ANZ Financial Performance Overview

SECTION 4 Non interest income impacted by Cards under-accrual and loyalty costs, underlying growth strong • Lending fees increased $57 million due to strong volume growth in Corporate, Asset Finance and Institutional Banking in Australasia • Non lending fees reduced by $81 million principally from a $38 million under accrual of loyalty points on co-branded credit cards in prior years, higher cost of loyalty points and reduced fee revenue from US and UK structured finance operations. • Structured Finance International income reduced as a result of the re-weighting of the Group's portfolio in both risk and geographic terms, foreign exchange rate movements and subdued market conditions. • Trading securities income growth included $45m from cash flow mismatches on swaps which had an opposite impact on net interest income Underlying $m JV Impact 2796 (71) 2002 cards under- Cards accrual under- (20) accrual Higher (38) loyalty Cashflow impact on trading securities costs# income^ Lower (37) Panin SFI 45 bond income sales (33) 20 Sep-02* 27 growth $m 146 2808 * Sep-02 excludes significant items # excludes volume impact and benefits from repricing ^ refer also Margin Drivers (p8) Sep-03 ANZ

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