ANZ Financial Performance Overview

SECTION 4 Outlook • We expect ANZ will continue to perform well in a tougher industry environment in 2004 • . • Expected NPAT growth in 2004 for existing businesses on a stand alone, individual basis: • Growth in net profit after tax for ANZ and NBNZ on an individual/stand alone basis expected to be moderately lower than ANZ's growth in 2003 (excluding significant transactions) based on current economic conditions. The growth rate in 2003, excluding significant transactions, was 8.3%. Expected integration costs, cost synergies, and revenue attrition associated with the NBNZ acquisition in the 10 months to 30 September 2004: • Slightly less than half of estimated $230m integration costs expected to be incurred in 2004 • Only a small amount of the estimated cost synergies expected to be realised in 2004 Revenue losses expected to exceed cost synergies in 2004 • Adjustment to EPS from bonus element of rights issue of approximately 4%: • 2003 restated EPS will be 142.1c (Basic), and 146.1c (adjusted for goodwill amortisation) • After adjusting for the bonus element of the rights issue, we expect modest growth in EPS in 2004 (excluding goodwill amortisation and significant transactions but including integration costs). • After including the amortisation of goodwill on acquisition of NBNZ, we expect similar EPS in 2004 compared to 2003 adjusted for the bonus element of the rights issue. • ANZ expects to maintain a dividend of at least 95 cents per share in 2004, fully franked 35 ANZ

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