ANZ Financial Performance Overview

SECTION 2 Key financial highlights Purchase price equivalent to A$4.915 billion (at exchange rates on 23 October 2003) Excludes a NZ$575 million dividend to be paid to Lloyds TSB prior to completion from NBNZ's retained earnings Total funding by means of: • 2 for 11 renounceable rights issue at A$13 per share raising A$3.570 billion • A$1.370 billion of various debt/hybrid funding Purchase price equates to 11.2x NBNZ adjusted cash earnings for the year to June 2003 ANZ's current 2003 price/cash earnings multiple around 12x ANZ's strong capital and AA-/Aa3 credit rating preserved NBNZ's credit rating should be brought up to ANZ's rating upon completion of acquisition 7 ANZ

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