Investor Relations on the Internet Investor Relations on the Internet ConferenceConference

7 December 19997 December 1999Hong KongHong Kong

David WardDavid WardGeneral Manager, Office of the Chief ExecutiveGeneral Manager, Office of the Chief Executive

and Head of Investor Relationsand Head of Investor RelationsAustralia and New Zealand Banking Group LtdAustralia and New Zealand Banking Group Ltd

Investor Relations on the InternetInvestor Relations on the Internet

Recap on IR objectives Making Use of the Internet - reducing the “tyranny of

distance” Using the Internet - not just a Distribution channel Meeting objectives of Professional and Retail Investors Australian Environment

Creating Shareholder ValueCreating Shareholder Value

ShareholderValue

Share PriceAppreciation

DividendFlow

Price/Earnings Multiplex

Earnings Per Share

Earnings Per Sharex

Payout Ratio

Creating Shareholder ValueCreating Shareholder ValueDrivers of P/E MultipleDrivers of P/E Multiple

- Growth Profile (EPS)

- Strategy

- Management

- Quality of Earnings

- Risk Management

- Franking

- Market/Industry Valuations

Price/Earnings Multiplex

Earnings Per Share

Earnings Per Sharex

Payout Ratio

Creating Shareholder ValueCreating Shareholder ValueDrivers of Payout RatioDrivers of Payout Ratio

- Capital Position

- Growth Rate

- Competitive Yield

- Franking

Investor Relations FunctionInvestor Relations Function

Shareholder Value

Strategy“p/e”

Performance“e”

Management“p/e”

Investor Relations Function

Market Participants

Investor Relations FunctionInvestor Relations Function Internet

Point of contact Gatekeeper Co-ordinator Targeting Shareholders Spokesperson Assessment of Management

Effective tool in managing and communicating messagebut assessment of management is important for market

Making Use of the InternetMaking Use of the Internet Reducing the “tyranny of distance” Instantaneous simultaneous access - capacity constraints? One stop information shop

financial lodgement media releases Annual Reports presentation materials

Communications via email rather than fax, mail, printed outward inward

Key Issue: Keeping it all up to date!

Using the InternetUsing the Internet Company Information in “drill down” format Enquiry email off Web site Demonstration of e-Commerce capability Supplementary Information post analyst briefing Streaming of analyst briefings and AGMs Registry link for checking holdings etc Chat rooms?? Should be no different from media comment

Key Issue: Not getting carried away - remember technology is a tool!

Using the Internet to Target Using the Internet to Target ShareholdersShareholders

Building a database of email addresses for material Access to database which can be interrogated (ie own and

peer shareholdings from SEC 13F data) “Blast” emails with hot links Use of Web sites to assess Institutional Interest

(supplement broker and consultant advice)

Targeting Shareholder GroupsTargeting Shareholder Groups Individuals

Australia Yield & Franking New Zealand Banking Exposure UK Ex Staff/Long Time Holders Staff Now tax effective

Institutions Australia Index/Growth/Income Overseas Value/Growth/Income/

Index• Australian Exposure• Global Bank Fund• Asian Exposure

Australian Securities & Investment Australian Securities & Investment CommissionCommission

Guidance to companies on good disclosure practices

“Use current technology to improve investor access to your information. In particular, post significant information on your company’s web site as soon as it is disclosed to the market.”

everything lodged at ASX roadshow presentations transcripts of analyst briefings significant background information from one-on-one meetings

November 1999

Investor Relations ChallengeInvestor Relations Challenge

Fair valuation of company’s equity through eliminationof ‘information gaps’ and ‘uncertainty discounts’

“Failure is more obvious than success!”

Fair valuation of company’s equity through eliminationof ‘information gaps’ and ‘uncertainty discounts’

Investor Relations ChallengeInvestor Relations Challenge

Question TimeQuestion Time

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 contactDavid Ward

General Manager, Office of the Chief Executiveph (613) 9273 4185, fax (613)9273 4091, email david.ward@anz.com