We have a continuing focus on reducing risk emerging markets trading retail stockbroking Latin America Grindlays Emerging markets corporate lending greater portfolio diversification commercial property down from 24% in early 90’s to 8% today early introduction of EVA/NIACC methodologies significantly enhanced sophistication of credit, market and operating risk management more open/transparent disclosure Implementation of a range of measures which have reduced risk Exited higher risk activities

7. Page 7 Risk profile of the corporate book is within expectations and remains sound AAA to BBB+ BBB to BBB- BB + to BB BB- > B Corporate risk grade profile >B = B, B-, CCC & non-accrual Risk actively managed Quarterly strategy reports prepared for all high risk accounts All BB rated & high risk accounts reviewed regularly Single customer concentration limits lowered

8. Page 8 Consumer portfolio has improved improved collections activity low interest rates and stable employment conditions (up to August) Arrears > 60 days % Delinquency levels have improved, driven by: Closely monitoring in light of recent events

9. Page 9 Provisioning is in line with expectations Slowing domestic economy will increase specific provisions for 2H01 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 Actual SP v ELP charge - Corporate Financial Services ELP chargeSP charge $m

10. Page 10 Group’s capital adequacy ratio is strong at 10.4% Inner Tier 1 and Tier 1 ratios for September 2001 expected to be broadly in line with September 2000 Ratios were managed down in first half by $1bn buy back (completed in May) No AASB 1038 Appraisal Value accounting Target Inner Tier 1 is 6.0% Capital Ratios %

11. Page 11 5. Building for the future - a distinctive strategy Proposition Entrepreneurial specialists create more value Corporations must embrace new technologies Value depends on performance, growth and breaking out Strategy ANZ as a portfolio of 16 specialist businesses An e-Bank with a human face Drive results, invest in growth businesses and create new paradigms/culture Perform Grow & Breakout e-Transform Specialise Implications Specialist approach to customer and product businesses Transform the way we do business with IP technology Meet expectations, fund growth by cost reduction, transform

12. Page 12 Transforming ANZ through Perform, Grow and Breakout Break out Grow Perform Focus: corporate transformation Benchmark:global industry/players Looking for:dramatic change Horizon: 3-10 years Success:dramatic market cap increase Focus: specialisation and out-growing the market Benchmark:competitors in each business Looking for:breakout moves in key businesses (eg QTV, TPMO’s) Horizon: 2-5 years Success:4-5 moves taking share and worth ~AUD1bn+ market cap each Focus: performance Benchmark:market expectations Looking for:six monthly delivery Horizon: 1-3 years Success:meet/exceed expectations consistently

13. Page 13 Looking forward we are targeting further improvement in each key factor Improving earnings sustainability asset growth biased towards consumer and small business corporate focus on increasing ROA annual investment in growth businesses revenue growth at least equal to nominal GDP growth targeting mid 40’s by 2003 consistent improvement half on half reductions in single customer limits portfolio risk management approach breakout cultural change program values based leadership Revenue growth Perform Grow Breakout program Risk reduction Lower cost-income

14. Page 14 We are performing well and on track to deliver on our commitments Measure EPS growth ROE Cost-income ratio Inner Tier 1 Credit rating 2003 Commitments > 10% > 20% mid 40’s 6% maintain AA category As at Mar-01 13% 19.6% 49.4% 6.2% maintained Outlook – 2001 Specific provisions should be marginally above ELP Earnings expected to be towards the top end of analyst forecasts

15. Page 15 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